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On time 

with Capper-Neil) 
On site 



No. 27,524 


Monday April 3 1978 


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Ff>2S; Kf.S.S; FRANCE FrJ.O: GERM A N'T DM2.0; ITALY L.5M; NETHERLANDS H.2.B; NORWAY Xr-S.Si PORTUGAL ExJO; SPAIN PtwJO; SWEDEN KrJSOS; SWITZERLAND Fp- 2.0; EIRE I5p . 


led 


\E\VS SIM MARY 


GENERAL 



be hit 
to-day 


BUSINESS 

Gradual 
recovery 
in output 
expected 


; ‘ rH frauds 


• INDUSTRY Is expecting only 
gradual recovery in output 
British Airways European divi- during the next year, and its 
: sion cabin crew staff are staging overa11 confidence about tbe 
a:24-hour strike to-day that will econc,m - v and company prospects 
hit ,300 Heathrow flights, 200 has . decI »ncd since last autumn, 
from other; U.R. airports’ and Tbe Iatest Financial Times 
tbe airline's West German inter- ? urvey of business opinion, taken 
dal flights. in Mar cb. shows that industry is 

■ WppUnri -» 0 il-- 4v experience ing a slight increase 

^noffiei^nnniL'h JEf"..?* « the level of new orders, but 
last ni'ih.t British Air°wlv d ° « n not enou 6 b t0 accelerate the rate 
j^ irv ' a i s offi ' of production over the next year. 

‘F uia fe r up t0 Slightly more companies in the 
to . Qt ^f r ^ r " survey expected to increase their 

wh^hbeS;"; imc Ba< * “<* ^ ™ 

wanting 6f chaotic conditions at 
Heathrow to-day. 

■■ The European division's 2,200 
crew members are seeking equal 
job opportunities and promotion 
prospects. With 4,200 overseas 
division crew members. . • Back 
Page . 


Investment 
prospects dim 


• U.K. INVESTMENT prospects 
provide a gloomy outlook from 
economic forecasters " Phillips 
and Drew. The firm sees only S 
per cent, increase in private 
__ . . _ „ , , „ manufacturing investment in the 

President Sadat of Egypt expects y ca r to raid-1978, compared with 


Wefzman wiSI go 
back to Cairo 


Mr. Ezer Wetzmao, the Israeli 
Defence Minister, to return to 


a 13 per cent increase in 1977. 
Growth is expected to stow down 


Cairo for .further peace talks in further in the year to the second 
the next few days after the Israel half of 1979. Page 4 
Government; called on Egypt to 
reconsjder its proposals. A claim 
by . Syria that Israeli troops 
planted mines near the Golan 
Heights, killing 12 people, was 
denied by the Israelis. Page 2 


Terror charges 

Armagh police said that a 27- 



Nkomo denies 


s new 


Zambia raid 






age** 

v-lO^ 

'ci' 1 , 

ri " “ 


:>f u>- 


Green light for 
Airbus deal 

• AIRBUS INDUSTRIE, which 

j manufactures the European air- 

year-old man was to be charged bus . aircraft, has reached agree- 
with tbe terrorist murders of went with tbe operators of New 
two men and a woman killed in York's La Guardta airport over 
a New Year's Eve 1975 pub landing facilities, which will 
bombing in Gilford^ Armagh, enbale- the projected SSOOm. sale 
and a 14-vear-old boy killed by to Eastern Airlines to go ahead, 
a bomb' in Portadown two BadcPage- • i 
months later. . 1 

• TUC general secretary, Mr. 
Deaths top births Den Murray, has given a veiled 

_ . • ‘ . ■ . warning that ASTMS should not 

Deaths outnumbered births by rtcniit members within the 
7.000. in England and Wales last banking industry and that NUBF. 
year, according to the Govern- ^ oqld > nor •'a?l!ii4 in 
ment Statistical tSeryise's Popi^ 3 - interests . of the trade union 
lion' Trends. A survey shows movement if it. continued recruti- 
that 2.6m. people emigrated from within the insurance industry. 
Britain In the last 10 .years, 
compared with 2.1m. immigrants. ■ . . • 

. .. • SWAN HUNTER may secure 

Fire hits stables • a labour relations coup to end its 
Eighteen horses were led' from !2 D8 u lstory of 'inter-union rivalry 
The Training stables of Tim if the companys 4 000 steel- 
Molony at Wymondham. near workers accept a common wages 
Melton Mowbray, after a Dutch agreement at a mass 
barn caught fire. There was to-day. Other on tons represent- 
another barn Are a milt way and ins 5,000 workers have already 
police set up road Wocks in : a approved the agreement. Page 6 
hunt for arsonists. “ 

- . ' • TELEPHONE engineers, in 

Cost OT' I immunity dispute with the Post Office over 
Amhoririfhi^lLitten^off a^l J59 preventing 5 the uaTofnew equi? 
pita! treatment.' • His embassy exchanges, rag 

SSTLSiTI '*%£*£ & • at .with. c = ,m 

munitv In’, future, - the .health not to lay down restrictions 
authority will demand cash in independently would 

advance -before ... admitting uon and bribery. .^rb would 
'" re *" ens for pr,„«. trolmo.. mukc V.K W ■« 

Popo’c ap 0€B I national action. Page 4 

Tbe Pope, in his mid-day blessing _ NORTH SEA oil revenue and 
to worshippers at St. Peters ^ Qw w n] be spent will be 
Square. Rome, appealed to the discussed by the CB1 and TUC at 
kidnappers , of Big. AWo flii»ro. . lW g week’s meeting of the 
the former Italian Premier, to ^ National Economic Development 
release tbeir prisoner. page i,. council. Both sides of industry 
^ ^ have given- a broad welcome to 

Bishop S .advice the . Government’s While Paper. 
Princess Margaret should either setting out its main proposals, 
accept the limitations of public Back Page ... 

iiS • WWW .PAfER M. «» » 

Bishop of Truro. . SISTiM ffV’S' ^ 

. • lished this weeK and will include 

Briefly -• '-nearly all the clauses of a Bill 

« . i „ 4 ~a v '•««»* reshaping the industry which ithe 
Mr- John Gaul, wanted by Scot- Energy Secretary was forced to 
land Yard In connection with the -withdraw through lack of Liberal 
death of his wife, a former model. ^ su pport. Back Page 
has been arrested in Malta- 
Librarian was found dead at the • CO-OP 99, one of the largest 
foot of a Lake District mountain selling brands of packet teas in 
after apparently carrying his Britain, is heing reduced in price 
badly-hurt girl companion two by lp a quarter from to-day. 
"ales do™ from tte.oummlt , TATrcALLERY b t0 rclur „ a 
West Europe s biggest velvet ^ from ma National 
factory, owned by Niedick , at port^t Gallery after buying 
Neiietal West C^rtnany ■ was Vs "portrait of Sir 

destroyed m a £3.6m. blaze. - Truman for £400.000. 

Mr. Joe Haines, former Press' ‘ 

secretary to Sir Harold Wilson, • CORNISH HOLDER rf 
has been appointed chief leader niium Bond No. 7WN 43S499 won 
writer of tbe Daily Mirror. the weekly £50,000 prize. 


BY OUR FOREIGN STAFF 

Britain and the U.S. are expected to announce early this week — possibly 
to-day— the next step in their efforts to convene a meeting of all parties to 
the Rhodesia dispute. This follows intensive week-end discussions in Lagos 
during President Carter’s visit to Nigeria. 

Indications last night were lie Patriotic Front's degree of wavering in its cninmitiuenl to 
that they planned to send a team commitment to the terms oT the the Anglo-American proposals, 
of officials to Southern Africa Anclo- American settlement plan. He also delic'crcd a sharp 
for preliminary talks with all which has already been rejected attack on Cuban and Soviet 
trie parties to see whether there by signatories i>f the internal military inv«lvcin«*nr -n Africa 
was sufficient common ground settlement. linking' this to Rhodesia and 

* i tWfr The imminent move comes Namibia. 

!£*, A Rhodesia on nflcr i ntens j ve discussions in "The military intcnention or 
l«Mi^ S il. 0f An .t 5o ' Anjer,can Lagos among Mr. Cjtus Vance, outside powers or their proxies 
settlement proposals. y.s. Secretary of State, the in such disputes too often makes 

Tbe two Governments have Foreign Minister of Nigeria, local conilii-i even more compli- 
bcen working on Iht* idea that Boiswana and Zambia, and with cuted and dangerous and opens 
the first pari of this conference the Tanzanian ambassador to the door to a new form of dumin- 
would he military talks hetween the United Nations. ation or colonialism." he said, 

representatives of Mr. Ian There was a Hurrv of messages “ We oppose such intervention 
Smith and the Patriotic Front, between Mr. Vance and Dr. by outside military sources.' 
Which controls Ihf nationalist David Owen, the British Foreign The U.S. was concerned that 
guerillas. Secretary. “ foreign troops arc already plan- 

The second part would be a Britain and the U.S. clearly ning for military action inside 
constitutional session involving want in follow President Carter's Ethiopia again r -i the Eritreans, 
all parlies to the dispute, includ- successful visit m Nigeria with which will result m greatly m- 
ias the domestic nationalist an ear lv display of progress oo creased bloodshed among those 
groups involved in the Rhodesian Rhodesia, particularly since Lt.- unfortunate peoples. " 

“ internal settlement agree- Gen. Olugesun Obasanjn. the Explaining this remark. U.S. 

meal." ’ Nigerian bead nf stale, is officials said iV.ai ihrrv werejnow 

Movement towards this goal thought lu have emphasised to estimated to be about I7.U00 
.remains strewn with great diffi- Mr. Carter (he need for action. Cuban troops in Ethiopia, coi n- 

Mr. Carter, emerging from a pared with 11.0QU .-,ix weeks ago. 
final round of talks with Gen. Having helped Ethiopia to 
Ohasanjo yesterday, said that defeat the Som.ili-baeked in- 
line states” and the Patriotic Britain and the U.S. wanted to siirgonts in the ugaden. small 
Front but there has been no convene an all-party Rhodesia Cuban units were engaged 
indication that Mr. Smith and meeting as soon as possible. against guerillas in Eritrea, 
the nationalists who have joined In a wide-ranging African There were indications — as yet 
him in Government would be policy speech the previous day. inconclusive — that they would be 
prepared to take part. Mr. Carter had sought to dispel employed extensively there. 

There remain doubts shout any idea that the U.S. was Nigerian Budget Page 2 


culties. This broad framework 
apparently has the qualified 
support of the African “ front 


BY MICHAEL HOLMAN 

REPORTS THAT helicopter 
borne Rhodesian forces supported 
by jets attacked u Zimbabwe 
AfricaD People's Union camp in 
southern Zambia last week were 
described as nonsense by Mr. 
Joshua Nkomo, the ZAPU leader. 
“ No such thing has taken place,* 1 
he said to-day. 

The attack, the second raid in- 
to Zambian territory jn a month, 
was said by medical and other 
sources to have • taken place 
south of the town «f Choma atid 
m ihe i_; we in be Valley area over 
two or three days in the early 
part of last week. 

According to informed sources 
the camp was 20-30 miles from 
the Rhodesian border and the 
raid was a pre-emptive strike 
and not a hot-pursuit operation 

Medical sources said that if) 
guerillas were injured and an- 
other 40 might have been killed. 

Last month, membership of the 
Rhodesian War Council was 
reduced from 10 to five, exclud- 
ing Ministers. The council was 
pul under the chairmanship of 
Gen. Peter Walls rather than 
Prime Minister lan Smith. 

The move followed the Salis- 
bury agreement between Mr. 
Smith 3Dd three internal black 
leaders, lt led to speculation 
that it was: an effort to remove 
the handling of the war from 
the new* black members of the 
transition administration. 


LUSAKA, April 2. 

is put at 6,009-8.000 trained men 
and as many in training, based 
in Zambia and Angola. 

Ob servers suggest a second 
possible motive. The attacks 
could prejudice efforts to recon- 
vene a Rhodesian conference on 
the basis of the Anglo-American 
proposals. 

President Kaunda recently 
indicated that he was prepared 
to Forgo his reservation about 
the timing of elections in 
Rhodesia and once again take 
part in efforts to implement the 
Anglo-American plan. But he 
has also spoken of pressures on 
him to retaliate after Rhodesian 
raids. 

Other pressures come from 
Zambians in Parliament and 
business wbo are increasingly 


RHODESIA yesterday an- 
nounced a further devaluation 
of Ms dollar, the second in five 
months. Mr. David Smith, 
Finance Minister, said from 
lo-raorrow the Rhodesian dollar 
would be devalued by 5 per 
cent, against the Sooth African 
Rand and 8 per cenL against 
all other currencies. 

Details. Page 2 


Helicopters 


Cabinet to rale 



THE WHITEHALL clash between tended to have a maximum 
the Treasury and spending Mini- political impact ahead of a 
sters about - additional public possible October election, 
spending in tbe coming financial Mosl of the additional 

year will be resolved at a meet- proposals to be accepted involves 
ing of the Cabinet to-morrow. child henefits. Tbe issue is 
Proposals have been put for- whether 70p out of a proposed 
ward for additional spending of £1.70 rise to £4.00 per child per ^successful in recent years that 
£S0Om. in 1&7S-79, and £J.2bn. in week in April next year should; it now threatens the foundations 


CONTENTS OF TO-DAY'S ISSUE 


Overseas news 

World trade news .... 
Home news— general 
—labour . 
Technical page 


2 

-? 

-.4 

6 

-.7 


Executive's and Office World 10 


Arts page 

Leader page 

ILK. companies 

International companies 

Foreign Exchanges 

Mining Notebook 


12 

14 

28r 

29 


Tax avoidance industry 14 

Government's Incomes 

Policy 27 

Week in tbe Coarts 12 


FEATURES 

FT SURVEYS 

Bahrain 

Infor mati on Bundling ... J«Wb 


Appointments 30 

Building Matos 9 

EusiMfsmm's Diary 31 

CMrtr’cte O Tender* S, % » 

Crmnnrf 12 

EntenolmnsM Guide 1$ 

Financial Dian 31 

Inwance - 2*. 

Letters -7T 


Lw 

. Loin bard 

Men ant Matters ... 
PaHiaraen Diary ... 
Stare infannaUon..- 

Snart 

. Tb- day's Events 

TV ant Radio 

Unit Thm*. 


40 

« 

14 

« 

u 

ZT 

12 

si 


Wsatho- 

World Ecoa. Imf. 

Base LaAdbiS Rates 

ANNUAL STATEMENTS 
Hans K«ns Lam* ■ 2 

Scottish Eastern imr. 

Tins. Wtucr 


For latest Share Index p hone 01-246 8036 



BY PETER RIDDELL, ECONOMICS CORRESPONDENT 



revenue. 



BY DAYID FREUD 


THE GOVERNMENT >s con- 
sidering launching an attack on 
organised tax avoidance in the 
forthcoming Finance Bill. 

There is concern that organ- 
ised avoidance has become so 


1979-80. This is- separate from be brought forward to next 
the tax cuts now ‘being finalised November, costing about £180m. 
by Mr. Denis Healey, the Chan- in 3978-79. 

ce ti° r - Although the Treasury is 

These tax measures are expec- opposed to the earlier rise the . 
ted to amount to a net stimulus suggestion has fairly wide! 
of slightly more than £2bn. in support in the Cabinet, including 
1978-79, although any separate tit is believed) from tbe Prime 
spending ..decisions > are also Minister, 
likely to be announced in the 
Budget to-morrow week. Pensions 

The main controversy;, as first Tbc Treasury seems raore 

reported in the Financial Times likely to be successful on the 
last week, concerns the timing q Ues tion of ’ uprating social 
of the rise in child benefits, tbe security benefits 
extent of this autumn's rise in ,, , t . . ’ . . 

pensions and other social security Under the statutory formula, 
benefits, and proposals for ad- pensions and other long- term 
-ditional spending on construction security benefits are increased 

and the Nationil Health Service. autumn ^hy which, ever is 

The Treasury 1 says that not all *bc greater of the rise in prices 
these proposals' can be accepted, or ? veraee warnings in the 
since in total they would com- previous year, and the Treasury 
mit the whole of the £750m. con- ‘. s proposing an II per cent 
tingency reserve for 1978-79 at increase on the basis of the 
the start of the financial year, as ex P? CIe 5 IT ea . mu, ss- . 
well as three-quarters of the The Social Services Ministers 
£lfibn. reserved for 1979-80. ar e suggesting, however, a HJ 
The reserve, is a specific item P pr , i;e P 1 - 1 '} CTe ®® e : t0 J 20 pe r 
within the planned total of pub- week for the basic retirement 
lie spending and within existing pension for a single person, 
borrowing requirement estimates, citing more than flOOtn. in 
designed for unforeseen items 1978-79. 

not allowed for in the annual lt looks as though the full 
expenditure White Paper. proposed increase will not be 

Treasury Ministers would pre- accepted, although a com-; 
fer to limit the commitment of promise, a rise of 1L* per cent, 
the reserve to about £350m^ is being considered, 
roughly the same pronortion as There appears to he little 
at tbe start of 1977-78. in vie*# sympathy for a, call from Mr. 
of possible future spending Peter Shore, the Environment 
demands later in the year. Secretary, for additional spend- 
Moreover, about £250m. of the ing of nearly £200m. on envlron- 
reserve has already been com- mental services, 
mitiod in 1978-79. leaving little Mr. David Erraals, the Health 
further room at present.. aud Social Services Secretary, is 

Several of the acreed and sug- also unlikely to obtain the whole 
gested proposals are clearly in- of the £50m. he is seeking. 


of the tax structure. 

It is also costing the Exchequer 
significant revenue. Mr. Dennis 
MDorcraft, head of the Inland 
Revenue section dealing with 
\ avoidance schemes, said recently 
that hundreds of millions of 
pounds were involved each year. 

The mosl favoured means of 
dealing with the problem is the 
introduction of retrospective 
legislation in the Finance Bill 
against one specific scheme. 

This would . tend to make 
future tax avoidance efforts 
pointless, because the Govern- 
ment would be prepared to deal 
with such schemes retroactively. 

Mr. Joel Barnett, Chief Secre- 
tary to the Treasury, hinted 
broadly at such a move in 
December when he announced 
plans to outlaw a tax avoidance 
scheme based on commodity 
futures. 

Companies specialising in tax 
avoidance believe that the sole 
effect of eliminating their 
schemes through retrospective 
legislation would be tn‘ drive 
the practice underground into 
illegal evasion. 

While moves to end organised 
avoidance would undoubtedly 
appeal to a section of Labour 
Party supporters, tbe retrospec- 
tive element would probably 
cause a noliticul furore. 

The last concerted retrospec- 
tive tax -legislation was in Sir 
Stafford Cripps’ 1950 Finance 
Bill, which satisfied a union 
demand for action against pay- 
ments of restrictive covenants 
to two car executives in return 
for promises of pay restraint. 

Feature, Page' 14 


Clearing banks demand equality 


BY NICHOLAS COLCHESTER 

THE LONDON clearing banks 
have capped a campaign against 
the fiscal advantages granted to 
Uie building societies with a 
massive ' volume of evidence to 
tbe Wilson Committee. 

The main message in Its 278 
pages is that the Government 
should adopt. a policy of “fiscal 
neutrality" towards all types of 
savings. 

If the Government wanted to 
differentiate in favour of certain 
types of economic activity and 
against others it should do so by 
[concentrating incentives or 
restrictions on the users of 
finance rather than on the insti- 
tutions that provide it. 

The piea is not new, but it is 
embodied .in the most august 
piece of evidence presented to 
the Wilson Committee studying 
financial institutions. 


The clearing hanks' volume 
will be circulated to all branch 
managers and will be available 
to the public at £10 for a hard- 
back copy. 

As well as describing the 
clearing banks' loss of share of 
sterling deposits und pointing to 
the various examples of fiscal 
and regulatory discrimination 
that have helped cause This, the 
evidence repeats three other 
suggestions to the Wilson Com- 
mittee. 

It criticises the derision of the 
authorities to use the “corset" 
special deposit scheme because 
this, too, discriminates against 
the banks. 

It complains about the 
clearers' “ unique obligation “ to 
hold 1.5 per cent, of tbeir 
eligible liabilities as 


interest-earning balances at the 
Bank of England. 

The clearing banks suggest 
that the Wilson Committee calls 
upon the authorities to establish 
official refinance arrangements to 
reinforce the banks' ability to 
make medium-term loans to 
industry- 

They repeat that they will con- 
sider offering new forms of 
deposit schemes to raise funds 
appropriate to the provision of 
term finance. Issue of floating 
rate notes remains a possibility. 

Finally, they add that the 
“ nstitutional machinery" should 
be modified in some way .to draw 
the long-term funds held by life 
assurance companies and pension 
hinds into the equity capital of 
small enterprises. 

Details Pages 5 and 28 


There have been at least five 
Rhodesian raids in the last six 
months. In a two-day raid begin- 
ning on March 6 Rhodesian 
troops killed more than 30 ZAPU 
guerillas, at least 12 Zambian 
soldiers and several civilians in 
an attack on ZAPU camps near 
1 he south-east border town of 
Feira 

The Zambian Government con- 
firmed the attack, but denied 
ZAPU involvement and claimed 
to have shot down eight 
Rhodesian planes and heli- 
copters. 

Olhet raids took place in 
October. November and February 
on a smaller , scale. In the 
February incident ei^hL Zambian 
soldiers were killed when their 
vehicle detonated a land mine 
apparently lett behind by retreat- 
ing Rhodesian forces. 

Several civilians have also been 
killed in land mine incidents. 

The Rhodesians are known to 
con duel frequent intelligence- 
gathering operations. 

There is little doubt that 
Rhodesian policy towards the 
ZAPU military presence in 
Zambia has changed from reluc- 
tant tolerance during efforts to 
persuade Mr. Nkomo to take part 
in internal settlement talks, to 
pre-emptive strikes m an effort 
to forestall substantial incur- 
sions from Zambia. 

Mr. Nkomo's well-trained army 


critical about tbc cost in money 
and lives ot Zambia's Rhodesia 
policy. 

Tbe raid could also affect the 
mood of the front-line presidents 
who. at their Dar-es-Salaam sum- 
mit Last week-end. indicated a 
willingness to pursue a political 
solution to the Rhodesian prob- 
lem. in tandem with the intensi- 
fication of tbe war. 

Foreign Ministers from the 
front-line states are in Nigeria 
to take part in discussions on 
the Rhodesian issues between 
Nigerian leader Lt.-Gen. 
Obasanjn and U.S. President 
Jimmy Carter. 

Sir Harold Wilson, who con- 
ducted fruitless negotiations with 
Mr. lan Smith, launched a strong 
attack at the week-end on the 
outbursts of Mr. Andrew Young, 
the U.S. Ambassador to the U.N. 

He told the Law Society i Local 
Go’.ernmenti conference hi 
Oxford: “ Wh.it is particularly 
irkinme js bis statement imply- 
ing that Britain simply v.an'ed 
to abdicate all responsibility for 
the problem. 

"What is particularly danger 
0U5 is his repeated assertions 
which can only be read as mean- 
ing that any settlement involved 
without bloodshed and massacre 
won't count. • 

" Even the must enthusiastic 
pro-Americans among us cannot 
in truth testify in a ■'pint of U S. 
helpfulness pervading these past 
years. Indeed, at a critical time, 
their decision to break sanctions 
over chrome shipments was an 
encouragement not only to the 
illegal regime, but to would-be 
sanctions cheats in other 
countries." 


Healey 
urged 
to widen 
tax 
bands 


BY RAY D AFTER 

CONCERN about tbe latest In- 
formation on tbe depressed . 
economy has caused the Con- 
federation of 'British Industry 
to make a last-minute plea to 
the Chancellor to use next 
week's Budget to stimulate 
growth and boost personal in- 
centives. 

The Confederation is to warn 
the Chancellor that its latest 
Industrial Trends survey, to 
be published on the eve of the 
Budget, will reinforce the need 
for expansionary moves. 

It is understood that mem- 
ber companies are Idling the 
Confederation that they are 
finding it Increasingly difficult 
to obtain export orders and that 
the home market remains weak. 

The survey is also likely to 
show that stock levels arc 
either adequate or more than 
adequate to meet present levels 
of demand. Furthermore few 
companies see any positive 
signs of trade improving 
significantly. 

Confidence 

These observations are con- 
sistent with the results of the 
Financial Times, business 
opinion survey published to- 
day. 

This shows that the overall 
level of confidence about the 
economy and company pros- 
pects has declined from the 
high levels of last autumn. 

The Confederation's letter to 
the Chancellor this week Will 
probably emphasise its con- 
cern about the Income levels of 
first-line managers, staff such 
as foremen and charge hands 
who have direct responsibility 
for improving * industrial 
efficiency. 

Tile staff have complained 
that they have little incentive 
to remain in their positions, 
■the CBi said yesterday. Income 
tax was eroding their pay, and 
•heir differentials were being 
reduced by pay restrictions. 

• The letter is unlikely to 
amend the financial package 
requested of the Chancellor in 
Ihe confederation’s pre-Butfget 
representation early in March. 

But it will probably suggest 
that the economy is more 
depressed than expected and 
that an expansionary Budget is 
seen to be even raore 
important 

The Confederation’s plea for 
across-the-board tax cuts would 
cost £2Jb n. in the current 
financial year and £3.6bn. in a 
full 12-month period. 

Its proposals include sub- 

Continued on Back Page 

Business Opinion Survey 
Fage 30 



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■J 



r OVERSEAS NEWS 


Israeli 
dissent 
at talks 
progress 


Some imports banned in 
Nigeria austerity budget 

BY JAMES BUXTON 

NIGERIA. Britain's ninth iapst in; is likely to bo Bnaneod oat m^tjarBport^Md^ n> { ^no^| 
, export market, has introduced of foreign borrowing, i° clu goods by material, ! 

! hpi tncfor'ti- Tfl CODfc ViJl inn tko rm^ntlv COIlCludCu ® i 


By David Lennon , expert market, has introduced 0 r foreign borrowing, inciua- dassifled by material, 

TEL AVIV. April 2. ! aa austerity budget to cope wi J) ing the recently concluded 8 
or kmim ftohinot met this . iSjJS Slim syndicated tank lean. J*»* 


Pay deal 
averts NY 
transport 
strike 

By John Wyles 

NEW YORK, April 2. 
AN AGREEMENT whU 


me nexi T“ Federal Government's re- foreign of increase in dbdk cram . significance f or New York 

men. The Cabinet session ■ ™ ^I end ?. ure . a 5 per <$4Sbn.): at .ibeendoi lastyea! r, ^on is to be rat from 40 per; budgetary problems. The 
held against a background of ; coritf in corporation tax compared with *^7bn. ($5.9biU to 30 per cent There are; Tiew whIci ^ takes of 

growing popular dissent over c £ d ^^ ct i oris on bank credit two j-ears before. To J >e ,t5 eW i the deal will help to determine 

the Government's handling of ;-> r rpa^es get out of the illusion of wanung agricultural ontput Purchase tax ^ ^ federal aid to be 

the peace negotiations with "rhe need to ctf spending to be like Europe L^n^JessaS ^ t0 be introdaced on some made available to help the dty 

rSmr ! s *ems !a-se!v from the recent without making the necessary xtems _ avoid bankruptcy. 

The D^morratic Movement for Rharo drop in oil revenue, the sacrifices, he said. The largest item of expendi- The transport workers con* 

TheD-mo ra .. “n a ijtion wait of a world s-tn'i 1 ' "f a ban has been placed on the ture in the recurrent budget is ^<3 generally sets the pattern 
Change. °” e J", th «, even i'zht. l*w sulphur eru* 1 of wh’ph , mpons 0 f 14 commodities, in- education, at ^J 779 ™ q Sl L oUo ^^ ! for *** ***** negotiated for 

parties, was meetms thu even 1 js an impDr1 apT pro- elu l J- ng beei . f beet sugar, foot- by, defence at NS98m- and I Sew York’s 230,000 municipal 


wards the Cabinet foreign policy aver -i2e da’ly output matches, ready-made gar- Gen- Obasanjo said 'bat. bargaining, the transport 

amid growing demands Within , WRq J Wm barrels per day. a £ and jewellery. Britain Nigeria s Imports toad risen to f worker5 agreed to accept a 

the party for it to quit the 05.5 per cent, drop on the “ hteh export ed £1.07bn. worth of i? 1976. wSle S250m * lump sam ' ? 

Government. January 1977 nutput. _ EOod - t0 Nigeria last year, will >Sbn. (SS-Oflin.) in 197R wlule ^ rises fnHa Jaly j which 

■nesoite Mr Veizman’s plans According to the latest Middle | affected: British clothing ex- exports were “P * r01 " * 55J? - would run for 21 months and 

*-o?mnre talks With the East Economic Survey Xicena M to Nigeria (S9.44orO to NSbn^ iSUJ.Sbn.J. ^ ^ „ rteg payment 

kivntiaiSr more than 30.000 has decided, in coordination P££ m ° r d % 0 £24m.. footwear, The balance of Paymeute defiett ^ July ^ 1979 . 

Egyptians, more (with Algeria and Libya, to cut J~£ u and furniture £7.7m- But was accounted for by remitted The Metropolitan Transit 

An advance party of Nor- [ j ts oil prices by between 21 and . : ^ f Britain's exports are dividends, and other invisibles. Authority Is an agency whose 

wefdan soldiers in the UN j 23 cents per barrel for the ; deficits are covered by a mix 

peace keeping force will lake , seC ond quarter of the year. The ■ 1 of federal, state and city funds. 

ST position in the eastern .weekly journal s . ai J. j • Kl7 It appears that last, night’s 

sectorof the southern Lebanese observe re doubted whether the UhAfipClQ fI6V31116S UY O/O settlement was made possible 
front to-day, the Israel army cut would be sufficient to have 1VJL1UIXV^1«- U.W ▼ atuvo j ^ jjew York State governor 

radio station said. Reuter much effect on oil exports. BV TnMY uawkins SALISBURY, April 2. Hugh Carey undertaking tor par 

reports. Some 1,000 Nor- Gen. Ohasanio did not state B y TONY HAWKINS S75m. of the contra cfs S94m. 

weglans shonld be in position w ha? ^eria' 3 ® n 2n-SfnS rwodesIA toniav devalued by and the Rhodesian dollar in early cost 

within days. revenue for the new financial world curren- 1977. ... ^ i If the contract’s provisions 

— — — vear would be. He said that S per cent, again ^ ^ u s d0 Uar rate will be | ^ app Ued to municipal 

Israelis attended a rally In Tel j ^ Tota i 0 f recurrent federal ^Dd 5 per rant^ainrt 144 u s doUars t0 ^ Rhodes- 1 wor kers whose current pay 
Aviv last night calling on ) spending: and nnn-statutorv South valuation within six lan dollar and the rand rate will J dea i expires at the end of 

Government to make com- j allocations to the country s 19 . dev j* ua l.| d October last be 154 rands to the Rhodesian Jnneu w could cost the city an 

promises in the search to attain vo-xld total Naira 2.Sbn. months In mW^cwocr esUmated S840m. After date- 

peace. /?4.4bn.) compared with m.Vm . ^ >ear. ™ Tent, against In a statement . Mr. David | fhar he bad made no pro- 

The Cabinet communique ex- ]a „ yea , a dTO p of 10 per cent, devalued ® nd 3 per cent. Smith. Finance Minister, said visjon , n hfa budget for pay 

pressed regret that Egypt had He an parently did not state mayor curreiacie- a p« tbese adjustments had become rises, New York. Mayor Edward 

rejected Israel’s proposal to re- this vnar’s statutory allocations against toe ranu- for essential for reasons similar to Koch has managed to find 

new the deliberation of the joint t0 the sta tes would be nai New rates fte those given last October ‘namely 5500m. wh«eh is the net cost 

lsrael-Egypt military and vear they totalled M-ShnV .the firet time ^ a furtber signMcant change in: of p^posak. 

nnlitical committee. They also rnn i. a » soendlne would _ be Re s e r '_ e _, ! _ an _»._ ifiurBiv tn he the value of the U.S. dollar in. 


Pope makes appeal 
for Mom’s releasog 

BY DOTflNICK J. COYLE " ROME, April 2. 

POPE .PAUL today appealed: Sig, Andreptti i s to • 
publicly to the adnappers of tomorrow ^ 

Sig Aldo Mo ro, the former pa^es, ipcIudliig Sig. 

Italian Prime t0 . S?ooB«Snguer, tl^e Coin- 

release him. mnairt leader, to d^uss Ali 

His appeal was immediately ..aspects of the Moro WdMpptog 
criticised to private by many in advance . of a 
tmembers of Sig. Mom’s own tary debate scheaulea tor 
i ruling Christjan Democrat Party, day-. . . 

which has insisted, that it will This debate is likel y £ 
not succumb to " terrorist black- trata not just on security afipecB 
maiL” ‘ofthe kidnappuig hut 

The Vatican had previously farther measures to combat pou- 
made it known that it was pre- tical terrorism in Italy. . • 

pared to act if necessary as an - Vatican 50imces | totoratoa to 
intermediaiy between the ultra- night that-the Pope s taterventjoni 
left Red Brigade terrorist move- .was based on hum^H^an| 
ment, which has claimed resport- grounds and was not mtenoeu^o 
1 sibility for kidnapping Sig. Mpro interfere with the Goveramenrs 
I on March 16, and the Govern- hardline attitude to the Rea 
! ment of Sig. Glulio AndreottL Brigades. ^ 

However, today's intervention - Meanwhile, there are peras- 
I by the Pope is something of an tent reports that toe itea 
'embarrasment, since it follows .a. Brigades have communicated 

fnnnal Chrirtian lloniApnit.pRrtT tTirnnpK nn 1 fltfirOi SOlary wlID-TDe 


Wg^iMk 




.By AdrinvUiefcs 

:V. .;BONN,Aprili' 
OTG0TlAT10^-r between , IQ- 
Metafl. the West- - German . 'to.. 
ginfeering workers’ onibq,; and 
employer^ leaders In the south 
-west-of tbe-ecrantry : resunredin 
, Stuttgart , mis evening, .aimid fit- 
creaanglr confident predictions 
from both that a settle- 
ment. isnowjn mght 7 - 
At the ; end of z- weekend of 
tdxhost Uninterrupted bargaining, 
the . two .sides were believed to 
have 1 : worked oat: a deal . both 'on 
pay and on the qnestidns of pfo^ 
tecting jobs ..and. pay. 1 ' categoric 
from the. effects’ of technologies 
e- : Detaila were not how- 


sisinumi m un: uwi, muuou.u - .j- - 

no deals would be made. down conditions for the release 

One senior party spokesman of Sig. More. The P 011 ®* re *“® 1 
did, however. Indicate yesterday to comment, although some! 
that private intervention on Christian. Democrat sdiuves daim 
humanitarian grounds, and with- to have knowledge of a so-i» 
out any party commitment, unpublished communicauon w 
'would be acceptable “to save calved -by the former Premier^ 
; life:” ' private office. 


WC5IAU OUIWI^I iJ “ ■ — ” — 

peace keeping force will take 
up position in the eastern 
sector of the southern Lebanese 
front to-day, the Israel army 
radio station said. Reuter 
reports. Some 1,000 Nor- 
wegians should be in position 
within days. 


jbya. to cot and furniture £7.7m- But w»s accounted for oy remmw| The Metropolitan Transit ;“ ou]d ^ -to save eeiVed hy the former Premier* 

ween 21 and bulfe Qf Britairi ' s exports are dividends, and other invisibles. | AnUl0rlt y ^ ^ agency whose , , private office. 

rel for Tne ; deficits are covered by a mix : • . : . 

S/fhl Rhodesia devalues by 8% SSSSS U.S. visa for Communist 

ient to have JlvIa UM.C 2l!>ld4 U-C v ftlULO J York State governor B y p A ul BETTS ROME, April 2. 

sSas by tony hawk,ns SALlSBlj ^; AprU 2 \ . at wsss vs. zsz&sSTejtfi® 

m mmm 2®mm\ %mm \ m±m m%sm 


new ine neiiuentiiuu vi rne siaiw to-morrow by toe raose given TT - 1 awwm^ wni® 

Israel-Egypt military and( vc , ar t b e >- totalled ‘i&pS Bank of Rhodesia, but a further si gnificanl : change to: of pro posals. 

political committee. They also ; c?ni . a j spending toJJL ah b n e S^SSiin^rate islikely to be the value of the U.S. doUarui 

declared Israel’s hone that Egypt { N6 7bn. fenmnared ..wjji N» 8J»j 5.® „? 77 K pence to the relation to other major cuiren- 

•/.■quid consider its position. ]aSt yPar > of wh ch N^hn had about ^ U.K M Bte as well as balance of pay- TI C v. 


S its ji^t'yiarrof which UlM about ^ UK P-ce - jug ^ ^baiapee of pay-; 

Mr. Mnshe Dayan the Israeli lready hpe n authorised Much between the pound ments considerataon. 

Foreign Minister, is due to leave J f the country’s capital spend- .irtuat paniy ueiwe«i uxi . 

r. — +h,c «’3ninn Fnr a rhree I — - — — . 


Israel this evening For a three 
dav official visit tn Romania, the 

onlv East European country tn 
maintain diplomatic ties with 
Israel. Romania played a role 
in settlna up the Jerusalem visit 
of President Sadat 


Palestine terrorist chief funeral plan 

*■ nmnTTIfl Anvil 


d«l^pir« -I a* »do. ,0 iTSg intended w™^iothe ruling 

57** lU°^i2 ,St A«er C cSim [ Italian Communist. Sig. Giorgio Christian Democrat Put? toe. 
estimated S840m. After claim 1 xanolitano importance the U.S. attaches to 

toP ,ha {J h fc l S a ho l SS2f ft? i Si^ ^oUtano is scheduled to Italy’s membership of Nato 

vision in his bnnjjot lor p®. 1 . .. ^ TTnft^i states Mrlv At tiw ssxhg tun^i by grsntinj 
rises. New York Mayor Unri « ®L SHm fi '«C Sl^ N^mno TvSa, the Carter 
Koch has managed to find ; ._ e ron 1- inclu ding ' a Hm t ntg tration is clearly keen 

5 ® > ^- 15 ^ ne cwl Washington, Harvard, Princeton not to givejhe ^presmon that 

of Pr oposals. an d Ysile. In 1975 Sig- NapoHtano It is conducting a wit<* hunt 

was refused a visa by the State against the Italian Gwrummist 
T J Upnartment. Party, which is now supporting a 

U.S- may GDU Simultaneously, the only mem- minority Christian Democrat 

* ber of Italian origin of' the Government. for the first .time in 

arm 5 ' embarso Carter Administration, Mr. Joe some 30 years. 


Israel- nunuiuio ji, ^ ^ — — — — • A 

in settlna up the Jerusalem visit BEIRUT, April 2- 

of President Sadat BY iSHAN HIJAZI . . -, ant _ n . „> C ent 

diTirfflsrw«s =5 ^ d |u5 r he« r5ft.f s 

BSffl ~ r w!SS- 5 !L5£ of D, Wadi Hlddad add DjJfbjJ; 

wssi™ 'ew ^?s?S3Sias ssfisr « sssaws 

officials here are more than ever ( b Saurc in international can ^nivereitt of Beirat t * r d ^ l970 which paved the 

convinced ‘» at ! terrorism, whose death on March m the latelSMs. gngjtag i°™ a ? or the Jordanian c Iamp- 

connot be carried forward while .g r can cer was announced PFLP in toe a c on palestiman guerillas. 

Mr. Menahem .Begin remains objective of destroying the btaie a Dr Haddad went 


U.S. may end 
arms embargo 

WASHINGTON, April 2. 
THE CARTER Administration 
will announce moves to end a 
three-year-old embargo on 


Schmidt in Paris for talks 


BY ROBERT MAUTHNSl 


PARIS. April 2.\ 


Israel’s Prime Minister. 

In an intenriew published _ to- ' dismissed from the - foreign" operations - branch.” movemems “ r^Yn 

dav by Ocioiwr inaMzino. Mr. ppip Tn 197B For lEnorinfc the i^ r ir-tdriari established an in- though he Uved o . 

aaftar*.*=i SsSm bwls®R?K 

H^added 1 however 0 tha f°a “clear been Posthumously re-embraced | hp Japanese Red Army, the ion East Berlin as 

Sfa«oe” d |n attitudes was needed hy the group. Saader-Melnhof sang, and rbe c ;^ ie 7^ P orted. although he had 

before Egypt could contemplate A euglogy written personally Uruguayan inv ' 0 i ved in spent two weeks .to hospital 


yesterday. 

Although Dr. Haddad 
officially dismissed from 


0, Aniead of the organisation's ^“5^ 
-foreign, operations branch jovemente « * ^ Qff - n 


arms to Turkey next week, jm™® HELMUT SC HMID T, the the Common Market summit to 
Informed sources said. i r Chanrellor naid Copenhagen next Friday . and 

The announcement, expected ; West Germmi Chanreuor^pMa^^^ 

to be made by the White a surprise visit to France, tms p residetl t d’Estaing was under- 
House soon after President afternoon, for informal talks stood ^ have told Herr Schmidt 

Carter returns from his p reS ident Valery Giscard that there would be no funda- 

cu treat overseas trip, follows d «j gtaIllg lt the first meeting mental change in Frances 

talks in Ankara this weeK j^^ween the two Statesmen since economic policy during the next 

between Mr. Bulent Ecevit, . Centre-Right coalition’s vie- six months at least 
the Turkish Prime Minister, - jr renc h general M- Raymond Barre,. who was. 

and Mr. Warren Christopher. , ' tion on March 19. reappointed by the President as 

the UJS. deputy Secretary of _ ^ west German the Prime Minister of the- new 

State. _ , leaders met for 3i hours: at . the French Government last sriday. 

Id return, a proposed four-, Bnm hmiiHet some 30 has already announced that he 

year $lhn. defence wvepera tion south of pans, to discuss will pursue his economic stabxll- 

agreemem with Turkey would European and world econo- sathm policies. Although the 

be dropped and Turkish aid . situation according to an new Government is expected to 

requests considered on a con- communique, published adopt early measures to raise 

t toning basis. The proposed 4 the wages of the lowest-paid 

agreement was signed by the „ further details were riven, workers as well as- family allow- 

two countries In 1976 but it ^ understood that one tt* aflees. Its mato . P^nbes. will 

.Our correspondent adds from ^ main purp0 ses of the meet* remain the fight against inflation 
Nicosia: The Cyprus Govern- ^ waF coordinate' toe posi- and the reduction of payments 
ment has reacted stronglyto ^ 0 f the two countries before deficit " . ' _ 




Even ‘if ^rhe- negotiations do -’ 
bear fmft^lhe'l&day old ttrtke.- 

ta the -North Wuerttembergr- ' 
North Baden region around. 1 - 
Stuttgart; will continue until X& , 
Bletall has been able to cany 
out a ballot on the . settlement 
package: Some 90,000 uniqa 

members are on strike at over - 
100 automotive, engineering -^hd ' 
metaLfabricatuig factories to the 
region. While a further 1464)90 
people are -.affected by the em- 
ployers’ retaliatory lockouts. 

• The supply, of .motor com- 
ponents . and; parts,; in particular, - 
has already dried up lo plants 
elsewhere hi West Germany, and' . 
'employers' .spokesmen, have 
suggested that, as many as 'a 
quarter of si million people: may - 
have to he put- bit short time 
worktoRithis week. * 

. Agreement lu North Woettem- 
berg— Norfh Baden would almost 
automatically, lead to settlements 
to the other.'epgineerihg industry 
wage bargaining regions. ; . 

I 

Soviet plan; 
for satellites 

By ~D»tid Sattcr ; - 

■ . . MOSCOW, April 2. - . 
THE Soviet Union has signalled 
its- readiness to begin negotU- 
tfons " to ban '1 .hunter - killer 
satellites. --- ' ' / ■. ' 

Goto Nikolai V: Ogaxkov. the. 
Soviet Army “ Chief of Staff, 
expressed the Soviet willingness 
► in a meeting last week wtft 
i members of- the.- - TJ^. Hobm 
A rmed Services committee.. =';=■ 

. General -Ogaricov gave r w» 
t details of the type of accord he" 
_ had to mind or when negoaa-: 

’ tions- might, start hut his aiafc. 
! ment is significant to the IMit 
1 of explicit -recent Soviet dentals 
r that they were developing the. 
| means .to. destroy UB-. otearra- 


Hongkong Land: 















& 



Record Profits . _ ^ .... _ 

1977 Group Profits up 14% to £26.4 million. 

Increased Dividend 
Final Dividend of 2.98 pence per share 
recommended, making a total of 4.36 pence for 
the year, up 15.2%. Dividend cover 1.26 times. 

Financial Resources. _ .... . 

Soundly based, supplemented by HKS 300 miljion. 
(£34.4 million) international bond issue in la//. 

Developments . 

Gloucester Tower, new 45-storey commercial 
building in Central District under constructionr 
will add 600,000 sq.ft, of lettable space by 
mid 1980. 

£68.8 million Pokfulam township already 65% 
sold. Phase One comprising 1.992 flats reach 
for occupation mid 1978. Entire project due for 
completion by late 1982. . 

Davies Pacific Center, Hawaii. 23-storey 
prestigious office building purchased in January 
’ 1978. 

The Oriental Hotel, Bangkok-Her Majesty 
Queen Sirikit of Thailand opened its 350-room 
new River Wing. 

Future Prospects 

Developments planned and under construction 
• will ensure strong future earnings growth. 
Directors are confident of higherGroup profit 
and dividends for 1978. 

D.K. Newbiggirvg Chairman 
Hong Kong 30 March 1978 


year $lbn. defence co-opemuuB 
agreement with Turkey would 
be dropped and Turkish aid 
requests considered on a con- 
tinuing basis. The proposed 
agreement was signed by toe 
two countries in 1976 
Our correspondent adds from 
Nicosia: The Cyprus Govern- 
ment has reacted stronglyto 
the U.S. arms embargo. The 
Foreign Minister, Mr. Nlcos 
Rolan dis, summoned the tJ-a- 
charge d’affaires- to Nicosia, 
Mr. Ed Dlllery, to his home and 
told him the move would have 
“ disastrous ” consequences 
and would be seen as “ reward- 
ing” Turkey for using U.S. 
weapons to invade Cyprus. He 
is to make written representa- 
tions to Washington to-morrow. 

PRIVACY 

AGAINST ILLEGAL 
EAVESDROPPERS 


tion satellites^ ■ U •' 

The Soviets were siud to wve 
an operational- system for hurt- 
ing and destroying satellites by 
Mr. Harold Brown, - the, US. * 
Defence Secretary, test October. 


- r.vTC: 



Portable detectors allow you 
to be aware ot & locate elec- 
tronic "bugs" and Insure 
privacy 

DON’T LET YOUR 
CONVERSATIONS 
BE TRANSMITTED 

* RTD-8 displays light 

• RTV-9 gives audio 
signal 

‘ GREAT FOR OFFICE AND 
CONFERENCE ROOMS 

DEB SYSTEMS LTD. 

P.0. Box 1800 

New York. NY 10017 

12121 840-8349 Tetax; 23B330 



Bristol-Myers 
International 
Finance Company 

has made available to. its holders, the- 
balarice sheet of the Company at December 
31. 1977 and the statement of income and 
retained earnings and capital surplus .for 
the year then ended. Copies may be 
obtained upon request to; the Company,; 

BRISTOL-MYERS INTERNATIONAL 
FINANCE COMPANY 
345 Park Avenue 
New York, New York 10022 

Richard T. Kent, 

Treasurer 


£ 




P 1 .:'. yc.:- i* v v. j^.'or-CV 


!r.tor;.,iT:0!' r Gitnorc S--c- 


all 




Group profit 
aftertax 
Dividends 
Shareholders' 
.funds 

Earnings per share 
Dividends per share 
Net assets per share 


26.400,000 

21.000.000 

339.900,000 
5.50 pence. 
4.38 pence 
0.71 


23.100;000 

18,200.000 

332,400,000 
4.82 pence 
3,78 pence 
0.69 


• Free from CN. If your business is growing and you’re contemplating expansion.'leius 

* ^a i SSS tS^tCwSSSwi I » 

(federal, provincial, muIiicipaD. banks, or other industrial associations. We know them well beca. 
with t * ien J^J. oor^JeSia. and objecri\re^ndiVsfr^durt^^u&Kndoiltw^Cap^^^9h^^i^ 

Lawrence Madsnac - , jrf* : • 


Lawrence Madnac 

General Manager, Industrial Dmutopment 

Canadian National Railways, PX). Box 8100 

Montreal, Que^ Canada H3C3N4 
□ Send the tacts on Canada plus iptonrntkmon 'C^s con 
selection service. 


Gmncy conversions' from HKS node *t r*tc nihng an 30 March 1676. 



The Hongkong Land- Company Ltd 
Alexandra .House, Hong Kong 










5tl U2H| 

fteut 2 
^ose: 

■n— -Cl;. “ ' .- 

ia >0 ; 

*”ir?y§;: 

*<-;■ 


Mond^Aprll/S . 1978 


STM 


Lf) TR ADE m Vm£ 



\ iMr- 




lull 


*“p -„'*ss. 

u;i 


' ^ *^!N»-iNPl*llUAL STAFF ^ ' 

v W««es ta other destinations 
• 5£2ii Lrt“ 8 ' ve, « .almost; non-existent,, with 

week; as requirements out of West Africa 
.--- JKSEL Jgfr storm* to suggest sparse.- 

.In the period chartering sec- 
• '.fuSS- be t n Ittain - '. tor conditions improved with one 

L, .P* major on company reported 
to'iawJ.fixed a 96,000-tooner for. 
..pi J*oy weeK piat an accurate- eight yeareat about S2.70 
i : .nfctaxe.. .was available This ^.- V ar “ r a ^r ul fU '- „ 

' '£haM' Vut- there' Ship-brokers E. A.- Gibson 
> ^ortpfliipSof 8 tow with re P orted that loadings of black 

SSbte.' to iS » 2 U ■ can £ rs “ ^ 

■ . restrictions' bn charterers ®* r “S **» recent penod had 

.‘■.iii-:' j_i • ‘ n _ ■ rnirmnan nnnna] A nnracantu- 


ILO WaFIlS AfV3ERICAN IViOTORS and RENAULT 

of textile An affair ra 

cutbacks 


An affair rather than a marriage 


•:i9mBSASSr^ W*» recent period bad 

. AEven-the -flarry of very toree i™ 1 ™* “«*“}■■ & «P> ™««»- 
''-crude ,' carrier activity' S n ft '*%'*%£ was -Worldscale 00 for 

week wfcen-five VCLLs were a 3S * 000 ' tDruier - ■ ■-• 

'f^artereiL from the Arabian But despite the large amount 
' -Gulf, - failed to make a sizeable- -®f'spot VLCC tonnage sitting idle 

~ U rtwo oai^ -V.n ■ 01 -_* irt tbo Hulf rfilhraith Wriobtcnn 


— ■'IT?.. *r. " w uioac d su^arjiC r ! — - — "o- *"““0 — - 

■ fic \ C ‘ : hnpTessitpix =on the -61m. tonnes' to the Gulf. Galbraith Wright son. 

*■ -r^. spdre,- capacity 1 aid-up in 27 brokers, expressed optimism that 

‘ vessels in tie Gulf. .the Immediate future may not be 

” "IjJ ■r Tbe ^weight of this burden - r too bleak. The company fore- 
rv - ( rz£. ■ .-was. reflected in rates obtained 113181 that these could be a rate 
,J " ■ _bv VDCCs. These ranged from turn round by the end of April 

: r vii : JSZS ao 2X3' according to size or early May. 

>apd /destination.- Even demand A scarcity if smaller vessels 
—for smaller . vessels remained out of the Gulf could improve 

r desperately ' low. - the rates Cor ships between 

'• V-. ... Only voyages out of the 50,000 and 80,000 tonnes. There 

Mediterranean to - the . U.S. has also been- some improvement 
-showed a. very slight Improve- in-demand for Suez Canal draft 
:r *S«:"W • -paent - with ,a : vessel, of 42,000 transit vessels. Owners, have 
i -t .y* .tohijes obtaining Worldscale 75 suggested Worldscale 90 or even 
AV-tqA" ■■•'?&& a. 110,000-tonner Worldscale more for such-orders. 

|3| Davy wins share of £19m. 
Soviet gas plant contract 


:: 

=•■■■:; -.v ** 

;! t- 

■"■ - c :«'~ : *i 2» 

*'s 

•■A - 

. V >».. 

; U :;A 

A::i^ 

. 4 " 

;1 -o 


by Leslie : colttt 


iet plan 

satellites 

1 3 S;s? r 


li 

' •'• ' k 

-J V j 

?*?•*: ,-^r 

•' ’ ’ -si 
” in.™ 

• »-T; I* IT? 

' • . »». 

■ ; t k • j 

• ■_ ._r’ ■* 2 

• :'i" rT'L’ii 


THE WEST BERLIN engineer-'] 
ing company. Borsig, a sub- 
sidiary of Deutsche Babcock, has . 
won a DM72m. (£19m.) contract: 
to ' build . two carbon : dioxide 
liquefaction plants ,ih. the Soviet 

Union., to extend the productive 
life pf oilfields. . 

Davy Powergas is. the main 
sub-contractor in the deal, signed 
in West Berlin ■ between : Borsig > 
': and- Techmashimpdrt, of Moscow. 

' Completion 1 is 'expected by 3980 
and payment is- to be in' cash, 

" according fo- Borsig. .. ■ •* • 

Borsig is to build what it says 
"will bb the world's largest carbon 
.'dioxide '.'liquefaction plant,, east 
of - Moscow in European Russia, 
',' wfth.'anp annual capacity . of lm. 
tonnes. ... 

. - The second plant , at another 
: location Is to produce 400,06(1 
.tonnes, a year. Both- will .use 
_ carbon..! dioxide:-. . from _• .existing. 
■ Soviet ammonia, synthesis gas 


• .-'. BERLIN, April. 2. 

plants which, until "now went 
unused- 

Liquid gas will be p.umped 
through a 300 km. long pipeline 
to the site of the oilfields, where 
its pressure is raised further to 
100 bar before being injected 
into cavities between the oil 
deposits: ^ 

This is to force out oil which 
otherwise' would remain un- 
re covered. Flare, gas is most 
commonly used -for. secondary oil 
recovery, but 'in this- case the 
Soviets had an abundance _ of 
carbon dioxide which was being j 
put to no;, use.: ' . . . 

. Borsig hjcs bad .considerable 
success in selling its shut-off ball 
valves to tire Soviet Union for 
installation.- on natural gas pipe- 
lines. The company sold 
. DM63m worth of the devices *0 
regulate : - pressure ■ along tire 
r Orenburg nffttfral gas pipeline 
now under .construction from 
L-.the. Orenburg gas fields in the 
; Urals'tb .Eastern Europe. 


GENEVA, April 2. 

TECHNOLOGICAL progress 
and changes in International 
trade are likely to make 1 1.6m. 
West European textile workers 
redundant by 1985, the Inter- 
national Labour. Organisation 
(ILO) said here. 

Developing countries now 
possessed growing production 
capacity for man-made - fibres 
and benefited from ready 
access to raw materials, largo 
domestic - markets, plentiful 
labour and new technology, H 
said. 

Official reports prepared for 
(he ILO’s textile committee 
-meeting here from April 4 to 
13 said: new fibre-producing 
areas Outside Western Europe, 
North America and Japan now 
account for a quarter of world 
polyster production compared 
with less than 16 per cent 10 
years ago. 

Reuter 

Brazilian credit 

By Diana Smith 
RIO DE JANEIRO. April 2. 
AS A PRELUDE 1o a trade 
mission ' .headed by Crown 
Prince Harald and Including 
40 Norwegian businessmen, 
Norwegian diplomats here 

have announced that Ihe Ex- 
portfinahsbank will im- 

mediately open a $5.3m. eredit 
line to Brazil's national oil 
' company Petrobras and place 
an equal sum at the disposal 
of the Brazilian Economic 
Development Bank. This finan- 
cing would cover the purchase 
of oil-prospectiug equipment, 
from Norway. 


AMERICANS may legitimately 
wonder which will be the next 
foreign car manufacturer to be 
beached on the U.S. shores by 
the sinking dollar as first Volks- 
wagen and now Renault look lo 
produce their vehicles on the 
American mainland. 


*• Currency changes are now a 
problem for any European manu- 
facturer,” observed M. Bernard 
Hanon. Renault's director of 
worldwide automotive operations, 
on Saturday. He had come to a 
suburban hotel on the outskirts 
of Detroit to help explain to a 
somewhat defensive American 
Press why his company had made 
the agreement in principle 
(announced on Fridayl to launch 
various forms of co-operation 
with - American Motors Corpora- 
tion. the smallest and financially 
weakest US. car manufacturer. 

Bolh Mr. Hanon and Mr. 
Gerald Meyers. AMC's presidenl 
and chief executive, were vague 
on many matters yesterday 
because a legally binding agree- 
ment between the two companies 
has still to he negotiated. 

But it emerged on Saturday 
that there are no plans for 
Renault to inject any cash into 
this new relationship, one of the 
most important fruits of wbicb 
• could be the production in ih&u 
at AMC’s Kenosha. Wisconsin, 
facilities of the new BIS which 
is to be launched in Europe in a 
fortnight's time. 

Renault will have access to 
AMC's 2,100 dealers (not all or 
whom will want to sever relation- 
ships with other Europeans such 
as Fiat, to accommodate Renault} 
and in the autumn Renault will 


step up shipments of its front- I 
wheel drive small car, the R5, ’ 
known in the U.S. as “ lc car." 

In addition. AMC's jeep will \ 
be distributed through Renault's ; 
international dealer network, and 1 
the two companies will work ' 
together to produce more new ; 
models for the U.S. market. 

This planned arrangement, not 
quite a marriage but more than 
an affair, stands in contrast to the 
strategy being pursued by Volks- 
wagen which is spending upwards 
of S15Dm. in building an assembly 
plant in Pennsylvania which will 
produce its first car in just one 
week's time. While Renault may 
be shying clear of' direct invest- 
ment. it is looking for a great 
deal more from its relationship 
with AMC than the marketing 
agreements which exist, for 
example, between the Japanese 
companies Isuzu. Tovo Ko'gyo 
and Mitsubishi and General 

Motors. Ford 3iid Chrysler. 

Renault is after all the world's 
sixth largest car producer. But 
its U.S. sales are derisory in 
■ comparison with Toyota and 
Datsuu, the major Japanese pro- 
ducers. and at 13.0U0 are well 
short of the 260.704 units sold by 
VW last year. VW is building 
1 a planr to avoid currency move- 
1 ments: these have forced it to 
increase its U.S. prices five times 
! jo the past 12 months. 

1 M. Hanon claimed yesterday 
his company's combination with 
» AMC is a more efficient way of 
r tackling the marketing problem. 
- adding enigmatically, “if speed 
1 is of the essence." - 

1 The memorandum of agree- 
I ment between Renault and AMC 


bus been negotiated in almost 
indecent haste. On February 1. 
AMC’s Mr. Meyers used a stock- 
holders’ meeting as the occasion 
to launch a public invitation to 
any foreign manufacturer to 
come and talk “ affiliation ’’ with 
AMC. Renault promptly seized 
this opportunity and was no 
doubt helped by the fact that rt 
had previous links with AMC u 
the early 1960s when the U.S. 
company’s Rambler: car was pro- 
duced in France by Renault: - 
Renault was obviously eager to 
prevent AMC falling into other 


Writing from • New York, 
John Wyles explains why 
the smallest and financially 
weakest U.S. car manufac- 
turer has agreed In principle 
lo. launch various forms of 
co-operation with a major 
French motor group . 


arms because its own 335-Strong 
dealer network is too small to 
launch the kind of sales expan- 
sion it needs. Moreover, the 
alternative tn expansion may well 
have been contraction because 
the small fronl-wheel-drive car 
market in the U.S. is going to be 
extremely tight and crowded 
within the next three years when 
the Detroit big three will all have 
their own domestically produced 
versions on the market. 

VYTs Rabbit wifi be U.S. pro- 
duced and Toyota will also baTC 
a front-wheel-drive car to market. 

Renault has a potential winner 
in its K5 which has sold well m 
Europe: sales through AMC 


dealers in the U.S. will greatly 1 
enhance its prospects. ' " j 
. Moreover, the immediate gain ; 
for AMC is that Its dealers will 1 
Mve a front wbeel drive car .t6 . 
offer customers while the U.S. 
company, says Mr. Meyers, will 
have some income from each'RS 
sale. 

But- the major prize for AMC 
will be production of a Renault 
car at its Kenosha plant, which 
has a capacity- for 450,000 models 
a' year and is 'currently produc- 
ing few more than 150,000. 

AMC's ' sales plummeted to a ■ 
bare 2 per cent of the U.S. 
market last year. The company's 
hope is that unit costs will be 
reduced, through prbduteing a 
Renault car alongside ■ its own 
model range and .that there will 
also be a sales fall out for Its 
own cars through the introdu^ 
tion of Renaults into AMC show- 
rooms. ' . 

Thus Mr. Meyers believes he 
has made the “ perfect match " 
which will yield “a fine plateful 
of products to seH." But there 
were many unanswered questions 
at Saturday’s press conference- 
AMC says it should be able to 
generate the finance needed for 
tooting and other machinery for 
assembly. . , 

Bnt AMC’s profits have been 
1 scanty-— a SSro. operating surplus 
last year compared with a S34.4m. 

| loss the year before — largely 
1 thanks to deficit of up to 590m. 
on car manufacturing. 

These car losses are being off- 
> S et by AMC’s. . jeep utility 
vehicles and public ■ transport 
: buses. But the prospect of a 
1 cash crunch has already led to 
an application for Federal loan 


guarantees of up to $10Qm. Tba 
peed for this money in the 19S0s 
is not changed by the Renault 
agreement, says AMC. . 

Assuming that AMC ean-^nd 
the cash to. put a Renault car 
on its productiotf lines, will the 
French company reafly be pre- 
pared lo join AMC iA' product 
planning and development -while 
leaving manufacturing 'and 
marketing responsibilities :rto 

AMC whose record has not been 

conspicuously successful in 
recent years? 

If Renault has to put money 
'into tiie agreement.' how soqfi 

before it begins to seek a' witfef 
measure of control over AMC* 

car manufacturing? 

The* speedy negotiations of 'the 
last seven weeks have been 
greatly aided by the. Concorde, 
("a great little shuttle? said JSto 
Meyers yesterday!.- The o$y 
certainty about this agreement 
is that supersonic flight# be twee n 
New York and Paris are gmhg 
to be guaranteed passengers. ■ . 


Hong Kong spending-. 

Hong Kong’s' .J 9 p/ 79 T gross 
domestic fixed capital expend!- 
xhtb 011 construction _ ■ and 
machinery by the public -sector 
will rise to 6 per' cent, of GDP 
from 5-3 per cent last year,’ Mr. 
Philip Haddon-Cavei" -Financial 
Secretary said, Re'uter reports 
from Hong Kong- Mr. Haddon- 
Cave said this compares with -an 
average 42 per cent, in the 
1960's and 2.7 per cent in 1971. 
He noted pubile and private 
gross domestic fixed -capital ex- 
penditure on constructtion and 
machinery accounted for almost 
24 per cent, of GDP in 1977. 


-Contracts 


|l II nil 'll— I —I I I —1 — fll 

Utcsrld Economic Imifcatbrs 


1 . . WORLD ECONOMIC- INDICATOR* . 
UNEMPLOYMENT- >. 
r - March 7B- • Feb. 78.. Jan. 78 


1,400.0 

'SjT - 

w.. Germany 000’s : / >, 


tw. - - v • : HA \ 

Holland*- 000’s - 

: % ^ 

: v ^ . 'fJS 

:: ■. W ;J77 


1AB9J0 1^42&4 

5 3 - . \ ~6jD , 

Jam 78 -Dec. *77 - 

6JX04 6J37A 

(j 6A r , 

- *&; 
'*%■ 


** 

mo 

. 

■ 1 M 77 . - 

‘ijmsi 

/■: as-'.. 

April 77. 
I.4XL0 ‘ 
A7- 


March 77 

1 , 121.1 . 

5S. 
Feb. 77 
7,6004 

7 ^, 

: .260.0'. 

- 9S-. 
97TA 
; 4& 

1,023.1 
", 5D 
200.6 
5S 

Ian. 77' 
1,«9S 
6.8 

Oct. 76 
• T7T4»‘ 

4H 


• A letter of intent for a CTm.- 
plus contract for the snore ‘ 
approach works of a gas pipe- 
tine on either side of JJ 
Magellan Straits in the southern- 
most tip of South America has 1 
been ' received by a company 
within the Land- and Marine - 
Engineering Organisation of 1 
'Merseyside, a member ; of the 1 
Royal Bos Kalis Westminster 
Group. 

• An order for Fibrelam air- 
craft flooring panels worth over 
£lm has been received from 
Boeing by the bonded structures 
division of Gtba-Gelgy.. Produc- 
tion of Fibrelam has increased 
rapidly since it was chosen ^ as 
original equipment for the 
(Boeing 747 just 31 years ago 

• Saunier-DtvaL part of the 

Saint ' Gobtdn - Pont - a - Mousson 
eroup has won two contracts 
worth FrsJOOm- to suppLv Qatar 
with twd electricity networks, a 
spokesman for the parent com- 
pany said. ■ 

m Tbe-Ztirtoh-process engineering 1 
•company InVeota, a member of, 
'Uie'.Emscr Group, is to act as 
general .contractor .fer^e build- 
ing of a efitton spmning mtU in 
pSt Sudan. 1 The order, placejby 
Ocoantrade pf Geneva, and Inter- 
jaationai Spinning. and Waving 
Factory, of.P.ort Sudan^h^ a 
contract value of over SwJT&50m. 
and will be' commissioned -in the 
first half of 198Q. 


S. Korean nuclear study U.S. call 

uiriric OTTAWA. April 2. 

BY VICTOR MACKIE /* _ „ _ 

Y G fOUP - ff-aJSTS Korea, '£ ^'"naw'” I Of 111016 

SISSSS-T,.' r-K 

aent and pnvate cue . buving more r«-nctnrs from j AVtlAyfc 

“ ttoos ' , . . . Canada if possihlc. (tj X UfJJ. 15 

They are seeking to deterunne jj j s ynd^rstond thai Canadian I 


BY VICTOR MACKIE 

A GROUP of South Korean 
industrialists is in Canada tor 
two weeks inspecting Govern- 
ment and private nuclear instal- 
lations. 

They are seeking to determine 
whether South Korean companies 
should start manufacturing 
nuclear components in future. 

Atomic Energy of Canada, the 
Federal Governments nuclea. 
development agency, said the -i 
I businessmen have been studying 
both the U.S.-style light water 
reactors and Canada s heavy 
water reactor system. 

. Canada- has already sold one 


OTTAWA. April 2. 

Candu nuclear reactor to South 
Korea, which is now under 
construction and South Korea 
has indicated it is interested m. 
buving more n.-nctnrs from 
Canada if possihle. 

It is understood thai Canadian 
nuclear component manufac- 
turers have a technological edge 
over competitors in the heavy- 
water reactor field at present. 

India, however, has its own 
Candu technology 2 nd Canada 
has licensed an Italian group of 
companies to build Candu 
reactors and is currently nego- 
tiating a licensing agreeinant 
with Romania. 


U.K. seeks openings 


». Seasonally wffigted- fProrisTonaJ. 


Financial TiMIiL HMIM Utl» ouH 
5wm> Mi S bl C *■ satvrtvuon OTJ 

Second docs potus »aid wcw ^otk. n. . 


By Tanya Matthews 

GREAT BRITAIN is looking-for 
new openings for its initiative 
and capital. Mr. Frank Judd, 
Secretary of State- for Foreign 
and Commonwealth Affairs, has 
told officials during his viat 
here.' Mr. Jodd, who came to 
Tunis after a brief visit to 
Algiers, said that be has been 
able to get ■ a first-hand know- 
ledge of- the possibilities for the 
further increase of the British- 
Tu nisi an exetoanges. 

Defence and trade had so far 
been main poles.of rather limited, 
exchanges between the two coun- 
tries. In 1976. the U.K.’s imports 
from Tunisia amounted to £3.1ra. 
and exports £23ra., mainly in the 


TUNIS, April 2. 

defence field and equipment. 

In 1977. U.K. imports stood at 
£l2.6ih. in petrol, olive oil, wine 
and textiles. Exports, etaefty 
equipment for industry, agneul- 
ture. public works and defence, 
stood at £28.4ra. 

Mr. Judd, who wa.s received by 
President Bourguiba at me 
Carthage Palace, last week, also 
had a working session with Mr. 
Abdullah Fa-rhat, the Tunisian 
Minister of Defence, 

A number of points- were dis- 
cussed by Che two Ministers, 
including the possibility of 
Tunisia buying two more patrol 
boats from Britain and a trans- 
port aircraft. -» 


ATLANTA. April 2. 

THE CARTER Administration 
will begin a national effort to 
increase small and minority 
business participation in export 
trade, according to the president 
of the U.S. Export-Import Bank. 

Federal agencies will u work 
together in support or two major 
Carter Administration objectives 
— increasing U.S. exports and 
strengthening small and minority 
business in the United States," 
Mr. John L. Moore said here. 

The Administration’s r.ew com. 
mitraent to increasing U.S. 
exports is a logical response to 
the U.S. trade deficit, said Mr. 
Moore, whose bank lends money 
and guarantees -or insures loans 
so that U.S. firms have credit 
necessary to sell their products 
abroad. • 

“We need to look no further 
than Jo last year’s record trade 
deficit of S26.7bn., more than 
four times the size of the $5.9bn. 
1976 defieit, to realise the 
severity of our country's current 
trade problems." Mr. Moore said. 

He added that the Commerce 
Department - estimates 50,000 
companies have export potential 
but only 25.000 are exporting. 

I AP-DJ ' 


COMPAGNJE BANCAIRE 

S o ci etejtn onym e 

Incorporated in France with limited Jiability. 
§§| Regd. Office: 25 avenue Kteber. 75116 Paris. 

NOTICE TO SHAREHOLDERS 
~~ Following a Resolution passed at the Ordinary 
Meeting held on 23rd March, 1 978. a dividend of Fre. B.Mpec 
share of Frs. 1 00.00 nominal for the year ended 31 st December, 

1 977 is now payable as follows : 

On presentation of Coupon No. 24 residents of the United 
Kingdom will receive Frs. 6.00 per Certificate of Frs. 700 
nominal. Coupons will be paid at the rate of exchange on the 
day of presentation. 

Settlement of Additional Payment: . 

Under the terms of the Double Tax Convention between 
France and the United Kingdom, residents of the United 
Kingdom will receive, subject to completion of Form R F-4 G B 
oh or after 15th January, 1979 an additional Frs 4.20 per 
' Bearer Share thus increasing their dividend entitlements to 
Frs. 1 0.20 per share. 

Holders are advised to submit Form RF-4 GB at the time 
of presentation of Coupons but the Form may, however, be 

submitted at any time up to 31 st December. 1 979. 

Payments in respect of Coupons' will be subject to 
deduction of United Kingdom Income Tax at the standard rate 

of 34% unless claims are accompanied by an affidavit 

Coupons should be lodged with 

■ S. G. WAR BURG & CO. LTD., 

Coupon Department, St. Albans House, Goldsmith Street, 
London EC2P2DL. 

‘from whom appropriate claim forms .and further information 
can be obtained. 

• Copies of the Annual Report and Accounts are available in 

French and in English on application to S. G. Warburg & Co. Ltd. 
3rd ApriI r JS75. 


asses 






U.S. INDUSTR Y T HE 


EEC COUNTRY GIVES 
BY THE HIGHEST RET 


m 






ON INVESTMENT-AS much as 


R 

m 


a A i 

f 




— NITY 

AVERAGE? 




In detailed studies of the performance of American industry m Europe for 1975 and 19 . 
the U.S. Government’s Department of Commerce, Ireland emerges the clear winner. 
manufecturing con^anies returned 29.5% on their Irish investments compared with a Ufo average, 

for fceSshi^i figure of 29. 59& contrasts dramaticaJJy with arantries like Hyland, Bdgum, 
France and the U. K. None of these even reached the EECawerage.. .. T ,. _ ' 

Ireiahd’s achievement was no fluke. This standard of P^rm^isr^^arfsev^nisa 
major reason -why, of all the overseasinvestment m Ireland over thepast 15 years, almost half is 

“‘SSSSSSSiKSiSSSS^fcrixsL 

Ireland is becoming a significant gateway into other markets m Europe, The Middle East and Aftwa. 
Also Irish foreign-exchange regulations favour the free and unrestricted movement worldwide 

asmuiEUDD-COHE AND 
SEE HOW rr 


withexpanaonm 


STS 


almost 500 of them Emppean-to 


Pi Sf 
r sua ^ 


iiararnr- 







HI-":-'- 


ConfidentiakToHD^ Alston. Director. 


COKffANY. 

ADDRESS. 


W - ■ " — LL 


.TELEPHONE. 


c*j' 


is 





•tenan&al'tfittes : • 

• . . ' . -',y ~ '•.■'■ -I “.'V j=?^ :...". . j- ; •*. 



es expansion 


BY JOHN LLOYD 


EQUIPMENT V.’OSTH marc than bcrpqiiired to mee^deTna^nd. 
£:10m. installed' ~~ " T “°‘ ” 


Strnoeer or crossbar switching i 


J iruiiacu vv Miyv. _ 

telephone The dispute is over a demand which is earmarked far esten- 
ws»n~i»s „n Had down- the by the union For a 35-hour -week Sions to existing esenanges. 

cansSt' b^broushi into which the Post Office is refusing The Post Office is- continuing. 
‘iJS? icaa-p of 2 six-months- to discuss. The union has to accept the equipment fromits ; 
V,^ msaSe hetwee" rhe_ Post* responded by “ blacking " new suppliers— GEC, Plessey andSTC . 
*.d di«?LTe aet*ee.. OTl i ipment {n telephone ex- -whose engineers are installing < 

cnanges and sorting offices. it 

The union’s executive is 
in Favour of the action, but 

SSTrST^STlA oeen forced to institute it by g \ new department, named the 1 
ivrri-nf Vie total tele- decisions taken at the last two integrated Systems Development. 
I,.., snnoo union conferences. The exccjltve department, has been set up by 

’Srlher' '** 5m -worth ’ of would prefer to take the claim post Office telecommunications to 


inquiries 

begin in 
earnest 

r By David Churchill 

! Office and the Post 

i? gs z «srs srar 

-Mr. Ian Hav Davisnn. a leadtna ; tn*i» __ r _ 

chartered accountant, and Essex , pnonc wa‘’»ru ‘^g^^orth ’ of would prefer to take tbc claim post Office telecomm onications 
■police" will both carry |n«to“sortir» equip- to arbitration in the hope of spe<t ] up the develnpxnenl of the 

detailed investigations o. k hc : automai.c ic . - J. achieving a compromise 3«;-hour electronic exchange System X, 

-* schedule.* 5 ^ 

Embarrassed 

from its account. SKf^SSS will wtl IMaL hes It is also embarrassed by being seen as the spearhead of a 

‘ The Building Societies’ Asse-ll 'J. delaved required to black the new equip- British attempt to break irno 

ciation. meanwhile, will continue 0f th(? * fWm,pi«v «chnnce meat SSnSStan? w^market-in 

• bcina insufficiently the early 1980s. 
in promoting sales of Tne department will be 
j and other tele- beaded by Mr. John Martin, who 

««• »-*' : “*7^5-35 S3.5SS 7SS ” n or e W 

uiK SS? aSre “ a 15 ' lMt "™" 1,aniral 15 fear " 

after the death on March 17 of ; . ^ ^ — — — 

Jlr. JtaroW Jaggard. the society 5 j • 

chairman and secretary. ' 

iLThe Chief Registrar or Friendly! 

Societies and the Building : 

Societies' Association were im-j 
mediately called in and a team of | 

'experts from the Woolwich j 

Equitable were asked to invest!-, 
gate Grays’ accounts and] 
operations. Their preliminary 
findings revea’ed that at least! 

£7m. was missing. 

Powers 

' The inquiry being carried out 
By Mr. Davison is under Section 
110 of the Buildtoc Societies 
Act, 1982. Mr. Davison was i 
annotated. . qs inspector hv the 
fihlef Realstrar of Friendly 
Societies and has sowers and 
duties comoarahle to thn*?e oF an 
infoector under the Companies 
'Act. . 1 

; Due to the size of the Grays ; 
irregularities and thp likelihood 
that they reach, back over 30! 
years, his inquiry is likely to j 
take some months. I 


‘could hit 
trade’ 


to develop research 

BY LYNTGN -McLAJN. INDUSTRIAL STAFF . 



Brokers see only 8% growth 
in manufacturing investment 


v# Mr. Davison is no stranger to j 
Jh/g company investigations — | 
be was one of the Dcnartmenti 
Trade inspectors investigating 
the comoanios of Mr. John 
Stonehouse. Hp is the managin? 
partner of Arther Andersen and 
€e. and a- nart-time member of 
the Price Commission. 

■i The Chief Constable of Essex 
was notified of the irrecularities 
nt Grays last week hy the Chief 
■Registrar of Friendly Societies' 
Police inquiries are likely to 
cover the .question of possible 
fraud. 


BY DAVID FREUD 

A GLOOMY view of the pros- 
pects for U.K. investment is 
taken in the latest economic 
forecasts by City -stockbrokers 
Phillips and Drew. - 

They forecast an increase -of 
only 8 per cent, in private manu- 
facturing investment in the year 
’o the second half of 1978 com- 
pared with an official • expec- 
tation of 14 per cent and the 
13 per cent increase in 1977. 
Growth is expected to slow down 
even further— to 3 per cent.— 
in the year to the second hal. 
of 1979. 

These forecasts are particu- 
larlv disturbing, says Phillips 
and’ Drew because the only way 
to reverse the deterioration in 
the country’s industrial base is 
to hoosting investment. 

The increasing inability to 
compete in the hotne market is 
indicated by a 13 pei cent, 
increase In the volume of im- 
ports in 1977. a year m which 
the output of manufacturing 
industry rose barely 0.5 per cent. 

The assumption underlying 
the stockbrokers'-gloomy- assess- 


ment is that capacity utilisation 
U the .main determinant of 
private manufacturing invest- 
ment. Because of the depth of 
the 1975-77 recession in manu- 
facturing investment the growth 
rates would leave the level of 
total manufacturing investment 
4 per cent, lower in leal terms 
at the end of 1979 than at the 
end of 1974. 

Pressure 

Investment in homes is ex- 
pected to improve about 15 per 
cent, in 1978 on the back of a 
strong first-half performance 
for housing starts and relaxed 
mortgage lending. With the 
tightening of Government con- 
trols the second half ’ is likely 
to see more difficult conditions; 

The firm expects the deteriorat- 
ing background continuing in 
1979 because of higher short- 
term interest rates and Increas- 
ing pressure on building 
societies. 

A fall of 15-18 per cent, is 


expected this year fn real private 
North Sea investment hecanse i 
most of the capital equipment! 
for North Sea oil fields already, 
declared commercial has now ■ 
been installed. 1 


On the public sector side the] 
cuts announced in 1976 fore- 
shadowed a 20 per cent, contrac-j 
t»on in real investment last year.; 
Current plans might result inj 
virtually no- growth rise this 
calendar year, but next year| 
actual investment might rise 3j 
per cent, fn real terms on the 
basis nf present plans plus some 
slippage. 

• There is little reason to he< 
confident of an investment ; 
recover*' sufficipnr to “ regener- , 

ate British industry.” Phillips] 
and Drew say. . : 

“A Budget aimed principally j 
at ra'Sing nersnnal consumption ; 
seems most unlikely to provide 
the annropriate policy responw* 
tn thp. nresent proyrpesive 
weakening of our industrial base 
and its inability in compete 
successfully with imports. 


By Our Industrial Staff 

THE Government has been j 
urged not to impose restric- 
tions on extortion and bribery ) 
that would make VI L com- ; 
panics uncompetitive abroad.' 1 

Mr. John Green borough, i 
Confederation of British I 
Industry president, said jester- j 
day that British industry was j 
concerned about the growth j 
of extortion and bribery in' ; 
overseas transactions but felt : 
that the problem should be 
tackled internationally. 

Governments would doubt- 
less have to agree on further 
steps but (here was no par- 
po«e In Britain acting indepen- 
dently. Unilateral action by 
the U.K. would have little or 
no impart on local practices. 

“Moreover, we are anxious 
that there should he no 
question of British industry 
being put at a disadvantage 
In competing for contracts 
througb onr firms being placed 
under obligations or restrict 
lions to which companies in 
other countries are not liable. 

Extortion 

“Extortion and bribery are 
old problems. What is new 
is - their extent and scale.” 

Mr. Greenborougb's com- 
ments arc contained in a 
letter to Mr. Edmond Dell, 
Secretary of .State for Trade, 
after a report on the problems 
by the International Chamber 
of Commerce. 

The letter said that the CB1 
was aware that international 
agreement were being sought - 
in discussions within the 
United Nations and that the 
British Government was par- 
ticipating. . It urged that it 
should be consulted a boo I 
proposals under discussion. 


BRITISH crane, and construction 
equipment companies .must .in- 
crease' their .overseas selling 'arid 
develop greater stocks' and 
distributor support to: meet 
foreign competition in the 1980s, 
the National Economic Develop-. 

I mem Council's industry working 
party says in a report published 
[to-day 

I Lack of funds win not be . a 
i constraint on the industry's 
; efforts to mebt the KEDC targets 

■ of expanding exports by 10-12 per 
j cent from 1976-lfiSQ, and of 
! limiting imports to half the home 
j market by 1980. 

; Past . financial guidelines may 

• be inadequate- for exptoitatipb _ 
] of new overseas markets beyond 

! 1980. the report says. 

with the risk attached to new 
•market entry, the traditional inis 
of 'financing resources may not 
'give the right balance to allow 
: companies to develop, the report 

• says. 

j it calls for a different spread 
I of risk, allowing at least - .five 
I years for successful penetration 
; of new markets. The Govemment- 
: operated export market entry 
! guarantee scheme, MEGS, may. 
ihelp. ■ •: 

■ In the market for larger, 
i machines, dominated by foreign 

i companies,- help., from Govern- 
Iment research establishments 
; may be insufficient to put Britain 


on a par with world competitors, 
.'Resources to' move to the 
heavier end of product ranges 
may be beyond the. reach of 
some UJL companies, y et m ere 
re main ^ -little support ffQXQ the 
industry - for co-operation with 
the Government research. 

. . All companies without research 
departments are urged to use 
Government facilities to over- 
come specific problems. 

Until a way can be fonnd of 
matching UJC. company research 
With that - of major foreign com- 
panies, the industry w1Il-.be at 
an. increasing disadvantage. 

• The report' says that ; world 
. trade fji construction equipment 
has not increased as quickly as 
anticipated last year. Volume 
growth targets have. -.-been 
revised downwards 3nd. . now 
represent a rise -of 23 per cent 
in real terms between 1975 and 
IBM. - , 

Britain’s share of the world 
market' fell From 13.7 -per cent 
m 1973 to 10.2 per eent- In 1875, 
despite a rise in UJt .-exports. 
Biit the British share of world 
exports- by volume fell less 
shandy. 

. iVEDC Construction Equipment 
and Mobile Cranes Sector Worter 
frig Party Prnpress Report _1SW8. 
free jtot*i NEDG Roofes, T Steel 
House. 11 TothUt Street, London. 
SWIH9LJ. 


success 
claimed 
airline 



By pur lrwhjstriaj Staff 

BRITISH Airways- is claiming- j 
major auccesr in .boosting air 
freight:. .by' .winning '- shippers 
away from surface transport. - 
The .^rlinq-’s Dtetrlbution 
Advisory. Service last year coni 
.verted business worth an esti- 
mated £1.3ia; .The service’ has 
cow. beta expanded and: it u- 
expected- that: the figure. Will tie 
more than doubled next year. ‘ 
D*yid Ross, 'head 6f the 
service^said thafrbe implications' 
were far reaching^ * We - are 
actually increasing the sire of 


Medical design awards 


BY JAMES McDONALD . 

THE STANDARD of submissions 
for the Design Council's Awards 
for Medical Equipment is rising- 
again but the number of awards 
given this' year— three — is ' the 
lowest since the scheme started 
in 1975. Only 34 submissions 
were received. 

■ MEL. a division oF Philips 
Electronic and Associated Indus* 
tries, won an award for -its 5L 
75-20 linear accelerator, used in 
the treatment of cancer. It pro- 
vides. in one machine, a choice 
between X-ray therapv for Treat- 


ment- of tumours deep in the 
body or electron therapy for in- 
termediate or superficial tumours 
Basic pricerr-about £390,000. - 
A second award has been wan 
by Mecaixaids, of Gloucerter, for 
a pool. lift for transferring handi- 
capped' persons In and out of 
hydrotherapy pools. Basic unit 
price — £1.100. 

. The - third award goes to the 
Surqicraft Copeland foetal scalp 
electrode, manufactured by A -W. 
Sho well (Surgicraft), of Red- 
ditch: . • 


Senators plan 
Ulster visit 

By Our Belfast Correspondent 
pfGHT t T S spnrtnr*.- are nlsn-; 
nin? to visit Ulster to assess! 
whether more Am»»rcan invest- 1 
meni can he encouraged. 

The group. In be led hy. 
Senator Tim Eagletnn of New 
York, was asked to underfake , 
the visit hy Miss ?dairead l 
Corrigan, one of *he founders; 
of the Ulster Peace Movement.; 
who returner, from the US. at ( 
the week-end. 


Monetarist doubts raised 


BY OUR ECONOMICS STAFF 

MONETARISM may not be able 
to be reconciled with the adver- 
sary style of contemporary 
British politics, according to a 
hook by Sir.- Tim Congdon; .an 
economist with brokers L. Ves- 
sel. 

Monetarism: An • Essay in 
Definition, is published by the 
Centre of Policy Studies whose 
chairman is Sir Keith Joseph. . 
Mr. Congdon argues that mone- 


thg total worldwide -air freight 
market mafcm^ the cake bigger 
for tire airline industry as i 
whole/' 

The service had been aaked tb 
conduct case, studies on distribu- : 
tion. A successful oxie concerned 
the Book Development Council 
and the- Publishers' Association 
which resulted in the growth erf' 
a lucrative book trade to India. : 

Inquiry d^nand ; 

- Fish and chip shops have been 
accused of ^disgraceful profiteer- 
inB ” over the price' of -a bag of 
chips, by Mr. Walter Johnson^ 
Labour MP for Derby South: ;He 
has written., to Mr.'.. Charles 
Williams, chairman -of the Price 
Commission, demanding - ’ an 
inquiry. .... . . .V. 





tarism is'not politically, neutral 
but may be seen as an ally of 
basically liberal. / conservative 
dispositions towards political 
Drobleriis.. .- ... 

There* is , a • connection, ■ he 
says, between, monetarist, doubts 
on- the wisdom of interventionist 
industrial policies and the, mis- 
givings • about the • rationalist 
approach to political problems 
expressed -by conservative philo- 
sophers. 


Price cut 

The Co-op is to 'cut the price o£ 
its best-selling "99” J pound pat 
ket tea from , 22p to 21p from 
to-day in a promotion lasting un- 
til April 22. It will apply 
nationally, at the Co-op’s 8,000 
retail food outlets. 

Charges move : 

The British Overseas Trade 
Beard - has begun charging : fop 
selected publications^ The board, 
said it wnuld test the value 
attached to the repotts. ? hj. 
exporters.' Selective. . charging _ 
helped' to ensure . that : public 
funds available to -the board were - 
used as effectively as possible.' 
It also encouraged useis tn fob- 
sider whether they, were able to 
make 'profitable use of a service; 

* C' 

New 

Midland Mattiagu Leasing, nne of 
Britain's, largest ‘ leasing cwtf-.; 
panics ,an'd part- of .the Midland-. 
Bank Group, has opened .an' office 
in Newcastle. 


. 


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This pursuit of economy by 
Toyota is not something begun 
today, but initiated over 40 years 
ago when the first. Toyotas rolled 
off the assembly line. This is 
because Toyota's philosophy is 
to build a car from your point of 
view. And this policy will 
never change as long as Toyota 
makes cars. 


aware of such needs; our research 
and development staffs are 
currently involved in many, varied 
projects that are aimed at just that. 

For example, as well as 
developing an engine that 
provides better combustion using 
low grade petrol and an efficient 
power transmission system, we 
are experimenting with a material 
that would effectively replace 
metal and be both lighter and 
longer lasting. 


. What, then, is an economy . 
car? Naturally, it must provide 
good mileage and economy. And 
it must be ruggedly built to last, 
yet it must also be easily 
maintained. It must be easy to 
operate arid perform well. A car 
must be designed and built as a 
total, balanced economic unit. We 
believe that Jhis is the 'economy' 
car which motorists and society 
honestly require. 

At Toyota, we are keenly 


COROLLA 


price of petrol. Add to that the 
rising charges for maintenance 
and service. And the automobile 
industry suffers from increased 
costs for raw materials and rising 
labor expenses. 

Study of gas Row in cylinder to tar# most 
efficient shape tor combustion- chamber.' 


Automobiles have become 
indispensable to everyday life. 

As society evolves so does the need 
for automobiles. At the same time 
we are acutely aware of the urgent 
need to conserve the earth's limited 
natural resources. And so the need 
for economy in automobiles becomes 
correspondingly more important. . 

Just imagine what we all are up. . . 
against. Motorists must bear '• - 
the burden of increased cost of . . 
cars, in addition to the increased 











M 





l ^Bs MondayjApril 3 378 

INCa BANKS PRESENT CASE TO WILSON COMMITTEE 




. THE WILSON COMMITTEE’S 
I ’ inquiries have prompted the 
: Xondon.Cl<rarihg Banks to pro- 
duce their first comprehensive • 
l r seU-portratt since the Raddiffe 
\ Committee : examined the 
British ■ monetary system - In 
• 1957. 

This substantial book of 278 . 
pages puts the clearers’ case to 
the Wilson Committee, defend- 
ing their. Tole in financing. In- 
dustry, listing their proposals' 1 
'for changes In the financial'. 
■ system, and taking a strong 
line against Bank nationalisa- 
tion— the Issue that gave rise to 
the committee in Use. first 
place. 

. Secondly, the book exploits 
the time and effort that have 


line against nationalisation 



Report- by Nicholas Colchester 
COMPARATIVE GROWTH OF DEPOSIT HOLDINGS 

J^TERfltS DEPOSITS Of UK. ffiSIDERTS ' 1376 


£69*759 bn 
MX 


'gone into this to provide the 
.public and the clearing bank 
branches with a reference work 
describing what The banks do, 
how' they .do lt,-and how their 
business bas changed over Ihfl 
..last 20. years. Charts and 
'Statistics are_ provided in 

The central chapters of the 
bqok. describe the Clearers* 
deposit taking and lending and 
show clearly the erosion of 
market share that the big 
banks have suffered in both. 

Since 1962 the share of ster- 
ling deposits going to all the 
clearing banks has fallen from 
' 49 per cent to. 35.4 per cent, 
while, that of the building 
societies has risen from 21 per 
; cent to 38 per cent 


In the last ten years the 
London clearing banks’ share 
of- bank lending to UJL resi- 
dents has fallen from 70 per 
cent, to 53 per cent, and their 
share of loans to manufactur- 
ing Industry from 70 per cenL 
to 37 per cent 

As their key recommendation 
the banks repeat that the 
current system of controls, 
regulations. Incentives and 
subsidies applied to different 
types of financial institutions 
have led to unfair competition 
and. to inefficiency in the 
financial system. 

They argue for "fiscal neu- 
trality'* in which incentives 
would benefit the users of 
finance- (say housebuyers) 


rather than the institutions 
lending to them (such as build- 
ing societies). 

If the exercise has given the 
clearers an insight into ways 
in which they might improve 
themselves, the reader finds 
few signs of it. 

The authors can conveniently 
claim to be united in the face 
of external challenges in an 
unfair financial system, yet to 
be competing — with all the 
secrecy that Implies— when it 
comes to self-improvement. 

The clearers mention re- 
peatedly the challenge in the 
business of lending to industry 
posed by the American banks. 
They emphasise that the 
cleaners, too, are now making 
40 per cent of their loans to 


Industry as American-style 
term loans. 

One of tbeir recommenda- 
tions is aimed at increasing 
this proportion further. 

A substantial chapter Is 
devoted to the terms and con- 
ditions on which the clearers 
lend to industry. It contains 
the clearers’ answer to the 
thesis of the American banks 
that Americans lend to Indus- 
try on a u going concern * basis 
whereas the British banks tend 
to lend on a “gone concern” 
or “ break-up ” basis. 

The clearers Insist that a con- 
cern must be “going" to get 
a loan. They add that “the 
main reason why the clearers 
make proportionately less use 
of sophisticated appraisal tech- 


niques than certain other banks 
Is that a high proportion of the 
clearers’ lending is to custo- 
mers of long standi n g and to . 
smaller companies- _ 

Other chapters describe the 
International activities of the 
clearers, compare the British 
ywiidng system with those in 
other countries, tell of the 
clearers’ diversification, and 
present the case against 
nationalisation of banks. ' 
The common theme here Is 
that competition has prompted 
the clearers to move far in the 
direction of being universal 
banks, providing an increasing 
range of services and reducing 
the differences that remain 
between banking in Britain and 
banking elsewhere. 


1962 
£16-58 bn 

. -M* - 





Son i 


jOCAL AimUOTY TiMPmffiV DEBT 


The main recommendations and the text 


TERM LENDING 


Here are the main recommen- ' The growth in the deposits of 
dations of the report with rete- TTK. residents with all the iden- 
vant sections of the text to -each, tified repositories has been 
(B An - overhaul of the whole .almost exactly -the same over 
range of controls, regulations, the past 14 years as rthat of gross 
incentives and ' subsidies an— domestic product .at current 
plied to different types of' prices — about 325 per cent in 
financial institution. ' ' each case. However, within 'this 

.'At present the national . sav- figure different .reposjtori as es- 
ings movement, the building panded at dramatically different 
societies and the .life assurance rates. At one exteeme there was 
•com oa nips in particular can a virtual Jwentyfold Increase 
attract deposits and savings on £ eT ^*'f. n 

the basis of fiscal and reeuIatDry deporits with. non-deanng banks 
advantages not available to Grinding Jj 

other types of institution. - London and 
Such differentiation may have ^ a 

made sense when the . roles of ot tg : ,S?S5: ^erease^ in 

the various institutions were. JgJjJ *Sith the^^NatioiS 
more clear-cut than they are to- ■ 

day. But now that Institutions Between these extremes, the 
are increasingly competing with clearin „ banks showed below- 
one another m the same market averag | growth -of just over 200 
places, the differentiation has while the other large 

become discriminatory and un- IL-inas medium, the building 
donMefllv lessens the efficiency soc i e ties, grew by nearly 650 per 
of the financial system as a whole. cent ■* * 

Tn particular, the hanks would Admittedly these two figures 
stinnslv urge a policy of fiscal exaggerate the differences in the 
neutrality towards all tyoes of total denosit growth of the clear- 

until in'iuiHnae annlt^H ■ •- ■ . 1 M»lstiac 


with, incentives aobHed 
ei-har universally 1 or' imt at all.’ 


ink b Knits and htiHdinc societies, 
hern use of the exclusion of the 


c.- -i --- neenuse vi hms 

In p*rpral, the. banks, believe barks’ subsidiaries, 
fhat if the - ' authorities wish to Qn the other Tp*yhL they 
rf'T'irentiate in favour of certain xinder-esti prate the difference in 
of **cnnmn«c activity and fl,e growth of the retail denorits 
others, they shmjtd do 0 j banks and the building 
f n hv concentratipv their lnren- societies because the clearing 
opd j-petrirtirhs on r*sprs bank figures include some whole- 
op flnqnce, rather than on insti- sale deposits after 1971. 
tutions. The building societies over- 

TV U • took the clearing banks in aggre- 

DPOOSltS grOWtll gate deposits for the first time 

For example, if it- is felt desir- m 1971 and after losing some 
able to provide incentives^ for ground in- 1974 xe-ov-red tteir 
home loans, such incentives lead in 1975 and substantially 
should attach directly to all Joans increased It Tn 1?76. . 

of a qualifying type and should The . growth in the 

not be pirorided indire^y. by share of the- binldlng societies Is 
treating building .. Mrieties the raam reaso^why banks as a 

differently . from other, mstitu- whole^have suffered a Jechne 
tions (This implies a greater co-in their share of total deposits 
ordination of publle policy obj^- over the- ^w^riod. des^ 
tives, so that the financial needs the rapid growth of no n-cj earing 

XnK ^ti4 h0 SeS 

&2eiS£F&- ***^*‘<* interest they 


have been able to offer, partly 
by virtue of the composite-rate n 
tax arrangements from which u 
their tax-paying depositors bene- o 
fit s, 

The shift In market share o 
from banks to building societies n 
probably represents the most a 
important change in the 'deposit- 
taking picture over the past v 
decade or -so. 1 

• Improvements in the i 
techniques of monetary policy i 
The banks' ability to meet in- c 
dustry’s needs in the past has t 
undoubtedly been impaired by j 
their own need to observe cer- i 
tain types of mooetary and credit < 
control. Had the authorities been j 
able to operate the Competition ] 
and Credit Control system in the j 
way they had hoped, with few i 
direct controls on the lending i 
activities of individual in- . 
sti tutions. the bank? would prob- 
ably 'have .had no such . com- 
plaints. 

But the introduction (and sub- 
sequent reintroduction) of the 
supplementary special deposit 
scheme faced bankers with. the 
difficult problem of reconciling 
inidivduaJ requests for finance 
with the need to observe what 
amounted to an overall lending 
1 ceiling. In general, the banks 
1 believe that industrys’ interests 

■ are best served by monetary con- 

■ tiols such as reserve asset and 
‘ special deposit requirements and 

open-market operations which 
apply evenly and without dis- 
| crimination to the financial 
; system as a whole. 

1 Io particular, they .see no 
. justification for their unique 
f obligation to hold 1* per cent of 
t their eligible liabilities as non- 
5 interest-earning balances at the 
l Bank of England. It represents 
_ an unjustifiable cost of inter- 
c mediation and confers an 
e artificial competitive advantage 
v on non-clearing banks. 

Various theoretical criticisms 
v of the mechanism of Competition 
s and Credit Control have been 
v made. * 


The rapid increase in the 
money supply in 1972 and 1973 
was not, however, due to leakages 
or other technical defects in the 
system. It was due to a reluctance 
on the part of the authorities to 
make full use of the weapons 
available. 

When CCC began, the banks 
were deliberately left with spare 
lending capacity, with the clear 
intention that they should use 
it. With hindsight, it now seems 
clear that the time to apply a 
more restrictive policy was not 
recognised early enough, and In 
the meantime the expansion of 
credit had gathered such 
momentum that to stop it would 
have required a severe rise, in 
interest rates, which might 
seriously have inhibited the 
desired rise in real investment 


Decisions regretted 

Many banks took lending 
decisions in 1972 and 1973 which 
thev later came to regret But 
the Fact that the monetary agre- 
gates expanded at a rapid rate 
was not the fault of the banks. 

Monetary policy was. at least 
to begin with, deliberately 
intended to bring- about a big 
expansion ip bank' lending; the 
banks merely did what was 
officially expected of them. 

At present, emphasis on the 
money supply has intensified to 
the point wnere explicit mone- 


the point wnere explicit mone- 
tary targets have been set by the 
authorities. Adherence to these 
targets may well mean a con- 
tinuance of the recent volatile 
behaviour of interest ‘rates. 

Nevertheless, the banks believe 
that tile adoption of specific 
targets should have important 
benefits in terms of their effect 
on confidence in financial 
markets and, - it is hoped, on 
Inflationary expectations In the 
economy at large. 

Certain academic opinion, 
especially in the U.S., favours the 
complete abandosment of the 
method of controlling the money 


supply indirectly through interest p 
rates, and its replacement by a tl 
rigid “monetary rule" whereby 
the reserve asset base of the c 
banking system would be tl 
adjusted week by week in accord- r 
ance with a pre-ordained formula, d 
with little, if any, attempt to 9 
allow for short-term pressures. 1 
The clearing banks would view 
any such proposal with some t 
anxiety. Academic commentators e 
are perhaps not sufficiently aware t 
of the very considerable short- p 
term fluctuations in the monetary ( 
variables, many of them un- c 
predictable. i 

Indeed, one important function \ 
of the banking system is to ( 
absorb such fluctuations and it Ls , 
essential that the system of 
monetary control he sufficiently 
flexible to permit it to do so. 

If anything the banks would 
prefer there to be rather more 
day-to-day fiexybility in the 
' reserve asset base than exists 
1 at present. 

L A significant and regrettable 
■ departure from the principle 
• underlying CCC or free competi- 
tion between banks took place 
t in November 1973 when the 
r authorities introduced the sup- 
5 plexnentary special deposits 
i scheme, popularly known as the 
s “corset” 

Since the corset applies to each 
e bank individually, not to the 
} banking system as a whole, it is 
- a clear breach of the principles of 
e- CCC; indeed it is only a tittle 
s more flexible than lending ceil- 
i- ings. It ia especially onerous for 
e the clearing hanks because the 
fluctuations in their lending that 
e result from drawings on existing 
c overdraft facilities make it 
Lt necessary for them to aim well 
it below ‘he ceiling io order to be 
d sure of not breaching it. 
n The banks hope that in future 
e monetary policy will be con- 
ducted in such a way as to make 
a, it unnecessary to resort to 
ie measures that frustrate competi- 
ie tUra and innovation. The adoption 
r of specific monetary targets will 


perhapSTnake It easier to achieve 
this objective. 

Another derogation of tne 
competitive spirit of CCC was 
the request to the banks to 

restrict the interest paid on 
deposits of less than £10,000 to 
9§ per cent, between September 
1973 and February 1975. 

This was done to help protect, 
building societies from the 
effects of high interest rates, and 
therefore directly distorted com- 
petition between the two types 
of institution . A particularly 
distasteful feature of this 
measure was that it required the 
banks to discriminate against 
their smaller customers. 


' ■ Contractual advances to onoi 

November 

£ million ■ 

ux residents Sterling mediunvterm 
contractual loans* 


Medium-term 

• Improvements in the fa eiB- , 
ties for ch anne lling term 
finance to Industry- , 

In recent years the clearing 1 
banks have provided to Industry ■ 
and trade an increasing level of 
term lending facilities to the 
extent that it is now doubtful if ; 
any further great expansion « ; 
possible without giving rise to 
concern on prudential grounds. 

The Wilson Committee may 
wish to consider, therefore, 
whether it would be appropriate 
to make a recommendation to the 
authorities for the establishment 
of official refinance arrangements 
for medium-term lending, to be 
available to Individual banks in 
case of need. 

The financing of major con- 
tracts, notably in certain fields 
of civil enginering and process 
plant construction, can pose 
additional problems. Even if 
the finance is available on ap- 
propriate terms, there are diffi- 
culties of risk assessment and 
containment which are not always 
easy for a single bank or syndi- 
cate of banks to manage. 

There may be a case for intro- 
! during some system of Insur- 
i ance or guarantee scheme to 
■ cover cases of proven difficulty, 
i such as export contracts ontside 
I the specific terms of ECGD 


Currency contractual 
loans 

Tntal ~ 

Total lending to non-personal 

borrowers 

Percentage of contractual lending to 

total lending 

Total 'contractual lending from above 

Special export fi nance schemes 

Total 

Total lending to non-personal 
borrowers including special 

export finance schemes 

Percentage of contractual lending and” 
special export schemes to total lending 


.borrowers only 

1974 1975 

IfiS2 2^66 

1,483 2JS2 
JS3S 4,918 

12,791 13,383 

27.6% 36J%_ 

3^35 4^18 

1,56 0 1,797 

5,095 6,715 


14,351 15,180 


44i% 


Sauna: CLCB Stotfctlarf Unit 


(Export Credits Guarantee 
Department) arrangements. 

The banks for their part wUl 
continue to' consider offering new 
forms of instrument for savers 
and depositors in order to In- 
crease their own capacity to 
provide industry with term 
finance. . 

In particular, they will give 
serious consideration to the pos- 
sible development of floating- 
rate notes as a complement to 
their existing range of term 
deoosit facilities. 

Even before Competition and 
Credit Control the banks' sub- 
sidiaries had started to make 
contractual medium-term loans 
in a modest way. The ending of 
quantitative credit restrictions in 
1971. and the greater degree of 
operational flexibility obtained 
through access to wholesale 
deposits, provided the opening 
for the clearing banks them- 
selves to market such loans. 

The contractual medium-term 
loan is formalised by a specific 
’ agreement covering purpose, 
‘ period, repayment programme 
' and cost, which together with 


associated conditions are written 
into a formal contract 
Loans of up to five or &even 
years are usual, although longer 
terms of up to' ten years or so 
are increasingly agreed. 

Over the past Four year?, 
advances under corn-actual term 
lending arrangements have 
accounted for an increasing pro- 
portion of the clearing bank, 
groups’ total advances. - 

This growth in term lending 
has changed the structure of the 
banks* lending portfolio. Clearly 
there must be a limit beyond 
which a clearing bank group can- 
not commit resources on a term- 
basis, -while at the same time 
maintaining an extensive line -of 
undrawn overdraft 'commitments 
available to industry and trade/ 
So whether the recent rate of 
Increase in term Lending could 
be maintained in a period oT 
, ecouotnic expansion, with de- 
mand for overdraft finance rising 
in parallel, is far from certain. ■ 
While the banks would them- 
selves not be unhappy to see 
| some of their overdraft commit- 
i ments removed and replaced by 


Continued on Page 28 


in. 


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LONDON 01-5673444 ^ ^ 

MANCHESTER 061-969 6111 
BEUFAST4671T i 

DUBLIN 764401 ... / 

: BIRMINGHAM 021-23$ 3951 . . I 
LIVERPOOL 051-236 0841 ; : > I 

GLASGOW 041-221 $164 I 

EDINBURGH 031-226 4346 V 
LEEDS (0532) 31261. ; ... \ 

DURHAM (0385) 62561 ’ 

CARDIFF (0222)371889 

dr your-Travel Agent. ^ 


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LABO 

» L R 

: NEWS ; I 



I- 


@ The Board and Executive is 
comprised of men. of distinction drawn 
from Industry, Commerce and 
Professions, each pre-eminent m his 
own field, providing an incomparable 
range of business experience. 

0 The highly skilled branch 
management is backed by a well 
trained staff of 9000. 

0 We- have a network of 547 branches 
throughout Turkey', all premises of a 
very high order and well equipped. 

0 Overseas there are Representative 
Offices in New York, London and 
Frankfurt and Liaison Offices in Essen, 
Vfrest Berlin and Munich. 

0 Akbank in particular participates 
in the equity of a large and varied 
range of companies employing some 
35.000 personnel with an aggregate 
turnover in the order of S 3 billion. 
It also holds a -controlling interest in 
Turkey's strongest insurance group. 


Conaolidated State mant of Condition 


ASSETS 

1 -1 - 1578 

1-1-1977 

Rate of 


S 

s 

Increase* 

Cash and dim from banks 

M4.B47.69S 

203.460.957 

1S7.8 

Rescnm requiramams 

41 0.807.602 

268,688.507 

£2.8 

Investment secure iei 

135.113.567 

87.703.564 

54.1 

. Limns . 

1.014,1 18.355 

B42.094.237 

204 

PsructtmUoas 

63,892.679 

4Z 46 2. 179 

50.5 

Bank pcruim and eautpinent 

60. 2 S 2.7 3 □ 

31 222.379 

289 

Other escets 

102.S2fi.t89 

77.30B.6X 

32.6 

Total assets 

2^91.158.617 

15 52J60.453 

• 47 JS 

LIABILITIES 




Deposits 

1.636,013.628 

1JtS3.476.072 

30.5 

Bammed funds 

3^.375.579 

124,730.90* 

217.0 

Other liabiCtiM 

175.963.980 

101.714.530 

73.0 ’ 

Told fishiCties 

2.207.343.1 87 

1.479^21.506 

49.2 

STOCKHOLDERS’ EQUITY 




Caonat 

31.168 J31 

31,188^831 

_ 

Reserves 

43,151.600 

34558281 

24.9 

Provision* 

9.494^99 

7.31 1,835 

29.9 

Total stockholders' equity 

83^15.430 

73,038547 

14£ 

Total HatxTrCM end 

2Jt91.1S8.617 

1^52.960453 

47J5 

srockhoUaH’ equity 





( Cffnxrtef « TL. I9M — US. $ I J 


HEAD OFFICE 

Medal Metauan Cad. 65-69 
Fuxfakk - ftfanboJ. Turkey 
Telephone : 45 42 2d 
Telex : 22 64 1 akora ir. 


INTERNATIONAL DIVISION 

Isiiktal Cad. 417/419 
Tunel - Istanbul 
Telephone: 49 83 6J 
Telex : 23279 a*b tWra tr 


NEW YORK 
REPRESENTATIVE 

400 Put Avenue 
New York, N.Y. 10022 C.SJL 
Telephone : (2121 832 - 1212 
Telex : Akbank 667711 


LONDON 

REPRESENTATIVE 

48 -54 Moor gate ... 
London EC 2R GEL ENGLAND 


Telephone 

Telex 


01 ‘638- 1366/7 
8812330 atidn g 


FRANKFURT 
REPRESENTATIVE 
6 rnmkfurt ( Main 
Kaiser Stv. 41 W. GERMANY 
Telephone . (0611) 2S2503 
Tekx : 4121 16 Exsa d 


Deutsche Bank, a century of universal banking 



by the complicated formali- 
ties of a takeover, or even by 
the first, tentative contacts. 
Perhaps you are planning a 
joint venture in a developing 
country and are made un- 
certain by the.maze of. tax 
laws and legislation that con- 
front you. Perhaps you are 
looking for package financ- 
ing, a Euro-loan combined 
with a bond issue - no prob- 
lem for us, either, as a uni- 
versal bank. 


Don’t expect us to do 
just the possible. 


If you feel you have an 
insolvable problem, ask the 
Deutsche Bank. You can be 
sure of one thing; your search 
for an impossible answer is 
the kind of task we thrive on. 
In fact, as a universal bank. 
we think we can find your 
solution. 


Our experts in all parts of 
the world have made it their 
job to see that the compli- 
cated transactions that you 
thought might be too .com- 
plicated actually do go 
through. 


.fN 


Perhaps you are consider- 
ing the .acquisition of a com- 
pany abroad and are put off 


. It is the accumulated ex- 
perience in universal bank- 
ing which has taught our 
people to objectively ap- 
praise the possible and the 
impossible. 



Deutsche Bank 


Central Office; Frankfurt (MainJ/Diisseldoif 


In Luxembourg; 

Compagnie Financiers de la 


Deutsche Bank AG, 25, Boulevard Royal 
Boite Postals 586, Luxemburg, Teli'46 • * 


4411 


la the United Kingdom; 

■Deutsche Bank AG. London Branch. . 
10, Moorgate, P. O. Box 441 
London EC2P 2AT, Telefoh; 606-44 22 




/ Fmancial- Tinies 



Murray warning on bank chappie 



■-3 




at 


and insurance recruiting tuc action 


BY NICK GARNETT, LABOUR STAFF 


vide die biggest’ new recruiting 
field for the unions. - * 


A VEILED warning that the 
Association of Scientific. Tech- 

5*®* ? nd Mai *®serfal Staffs - In emphasising the point. Tgr. 
should keep out of oanking was Murray referred specifically’ to 
issued yesterday by Mr. Len - — - - - 

Murray. TUC general secretary. 

At the same time. Mr. Hurrav, 
addressing the first day ot the 
.National Union of Bank Em- 
ployees' annual conference in 
Sheffield, hinted that it vrooid not 
be in the interests of the trade 
union movement .if XUBE con- 


tinued recruiting and organising 
within the insurance industry 


Mr. Murray's speech, though 
not referring specifically to 
ASTMS is part of an attempt 
to organise a sphere of 
influence recruiting agreement 
in finance— an area Bedevilled by 
recruiting wars between the bank Strongest 
emnln.vees* union, ASTMS and • ^ 

staff associations. 

Behind it lies concern among 
tbe TUC‘5 leadership that union 
recruiting disputes in blue collar 
sectors might be repeated among 
white collar workers, who pro- 


the case of Mr. John Lyon's 
Engineers' and Managers* 
Association, which has . been 
involved in a legal tussle 
with the TUC and the Advisory* 
Conciliation and Arbitration 
Service over recognition in areas 
where other TL’C-aSliated unions 
have negotia ting-rights. .. 

Such action as cross-recniii- 
raent was disturbing and a 
disservice to the. whole .trade 
union movement; Mr. Murray 
said. Inter-union pr oblems should 
be sorted out between unions, 
with TUC assistance if necessary. 


- ASTMS is by far the strongest 
union in hisarance. with' some 
form of recognition agreement 
is at least five of the main com- 
panies. An ACAS report - has 
also recommended' that the asso- 


. elation be recognised in a sixth 
large company, the Legal and 
GeneraL - ■ 

The association also has a 
banking section, including 4.000 
members in Midland, add it is 
trying to recruit further within 
the banks. 

NUBE has a Total member 
ship of -117,000 and is the- big- 
gest union In banking.^ It also 

has a small insurance member- 
ship in Sun Life of- -Canada 
and- a sole negotiating agree" 
ment in tbe Ecclesiastical 
Insurance office but. intends 
making- greater inroads iftto in- 
surance. ■ ■ 

It .has already agreed merger 
terms with the 6.800^trong 
Guardian Royal Exchange Staff 
Union and is holding talks .with 
other insurance! staff associa- 
tions. 

NUBE and ASTMS have con- 
sistently failed ' to-Vagree a 
spheres of influence arrange- 
ment. 


in union 
row 


r 7 


1 



Swan Hunter near to securing 
common wages agreement 


BY OUR NEWCASTLE CORRESPONDENT 


SlYAX HUNTER is on the verge 
of a labour relations break- 
through that could end its long 
history of industrial action 
caused by inter-union pay rivalry 
at its five Tyneside yards. 

The breakthrough depends on 
a meeting to-day of the com- 
pany's 4.000 steelworkers, 
members of the Boilermakers* 
Aina icamation, who are being 
recommended to accept a com- 


mon wages agreement 

Five thousand men in other, 
trades have already approved 
the agreement, which will go a 
long way towards restoring confi- 
dence shattered by the last inter- 
union row. which lost the Tyne 
a £37 m. order from Poland. 

The approval of the boiler- 
makers is vital to the success 
of the agreement, since they 
have been the group of workers 
mainly involved ’ in power 


struggles between the unions in 
Swan Hunter's yards. 

The agreement, if accented, 
will be put to a central arbitra- 
tion committee later this month; 
It would give craftsmen £83 a 
week and ancillary workers £72 
a week. 

It is tile first time in - the 
history of the Tyneside yards 
that all trades have joined forces 
to prepare a common wage 
structure. 


Northern plea 
to cut jobless 


THE Northern Regional Council 
of the TUC. is to seek an urgent 
meeting with the Prime Minister 
to discuss growing unemploy- 
ment in the North-EasL * - • • 
The Council decision was taken 
at the week-end because of 
large-scale redundancies in the 
textile, steel, and shipbuilding 
industries. 

Mr. George Arnold, the chair- 
man. said unemployment in the 
region was now at crisis level 
and could get worse.. 

Mr. Callaghan would be asked 
to take steps to safeguard iohs. 
such as selective import controls 
to help the ailing textile 
industry. . - - - 


Chrysler sends home 
Coventry workforce 


By -Gur. Labour Staff. . / , 

mr : frank; chappie of um 
E lectncal and. Plumbing Trades 
Upfon, has . jnxbUcfcr allied 'iiim. - * 
self with -the' straggle pf a - 
managerial . union .to , establish 
itself in ‘ private ' industry m' 
spite.pt fierce TUG opposition;-- - 
. Hr. Chappie has criticised the 
■TUG' for its .treatment, of .fe' 
afREate ..'the’ ■ .Engineers .’ani 
Managers’; Association -since . th* ' 

EMA broadened . from its - trufi. 
tioual base .in electricity supply . 
and Started Je'cnutmg’-'---»ift • f 
-engineering; - . ; v . ’ * 

'Twq TUC disputes' commit 
-faSve found against the'lL* 
under - the . .Bridlington 
ptifUa* ” ? rifles. - .ACrafil 
repulsion, the EMA has 'iss. 
a yarrit ; against, the" TUC^i 
more : recedtly : .agsinsf- 
Advisory, CdQCm&tion -v 
.Arbitration’ Sendee, far .reftwag 
to expedite a. recognition c tafiff I 
In .both cases, the wbdte-w^he 

section, i TSS51 S * f - tbe .ArtaU ‘ 

gamated Union ■ of- Engineering 
Unions ..was;- ike other TUC 
union involved. " 

Mr. Chappie has attacked the ‘r 
TASS stand. He said, the Brid- • ' 
’tagttm. rulas, had. not been, fo ri- 

partially applied On- -these eases. 

Mr., Len Murray, TUC general 
secretary, last night referred to 
the long and acrimonious 
affair , in his speech to. .’the :‘ 

National Union of Bank Em- 
ployees conference. 

. The -EMA Is also in trouble 
with the TUC. unions who eom- 
prise the Confederation of Ship. . ' 

building . and Engineering rtpffC*'* 3 *' 1 ’ “ 
-Unions, for its incursions .-into \ • 

sbipbuildine via a merger with 
tbe Shipbuilding., and Allied- 
Industries Management- Assbe&’ 
tiba. The. Board of British Shipf 
builders -bas still to decide 
whether to recognise tbe BJffA.- 
An - attempt to prevent 
aggrieved TUC union*; bypassing 
the Bridlington machinery, and 
carrying fraternal disputes to. 
the ACAS is contained in the 
Private Member’s Bill sponsored" 
by Mr. Tan Mtkardo. 


Sniantf P ! ; 


CHRYSLER *S engine factory in 
Coventry will be without produc- 
tion from to-day with its 4B00 
workers laid off because of strike 
by forklift truckdrivers. 

The truck drivers are protest- 
ing over the suspension without 
pay of two drivers who- refused 
to accept the agreed policy of 
labour mobility. 

They are not due to meet until 
Wednesday and those-. laid - off will 
have to await a company an- 


nouncement about any recall. 

Rolls-Royce’s Coventry plant is 
also having labour trouble. Be^ 
cause of continuing sanctions,, 
management has laid off *2,000 
staff employees from to-day. 

This follows the suspension 
without pay of 2,600 manual 
workers Involved In a pay dis- 
pute. - 

The closure could also affect 
another Rolls-Royce plant in the 
area.* where 1,400 are employed. 


Guardian 
and Times 
to appear 


r 


BBC ballot on merger 


Hies week in 
Parliament 


TO-DAY 

COMMONS — Supply Day debate 
tn Royal Air Force Gun Barrel 
Proof Bill (Lcrds) remaining 
stages. Motions oo Public 
Health (Aircraft) and (Ships) 
(Amendment) Regulations. 
SELECT COMMITTEES — Expen- 
diture. Social Services and 
Employment sub-committee 
Subject employment and 
training. Witnesses . Wolver- 
hampton Council and Chamber 
of Commerce. (Wolverhampton 
Town Hall, 4 p.m ; 

TO-MORROW 
COMMONS— Wales Bill, commit- 
tee stage. 

LORDS — State Immunity Bill, 
third reading. Scotland - . Bill, 
committee stage, first day In- 
dustrial Training Levy 
(Engineering) Order 197S. 
SELECT COMMITTEES— Expen- 
diture. Social Services and 
Employment sub-committee. 
Subject, employment and train- 
ing Witnesses : West Midlands 
County Council, Manpower Ser- 
vices Commission (County 
Hall, Birmingham; 9 30 a.m.) ’ 
WEDNESDAY 
COMMONS— Wales Bill, commit- 
tee stage. 

LORDS— -Debate on consumer 
representation in the nationa- 
lised industries. 

SELECT COMMITTEES— Science 
and Technology. Subject: Dis- 
charge and filament lamps. 
Witnesses: G.T.E. Sylvania 
Endura Ltd. (Commons 10 30 
a.m.). Science and Technology. 
Subject: Transverse flux induc- 
tion. Witness: Electricity 
CounciL (Commons, 4.30 p.m.l. 
Expenditure, Social Services 
and Employment sub-commit- 
tee Subject * Employment and 
Training. Witnesses: Mersey, 
side County Council and 
district councils. (County Hall, 

Liverpool, .10 a.m.l. 

THURSDAY 
COMMONS — Independent Broad- 
casting Authority Bill, second 
reading. Co-oneritive Develop- 
ment Agency Bill, second read- 
ing. Motion on EEC documents 
on frfeshwater fish and shell- 
fish. 

LORDS— Housing (Financial Pro- 
visions) (Scotland) Bill. Com- 
mittee stace. Iranort of Live 
Fish (Scotland) Bill, commit- 
tee stace. Con«erv3* ion or Wild 
Creatures and Wild Plants 
(Amendment) -Bill, committee 
stage. 

SELECT COMMITTEES— Expen- 
diture. Social Services and em- 
ployment sub - committee. 
Subject: Employment and 

training. Witnesses: Liverpool 
District Council, representa- 
tives' of other Merseyside 
circa nisationv. (City ..Hall, 
Liverpool. 10 a.m.). 

FRIDAY 

COMMONS— Private members* 
motions. 


ONE UNION covering. radio, tele- 
vision ana the film industry 
could be set up by the end of 
the year after the BBC staff yes- 
terday gave the go ahead for a 
merger, with their -union 
colleagues from . independent 
television. . - 

Tbe BBC staff, members of the 
As-sociatic r of - Broadcasting 
Staff, took tbe decision at their 
annual delegate conference in 
Guildford. 

They gave overwhelming 
approval for a ballot of all mem- 
bers of the association — whjciLj, 
represents more than a balf^of 
the BBC’s 26.000 staff-^fb vote on 
a merger with Lhe Association of 
Cinematograph Television and 
Allied Technicians. 

They also supported a move 
urging all members to vote in 
favour of joining with the ACTT 
which represents about 16.000 
staff in ITV and the film indus- 
try. 

The final stage for a new 
union, which comes after 15 


years of negotiations follows a 
conference last - month . when 
both sides agreed on rules to 
govern the new union, which 
will be called the Amalgamated 
Film and Television Union. 


THE TIMES and Tbe Guardian 
newspapers, are expected to be 
on sale normally to-day for the 
first time in a week. . 

A .v pay. dispute ..involving 
engineering workers, which, 
halted, publication of. The ’Ernes' 
and London editions of .The 
Guardian, was settled early od 
Saturday.- ■ - - - 

An attempt to publish the 
Sunday Times which, like The' 
Guardian, uses the- Times' plant*, 
failed when machine assistants, 
of the print union NaTSOPA 
demanded a high premium pay- 
ment to produce the newspaper. 

Other .’ newspapers.’ whose* 
London distribution . has be&t 
halted- by a separate dispute,; 
should, be available after a peaa, 
formula reached -on;~Fri day-night/ 
• - - — .. 


: > 


it 


-a 



NOTICE OF MEETING 

NOTICE IS HEREBY GIVEN that the One Hundred and 
Fifty-second Annual General Meeting of theMembers.will be 
held in 150 St. Vincent Street. Glasgow, G25NQ, on 
-Wednesday, 12th April 1978 at 3.00 p.m. ... 


Bv Order ot the Directors.. 

W. FROUDFOOT 

General Manager and Actuary 

350 St. Vincent Street, Glasgow,. G2 5NQ. 

10th March, 1978, 


THE SCOTTISH EASTERN 
INVESTMENT TRUST LIMITED 


The Fifty-third .Annual General Meeting of The Scottish Eastern Investment Trust Limited jriiThe hfjM an 
Monday’ 2^th April 1 978 at the offices of the Company, 29 Charlotte Square, Edinburgh, Mr A^Utgpn 

{the Chairman) presiding- 

The folloHt'ng are extrvets from the Directors' Report far the year to 31st January t9TB^~ 


Total Revenue as shown in the Accounts increased from £3.923,307 to £4,442,099 anil after charging . 

on borrowed money, management expenses and taxation, the revenue available- for distribution amouna w 
£2,33 9,3 4 B compared wilb £2,033.964 previously. ‘ ‘ 


tiWOJENtJ - J 

The Directors recommend a final dividend of 2,a0p per Ordinary Share which, wifh fbe imieaaeo 
dividend, nMkt-s4.05pforlha year, compared with 3J50p last yen After payment of the dlvidand the r^vw ue J J . 
forward is increased by £118,423. ‘ , -- '* 


VALUATION' --• : • "r ■ 

At the year-end, the total net assets attributable to Ordinary Shores wtt £88.813.668 con^» » w- 
£75,012,408 last-yeat Cash on Deposit of £6,836*58 is represented by £5.960,000 in St«ynR»nd 
equivalent of U^S. St Jl8h38 at an exchange rata of 1.9S22and where applicable, 297* par cent 

these figures, the Net Asset Value of an Ordlnar - ' ' J — ! * L **■*“- “ e 

Tlie Net Asset Value rapresenta as accuratel 
on the Balance Sheet date. It should not be cone 

At 31st ianuarv 1978. 90.1 per cent of the ... 

North America and a further 7.1 per cant in other overseas countries. 7.0 per cear was «» w r~* 
Changes in the geographical distribution during the year wets the result of maii»tmov«te6hls-v 



OUTLOOK flnw of oil 

The past rear has been a period of consolidation for tbe United Kragdom actffl ontjr-Tne foe 

from the North Sea has contributed markedly to the Improved balance of payments position anjtsuwgte®""^. 
currency. However, a continuation of this trend could saaiJy be endangaredliy anrlalivalyjlMMteStIl» jaw**"" 
and a similar fan In exports. ^ ~ 

Stow- growth in world trade, combined with very volatile foreign exchange rates, does not noea . . 
profitability of many British companies. This, along with the fragile state of some 
is hardly encouraging and, with a General Election looming, the cautious stateof {ce stoc* JMtxbi u v 

ctmlinup. 

In the Ufi.A. the economy continues 
contained to a rate of around 6 per cenL Desp 


to make alow bat satisfartorv progress, Bod-inflariaa 
lite this* the dollar has remalnaostisptod due to^tia 

wmcnstamsimra uiecosi re imported oil, j oestock market seems likely in mmain^ wadt.uiitiltneje«aiw^l ji " ; 
policj-; and generally a belter under® taodlog of end trust in the atfmifiiStratftKL .JHoweron .un«» 
unexper.ted occurs such as the re in trod action of price controls, many shores nbw'somn to beaymJflD" 
which should prove ven’ rewardins tn lirog-tena investors. j nbrned'' 

OurpoliCT-noiv. as in the pas. 1 , is loairaTor iong-tenn growth rotocofflsand capital. 
industrial and geographic spread of Si vest mentis to mlitimlse-shareholdora' risk, 'flu* mo rS • 

country's lair system and exchange control regulations. However, the abolition of the. 23 -pero mt ^^TrtpaisaB 
surrender rule from 1st lenuery this year has reduced considerably tbe.veiy high oostef swuauna .. .. , 

invesfmenls and oroviderl an nnnnrliinttvfnrmnra Flnvihln manaonmnnl '■ ■'■■■■" • >». -i 


investmenis and provided an opportunity for more flexible management, '■ . > . ;.- ' . : -\L : r„, ihaiaastsA 

" ----- - difficult then-usual to eatuxude 8Ccurat^raTwntato^»^ 


Due to currency movements, it is wen more 
year. However some improvement in earnings is expected. 


THE YEAR IN BRIEF 


Total Rmremie 


Earned per Ordinary Share 
r Ordinary Sb 


Paid per Ordinary Share 
Total Set Assets attributable to Ordinary Shares 
Net asset value of each Ordinary Share 
Prior charges at per 
Prior charges at market value 
Number -of Ordinary Shareholders 


■ v ..j *•; .7 . 




■issp 


.-■-.lcp 
•' 149P 
9i9» 




\a 


V# , 

i ; ■ 



> 






, \‘uT T. 

1 V a : 

















TRANSPORT 


Prevents engine damage 


OFFICE EQUIPMENT 


WATCHDOG -equipment that 
keeps a constant pheck'on three, 
important factor* in the opera- 
tion of big diesel engines— 
coolant overheating, coolant loss 
oil pressure drop— and gives; an 
alarm cr stops the motor can save 
operators of heavy jorry Heels 
very large sums of money. 

It is based on solid-state elec- 
tronics and -provides the- warning* 
in the driver's cab, both visually 
and audibly. . 

. At the same time, if the user 
wishes, the equipment can take 
action to protect the engine by 
shutting it- down automatically. 
There is also an override which 
allows the. driver to restart Cor 
SO seconds- so that he can take 


• TELEVISION 


the vehicle to a more convenient 
or safer position. Subsequent 
restarts are limited to 30 seconds 
each until engine conditions 
return to normal operating para- 
meters. 

Kysor Industrial, which makes 
the ** Tempressure System,” says 
its competitors include some who 
offer manual override facilities 
which can be abused by an in- 
discriminate driver or through 
an alarm malfunction. Its own 
design, based on state-of-the-art 
electronics, wlU prevent potenti- 
ally dangerous practices and 
provides inherent reliability. 

Loss of coolant or oil mil lead 
inevitably to serious damage if 
It <E not dejected quickly and 
while overheating of the coolant 


la not as serious, early Inspection 
is advisable 

The simplest workshop repairs 
on a big vehicle are expensive 
when the cost of downtime is 
considered and . typical new 
power units can exceed £2,000. so 
a foolproof guard device is worth 
while 

In most cases a quick roadside 
inspection will enable an experi- 
enced mar to detect the cause of 
the alarm and - take effective 
remedial action without signifi- 
cant costs. Where the problem 
is greater, the Kysor unit will 
at least have prevented severe 
consequential damage. 

Kysor Industrial (GE), Bridge 
Works, Whitworth Manchester. 
070 6S6 2373. 


More power 
for word- 
processor 

UNICOM has been expanded In 
power and this new version of 
Logica'fi word processing system' 
can handle up to 16 input key- 
boards and screens. It offers a 
more economical solution to the 
word processing needs of larger 
users than existing equipment, 
the company asserts. 

Online disc capacity can he 
expanded to match the increased* 
□umber of work stations and up 
to 20 Megabytes of storage can 

• MACHINE TOOLS 


be provided immediately. Larger 
discs will.be available in the hear 
future- 

Two of the new versions- of the 
system, which has 128 pUobytes 
of main memory, have already 
been installed. One Is at Uni- 
lever and one at another easterner 
site in the UJK. 

Cost per work station for the 
larger systems is £6,800 to £8,000. 
which is less than the cost of J 
many standalone word process-, 
jug units. But. superior storage 
and management possible with 
Unicom mean that the producti- 
vity increase, obtained is usually 
50-100 per cent higher than that 
obtained - with • ■ ■ ■ stand-alone 
machines,. Logics asserts.-. 

More ' from . the : company at 54 
Newman Street, London WLA 
4SE. 01 5$0 836L ..'■■■ 


BESTOBELl 

MOBREY 


Selection of electric drives 


Re-gunned tubes BSI approved 


One of the six. new above-ground tracked drilling rigs to-be 
put; on the market by Holman. All . the rigs will have 
common track bases, fixed or articulated booms and a .range 
_ of a niters and down-the-hole hammers. With .one. exception 
-•(lie rigs obtain their power from a towed air compressor. 
The exception, shown here, is the HF 130, which has an 
integral hydraulic power pac£- - This pack provides all the 
. necessary power, for operations with the exception of high- 
pressure air needed for the down-the-hole hammer. The rigs 
- Are being manufactured in Camborne, Cornwall, by Holman 
Drllrig Division of CozupAlr. Construction and Mining . 

• DATA PROCESSING 

Determines pipestress 


ABOUT im. colour tubes are now 
being re-gunned in the U.K. — 
probably .a third of the rate at 
which new ones are being made 
by the remaining: UiL manufac- 
turer, Mallard. 

Oh the basis of the price 
charged by distributors,, some 
£20m. to £25m. of business is 
involved. 

dullard and Thorn are thought 
to have 75 per cent of tbe 
replacement tube market (the 
remainder is shared by 50 or so 
other companies) and have for 
some time been working with 
BSI and the Electronic Com- 
ponents Industry Federation 


towards a certification scheme 
for re-built tubes. 

The scheme has now been 
launched with tbe granting of 
certificates to Milliard and Thorn 
Colour Tubes. Its basis is clause 
18.2 of BS 415 (Safety require- 
ments for mains operated sound 
and vision equipment) which 
specifies the tests for mechanical 
strength of picture 1 tubes and 
protection against implosion but 
4s in ho way concerned with 
visual or electrical performance. 

The emphasis Is thus on safety, 
the purpose of the scheme- being 
to ensure that approved re- 
gunned tubes are as safe and 


reliable as new ones. 

Certain dubious practices 

known to occur in the re- 
gunning industry will become 
difficult or impossible jf a com- 
pany is to get. and keep, certifi- 
cation. These include over- 
buffi ng of the faceplate reducing 
strength, neck removal to a point 
too close to the bulb a ad use of 
the wrong glass when replacing 
the Deck — all these can result in 
stress problems in the glass. It 
will also be generally necessary 
to re-process the tube under 
vacuum at hish temperature, 
demanding removal ol the rim- 
band. 


MODERN SPINDLE and feed 
drive designs for machine tools 
increasingly tend towards an elec- 
tric solution, either by permanent 
magnet Ac motors or stepping 
motors for feed duties, or vari- 
able speed dc or ac motors for 
spindle -drives. 

Machine Tool Industry 
Research Association will be 

• PRINTING 


holding a -seminar on. Hay 31 in 
Macclesfield . .". during which 
speakers . from the Association 
and from industry will tell the* 
audience how to select the nppn* 
priate electric .drive-., so that 
designers and users' can absorb 
the required crit eria. . , 

- Further from MTtRA, Hulley 
Road, Macclesfield, Cheshire. SR 
10 TNE. 0625. 254&L 


Tiny batch counter unit 


SMALL, and simple a batch 
counter by Tim so ns offers many 
applications such as pack work 
for zig-zag folding to mark any 
cumber of sheets up to .99999. or 
sheet work in which the counter 
wiJi indicate tbe batch. 

Designers have used solid-state 


electronic* for reliability and 
have eliminated moving parts 
except for the switches and sett- 
ing controls. 

It can be fitted to any press and 
measures only 100 . x 210 x 
220 nun. 

Tinmans, Perfects Works, Bath 
Road. Kettering, North ants. 


• RESEARCH 

Search for 
a better 
detector 

FUNDED by the EEC, a contract 
has gone to J- and S. Siegler of 
Poole for work to provide an 
improved gas detection unit . It 
stems from the company’s 
research into problems of cataly- 
tic poisoning of gas detectors In 
North Sea operations. 

It is essential to. achieve reli- 
ability in such detectors and the 
company's objective in Its three- 
year task, which wiS cost 
£250,000, will he to provide ■ a 
detector system with enough sen- 
sitivity to detect the full range 
of hydrocarbon bases that consti- 
tute hazards on installations for 
gas and oil production. 

Work the company has already 
carried out Includes the applica- 
tion of microreactors, electron 
microscopy and thermal analysis 
to the determination of the 
behaviour of about 100 catalyst/ 
support combinations used in 
detecting hydrocarbon oxidation 
over a range of ronditians- - 

J. and S. Siegler, John Carpen- 
ter House, John Carpenter Street; 
London EC4. 01-353 679L 


(ilia 
and 
m a 


rdian 


rn?ar 


rv OFFERED- BY -Computer 

* - Sciences Company in- London' 
"•y and developed by AAA Tech- 
> riplogy and Specialties Company 

of -Houston is a suite of: pro-’ 
grams ; which - -will provide 
a engineers with -V simple method 
of assessing static- stresses in 
" pipe .systems; nozzles, flanges 
and" pressure ; vessels. ... 

Used in conjunction with the" 
lnfonet remote computing 
service offered by 1 'Computer 
\ Sciences, the- programs can be 
used by ' practising ; engineers 

• with no knowledge of computer 
languages dr. techniques. - 

Programs available - include a 
. V system for pipe stress, analysis 
which considers thermal, pres- 
sure and weight effects, ...and 
, . another which will ; calculate the 
,* stresses outlined - in the/We Wing 
-.- Research Council Bulletin 107 
(the "Bijlaard method). Other 
. r programs cow flange, pressure 
vessel analysis and re-rating, and 
drill footing - design, -rothera' fare 

" planned. ; : /. 

- v : More .from TJeatbeote; Houses 
20', Savife ' Raw, London 1 WU£ 
1AE. <01 437^3043). : “■ ■ t 


five volt power . supjfly (it is 
based on t he lutel 8M8 device), 
consumes no more than 450 mA 
and measures 14flk 80.x 35 mm.. 

The company, ias . introduced 
the terminal On ro«r basis of its 
success with 1 an etStier, - simple 
non-interactive unit of which 
over 1,000 were , sqhl If isf about 
to occupy a new : jUOn)<sgtiare foot 
plant in Newport. , - - •/ 

More from Church' Road, New- 
port. Gwent JJW>. 7JB (0633 
67426). ...; . ' 

Passengers 


OTTH 
IK ABU 

p SETIkS 


ygft 


Pocket 
terminal ; 

PROVIDED that one .esua manage ; 
without " hard copy, a L amsdl.; 
calculator-like data terminal from. 
CiR Electronics of Newport. 
Gwent, can be used as a lowepst 
substitute .for conventional 
electromechanical teletype- 
writers. 

It will have particular applica- 
tion where interactive" .data 
input /output is. needed at .sites- 
where a teletypewriter- is j not, 
normally available, for example/ 
at the microprocessor-driven out- 
stations of a telemetry system/ft . 
can also be used in warehouse 
and retail stock data collection 
systems and for the entry ■ #>r 
retrieval of production’ dsfta in 
factories. 

Galled Pocket Terminal; . the, 
device can send and receive ^<teta 
i in eight bit serial ASGII 'code. It 
has a 40-key tactile response 
keyboard and many of the. keys 
can be assigned 'four djffereptr 
meanings, allowing the transmis- 
sion of all 128 ASCII? codes; . . " 

‘The display consists of .eight 
I characters of lEnsegment LEDs 
' working in conjunction, with a. 
memory winch stores the last 30 
: characters .received. The eight 
character ** window ” can be. 
moved left or right te examine 
the rior? content 
'Alternative interfaces .give, 
compatibility with 20 mA loop or 
V34/RS232 transmission levels; a 
set of slide switches allows selec- 
tion of 110 dr ‘800 baud signalling 
rates," parity codes and- stop bits . 
to -suit users v standard^-. 

■Operational versatility lir pro- . 
Tided by a controllable, cursor 
which can be used for tfita entry' 
in a variety of forms and also 
allows, editing of date 'In a host 
■processor’s memory. 

The. terminal requires a single 


CABLE ; - ahd‘ ^elfc^has In- 
stalled ft computer-based - depar- 
ture -control- system for -airline 
passengers, and baggage at Heath- 

ehz installed .at 
Heathrow in 1374 for/Japan Air 
■linos j. Jtno.wfi as,LOPAC_ (&o 
acronym ‘of Load -Optimisation 
and Passenger Acceptance Con- 
trol) the system^as been deve- 
loped together with Scfcon 
(Scientific Control Systems) and 
.already operates In four airports 
around .tbejArorld.. - - A second 
•jy steer is .Wanned «t^Kai*.':Tak 
^Ahpdtt'Sn' Hong Kong. ;-* • ' 
LOPAjc can hold all the acces- 
sary; iirfa'raation for . pre-flight 
plajmmg and loading and can 
display the - information imme- 
diately it is required; passengers 
are not . subjected to delays at 

£ -ln;. thus allowing staff 
onal . .time for personal 
ion to each passenger: 

■' The system Is driven by a DEC 
PDFS /digital processor; which 
controls all. data .fed into, the 
■ system.: - - 

. More 'from. Cable and Wireless, 
Mercury-' Rouse,. Theobalds Road, 
London, WC1X 8RX.- 01-242 4433 
Ex?, 4485... 


0-H.S.Transportaf Ramham in Essex not 
only run the biggest fleet of Macks in Europe, they 
probably handle more tonnage per year than any 
other transporter in the Middle Eai. 

Even big trucks, however are not infallible. 
And when one of them broke down recently, (XH.S. 
senttheir trusty Sherpa diesel van to the rescue, 

* loaded with a big new engine no less. 

T “ this business, every . 
t is profit . lost, so 
•rpa had to get out 
island without jfail. 
fter all”said -Andrew 
n, transpOTt manager 
S., "our motto is; .. 

The Reliable One 
in Internatioiiai 
Trucking, so we cant 
afford to have a 
rescue van that will 
let us down, 
intoalqtof 
lose the Sherpa’.* 

W . ATTP Iw 1 / 1 / . 


missions to countries in Eastern Europe, carrying 
truck spares, tyres, clutches, the Jot 

During the 10 months they have owned it, the 
Sherpa has covered 30,000 miles at an average of 
23.49mpg7 a figure which both astounded 
and pleased OJLS. 

"For service over and above the call of dutyFd 
award the Sherpa a medal any day!’ concluded 
Andrew MacLeam 

It still carries Britain's best warranty. 

After all that, it^s not surprisingthatno other van 
carries a warranty to rival the Sherpa’s. 


Like all vehicles from Leyland Cars,it comes 
withSupeanven 

AndthatMudesayearisfi^BO-xmleageliirnt 
with parts and labour; a year’s 24-hour roacteide 
assistance from the A. A!; a year’s AjV. Relay 
Recovery Service (approved conversions and UJC 
mainland raoly); a 69 point pre-sale chedcout, and the 
opportunity of renewing h: all far a second yean 

Some warranty! 

The Sherpabody options indude vans, irrirn- 
buses,crewbuses, diassis-cabs, and pick-ups. 
Engine options indude a 1622cc and 1798 cc petrol 
and 1798cc diesel. 

Overdrive, is an optional extra on the 1798cc 
petrol and dieseL _ _ . 

Fca: further information please^ visit yoiir " 
nearest dealer; drwrfte to: " . ■ 

Light Commercial Yehide Sales, Leyland-Cars, 
G^osvmxr House, Prospect Hill, Redditdi, 
Woncestershfire, B97 4DQ. 


©Sherpa 


VfROCESSES 

Accelerated 

artwork 

A ..SIMPLE device . to. codlI 
vpa^et . and . film " with self- 
adbestve wax, enabbug riudios, 
composing tpoins and "- other 
graphic centres to assemble art- 
work quickly is Flowaxer from 
Fry!s,- Metals .(Graphics), The 
Drove Industrial Estate, Aris 
Way; . ■ Newhaven, BN9 0DG 
(0791 7fiG7), .' .- 
The ' ' warm - " llqulfl wax - is 
applied by . posting paper 
between rollers which doctor 
the ' coating to £ precise thick- 
ness; the coating-' Is dry to tbe 
touch but adheres, lightly when 
placed in poritiim. The FJowaxer 
takes 535 by 305 mm (21 in. by 
12 in.) desk ^ce,- operates on 
-240 volts' and uses . 650 watts. 


-ES^flLSpH 


--V^' ^ 

,5 

.ts* 3 


Wilson Generating sets are aniongsi 
the Best in the World : 

-Surveys, Ihstailation and AfterSales Seiyice 
by our own engineers. V 

• All«zes ftron.5 Kva to ;2W0 Kva. 

Usually from stock fn quantitY. 

F. & WILSON (ENGINEERING) LTD. 











CONTRACTS AND TENDERS 


CALL FOR TENDER 


GOVERNMENT OF MAURITIUS 

Ministry of Agriculture and Natural Resources 
and the Environment 

BULK SUGAR TERMINAL— PORT LOUIS 
SHIPLOADER 

CONTRACT No. 10 


TrrS.crs ar 13> p si m X iccjd*? six ,Vxy. IKS an ‘.onrrt f nr 

tf:. folfcrxins wnrte for :h«? Ru'V. Sns«r TcmhSiI a? Par Laos. Mmn'.as a 
z~oriaa:c nr,® i*k< Dmnc. Sp»-alita:;0a «*S Centra* Co=4.Uons of Cn=:rac: 
far Contract So. 10 

Tils Currarr a for the WPpJy. Iabnnr.*n aarsyti? iwJndra! ail m^ural. 
3 T,TiJjn'3» ar.S nkctr.ai S'TM'VL <WI*wy ;3«Ea^o^. irSt-.nX art ram- 
r.r:o:n: nT ore Tra^clLns SWi»'m4ct capable of lu&v feilk MV sacar 
or; 3 cnnveyoc ns a lofflnR bnoci !rlr*c03.r raow and trimmer ioio 40JW0 
&.v ■ ships a: u averajw rale of 1443 :onnrs aor tour. 

Draw.cv Spcc'CMuon and Rerrral CWUUoss nf Conran cv Tip «aiaJr.-?d 
a 1 • if ifS^s of :hc Cnswuinru Engm-ea. 3farioaa:i Vawr * Pn&Jlr ftr. 
Luj.. at P?P ivucs Maori -iK and y. N****i S:- , dr?r. SJW Ausml‘3. and abn 
at lie Ma'imns Hjch Comaissiw “STS E^vartTr PCjwl Lonrtm, SW.7. 
Er^'jrrtd. ar.d Ui: Mauritius Embassy. 46 Boulevard Sc Ccum-llr-s. 730!“ 
Pars. Francs. 

Sr-s Df Prawmsx SpceJflnvwi awl ^nncra! Ofttfitran of Coairar: fur enfnpaxncs 
r’sa'crcif in srannuos irar be nb:aLT*rt 'rn» Macdonald vraant r fc PrdiCc P'T- 
Ltd.. Roaers AUTomotive BulWins. Cnr. Edith Cavpil 4 bfrrr Banhetemy Streets. 
Port Loo:s and for corown.es rK:s!WWS In »J3 otfrr rwfcitrr:* toff !w 
ob'a'itJd only from Macdonald Wafiner 4 Praasie P*.i Ltd. tno MOicr S'n>pt 
XorrJj SnSsfr. SS.W. SOSO. .iwirjlja— Telex .No 29RK. Tbr Bon-refasSal^e 
cbarKt for each sn of documents obtained tn Uaunbus is 1450 Maunttas Rupees 
acd W! Aisyaiian Dalian m Au5Trai:a v 

Envelopes endorw^ " Tender for Gor.rraet 18. Sfeiptaader. Bxtt Sugar Terminal— 
Pnn Lon is ■■ and romaiolnc a Tender acnnnpantwl by a Tender deposit are to 
be add.fssrd to the Ouirnun, Tender Board. Water? of Finance. Port Louts. 
Maannos and lodged io 'he Tetsdvr 3<J*. - at die Olrtf Cashier's Office. 
Accouatanr Generars Division. Trcasurr BuiMtes. Quusare. Port Lotus. 
’UnrliMis or posted from oreraras to rvaoft Ihe Ctaima. Trader Board. 
Ministry of Finance. Port Louis, Mauntlos ao or before me dosing time and 
Uaa- “ . ' • 

The Tender Boud does noi bind itself to arcept the love si or any fender and 
will bo: v«»agn any reason for tbe reiec&oa of a tesdsr. 

MunKry of AsWruPure * 
Natural Resources i The Eunronmeat 


ANNOUNCEMENT 

■ Appointment of a Management Contractor to 
The State Fertilizer Manufacturing Corporation of Sri Lanka. 

INVITATION TO FREQUALIFY 

The State Fertilizer Manufacturing Corporation ISFMC), an 
undertaking wholly-owned by the Government of Sri Lanka, are 
establishing an Ammania/Urca Fertilizer Complex located dose to 
Colombo. This complex which is internationally financed h being 
built by . Kellogg Overseas Corporation, General Contractor to 
SFMC. 

SFMC intend to select and appoint a Management Contractor 
who is to be fully responsible for. the Operational Management of 
the plant for a period of two to three years from commissioning. 
Mechanical completion of the Plant is expected to be realised in 
early 1979. 

OPERATING COMPANIES which own and/or operate similar 
plant facilities, and. MANAGEMENT CONTRACTORS having 
specialised experience in rendering such services are hereby invited 
to apply immediately for prequzfifi cation. Prescribed APPLICATION 
FORMS FOR P REQU All FIC ATI ON are obtainable from: 

(ij SFMC. P.O. Box 1344. 21 Anderson Road 
Colombo 5. Sri Lanka 

(ri) Commercial Counsellors of Sri tanka Embassies, and 

(iii) Scientific Design Co. Ltd. (SDCL), Bush House. 

. Aldwych. London WC2B 4QB. 

Completed APPLICATION FORMS FOR PREQUALIFICATION 
should reach SFMC on or before May Bth. 1978. marked for the 
attention Of T. Rodrigo, Projett Manager, , ‘with simultaneous copies 
to SDCL marked for the attention of D. J. Levy, Project Manager. 

. Chairman - 

STATE FERTILIZER. MANUFACTURING CORPORATION 


Democratic and Popular Republic of Algeria 


Ministry for industry and Energy ■ 

EBTBEPR1SE NATIONALE SOKATUACH 

Marketing Division 

Department Realisation Infrastructure 

International Invitation to Tender No; 3/77 ' 

SONATRACH « launching an international invitation to 
tender for the Engineering Study, the supply of equipment, 
the construction and starting into operation in H ASSi- 
MESSAOUD. of a residential complex in semi-traditional 
or prefabricated industrial building .which will include: 

— Administrative offices 
— Socio-culturaf installations 
— installations far sporting activities 
— A unit of 200 individual rooms for supervisory 
personnel 

— A unit of f.200 individual rooms for other staff 
— Associated installations. ... 

Interested companies may obtain the tender documents 
as from the publication date .of the present announcement, 
against a payment of Dinars 200. (two. hundred dinars), 
from: ■ - 

SONATRACH — Division Commercialisation 

Direction. Realisation In f r as tructure 
Route des Dunev— Base ALCIP— 
CHERAG (Algiers) Algeria 
Tel. 8 1 -09.6? to 96 • 

Telex: 51808 — S1292 — 51293 — 
52.969 — 52.779. . 

Tenders, together with the relevant usual references, 
should be sent by registered mail in double sealed 
envelopes to Enterprise Nationals SONATRACH, at the 
above-mentioned address, the inside envelope dearly 
addressed as follows: 

M A NE PAS OUVRIR— SOUMISSION— A.OJ. no. 3/77" 
not later chan 31st May, 1978. 

Tenderers remain bound by their quotations for a period 
of 120 days. 

Tenders which will not respect the above-mentioned, 
indications will not be taken into consideration. 


' — ■ ■■ ■'Kingdom of Thailand - " - ^ 
NOTICE TO 

Civil Engineering Contractors 

The Government of the Kingdom of Thailand has received a loan from 
cfce World Sank to help finance construction of three roads total! in| 
about 140 Sun and expected to cost over US S 50 million equivalent. The 
construction will be divided into i contracts to be awarded w 1978 and 
1979 and will Include about six million cubic metres of earthworks, one 
million square metres of asphalt paving and six thousand lineal metres ■ of 
bridges. 

Construction firms from member countries of the World Bank -and Switzer- 
land ore invited to indicate c heir incerett in preqoaftfring for bidding oe 
the above works. Replies, br lette' or cable, should be addressed to: 
DIRECTOR GENERAL. 

DEPARTMENT OF HIGHWAYS, 

SRI AYV THATA ROAD. 

BANGKOK. THAILAND. 

Replies should be received by 15th Mby 1978 and questionnaire* win then, 
be sent For preparation of prequ inflation ipp-icaaons. 


CONTRACTS AND TENDERS 

APPEAR EVERY MONDAY 

For further details contact: 

FRANCIS PHILLIPS on 01-248 8000 Ext. 456 



Vsver 





EMIRATES & SUDAN INVESTMENT GO. LTD. 

TENDER FOR THE CONSTRUCTION OF 200 WAREHOUSES 

{REB SEA REGION) 

PHASE ONE: 34 WAREHOUSES AT PORT SUDAN 


1. The Chairman of the Board of Directors, 
Emirates & Sudan Investment Co. Ltd., 
invites Tenders from competent contractors, 
for the construction of 34 “Thirty fcrar” : 
Warehouses complete at Port Sudan (D.R, 

, of Stidan) as phase one from the total 
number above. - 

2. The Tender Documents “ in English only ” 
can be obtained from the office of the 
Managing Director of the Emirates & Sudan 
Investment Co. Ltd;, 16 Babiker. Bedri Str 

\ P.O. Box 7036, Khartoum, Telex 524 EMSU 
KM, Telegraphic Address: EMSU Khars 
toum, during office hours against payment 
of L.S.100 fone hundred Sudanese pounds 
= £145 USS290)" non-refundable. 

3. Tenders will be accepted for 4 warehouses 
as a unit and Tenderers should deposit a 
sum of L.S.4000 (Four Thousand Sudanese' 
pounds) or its equivalent in other convert-' 
ible currencies either by certified cheque 
or a letter of guarantee* from a reputable 
bank valid for at least three months after 
the closing date as a preliminary deposit 
In the name of the Managing Director, 
Emirates & Sudan Investment Co. LtcL, for 
each unit. Tenderers for more than one 
unit should multiply their deposit accord- 
ingly. 

Separate offers per unit for lighting and 
fire systems may be added as option. . 

4. The successful Tenderer/Tenderers shall 
be asked’ to sign formal contract within two 
weeks after being notified of the acceptance 
in writing and to complete the deposit to 
10% (ten per cent) of the total value of the 
contract either by a certified cheque or. a 
letter of guarantee from a reputable bank 
valid for one year after handing over all 
works. Other forms of guarantee may. be 
required for longer period. 

Any other plans for payment that may lead 
to the reduction of the cost could he 
proposed by the tenderers. 

If the contractor fails to sign the contract, 
within the specified time, he shall lose his 
right to recover the preliminary deposit 

5. The preliminary deposit shall be refunded 
to the unsuccessful tenderers two weeks 
after the firm award of the contract " 

6. Tenderers shall state clearly the follow- 
ing:— 

a) The names, qualifications, and experi- 
ence of engineers and technicians who 


. will be responsible for thev execution / ■ 
of the works. ' ; ' V':; 1 V/7- . r/ ! . ■ 

b) Examples of simOar.'proj^ts they ' 
executed. p " 

c) A detailed. programme/ ^sp^l^ying the ’’ 
progress .of .the works and the. time ■' 
required for the. completion of all work? - 
specified In the tender and shown in 
the drawings, 'as f rom : the -date" of the 

• . . signature of the contract 

d) A list of. equipment "arid machine^ . iri ; .’ 

their possession necessary for execution 
of the works. \ ‘ 

• Tie supply of ad materials, equipmeirt.^d ' .. 
machinery whether , local or imported neces- 
sary for the execution of all works- is solely . - ? 
the responsibility, of the Contractor. ' S' -\ 

Tenders shaH be Valid for at. "least .three : / 

months after the .closing date' mentioned 
in para {12) below. The off er maybe based . 
on the detailed alternative dr for an - 
accepted, alternative to be presented in; 
detail to the Managing Director.. ' 

All infonnation relevant _. to the - teruier ' 
shall, be submitted in English -Language. : 

For imported items,. The Emirates. &. Sudan 
Investment -Co. Ltd. will .directly pay all 
insurance, clearance, customs and other 
Port charges. • • • ■ 

- Foreign Currency will be paid djrdGtiy from 
The Emirates & Siidan Investment Co. Ltd. 
reserves with The National' Bank Abu . • 
Dhabi. ' . ' : v • ;. r . ; 

Tenders should bear the prescribed stamp 
duty and should be addressed in sealed " 
envelopes bearing .-the words' (TENDER 
FOR THE. CONSTRUCTION OF- WARE- - 
HOUSES AT TORT SUDAN), ’ to -The = 
Managing Director, Emirates & • Sudan 
Investment Co. Ltd. and should be ' 
delivered to the Tenders Box' at the . Com- . 

parry’-s Head Office; -16 Babiker Bedri St, 

3rd Floor, Khartoum, Sudan, not later than'.: 
12.00 Noon Sudan Time Tuesday the 20th 
of June 1978. 

.Any Render which ^oes'not comply with : ; 
anv of the above-mentioned reqmrements 
-will be rejected. 'll) ., / ’ / : 

The Chairman of the. Board - ot pirectors^ v 
Emirates & Sudan Investment Cb.. Ltd;; is 
not bound to accept thri lowest or any otfe . . 
-tender.- . . • * ■ 


SOCIALIST PEOPLE’S LIBYAN ARAB JAMAH! 

H0USIN0 MUNICIPALITY 

ANNOUNCEMENT OF AN INTERNATIONAL TENDER FOR THE BUILDINC 

OF THE AL-MAHARI AL-JADID HOTEL IN TRIPOLI 






The Committee for the Al-Mahari Al-Jadid Hotel 
building project in Tripoli publicly announces its 
invitation to international tenderers, national, 
general arid stock companies, as well as international 
companies having hotel construction expertise in 
building 4 or more star hotels — and this shall be 
in accordance with the following terms : 

1. The general conditions, specifications and 
drawings related to the project shall be obtained 
from the Headquarters of the Committee for 
Al-Mahari Al-Jadid Hotel at the Housing 
Municipality in Tripoli for the sum of 500 (five 
hundred) Libyan Dinars only, which shall be 
paid into the public funds at the offices of the 
Treasury in Tripoli. 

2. The tender shall be in two parts: 

a) Construction and machinery 

b) Furnishings and equipment. 

The tender shall be offered .for either one or both 
parts.:. 

3. The company offering the tender shall'send with 
. its tender a vitae detailing its previous experience 

in such works, carried out either in the Libyan 
Jamahiriah or outside it. 

4. The international companies participating in 
this tender must be - represented by Public 
Agencies or ’Authorities from the National 
Sector or Companies of the Public Sector. 

.An address at which the tenderer can be 
contacted shall be given and the contents of 
any correspondence with him shall be considered 
valieL ln the event that the tenderer is an agent, 
he shall enclose with his tender a certified 
Power - of Attorney from his Organisation, 
together, with a listing of the rights and limita- 
. tions of his agency;- the names of the persons 
directly responsible for the execution of the 
terms of the Contract; the payments made and 
the receipts received and signed by the Company, 


as well as specimen of signatures put to copies of 
both the Contract and the Power of Attorney. 

5. An official copy of the Company's Contract of 
Establishment and Articles of Association shall 
be enclosed with the tender. These documents 
must meet all requirements and procedures 
stipulated by Law and the By-Laws. 

6. A tenderer shall, by means of a Declaration to be 
enclosed with the tender, be bound to adhere to 
the terms of the Israeli Boycott, and in the event 
of violation of the Declaration tbe Committee 
shall have the right to cancel the Contract by 
sending a registered letter of cancellation. The 
tenderer . shall be without right to demand 
compensation. 

7. If the tenderer has previously carried out works 
in the Jamahiriah, the tenderer shall produce a 
certificate of taxes due to the Tax Authorities. 

8. An initial deposit of the sum of 100,000 (one 
. hundred thousand) Libyan Dinars shall be 

enclosed with the tender. This deposit shall be 
valid for a period of six months from the date 
of the opening of the envelopes, and shall be 
presented in one of the following forms: 
a) A bank draft certified by one of the banks 
operating in the Jamahiriah 
_ b) A letter of guarantee issued by one of the 
banks operating in the Jamahiriah — 
guaranteeing that the contractor shall main- 
tain the same prices of his tender for a period 
; of. six months from the date of the opening 
: of the envelopes. 

9- In the event that the chosen tenderer does hot 
sign the said Contract within two weeks of the 
date of his being notified officially of the accept- 
ance of his tender, the- deposit shall be retained. 

10. Tenders shall be presented to the Committee for 
'* the AI-Matiari Al-Jadid Hotel at its Head- 
quarters in the Housing Municipality in Tripoli 


on a Tender Form stamped by ffie Mumcipality ■ 
and signed by the Chairman of the Committee. -: 
The tender shall be handed into the Committee 
Treasurer, and a receipt shall be given in retnTn; 
The tender shall be in a sealed envelope, sealed - 
with red wax, and on it shall be written! Enclosed 
is the Tender for the Al-Mahari Al-Jadid Hotef , 
Project. • . , . . . 3* - : 

11. The final date of acceptance of tenders shall he 
the 30th April 1978 and no tender for whifeyer . 
reason presented thereafter shall be considered.’ 

12. The tenderers may attend the procedure of the . 
opening of the envelopes, which, shall be at 
exactly 11 o’clock on the said date’. 

13. The accepted tenderer sh r aii T 'within ; fifteen days p 
from the date following the date of the letter sent 
to him by registered post notifying him of :tfe; 
acceptance of his tender, pay a deposit equiva-— 
lent to 5% (five per cent) of the total value of ; 
the works he has been commissioned to do. He : 
may also pay the remainder of -the proviaohal ; ^ 
deposit so that it equals the value of the required r 
final payment. The Committee may,; by sending ; \ 
a registered letter and* without - need for fairing, 
any further steps,' cancel ihe Contract anir’etam 
the provisional deposit. 

14: Any international company participating ^ 

. lender must be already registered m the;Regj.stry, ; 
of International Contractors at the' ECdusing ! 
Municipality in the Jamahiriah arid thisfshali be •: 
observed in ample time before: ihe procedure. of. ; : 
the opening of the envelopes.: "• v .• ? 

15. The Committee for the.. ; Al-Mahari AWadjd 
Hotel Tender shall have the right to-either . accept : 
or reject any tender offered withoutgiying ;any 
reasons for taking either decision- 

Signed: The Committee for the AJ^VIahari, ; 

Hotel Tender in TripolL . A- ^ 









Ud, 

ISEs 

Hn 



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V.'a;::. 


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• worth for 



Homes-for- 
ail scheme 


Bridge paint 
cost cut 


INCREASING use of the box 
girder principle in bridge con- 
struction focuses attention on 
an investigation of internal cor- 
rosion in the boxes from which 

now 
Avon 


Henry ^ \nCTL IS allegation work is being at the Eldon Wall Industrial rosion m me ooxes trom 1 

Aragon, PetdrboroSS^SwelBS E ' tate at Cruft, near Daventry. Tbe Humanist Housing Asso- the structures are built up, 

meat Corporation’s eitw-MntS wA COS a ^5* ^ or _ tlle Thames where a steel-framed warehouse elation has awarded a £1.1 m- being earned out by 
Office block, Araehn Cmirf* wui and a road sur with access roads and office ac- contract tn M. J. Shanley (Con- County. Highways Authority. 

Sb' hnilt aww.!i °? i j ^ facing contract at Littlestone-on- com mo da lion is required The trading) for homes for resi* ■ ji »*■*«>-, r n r 

ft* warehouse which f wiR ^ost £2m denis ranging from the elderly *J® £ 

-it S5SS?»ff to lie Cathedra 0 ' JS5S5TSSStaSS5u£ *S*SE?. ■ *?L *5“ "S at Sil ” md ’ Green - tl>e j A™omo ! .tt_Brid S e v which 



Monk is 


are the architects. 


Leicester No-Fines contract 
at the Rupert Estate at Eyres 
Monseil, to provide housing for 
more than 800 people and it has 
also won -a £i.6m. contract at Iw-wv^l L 1irivr 
Bakdflun Dam. Kielder, for the K 60 t DUSV 
Northumbrian Water Authority. WMJJ J 

worth o^r - VALUSa) AT over £3}m. a cod- ^ , . 

fitting out of a tract ha's bean placed with A. upT) 

supentore at Tilehum. Reading, Monk and Company for tbe con- V-zUOitCo 10 
K-eymarkets. Completion is struction of a bus and truck test 
due in August.- . . track which will form part of T ___ ~~ -JLf 

ment T « h S'fand CemrB deVe ‘° P ' -LallC&SllHfi 


. , 1 bathroom aDd kitchen but where 25JL ' 

resent warehouse com- each of ^ ^ raain r00ma _ Foster 

NeW KaHvk lnnr ,«o ho Kent), 


Cambridge (George 
which provides slv 


Mucklow in 
the West 
Midlands 


been 


over £1.9m. have also 
awarded to the company. 

Advance factory units at 
Stacey Bushes for Milton 


Tesco's 

bedraon. =md lounge- ™, b? eh^muJ. of data ,„*>« 
maintenance workshon are JjJJJ? Lrivacv^ f d various aspects of the perform- 

induded. Inskip and WHegynski ‘g n £TJ?& dwellings in 15 SSn n 0 I 0 ? C ***** '"** 

blocks, all linked to the warden's examination, 
office and fiat by an alarm /call In box girder construction. Hie 

system, each with gas-fired boxes can be sealed and de- 
centra] heating- will be in a land- humidified to prevent rusting, 
scaped setting. though safety valves must be 

provided lo allow for internal 

over-pressure in hot weather. 

Two of the sections at Avon- 
mouth have been sealed and 
independently treated and 
equipped with appropriate sen- 
sors connected to the Foster 
of equipment, housed in an access 


A library 

Projects in Milton Keynes and NEW houses and fiats at Roch- AVtpflciftYl 
Lincolnshire valued together at costing £416,000, are being CAHwltijlv /11 


NATIONAL Library 


built over the next year by -j- H g __ _ __ 

Holland. Hannen and Cubj.tts wales in Aberystwyth has -7 con- chamber on the bridge between 
(Norlbern). Rochdale borough tracicd Pochin. the Middtewich. the units. 

The recorder gives a con- 
tinuous report of temperature 

A. & J. MUCKLOW Group has ^or^advSI^raad? f 3 ' 1 *-. eSing two-storey library be taishedin 


fESPLEY-TYAS 

| CONSTRUCTION UP 


Building & 
Civil 

Engineering 



A Men-btVel-he Etpl.v-TyM Soft cl Conponi,.- 
eO'Bsi «. P.-.I r. Sillara f 


T*i;DidlotJ'an. 

37S3C8': 37Z; U3 ln»s 


Kevnrt DevSopmnt Corpora- architect,- - Derek Broadbent bns Cheshire, consiniction group to 

finn wiU hP wSth rifim^ to de ?k ned « c ^ e “ p which im build an extension at a cost of t ii 
uon will be worin ij.btn. lo volves 13 terraced bouses and 26 nvpr ri 


Vetting chamber on the Avon bridge to watch Internal corrosion. 


planned ten new industrial estate J** w together with externa]*siie ivorks. is a listed budding and additional about six months.' 


MKDC is for advance 

developments in tbe West Mid- 5™” ^ ™ 6eTP * SS at BownS 
lands, which represent -the com- rn ' 
biggest 


pany’s 


Liverpool Cily Council has con- construction will be in Rnabon Results will be important be- 

mntnrt Ik fnr turn Cubitts to build six brick with a Westmorland slate cau se the method could permit 

. . _ _ ever building ” standard factory units, each with rorir to meet the approval of the the maintenance costs of such 

programme. Tills will provide a S* f n rt warsh nn a floc,r area of aboul “' I0 ° sc « uar( -' Fine Arts Commission. bridges to be reduced very con- 

further im. square foot of EJr’&S wih.™ w '»!! metres. This £338.000 contract is The finished library complex siderably if preliminary treat- 

modern single storey factory and ‘ rnSm*! ° nr^T desi 8ned by the city architect and will comprise six storeys to house meT it, followed by sealing off. 

warehouse space to let. - WUtani Distfict fntOTiai J^rarn- s h 0 uid be finished at the beginn- up to lm. books with improved cou ld reduce repainting fre- 

Mucklow's “nurserv- units fSe-Bpart to whom the conOTlt- jog u[ J979 . staff facilities and offices. quency by a factor of three or 

specially designed for small com- ■g? n ^ n S^3DbSbIe - - - 

panies will be incorporated in all Farran are responsible. 

of the ten estates. The two 

largest developments at about n • A _ ■ 

100,000 square foot each are the ,^1^'VlAr ArflPF 
Wulfrun Trading Estate^ ^ at -Uv* “*vl vl ULI 
Wolverhampton 1 and the Aston 


Laing £ 2 m. contracts 


four, remembering that opera- 


starts all o'er again when the 
far eni has been reached. 

In the -structure of the Severn 
bridge, one method of keeping 
sealed boxes dry has been to use 
a desiccant such as silica gel. This 
is placed in one pan of a simple 
balance and as it absorbs water, 
so the arm oo that side tends -lo 
drop. Indication of how much 
moisture has been absorbed and 
whether or not the gel needs to 
be replaced is immediate. 


woivernampisn ana me asiou * 

Church Trading Estate, Saltley. rr|r H QCTTlPF 
Birmingham. Both are being lv/1 JL tHUlVl 


Waw work 

A LEISURE centre at Blyth, com- Mnuchel of Newcastle (struc- - L ^ VTT if Vklk 

prising a multi-purpose sports turai) and Alistair McCowan of « 

hall, four squash courts, weight Pontefract (mechaaical and Q||r| n ■ 

training rooms and two gymna- electrical ): quantity surveyors dllU m 

siums. etc^ will be. built for Elliott and D’Arcy of Middles- 

to around £1J3 ul by Laing. brough. _ 

Middlesbrough architects Lalng's North West Region is ryT lf B ll \ ISll, 


developed rn conjunction, with - ■■ c . r ,inra ■ u 

FTtU— ” n|tHITT4n,r 1C 9 " n rrrrvprtv mddW ab^ZflOO^tonnes of Middlesbrough arcauecw uines norm xv Cg .im « 

.25! -“SSR- “ JLJS2?S .S&JnSLiWUw construe- Mallory and RUcy have designed undertaking three contract to- 


Awards to 
Tilbury 

TILBURY- Construction. the « /T-aoa^ 

building ana civil engineering KrjVIS/ ICS CO 
subsidiary of the Tilbury Con- .-MV ▼ *3] ^ 

-£ 2 | lii.plans 


Steelwork includes pipetrack consulUijB , 

and plant support structures at L 25 d0 Ki’ ? cos j 

Keeping people cool SSHS 

of temperature steel together DELTA : Neu - EconocJim ” simple construction and has quiet ^^in 0 ® 1113 aEd eas fired 

with special w^ldljig techniques, evaporative uoils provide coolirm operation. Another job for Jarvis is the 

without the high capital and . V 2K5 l i lt £ d -‘Sffih « OMtn “ tlon of workshops and 

* feU . ** ... to distribution channels winch , tores f 0r ti, e Eocp, Water Corn- 

running costs associated with a, r ^ avity feed humidification mats p an T inSouth ShietSnffoS 
conditioning. They ‘ can deal an a return unevaporated water to Essex. This is part of a long 
with hot spots over machines, a sump integral with the unit, term development scheme, 
near ovens and in areas of high Water consumption for a unit a third job for the company is 
worker concentration. The effec- cooling 82150 cubic feet per a t the James Burrough distillery 

tive temperature of the air is minute of air to 65 degrees C complex in Montford Place, 

cPiUI^JhF TWO ^warehousing. developments reduced by increasing its from 72 degrees is 6 gallons/ London, SJLI1. This Involves a 

SSSck -and thJ f6r Tescostoresare to be under- humidity. . hour. linking bridge between Beefeater 

minster sewage works, ^na tne ^ Compactly designed for roof or Six models are available giving House and the adjacent terrace 


subsidiary _ — - . , J 

struction Gronp, has received, 
contracts totalling ever 
The Severn Trent 
Authority has committed over 


gStJf^SvMS «1, raoumn*. m Tprv , vs . 

_g^-a^a,Vs *’ «-*» »» * sz^&jsssvs 


low air (lows front 1.000-20,000 cfm. at Kennington Lane which Jarvis 
Neu. Newby Road, Stock- built in 1970 and modernised in 
Cheshire. 061-465 5511. 1974. ' 


tions such as these need a lot of 
workmen and ran be particu- 
larly unpleasant. 

In older designs, such as that 
of the Forth cantilever bridge, 
the structure is open to the 
weather and access for mainten- 
ance is relatively simple. But it 
is apocryphal* that the task of 
painting this particular struc* 
ture is banded down from father 
to son since the team starts at 
one end, goes to the other and 

Pumps the sewage 
efficiently 

CLA IM ED as the latest concept The heights of the stations 
in sewerage design is a range of vary from 23 to 53 metres to 
Pumpex fully prefabricated provide effective sump volume 
sewage pumping stations intro- and meet design depths of mains, 
duced to the U.K. *jy Sykiw They mav be supplied with or 

Pumps, Charlton, London SE7. j . .. 

The stations are available in without platforms, for mode 
three basic 5izes, having with platforms optional equip- 

diameters of 1.1, 2 and 2.5 meDt Included stainless steel 
metres, and rated capacities of wash-basin, water heater. Light- 
up to LOOOgal./min. ing, flush water hose and electnc 

Each station consists of a leak- radiator, 
proof tank- constructed of glass . Each .station has a steel plate 
fibre armoured polyester; it is cast into its base for tbe attach- 
delivered on site with pumps, meat . of pump volutes and in- 
pipework, valves, ladder and con- corporates a guide system for 
trol system. It is then bolted to easy removal of the motor units 
a concrete base which has been when necessary. Switchboards 
suitably prepared at the bottom and panels with starting control 
of tbe excavation and connected units for one or two pumps are 
to the inlet and discharge sides supplied as standard or to 
of the pumping main. customers’ requirements. In the 

All that is necessary lo com- case of two-pump installations, 
plete the installation is to backfill these are arranged to alternate 
the excavated area and connect automatically between duty and 
with the power supply. standby functions. 


Workhouses 
to homes 

FOLLOWING THE demolition of 
Dudley House (originally work- 
houses and subsequently offices 
for the Department of the En- 
vironment} in Endell Street, Lon- 
don, W.C.l, the London Borough 
Of Camden has contracted 
H. Fairweather and Co. of 
Potters Bar to construct 90 fiats. 

Facilities associated with the 
Oasis swimming pool will be con- 
structed— slipper baths, shower 
rooms, offices, plus three shops. 
There will be 23 flats above for 
elderly people with living rooms 
overlooking Endell Street. The 
rest of the development com- 
prises four blocks in which the 
remaining Bats will be built. 

Yellow London stock brick in- 
fill will be used for the construc- 
tion. and beating will be fuUy 
gas fired. 

Grainsheds 
in Sudan 

CONSULTING engineers Sir M. 
MacDonald and Partners have 
signed an agreement with the 
Sudanese Ministry of Construc- 
tion and Public Works for tbe 
provision of design and con- 
struction services . for six large 
grain storage sheds which are to 
be built in various parts of the 
Sudan. 

The steel-framed buildings, 
the four largest of which will 
have a cubic capacity below tbe 
eaves of well over 25,000 cubic 
metres are to be supplied by 
Conder Exports of Winchester. 
Hants. 


IN BRIEF 


• Foster Gunn International 
has received contracts for living, 
dining, kitchen and clinic com- 
plexes totalling £600,000. They 
include three overseas orders, 
tbe largest at £250,000 being for 
22 two-men living units plus other 
facilities for Streeters at Riyadh 
in Saudi Arabia. The company 
is also building three 600-men 
canteen complexes for Mobil Oil 
at its Coryton, Essex refinery. 

• Two firms of consulting 
engineers, J. D. and D. M. Watson 
and T. and C Hawksley, have 
amalgamated and are to ' be 
known as Watson Hawksley. The 
new firm will be based at Wat- 
son’s High Wycombe, Bucking- 
hamshire. offices. 


.<«' *T - — ■ 


APPOINTMENTS 

CIVIL 

ENGINEERING 


COMPANY NOTICES 


MANAGER 

united kingdom 


We are looking for an experienced and 
commercially minded Civil Engineer with an 
established ■ record of -’success in Initiating and 
developing ; project, opportunities ; in the un- 
civil Engineering market .< principally marine ana 
runnel projeexx ). : C ' ' 

The successful man or woman will have estab- 
lished contracts . both- .in. governmental and- 
commerdar-' organisations apd will be -required 
to search for and develop new. work potential. 

This is a senior post and .an attractive salary 
and other benefits will be negotiable. 

Written applications, to be made, to: Personnel 
Officer, Mowlam (Civil Engineering)- L imit ed. 
West gate House, Ealing Road, Brentford, 
Middlesex TWB 0QE- _ . - . 


V~' - NOTICE OF RATE OF INTEREST 
U.S. $25,000,000 * . 

BEARER DEPOSITARY RECEIPTS 
Representing interests in a 
FLOATING RATE CERTIFICATE OF 
1 DEPOSIT DUE 1983 
to be issued by 

BANCO UNION. CA. 

(A. Venezuelan Corporation) 

In accordancc.with the provisions of tbe Indenture 
of Trust and Deposit Agreement between Banco 
Union,' CA-, and Citibank, N.A., Trustee; and 
Depositary, dated as of April 1, 1978, notice is 
hereby given that tbe rate of interest for the 
initial' six-month interest period has been fixed at 
8A% p.a., and that the interest payable on the 
relevant interest payment date, October 1, 1978, 
against Coupon No. 1 to the Bearer Depositary 
Receipt will be U.S.$40.9S and has been computed 
on the actual number of days elapsed (183) 
divided by-360. - 


April 3. 197S • 

By: . Citibank, N-A- Loudon 
Reference Agent 


CITIBANKS 


Mowlem 

liilm 


URGENT 

JO kind -faienas . Wto_ 

date m»dt l merest Keg *** ** 

X to twwnliiM w 
relief of Human suffering- 

nmmrlrtl lb Hi UM f tllC OUtlt»ljdIlIB 

-caelUl xflM » mount ino » ^ 

KcrSuTY. li*' 

SW1 MP. TH. qMM sis#. 

IN OBEO IT IS • . ; 


HBj'SAVE OUIt PC-SraviCXMEN 
^FROM ' FURTHER SUPFERINQ ( 
'War* dahi. .noUl Northern ' 
■Iretairf to«» jneau that haodwtlBr 
of thousands of -war victims sllU 
aw ._ sx-aenlcenicn. vldown. 
oruhans desperately need hont-.-s. 
jobs, load, fuel and. .other cssmv 
Hah. vpliaso-wim donaUone to: 
Tho Rsyal irldsh Lcsloo Beae- 
Yimt Fundi Mal*dooo, Kent. 

ME 2 B TUX. 


CONFERENCES 



DIAMONDS FOR lNYESTMENT 

Diamond Selection Umttod dHtr IpoM- 
cut uu BonkMVM eaipuiH* ifij 

Mm. UFWmhiw 

of ones from tnur raoBc..^*A* lffl 

Apnl 4S7fl . MuVi ;. 

sor -Cv at' 


DSL Grado 
60 ,*,tbS . 

luoioiiaB ■ • 
i4onon40 
160HS.1M 
300/201120. 
400/30T110 . 
475/501101 ■ 
B 00/70/90 
1200/140/80 
1700/180.70. 
220 ' 
27C 




1 M»v 3 

124o5^ . 
10613 ■ 
.. 9320 
7941 
7256. - 
.4368 
3264 . 
2537 
. J 795 - . 
1035 - 


VARKIN CAI^V. 11/ B M«KP»ib_»= 
1 . London, S.W.1. _ 238 B144. WalWr 
Bdm \869.l9tS6. A Camden Ton'd 
Painter. UrtM otlf Apn» 


tinted by -a^pruatiinaMlV 300 oa ten*. 
4in<* lat Juft 1989 ■ •• 

. , \ DSL Dr &5^rtS^w/cmt ,9,,0W *^ 
Maica is i«*r» *wv «oed. 

All stwws art praaed In PSL W***; 
UriM using the most modern wi«- 
-menf. 

. Brochure with proctnure for y*v/n g 
and selllno graded and certified dia- 
mond* is avaHaWe from 
. '-DIAMOND MLECHOH LlMmD : 
. MerdiN «*»£■_ *2?. 

London BC1N 890. Tel. 01-405. M45. 


WEST 2ND THBATRt AVAILABL E Jor 
am -tor meetings and conferences • Lrtmt 
re.rex.ment lauiltm a*ailable- 
240 2076. 



' ; VM'{. ■: 

^ Pie East European market is " : 
becominga more and more attractive - 
■ propositiw forVlfestem firms. But despite 
' a steady increase overthe past decade, 
East-Westtrade remains fraught with 
rules, regulations and cumbersome 
formalities. - ' ; . . v- • ' . ' 'V 

:: - So ftisvital tD be well informed, tn . 

advance-Thafe where we can help. 

•: • We can supply you, on demand, with . 
t " the fadson.East Europe; its pojitie ^.' ?■ ■■ • 
'• •: economies, hade; industry, finance.. ' ■ 

. rV\fe can give you accurate, up-to-date 
L .. informaifort'sfotBlJcs, forecasts andj. 
expert opinions, ^thered from a wide . 

variety of authoritative sources. 

• • ; . .We'H undertakespecificresearch dr .‘; . . ; 
: ConitinuQUS monitorit^foryou.AII our ■ «: 
■researchersare specialists in East 
: Europeanaflairs;tlieirexperienceand ' 

: . insight will go a long way towards helping; 

you turn outline proposals into clearly ■■■' 

. defined plans. 






■ yyi.iu iiiy.yyu^w' i vwiw*, ^ ■ 

You’ll find we riot only helpybuget' : 
into EastEurope; we abohelpyoug^ th 
nrwstoutd'rt.;;; : y- / 

The East Europe i 

i ■ m * ' 




fteifciuLi 


ROTTERDAMSGH BELEGRiNGSGONSORTIUM N.V. 

»« sat 'snas 

of National Piovtncbl. Bank {Nomrnecgr limited Uia rate or exihaave for tfie 
.payment ol the Cash Option Is fl3.4.07 fc 0 = £1.00. 

UNITED KINGDOM RESIDENTS 

10.12770138 per Sub-share and Is subject lo tiro 


The grow dividend 
following deductions:— ■ 

1S14 Dutch Tn« ... 
ia*o U.K. T«, . - , . 
Exchang- and M N Comm. 
Net Payment 


CO. 01915521 per Sub-share 
7,0.02426326 pee Suh-share 
10.00173025- per Sub-share 
£0.08255266 per Sob-share 


NON RESIDENTS OF THE UNITED KINGDOM 

Where 2S% Dutch Tax is appllsaWe. the loll owing deductions apply: — 
_ . . _, £0.03192534 per Sub-share 


2SV Dutch Tax - 

34% U.K. Tax on Mt dwl- 
oend {when applicable) . - 
EKcfwngc and M.W. Corner?. . . 
Net Payment 


10.03256385 per Sub^hare 
C0.D01730ZS per Sub-share 
£0.06148154 per SotxJjare 


ART GALLERIES 


f ICLuWIRNC GAU.BUA 63 . OU««- 
giwe. N^rJ. ART IN-REUCWH. 


where 15% Dutch Tax is ^Prihabje the caic BUtlom ane ^w Jar United 

gdom Rnidert """* * "" *“ J "**" 

provMed that the 


, DUTrn ia* n appiiuiuie lmc wiiww'ii y- *** 

Kingdom ficsWti. but rHW from United Kinwom tax Is irmriM lately obtained 
iuiwi.o™ inland Revenue AthdaWt is- lodged with t&o claim. 


i.AGWEW CALLKUg. 43. Ote_ ,gy 
W.1, 629 6176. CE»iOJ«P 

OT.kRTlSH PAINTING. UntM « W 
. MfljhjfC P-30-5 JO. TIhits.- until 7. 

; FOX GALLIRY; - ExW«:h30 o{ the 

J Ings to*- Grithh and- Europe*" Artlsti 

frotn , 1700-1965- . 5-6 Cortc Stwrt,. 

London:-- W.1. Tpl. 01-734 262*. 

WadkdeA 10-6. Sat 10-1. 


CLUBS 


•VE. 1-88 DgtA 5tfecL 734 MSTLA » 
Carta or Afl-ia Mens. Three 
Floor Show* - - 1 0 AS. 12A5 and IAS _wp 
mule ol- Johnny HawfcesWorth A Friends. 


* ..*THK GREAT BRITISH STRIP 
Shaw at .MMnight and 1 
MonT-Frv. Closad Saturday*. D1 -4 s7 6455 


CLASSIFIES ADVERTISEMENT RATES 


Comuierdal and Industrial- Property 
Residential property 
Appointments 

Business & Investment Opportunities, 

Corporation Loans. Production Capacity, 

Businesses for Sale/Wanted 
Education, Motors, Contracts & Tenders, 

Personal. Gardening 
Hotels an j Travel 
Book Publishers 

Premium positions available . . 

(M inimum size 40 column cms.) 

£1.50 per single column on. extra 

For farther details write to; 

Classified Advertisement Manager, 
Financial Times, 19, Cannon Street EC4P 4BY. 


. fwr 

single 

column 

line 

cm. 

£ 

£ ’ 

4.50 

14.00 

2.00 

• 8.00 

4.50 

14.00 

R25 

16.00 

425 

23.00 

2.75 

10.00 

— 

7XK) 












10 




FfianclaT TFimes 1 


EDtTED BY CHRISTOPHER LORENZ 



PRODU CTI VIT Y wheaie* :n‘r- • 
dined by cosrpa.ijer in l 
:-evcn r:vnth= since «jy i y wre 
jiven tte .;>asead by list- 
CavcrESrcfit have tcinlvd Vi 
fc?ar I.ttl® resemblance i»j Their 
preci'ress^rs «>: the late Ills' 1 - 
Tfc si? is .ho view of several of 
the members of the Maoa^ezcen- 
Conwltar.ts Association who ar*- 
particularly arlive in industrial 
reJstiunr and productivity. 


Breeding a new type 


of productivity deal 


people arc less lively to accept 
non-payment 

The MCA members suggest 
that in big concerns it is possible 
to divide workers into smaller 
groups for the purposes of 


BY HILARY BARNES IN COPENHAGEN. 


o- r- mi j- , v . 

u?? ■‘. C0 kp °SE d Bf mosfTepuI. when they were convinced that materials in a sensible way 
cited one concern which had no sive choir* r „ e i.„ _ . ^ to 


choice of wood and the actual performance of the make a better product” saS 

ed with braes-'* nVn 1‘ifnrl im ff» tViO" (4 a<|1rVI 1 flVnU • T#i«ink> ' 1.1 _ _ _ JO • 


stricter hue with the public number of productivity deals in a company. Some of the 
sector than with the private cover all employees, including consultants even suggest that 


mumcatjons 


responsible for most of B and 0’s 


i small company 
lerms. -The. 1976. 

* Was Dkr.663rij. 

■it has. 3A00 em- 


higher percentage of agree- 
ments cover all employees 
instead nf hems limited only to 
production line workers, a 
development which is a factor in 
fewer deals being based nn 
traditional work study 
standards. 


Many companies are now embracing all their employees in 
productivity deals. This contrasts with the practice 
of the late 1960s. Sue Cameron reports 


neisawun not. iu iouow sun — mm auuio equipment manufae- vire among the large inter- l,u s cs » lumuiuies. receivers and 
especially if they are in the hirer. national manufacturers. . ■ JnuUspealww, which are all 

same or a sim ilar line of it is the first time since 1952 The first product to emerge incorporated ; ; into, a single 
business. that the museum has deemed it from attempts to achieve a new ■ es) * D *J*S nL .’. 

Although most companies are worth holding an exhibition for harmony . between advanced About 60 . >per cent of the 

limiting their productivity pay- on© company: on that occasion, technology and design was the sales are for export. The U.K fa 

merits to between 5 and 10 per too, it was a European company Beomaster 900 receiver, de- ti.e largest export market and 
cent., the MCA has come across which was honoured: Olivetti. signed by Henning Malden- the U.S. second. B and O set up 

a few organisations which are The museum, which has a hawer. This model was later a distribution company in the 


At the same time most com- in management consultants for mate mis and bought- in services, rapidly if performance falls, planning to give employees number of B arid O items in its imitated by ether European U.S. In 1970. and is now repre. 

panies are putting a ceiling on help and advice. And it is the finance people who and There is no bonus that bonuses of up to 20 per cent permanent collection, first had companies. sented there by 300 agents. This 

productivity payments of about vifhat has given association usually play the chief part in m oa th ft»r employees This is To offer * h(sil percentage is the idea for the coming B and O people maintain that was an important consideration 
10 per cent, of basic pay. This mcm b PR particular cause for drawing up and administering - nrf i PI1 iari v *hn if the Hrnn lo invilE inspection by the De- B and O exhibition when repre- they are not designing for for the Museum of Modern Art 
is in order to avoid too much concern ;s t hc number of com- productivity deals. ? f 5 , ii r P artoent of Employment, and it sentatives saw an exhibition of design's sake: they are seeking Their only other condition— 

attention from the Department pan j cs which— in all innocence y^t there are still difficulties tn p , er , r7J?a ”f. c 13 , ***?,, vouW follow that companies its products in Copenhagenin a marriage of design and tech- apart from technical quality— 

of Employment, which is —have sketched out productivity particularly if an agreement has m , , concutiuns beyond tuc which do so must be confident 1976. They were impressed with nology. “The purpose of. design was that- they did not have to 

scrutinising some schemes— par- a=reemcnl5 : that are not actually -,een drafted too quickly. control ot a company s manage- 0 f their ability to improve per- what they saw. but only went is always the same; it is to com- cope with the commercial con- 

ticularly those in thc public 5e if.a na n C in^ They lav most of " For inti-'anec an agreement fflent , or 115 ,xne worKcrs - , e formancc considerably in order ahead with the New York show bine ideas, function and sequences of the exhibition, 

sector — with a veritable for this on ihc speed ba L d on added vStacmS ^ultants suggest that such a l0 finance payments. , ; — • — . i 

magnifying glass. The depart- with which the government require long references back in raises the question of ryrrKTfVr MFAI Tf* 

ment can inspect any agree- j nlr0 d U eed its productivity tin , L , in order to arrive at a gQod nhou com mun cations. managements have not EXECUTIVE HEALTH 

ment, either when it is sc heme last summer. They say 5r)un d baseline. This is partivu- • They also say that reactions made greater efforts before now 

introduced or later. that if industry had been given j ar j v necessary in cyclical in- among employees to. non-pay- to improve company perfb?- t jni - • A 

Another significant infiuencc mo re notice, there would have dustries such" as shipbuilding, ment of a bonus may vary; for mahee. It would seem that some . ■ TIO MTPT 

on the shape of the latest round been fewer hastily though! out where there are well defined example, in some cases a slight of them must have had consider- AUv X/liVA . 

of productivity deals is that the agreements needing drastic peaks and troughs. Yet the con* downturn can act as an incen- able leeway for doing so. . . ' - , v 

Government demands that they revision before they could be tuitanls have found a number tiv 'e t0 Sweater effort and im- The consultants say that the 
be self-finandr.g. Thus, while put into practice. of ojneerns that have not gone Proved efficiency, while in Government’s scheme has acted |BI I 

MCA members say that there MCA members point out that bac j. far eno ugh. Sometimes it could lead to unrest. as a stimulus to many organisa- 

are undoubtedly some phoney one of the problems in planning because changes within the 0,1 '■ hc whole, though. MCA tinns to look for new ways of • 

deals around — one large com- productivity agreements to-day company made 3 it virtually im- members have found that em- improving performance. They DR. DAVID CARRICK 

pany is said to be giving its j s the lead time many of them possible to work ont relevant Ployecs are prepared to accept add that companies now are _ * '• 

people a 2.5 per cent, bonus in require. In the good old days— a aded value figures; sometimes * he realities of a drop in per- looking to thefr use of materials. DOCTORS are not supposed to 
return for keeping to the times as far back as the 1930s— pro- because the need’ for long formance. • work rn progress and stocks to ^ ^ expect ^T 0 . ■ 

laid down in their contracts— ductivity deals were normally references had not been fuUy The consultants maintain boost productivity, rather than •, mmnnP { ^ m complaints 
there are not many. o^anised by a company's works appreciated. that it is important for any pro- a speeding up of the time taken from wWch ^telr pa UuSTStay 

While the Department of director, who could afford to The MCA members stress ductivity scheme to be applied to do a particular line task. suffer. Sometimes, however. 

Employment is scrutinising spend six or nine months study- that productivity schemes — to a- fairly small group of Yet the MCA members also t jj ev ‘ are actually ’stricken hy 

some bonus schemes very ing basic work standards. Such especially those based on added workers — not- more than, say, admit that if companies had to some malady. 

closely, the MCA members a delay would not be tolerated value — require a high degree 400. This is because an agree- bring in fresh productivity deals when this happens th& event 





1 


aneaa witnouc oeing looKea at agreements aisn applied only to one knows what is going on) if a large company is likely to down oy government guiaeimes. pen to be temporarily fit, -obtain - 

because the Department does blue collar workers, and most they are to be successful. They make an individual feci that his they would find new ways of a quaint sense of triumph; .and . the wretched natiwit b ^onry a number " i ' *• *• ■ 

not have the resources to look work standards were based on say that when this is forth- or her personal contribution improving performance. There frequently make that- madden- “V j . v,. ... • ■ ; - ■ 

at them all. the time it took to perform a coming a productivity deal can does not count for much. The would also be a substantial comment: “ physician -heal orangesquaSh repulsive .for flfe.iospital. in 

The consultants say the oarticular production line task, do much lo improve, communi- whole thing becomes too growth in the number of bogus thyself”; suffering patients, and alsa ensures that one }sT>lekehiIaA'h^ 


department is taking a much But to-day 


increasing cations and relationships with- remote. 


consequence agreements. 



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who wish his services, are filled hopping . out.-oE bed day .utf-eft' in. most ufrahibriOus areas, 
with a bewildered sense of nifibt Also,-- of couree, fairly. This is sieged,' to .be. for their 
resentment: many, however, powerful analgaesics have to lie “ own good. By chance, per- 
having recovered from the shock usetL 

nf learning the impossible. Now Jt is : said that doctors 

express great concern and sym- are bad patients. In a way this a» possible. And all the time 
pathv and they make up for all is trttfc • One of the mhin one is.ajar^pf the eroding pr?^ 
rbe others. - : ■ problems is that the sick medico ot. TCdUffmg the status ol 

Last August I was suddenly toows.aU the questions and «»• 
stricken with severe pain due ’ “ pnlitidS Ureain^Srse. that, 

to a kidney stone trying » make S5T« 0 S by ^afeunf from. the., best . and 

Co. »•«»*" theater. WrMrtgSi £&%SSS wiU hr 

attack happened to occurwhUe^ bctteritvitfe ho- jieWitfea:. the 
, ctcvr I was carrying out a full medical or woman Ss : Goths ami Vandals had the same 

hester examination on a man who must 2?™* “« l S2*u.u? « r “™J.notinn uiien sackine Rome and 



tne time, ine pam becoming . . wrorur it will -g°°d, tb.ug for a doctor to ex- 

intolerable, there was nothing Lpifen to a^dortor o?n U rL as d 'P e rS nc ^ matters himself and to 
for it but to allow myself to be w h i?h proX1 an ^PPreciate just wbat happens to 

taken lo my own teaching hospi- ^ A p ai aJ) re W ‘patiedfcs whom he blithely sends 

tai whece I was adndtted. w m each day. Also. I found my 

Before continuing, it is neces- if one ^ in ^ public ward stay an excellent way of losmg 

sary to explain somethmg of (and • Ba ^ s has never had! 

what is known about kidney privatc wards throughout its » man off -on^ ieft who. when 
stones. They are made, up of ^ ef existence) it is IjwWtas 

vanous materials^— often having eisentiaI to avoid letting other other uncOntb Pokes fjora 
very sharp spikes-but the patieats koow what you : ttce . various P”ts of his sysum. and 
reason for their i ormation is not if on ones rlght there is an 


very well understood. It is not 
surprising, perhaps, that an 
unusually large number ot -cases 
occurred about a year after the 
amazing summer of 1976. When 


one is very hot and sweats pro- note changes that have taken 
fusely, and the lost fluid is not P Iace *. was * ^ student- 

replaced, the body demonstrates patient. 25 years ago. The nurses 
its jealousv of anv floid avail- are * s excellent and as pretty 
able. Thus’ it will rob the bowel as «vw. The slstersjare; much 
l leading to constipation) and younger as. thanks to the Salmon 
the kidneys. Such urine as is Report, no good nnrse wishing 
left is highly concentrated and a salary increase can- continue 
may lead to a conglomeration of nursing but has to. become an 
various salts which form a administrator. Then there is 
stone. When this begins to move tbe astonishing increase in the 
into the ureter, very severe number of lay administrators 
pain will be felt in the back and aTld . technical staff, far outnurn- 
on the relevant side - of the Bering the nurses or doctors: a 
abdomen. . change that can be of np value 

Treatment has changed little 5° the wretched, patient ..who is 
since the dais of Hippocrates. ° ut a number. 

The patient has to drink huge I noticed other disquieting 
quantities of fluids. . which changes. Student nurses: spend 
makes the very thought of less time in their teaching 


epileptic. ;'scaffblder who throws 

Pt'Pff’V TllirCPC fiti betimes, the. result is •W- 
11111 SC? - thing but ah aperitif. 

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In a life increasingly dominated 
by schedules, deadlines, traffic jams, 

.. parking-restrictions and general bureau- 
cratic insanity, the Citroen CX brings a 
' welcome release from the pressures of - 

■ the day. : \ 

Its seats, are as inviting as ydjur 
favourite -armchair, hugging as ‘if 
moulded to the very shape of your 
bqdy.Their design gives excellent back 
arid leg support. However long the 
journey, driver and passengers arecom- 
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SMOOTH. 

Whatever price you pay for a car 
y ou Will no t buy a suspension superior 
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a CX remains delightfully smooth all 
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suspension absorbing any unexpected 
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A bonus to all this is the comforting 
knowledge that if you had a blowout 
on the motorway Citroen’s hydropneu- 
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■ adjust to maihtairi directional stability 
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.... Further- reassurance is provided 
■ by Citroen’s VariPower steering. It pre- 
vents wheels being deflected by road 
L surface irregularities and grows pro- 


niustrated CX 2400 Pallas with optional sun roof. 

- / 

gr essively firmer. with increasing speed 
so that the driver always remains in 

complete control. . 

At low speeds and for parking, 
the steering is fingerlight, and power- 
returns to a straight line position 
immediately the. . steering wheel is 
released.. No other car has a steering 

which can match it. 

• QUiET. 

Quietness is yet another feature 
of the CX, due principally to the aero- 
dynamic styling which reduces wind 
noise . by allowing the wind to sweep 
over, under and around the car. A high 
level' of sound insulation makes a fur- 
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GX by, reducing road noise. 

It also bears mentioning that the 
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CX 2400 Safari Estate - 109mph £5575-05 

CX 2400 Familiale - 109mph £5678*01 

CX Prestige Injection (C-matic) ; . 112mph £8640-45 



OF 









} 


lombard 

Mr. Benn as a 


THE WEEK THE COURTS 


conservative 


BY ANTHONY HARRIS 


PR. DICKSON 3IAB03. Abate- 
thins of a Labour right winner, 
■wants as much of it as fast as 
ups 1 *! Ole. Mr. Wedgwood Benn. 
I gather, is rather more inclined 
to leave it in the ground. Since 
market economy enthusiasts are 
inclined to argue that North Sea 
oi! can perfectly well be ex- 
changed for other assets whose 
income will look after our 
energy nerds, while the ecology, 
small-is-beautifu) wins goes 
around muttering about wise 
virsins. it is tempting 10 say that 
the North Sea makes left- 
w ■ n gj»rs conservative and right 
wingers liberal: but it is not 
quite as simple as that. The 
Prime M ; ov=ier teens to , .*« r ds 
slow depletion, as dn rome 
Tories. So, as it happens, do 1. 


Argument 


The strongest argument. I 
think, for having ini* anil lots of 
oil as soon as possible n that it 
removes the balance of payment' 
constraint which may otherwise 
cramp our growth rate io a 
lo-Apr lev*) : hnt lh;«i means 
treating the oil as income, and 
only makes sense if you believe 
Thai a pm'nnoed hurst of slightly 
faster growth will of itsplf work 
some economic miracle which we 
have previously missed. If it 
.fails, we are left looking un- 
commonly silly. 

' The rather more provident - 
effort to use oil revenues to buy 
other overseas assets — in other 
words, to plan for a large balance 
of- payments surplus — seem' to 
"me tn use up the oil for a rather 
minimal and risky heneflt. The 
-balance of payments constraint 
Is reimposed as 'a mairer of 
polic'- **<j ernwh anari from oil 
u? almost as slow as if we had 
nevpr' found it. It is just an 
alchemy to turn nil into Paper. 

_ The Lrauble with this approach 
is that there is no guarantee 
that the earnings of this paper 
will in fact huy the energy we 
will need once ihe oil is ex- 
hausted. The relative price may 
.change. The hest insurance 
against this risk, quite apart 
from the strategic risk of depend- 
ing once more on imported 
energy - , is either to keep Ihe oil 
in the. ground, or at least Id 
ensure, that as it is depleted, it 
is replaced with substitute 
energy sources. 

. This energy - substitution 
priority seems now to be pretty 
generally accepted among poli- 
ticians and laymen, and I suspect 
that they are thinking, more 
clearly than the economists. It 
is very useful in statistics and 
macro-modelling to treat “ re- 
sources" and “output” as mere 


money-series: but the lay appre- 
ciation that some things are not 
reliable substitutes for others is 
an important truth. 

However, it is not only true 
lhat foreign investments are an 
unreliable substitute for oil in 
the ground. Nuclear power 
stations are also a questionable 
'ubstltute. You cannot drive 
cars or make plastics out of 
them, for a start. The one abso- 
lutely infallible substitute for oil 
in the ground is imported oil. - 

Within limits, a careful deple- 
tion policy would not much affect 
the growth rate of consumption 
because the slower the exhaus- 
tion of oil. the less the heed to 
divert resources into energy 
substitute programmes. The 
growth of GDP would be lower, 
it is true: but the sooner our 
rulers realise Lhat the aim of 
the economy is to satisfy humah 
needs rather than mamnise 
GDP. the better. 

There is indeed a strong reason 
for thinking that any delay which 
can be secured in energy-substi- 
tution is wise in, itself: for it is 
entirely possible that the tech- 
nology of nuclear power will 
look very out of date within a 
decade, or certainly two. 

Finally, and this is really the 
strongest reason of all Eor con- 
servatism. a careful depletion 
policy would reduce the flow of 
tax revenue through the itchy 
finger- of politicians and civil 
servants who long to use it to 
finance all kinds of pet projects. 
from propping up dying indus- 
tries ■ and providing further 
subsidies for capital investment 
to di'placp labour to once-for-all 
efforts to complete road net- 
works. or provide -North Sea 
sports palaces in every borough. 


Too fast 


The sad thing is that although 
the arguments for a relatively 
provident depletion policy are at 
last beginning to attract some 
political attention— Mr. Wedg- 
wood Benn. perhaps, is impressed 
with the technical risks in coins 
too fast, and the Prime Minister 
with the political risks of allow- 
ing his colleagues too much 
money in a ru-»h — the Issue is 
largely academic' for some time 
to come. The terras on which 
existing exploration has been 
done allow for such quick 
recovery of capital that produc- 
tion is likely to shoot past self- 
sufficiency for a time whatever 
Is now decided. The Whitehall 
wurd for this is “ momentum. 

1 prefer the word “ mistake M : 
there is still a good deal of sea 
to explore, and we need not do 
it again. 


THE PARLIAMENTARY Com- 
missioner for Administration 
(the Ombudsman) is fast be. 
coming the natural alternative 

ip the courts of law or adminis- 
trative tribunals for the citizen 
in search of his remedy for the 
wrongs committed by central 
Government departments. At 
local Government level the Com- 
missioners for Local Government 
are flexing their muscles against 
some local authorities, -particu- 
larly, in the Geld of child cate 
and education. 

Since the establishment of the 
office of Ombudsman the three 
holders of that office (all retired 
civil servants of distinction) 
have investigated complaints of 
maladministration by most 
Government departments with 
an assiduousness that one would 
have expected. In . the cases 
where the complaint was upheld, 
the errors uncovered invariably 
derived from inordinate delay, 
inefficiency and bureaucratic 
muddle. 

In the vast majority of . the 
'cases the administrators have 
been exonerated, a (act that has 
not been lost on the Civil Ser- 
vice. which on the whole has 
welcomed the advent of an out- 
side. independent investigator 
into their dealings with the pub- 
lic. 

'■The latest report of Sir Idw'al 
Pugh is. however, altogether in 
a different category. His castiga- 
tion of The Department of Health 
and Social Security is unusually 
strident in tone. The depart- 
ment Is found to have acted oyer 
a number of years “ disin- 
genuously.” “not frankly” and 
even “ deceitfully.” 

The case concerned an un- 
named. wounded colonel who 
retired from the Army in 1949 
and who has spent the last 30 
years in a ceaseless battle to 
obtain his full pension rights. 
The colonel and 24 other war 
pensioners who were receiving 
no retired pay should also have 
received a regular payment re- 
flecting their rank, but persis- 
tently did not. 

In 1964 -■ the department 
acknowledged that it bad been 
wrong . to withhold payments. 
Even when the ministry finally 
agreed to pay the colonel his 
arrears. If Tefused to pay the 
Interest. Contrary to legal 
advice that it received, the 
ministry did not offer to make 
good the error io all cases. Un- 
daunted and dissatisfied with the 
ultimate, grudging acceptance by 
the department of the errors of 
its ways, the colonel continued 
to complain. But ministry 
officials were given Instructions 
not to correct any underpaid 
pensions unless pensioners 
themselves complained. 

Three years ago the Ombuds- 
man took up the colonel’s case, 
and immediately the department 
agreed to pay all the arrears, to- 
gether with compensation for 
the delay, amounting to about 



£1000. The department found 
24 other similar cases m its files. 

The Ombudsman was. not 
surprisingly. . scathing about the 
department's behaviour. . fie. 
said the old .Ministry of Pensions! 
acted improperly -in deliberately 
choosing sot tp lake steps to 
ensure that all the pensioners 
affected by the error received' 
their full entitlement. For 13 
years the ministry had acted 
“so as . to disguise what, they 
were doing by a disingenuous 
choice of words’. . 

The report concludes that, it 
is deplorable that a Government 
department should deceitfully 
withhold a significant proportion 
of the rights and resources to 
which a group of pensioners 
were entitled by virtue of the 
rank they had earned in war 
service. This forthright criticism 
has belatedly been accepted by 
Mr. David Ennals, the present 
arinister. 

The Ombudsman now pro- 
fesses himself satisfied that be 
has adequate assurances that the 
compensation will be paid. Thus 
the remedy has been achieved 
without resort to the courts. 


Successful 


One can only speculate what 
the result would have been had 
the colonel chosen to pursue his 
case through the courts. The 
ahility of the Ombudsman to in- 
spect’ department files is far 
more efficacious than the powers 
of the courts lu order discovery 
of documents. 

One could then envisage the 
department claiming Crown 
privilege for some a I least of ihe 
documents in its possession. And 
even if the colonel had been 
ultimately successful (with the. 
attendant risks that' he might 
be liable for legal costs if he 
lost his case) that would not 
have done anything directly for 
the. other 24 pensioners whose 
eases were buried in the 
bureaucratic, jungle. 

This example of the powers of 
the Ombudsman to extract com- 
pensation for the aggrieved 
eirizen against government 
administration will add grist to 
the mill of the Commons Select 
Committee which has just 
announced that it is conducting 
an inquiry into demands for 
extending the powers of investi- 
gation of the Ombudsman. 

Tt wMI also took at the rail 
from some quarters that other 
areas of public adtnlni'ttatlon 
should become susceptible to 
Invpstipat-inn.. 

The Select Committee's report 
f-o Parliament, expected rn come 
before, the Commons recess for 
the summer and in a run-up to 
a general election, will pose 
problems for both Government 
and Opposition; -vying with each 
other to demonstrate concern for 
the rights of the individual. 

Two solutions which would 
shelve the problem present Lhem- 


seiTes. The Government might 
accede to a long-standing 
demand, first raised by the lia'w' 
Commisribnitr the early days of 
ffs life ia- the late l96Q<r and 
Jobbed off by all adm i n i Stratt ons 
since, that the' whole . or- dux 
administrative law .! (grossly 
defective by . comparison with 
that pertaining In oilier Common 
-Market countries) should ' be 
subjected - , to Royal Cotmmssion 
treatment. _ „ ' ■ 

The -other solution is tt> put 
any proposals for extending the 
remedies of aggrieved oHazens 
into the context of 'suggestions 
for . legislating . a Bill of Rights. 

Both- the major parties, are 
expected to include in their 
election manifestos their 
-thoughts on. where to go in rela- 
tion to the European Convention 
of Human Rights. . 

The frequency of complaints 
against the UJK. Government 
before both the European Com- 
mission and European Court at 
Strasbourg in the last few years 
has prompted — if not forced — 
ministers to tackle the issue of 
providing an alternative avenue 
of redness to the unsightly one 
of possible castigation before a 
European tribunal. 

There are also demands, for 
the Ombudsman 1 to investigate 
at the direct request of members 
of the public, instead of cases 
being referred only through. 
Members oF Parliament. When 
the Ombudsman was first mooted 
in the late 1950s by the all-party 
organisation of lawyers. Justice. 
it argupd 'strongly that the 
channelling of complaints 
through MP$ would be unneces- 
sarily inhibiting. 

But the legislation insisted on 
this filter, if - only, to ensure 
control of the flow and volume 
of complaints. There was also 
the pride of Parliamentarians to 
contend with. They regarded the 
institution of the Ombudsman as 
their collective agent in dealing 
with constituents - complaints. 

Now the Ombudsman has 
demonstrated bis ability to- cope 
with the volume of complaints, 
there is less opposition to direct 
access to him by the aggrieved 
citizen. And the experience oF 
the Commissioners of Local 
Government, who have a discre- 
tion in certain circumstances to 
allow a citizen to bypass, his 
local councillor, will strengthen 
the argument that the Ombuds- 
man should have a similar 
power. 

One way or another, the 
public watchdog over the 
citizen's rights dgainst the 
public administrator is develop- 
ing both a louder bark and. a 
sharper bite. The next year or 
two will show how far . tbat 
development will take us in the 
direction of a complete code of 
administrative law. 


Partwmentary Commissioner 
for Administration, fourth re- 
port. 1977-78, SO, 25p. 



t Indicates programme in 
black and white. 


Weather- Regional 


BBC 1 


6.40*7.53 a.m. Open University. 
12.45 p.m. News. 1.00 Pebble 
Mill 1.45 Camberwick Green. 
3JL5 Songs of Praise. 3.53 
Regional News for England (ex- 
cept London), 3.5 5 Play School. 
420 Tarzan. 4.40 Hunter's Gold. 
34)5 John Craven's Newsround. 
5.10 Blue Peter, 

5.40 News. 

3.35 Nationwide (London and 
South-East only i . 

,.'6.17 Nationwide. 

6.40 Young Musician of the 
Year. 

7.20 Angels. 
fl.10 Panorama. 

9.00 News. 

9.25 Monday Film: “Kansas 
. City Bomber " starring 
Raquel Welch. 

. 11.00 To-night. 


H.40-H.45 
News. 

All Regions as BBC 1 except, at 
the following times: — 
tt'alcs— 1.43-2.00 p.m. Piii P ala. 
Wales To-day. 6.17*6.40 
Heddiw. 11.40 News and Weather. 
• Scotland — 5.55 p ,m. Reporting 
Scotland. 6.17-6.40 The Facts, the 
People, the Backgorund. 11.00 
Public Account. 11.35 News and 
Weather. 

- Northern Ireland— 2.53-3.55 pm. 
Npv/s. 5.55-6.17 Scene Around Six. 
il.40 News and Weather.-' 
England — 3.55-6.17 p.m. Look 
East (Norwich): Look North 
(Leeds, Manchester, Newcastle); 
Midlands To-day (Birmingham); 
Points West (Bristol): South 
To-day t Southampton t : Spotlight 
South West (Plymouth). 


7.P0 .Yews. 

7.05 Children's Wardrobe. 
7J30 N'cwsday. 

8.10 Drama 2: 1990. 

P.00 ,w JO‘m World of Music. 
9.45 Americans. 

1Q.35 Just a Nimmo. 

11.03 News. 

11.15 Open Door. 


LONDON 


BORDER “ 

S.J5 a.m. Spirj-noan. IB. IB Retort. 
Makers. lino Salrza? i!w Conqueror. 
11-35 Lookout.' li.«;Osr-ar ir Ule Hat 
Fits. 12.30 pjfi- Gante-iing Today, tl-28 
FordiT New*. 2J» HoiivpartT. 2J5 
Mntiuee: "They Met tn the Dart." 5J5 
(i smock Way. 6JN Lookaround Monday. 
60S UnMrdw Challenge. UJ0 An 
Audicm-e With Jasper Canon. U.0C 
McCloud. tl2.40 turn. Border New* Sum- 
mary. - • 


raw Alastair Sira. SJ0 Beryl's Lot. 545 
:i.niveratF Challenge.* 6.00 Sewland 
Today. 6J0 Crimedwik. 10JB The Andy 
wiiuanv* Sbov. . 11. OD front the- Top. 
1U0 Ute Call, ms The Prisoner. . 


SOUTHERN 


BBC 2 


6.40-7.55 a.m. Open University. 
11.00 Play School. 

4.55 p.m. Open University. 


F.T. CROSSWORD PUZZLE No. 3,632 



ACROSS 

__I Make chaps In the river stand 
up in relief (8) 

“4 Sing with wine .inside — it's 
appalling (Si 

10 A sailor in assembly causes 
a vulte-face t4-6i 

11 College window (5) 

13 Greedy opera singer returns 
; (4) 

13 Associates Id camp soon 
change ( 10) 

1.5 A group with. a litile place 
he fore the lake (7) 

16- Ushers -produce a monkey "(61 
19 Note what is strict must he 
unresponsive (6) 

21 Republic soon' follow** the 
Londop Light Brigade (7) 

23 Two points, wo hear, for one 
who is serving (6- 4i 
25 Upper class hat worn back to 
• front in U.S. (4) 

27 Food That comes by way of 
North Dakota (5) 

28 One with a hump just cannot 

take it (4, 5) . ... 

29 “ Those who have the best 
— — are not the. best 

: thinkers'' (Voltaire? (S? 


30 Engineer friend. Is lhat so 7 
( 6 ) ■ 


DOWN 

1 Delight on the way Jn (8) 

2 Enjojs a brief, reputation- (S) 

3 It is a bird — put that in your 
pipe (4'i 

3 Percy makes up the team (7) 

-6 Top hat in porcelain' (5.'51_ 

7 Jnnes announces his entrance 
(3) 

. S Look in the cut for a shoe (6) 

9 Has swellings but -no medi- 
cine (8) 

14 The big raid might .be a bril- 
liant suggestion (6.4) 

.17 “Certainty nothing is — 
that is not nhysk-alfy impos- 
sible" (Sheridan) (9) 

18 in muscle always obstructive 
(2, 3. 3) 

20 Philistine trimmer (7i 

21 Prodigal sis in a stroke of 
■ satire (6) 

22 Poles sec dictator’s wife 
coraing up in the streets (8) 

24 I’m a good one to reveal a 
perfect insect (5> ' 

26 Is this lo be in Rome? Yes 


: The solution of last Saturday's prize puale will be published 
with names of winners next Saturday. 


9.30 a.m. The Red and the Blue. 
9JS5 Sixty Incredible Years. rlO-30 
The Saint JL20 Drive-Jit. 11.45 
Simon in the Land of Chalk 
Drawings. 12.00 Jarriie and the 
Magic Torch. 12J0 pm. Daisy. 
Daisy. 12JK) Indoor Lcacuc. 1.00 
News. 1.20 Help: UK) About 
Britain. 2.00 .After Noon. 2JW 
Monday Matinee: •“ Red Line 
7fi(to ” starring James Caan. 450 
Clapperboard. 4.45 The Feather* 
bed Serpent. 5J3 Batman. ? 

W5 News. 

. 6.00 Thames at 6. 

6.40 Help. - 

fc45 Whodunnit. 

7J0 Coronaion Street. 

5.00 Devenisb. 

8 JO World in Action. 

9.00 Rumpnle-of the Bailey. 

10.00 News. 

10.30 The Bis Film: "Wail Until 

... Dark” 

12.25 a.m. CIom:. • Heather 
Emmanuel reads teachings 
and sayings of Budda. 

AH (BA Regions- as London 
except aC-titc foifo.wfng times: — 


CHANNEL 

UB p.m, Channel LunchUnw News axul 
What’s Oh Where. US Th* Monday 
Matinee: "Who Is The Black Dahlia?" 
SOS University Ltiallemre. IBB Channel 
N'pws BOB Charlie Chan and '.be Cbnn 
Clan. 100 Risina Damp: Hello . Yomw 
Lovers, UJU Channel Late News. 10-33 
Chaplain of Dartmoor. UL50 Late Xtsht 
' Movie: “ How I Won The War." 1Z45 
a. m. News and Weather in French. 


90S a. m. Shipp? ** Plain Jane.*' 10J» 
Uvtm With A Dug. 10J5 Sinbad Junior. 
IQ-35 The Invaders. IXM Winning With 
Wilkie. 1L30 fun. Farm Progress. L20 
Southern News. 2J00 Housepany. 2-25 
Monday MatlWe: *' Mystery Submarine." 
3J0 Beryl's Lot. 5.15 Mr. and Mrs. WO 
Day By Day, IB JO Man and Woman. 
11.09 Southern News Extra. KUO Late 
Night Movie: •• Lanlgan's Rabbi.” 


GRAMPIAN 


AJ5 am. First Thing. UUP Record 
Makers. 1U0 Salvage the Conqueror. 
DUS Look out. 1L® Oscar and tbv 
Great Wooreroo. UJD P-m. First Ad. 
L30 Grampian News Headlines. US 
Monday Matinee: ■■ Kaleidoscope.-' 5J5 
University Challenge. W0 Grampian 
Today. W0 The Mary Tyler Moore Show. 
10J0 Reflections. 10JS Film: " Candy.” 


TYNE TEES 

MB *jn. The Good Ward. -945 Sure 
»tn Ice MJ0 Record Mahers- UB9 
Salvage the Conqueror. 1L25 SMppy: 
" Wombat.” 11.05 Oscar and the Great 
Woofonn. U0 p.m. North East News 
and Look* round. US Power Wlthoat 
Glory. UO.TtK Generation Sccdc. T5J5 
Little Rascals. 505 University ChaDenim. 
6.00 North ern Life. 6JB Police Call. 1DJ0 
Lifestyle: "The Royal Flying School.” 
11.15 Northern Scene. U.« The Pro- 
tectors. 12.13 un. Bpilague. - 


GRANADA 

qJO a-m. Sesame Street. 10-25 Top 
C.fitr. 1L15 The Galloping Gourmet. 
U.Q A Placr To Ltxe. 11.55 Cartoon. 
UJO p.m. Btnv To Stay Alirp. UP Dodo. 
US Monday Matnu-e: r -'Thv Lat<; Edwina 
HlwK.” 3J8 Berj-I a Lot. 5.X5 Univprsilv 
Challenge. 6JH> i.ranada Rupnrio UJ4 
ALndaj Film Krenwerp; LJns Cnx»b> tw 
• Man Or Fin ” 


ULSTER 

10 J0 ojn. Record Maters. 1LBB Sal- 
vage (lie Conqueror. UL25 Lookout- 1L 
Oscar. 1-23 p.m. Lunt^ume. 2JJ0 See 
You Munday. 2J0 Monday Matinee: 
■■ The Card.” starring . Alec C.atauess 
riynls lohno and Valerie Hobson.. d.W 

I. isrer Xen-s Headlines. 5J5 UulwrsJiy 
ChaJlcnge. 6.H Hupr Television News. 
6.05 The Panoers. 6.M Reports. l|l-30 
Two ai i«.3li IBJ5 Review— Cinema. 

II. B5 lVffhin Thnv Walls 12M Dcdrime. 


HTV 


WESTWARD 


ANGLIA 


9.30 a.m. Lanada Five Portrsili 1U5 
MnnlCort ■ 10-40 Hanna Barbers Special. 
1U3 Wlnnlns Wl:h WHkl- US p.m. 
Aoglla Sew . . 3.00 llouseparry. .2-25 

Family. 3 JO The Entertainers. 3 SO In 
S»arch or. . . 5JS t.tnncrslu Challenge 
6-09 About Anglia. U.39 LlfearGe. 11.15 
TV Movie. ■■ Can Ellen Be Saved." 

12.40 axn. Reflection. 


ATV 


OJA a.m. Link. 10.15 Untamed Fron- 
tiers. 10.40 Clue Club. -UJ6 Puzzle 
Pam. 1L2S wenway. UL50 Professor 
Balthazar. 12J0 pan. Gardening Today. 
L2D A TV NetrsdcsK. 2-2S Movies to 
Remember: *■ Kaletdoscooe.'* 5J5 Um- 
vershy Challenge. 6J0 ATV Today. lOJO 
Left. Ri«lit and Centre. UjOO.Caluniba- 
'• Lovely But Lethal." lUs un. Smnt- 
tldnu Dllfervni. 


. 10.10 a.m. Se*.ord llahers 11.06 Salvage 
rJie Cenqueru.'. 1U5 Lookout . 1L<U 
vtn-ar and the 'irm Wooferop. 12J9 p.m. 
GardenJu* My Way. 128 Rctwr* West 
JleadllPW. US Report tV»1es Headlines. 
2.S0 Hoilsepani U5 Monday Matin.-;: 
- Yankee Bawareer." 4J0 The Froa 
PnniK. 5J5- Mr. and Mrs. 6J0 Report 
Wf SI. BM Report Wales. 10J5 The 
Moitdny Ftlrn: The StBlptranters." star- 
rinst Burt Lanuastor. - 

HTV Cymru Watas— As HTV Gtn-ral 
Servlrv everpt; 1.2D-XJ5 pjn. pena'.vdau 
X»wyddion Y nyud. MMJI Ramdrien. 
UM22 Y Dydd. gJMJHLYr Wythnos. 

HTV West— As HTV General ■ Service 
except: 12U# p.m. Report West Head- 
lines. Report Wept. 


15. ID B-m. Re>-nr<l ?.lakers. U-00 Salvas 1 
th<- Codnucrur. 11-25 taiok pilf. 11-45 
12 J7 p.m. Git' Hnneybun'i. Birih- 
tfayj,. U0 Vestw.ird News HeedHneS. 
. 2J5 This'Mondav Matinee: •• Who Is The 
Blaiji Cialifiar'" srarrmu Efrem ZlmhaUst 
Jr. 5.15 University ChMIon&e. 6,00 RVai 
ward Dtan. 6.25 sporu Desk. I JO 

Blsirut Dump. 10-28 Westward Late News 
UUO Chaplain nt Dart ataar. 1SJ0 Late 
Nlctat Movie -Hw t .Woo The War. 1 " 
srarrinjr Michael Crawfort. 12.45 a.m. 
Faith For Lif<i- 


scomsH 

HUB j».m. Last of <bc Mohicans. UJS 
*Mr. MaRoo. 1LQ8 Salvage the Oinquerur. 
ms Lookout. XXJLS Oscar and Uk Great 
Wooferoo. US pjn. News and Road 
Report. -tZ-JS “ .Mi Inspector Calls." st»r- 


YGRKSH1RE 

6J0 a.m. Canada-Five Portraits. 10-25 
The Undersea Adventures at Captain 
Nemo. UUO The Monday Morning Film: 
■* My Favourite Wifi.-" aurrttw Cary 
Croat. 12 Ja P.IH. now To Stas- AJlve. 
1.20 Calendar New*. 2-25 Family. 3J8 
Music at Ha rvwaad. 3JS9 Beryl’s Lei- 
5J5 University Challenge. 650 Calendar 
■ Em ley Moor and Belmont tnthlonsj. 1DJ8 
LlfeBtrlc. UJ5 Polled Wcmian. 


RADIO 1 Mim 

(S3 Stefeoplinntc broadcast 
. 5.00 - uil. A* Radio S. 7JB Noel 
Edmonds. 0-80 Simon Bates. 1131- Paul 
Burnett uidndinR 12-30 P4*. Newstn-at. 
2JM Tory Blackburn. *31 Dare Lop 
T rams fncftaiinR 5-38 NewsBeii. TJS BtlC 
Northern Radio Orchestra iSi ( joins 
Radio Ik 16.82 John Peel tsr. 12JHKLQ2 
a-m. As Radio C. 

VHF Radios 2 and -2— S-fl* a-m. tfttft 
Radio — lncliKUna US pan. Cuts) Ll*i>n- 
Ina. UJIO With Radio I. 12.00-102 bja. 
With Radio 2. 


RADIO 2 hSWho and VHF 

546 a-m- News Summary. 162 Ray 
Moore with The Early Show IR». indod- 
<ng US Pause lor Thonshi, 732 Terry 
Wagon <.S> Indqdma *.2T Ttarin? Bulletin 
and 14S Piuju Tor ThoDaht. lflJQ Jlnrniy 
Yonog (St. 12.15 pun. Wawtonera- Walk. 
U JO Pete Murray's open House . isi in- 
cluding L4S SoorxK Desk. JJC David 
Marallton 'Si . Including ifi and MS 
Spans Desk. 08 Waswmers’ Walk- A45 
Sporu Desk. 4.47 Jotm Dunn tSi Im-tod- 
!aa SAS 'Spans Dost:. 6.4S Sports Peak. 
JJB. BBC Northcni Radio Urvtu-mrs I5>. 
TJO Alan Dell: 7J0 The Da ore Band. 
Day* 0 j 02 The Dig Band Sound rS>. OJB 
litubWircy LytiBlton with The Best of 
Ja2> tm record' *Si. sports Desk. 

UL82 The Monday Mode Quiz. 18J0 Star 
Sound. U-02 Brian Matthew introduces 
Round Midnight. Including ]2M News, 
yanjip un. Nevrs Summary. 


NmcS. US Gahnetl SirttU G'Wrtet 'S'. 
2JH Viernc: Symphony Nu. 6 iHi. 200 
Madned Musicalc <S». 3-*o The Paul 

Eachcr r.-Qmtn)snloirt; is>. 4.eg New 
Records tS>. Sas Bandstand 'Si. 15^5 
Homeward Bound. Z6U3. N*-ks. 
'Abmeward Bound fimmlnuedi. ttJO 
UteUuen. 7 JO - Manon L-.-wau:." Onera 
COnitqUH tn -thrre »crs. muni- by Atibcr. 
Act 1 1S>. SJ8 Degak Throuah Hta NOte- 
McoV-i 'loik by K tilth Roberts). auo 
- Miaou Lcinuti." Art 2 iS«. TUe 
Death of Munoo < reidina ■ 4J5 " Manon 

Lencaul.’" Act .2 iSi. -UJB Far Cod and 
For Pnifli iS*. U-15 Stephen Dodesoo 
rS». 11-25 N>h-s. 22JMU5 And To*. 
Btght-’S Schubert Sons <S». 

Radio 3 VHP only.* 6-00-7.09 a-m. .and 
MS-7J0 P-m. Open Unhendty. 


BrackMt. 7j» News.- T.OS The Archers. 
TJO The Monday Play r»i. 4J0 Why I 
Like Thrillers: klaivliaaira L&akt huttHe* 
her Iikins for Ihlv type of novel. ■ 5 JO 
Kaleidoscope. 7JY Weather. UUO Thi 1 
World Tonluht. HUB ProHle. U.H A 
Bbok At Bed lime. U.1S The Financial 
World Tonight. LLM Today M Parlia 
mem. 12J8 Neurt. 

VHP: 6JS a-m.-2.02 P.m. with Medium 
War#-. 2.02 Woman's Hour i continued 
[fain Medium Wave*. Z« Lirteu With 
Mother. 3.00 N-.-.W. 3.05 Afternoon 

Theatre «S1. OJS-Clase: with Medium 
Wave. 


BBC Radio London 


RADIO 3 WD^SiertB&VHF 

* Medium wm anhr - 
TkSS a.m. Weather. 7 AO News. T«s 
Overt ore 'S'. UD News". MS Morning 
Concert iSi: MO News. *MB This Week's 
Composer: Carl Nielsen (Si. 102 B Holiday 
Sped a I t 51 . lfl- 2 * TWMB»' About Music 
(S>, uja Philip Candoitt CUrtprt Qubnet 
(Si. imb' rn Short t(*lkt. tiJfl ttniek- 
aar» Seresid i wrtpljtrfy iS)." 1* F ,m * 


RADIO 4 

-W4ITU 330m. 253 m undVtlF 
6.15 a.m. Neuv. 627 FurmJnji W’n-k. 
6J5 Up To The Hour. 6J2 * VH F t -ReKioiial 
Sews ' 7 JO Now*. 7JA Today. 7J5 up 
To - The Hour icunrinocdi.' 7J2 tVlTFi 
Regional Non ajp Nehv- t-10 Today 
tndodlcsr ncn-s hnadMuCT. weather, patien. 
sporr. 825 James Gamerwrimt me BBC 
Sound Archh i s. SJO New*. 0J5 Start the 
Week with nlcharil Baker. 1M» N«-w*. 
10.05 Wildlife. U.3V Dally &Trtw. U.S 
N omlmr Story. 21. DO Nwa. U-BS 

Fl:>-slclan lu Ordinary -t portrart of wdUum 
Harvey i . UJo Ainourtcvmems. MJO 

NUWB. 12-02 p.m. YOU And Yours. H2f 
Brain of Britain IBIS. £1255 Weather, 
programme new* VHF toxcept London 
and SEl Regional Jjws. IJO The Worid 
At One. uo The .trchoTs. woman's 
Hour tVIlF only from S.flZi lneluiHnjt 
2- 0 O- 2 . g a News. t2.ro MF Dear Music 
tnt.f Only 1 . 12.25 Parliament ''lire - ' 

from Ute How.' of . Commons. DJ5 
Arriencan Big Bauds, 4J5 Story. Time. 
5-00 PH Reports. 5 M Down the Canton 
Path. IMS' Weather? pwnmmw news 
i VHF’ RmdOnal News. - New*. 6 JO 
The Eactumnag waf.d. or urns? azd 


206m had 944) VHF 
6.M a.m. As Radio 2. 6 jq Hush Hour. 
9JKI Weekly Echo. 9J9 I.nodan Live. 
IMS in Town. 12.(0 pjn. Call III. 203 
2W Showcase. 4J3 Home Run. 6JJ Look. 
Stop. I.tetou TJ8 In Town (as 11.03 j.m.i. 
8-30 BrvakUiraush. 10.03 Laic Niaht 
London. UJ» As Railld 2 12J5 CMestlcm 
Time. t-NXIna:- As Radio 2- 


London Broadcasting 


261nt and 9741 VHF 
5.00 a.m. Mamins Untie. 6.00 A.M. 
mm-Arop neo-e. travel, soon, reviews, in- 
formrUon. 10.00 Brian Hayes. LOO pjn. 
LBi: R-.-pons Inciudltu: G corse (ialu's 
3 rvchKk call. LOO After B— trim. Ian 
Cllchrlnf. 3 AO KlghtUne. LOL&ttO a.m. 
Ntsht-Eatrai with Adrlas Scott. 


Capital Radio . 


194m and 96.8 VHF 

64)0 a-m. Graham' Dene's Breakfast 
Shnw IS i. 9.00 MirJue] AKpv\ 15 1. 12.00 

Dave Cash 'Si. loo mm. Rwnr Scott 
iS>. 7.m Loudon Today ts». 7Jt Adrian 
Low's t) pea Une (Si. 4^0 NWty Rome's 
MUmmy’s Weekly fS‘. lLw Tony Myan-o 
Late Show f&i. 2410 *.*. Peter young's 
N>*tu FUibL iS). 


AN". HOUR . after* 

Sebastian- . Urtuncoan end . 
Goatish all . h&d fought '-oat ' the 
closest finish, to- a Grand National' 
in Jears, Spring- in Dei*: sea 
was stamping - herself ‘ -a*' a 
Guineas prospect at Newhjarket 
. The onli" in the fens, 
ferred Ascot ^i.000 Gqineas Trial 
Imenip to catch the eye , in. the 
paddock. Spring in Deep .^ea's 
domination of her opponents, was 
even more complete in the race. 

Ridden with -tremendous' con- 
fidence, by GreviUe Starkey., who 
had. warned me a few . hours 
before the race that she might 
well, be in' need of the outing 
and would improve considerably 
for it Spring in Deep Sea' forged 
into the. lead two furlongs- from 
home- From then -it was simply 
a question of by how far she 
would win and who would be' 
second. 

Showing no sigps of -stopping' 
on the deceptively stiff ctimb : to' 
the finish.' Luca Cum an i’s fitly 
passed * the post ten lengths 
ahead of Lester Piggott’s Irish' 


mount," Bliss Kildare, .wfco had 
to be hard .ridden to. bald on 
from the fast finishing Nesting. 

‘ Although it is 'doufrtful 
.whether the winner of this trial 
has • ever had such -a sub- 
standard field to deal with, -the 
fact is that Spring in Deep Sea 
did all that was asked . of her 
in -.tremendous style. 

As a fiUy by tbat highly sac- 
.tessfuU American . stallion. 


RACING 


BY DOMINIC 'WIGAN' 


Captain’s Gin, out nf Arawak, 
the third in both the Irish 
Guineas Oakl and the' Yorkshire 
Oaks. Spring in Deep Sea will 
have no difficulty in getting .a 
mile at Newmarket irrespective 
of . the going. She should also 
see '■but the extra half mile at 
Epsom should she challenge for 


the-Oaks. Sim la ni>w top qnotiu 
at fiM for the X.000 GtjineaC! 
price, that may. soon shrink. * 
If any., young trainer ■ is 
ticularly deserving of a BiS 
classics ■ success this year inE 
surely Luca Cumani. for 6e >iS 
had several nqar mlasesln receS 
seasons: Notably- with Kohat, 
and. Freeze the Secret. 

. . With TtHiroledowTTwhid a iast. 
minute absentee from the OHti 
Trial after be had eonghed a 
couple of times on the way t™ 
the post, the race felt somewhat 
fiat in terms pf a realistic 2Lono 
Guineas triaL 

I shall be more' than surprised 
if either Derrylin, the winner, of- 
Newski, the . second, who fotwht 
out a dose finish, prove capable 
of winning more than a Groin 
Three face, let alone a classic. 

■' LEICESTER 
2.15 — Legal Laird - 
: 2.4S— Sabir* . 

SJS^Vestal Vlrglii*** . 
3.45— (ioldOalm 
4-15— Long Meadow - 
"4.45 — HUaxfanatv 







; 


V, 


t- 

V; 

'iG 






r.-s : 

ji V 
« ■ 

•jji** 


Brooking brightens dour game 




WEST RAM beat Coventry 2rr- 1 
at ITptoo'Parfc on Saturday b^ti 
undistinguished match, enriched 
by occasional flashes of brilliance 
from Brooking. The -Hammers 
did just enough to sugegst that, 
if relegated they will make a 
speedy return to the First Divi- 
sion, while the visitors were poor 
enough to make one wonder Wv 
they eame to be in the fifth 
position. 

' West Ham’s goals were -scored 
by Taylor and Holland and- Mo-' 
Donald scored for Coventry. - 
Although it was neither a 
rough, nor a dirty game, the 
referee did award 44 free kicks 
for fouls, about one every- two 
minutes: Both .teams committed 
the same number, while' the 
ratio between pushing and illegal 
tackles was also about 50-60. 

In 'addition there were, some 
examples of - one oF the less 
attractive features of football, 
the professional foul, which was 
highlighted recently in., the 
replay of the League Cup fiaai-. 
Liverpool's Thompson com- 
plained bitterly that his deliber- 
ate trip bad been carefully made 
just outside the area, and -there- 
fore a penalty 'should not have 
been awarded. - 

The so-called, professional foul 
Is quite simply calculated dhaat- 


ing. or bending the rules by a 
player who gives away a free 
kick, because this is -likely to be 
less productive than the move 
he has interrupted. 

The following are four common 
examples of this offence: FLrsE, 
the push, or trip made outside 
the penalty ‘area when a goal 
seems probable; second the rugby 
tackle from behind, ideally out- 
side the area when a forward 
-has broken clear and bas only 
the keeper to beat; third, hand- 


SOCCER 


-fiy TREVOR BAILEY 


-ling a chip over the top which 
which ' would have ' sent ' ah 
oppaqant- ,away; finally, handling 
to prmrent the bail entering, the 
net. by somebody other than the 
goalkeeper, in the last instance 
the referee will give a penalty, 
but It’ can be missed and pro- 
vides ah' excellent case for the 
introduction o£ a penalty, goal 
award. ' - 

There is nothing . new, or 
indeed especially professional 
about these offences. The worry- 
ing feature is not so mnch that 


they are increasing, but rather 
that they are becoming regarded 
as part of the game by. pliyers 
and . managers, and - therefore 
acceptable, t- • •; > 

- Perhaps -referees should' be 

more severe. Certainly, there 
.would be no harm if more loot 
bailers were booked, or Bent off 
for cheating and less for dissent 
The problem Is that the former 
is not easy to pick, something 
one smells out by instinct gained 
as a player and difficult for a 
referee, who has never , played 
the game at a strious level, tn 
scent. • ' 

- An interesting by-product of 

tire professional foul, which was 
devised "to stop goals, is thp pro- 
lessiomd .cflve,' designed to pro- 
dUce’- -them -from . the penalty 
spot. -1 ", .. : ... • . 

When a. dive, te well executed 
by a skilled . player, -.-who had 
adroitly, slipped the bali 'passed 
the defender, before dnuhaticaHy 
falling over the outstretched }<>& 
it eaii be very hard td - detect t 
point which was forcibly driven 
home t» me When T commented 
to a manager that I had not be^n 
all that impressed by bis striker. 
. . He . "repliedr . u But you didn't 
see him' All,, nobody does It 
better r • — 








vf. : 




W-’ ■ 

I .r... «■* 


I-X 






Hall 


jrissimi 


X 


tjc--; .. 
.jA 1 -'-' , 


-S'- 




: 

r .cr~ 




tr. 


Underdoes 
go down 


s 


with class 


HARLEQUINS wonnld up their 
season at home in the semi-final 
of the John Player Gup wfth a 


display of underdo'ggedness that }, wittily, t-prupered by Jerry Day/ They have an outstanding : c. 


would warm, the .hearts. of a{l 
South Eastern men.,. But Ihe 
prizes deservedly Wen'u. to the 
visitors. Gloucester,, .by. a goal 
and two penalty goals to two 
penalty goals (12—6). 

The result was never in doubt 
as Harlequins turned round 
leading by 6—0, not nearly 
margin enough to counter the 
blustery wind and rain which 
swirled around the Twickenham 
ground,- 

Gloucester's powerhouse of 
forwards and' the tantalising 
kicks of scrmn-half HuwcUs Kept 
the pressure on all the way. 
Neither side created much 
danger from three quarter 
handling movements but at last 
one worked for Gloucester. 
Right wing Ciewes bundled over 
for the match • winning- - try 
against a tiring -defence. Butter 
added' the conversion to his rwo 
previous penalties. 

Oddly, although the game 
meant a minimum of £1,500 for 
the loser and- the chance of 
£2.000 for appearing in the final 
on Aprol 15. the play in no way 
supported the theory lhat enp 
rtighy is hound To distort the 
usual pattern of “friendlies.” 

The gamp would almost cer- 
tainly have 
Tame way If 
been at stake. 



show off 







THE LARGE, good-natured light forwards ova* the years, 
crowds made Leicester's John are desperately snort of tw 
Player- semi-final against good props and'SD the. historical 
Coventry an' enjoyable Cup oasis of their success is 
occasion, particularly as it was there how. 


Leicester’s "secretary. After an young player in Oliver in tie 
exciting match in difficult condi- back row who matched tae 
tions, Leicester won 25 — 16. They Leicester trie. in determinate 
will meet Gloucester In the final He showed an uncommonly goed 
at Twickenham on April 15. ; sense of position which expen 

They will need to give a ence should farther refi ne. 
more consistent forward display . Coven try s ^nads « fonrart 
against Gloucester tohavea real Impetus denied Knee ttebmliffl 
cb ance the right and be was Coventry* 

There We four staeeo in the 111081 JW* - Attacker. Ptfece 
Po^rhS^^SJ^S showed his old speed,. DncWup 


ts. 

; L'-r. • 


Hun.aari, 


game, which opened with fierce 
assaults ' from Leicester, and 
Coventry being pinned down- 
relentlessly. Leicester -might 
have scored .at least twice but 
Dodge gave a forward pass and 
the Coventry defence somehow 
held,..- 


RUGBY 

..BY.' METER ROBBINS 


i»5:-. - 

te-i 

if- r 

. : 


Struggling 


• . . his former. arts but without the 

" real pace and Rossboriragh made 

It .was Hare who broke the some exciting excursions^ Rut 
deadlock, when he dropped a collectively- they could mateti 
goal and kicked two- penalties. "Leicester. : -r .- 1 - • J -. 

With a dropped goal by Reich- -Leicester have obviously bene- 
wald thia brought Leicester's Sited : from - Wheeler's ‘ Un* 
tally to 12 points against two experience In New Zealand- tori 
penalties by Rossborough- lor he was” in -tremendous, fdfB 
Coventry. • throughout, the 1 afternoon." ' i . ' 

So at half-time, with Leicester Leicester have a -wide variety 
! having a comfortable lead, the 0 £ ploys at tha-line-odt and at 
5 Coventry forwards struggling for -the bsise ol the .scrum. - Redfeffl, 
possession, and Grimshaw having "the tight Head,’ already an.Bng' 
a difficult game, it looked odds- jend tiaden23>: tourist, mad^ 
u , . on a' Leicester win. . significant - coijtributioh to -V* 

b-?a played the But after a lull Coventry, game^ hut Leicester .score .flip 5 * 

not a penny naa (suddenly -began to 'win some heavily in: the! r b'adcrbw. . 

. f . . . i possession through Xinnes and When •• Lficester ihemse 1 ^ 

Qu ms have had a fairly ™ I nt , name H, Grtmsb aw began to pass ■ pussyfooted around, their. 'W 
nut to ih" semi-final. They brat, quickly and it was Cowman, in 22-mefre line. Coventry had. aid 
United Services in tne nrstj support of a splendid break f roni eor the combined resdurc&rtfi 
round on a fearful pitch and - cnultiiani, who look a scoring caoitaUse on the miirtalus- 
with a tet of muscte^^D... spare, j pass from Preece. - v opposite was true of .'.1^?®?^ 

"" With Rossbo rough’s conver- Johnson" Adey .and Forfar#?™ 
sion. Coventry were ahead' on a tremendous sneaiheads in attM* 
technicality but then a series of and a solid triangle jndefienefi. 
Coventry 'errors, unflappable . 

de Fence from Hare took Leicester fVpccnre " 
through. In the final phase Hare' * 

kicked a third penalty. Dodge Ohe tackle 

and Jones scored tries.'aud Hare Coventry's period of pi 

converted Jones' try.- . sure was- ■perfection. ---T n c-Cj; 

Nlnnes scored Coventry^ vrith the Gloucester backiw 

second try In the dying moments, be something for tiie connoi 

Coventry can have no .real particularly, as the 

compiatmts because on' the^ "day" partnership worked so wen 

they made the greater number' KenneyatscnUhhaiL - 

of errors and Leicester took a >’Ketmey must .surely wa 
greater proportion of the chances serious' candrdfite 'fpr ^ 

Bonis. . ... . next year. Should he™ 

Coventry were always behind I on a), honours he will jma- 
on points and so they had the even more youthful 
onus to attack. Here they badly has really matured tWs_se 
massed Attehison. Cowman bad It was- he who -kicked Covemg 
to play fly half and ran iottido back from cfltttre anoS® 
too frequently wWcb was utter the tenslorvand the ptewB^i, 
suxbde apalnst the quality of Hare could-rarely 
Jofioroou Adey and Forfar. *o Opmrrtanely or bruuanus.j" 
Coventry, so famous for its" his club. 


.i 

■■ . 


-ass • 


’•31-., 


,it^. 

r'Vf ■ 




1% ■: 


London .lri'h claim they should 
never have been beaten in the 
secn-nd- Liverpool fell in the 
third. • 


rTraditiona) 


A poor season changed 
dramatically in December when 
Quins beat Rlackheaib. Bedford, 
Batb and Richmond in succes- 
sive weeks,' suffered Christmas 
and New Year's Eve hangovers 
against Northampton ' and Lon- 
don Scottish, and then went un 
to five more successive wins. 

The beefy front five, including 
the Cl ax ton duo and All-Black 
Peter Whiting.- have worked 
hard. The backs have continued 
to carry the torch of traditional 
three quarter running and 
handling. At full back Billy 
Bushel), as well as kicking the 
two penalties against Gloucester, 
has played a sound and at -times 
brave game. 

Quins, are still a team, to beat 
because or their now undeserved 
reputation of" social superiority 
— any Richmond man will tell 
you the .reputation is 
undeserved. 

-Gloucester have no such social 
pretension? but they will bo in 
ihe final against Leicester and 
Quins will not. It is unlikely that 
they will.produce a. new kind .of. 
game for that occasion, their 
c^cond appearance in such a 
final. . 

One final note on money. 
Whatever else Quins might have, 
they attract a calibre of adver 
Using support in their pro- 
gramme which few other clubs, if 
any, can rival. They bad more 
than 20 pages of advertising, all 
from nationally and many inter- 
nationally known names. 


* , +T-' 

By Forf4r M- 



V^-VV.Ni 


h: 


Stewart Alexander 





Ctricheth wins Ghelteifli 


BRIAN CULCHBTH " bounced through the nlghV lakby gl; 
back. into hte limelight o £ the .i miles ■5^. : ^ 00 wr,'^«4 for 
rally- world by winning outright 

the Caslral Cheltenham Festival Hereford . " • " 

rally-.,. . .Cnlcheth.was ***>*'£ 


Drivlfig a dealer Opel team flve Kadett fttted 'riffi^^ 
Kadett, he finished some 40. Brtrtbwyweodiicing-'lWin® « za r, 


some 40 en#ttp'pwdna«;*W»^n 
seconds ahead of Malcolm -He 
WHsoh^ Escort after a tense the'. ^British 


struggffe over 20 special -stages. ^; Anothef^ 

Ished third" in a olare to MS** «8LS 


George Bill finished 
Vauxhall Ghevette. 
Almost -half - the 


place 'in 


ntmavt 'Mi« - me ItartBK 

retired during the course bf the Kadett. JJ? S ccol 

rally which started from - Liao- ‘cirteBoiytotb®.?^ ” 
drindod Wells on friday and ran' Rally. ' ' 




t 




f. 


I- 


i - 






Almost Free 


“ Sign’s movement 
. House ended ^rTssttnrdf* *325 iff *,*•“<* ***** toe second 
■■'■jptii a.he^dy uceouSbPsfSS fS so i? . and ..^ pendant dance 
- from I^nSeymonrWavnp pw ^oroe in the arms 

toxg^tod. AShony Sf£ <* * tearing a 

? -may texfc*t%id illuminated 

' dramatic^ f a of — «s ever^btvSevm otaris ravisTi. 


• dramatic forces mSl ” v** evep-ii^/Seymcrtii*s ravisfi- 
- mour and BoweU -fas' JESS. ?5£ jpft deliqtwtten* arms.- in Act 

■• her.bttrtherTeombiSi ^S? “t S*** 8 ** ^ann, 

. tte strain o£ b ad ^Sr d “ dnf ' was 2 “» <* 

-. commonto them bottL^ t wwa aamir. 

Tk- ■ ■ • ■ - Wa y»e Eagling I thought 

' nf J®***- Jn Moaon is admirable on ail counts. He has 

"tolid^rtnS f £* med between a quality that tea* not -as yet 
b ^ c l^ and been fully, ^ptejed save in La 
■■ ®* * handsome, Bagadh*:. tbe^bility to eat up 
'irtSv mSSt®* at spaer in bjpaad-span^ of move- 

^ 0 PpOrtnn- p«*t. of moments 

SLiSS 5 i, finds ”»• echo in in Mcm^b^tayris.a step so 
■'■^5?5!S2L^S®5l® ,d Ve. sense far aSdSr- fast that- the eboreo- 


''•SvaSSS^fiSSSn'® - We sense far andTid 1 fast that- the eboreo- 
■ S hfn b35Lm*«!rW £ etetto »' grapby- aoml^s a completely 
23LS22E *«*»-: Seen to- new eadtmnent ‘ 

and -Erpmsiv^-damang- late this. 
.§J M^>SSSf e vS« J£f chances “2$ coaaiif »flo: unfinished in 
■ SrSf- «e two styte. . ,» **3. gift. -uniquely 
SS? <SsSL^! e t/^ l!a3ity * E ^ D S , s > «u! -te.very beautiful 
u *uM-5f*££££?*' °f- temperament -^th* product of an easy hip 

8J5TS SVS*?* “ Si SPSg^iSffl* ££ 

S mhS K Jn^Sv G ^^l a coir tt is^ssiau in its big- 

HJSfflLSW ^portrait by ms& -■ esseatfeife .* part : -of 
BrortW^S^rikt ^^5 Matton - • SSfflngfr danc^ • personality? at 
SPSLS^iS? J i!& e €7ery 351; .Se^moart.r impassioned 

S? ««tore. and foments titediaiacter. 

SwmS^rSSP im)1 2 eot “?®enw isatlon. a Wonderful urgency. 
liS? t^aiSl^nufr 68 S**®' in de " >®oweirs Le&caot was a fine 
roJSSSSP ** 0f 3 ^_g?mpte Of easting against type. 

■■ Gonfr ipmec^ble elassimst, 



Shirley Verrett and Luciano Pavarotti 


Metropolitan Opera 


La Favorite 


by; Bi t A. YOU NG 


Chapters 13—16 of toe Book more than -a son who has scored dialogue. Norman Coate’s set has 
of Judges may be interpreted as a goal for his school football walls that open here and there 
an allegory of the Israelt-Arab team; These Jews -might have to 'provide more entrances tbmi 
conflict, but if this is WolF Man- come from Hackney rather than you would think this little 
kowitz*s aim in his adaptation of Zorah; Leonard Fenton’s Manoah theatre capable of. The collapse 
them he is not malting out much and -. Stella Tanner, Samson's of the temple would be better 
of a case for the Zionists. Sam- mother, are just a nice cosy without the fall' of the pillars 
son's legendary slaughter of the Jewish; -couple. The angel who that frame the Stage ; perhaps 
Philistines was almost- all in- announced -Samson’s unexpected' if they were right upstage instead 
spired by personal matters— the birth could have been a flying of almost In the stalls, they would 
loss of a bet, an unsatisfactory saucer — though Manoah thought look less improbable 
marriage, resisting arrest for he was probably a good-looking rn,„ _ nOT ,_ 

acts of gratuitous vandalism like young Philistine noble. r*»nrl^.Ml a -X 

■rtoiilkr, t>L «,+« nf nara Th« * represents not “a great sacrifice 

SraeS? dSmatoved-^ "Knowest ** {or Samsan he is unto 2?agon”. but rather a cefe- 

thnn «of*Sev- sdd. “that the of ““fw^fite class whose hation of captive Samson's 

Philistines ara rulers over deeds ffiem beroe s hut thousandth insemination of . a 

vS d L that” thou f hast whoso taciturn habits of thought Philistine girl. (‘‘He djd grind 

doner Th« m$ht havTadM and SJ,eeci dlsqaaW ' y ** in ^ P fIson house " — is ^is 

if Smaml SdS the mwd - heroes on tte «**»• Patrick Mr. Mankuwitz’s joke?) Cbarae- 
L ^theT SSn fQT Dniry - stern and Hlen£ - never teristically, we ore told that 

Sfline^rtou^and^n with the *f hieves warffl humanity of Samson bad in fact been in)- 
iawhon^of aS^af that the Phil? Ws parenfs even m bed * wh ere he potent since he lost his hair, and 
JHS ? Sn W &*** a lot o£ S^ n S away the work was done for him by 

iSfh»ff?JnmSS *** S0Crets to his girls. When -Philistine soldiers. 

|«Muse the Lord ^rranged ^,^ , ^ We are a)s0 tola that u , e 

So probably Mr..Mankgwitz. a 2£- ^ m P ,e ffi11 because of the 30Q0 

habitually clea«yed writer, wHy-.SJJJ . iiSj b \t a ^ men and women on the roof ; and 
introduce the allegorical pan]. ^ &** the dead slain at Lehi with 

lels because they are- there, lite ass ’ s jawbone numbered not 

Mount Everest His main con- 2 f’hwwf W ^ ™ Samson's 

cern seems to be to throw cold ; JLUS-Kjf J ^ Mother insists on believing the 

water on official Jewish history. Practical ana dramatic. best of her boy, and we see her 

He brings everything down (or Ed - Berman’s production is at the end dictating it all to a 
up) to the level of family effective on the whole, though he scribe while Manoah looks - on 
affairs, where a son. who has could lose a good 20 minutes' sceptically. Belief can be 'a 

killed a lion bare-handed is no worth of excess chat in the damaging thing. 


Elizabeth Hall 


Carissimi & Haydn 


as it is-impacked. ■ ■ »ff^ISLS jr -*2r - — ^ ^ ' up) to the level of family effective on tbe whole, though he scribe while Manoah looks - on 

• With " BafhTwi'an^. *■ «. affaire, where a son who has could lose a good 20 minutes' sceptically. Belief can be 'a 

amoral w^igbtTWaSj -eLiSS sStfte? ffiwfrfSe- rStSd nSSE* a ?r 0n a ^ at Coy ^ brindisi, lu cantarei,” or any tions of textures and balances. me * a 11011 barehanded is no worth of excess chat in the damaging thing, 

innocence as des GWeux became drawa ubrtr^rof rttfiln 0 n 1 were ia other nonsense, provided that he as an inspiration for the conduc- ----•' 

more touchbl^:^ £f° ...T^r ' n f »°S it richly fmmghMt matters tor.) The proaucti,m. by Patrick - ■ 

,bis passion for Mason which serous ' -ThedfaSt sflZn in' Act I !?5 cstT * ountorj and MtreQa. to anyone -who takes opera Tavernia, has no character at all Cnlnp-n^ Cltv Onpra 
.^aye STcmets in d^ GiS^s ffiS?,SE2f-* ■*„«“ Met seriously, and to anyone who -which is' at any rate better W,IO ® I,e UpeFa 

lodgings such impetnoustervonr no^less W eS ^n 189 ^’ a * L °P_l ras b ^ leves ^at Donizetti meant than that it should have a wil- ...■- 

.looked to he but thp ontpourlnes w inu iTit ^ piTj. iS?S'ji i TV.j?5?y~*y.i 11 wfa at he wrote. But the Met's new fully wrong character. Cutting ' • T\1 ■ f ' -| /X i • 

of infatuated youth° tu^ii^^d i m sum ^^H S rw 1 lr.M CS i?“ £nie ^ ts, A ^ a ’ P PW * u «* 10n of ta Favorite is not is plentiful; the omitted passages LJ 111 AHPQ T“/l OTlH I lAnltMTC • 

by life; throughout' S 2 SScea^^^Sv ' c«iJKS ^ W fc J najcfe f TO ' **'<>'*- Let me go on for a include tbe aria with wtfchFer DIUCL/Ccll U- dllU V^CtilljllS 

als GAeSr^^J'tr bS£S? iScaSfs moment about the «f wmd should end Act 1. wxxv* V/VU1|/WU 

a victim than did Manon-' With Wj**n4r 'hrr ' d unm in Act ^ sensible • interpanons) practice using old Italian translations for This is one of the passages that • „ _ „ , ...... 

the ballet’s ten stons^u«i esti£ f as bcen ' s ? g operas in La Favorite, vepres, and Carlos. Donizetti actuaUv composed ;for “ Engliscbe Oper am. ^hern” singers. Dr. Hampe lays emphasis siomstic luxuriance . apart from 

JLshed. it was notOTrnrirtneSt of ' £ iraSe ^ & e ew, ? tt 2L or ,n Li ail three, the composer's La Favorite. : others are “L Conor, is the latest nickname for the on the powerful attraction of acurtained gateway representing 

the danced nerfo^anS S were eLwSnv^Mrt ” “ ^ the origmaL Except -in the case rhythms are wrecked. Where viens." “Pour tant d’amour." Cologne City .Opera; this reflects Bluebeard and Judith for each Thebes there is only a raised and 

tautiv *^^« *«* support ^ ___ of those French pronds operas Donizetti wrote just six trenchant and “O mon Fernand.” Most not only the Bntisb nationality other; her love compels her to steeply raked platform, in front 

■ ■ -ror-ine nrsr .. clement crisp wntten fay Italians: La Favorite, notes to “Mon Dieu Fernand, of the opera was assembled from of its chief, conductor, John delve into the bidden places of of which sits the masked and 

= - Les V&pres siciliennes, and Don grace.** thp Italian translation the unfinished Adelaide and Le Pritchard, bat also the large his heart as well as to discover motionless chorus. Shades of 

Elizabeth Hall Carlos. For them, bad old has 12 flabby notes sung to “ Oh Due dATbe and the finished but percentage of English-speaking the secrets of bis castle. Yvonne grey predominate, with the gnl- 

, Italian traslations get used — ciell Fernando, ill tuo perdon io unperformed I'Anpe de Nisida. singers In the casts at Cologne. Minton's Judith, her arms twin- den costumes of Oedipus and 

'. « \ *„■..* . - . even Paris. spero.” The Church would not The collage was skilfully, even In the first new production con- tog .round Bluebeard's neck 1 as Jocasta a shocking intrusion into 

■ r n tMnni i»vv -s jtsr T T «t -rr \ “Wretched Italian transla- allow the Lord’s name' to be scrupulously made, under Doni- ducted by Mr. Pritchard since persuasively as her voice spins the monochrome. Movements 
Vj>/T|-- |N\‘| I I I'f £V Vi 1T1 tionr Donizetti once exclaimed- taken in vain; hence “Mon Dieu’’ zetti’s and Scribe’s supervision, his appointment a double bill the phrases -into an irresistibly are stylised with hierarchic pre- 

■ A AVi T vua ** iv s a horror because of the becomes “ 0 cielo." Hence but as a resuit La Fanorite needs cemDriang Bartok’s Duke .Blue- seductive web of sound, has the cision ; Dr. Hampe allows him- 

censorship'" La Favorite, the Alphonse’s bold cabaletta, particularlv careful handling, beard's Castle and Stravinsky’s single-mindedness of oneself just one conventionally 

The Goldsmiths Choral Union confident bhrasing and much °f a monk who found love “L*oor. for you my love defies Tinker with it as in tbe Met pro- Oedipus Rez ; the Brit^ element obseraeA Victor Braun presents theatrical - and most effective 
concert on SatSwbronjto?tiJ- SSTfrom^Sia Price and lost his vocation, had to be **>& world and God ” be- duetion. and it comes apart at is stUl farther strengthened by an imposing Bluebeard whose -coup near the end. when the 
gethlr CbSHbPSSTmC aBe? altered for the ItidJoftoS iMOs! comes shall know how to.defy the s learns. - thedesigner. John Bury. Both rmgm tor to vdfe is that of a curtains screening the gates drop 

torio Jevhte and Hasda’s Stab of to Li i860, when censorship was the scorn of your enemies.” In D, sht Shirley pieces are produced by Michael butterfly collector for a rare and to disclose the blinded king. 

.Mater of 1767 • They made a MartynHUTs tenor Jenbtba and l® 55 strict, tiie sacred and the v ^P re s. political Italian censor- Verrert was not m pood vol ce‘. Hampe. Cologne slutendanl. and. Perfect specimen^ and who in- William Lewis declaims power- 

satLfying progranS ^Sokh a^Ste tonmt’ bv secular version, were carele^y ship quenched all tbe bold words the etoctncity that had made her as other companies have found, eyitably succumbs to bis mama, fully as Oedipus; despite the 

thereSa certain deticate hto- FeliriS^ toikliS slapped together, resulttog in a l*k® “liberty." In 1867, Corlos- concert version, for Eve Queler the two together make a particu- to the pit Mr. Pritchard and barrier of the Latin- text— a 

tion bitweeufSS imets^Cari* rirato? ^^&WrigM%)ndi^S vereion where Balthazar & both «B*e, ceo^rship was freer, but 10 19 ^- so ™ ,d waB switched larly. satisfying programme. the excellent Cologne orchestra barrier deliberately raised by the 
ami's is drawn from the Old kn tanres§%$?£yli£i nSform- the Prior of Compostella and the translators were not very off Pavarotti has got a bit Mr Bury^ sets for Hereofl weave- a magic tissue out of librettist. Jean Cocteau— tbe per- 

Testament story of JephSa. one anc^SS^S/S^on^ toe ^ father of Fernand and the skilful. So “eielo” is the word smaller, and his voice has got Bloubarfg Burp— it 1 5 sung in Barton’s score, giving it a. son a) tragedy of the man, as 

ofc those, antique flgurds^ who GCAJ soimded Queen of Spain; where Fernand to - which modern Ebolis state fe rger lJ ,ut *?, e ^ was 5° fS rt of German— give tbe impression of Debussy-like clarity of texture opposed to the overthrow of the 

sweareTto attaie of 8 ^! to a? fra? : ^ is at once a' commoner, a Verdi's outburst on “colfcre”— Fernand. All dramatic illusion great solidarity; there are seven .--toe singers’ words axe always king, has never seemed more 

granted a safe homecomtog be The ^^^Sle Hasd®' “lowborn mountain -boy.” and having sung “furor” to Verdi’s ^ f T . he moment he huge doors with massive locks audible-but without either poignant Eva Bandpva. as 

will sacrifice the first tMne be schotor ilndon the King’s brother-in-law. neutral, notes for “del” stepped on to toe stage. As »I set -uto towering semi-circular softening th e> anguish or blunting Jocasta, gains toe most from the 

meets. That proves^be his Sbem’^ toescore This £ toe version that the Managements say that stagers freonfe of an adoring .uncritical walls. But as each door is toe- force of toe music. The lack of Sturm und Drang in the 

only^angfrter^the M ^toe^^S^, Methas“ & TF<S£ to Tto & fWSft SSSSl 'SSSSLfttLSi SSSf^^SUSS* S*2S*JStf ? iSf^jSW 

weight falls less, mi his tragic was the first^ondoi perform- final scene, where Fernand SSS ttSSEi tag & toow somewSt^Sre 

embarrassment to an on a par- ance of bis. x tew edition. The has lost his love again, and 2S? a ?- _ tbe feeh'ne for style Sherrill Milnes 

ticular. vjew of ier ptight— that pwsic belongsi a . transition taken his final vows, Donizetti w^s nelrl? an imlS^ 

SSS o?a bSii^Vow 6 ^ S’ lTfte* *ErS* “l Vt> SnseaSe EsclaTm0ruie - Caimen.^toS Alphonse; he was impressive in The UgMtng. spectacular torougb- a whiplash, hi* roDtier pacing toned singing at every dynamic 
Sd hS SS, *1 mvjw t-Sn? "SflSS! to and Frencb^nging a generalised way-as a typical out briefly creates an- Illusion of brings out toe lyricism with level. Hans Gunter Nocker as 

a rizEta/in tot SfaSit^Mato to? SSnroarix S' v ° stagers. Next season, the Met toritono nobile but not as a limitless space after toe opening which the composer, despite him- Creon, Franz Mazura as T/resias, 

statuitf toe VbSrMs tavoked SSf^r Slrt" ^jSaJJiS has a new Don Carlos— and plans distinct character. Balthazar of toe fifth door on Bluebeard’s self, so liberally endowed it Hermann Winkler as the Shep- 

K to to do it once again in the bad needs a deeper, more com- Kingdom, then gradually returns Tim staging stresses the con- herd and Thomas Tbomaschke 

?.aT - _ 12*2® old Italian translation!- - manding bass than Bonaldo to total darkness as Judith foi- trast between this operatorio and as' the. Messenger are all excel- 

tPriJSi I 2!fi C fhi Tko scenery for La Ftnorite. Giaiotti’s. ' Jesds LdptoCobos’s lows the previous wives through Bartok’s conversation-piece as lent: while Hans Schulze makes 

ISSL.° r ^ h ff a to nafe ^wchearal y^d the four jwfpy d^cend upon toe gudiy ^ cho Lee. was borrowed conducting was slack and small, the seventh door. -forcibly as possible ; an austere an eloquent Narrator. 

concision.- and -stre ngth toar^dsQ n^Mi^gk toeai Oppor- ™ lsfortu J gs -. from San Francisco, and once ANDREW PORTER to his direction of the two simplicity replaces the expres- ELIZABETH fORBgS 


it ia uf ; course sad to he toe period oP S&* 
arbitrary victim of a blind Vow." mental Barimts 
but hard indeed to have to die ' noting ‘ with' in 
a virgin. In toe. Stohof Mater the tougher, sparer 
status of the Virgin is invoked The G,CAf < ’®S 
with -more •orihodat approval. . ton do, 

Jepbte.. the. older .work, by a tlpfeihaps 
century or so, has a dramatic -.orchestral snpw 
concision - and - strength toar solpists AgataJt 
Haydrfs^ expansive dbvotibnai’tt&lties wito.ift 
piece does not share. -Cariisdmi : is d higifer staff 
entrusts-- Hie. burdenr ; of . his in'tw« nfc^bfei 
oratorio to his solo quartqf, on tive^and ,'the he 


, -givpn more illu min e 
■fuller voice Pavarott 
ted r by their toe text 


(ay implacable .grief 


, ‘u '"T T'i ^^773?* . -i . _ - ., me scenery ror LA l covonce. •»»«*» tJu^ia-vwuBs raws me uie » iuiu wives 

f(Wr ^ by Ming cho Lee. was borrowed conducting was slack and small, the seventh door. 

en §to ..toar.-? 0 ?^ *%*<*&* their. Oppor- ^ 0E “ a0 ;^ a ^^° f r , ftom San Francisco, and once ANDREW PORTER 1 to his direction of 

dfcvutlonai tifilties' , If there ^ ** strilciiifi phrase, Doni* apai ri & grand onera— 4ikp thp t "* ' ■ ~ * - 

: .-■ t * --i J VAttl’c lAnr mV rumnn^' opera ilKe reel • 


be found ^ j f et Vipris P^te^ R^o- 

l®to> — is played, on a unit , set, 
ujttitftoey did to«cewf to heaven. At toe ^ toe TBsultiwt monotony 
■ •< Met. Shirley Verrett sings He both of visual flpnth and of what 

JAVID MURRAY pies fof. vengeance! I am lost” JSght be called ^ic deptolcS 
>■*. * . ' "What does.it matter, you ask, this season’s Seals programme 


EMTERTAI 3 NM ENT GEI I DE 


i in a city- Where it would hardly book of Balio whidi reproduces c.e>-ra«»e mb^i D ew S.ooT*Sa^»M. *t ’iSoi ' kHTm *t m*. 

matter* if Pavarotti sang the the "original disposirione scenic a, ortft ^ We ‘ HW " B _ or ^ ?*. box ofbca ' io J jui2»«i G MwSS'» . I . n« supremks* mart wilson 

most -fSTTirma F mmrUv aria ac Ahhariri docm-IKivl *>>0 MnDuiDOpc nnm a o r. a > . >— r HUJRJFE I .. Karan JacWofi & Kaaren Ragland 


01-836 51 22. PALLADIUM. 


Festival Halt 


most fampns Fanorite aria, as Abbado described toe composer’s OPERA & BALLET 

“Spirto gen til, al piedl miei, un stage plans,, with their intiiha- couscum. cm« an» tn -240 m» 

■" t * -. * Reservations 01-836 3161.’ 

■1 - ENGLISH NATIONAL OPERA 

- a •_ Tcwvlant * ■niwrs- 7-30 Don Giovanni. 

Goyent Garden - 

Death in Venice 


• HALF-LIFE __ 

A. ftATIONAL- THEATRE PROOUtmON 
** BrtlK*ntIy witty . . . . no one should 
miu if Harold Hotnoo (Dramaj. Instant 
credit card re&*rvatloo&- Dinner and toe 
price seat £7.00. 


<*>•". . BOOK 


ENGLISH NATIONAL OPERA 
T □nlartt A Thors. 7-30 Don GloyannL 

wS 7*00 F JullMtt? ID** B^CO^SMti i FORTUNE. 836 2238. Evgs. 8 . Thors. 3. 


always available day . of berfortnaaca. 


covnir GARDEN. CC 2*0 .1068. 
c Garda nebarge /credit cards 836 6903.1 
- HOYAL OPERA 

Tonight 7 JJO p.m. II trovatore. Wed. 
and sat. 7-30 p.m. Death in Venice. 

• THE ROVAL BALLET . _ 

Tomor„ TTurr. & Frt. 7jo p.m. The 
Firebird A Soog ot the Earth. SS 
Amphl* iNb tor aO parts, pn sale from 
10 a-m. on day ol pert. 
COVENT GARDEN 

Sunday Concerts 
9 April. 8.00 c-m. ilaana Cotrofaaa. 
Tickets- £1-£5. 


The. Huurazlnis-aE toe Festi- -estnu. toOi made a .stronger- - 1 m T T " •••''• 

vail Hafl on Friday ey^itag w«e impreislahi mare • coherent in.. I lAQfh 1Y1 .\/ AtllPO 

composers, not perfo OT .ar^f-toe',its larger outline than 1 remem- . JL/vCllII I I I V CJllLC 
concert, played -by tbe^lAindon-beredrand ta its very cleverness '-.* 

Philharmonic -Orchestra-, under more beguiling, nicely sustained . « ^ ■ . . *• . _ . ^ . . ,. . ", - 

j -• - “ ■• - - " - ■ - - . Each- re-hearing of Death in grows subtler and more taut with 

Varies confirms toe belief that each revival; not only does it 
Howaxto has 1 by^3W, j^irty nesfwmances both, done with Be ^. as 2? Britt . ei ^ s ,aat recount, in the most lucid man- 

earaed (in no: exrinKive a^e) confidence and "conviction. ; SS ^5 if 6 e f ternal ® veDts 

toe tffle of Ligeii*penal& 1 ~ he . After the Ligeti. Liszts A ma ? er ' ° f .Mann's noveBa- as 

has lately^dlrected a . nHnajer^of^taajoT' piano concerto suffered, a as dramatised in Myfanwy . Piper’s v . • 

distinguished performances , of by -contrast, from ah - evideiit ^ e n J^ a ^J ie( ^ iem heart libretto, but it 'cBarts the THEATRES 

Ligeti’s -works, and' Is top eon- basic - disagreement , between sleeve, making an spintual journey taken by adelphi theatre, cc. oi-ass Vbh 

- ductor chosen for toe premtere Bowartii and toe soloist Roger ^ ^ Aacheubach during the opera evp*. t.jo. m»». tw*. 3 . 0 . 

-to Stockholm next ; jjreek.'/of Woodward about; tempi; V^d f Wlth eqna ^ precision. < . TH6 BES^MUSICAt- • 

Ligeti’s new opera te Grand from Howarth’s always ^S^suSSSSWLamffi , Tbe main characters, with one . ^ 197 *- ' 1 S E arMl 19781 ' , 

vS^ a^riati^ aSi- OUT *** 

„ .. ■ . c r. ■ ■ .. tf .- Ance atFridav nivhf't: fov^nt at toe first performance ID 1973. ALREADY SEEN BY NEARLY ONE. 

well as its overture, should have phnurmg-~an unlqvtag accomrfe iSSLoSv 'BradiStv A ^ Proportion of Friday's ^koiT^CARD^B^KiNG^SI^in 

been, two exceU«t .account^ ^ without . sensnons^or- lyrical, .S™ 1 uJ^S^dJeuSbiried andience should still -be alive in - - -- -- - — - -- 

a pair of recent togeft pieces. &. Z tatoe 2S3E& W 

• It was a^speqal to SSm^TgbStifS' wS?. and ™ Ascheobacb. tbe. protagonist, 

hear Sen Francisco Polyphony whose best momentu were kfrif toere -are many layers of P9 K “ A th °usanotimes welcome is 

(15751 aealn-wbich Fhsdfound cence to penetrate before the toe manyroles composed for ^aeirw _• 


SH. SDD UN uno. - 
Martel Pivtow ms MISS MARPLE lq 
-; MURDER AT THE VICARAGE 
Third Great Year. 


GARRICK THEATRE. 01-836 4501; 
£*B*. 80- wen. Mat. 3UJ. S*t- MS, UD. 
JILL MARTIN. JULIA SUTTON. 

■ ERIC FLYNN ana ROBIN RAY 
• In the 

-BRILLIANT MUSICAL 
ENTERTA 1 NM ENT." People. 



PICCADILLY. *37 *506. Credit card Megs. 
836 1071-Z from 9 ajn.-B p.m. Eva*. 8 . 
Sat. 445 and 8.15. Wed. Mat. ZJM. 

BBT COMEDY OF THE YEAR 
Evg. Standard Award and SWET Award 
Royal Shakaapea re Company In 
HUVAIBiaN PARADE 
&T Pater Ntchols 
■ . (Not Suitable tor Ch.UrenJ 

■ HUGELY ENTERTAINING 
EXTRAVAGANZA." S. Time*. 


.TOmaiwaw 

“ CO THREE TIMES.- C Bam*. NYT. op«Sg jti2‘ ^ EVTrl. j0n * A2m 


globe Theatre. _ 01-437 1592.. 

Opens wed. 7.0-. 'Suns.- mgs 8.1 S. 
Mats- wad. 3J). Sat- 6 ana bad. 

PAUL ^^°nVh^^^ £N2IE - 

ALAN AYCKBOURNS New Comedy. 
TEN UMES TABLE 


Subs.- evas. 8.1 S. 
it- 6 ana bad. 



QUEEBTS, THEATRE. CC. 01-73* 1166. 
EveoMgs 8 . 0 . Sat. 5.0 and 8 JHJ. 

- ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
. . Variety Oub or GQ Award 


■ t THE OLD COUNTRY 
■ A New Play^try ALAN BgNNETT 
■ Directed bv CLIFFORD WILLIAMS 
BESTJ*LAY OF THE- YEAR 
Play* and Flayers London crives award. 


Y SH“. C .YIC filW CW Vie). 928 6363. 


Rwal . Shakespeare OMitpairy in MAC- 
,Et H — ,y *” Tomor. 7 AS. CThh week 
Mid out. any returns on door). - 


“Howarto look on stronger firmS pjainly a work In whk* H<™to Qroup production has been }®£aSX ^$S?i£l aoSi 

shape: a reatongthat emphasised ir not . yet complettiy secure, immaculately rehearsed.* Though oeratp ^ a 

.the. broadness of the igovement drily: ent in tnSiy (esperi- designed .originally for Snape ? JjL fiR»v St SSr^ilt f w; a r*^. 

'as well as its taw, detail and 'ally' of the toSse mlSe^^l Malttags John Piper’s evocative & 

“toe wealth of -.big (even so meats) hasty and uninflected, back-cloths and fiats- look magni- note^tord^or^a^Je k 
delicately scored) - dramalic bat driven on with fine enthuri- ficent in toe Opera House, where JLJLJ!!? JJ . 

.gesture* , not, onfir ^ more ; Vividly asm and impetus, and in its'own toe empty spaces of Lagoon or merelv to state that ■*& * 

Cqlpared,but teugbw- sndmore way. .foriis very rough-hm Lido contrast vividly with the tnowina tas iobSi SriaSS 
mirTJOSfiftrL - - The Double Can- frpdhnviN mMlv munrriinv ■ . — Pmwiled VonoHan cfroAta mil ^iperjatively 



HER MAJESTY’S. CC. 01-930 6606. 
EwniDSS 8 . 00 . Mia. Wed pad Sat. 3.00. 
BRUCE FORSYTH 
in LESLIE BRICUSSE and 
ANTHONY NEWLEV’S 
TRAVELLING MUSIC SHOW' - 
wtrt Dvrek GriRttM - 
Directed -by BURT -SHEVELOVe 
- BUBSLiMla- BRUCE'S ' ONE MAN 
BAND.'- E. New*. -BRUCE FOR5YTH 
HE IS INEXHAUSTIBLE THE -SHOW 15 
A KIND -OF FORSYTHE SAGA." □. EM>. 









purposeful. ■ Tbe Double Con- freshness, oddly rewarding. ■ V “ j 

certo for flute, oboe and orch-,. : . DOMINIC Gt|»l squares. Colin Graham’s staging S^of“a>°n^^Un^arf 


ALMOST FREE. 485 622*. Limited 
senon Only! WoM MankowltfC SAMSON 
«r DELILAH. N-B. Nlnhtfy at B pjn. 
Inc. sun. NO sftow Fri. 



Telex: Editorial 8S6841/2 


FINANCIAL TIMES 


AMBASSADORS. CC. 836 11 

_ EvBS. 8.0. Mata. Tubs, 3.Q. sat. 

John: Sbiriey-Qulrk has also ■ let Yu C A r5»5n 2?Sly>>« mu » ..the two ronnies 

made tbe Traveler, with the six “Lorta swwyn gyrate* brgjiantiy a* wide SSWv? l nro vS imNNiK' T j«»tline 

other manifestations of Aachen? oi-*37 toss.-, - ■ 

bach’s evil genius, very much ajpouxl 01-37 2 bs s. Eveninga 8 . 00 . lyrjc theatre, cc. 01-437 ssse. ev%. 
Ms own, ParGcularly good as toe Ma * ^“"do^ld^ ^mo^n 8 -°°- *• Mws - ?<5a*Vlv«iil^T B>< ajo ' 

gruff, boorish Old Gondolier, and <Aetor stoa cdlin uax^y 7 .- 

as toe suave, deferential Hotel .* ■ sh^ s tSSur b eto^Sng * ■ “ tf ^fuSmeha ve ? ta 

K^VHSSSt^n.KL, 

compass me awnn vulgarity of ^ -total triumph.- d. Mirror. 

the Leader of • the Strolling arts theatre. , , othss 2132 . ‘I J v ^i rr t TP, T ^ SU , R J D ' I r a ■ 

MU.WU1U6 mu sTO^pAeo'S “MAY IT FILL <HE LYRIC FOR A 

Players, though his performance dirty unen hundred years.- sodw nmw. 

of this; episode has more sponta- r.^' 0 ” JV Y riit'" cc 

neity than to the. pari- During satww » t 7.po w 3 . 1 s. M^ y.Vu Fri. »?o- sm. sjo 8*5. 

Asehenbach’c ni^htmsni h, — - . ... — — GORDON CHATER SrnilwiL i.N. In 

. mghonare, Mr- astoria theatre. Cbwt»s crosL-Road. thb elocution op 

Snirley-Quirk s nch tones as the 01 . 75 * 4291 . Neaw Tune: Tott*nb*in benjamin franklin 

Dio.wus provide an SR 'SS 5 ' sp.SVSgT’ffa Iff J3E' 
effective, antiphon; -to "James _ elws ■■ diw.” G dn. “HiimIom,- e. std. "wieusiy 

Rnwrnnn’e mvwrrtiln lji i;v« Instant Credit Card Reservation*. Eat In amoslng.** E. Mews. "SacUblndlng.- 06*. 

cowman s ■unearnuy, .beii-Uke gar mny-liewed Resnorant or Bultt 

timbre as the Voice, of Apollo. Bl# luneww* »« l 1 „ tt 5 t ore_or rfier shotr MERMAID. 2*8 7658. . Restaurant 248 

Deanue Bergsma' continues to BesflSus& w^e^'ear ^S^^^it^^ay 

exude grace- and charm a* toe evening standard award we new- smash kit acclaimed 

Udy of toe Peals, mother to Cambridge «s Mon. to jnmr. Ew . a.is. Frt^ STs-is. until 
the boy Tadno, but there is a . aj> - FH ~ toot, 5 a * BJO - ALEc^owEN^'^MAlm'-s gospel 
new uunimbeut of toe. crucial - « ia ^?JJ!i ek i^ 1 'VSJ£Z tM a ** ^ iSa® ^5/siSw«T5 « 
role of Tadrio himself. Douglas • -dSLn.-f-D.^ ' “ **»• ?» 

Howes, a-danrerinhis. early 20s, ohmet™ 1 t« d p^U^ me. 

has the muscle of a man, but ^ py ■ 01-930 - 570 " -ouvirr <gp*n Tout. & tdSw! 

otherwise makes .a platmible ^^*jlo. ti-urs. 3 . 0 . s*J 1^. fw! ^ 

.SvrrmSnjft 

of surprised wonder, together . we hit comedy thriller - 5A 5 « T ^ H , s rAjJiAJ' ,,i - or - preM ?- ) 
Nrith boundlCTS tigi spirits, -■JEiFS£‘SB&£ , K!& us SSSnjr.vS! SSn™): t« , 


*** '”!■ LONDON PALLADIUM. CC. 01-437 7373. 
s»t. 5n. FROM MAY 25 to AUG.' 19 


BRACKEN HlHtSfi^ JO. ^CAABVON STREET. LONDON EC tP 4BY. 

;ori*l 886341/2, 883897 Advertisemeots: 8SS033 lelegBrihRs gfaiantimo, London PS4 
. - : £ . ' L Telephone: ^01-348 .8000 " . 

For^ Share Index and Btredness Kev«s Sttmmary tn London, Birmingham. . - . 

_ - ' - . - Liverpool aa d ester, Tel: 246 802S. 

' INTERNATIOKAL AND BRUSH ORJCB . 


^EDITORIAL, OfHCBL- 
AtaBtenUfiir.P.O, BooulSOE, Am* 
Telex :izm . TSe^TtUb 655. 
Birmiugfiaim-Cettcge House. Georg 
T^ee-SMO Teti «X-4*rofe . 

Bonn: Presshaus'll/IM BwaDee 
. . Telex 8883542 Teh ««»» 
Brussels: 39 Rue tincafe. 

• TeJex 23283 Teh 5l2-W57 
Cairo: P-0. Box 2M& 

.Tel: 888510 r. " - j . • 'i - / 
Dubtin: 8 FtfzwfiHam Square^ ‘ . 

. Telex 8414 TeU 185321 . . 
.Edinburgh: 37 Geonn Street - 
Telex: 72484 Tel: WWBfi 4120 . 

Fraftkfnrt: Iw S*chspai*gcr IS. 

. .TrieK 418283 Tefc-S85?» 
Johannesburg: PJ i Box tJtZ'Y 
- Telex 8-6257 Tel: 838-7546 
Lisbon: PraCa d» Alegtfa 58-U>, 1 
Tries 12538 Teh 862 .668 : 
Madrid: Esproudcedsr SS, Madrid 1 
• . Tel: 441 675* ^ ■ "r - - .* 


6, Anwtertom-C* Manchester: Oymn^'Otme, Queen Street 
S. Telex 066817 Teti 061-894 9381 

» George Road, 1 Moscow: Sadove-&niotedmaya 1244, Apt 15. 
C-8& ; • .'.rflWer.WW Tefc- 284 37« . 

BfcsaHee 2-10. . . New Fork: 75 Rockefeller Plaza, N At. 10013. 

. Tries 66S90 Tdb (Z12>- 641 4625 
'■ Parte 36 Rue dn Scatter. 75002. . 

. Telex 220044 Tet 2362748 
' Rio de Janeiro: Avenida.Fres. Vareas. 418-10. 
- " > -Teli 253 4848 - . . ..• 

is'.-'.. .... .-Rome: Via deilamereede 55. 

.. " Teter 41032 Tel: 678 3314 . 

A- •-'■-• Stockholm: c/o Svmska Dagbladet Raaiambg- 
4120 vagen 7. Telex 13683 Tet50 60 88 ■ 

•XL Tehran: P.O. Brir 2d«l879. ,- 

■ Triex’212634 Tel: 682638 ■ . 

1'i* - •*. Y. ... . ITokyo: 8to Hoot, Nihon Kefeai 5bbnbu& 

Building, I-W Oteroacbl Chlyoda-kn. - 
58-ID, LUbon *. Teles J 47104 Tel: S41 2920- 

Washiagton: 2nd Floor. 1325 E. Street 
adrid 3. . ■ NLW^Washlngton D.C WON 

. - .- . ^ :TritX 440225 Tel: (2 02) 347 8676 


House, Queens Street 
4 9381 

Plaza. N.Y. 10018 
489 8300 
... 75002. ■ 


COLIN BLAKELY 
and PATRICIA HAYES la I 
- FIUIMENA 1 

by Eduardo FUippo 
Directed by FRANCO ZEFFIRELLI | 
-TOTAL TRIUMPH.- D. Mirror. 

AN EVENT TO TREASURE." D. Mirror. 
MAY IT FILL THE LYRIC FOR A I 
HUNDRED YEARS." Sunday Time*. 


ARTS THEATRE. • , OT-USS 2132. nan to TREMUff/ D. wrror. 

TOM STCtPPAiltO'S MAY IT FILL THE LYRIC FOR A 

DIRTY LINEN HUNDRED YEARS." Sunday Times. 

mJK"* "Thursday ^ao^'mday ^ MAY FAIR. Cg. * 029 M 88 . 

.. ^ ^-I- 00 ..^ 3 - 13 - «gS-D^I ShATER 

ASTORIA THEATRE, Charing Class. -Rood, 

01-73* 4291. Neam* Tube: Tottenham FRANKLIN 

Court- Road. Mon.-Tbur*. BJO p^n. UY 5te*e J. .Spears 


• Bast Musical ot 1977 - 
BtfoUfWs accepted. Major credit cards 


*J>S. 73s. 

jMfa'i’s 900 ** 2 .°°- p ««*- 


CVSS. o.o. »** FROM MAY 25 to AUG.' 19 

LET THE GOOD STONES ROLL BOOK. WOH ■ NEW OtTYAWY. Credit • Cards. 01-405 800* CURXON. Curam Street W 1 <aa 

E»»ifrp» 8.00. LYRIC THEATRE. CC. 01-437 3086. Evs. - rObBLING BROW^SUGAR I Ejtwess.^Prw.'^e 1.50 

"•* ^do^ld^nI^S 8 -°°- * *"“• ?0°AN S in.ovaili?r *•*’ majy** .J2Z SJ2!*' ***■ B -^°- 

EAetw of tho Y^irl stdJ J 8 Sun^SS 8 S? ■ — ****** accepted. Major credit ards 

. ,3 “6 PATRICIA. HAYES la SHAFresatiRY ’ 836 6596 

S Th7nk°OF ■' F 1 LUMEN A ■ E«Ba._ef 8 . 00 . ASMS. Ttmrs.. Sat. 3.00 ■ 

...-WJaCEDLY°FUN!^ N “m«. Directed^ EC L , J °* ,B In 


sub-lrtlesi. "A sparkling Hew French 
o5h^? v -: " lth *"p«e-bv Yves- 

Robert. Sunday Express. Progs, at 1.50 
Inot Sunj, 3.35. 8JH). . 


-A' SM jVm jaBRLu. HAS 
■ - EVERYTHING." S. Mbrar 

SAVOY. 01-836 8888. 

; ' Ntohtt ^ Zm3 ° m - 
PATRICK CARGILL & TONY AKHOLT 


“A" SMASH- Ho. TH 
EVERYTHING. 


i.awr 

Seeing the play_ again h In tact an 

otter and total Joy. ,, i Punch. 

A* _y llj ryn and run again." Son. TeL 
Lveclnus £i to £*. Matt. £1 to £3. 


ELWS - ■ Blay.”Gdn. "Hilarloua.-E.std.-Wlehadly _ ottar and toL_ 

InstaRt Credit Card Resarvattom. Eat In amosln®.- E. Mews.' "SncHbindina.- on*. Jt will run and run 

par funY-Meeitted Rasranrant or Buflet : — Eveninga Li to £* . 

BM lunchtime ,*«l_tWore_or efier stivrr MERMAID. 2*8 7668. Restaurant 248 chaw theatre. * 

— -bookiDlc In advance. 2653. Tom ContL Jane Asher In miutoTtaLi 

BEST MUSICAL OF THE YEAR WHOSE UFE IS IT ANYWAY? CHiCKm ioU 

EVENING STANDARD AWARD WE NEW- SMASH KIT ACCLAIMED Opens Tonlffit^S 

T BY EVERY CRITIC -S==- i-l 5SSSL 7. 


HAW THEATRE. 01-388 1394. 

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Margaret COURTENAY.- Dannot WALSH 
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FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P +BV 
Tfflfgyatfff* FJrantimo, London PS4. Telex: 886341/^ 883897 
Telephone: 01*248 8000 


r *'» -■ * - -ovT.t 




Monday April 3 1978 


New style in 


-■ ‘it 




BY DAVID FREUD 


M/ V/V THE FASTEST-groteing sector 

wA | , *| of the British economy; .in the 

M m W" V/ past few years has been the tax 

avoidance Industry. But it has 
, become too successful for 'its 
PRESIDENT Giscard d’Estamg prevent such a shift from tak- d ^ there jg n o W 

of France has taken advantage Ins; *e. , J a strong Mssibility of the Gov. 

of his position as the only clear Moreover, the party leader. * * Introducing legislation- 

victor in last month’s General Francois Mitterrand, almost cer- . - Finance Bill to try to-put 
Election to make two distinct tainly counts on standing again , avoidance once and 

breaks with the traditions of the "w the presidency in 1981, and . n 

Fifth Republic. In the first he can r.nly hope to do so against Q dfles “ ot have to look far 
place he has held a series of Giscard d’Estaing as the repre- ^ ^ reason j or the 
meetings at the Elysee Palace, sentative of the French Left « oou |aritv of tax avoidance 
not Only with leaders of the This does not mean, however. ■Li-emes * Top marginal tax 
parties which have hitherto that the President will find it rates of 'g 3 per cenL on earned 
supported the Centre-Right easy to govern with the tradl- gnd gg cent _ on unearned 
Government in Parliament but tional alliance between the k, wme me ah there is every 
also with leaders of the Left- Centrists and the Gaullists. j nceil t! ve f or rich to use' 
wing parties and of the trade despite their substantia] Parlia- 

unions. In the second place, he nentary majority. To meet the demand, an 

has re-appointed the outgoing ■ Jacques Chirac, the aggressive or canised industry — dominated 
Prime Minister Raymond Barre. loader nf the GauIIist party, is, ^ about six main companies— > 
to head the new Government \ -n^elf. llkp y to be a contender developed, dedicated to 
which will be formed this week. i Q the 1981 presidential election, ready-made schemes. 

By both these actions, the be can be counted- on to use Some of these wriggle through 
President has sought to under- * . ■‘rning period to distin- ^ .^h p r j nt of the tax laws, 
line his aspiration to set a new suish his views from thnse of bring individuals into 

style in French jjo 1 it ics. a style President Giscard d’Estaing.. gelds of activity they would not 

which he believes corresponds T , . normally have entered, 

with the desire of ordinary UMfm reaction Recently a senior Inland 

Frenchmen to be governed The President’s attempts to Revenue official said that the 
from the centre. break down the rigid divisions cost to the Exchequer of these 

Yet it seems unliketv that between Government and schemes could be- measured not 
the new Government will im- 0 bnnsi»ton party leaders may at in tens of millions of pounds, 
pf-menr policies verv different some fulure sta 8 e a s a but hundreds of millions, 
from those of Its nredpeessor nr check on the independence of There are fears that unless 
that his ambition to introduce ?• Ga«illi.sts. For ^the time something is done to put a nop 
a new vocabulaiy of dialogue beuie though, the Presidents to them the problem will be- 
into the French politica' arena ^’ ef leveraee depends on the come unco.ntainable Without 
will meet with a verv emhuri- ? ct ,A hat J he Cen \ n3ts a ? d actioh the basis of the U.h. tax 
astic resonnee. either from the Gaulhsrs ha-e no alternative but structure could be undermined 
L-ft or the Right. to stick together on the main within a few years. 

e issues. " The process ‘of closing loop- 

Centre -l eft Raymond Barre has been re- holes has made tax legislation 

v, c-L.e /1 appointed as Prime Minister so complex that it cannot now 

The President was victorious primarily. .' no douht. because be understood by the more 
not just because the Socialist his economic policies have gone junior Inland Revenue staff, let 
and Communist parties failed same .way to reduce inflation alone the public. The tax 
by a wide margin. rfe?p ; ^e a I? and because the President .wanri system itself is in danger, be- 
the pre-election forecasts, to to continue the policy of coming increasingly lucompre- 
secure an absolute majority of economic restraint for at least hensible "while the avoidance in: 
s^ats in the National Assembly, another vear. dustry threatens to. blur out of 

but primarily because the group But his political significance existence the key theoretical 
of centre parties claiming some in the nresent contest is that distinction between capital and 
allegiance to the President, he is not exclusively identified income, 
under the generic title Union with any political party and hts Mr. Joel Barnett, •' Chief 
for French Democracy (ITDF1. T''-*rmnin t rv'nt p-weets the Secretary tp the Treasury, gave 
did much better than expected. Pres’denr from having to choose a broad hint in Parliament last 
hold'ng for rbe first Hmr a between the contending leaders December that the authorities 
share of seats in the National Of the GauIIist and Centrist were contem’pJatlng tackling the 
Assemble parable to that of parties. problem of avoidance at its 


L?ft or the Right. 

Centre-Left 


that it was prepared to use 
retrospective legislation against 
organised tax gvoidaqce in this 
way the industry would 
finished. Clearly it . would not 
be able to operate.. when the 
cards were stacked so - -much in 
the Government's favour tbat.it 
could render invalid any suc- 
cessful scheme at wilL 
Nevertheless, there are strong 
arguments against using the 
weapon of retrospective legis- 
lation. Snch legislation has not 
been used for - 28 years and 
would be bound to cause a 
political uproar — as it did in 
the debate over Sir Stafford 
Cripps’ 1930 Finance Bill- 
The avoidance industry 
argues that the effect -wnuld be 
merely to drive avoidance 
underground, to turn It into 
evasion which would be even 
harder to control and lose the 
Exchequer even more money. 

Tax avoidance is quite dis- 
tinct from evasion. A person 
wno evades tax— for instance 
By not declaring income — is 
simply breaking the law. By 
contrast, avoidance works 
within the law. Ar one end of 
the scale avoidance is planning 
one’s affairs do that minimum 
.tax is payable. Ai the other 
end — the end at which (he 
avoidance Industry works— are 
highly artificial packages which 
Lake advantage of loopholes in 
the law. The sole motivation 
for the interconnected and com- 
plex transactions, -which are 
usually entailed, is the avoid- 
ance of tax. 


TOP OF THE POPS • 

Some of the most popular tax avoidance schemes 
In recent years have been: 

• 1968-76: Reverse annuities scheme. The pay- 
ment of an annuity in .exchange for a capital stmt. 
The annuity payments were deductible while the - 
capital sum- was not taxable. 

0 1973-74: Plant leasing scheme. Individuals 
went into partnership with a company to buy - 
plant and lease it commercially, thereby gaining! 
100 per cent, first-year tax allowance. " The indi- 
viduals bached out, landing the company with 
withdrawal of allowances when it sold the plant. 
However/ the company was non-resident, so UJEL V 
tax could not be levied. _ ' 

0 1975-76: Interest Deduction Scheme: Loose' 
drafting of the tax law allowed individuals -who 
paid a lot of interest in advance to get a deduc- 
tion on what they paid, not on what the accrued 
interest should have been. Then they sold ; 
capital. 

0 1977: Commodity Carry Scheme. Individuals, 
went into partnership with a company to obtain, 
technical losses in a series of commodities futures 
transactions. Before the corresponding profits > 
were realised the individoals sold out for a capital - 
gain. - V. 


>*%***?*&* Wfr <£;< 





-r* • 


to intnrture: legislation on tto 
Australian ino^eL This, in 
essence, says mat the- tax iUth- 
orlties can- set aside ^ny scheme 
which they consider to have 
been - carried but with 1 the safe 
intention of avoiding tax 

; - .Although this type of “adnaaii, 
atfog proyistan.” as it is exited, 
applies in foaU-K. uhder section 
«0 of the 1970 T«es Act to 
transactions' fa securities, the 
Inland' Revenue is net keen to 
extend its powers further in 
this direction. . . 


aatu-u .ihHiMii 


A battle 
of wits 


the Gaullists. Before the election there source by making legislation 

But while the Parliamentarv were £ears that * U the V? 1 a * ainst specific ichemes retros- 

niw orS/c were defeated, the unions might pective. 

theoretical posriK of seek t0 t 5 roug 5 indus P^l In a Parliamentary written 

uieoreutai possiollliy or a nn *; nn tirhaf ha/i nnt hppn oainerf sneunr U. n«n,a», 


, ^ MMiitinnb aid nn action what had not been gained answer Mr. Barnett said that 

a Centre-Left ^?Unw it^ms in Parliament - ™ s J dal j^ r legislation- would be.. in traduced 
f.nnlX that the seems to tav * recedad - ^ u» the • Finance. :BU1 to ban a 

fiea | k * J?I wlroei P n nl' leader of ^ . ttaditionan y certain avoidance scheme. He 
;!S -JSIS-JS; ^ militant CFDT union is now added that the Chancellor “will 

cbange 111 ffie talkiiig of rather more moderate be considering from what date 
imm.aiaie ruture. wage increases than those legislation against a claim , to 

There is little prospect that advocated in the Left-wing loss relief contrived, in this kind 
the Socialist and Communist programme and in terms which 0 f way should be effective.” 
parties will heal their rift, put the priority on negotiation in the : past legislation has 
which was provoked in the run- rather -than strike action. been effective from the date 
r:> to the General Election by a The President has made .some of such announcements, giving, 
dirwte over their common pro- gestures to change his own in effect, fair warning to the 
gramme. But the Left-wing image, but' his desire to trans- industry that the time has 
Socialists c strongly opposed late a change of style into a come to stpp marketing ' a 
to any further shift to the Right transformation of the French scheme, 
and. since they account for political scene cannot succeed The implication of Mr. Bar- 
about a quarter of the party’s unless the Communists fail to nett's words is that in future 
membership, they can probably change theirs. legislation could be retrospec- 

tive; catching schemes which 
j m £* were within the law when they 

VVnrkinp tnr -r rsu,™*™. 


Working for 


Although frowned on by the 
falafid Revenue, avoidance of 
this ‘kind is ‘ not illegal. Thus 
opens the way to a battle of 
wits endorsed in a famous 
ruling in 1929 by Lord Clyde, a 
prominent Scottish judge: — 

“No man in this -country is 
under, the smallest obligation, 
moral or otherwise, .so to 
arrange his lfcgaf "relations to his 
business or to his property as to 
enable the Inland Revenue to 
put the largest shovel in his 
stores. The Inland Revenue is 
not slow-— and quite rightly— to 
take every advantage which is 
open to" it tinder the taring 
statutes for the purpose of de- 
pleting the taxpayer’s pocket 
And the taxpayer is, in like 
manner, entitled to be astute to 
prevent; so far as he honestly 
can. the depletion' of his means 
by the InlWid Revenue.” 

Sir Norman Price, chairman 
of the Inland Revenue from 
1973 to. 1976, challenged the 
Clyde doctrine in 1975 when he 
argued that accountants had a 
moral duty not . to help the 
growing trend towaijds avoid- 
anefs. He defined avoidance as 
tha tendency to take a long 
route when normal business 
practice would suggest s much 
Shorter one. 

But last summer a decision in 
the High Court re-emphasised 


Clyde. A scheme devised by Mr. 
Ronald Plummer, former tax- 
ation manager with Slater 
Walker, was upheld M notwith- 
standing that the object of the 
scheme was tax avoidance.” - 

Many accountants have in the 
Inland Revenue’s view blurred 
the line between justifiable tax 
planning and unjustifiable tax 
avoidance: However, only a 
select number of companies and 
insurance brokers are designing 
the recent off-the-peg schemes 
that haTe proved so popular. 

Two of the most successful 
arc Mr. Godfrey Bradman, who 
marketed the reverse annuity 
scheme which saved a- reputed 
£l8.2m. tax for builders George 
Wlmpey in 1976 through his 
London Mercantile Corporation, 
and Mr. Roy Tucker, who works 
closely with the Rossminster 
group set up by Mr. Plummer. 

The avoidance industry's cus- 
tomers are usually individuals. 
This is because foe maximum 
rate of corporation tax stands. at 
52 per cent., so if a scheme is 
to be- used it is much more 
profitable to apply if to income 
tax, where top rates are much 
higher. 

Wimpey is one of -only a few 
public companies thought. -to 
have used schemes,' and it is 
almost certainly foe largest The 
industry estimates that only four 
dr five others- have taken the 
plunge so far, and they have all 
been smaller than Wimpey. 

The profitability of foe indus- 
try is staggering. Investment is 
confined tp intellectual input 
office overheads and stationery. 
The normal return on a scheme 
is 20 per cent., not of tax saved 
but of total Income dealt with- 
Some fees -are as high as 30 per 
cent., while -13 oer cent, repre- 


sents foe rock bottom. . 

In some cases companies in 
foe industry guarantee to meht 
the costs of fighting a test 'base 
all the way up to foe House of 
Lords. . . 

The nature of foe bafoe ot 
wits between the inclustiy end 
the Inland Revenue meansfo'^t 
secrecy on both sides assughes 
high importance. ‘-Only rarely, 
will individuals, pp either side 
talk to the Press and infotma-- 
tion of any relevance Is : 'only 
given after assurances '’. that . 
such confidences will rejxutin 
unattributabie - and “off foe. 
record.” 

The industry knows that as 
soon as foe ..Inland Revenue 
hears of a scheme its: gSttfol 
life has ended. Tbe .Tnlatod 
Revenue has two weapons to 
tackle -an avoidance Scheme- 
The first is to introduce legis- 
lation banning, it in ; the 
next Finance Bill At , foe 
same time it usually takes! 
a test case' through, the,, courts, 
in an attempt to proVe' that 
the scheme was not valid any- 
way. It usually takes years for 
juris meat to be reached. . . 

The industry complains. foat; 
it is put at an unfair disadvjmt-'* 
age in this battle for two. 
reasons. The first is that foe 
vague ' -scope of foe Parlia- 
mentary answers giving warn- 
ing of changes in foe next 
Finance Bill' means that whole 
taxation areas have to be 
shunned .until foe fine print can 
be read. ■ 

The second is that .the deci- 
sions of the. Special Commis- 
sioners, who are invariably the 
first step in the legal, process 
in tax avoidance cases, are not 
published. This means that the 
Inland Revenue can in some 


Clearly It would go ‘straight 
against British constitutional 
practice -to foe Inland 

- Revenue to. he prosecutor, judge 
and jury ip its own cause. The 
U.S. doctrine of “form and sqb- 
stahee” would also ht impossible '• 
to apply here. In foe 11.$,, 

- courts have ' powers to .decide 
: foe. intention -lying behind a 

jaw. ..The U JC’s legal tsa'dition 
allows courts power only to 
interpret - what Parliamentary^* 
statutes actually- say.. 

■ This ' leaves' -retrospective 
legislation ' against specific 
schemed The political ypreir 
over foe 1950 Finance Bill con- 
. . cerned the passing of a measure 

eariy warning- chairman of Standard Motors, 

3£JfBS* ^ ^ 1877 

Finance bul . their lives. The retrospective im 

But these ^factors do -little to -position of surtax on restrictive 
eliminate- the inbuilt advantage covenants 1 left Sir George «fth 
<jf time operating on the Aldus- £^500 and Mr. Lord with £5,71^. 
tryVpidA It usually tdng.tfne.- ' ^ Go^nn^^eiiriy ^ 
W *wn ^ launching of a ^ ttaTSTiSSS'** 
scheme before a Parliamentary 

foan foe eight years it took for to balance the inherew 

the Inland Revenue to plug the wn pnphijirtiy of any retfdspee- 
-rev«se annuities scheme (see tj TC legislation they jniy intro- 
6tm far t0 ° d0W 10 d « ce - Nevbtheiess, foe avoidance 
, bd effective. industry is convinced that the ‘ 

What has tipped the balance Government- will bold back,- It 
against foe Inland Revenue bdifeves that Ur. Banrttfs 
more than anything else is foe threat was axrattempt to mate 
flow of schemes opening new it reduce its activity voluntarily. 

™ aD 0ld 0AB is It 'pdinte to the occasion in 
plugged. December, 1976, when '• he' 

- Generally foe Inland Revenue announced font there Wight be’ 

until they emerge from ann.ual ticular ^ of avoidance cob- 
accounts, which can he suth' nected ^ pro perty. fo the 
mittdd up to a year in arrears- ^ ent Aere ^ n0 pro- 
The. rare, exceptions, are when in foe. Finance Bltf. and 
schemes ne lea^ed.to the media, he eypiamed.ttie .omission later 
I ndivid ually the schema Me by . pointing out that *« Wbape : 
e»omely oouipllwted.. .but h £/ been dropped by the la: - 
Bbsl.dttbpniaiedesigned-withidd^y (oilowiogiis aMumtce- 
foe. simple object either of menr a nvway 
; transforming income into capital “em anyway 
or capital expenditure ■. into . . However, foe ^ edrrept : pontma 
income expenditure. ’ • . ik markedly differenL Wifo to® 

On . the present terms' it is a basis nf the . U^. •• [ dlr wl ; tti 
battle foe Inland Revenue can : s y 5 t 0l h ttiusbhng, foe Govern- 
not- win. As- the le gisla tion ment wHI bave to do something 
closes specific loopholes it Sooner or lator, and totiospec-. 
becomes more -and more coinpli- . tive legislation -looks • like toe 
cated, offering more and more beet weapon in a. poo# armoury, 
opportunities, for foe industry* Unless of course .it decides w 
to find a way through the pro- cut top n maiginsj'.tox ro 
visions. ■' ntound^ fiMO pet eent, .Which 

The- Options open to foe Gov- would remove mdeh of foe in* 
ernment in controlling avoid- :centive -behind _ttx avo lda ®J]J* 
anee are limited. One way of gtfhwing pop.ularlty . with ntue 
~ tackling foe problem would be loss to ExChednet revenue. • 


the council 


MEN AKD MAHERS 


THE RUNAWAY growth in foe 
number of people employed by 
local authorities has been 
halted— but foe question re- 
mains whether this is a tempo- 
rary pausH or a permanent end 
to what had become foe most 
outstanding example of the 
wasteful use of manpower in 
this country. Until now it has 
been possible to cast doubt on 
th<? figures suggesting- that 
the growth has been ' stopped, 
for there is a great deal of 
statistical construction in foe 
official estimates, but after 15 
mouths of what is described as a 
“downward trend" it does seem 
reasonable to accept that there 
h«u« at least been a levelling-off: 

Since the days of heavy criti- 
cism of local authority employ- 
ment practices the Government 
has supervised a “joint man- 
power watch" that is intended 
tq bring together foe total pay- 
rolls of all the councils in 
England and Wales. According 
to the latest report front this 
"watch” service, there has 
been a reduction in the number 
of persons employed for six 
successive quarters, starting 
with “ the downward trend first 
recorded In the September 1976 
figures.” This is compared with 
an annual growth rate of around 
4 per cent between 1971 and 
1976. 


every autumn and fade away as 
their courses become less popu- 
lar or as foe end ot foe aca- 
demic year approaches. Thus 
the Joint Manpower 'Watch 
figures for yearon-year changes 
are the most nearly accurate, 
and these indicate a fall of 1.1 
per cent, in total local authority 
employment in foe year to last 
December. What is puzzling is 
the breakdown between differ- 1 
ent areas of local government! 
activity. i 

For example, the recorded fall 
in. manpower, allowing for part- 
timers, has affected nearly every 
department. Two that stand out. 
as having increased their staffs 
nationally are social services 
(1.5 per ccntO and housing (1 
per cent). • 


Question time 


for Parliament 


Atmosphere 


Difficulty 

The principal difficulty about 
these figures is that different 
divisors are used to translate 
part-time workers into "whole- 
time equivalents.” For example, 
in the quarter ending last De- 
cember the number of part-time 
lecturers and teachers in- 
creased by 50,176. but tills 
figure has been multiplied by 
0.11 to produce a mere 3,519 
"full time equivalents." For 
teachers not in higher educa- 
tion foe magic figure is. 0.53; 
for manual workers it is Q.41. 


It is also true that some 
changes in employment are sea- 
sonal; for exampV those extra, 
lecturers and teachers come in 


- Overriding these specific con- 
cerns there remains the question ' 
of whether the growth in total! 
manpower- wlfl be resumed, and! 
If so to what extent The impo- 
sition of cash limits and ttei 
Government’s realisation that ' 
something had to be done to 
stop foe explosion in spending 
by local councils has, had some 
effect over the past year. The 
election of a number of Conser- 
vative councils has . no doubt 
contributed to this overall effect, 
and it is possible that more such 
councils -may be elected . later 
this year. 

. Yet once those elections are 
over the atmosphere cAuld once 
again change for foe worse. 
Even foe most determined of 
Tory councils are as subject to 
the pressures of supposed “de- 
mand " For local services as any 
other body of elected officials 
The Government is unlikely to 
pursue as prudent a policy, on 
public expenditure in an elec- 
tion yqar as i* did when it was 
under foe IMF constraints. 
There is a danger that if th«* 
grip fs. even s'ishtly loo^cn'Hl 
the Joint Manpower Watch may 
soon start rennet ins that the 
onward murrh of fh»* local 
.aufoorH* 1 ?-. has once again go' 
under way. ’ 


Fifty-two years after the BBC 
first requested It, Parliament 
will finally be on foe. air ns from 
this afternoon.. A njomeqtous 
occasion, you might say. but 
still only a .step in the uphill 
process of persuading our 
legislators to accept .media 
practices taken -for granted In, 
say, foe United States. 

The radio" stations are of 
course cock ah o op. - The tele- 
vision boys too- feel that -they 
have inserted the ' thin end of 
the wedge. In February 1975 a 
proposal for a public . experi- 
ment with. TV. coverage of 
Parliament was rejected by 275 
votes to 263. Now there are 
discreet cameras which do pot 
need hot floodlights, even if 
their introduction might require 
the Whips io- adopt. Canada's 
recent expedient of .disguising 
empty beaches by ' grouping 
those present around whoever 
was speaking. 

But foe print journalist? have 
gained' little. They are still not 
allowed to use tape recorders 
inside Parliament to assist their 
memory. Nor is there a public 
relay system which would allow 
them to sit at their .desks and 
listen, as in Strasbourg, through 
headphones or earpieces. 

Leaving .aside foe- question of 
how far the Cabinet and White- 
hall have usurped the powers of 
Parliament there is also the fact 
that in . some ways the actual- 
chambers of Parliament are less 
important tha tv Its corridorsand 
lobbies. It is in these that a 
number of foe - bargains and 
much of the explaining takes 
plate. Are foe radfo stations 
going : io be allowed to report 
these? Or, like foe lobby corres- 
pondents, are they going to have 
to pretend that such meetings 
never take place? Particularly 
with foe radio stations’' offices, 
being uutiirie Hie Parliament 
buiidin& i do not predict ‘ the 
programme “ Yesterday 1ft the 
Lubby." 


"We bark harder," he com- 
mented. 

As for tlie dogs, if only 'other 
-breeds would do. maybe we 
could start sending some of the 
numerous strays being left on 
motorways here by families who 
no longer love Fido once he has 
grown up. 


formal hut in taxis, the British 
were’ . tuid that Margaret 
Thatcher wus {ess popular than 
Edward Heath. There are forte 
Chinese trains namfed after 
leaders and I wondered whether 
our ex-Prime Minister might' be 
alluwed to whistle stop promob 
ing his books. “ No.” I was told, 
“ They like Heath the politician, 
not Heath the author.” 


fitcnvcnY 

AHP8&W; 
PRICE RlS&fc 

WWBMi 


Do they expect us to sit at 
home, in foe dark, eating 
* . cake? 


Sleigh away 


Sports enthusiasts waiting for 
foe Frozen North to thaw may 
be pleased to hear of a new 
thrill which the Greenlanders 
have waiting for them — "Rent- 
A-Dog." 

In fact not one dog but' a 
whole team of huskies complete 
with sled and driver will be 
available.- SAs are arranging 
this, for their passengers, and 

obviously hope to add trail 
blazers to the salmon and trout 
fishermen who normally visit 
Greenland in foe spring. 

“ Rent-A-Dog " will be in 
Operation until the snows start 
inciting about the end of this 
month. The trail SAS is pro- 
moting runs the 125 mites from 
Sondre Slromfjord. main town 
of Greenland, to Hoistensborp. 
the second laigest town— 3.500 
Inhabitants. The huskies will 
take you past lakes and fjords 
and over sonii< law mounisins. 
An SAS spokesman assured me 
thgt foe tent provided 
three-star and thai after all 
this rigorous .stuff Uw return 
journey would be by Ueii ropier. 


China tales . 

From the C !fral Revolution to 
thr literary revolution was the 
menace received by the Pub- 
lishers’ Association' which has 
ju«t returned from China. 

Tts members pH x w»t enthusi- 
astic. They.may have had slicht 
rr^rvatlnnK about the ’ fungi, 
jelly-fish and fishstomacb soup 
which burned up at some ban- 
quets. But there were a'sn boat 
•"‘"i the Yan-rze: visits to 
shoiv-cnmrmmes near Shanshal 
w*ii - , nns whi^h lit uo to 
show where were the hospitals. 

' pieeories and other features and 
v'h'-li wav theirr;*»qtjnn flowed: 
nnr 1 11™!*!!^':'; of business. 

Cl’vp Rpurflev. Chief Execu- 
tive of the Publishers’ Associa- 
tion. told me tfviT they bad sane 
at just the right time, with the 
t'Hfth National People’s Congress 
* "tor resolved on the “Four 
Modernisation 'V-of defence, in- 
dustry. agriculture, and science 
an* 1 technology. 

The Chinese told their guests 
that foe way foe Gang of Four 
had. hijacked the Cultural Revo- 
lution had led to a fen-year gap 
in their literary output. There 
was some discussion about the 
Oxfurd University Press working 
ing with foe Chinese on a 
dictionary and an encyclopaedia. 
But Bradley thought foe most 
promising fields were scientific, 
technical and medical textbooks. 

He was impressed by their 
claims to have printed 200m. 
copies of quotations from Mau 
Tse Tung. There seemed to be 
little animosity because of our 
gun boat' diplomacy or opium 
wars in the 1 9th century. 

The banquets were uiaiulv 


Paper chase 


Austerity is catching up wpth 
the City. ’Hiat square mile of 
power and finance is only 
allowed to keep for itself oner 
fifth of the rates that the 
Corporation of London collects. 
Money is short and , to kefrp to 
its budget, the Cleansing Depart- 
ment has been obliged to re- 
move all hand-towels from its 
public conveniences. 

A spokeswoman of the Cor- 
poration told me.— .hardly re- 
assuringly — that for foe present 
they would still be keeping 
handbasins. She added that the 
Corporation would save no -less 
than £3.500 per year by this 
latest cutback. Were they con- 
sidering an appeal? “Oh, that 
would be embarrassing.” 


Gin powder? 


One more difficult problem 
which nur Chancellor might like 
tn consider as he finalises the 
j-.uckaee which will launch our 
Great Leap F-irward — howto tax 
1 'V ' I’-nhol. 

This -««*•“? is beginning to 
ir Its mark in the U.S. and 
•‘ ere are pi ms to sell it abroad. 
Roe D. Davis. Director of the 
Bureau of Alcohol, Tobac.co and 

F 1 — ->rms — a tirl«> whleb .sug- 
gests guns for flrewater-'-sayg 
the nevf product looks like 
i>i'n but chemically ! * *'* stIH 
a liquid. However, it cannot he 
i "-:»rcd ns a liquid.” Any 
ideas? 


150,000 cewaccouois "HftV 
opened with the Leicester Bi 
dining the last twelve montl 
Why? . . ; ^Vy 

V Because there’s sueftj 
■ investment and saving's' 
Because it’s one of tfer 
experienced building ““ 
assets are now over 
'Because it is'converuent 
.1,400 branch offices and 
throughout -the UK*...;'/' 

. ' Now you know'wh^ 

Leicester Investors? .. ... 


Observer 





~ ^ j 




UvewhereyouOkejbut 




m 

Pff 





u 






W y 


A slackening in the pace of 
the business and construction boom has given Bahrain 
a chance to take stock of its achievements of recent years. Inflation has been 
brought under control but long-term economic success will 
depend on maintaining greater political stability. 


mmm 












• y. 




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'i 




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% 


M 


Building in the Gulf ? 



The construction industry in Eastern Saudi Arabia, Qataror Bahrain 
is not without its headaches — asa number of companies have found to 
their cost ' 

Profitability is dependent on meticulous costing and planning as well 
as efficient project management — and all too often a minor slip has 
disastrous financial consequences. Or the whole job falls behind schedule, 
and men and materials have to be flown in at vast extra cost. 

. Most companies tendering for work in these areas consider briefly 
the use of precast concrete panelling. It's exceptionally fast to use. 
offers considerable manpower savings and can cut costs dramatically if 
it is designed into the project from the start. 

Generally the idea is discarded. The cost of sophisticated pre-casting 
plant can’t be justified against one project — and precasting really can’t 
be bough t elsevriiere and shipped m at a reasonable cost. - 

- But now it CAN be done. By United Building Factories in Bahrain. 
United Building Factories, started some 1 8 months, ago, owns one. of the 
most sophisticated Camus principle pre-casting factories in the world 

— let alone m the Gulf!. U.B.F.’s manufacturing unit is completely . 
self-contained. 

1 We pinrify our own. water. We crush and grade our own aggregate. We 
wash both sand and aggregate in pure water to rid them of corrosive 
salts — and for the same reason, we wash steel reinforcement in hydro 
■chloric add immediately before rise. We make our own expanded poly 
styrene for the insulating layer in the Camus concrete sandwich panel. 


itint 


We have our own sophisticated array of beat cured moulds to allow 
rapid production of an almost infinite variety of pre-cast components. 

And we have our own concrete technologists to make ante our panels 
withstand the rigours of the Gulf climate. 

. The capacity of our plant is immense — we can supply panelling to 
build 1,500 bouses, 2,000 apartments .or 120 schools each year. And 
our panelling is finished to such a high standard that the inside walls are 
ready for painting or papering. 

So United Building Factories is on the spot — ready and able to 
manufacture any concrete panel or component you care to name for 
use in Eastern Saudi Arabia, Qatar, or Bahrain itself. In a fraction of 
the normal .time. At a price which can offer dramatic savings on any 
reasonable quantity. 

Next time you consider a job in the Gulf — call us first. Not only can 
we manufacture to vour exact specifications, we can get together with 
you to design the project around the use of concrete panelling — and make 
the most of the savings the system can offer. 


Made in Bahrain for the people of the Gulf 


dina Fa 













16 


IfraflciaT lliies 


BAHRAIN H 


A time for taking stock 


By /Michael Tingay 


AT THE turn of the century 
King Afadel-Aziz ibn Saud sailed 
from Bahrain to return from his 
exile in Kuwait and launch a 
military campaign which even- 
tually united the modern King- 
dom of Saudi Arabia. Remem- 
brance of this . historic event 
means that to this day there is 
a firm, enduring friendship 
between ruling Khalifa family 
in Bahrain and the Royal House 
of Saud. More than ever the 
relationship between this least 
affluent — but by no means 
poor Gulf oil producer and 
the richest is of fundamental 
importance. It is a factor help- 
ing tb ensure the- stability and 
prosperity of Bahrain. 

Together with Kuwait 
Bahrain is the most sophis- 
ticated and educated Arab state 
of the Gulf. A shrewd policy 
of laissez-faire pragmatism con- 
tinues to be the hall-mark of 
the Khalifas. They still hold 
about three-quarters of the key 
jobs in the states but like the 
Sabah family of Kuwait have 
shown wisdom in delegating 
responsibility. Moreover, the 
political agility of the Ruler has 
enabled him to satisfy the 
-Saudis on all important issues 
while maintaining independence 
from tiie more puritanical 
Wahhabite - ways of the 
petroleum super-power across 
the water. The result is a free- 
wheeling but uncorrupt society 
with its own special quality of 
affable tolerance. In many 
respects it is the most refreshing 
oasis of arid Arabia. Moreover, 
it is one — with limited and 
declining oil resources — that has 
managed to compete success- 
fully with dvnamic Dubai as a 
business centre for the Gulf. 

The wild business and 
construction boom that followed 
the 1973-74 oil price explosion 
is over. The Government 
almost welcomes the slowdown 
and the relief from the over- 
heated pressures of 1975 and 
1976. The slackening in the 
pace of activity has given the 
Bahrainis time to take stock of 
their achievements of the past 
three years. Although there is 
no room for complacency when 
the. constructors continue to 
butid offices and hotels which 
stand the slimmest chance of 
being fully occupied, the 
Government- has some grounds 
tor self-satisfaction. The spiral- 
ling inflation rate is at last 
under control, rents are starting 
to fall, no less than 40 offshore 
banking units (OBITs) have set 
up shop since they were in- 
vited to take licences in 1975. 
port congestion has disappeared 
and the most prestigious dry- 
dock for super-tankers built 


outside the industrial West was 
inaugurated in December last 
year. For the future there is 
the prospect of the causeway to 
Saudi Arabia which will have 
immense, albeit incalculable, 
social and economic impact on 
Bahrain. 

The long-term success or 
Bahrain's economic develop- 
ment and its aspirations to be 
a regional business centre in- 
evitably depend on political 
stability on the island. In* the 
past Bahrain has been subject 
to periods 'of turbulence. One 
cannot ignore the division 
between the indigenous Shi’a 
Muslim community, which is 
fiercely religious, and the Sunni 
population nor. the historical 
divisions between radical and 
conservative in the highly 
educated population. Bahrainis 
have enjoyed more enlightened 
rule- than most of their neigh- 
bours and the sophistication of 
the people is testified to by the 
history of Arab nationalist 
demonstrations in the 1950s. of 
radical demonstrations in the 
1960s and more recently the 
unsuccessful experiment with 
parliamentary democracy. 

The decision in 1975 fo sus- 
pend Bahrain's National 
Assembly after only two years 
was the result of a consensus in 
the Khalifa family that no 
serious Government work was 
Likely to be achieved in the face 
of determined filibustering 
methods by a small minority of 
radical members of the 
Assembly. The demise of the 
parliament seems to be mourned 
by very few, particularly since 
the return to a more traditional 
system has coincided with a 
period of remarkable prosperity 
that no one ever envisaged. 



Looking Over the capital, Manama. 


Decisions 


The Emir can overturn deci- 
sions made by the Government, 
but in practice they almost 
always prevail. It should be 
added that, despite the presence 
of seven Khalifas, discussions 
witbin the Cabinet can be 
heated. The system is a unique 
amalgam of a modern Council of 
Ministers and a Royal Court. 
The Prime Minister Sheikb 
Khaiffa bin Sulman al Khalifa, is 
the Emir's younger brother and 
the Foreign Minister. Sheikh 
Mob a owned bin Mubarak ai 
Khalifa, is his cousin. In the 
Bahraini tradition tunlike other 
Arab sheikhdoms) the Ruleris 
son. Sheikh Hamad bin Isa al 
Khalifa, is the Heir Apparent 
white bolding the posts of 
Deputy Prime Minister and 


Minister of Defence. Bahrain is 
one of the last places in the 
world where anybody, citizen or 
foreigner, can have access to the 
senior members of the ruling 
family each Of which, not the 
least the Emir, hold a Majlis 
or Court session, to meet the 
people. • 

One member of the al Khalifa 
family stresses that for 
Bahrainis the important issue 
is the practical freedom which 
citizens are given. He said: 
"We don’t have your democracy 
but neither, thank God. do we 
have the control which exists in 
so many other Arab states 
wheire controls are imposed to 
enforce the interests of the 
party representing democracy.” 
Certainly, the assertion is true 
but not the whole truth. Sweep- 
ing arrests followed the assassi- 
nation late in 1976 of a pro- 
minent right-wing newspaper 
editor, and the Prime Minister 
recently confirmed in a news- 
paper interview that Bahrain has 
30 political prisoners- . 

In foreign policy the country 
follows the lead of Saudi Arabia 
in virtuaily all matters. Perhaps 
the most noticed develoDment of 
the past vear was the abrogation 
or suspension fn .June, 1977 of 
the agreement under which the 
U.S. Seventh Fleet bad the. right 
to use the installations of. Jufalr 


naval base. It had come under 
intense external and local criti- 
cism during the 1973 Arab- 
Israeli war. The continued ex- 
istence of a formal agreement 
could at any time have exposed 
Bahrain to further criticism 
from other . Arab States. 
Typically, however, although the 
U.S. naval base formally no 
longer exists.' Rear-Admiral 
William J. Crowe Jr., com- 
mander of the U.S. Middle East 
Fleet, has Ais headauarters on 
board his flagship, the USS La 
Salle, a vessel specialising in 
telecommunications and moored 
off Jufalr. Personnel who re- 
mained after the departure of 
the flotilla now belone fn what 
is known as the " Admiral’s 
support unit.” tfaoueh Foreign 
Ministry officials are quick to 
poinr out that support facilities 
for the flagship are the same as 
those acrorded to any other 
foreign ship. 

Saudi Arabia’s ' lead 
in international matters has not 
affected the independence and 
direction of internal affairs. 
Despite their intimate ties. 
Bahrain has picked up none of 
the puritanical habits of Its 
huge neighbour. Indeed. Saudi 
Arabia / seems to encourage 
Bahrain as the open experimen- 
tal society In the region. A less 
resilient society might not have 


bounced hack so swiftly follow- 
ing the failure of the . demo- 
cratic experiment, but the les- 
sons have been learned by the 
Saudis as well as the al 
Khalifas. 

Diplomatic observers are 
quick to discount exaggeration 
of the Saudi influence. They 
point nut that there has been 
no Wahabi spill-over from 
Saudi-financed schools and insti- 
tutions, and that coeducational 
schools are being restarted after 
a period of segregated school- 
ing. Liquor licences have long 
ago been a ha n (toned. Independ- 
ence can a No be noted in the 
appointments of certain officials, 
who are known to be disliked 
by thp Saudis: 

After a period of heaw 
spending, the Government has 
decided to balance the budget 
to avoid the inflationary effect 
of deficit financing. There is 
worry rather than alarm at the 
unfinished huildine« which con- 
tinue to rise, including five 
first-class hotels. But Bahrain 
is delighted at the success of 
the offshore hanking experi- 
ment. which has enhanced the 
country’s remit nt ion for Imagi- 
native Initiatives. 

A year ago. one of the island's 
bankers commented: **If the 
market consolidates arourid 
S10bn.. : then we have a future.” 




The latest report of the .Bahrain 
Monetary Agency indicates , that 
OBUs have been doing more 
than Sl5bn. worth of business. 
If it reaches SISbn.. it would be 
on a par with Singapore.- which 
would be a satisfying achieve- 
ment for Bahrain in terms of 
inter-Gulf rivalry, since Dubai 
has consciously striven ' to 
become the “Singapore of the 
Gulf." 

In order to follow up bp ' the 
multiplier effect of the OBUs, 
the Government is now estab- 
lishing a licensing system for 
offshore - companies.. • The 
exempted companies (EG*). ex- 
periment stems directly from 
the success of the OBUs and 
should contribute further to the 
magnetic effect which the 
OBUs creators, envisaged. • 

The basis of Bahrain’s 
economic success story lies m 
the fact that it was one of the 
first of the Arab producing 
States of the Gulf to conte on 
stream. Now its resources ate* 
extremely limited, Bahrain's 
output is a miniscule pro- 
portion of the total produced by 
the Organisation of Petroleum 
Exporting Countries and it has 
never — unlike Trinidad which 
tried .so hard to joia the cartel 
— attempted to , become a 
member. Nevertheless, despite 
the spectacular success of the 


OBUs, perhaps the basic heart 
of Bahrain’s transformation can 
only -really be appreciated at 
tile old oil town of AWali, 
which still houses most flf the 
expatriate personnel respon- 
sible for tbe production of. the 
Bahrain petroleum ■ Company 
and the operations- .of its 
refinery. 

: .Bahrain more desperately 
than any other of the producers' 
of the region needs to diversify. 
Last year petroleum incomb 
accounted for about 66 per cent, 
of total income and 60 per cent. 
Of. expenditure. The.' difference 
■was met mainly by aid from 
Saudi Arabia Which generously 
made over half the yield from 
the Abu Saafa field to its 
poorer cousin. Revenue froin it 
now accounts for -about half of 
Bahrain’s total .receipts. Pro- 
duction from Bahrainis own 
indigenous onshore fields is. 
declining at the. rate, of 3 per 
cent per annum and it is antici- 
pated that their life may come 
to an -end by the. .early 1980s. 
Bahrain cannot afford the in* 
dulgent largesse of its richer 
neighbours as it- faces the 
inflationary consequences of the 
oil boom and ' the - social 
problems which might Arise 
ftoiti it. . 

■ -The emphasis on developing 
small private industries down- 
stream from established activt- 
-tleq may be related to apprehen- 
sion about the development of 
substantial concentrations of 
labour in a few large indus- 
tries.’ Fears that a radical 
■proletariat would develop grew 
after labour unrest at Alumi- 
nium Bahrain’s smelter in 1974. 
When the Government- issued 
the long-awaited labour law for 
tiie private sector and the law 
for social insurance in August, 
1976. ’ It did not. as many 
expected, legalise trade unions. 
But* it was a departure rroiu' 
tbe traditional attitude towards 
labour. Under the legislation 
.all workers are treated equally, 
regardless of nationality. In the 
aluminium plant and other 
large companies management- 
laboUr relations function 
through a system of divisional 
committees among the workers. 

The Government’s response to 
-inflation and the. growing dis- 
crepancies in income has not 
perhaps been as quick and 
effective as it might However, 
heavy-handed State Intervention 
would be impossible :in ah 
economy which is— and must be. 
if prosperity Is to be main- 
tai&ed-~orientated 4nd domi- 
nated still by the merchant, 
community despite industrial 
development At the same time 


tbe Government bis acted Witt 
SomC ■ urgency to the shortage 
of . low-cost housing. Its hotui. 
bunding programme has ouce 

aglin been given high Priority 
in this year’s budget and - the 
Government says if will cmi. 
tiniie " until the housing short, 
age is alleviated.” 

Above all else the $800k 
causeway project is begntijttg 
to dominate the State's ecbnottfc 
future. -In- connecting two la»e 
population centres the ecoromfc 
and social impact of the cause: 
way Will he Immense. By the 

tu he it is finished Saudi Araffia 
will have completed Juto, this 
largest industrial cfimpltix of & 
kind ever built Bahrain wifi 
have direct access to the King- 
dom's Eastern Province and. the 
hinterland beyond. If. wU] {& 
lied' into the Middle JStot flight 
way system which in tam.fc 
linked to. Europe. 

Benefits 

" I J 

Among the many tet&fifs 
expected by Bahrainis is tijti 
agricultural products will- to- 
cheaper as trucking develops. 
One • of the big ^proMea* 
expected is further traffic 
gestion — according to one knc»i 
I edge able Saudi, no less ttata - 
100.000 cars Will flood in ev*y . 
weekend from the Ktagdta, 
The implications will be-sodaf 
as well as economic. / Whig 
Bahrainis may leave the iriiaP 
for winter week-ends at 
Arabia's huge al Bafa ottti, 
many more Saudis will ba tiotttft 
aval] themselves of .rtjeijlcflhqp 
refreshment denied -them.- « 
home blit permitted In Bahrain 

Fears that Saudi Arabia wijt 
impose some of its purtttidbi- 
ways on Bahrain. ate dtosJssri- 
by officials -os groundless/ in I. 
did so. the result would -be. 
damaging to thd develop trwntii. 

1 the State as a service centred 
the Gulf— a fact that. Saadi.. 
Arabia with its Interest is; 
Bahrain's stability and -pn». 
perity presumably, appreciates- 
The proximity and power ni p 
Kingdom makes it a vea&aflB^ 
presence, though InCyitablyAb 
the same time Bahrain wflJL U; • 
an increasing extent, coml'. 
under its hegemony. But to/ 
senior official said, 

Khalifa ftouity w in be tile U~ 
maintain its political ind^e^- 


dence and Integrity. TrteCfltttto 
way is one more bridge : to add 
to the aif bridge, the sei lirid 
and family ties.” / 


Tbe photographs fir fids 
survey were taken by Glyn 
.-.r Gavin. . 




UROPEAN ARAB BANK 



Contact European Arab Bank in Bahrain for: 

Term and trade financing, trade promotion, investments and introductions 
in the Arab world. 

All banking services, including deposits, loans, foreign exchange and 
documentary credits. 

International money management and investment management services. 

Investment banking and corporate financial services in international 
capital markets. - 


Shareholders: 

Abu Dhabi Fund for Arab Economic 

Development 

Banque NationaJa ef Algeria 

National Bank of Egypt 

National Bank df Kuwait 

Banque Libanais® pour le Commerce 

Banque Misr-Liban 

CreditLibanafs- 

Societe Generals Libano-Europeenne 
de Banque 

National Commercial Bank. Tripoli 


Banque MarocatnB du Commerce 

Exterisur 

Sultanate of Oman 

T he National Commercial Bank. Jeddah 
Bank of Sudan 
Banque Centrate de Syrie 
Arab International Bank. Cairo 
Frab-Sank International. Pans 
Creditanstalt -Bankverem, Vienna 
Societe Generate de BanqueS A. 
Brussels 


Societe GdndrateS A. Paris 
Deutsche Bank A.G. 

Midland ^International Banks United 
Midland Bank Umited 
Banca Comma rri ale Italians 
FujiBankUmited 
Industrial Bank of Japan 
Amsterdam-Rotterdam Bank N.V. 
Credit Suisse 


Bahrain: Kanoo Centre. Al Khalifa Road. Manama, Bahrain -Telephone 50600 -Telex 8940/8996 
Manager: Mr. Edward CHfton-Brown. 

Brussels: Avenue desArtstSH. Bte.2; B-1040 Bruxelles -Telephone 2194230 -Telex 26413/23884/25762 
Frankfurt: Munchener Strasse 1 . D-6000Frankfurt/M -Telephone 232707 -Telex 413030 
London: 29 Gresham Street London EC2V 7EX -Telephone 01-606 6099 -Telex 8812047 
Cairo Representative Office: 26th July Street No. 15, Cairo -Telephone 48698/ 52431/52579 -Telex 2619 
TokyoBepresentative Office: Room 427, Fuji Building, 3-2-3 Marunouchi, Chiyoda-Ku, Tokyo 
Telephone (03) 21 4-6058 -Telex 2226287 ■ 


Capital of the G roup: F. Lux 2 billion (approximately US $50 million] 



What are the regulations concerning agents 
1 | wno i high: handle my business in Canada? 


0 

0 

0 


n , What is the effect Of Canadian fttstoms, 
D ] - lews and practices? 


What are tfi^ saws regarding jfte 
expatriation of profits or service fees’ out 
of Canada? 

Can application lo open a company or form 
agencies be made on a federal level, or do 
these have to be applied on a province by 
province basis? 

What are Canada's rax laws, and her.- do 
they apply ic inioinatioual cumpaiiieo ? 

What gcverr.m^rv grants are available to 
help set up companies such asm slow 
giowtn aioas ? Are such grants available to 
international companies? - 


. What is the procedure forapplying for 
1 j import licences, je^stxatiqjxetc? ■ 


0 


. What existing Caaadianlabonrlegislatica 
o! should l know about? 


0 


TT Are there any professional organisations, 
y j or chambers of commerce which can help 
supply information?; 


10 


Can a large internationai-tenlj; fiSe6 the 
Bank of Commerce offer local expertise and 
financial resources to hglp me in setting up 
niy business? ■ - . . 


-,i 

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444 




Get your free business guide 
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the answer to most of your 
questions compiled by the 
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best Send for a copy today; 

on your company letterhead, 
to: Canadian Imperial Bank - 

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London ECZR6BR 



CANAWVN imperial - • 

BANK OF commerce 

• . Tbe ldejasBaok* ■■ 


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BAHRAIN'S ECONOMY is Very units (OBUs).'in a tax haven- 
different Tn>m those of the other.-' To-day, ' ' port’/ and airport 
oil producing States which sur- ^P^ity are balanced, hotel 
idund'i*: HeefltrtP rf?« , rooms, are l -daajrily available. 
Sr **, e rt s ^f“ ■ , a -rented .houses and. apartments 

amail oil producer its GNP is are dropping in priee and new 

nmd\ smaller. Bahrain is still office, blocks are empty.. Five 
heavily dependent on hydro- uiajor hotels are under con- 
carbon revenues, birt much less structton./and there is concern 
. . .. that construction -projects In the 

-J? °f ^ neighbours, pr^ wcror ueuld. face’ .bank-' 

Now; that its economy ls .deve- ruptcy when voversupply . of 
Joping in the direction of -ser- rooms. homes and. offices makes 
-vice industries, it is likely to itself felt Bank lending for 

'complement rather : tbah'-comr ““Btruction towards 

_ . - • • - • • - T the end or 1977 after a year 

*>ete wsth the economies /of its wheuSQ ^rcentm^ 'ienctiog 
neighbours. - — went to building. / 

The boom, which three years ; .The OBUs found a firm niche 
ago thrust Bahrain into a spasm ’ Q t f |e economy; and by the end 
/>f overheating, has subsided. and ^.^^r 
has been succeeded by. a period 

of what the Government .calls of .th*™. 111 Wl1 ^ 

“ consofidation.” \ Development . 

““ j* Tlie 1977 reporf^the Bahrain 
omnageably. the inflation ^ Monetaxy Agency showed that 
spending has banking busi ness has almost 
Aeen pared and the Government ^ ou b le d in ? ffie past year and 
has produced a balanced budget $7^ ^ the bankas assets 
for 1978. The flurry of pro- came from Arab States and 
jects begun or. planned during .S8.Sbn. of fiabllities were owned 
the - 1975-7 G boom are moving, by Arab State* 
sometimes uneasily, to com pie- ; The* OBUs. acted as a powerful 

lion.' The .Government is doing stimulus the economy, each 
-its best to. squeeze the most out of ihe 33 banks (seven more 
of existing resources and in- were ready to open early this 
'vestments, concentrating - on year) spending , an .estimated 
spin-off from, current develop- Sim. locally.- But their arrival 
mernt rather than, on: to tally new also. pushed up -the cost of rents 
.'activities. The next stage of and services and boosted infla- 
economic growth will come with -lion; .which was officially ack- 
Ihe construction of the causeway nowledged asbiEber than 30 per 
joining Bahrain to the main- cent- during -1975. and 19 id. 
land — and happily Saudi Arabia The .increase in the cost of 
is expected to- pay -all the ex- living for the average Bahraini 
peeled gSOOm. cost T • family was down to about 13 per 

1 cent in 1977;. maiidy because of 

» i v' the allocation of several million 

rSaCKlOS; . dinars to-subsidlt« a number of 

* ^ . - • - essential commodities (rice. 

Two years ago the island was coakiDg oil; snap; milk, powder, 
.bursting at the seams. Freight . wheat eggs ; chTaeh and many 
;was piled- -high -at Bahrain's Qjests). The ibrflation rate last 
international airport at year fl>r fprejmiers ! and tfie 
■Muharaq and South Korean WB ai f hy Bahriiws-Tsi thought to 
workers had to be; brought in to ■ haVe t^ en closer to 50 per cent, 
clear a backlog of goods from and' G^venun^ officials -hope 
the then congested Mina Sulman to redace this still further, 
port Office buildings apd apart- v w.c in 

: ments were going-.up fast but -A 

not rapidly enough to keep pace; as ctosel? * 

with the soaring rents, which wn 

-tesMi&s 

tion/^to^ro^edTn“ " * "" 

sudden straiSn‘ imposed by. . the -ye “ *?®f. ■ 

arrival of the world’s inter- ..Figtires for t&e^esrt two years 
nationaT banks in response to have been : puwished which 
the Monetary. Agency’s Ibvita- show 1978 an^ 1679, revenues 
tion -to' set offshore : banking, balanced against expenditure at 


BD2S0m. (¥72L6m.). This is 
the Grst time in several years 
that the Government has 
avoided deficit financing, which 
had been used to speed up pro- 
jects -despite the acknowledged 
inflationary effect. 

The 1978 budget includes no 
new projects apart from expan- 
sion of the sewerage and elec- 
tricity generating - facilities. 
Manama's expanded sewage con- 
struction will cost an estimated 
8200m. over the next two years. 
The housing programme con- 
tinues to get priority as it has 
since the abolition ■ of the 
National Assembly in 1975 when 
the Prime Minister ■ declared 
that provision of .houses for 
Bahrainis and reduction of the 
cost of living increase were the 
twin priorities of the Govern- 
ment. In 1978 the Ministry of 
Housing will spend $96m., the 
Education 'Ministry $65m. and 
the Health Ministry $51m. 

State expenditure in the 1978 
budget is 12. per cent, up on 
last year, with recurrent spend- 
ing increased by 21 per cent." 
but capital spending less than 
5 per cent, up (compared with 
a 38 per cent, increase in 1977 
over the previous year). 

Oil revenue, which tradi- 
tionally contributed more than 
70 per vent, of Government in- 
come, was down last year to 
64 per cent and this year is 
estimated at. 61 per cent. The 
S per cent, increase in actual 
revenue to more than BDl6lm. 
is the result of increased out- 
put o( the offshore Abu Saafa 
field which Saudi Arabia has 
shared with Bahrain since 1972. 
For the first time revenue from 
Abu Saafa will account for 
more than half the country’s 
total oil income. Meanwhile 
production from the State's on- 
shore wells is due to decline 
again this year by 4 per cent. 
The changeover to 100 per cent. 
State ownership of the fields is 
expected to benefit Bahrain by 
only $om. a year. 


the International Monetary 
Fund. 

In contrast to most neighbour- 
ing countries, grants, loans and 
bonds arc assuming an import- 
ant role in State financing. 
Loans and aid arc estimated in 
the 1978 budget as BD41.1m„ 


BASIC STATISTICS 


Area 

Population 


256 square miles 
320,000 


Revenue 


Receipts from Fees and ser- 
vices ate estimated at 25 per 
cent more in 1978 after doubl- 
ing last year. The Government 
has continued its policy of rais- 
ing charges and bringing in new 
ones to broaden the revenue 
base — a course dictated in 1976 
and 1977 by a combination of 
prudence and the urgings of 


Trade (1976) 

Imports 18 D 38 7m. 

Expo rts . • - BD 13 6PX. 

Imports from U.K. £ 89.5m. 
Exports to U.K. £30m. 

Trade (1977) 

Imports BD445m. 

Exports BD157m. 

Imports from U.K. £114m. 
Exports to U,K. £13.6m. 
Currency: Dinar £1 = 609.736 


marginally more . than in 1977, 
the bulk of it from Saudi 
Arabia. A new idea launched 
last year was the Boating nf 
Bahrain’s first development 
bond, which was unexpectedly 
successful. The Government 
had been wnrricil that such a 
bond issue would he interpreted 
by the public as a sign of 
financial difficulty. As it turned 
out. the issue was oversub- 
scribed by financial institutions 
and offshore banks and the 
paper was increased from 
$2 5m. tn S33m. 

The purpose of the bond- issue 
was to test the market and to 
soak up some of the inflationary 
excess liquidity, which until 
then was being channelled 
almost exclusively into new 
construction. The 1978 budget 
anticipates BD20m. from further 
bond issues during the year. 
In addition to assistance shown 
up as loans, grants and aid. 
Bahrain leans heavily on direct 
support by Saudi Arabia, 
Kuwait and the UAE for a 
number of schools and clinics 
as well as ad hoc funding when 
needs arise. None of this can 
be accurately assessed. 

Paring down Government 
spending can help only in a 
limited way to offset the trade 
deficit, which is linked directly 


to the high imports during the 
construction boom and which 
last year rose to BD288m. com- 
pared to BD251m. in 1976 and 
BD36m. in 1975. 

No official balance of pay- 
ments figures are published, but 
estimates suggest a small 
surplus of about BD20m. in 
1976 dropping to BD4m. last 
year. The main factors contri- 
buting to the positive balance 
of payments were remittances 
from Babrainis working abroad 
(mainly in Saudi Arabia), earn- 
ings ^7 Gulf Air and by the 
newly established offshore 
banks which spent an estimated 
840m. locally last year. Gold 
and foreign exchange reserves 
held by the Government .of 
Bahrain and the BMA rose from 
$l53m. in 1975 to BD3S0m. in 
1976 and BD408m. in 1977. 
Foreign liabilities or (he BMA 
and of commercial banks in- 
creased in 1977 by an average 
of 27 per cent.-. 

The decision to lake over TOO 
per cent, ownership of oilfield 
resources stems from the Gov- 
ernment's concern lo exploit 
Bahrain's resources to the 
optimum The extra 85m. which 
the Government will earn is less 
important than the guarantee 
that tile remaining 20 years nf 
oil reserves will be expluiled to 
the country's fnlh-i advantage, 
even though a barrel nr oil at 
the wellhead mi chi be con- 
sidered uneconomic to extract 
compared to other fields. 

Last week the Bahrain 
National Oil Company (Banocn) 
and the .lapan Gas Company 
signed an agreement under 
which associated yas (which 
until now has been flared) will 
be processed under a 827m. con- 
tract to make 80,000 ions a year 
of propane and 75,000 tons of 
butane for export as tvell as 
125.000 tons nf natural gasoline. 

Bahrain's other natural asset 
is the high quality natural gas 
in the southern Khuff zone (dis- 
covered in 1971 with reserves 
estimated at 7.000-10.000bo. 
cubic feel). U is piped to the 
refinery, to a power and de- 
salination unit at Sitra and to 
the turbines of the Alba 
aluminium plant. 

Alba, which was set up as a 
labour-intensive project to soak 
up unemployment and to diver- 
sify the economy, is currently 
proposing to expand output by 
30 per cent, to 155.000 tons a 


year. There are also hopes of 
further expansion by installing 
a calcining plant (which burns 
off volatiles in high' sulphur 
petroleum coke) to process low- 
priced, green petroleum coke 
from the U.S. for export of cal-, 
cined coke to Dubai and Iran, 
the rest to be baked into carbon 
anodes (the core of the electro- 
lytic process whereby ' alu- 
minium is produced) for local . 
use at Alba and export to ' 
Europe. 

Dependence 

Until 1974 Bahrain lias, been 
unique in the region in having 
an excess of skilled local man* 
power. Since then Bahrain's 
industries have become in- 
creasingly dependent on ex- 
patriate labour and expertise. 
Half the present population is 
under 20 years old and the 3.5 
per cent population growth rate 
is a worry to planners since 
Bahraini skilled labour - is 
drawn to higher paid jobs in 
Saudi Arabia. Competition • in 
blue collar jobs from ex- 
patriates has been extended to 
white collar categories with the 
arrival of the offshore banks. 
One of the difficulties locally is 
the high turnover of the 
Bahraini labour force at plants 
like Alba which employs 2,500 
workers. 

This is by no means the full 

extent of industrial development. 
In the free zone area next to 
the port of Mina Sulman there 
are ventures involved in flour 
milling, prawn fishing and freez- 
ing, paper processing, plastic 
pipes, assembly of air condi- 
tioners, nails, matches, foam 
rubber, furniture and prefabri- 
cated housing. The site for a 
second free zone at Sitxa is 
under development in close 
association with Bahrain’s new- 
est hope to stimulate the 
economy, foreign exempted 
companies, which are a develop- 
ment of the OBU idea and are 
the direct result of the success 
of the offshore banking gamble. 

The ECs, as they will be 
called, are -companies w'bich will 
take advantage of a resolution 
decreed last year exempting 
foreign companies from certain 
provisions of Bahrain company 
law. The Commercial Com- 
panies Law decreed last year 
requires 51 per cent local 
ownership for companies trad- 


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ing in Bahrain. The chief ex- 
emption is from this 51 per 
cent Bahrain ownership re- 
quirement which will enable 
foreign companies operating 
outside the island to be incor- 
porated in Bahrain. 

More than two dozen com- 
panies have expressed interest 
in adopting EC status, of 
which three banks have been 
given the green light Other 
companies in transport, forward- 
ing and freight, management 
services and consultancies from 
France, West Germany, Britain, 
the U.S. and Arab countries 
have started discussions with 
officials about possible EC 
status. 

The Government is- giving en- 
couragement to a private con- 
cern setting up an international 
exhibition centre intended to 
develop still further Bahrain's 
regional role. In April' a pilot 
exhibition at the Hilton Hotel 
will be held on the theme of 
solar energy and its technology. 
An exibition which will focus 
the visits of companies arid 
buyers throughout the Gulf 
region into Manama dovetails 


EBU1ES f 


neatly into Bahrain's concep- 
tion of itself as a regional cen- 
tre. A further benefit is indi- 
cated by reports of full book- 
ings in all hotels (including the 
as yet unfinished Holiday Inn) 
in November, when the first 
full-scale show is due to open'. 

Of perhaps equal importance 
though less glamorous than 
some business developments are 
Bahrain's plans to develop a 
better- balanced food-producing 
sector. Hunting Technical Ser? 
vices has just set up an office 
in Manama to produce an agri- 
cultural master plan for Bah- 
rain financed by the Kuwait 
Fund for Arab Economic De- 
velopment The same company’s 
joint venture. Hunting Mac- 
donald’s Groundwater Develop- 
ment . Consultants, which is 
studying water resources in 
Saudi Arabia's eastern pro- 
vince, has been given a BD2m: 
job {financed through the 
Saudia Ministry of -Agriculture 
and Water Resources) to study 
thoroughly the island’s dwind- 
ling fresh water supplies. 

Michael Tingay 




"J* •'*' • ' ' 

’ 3 S'. • ■>. * "-V. , r ; ;. J '" 



7 reasonswhy Brown&Root-Wimpey, Manama, 
car offer fast, low-cost construction and installation 





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Brawn & Root-Wimpey MESA. PO Box 780. Manama. Bahrain, The Gulf. Tel: 010 973 714011. Telex: M19/8Z74. 


The labour force is large, stable and skilled, 
with a solid record of success in the pre- 
fabrication of modular units for marine and 
marine-related installations, and for facilities 
erected on land in areas where special 
conditions obtain. 

The 64 acre production and storage area is 
extensively equipped, capable of handling 
very large loads and with -a capacity of 
approximately 30,000 tons a year. 

Experience in prefabrication means expertise 
1 in seif containerisation and economy of space 
in equipment modules. 

Pre-testing facilities for all equipment and 
1 modules are available at the Yard. 

Packaging complete production and piping 
• systems for installation offshore or on land is 
a speciality of the Yard and is geared to meet 
Stringent individual specifications. 

1 Delivery anywhere In the Gulf is common- 
► place for Brown & Root — Wimpey and covers 
many modular prefabrications, among them 
compressor and pumping stations, power 
generators, 1 gathering centres, oil and gas 
treatment and production facilities, living 
accommodation, NGL plants and water and 
gas injection systems. 

p The company has R & D and production 
back-up from two of the woild’s most 
reputable engineering organisations, Brown 
& Root and Wimpey. 

The promise is for production on time, to 
specification, on budget and at probably the 
lowest cost available in the area. Start the 
process by contacting either of the following: 

Guy Seibert, Business Development 
Manama, Bahrain Tel: 010 973 714011 


FACILITIES AND EQUIPMENT 
AVAILABLE.AT MANAMA YARD 
Covered Prof ile and Double Joint Area 200ft. by 
100ft. Open Light Fabrication Area 150ft by 400ft. 
Piling Rack — 320ft in length. Erection Area 700ft by 
600ft SholWast and Paint Area. Pipe Fabrication Area. 

Ancillary Equipment 
a 8 each 150 ton capacity cranes, 
b 10 each cranes 30 to 100 ton capacity, 
fell each cheriy pickers and cranes under 30 ton. 
d 362 each welding machines electric and diesel. 

Warehouse 200ft by 100ft Offices — 29.000 sq.ft. 

Support Facilities 

Lighting for 24 hour operations - . 

in all areas of yard. . 


t^iil ^ UlSJrfl J! tlU 


I 






_ financial Times ; Mqh^;£^ 



It's a fact...no other airline 
offers businessmen so wide a range 
of services in the Gulf 


Being the national carrier of four Gulf States makes it easier for us to offer the most 
comprehensive and convenient timetable of direct flights to the most important cities of 
fcv .{„ the Gulf - no less than 16 departures from London Heathrow each week, ail in the spacious 

i comfort of our Tri Stars. What’s more, we operate regional and domestic air services 
V-TS \ J* linking all the major trading centres in the area and are intimately involved in the 
development of hotel and travel services. Add to all these facts the five-star quality of 
V Golden Falcon service, and you’ll appreciate why more discerning travellers choose to 


fly by Gulf Air. 


Corner of Piccadilly & Berkeley St., London W1V 9HF. Reservations: Tef: 01-409 1951. Teiex: 28591 A/B GFRES G. 
Birmingham, 021-632 5931. Manchester, 061-832 9677. Glasgow, 041-248 6381 or contact your local Travel AgenL 
London/ GuK/ London services operated in association with British Airways. 


A. M. YATEEM BROS. 


Telex: 

8314 YATEEM GJ 


P.O. Box 60 
BAHRAIN 


Tel: 53450 


— GENERAL TRADING AGENTS 


— AIRCONDITIONING CONTRACTORS 


"Carrier" distributor — sales & service 


Commercial & Residential Installations & Equipment 


— INDUSTRIAL GASES MANUFACTURERS 


Liquid & Gaseous Oxygen, Nitrogen & Co 2 , Dry Ice, 
Acetylene & Compressed Air, etc. 


Dresdner Bank in Bahrain 


Rott Hagemann 


O 




KanbpTower 




Head Office 
7-B GeSusartage 

6000FrarMurtAt3ln 
Federal Ropottc of Gwmany 

TefepftonS; 2631. Telex 41230 


BAHRAIN IV 


f< 


MANY OF THE problems of 
the Gulf states are problems of 
scale. Their incomes are . too 
large, their populations tod' 
sraalL Bahrain is rather -an 
exception to his rule , in that, 
until thd 1974 oil price rise, its 
income and ' population figures - 
were in comfortable balance. 


GULF AIR ★★★★★ 


The quadrupling of the oiL 
price gave the Bahrain Govern- 
ment sufficient extra income to 
modernise the infrastructure of 
the state. This sudden upsurge 
in government spending 'pro^ 
vided a bonanza, for Bahrain’s 
merchants. It gave them busi- 
ness opportunities on a scale 
that they had never envisaged 
before, were not really able to 
manage and axe now not always 
able to finance. 

Bahrain’s economic ' boom 
peaked in 1976 when bank lend- 
ing had grown by about 66 per 
cent and the money supply 
(Ml) by. 64 per cent. Everyone 
was importing building materials 
and construction equipment, fur- 
niture and furnishings, creating 
and renting office and domestic 
accommodation, opening letters 
of credit for goods which took 
three months to arrive and 
extending credit to customers 
beyond prudent commercial 
norms. Naturally when the 
inevitably slowdown started last 
year— -and it was visible by the 
end of the first quarter when 
bank lending was growing at an 
annual rate of only 27 per cent. 
— it caught many traders and 
contractors unawares and placed 
them in constrained if not actu- 
ality straitened circumstances. 

There has, however, been only 
one bankruptcy in Bahrain of 
any serious scale in the past 
year, when a specialist contrac- 
tor failed through a combination 
of inadequate financial manage- 
ment and a lack of new business. 
It was a relatively small scale 
affair, measured in thousands of 
dinars compared to the previous 
year's malodorous bankruptcy 
of a prefab housing company 
v bich was measured in millions. 
But many a trader and contrac- 
tor in Bahrain has learned to 
balance his debts and his 
income, not writing cheques out 
until cheques in have been 
cleared. 



The Nati&7Ml Bank of Bahrain building -in Manama 


Citibank but has not been per- 
mitted to. open for business. 
The Bahrain Monetary Agency, 
which has regulated the bank- 
ing scene .since 1974, believes 
that there has been sufficient 
expansion of banking business 
since 1975 when the moratorium 
was first imposed for another 
bank to open: Naturally pre- 
ference was given to a local 
institution. . 


Inactivity 


The fact that there are not 
more bankruptcies may be as 
much due to bankerly decisions 
to pursue a policy of masterly 
inactivity as to the luck or good 
management of Bahraini com- 
panies. On certain construction 
projects in the island the banks 
have been laced with the un- 
comfortable choice oF bankrupt- 
ing a client and being left with 
valueless assets, or of putting in 
further finance in the hope of 
potentially valuable assets when 
business picks up again. 

Once into a "project it is diffi- 
cult for a bank to opt out but 
it is certain that • Bahrain's 
bankers are now making their 
potential clients assess future 
projects more ruthlessly. Also, 
in a community as small as 
Bahrain whose total population 
is about 25,000 and whose busi- 
ness community is small, inter- 
related and gossip-prone, bank- 
ruptcies so to speak “ pour 
encourager les autres ” are not 
politically possible. 

Cash management Is a hew 
game to many Bahraini traders 
though the biggest companies 
have always had their British 
accountants to counsel pru- 
dence. It (s actually a civil 
offence io Bahrain to issue a 
cheque without sufficient funds 
to meet it on the date of issue. 
A cheque which has been 
bounced can be taken to the 
police fort (Gulf English for 
police station) and the drawer 
called in to explain Ziis position 
and what he intends to do about 
it. But ODly the most friendless 
orphan — or ’ a foreigner — is 
likely to end up in jail -as a 
result. The wonder of it is that 
the present tight situation does 
not appear to have soured busi- 
ness relationships in Bahrain. A 
combination of Islamic fatalism, 
family and school friendships 
and the Bahrainis' instinctive 
pragmatism keeps tbe situation 
at moderate simmering -point. 

Despite -the low level of busi- 
ness, 1977 was not a bad year 
for Bahrain's commercial banks. 
There are 18 operating commer- 
cial banks in Bahrain and a 
nineteenth, the A1 Ahlia Bank, 
has been formed, licensed and 
has signed a management agree-' 
inent with the Bank of 
America. Given aU the paper 
and systems work necessary to 
Ihe setting up of a bank, it is 
unlikely that the A2 Ahlia will 
be in business before next year, 
by which time business activity 
may have picked up again. 

Until the formation of the 
A1 Ahlia bank with capital of 
SlOm. last year, there had been 
a formal moratorium on the 
opening of new commercial 
banks. The Bank of Credit 
and Commerce International, 
for example, has taken anti fur- 
nished hanking premises above 


The two existing national 
banks are the National Bank 
of Bahrain which has a 49 per 
cent, government holding 'and 
the Bank of Bahrain and. Kuwait 
which is half owned by all the 
Kuwaiti banks and half by 
private Bahraini individuals! 
BBK is the first non-Kuwait 
bank to be given permission to 
set up a full commercial 
branch in Kuwait which has 
recently opened for business, 
business. The bank has a tech- 
nical assistance, agreement with 
the Chemical Bank which has 
seconded general * managers to 
both the Kuwait and the 
Bahrain, operations. BBK also 
has a 50 per cent shareholding 
in the Bank of Omen, Bahrain 
and Kuwait which is based in 
Muscat in the Sultanate of 
Oman. ... L . : . . 4; 

Last year was very much one 
of consolidation and sorting out' 
fn r the National Bank of 
Bahrain which had suffered a 
fairly traumatic ,J97$ when 
growth of business completely 
outran its administrative re- 
sources. The reorganisation of 
the bank should be completed, 
by the end of this year and the 
last senior management post, 
still to be filled, that of credit i 
administration manager, should! 
be taken up soon. 

In spite of being in the 
throes of reorganisation during 
1977. the National Bank of. 
Bahrain moved into the local 
and international money mar : 
kets. participating in the dollar 
bond issue for. Eurnfima, the 
Bahraini dinar bond issues for 
Pemex. the Mexican state oil 
company, for the Philippine 
government, and for the 
Bahrain government's own de- 
velopment bond. The bank 
started to enter these fields 
because. Id the words of general 
manager John House, “we 
wanted to join in the develop- 
ment of the money market here 
and we had acquired the 
expertise.” 


pandlng. their operations in 
response to increased business 
m the course of last year. 
Grindlays is taking ground Boor 
space in the new Manama Centre 
between Government House and 
the National Bank of Bahrain. 
Chartered has moved across the 
road from its head office into 
the Shaikh Mubarak building 
during the reconstruction of Its 
.head office. Bank .fttelli Iran, 
too; has expanded and taken 
elaborately furnished premises 
also in the Shaikh Mubarak 
-building. 

Although there is a very 
noticeable downturn in the con- 
struction industry, general bank 
lending to the contracting 
sector continues to increase. 
The BMA comments that much 
of. this can be ascribed to the 
finance of completed If 'not 
occupied buildings. Also some 
buildings, most notably the 
Holiday Inn. and Diplomat 
Hotels, are taking loiiger to 
complete than orginally envis- 
aged. The banks report that 
letter o£ credit business and 
trade finance is still good even 
though trade finance, to .an 
island which prides Itself on a 


trading 5 and entrepot history, 
now accounts for just under, a 
quarter of all advances; 

Private deposits witir the 
banks continued to grow during 
1977. and interest rates remained 
stable; Money has come baric 
•into Bahrain, from .both 
Bahraini funds abroad and other 
Arab . ; private sources— the 
Kuwaitis in particular finance 
a lot of private sector projects 
in the. isJancL-. 

This year,. too, Is likely to be 
uneventful . for-' the -Bahraini 
banking. community. Like other 
sectors of the island’s business 
community, the banks sire look- 
ing forward to rite autumn and 
the possible award of the con- 
struction contract for the 
. Bahraln-Saudf Arabia causeway. 
Once, that contract is awarded, 
many kinds of .business based 
in Bahrain" (not least the under- 
occupied hotel industry)- will 
receive a psychological boost 
And the banks, by then better 
organised and staffed and with 
tile boom years 1975 and 1978 
thoroughly digested, .could stari 
to market their services again. 


Doina Thomas 




The Belgian bank 



The Ifredietfisuik is the only ^Belgian te tp 
have ^ opened -ail Offshore . Backing Unit at 
Manama; Bahraini Our bjrf&ncfi fn^hifeniportani 
jfinanciaJ centre is also a stepping-stone for-tI» 
other countries in the region/ - /.} 

So be sure to contact thfcKE^&tbanfc ; 


Assets 


KREDIETBANK • CA 


Last year the National Bank 
of Bahrain made a net profit of 
around 87.25*11., an increase oi 
just over II per cent, on the 
previous year. The BBK, a 
smaller bank, turned in net 
profits of $4.5m.. an increase of 
just under 42 per cent on 1976. 
The total assets of the National 
Bank of Bahrain increased' by 
just under 17 per cent while 
advances increased by just 
under 2* pet cent. — advances 
during 1976 had increased by 
over 70 per cent The compar- 
able percentages for BBK are 
just over 25 per cent, growth 
in total assets and 43 per cent 
in advances.. 

The other commercial banks 
in Bahrain are all branches of 
major American. European or 
regional bank^-with the excep- 
tion of Continental Bank which 
is a joint venture between Con- 
tinental Illinois and private 
Bahraini shareholders. It was set 
up in mid-1976 and is a full 
commercial bank with emphasis 
on wholesale business. It offers 
planning and development 
services, for multinationals wish- 
ing to do business in the area, 
participates in the financing of 
national companies and private 
businesses. Its most con- 
spicuous recent piece of busi- 
ness was the trade finance for 
the highly successful DayvlUe 
ice-cream parlour "in Bahrain 
which Isj likely to be (he first 
of a chain in the Gulf. 

7SAV 


: Head Office: . . .' . '■ j 

Arenbergstraat 7, B-1000 Brussels, Belguira • • J- 
TeJ. (02) 513 SO 50 - Telex: 21909 kbissuh 



.. jr: 

Kredietbank abroad: -£• 

.Kredietbank '•••§' 

Offshore Banking Urut,Salahuddin Building - 

Manama, Bahrain, P.035. 54.55 . ^ j 
Tel. senerai: 50844-54284 . - . - It 

Tel. forex only. 59571-59572 v* . 

Telex: 8633-8635-S958lvbbabrgj 'K# 

Kredietbank.. ■ - ' jg 

450 Park' Avexme,Njevy York, N:Y.TQ022 : j|: 

; Tel.212-832.72i>Cr --W 

Telex general: 238 lSl kdb ur . . 

Telexforex only: 2S40G4kdbft ur\ W. 


6U 


/ 


y 0 UR 


Affiliated hanks: ' - 

Kredietbank S . A. ,Iitix^tnbouigeoise : -- ■; 

... 43, boulevardRoyal,Lmembplirg. 

Kredietbank t Suisse) S-A- - J 
18, boulevard Georges-Pavon GH-121T Geneva j 
Credit Gdndrai SA.de Banque: w.\ 

GrandTlace 5; B-1000 Brussels ,Xj 

Irish Intercontinental BankLtd.^ 

■ 9 1 Merribn ^quare. Dubhn ^ - r : v ^ | 


fe' 




■; rj. r 


Representative offices in n^y c 0 ?^^ ’ 
Member of the Inter-AIphA Group of pW*? 



Of the British branch hanks i 
|n Bahrain both Grindlays and 
Chartered are. physically ex-.j 


■ * Assomtedbanfe: :V . - ^ -.V 
. Inter-Alpha Akia fHong'Kong)Tt d - 
2501, Connaught Centre. HongK^g . ; 

I nterAlpfcaAsia ( Singapore ), 
UIC:Buiiding-2Sth Moor, Shentw'W^^ 3 ^ 8 ^"] 


^ 1XS £ 

V V "-S*a. 

) * 

A kb 


•- ■■ Vc- f... 









April 3 1978 


; y 


'X ! 

. ; 




Dr»ina ft 


ian bank , 
brain: j 
itbank I 


=TBANk 


* " % ■*. -."it 1 




j- ..-mi 

ots::.= 


-. *■ *■ - V "■ 

. 1 ; •. J 

1 

V ■ • - • • , 


BAHRAIN V 


I 

All these coun 


tines own 


centre 




the Gulf 


A. HECENTLV published tomb' • . ■ ■ *t 

stone; simouncing a five-year • ‘ ' •# 

floating rate loan of 50m. Saudi . f - 

riyals for 'a Saudi .industrial' . ■■ 

company drew .attentioa to m .. ;;, ■ »£ 

. growing, sector ofbusuiessfoc T ■ : 3\’i. 
Bahrain’s v ' offshore banking '7 #" " * 

units— the financing of ; Gulf' ■■■ 

based -companies ■ in Gulf dir- '. Banks. . .)■' 
Tencles. ’ - ' Non-hank## 


OFFSHORE BANKS 

(?US.nL) : 

Liabilities '• 

1977 me 


, Assets 
1977 1976 


NonJjanteP' . 

At the end Qf last ynar ’the . Otbq: *«oanl& 
regional currency assets of. the V. ,, ■' X- :-r 
30 plus operating offshore ..h ank s Ara ® cou ^ r ^; 
in Bahrain . stood at around ■*'. Wastfem-iw^NPc 
$3 bn.; at the end of last month. Offshore centres 
according to Bahrain Monetary 7 Other aoafttats 

Agency estimates, .Saudi riyal — ^ . .,,*.'4' .' — 

assets alone stood at .the equira- O.S. " 

Jem of some $2bn. As' one of Regional rarrent 
Bahrain s longer . established nf . r 
offshore • managers Observed; utner . , 

“The dichotomy between official T«taS*~" * 

practice and commercial needs, . 
in some of the Gulf states has Soiflfce. Bahrain 
created business for us alL” 

The SR50nu loan was unusual agent bank).' Amer 
in that it was one of the few Gu j f interaatio 
publiosed.iand syndicated local Arab* et I 


11.770 

3,513 

'418 


5.53$ 11,478 
598 3.705 


Other acofeats 


Regional currencies 
Other 


22,268 

3,567 

866 


4,472 12,594 

1,169 3^41 


15,214 6£14 15,701 


SmarferBahnun Monetary Agency. 


me bttaOm. loan was unusual agent hank).' American Express, their riyals forward in order to 
m that it was one of the few • international Bank, fund themselves, or they can 
publiased.iand. syndicated local Basque Arabe et Internationale borrow against future riyal 
currency borrowings for Indus- h p llnves tisaement, Gulf inter- receipts end sell at spot into 
tri&l users. Most of Bahrain’s national Bank, Scandinavian their own currency. Tbe Saudi 
offshore banking units are still R ank and tiie Union : des banks had little experience in 
sufficiently .asset hungry, Bantjues Arabes et : Francaises this kind of business, and domes- 
according to one of them, and (UBAF). 'V ; . tic restrictions prevent them 

the amounts required suffici- re monal currency busi- from handling sizeable sums on 

ently small, for syndication to nesg j s mostly in Saudi riyals behair of individual clients, 
be unnecessary. or K uwa jti dinars, with small The scale of Saudi riyal deal- 

__ amounts' of business being ing is such that the Bahrain 
V0IlllirC ■" transacted (Anther currencies. Monetary Agency is now expert 

’ V 1 ■ the Qatar xiyal, UAE dirham menting with a clearing house 

The SRSOm. was for the Saudi and Bahrain -icHnar. The recent system for Saudi riyal business, 
Arabian ‘Amiantit Company, a growth inj'-Jhp Bahrain-based although communications with 
joint venture between Saudi in- Saudi riyal market in parti cu- Saudi- Arabia by both telephone 
forests and .the .Swiss Eternit lar has been partly due to Saudi and telex is getting -easier, it is 
Company. . The company pro- fears of ex<&qnge losses in the obviously more efficient to send 
duces, asbestos cement pipes for sliding revaluation of the Saudi a single message to Jeddah than 
irrigation and sewage and has a riyal against "the - dollar, up a multitude, 
number of large contracts in about 2 . percent- since last There are now 36 operating 
the Kingdom. ;• The- rate, was August. -Bahrain’s equally offshore banking units based in 
linked to. the. six months rate deposit-hungry offshore., banks Bahrain and a total of 43 have 
for Saudi riyal cjjposits in offered the^audi institutions an beeQ longed. The Saudi riyal 
Bahrain, at present around 3.5 exchange rak free haven for business is only one sign of the 
to 3.75 per cent. Other floating their funds a low interest f aC i that most of the OBU’s in 

rate loans havC; been linked to return. •. _ - the two-year-old market are 

the Jeddah interbank rate, but. But the ^bhsjness grew up genuinely generating regional 
since tbe 'Amiantit funds; were largely beennse^of the Saudi* banking business, 
almost totally raised in Bahrain, ’decision ; tq _d&bminate the Reeional activity now 

the Bahrain rate was Chosen; kingdom’s; maMgr construction over h^7 the matv 

The banks involved were the contracts in .'!**& thus posing SbiStiL i5 cSf 

offshore units of the- Banque : de foreign contactors with cSticulariy the 

l’lndochine. et^de. Suez: (whose exchange proMemky- . 5JJJJ5J? Hinnr 1 *™* ,-ieaC 

branch in A1 Khobar m the The coatrartprs «m, now seU f n “” a ^ p “^nMent^Jf 

S3.6bn. at tbe end of 1977 com- 
pared to Sl^bn. at the end of 

■ ^ , *.-?■' H 1854 : Liabilities to Arab 

| - ./■ i . v • H countries, in all currencies 

■ reached $B2bn. compared to 

■ $2.6bn at the end of 1976 and 

■ loans totalled $7bn. compared 
.■ to «2.5bn. in 1976. 

. ‘H In terms of currencies the 

EH H dollar comprised over 70 per 

■ rent. ■ of all liabilities; 

■ H Liabilities to European markets 

■ increased from $2.3bn. to $5bn. 

■ oyer tbe past year when assets 
. -H in Europe rose from $Llbn. to 

H • H $3.9bn. at the same time. Busi- 

B nes? with the Asian dollar mar- 

■ ket, based on Singapore, and 
H Hong Kong, also showed some 
H increase during 2977 with assets 

■ in both places reaching $1.2bn. 

^ - H from $0 Jbn. at the end of 1976. 

■ The BMA estimates that total 
. . H assets of the offshore banks at 
— H the . end of February were 

B around - $17ba and March may 

■ ■ have seen the addition of a 

I '-H further $500m. “Bahrain is 

• H beginning to demonstrate that it 
is. big enough to service the 
’ H oeeds of the surrounding Gulf 
' - j A- M - ■ - ■ states,” observes ao offshore 

' H banker. New names will be 

g If ■ added to the offshore banking 

.- j . community in coming months 

H but not at a very fast rate. The 
■ BMA is determined not to flood 
A I D 1 T EZ I t* 1 ® markct with newcomers just 

J\m Pi I I ■ . ■ for the sake of size. 



Inquiries 


BAHRAIH KUWAIT INS. €0. B.S.C. 

P.O. BOX 5483 MANAMA . 
STATE OF BAHRAIN 
Telephone 56213 
Telex 8672 BKICGJ 

Cable BAH RAM IN 


’.Mast of the world’s major 
banks have already established 
offshore units in 'Bahrain, and 
new' inquiries are coming from 
smaller banks associated with 
the region. The main Arab con- 
sortium basks, BAII, UBAF, 
European- Arab and Frab-Bank, 
tUI have establishments in 
Bahrain. Frab-Bank has just 
taken advantage of Bahrain’s 
latest gesture towards offshore 
activity and established an 
exempt company, as has the new 
Arab . joint venture bank, the 
$2Sm. Gulf Riyad Bank which is 
a 60/40 joint venture between 
the -Riyad' Bank and. Credit 
Lyonnais of France. And a 
significant feature of last year's 
business was the increasing 
activity of the Guiflntemational 
Bank, set up in late 1976 and 
owned jointly by Saudi Arabia, 
Kuwait, the United . Arab 
Emirates, Qatar, Omafi, 
Bahrain and Iraq. The bank’s 
authorised capital is $100m_ and 
paid iq> is $70m. The offshore 
market in Bahrain is regulated 
by the BMA, whose main brief 
is to regulate the domestic bank- 
ing system, to be responsible 
for the note issue, to manage 
the money supply, situation and 
to look after Bahrain’s invest- 
ments, It requires tbe offshore 
hanks to submit rqonthly state- 
ments of their business. .The 
BMA reports directly to the 
Bahrain cabinet 
Since last October the 
Director-General of the BMA 
has been a Bahraini, ' Mr. 


Abdulla Saif, who joined the 
BMA at the same time as Mr. 
Alan Moore who was seconded 
from Williams and Glynns to be 
the first Director-General. The 
credit for the offshore concept 
is largely given lo Mr. Moore as 
Is credit for tbe orderly way in 
which it has grown. In addi- 
tion to the regulations enforced 
by the $25,000 annual licence, 
informal control is exercised 
through the good personal rela- 
tionship between tbe two men 
at the BMA and the individual 
bank managers. 

The speed with which the 
bones of the Bahrain offshore 
market were put together 
rather surprised the outside 
world. The question that was 
raised quite early on was 
whether Bahrain was going to 
be base for an Arab capital 
market • A number of the 
OBUs are operating in the 
securities markets and several 
of them . have participated in 
the local currency bond issues 
raised in Bahrain. The largest 
of these was the BD15m. 10- 
year bond issue for Pemex. the 
Mexican State oil company 
which paid 8J per cent (the 
issue was put together by BAII 
in Bahrain), 

The Bahrain , Government 
launched a bond issue (the first 
ever Gulf “ gilts ") in the 
autumn of last year for sub- 
scription by local banks and 
financial -institutions. This five- 
year issue, with a coupon of 8 
per cent, was over-subscribed. 
Only BDlOm. out of a possible 
BD30m. was offered and a fur- 
ther tranche is expected this 
coming autumn. It is now being 
argued ip Bahrain that interest 
rates on local currency borrow- 
ings should be coming down 
which, compared with a rising 
rate on Eurodollar funds, should 
bring high grade borrowers to 
the area. It is also being sug- 
gested that a respectable 
number of securities bouses 
will be established in Bahrain 
before the end of- the year. 

Provisions 

Last October, at the same time 
as the provisions for registering 
exempt companies in Bahrain 
were announced, the BMA put 
forward a new kind of limited 
banking licence, the investment 
banking licence (IBL). The first 
company to take up one of these 
licences (annual' feeU.S.$15, 000) 
was a new locally incorporated 
investment bank, the Bahrain 
Investment Company (which is 
receiving technical assistance 
from BAH). ■ The second wflJ 
be Kleinwort Benson, which at 
present has a representative 
office in Bahrain that antedates 
any of the OBUS. Kleinwort is 
in tbe process of establishing an 
exempt company which will 
hold its IBL licence. 

It is widely . expected that 
another Bahraini dinar bond 
issue will be launched before 
the middle of the year, reviving 
once more the question of the 
Arab capital market and the 
absence of a secondary market 
in Bahrain. During the minor 
revaluations of the Qatar riyal, 
Bahraini dinar and UAE dirbam 
esrplier tills year, a limited 
amount of trading m the exist- 
ing BD bonds did take' place. 
Tbe existence of the Arab com- 
pany for Trading in Securities 
in Kuwait (ACTS) has led to 
increased activity in bonds 
there,, and ACTS 'is keeping an 
eye on developments in Bahrain. 

That Bahrain’s offshore banks 
are keen to handle marketable 
paper has been reflected in the 
eagerness with which they took 
over ALBA’s revolving dollar 
credit from London. ALBA was 
paying about 1| per cent 
over London interbank offered 
rate, and the margin has now 
been cut to 1 per cent- Once 
there is a flourishing secondary 
market in Bahrain doubtless 
other services will develop too. 

When in self-critical mood 
Bahrain offshore bankers- com- 
ment that the market at the 
moment lacks depth in the 
foreign exchange business — 
trading on Fridays, Saturdays 
and Sundays is rather slack — 
and that more “technicians” are 
needed. Many of them have com- 
pleted almost two years' service 
in Bahrain and are now pluming 
the expansion of their opera- 
tions The Bank of America has • 
probably the most ambitious 
expansion plans of all, including 
a computerisation scheme that 
is ' likely to cost it around 
$250,000. . 

-As the outride world takes 
the Bahrain market more 
seriously — and now even the . 
Saudi Arabian Monetary Agency 
is taking an interest in the rates 
being offered — it will gradually 
broaden the range of financial 
services on offer. Observers note 
that the Bahrain Monetary 
Agency is doing its homework 
on insurance and reinsurance 
business, 

Doina Thomas 



pi#; v 

, >!W v. .• ••i < ..... i 

-■■■‘±5 ;■ ^ 'V ;</|v :?*%■.: I 


The Gulf International Bank represents 
seven Arab States bordering the Guff. Bahrain, 
lraq,KuwaitQatar,SaudiArabia,Sultanateof * 
Oman and United Arab Emirates. Owned 
directly by the Governments of these states and 
with an authorised capital of US $100,000,000 
and issued capital of US $70,000,000, the 


bank has their strong backing and support 
Already a major force in theGulf Area,G.I.B. 
will extend operations worldwide, to grow into 
a major world bank offering complete 
commercial and merchant banking facilities 
to and from the Gulf Area and throughout 
theworid. 




Government Road, Manama .P.O.Box 1017-Bahrain 


•AVAV.%VaV.V.V.%V.%%\V/.V.%V.V.*.* 




V.%V.V.V.V.V| 


•••• 


•••••• 

•••• 


••••• 

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*••• 

#• 

•••• 

• ••• 

• •• 

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• ••• 

•• 


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• ••• 

•••• 

eee 

• ••• 

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• ••• 

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••••• 



BNP 




• ••••••••••••••««•••. 


BNP 


• ■Ml 




Wherever you do business we are there to help 
and advise you 


In the Middle East 


Egypt 

Cairo 

— BNP (Delegation Regional©) 

4, rue cf Amerique Latine ■ 
Garden Gty 

— Banque du Cairo et de 

Paris SA.E. (Associated Bank) 
14, rue El Saray El Kubra 
Garden City 

Bahrain 

Manama 

— BNP (Brandi) 

Pearl of Bahrain Building 
Government Road 

tan 

Tehran 

— BNP (Delegation Genera le) 
DaftarMachine Building 
Abbas AbadRooseveit Crossing 
Banque Etebarate-lnm 
(Associated Bank) 

Avenue Sevom-Esfand 
. with 54 other branches in Tehran 
also iri T5 otherlowns 


H banque Rationale de Paris 

J£ 'Head Office: - ■ ■ 

= 16 Boulevard des Itaftens 75009 Paris 
== Tel: 244 45 46 Telex: 280 605 




Lebanon 

Beiruf 

— BNP (Representative Office) 
Centre Gefinor, rueCI&menceau 

Banque Nationale de Paris 
"Infercontinenfale" (Subsidiary) 

• rue de fArcheveche Orthodaxe 
Quartier Sursock (Brandi) 

Rue Hamra {Sub- branch) 

Autos* rode Dora (Sub-branch) 
Sarfea 

— Autostrada Sarba (Office) . 
Saida 

— Rue Riad ef-Solh (Branch) 
Immeuble Zaatari 

Yemen (Arob Republic of) 

Sana* a 

— Banque Nationale de Paris 
H lnterconfinentole >> 
(Representative Office) ■- 
Porte du Marche Central 
Place EioIoB-Al-Qu'aa 


V iViVmV i 1 iV »V m* 







20 


Bahrain, the trademark 

of the Gulf 




450 companies have recently stamped their activities with 
the Gulf Trade Mark - by making Bahrain their base in 
the Gulf. 

Why Bahrain? Because Bahrain has a geographically central 
position, political stability, trained manpower, a trouble 
free port, well regulated commercial laws and the best air 
and telecommunications links in the region. 

As a result Bahrain has become the Gulfs major financial 
centre - a home of 35 major offshore banks with assets 
traded of more than $12 billion. A home for the giant 
ALBA aluminium smelter, OAPECs new dry dock and 
a host of light industrial and service companies engaged in 
activities. .as diverse as turbine repair and mattress . 
manufacture. 


More recently, legislation has. been passed tomouiagng 
the formation of offshore companies. Investment banking 
licences have been made available, and a new industrial 
zone has been established with land available at subsidised 
rentals. 

* 

In 1978 more and more companies will be awarding 
themselves the Gulf Trade Mark. 


Find out more from the 
Ministry of Information, 
P.O.Box 253, 

Bahrain. 



BAHRAIN'S - ALUMINIUM 
smelter. Alba, has now been 
operating for seven years and 
is in the midst of a process of 
change. The first visible man!- 
j testation is a rash , of redundan- 
i cies. 

This year has seen . the 
appointment of a production 
man as general .manager, with a 
determination to meet the chal- 
lenge of making metal more 
cheaply and efficiently. It will 
also see radical changes in the 
marketing structure, and a deci- 
sion an whether or not to go 
ahead with a BD30m. expansion. 

Little more production can be 
squeezed out of the original 
plant, already running at just 
above its rated capacity of 
120,000 tonnes, according to 
former plant manager Gudvin 
Tofte. who took over as top 
executive of Alba in February 
when his predecesor Ian Living- 
stone resigned to manage the 
rival smelter now being built in 
I DubaL 

The construction of one more 
: potroora should allnw a produc- 
tion increase of 35,000 tonnes 
within the present infrastruc- 
, ture. The expansion would in- 
volve an extra four turbines at 
the power station, to boost the 
I 300MW generating capacity by 
a further 73MW. and' some 
mr^ficationa to the carbon plant 
| and casthnnse. 

A large, stockpile of 
aluminium ingots has been a 
I feature of the landscape at the 
Aiv-i smelter for the past two 
| years. Passers-by are apt to con- 
clude that bt-tiness is bad — but 
; in fact the 50.000 tonne stock- 
pile at the end of 1977 was 
i roughly the same as at the begin- 
ning. so the whole of the year’s 
production of finished metal 
i was sold. 

Appropriate - 


Tte Alba aluTftwKuiTC smelt&r 






At the Hew Bahrain Shipyard 

HSUS NAVE ’’KNOW-HOW AND EXPERTISE” IS THERE 

L1SNAVE, the largest and most experienced vice RepairYard in the World 
and the management company of ASR Y has the honour of announcing at 
the official inauguration or the/J-S/JF facilities, that, under its 
management contract,has designed these facilities, planned and 
controlled the whole construction phase, organized the operational 
and administrative services of ASRY to the LISNAVE well-tested high 
standards. All was done within the programme, and budget presented to 
and approved by OAPEC/ASRY in 1974 . LISNA VE being responsible . 
also for the management of the operational pliase, fully supports 
ASRY’s operations. 


j 



When the Bahrain Govern- 
ment in January 1976 increased 
i shareholding in Alba to 77.9 
per cent., by buying out 
British Metal Corporation (17 
per cent) and Western Metal 
r irporation (8.5 per cent), it 
was considered appropriate to 
set up a marketing organisation 
to handle the Government’s 
share of the metal, instead of 
allowing it to be sold by Amal- 
gamated Metal Corporation as 
agent 

Mr. Sandy Ross-MacDonaW 
was brought in from Rio Tinto 
Zinc as commercial manager, to 
work solely for the interests of 
the majority shareholder, but 
within the physical confines of 
Alba as a production company- 
He ’’so purchased raw materials 
for the plant 

That structure wilt no, longer 
continue. It was decided last 
year to hive off the marketing 
organisation as a separate cor- 
poration trading under the name 
of Bahrain Aluminium and with 
its own offices in the island s 
capital, M a nam a. 

The decision to stockpile 
made it possible to ship huge 
tonnages of metal at short 
notice, and to resist a poor price 
when the market declined. Tbe 
aluminium majors, commented 
Mr. Ross-Macdonald, tended to 
defend their cash flow rather 
than go for a profitable price— 
but in fact low prices did not 
boost world consumption. 1 . 

** One advantage of being .an 
Arab Government-based com- 
pany Is that we do not suffer 
from the cash flow -problems of 
the majors, so we have tended 
not to commit the output. We 
sell only spot metal, and if our 
offers are not accepted, we 
stockpile.” This risky short-sell* 
ing policy seems to have paid 
off, although the size of the 
stockpile has grown on occa- 
sion to 78,000 tonnes, almost 10 
months production, against the 
world average of under four 
months. „ _ . 

The trading pattern for Bah- 
rain aluminium has shown a 
marked growth, over the past 
two years, ol shipments to other 
Arab states: 22.000 tonnes. In 
1977 against 6,885 tonnes the 
previous year. Japan is still the 
biggest single importing coun- 
try, but total shipments .to the 
Far East dropped slightly from 
93^04 tonnes to 88,000 tonnes. 
Europe took less than a third 
of Its 1978 purchase of 6,319 
: tonnes, and sales to the Ameri- 
cas and South East Asia ac- 
counted Eor less than 10 per 
cent, of production. 

The market value of the 1977 
finished metal production of 
321.356 tonnes was estimated 
at $125b.-85m. more than the 
previous year, thanks to an up- 
ward move in market prices dur- 
ing the first six months of 1977. 
Shareholders must take their 
quota of aluminium at a price 
calculated to meet Alba’s net 
cash requirements, whatever 
the going rate on the market 
may be. 

The level of profitability in 
value added terms rather de- 
pends on how the accountants 
do their arithmetic. If from 
the market value of saleable 
production they deduct only the 
cost of Imported raw materials, 
value a Wed is between BD6xn. 
and BDSra. higher than if all 


the bough t-in materials and ser- ably make local redundancies— 19J*. 

.vices, including gas to fuel the and awkward Political ■ repef- the production rf alummmm 
smelter and other local pur- cussions— unnecessary. Alba is “JjSf £P r , JSPJJ; £ ■ 

chases, are taken into cohsidera- proud of the fact that the most has a capacity of 3,00.0 tonnes, 
tion. . critical operations of ' the annually. - 

In the boom year of -1974, smelter-4he power station, the The majority sharsholder with 
when aluminium prices were- casthouse and .the reduction gi per cent is the, Bahraia 
exceptionally high, the market process— are in fact .run . b y Government; and the remainder 
value of the output was 1 BD Bahrainis, but Mr. Tofte has 0 f the shares are owned by v 
43 8m Deducting imported: raw rejected local press reports ; that Breton Investments... which, has 
materials only (BD12.1m.) gives all senior positions wJU be the management contract anS . - . 
BD31 7m. value added. In 1977, Bahrainised by 1980 as take most of the production for. .1 
value added on the same basis “ impossible.” :* ... use in the manufacrure.otpaiiit , ^ 

very nearly approached that The Minister for Development metallic inks and explosives. , y* 
level with BDSl.Om. on a pro- and Industry, Mr.. Yousuf Balexco,.. .* . wholly-owned 
duct market value .of BD4MJm. Shir&wi. has said that in view Government company making c -' 

Net foreign exchange earnings 0 f the financial, economic and ai tmtlnlum *xtrualohs. went intefr f 
would be slightly below- the manpower restrictions- in production in August 1977 and: • 

value added figure, due to . the 'Bahrain, it is unlikely that any S pM 400 tonnes of extrnrions/bjr-; rJL-.-. 

five per cent of aluminium pro- more heavy industrial projects end of the year. The target- : itr-. . 
duction sold locally and the sen- follow the smelter and the for 1978 is 2,500 tonnes, ‘towards - : ' 
vicing payments on foreign loan ^jy dock for at least five years. fo e planned capacity of %00ffe-- -• - 
capital. . j • Current development plans The local .demand for extrude* -^; - 

The smelter benefits from a centre around spin-off indoa^ aluminium section is estimator - ■ 

cheap long term gas contract tries, both from aluminium and. at only -800 tonnes annually, -but-;. /tjl . 
and a still advantageous price ship-repairing in Bahrain, and the export potential in the Guff*'- 

for alumina, even though new from the huge industrial pro- j S encouraging, . .• .7’ >V- - 

terms were negotiated with jects in Saudi Arabia's Eastern The next logical SteR for- the . . LT 
Australian . suppliers Alcoa province. aluminium industry would he \V 

early last year. The dost of Three or four projects rolling mill,. but a large-volume T- - 

importing petroleum coke, used with aluminium, are pro ject of this nature is still Y 

in the making of carbon anodes, already off the ground. Bahrain v j ew ed with caution. . \ 
h->~ more than quadrupled since Atomisers International Tolling MaTV FrfflgS -. 

Alba went into production, and was get up near the smelter in . J 

a further doubling in price is. " 

four 


projected over the next 
years. But plans for Bapco to] 
btiild a plant in Bahrain, to 
manufacture Alba’s require- 
ments of green coke, : plus a 
surplus for export, have, now 
been shelved. 

An even more serious aspect 
of cost inflation for Alba Is the 
escalation of the wages bill, two 
and a half times bigger in 1977 1 
than it was in J973. It is no 
secret that Alba is over-manned, 
and If its product is to remain 
competitive in the International 
market, personnel costs must be 
cut drastically. While neither 
the Bahrain Government nor 
Alba management are commit- 
ted to Arabisation at the cost of 
efficiency. 200 Western expat- 
riates at. an average rate of 
BD22.000 a year -(including 
accommodation,. fares and educa- 
tion allowances) are .. too! 
exnensive. 

The phasing out of 50 ex- 
patriate jobs over the next six 
months was -announced in mid- 
March, , and over a five-year 
period Mr. Tofte aims to cut 
the present workforce of 2,600 
to below 2,000. He believes that 
with re-training and the re- 
planning of operational systems, 
the plant can be efficiently run 
at that level. 


Labour 


The Idea in the planning .stage 
of the project was to create a 
labour-intensive industry which 
would offer a large number of 
jobs for Bahrainis, as well as 
making economic use of the 
reserves of natural gas. A much 
tighter labour market prevails 
now than in the late 1960s. 

While the smelter was still 
under construction, it was 
decided to add a fourth pot- 
room, and to extend the cast- 
house to produce extrusion 
billet in addition to remelt 
product. Present billet capacity 
is 3.000 tonnes a year. Since 
then, workshop arid maintenance 
facilities have been expanded, 
and two on-line process com- 
puters have recently been 
commissioned to control the 
reduction process. An IBM 370 
has been Installed to computer- 
ise the commercial side. These 
computers are not, however, a 
major factor in streamlining the 
workforce. 

In the first two years of the 
plant’s operation, serious com- 
patibility problems arose from 
a mixture of technologies which 
had never before been worked 
together in one company. In 
some cases it was necessary to 
go back to the drawing board, 
order new equipment and make 
good structural weaknesses. 
Until early 1974, the general 
manager says, it was a battle 
from one day to the next simply 
to keep the smelter running, 
and this was the primary reason 
for the Infection of more people. 
Now the priorities are different, 
and some of those people have 
to go.. 

The high turnover among 
Bahraini employees will prof 


r 


DEBENHAM, TEWSON & CHINlTOCKS 
ARE INTERNATIONAL REAL ESTATE 
CONSULTANTS BASED IN LONDON 
SINCE THE YEAR 1853. 

WE ADVISE A NUMBER OF THE WORLD’S 
LEADING RNANCIAL INSTITUTIONS IN 
REAL ESTATE MATTERS. ,: 

ADVICE iS PROVIDED TO OURCtlENTS 
ON A STRICTLY CONFfflENTlAL BASIS. 

WE SPECIALISE IN PROVIDING ADVICE 
IN .THE AREAS OF 

PURCHASE AND FUNDING OF EXISTING 
REAL ESTATE INVESTMENTS 
LEASING AND MANAGEMENT r 
DEVELOPMENT AND FEASIBILITY 
PROJECT MANAGEMENT 


1 =-- 




; -"U ■„ . 


Debenham, Tewson 
& Chinnofcks 

Chartered Surveyors , 

LONDON . 

Bancroft House; Paternoster Square, 
. EC4P4ET • : 

Tel: 01-2361520 Telex: 883749 


' BAHRAIN 
P.O. Box 5084 
Tel: 52237 
Telex:. 8434 


DUBAI - 

P,O.Bax46T9 

: Tel: 282405/6 

telex: 6484 


*v 



V 


k » ;>■ 4sy 








ft 


THE AUTUMN of last year HC 
aj® 8 four-year-old • Import-fed 
fefetcoimmftg Jboant in. the Gulf oil -St 
^-Sexporting states -was proclaimed 
r 3 dead merctaBtswho had- : 
»made .fortttJiflS in its course. 

ASi Tlie . Guifs .traders began to 
^Jcomplalu that their. banks were 
. '^irKrt IeruHug enough money to 
frsfinance- : the - imports and • that 
w^their governments were not 
CTf starting enough hew projects-to ■ 

f f-JteeP «P the import levels.. Now' - 
the 1977 figures ire avail- . 

MJ'.:**"® for many Gulf .states, the 
jjKvdecline in the rate of .import . 
jMBisrowth is seen to be .drtnutic 
1 *7 but not ou'tbe scale indicated by. - 
’ .‘ the merchants* cries of doom and * 
disaster. 

|B fU The drop fn imports is. 

BPs physically- evident On one par- 
ticular day in November last 
£ year a Gulf-wide shipping agency ■ 
^reported that there was riot a. 
single ship waiting to berth out- 
side any Gulf port. In the same 
•.. month in 1976 ships were wait-- ■ 
ing for between 20 -and a 100 
. . ^ days f or a berth. Now^ as. often 



.... ft* v 


The new covered market in Manama 


as not, there are empty -berths " 

in the newly extended and still cent - last year- Imports in the. The export figures convention- with the local merchants, agents 
expanding ports. And, on land, second half of last year dropped ally do not include exports of for rival products and services. 
. : : . : outside the Gulfs ports, roadside ^ 9 P er cent compared to an oil, refined or crude, but do This habit rankied, “they even 
a ::i trailer parks have sprung up ^crease of just under a third include Aluminium Bahrain's import the very food they eat 
\ ■ -jV-' because there are not enough iD lhe 831,116 period of 1976. sales of ingots. Alba had a direct,” grumbled one nier- 

.. . v.goods coming-in to occupy. the The r®* 500 decline in very good year in 1977, selling chant. 

. . transport. imports is two-fold. For Bahrain virtually a fully year's produo One of the recommendations 

,1".- From tire Gulf Governments' m05t nhphrta* 11 is *bat tion of 120,000 toniies, mostly of the govemment/business 
Mint of view the slowdown was ^ major construction projects to Japan. Re-exports should committee which studied the 
; '- i ‘'. enrinentiv desirable such as he $340ra. dty dock, the also increase once the joint economy was that goods for 

:;i-: : time the:merchants 600-bed hospital, the private Bahrain New Zealand bulk major projects, or major com- 

- "snectre of *‘re«es«don" rector houairig- and office food importing and handling parries, should) where feasible. 
-r-eovermiientS co!St ^^ hJ development, the : expansion- of company BANZ gets into be ordered and bought through 

. . Kars 

. Shoppers . 

: >nS T^iwf^wrienSd !*?£* everythi^g.it consumes B#hrain . s merchants are VMy firmly stated that the company. 

. . ' _ - -during 1974-76. The slowdown rriason i * the catho,,c shoppers and exports when sub-coniracting. must con- 

- - V*, imports was also : accom- °V of around 70 different countries Sldcr usin S local companies. 

\ . - * earned bra-St^decCTn ^ m record^ But At present idock levels in 

. ' ' vthe rate of inflation. .The offi- D«lSd1 aTSe pom the bu,k of the 6° uds 00,116 Bafi 2 ,n ( ? re hlgh ' ' u *T aIIy 

‘~ cial catch phrase was that the iqtS^ tnm a ver 7 ^nrt list „f construction materials and 

" ' — : Gulf stttes were settlSgiSo Jg SSkieSSe fact Jr countries.’ The performance of equipment One importer of 

“ more stable growth patterns.'* S ^ J these countries on the import he * v y equipment has about aO 

• • - «« is often directly related to duty fork li/t trucks in 

::.v >g habits bora of 4 very ISns of S%Wch tad «“«*■« ot «**' contracting stock and annual demand 
_■ . modest oil income, experienced cluttered up the dockside for industries in Bahrain. Last year appears to have settled at about 

the boom a year later than the more toan^a g^eri^period nf Britain was once again the three machines. A furniture 

t . . other Gulf state but kept tiine.S. pSr ,}SSm -South ^ major supplier of goods to retailer who en]oyed good 

\i t with them' for its decline. In Korean labour and the increase ® a ' ira * n ’ accounting for business in 19«6 and 19i/ be- 

■lan ^response to highly, vocal and Scto Sn L t ® 6217.5m. or just over 19 per i eves he has sufficient stock for 

well puWidsed pressure -from ten,' for vessels up to 20.000 of totak ^ ast - vear |. WQ years at P reseD t levels of 

!S.. the tpm. sorted out M^ Sulmatfs Kw Wooj™ wou the ton- 


Ch an Sh Of CotS»em., the Sem“ ihe l^ieTi of “■« ™ cottttruet the' Sherstou The high level, of ..oeh M d 

Bahrain government set: up a Bahrain «n now order for eon- g?li2iSfl!?!^SL5^ 


;N i Ch.S 
Vi SEAL i 
BED IS L 
t£AR 1552. 


high level eoinmittee of tosi- Sm^Stter aan^tock 7nd te. tensions tte Hiimn and tatai aeUv^ has craated a 

nessman and mihiMers with the the market pattern of gluts and a *5J w J 0 ® 1 for GbB H« et ti 

ostensiMe purpose of studying shortages in different categories ;P f . t0 P sev ™. exporters to j“=rchanlB are : J» 

ways to revitalise an economy of goods is beginning to even Bahrain account for about two- * earn t“ e -Wh century tcchni- 

the government was • quite out. thirds of .all' that the island ques of marketing. A cash dis- 

happy to see flag. ■ 1 The Xhrte major ' categories buys. The countries (not in count card dub has been set up 

iKuuKS ' - - - (if imports for Bahfalri all relate 6r d® r > we Britain; Japan (the in the island and a good many 

Pto-.-f rrnortft '- largely to the construction in- Japan Ga s company has just retailers and restaurateurs will 

tS r AlE OrOWtll . : durtry: macftineiy and transport won the $72m. contract for the now accept it. The^ first mer- 


VJIUWIU . durtry; machinery and transport won the $72m. contract for the now accept it. The^hrst mer- 

The committee which was wt otftripnient, maniifactured goods S 68 ; gathering facility, so its cbaots H to * I L t ^J >osltJve 

. e comminee, wnicn was set * v h matprial-T and place in the 1978 league may be marketing of their goods were 

up in midsummer, was m reality ®^rijOTfied by Mdi and p * the various car agencies. Last 


r, ;* CsSSSfSssss-jfaatsa a.'^ss.’sna.isscs 

slower growrn was good tor - ; «n<triixiientfE These Australia and Italy. Australia competition which proved 

*8 rv ft'GM’S Bdirain^s ^Itouster^fo^S" accounted last year for nearly is worth singling ouV because 

- ”** . rnSS^Ld ASSultiSe four-fifths by value, nf total Its position in the league is built conttaj to the traditional Girif 

rtkCT'jT-’Ofift 2fh?h iSfLm JSL imports. almost’ exclusively on the ex- method of seUmg which was to 

Habib Kassam, was last -year *Q^, eVer ^ K00 d B port of food, particularly fresh sit in a shop 1 until a customer 

; U.« TT"PS. the irowfib °me “ bSS^S imported by the island’s traders meat. This position is likely came haggle a little, end 

- 1 ■ *■' S® toSSu? y «e .ftr Iwal consumption or to come under attack in 1978 maybe do a deal. 

“abnoraal" andtiiat the cS ^ > Bahrain has always prided as the New Zealanders have In the course of this year it 
til to retSlS to itself on its entrepot role, par- just established diplomatic re- seems likely that those ex- 
's T*v pI’P CL’E® See rise lmls of business, ticnlarly in; relation to the presentation in Bahrain and are porters who can assist their 

J ]tj OLr bu mjm*H*M* province , ot Saudi .^ginning an aggressive market- local agents in the selhag of 

Sicmri-TIAL BASIS- Srnm 08 tXSe?mThe Arabia. (This role is likely to ing campaign. their goote .as opposed to 

Gulf and hi never™ ed ori o il increase hi importance with the During, the two years it took simply obtaining them which 

revcmS t? thfSe m coming of the Bahraii^Saudl to build the drydock for the was I976's problem will do well 

^ iSTSSrprodiSS’ - causeway as Mina Sulraan is. Arab Shipbuildmg and Repair and win friends But. the mer- 
;0S T^ie 1977 figures show that probably tte most sheltered Yard company, imports from clianf community te Bahrain is 
. w Bahrain simmnibflj at $1 lbn5 deepwater Port in the Gulf.) South Korea featured notice- pinning many of its hopes for 

... ^ _ wenfup b7 «mUr ’15 per* cent ^ * alsd increasingly ably because the contractor new • biianen on the possible 

As w- rnmnared vrith'lfffG* when it had becoming an exporter of semi- was - the South Korean com- award of the contract for the 

rv:?T^ risen by more than 60 per cent, manufactured - goods— ^uch as pany, Hyundai, . Hyundai’s $800m. Bahrain to Saudi Arabia 

f n?%3 Cr tA 5f e pwio ” yewf Tin the aluminium lng6t produced habit , of importing virtually causeway The contracting per- 
,4 '' ‘ " ir»7C DubaL ^S’s ri^aasatTad- by Bahrain Aluminium Extra- everything it needed dlrecfly sonnel. the specialist advisors 

w ' ing State imports 1 for 19.77 slons company from the alu- from South Korea must have and the labour force will repre- 

* „irr SfreSed by^Sr cent., the minium ingots of Aluminium accounted for a large part of seat a whole new grouping of 

j... S feure as for^e Sevlous Bahraffi:' South Korean exports to the, consumers in need of acrammo- 

vear) As in 1976 the rate of; Exports have risen in value ialand. It also probably enabled datum, transport, food and 

increase in bank lending kept from around 27 per cent of the company to create an entertainment 

' nace over 60 per cent higher imports in 1975 to about 35 per attractive bid offer. But it dLd ' 1} T 

in 1976 and just over 16 per cent for the past two years, not make the company popular 1 


*FlD;^!AL BA 


*. s «*r«0[T 

a'J 


^GE’- sT 






and 16 lid 


A member of ihe Inchcape Group 



,TC 

iS 


V/S 0 * 


iU : ‘‘ 


^ n j3* ..q ; 

- : & 


. Lldyd% Agents;* Dry Cargo Ship and Tanker Agents 
Clearing and Forwarding Agents ‘Travel Agents 
Tug and Lighter Owners * Marine Operators - Port Operators ■ General Merchants 

a * Branches and Associates in 

Bahrain > Iran * lrajq • Kliwait * Orrtan • Qatar • Saudi Arabia * United Arab Emirates 

■ Subsidiary Companies include 

. Bahrain SHpWay Co. Ltd- Engineers and Ship Repairers 

• Oman United Agencies Ltd 
Travel Agents, Lighterage Contractors and General Merchants 

' . ‘ Difmiin Navigation Cp. Ltd 

Coastal Tankers & Dry. Cargo Vessel Owners . 

\ , 1 Dubai PortServiciK- Port Operators 

.r.;r-.- RasalKhairiiah Port Services- Port Operators : 

■* ■ ' •. ^l^rira'arktTransportatif^JServices (Saudia) Ltd 
- ; Specialist Transport and Marine Contractors 

Londbrt bffice ; 40 St . Mary Axe, London EC3A 8EU, Telephone; 07-283 46S0 Telex; 885395 



it makes sense 
to talk to an Australian 
bank about Australian 

business 

K makes even more sense to talk to 
The National Bank of Australasia 

Our international bankers know how to 
handle money matters .anywhere in the world, 
but we know Australia best. 

The National Bank of Australasia Limited . 
is a highly sophisticated international banking 
operation with a global network of agencies, 
offices and branches including New York, 

Los Angeles, London, Japan, Singapore, 

Indonesia, Hong Kong, New Hebrides and 
Bahrain, where we opened our Middle East 
Representative Office in June 1977. 

We’ve been specialising in international 
banking for nearly 120 years. If we weren’t 
good at it, we wouldn’t still be in business-. 

So if you want to know about Australia, ask 
an Australian. The answers come naturally. 

Middle East Representative Office, Suite 501, Salahuddin 
Building. Af-Fateh Street, PO Box 5812, Manama, Bahrain. 

Telephone: 58114. 58117. Representative: PeterS. Beeston. 

London: Head Office & International Banking Division: 

6-8 Tokenhouse Yard. London. 31 Queen Street (PO Box 84A), Melbourne. Victoria 
EC2R 7AJ. Telephone: 01 6068070. Australia 3001. 

Telex 888 130. 

2] The National Bank 

vlV of Australasia Limited 





ip 

.it* 


RhM 







^ «i * H 'iuL 

Sports: Cei-trs 3nd Stadium, S^urjifi. 






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'SmKvmkrn ■ x 


- ■ •■Sv: !! . a ' it l? sW 1 - 

JBaa-al'-tCha'irnah Intornotioi^a! Airponv ' 

-..-/ r y? vv * ; rrr . — ggg ’ — — ■ - ^ — L+ ■ ■■ ; 

... • . tT’-i i" S ] js.',y -■ 


A. . • / + + . r ‘ j 


aMecsaC'. 

--6 

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gy. 

.. B 


Ilofidav Inn, Be.ich' Club a nil ’Marina, 'Bahrain."' '• • - ii'i H T i jj’lCI' 


•X? s?:- :: . 



mrnmm** 




, :r/ yy:>:yy 


\ 

ir« 


tei- ¥$0;r- 
y>wrf' 




g; n ? tcgn i fiTiii r 


CAT & MOTHERGAT 


1c. 

Pipeline and.' Process Plant Constructors and Civil Engineers 
V P.O. Box-1 1-1036. Beirut Lebarton. Telex: CAT 2061 6 LE 
RV P.O; Box 1 05, Bahrain. Telex: 8436 CAT GJ 
^ tt P.O. Box-TZr. Sharfah, U^.E. Telex: 801 4 CAT SH 
c/o Incotesltd . 1 Gt Cumberland Place. London W1 H 7AL Telex: 211 28 










22 


This announcement appeals as a matter ofxecoiri jNilf 


■ ->5 **V\i 

’ - fxfeiS: ; v"- : : 


US$25,000,000 


7 year floating rate loan 
to 


Ghanem bin jfLli Al-Thani & Sons W.L.L. 

irrevocably and unconditionally guaranteed by 


His Excellency Sheikh Ghanem 
Bin Ali A1 Thani and his sons 


for the construction of the 


Ramada Hotel, Doha, Qatar 


Managed by 

BJLLL (Middle East) Inc. 

Banque de llndochine et de Suez FR&R Bank International 

The National Bank of Kuwait S.A.K, UJB.2LF, Financial Services Ltd. 



Provided by 

Arab Trust Company K.S.C. 

Banco Urquijo S.A. 

Canadian Imperial Bank of Commerce, 

O.B.U., Bahrain 

The Commercial Bank of Qatar Ltd. (Q.S.C.) 
Hambros Bank 

Limited 

Kuwait Real Estate Bank K.S.C. 


Midland Bank Limited 
The National Commercial Bank 

(Saudi Arabia) 

PKbankeit International (Luxembourg) S.A. 

UBAF Bank Limited 


B.A.I.I. (Middle East) Inc. 

Banque de l’lndochine et de Suez 

The Chartered Bank, 
OJB.U., Bahrain 

FRAB Bank International 
Hill Samuel & Co. 

Limited 

Lloyds Bank International Limited, 

Bahrain Branch 

The National Bank of Kuwait S.A.K. 
Nederlandsche Middenstandsbank N.V. 


Societe Generate 


Agent 


Banque Arahe et Internationale dlnvestissement (B JLI J.) 


?• - -. : ■ • _-w- -v- ■ , 

V V- : ,‘ ■ V i ■?. • 


V • •• : : :S, - . - 

.!!.'■ ■' a *■ 't, 

. . ' : . '-Mi X’» v >V •<'" ?’• 



"■K: : € J ' 
'«*?>*. . 


!T ■ V*{ ■ . .. 


• ■ ^ ' - >> ■ ‘ 



THE SEARCH goes on/ but 
prospects are dim, if not grim. 
The central fact is that Bahrain 
is running out of OIL Indigenous 
reserves are expected . to last 
only 20, possibly 25 years, and 
the four most recent wells to 
be drilled were dry. 

However, this does * not mean 
that Bahrain will immediately 
cease to be regarded as an oil 
state: the country will continue; 
if present arrangements are 
maintained, to be deeply 
involved for a much longer time 
in the hydrocarbons industry, 
through its half-share in the 
Saudi-operated Abu Saafa field, 
through the revenue it derives 
from the Bahrain Petroleum 
Company's refinery, and through 
the production' of the natural 
I gas it uses to fuel ita industry. 

Bahrain is one of the oldest 
producers of oil in the Middle 
East: Its first commercially pro- 
[ ductive well went on stream in 
1932 and was the first on the. 
| Arab side of the Gulf. However, 
the country’s reserves were 
never big enough to produce 
the. scale of wealth enjoyed by 
many of its neighbours. 


The Bapco oil refinery 


k: 


: For example, its current daily official . aiter pointing out that portion of the project within oil extraction, a fifth goes to 
production of about 58,000 ti,e 51316 was ia 3 posltloxl to - r our to five years. the refinery; and most of tf» 

barrels is only about 3 per cent. ta ^ e over T® 1 * or all of the A new company will be rest is used for the- generation 
of Abu Dhabi’s. And while wnneiy if it wanted, seid: -.“The. formed' to administer the pro-' of. domestic electricity, 

Bahrain must spread its revenue reason , we don’t is purely on Ject, the feasibility study for The future of . Bahrain’s oH 
.over an indigenous population economic grounds.” which was directed by the Bah- industry lies ultimately In fe 

[of 220,000, Abu Dhabi can use Bapco’s annual report - for rain National Oil Company country's ' contmued good rfiia-i 
thp proceeds from its S3 times 1977 ^ now with the Govern- (Banaco), the youngest state oil tionship with its big, oil-rick 
greater output for the benefit of *&ent for study and has not as company in the Gulf whose neighbour; -Saudi Arabia. Ai 
a much smaller indigenous - vet been published. However, main activities until now have mentioned above,' Saudi crarte 
population. And while Bahrain’s Mr - Stolz told the. management been to administer the 60 per represents 75 per cent of it- 
economy is the most widely luncheon that the - refinery, cent, interest in production finery throughput The crude is 
diversified in the Gulf, oil and which has an official .rated operations and to distribute and transported from the mainlaijd 
leas still account for about 58 capacity of some 230,000 barrels market petroleum products on by submarine pipeline, a system 


per cent of its revenue. 


Negotiations 


per day. had throughput in 1977 the local market. A $20m. capi- established by Saudi Arabia ia 
of an average 261,000 b/i This talisation is being proposed for 1945 and upgraded on two occa- 
compared, with 1975 and 1976 the new company, of which 75 sions to meet Bapco’s expanding 
figures of 216,000 and 221,000 P er cent, will be held by the requirements.' 

This r>red-to useweUwbltis re f'/ tlvely ' Site of;U«i»ilfc4 S?’ e „X Sires .nd” IteiSb BuL eTeB 1 ’> ore a 

mss s 

uovernment rnasion. maae Revenue to Ihe State from the t* 0 "- 0APEC f “ niiMl “ m ' li K between the two onutiia 

oilfield rrr 1978 is estimated in P any - . Bahram’s 1978 hudget lists lUrd 


I public only ten days ago, to take 
complete control of oilfield 


resources Negotiations wirh the the nationa l budget at $197.5tn., T , Saafa revenue at S205 iil, i 

.ZSStoSl ^ With hay-b«k revenue, ^nnt- Involvement; ' «Shre 


r*‘ - - . _ 




pDBflt 

p.o. Box 5: 
Slate of Bah 


w--- 




operating company, the Bahrain " ,u * i c,cu , ire IUYU1V CtilCUl ngure greater than the $198m; 

Petroleum Company (Bapco) a 1D ? , f0 . r $122.5 hl (under the .. given for. Bahrain’s on-sh<fte |gj • 

subsidiary oF Caltex of the U ^ existing 60 per: cent participa- As known indigenous oil re- revenue, which includes royal- 
have been concluded, and the lion agreement) and with royal- serves continue to decline by ties from Bapco 's refining of 
official announcement of the ties and taxes on ■*** 34^er eenL . a year, and with Saudi crude. Production at 

takeover which will be back- cenL share and refinery through- them the supplies of associated Saafa is exclusively Saadi, ' 

[dated to Janutrary 1 is put accounti °£ f° r the rest . ' gas, the mainstays of the conn- no participation by Bahnin, 


imminent It will replace the The other major iastance of try's future involve meat in the and the arrangement depends. 
KrLAA Bahrain’s drive- to: : 


60-40 takeover agreement con- LU maximise its hydrocarbons industry will take only on the Saudi pledge to 

eluded three years aaa- the remaining resources is its 390m. on even greater significance, share its revenue. 

Government will take 100 per pr ° 3ect . A 0 sathe ^ aD ^ pr °uf S u These ar . e JA Bahrainis the most economic- 

cent, ownership and control of asS0Cia ^ S e gas - f ? b i? aer '^ e ® , 0 ^ n°n-associatedgas a i]y diversified State in the Golf. 
crude output, local m.rketing “ mes ,. w th . e s “ rfa “ w ‘ th ‘ he ‘i 1 J i2!l e JS2: Bahrainis ere aiUai n. V| . 

nf refined products, and gas nut- *»>«““ "i,” 1 ' 1 •"?. * hl ' h , J" - Saulil raruICC - strenuous -efforts to widen to-jAM 

put — hitherto controlied by Bahrarn is still being burnt-off Uou. - . tber their- country's economic f 

I Bapco. Bapco’s refinery, for c>r . di ^ lpated ,n *? j 1 ® air at 3 Bahrain’s oD field is mostly base. -The hope, of course, is ri f v 

which oil piped from Saudi ni6of I . 00 “' *- ublc *f et P®f da ?- in shallow zones which, lie that as they become more sne- ! 

Arabia represents three-quarters “““ ^tner ttau wts about 2,300 feet below the sur- cessful, oil and gas, while still 

of throughput, is not affected, manufacture about -80,000 face. However, about 8,000 feet very important in the short- 
although the State is expected tons u P^Pane, butane, and further-down lies what is known term, win grow, progressively 

to continue to receive per-barreJ nJ P . . r annually, as -the Khuff. zone, the main smaller as- a proportion to !te 

royalties on refined products, starting m 1-S0. Estimated source of the country’s natural country’^ .‘expanded revenue 

The State is also expected to reT £H. ue Pas pu * 35 sas - ' from othfer sources, 

benefit from the deal in money as 83om. a year, but government Reserves are now estimated, j* Bahrain is truly success- 
terms by S4m. to S5m. a year. officials stress that, because mar- , t between 7.000bn. and f u l it may Become the model for 

Official Bahraini' thinking SlK SUK *=L<!g “S=*. - 




ai-ahua 

CECOV 



and exploration continued, that it will be able to repay the nium smelter, a quarter ft>rr£ t00 ’' 
Bapco s owners, who have other j oan needed to finance the major injection info wells to facilitate 


***; 







major sources of crude, might 
not be as keen to exploit 
Bahrain’s meagre resources 
especially, with a much costlier 
process. One high Bahraini 
official, while emphasing that he 
was using hypothetical figures 
put the case this way: 

Suppose the world price nf 
oil is $12 a barrel and that oil 
From a good well costs 50 cents 
to produce. Then suppose that 
some of Bahrain’s oil can only 
be extracted by using methods 
that raise production costs to 
$3.30. Some people might find 
I his not worth the effort. 
Bahrain might consider a profit 
of $8.50 a barrel very worth its 
while. 

Bapco’s retiring president, Mr. 
Walt Stolz, touched on the sub- 
ject when he addressed the com- 
pany's recent annual manage- 
ment luncheon. He said that the 
company's proposed exploration 
programme was designed to test 
all known potential areas within 
Bapco's responsibility. A reser- 
voir study team had visited 
Bahrain to evaluate the field and 
suggest ways of maximising pro- 
duction, as economically as 
possible within the world price 
structure. In this context. Mr. 
Stolz said, the -team was investi- 
gating more exotic means of 
production. 

Referring to the relationship 
between Bapco and the Govern- 
ment, Mr. Yousuf Sta'rawi, Minis- 
ter for Development and Indus- 
try, recently told the Gulf 
Weekly Mirror that "we first 
started talking to Bapco’s 
parent company ... 50 years 
ago. In 1928. Over the years 
there have been many changes 
and Bapco has had the resilience 
to change with the situation.” 

The reason the Government 
continues to show little interest 
in acquiring a stake in the re- 
finery, the oldest in the Gulf, 
is entirely financial. Bapco has 
spent substantial sums recently 
on modernising its facility, and 
maintenance is now said to be 
running at nearly 825m. a year. 
Indeed, a senior government 


; tarry Kfinger 



SOCIETE GENERAIE BAHRAIN BRANCH 
PEAK Of BAHRAIN BHftDtNS 


k'tasse 

loanee 



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Telephones 53641 ~ 56002 -53093- 
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Telex : 3220 : 3246 KT General Service 
3242 : 3243 KT FX ' ; v. : 


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Incorporated with Limited Liability by Charter from 
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PO.Box 5282, Manama -BAHRAIN 




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23 


BAHRAIN IX 


Construction boom 

is over 


THE BOOM IS over, but oppor- plot ion was on schedule, 
nin/fies do remain, and there These sources quote figures 
is one $800m. chance of revival for the Bahrain dry duck 
which seems to come nearer to scheme, which saw its original 
certainty day by day. That <s official estimate of $150 m.- 
the view of, the construction $2Q0ra. rise to a completion cost 
industry from Bahrain. of S340m. However, given the 

It Is no good repeating the firm commitment of Saudi 
often-made, even though true, Arabia, there is no doubt that a 
obsembon that there are fewer higher cost can be met: S800m.- 
|Sr bajldjn * s $000m. could be comfortably 

cement mixers covered by a fortnight’s Saudi 
£ ? h al, ? , ?, fh 2£ anyw 5 e f e eise oil revenue at current prices. 

■ The !! In rumour-rife Bahrain one 

*?! hears, many an argument over 

CD «^ tantS ’ COD ’ whether the causeway will ever 
tracfors and engineers ex- bc builL The h4Ve 

l nd the already dubbed the project the 
“LE Channel ° f the Gulf. 

S'fheSr&.eA j^T 1 - «“™ «* sr 1 pgu: 

w sale being ”^j ou * ™rid«r.Son s “ « 

only in the fairly recent past 

P - f would have seemed to rule 

Dressive * i P ^f a B &inst the Physical Unking of 

pressive, not least b 6 CHUS 6 of *l „ a i _ < : t _i __ i « u a . Q i 

the small size of this 250-square- th * r ?? athl ?- v Bahrain 

mile island sSe of g* '%J£ uay conscrvative 

million people: a 5340m. dry S * udl Arabia * 

dock and ship-repair yard, a , 

5112m. port expansion, a 5125m. rTOCeflUFeS 

sewage project for metropolitan 

areas, a $41m. 800-bed hospital, These considerations were 
an extra million square feet of acknowledged in a paper 
office space and 2,500 new presented to the International 
hotel rooms of * international Conference on Marine Tech- 
standards. nology and the Ouif in Bahrain 

The central fact remains, last November. In the section 
however, that all of these on border control (which would 
developments are either com- he a jointly operated facility 
plete or will' be by the end of where the causeway crosses 
next year, and that there are Uram Nasan island near the west 
simply no projects of sufficient toast of Bahrain), Dr. N. M. al 
size scheduled to replace them. Saloum, Under Secretary at the 
Except for one— one on which Saudi Ministry of Transport, 
final decision to proceed said: 
would change the situation in The border station pro: 
Bahrain overnight cedures adopted can either be 

That project is the Bahrain- strict with every vehicle being 
Saudi Arabia causeway, a 15- checked or lenient with only a 
mile, four-lane expressway sample of the vehicles being 
connecting island with main- checked . . . For lenient control 
land over a series of procedures the layout will be 
embankments and bridges. The much smaller, requiring a staff 
cost has been officially estimated of about 195 by year 2000, as 
at $800m.. hut unofficial con- against 1,185 for strict pro- 
struction and banking sources cedures.” 
in Bahrain are saying that if However, there now seems 
the steep upward trend in little doubt that the project will 
labour and material costs con- go ahead. In an interview with 
tinucs the price could rise to the Financial Times. Mr. Yousuf 
5850m. or above even if com- Shirawi,. Bahrain's Minister for 


Development and Industry, out- 
lined progress made so far on 
the project and the envisaged 
time-scale for completion. 

—Site investigation. Mr. 
Shirawi said, would be finished 
in April or May. 

— Evaluation of the study 
would be complete a month 
later. 

— The drawing-up of pre- 
qualifying conditions • for 
potential bidders had already 
begun, with a basis for selection 
expected to be complete tn July. 

— Invitations for bids would 
be dispatched in August or 
September. 

—Quotations for the actual 
design could be expected in 
October. 

— Contracts could he awarded 
early in the year, with first work 
starting in March or April. 

— There would be separate con- 
tracts for road works of about 
six miles to connect the cause- 
way on the west coast of Bah- 
rain to the port on the east coast 
and for roadworks of between 
} and 11 miles in Saudi Arabia 
to connect the causeway with 
existing roads leading lo centres 
in northerly and easterly direc- 
tions. Specifications for these 
two projects would be ready in 
September or October of this 
year. 

—Completion oF the causeway 
would be in abom 4J years’ 
time, in late 1982 or by mid- 
1983. 

Mr. Shirawi said that many 
consortia had already 
approached the two Govern- 
ments, “ some with noise, some 
more quietly." Asked about 
pre-qualifications. Mr. Sbirawi 
would only say that “anyone 
can propose, but that is not the 
same as_pre-qualifying." 

The consortium displaying Its 
interest most openly has been 
the one disclosed by Mr. Adnan 
Khashoggi, the well-known 
Saudi businessman whose Triad 
multi-national is closely in- 
volved in the Saudi economy. 
This grouping, which includes 
the British Steel Corporation 
and Tarmac, proposed making a 


Slbn. bid to build not only the 
causeway but also the new town 
associated with the project. 

This new town — which- would 
house most of the causeway 
workforce and then provide low- 
income housing for Bahrain — 
is only one example of how the 
causeway would lift the domes- 
tic construction industry. The 
associated roadworks is another 
obvious example. 


Spin-off 


Other areas in which the 
spinoff would most likely lead 
to new construction incl ude 
week-end housing for main 
lenders, more hotel space for 
people en route to and from 
Saudi Arabia, additional road- 
works to cope with the traffic 
generated by the causeway, port 
expansion, and, of course, im- 
provement of public services 
such as electricity gnd water to 
cope with the influx. 

Dr. Salon m estimated daily 
traffic on the causeway in 1983 
would be more than 8,000 cars 
and 600 lorries, expected to rise 
to more than 29,000 and 2,600 
respectively by the year 2000. 

However, even if the big- 
project boom is gone, there re 
mains room for the small and 
medium-sized contractors will- 
ing to brave difficult working 
and supply conditions and stiff 
contract terms. Every Bahraini 
official one speaks to will 
emphasise that their two-year- 
old policy of insisting on lump- 
sum, fixed-price contracts re- 
mains unchanged, an indication 
in itself that Bahrain feels its 
construction prospects are still 
sufficient to draw the bidders. 

“It’s tough in the Gulf," an 
Australian consulting engineer 
said with heavy irony as he and 
his girlfriend, were tucking into 
their lobster in one of Bahrain’s 
more expensive restaurants. 
Which was at the least another 
indication that some people are 
still doing well in the construc- 
tion business. 


L.K. 


Manpower problems 


ONE OF THE first American 
oilmen in Bahrain found the 
local labour cot only unskilled, 
but. “ illiterate, impoverished, 
under-nourished and diseased." 
Yet by 1940. the same writer 
observed Arabs working all 
over the refinery, in main- 
tenance squads under their own 
foremen, as machine helpers, 
truck and tractor drivers, hoist 
operators, pumpers, gaugers, 
carpenters, pipe fitters and 
welders. 

Four decades later, the 
aspirations of a healthier and 
more educated generation have 
progressed to training abroad 
and rapid promotion to super- 
visory status, preferably behind 
an office desk. 

Bahrain has one of the 
highest literacy rates in the 
Arab world, at around 50 per 
cent. It comes behind only 
Lebanon and Kuwait, according 
to UNESCO figures, and this has 
been achieved in more than 
half a century of public educa- 
tion, years in advance of other 
Guif. states. But is the educa- 
tional system getting results, in 
response to present-day needs ? 
Educationalists are beginning to 
reexamine their objectives, and 
to’ consider possible changes of 
emphasis. 

Walk down any street in the 
capital, Manama, and you will 
sqe as many foreigners as 
Bahrainis. Immigrants make up 
60 per cent, of a workforce of 
close on 100,000. Although a 
high proportion of Asians carry' 
out. the;* 1 coolie" labouring and 
the menial jobs which Barainis 
will hot do, there is more con- 
cern about -the middle and 
senior levels of technical and' 
professional stalls. 

Impatience 

Bahrain's labour authorities 
are showing increasing im- 
patience with the pace of 
Arabisation at these higher 
levels; and disillusionment with 
the results of national training 
initiatives has tended to make 
them hold individual employers 
responsible ' for what they 
regard as half-hearted efforts 
to equip Bahraini workers for 
better-class jobs. 

Within, the past two months, 
work permits for the dependants 
of Western and Indian workers 
already in Bahrain on contract 
have been hard to come by. And 
when skilled jobs fall vacant, 
applications to bring In experi- 
enced staff from abroad have 
been refused, on the grounds' 
that a suitable Bahraini is avail- 
able. Opinions diverge on who 
is suitable. If an international 
bank needs a credit officer with 
15 years experience in overseas 
branches, they are unlikely to 
want to employ someone who is 


promising executive material 
only on paper. 

.A top official is reported to 
have complained in one such 
case that no Bahraini could hope 
to meet the criteria. He was 
correct only in so far as no 
Bahraini could do so now. An 
expatriate with' insufficient back- 
ground would not be offered the 
job either. But a Bahraini 
could certainly achieve it in ten 
or 12 years time, if he had the 
patience and application to work 
his way up. Preferably, some 
employers add, with the single- 
mindedness that would keep him 
clear of a second-string contract- 
ing or trading business con- 
ducted in the afternoons. 

The labour authorities 
obviously intend to give em- 
ployers enough of a jolt to 
remind them of their training 
responsibilities, while indicating 
that they will not pursue an 
ideal to the extent of jeopardis- 
ing efficiency. They are rightly 
concerned that some firms find 
it easier to -hire abroad than to 
making serious efforts towards 
developing local expertise. 

No definitive figures are avail- 
able on the number of 
expatriates in' Bahrain, but the 
percentage on a local population 
Of 0.25m. is low compared with 
other Gulf states. Estimates vary 
between 50,000 and 70,000, plus 
dependants of the longer-term 
immigrants. -It is an interesting 
theory that if the country could 
get rid of this extra population, 
some of its most pressing 
problems would evaporate — in- 
cluding the escalating demand 
for electricity and the pressure 
on housing and public transport 

Unskilled. Asian immigrants 
are unashamedly regarded as 
cheap labour, earning as little 
as BD4Q (£6Q) a month with 
accommodation. They find to 
their dismay that the bare 
necessities of life .cost three 
times their price in Pakistan, 
and .most labour disputes last 
year* involved non-Bahrainis, 
according to the Director of 
Labour; Although hampered by 
lack of legislation, health and 
labour authorities are beginning 
to take action against Bahraini 
employers who cram their con- 
tract workers 10 or 12 to a room,' 
without adequate sanitation, and 
the Indian Government is in- 
volved- in diplomatic' negotia- 
tions for the protection of its 
nationals and the introduction 
of minimum wage scales. Korean 
and Thai workers are generally 
better off, since they are 
recruited en bloc under agreed 
conditions; 

Fluency in English has given 
Indian clerks, tradesmen, and 
professionals an advantage. 
M. G. Rumalhi, in his doctoral 
thesis on social and political 
changes in Bahrain since the 
First World War, saw the wide- 


spread use of English as an 
added hurdle for school-leavers 
just before the construction and 
banking boom, he commented: 
“There is an obvious scarcity 
of suitable jobs on the island, 
especially for those qualified 
only in general academic sub- 
jects, whose educational stan- 
dard is still comparatively low 
. . . Many of the Government 
departments, all banks and 
many business establishments, 
use Englisb as their business 
language, while most teaching 
in Bahrain schools is domi 
nated by Arabic.’’ 

„ Bumaihi recommended fol- 
lowing the example of neigh- 
bouring Arab States in passing 
laws to make Arabic the official 
language. But English has 
become established as the 
lingua franca as Bahrain ha& 
grown into an international 
centre, and the Civil Service 
Commission has launched into 
job-orientated language teach- 
ing. 


Boredom 


Especially in industry, staff 
turnover continues to be high. 
Employers can only guess at the 
real reasons why employees 
leave, since the excuse given is 
often what they think looks 
well on paper. “To continue 
studies" is a favourite. Dis- 
satisfaction with promotion 
prospects, plain boredom or the 
hops of better pay elsewhere 
are rarely admitted to. A 
Bapco executive has suggested 
that promotion prospects have 
suffered from the very fact that 
tlie first generation Of Bahrainis 
to be promoted to senior posi- 
tions were all comparatively 
young. 

No figures exist on the 
numbers attracted by higher 
salaries elsewhere in the Gulf, 
but it is thqught they are sub- 
stantial. ' The story is told of 
a graduation ceremony for 
welders, where a Government 
minister found himself banding 
our diplomas to a bunch of old 
men. Their sons had already 
earned a $500 signing bonus 
and left for Saudi Arabia. 

Despite full employment in 
the past few years, the future 
looks less rosy. As recession 
sets in. the Finance Ministry is 
tightening the purse strings and 
fewer jobs will be created 
for otherwise unemployable 
graduates in Government de- 
partments: They include 

philosophers, sociologists, 
psychologists and bachelors of 
arts, largely from 'Arab uni- 
versities. But already the 
Government payroll has grown 
from 14,000. (10.000 Bahrainis] 
In 1971 to 16.872 on January l 
this year. 

Two years ago, on the advice 


of ILO consultants, the Ministry 
of Labour and Social Affairs 
established a High Council For 
Vocational Training. It included 
representatives from govern 
ment, employers and labour, 
and its objective was to put 
vocational training on a national 
footing. A specialised unit ran 
pilot schemes for craft training, 
mainly for the construction In 
dustry in which immigrants 
now ontnumber Bahrainis three 
to one, and some supervisory 
development courses. 

Last month, the Minister of 
Labour, Sheikh Isa • bin 
Mohammed Al-Khalifa. publicly 
admitted that the results bad 
fallen far short of expectations. 
“The High Council did not lay 
down a clear and well-defined 
national training policy with 
clear targets,” he said. “Such 
a policy ought to have been 
incorporated ‘in a five-year 
national training plan which 
the Council discussed fre- 
quently. A national plan bas 
not yet been prepared.” 

Despite these criticisms, the 
advancement of Bahrainis is 
continuing, .with considerable 
backing from many quarters. 
The Gulf Technical College has 
close on 1,000 students in 
engineering and commerce, of 
whom 350 are sponsored by 
government agencies, banks and 
industry. Bapco alone bos 20C 
trainees on these day and block 
release courses, besides' the 34 
undergraduates currently study- 
ing for technical qualifications 
at universities and polytechnics 
in Britain, India and the U.S. 

Government - sponsored 
students for higher education 
abroad number more than 2,500. 
and at least as many are study- 
ing at their own expense. A 
proportion must be on career- 
oriented courses of practical 
value to a developing state.. 
Alba has opened its own train- 
ing centre and bas earmarked 
BD 1.25m. for manpower 
development in 1978. Cable 
and Wireless has a long-stand- 
ing programme for tele-com- 
municationS ' engineers and 
technicians, and Gulf Air also 
has a substantial commitment 
to training, especially in tech- 
nical and operational grades. 
Newer companies like the Arab 
Ship Repair Yard (ASRY) are 
just putting their programmes 
into effect. 

Enrolment at the College of 
Health Sciences, which .trains 
nurses alongside pharmacists, 
lab technicians and public 
health inspectors, has been en- 
couraging for the second year. 
The much smaller hotel and 
catering school has been run- 
ning successfully against all the 
odds, given the Arab attitude 
to service Industries in general. 

Mary Frings 


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THERE! IS ONE rather narrow 
view of Bahrain’s air communi- 
cations industry: through the 
Tarot card sized windows of Con- 
corde. However, it is a view 
that pleases the Bahraini 
authorities: the supersonic air- 
liner's three flights a week to 
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glamorous symbol of this 
country's successful entry into 
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product nation, decided alrnut 
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Government concluded that 
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dustry did not hold sufficient, 
attraction for a small group of 
islands with an indisenmis 
stipulation of only 220.000. 
There was already enough large- 
scale industry, and even the ex- 
pansion into light industry 
would be slowed. The country 
would develop primarily as a 
regional service centre for the 
Gulf— and air communications 
would naturally play its part. 

The Government’s commit- 
ment to this role was firmly 
stated by Sheikh Isa - bin 
Abdulla al Khalifa, Assistant 
Under Secretary for Civil Avia- 
tion. He readily admits that, 
like many other airports, 
Bahrain International is not 
profitable, but he quickly adds 
with emphasis that airport 
revenue is of far less import- 
ance than what he calls the 
operation's “ part of the 
package” of Bahrain's being 
a world transit pointand Gulf 
gateway with services compar- 
ing favourably on a world 
scale. 


The airport Is impressive.. :if 
can receive any aircraft now 
being commercially flown in the 
world. Its terminal complesf ls 
new and extremely comfortable’ 
by Gulf standards, and its 
capacity has been expanded in 
orderly fashion to —meet 
increased demand and- its 
efficiency has been consistently 
improved. The .list of- the 26 
earners served by the. ’airport 
bristles with the big -names 
such as PanAm, TWA, British 
Airways. KLM .and Qaptas. the" 
International lines ‘ of * . the 
Middle and Far East,- as welTas 
the local airlines, of whiciu-the. 
most important to Bahrain by 
far is Gulf Air. 


Carrier 


This airline is the national 
carrier of not only Bahrain but 
of the three other states in the 
Arabian peninsula: Qatar, the 
United Arab- Emirates .and 
Oman. The company : : as 
presently constituted came Into 
being in 1974 when ; tbe four 
countries acquired equally ’all 
the shares in the existing com- 
pany. Gulf Aviation, including 
those held by British Airways 
and private investors. 


There, were two- reasons, for 
the takeover: one was -purely 
for the prestige of having a 
national carrier which could be 
seen on the international routes; 
the other was the more im- 
portant one of developing air- 
links among the main points of 
the Gulf area. 


Gulf Air's expansion, along 
with that of Bahrain Inter- 
national. is remarkable. It was 
not untiL 1974 that .the com- 
pany bought its first long-range 
airliner. Now its fleet in service 


includes four Lockheed TriStar 
100s, two TriStar Is, six Boeing 
737-2005, and nine smaller air- 
craft for the shorter regional 
:routes.. Two more Boeing 737- 
200s are- on order, :due for 
■ delivery' by the middle of this 
year. - - ‘ : 4 

' Total revenue has leapt from 
¥33.8m. in 1974 to ,a' projected 
3317.3m. for 1978. Passengers 
carried .on scheduled 1 services 
increased during . the. . same 
period from about 446,000 to a 
projected 1.4m. 

However, such rapid, expan- 
sion brought its problems, both 
for airline and airport.- Daring 
the boom years 1975-eariy: 1977, 
for example, jumbo- jet loads of 
workers arriving from the East 
would be literally camping out 
in airport precincts, waiting to 
be ferried to their final destina- 
tions in eastern Saudi Arabia’ 
.in aircraft which could hold no 
more than a few dozen people. 

A measure of what the 
authorities were having to cope 
with during that period can be 
bad from a glance at the air- 
port’s growth figures. The 
number of passengers served 
by the airport has risen since 
1973 by a yearly average of 
more than 20 per cent.. which 
includes a peak of 31 per cent, 
in 3976l The weight of export- 
import cargo handled {exclud- 
ing transit goods) rose since 
1973 by a yearly average of 
more, than 50 per cent. 

The present year-long down- 
turn in Gulf business activity, 
while worrying to many people 
in. the area, has brought a 
welcome respite at the airport 
demand continues to. grow, but 
the authorities there, with 
almost visible signs of relief, 
now speak in terms of being 


able : to consolidate 
successes.- 


However, . .problems 
Under the weight , of 
■with the’ needs . 
ever-increasing numbers 
craft passengers. ; ahd 
the facilities : and Wtirkis^- 
ditions of the airport's- 
have not been -given the 
tion the : authorities; say 
would have liked.'-: Asked 
he would ’ most tike to a 
the immediate ' future, 
Fouad Habiby. general mi 
of Bahrain - Airport Si 
( BAS) . answered V “ a ^ 
improvement in facilities^ 
the ; . behind-the-scenes staff; 

Mr. Habiby will, it. I"" - * 
part of bis wishes- real 
has been given $2. 5m. to 
this year on new eqtd 
such as canveyorT>elts, i 
air conditioning 'Systems 
■ground power units: ‘ AmE 
Government is at this 
considering proposals 
new $5.5m. cargo terminal; 


Confidence 


Some 


- Sheikh Isa. asked what 
pected for tbe near 
spoke with expansive 
dence. The terminal.'was 
at peak efficiency; he sakL 
Gulf Air governments' wertt,^ , 
'ing priority to deveIopfng|js i:i 
airline along its regional “' ~ 
Tbe “ air bridge " to Dha 
Saudi Arabia was fully 
tional, with 18 flights a 
operated by Saudia Me 
bridges were: being. cons 
With Kuwait the'- most 
first choice. Pan Am i 
creasing its once-a-week _ 
to New York to . three 
week. Qantas was now 
Bahrain for ’ afihort .’; ! 
Austfalia-Europe,. flights, 
week. There were sorntL; 
such as no direct High 
Tokyo and a lack of . 
world transit flights, as 
to -the traditional .E 
routes— but he said he 
fident" these gaps would 
ally be filled. . .. 


‘NEW VEHICLE registrations lation is growing by 3-1 per 
ip 18.000 in two years" is hardly cent, a year, and the Govern- 
a headline to grab the imagina- ment, for both political and 
:ion of anyone accustomed to social reasons, wants to spread 
iealing with stastistics on a the country’s new prosperity as 
.vorld scale. quickly as possible. 

Yet to someone from a small Two buildiug systems have 
innd state like Bahrain— area met with success in Bahrain. 
50 square miles, population: One. the Camus system from 
750,000 — it suggests both a signi- France, is used by United Build- 
irant gain in prosperity and a ing Factories (UBF), a British- 
Probable worsening of an managed locally incorporated 
dready serious problem. Vehicle company in which the Bahrain 
•egistrati'ons in Bahrain rose Government has taken a 60 per 
7 rnm 32.907 in 1975 to 50,825 in cent, stake. The other is the 
*977, a 65 m?r cent im-rwwe pm- British-developed MOD-L system 
aiding the Bahrainis with and is used by the venture 
Teater comfort and mobility but formed jointly -by Bahraini 
ilsn with a further strain on Contractor Abdulla Nass and 
•heir road building and main- the British construction com- 

‘enance programme. pa , n ,S,J? ,arra ??v . • ■ 

. , . . . UBF. which has a large 

The country s pnncinal fac , Qn toe ed 0{ ^ 

■ntural resouree-oil-is ran- deserl stresse8 its factory 
nins out. and the drive is on .to ln)[ jn deali with lhe Gulfl 
ii versify quickly into becoming area . s chcmicaUy corrosive 


year power programme, the.first 
part of which is the construes 
tion of a fourth generating 
station at Rifaa at a cost of 
$75m. The first 100 fifW stage 
of the Rifaa plant will be com- 
plete in July or August, with 
the other 100 MW stage to he 
finished next year. 


Sheikh Isa said that .fie 
one major' problem {or 
lie .saw qa direct splutu 
airport was extremely 
utilised during the . day,- 
peak hours- for otherrair 
Because -of. world i'ched 
the originating and t 
times for most of the 
transiting Tn Bihraln inwjr 
the airport is only, really 
between : the 'hours of mi' 
and 08.00. 

Concorde is araoh? the 
long-haul' voyagers to oia 
airport by~day..Thus the: 
sonic jetliner .has. .beco 
practical symbol for 1 
Internationa] Airport as 
its roost glamorous 
very,, very: happy .with, J3 
corde," Sheikh Isa said. 


CONTINUED ON 
NEXT PAGE 


Larry Klinfff' 


gpt'lht : 


K LEADING SUPPLIERS 
7 OF QUALITY MEATS 

FROM 

CONKEY AND SONS, 

AUSTRALIA 


a sen-ice centre for the Gulf. 


aggregates and water. MOD-L 


T° atiracf Me offshore haokino does ^ ot reea suc b "elaborate 
nuts, offshore companies ao d facilities . j, aIs0 can be set 


menistioml atr and sea WffSe „„ j( a „ hllugb Tarmai . Nas i 
f which Bahrain has successfully 


r™ h, because of the relatively short 

done), the country s infra stnic- delivery distancra ^ other 


ture was greatly improved. 


reasons of convenience and effi- 


UME Brand chilled meatsT. 
Regular weekly Supplies 
Complete range of cuts and ■ 
carcasses (Gulfwide distribution) 
Aiso available Frozen Meats v 




However, with this success ciency, chose to make their 
and its attendant rise in. the panels centrally an a site iie^ir 
economic power of the indigen- Delmon Ready Mixed Concrete 
ous population, demands on <he (another Nass concern), 
infrastructure have grown pro- UBF, which is now only work- 
nortinnately. The pronosed j n g about half-capacity 

construction In tbe middle of because jj jj between govern- 
the next decade of an 8800m. menj contracts, is studying the 
causeway to Saudi Arabia l by possibility of exporting by ship 
wench Bahrain hopes to become j n Saudi Arabia and the rest of 
a major gateway toils hie nemh- the Gulf . Both companies’ 
hours Eastern Province) will ] 0 ng-ti?nn future probably lies 
imoose even greater strains. in the ^^seway’s giving them 
The strength ot this new qu i C k access to eastern Saudi 
demand is strikingly reflected Arabia, 
in Bahrain's current budget. 

Out of the $362.5m. allocated ^ 

for projects, nearly $92m. has 0UCC6SS 

been set aside for housing and „ , , 

$87m. for electricity, which ^tie problem of success as it 
together make up almost 50 ®ff e cts electricity can be iilus- 
per cent, of the toial. Comment- t ra ted by the fact that demand 
ing on the new budget. Mr. has 5 rown 30 P er ce »L P er 
Ibrahim Abdul Karim, Minister 7 ear for the P a5t four y Mrs - 
or Finance and Economy, said: demand last summer (at 

"This policy aims at raising *he height of alr-eonditioner 
living standards, providing the use tu . Bahrain’s 

citizens with the basic sen-ices weltering temperatures and 
and consolidating the infra- humidity) was 223 MW, which 
structure so as to be compatible 1,1 theory was comfortably 
with economic growth in various covered by production capacity 
fields.” °f 280 MW. However, the 

The housing allocation is threat of power cuts was always 
part of a programme for the there and only a mechanical 
construction of 2.000 low-income failure or a shut-down for un- 
and middle-income homes per foreseen maintenance work was 
annum 1977-86. Prefabricated needed. If. as expected, demand 
units are the basic ingredient grows by another 30 per cent, 
of the programme, and system this year, existing capacity win 
building of various sorts is its uot be adequate, 
keystone. Speed is of uppermost Therefore. Bahrain has 
importance. The Bahraini popu- embarked on an ambitious 10- 


OTHEft LINES i ? 

Food & Dairy Products; Office - 
Equipment, Building Material,- .= 
Prefabricate Houses/.lrideriiors, 
Tenderers and Sponsors. •: 





UNIVERSAL 

ENTERPRISES 


P.O. BOX 1062, BAHRAIN 


Tel: 55645. Telex: 8318 Cl 


MOHAMED YOUSUF AL-MERBATt 
ESI. 

P.O. BOX 5i64, MANAMA, BAHRAIN 

Telex: 8572 GJ (ELCO) Tel.: 55358/552S9 
Cable: DILTASTAR 




We stock and trade all types of 


we wock ana iraae an r 

retjuired by electrical contractors. Spcciahste m W 
lo Government Electricity Directorate, PWD and 
l'.*ndtrs of substantial- value. , jn . 

We would welcome proposals for 

Bahrain from any reputable compaflies i» me wo™ 


: 







c e$ 


■Pitij«aal £ ; I97S / . 

«S£pr SKC BAHRAIN XI 


orders 


wr* f.Wgr^r* 





°nfideucj 


,§IX 5IOj9T5S after docking fts. 
tort .yexy large' crude carrier; 

- many of t£e $340m. Arab Ship- 
; Mdiag "and Repair. Yard's 
prablcnli ire only -ju$t begins 
hihga HAe; greatest of these js 
to find V sufficiently rapid suc- 
cession pf' large tankers ’ to fill 
its 500 dwt capacity ' .dock, 
situated cm a map-made island 
■ in Bahrain. 

. The di£Brultles pr«se^ted by a 
’ rapidly shortening orderbook 
arid the arrival of the hand to 
; mouth conditions familiar - in 
almost every ship repair yard 
'. in the r world . is made more 
, galling for ASHY by the fact 
' that within -the Gulf area- there 
' are currently qo less than 6 m. 

r J3g%^e£i£S?3 The Arab Slap Repair Yard complex 

• winning a spot cargo. 

; Under anything slighUy 'ASEtY. baa -deyelo'ped In its first ates ** joining the payroll for twice As many docks u the 

. -doser to market normality than fiat months of operation about processing through ASRY's own world fleet, even if it were fully 

■’ the tanker world’* present four- doing jobs .more sophisticated training school and a variety of operational, requires and there 

year-old slump, these waiting than simple painting and courses and on-the-.iob cxperi- is stUl the nearby spectre of the 
vessels wd'ukL be taking an Ideal scraping. From next month, enre programmes in Europe . Dubai three-duck complex due 

• opportunity to atilT^t a repair the yard will also be offering By the end of this year the for completion early next year, 

yard for routine hull scraping, packages involving engine yard should be employing 1,350 Although a marketing 
painting and- engine tuning to timing services^-its engine shop people, but the most recent ment between Dubai and ASRY 
improve their effleienev. But In came fully bn stream about a phase of heavy recruitment for has been often mooted, there ^is 

the severity “of this focessibn, month ago— tail shaft repairs the engine and pipe shops has still no sign of such a deal 

where the future for manv and docWngs for f hips’ periodic again had to rely on lmmi- emerging, but nor is there any 

J221 te to >well thi siSTf SS S grants. The bulk of this group hard evidence that Dubai is 

f skilled workers has come closel finding the moment 

its present 42m. dwt they prefer ing to the plans sjtoken of last from Manila and Singapore, e^ertise wjjjout wh ch 

to idle -outside loading ports ih Dumber when, on Bahrain's ™ny of them having trained in LB5m £ lj£ 

• the hbpe of a to take national day, **APBC’s first U.S. naval bases. T'** 

them in the direction of just great joint .industrial project 0 , ... , _ * „ ^ . 

such a: permanent lay-up area, was formally inaugurated. oiSIHl lC2Wt But f ? r - 8,1 *?£ Jv° W 25? a t £p 

" >h Wh ^ t SSi 8l S iJ'aSaW.M Probably the most significant JSStf being the best 
of VLCCs in the Gulf will be forjusnnaoto p^q element af.co-ooeratiOA with ex- B in,atpri VT.CC renair yard in the 


Structural 


PREVIOUS PAGE 
The 1976-81 phase of the ten- 


c 

&UTY ^ 

ROM 

and sons, 

rRAUA 

«• —i jT-gStS 

fVV “_ 9 *e3& 
C # f ,ce 

. ** .1 
U ‘- . 
i-t ? ? 


IVERS*! 

ft< 

**■ BA 

r.3i a 


pendentgoker owners, to jjrhom yearn a^ hectare whirfl bul]t world’s cent of the traffic originates. So 

most ofthe waittorlip befonfc first purpos^designed VLCC long as 0 APEC is prepared to 

successfully get off the ground repair yard. * Along with the carPy fh e yard's inevitable 

the International Tanker A?*® 1 dug- faclU ' London-based ASRYMAR mar- lo ^ t thl6 {act or alone assures 
Services plan to increase the ties rn^the mo* ... or g at , Jsa tu,n, the Porto- its future. - . 

lay-up pool ih order to. push up . Bahrain .wja . chosen for ^ managers have succeeded T „ 

freight . rates for' operational ASOT thrmi^i ^ mixture of attract5ng W0lfc from a wide Ian Hargreaves 

tankers./ V. .... PbUtScal - - geographic and crofi5Mection of both indepea- 

... • ’ codsxder^ions. Saudr dent and oJ1 owners. 

Order book to date, tiiere have been M 1 

asrt, - ^ wSTJf » ■&« ™ss Structural 

marite t crisis bas beeo. from foe R^hrain's ability' to: offer, in carried out alongside one. of O vi UvlUI CU. 

^ SL a Wto educated ASRV, two fln*et The 

33S558S53# &«WS2fta. « ” - ««- «. 

seu; jess 

two to three montK.prtlerbc^. , r . and. recently, its first SPC self- to cost $2l2.5m., of .which 

But; nOW." even - of State whose re- polishing repaint contract. f^SwT'ioans^ Saudi 

this rate are proving Insuttciwart .^arc^ jre ukely to be depleted , During six months of opera- ^ ri te, T” r WeveJotimertt the 
to attract owners, who ^ -^ifig the pressure to increase the tion, ASRY claims that its pro- „ . p,, n( j f or ^j. ab 'epou- 

offered grwter lures frg Far downstream industrialis- ducthnty has unproved sharply Tbu * 

JEastern ahd-EutopeaordSilrerf. in Bahrain than fro® six days for the simplest 2 “ic ueveop e Economic 

ASRY will shortly be maottnp. Sewhere IntheGulL in type of docking to four days. 1 ^^Arab ^nnomic 

.ing a series of -five markfttins will in ? aims to Improve this to three D^elomnei^The MM phase 

packages with even heavi?*' dia- theoiy provide the critical tii^Rtandards^ of the^ b^ 350 MW station to be. built near 

counts, desigMd to keep^^ ^patus behind ibe objective of . ^osetotoe rtandai^ of the bert g|ta &nd a ^^ssion aad 

creasingly efficient worirforee -Arabising 80 p6r cent of the European repairers. distribution system, 

and magnificent metalworking w<™{f6r5 by 1M7. •' Much, tlieri, has developed sy 

equipment in full employment' Bahrainis at present account since the first VLCC flocked at , The demand for water is alao 
Examination of these market- for about-one tbird of the yard's toe yard' on October 23. 1977, nowfng * *J{JJ , 

ine Oaokaces also reveals, Wntitiolre. and; there is a steady, but a few central factors have is made wojw by thejnereasme 

however,. the confidence v^4ph li; shallow stream of "gradu. not chan ged. There are tffl vS^SiS^tSd 

* possible extent of the problem 

\ ■ • -• ■£ . ij: ' •' ; 1 -— — 7 — are not fully understood, but a 

- 17 .. •• '. ■ _ :« r - -vo " .' v strict monitoring programme 

has beep established. As more 
and more ground water is ex- 
tracted. sea water increasingly 
enters the aquifer, from the 
east to the west. 






m 


Aquifer 



economy. 


supplies, ireignt an Kanoo comes first. 


, l£ pr YUSUF BIN AHMED KANOO 




cw»* o ifc- * wS°em, ™J!Sf^i 5 w»n«. ' 

SSJSg . 

Ta ”“* 


GPft 



rrf 


While studies continue to 
determine the extent . .of 
Bahrain's aquifer and any pb»* 
sible links with aquifers in 
Snudt Arabia. Bahrain is press- 
ing ahead with its programme 
to meet growing domestic need 
with more desalination capacity. 

Domestic demand is currently 
running at 12m. gallons per day 
and is expected in rise to 20m. 
cal Ions per day in 1983. The 
Sitra power station now has two 
desalination units each produc- 
ing 23 m. gallons per day, and 
expansion . plans envisage toe 
output rising to 20m. gallons 
ppr day to produce 30m. gallons 
alter blending with greund 
water to meet toe domestic re- 
quirement until 1985. Tenders 
Are expected to be invited later 
this year for three desalination 
units each . . producing. 5m, 
gallons per day. , 

. The country’s- overall water 
supply 'programme, which also, 
comprises extensive pipelaying, 
pump installation, new control 
facilities and ’toe . construction 
of ■ elevated and ground-level 
storage tanks, begin in 3974 and 
is scheduled for completion in 
1980, vtith the extension of the 
minor networks to follow- Total 
cost of the programme is esti- 
mated at $125m. 

Like the elertridty and water 
programmes. Bahrain's, $162.5m. 
sewage project is also moving 
ahead briskly. Feasibility 
studies began in late 1974' and 
the project is fast approaching 
completion, with' toe main trunk 
line expected to be in .place 
by mid-1979. It involves toe- 
installation of a 'complete 
svstem to serve all of Bahrain's 
metropolitan 'areas, including 
30 pumping station^ and a 
treatment plant to rerv*ie 
sewage into water for agricul- 
ture. 

uc. 




-w— 



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BY 1983 it has been estimated 
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surplus of residential, office 
and hotel accommodation, the 
legacy of some 30 years of 
modest oil income and the 
presence of the British Armed 
forces. 

The boom depleted this sur- 
plus rapidly with the conse- 
quence that prices rocketed and 
land speculation started, with a 
little additional fuel added to 
the conflagration by Kuwaiti 
private sector money. The 
boom stopped almost as quickly 
as it had started but construc- 
tion of all kinds of accommoda- 
tion has a lead time that cannot 
be shortened, so many of the 
■ projects started in the heady 
days of 1976 are likely to be 
left Incomplete In the near 
future. And projects financed 
on boomtime expectations look 
more than a little sick In the 
present slowdown. 

Large scale private housing 
developments are now trickling 
to a halt though there is still a 
great deal of building on in- 
dividual plots in nooks and 
crannies of the main town, 
Manama. The upsurge in con- 
struction activity and the con- 
gestion at the port forced up 
the price of building, new 
houses to such an extent that 
landlords seriously started to 
consider renovating . existing 
property. Most of the residential 
accommodation available in 
Bahrain before the boom years, 
the advent of the offshore bank- 
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Many of these houses were let 
at rentals of between $150 and 
$200 a month, . absurdly low 
compared to the peak rentals 
for - hew houses of $1,500 to 
$2,000. One of the hewer con- 
tracting companies in Bahrain, 
Projects and Properties, went 
early on into the speciality side 
line of renovating these old 
bungalows. The company has 
estimated .that by spending 
about $15,000 oa~ replacing the 
basic amenities and making the 
houses safe for air-conditioning 
it could bring them into the 
higher rental brackets! It seems 
that most of the new British 
expatriates, in particular, pre- 
ferrecUo take an old house that 
had been modernised. - 
The larger proportion of the 
new private sector bousing de- 
velopment took place along the 
road to Boudaiya, the road run- 
ning westwards towards Saudi 
Arabia and the greenest part 
of the island. Developments of 
between 20 and a 100 houses, 
built round a communal swim- 
ming pool, are a standard pat- 
tern. These “ compounds ” were 
mostly built in the agricultural 
estates (garden in Gulf Eng- 
lish) of- the landlords who had 
little difficulty in letting them 
even for rents as much as 
$25,000 a month- • 

As only Bahrainis, or other 
Gulf Arabs, can own land or 
property in Bahrain, the ex- 
patriate worker has no choice 
but to rent Gulf Air, one or 
the biggest employers on the 
island, has its own housing pro- 
gramme but other companies 
are subjected to the vagaries of 
the market place. The prospec- 
tive tenants divide Into a num- 
ber of categories, the top slice 
(from a landlord's point of 
view) being Western diplomatic 
and banking personnel. Then 
come the more ordinary West- 


ern technicians and adminis- 
trators on whom their com- 
panies are loth to spend more 
than $1,000 a month in rent. 
The professional expatriate 
worker from the Indian sub- 
continent is now also upgrading 
his accommodation. And there 
are the young Bahraini gradu- 
ates, newly married, who do not 
get a house with their job and 
have not yet built oae. 

It is the bousing of these 
young Bahrainis and the lofwer 
Income groups in the island 
which is the particular concern 
of the Bahrain government . 
Bahrain has a high population: 
growth rate — between 3 and 4 
per cent a year — and 
Bahrainis’ Jiving patterns are 
changing. The nuclear family 
style of living has come to 
Bahrain. Bahrain's Housing 
■Ministry is barely more than 
two years old and in the past 
two years has awarded housing 
contracts to the value of $300m. 
and given soft loans of around 

The main points of the 
Government's national housing 
policy include the provision of 
interest free loans to citizens 
and government ■ employees to 
build, buy or modernise houses 
to a maximum of $50,000. The 
Government will also allocate 
plots of land and will build 
houses for distribution under 
ownership schemes on mortgage 
lines — both the loans and the 
houses have to be paid for, or 
repaid over a period of 25 
years. The Government also 
builds flats for rent only; ways 
of providing for leasehold 
ownership are actively under 
discussion. In tiie coming year 
some 2.000 government built 
homes should be ready for allo- 
. cation. 

Because of the urgency of 
Bahrain's housing require- 
ments, the Government has 
actively encouraged system- 
building but has shown little 
interest in pre-fab housing. 
United Building Factories, a 
joint Goveruraent/private sector 
company working on the French 
Camus system of pre-cast 
concrete houses has several 
Government contracts in hand, 
of which the most important is 
one for more than 500 houses 
in Isa Town. Bahrain’s first 
new town which was started In 
the early 1960s on land donated 
by the Amir, Shaikh Isa bin 
Sulman al Khalifa. The other 
housing system in operation on 
the island is the British Build- 
ing Research Station tested 
MOD-L which is being marketed 
and erected by the Bahraini- 
British joint venture. Tarmac 
Nass. Tarmae-Nass is building 
around 500 MOD-L units in two 
villages on Muharraq. 

The turbulence of the 
property market in Bahrain fas 
elsewhere in the Gulf) attracted 
professional estate agency firms 
to the island, the first to arrive 
being Debenbam, Tewson and 
Chinnocks, fallowed by Cluttons 
and other smaller agencies. The 
advent of these agents — and of 
more British lawyers — modern- 
ised relationships between 
landlords and expatriate 
tenants. As Bahraini rent laws 
tend to favour sitting tenants, 
leases place few maintenance 
obligations on landlords. The 
balance is gradually evening 
out. 

The two British agents 
between them arc the letting 
agents for the two most 
“ prestigious " developments in 
Bahrain at present. Debenhara’s 


is tile let ting and m anaging 
agent for the 18 storey purpose 
built office block, .the Bahrain 
Tower. The rental of the build- 
ing is around $19 a square foot 
for most of its 95,000 square 
feet of space. 

Clutton’s building is a mixed 
development of offices, shops 
and apartments known as the 
Manama Centre. Rental levels 
for the 124 apartments have 
recently been revised down to 
the range of $500 a month for 
a studio flat to $1,750 for a 
four-room apartment which has 
livened up inquiries, the agents 
report About two-fifths of the 
12,000 square metres of. office 
space, at around $17.5 a month 
per square metre has been 
leased or is under option, and 
shop premises have been taken 
by Gulf Air, "KLM, Grindlays 
Bank, Kuwait Airways and 
others. 

Accessible 

In a slightly less accessible 
position in the town, the new 
Kanoo Centre — which offers 
underground car parking facili- 
ties — is also gradually filling 
up. (The ease or otherwise of 
car parking is a vital decision 
for lessees). Most of the 
modern office property, is being 
let with a professional agent 
offering a maintenance service 
for an annual service fee. 
Maintenance of building and 
services in the GulFs harsh 
dimate is a full time 
occupation. 

On the whole the outlook for 
landlords of office and residen- 
tial accommodation is not too 
bleak though nowhere near as 
comfortable as it was two years 
ago. There is a tendency on the 
part of all lessees to trade up 
and many of the aff&hore banks 
are expanding their operations 
and so moving to new premises. 
The most important virtually 
firm customer for the' Bahrain 
Tower is the Bank of America’s 
offshore banking unit. 

For the owners of hotels or 
hotel projects, the short term 
outlook is rather grim. The 
decline in the number of 
visitors to the Gulf since the 
economic slowdown occurred 
has seriously affected the occu- 
pancy rates, particularly for 
the less central hotels. At any 
time now the majority of hotel 
residents are air-crew whom 
hoteliers find unlucrative as 
they do not spend much on food 
and drink. 

At the ' height of the boom 
there were probably only about 
250 first class hotel bedrooms 
to be had in Bahrain, resulting 
in occupancy levels of well over 
100 per cent for hotels such 
as the Hilton, which opened at 
the beginning of the boom. Not 
unnaturally Bahrain's hoteliers 
decided additional capacity was 
necessary and in short order 
projects for a Sheraton, a Holi- 
day Inn, a Kamada, and another 
Gulf hotel were under con- 
sideration. 

The Ramada was the first of 
these new hotels to open. It was 
privately financed by Bahraini 
and Kuwaiti money and 
occupancy levels are described 
as adequate. As with other 
hotels in Bahrain, it has block 
aircrew bookings underpinning 
its economics. Of the others the 
Holiday Inn is nearest to com- 
pletion: its management hopes 
it will be oprn far the autumn 
visiting season. 

D.T. 


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t 














- — » - • 



£.1 



ft-'. 

«i*r 



rwo.- t^Rps of $9 
bmig^jv .ofifevttirtbe-.tiwn "ij 
ftntona aad.Tiskywagc tested 
wU^ies ^y«r •■ qtterapted in thin 
<MWt*y. t&e Gavenjment i$ 
Muxteg to congratulate ftadf on 

n Une^jeCted success. - 

, ®y tBo. end ; of Oils ~ jfihnth. 
rhea 90,000. eJecttfcfty supply 
rorke^^ve AUiihed halloing 

r JWf- lrfff-4te.it will took 

j tboaghvtfae strategy hat b^en 
'indicated.. ' - .... - • _•- 

: Even -tride unionists not. 

theif moderation In 
.mmgvage demands, are be- 
aonuig to-admlt that, whatever 
>®. methods ettifiloyed, '.the- i*e- 
-Uta «jAr,L sfQlfe ' Minister® to 

• - 

It; ts^<Wxfcwiy ^3ear tiist the 
rset ,ior V?the - increase lh 
latloDSl eafitfngs for the year 
JnJ 3r ■^■JbTWtlgotor to^hr 
t White Paper “ last 

ear Taid dbwn that the national 
™*t Should:- W a' 

°. Percer^lpcrease. .bBRtyfmr 
‘lasie rate settlements of sfmfle 
Mr. Healey, the Chan- 

Illor; Would have. Uked to write: 
or 7 pef cent ftftotbe White 
»aper tiiit decided that so lew 

* figure would be laughed out 
•f court. The TUC had already 
delivered on two years o# 
'greed: restraint Net only that* 
*uf the ‘second year had been 
lighter than the first In breach 
tf tiie tradition ■ that in copies 
•olides must become looser as . 
hey progress; If. the . Govem- 
oent was going to name a 
Igure, that figure had to look, 
tlausible to -’ trade union nogs, 
iatOTS. 

In. the event, as so bfieh. be- 
ore, the limit became the 
iorm. But af the $mhe time it 
urns out that nearly .all wage 
>argaJnlng has been conducted 
n terms . of actual warnings, pot 
fage rates. And thfci appeaxa 
o have had some restraiuitie 
ffect, as well as setting what 


r,Mr- ■ rv . 

j- • '*£ f*— ' -i • ■'•' -.»••■ 

seqitkfr OfHdais re- 
W4» a hea«J^ : trend wWcb 
goufd nmke wage negotiations 
more “realistic^ in future. 

_ The latest svkBabfe earnings 
mid-way 

-throngh the:.. roudiC ■ showed a 
tisd*tif 6£ pef jpept. Implying 


a national averag^-of . nearly 1 4 
per- cent by tim. end of. the 
round. - Althom^ titis squares 
with the latestrl^a3ury predic- 
tion 01 the wpwre®tit 04 per 
chat). tiie -ij^iry , figure is 
.fcetag-; tfea^d > fitji great 
caution* The Rqstai Is that there 
have bemtlohg ds&ss in settle. 


mout«. tbihp .-yeeif^Many groups 


waited -vfe&er, for 
example, the Ford Motor settle- 
ment <rf 1$ par^eem. early in 
the round would lead, to a 
general ■ bi*akflu$iuKfci Delays 
*feo -meant- that the '‘-January 
figure, .whkh^urgne assessment 

roul|^e ^ low." In- 

highl ' 

■ Union ilpqbts 

- It is also being. «#mned that 
between l\ andjji«r pent, of 
the figure at tpe.hnfrnf the 
round will be ' wjflbntaMp to 
productivity d^ald. .which the 
Government is satisfied are very 
largely setf-ftnanciog (though 
inany trade unionists who have 
been party to such -agreements 
doubt- I f}. --Qb that basis the 
finaj. ImflSct os... the Retail 
Pri«s. Irjd^x roaifl be a good 
deafChw^' trt tiie WWfte Pacer’s 
"Intentions than anyone would 
hav® predictpd'sh: months a so. 

- .The, reluctance mego- 
tfatom; to settle . dtfQr was a 
feature of. the present round 
right from the start, but there 
are signs, partieu^rly from the 
latest figures- collected -by- fee 
CEI, that the cate , at which 
settlements -.are a oeggJtiated - is 


accelerating. 'For example 
33,000, manual workers ip water 
supply have only jpst accepted 
a deal for. which they were due 
in December. Negotiations for 
the postmen , are not yet con- 
cluded, - and , their date was 
January L‘ Some of the unions 
with national agreements with 
British. Steel, also due on Janu- 
ary 1, have still to respond. 

Early In the' round a number 
of groups, tried to resist' the 
TOC's " .double-barrelled 12- 
xhontij rule for Stage Two — the 
only TUC commitment, but an 
important one, for ensuring the 
orderly return to voluntary 
collective bargaining." The 
TUC spent many hours persuad- 
ing unions, like the Merchant 
Navy Officers and the National 
Union of Journalists that not 
boly must there be a year be- 
tween pay rises but they must 
take their Stage Two 5 per cent, 
increase and not by-pass that 
stage entirely. Indeed, so con- 
sistently did the 1 TUC. General 
Council defend its commitment 
that it even blocked a move by 
British Hyland ta bring alt its 
car plants -to a common settle- 
ment dale . last November — an 
important plank in the com- 
pany's plans for reforming its. 
bargaining structures despite 
earlier .predictions that this was 
the kind of case where flexi- 
bility would be permitted. 

Leyland is now counting on 
being able to effect the change 
this November, 

By mid-March, less than a 
third of the 12m] workers whose 
pay deals are monitored by 
Whitehall had settled, compared 
With nearly 40 per cent, in a 
normal year. The Department 
of Employment says that 95 per 
cent of the degls have been 
within the guidelines, but it has 
been hard pul to it to name 
more than one that was much 
less than 10 per cent.: that one, 


By CHRISTIAN TYLER, Labour Editor 


SOME MAIN PAY DEALS THIS YEAR 

40.000 firemen: 10 per cent, from November 1977, plus promi** of 
big increase and shorter week for November 1978. 

1m, local authority manual: 10 per cent, from November 1977. 

150.000 lorry drivers: Rises said to be up to IS per cent. 

38.000 British Airways: 10 per cent H plus 5 par cent, productivity; 

25DJ000 hospital ancfllaries: 10 per cent. 

260.000 miners: 10. per cent, as supplement. Substantial output 
bonuses. 

10.000 oil tankers drivers 10 per cent from November 1977: plus 
“ commitment " to 10 per cent- In November 1978. 

67.000 steel workers (1STC); 10 per cent In exchange for job cuts. 

460.000 teaehfrs ( England and Wales): 10 per cent. 

NEGOTIATIONS OUTSTANDING 

110.000 "police: Pay inquiry In progress after 10 per cent. From 
September 1977. 

90.000 electricity supply: Balloting on 10 per cent, plus 5-8 per cent 
productivity. 

420.000 nurses: “ Substantial n claim, plus payment in lieu of 
productivity. 

600.000 civil servants: 10 par cent deal expected. 

40.000 ICI manual and staff: Unofficial demand for £30 a week rise. 

250.000 railmen: Offcr ef 10 per cent, plus £L50 productivity pay 
in exchange for job cuts: 

400.000 local government staff: No talks yet 

1.25m. engineering workers: Minimum increases agreed; Govern- 
ment considering pay rule waiver for lowest paid. 


81 pvr cent, on earnings, was 
for 3.0U0 ancillary workers at 
Swan Hunter's shipyards. 

DE figures cover workers 
with national wuye agreements 
or large company agreements 
and dp not therefore entirely 
reflect the w hoik pattern. The 
CBI's “information bank” shows 
a rather different picture, in- 
cluding as it does many smaller 
private sector deals. By March 
16, the CBI had logged 979 
Slage Three settlements, big 
and small, covering 4.71m. 
workers. Only 84 per cent, of 
these were For 10 per cenL nr 
less. The rest were between 11 
and 15 per cent. — not including 
productivity deals exempt from 
the Government's limit. 

Among the .16 per cent, of 
settlements over the limit were 
statutory minimum pay rises 
negotiated within Wages Coun- 
cils: the Government has tried 


to stop those b reaches without 
success and has had to warn 
companies already paying more 
than the statutory minima that 
they will hare no excuse for 
paying more than 10 per cent, 
when they settle the current 
round.. If the wages councils 
deals are excluded, the CBI's 
figure for deals within the 
guidelines rises to 92 per cent. 

The CBI also reports that it 
knows of only 10 deferred Stage 
Two pay claims still outstand- 
ing. 

One the productivity front, 
there have ' been 339 schemes 
covering just over 656,000 
workers and adding between 5 
and 10 per cent to earnings. 
Over half of the schemes were 
attached to main Stage Three 
settlements. DE figures suggest 
that between 15 and 20 per 
cehL of workers have produc- 
tivity deals but that the impact 


will be only Of the order of 1.5 
to two per rent on the earning 
index. 

This surprisingly minor con- 
sequence of what was seen at 
the time as a major exemption 
—framed, it should be said, 
partly to head off trouble -ftom 
the miners — is disputed by 
some trade union negotiators* 
These officials, while naturally, 
reluctant to name names, soy 
that the exemption for the pro- 
ductivity deals has encouraged 
feats of ingenuity and in many 
cases has helped employers to 
pay much more (particularly 
where they are short of skilled 
men) than they are supposed 
to do. ... 

Two officials from very differ- 
ent unions both said that even 
where productivity deals had 
been questioned by the DE-— 
that concluded by Imperial 
Chemical Industries, for in- 
stance — because they estab- 
lished guaranteed minimum 
payments, some formula has 
been worked out that will give 
unions plenty of scope .for 
retrieving their workers’ posi- 
tion if a review becomes neces- 
sary. It is true. too. that the DE 
and the Treasury have neither 
the manpower nor the inclina- 
tion in what is meant to be a 
voluntary policy, to pursue pri- 
vate sector deals too hard. Most 
of the toughest scrutiny has 
been in the public sector. 

Some trade union officials 
dealing with the private sector 
-Hvhich in total employs only 
about 63 per cent, pf Britain's 
workforce — say that settlements 
there appear to be higher than 
in the public sector: nearer to 
15, 17 or -18 per cent, on earn- 
ings. It has been repeatedly 
claimed, for example, that the 
deal which settled a four-week- 
long strike at British Oxygen 
was not 10-12 per cent as adver- 


tised by Ministers, hut nearer 
23 per rent 

G«—t.InJy when - the firemen 
took to th»- '■ heir first- 
ever riatiop&J strike- be r on* 
Christmas, many - of their 
placards- asked: “Whar a^ut 
British Oxygen? ** If tfce'BOC 
strike was the first major 
assault on. the .Government's 
guidelines, the end of the fire- 
men's strike was probably the 
turning point for the Govern- 
ment Before then , the outcome 
was still very . uncertain. 
Indeed* a senior manager of one 
large UX company said pri- 
vately the other day that In the 
early part -of the wage round 
they had- suffered more indus- 
trial action over the 10 per eent. 
guideline than (hey could 
remember. 


Moderation 

There are a number of pos- 
sible explanations for the rela^ 
tive success of this round. Of 
prime importance has been the 
attitude of the TUC to guide-, 
lines which it had, refused to 
endorse. The General Council 
has repeatedly reminded the 
Government of the TUC 
Congress policy, and has warned 
Ministers not to talk about a 
Stage Four. In practice, the 10 
per rent has been tacitly 
accepted, as has the White 
Paper’s extension of the 12- 
month rule. One Whitehall offi- 
cial went so far as to claim that 
what moderation has been exer- 
cised in this round has been by 
the TUC and ndt the Treasury. 
Active opponents of wage res- 
traint of any kind inside the 
General Council say that this 
merely demonstrates that, left 
to themselves, unions are not 
likely *j go rhe rampage. 

Another factor has been the 
speed and severity with which 


.Ministers have acted against 
snipe— not all— companies in 
breach c. the limit. The political 
strnn that followed punishment 
>f -the' Northern Ireland com- 
pany of James Machie, and 
which was revived recently has 
left the Government unrepent- 
ant The point has eves bred 
reached where the CBI has 
negotiated an agreement about 
formal use of i n comes policy 
clauses in Government con- 
tracts. - and the rmce-aecret 
“ blacklist ” of companies in 
breach of the guidelines held by 
. the Treasury Is an acknowledged 
■ instrument In negotiating with 
the CBI about sanctions, the 
Government made a number of 
Important concessions, but it 
also gave shape and respect- 
ability to a piece, of machinery 
that could well be wheeled out 
again for a Phase Four. 

Typical of the Government's 
1 asinsly tough line was Its 
announcement of the contract 
clauses only the day after the 
^ttnmeyrGenenri had appeared 
in the Hieh <" v » 1, rt to confess 
that a- departmental warning tn 

'trica* '-itructine i*omn-ini<?s 
had been “ unfortunately 

By a-ting so tnnghly. and 
strenuously ignorinc the com- 
plaints from v *h sides of indus- 
try. the Government appears tn 
have reinforced the view, sug- 
g{ ‘ n ri by the opinion polls, that 
the policy Is broadly acceptable. 

For all that, there Is no sign 
whatever that the TUC will play 
ball again, actively or passively 
unless the Government comes 
up with some extremely flexible 
proposals for what should 
happen when Stage Three 
expires on July 31. Not until 
after next week’s Budget, and 
probably not until the Prime - 
Minister reaches his first union 
conference platform on May 1, 
will the clues start to emerge. 


Letters to the Editor 




Outlook for 
foundries 


• ’ : .;•:*** v. . 

inspectors cad 4$- on would nor 
add heavily wnprdducrively 
to the , overhead -rests of the 
erf. ■-'Hop service ;)# surely mis- 
leading himself,^- As, ftir. Barnes 
!, ror» ff»« commercial tnaniuier. P n, nted ohfc * 'Is precisely be- 
lenry Boor Foundry -cawf Mr FVeerndp'-nuta 'orwanl 

ci_ - • ■ . • '• 7 •• arguments of doubtful 

Sfr.-^l read with interest the owa««ty that he harms hi$ case so 
urv.ey. pn foundries- Which ipech. ... 

Appeared ot March 22. The sec- Aflce Wa»eW (MfSJT - 

lutnre" 


: : .‘X-i5 iQ “ “Spending -for the future" ^ 
‘ ft sin nates that.- the . foiwdrjr Bft 
■ ■■ ...adustry is unaware of Its' "real";. 
osts." 1 This, I feel. is we Weep-, i. 
a generalisation. _ 

. We. axe .conscious el the here*- - 
ity to hhve accurate information 


- --} v 

Ketti 


administration service that will 
meet the needs oF the most de- 
manding employer, including the 
requirements ' of contracted-out 
schemes. One important by- 
product would eh'able employees 
to receive individual benefit 
statements on a reeular basis fn 
any style or content required by 
the employer. 

D B. Stnee. . 

Setlgtoick Forbes House. 

S3, Aldaate High Street. E.CJt. 




-rm 




-■elating to costs, -».hd the -nedd 
o relate such' costs back- to 
>rofluct». JVdvCrtfibless; .it 
-ilways difficult. For ab'edpea 



AiNIS 




im? 

TaH* W», , 


/ iaH! ' 

^k»< 


*aw a. 


‘•'■•VO uunyuii. IVI ou ^ 

It is a depressing fact af Ute ^'™ 11 ^ I’ r °ininy Centre 
hat where a sector of. tadtistrs ' • - SliV*3£ was with amazement 
s governed in M risi^aroh .30) that Mrs. 

iv^ctpfl, * , -n , is])iy the most gaU- • l* tBiwuig about 

ns factor is that- sheiAtnqrityc^M; to; run esgfdeerios craft 
»e’ne more aw*r£ pfjrbe taets.|appreiUic^h^’ia State schools. 

I^lS?r d - Vtitaf-.-fcipfc. leaving sehools 
ndustry stands at such' a jlw-;^ 5°? Dg 1,1,0 ? e 

1 % V. ■ .-AnalvioavIvM' ' inehurivu sro far 


eveL 

From ofiv experience It ap 
hat a lack of information a ._ . 
■ome competitor* to te^ Venrs 

ler prices. up fo- 25 hfir. eeat-.S" . 
>elow that uerewxj to «•««*» *• 


L'- 


industry: are tar 
- standards of those 
tito the -industry 10-15 
so boWciip she' expect 
rs axe going to be 
W .ttgin -apprentices. 
Sh ge n erol exporien ce in the 
where boys and 
j.Whad'schooiingiin metal- 
low quotes. ^ craft 

- - . If 4m- aecentsdte sltoation. 

: jrtnnnn-' jpb'rive. it - ^iwt safe working, 

ne to cohtemntatie Wbat „ no wj 

i-tore fo r ♦*!*> foundry ’ndpsur safety ■ standards. It would be 

. , v lrtt*®rnmput *7 , t'f , rw*»T»Tlni pi *ritbraetJcA 
. ^jsed to the detriment ot the.Vrl' tort ^ E " J&JH 



;^>atc sector. 

'{iTj. R, Shipley, - 
,-ywticfletcfa, . 

Binglcy, West Yorks 



Education’s 


; *dd .lesve. the engineering traln- 
Jejc ift the cngineerinB'iudnriry 
Blji eh 'the Guildn Tn«1i- 

tute is to-day giving practical 
certificates to all thno« eitioHna 
under tt» skills ftestinv service 
whtrH tnaV*»- tim-** cates a 
worthier piece. of paper. ... 

W. E- O Wnnds, • 

Gatehouse Close, 

Aylesbury' Bucks. 


r+ #»• .-Vf ‘ ■ 


stroetore " ;..v -‘^r 

'rvrisj.'me' vioa^wyemen^ \ ^ >‘.-v 

nmtjr- Com ibB -SfoucpotL - - “ 

jmmittee. , £ 

Sir.-v~Mr,- . Roland: •••Freeman-’ y V 

: 

■halman of the e<tobati*ir jam-- prow the /Wmtffffwu) fMrwstor, 

□ittoe tn Kent Mr. Barones is sedgwU^-F^rbei'E^loyee 

infoVtirojtoJy a ®^ £ ,e Benefits Corwwlipirhia. - 

iSiiSt' sitr ^T : Whbtehqertedt? Agree; 

■eoiAftVlriteTrenPt wrth'vthflildA tnaflfc by Mr. 

ilnts which i e^e&udlTrequIretnent t>r. any 

te-Hs simplicity. 


Allov^atices on 
. tax 

JVbrn .Mr? JS; Weston. 

- Sir«— If the creation of addi- 
tional lobs is'currently a major 
economic priority In Britain, 1 
would respectfully suggest to Her 
Majesty’s Government that there 
existr a Temarkahly. simple wayi 
of creating, at tittle oc ex- 
petise. several hundred thousand 
new jobs, virtually overnight, 
fq/ those who want .them. 

This additional employment 
would.. 1 submit, result speedily 
from a Government decision to 
permit the wages of household 
. domestic staff to become a deduc- 
tible allowance against the in- 
. come tax of : their employers. 
Household wages, as far as i am 
aware, have always -bad to be 
ppld out of income upon which 
.income tax has already been 
paid. Thus, taxation U rather 
unfairly suffered twice on the 
t^aihe . money passing through a 
stiagle household. " 

_ r ~ Opposition to my suggestion 
will.- ho doubt be expressed by 
those ■ with extreme leftwing 
views, who will not see the idea 
as- a . way of providing the un- 
employed with jobs, but will In- 
stoad see it Is' a degrading or 
otherwise unacceptable way of 
-providing the- wealthy (if there 
are indeed any left) with dames* 
tic jervantp ."on the cteap." 

As the net financial cost to 
Britain, at the present time, of 
adopting ' my suggestion would 
be approximately -nil. perhaps 
the/ political cost should be 
aljtivred to take a back seat to 
the Undoubted psychological and 
emotional cost of being unem- 
ployed. 

R. U Weston. 

7 Peter Street, 

■St Heller. 

Versej/i CLL 


adjacent to our town, drilling 
sites, a pump bouse and access 
roads across the moorland; and 
a refinery five tulles From l be 
drill sites, which is to occupy 
35 acres on the high land on 
the east side ot the harbour 
with chimneys of 265 feet and 
185 feet In heiRh!. It is also 
proposed to reopen the now 
disused railway bridge, to allbw 
trains to sbip the product and 
waste from the refinery to the 
railway station yard, from which 
the waste salt is to be shipped 
by barge 2 miles offshore and 
dumped, and the potash itself 
is to be sent n» . rail to 
Middlesbrough. 

In this age it iakpossible to 
build, inside a Scottish moun 
tain, a power station the 'heiffbi 
of St. Paul’s .Cathedral.- in order 
to preserve the environment of 
the area Would it be too much 
to demand that if such a large 
scale undertaking be considered 
in close proximity to a town of 
this size, modern technology be 
put to its full use. for the sake 
of the people in the vicinity 
This project niay have already 
cost several million pounds to 
plan. It can never be a cheap 
proposition- Would it not there- 
fore be more .beneficial to al 1 
the parties concerned and not 
least the townspeople them- 
selves. . were the company to 
study more carefully ' the 'en- 
vironmental issues surroUndinp 
their project? We no longer 
have to live in the shadow of 
industrial buildings in this day 
and age; that has been proved 
in many successful projects 
This whole complex could be 
bbilt underground and even 
the need for - high chimney! 1 
eliminated, ware the company 
willing to Increase its budget. 

In short, this project needs a 
thorough revision. It is very 
understandable that this qiinerai 
could, aid the economy' of our 
country, but we simply ask that 
the people and their environ- 
ment should be considered. 

S. Bagshaw*. 

Upper B(iul4bt/es, 

Whitby, Yorkshire. 



become 
lycemmuni- 


^at-ifcere- tos jaly , ® *? le,ld £ w 
■lemedt orfrrtdW* ih ottt ■jpTe&tBiMtt and 

■ ere ?**' : WWW rail, wtones are 


J- 


‘ \ ^ - 


j'ffie" qiieue r for 

WaWan or w to h? dealt, with, then 
r again I agree flitt there are some 

AjSSE S&-.S JfcgftiJBB 

jIiSnnK. re»ardle«s are those whose schemes are not 
t AnvhiSy undepwrittun by all Jnsuraoce . 
MSftTSEiS&l wES SSany in' Any case. . For these 

neStwouFd SwS thisWee 

if freed om-if we.denftnded on a 

i no m>r pent crant from central- daro of a dm Inlstratl on on a fee- 
^mmmU,Sjw?Mtonchch^ingtart^ch wn«lsthe 
w-fth rvairlv- - -- :■•*.: , - quality of the service that a pdTr 

Aovtine who think* that to ticular' cltom requires. Some 
create whole new armies of chief coMulums are already anttci- 
education officer*, . deputies, pabTO" » -demand for a highly 
issistaat Mucatioa; : "officers, flexible computerised pension 


Potash mining 
at Whitby 

From Miss $ Bagshowe. 

Blr,— The inquiry- Into the 
effects. Of potash mining in the 
Whitby' area draws to a close 
-and a- decision has now to be 
: made. 

: For -us, the situation .of 
: Whitby at 'the present time Is 
that we seem to have the rare 
honour, in England, of being 
-positioned oyer a rich field of 
mineral, the refined product of 
Which' is known as potash. It 
also seems that, since this area 
has a' high rate of unemploy- 
ment. we are a perfect proposi- 
tion for indostria] expansion. 

The population of Whitby is, 
at present, some 12.000 tp 14,000 
people, the numbers having 
. been . swelled In the past few 
years by families moving to live 
outside the industrial area* of 
the north. Of these 12.000 people 
some 600 are at present unem- 

S loyedi some seasonally such as . 

lose whose livelihood . depends 
on the tourist trade in summer. 

What- has now, been proposed 
to- us is a. change ’in our environ- 
mfent. Wc are offered, on land 


Discipline for 
the note issue 

From Mr. A. Gray. 

Sir, — Mr. Irvlne-Forieacue 
wiote (March 30) that paper 
money would need to be backed 
by gold In order to restore dis- 
cipline to the note issue This 
is not 'true, necessarily.' Payer 
money — or indeed bank money — 
15: simply a claim qu production. 
Hence, in specific terms the 
pound note in your pocket may 
well represent a claim on some 
gold, because Once mined and 
refined. -gold certainly ranks as 
'production — but not to the exclu- 
sion-. Of all other types of pro- 
duction. 

ti be wants his note$ backed 
by gold that Is Ub choice, but I 
would prefer mine to be backed 
by production which, is already 
in this country and has been pro- 
duced by the people living here. 
■ The discipline Mr. Irvine- 
Fortescue seeks to restore will 
return when we tlecide tp allow 
banks to issue their own antes 
once again, using as-backing, the 
production itself— For ii-stance, 
houses. They would be excellent 
security, home made (so to 
speak) and it would be an extra- 
ordinarily well-ordered symem. 

Gold as backing for paper 
money did not work satisfac- 
torily in this country earlier in 
the century, otherwise we would 
still he using that system. There- 
fore it is time to imolrmcm a 
method based on first principles, 

A Gray. 

31. tfiuaell ffoad. ■ - - -• 

W’imbltxhm, S.WIA, 


GKMEKAL 

House oF Commons returns from 
Easter Recess. Question time will 
he broadcast on BBC Radio A from 
l an p.m. to 3.30 p.m. 

Weerinc on Budgetary strategy 
between Mr Denis HeaJpy. Chan- 
••ellor of thP Exchequer. Mr David 
‘Jfeel. L/herai Party leader, and 
ttr John Pardoe. its economic 
■*nnRe*man. 

Joint Council of EEC Finance/ 
Fprelgn Ministers. Luxembourg. 

EEC Fisheries Council meets. 
'.i»»-rmhoun» 

Mission headed by Mr. Alan 
WiniflirK Minister of State. Indus- 
try. on visit to Tannn to stimulate 
•nvwtin«n* In Britain. 

Law or the Sea Conference con- 

■ Hv*«s_ Geneva. 

Rating and Valuation Assocta- 
•inn st"»“w,“nr on new rate levels. 

CRT Northern Rnginnal Council 


To-day’s Events 


meets. Washington. Tyne and 
Wear. 

National Union of Bank Em- 
ployees' annual conference con- 
tinues. .Sheffield Unhrerttity (until 
April 5). 

National Union of Students' con- 
ference opens. Blackpool (until 
Anril 7). 

Lord Donaldson. Minister for 
the Arts, makes statement oh Arts 
ahd Museums sunphr estimates for 
jo-*© tp 

Financial Tim®* twd-day confer- 
ence. Aslan Business Briefing, 
opens pt Hdng Kang Convention 
Centre. 

Mr p. J. Chandris. chairman. 
Chandris Gfoun. give's 1078 
ResinaM Groii 4 Meplnrial fweeture 


Bf 


to Chartered Institute of Trans- 
rf at General ' Council of 
ritish Shipping.' 30-32. St Mary 
Axe, E CL3. His theme is “The 
Independent Shipowner in IflTS." 

London Chamber of- Commerce 
London Affairs Committee, B9. 
Cannon Street. E.C:4, 3 p-dt. 

Sir Peter Vanneck. Lord Mayor 
of London, and his Rhertffs attend 
forma] nnenlng of sessians at Cen- 
tral Criminal Court. Old Bailey, 
E.r.4. iojso a.m. 

International Heating. Ventilat- 
ing and Air Conditioning Exhibi- 
tion opens at Nptionst Exhibition. 
.Centre. Birmingham (until 
April 71. 

PARLIAMENTARY BUSINESS 
Hop* 1 of CnhUiuHis- Debate on 


Royal Al r Force. Remaining stages 
of Gun Barrel Proof Bill (Lords). 
Motions on Public Health (Alr- 
crqF') and (Ships) (Amendment) 
Regulations. 

COMPANY RESULTS 
Freemans (London S.W.9) (full 
years). Ocean Transport and Trad- 
ing 

COMPANY MEETINGS 
See Week’s Financial Diary on 

B ase 6. 

PERA 

Royal Opera production of H 
Trovatore, Covent Garden, W.CJ2, 
7.S0 p.m. 

SPECIAL SERVICES 
Annunciation Eucharist, St. 
Andrew-by-the-Wardrobe, Queen 
Victoria StrPrt. E.C.4. 12.15 p3n. 

Annual service ef Worshipful 
Company of Gold and Silver Wyre 
Drawers. St. James. Garlick Hill, 
E r 4. 5 *5 n.m. 


NEW PACKAGING IDEAS ARE WORTH 
MILLIONS. 

The journey fo INTERPACK ’78 in Dusseldorf is 
accordiri; 

INTERPA fee fair 

in fh< 

pa 



N owhere^Hiwiii yotfTfHasomuch hnow^hbw 
and so much help in making safe decisions 
for your investment in the important fields 
of packaging and transport. 


Further information on 
INTBVACK 78 from: 
International Trade Fair 
Agencies Ltd. 

2 Old Bond Street, London W.l. 



jF ** _ * ?? » 

.« ', ! -< ' , C ! 

' r-V- *'"' / 


V - - 










I 


Cement-Roadstone to maintam growth recommendations and text 


THE INDICATIONS are that the 
construction industry in Ireland 
will be encouraged to crow. 
Cemcnt-Roadslone should, there- 
fore, have ar. opportunity to pros- 
per. Mr. Michael Dargan. the 
chairman, tells members. Assuni- 
hi5 settled conditions in its mar- 
kets -the directors are confident 
that the company will m a in tain its 
progress. 

Providing the directors are not 
restricted from earning a com- 
mercial return on capital 'the 
£raup should have an investment 
capability in Ireland oE over 
£10Qm. through the next fixe years. 
This will come mainly from 
retained profit and from depreda- 
tion, supplemented as necessary, 
by borrowing. A company study 
team has been told “ to find, more 
new Industries,'* he says. 

In addition the directors plan 
to expand abroad by growth and 
acquisitions. The group's existing 
overseas ventures an the UJC, 
Holland, Cyprus and Nigeria ail 
prospered in 1377 and are making 
a significant contribution to earn- 

the year to December 31, 
1977, taxable profit was lifted to 
£14.7701. (£U-66m.) on sales of 
£134m. f£U3m.).— as reported on 
March 14. The net dividend is 
stepped up to 4J)4p (4.0625p) per 
35p share and two-fior-three scrip 
Issue is proposed. 

At year-end working capital was 
up £2-T$m. (down £581,000) with 
bank overdrafts lower at £L3Sm. 
(£2 21m.) and the net total debt 
was up £&21m. (down £&53m.). 

Irish Life Assurance Co. at 
September 21, 1977, held between 
10 and 15 per cent, of equity. 

Following revaluation lands and 
buildings are shown in the balance 
sheet at £4 Ira., against £25.3m., 
giving a net asset value of 123.03p 
per share. 

Future capital spending at year- 
end of I6.05ra. (£4. 53m.) had been 
contracted and a further £8.53m. 
l£12£5m.) authorised. 


BOARD MEETINGS 


Hk Motrust companies haw noil6"d 
dales o£ Board met nn*s to the Stock 
Expanse. Soeh nwoiinss am ratal}? 
hir'd for Ibe purpose of consaJeriret 
dividends, official twtJcanons arc not 
available whether dividends concerned 
are interims or finals and the sub- 
divisions shown below arc based mainly 
on last year's timetable. 


FUTURE PATES 

In t erims— 

AB Electronic Products .. ...... 

KMk-Savo Dlscoani — 


Interims: Hitfliland DeUIlerieA. Yarrow. 
Rails: Ash and Lacy. Combined 
English Stores. Freemans, Jove inven- 
ment Trust, Ocean Transport, Scottish 
Television, Spirax-Sarco. 


F in als— 

,\lva Investment Trust , — 

Bifurcated Engineering 

Boot CHenryj 

British Priming 

Compton U.j and Webb ...' .... 

Crosdey Bonding Products 

Dreamland Heart cal Appliances 
Getieral & Commercial In*. Tat. 

Faille Machinery 1— ; 

Lead Industries __ —. 

News International .... — — 

Rio Tint o-Zinc — 

Sparrow (G- W.) 

Trice ntrofl — 


and las, the revenue available for. 

distribution amounts to £2,339,348' 

compared with £ 2 , 033 , 364 . , 

At the year-end.- the total net' 
assets attributable to Ordinary 
shares was £80.61 m_ compared 
with £73.01 m. last year. Cash 
on deposit of £6. 84m. repre-- 
Rented 13.36m. ht sterling and 
the -sterling equivalent of 
U.S -51^318,038 


loan arrangements on the Ameri- 
can pattern, they very much 
doubt if industry and trade would 


by then, of maintaining 1}' per 
cent of their eligible ifahiHtiW 
as a balance at the Bank -of 


various subsidiaries ' of the clear 1 
'ing banks themselves add IGFC, 
(Industrial ' . and ; ^Commercial 


Sir. Darsan says that the 
application o-f price control in 
Ireland bears heavily on the com- 
pany’s ability to achieve a reason- 
able return on capital which last 
year was 11.6 per cent 

The £4Qm. platan extension was 
completed on time and on budget 
and is now operating. The com- 
pany has also become controlling 
partner in a £S0m. joint venture 
with GR-Stesn Refractories, ,a sub- 
sidiary of Hepworth Ceramic 
Holdings, to buUd a 100,000 tons 
a year seawater magnesia plant 
at Drogheda. 

Meeting, Dublin, on April 25 
at 3 pjn. 


Scottish 
Eastern Inv 
to improve 


Giddings 
& Lewis 
up 40% 


Midland Bank 
statistics 


Statistics compiled by Midland 
Bank show ihat the amount of 
“new money" raised an the U-K. 
by the issue of marketable securi- 
ties in March was £13 -Ira., com- 
pared with £1 48.4m. in -the 
corresponds? month of 1977. This 
month's -total 'is the smaHert 
since October 1973 and represents 
a decrease of £97 Am. on the total 
for February 1978 which included 
the Midland Bank's rights issue. 


DUE TO currency movements the 
directors of the Scottish Eastern 
Investment Trust say that it is 
even more difficult to estimate 
accurately revenue for the cur- 
rent year, but some improvement 
in earnings is expected. 

The company’s policy is still to 
aim for long term growth in In- 
come and capital, and by main- 
taining a broad industrial and 
geographic spread of investments 
to minimise shareholders risks. 
77118 aim is hampered by the U.K. 
tax system and exchange control 
regulations. However abolition of 
the 25 per cent premium dollar 
surrender rales from January 1 
has reduced considerably the cost 
of high switching overseas invest- 
ments and provided an opport- 
unity for more flexible manage- 
ment 

In the year ended January 31, 
1978 total revenue increased from 
£3.923.307 to £4,442.099 and after 
interest, management expenses 


A 40 HER CENT, jump m taxable: 
earnings from £577,000 to a record 
£810,000 was attained by Giddings 
and Lewis-fTaser, Tayside machine 
tool manufacturer, for 1977. Sales 
were 27 .per cent, better at 
£7.B6nu against £6.01m. 

AT halftime, when profit was 
ahead from £310J31b to £425^22, 
the directors said the level of 
business had improved dramatic- 
ally and they forecast a second 
half similar to the first 

Order intake for the year was 
a record £10_7rn. and the company 
currently has £9m. worth of orders 
in -hand the directors say. Added 
to this the level of investment, 
both past and present, in new 
machinery and production control 
methods, give ■ them reason to 
expect further improvement in 
1978. 


and lower cost of the traditional 
overdraft- arrangement that' they 
have long enjoyed. . 

A substantial proportion of the 
Clearing Banks' term lending, is 
now linked to LIBOR (London 
InterBank Offered Rate) instead 
of to base rate. The margin over 
LIBOR is fixed at the outset mid 
would currently be in the -range 
of £~li per cent, for a medium-' 
term loan to a “ blue chip ” custo- 
mer; margins have recently 
tended to contract 

Where large loans are 'syndi- 
cated between several, bdnks, 
LIBOR provides a particularly 
appropriate reference point It 
is wheii participating ' in such 
loans that the clearing banks feel 
most keenly the cost borne solely 


significantly reduces their profit 
margin- ; . . ' 

Competition Is - particularly 
intense throughout the banking 
system for large-volume lending 
for. short .periods. 

Long-term foods ~ 

• -A review of Ghee faistito- 
tUnoi machinery for providing - 
' equity or long^ena -funds to. 
smaller, developing enterprise. 

- In addition to' -bank- finance 
and ' proprietors’- finite,-; there 
comes a* -stage in the develop- 
ment of many smaller 'companies 
when they need an injection- of 
external permanent or -.long- 
term risk capital. ■ - 

A number.of institutions' "exist 
to helpmeet this need. Including 


sidiaxy of FPT : (Finance .For; 
Industry), in which- the banka 
are majority shareholders/ v 
It is the clearing banks' ex- 
perience, however, that .there 
considerable resistance on - the 
part of - shareholders . in private 
companies' to releasing . any ' part 
of thfr equity in their cdmpanie&r 
JE .it - is suggested- .that;; the 
machinery is still hqt. adequate 
to meet the latent ’ demand, the. 
banks; would submit that. the. 
finance most suitable -for trans- 
form atianinta long-term funds is 
primarily that held 'by life 
assurance companies and pension 
funds.-- ■ : - ; -r •• 

..Scope exists already for 
channelling such, funds ito-. ICF C 
through the medium of. FFI 


.quoted- ■' debenture' ani 
stocks, although 1 ; su<a* 
ments ,, would bertane 


ttons-jf Government 
did. nor enjoy prefer^Sg 
- status. • . yTr 

The London ■ CSeoriugR-. 
Evidence hg the .OmgJZ* 

committee, to Renew Ike's, 
jfouww of Ptaoncjiariiut&Si 
-Distributed . by Longman 
shop*, .soon, £9P5.,, - 
(vc&erback). 

: A Comporatiue^ttuhf-- 
Sgstems Abroad: The 
Large/, Deposit Basks 


Financial System of. 
France, UxOjt.-pte 'N^ 
Switzerland, Sweden, Jason 
the' ttS. ' Available 
from Inter-Bank Research 
.Mtioh, ISoor House; '' 
WoH, LpndoTK E.C2;_U2 6 


Tories urged 
to root out 


Move to save shipyard 


inequalities 


Sungei Krian 
Rubber expects 
lower prices 


BIDS AND DEALS 


Comet just 2.5% short of success 


Henry Wigfafl. the TV rental 
and retail group, has succeeded 
in beating off the £14m. bid from 
Comet Radio vision, but only just 
For Comet has received accept- 
ances which, together with Us 
own holdings, amount to 47.53 per 
cent of the Wigfall equity; only 
2.5 per cent short of the level 
required for the offer to go un- 
conditional 

Comet’s advisers Kleinwort, 
Benson said yesterday, “We are 
delighted that we got the ptiblic 
support that we did. After all we 
were successful in obtaining 86 
per cent of the uncommitted 
share holdings. Naturally we are 
disappointed that we did not get 
the other 2.5 per cent” 

Comet’s bid has failed because 
the group was not able to win 
from the Wigfall Board and family 
interests the crucial 45 per cent 
block of shares. 

Prior to this hotly contested bid, 
which was announced In January, 
Comet held only 95,000 Ordinary 
shares. During the course of the 
offer Comet acquired 50,800 
Ordinary shares In the market 
Its own holding together with 
acceptances represent 2,474,175 
Ordinary shares. 


Over the week-end Comet 
announced that the Ordinary offer 
bad lapsed. And since the 
Ordinary offer had not become un- 
conditional the Preference offer 
bad lapsed as well.' 

Comet had received acceptances 
for 12,350 Preference shares, re- 


presenting 84.3 per cent of the 
Preference capital 


Preference capital 
All forms of acceptance and 
transfer, share certificates and 
other • title documents will be 
returned to shareholders within 14 
days. 


NTHN. FOODS SEES 
AT LEAST £10£M. 

IN FIRST HALF 

To help shareholders of brewer 
James Shipstone Come to a 
decision to accept Northern Foods 
offer worth 306 Bp a share 
Northern’s chairman Hr. Nicholas 
Horsley has despatched a forecast 
of profits of not kss stban £10.75m. 
in the six months ended March 31, 
1878— 4ra increase of 33 per cent 
According to Mr. Horsiey “this 
fuUy substantiates my statement 
in January this year that there 
ahold dbe a very good profit 


improvement in the first six 
months an danpbasases the advan- 
tages of accepting Northern's 
offer." 

Pointing to the differences 
between Shipstone's and 
Northern's profits records Mr. 
Horsley says that “tn the period 
from 1967 to 1977 ShipsCooe’s 
profit before tax has gone from 
£D.7m. to £l.SSm^ whereas over 
the same period Northern's pre- 
tax profit has grown from £1.06m. 
to £17£lm. The figures speak for 
themselves.” 

Mr. Horsley is equally critical 
of Ships tone's reported asset 
value, which he says underlines 
the meagre return an -share- 
boWers 1 funds. “Your own finan- 
cial advisers themselves demon- 
strate the irrelevance pi asset 
values by offering - to boy a small 
number, of shares for 300p cash 
although they fall to mention 
that tins would result In a greater 
-capital gains tax liability than 
under Northern's more wduable 
offer.” 

Mr. Horsley said yesterday that 
acceptances were so far “only in 
single figure percentages." The 
offer expires on April 7. 


Palm oil prices so far in the 
current year have been lower than 
in 1977. With the anticipated in- 
crease In world crops the directors 
of Sungei Krian Rubber Estate 
do not expect prices to reach last 
year’s levels. Sir John Barlow 
tetts members. 

As known the higher prices for 
rubber and palm oil in 1977 
helped expand trading profit 59 
per cent.* to £751,795 and the 
pre-tax surplus reached £798.799 
(£509,532) on sales of £L44m. 
(ci nfim-)- The interim dividend 
In lieu of final, was 75p (50p) per 
£1 share, and a four-for-one scrip 
issue and subdivision into ' 10p 
share is proposed. 

Year-end working capital was 
up £t>-22m. (XO-ifim.). 

Muar River Rubber Company 
holds a 15 J per cent, interest and 
Mlajedte Investments 11.4 per 

Profit from the estates was very 
satisfactory and included £0.5 m. 
from Simgel Krian estate’s oH 
palms. Despite draught in North. 
Malaysia which reduced the crop i 
in the second half, over the year 
the oA paten fresh fruit bunch 
crop was 10 per cant better. 

. The price received for these 
bunches was £65 (£43) per ton, 
but with 35 per cent, higher collec- 
tion cost' and increased export 
duty on paten oil extra profit on 
the bunches was £10 per ton. 

Rubber profit from Somme : 
estate of £106,000 was achieved 
from a slightly higher crop and 
the price was up 3Jp per kilo. 
The uodeiptanttog programme of 
rubber is being continned and SO 
acres wall be underplanted during 
1978, Sir John says. 


MR PETER WALKER the 
former Tory Cabinet Minister, 
yesterday called on the Conser- 
vatives to root out the “indefen- 
sible inequalities "of a divided 
Britain. ’ - 

He told, the Bow .Croup's 
annual conference in Oxford: 
“ For a Century the .theme of. 
attaining one nation has domi- 
nated Tory party -thinking and 
action. We have always sought 
to unite the nation, whereas the 
Labour Party have always 
sought to exaggerate and to play 
upon the divisiveness within our 
nation.. 

“There are to-day many areas 
in which the- Tory Party needs 
to develop its policies . of one 
nation, for in far too - many 
spheres of our national life 
there are two nations.” . Every 
town and 1 dty was divided 
between owner-occupied, estates 
and council estates. 

“We have two nations — one 
coloured and one white — where 
the coloured community has 
greater unemployment, . worse 
housing and lower educational 
standards than the 'white com- 
munity in general” 


' BY LYNTON Md^AiN, INDUSTRIAL StARF . 

LOCAL MFs- have called -for Mr. Erie Heffef, Labour JJP for 
action to save jobg on Mereey- Liverpool Waited *“3' repre^ 
side piter it was annoitoeed 'ffiat 
Western Shiprepairers, the tot 

major-ship repair yardiuBl^^- S’ Birkenhead 

head, is to dismiss 625 workers te n ei- . . nr tho. 


live ' MP for TVaDasey,- 
lime had come for tire «— 
ment to introduce -a la.* 
programme of fertraiuJng,-: - 
Western Shiprepairers was 
severely by the slump in 



BASE LENDING R 


FT Share 
mformation 


service 



Hie following security has 
been added to the Share Informa- 
tion Service appearing in the 
Financial Times: — 

Shiloh Spinners. .(Section: 
Textiles).. 


STMGO MONEY FUNDS 

-(Saturn Investment 
' Management Co. Ltd..) 


Rates of deposits- of £1,000 
and . upwards ior w/e 2,478; 
7rday Fhad . . - 1 - % P-a- 
Mon, 6.115 

Tues. 6.153 

Wed. . . 6.119 

Thur. • •- 6.1X5 ; 

Fri./Sun. 6.146 

3-Monih Fund 
Wed: • 6-000 


THOMAS WITTER 


AND COMPANY, UMITED 

Manufacturers of Smooth-surfaced Floor Coverings, Broadioom 
Carpets, Bituminised Roofing Felts, Asbestos Felts, Packaging 
- ... - Board, etc ■ 


ENCOURAGING CURRENT 
PROSPECTS AFTER A 
DIFFICULT YEAR 


The 80th Annual General Meeting of Thomas Witter and 
Company, Limited, was held on 31st March at Choriey. The 
following are extracts from the circulated statement of the 
Chairman, Mr. H. Bowser. 

Group pre-tax profits amounted to £878,387 against 
£1,123,273 last year.- Turnover at £23,794,000 was 12.1% 
better than last year. , 

The Board recommend the payment of an increased anal 
dividend of 2.4S44875p per share, making a total for the' year 
of 3.1444S75p which, with its associated tax credit is 
equivalent to a gross dividend of 19.0575% (1976-7-17^25%), 
being the maximum permitted and leaving a retained profit 
for the yearof-£102.876i. • 

The lower profit is the result, of a serious loss of pro- 
duction in the course of the year caused by labour problems, 
not unconnected with the Government's pay policies, which 
’ ended in strikes, go-slows, sit-ins and such-like stoppages. In 
addition the returns from our subsidiaries in Australia, 
Ireland and South Africa were most unfavourable. They 
experienced a very difficult year, adversely affected by political 
and economic conditions in those countries. Action has been, 
and continues to be, taken to do all possible to eliminate 
future losses, and we now- look forward to much better results 
from these sources. 

At home our prospects for the current year, which has 


begun well, are encouraging. Enquiries and the level of our 
order books ■ provide goad grounds for confidence that the 
year will produce a significant increase in profits, provided 
there are no exceptional adverse developments. . 



Wi. 


vtTTA 






WWJ'lLUiS 




L ii Ci /jiiJ ifaifc j I hi rnr 






LOCAL AUTHORITY BOND TABLE 


Authority 

(telephone numher-itt- 

. . iKircnrfiesesJ _ 


Annual 

gross Interest Minimum Life of 
.interest payable- - sum - bond 




Superannuation (Second. Series) 


Superannuation Policy (Second Series) 
(intxoducedin 1977) 

per annum on the Sum Assured. 


per annum on existing Declared Bonuses 
Until further notice the above rates will apply to with profits 
policies becoming claims by death or maturity. 


Barking (592 4500) 8f- 

Barnsiey Metro. (0226 203232) 10- 

Reading (0734 592337) 101 

Redbridge (01-478 3020) .: 10 

Southend (0702 49451) 0) 

Thurrock (0375 5122) 10} 

Thurrock (0375 5122). 10± 


X-year 

J-year 

i-year 

1-year 

fc-year 

4-year 

J-year 




w i j |i ;>Bi 


f V H l ^ » 1 1 u j 


rminai bonus is presently added to all individual With Profits policies which become claims and for which 
participation in profits commenced before 1973. 

Notice of Bonus Dedaratian and Annual Report Summary will be issued to members in due courses 
These rates of bonus do not apply to group policies nor to policies issued in Australia. 


WZi SCOTTISH 
AMICABLE 

150 St. Vincent Street, Glasgow G2 5NQ. « 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1.000>£25,000 accepted for fixed terms of 3-iO 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 14,4.78. * 

Terms (years) 3 4 5 6 7 8 .9 10 

Interest % ‘ 9J 10 104 103 . 11 Ui 114 113 

Rates for larger amount on request Deposits to and further ' 
information from The"- Chief* Cashier, Finance for Industry 
Limited, 91 Waterloo Road, London SE1 8 XP (01-928 7S22. 
Ext. 177). Cheques -payable to “Bank of England, a/c FFL W ' 
FFT is the holding company for TCFC and FCL 



Eighths ^er cent- 




April 3 r 1978 













V; t s mi 


iiijiTi 


i\ l F.R NATIONAL COMPANY NEWS 


MINING’' NOTEBOOK 










i't-.'W . ■ v.-i.---. . 


;\n ‘ ■ .: &?**&«* May u 

. Amid. Item :. Mar. a 
*i, -.AP C«nfc« i.:. Uar.s 

> - .lUil-JK 4 
"•»• 

■'.--JL < HW.)..M1 IS 

t ,4- gBowttM _^ ri .Apr, 6 

' ■.‘,?SSF* 0fp * . — Apr.u 

nTNUSW? 

-rti- ■-**•*• 

u I*rtnttnt-Apr. 6 

ID Britton Bsate:. May s 
ij bsc im. *m. u 

£SBj*:rr*P.1*- 

*; 

•Cape lads. ._.. Apt. 4 
,- -Carpet* Tot ...^pr, 12 

■\ Cater Ryder ... May is 

■> Clive Dtccooin ,ior. m 
.. • .*Coail>Uea Enc.- - ■ 

J - Stores -Ayr. S' 
■■:■.. -•Coajd. Qpid. . . - * 

■•:. * ‘ PieMs~ji&. s 
Coral Ltlnrs .3faK~ll 
. - COstain fR.) :Ji»r 18 

‘■;-.Cott» - Apr.-® 

i ." *IW0 . .■■Aar, is 

‘ J>ofta Metal ,...AW. M 
■•• -rsmlep ADT. 2B 

•v t: Dnpori _. .. lV Jday 18 
• . Eaate' Star Infc— Apr. SO 
-.. ' •Rw p^re Stem Apr. B 

aw. -n 

Foweo Wiuep apt. 37 
■Freemans (Lond. 

S.WJ> APT. 8: 

S : Frenefc Kler — May Ifi 
Faroes* withy May 17 
i -Gomrdapd - - -- - 
1 ■ Wat.- Bfscoait Attv2t . 
*- CltJbe fILV . Apr. 13 : 
■i. *fiin A Duma . AW. SB 

^ -.. •Claao. ..Aw. lB 

■j -*Tnynwwl Ayr. U " 

*G rattan 

.. warehotwa^Apr-.s 

;•' •GBarrlHn'Rcpyal 
» • .BKUDU AH. 12 
*CKN ....i.-- APT. 4 
> .'Hawker /. 

: SbUdtr-Aar. U 


-Amtaanoe* ' 

nernual 
■ year.'- 

int. S 

BbulklSr. 

Final 5.7744 
Final J.C383 

Final L®»- 

Ffeal.!^ - . . 

2«Ur *Mt ■" 
nsalX2lH3 


tut 2 A - 
Final U 

Final 6.731 - 
Float 4JB 

FbSlAl 

Final 2JMS 

Flnai u»l 

nn.iu 
FlllSl JJH» 

Final 4. 787 
Final a^3&. 
Final 12.7SI 
Final 8,» 


tat. 2yoty 
W* 
9te.-UK.2JM7 
Final 4JK480 
Final XS5 
Final 3A71 
Final 3A 
Pina] ASBIS} 
PttUll7S5 
Final tJ ' 
Wnau.T 
rtm] 14971 - 

Final 34211 
Final 0.5 

Final i tU 
Final iASias 
nnWAI*. - 
tat, 4 

Final 4473 - 

Ptaslijif V; 

Final 94213 - 
Final UMTS 

Final 7^823 * 


V*ta "l 


expansion a priority 
retail chain 


mine 


Anotner new goia mi 
for Anglo American? 


*£*■ 


•W <£*.) Final BJ 

■Wjafland Dipt, Ape S IatJ* 

: UiW W.V AW. » Fftal^.OTJn 

. .Ldad UtvttMf 3Ug 1M lot. <5 A \ 

. Lawn* FtofiMMSI 

jABd . ™Japt. 4 Fluid L317 
»«i. ._Apr. » PIMJ^S 


j3Sd*% rJ**3***» 

Scoidsk Map JfYtat. 2A4 

****** 

teJr’i***.-?*** 

. Bn in s ar .Mk.V : paai ZM 
Mettny - Apt. a . FtoalMS . 

Miner mam. J&r.tt Pbaiuu 
■Moron 

Cnjdbie ..._APf, « Sec. lhL I4T4 
llothernare - 7 lf«y S . «nal-S.4j4 
Wall aurcomd. * . , 

■ Ra)tt..4£*f ■ B ?bl Up 

• - 

lBtarnaHMjmL_A*r.. A FtnMiS^. 
■Ocean lyuspL Apt-’ s' PlnaiSJfrt 

ni o Mar 4 naeiAatMt 

PeBfMQ • ■.'■ 

Laanreaq Apr. 3> See-ftn. Mill 
pwnM} -tS.> pApr. » «o*.im. 4.iefH 
mm - .. May a In*. i« 

•KMC Anr.18 Final 547 

fteadiem In. MaylT nonlMfT? 

SESliS 

■XnakyWentanl 

■ . • Cemntr..Apr. J7 PUalLSS 

Sahwbenr (J.i Hw l Final iJft 

Uccntth-Met • 

.. . - Pray. Are. '4 ■. &U. B4 • 

Sean ... T- Apr. SS Pinal 521 
■Sonar gnimn. '.JEpr. 11 Fta. fJMtat. 
Sense ... :^MayfS InLj 
Stows Knau. VAPC.4S Final 4ACS 
■Smith OF. E.) -Apr. S Final ft. B89 
SmnrfiH «.)J Alar ».P6»1 442123 
Semen ' ... Aer. JT . PtealLBMM ■ 
suwiev me>. ■ Mar is - m. 4 a. 

•son Anunce ...AH. S Final PSas • 

. Tampc .■•-.-■M S7 Final SAM 
"Taylor 

Mgotfrmr~AH. « Ftoal* 

Tde. BunP Atc.'SS .FtoaiMS 


BY CHARLES BATCHELOR 

AHOLD. Holland's laziest super- 
marKet ebun. will continue to 
expand stores In the U.S. and 
Spam and Its roadside restaurant 
cfttln in Europe, the Ahold 
directors explained at the 
annual press conference. 

The Bi-Lo group, which now 
h« -98 store* in the Carolina* 
and Georgia, will open nine new 
ones this year. The \J£. chain, 
which Ahold acquired last 
August for $fi0m. will ultimately 
consist of 120-130 outlets. 

Bi-Lo-’s profit is expected to be 
maintained -this year on sales 
which w#l rise 10*15 per cent 
wo* the Fls.S10m. of last year. 
Ahold nevertheless sees greater 
profit potential in the u£ than 
in Holland.- Pre-tax operating 
profits represented 3 per tent of 
sales at Bi-Lo compared with 
only L7 per cent, for Ahold's 


D utch operations. 

Expansion fa Spain, where 
Ahold’s four stores recorded J.977 
sales of FIs .8m. has been slowed 
by the depressed state of the 
economy and delays in getting 
planning permission. Ahold 
Espana plans -four new stores 
apd a considerable increase in 
sales this year but it does hot 
expect to start making profits yet 
Whereas the Dutch group moved 
into the U.S. by purchasing an 
existing store chain, it is build- 
ing up its own network from 
scratch in Spain. 

The company will- add two new 
roadside restaurants to its exist- 
ing chain of 12 in Holland this 
year and will expand Its activi- 
ties in Belgium where it has 
acquired 10 restaurants from the 
troubled Jaques Borel group. 

In Holland, where the group 


AMSTERDAM, April 2. BY LO DESTAR 


Volvo’s home sales drop 


vmmt idwrtH A»f-3 i S2 M Jl-2SS . 

St, » Fiatf 8 4*75 

Tr^olfveW jEy. ST* FlTV«l 1 4B1 

V'r*r>rt _ . Aw. M . Wait M8« 

wni-teruia IH^JttFtar Fti4lM8M 

. -WUrooi- r ■ 

Breedeq Jax. it FI mi vmm 
•wtowi rc.r ..App.1T. fhuuIawm. 

... Nchvm nniiw . 

■Beerd -xaaMfaH iwteixied. t-Bhanc 
line Mnca made. *»** Irte. ..IfOlB 
iwoe slow m *4* tram rtfmrt**. 


Public Works Loan Bosuri rates 

‘ ’ 

• ’ Effective from April 1 

tan>WH(M . M *pi e— H , lk»n> >« WH 


' Yiw ■ fcyBW prna owtarttr MfB H^wltir 

Up to 5 W 9J • t0 ' 10| tOf 

Over 5. up In .10 . 10 101, r JI*. . ' ■ - Wt • K .*• J* 

Over 10, up to » 1J| iij Jl» 11# •;» • m 

Orer 15. up to 25 1J* 12 : u( ■ I» - ‘«| - «# 

over 25 C.S.. .7. vf i« . . m- Ut HI 

* Nonquota- loans B are 1 per rent' hUpi*' M .each <bu* than pon- 
quota loans A. - t-Equal instalmentr of principal. -t»pial repayments. 


BY JOHN WALKER 

VOLVO’S SALES in Sweden 
dropped by 6 per . cent during 
1977, while sales abroad rose by 
7 .per cent Total sales for the 
group overall Improved by 3 per 
cent to Kr.l6.lfen. ($3.3bn.) for 
1977. 

According to the revised pre- 
liminary report from the com- 
pany — the largest motor vehicle 
manufacturer in Swedtor— group 
ore-tax profit dropped to 
Kr351m. compared with Kr.582m. 
in 1976. Parent company pre-tax 
profit amounted to KrJt32m. 
against Kr.fildm. in 1976. In the 
preliminary report released 
earlier this year, group pre-tax 
profit was relculafed to be 
Kr^SOtn. and parent company 
pre-tax profit Kr265m. (the 
Board recommends an un- 
changed dividend amounting to 
Kr.6 per share. Adjusted income 
per share dropped from Kr, 15.50 
in 1976 to Kr930 Jast year. 

Sales of cars accounted for 
51 per cent, of total turnover.' 
Car sales numbered 261.000 
which Ik 8 per cent lower than 
the 1976 figure. Commercial 
truck sales increased by 12 per 
cent and accounted for 25 per 


STOCKHOLM, April 2. 

Cent of the group sales value. 

Forest industry equipment- 
sales went down by 3 per cent 
end other product groups showed 
a rise during the year. 

Setback for Sleigh • 

H. C. SLEIGH, petroleum, ship- 
ping, coal and woodchip group, 
has held its interim dividend at 
a . barely covered 2.75 cents a 
share, after a sharp reverse In 
the December half year, with 
profit tumbling from 3A4.81m. 
to $A2.61m. writes James Forth 
In Sydney. 

In the full 1976-77 year the 
group earned a record $A8.29m. 
The setback occurred despite a 
12 Per cent, lift in ' sales- to 
$lfi3m. 

The directors said that there 
was intense competition in all 
Spheres of petroleum marketing 
which adversely affected profit 
They also criticised the actions 
of the New South Wales and 
South Australian state govern- 
ments in preventing the Intro- 
duction of petroleum - price 
increases which had been 
approved by the prices justi- 
fication trifeunaL 


marginally Increased its share 
of tixe food market to just over 7 
per cent., turnover rose under 
one per rent, in volume. Ahold 
opened 20 new stores and closed 
19 unprofitable ones leaving its 
total sales space practically un- 
changed at 325,000 square 
metres. 

It expects to improve the re- 
sults of its supermarkets and 
hypermarkets as well as its off- 
licences and drug stores. How-, 
ever profits of its discount stores 
operation fell in 1977 a nd little 
change is expected this year. 

Ahold's net profits, including 
.tie results oF Bi-Lo from August; 
rose 28.7. per cent, to Fls36Bm. 
(517m.) in 1977 on sales which 
were 22 per cent higher H 
FIs.4,14bn. It proposes raising 
its dividend to FIs.3.60 in cash 
and 10 per cent in shares 


StatsforetagV 

losses 

By John Walker 

STOCKHOLM, April 2. 
THE 1977 pre-tax loss of 
Statsforetag, the Swedish state- 
owned bolding company, 
amounts to. Kr.l.3bo. (S286ra.) 
according to provisional report. 

This is somewhat less than 
that forecast, by the managing 
director, Mr. Per Shold, who 
wrote to ‘the eight-month interim 
report that he expected' the 
overall loss to be in the region 
of Kr.l^bn. At -the rime the 
losses were already standing at 
Kr.926m. I 

Exchange losses amounted to 
Kr.363m. while sales dropped by 
6 per cent to Kr.9.1bD. The drop 
Is due : to declining markets for 
the four main industrial com-, 
panles, ASS1. the forest industry 
company, LKAB iron ore mining, 
the NJA steel works and Berol 
Kerai, a chemical company. 

Statsforetag has made consider- 
able investments in these com- 
panies, but in spite of this they 
have made heavy losses. The 
investments amounted . to 
-Kr.l89m. in ASSI. Kr.5!Wm. In 
LKAB, Kr-349m. in NJA and 
Kr.95m. in Berol Kemi. 


THE GOLD price is perking up 
again after, the recent speculative 
shake-out which should have left 
the market aH tbe -healthier 
although further tremor? wijl no 
doubt be felt from time - to time. 

Meanwhile, the higher bullion 
values go, and especially if they 
do rise above $200“ an ounce, the 
more likelihood there b that the 
South African mining Industry 
wbH be emboldened to gp ahead 
with the launching of Stitt more 
potential new producers particu- 
larly those wath a strong uranium, 
element. 

Ip Febni«y the possibility was 
discussed Hera of a new Gold 
Field* - group mine emerging 
adjacent to West Dn&fontem and 
East DricJoptein. Last week there 
was a ’ strong hint in The Union 
Corporation report that this group 
has a new gtrid-uratrium venture 
in view to -the south of St- Helena 
in the Orange Free State. 

Now, fotohring the. borehole' 
results detafied in ihe Anglo 
American Gold Investment annual 
report, mailing men in Johannes- 
burg are mulling over the possi- 
bility that tbe Erfdeei'Daakbaar- 
hnid ground to the north of Free 
State Saalplaas could be turned 
to 'account as another gold- 
uranium proposition. 

Erfdeet takes my mind back to 
that famous (or infamous as It 
turned out) day in Jane, 1949, 
when tbe shares of -Free State 
Gold Areas soared to over. 50s 
following a high-value borehole 
result on that farm. But the drill 
core proved to have been- tam- 
pered with or “salted ” as the 
miners term it. 

For some five years now the 
Anglo American group has been 
busy drilling the ground afresh. 
It has a 60 per cent, interest 
therein and manages the explora- 
tion programme, 'file other 40 per' 
cent is held by Lonrbo's main 
South African vehicle. Duiker 
Exploration the successor com- 
pany to. Free State Gold Areas. - 

Although two further boreholes 
ate still In progress, our- South 
African correspondent reports 
that Anglo is proceeding wHh an 
evaluation of the prospect Tbe 
area is a large one covering some 
15 square miles. There are three 
distinct reef series. Kimberley, 
Leader and Basal. 'the last-named 
being the principal gold carrier in 


theOFS. 

Mineralisation is . . present 
-throughout Although gold values 
are generally low. oha drill in par-' 
ticular some, lfc miles north of 
Saalplaas gave very, high uranium 
results. ' Erfdeel-Dankbaarheid 
looks indeed Co- lie a rather mar- 
ginal proposition and may depend 
on new technology to “ dot out ” 
the payable reef without having 
to mine'; excessive waste But it is 
: reckoned in Johannesburg to have 
a good chance of becoming a mine 
especially in view of the uranium 
possibilities. ■” . ” 

Tn London it is pointed out by 
stockbrokers James Capel that the 
gearing for participation is in 
'Duiker but that the market in 
the shares is a narrow one with 
Lonrho holding 75 per cent, 
thereof. So the latter is regarded 
as the most practicable way bn. 

Cane/ eo os . to . say that it 
should prove interesting, to see 
how Anglo and Lonrho. " strange' 
bedfeJIows that they' are," resolve 
tiie funding of what the brokers 
regard as an interesting new 
venture. 

Fnnnv f«nires 

I hear froin Australia that a 
mining . conmaoy there has 
'renorted a jtmxn m -turnover from 
6A72.000 to £A3Sm. for 1977. Yet 
If. tvnied in a Joss .of $A0_34m_ 
These queer statistics . represent 
another peculiar twist in the 
tangled skein of ihe down-under 
uranium imbroglio. 

They arise .because of the over: 
seas supply contracts that were 
gaily stoned in tfee days when it 
was asnuned that ,. the big 
Northern Territory ' uranium 
deposits would be brought to pro- 
duction In tbe normal way instead 
of being delayed for years owing 
to euvhtmmental and trade union 
opposition and resultant govern- 
ment procrastination. 

Thus, in order not to damage 
the country’s commercial reputa- 
tion. the contracts are being 
fulfilled by uranium from tbe 
Australian Atomic Energy Com- 
xnterioab vtockqHIe. - Hence the 
above figures produced by 
Queensland Mines which sits 
dejectedly on the Nabariek 
deposit The loss -arises from tfee 
fact flbat it does not actuary 
obtain any of tbe money from , tbe 
uranium sales. 


That will only flaw to it when 
the uranium is returned to the 
AAEC. And Queensland cannot do 
that until at is allowed to mine 
the Nafeartek property. Such per- 
mission, to quote the company’s 
chairman Mr. J. S. Winner, is still 
“up in tbe air.” 

So 'no doubt are the company's 
shareholders as veil as those of 
Kathleen Investments which has 
a 5# per cent stake in Queensland. 
Especially as Karbari ak: will not 
necessarily be a front runner 
‘when the Government does finally 
make up its mind about which 
mines will be allowed to go 
ahead. Some kind of. decision 
from Canberra Is thought to be 
imminent So there was an 
anticipatory forward movement 
towards the end of last' week tn 
the shares of Panco&tinental, 
Feko-Wallsend and even in those 
of the beleaguered EZ industries. 
★ * 

The shares of Consolidated Gold 
Fields Australia, the 70 per cent 
owned Gold Fields group offshoot, 
have been firming up. On Friday 
they were 235p. Speculative 
interest has been aroused in 
Sydney by the sale for SAS.tai. 
(£5.7Qjm.) of CGFA's 60 per cent, 
stake Ln ConunoiKweaMh Mining 
Investments to the National 
'Mutual X*fe Association. 

This has touched off a down- 
under guessing game as to what 
CGFA intends to do with the 
money. 'Will it set out on the 
bid trail again? Is North Broken 
.H5H a target? Will the restructur- 
ing process instituted by Sir. Bart 
Rvan proceed by way of share 
offers for tfee rumos of such major 
interests as BeUathbl Coal, 
Associated Minerals and Renison 
Tin that it does not already own, 
thereby increasing local equity 
participation in CGFA? These are 
among the questions being asked. 

My reaction 4s to say whoa. So 
far as use of the money is con- 
cerned my impression is that there 
is no preconceived plan. This is 
because the f-MT sale was not a 
deliberate attempt to raise funds. 
National Mutual happened to 
come along with what was con- 
sidered to be a good offer. So 
CGFA -took K. The main buU point 
for tbe shares is -tihet Mr. Ryan is 
siowJy but surely overcoming the 
company’s problems. 


a 1 ^ M F0REiaN> exchanges 

pent htoh®' W <*ch a»se than pon- ' . 


INSURANCE 


Sterling’s general decline 







■rcrTTtfTi 

|:5 "mV 4 0 Di'iMiTL ^ 








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2S 

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English Tran sco nt. 
•Ftm -London Secs^,.:. ' 
First Nat Fin. : Cohph. ■ 
First Nat Secs. Ltd. 
Afitony -Gibbs 
Greyhound Guaranty... 
Grindlays Bank .........3 

Guinness Mahon 






BY GOUN M1LLHAM 

Sterling's future prospects 
appear at first sight to have been 
re-evaluated by the foreign ex- 
change market over the last weak 
or so, but in fact the trend which 
has suddenly become obvious has 
been going on' for some time. 

The pessimistic forecast for the 
UJC- economy by the Cambridge 
Economic Policy Group focused 
attention on sterling on Thurs- 
day/ but this was not the' first 
suggestion that -Britain may be 
heading for. balance of payments 
problems. It was simply the first 
warning In recent -months that 
has not been overshadowed by 
Other events. 

While it is true that attention 
has' switched to the pound, it 
would not be true to say that 
fears about sterling's prospects 
have been ignored previously. 
It -is More a case- of the under* 
lying softness being masked by 
the dollar's decline. 

Since the beginning of the year 
a. glare of publicity has sur- 
rounded the dollar's decline 
against the Swiss franc, D-mafk 


and Japanese yen, but sterling 
had fallen by a. similar amount 
against these currencies even 
before its recent slide. It is now 
about 29 per cent lower against 
the dollar than at the end of 
December. 

Over the last three months the 
dollar and sterling have fallen by 
8 per cent. (10,5 per cent) against 
the Swiss franc, 4* per cent. (7 
per cen$.) against the D-mark, 
and 7.7 per cent. (10J per cent> 
against the yen. -Figures for the 
pound- are in brackets. 

The Bank of England may 
have intervened to prevent 
sterling from rising around mid- 
January, but in later weeks- any 
intervention has probably been 
to help the pound rather than 
the dollar. 

It is also probable that' the 
current weakness of sterling is* 
not altogether unwelcomed by 
the authorities, since it is the 
only way that British exports have 
any chance of remaining competi- 
tive at the moment On the Other 
side of the equation, any sharp 


fall In value by the pound will 
lead to a rise in the cost - of 
imported raw materials, and may 
cause problems for the future 
rate Of inflation. J 

Orer- tfee last six-months the 
dollar has fallen more sharply 
than tfee pound, but this is not 
surprising since this period takes i 
into account the intense upward 
pressure on sterling and tbe con- 
sequent upward float at the end 
of October. 

. - Since. tbe beginning of Septem- 
ber tbe pound has risen from 
3L7474-L7476 to 31.8625-19635 
against the dollar, but has lost 
ground in terms of The Swiss 
franc, D-mark and Japanese yen. 
Alt these movements - have left 
sterling’s trade-weighted index 
against a basket of currencies 
little changed accord in g to Bank 
of England figures. On September 
30 the index on tbe bests of tbe 
Washington Currency Agreement 
of December 1971 stood at 62.3, 
while it finished at 61.8 ■ last 
Friday, and stood at 629 on 
Thursday. ' 


Steps to improve compensation 
for products injury victims 


BY OUR INSURANCE CORRESPONDENT 



Local- amtwntJM *nd Ssauea bouses seven deyr notice, otfyers bctwj ears' 
troesiSsUy three Sears tOft-HH per cetu.; four rears IN per eon.i five yiars 
.Paying rates for prtme paper. Buying rate* tor roor-moHtb beak MQ*. N pec 
Approximate selling fata* for cate-month Treasury bias per cent.: 

SSI S3 per cent Approx tent* sailing /ate /or ooom oflUi lapUr MH» .Si|Ht per i 
Bpwte per Cent. Onfrtnonth trade tills *WJ par cWC-> Nm-mnatb.«l, pef o 
.... Finance- HnM •** Itatee iputilshed hy the PToanee Rnhaes Association} 
□vests Katas tfor email sums at seven days* notice) !t par Cttjt, .CUarfcg. Bank 
Avans* tamer raise of dJ tenant uaas per otot 


OLD MARKET 


CURRENCY RATES 


1 fixed, uma-tera local authority mortgage rale 
ll-lll per cent. ® Bank bill rata In table are 
emu four-month trad* Mila Tt'pcr cent, 
two-month per ctnL: and three-month 

csbl: tvo-toomh 8k par cent.: and three-month 
son.: and also throe- month H-7 per cent 
7 per venL from April l. 1STO. Ctaarteg Bask 
t Batta (or leading 61 oar cent- . TWassnr Blits: 


FOREIGN EXCHANGES 


|| 

i! 

-i 

-3>, 


lasaaai 


FIXED INTEREST STOCKS 




fTi 

|FJ» 

- L 


(tab I Low 








ONE OF the specific tasks of the 
Pearson Koval Commission was 
to consider “to what extent, in 
what circumstances end by what 
means compensation should be 

payable for injury or death 
•» through toe manufacture, 
supply or use of goods and 
services.*’ . . ' , 

In 20 closely, hut clearly 
argued pages— Chapter 22 of 
Volume I of - the report — the 
commission gives its views and 
makes 21 positive recommenda- 
tions* on what lawyers and 
insurers ■ have come . to 'call 
products liability* 

From evidence received, -the 
commission reckons (in para- 
graph 1201) that between 30,000 
and 40,000 injuries may be 
caused by -defective products 
each year (drug injuries are not. 
included in this estimate), and 
that no more than 5 per cent of 
.the victims get liability compen- 
sation while the average payment 
is less than £50 a claim. 

But in apparent contradiction, 
in paragraph 1278, the commis- 
sion reckons the number of tort 
compensation claims is about 
1,700 a year, valued at £l-6m. — 
which averages nearly £1,000 a 
claim. 

Remedy 

Under present law there are 
two main lines of claim. The 
injured purchaser can claim 
against tfee supplier (usually the 
retailer) in contract under the 
provisions of the Sale of Goods 
Act 1893 apd tiie Sale of Goods 
(Implied Terms) Act 1973, for 
example, on the ground that the 
goods are not of merchantable 
quality. 

The injured purchaser also has 
a „ remedy In ' tort against the 


manufacturers, as does the non- 
purchasing victim, huit only on 
proof of negligence— while the 
manufacturer can always argue 
that he has not been negligent, 
for example, regarding the state 
of knowledge at the time he put 
tiie product into circulation. 

Id deciding how to give the 
products injury victim greater 
certainty of compensation the 
commission examined four 
options-r-to introduce “ no fault " 
compensation, to establish new 
statutory ' contractual rights, to 
reverse - tbe negligence burden 
of proof, and to introduce what 
lawyers call “strict liability.” 

' In the context of products 
liability tbe victim would have to 
prove manufacture defect, and 
injury resulting from defect, but 
•not have to show the manufac- 
turer to have been negligent- 

No limit 

In settling for this, the least 
radical and most practical solu- 
tion, the . commission has given 
several reasons in support- . Per- 
haps the most cogent is that the 
present draft' EEC directive on 
products liability * favours this 
course, and iu fact bids to extend 
to all consumers - protection 
similar to the contractual benefits 
at present enjoyed in Britain 
only by the purchaser against the 
retailer. 

The commission does not 
recommend the. introduction of 
compulsory liability - insurance, 
holding that there' are “ formid- 
able difficulties” iu tbe way of 
ensuring - enforcement 

Nor does it recommend any 
statutorily imposed financial 
limit of liability for products 
coyer— though it accepts from 
the insefradee evidence received. 


that insurers normally impose 
financial limits both by the year 
and by tfee event 

Incidentally, tbe EEC draft / 
directive contemplates a financial 
limit-backed by the weight of 
tbe commission's opinion British 
negotiators may perhaps take a 
harder line on this point in 
future discussions. 

Difficulties 

Dealing with imported goods, 
the commission recognises tbe 
practical difficulties that may face 
the victim in finding the over- 
seas producer — and recommends 
the importer be liable on tbe 
same basis as tbe producer. 

These are only the mainstream 
arguments and recommendations: 
the commission discusses a num- 
ber of more detailed points — 
for example tbe rules applicable 
to human blood and organs, the 
incorporation of movables (e.g. 
concrete) into immovables (e.g. 
bouses), and marketing of brand 
name goods. 

Proposed defences to the new 
strict liability are detailed — in- 
cluding a ten-year limitation ; 
period, from the date of cir- 
culation of the product (tbe 
period adopted by the draft EEC 
directive). 

But the producer should not 
be allowed the defence of 
“development risk” — the 
defence available, at present, that 
he has not been negligent having 
regard to his existing state of 
knowledge. 

Because products liability pro- 
vides a nice compact area for 
law reform it is quite possible 
that tbe commission’s propospals 
could be among tbe first to be 
implemented once tbe Govern- 
ment determines its priorities. 


i0.f> 

1,70 

i-SQ 

a 

M0 

W 


NetbcijwH 4 JHM.16 
^■HWJS-104 




S 1 1 




Evi l iMijtVjm 



This advertisement is issued iur compliance with the requirements of the ' 
Council of- The Stock Exchange, It does not constitute an invitation to 
any person to subscribe for or purchase any Preference shares. 

; r 

JOHN MENZIES (HOLDINGS) LIMITED 

■^■CRegistered in Scotland No. 34970) . 

Capitalisatio&.l6sue of'l, 735,938 9 per cent. 

; , Cumulative RreferenceShares of £1 each. 

The Council ofThe Stock Exchange has admitted the above 
Preference Shares to the Official li^. Dividends will be payable 
in equal half-yearly instalments - on 1st April and 1st October 
each year. The first payment, amountmg to 4.5 p per share (net 
of related tax credit), mllbe made on 1st October, 1978. ' 

Particulars, relating. to the Cumulative Preference Shares 
'are available in the Statistical Service of Extel Statistical 
Semces ldmited and copies of such particulars may be obtained 
during normal business hours bn any weekday (Saturdays and 
..public holidays excepted) up to and including 17th April, 1978, 
from:— 

HILL SAMUEL & CO; LIMITED, 

100 Wood Street, London, EC2P 2AJ. 


. . . JOSEPH SEBAG & CO., 

BucMetsbuxy House* 

“ 3 Queen Victoria Street, London, EC4N 8DX. 
















































I 


I 


i 


i 

i 

I 


I 

I 

I 

S 

I 




\ 




w 



y Survey o 



©Statistical Material Copyright Taylor NeJson Gf^p; W.‘ 


GENERAL OUTLOOK 

Optimism on the wane 


GENERAL BUSINESS SITUATION 


INDUSTRY IS now noticeably 
loss optimistic about its busi- 
ness prospects and about the 
outlook for tbe economy gener- 
ally than it was last autumn. 
Companies referred to the dis- 
appearance of the earlier ** un- 
justified euphoria." More speci- 
fically, the building and con 
siruction, and the food ano 
tobacco sectors were both less 
optimistic about their com- 
panies' prospects than four 
months ago. 

There is still considerable con- 



fidence about export markets. 
Both the food and tobacco, and 
the textile and clothing sectors 
are more inclined to be opti- 
mistic about prospects than four 
months ago and tins indicator 
has recovered- after its recent 
setback. - . 

But tbe evidence still sug- 
gests only a gradual recovery in 
activity generally at present. 
The proportion of companies 
reporting a rising trend in 
deliveries in the last four 
months .ias declined for the 
second m nth running. 


ORDERS AND OUTPUT 

Stronger construction trend 



4 monthly mwring total 

Maw* 1978 - 

Are you more or less optimistic about 
yo«r company's prospects than you were 
four months ago ? 

Dec- 

Mar. 

‘ % 

Nov*. 

Feb. . 
% 

Oct- 

Sept.- Cnstrctn. Food ft TextHerft 

More optimistic 

- 38 -: 

41 

47 

‘ 39 

— . 25 - 39 , 

Neutral 

38 

3> 

36 

43 

« 35 . , ' 51 

Less optimistic .* 

22 

18 

•T5 " 

16 

37 -do--. ’ W ■ 

No answer 

2- 

2 

2 

. . -.-J . 

;V - , . “ ‘ 

EXPORT PROSPECTS (Weighted by exports) 

• • 4 monthly moving total 

"■ i. ■ . 

March 7978 

Over the next limonths exports will be: 

Dec- 

Mar. 

% 

Nov.- 
Feb. . 
% 

Octr 

Jan. 

% 

Sept.- Cnstrctn. Food ft T«M8ts8 
Dec ft Bldg. Tobacco dothfaw-- 
% % %. .-.oatT* 

- Higher 

77 

75 

79 . 

83- 

60 ' 81 

Same 

9 

8 

10 

10 

- - 3 . '.30. '. 

Lower 

11 

14 

11 

7 

40 — ' . .- w ■ ' 

Don't know 

... 3 

.3 - 



• — - 16 . — • . 

■ . 

NEW ORDERS 





' ' - . m v ' 


The trend of new orders in . the . last 
4 months is: 


• 4 -monthly moving total' 


March 1978 .^1 


Dec- . Nov.- Oct- - Sept^ Cnstrctn. Food & TextH«s ft 

Mar. Feb. Jan.. Dec. &B3dg. Tobacco' Gfa'ihism 


Up 


53' 


48' 


48 


41 


74 


43 


1 8»- 


THE TREND of new orders has 
improved, mainly due . to 
increases reported by the build- 
ing and construction industry. 
However,, the expectations for 
total sales for the next year are 
slightly lower than before. The 
median expected increase in 
turnover during the latest 
period was 4.8 per cent, com- 
pared with 5.1 per cent, in the 
last survey. 

Demand for cement both at 
home and abroad was still said 
to be low by those companies 
interviewed last month. How- 
ever, with the rising public 
interest in housing and the 



Brian 

■ r- I, L. I L 

1973 74 ’75 75 '77 78 


tendency - for greater renova- 
tion work, better orders were 
reported for builders’ merchant 
stocks. 

Merchants were also said to 
be prepared to cany higher 
stocks because of the fall in the 
level of interest Plant hire, 
orders were also increasing. 

Tbe falling trend of new 
orders in textiles and clothing 
over the last four months was 
thought to be partially caused 
by fluctuations in the exchange 
rate, which encouraged custo- 
mers to hold off in the hope of 
getting the benefit of lower raw 
material prices. 


Same 


29 


28 


20 


19 


26 


38 


■ .1 


■4-r 


Down 


10 


12 


11 


.16 ■ ■ — 


.,74 


No answer 


12 


21 


24 


17 i 


-7 


PRODUCTION/SALES TURNOVER 


4 monthly moving total 


March 1978 


Those expecting production-sales turn- 
over in the next 12 months to.: 


Dec- 

Mar. 


Rise over 20% 


No*> 

Feb. 

'% 

4 


Octr 

Jan. 

% 

5 


Sept.- -Cnstrctn. Food .ft Textiles ft 
Dec. ft Bldg. Tobacco Clothing 

% % % X 

4 — 8 — 


Rise 15-19% 


S — • — 


Rise 10-74% 


71 


18 


78 — — . 


Rise 5-9% . 


25 


27 


16 


22 


28' 


39 


About the same 


48 


45 


46 


44 


-48 


74 


•42 


Fall 5-9% 


24 — - • — 


No comment 


— 17 ; S-l-1 


CAPACITY AND STOCKS 

Demand still main constraint 


STOCKS 


Raw materials.and components over the 
next 12 months will : 


Dec- 

Mar. 


4 mo nthly moving total 
Nov-- 
Feb. 


March 1978 ” 


Increase 


45 


44 


Octr 

Jan.. 

% 

43 


Septr Cnstrctn. Food ft Textiles & 
Dec. ft Bldg. Tobacco Clothing 

% % % % . 

30 48 43. .30 


THE LEVEL of economic 
activity is continuing to be con- - 
strained mainly by demand 
rather than by supply 
influences. Indeed tbe number 
of companies mentioning both 
home and domestic orders as 
an influence has been rising in 
recent months. This is also 
reflected in the indicator Cor 
capacity working, with just 
under a third of the respondents 
working at below target levels. 

The sharp increase earlier in 
the year in the number of com- 
panies mentioning shortages of 
skilled factory and executive 
staff has been partially reversed. 


402 


202 


m: 


«£ 

«C 

80.1 


Factors Affecting 
- a Production - 

/ \| * 

“7 \^”lB 

J 1 d 

III 

ripsaw 
m its Jump** 
■gates 

i i 

i i 

1973 *74 -75 ’78 77 ’78 1 


but the proportions remain sig- 
nificant' There are still no 
companies referring to finance 
as an influence. 

The indicators for the* level 
of work In progress during tbe 
next 12 months have risen, 
which is consistent with an up- 
turn in actively. But the indicts 
for expected stocks of bpught-in 
supplies of materials and of 
stocks of. manufactured goods 
have fallen slightly. •• However, 
the net balance - of companies 
saying their stock levels are too 
high rather thamtoo low, which 
has been falling, how shows 
quite a steep rise. 


Stay about the same 


40 


47 


48 


56 


38 


19 


66 . 


Decrease 


13 


M 


34 


No comments 
Manufactured goods over the next 12 
months will : 

Increase 


.5 


7 — 


32 


35 


31 


23 


12 . 


26- 


49 


Stay about the same 


41 


42 


43 


48 


83 


36 


15 


Decrease 


10 


-■ 3 


34:- .32 


No comments 


T7 


20 


24 


25 


— 4 


FACTORS CURRENTLY AFFECTING PRODUCTION 

.4 monthly moving total 


March 1978- 


Home orders 


Dec.- Nov.- Oct.- Sepfe- Cnstrctn.: Food ft Textiles ft 
Mar. Feb. Jan. Dec ftWdg. Tobacco - Clothing 

% % % % % % - % 

81 


86 


85 * 82 


98 


91 r 85 


Export orders 


61 


CAPACITY WORKING 


Executive staff 


30 


60 

34 


56 


60 


- 84 


36 


Mr. -J. F. E. Smith, has been 
elected chairman of the LONDON 
discount market; ASSOCIA- 
TION. In strcce**lon : to:Mr: t. W. K. 
Smith. Mr. fLJ-: jPtetherbrfdge 
has -been made depiuy-chaLrmacu 
Mr. Smith Is chairman of Smith 
St Anbyn and Company,. Mtr. 
P&therb ridge is' senior managing 
director o fthe Union Ttiscouot 
Company, of London.-' •' - ‘ . :' 

-Mr. Brian Harrison, National 
Coal Board finance member, has 
beelY appointed chainaan of NCB 
, .(COAL -PRODUCTS); A member 
H>f the- Coal Products Board-stove 
May 1076,. he succeeds Mr. I^sUe 
Grainger,' who- has been -chairman 
sanee July ' 1076,' - and '■ continued 
in this capacity, after retiring as 
NCB science member at the end 
of May. 13 77. ■ 

1 *. - - - •- fc- . " -- . . ' 

Mr. .Alan Swindon, has been 
appointed a director of -the 
INSTITUTE OF-'. MANPOWER 
STUDIES. . He will have -special 
responsibility' for- tife Institute's 
external relations, . and.- watt- take 
up bts .duties in May. Mr Swindon 
has spent seven years - with -the 
CBT, and remains with the Con- 
federation asa consultant. He was 
previously its chief adviser ori. 
social affairs. Earner, he was 
director of the Engineering 
Industry . Training 1 Board, and 
before.- that of the Engineering 
Employer's Federation. ■ ., I - /.: 
rlT ’ •• 

Hr. Douglas M. Bell Aas retired 
as chairman and chief executive 
nf .TL03UDG GROUP. Sir. John K. 
Pitts, formerly .deputy chairman 
.of.-XCT Agricultural Division,; has 
been elected as his successor. Mr. 
Raymond B . ' Richards > tas alsd 
retired from-, the Board 
coincide ntly with his' retirement 
from ICI Plastics Division. Mr. 
John Lister, general manager— 
planning,- at ICTs head office, has 
been elected a do rector- . 

Mr. Ralph Hauler, now . Group 
director of overseas operations, 
THOMAS COOK, has been made 
Group managing, director, bank- 
ing, responsible for the Group's 
traveller’s cheque and bank note 
dealing operations.- Hr.- Alan 
Kennedy, now managing director 
of Thomas Cook Ltd., becomes 
Group managing director, travel, 
excluding . North America- Mr. 

David Loretto, currently presi- 
dent of Thomas Cook Ioc. res- 
pot&ble for the Group’s banking 
add travel activities tn North 
America <US. apd Canada), has 
been appointed to the Board of 
Thomas Cook Group Ltd/ Other 
changes in Group management 
Include the appointment of Hr. 
Trevor- Davies, tnrreody director. 


.4>P 


tours .operations, Thomas 
■ Ltu H to director 

Cook Middle EaeWnSi ai 
'Hr. Bernard Norman, » m 
tetafl-dlreotbr^Thomas i 

to assistant magnwin, . 

Thomas Cook -Ltd." "W 
Cook, TOW director, pro. 
ana. devetupmeju in the U 
take on additional 
world-wide.; 

G0c e s wffimGEJM 

-GEG .High Voltage S» 

; with Mr. JL Cnawnaekas nua*' 
mg director: The di^buttofiS :: 
sion becomes GEC nbt-SL®? ' 
Switchgear, with Mr. d. 

VIcker as Tnan^rig tjL 
F. Sr Gibbs, previously 
director of GEC Swi 
chairman of the. above 
panies. 

* 

Dr. EbJUp D. Vrwi 
appointed president and" 
executive officer of GiCN 
MOTTVE COMPONENTS 
operating from-. Troy, a. 

Dr. Vrzal Joins- GKN from 
Corporation's automotive 
where he -was executive 
of business development 

'■ LOCKER "WIRE WEA 
transferred Its wire and . 

ducts division Into Locked . 
■Products with Mr. G.'Roa asnH 
aetng. director. Locker w V 
weavers, will' continue in proil 
wfre mesh and nress worta * 
ducts with Mr. RJ M. DniSfi'W 
managing director. Both 3-.-- 
P antes ani vitoofly-owned ' 

diaries of Thomns Locker fffl ' 
mgs). -- - t 

- - •< 

Mr. .Peter Reufeni haa ho - 
appointed to' the newly-cn3 ■ '-1. ■ 
position of group marketing ' 

tor of QUINTON HAZELL a^ : .. 
such will be" a" member qjpl 
QHL Executive- Committee, •" -• 

was previously marketing « ■ 

tor 'of Quinton Hozell Autotn^..- • 

. Mr. C. K. Qarke has ig 

appointed executive director!^'-.'., - 
INTERNATIONAL COMMEftS J .. 
BANK, following the retirejEarf 
Mr-- G- P. Stubbs. , v. V 

• 

.WATSHAMS. Mr. Alan D. Or;." - 
has been appointed, manad ' " 
director. : of Its whally-ownedJf-- . 

sridiary,' J. JHL DaRnicyer, om'":’- • 
’retirement of Mr. K. D. Gut- - 
who . remains a dirtctor^gUr 1 
company. 

. •• ! .. 

CHDPHAAN . . announce * 
appointment of Mr,-.P. G- S&m - *■ 
to their Board- He will - 

the interests of Atlas Prods . • 
and Services, pari of the Emil,: 
Industrial Products Group; 


Iff* 1 ” 


MO 1 


78 


30 


20 


— 13 


' 31 


4 monthly moving total 


March 1978 


Skilled factory staff 


42 


' 46 


39 


38 


47 


89 


Manual Labour 


13 


11 


24 


- — 31 


Dec- Nov.- Oct.- ' Sipt- Cnstrctn. Food ft Textiles ft 


8 • — . — 


•i . 

Mar. 

% 

Feb. 

% 

Jan. 

% 

Dec 

% 

&Bldg- 

% 

Tobacco 

% 

Qothing — ' — 
% 

Raw materials 

5 

9 

9 

10 

— . 

- — 

3 

Above target capacity 

IQ 

9 

12 

13 

26 

9 

9 

Production capacity (plant) 

. 15 

11 

11 

11 

12 

. 25 

~ 

Planned output 

57 

60 

55 

52 

50 

34* 

25. 

Others 

7 

_! 12 

. 7 

12 

- — 

— 

7 

Below target capacity 

32 

31 

32 

34 

24 

53 

66 

Labour disputes 

37 

38 

36 

32 

36 

21 

31 

No answer 

1 

— 

1 

1 

— 

4 

'r-i 

No answer/no factor 

.5 • 

. 4 

5 

2 

2 

— . 

— 


INVESTMENT AND LABOUR 


LABOUR REQUIREMENTS (Weighted by employment) 

4 monthly moving total 


March 1978 


Bullish prospects fade 


Those expecting their labour force over 
the next 12 months to : 


Dcc.- 

Mar. 

% 


Nov.- 

Fob. 


Oct- 

Jan. 


Sept.- Cnstrctn. Food & Textiles ft 
Dec. & Bldg. Tobacco Clothing 


Increase 


30 


27 


25 


24 


32 


31 


THE OVERALL index for 
labour requirements showed 
little change. However, this dis- 
guised a greater tendency to 
expect employment levels to fall 
over the next 12 months in the 
food and tobacco and building 
and construction sectors, offset 
by a more optimistic outlook 
from clothing and textile 
companies. 

Both the food aud tobacco and 
textile and clothing sectors were 
less bullish over capital expen- 
diture in the next 12 months than 
they were when last interviewed 
in November. This caused the 


5C 


Labour 

Requirements 



j„- L_ — U L L L. 

1973 74 '75 76 '77 ’78 


capital expenditure index to drop. 

There was evidence .that-recent 
legislation .was among the 
factors stopping companies laying 
off labour. A total 'of 38 per 
cent, .of a balanced sample of 
companies interviewed 'said (heir 
employment levels were affected 
not by demand but by ; such 
factom as the employment pro- 
tection act. the potential cost of 
redundancy 'payments. ' high 
labour costs and difficulties in 
recruitment • ^ 

. . Only 15 per cent ; mentioned 
product demand and not labour 
supply structure, while 36 per 
cent mentioned both factors. 


Stay about the same 


56 


. 62 


64 


56 


57 


22 


60 


Decrease 


14 


11 


II 


20 


11 


46 


No comment 




CAPITAL INVESTMENT (Weighted by. capital expsaditare) 

" 4 monthly moving total 


March 1778 


Those expecting capital expenditure over 
the next- 12 months to : 


Dec- 

Mar. 


NOV.- Octr 
Feb. “ Jan. 
% % 


Sept.- Cnstrctn. Food ft Textiles & 
Dec & Bldg. Tobacco ''Clothing 
% % % % 


Increase in volume 


53 


51 


56 


54 


84 


46 


73 


Increase in value 
but not in volume 


12 


71 


11 . — 


15 — 


Stay about the same 


18- 


17 


16 


15 — 


TS — 


Decrease 


23 


18 


14 


14 


16 


24 


27 


No comment 


— 2 


6 \ — — — 


COSTS AND PROFIT MARGINS 


COSTS 


Keeping to the guidelines 


4 'monthly moving total 


March 1978 


2C 


Total Unit Costs 



lednimxapcM 


1973 *74 *75 i 76 77 Tfr 


MOST COMPANIES continued tD 
expect wage increases to con- 
form to Government guidelines 
and interpret these as rises ai or 
not far above ten per cent.. 

The median expected Increase 
In unit costs showed a slight fall 
from llfi to 11JL per cent 
There was some widening in the 
range of expectations in the food 
and tobacco sector, with varied 
expectations on raw material in*' 
creases raising both the number 
of companies which expected 
unit costs to rise by 5-9 per rent 
and those whose expectations 
were more than 15 per cent 


Tbe outlook on profits was 
virtually unchanged. The build- 
ing and construction and textile 
and clothing sectors were less 
optimistic about the prospects 
for margins over the next 12 
months than they -had been 
last November. However, this 
was offset by an increase in 
optimism on the part of food 
and tobacco companies: 

Tbe main difficulties experi- 
enced were price control and 
competition. One building 
materials company complained 
of tbe difficulty of recovering 
cost increases when- : market 
sizes were showing such low 
growth levels. In food and 
tobacco greater production 
efficiency and higher volumes 
were expected to allow manu- 
facturing margins to' increase 
even if retail margins did not. 

These surveys, which - are 
carried out for the- Financial 
Times .by the Taylor Nelson 
Group, as. based upon extensive 
interviews with top executives. 

Three sectors and some 30 
companies are covered in turn 
every month. They are drawn 
from a sample based upon the 



Wages rise by : 


Dec.- 

Mar. 


5-9% 


10 


Nov.- Oct.- Sept.- Cnstrctn. Food & Textiles ft 
Feb. jan. Dec. ft B.'dg. Tobacco Clothing 

% % % % % % 

34 — 


8 


12 


10-14% 


64 


74 74 


70 


59 


15-19% 


40 


17 


10 


87 


II 


14 


.17 


20-24% 




9 ' — 


Unit cost rise by : ' 


No answer 


13 


11 


' 24 1 — 


0-4% 


3 — — 


5-9% 


36 


24 


22 


10-14% 


48 


60 


15-19% 


_60 

5" 


12 

>T 

8~ 


62 


35 


72 


33 


46 


JO-24% 

Same 


• 7 




17 — 


2 — — 


Decrease 




No answer 


5 - 


10 


5 — 


FT-ActuarieS’ Index - which 
accounts for about 60 per cent 
of the turnover of rail public 
companies. The weighting is by 
market capitalisation, save 
where ah alternative method of 
weighting is cited. 

The all industry figures are 
four - monthly • moving totals, 
covering some 120 companies in 
XI industrial sectors (mechan- 
ical engineering is surveyed 
every second month). Complete 
tables can he purchased from 
Taylor Nelson and Associates. 


PROFIT MARGINS 


4 monthly moving total 


March 1978 


Those.. expecting profit margins over the 
next 12 months. to: 


Dec.- 

Mar. 

% 


Nov- OcL 
Feb. |an. 

% %- 


SepO Cnstrctn. Food ft Textiles ft 
Dec ft Bldg. Tobacco Clothing 

% % % % 


Improve 


26- 


24 


22 


27 


22 


26 


43 


Remain the same 


41 


43 


55 


46 


29 


40 


39 


Contract 


29 


29 


21 


22 


49 


34 


II 


No comment 


5 — — 


PI: ANT & MACHINERY 


1 ~ - * vft • V . 


Description 


1972 DECOIU FLATTEN and CUT-TO -LENGTH 
. line complete with automatic sheet sacking 
i.' unit and coil reservoir. Max. capacity 1525 mm. 

wiae x 325 mm garage xr tS tonne steel coll. 

8 BLOCK (400 mm> IN UNE^ NONSUP WIRE . 

DRAWING MACHINE in exwHent condition 
. Q/200ft./mln variable speed ID Hp per block 
(1968). ■ 

24" DIAMETER HORIZONTAL BULL BLOCK " 
By Farmer Norton ( 1972)/ ' T-. ' ' ' ' 

ROTARY SWAGING MACHINE 
by Farmer Norton. (1972).- 
SLITTING LINE 500 mm x 3 mm x 3 ton capacity. 
TWO VARIABLE: SPEED FOUR HIGH ROLLING . 
MILLS Ex. ft50" wide razor blade srtip 
production. • 

MODERN U5ED.ROLUNG MILLS, wire rod 
" and tube drawing plant — roll forming machines-— 
slitting — flattening and -cur-cb-lengih lines — . 
..cold saws — presses— guillotines, etc. 

.1974 FULLY AUTOMATED COLD SAW ' 

. by Noble ft Lund with batch control. 

7970 CUT-TO-LENGTH LINE max. capacity ! . 

1000 mm 2 mm x 7 tonne coil fully 
•' overhauled and in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIREDRAWING 
machine by Farmer' Norton -27" — 29"— 31" ; \ 
diameter drawblodcs. 

STRIP FLATTEN AND CUT-TOiENGTH LINE . . 
by A. R. M. Max capacity 750 mm x 3 mm. . 


Tdtpboj/ / 


; 

iz 


6 BLOCK WIRE DRAWING MACHINE equipped 1 
with 22"dia. x 25 hp.'Drawblocks/ . 

2 T5 DIE MS4 WIRE DRAWING MACHINES^ : 

- 5.000Ft./Min. with spoolers by Harshalf Richards. 

3 CWT MASSEY FORGING HAMMER 
— pneumatic single blow. - - '■ 

9 ROLL FLATTENING MACHINE - 
1700 mm wide. 

7 ROLL FLATTENING MACHINE- 

■ 965 mm wide. ' 

COLES MOBILE YARD-CRANE 
6-ton capacity-lattice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLLING LINE 10" x 8*1 rolls x 75 HP 
per roll. stand. Complete with edging rolls, 
turks head flaking and 1 fixed reeotter. air 1 1 

- gauging, etc. Variable line speed 0/750ft./m.in. 

arid 0/1500 Ft. Amin. . -'• •• 

NARROW STRIP STRAIGHTENING AND . 
CUT-TO-LENGTH MACHINE. (1973) by, 

- Thompson and Miinroe. •' ' ' - 


O902 425fl/Wt : ' : 
Telex 33«lj ;» 

•• 'i.T'- 


0902 42541/2/1 
Te/ex 
0902 42541 
Telex 3364 
0902 42541/2/? 
Teiex' 336411 



0902 42541/2/3 
Telex 3364H 


0902 42541/2/3 
84l« 


Telex 336414 
0902 42541/2/3 
- Telex 33641 


0902 42541/2/ 
1641 


L ; Telex 3364« 


0902 42541/2/3 
Telex 33641J 
0902 42541/2/1 
" Telex 3364 M 


0902 4254 1/2/1 
.Telex 33MU 
0902 42541^/3. 

09ai e, S54iw|fHl£{ps; 

Telex 33641 LJ I .1 
0902 42541/2/ 

Telex 3364H 


I. 


-0902 42541/2/3 
0902 42541/2/3 
Telex 336W 


0902 42541/2(3 
. Telex 3364M 


s aadi i 


10902 41541 W 


TetexIMJii 


-SCHULER 200 TON HIGHSPEED BLANKING ' 
PRESS. Bed. 48" x 40" 200 spn. Double roll - 
feed stroke -35 mm excellent conditio 1 * ■ 
TAYLOR ft CH ALLEN No. 6 DOUBLE ACTION 
DEEP-DRAWING PRESS. Condition as new. - - 
VICKERS 200 TON POWER PRESS. Bed 40" x 
36". Stroke 8". NEW COND. 4 

AUTOMATED TURRET DRILL— HERBERT - 
. 6 station. 2 M.T.. Plugboard control. Co-ordinate 
table. New 1974. 'Almost new. 

MACHINING CENTRE Capacity. 5ft x 4h. x 
3ft. 5 Axes, continuous path 51 automatic tool 
changes. 5 tons main table load'. / Main motor 
17 hp. Hhd iest than one year’s vto and Jn 
almost new condition. For salerjafob* third ~ 

.‘ of new price. .--V, - L 

WICKMAN 3+ SINGLE KINDLE AOTOMATiC - ^ 
Extensive equipment. EXCELLENT. COND ITIOF 
WICKMAN 2J" 6SP AUTOMATICS IW and I9 “. 
. EXCELLENT CONDITION.- : 
CitlCINNATI CENTRELESS GRJNpERS. ' 

'Sizes 2 and 3. EXCELLENT. . ; • 

AfiOO TON HYDRAULIC PRESS... . Upstroke 
. Between column* 92" x 52" daylight St . 
stroke 3&*. . .. _ . . 

HEENAN FROUDE DYNAMOMETER- .... 

' model I^FA. 13. Test. capabilita'/.M^pO bp .; -• 

at 450 rpm- £40JQGQ ex woric*.’ -•••' • 

COLD HEADERS BY. NATIONAL - : ■ 

V and |" DSSD EXCELLENT 
LUM5DEM VERT. SPINDLE GRINDER. 

Mag chuck 60" x t.8" Model 71 LE: 

LUMSDEN VERT. SPINDLE GRINDER. 9IMLT. 

- Retractable Table 36" dia. EXCELLSVT. _ 
ANKERWERK 400 TON INJECTION MOULDER. 

- 'Reconditioned.' ’---’I' 




Telex 261-- : 
, DL-91B31« 
.'Telex26jW3 
01-928 i 
Telex 261- 


01-928 3I3S 
Teiex 26'^ 


. 01-928" SS 

Telex 261^| 

f#i<* 26^5 

01-928/^g 

Telex 

. 01-928 ® 

; . .Telex 2612^ a 

.01-928^ -ftS. 

. . Telex 26|W% 
Teli.Burtr-^ -- 
Trent? 


LeavhceYtt 
• 01-928 5^6, 

3S.*3 

Telex 26»g 
' 01-928 m 




MODERN. USED ROLLING MILLS; wire rod . . 

. and tube drawing plant-— roll forming macftlw*^. 09Q2'4?®^^ 
slitting — flattening and ciit-to^engtii llbW—.. ; , Vflex 714 
. cold saws— presses— gull lertinesj,. etc- * v /' ' 




' “ '-J •' 


c 




/ 










&y ApiO . 8 1978 




' ^s*" ,n 0' 


man’s Diarv 


T^ADE FAIRS AND EXHIBITIONS 



**» Caitrc; Bham. 

• ? ' '"- " <-« ‘ - SS^SSw^MftHtoi M.trOD.1,^^ 


*=■..* T-7 \ -~-«->i- i^pateimaritet 

^ 10— 3 i;”"’"’ SfiSSSftfl^Sir* HaragemenrErftibition 
k.-. S^^Onal Gar Turbine. Exhibition A Conf. 

uZrJr^H. © Madriiie 5 rS^r^ - ^ 

^ £ 18^1-' “''’ r if^J 5 I 5S^ £ * P^lic Sddbittoi . 

-* *££■ i£Hm- i ^y UlR g & Dfetittwtioa Exhibition ■ 

•*■“ • S' mZSL: *-* *" ^Exhibition 

£ Itei 1 sssfssssasfi*- 


*-W 


Metropole Centre, Brighton 
Bloomsbury Centre HU, WC1 
West Centre Hotel. S.W.6 
Wembley Conf. Centre ' 

Nat. Exbn. Centre, B'ham. 
Earls Court . 

Glasgow 

Olympia 

Wembley Coat Centre . 

Nat. Exbn. Centre, B'ham. 
Olympia V '" 

Nat. Exbn. Centre, B'ham. 

Olympia 

Olympia 


' OVERSEAS TRADE FAIRS AND EXHIBITIONS 

■■ '•': ";r gJSfeS&SSf Tedmcao w *““■ . £** 

, ' V£‘ ilzJf ••.... Bmlding, Heating, Plumbing & Air Goni Exbn. ” - ’ 1 

Dr ..... y SHg Tradt Faif - 

. 1 - -■» : | o I, #r. 15—24 — . Swiss Industries Fair * 

17— p International SpringFSir 

r jig; - ■ International Sbipelre 7S , .. 

V>V ".. 29^-Mav 3s” : and Go^erenee 

' • - Wfin'S-ar*. - Imemational Paris Trade Fair ■ 

vr • •- '■■■£» feS-' Book festival , 

■■■«■■:? , if' ?r*L '• — Compec-Europe . . 

'■■ 1 r« . ; ' • •., rH’ it" 1 ™ —-■••• Woodworking Machine yvfrjfrftfor 

r p ^. :Jay *5-20 Wel^Fair Z^ ^^ . .. 


Helsinki 

Milan 

Basle 

Zagreb , . 

Hamburg 

Bahrain 

Paris 

Paris 

Brussels 

Milan 

Zagreb 


BUSINESS AND MANAGEMENT CONFERENCES 


■*■“'•*- .Advanced Management Research (AMR): Business 


•li.lpr. 8—7 


V n" 


Strategies in the Middle East . 

Brunei University: identifying Training Needs for 


Grosvenor House, W*.l 


<L t >pr- 6—7 


Managers and Profession's ■ Uxbridge 

r institution . of Chemical Engineers: . Production 
•i Vrt .‘ t _ ■ e ■■. ■ • Congress 78 ■ • . Birmingham 

T '•w.:-:^I* r - 6- ’ 7 -- * Industrial & Commercial Techniques: Developing 

'* • - Export Sales Pen ta Hotel, B.W.7 . . 

* L P. r ‘ Financial Times: Business and.. the European 

• . . Community Directives Grosvenor House, W.l • 

....... Bnntex: Energy . Utilisation . and Conservation in 

■ -Industry - . - . Royal Lancaster Hotel, 

P-E Consulting Group: Application of Production 

& Inventory Contirbl Eghara, Surrey 

...... Kepner^ Tregoe: ; Decision Mahiug for Senior 

• Management. .■ • Bournemouth 

...... Anthony .Skinner: New Inspection Techniques and 

.. .Methods • Cafd Roy3U W.1 

..... Seminar Services: .International Tax Planning Zurich 

..... Export Group for the Constructional Industries: 

. . . Management Contracting Overseas Cavendish Conf. Centre, W.l 

- n^P r - 13 British Institute of Management (N.E, Region): 

' • Interpreting Accounts to tbe Ncm-Tinancial 

* Manager Harrogate • 

'1r ik-pr. 16—20 ...... Retail Consortium: International .Conference of ^ 

-w \\ '■ Retailers Grosvenor Hoqse Hotel, WJ, 

'■» '•i'V-P t. 17—21 London Chamber of Commerce and Industry: _ „ „■ 

- u . f' ‘'•Understanding the Arab World ' 69, Camion St, E.C.4 

K j.i>r. 18—19 British Association .for Commercial and Industrial 
^ •' . Education: Management Development ' l^’cester 

or. T9 ........ Henie’y Centre'Tor Forecasting.* The Budget ■ ' " Carlton Tower Hotel, S-W.1 

v .pr. 19 ’ ............ London Chamber of Commerce And Industry: ^ ^ 

. Agri-Business in theMiddle East & North Africa 69. Cannon St, E.C.4 

^-P-tpr- 20 - ... ‘ McGraw-Hill: Managerial .Worfe-Up. Demands and _ , _ 

Choices . . ; . Royal Garden Hotel, W.8 

' 20— 21 Legal Studies & Services: Oaims Ag&iWt Carriers 

• - — Procedures and Remedies- V: Hilton Hotel, W.l 

‘ ■ ■ , ' - : : .pr. 21 r :. i.;.,. Leeds University: The . New United Kingdom T . 

. Patent Law. . .... ^ 

■jm*. 23— 28 . Inbucon: Improving Industrial Relations Selsdon, Surrey 

V^lT- ^Uiu jPr- 26 .to.to.;.to. British Overseas Trade Board: ' Exporting to 


, *-!p r i. 

V - : ; >: ,pr. JO— 12 

- V' .Ti 1 K l '■ ■ ' 

’ , .‘-''V'-’r'-C 

/ ,'*£vr.' 10^-14 

, K - 

•“y 'lx. ‘ 

V-V . - - : .'Xv. : - li - o>". 

*’ •‘'fahh. 


-r.. 


n t — > v— «- -• .to. to...... 

” ■ • ■ r’»z v:s«V T ■ ■ V-- ' •• ■ 

H. ’i'. i'isto. wmw'-' - •. T , 


-Australia 


Inn on the Park Hotel, W.l 



TC LENGTH 


Z :: 

tiSL’P W’RE 


JU RLOCa 


SH KGL’- No 


Centre 

^Conference - raiace aoiei, Torquay 

~tay 4- - British Institute of ManagementvManagement of T ir„,.i wo 

. .. " Product Design and Innovation v , Eoyal Lancaster Hotel, w,2 

Risk . Jfanagetaent in ^ R1 


— lay 7r-i3 


fay 9—10 Zinc M: Development- . Association:". Din - Casting 

_ Conference • - - . London. Hilton, W.l 

*3ay »—I2 feitish. Associatiph for Commercial and Industrial A • _ • 

:. f k .'■'•i. Edueation:Jot)A?dlysis • - ..... -BACIE Tram. Centre, London 

fay 10—12 JuL Aedyw<ea _¥w^ejpent .Rwearch (AMR): Manage- ~ 

X • CbuTchHl Hold, W.l 


.to. To-nar 

COMPANY MCBTINOS— 
Alii«d Tniiie. .MiBhauuo.i nr. 
neiu. 1 1 

Delyn. CMrphiiN. 12 
□ran On CornmncUl invcM 
Broad Slr«[. EX . 3.30 
Ferei^n ^nd Colonial Inyett 


2 ASK. 
i.raK 
Gr:c»irrcai 1 BJ5o 
Hanrcrt ot Sri*ts! 
Jarwii ij.i 4 4p 


3K Cfanrorty 5 k 3 Max on - 


Dp 


i :r 

Trj5» 


Old 


.Irntlaue 0 3Z235n 
jaa H-dQv- 0.£p 
1-2. LariAali r* and Lonfior. 


Laormc# 'Poiranpv mil ec. 12.su 

Neil Jrt<S Sooncai, DarV.no. 1J 
Stosmii Weun’i Cl>M9w, i; 

Trust Hoojcs Fade. Qra»«r.or Hoaw 
Pari. Lana. W 12 
6i.ARO MEETINGS 

Fhuh: A«h and Lari' CP«bM«d tnfillili 

Signs- Freeman* Jove In*. Tit, Otean MarfhWiel 2 4o 
Transdorl. SrotlM TV. &oira*.Sarco. Mneitt 0 2P 
Intwimy Highland DritillerHa Yarrow. 

tliyiJEND a INTEREST PAYMENTS — 

AC Cars O.tap 


ivrfK Tir. So 


LKus 'Harris. 3J7 p 
Inland Palm and Wallpieer 2 Jp 
MM Furnccre Ctntres l.oap 
Madanic T«,*agd’s 2 S2Sp 
Maiun iniNL tm. tin mmw*, Voiuio 
tarr. ' uuui(ta;len> SOp [2nd liquldaUon 
tBJTiHB.J 


Abercdm Invnls 3t 
Allied Colloids 0.577n 
AiiiM lear.ies 3.B597SS 
Arohj-Amefkan sets 2p 
Aj^ojrtinc Ofd. aad A 

Aonrlage Shanks 1.98 b 
BOC Inil 1.79So 
Berwleb tirioo o-Bp 
B irm.d Qualcest 3.107s 
BleSdtn and Noakes 9,1 75 p 
B luemei Bros- 2.1 7p 
BluPdoil.Pcrmaiilaze 2 03p 
Boaidman 0C.0.) I nil. ^iKPf. 
■ndoevaaier Estates B.So 
Brtdon 7ptPfd-Ord. 2.43or 
Bril'sh Sugar Can. I5.8124P 
Brooke Tool IP 
Bmnoer Invest. Tst - 1 .9So 
Burt Boulton Orel. 3.SP 
Burton Group Ord. and A 
Caravans Inti. 2.fiZg 
Cooper Inds. Q.4p 
Corn Bvehange 1.01338a 
Come rr roll 2.2519c 
Daros {states DO. S'ik 
D enbvwara 2.1 1 25 b 
D u raplpi I ml, 0.9fi2p 
■n.plro Plantations and I 
3.5DC 


MmiKUl Bank 7.25n 

M;rrr.m tAOe.: i.343p T n sr.no. aisirlo. 

ot 0 07 Bp year eodod 197F-: 

Nttional wecnilnstnr 6 322790 
Nnrr Thr«n>ortwi T,t Itc.SM. 0.3937-5o 
Nionrian Elneirf.tv SuooW Con. 8.11 Be 
- Nil* Swift Indv 0.906c 
N-Vfg. ord. Prestwfeh P»tW 0-B122d 

Pmiom? Props. Ord. and ft 0 jo 
'Small (John C ) And Tidmai lo 
Stocks Tjosaoh.' ip 
TMr and Lvle 4* and J. 1 1 


WEEK’S FINANCIAL DIARY 

The following is a record of the principal business and financial 
engagements during the week. The Board meetings are mainly.: 
for the purpose or considering dividends and.official. indications are 
not- always available whether dividends concerned arg interims or 
finals. The sub-divisions shown below arc based' mainly ' on. last' 
year's timetable. 


.... 31 /?; 

„ a _. iV-tfdWi. R*4. 4C4X79 57WK 

iffiwn l’l -»Dc8tl* Red- 2I4#J» 5»*i«K • 
Kimsliwtafl. and CMt« _50-apcBdv Rod. 

KcnslrntM 1 «mt CimIboi -?1 Rod.. 

1.694P ^ 

McMbIIm aod- Son* B'.pePt. S.3B25M-. 
MOlliPfOil. 


MaIlia«ofl-p«ninr-_ IB.BKPt. 8.4^^ 

AW* 1 "- 


enplish 

Flj.4. 


Itsh and Dutch Invest. -Tst. P«rt-Cfertt> 


Thorp mart an Secured G-uwth T«. o.6125s 
Vickers Wd. 5 p« tNoo-Cum.' t 75pe. *k 
pt. (NM-Cum 1 l.75oc. 5 pcCuri. (TO* 
rro* ID SOpl W. 2 4oc 
1.9SSK Waean Finance CM. 2.B75 d 
W ars Hid si 1.65p 

Warrcm Ptefitvlon* 4 62 p . .. 

Wimer fTh«mi*j 2-4W4B7 '-p 
Y eoman Invest- T»t. 4.95p 

WEOMlSHAV. APRIL S 
COMPANY MEETINGS— 

A nolo . American Sees.. BuckM»mrv 
Hbuic- B.C.. 2-45 

ArtmUgC [Cwgei. DewsSur,. tt.is 
■(relays Bank. Lomoera S-... E.C.. 12 
CnrrlitBian V hr el la, The Oort Hester. Park 
Lane- W. 12 

Crouch (OcrokJ (Cancrac:ori>. Peter- 

<5SSSKf li-.. . w.:,. 


0.9p 


English 2 ^ Avsoc. o> AmorKsn Bd. and 
Shareholders 4.875s 


Bwde 1-K9 p 
G ailifD _ 


— to.lfbrd Brindley 0-7Sp 
General investors and Tnistm.pb 


GrscetrXrr Qr&._ ana A^Ojd. J.0244p. Ord. 


ex:. As Au ‘ ,ln Fft,rt - 

RUcptiejSan (Donald), Wmchetter hojk. 

Tavener Rotledoe. Liverpool. - ia 
BOARD MEETINGS— 

Fthalsi 
■tt.be BltC 


*M A Ord. Cart. O.i 
OanfiNtf Sees. 4p 
G'ass and Metal 3 01 a P 


Black and Ed^tngcer 


rfownerV Sp « 


4-iPcPf- 1 S76uc 


and Beslly Inveslcrs 


Granaaa A -Ord 
Guthrie Con. 6P 

a sllltn 2 -lSo 
imeun Indi 0-275P, 

Hartlepool YWttr J.Spc 
Max. urn. I -7apc ,. i4 
Hlcking Pentaeou 2 .33 54 p 
HORitra* 1.81 ’Sd 
I mperial Croup 3.4 IP 
lnd- and Genera! Tit. 

Kennedy Smale 0.79^o 
ILimnlhn .MOtpr 2 BSp 
LUC iBtl. I.396P 
Llovds B4D» 4.9384p 
London and Lomond l yres. _ Tj.. 

London and Montros e 
Lonoan Australia Invert. 5 5r. 

London Cremation IOkK. 3.5pc 
Lovell [Y. J.» 1J9» . 

Magnet and-SouHients 3 Sp 
M afcysU -Rubber 0.5P _ _ 

Mauarmtuil Msrt - 

hfldfind Inds. 0 - 508 27*0 
National Larbonislnu 0 ^ 660 ^^ - . 

Now York and Gartmore invest. o.«p 
N ofton 0.27P _ 

Ka , 5 ‘'bcc”‘ 5 (S«J9.Lp.B« ! s. ; 

(Plan A 1 i,pci 2'ipe =1250 

gprJ.* , areL. T s-t , % m. 

To ^ 

Second All.anc* Tst- Ord. -p- a'.ecm- 

Shakcsmrare rjowont 7, r^i|ri' <5 S^bCPt. 
Shell Transport and Tradir.i a -A"-, 

Spencer** Clark Mel.! 1-«» 

Sverling 

IK •A'Ul^.iAS. TV.. 163375P 

Unilever Db*. 2 and 3NPC 
Union Bancorp Zlc. 

Vlla-Tev 1-2P , ,c«. 

Wcdoviood SpePt. L™* dm ton* I 
ViToM Coast and Tests Regional 

West Tfst. ,_ ;5 ^ 0 

WBafeMSrfe ,-a97,B 

Williams Hudson BpcPI. 2 0pl 
Wilson W O^ORROW 

Grwlfteld S MlHt : tii AOemorn Reomv E.C.. 

sLsra *<"- 

cheater House. T 

Morrall { Ai>a1). Rcddltcn. S 
Marthvncl. Chester. 11 
wagon Finance. SheBleld. 1- 
BiYi^RO MEETINGS— 

Finals: ApMevard. Bank ot 
inds- Grattan Warehouses. 

Guest Keen and Neltlefolds. 

Sons JounJon fT ). Law L and 
Walts Blake Beame 


l-'ej'aiua 


BopgMv and Hawkes 
Hiltons Footvrvir 
McBride (Boberti fMtdSie*o-'- 
Phoenix Assurance 
Smith (W. H > 

Sun AlKJnce and Lsndor. 

Tilbury Co'rtrwrtihfl 
Umtci, Inds- 
intcrtms: 

AB Electronic PfOdufts 
Consol Mated Gold F.flgs 
Nom Ailar.t-.e 5«nnf<s 
Wombwell Foundry • 

DIVIDING A INTEREST PAYMENTS— 
Alan iCHuxBds. Red. 3.4 78 £3.3580. 
9:;peBdf. Red 1.10;«o airfr 
Aurlcoltural MOT- Cpn. EpcDb. 1982-17 
Spe . „ 

... . - Annnirtt*»s a-joc 1i.Dc 2 i»' tHoe 
Tst. 1.25 p Arfon lOVmcBds. Red )4TC LSJS8D 
Aylesbury Vale 6’«PCBds. Pee. tl.'iOTS 
3*>OC 

Band and Buchan lOVpcBds Red. S'4i7B 
£.5.3580 

Bis. ns stoke lOLpcBds. fed. 5 4 7B 
£5.3380. lO’vDcBds Fee. 29.9182 

BweSev iO*«PCBds. Red. sir* £5.3380 
Birmingham 6i*PCBd- Rrd n iste 3<wc 
Bolion lO’vpcflds. Red. 3 4 78 £5.3580. 


SecBiK. Red. 3 10.79 4pc 
Borders ItPipcBdi. Red. 5178 £5^BB0 
Easton lOvPCflds. Red 54 78 Is-iaM 
Bournemouth |0-'mMs. Red. 5/4,78 
tb.Sseo 

Bract era Prop. Tst. In. SUPt ‘ 

Bristol 6J<pcBdi. Red- 11.10.7B S-;*pe 
Brown litg-kems inds. 12 : 35 c - . 

BroxOounw bitDcBds. Red. 1T,10i7B MPC 
Cambrtdgc 7»CHCii- 197B. 3>pc ■ 

camden KUndtos Bed. 54.78 £5.3580. 
Cement- Roadsnme 7 kH..2.279pC ‘ _ . 
Central Regional Council lOJxPcBds. Rob. 
314.78 £513580 

Cwltenham lOSacBds 8*4.. 5478 

£5.3580. 9'jeBdJ- Red- 1.71 0/80. 4UK 
C’ry An* prop, invest. Do. loisc 
Clydebank TO^aPcSds. Red. 5/4,78 
- £5 35 BO 

Consol Mat ad 2 -'DC 1 >«k 
C pna-i ue Grot: 0.72P ■ 

Crouch (Dare*) (Contracioni 2-7BBo 
Derby toi«pe8d£- Red. 30:1,8? S‘« . 
Duoier lO-TpcBot. Red. 5i4,78 . £5.3580 
tastlftflh 1 0-'kpcBdS. Red. 5.4-78 £5-3580 
Edinburgh Invest. Tsu Dto- 2>sPC •'• 
English ana Ipterutionai Tst. lb. 3iipc 
English and Sccttlsb Invests. l.BSp. B 
0.b37Sp. 5 pc PI. 1.75oe __ 

tppmg For«e BpeBds. Rea. 3.10179 4 k 
E miCk ana LauccnUis lOto M i. Red.. 
5,4 78 £5,3580 

Funding Ln, Si«pe 1987-91 Z'soe 
Glasgow S^tDCfcos. Rad. n:i078 3bpc 
Greater London Siax 1980 4'abe 
Grteoali wtntlev U. 3 -to 4>KPC 
Greenlr'-ar In vast. 1 A5p 
Hampshire lO-’ipcBOS. R4d. 5/4/78 
£5.5580 ^ _ 

Hove lO'apcBdS. Red. sum £5.3580 

IOC 6-80610 

lrt*periaTchwnlc*l Inds. 7-S15B7P 
Kirlcteet lo-SpcIds. Red. 54/78 £5-358/1. 

6-ipcBds. Red. 11.1078 3*aDC 
Leeds fi’.KSdi. Rrd 1 1 . to.78 J*pe 
LiKOin lOWBdS. Red. S.4f78 £5.3580 
London IS-'tDCBds. Rew 5.4:78 £8-3580. 

See 1930-33 2^:K 
Lonmo 4.22129 
Lonsdale universal 3-2404P 
M and G General Fund 0.4p 
Mecohericm (Donald. 1 -691580 

Metropolitan Water Board Grvnd Jun.a, 
WW SoeOb. 1L-PC. Wgst Middx. WW 
3ctDb. 1 i;pc 

Mpthertrell 4'rftJri. Red. 11:10/78 SStpe 
Nettba'.a an d Burton t-5972p 
Norrr.r.Btan : Henry) 04287P 
1 U3S^ h>11 lO-’soctMs- Red- . 5 4*78 

pMijlr 6>tpc8ds. Red. 11.10:78 -S-'wc 
Preston frl.DcBd*. Red. 11MOI7S V»PC 
Raplry fmiiwh and Textiles 14I7Sy 
Renfrew lO'.scBds, Red- 54.78 1 £8.3580 
ROabursh 9=.-Pc8as. Rnt. I 10.80 flat 
Scottish Western: invest. I.Sp - 

SciKitborpe lOHpcBds. Red. 5^478 

SKuricor Grp. and A 0.9558P. 6i^«cPtg. 


House. 


PI. 5-74/K . 

SKuntv berrlces and A 1-3217P 
SeKon 10 - r iP<Bd«, Red. 5A 78 £5.5580 
SMUMkf bAtDCBdi Rea. 11 M 070- 3 to? 
Souttiamprton lOtocBds. Red. S/4.78 

Stocijake Hldgs. 0.75c 
Strsttoiyde 10*a«eBdt, Red. 5:4r78 
£5.3580 
Tacs 0 750 

Taadrldgc Atoddt. R«d. 11/1078 JUtpe 
Taunton S^pcBdS. Red. 11I10.7H Uspc 
Tavener Rutleage 2.904P 
Treasury ■ Ln. Spe 2002.2008 4»C 
Treasntv S*fc-3pc 1 * 7 pc - 
Wakefield lOtocMs. Red. . 5 4,78 

£5.3580. 6 /iPcBdS. Rett . 11,10/78 

6 YPC 

Walsall SZifidBds. Rod, 11/10/78 3>*pc 
Wandsworth B^pcffis. Rw. 11110/78 
uic 

Watford lOtocSdA Red, StA 70 £5.3500 
Witney Mknn and Trcmaa CO. IV 2 toe 
WedingbORMflh GtocBus. Red. 11/1078 

JhDC 

w«st Oytordsiilro lOtocBds. Red, 5-478 
£S jmo 

Worming IDSpcSdt. Red. 5,' 4.78 £3-3580 
THURSDAY. APRIL 6 - 
COMPANY MEETINGS— 

Beris/gros, CangMan, Chesitlr*. 1 1 
General Farms Inv. Tst. Reals 
Xing WMUara 54- E.C., 12.30 
Hoover. Rarlvaln, Mlddldesee, ' TO . 

Law Deb.. 58. Gresham £U EX.. 11 
Peachey Prop,, Wlncacsttr House. E.C., 

1,JO 

plgl^i 

Aoenhow and Bristol Channel Portland 
Camm. Berwick Throw Birnrcattd Eag'g. 
Bowatcr. Srittsh RrJMM Cpn, Cadhury 

S282^.^{&X n &fr- oS£“ *£& 

cAastioj. Tartar Woodrow. Ueton It). 
Interims: ■ ■ 

BumvAnderstm ■ 

Mayna rds 

SV oiviDSND A- INTEREST PAYMENTS-— 

SSM'TlJSBtw- _ 
TStirtU&A'&B? 1 - 

Bampton Prop, Ln. I’m 
Barr fA. G.) 4.5297 b . . 

Benn Bros. 0.80 _ _ ' 

British Electric Traction DM. 1-694e 
BrtttaJos OpcH- Ml* . 

Brown, and Taw** 1 -243p 
Brown (John* 4p 
Biimr IH..P.1 X.2P 
ChrlstM-Tvtar 1.80 ■ 

Col min fE, AlccJ invests. Dp. 4 see 
ConmnraMe. Flip- 1.3«5f 
Dewhura and Partner and A 0-S75r 
East Hertfordshire IQ apcBds. Red. 4.4,79 
5 ‘wpc 


_ .. n» . TZ^ncSds. .. . 

Pentland Invest, tu ' 1 . 1 75s 
Polymeric in!!. 1.39B7&B 
Pratt (FJ Eng. 3.2081 p 
piwRiu ■ 3.83450 

Ransom (william 1 and Sen 1.1816 b 
R eliance Knitwear l.4p 
Eautnwark 1 1 UocBd*. Red. 
£4.3410 

Bn • • 


W»pe 


1984-85 


*toe 

TraWbrd Carpets IO ' 

UC Invests.' 1 1 .0fl257p_ - 

Warwick Eng, invests. 03250 
Whitbrboad 5>:ncLn. 4*:ns 
WlgfaH tttnnrvT 3 p . 

FRIDAY. APRIL 7 
COMPANY MEETINGS— 

Adams and Gibbon. - Newcastle unto 

British American and ben. Tst-. 20. 
Fenchuren Street. E.C.. 1.1.30 . 

GRA Prop- Tst- White City Srwflri*. 
WoodlaiM. .w. 3 

BOAJLO MEETINGS— 

Wion lnd>. 

Intorimsi 
Burgess Product! 

DIVIDEND & INTEREST PAYMENTS— 
AgrKuhural Mort. Cph. v*n*t»i# .Rato 
Bdl. Red. 1.10,82 £3.375 
Allied Retail eri 2.90 
Birtviord 1.742IB 
irltbh Assets Tn. 0.55p 
camtord tng. 2.23p 
Campari 1.596P , , 

capital tad National Tst. I.Sp 
Continuous stationery 0.9p 
Dyson <J. and Tl and A 1-S2SP 


Mnlas 2. to 
Fraocji ' 


Francs IMS. Ln. 4*;IK 
Cons 


Tst. 2.S5P 


General Ctosd. Invest. 

HT invests. 4p 
Hoftnuog rs-i lriBSp 
UnvrnaUoiibl Timber Cpn. 2750 
Jackson CJ. and H. BJ 0.501 2So 

firasri.Jrir 

Medw^^l §S3ShS! °FW? P S 4iM C54W 
PNCtnv Prop. 09925P 
Pmi Tool* O .660 

frimroi* lnd. S.Sc. _ _ .. . 

Uuma-Redola Ov 6-;oc IS.Yr, EfKnd 
Ln. Ot 1984 3l.BC 

5aa tehl and SaaKhi 2 .» WBp...— -- 
St. Helens Il'roriWs. Red. SIA78 X5-6B7 
Share* (Charles) 4.1 Zp ' 

Shires Invest. 5-154P 
Smaushaw (R ) (Knitwoar) I.Sp 
Stembuna o.srp .... 

Stoddard Ord. and A O.S24p 
Tribune Invest. T». 8-5p 
Trust House Forte S.S594B 
United Guarantee O.IBIb 
unrted -Real Prop. Tst.-i. 2 Sp 
United Scientific 1.505ZP 

SATURDAY. APRIL 8 • 

DIVIDEND A INTEREST PAYMENTS— 
LI lley (F. J. C.) Ln. 4i : pc 
Macuritivi Pharms. 1.50 


iWm.). ^MlKhfll Cottn 


Interims: Beutton 
... Gp. Peters Stores. 
Rhodesia Cement. Scottish MetropoUta* 

Pr, DlVID€NO & INTEREST PAYMENTS^- 
Aaronson Jrus. 1 161 sac 
Alllrd InsuVators 2-b2SP 

2Z£<£,° ZJjjgwj*.™ 


Bishoosgate Platinum 2e. 

Jtnb jx 

Burtanwood^Braw.' (Foresna v 


wsl 7pcPt. 

2.45dc ’’ 

Cokwval Secs. Tct. Did. 5.6P 
Daejan l.lSSo 

^S-cfsii.”3 1— . *ms. 


Lw atto prop._jnye«;..i 0 




Tot) Max 
(formerly 7pC1 




Water 7 ac (formerly 
J-SOC. 4.9PC (loemerifl 
0^ 245 ¥i3 4.9PC 


Max. Ord. 



. J5SUVJ 


SAW 


» -at 3 "awin 3 _. c 

T:? 

-*ir--il to f *'£ 

' -r 

■J N; - - s V,'' 
ac w! \- s 

' 


- 


C-Nu 


6i-A^ r '’ 


, . ; -«Y 
8Lf. ***■'" 


12"" S 




SPEW 







T/w announcement appears as a matter of record ot dy. 


r-i-> 





N.V. 


r- 7 ■ 


Eindhoven, the Netherlands. 


; - . Saudi Riyals 908 , 929,102 

V/' GUARAN'reEPACII.rnES — ■ 

: 'J, . r ■ . j . • in connection withthe _ 

: automatic telephone project 

v ...of the: v-' " . 

; . .. .KINGDOM OF SAUDI ARABIA 

' MaMged^j^ " . 

iiMSTEE®^ BANKLN.V. AU3EMENE BANK NEDEKLANE) N.V. 

^ \ .Ea^.Ctount«®aianteed_by , - 


’ Agent Baujc 

. amsierdam-rottesdam bank n.v. 


■Jannaiy;1S?8. 


I Jr”"-' ' 


7HXS ANNOUNCEMENT AFPSABS AS A. MATTER OT.XXCOSD OSLT 



TEUEFONAKTIEBOLAGET Z M ERICSSON 


SAUDI RTF ATS 946,826,232 


GUARANTEE FACILITY 


FOR FART OF 

THE AUTOMATIC TELEP HONE PROJECT 
OF THE 

KINGDOM OF SAUDI ARABIA 


MANAGED 37 

CITICORP INTERNATIONAL GROUP 
SKANDINAVISKA 3BNSKUJ>A BANKEN 
SVENSKA BANDELlSBANKEN 


. - 3ROV3DED VZ ' 

CITIBANK, N. A. SKANDINAVISKA ENSKlLIlA BANKEN S VEN S K A RAN PIXSBANKEN 


THE CRASE MANHATTAN BANK, N-A. 
CREDIT LYONNAI S 
iLO YDS' BANK XJNHTED 
IVtANtTACTDREHS HANOVER - 
TRUST COMPANY 


MELLON RANK, NJL. 

MORGAN GUARANTY TRUST COMPANY “ 

OF NEW YORK 

THE NATIONAL CONEgERCHAL BANK , SAUD I ARABIA 
NATIONAL W^TBDNSTSR BANK limited 


SAUDI INTERNATIONAL B ANK 

(AIrBJUOi: AE- SAUDI AL-AT.AWnf UMCOCD) 


CITICOSP INTERNATIONAIi BANK LIMITED 

agb«? ... ! v' • •- •' , • 


. JANUAKT197S 



EUROBONDS 


BY MART CAMPBELL 


Eurosterling out for the count 

THE MAIN feature of last week’s the Gestetuer issue will be than the average Eurobond issue emphasised that great care become much clearer to-day after 
market was the collapse of JBuro- higher than the indicated 10?, manager, or they have been in- would be taken to avoid too the monthly meeting of the cani- 
stcrlina bond prices. With though exactly how high remains adequate in their assessment of rapid a series of issues flooding tal market sub-committee has 
sterling falling sharply last week to be seen. The Whitbread issue, market trends. In either case, the market “a I’anglaise/^ _ agreed the calender of new Issues 


CURRENT. INTERNATIONAL BOND ISSUES 


pven against 'Oie dollar (it has having been announced on fixed the a ^ Among other sectors of the - for April, 

benn declinin'* against other terms, is going ahead as bonds are sold through a world- market, the most important at Iti the dollar sector, this week 

currencies for two months! the scheduled. * w.de group of prerent, the D-Mark, bad another is expected to he look very 

-could hardly have been awkward week with a continuing different from last: foUowing the 


currencies for two months 1 the 
secondary market prices of Euro- 


honS" were^ qu^sti^ wh^iSsJa^nceT'lf better devised to spread the word: excess of lower quality pape^r announcement ‘iTte on“FridSyTf 

ha^three o^nS on average P bv- mv would tesSffiSSt to iSate those Institutions worldwide who around. Prices of good quality the record SUA«2biu trade 

SF?i?av P Th C v recaptured SJu-h deSi^Ud to Sfy Eurosterllng bonds, must bonds picked up helpfully to- deficit, dealers were predicting 

wmp n f 'this lost eround on further Eurnsterlin* issues e * lher be facing irate customers wards the end of the week, but a sharp marking down of prices 

£5,® who out monelKiTo *ho bought them or,, if they Latin American and other at the open ingfanlay. 

iVn St™ a ,J held onto the bonds, sitting on -exotic" names remained Quite apart from the trade 


came too late to pull them up the issues which have emerged 


American 
‘ names 


and other 
remained 


Quite apart from the trade 


“ ,f lthi " E » ■" ggiu^rtafi? m “P ° f a carrea '* ,oss ’ schMiuled ‘ placement for nMlnablj more depresrfusf lwt 

<5ertin« is nnt forecast to heatin~ such as is rarely seen Their one comfort is that Mexico’s Nacional Financiers week. A substantial money 

recover “"and i? looks unlikely even * in h an exceptional!? because of the steepness of the did little to ease the situation supply increase (S2.1bn. for Ml 

that 'the rll\x will ?o far enough bwoweiiriratated SSteL “fi sterling yield curve they can since the terms of the Spanish and S2.9bn. for M2) was 

IKiStS Ap’nripMhMk to SBcb Eurobonds, make 3 much bi «S er turn by deal were thought to be too tight, announced over Thursday night 

Sd nrlce^at n^riim.igriir in borrowing Eurosteriing short to While the month dosed with the after several days when the 

! a s f rirtav^s nJe ^ 1 fw?th ore- Tnm^n SjHwSstinJm^Fri finance investment than in other launching of the Light Servicos prices had already fallen on the 
J il hrikSi P in- currencies. issue on identical terms to the New York bond market as a 

%£S -atuSnZm $71); lh- SLtinn P«rb*l» <1» r»»<* ba ^ s !" cnt Wtctrebru ojerin*. Th» result of. fears of rising Interest 


respectable so 


with one °or 3 ® ve P° lnt capital loss often on depressed. The postponement of figures, the overall situation grew 
taken one t0 P of a currency loss. the scheduled placement for noticeably more depressing last 


Borrowers 

US. DOLLARS 
ttNorges Kommunalbank 

(gVeed Norway) ■ 
t American Express 
. fC Industries 

D-MARKS : *= 

Mexico 

IRaucaruofcf (g’teed. ' 

■ ■ Finland) 

^Trondheim 
•Spain 

STERLING 


. Gejfcetner 10 

‘ I Whitbread 15 

SWISS FRANCS * 
t Eur ope Resttlmt- Fund... 65> ; 
YEN 

t**EIectrabiaz 10ha. 

, ^Ma la ysia - 15hn. 

UNITS OF ACCOUNT 


Amount Av. life Coupon 

m. ■ Maturity years % 


1998 13 

1982/85 — 
■1985 7 


Load manager 


Smith Barney . . 
EBC, Amex Bank . 
Merrill Lynch .. „ ; 

Deutsche Bahk - 

- Commerzbank ' 
Dresdner . 

Pres drier , 

NL (4. Rothschild. . 
Morgan Grenfell 
- Kleinwort Benson 

1 

Banca Jd^Cotardo 

Bank of Tokyo 
D«wa -Securities 



Easter .levels in brackets* in- day that the minute the currency 
eluded Citicorp— 951 (971); the .situation turned everyone would 


ciuuea ^lucwrp— »•»» «■- Miu/iiinn lurneu everjune — ■ — • - — — - , truHsri 5n tho mtoc 

(^irRSwntree" llSSolS hSwereJf ItSbS nS Paris “last jSjk suggested secondary market « Ii-2 points 'week^lISS 

Ml 1071: Sears 95 ( 97|). These tinent. commented that Eurobond that Euro-French frenc issues beta* the issue Pn«- L HLSStJfeS 


levels put yields at 10! to 11 per investors really never will trust may be 
cent, as compared with nominal sterling again since its unpre- — ■ 
yields of CO or lOi when the dictahility has been proven just 
bonds were first issued. At once too often. 

Friday's low point, yields were One may also question the Medium tern 

well over 11 per cenL in some evtent of the damage to the City L«n* wo 

cases. of London's reputation for 

An immediate effect of the integrity and expertise resulting 

sharp falls was that Morean from the last week's rout. Either 

Grenfell announced that when Eumsterling managing hanks eurodear 
fixed to-morrow, the coupon on have been even more cynical Ccdci 


launched 


Kredietbartk Lux. ■ 
Krcdletbank' Lux. 

Jl Minimum 
1 Purtnw Fund 


BONDTRADE INDEX AND YI&D 


March 31 Marti 2 * 

99.CT 7.88 *9.66 743 » 

*3.72 Ul 93.81 847 93 

EUROBOND TURNOVER 
(nominal value, in Jn.) 
U4. dollar bonds 
list WMk prrrioos week 


sue on identical terms to the New York bond market aa a * n 7 ' f f"! c « . jT" d 7 ino ■ Kredictbartk Lux. • *i 

■cent ElectTobraz offering. The result of fears of rising interest -2? 7 * ’ Krcdfetbank' Lux: - M 

tter is being traded in the rates. C«ty of Cop«ihagcn 25 1993 fl 7 . J 

condary market at 15-2 points The weakness of the New York • Not jr« priced I Raii tmu ■ rtmmrwflt _ .f . rirriraTtej 5 

.low the issue price. . market early last week played tt Anbtm- wk* 1 - - 

The outlook in Germany will -havoc with the after-market trad- • • 

.. — ing of Canada’s three tranche 

c and yield S 750m. issue. It opened at big ' . , , 

^ ■ ,w * . discuonts by U.S. standards and is expected to be seven -years First Boston (Europe) would be man^rng awtituPong ettfti 

13 *94i H i&/2) 99 is (T6/2) was still trading well below the with interest payable' at a lead manager. • . “ ioe^Mnouncm«* 

37 9344 93.93 (13/2) sellina eroup discounts by the quarter of a point above .inter- In the yen foreign bond Argenttoa stasae. 

irnover end of the week. . bank rates or at 52 per cent, market. Malaysia has agreed the J.™* Jj-fc 1^ 

m $m.) Due for announcement soon is whichever is the higher. 1 (the. terms of its issue* the first to Bank ofFinlanffs 

. other bond* g floating rate note (FRN) of same terms as the only previous take account of the general cut offeriM has ccmfimed them 

tart week preriBoiveek aboat S50ra _ f or japan’s Ishika- FRN for a Japanese non-bank, in rates. Argument on the terms hwd of a steady flow of 


ll'UF 

IS Wi 


Li nr 

99.13 (IS/ 
93.93 (13/ 


. Other bends 
tart week prerieo* -reek 

235.3 4934 

203.4 2724 


incement soon in whichever is the higher: 1 (the. terms of its issue, tne urei ro «« 
note (FRN) of same terms as the only previous take account of the general cut offering has ccmfirmedthej 
r' Japan’s Ishika- FRN for a Japanese non-hank, in rates. Argument on the teims hood of a steady flow of jsjb 


Indices 


K.Y-S4L ALLUOKMOR 


NEW YORK -DOW JOKES 


i 3 

Mar. I liar. Mur. Mar. 
31 i 30 as ! 28 


Mar. ! Mar. 1 Mar. I Mar. I Mar. ) Mar. 


lolurtriai^.j 73746 769.62 761.7SJ 768.M: 765.21 756J 


l.w; 88.tl| 


8848 88.85' 81.77! 80.1! 


10648! 105.72- 106J 

i | J 

Trs>linr n-il < I 


* KeiA- ,m imiM man^Ni tnnr Vri^w 1 tt 


j 1378 

High 

Low 

817.74 

742.12 

(3/1/ 

<&l 2) 

1 

SUM 

sre.V; 

l»/l 1 
188.31 ! 

f3,l/ 

(9.1) | 

110.88 

102.84 

1 », ii 

(22/2) i 

1 “ 

| 


494&f 48.! 


4846 61.88 

! 13/U 


Rises and Fails 

Mar. 31; Mar. M Mar. 29 

faitiea Lr*1*t.lZ ~j~B2S 1,848 I 1.866 

yiWo..„ 682 593 861 

Salia_ 74R 754 611 

ITacfaaQuert...*... 49S 501 494 

New Hicfas — — — 

New Lr>wa.„„ — — — 


K0HTREAL 


1061.70! .41.32 


Inrfiwtrta' 

ComWoetl 


Onld 
. ftxlu-triais 


Mer. Mar. Mar. 


172411 172.lrf 174.68 fSfll 
180441 179471 181.S lol/3) 


162.90 (lPr2> 
17042 (30/1* 


GERMANY ♦ • 

| Pric« 1+ or Di«. 

Mar. 31 | Dm. 1 — % 

AiA, 094 ' + o!Y — 

Aihan* Ver-teb.-l 480 j J«18 

BMW. 225.5' + 1 8U 

BAJ-F-i 13 A 1+0.1 17 

Barer 1 140.4‘ + 1.1 16 

O a*e» Hvpo 1 883 i*l 20 

Uc.rer VertiwbLj 315 : 80 

ililttlni Jiert.wrt.-i 188 j + 6 — 

U-tnmefxtonJi-...; 23L5 +1.6 18 

•.ouiiliiinmii ( 77 -+0.8 — 

itaimierBeuJ’. — 3 044. 19 


JOHANNESBURG 
VT- MIRES ' 

Mar c6 31 . Rand 

Anglo American Co run. ~ 5.07 

_ Cbaner Consobdated t348 

13 Cast Drtefonteln U.35 

4.4 Elfiborc -00 

gi Rannony — ' U6 

Kinross : — tJ45 

3 6 Woof — .».« 

3 k Si. Helena B4» 

_ Souib VaaJ 7.70 . 


AUSTRALIA 

1 

. Mar. 31 

AtnLg 

T®l 




1050.4 1062.71 10854 0173) i 3884 (20,1, 


wajl — Ig 

lJb inner Bein’ 3044 ! 19 I |S 

266 —8 17 ' 8-8 BlyvoonBiacJu — §40 

tiSST.:::*:.™::: Hi +S m j 4.4 — — *•« 

UeuUChe Bank....] 3054 *U2 80 34 Pterttot StOT 13.00 

Un»4aer Uanh....] 848BI +1.5 SO 1 4.0 g™!?" ?£ 

UyckerlwflfZeim. 143 '+: 2 J M r**s 

'?'«**™* ‘ IS 5 2 Westerp Hrtdlnga — »40 

noS.ll* Jit:! «*»»• ^ 

HceSri 130 ,+U.B 16 - INDUSTRIALS . 

iSo'l To'k in h S'2 : Anslo-daer. industrial’ — tB.40 . 

Horten 190-3+ 04 W [ ^ ; Ba rkw Rand 34B 


+985 

+043 AUMIL (86 cent)— 

+0.10 Lcrow Anrtraila. 

+0.05 AMeii Uot-Ttrtg. lado- SI 

—045 Ampol KxpTomrian ..... 

+0 10 Ampo* Veircrteum — ■ 

+0,15 iUmc. Mlaenlr — — 

.iJ-2 Awoc. Fuip Hiper ffl 1 


34 1 GoW PtaWs SA_. ^ 19.T0 , +O.TO ^oc.CoaT lnrt\wtn«^ 


203.91 10951 208.1' 206.4 
204.8; 202.7, 188.6] 1874 


218.7 (1/2) 
214.4 (4;ti 


fn>i. dir. yield % 


STANDARD AND POORS 


Mer. 10 J Year ego tapprvx.) 


Mar. I Prev- I 1978 
31 I tons | Hlgb 


AmteUBfO; 46440? 43144 JfMASJ Spain 
1.1 i ttu 1 tW) _ . 

BeUrfum av 9u» 94.40 94.eo oa« Sweden t 
I (3U3) (£8/1) . ... 

Oteinnark** 95-7< 8647 86.13 Lwxo Switxerl d 


196.0 (31 <3* 
1M4 ili|3) 

1478 l 197B 
High | L»a 

95.90 1 m.-r. 


i 

Mar. 1 Mar. { 
31 ! 30 | 

Mar. j 
29 j 

Mar. j 

28 j 

Mar. 

27 ! 

Mar. 

23 

E 

High j 

ft ; 

Low | 

Since Cot 
i Ufarfa { 

rrpibu'n 

Low 

tin luttn-t 'j 

B8.flz! 98.24 

1 

88.49 

| 98.501 

97.63. 

98.18 

185.22 

1 iffi.&a 

j 154.04 

4.62 





(*)» 

sl3o 

1 OOata 
(6»> 

Ul/l,'73),|3urn^2) 

JCumfawiire j 

_ . 1 

83J) 88.41| 

89.84 

88A0 

88.87; 

85M 

1 

95.82 

13/1/) 

129.80 I 
(11,1,73): 

4.40 

Cllfa.32) 


Unnit , 1 161 ;+* 

Ueuiocbe Bank.... 3054 U 
Unsdner Bank .... 848a- + 1.1 

UjckerlwflP Zemi.j 142 '+2 
UuieboOmiau — | 196.01.— 

Hiuui/iiori I 1253+2 

Hi^vwr- 1 8903, + 1.1 

Htechri | 130 ,+U.( 

ELerck. 463 +O.I 

Horten J 180.5 +OJ 

•v«u ami eele^.J 137 '—1 
iiizthtfl 505 .+2 


Fnuiea <t1V 
GermanytUr 


95.74 9647 86.13 ' r 94i» 
PlV) 1 

614 S1.4- bLu | 474 


HbUand (S»l 


(9,1/) <*&> 
bLu 474 
(20/31 (3/21 

7894 812.7 7884 
(10/2/ l»;l) 

774 88.1 T74 

I (10/2) (aOw) 
1 440.44 38344 
(51/3) ] (13:1) 


■ -j— — B:\%6 Stwraj ;r-: 

arl’dtf 896.1 886.1 32S.7; 2S0.4 1 27 s 1 o 

(Urto! (10.31 hw 1 o?i its 


DVlW “‘ UV> ■ ~ «W?in ' (103) Krupp..— 

U-MenLirau 

indices and base dates (all base values Uirrh&D>« . 
100 except NYSB Ail Comma - jo u . v . 
Stamunls and Poors -10 art Toroniu 
300-1400. me Ian named tw«d m 
t Eidodlna bonds. t40U Irtustrials. **“*J5J*~ 


Transport. 


In 1. Ilv. vie'4% 
lu i.-P'b Haiti* 

l»ni ( tinVI. Mafllt+ehl 


Mart) 16 | Year ago (appm.i 


rifl 0O.I61 60.(0 6546 ; 66.46 Hl» BeUlaa SB 21/12/E. (“> WUrtBeiMi 
U-, l , t er,3) I <10/1) 8E 1/1/73. <*ti Pans Bourse 18K1 

fa,' 40744 1 406.78 1 4CT.H4 36444 (It' Commenbank Dec.. 1953. «1» • Amster- 
w , | ,5j(5, (4+) dam. IMHStrtal 19,0 /rv Hana s?ens 


AecBeronnu — 
riei^ag L/M IOC. 
. lUiemP ei. Steel, 
i x-trerili^ ........ — 

’■emeii* 


Singapore ! 28636 . 28435 

(6) I . . I 


Industrial n/2i. 
fa' Unavailable. 


C/1 Swiss Bank Corp 'ert-io-AWe»tKfc| 
• ti»k‘«PU!eti-— . -J 


174 + ..5 | 

U 

97.3 +0.1 ] 

— 

235 !+0.5l 
1.5D2 1 

16 

do 

109 ; + l^» 

7 

190.5[+1 • 

12 

167 1+0.6. 

14 

212.51-0^1 

ID 

610 .-I 1 

U) 

113 : + 2.2‘ 

— 

110 ! 

— 

188 1+0.7; 

16 

242 i+S 

do 

280.5 + 2 -lb 

248 

17 

127 | + 0.7 

11 

174.5 

14 

106.5+0.7 

12 

306 Ul 

18 

215 ' + 2.5 

lu 


a i r » i Barlow Rano a.* 

on I ij! Currie Pluance 0.08 

on r <R Ed**™ Consolidated luv. 140 

_ I _ ! Edgars Stores 2100 

; >4| Ever Ready SA — W.T0 

__ a [ Ureetermans Stores L70 

)ft U d Gaardian Assurance (5A> IS 
z? I 7 i Rolens 147 

ll XedBank — MS 

5*? OK Bazaars t3-» 

Jb Premier MIUIdr __ — +585 

18 *- b Pretoria Cerueot 249 

— - Protea Holdings — 1-10 

~ • Rand Mines Properties — 140 


4.3! c g Smith Sugar 

4 Aj Sorer 

6-7 [ SA Breweries 


TrX Aurt. Focukhdloa lowt— 

'+943 , N i __ 

+«» 

Aurt. Oil A Q» 

I*-™ Bine Metal Ind 

Houwtln*! lie Copper- 

i®** Broken Hill Proprietary.- 

... _ Chrrtno United Brewery— 

+ V B vJ.J.t'oU»_ 

UUK tSI) 

... Cento. OoMfieW Aue....^.^ 
^0.W Container t£U - 

4-l'g2 Cturtoc Uotlnto..^. — | 


Heme +i 

to 53 AjrtauelJa-tdV ( 

+0 8d :™ Ah UqnM 

19.20 +041 Aquitaine-- 

71.32 iffl.08 

10.80 Rb 6 **^£r-*~ 

u.05 h>- ds : 

11-66 +®-“5 C.I.T. Aka lei. „ 

10.85 +0.05 iae bau, S iie 

tl-36 Club Medlter— 

10.40 +042 Utviti. Coin 8V % 
10.60 Urauaat Loire 

11.00 i hmwre- ... . 

11*15 *S-H Ef.Potrtes. - 

tO-80 + ®-®1 Own. Oa-Wenfaie 

£8 3 S •— ~h 

U.'se +0.06 

♦9.52 -0-04 J2® 

12.65 +045 : — 

1230 1-046 


711 +84 *3 
680 ->94 2V« 

881 —24 Uff 
679 +7 
440 -12 i»M3 
640 Vb ^ 
410.1 -IAbTo# 

1*686 1-S Gf 

396.5 +74 Hi 
LU6 +15 fiB?' 

349 +6 -Mlv-i 
4334 1 + 34hSif;' J 
ne +04 :i»« 

63 -(U 3*3 

S 8 -'i 5 JSf r ' 

186.0T - ._4 b^.- 
5941 + 2.4 SOk ‘ r 

M&i 3: : 

585 -18 1C^ : - 
L88fr +30 $m, : 
1.058 +83 «•= 


li„ Umriac Hkitlnto..^ -I t?-}0 Ahcbelln "B" 1,540 LlB 

+a ij Cortaul Aurtniia — — — t^-40 +B.W Upeft Honw»y_ 489 i— 5' - 

+L30 Dunlop LUbbenSl)- — 1J-^7 -JM Bountoex — 18641—2.7 

+eoa BBCUB. — tj-12 v0 - M — m.l f +U<«Nre.-. 

hklea Smith — t}-®2 ffeeWnCT 84 . +14 -l3L -•-• • • • 

—O id HJL lodustrien. — tl4B +0.08 ttarnod-meud ^.. 836 +t>4 "M; " _ 

+njn Gen.' Property Trust 1 1-4B M- 03 rieujfeu+CUroen.. 347 —l ' j3“-- 

+8 04 H*u»«»W ri-86 Cu+vin. — 1634-+84 - •- • 

Hooker — .-..-4 tD.6a +0.1,1 Uadlo Tedtntqne. 448 +8 -. OAr 

+0 b* l .CL). Australis t®.07 +0-08 Uertoute— 584 +4 . »;:• “• 

+0J5 Inter- Copper — tO-Jl -°- 0< WJjone Pootoor — 70 -14 

+O.OS iennmj[B InriuBtrte*-— 11.18 - — M. (Main—.—:. 1+7.3 

+8.19 ... U-19 ri«.W 

+8.W St ti-al +o. M nk— w- 

liver. Bmtoniim fl-70 +046 H-«ntw — 85 __+0 3l 

“.£3 12-12 +2-S VIENNA 

_ .>/ taHaa loteraarirm) — . 70.88 +042 VJ6MNA 

+JJS Hutth Broken HMlnga (K> tj-g 6 H*** : p-L-" V ~ 

as 8 SSS== 'tSS F" ■ :} *?]*-• 

as S5ft!srr= ss 


tail M).04 Ubone Poolear _ 70 

11.18 | - — m. Unbaln- 147.1 

11 19 r+4 89 akk.HonlBioi— 1.781 

1043 +0J1 2Sf. 

fO.16 +2.01 reremeiauilane— . 746 
+145 +0.08 ^'Oom-an BmnHI. 189 

♦1.70 +0I06 0-tn.w — 83 

1840 +848 

70.ee +"« VIENNA 


I +4 . *.:• • 

i -i4 ij - 

Mi UM " ' 


+14 ^ : 


r.31 . 1 


Prit* 

% rt 


OVERSEAS SHARE INFORMATION 


Inv. S Prem. at 52.60 to E~102J% (104%) imsroi 
Effective rate (at 1.8630 ) 43J% (46%) AMSTERDAM 


Securities Rand SU^.0.79 
(Discount of 3L3%) 


+ 0 - 81 Pioneer Coo-^eie.-.— — .. 
a 8 m* lit A CMnsw..— 

w M. C. sietgb 


teffhS-JSKsssri -J! i 


Ciedifanaiait — .J 560 ..... 

PBrimoow^.,.... 360 

^electa. 577 -1 

-0.01 -iempeiU — ,94 -8 


NEW YORK 


55ig 50 ;«*.x»Lal» 65l« 85/1 

181 fi 1 St 8 I1*lrw<«»*pb...l 17 1 j 335+ 

35 /b 3 l»s {Aetna Lire A Caw j 54s* -53- 

87 22ta I %■- P-u.1u.-tF | 355* X9Jg 

44 (g 52 5 < .-Aww*. — ■{ 424* 

253* 88 ■AleaiiAlumralutr'l 25la r 

45^3 381* "Aiwia ( 395* j 59|s 

19'* 17 ?8 AllWtbeny Lu4i.. loja ! g5i* 

80S6 18la XHestbenv Pl^e IB5* *653 

435g 341* billed Chemical. 57 

21 *t 18>* All/ed 38. w.„.. 20ae | 19 

261* 221a | rill* Chalmers... 86»* f 

363a 314 AMAX 345* . 88.5 

26Tg S2/s | Amerada Ues* — 25S4 13-3 

11 'a ; 91a !\raet. Airline.....] 10U j 38 a? 

45»s l 39ts , Amen Brand* ....I 455 b 43 

40 I 34Sg l Araer. Bioadcaat.i 39 Z6 ^ 

38T* 345* lAraer. Can 57*8 35 

263e ! 33'a l A mer. CyanamM] 25 4 aT 

241j 1 ZBSfl lAmel. Elec. Pira.| 233a H65. 

35 j 31'a 1 Amer. 325 b 17 

20ia ! 26'* . Viuer.HuniePrvit 28 10^ 

215a | 165a jAmer. Medlca ~.l 8Ua 7; 

a 35a IA.net. Mc4ora....l 5 eq ,5 

44'* | 39i+ ; Ainer. .V/rt. GmJ 48 Sb 361 ; 

37 Hi I 32Je ;Amec.»landMil..i 36 &b 

38 i 281+ I Ainei . Store*...— 1 32 gji„ 

62 57 tg lAmer.Trt. A 1V.| 61 U thin 

3l3a I 87"a 'Ametek S 30te 391* 

17in I 157g iAMF I 161* 33 ^ 

27 1 8 84»a AMP 857 t 

15 10 Afupex — 12^ 3 2lq 

87'* 1 255 b Anniuc H^+iup. 1 , 295a jj. 

SO-'* ; 17lg lulreuaer Bfoch..; 305s 27 


515+ I 45le L^aiiiuicUiaM n6X* 

465s ; 431* JCPL Int'n'ltona 491? 

28 &a !. 243+ ;c «ut— 28ia 

85/* j 221a .J.o-kerXsi 2958 

333+ . 295g I .m«n2eileit« -h 415+ 
-38- ! 33 tj L'ummln hrmine. 353e 
195s | 16/a -urt-Wnahr 17>« 


£B3 q 1 26 \rmmdieei 1 27 

22 U ZOts 1 V.S.A..- I 21 »a 

lUa I . Bis 1 Vrauieia Un 1 11 

20 la 1 135a 1 19 

3 Ha I 27<a 'rti.au U>u j 2?fe 

49i a 1 43ia Ai-.icichneul 461 b 

283a 1 23fis 'Amo Data Pro....! 88 
iota [ Bt b Wc 8/4 

227a 1538 >r+« 223* 

47 Jfl I 441* lAvuu PivIu.+k.... 465+ 
26>a 1 25 .'j*>t 0*«* bie"L...j 264 

25 >8 I 201a IlIsiik Amen *..... 1 223a 

36 34 -Jviken, Ir.N.Y.: 354 

2B/0 . 296a .drtrtierUii | 28 

38 I 33 : ouier iMvemU,.: 367a 
24»+ ; 22 Ide+tn -e F*rl-...! 23(g 

404 315 b lUei-tuuUi -keuoun 364 

195+ 14 ;j«»A H..*en_... 184 

35 4 1 33 lueirli* 3438 

33a I 2% ’ +ciimiet Com* 'B, 3 

23 1 1 i 204 M fa tebem steel. 203+ 

164 1 144 . jU. k* Decker... 155+ 

35 l 25 la lUvem* 34 

25/e 1 224 mUm L'uai.le_. .. Z54 

314 284 1 ww 985 b 

28 254 1 jute Waruer 28 

13 9 1 .r+nill lut 114 

15 j 127a .rwinn 'A' - 1 144 

335 b • 281* ! trlrt«* M\*w ' 297 b 

165a ; 134 ;jm. Pet. adk...; i*»4 
30 25-4 !i»nvnwsy0.s»«. : 2B 

15 134 J*lnio*wit-k I 1+S* 

21 165a , Jutyru- line { 

354 ' 314 IBuil.1 • 

34 I 5 | lAu.i.v* Welch ....) 

41 ' 564 i<lur. iic-i.io Mhnj 

73 : 584 idum.»n;h» 1 

344 | 514 !k.*tni+<. M+ip- 1 
15-4 • 14. j |.*uvll*n Pnuilk-.! 

114 j 104 j'-’e+ui Ksihioipti..! 

29 .'a 1 254 .ueiiiifcm... — ~ : 

1 34 < 22-% Carrier i Ixeuurv 1 

185* • 154 ■ -eriei Hnuriey... 

53ig 465* ;Jmterpl* srrravi- 

49^ 1 43!* I -M 1 

40-'* 1 • 36 {.einMOiriHl.. 

164 1 16 |.e**U» AS.W.. 


195* Uioa j fc* I 

34 I4rt Indurtnes-i 39 ; 

23 Deere . 25ta 

22'* Dei Mmte. -1 865 s 1 

64 Dc'lnoi j 84 j 

161+ LVor»[il> iDtei..-[ 174 J 
16 Detroit Ldiaui...: I94 j 451. 

23 UU»mi.^».16tMmrk 234 i 

11*8 Dktaphiine j la$B j 

385« UfaiOi- b|ui|*,....l 395a j 

31. a UiMiev rW«ltl [ oZSg ; 

38 lA-cer L^trf-a .... ' 39 4 J 
22it LK.<w Cbemlca,._.l 23!? 

25 Dreio. 277s 

364 Dreiser-. 39 1 

975+ 1 Du Pout 1 ID 11+ 1 

121; rUvTD*.lmuiatne».[ 165* ) 

264 Prtier I 184 

6 Kan Air, roe- ! 74 

411+ tael mmi Kotov.. 421+ 

33 hiatno 335* 

165* K. Q. A tj 20^8 

145* Hi tow A+i. U*J J5 

25sa Ultra j 30 

29^ EnienMMi Kiertrt.-; a 17s 
374 iKnvtn.Mrt'r'ieliii 374 

284 iKo/hirt 5 l 5+ 

2J* BJU.I 2T«3 

225 a Kmte (MKl ■ 23 4 


284 :->olint Mausllle... 294. 
66 iufauiOD Jobiuun c8 
845* John -on Conlro.J 26Ts 
895* JoyMnnuractur'e 32 7g 

' 23 sb K Jiart Cie-p -«3,- 8 

28 ' 'Kat-erA'umloi'ni 894 
11+ IfaAi-e. ludoFtrie, "i 

214 'hai-w «ee> 234 

54 'K+y 8se 

194 1 neonreuti 254 

404 inerT Mr-Qee 46 

873 b '.AnWe Wa ter,.— SO 
3Q5j jMmberiv C'arA.. 413s 

195a noH+fF - 814 

42 Ihi-atl 443+ 

254 .vwwUv. *95* 

314 irtvi St.eue- 294 

25** :uub*0«r.Pooii... 1+74 

264 iLmgril (iroirp.,.1 28 4 

•367# IJiiy (bill— I 40Sa 

144 Liuou Irturi.-.. 16 s * 
13 .4+U.twuiAucr'iil I64 


434 • 38 
38- 25 

694 82 

237a 20 

313+ 83 

334 I 38 


38 ; Her mo I 39U 

251* ^Ketowte Moa‘». 277« 
524 iKemotdaK. J— 564 
20 Ukfa’ion Mertel 1 - 23 
837g •K-.cI.rrell Imer... 31^* 
384 iUotunE Haas..— j 334 


197713 j | Mw. 

Hlah [ tnw [ >tc»!h , el 

19 : 174 |WvM*onii.— 1 ISsg 

■Sis 1 5* H'vlv — J-.- 

474 I 41 | Xerox 

194 i 184 |to(+iM 17 

144 ■ 115s Kenlth Had 10 1 144 

944 1 93* C.S.Tre*»*^ l*cl t94l« 

825a I 815 b !fS.lrei-4*Vfi'W! t8 *!s 


’rttee , + or 1 Div.'TW 

fi*- i - % \:% 


+<JULD IB — 1 ----- 1 

H'+itona. — to.ea> l+J-J]! 

We»tem Minina rtO.-enir)! tl^2 *0.04 , 
J fl.80 


Veil Maanridv. 

BRAZIL 


.«) ah. 3.5 1 .TOKYO Vi- ' 


604 I 544 Uotcb.._.j 594 I 6- 67 % 6.14SC-.5.«D*ybi1M 6.47* 


16 124 ]*TB- »«» 

124 H4 iKunUo* 115s 

16 134 iKyder ayaiem.-. 154 

40«e 354 ! faietoay 6toier... 384 

315* 254 ril. Joe M literal* 267a 

304 35 A? Sl Kaai> Paper... 264 

394 334 IxunuPe Ind*— 34a* 

6 34 paui I □ vest j 6Sg 

54 44 itHon Into } 65a 

154 10 i schUlz BrevrinnJ 18 

214 I 64 !a jrttiumbeiaer — I 66Tj 

18 151 * ’jUM | I 64 

14 ! 12t 3 Pape, 1 187 B 

225* 1 19-4 'vrli Mr?.*. 214 


lAfaouifUJSJr- 102 J — »81 j 3-5.- TOKYO ’ 

AwiKi.m ■ 

AW«nbnV(F..l« 347^-0.6 IA23E b.Bl 

AMKV (Ki.lOl 79.9-0.3 A»44T 5.3 1 

Atuiotonk iFliftn 73.7H +0.1 83 . b! 6.1 5U, 31 1 

Jtjenkorl 80.8-0.7 23 6.7 1 

A>K»We*i'mll.li'j 105.6i— 0.8 70 | 6^ t«hi Gi+« 

■urimulerlenjde 64.7i+0.1 25)7.7 Janori.. ..... 

jlreru-j (Fl^OL... 273 1+1 121 ( 1.6 , Jairto ,._J 


CANADA 


101* jAtntllfa Paper.... 
5 Aguico Kai+ie..... 


64 ijcudr’ l)wi Vot| 


19/a 1 174 iUiiietfUr liht-.... 194 •„ . _ . . 

194 1 1»** !uw« itoivt Ud.J 194 3® | 15'“ Oonumtr»„4 264 


29 | 244 1 A lean A .urultiiutn - 285+ 

I84 1 14tg Ia n«n* aice. — lsaa 

40 | 344 A»nerioa 484 

20 174 da/rkvT Houl re* 19J+ 

20 I84 touk -Neva culta 194 

75e 1 6 to»k- Heumreer. 65* 

664 I 62 del* Telephone... Ml* 
265a ! 201* [do* lauej- lud i6 


+**We«i'mlk.l" 
' -urhi mlerlHode 

.1 lee run (Fl^OL... 
hnnlaN.V.Beam 
Kuru Com IrtFI. 10 
Jut HfjCB.iertFK 
UeineLetiiF-^Di.. 

. _ doc«c+ e»* 1 F 1 Sr, 

UunUa U.fFi.KCvl 

“ K.L.M. (F..10U).. 


. . - - — : “Tfirt TSiBTd 

* ' • } • tliu . 31 .- . Crut - jOwj 

1- L42 

- Banco do BotzU... Z.58 +0Jfi.l1j1 

Tw ' * * *_ Lq]aa Amer. OP.. 3.18 AM* 

JJ? | +4 }} }'Slp2Surt»^H”T. ™47 

481 ......... la - 1-* , />»* 4.15 +OJM1I1 


137.0 — OJ SZJP 4.8 | Cfalrvac 360 

62 94.S 1 6.6 . Dai Mppn Prim 635 

35.1 1 22 I 6.0 1 Pujl Pb.*o 663 


662 [IB" 25 u «™*CntrUt>.J 

A«n -T 16 m -H Uoip PB J 7.25 |+uJ8l»} 

Ya«eHjnDncePl1 1.65 !+0.ai|i.llj 


lul MuUeriLO].... 

A+anJen (Fi.IOi... 36.3 +0J lOl 2.8 {*** ' »» 

A«uNe>]os.(>'i.lC 106- B +0.3 46.8 4.3 J.-A-I- .....3.700 

AbifCtedUkiPlAC 65.2+0.4 21 { 7.6 A*n«J Alert. P»r. ,1.140 

•vedMhlbhO'lXt..' 187 1—0.6 28 | 6.9 M»Wu — -I 360 

U + (KIJOJ. 102.0; A34] 4.b Ivubdta- 292 

Van Untmeien— . 131.0 ! 18 6.1 K>i)krCei*jnic... 3,820 

Pkkboed tFi 36.7 -U.7.: 31 lt.8 Irteurtilta lt*l... 710 
itiillpft,Pi.iO) M ... 25.6 +Q.4 1 21 6.3 UnabtMahl hank.. 278 
(Cfoa'-hVenP'.tCl- 72.0 —0.3 I ' 16 I — Uiiaobubl Heave 140 


99.51—0.6 I 14 3.5 j Hitachi 839 

23.6;— 0.4 8-7 Honda MotoriK-. 683 

21.41—0.1 12> 5.6 notweFuort. 1,250 

127.4 —1.4 1 — I — J - Jtob — 237 

39.9 + 1.6 18)9.0 IW Totado u l.«U 


18 1.7 . 
16 1.3 

12 3.B I 
18 1^ - 


Vol. Cr.UMUm. Shares »tov 
Sour tas Rio de Janeiro SB. 


294 1 25 4 'K*ii»rfc 


| Alin l. — J 

ilj+xin I 


434 faxxira I “-45+ i 

23 JPair. niM Cameraj 284 ! 
34 r‘et. De*+. -'!<•, e»i ***4 

15 r'lreniniie Tne. .. 1 Mig 

24 esl. .\ai, thrermi . 4t4 

16 Pieai Ann 1 191a 

18-4 'Fiinikt+e ... ■ « 2 ->+ 

29 1; jPiurkta Pbwm ... ! 894 
3QSn ,Pluui 4 024 

204 'F.MA ■ fcllg 

40*s IKunl lAi* j 454. 

17 iPoteim.il Jtch...[ 17 Ss 

275s Ittalw*. j 33 

7*a ir ran kilo Mini... I 75* 
28lg ItTw 'i*nt Mlflere.:' 19Sg 

24t+ 'Krue+mui <6 la 

8 *b |Pa+(ua lad- ’ 105* 

104 .U.A.F I 11*8 

545+ toaiiaett I 37 

87a lien. Amer. Ini...' 94 -j 


224 I 204 1 Lou I to mi l+unl.. • *1 

38 335* iLufari o. -.1 36Sa 

144 13 ] Lucky Store- I 14 

6/3 64 ;L'fce- funipl'ni ® T a 

Hie 1 9*+ 'MacMiiuui 1 in* 

394 . 35Ja 1 >!«.-* K. H ; 38/s 

334 294 !lltr» Hantner...... 32*e 

38 31 I Mi *«•>._ .....\ 334 

4S 4 , 404 iM+ralbt+i On 41 4 

144 | 115* .JUnne Mhltand-i 144 

284 1 19Se-:M+r*hili Field iOSg 

264 | 20/a !Ma» Dept. 'tore 23 

40T$ ! 324 MCA 404 

28 ) 21*4 j Mi.-Uei moil *35+ 

26 I 225* I •lcLh+jiie<i Uouit W© 

19l*j 16*8 l driir+v» Hn> 191+ 

314 f 26 ' lleurnex ........... 304 

564* j 484 . Jetcli '.. 4850 

16*8 | 13&8 iNUunii Unch-.. 145s 
38ia 32*8 ;Mib« Petn«eiiin. 325+ 

29 /a 254 | MOM A9»S 

4?4 43*4 : dmuMincAMt*. 434 

63 1 a 68*8 HU*. Cmy 6U3 

564* 44=0 .tl<xu*ntt<... M .„^. 47 

434 394 iLirsnuJ. P. 423* 

39 «b 34/e IkUMi — 39 

361+ 33 !>lurpbvOi<» 33 

60 464 ;NalnH»...~ 484 

38 la 25 Sv .VaUa- Chemical _/ 264 
- 16S* j 14 JAatlonai Can 153a 


30*i • 1*4 17Se \ M 

II06 ;-H*nie iG Jl.) 124 165* 14 

224 : »ean, Uoetiuck — ! 324 I 5.0 2.0 

294 ,$KUCCJ j 334 I 37«a | 5* 


r «■+ 

284 idlieti Oil — -....J 315* 174 

37 Shell lTnD’.pprt-.l 39»a 104 

28 -rianal j 32 145+ 

304 i5ljt4irieOurn.— .. 337a 27 

10>» Isimpll-ite rel...i 134 204 

18 Idinai - ! 194 19 

464 i-jmlth Kline 66&g 194 

134 1 24 594 

18 .?ou;h.lowTi- 26 4.00 

254 :x>utbernCal. H1.| K&4 Bi* 

164 [initDern Co. 184 

28>« idtbn. Art. K« . j 614 215* 

314 -Murbetti Pto-iH . 314 294 

454 ld»xitliemKailwm.\| 464 263 b 


144 idPCanhto...'.. | 164 

14l+ |dr»> »n 16 4 

2.06 orirnt. ta.2o 

34 | .di'-.arv fc\ wer_.| e67s 

134 I >nitl" Mtne>~...{ 134 
8fa l.aiMila Cement J 10' 


30 1.4 OSLO 

13 2.5 

30 LI I 
15 LO! M< 


3 | 9.0 ”0 iowhic - i.JOU +au au i.,| „ 

3 2.8 laeca I 645 -0 15 1 JJ } Maj - *1 

J^JU- [2,700 L - - 1 — 7 

t | 7.6 JiamaJ A/ert. Pw.il.1V> L 10 4.4 J «njW Bank 

j 6.0 Kumakru 360 +13 18 | 2.6 ' J nrreMard 


i PnoaT+cv 
KronerJ — 


255* 1 225* >0.A.UA 


144 j 111? luen. Caine ! I4Tg 

All. liMI m-.n-mu-. > +*1. 


454 I 37. 
485* : 44 

314 i 26 
304 1 27 
6I4 I 57 


I6S0 ' Jucyni- line ] 181 s 

31U H*u*+« ' 33U 

5 IJuinva Waicli ....! »4 

564 nJur.maUio Afhnj 37 

58’a idum.*n;h«i 1 5878 

51 '« ;v.*nn+ie' M*ip_ ' a25e 
14. j ;-aiiull«n Pacilk-.l lnt+ 
104 'Caua Kautioiph..) 11 
25>s I«-ani**fcin... — ~ : 261* 
H.% Carrier A treum , 1 1 % 
15/4 ' j*riei Hauney... 164 
465+ ; Jaierpn ar rrav+- ^7-% 

435 b i.Hri ! «®«l 

36 1 . Vianet Oirpll.. j 37% 


I 37% -lieu. UyiMnito . 434 

: 444 [Ueu.bira.nni3.... 46oa 

1 26% 'Oeuemi r«.^la... 284 

I 27 llieftein lltlix.. . «7 

I 57% (ienem. M>ii,(r»...i 614 
194 Itieii. PuU C'(U... J 19 4 
24 ;Ueu. sii^nai ........ 24% 

28% Weiil let. ISteci.. 1 29a* 

1 .22% :i*eii. lire 1 244 

34 jU«ne*e» 7% 

23% .UeuTvia Kainc-. 24 1* 

I 150 Urtti Ul , 169 

; 234 ;'JiH«i».. . 275* 

| 19 Jwrtii'hl.F 1970 

1 15/0 j uvlj e«i I ire.... • I64 
( 2470 |juuht • 27 


22i* ; 20?t Nat. Dt-tillers. .. 221a 
14 !b 124 '.Nat. iervl.+ Ind. 13% 
331* 291* Aatcata- 297* 

58 1* I 35% [Natunwa 45% 

434 ! 374 ,.\CK 425* 

17t* | 13 'Neptune Imp..... 164 

23i* 21% 'New bnx'and bl. 21% 

35% 34 'Nee Kujiaii 1 lei 34% 

159* 14% '.Nia+ara ilnbavk 14% 

11 1 9% fNiaaam share... 9% 

17% I 15% I*. L. liutiiauteb ltttg 
274+ 1 25% NortuihAIVetitenii 274 
41 i 3*»i -.V1nl1.Nai.U43. 484 

•28% ! 246a .Mb, 1 stales P»i 24% 
25% ; 20 J* Cv/iaest Air, me? I *6*8 


22% IfriuUUaa,* [ *24 

234 + |+ h'i Uaii9faare*.| iebtj 
154 [ i perry Hutch — ; 164 

327* K*J>I 34*« 

21% rAjulh..- - *2Sfi 

22ls Slamiaiu Hnuma 234+ 

34% ,s+l. UtlCa 1 limn la 38% 
44 IsPCUi! In.llana.J 164+ 
66 i* |9ld. Oil Ohln_.... 694* 

341* |itnuff Chemical.. s7% 
124 1 -UCrfani.' Dnie— .. 14 

43 4 | itu-lcbager 60 4 

33% j ?un Co .{ 40% 

SlSe isumJrtrand..—. I 35 
18-4 Isyntex j k34 


17% ; 13 4 I %ratl>.* Mtue> — 13 /b 
lot* | 8% (.aiMila Cemem.J 10 

145* | 9tg | jm*-la MV La rv ( 1 1+ 
27 ; 22l* [-'■an fm|-ifnkCuui[ k7 

204 • 18 jJalU'ki luduat tl94 

19 j 161" 1 Jan. Pm III. 1/4 

19-+ j 1BI* 1-au. Pi-UI In*. 18% 
594 ; 51 L.'aa. Super Ol ... h6tj 
4.00 j 3.0S l-aninc (J'Kecte. 4 00 
9>* 1 8% l Arteatot. .94 


1 ST* AkIWd— 

231+ JuoUlL.T' 

21 4 .'«» Bat hurt.— . 
16W J+niBumei Dam.... 
6l] Jiaieka liesonrve- 

7ln >»litlll Kh-Ii 

6% Daua Dpvlmt 

52 .•eniMuu Mum.... 
704 iX+ne .Mum...;-. 
534 iHjme Peucueuni 
21% Duniiuloo Britov 

14% 'ihiifllii ... 

{ 12 j Dupont 

j 16% ,r , a«a.«*«e Nickel. 


fkkbued (Fi-20)...l 
iTnllp* (Ft. 
tUn»-hVeitP'.l®- 

ricrtuprH.dU) 

iCuIIim><P 1.00|-... 
duimito iP'xO).... 
duyat Dutch, P 31 
i*aeenUirr~.— 
neviuUrpiP ^J) 
tou.vo Pbc.HmIm .5 
t-uli+rer iP+EOl— 
Vtutmittes-lailSlj 
WeaU&a'du. b*n»i 


« . 

>20 [— 9! 
10 -l 
78 | — 2 


91 ! Ji 

52 O'— l 1 4 

104 1 -A W 


15911 -Q.5 lALo* 8.0 MHwbtohT Corpl.l 460 1+35 


117 C_o.5 — - Mitsui A Co i 357 +26 

130^1 — 0.1 14 5.4 MtUUKushi ... ‘ 536 -4 

1283-0.2 A50 7.7 Nippon Ueoeo — L230 

245 19 7-8 ,Vi,««xj Sbiopan.. 696 +11 

135.5 -0.4 974 4.1 N naan Motor*—. 798. +6 

106.0 50 0.7 Plroeer 1.650 -50 

119.1 +0.2 Adl.b 7.0 inyo hl«lrlc_. 242 —1 

38.0+0.4 20 1^ tokreol Prefab 875 +29 

414.5.-2^1 33 3.9 shlreWo. Jl 


COPENHAGEN * 


3.9 3 false Wo _j 1,130 ^1—30 

5upN — : ?1'69 1) 1+20 

- Uusfao JWtne-...| 854 +4 

Lakeda Cbemtori J 390 —9 
1 UK 1 1,950 I — 50 

YT7 1 le ?“,7 1 HI l + 3 


m . + "" Hi 1 '■ Cokto aiuwelTJ 633 

M,f - 31 huma - | j j (oBki A/erl Hsa^Jl.ZOO 


+ 13 18 2.6 

-trti(bank-.-..J IO6.S1— OJ 

| 15 2-® 272iC.. 

|-«0 35 0.4 KrodiUtawcn ^—.i 104 I 

-1 ^0 1.4 ^HN-drefaral U*£;-£ 

12 iz ^ stortunnd — ... I 87.ty+ 2j 

+33 13 tA ...... m 

+26 14 IS SPAIN * . 

-4 20 1.9 Mart, 31 

1510.6 Astand — 

+ 11 12 I Q.B Banco Bilbao ® 

+5 16 1.0 Banco- AUanbcn tlJIK) JS 

-50 48 1.5 Banco Central 

—1 12 2 A Banco Exterior 

+29 30 1.7 Hama Craeral ™ 

— 30 20 OM Banco Granada tL«»> 

+20 40 1-2 Banco Hlspano 

+4 11 2J& Banco Irt. CaL (UHOi IB 

—9 15 1.9 B. Ind. Medtrerraiwo— W 

—50 30 0-8 Banco. Popnlar ■■—■■■■j- 

^7, , rt Banco Saolaader i5Si1 

tl \i l]o Banco Urdu do U3W> . ® 


A0 SS“'S^d «i. l - — \i EgSSEEsrJ Si 

.uira »lr It. *m.. 441 % 15 3.4 Cnti, { +07 

DdOake bauk .126% 13 9.5 1 914 

Kut Asian Co... 223S+I 12 6.4 - ^ 

■Imn3ba,»»en....|l26isjfl 15 9.4 Source NOtko 8e< 

/or. Hyncenei — 1 348 J 1... 12 3.6 

to.Mi|iir* .65%!+ 1+ 8 9.4 

II Sit SWITZERLAND •' 

Nun) K-b -l 256 —1+ 13 4.7 ’ 


Baum Vtocaya — 

Banco Zaragnzart — •> 


Source NOdco Securities. Tokyo 


21i+ 'VIi*hi van v,| 

165* iXurtva ^im<K, ... 

20 . Meuia Petr, • 

371+ 'U*llt> Mather.. 

18 |Ubv.- Bdlsno 

14 


'20% '■ 63% ! 25 


237a 1 e V.K 

7% j Jl. Atinii t+cles! 

82% | ■■rt^'^th Iren.’..! 

19% I jrevbuuii'i .. . . 
.1 1 jiJuil i Western.. 
;* |lfuo Oi.„ '■ 


33 it ’ 29% ! *-i«" A«r rall-.j agU 1 

29% I 27% i-lsf+Manhaltoi,, Agts 1 06% 

41/a | 37% i.i.emia. Bk.M, 48% 

25% * 20% ,Bd et-ruli Hcm.t . 82% 47% 

36% ■ 30 <8 . rt-ierit tern. JO * I 
49 -b, 42 |.-h, ■aa^Hnlne...; 48J? . > 27 _ 

18% I 14% i^lmimslhn 18% | „ 

13J» . 10% i.nrv-ie, H% 75!* 

24% 18% (Jiu.% Ml'* r«i... 23% 39% 

22% I 19% l-lUOLn 1 - ta 5 ® ! 

Silt 46t 3 ;.Ntto %erei--e:... • 47% ■ « , 
14, t . 11% | . in luwinr... IBfil I ZT/0 j 

39% 35 ,« onCoia ; »7% 26 jb , 

21% 19% *0‘« *|*3 

11% ! 10% ,-uiln Aikman..|. U 1 

2B't 1 27% iJnmmbts i!e 28 ; 40% 

16% ■ I3\j ; Jo, urnbui PI + .... 16% ■ 58 

165* ! 147e ;Ctnn.ln-CrwJtAn, 1&*3 i 884+ 

36 "b 31% |0wmiw*tiui» 6u- - **** I 14- 

20 1* * 155 4 jcVini^nivtion hq... WJ8 

28% 1 267a iJm+'Ur kkllsun 2/% B% I 

2% I Zt B ;Jo,u'w'*faOI. Ke g% 8705, 

36 39% I Jorum. esl«»lto. » a 22% 

IOSb 8% l-Vmii+itertj -l«n-+ l®** 29% 

607a 44 Tr WoirnL Life la*- - taTa - ooig 

23 IBTb l-unr» 22% 

23% 22% uVm.BUwBK.1. *3% 17% 

25 25% ' Jmi*.,. Fixrta l 43% 

44> ! 34% ; .'on+i Nu-Oa». 4»7 8 i 29J t 

23V 22% iertumer Plneei 24 l 10% 

35% 29% 1 -'intnnenu Gr*. t 31% 

29 ■ 26% !-tuirineD»- Ul». ■ "{*»% i 1% 

16 ' 14% VonMoeuta' Te'p.f la-'a 324+ 

27;, I 23% 'VoniriH Dat»-..— 1 84% , 11*+ 

45% ' 401* I'.cvper Indue , ..~i 44% 50% ) 


547 b WaiU-urtnn 1 B7t» 

54% I ton oh aUninit-...! 34% 

14% U-uTtltofairtier... I 147 b 

59% tUmsUmm J 47% n,. 

44% lrfein+ H.J J 35% 23% 

24 iHeufartn - . ! 25% * 


617 b Hew leu Pa-krt’ 1 62% i 

14% H-toia* loflc ‘ 16% ' 

31 . Uumestaae ~\ 34% : 

45% Uuuev+tel, i 43% : 

ill* H'W.ver — J— 13 

22% iH. op Cor*, Amo- 27% , 
231a iHunUn N+t.Ga 24% ; 
10% I Blunt Ph.Ai Clin, 111* 
10V '.duui+a (A.P.+.... 12 ta > 
20*+ i.C. lo.liu'frlej... 20 7 b 

54% (NA - 39 

50% l+Vtv/w* Jt*u-i... , 61V 

33% InlaM Srtee, 36% 

13V Iuall<v 1 13% 

7 lutacon, Enenctl 8 

235% IBM ! 235% 

20% iDtLFlxeuun* .! 21 

26% InU. Haiverter...l 26% 
37V luti.M U, A m^oi[ 39 '' 
20% lull. Muftiroola. J 21%' 

13% limo I 16V 

36% lull. Purer J 38 

26% IPU . ......... J .8% 

6% [lul HmaiAer 10% 

27 Ini. lei. del....! 28% 

J ilm^t .: 1 

27% |[u~' Heel ■ 32% 

11 ,IL Ini+riMi wnal.: 11% ' 
•87% ;)us Walter I S8% 


24/+ : 20% |Uvei>ea»Sblp — ■ *1% 
64% 1 58 VweoBlxjiainii...; 68 
23% 1 19% <r+«etw lIHuuto— ■ 2U% 

24% \ 23% iPicli+rtort i *+% 

21% 19% ;P»ta rtf falcbi (,«../ 20% 

21% 20% iP-tr. P»t.A U...J «1 

67 b A JrtuiAmVnrM Air 3% 

24 20% Parlici UaTiuihu. 28/g 

22/8 20 jPeaimlc lut 21% 

23%. 21% IPeu.Pw.Al* *2 

56V 33% PenmJ.U 36V 

30V 27 Pcminili 28V 

8I3 7 JPwpler OruB™— -77 b 

35% 32% IPwi+reCst. 56% 

27% 24% jPe*«ico. 1 26 


221. 24% 18V Isyntes j k3% 

13% 13% 81 1 I IwfanK-ulnr 9% 

297s ! 34 i+ 1 32% (Itilnirji* f 34% 

6B% 75% 57% ircfcdvn* ! 73V 

42V ! 43* 2** I Idea 4% 

16% 30% | 381 b , leueco- — 1 30 

2i+2 9% 73+ lesnro Petmveum; Big 

271? 251,,lew.r*.— 26 

o2 19% 18i« rejs+seiid 18% 

tSi 74 61% j -Texas liwuti e3l? 

,5;? 32t e | 29% I'exa* Dll A U«* . aul* 

“I!* 22 19% lexas CHittte* ... 20 

40)0 - 34% ! rime In 40 V 

251;. 22% ; Time* Mirror *6% 

5®'7 a 60V 1 41% jlimkeu 4S% 

111! 35% ! 31% !r«.,e 33V 

io/1 13 I 13l!< | ,| M«neri.« J3V 

f?' a 21V 1 17% ! Irens.;;. - Wl* 

36 ; S2l 3 < Veins l : n»un 36V 

52r 24 1+ 21% jlT*n-»av tofm *3 

16% 9% lin,n» Wurw Au; 16% 

3Ua 26% ' Travel «r» ■ 307 6 

*1% > BOV I 16% |In Continental .J 1870 


40% J 2T*+ 
35 ‘ 14 

k3V l 30% 
9% \ ‘ 6% 


Ills 
11T, 
14% 
14 V 
8 % 
4.06 

l 18% 
: 16% 
- 25% 
j 34% 
25 

< tn?* 


273* l.K.W .« 544+ l 

20V J Jib tern urv F.o. +81* , 

19% * UAL. <1% j 

18V I 1 - AKGO *4 > 

20% .<-01 4A»* 

14V iuOP — Ml* 

3618 lunueeei 37 ! 

62 V IiiSIiubM’-. — -6 | 

IZlg ,Cnkm Uanocn-js. 1< 
S?% ‘UhkaiCari+to.... 51 
61? [>- oino iCTnmfro 1 
!--UkioOI Cam... 41 
jouluu Pacitk- -,1 


69% J on) Mrtor Can..) 1 73 

255a (tienrtar. , 25 /b 

10% Ilium I 1'ei.nkallH 13V 
26 Uuit On Caneto..| 27% 
6 ihwkeraiil.Vu. o 

29 y.mnitiEr 30V 

37 Uitni-Uu ‘A 1 39% 

15% iUiitouu Ua> Mtb 17 

16V .Hud+ufiliav 19V 

41V iHmlsonUI'AQ*’ 44% 

17 ;i.a.c — 17V 

274* unit*?, 51% 

lav-llmpeiUtl Uir..—. 19V 
15V lliaw 18V 

8t? riieto 1 | t LUa 

9+0 j nlsnil .Nal.tias.. 1D70 
15V ]■'■»>/'.' PipeUnt 15% 
IS i v-tlser UeMHircet. 14V 
6V uiintn'i MnC’orv 8% 
3.26 Cum. 'fa.' 4 03 

16% jlir’mii.'u cnwd . - 18% 
9/8 to+efy 1enr»i*nn 1- V 

20% iclutvte— - U2V 

284* tl,*Te unpo>.... a3% 

21% 'uw/iils Mines... k4ta 
15 Aureeu bnenev... IsV 
15% -Mb,u le-Mi-ra-.. k6<B 
14 ! \iidul- ClLi i. U»« a5% 


i*i® IS i‘Z Bank on kin 
— * JS J-8 Be dus Andahnda 


.... m 

!L: S 

as 

l* 

222 


I ?■? Bsfacodt Wilcox 2 


11 CIC 

Drasad05 — — • 
Uunofaanif 
K. L Arasanesaa 
Kspauola Zinc — 
ExpL- Bin Ttnto - 


— 229 



*7 

IS 57 

„ rm w 


Nun) K-b -l 256 — % 13 

•Ji)efai<riN 83 la— V — 

r’rli-VUmk.M I151J(K3 + % 11. 

Pro* l usOioi,.. -...J 138V>di 11 

Bemv Iseo . 573V! 12 

-mpcrtc« ....[ 184V | 12 


I STOCKHOLM 


ta . t 

S3 +i 


D e ' TIW 

al ' F ™- 

3,2 “ ^ T“T" 

6-5 A.umiuium .J..'... 1.230 


Do. Keg. ) o56 

iielft -uU»e 2.390 


+ or |U1«.[Y,'l. bwrtrm.su !Vb25 

1 — I Ar. | 4, /Vt*b« (QeurRe)..] 670 


tUA Al.,b.i^U)_ 178 1 

V.tuL«rt'BiKrM 167 : + l 

V s LA (Kr.cO, 83.0M ; + 0.5 

Uln«C'-nun(Kr8t HB +2 

JlllenM 93 —1 

>Uin. 122 —1 

'.■nroo.. 17 Ire — 2 

Juilul>«N 222 +2 

xle i 'lux ’U'tKo. 138 

urlcsMHi ‘B’cKrtt 134 +2 


S B j l Do- (6ma.l) — «,050 i 55 I 0.7 

1 2'* iuterioi>t U (5-60J !-S0 20 2.7 

| Si WumH <Pr.lOO)_.j 1.390 1+5 20 1.4 J 

4 l l NesUB tFr. IcOi — j5,270 —10 aSS.Bl 2.6 1 

-J sf Un. Kfa:— 12.543 -IS «86.0j 6.7. 

Tq B a •teritkoa HjFj5x.J2.175 -10 j(15 ;17.4 • 
10 4o PlrttltnPOr.lOO)] 279 +4 Ut-MI 


4. or 

oiv-rrfd. 

* 1* 

—10 

&i L6 

-10 

10 1 3.0 


22 1.8 

-15 

22 2.4 

-4 

Z2 3.S 


16 5.1 


10 3.U 

+10 

6 5.7 

-500/550 1 0.7 { 


Fecsa (LSI, — - 

Femaa (1JM1 £5 +3 

Gal Predadto --v £■* 

Grupo Velaaue* „ s +) 

Hidrnla — gS ♦» 

Iberdnero I, + < 

Otam ••■«-- SjK +1 

Pape fans' Rromtos - - 

PetrcHber — Ss + k 

Petrotew — +3 

Ssrrtn Papalera - — ■ - +1 

.Solace — os 

Smtefisa — ^ +1 

TelefotUcs Sa - 

Terras Hwtwicb -1 


a.I) — [8,050 I 55 0.7 Union 

U 13.60J 1-50 20 2.7 - 

r.l/XS i 1.690 1+5 20 1.4* un 


Tubecex * 

Uni do Elec. 


t HONG KONG 


J^SJb! 4^4 1 sando* (Fr.2aD)...j3,7cO 


•atone “B". I 

r’Mjcrels I 


19% | 22V , colon 


52V j 45% ; -ukiu 


19V 17% ’I'eahln 2<inei 1 18% 

39% 32V iret._ 3*-% 

38 25% niter- j 27% 

22 17% [■'be.** Ikrtw— ... 21 v 

19% 18V rifa,isileiphisU+. 1BV 

50 56 fhlii*. \i"ot-ib 98 

50V 27 V ,r*fali?p> +ern, 'n 28V 

39V 56<* li'i.alnirr 561* 

30 18% Jnirrey .. 20tg 

34% 21% Inususi— 21 

18% 16% inewwj Ud ADK 17% 

26 | 25V -lOMBroi* 1. 23V 

16V | 14% itoi+av faw — 10% 

267 b ! 25V |PI4i Itntial riea.. 26? B 

84/3 74% «*ni l«*r G+nilne.. 74la 

25V 1 21% |t*ui> -tt*n+h(at.. B2V 

277« : 24 t'u'lmiu 26V 

17% '■ 15I& re -*n?s. - *8 l 

33t* 1 20% -^u+sei U«U. .. .. 21% , 

8% ' 37a Hrrt ■ A men tin.. ©V I 

36V ! 291a ! SS% , 

25% ; 22 'HC\ ....; *5 | 

25% j 82 jfaepubliu a I eel.... 1 2513 


8'i , 7V iCuuuvs- — — J <70 1 

8 V , 61a jiroiied 8n»ls_.. 7 I 

32V I 25Tg lea ItotJvC+V ! 28 { 

24% 1 311* ••o.Q+Tsnni 22 ,3 I 

26V : 21% uS-afbue 26t 4 • 

32% I 25% j at eel 25V { 

36V ; 32V c. lectnwioeies.. 35V : 

20% I 18ls ItIV innustriea 19Tg • 

14% ! 13% ‘«'itx‘"" •»%■+— IjV i 

30V ■ 16V jWvtreea-..™ 19V 

34 I 29V |W*ro«-t.iHi/mn.J »3V J 

28 V [ 254a :A*Bnar.Idunl+«t+ 67V » 

21/8 1 17 V i »V*rte^M*n’nie,*, 41 

26% 24% jtVeaa-taifp — t=5fa 

32/a 29% IVosteru Hen on 324* 

86V 21V 'Vesiero >-Anwi 2lV 

17 V 15V ! Western Union... i*>% 

18% j 16 V |iVtsilu<.bw Elect 164+ 

284* | 22V Wostreco. • 25 

26V 1 20V M werhaeuaer. . , 2Z1- 

25 • 20 V Affairiixol-..-. ; 21>, 

22V • 20% ’WhiteLVn.Irt 21*+ J 

18 V ; 16 V ;W,Uwm 17S+ | 

31 | 26% .Wmctuno Elect I 27** 


ta% r-Niniu le-wm— tea 
14 !\i,ina*-(Jb A Datl X5% 
4.70 I.VsiMirt Pdr'mJ S»U 
1.80 )rViacCvp(jer 3f.i 1.84 

85N| jUfc-iBi-Petroieuim £87a 
31% irtui. Uiui Pet'mi 394, 

14V jtvuocs..^. j t)e%- 

3.90 UNmuH*. UeiH. SJ 4.0u 


i 43*« 55', (tto-fth-Petroieuin c8?a 

354* 31% pan. Oul Pet'm. 394* 

I ' 17 14V tVUocv tJ5%- 

I 4.70 3.90 iVuvK*. Dei'-t. S_l 4.0u 

1.11 0.80 Ptw-eCs- *Ol- -.96 

23 19% I'UKerLmet+nit 2t% 

124, 970 iVsftturpcni'u 13V 

13% 10 V PHe 13% 

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..—••• -.- — . We- information handling and management exhibition INFO 78 will be held-at the West Centre Hotel, -London on April 4-7 1778 


5 retii «hanv , 

fc; 


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"“■^a 'V 


Automation of oflBce work is perhaps nowhere better illustrated than. in 
tie rapid growth of information handling techniques. Spurred on by the computer 
and other machine aids, it is a process which seems likely to become one of the most powerful 

influences shaping business practices during the coming decades. 




IlrlaBB 

&b I?'/, i ; - i“' 

S*-Li ■ • . : •':'••• , ■: 

. e “ Mix ‘ WUkinsoiL 

us 

GENERATION^- handling. 

-llirl nlo rtf triFrvpmiittnit 


kb 8 '^ sale of information in the 


is noW estimatfed lo-aceeiirif 
i llo '■*£' ’ about' - half the . Gross 
tosa ijjttion'al Product -following, a 


1 'giiod • of ."remarkable - growth 

'*■* -I nil mitfrnA rAt' 4 <m ' •ItroP 


2 j l.tfctf. seem$ set: to continue fpr: 
icTi .^. least tha -next-decade; v 


? |f ■ jj The huge sfee.bi the inf ottua- 
J*7 f'U handling industry— ^defined 
j£l s -u jthe' broadest- tenns^-iis fioipe- 
]\ ees not approbated by 'those 


HENNA 


J?. -si: ib look, bnly'at the costs- of : 
: :'4 gfa.-j processing . . maehin'ea, 
irt ‘Zi ijch representnnly about 2 to 
:!* -’ igef cent, of GNP lfl the V&: 
is .lid "between 1.5- per cent, and 
“ : f per cent in Europe. ; 

— __The total^ cost; of. handling 
\ * + formation, however,' includes 
." p large ' fabour-ln tensive 
mputer. services sector -and 
i’7 I Ices and their workers in 
# « -5 7 7 . 


banMng ( insurance, administra- 
tion- .and zn- manufacturing 
industry itself. By the end. of 
the decade iboutrhaif the U.S. 
labour force- is -expected to be 
working if* offices compared 
with;abqixt 35 ^r'ceht for the 
advanced nations' of Europe. .. 

A growing proportion of these 
office workers iralready associa- 
ted with ' mecbameal : -or 
computer-aided' equipment for 
handling information, and in the 
oext five" ydars br’Stf it is likely 
that tbe scaie of automation will 
Increase rapidly. - 

Broadly, information- handli nj? 
equipment can be . divided into 
tyro categories: the Jj^ditipnai 
systems: based mainlyten trans- 
fer and storage of paper. -atad 
the., modern- rival^HSeetrohic 
means,. It is pnssibtejtri. think 
of ..an ; absolute^ distinction 
between- offices -TWierie *very 
transactibn is in.Qie.iQnn of a', 
memoi^dum - and aR filing is 
done qiahually compared wifh ; 
the aH-electioonlii ipBi in 
which almost noting is written . 
down in "vis? bl e . n wevdr; j 
in most bnsiness^^c^prpmise 
haS to "be reache^between -the 
fusibility ' and'jepjwr' « of. - '» 
computer-based' iydtem and the 
inherent. conv0pfeB^ uf • papfer. 

■ in spite of enormous 
increase in. the an^iirttif com- 
puterised- jiatal - ibe, pr6cednf es 


matic typewriters and the 
newly developing facsimile 
transmission equipment 
The development of the 
copier market to $2 bn. a year 
world revenues has been the 
most spectacular, feature of the 
traditional -part of . information 
handling; The 'Japanese eftm- 
paniesr Ricoh,' Canon and 
Knnrshimku, and IBM and 
Kodak have joined in the fierce 
fight to displace the Xerox Cor- 
poration and Rank Xerox from 
its former monopoly of '.the 
business.. 


Impact 


in most ‘Bri'tiih'^i 
day:* arts still has 
tiona£ although . gl 

labbtrr^iVing' 
which *03^5: four 'm« 
are; 'fetation Y- 
copierr-^d; •dupljj 


paesseg; to- 
riJjr tfadi-- 
§pncy' has 
mously by 
r.pf 

^poTtent 
lors. auto- 


. Plain paper conying will 
dearly continue to have a major 
impact in reducing the amount 
of repetitive typing, while at the : 
same time increasing the avail- 
able' flow of information . Even 
in the longer term, there will be 
a large number of requirements 
for copying. -which cannot be 
replaced ;by electronic means. 

However, the electronic chal- 
lenge is already beginning to -be 
felt _and it is signficant- that 
while IBM was moving into the 
copier market, the 'Xerox Cor- 
poration -was diversifying into 
the electronic typing field with 
its 800 word-processing system 
launched in 1974. Xerox is esti- 
mated to have some 55 per cent, 
of the total $2:6biL- market for 
electronic typing. 

Electronic typewriters com- 
pete, to some extent with, copiers 
because . they -can. produce 
multiple copies from a magnetic 
tape, card or' disc. However, 
even with the fastest printers. 


this .Is likely to he a slower and 
less cost-effective -process than 
copying, unless there is a need 
to make alterations to individual 
documents. 

Electronic" typewriters with 
magnetic memories ' may, how- 
ever, make, a substantial dent 
in the' copier business by a more 
indlteet means, when according' 
to most predictions - about the 
“ office of the future," they are 
expected to change business pro- 
cedures. For Xerox, which still 
ohtains 90 per cent, of Its. 
revenue from copiers this 
change-over to electronic sys- 
tems is viewed with a mixture 
of apprehension and enthu- 
siasm: 

The major change will 
undoubtedly come about by the 
establishment of data processing 
networks.- .first in individual 
offices, then throughout organi- 
sations. and eventually through 
national and • international 
switched systems. 

In this process, the develop-, 
mem of the microprocessor, nr 
“ computer on a postage stamp 7. 
and the introduction of fast 
cheap solid state memories will 
have a crucial part to play. At 
present systems which allow a 
typewriter to -be driven from a 
magnetic store cost between 
£3.000 and £15-000. ' and the 
more powerful systems tend to 
be unite bulky.. 

Within about five years, how- 
ever. it shftuld be possible for 
most of ^.the computing ' and 
memory "power to. be accommo- 
dated "with in a typewriter sized 
keyboard with a small television 
screen attached. ... 


Although projections of costs 
are hazardous, it seems safe to 
predict that the real cost will 
be low enough to make such 
systems at least as common as 
the electric typewriter is at pre- 
sent. . 


A ' microcomputer board 
capable of. 8,000 characters 
storage and about 200,000 calcu- 
lations per second can now be 
obtained for about £500 or less 
per -unit in quantity. This, is 
considerably more powerful 
than, the IBM 1401 computer 
wfiidh was selling for about. 
£50,000 in 1960. By 1982, manu- 
facturers -will be able to -buy- a 
sitUSl? .component, the size of a 
domino- which has - the perform- 
ance' of such 'a modern mini-- 
computer. ■ The . cost will ' be 
about £20 ‘ to £30 on current 
trends. . ... 


It Is obvious that cost reduc- 
tions of the order nf ten times 
can- only be’ achieved if they 
are accompanied by a corres- 
ponding increase' in sales. 


Cautious 


It seems likely therefore that 
very 1 substantial computing 
power and electronic memories 
will' be liberally distributed 
throughout offices in a way 
which is almost unnoticeable to 
the- ordinary user. Typewriters 
will. in. short, be made “intelli- 
gent" and will be linked to 
internal telephone systems and 
larger libraries to form a con- 
tinuous network. 


Although most. cpmpanles_are 


still showing a cautious, not to' 
say conservative approach to 
these developments, some organ- 
isations, - mainly ■ in the U.S,, 

' have chosen to change over to 
all electronic communications. 
Such a system can, in theory at 
least, make paper commoitica^ 
tions almost obsolete. All 
internal communications includ- 
ing memoranda, reports, market- 
ing^ sales figures .and production' 
schedules are typed into an 
electronic terminal which 
either stores the information on. 

. tape or forwards if to a central 
file. Other departments wishing’ 
-to gain access to a particular 
.-document -use a television 
screen which can be used to edit 
- either their own or other 
people's work. Printed copies 
can be obtained ~ If necessary, 
but there Is some evidence that 
when people get used to' work- 
ing from - a television type of 
display they gradually become 
less reliant on paper records. 

■Eventually electronic ihfonna- 
-tion systems within an organisa-. 
tion are likely to become' 
-integrated with the mmicom-. 
p uter systems used for process 
control in the factory itself; for' 
it ' is obvious that information 
generated on the minute. .-by 
minute production process may 
. be an important part of the data 
required in a company's overall 
information handling system. 
Such systems require compli- 
cated software (programming) 
to organise the central files, to 
: ensure that access to relevant 
information can be obtained as 
easily as possibje, and to restrict 


the use 6f .certain files to par- 
ticular executives or -depart- 
ments. - One such system, aiming 
to ' provide - a - completely 
Integrated: industrial- system is 
Sperry' Univac's UUls/90 system 
aimed principally at fabricator, 
or' assembly types . of -comp anies.' 


Other systems are available, 
often aimed at a particular 
sector of- the business com- 
munity: y How ever „~lbe complete ■ 
electronic Integration .which is 
now technologically 'possible 
will probably "only' gain accept-' 
ance relatively slowly.- One 
reason Is - that' few companies 
at present have a coherent 
policy towards information pro- 
cessing. 


Mr. Terry Hart managing 
director of Jaquard Systems 
identified- seven separate aspects 
of Information processing con- 
cerning: data, words, messages, 
communications, voice, facsimile- 
and video. All - these- aspects- 
can eventually be integrated 
since software is now being 
developed which wQl' allow com*' 
puter ' 'systems . to : respond 
directly- to -voice commands or 
to read written, characters,. 


Many companies, however, 
have ■ separate — departments 
dealing with data * processing, 

telecommunication's - and "with 
office management Only where 
these various departments come' 
together under the direction of 
senior management- is- there' 
likely to.be a. complete change- 


over to electronic information 

handling. 

- Even where the organisational 
structure is favourable,, manage- 
ments are likely to be wary of 
committing large capital expen- 
ditures to a project until they 
are absolutely certain that they 
will not “be let down' by the soft- 
ware. They may also have doubts 
about spending money on sys- 
tems at a time when prices are 
still failing. 

It Is likely, therefore, that 
developments will .continue to 
■be "piecemeal with a number of 
differently defined markets 
growing independently. _ Word 
processors, small business com- 
puter' systems and “ inteHigent 1 
terminals ”. may eventually be- 
come indistinguishable, but for 
the time being' they are likely 
to be sold- to satisfy differently 
perceived needs. 

The main problem which the 
industry- -still- has -to- solve,- 
therefore,' , is one : of .couptiti-:. 
biiity. Many of the machines in 
different market sectors ' will 
.eventually need to be linked -to 
each other. This is particularly 
true of wolrd processors . which 
are -already evolving -to become 
computer terminals and will 
increasingly be linked, together 
like teleprinters. - 

. To make progress in the 
desired direction; the industry 
also" needs ' a better' conceptual 
framework which will bring 
'together" the various different 
developments in -a way which- 
can demonstrate the advantages^ 
to potential users without 
sounding too much like science' 
.fiction. 


SRAZiL 




PAIN * 




Some facts you should know 
before choosing a business computen 


The Philips range is unique; if offers a wide choice and a high 
degree of built-in growth potential, so that your system can develop wrth 
your company^ developing needs.. Choose Philips, for computers that 
grow with you. ‘ '' -' ; ' 


• Philips? concern for customers is unequalled. Our systems are 
carefully designed to be ‘“user-friendly”; we invest heavily in fully- 
qualrfied staff for Sales, Big fneering, Training, and installation; we treat 
every customer as a long-term relationship. Choose Philips, for a lifetime 
of good service. 1 


Our Engineers pride themselves on maintaining the most exacting 
standards in their field. Philipp systems are designed for fast and 
efficient servicing, arid our Engineers are on the spot, whenever you need* 
them— whether you're h’the Shetlands or Central London. Choose Philips, 
for reliability. ' ' r : ' 


Philips? annual turnover is £7^000 million. Over £400 million is 
invested eadi year in Research and Development. Since the early day?. 
Philips has pioneered innovation in computers, and still leads the field in 
technological progress. Who else can offer you this kind of background? 
Choose Philips, for security. 


hong '«*' 


. Whether you T re looking for a small computer, a medium-sized 
system or. a terminal system, weVe mefyour problem before (thanks to 
over 70,000 installations, in fust about every business you can. name)- 
Ririg-us with an outline of your needs, or drop a line to our Head Office, ’ 
and we’ll come up with the right answer,-Chdose Philips, for people who . 
talk your language.; •; 


, Philips Datcr Systems 


Hektra House, Berghoit Road, Colchester C04 5BE. 
■ Telephone (0206)51 15 ; 


PHILIPS J* computers that 












34 


'COMPUTERS 


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DKTTRIBUTED PROCESSING 
3270 COMMUNICAHONS 
STANDALONE BUSINESS APPLICATIONS 
KEY-TO-DISK/REMOTEJOB ESfTRY 


Four-Phase Systems, at the forefront of 
technology, has studied the problems of modem 
business and produced a family of video 
orientated computers to give the data processing 
manager the maximum flexibility in systems 
design. 

VISION is a distributed processing package 
for use with Four-Phase clustered display 
systems. It combines Key-to-Disc, Source Data 
Enby, On-Hne Enquiry, Local Data Management, 
Report and Document Generation and Batch 
Communications with an optimum balance of 
local and centra/ processing. 

Foreword is the word processing package 


which the data processing manager can now offer 
his company as a cost.effective addition to 
distributed processing. 

; Four-Phase base their products on systems 
efficiency: The video orientated computers are 
also cost-effective stand-alone business systems 
that can be programmed in COBOL. 

Thus the data processing manager wili find on 
one machine a combination of products relevant 
to his needs now and also in the future. 

You owe it to your company to check out how 
Four-Phase technology can benefit you. 

Telephone, write or send your business card 
to: 


IB/ 


Brian Lloyd, Four-Phase Systems Limited, 

37 High Street, Marlow, Bucks SL7 1AU. Telephone 062 8471921 . 


never has so much 
been typed by so few 
...since we got 

UNICOM 




UNfCQM is Europe's. - . •: Sv 

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TWO EVENTS in the past few 
weeks, though apparently un- 
related, show very, clearly just 
how far the computer industry 
has moved .from the palmy days 
in which it was claimed that 
an aii-powerfui central com- 
puter might cost the earth “but 
will revolutionise your company 
to the benefit of all.” 

One of these events is the 
appearance, very close to each 
other, of what can only be de- 
scribed as ■‘supermini- 
computers,” one from Digital 
Equipment Corporation and the 
other from Data GeneraL And 
both of these computers have 
the common characteristic that 
while they do not require the 
kid-glove treatment that is still 
demanded for large general- 
purpose machines, they never- 
theless can compete with equip- 
ment costing six times >s much 
and more so far as ability to 
cope with a workload is con- 
cerned. 

The other event is the sale 
by Telefile Computer Products 
of advanced technology memory 
both to CSC and to Corns ha re 
— targe bureaux in their own 
right. The key fact is that both 
are users ;of Xerox Da la 
Systems machines, a company 
taken over two years ago by 
Honeywell. 

But they wish to retain these 
machines, although Honeywell 
would dearly love to see them 
go. And Telefile. by providing 
n vast expansion in memory and 
in performance, is offering CSC 
and Comshare a new lease of 
life on their . XDS machines of 
anything between five and ten 
vears. 

Another interesting fact is 
■hat the Xerox machines, despite 
►heir obsolescence, have yet 
igain come out on top of the 
T ist compiled annually by Data- 
-jro in the-U-S.. which sends 
-uund robins to users asking 
hem to say how their equip- 
ment is perform in?. Xerox was 
’nil owed -by Amdahl, DEC and 
IBM.. 

Now it is likely to be some 
Mrae before Data General’s 
M-GQ0 and DEC's 2020 appear 
n a commercial guise. Both 
would be much too powerful for 
^ small business, and while 
business languages for both 
would be available, a certain 
•■.mount of rewriting would un- 


doubtedly be needed before they 
could move into a larger 
business environment Eut the 
step has been made. New 
users will certainly, be tempted. 

This spells increased competi- 
tion for the run of the mil! 
machines in the middle range. 
And if many more companies 
follow suit and make it attrac- 
tive for computer users to re- 
main with obsolete machines for 
much longer than anyone would 
have anticipated, marketing in 
the middle range will become 
even tougher. 

This is fine for users and the 
makers of the minis which go 
into smalL business systems. But 
what are the companies 
traditionally associated with 
large general purposes machines 
doing about it, particularly after 
the sharp price cuts they intro- 
duced for these last year? 

On the basis that “if you can't 
beat ’em, join ’em.” practically 
every such company has brought 
out a mini of one sort or an- 
other. or has equipment that 
could be described as a small 
business system. 


Vying 


This is nut preventing rapid 
growth at Nixdorf or Philips, 
vying with one another for 
leadership in this sector in 
Europe. Nor is it slowing down 
the development of Olivetti's 
intelligent terminal policy, in 
which the terminals are becom- 
ing more and more Intelligent 
as the electronics become more 
sophisticated, so that many if 
not all can function inde- 
pendently of any central unit for 
long periods. 

For ICL, small business sys- 
tems has soelled success, b^th 
in the 2303 series. w : th 2500 
worth £2fi0m. installed or on 
order, and in the Singer ranges. 
wh°re computers are being 
ordered in tens at a time. 
Though the comnany is rericent. 
it seems clear that together, the 
small machines are earning far 
more than the bie 2900:. 

And the sraalfer software 
s rmi ns are continualv providing 
functions and packages that 
TCL has not yet developed or 
does not intend to develop. On 
ihe same lines and for th» same 
reasons ihe launch bv LBM of 
System 32 and latterly the 


Series 1 mini, virtually- without many' - man-years " of work on 
software, has brought out . a creating a single product line, 
great deal of .support! that- put of the. word-oriented l-lDO 
would not otherwise have been aeries and the IBM architecture 
forthcoming. V.. type SO series, is also planning. 

But IBM appears, to ha ve^.far extension of low-level business 
too many lines going at 1 the low systems starting far below its 
end. They include the Series 1 90/30. itself a small business 
mentioned above: the 115 and system. Why Univac abandoned 
125 from 370: System 0— largely work which ICL carried through . 
office-oriented; System . : 32; to the bitter end at the demand 
System 34; the System 3 group of successive U.K. governments 
of machines -that should by now (to merge the 1900 and System-4 
have been superseded, -.though -ranges in the 2900) is not dear, 
many users are hanging on to The Univac hesitation has hoen 
them as tightly as they did with ascribed to potential user resist- 
tbe 360/30s; and in some special auce, -as the products coming 
situations. System 7. : J out of “Project Roanoke” 
It is a bewildering array 1 of wo »dd have demanded some soft- 
equipment and some users are ware transcription effort on the 
wondering where to turn. Which part of- users of the replaced 
is probably why there are so -machines, 
many rumours around of .an ail- ^ 
embracing E-series of machines SllftnfirtPll 
which will take-over gracefully lCU - 

where the above leave off. and . Be that as it may. Univac ha r 
also shade into the - larger low-end equipment, supported 
machines of the 3Q3X range, the and sold in the U.S. for about 
first three of which at the top a year: which is now to be 
end have been announced; since marketed in Britain and Europe, 
the middle of 1977. JJC/7 starts with the 611 

It would be .stretching a point machine where the accounting 
to say IBM is. Ln disarray-— with machine leaves off. - A. number 
earnings progressing as .they of Improvements and eobance- 
are. this “disarray" cannot be merits have been ,made for 
doing the company much harm, delivery later this year, and the 
But such apparent indecision is company should have a market 
uncharacteristic and points to a base of 1.000 .small systems in 
failure of the powerful market- the U.S. about now. This is not : 
ing faction to understand that the “Acorn" machine which is 
selling and supporting a flm. Univac’s answer to Series 1- And. 
machine is totally different from it has nothing to do with the 
placing a -£20,000 tiddler. Maybe Univac acquisition of the Varian 
this is why* one of the most line of high-powered minis: 
recent rumours to from Bu , BC/7 Muld present a 
the US. is that IMmsbt set pa u, probIem „ n0 

U E 3 ■■ . sen !r? . ”► computer orderly progression is possible 
shops m which to sell its small from y th ^ s , arJ , eEt of these 

equipment. machines to the smallest of 90 

Burroughs has made .a par- series, 
ticuiar point ever since it’ since there are probably 60 
scooped the U K. hank tenmnal minicomputers suitable for 
market at the time of deci- business applications, it is not 
malisation, of woomg the .small possib i e t0 look at them all here, 
user. And NCR, finding s new But j> atapr0i the U.S. market 
lease of vigorous life, is researeh group, put Basic/Four 
revjtalismg its whole nmge and raachines al the top of its 1977 
extending it from high street -“happy user” list. And to-, 
shop level up to a machine S0UD d a cautionary note. it . is 
that matches the biggest from appropriate to quote from a- 
. any soarce except perhaps CDC. response to a. .Computerworld 
Honeywell has a wealth of questionnaire by .Basic/Four's 
small machines and -its own director of marketing support,- 
minis to allow even the Chuck Muhle. Asked what 
humblest user to go distributed users should be able to expect 
if he so wishes. j f ron , his system, he said,. 

Univac, which has just shelved bluntly: “ Users should expect ; 


a trouble-free operation," iL' 1/1 
added: i “What is incjJ* f 
should never -be askedw^ V 
what It is apt intended tq j 

There U'a bewUdertM ^ 
of small equipment. One L? > 
out of the problem is ^ 22.v : . 
a turnkey, operation who : 
suggest a machine, train riff ’ 
get . tile system - up and rna3r' ; 
and only, band over and m® ; * 
his fee when everything 
ing satisfactorily. Ann thiJ y 
but is to opt for fecititiee® ' 
ageraerit, which is a «3§ -V 
going fer beyond forakeyAjev ' 
the provider continues' tew ~ 
the equipment as if it warw.-' - 
own. ' . ■■ Tap;.-. 

In. both instances u^S' 
meat does not become trims - 
hi the gamut of problems)*^ ' 1 
dated with, eftoioe. 

second instance managemem 
unlikely, ev.er to -teatTSc' 
about an .area that rouldla > 
vital importance to comM' . 
survival.' 

.. A guide /to would-be ns^S>.- 
smaU computers receritiy^ '- 
pfledby The Date PracfflL'- 
Managers. Ass&ciatira ' *' 

amid, a wealth of pungep^ 
mon sense, the following gJK'- 
rales for the derisiQn-nm^S-’l- 
read before signing the c£§» - 1 V’. 

"Do riot buy a comp^®’ :; 
you imagine you have A« : ' - ' 
reasons than: . : 

1. Impending legislae^' j 

pensions or payroll cann^- 
implemented on ah tid® ’:..-. 
business 'machine ar.c&B"’' 
system. ■ • 

2. Expanding yoIumt'D/.&' : . 

nes is -jeopardised by-limit*© - .. 
of spare. or capacity withjl'" 
existing system. . . 

3. Faster production ^';; 
voices., with an impravemeA ."' 
cash flow, is needed. \ v£/ 

4. Certain knowIedger iA ; ' 

similar - company with .*■ - 

identical .business! appe|r - 
which has made ' a succ^: 
its computer.. - '-'-.‘51’" 

5. The' need to tatfle^i ’ 

lems or obtain infonnattoail' . 
possible- with existing -m: ; . 
ment.”v . . . . 

■ DPMA adds thet.no firte|:-r 
user should consider bnj^- 
computer simply “becanse ; 

lieves, without- any ro0^ . 
dence, that it will save. Jtajr r 
money;. • ■ -:.A' .. 

... Ted Schoefi 


rinii 




New brand of home service 




A GOOD CASE can be made out 
that the single most important 
development of the .second half 
uf the 20th century (barring a 
nuclear holocaust) will be the 
application of computers to 
everyday life. 

In this process, the Post 
Office's Viewdata system may 
well play a crucial part The 
system was, indeed, described 
by Mr. Peter Benton, Managing 
Director of Post Office Telecom- 
munications as being perhaps as 
important as the development of 
the telephone itself. Others 
have described Viewdata as the 
beginning of a truly electronic 
society. 

The appeal of the system is 
that it combines two common, 
mass produced pieces oC equip- 
ment, the television set and the 
telephone, to make what has 
hitherto been an expensive and 
esoteric item, a computer 
terminal. 

The system allows modified 
television sets to he connected 
by ordinary telephone lines to a 
network of central computers 
which will he able to store an 
enormous amount of informa- 
tion. Viewers will be able to 
call . up timetables, stock 
market prices, financial inform- 
ation. advice on sports and 
hobbies and eventually classi- 
fied advertisements of all kinds. 
The futuristic possibilities arise 
from the fact that viewers will 
be able to communicate back to 
the computer, to hold two-way 




UNICOM 


provides for better Organisation 
and control ot work flow 


for fuft d&7aiis;dori;cci oar' v. - I 


eliminates avast amount of unnecessary work 


VTS division 


has produced productivity increases of 
200 to 700% in existing installations 


greatly improves quality and 
turnaround of typeddocuments 


•..V Logica Limited 

64 Newmcn Street 
. ’ London -WIA 4SE. . 
telephone 01-537 9t3o: 

Dir 58 08361 - 


If you.* company has. 10 h'pawrjfers in heavy us. 
cr mors than 4 automafie f/pewriters 
Then you could profit from UNICOM . .. 
ar,d snoulb ‘ind oui mere about it. . 



dialogues, to call up and interro- 
gate various parts of the com- 
puter memory and even to send 
typed messages to be displayed 
on the screens of other sub- 
scribers. 

Since the cost of modifying a 
television set to accept View- 
data will eventually be quite 
small (perhaps £20 to £50 at 
present day prices) it is likely 
that a complete national even 
world network of interconnected 
computer terminals will be 
created. (At present, however, 
a modified colour set costs 
around £700. A special purpose 
monochrome set will soon be 
available for around £200-f 300 . ) 
The television screen will then 
become, not merely a ubiquitous 
medium for entertainment, but 
ibe means of instruction and 
communication as well. The 
system allows subscribers to use 
a small remote control keyboard 
to send messages to. the com- 
puter w'hich will be called up 
hy a push huttnn dialling code 
over the ordinary telephone net- 
work. 

The public service will start 
next year with some 200,000 
stored pages of information, but 
eventually many millions of 
pages could be stored since the 
capacity of the system is 
theoretically almost without 
limit. 

The advantages nf Viewdata 
over conventional computer 
bureaux are its flexibility and 
cheapness. The equipment cost 
is now only a few hundred 
pounds compared with perhaps 
several thousand for a conven- 
tional computer terminal. Con- 
sequently Viewdata will be able 
to appeal . to much wider 
markets. 

| ’The Post Office intends to act 
only as a carrier which will sell 
space on its computer memories 
tn any organisation which is 
interested. These organisations 
will be able to buy pages (r he 
amnunt of text which will fill a 
television screen! and io.fum- 
eharge subscribers from zero m 
5flp a page if they wish to call 
up the information. 

Almost certainly the first 
users will tend to be business- 
men.. brokers and orher 
specialist users. The system will 
probably also be an economic 
proposition for clubs and soecial 
interest sroups who wish' to 
transmit data to their memhers. 

One of the mn.«t interesting 
nnssihilities. however, concerns 
deve’nnment of a truly mass 
market for Viewdata services 
when a large proportion of the 
Dopnlation could be able to 
access the data available. Costs 
to the providers of information 
could be defrayed over a large 
number of customers, and 
economies nf scale would have 
the same effect as in any other 
mass market 

In this event. Viewdata could 
ha intrinsically a much cheaper 


advertising medium than most- 
existing newspapers . at least 
with present technology. The 
prire per unit of memory stored 
on computers has been falling 
steeply and will continue*to fall 
fjr the foreseeable future. The 
cc-t. of telecommunications is 
also likely to fall in real terms, 
while, the costs of paper and 
newspaper labour continue to 
rise. It may well prove therefore 
thnt advertisers can afford to 
keep very large stores of in- 
formation either on Viewdata 
computers or separate com- 
puters of their own which will 
be compatible with the Viewdata 
system 

Registers of houses, cars, 
household good* and oth^r items 
for sale are likely - to be kept 
in regional computers, but 
because of the national tele- 
phone network, the register or 
houses for sale in any region 
could be obtained by a trunk 
cal 1 from any other part nr the 
country, or indeed, from any- 
where in the world. 


Registers 


Initially tho«e electronic 
registers nf classified advertise- 
ments may be similar in form 
or may duplicate the ordinary 
printed classified part of npws-' 
naoers. But in principle at least. 
Viewdata advertisements can bo 
s-anned in a more flexible way. 

they are stored etec- 
tronicary on comnuters. the 
advertisements could be re- 
classified hy quite simple com- 
puter programs. Thus, if a 
potential buyer wished to find 
a house in a particular area 
within a snecifled price range. 
h« coul.1 tvne in his request and 
the available houses would- 
anopar instantly on his tele- 
vision screen. This degree of 
sonhi st i cation is not yet avail, 
ab'e. hut there can be little 
d-» , *bt that it will be, sooner or 
la*»r. 

Similarly \ the computer 
should be able to by-pass the 
complexities of rail, or airline 
timetables by. answering a re- 
quest, for examote. for all the 
trains from Stockton to - Man- 
chester. with changes, on. a par- 
ticular dav. This would be - 
similar to the romputer servipe 
provided bv airlines. a L.nrpsent. 

.Several interesting Ideas, for 
exnlnitine the. possibilities of 
pa rtici nation bv - viewers are 
now being centered. The flm 
stage will he the provision of- 
cnmmiterised games like ms/es. 
chess or backgammon. Adver- 
tisers are likely >n exploit thp 
interactive capabilities in two 
ways; first, viewers will be able 
to resnond directly to general 
advertising campaigns bv Bench- 
ing a button if they wish thdr 
name and address to he forvi 
wnrrfpd aiitomarfcnllv to the ad-| 
vertiser. Thp viewer’s ability to 
re«nnnd could also bp used very 
efficiently for making market 


surveys and ■ eventually for 
making direct responses to clas-' 
sified advertisements. 

- It has even been suggested 
•that Viewdata could be used lor 
conducting referenda, and jeven- 
tually .perhaps a General Elec-, 
tion, though, this certainly would 
have to depend upon- a large 
part of the population being 
equipped with the system. The 
system could almost certainly 
be used quite soon, however, for 
some sort of political opiriio.u 
sampling. Some of the heavy-- 
weight political ■ programmes, 
for example, might conclude 
with a simple yes or no vote in 
wbicb viewers would .be - invited 
to send their opinions to the 
Viewdata computer. - 

Perhaps the most interesting 
aspect of the: system;. from, a 
business point of view is that 
Viewdata will be . adaptable 
from very large to relatively 
small potential audiences. 

As a mass, medium it will be 
able to carry news, sport, con- 
sumer information and advertis- 
ing: at a low cost each time- a 
“page” is accessed by ' a 
subscriber. 

On the other hand much more 
specialised Information will be ; 
stored For businessmen. The 
service to be provided jointly by 


the Financial Times awns®. 
will, for example, be stator r V . 
this audience •; where .eati ;8 v- 
tion of information 
relatively high unit 
Specialised clubs and _Sw • 
tieir may also use the >ertic|i-.- t. 
keeping their members tafow.’ . 
and even for exchanging "Ml 
matron between them. Theft i,- 
be able to restrict access to tb 
.section of- the compulEr : 
members who bave a partied 
password; . ' - - d 

■ This abiUty tb give restrict fjT a ^ 

access to pan of the; wmifflym i / 1 

to a particular user may also. ** Vw I 

useful to small businesai ? 
wish to use Viewdata as a cfca. , 
substitute .for; a . Compaq ?:*. • 
bureau. Because the .Vmwg :• 
computer is geared w.proriap 7 : .. 
large storage capacity .. . 

benefit of large numbers •- 
scribersv.it wili^ be lea ffiw ... 

than other computers, hush ... 

forming talciilationsdr.pl^'? • . 
ing- the data which 'lt pg.; .. 

However, for busiziesses jW-:. .. 
fairly :suriple needg it maf-y . ’ 
prove to have adequate tjOT -.. - , 
ing power, or it nay ; 
simply as. a data bank fey ... 
junction wfth .a. ‘small 
computer. • - • w ' 

Max^ Wilki^l ' 



Britain’s first ever 

INFORMATION HANDLING 


- ' and . 

MANAGEMENT EXHIBITIOI 

The West Centre ^otel ; 

UilieRoad, Loridon,SW6>7; 

4th-7th April 1970 : = 


IZh* 


IO.OOtm to Vfl.OO \ 

- I -dosing I&-00 fars on last day). . 

More than 3d manufacruren andrso^ilie^oftji* - 
latest management in forma don tystejmtedunlng; 


BUSfMESS CGMPUTEBS- 
COMPUTER TERMINALS 
WORD PROCE$SORS - “ 
DATA STORAGE and . ' ■ 
RETRIEVAL SYSTEMS 
SECURITY SYSTEMS ■ 
TELECOMMUNICATION; 

EQUIPMENT - 


ell under one roof, providing praedcat denaonstradon* 
in non-teehnical, jargon-free language. 

Ring 01-64? 1001 for your free 
invitation : - . . 


Organised by B.E.D. Exfiibltlow Ud» •• . ■ 

Bridge House. Restmor Way. Wailinst«i, SurTey.- 







, • •Pep., is." - 

a 5 -^ a . 3 ;Q a l'~ * 

• .. I 1 . f 


■ • • ca « e Jng- factor in the fatara, though 

; £: '-\ if tere ? ij ^ W may become m^ewa more 

5 Vv well. hive , been serious proWest;: '-J b «a»m 


comes 

point 


' " *? A *?J35 to become' posdWe. YMewtwhfle. 

^ -JU?* to , ' **»t to.we, what however, . LSI .‘mender. ■ has 
~ 1 rent- or lease, and -the opera- rore^.- ttaua gtoiM 

v,- .‘J® posmbilities the - tech- witbbutjfcjndhed the intelligent 

r - *VS&SZ EEMW* ** scope tmtifir ^stSdfc* mL 

■i . . Aia comoanv’s nArt fiw «v«- . ij n_ 


* '•< 9£ rair^et product would not really 

i "lia:.?* ' • i'JS? ; For he Is be possible.- Hie entire philor 

';;;•' «rr bewildering *phy of disbilRit^«iipufine 

.'■ ^ a*»b •i 1 . 1 lt ^;L^r -C B<? ? u ! al cptio ? s » and is bafiedon.tbe extetance of LSI 

10 priC8 P®**®* 1 *.' cheap storage,. which 'xan then 
■ 7 ■■* ■- parameters. -■■-■•- - ■ — 


■■• > tt -■—— ™— . - .. .... ire . spread 

He ow&t to. begin with one system. *. 

^ accepted proposition: - Price priTc 

->• - I'lQtWPT tnn n4-B n « . *. t- ' i.-v . 


*n .1* ? . : W'ivl^ ina ^ e ^-^ IR ***6 i* not even,, and more becoming wc 
; v . , Jv 1 " -1 in,, ,'■ lea* ;m terms of produce Irig about A Quite 

' : *i- ^r... doming- "to* .'market. ' — i — ^ **.- 


- Price iterfarina^Brtfidg In 
disc storage, uftgjrai Vf* where 
mainframe users^jte^heix files 
and databases o^fiie’ are more 
and more becoming worth think- 
ing about A Quite standard 
projection within the industry 


' D.-, % ^n do. some analysis. Is that the cost per bit of disc 

V iv a *L_ ^ are two areas to consider: storaee between .the years 1975 
“...;■ V"' ; >'j -^npheral. .devices .within sys-.aiid 1980, WM.' from ten to 
^nns, and peripheral devices for the mnfttj time.- to ten to the 
:!r: 'c..:? . ‘Put. output In- the first group minus -four*--''' . 1 

r % n ' pfe*® e storage techno logy, com-. Tt. hipjheen.' running at j this 
-•■■•• V 1 V*unlcations . controllers ' ' and rate, though not .evenly.' for 
r .. . . s * n jandlers^ and fecial processors; some time. Put' rimply this 
' ■■ ur t^e back end philosophy which means that costs of disc storage 
- ;•.••:■> n °w becoming popular among >n 1 980- wWl he' a tentf? of- the 

■ . ‘ v ^u^»jie technically. literate; . 1975 cost. This comes pot simply 

... ! .* Storage is changing. We ate the benefits of Volume pro- 
...• T. J - ^j^'.Kr |-eginning to be able to. put dtretion. but also *i£jj«m- the 

-■ ; tgether within systems^ hler-- changes in technology, some of 

1 ■ ■ ^r^uuvi.&q rchjr of storage devices, both whi^ were meiitioii^J : d^ove. 

: ■' ‘BipMt^inctfbn sind usage related. This Change is contuUMng. We can 
;; =>rj^ leans simpiy that the storage in foresee packing, densities m- 
’ : ; ri ?) large.system oray not be the creasing six-fold.. - hy 1985. 

"; J ' i, 7 -j'.une- as in a small system. We though manufaettrihg ' costs 

.nv ; j Sj jpw have a flexibility which was within that tin»Q*iira. unlikely 
j .^enletf us for many years. to rise, at least' fo ' rtal terms, 
_ " - Computer :;: systems ' have ^ more a ^’pef cent 

•’• ■ ’ ~ ■ ? in ease d to - be simply collections . > - ^. w .. 4 . V 

■- ^rnpK-^ easily identiflable-use storage i r 1 on co/l 
' • ^.:; :3; ' n d a processor; . Core; discs V'Caactt . . , • • 
nd tapes have .been succeeded - As for tapes, the -traditional 
■ ‘ ‘ ‘* 3 : '.niaiiL store. tSI add-on tape. drives have c^sed to play 

store, discs of a bewilder- ah important role In comput- 
■' ‘ ‘ ' '^-^T^Vvariety of- packing densities Ing Trne, eVer^>ddy ims them, 
' :r v n d speed^— and differing tech- but 1 they have bedphae deviees 
: v : , r ~ologies, with.' Winchester bn .on which one 'stMfcs data and 
” "ne Side; .the technology, in .programmes o®li»^ a refer- 
Tod ex.- 1 ***® ^ -read-write heads ence library. TapO-was expected 
» cO jCBtome with; tile disc pack, and to make a- onnehaek with the 
onventional technoTogies on the rise. ^ rthe : automated' tape 
ther- - And within this read- library and. the tpp&ypartridge. 
• /rite area, different ‘ types of but jibe 1 first .has - imtvhappened 

w t ^ s\f\ l,rface s *nd different mech an/ because access speeds.; are too 
1 / Iff-* sms are now available. i' and the secat& jsmiqking 
y I V. ‘ LSI storage too is in a state its impact on -the, periphery of 
T w f change. To-dk/s mainframe- the market, -. dowd^ in srttaU 

/ill have its storage, based on tenninai-deyioQ fields. ’ 

- 5 ' T ! t-; chips, l at least Sf it -dauiB Hus tape.caasptte business 's 
.■■■’• vo he the state ofthe art. thoaifthwm&ig,:^ 

rrurprisingly some major -pmnn-/inOre into its ovm when such 
. .. r Ejacturers are still basing such’ systems as Viewdata come fully 
storage on l;:.and 2k chjps. into ^se. And then . there is the 
... ..TVithin the next three years we . floppy disc, a good programme 
' : ‘ y an expect that "32k and «4k^ loading device, or usefol.ih stor- 

: ^hips will heconie th? state of tog ' data among the small on- 
- ‘ ' i: ' v ”' r he art. .‘This means that main line: 'systems. ; 

• ' ‘ lorage is unlikely to be alimit; As if this was not enough. 


now coming in are other forms 
of- storage, charge - coupled 
devices, babbie memory. Texas 
Instruments offers a terminal 
with 92K of bubble memory 
. and* there are four others at 
least claiming to have bubble 
memory product, on the market 
though so far this has hardly 
been seen this side of the 
Atlantic. 

There is also the technology 
of electron beam access mass 
storage, which again seems so 
far to have only been sold to a 
few major users in the U.S.A. 

Change is also happening in 
terminal technology. What has 
been remarkable in- the 1970s 
has been the rise of VDU tech- 
nology, and the virtual eefipse 
of the teletype-like terminal. 
True, these still account for a 
large part of the installed 
market base. However the great 
growth has been in the quieter 
to use technology of the VDU. 
. But thepe are problems. It 
might be expected that terminal 
compatibility would improve as 
the. market developed. In fact, 
the reverse has. happened. The 
technology on the market is 
basically standard. Gas panels, 
and colour are still at a high 
premium. The .characteristics 
are a different matter. 

• The problem is that the ter r 
. mmal U now no. longer always 
an unintelligent: device; local 
storage complicates matters as 
does the amount of intelligence 
built in. which cen vary widely. 
.It would be very easy to be- 
wilder the reader with a long 
list of terminal numbers and 
terminal functions, it is much 
better to consider the reason 
for the bewildering variety 
which exists. 

What has happened is that 
terminals have ' been broken 
down into functions. There is 
a number of different classes 
for ' different . ■ tasks, and the 
issue is complicated by the 
number of manufacturers of in- 
compatible systems who make 
their own, with their own 
variations built in. 

,So we have a situation where 
characters . per .’screen differ 
from manufacturer to manufac- 
turer, though there are some 
standard ' formats. Cursor 
arrangements will often differ, 
as will the way the data is 
brought up or down. And of 
course speeds differ consider- 
ably. - 

Just to complicate - matters, 
coming up is the technology 
of the word processing system, 
a. -further adapatation of VDU 
technology, whf ch may well 
have. considerable flexibility 
built hi as the terminal need.* 


not be restricted to word pro- 
cessing functions. 

This mare's nest is not easy 
to sort through. We have left 
the Model T Ford days. Ter- 
minal capability is now avail- 
able to meet a wide range of 
uses, and just as wide a range 
of system configurations, 
whether the terminal is to be 
used as a simple output-input 
device, with all intelligence 
concentrated at the CPU end. 
or whether the system has to 
be one in which there is both 
local intelligence in some form, 

itself related to function. 

located at the terminal end, 
which the terminal Itself con- 
tains or can access differing 
modes of data transmission, 
say conventional and packet 
switched. 


Printers 


Lastly, there are printers. 
The variety is not quite as be- 
wildering, and costs are falling. 
The most interesting develop- 
ments are found in two areas, 
the high quality expensive tnd, 
such as IBM’s ink jet printer 
system, which runs at 92 charac- 
ters a second and can be ex- 
pected to go up to over 200 
within a few years. 

This is for good quality print 
a potentially explosive impact on 
printing as we understand it. 
Ink jet printing gives such dear 
resolution and high print quality 
that it may well cut into tradi- 
tional printing methods. 

At the other end, we have the 
development of the small cheap 
optical printer. A good example ' 
of this -is the 40 . character 1 
printer which has been shown 
in Viewdata presentations. For 
all that the manufacturers are 
talking the costs up. a close look 
at it would indicate that if it 1 
cost more than £15 to manufac- 
ture, someone somewhere is 
going to be making rather more 
than a marginal profit. 

. So far, the thesis has been 
that the user now has a great 
variety of options, that even 
without considering at all in any 
detail word processing, even 
mentioning the on line intelli- 
gent typewriter, looking at the 
impact of distributed processing , 
or considering the large number 
of clustering options available, 
there is enough variety to 
bewilder the manager, and make 
him seek help. 

We are once more in a time of 
change, and it is in such times 
that mistakes are made. The 
old Chinese curse I suspect is 
not so much a question as a 
positive statement. # 

Rex Malik 


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- : ->■- r^- . ‘ 

• • ' * F ;' ILL t GOOD . STORIES : begin, 

- ■ - Ooce. upon « tline... . >,- n .jfrKl- 
. ■ \ Tiiis is no exception. Once npon' 
time, indeed a very long time 
. y : 'so, irr tiie early 1970s, there 
. /as a large company . In which 

. r ' enior management was job- 

■' .'ware of data communications. 
- : Vou had to. dig quite deep. into. 

• .i- , : ;he annual VP budget and the 
eguiar.. management reports 
v . - -.-.-' ; '*efore it became apparent that 
. . - ^ - 7 -b e subject existed, and_that the 
. . - 2 .- ompany had data co rnm nnfca- 
.. • Tons expenditure.' 

. . ■ ” Last year, the subject *was 

, : t- :i overed. at board level, a number 
i £ times, consultants' were ^dm- 
, ulfljnissiohed;- reports were written,. 

\ 1 2 ' V^ioote were- feed, future- possable 1 
ul rera entk .'.were studied, 
jgumerrt - blossomed, . ■ rows 
insued. arid a generally gqW H 
noonchislve time’ was haa by; 
ilL ; ‘ 1 ; 

.The reason was that back in' 
he nearly- 1970s the" company’s 
lata communication®. vtaR seen 
is.part- of ' the DP effort^ a ted- 
lifcaT means to a paxtidtlar end, 
vWch was ^ihuilyl^aattTurm^ 


:/ 6V er 

HAND 1 


;XH 1B«i 

" "Si 

S OR. 

il 197« 


W - Last 'jear, .the " company 

. ||l(j rtj&ted ;to: dorwribat/a nx^hBer of 
(nt*»* v rtSers had done and 1 mare and 
" ogre are doing: itTooked at the- 

, ovality . of ■' cofomunicationsj 
-ifljdHitifrlng- costs,, and finding 
0{T» U w in the process that its total 

■ommunications bill v/as surprta- 
ial ngly 'large. .. .What they' bad 

1 lone wa&t&hwk at aSLInterand 

;VV6 ntra-compffljy' communications, 

n md to isolate dl costs of com*: 

\"7q mini cation .wttii tiie outside" 

' rorld. -Telephone, post data 

rgnsmlssion, the use bf messen- 
jbrs, all had . been looked at. 
•They had. they, said -been .quite 
*■ 3tfiple ; minded alwitt.itjalL...Tt 

ntt all data that was being sent 
uT received, and the question 
hey were ' interested in. was- a 
ample one. How much of this, 
vag likely 1 to he subjected' to 
Ugitai 'techniques within' -the 
lest foirror five yeare, - 
Whati.iwsr. interesting was the . 

a^tc : assumption : that-, with 
tigfrai tedinlqnes went 'cost con- 
ii* r .and-' tfife ;• eqnally basic 
issomptlon^ a predictable speed 
jfl response. - which was. all 
. p g important operation aB?: ■ 

v* -®3e company-. managenient 
Uterest was not just based nn ; 
vt^had been wad- on The; 
. • • ’gr-' the; effects of -yvwits 


by mstbuslastic salesmen. What 
had happened was that they had 
grown from a couple of batch 
computer systems to a point 
where they now had a couple nf 
star networks based' oh sizeable 
mainframes, they were using 
remote, job entry terminals, 
. interactive intelligent terminals, 
accessing time sharing’ bureau, 
"remote databases, and starting 
facsimile transmission between 
.a coupie of sites. . 

■ ■ All this bad beeh ' growing 
without central planning or 
direction, until ' someone had 
started to do some sums, looked 
at some of the effects of the 
-spead-upof the information flow 
pro«»^-M«FMhd derided tiiat it 
■ was tim^ that senior manage- 
ment' began to find -out what 
this, was' all . about - 

But. data communirations is 
. not a subject .solely of concern 
to large corporations and large 
organisations.; It is becoming 
Increasingly common to talk of 
comixumfestioris and computing 
as j; converging technology, and 
tids is troe. ., But why it is 
happening is not generally 
understood, nor -the pace at 
whiidi 'the changes are takiiig 
■place. / - ■ 


The last is easy to illustrate. 
.Three years ago, an. ICL user 
wanted to link ' a terminal in 
Aberdeen foa.2903 computer m 
Marseilles: . He found that the 
only, thing’ be could do was. to 
buy another .2993 and have one 
at each end- A couple of weeks 
ago,- ICL in announcing some 
new.2903 models stated; ^Larger 
2903 - range systems are now 
capable of .supporting over 100 
terminals.” That Is the measure 
of the rixange. and that from a 
company which has /generally, 
been . slow to. make thq switch to 
communications. 

Why is it happening? In large 
part becaiise the instant. answer 
'S^teiri - (instant being 'defined 
as the time. scale which sui*s 
the : user rather than the tech- 
nology) was always inherent m 
computing. ■■ « ’ ■ •’ 

The batch computing systems 
which were the only mode avail- 
able -for the majority of com-, 
jfieriaal-.i users : throughout the 
M60s and the early 1970s were 


the result of a. thrust by the 
market leader, IBM. The prob- 
lem was that IBM was unable 
to provide communications 
oriented computing in quantity 
and what it did provide was not 
competitively priced ’ against 
conventional commercial batch. 
- Yet it was : always apparent 
that the instant response mar* 
ket was greater than the batch- 
market. at least in the long 
term if not in the short, for 
batch, is really no mere than a 
subset of the instant response 
market; indeed batch might well 
be the “ instant ” response that 
the application required. 

.• ■What is happening now is the 
result ‘ of . a combination of 
several factors. First, as com- 
puting- : . hardware - technology 
becomes cheaper, the market 
broadens, and - standard soft- 
ware ■ .systems, applications 
packages, and the like are 
opened out when their, economic 
base becomes large enough. 

As a ; rough and "ready rule 
every time the function halves 
in cost, the market doubles.. The 
rate at which this is happening 
is V phenomenal, with costs 
currently •. seeming to. halve 
every two years: Consider that 
in the U.S. market IBM has 
cut.' its purchase prices for 
large -mainframes in terms of 
price performance' by 55 per 
cent in The last seven months! 
Though this is not yet matched 
.in ether areas, the new disparity 
between CPU and peripheral 
costs cannot be held for too 
long,.' arid are l) 0 und to drop. 
Conversely, staff costs are 
^urtwnfly doubling at a five- to 
seven-year rate depending on 
where you look. 

Second, as the market 
increases in size, the pressure 
for’ digital transmission services 
mounts,' In'America, data com* 
munications now account for 
between'elght arid ten per cent 
of. the average commercial DP 
budget mid Europe cannot be 
iar behind. At that level, data 
transmission'' costs ' become 
visible • to management As 
•important it becom es v isible, to 
tiie PD. -and- the PTT*s. It can 
no' longer be carried simply as 
an* adjunct of voice traffic. What 
is more,- the PTTs begin to see 
profitable ' ' markets, growth 
which they are unwilling to let 


others have. The result is a 
fight between the DP and com- 
munications industry, which in 
turn spurs the development of 
technology. 

Thirdly, inflation and tighter 
economic circumstances in the - 
1970s have probably had as 
much to do with the growth in 
data communications as changes 
In technology. We may all be 
generally technology driven, but 
in the areas of billing, accounts 
receivable, stock and cost con- 
trol, any tools which can pro- 
mise more for less, which cat 
time and slack, are bound to 
find greater use. U.S. figures 
again give some idea of the 
trend. From 12 per cent of: 
DP systems having some com- 
munications orientation in 1967; 
to somewhere in the 60 's to-day. 
With expectations of 83 to 87 
per cent in 1980, indicates a 
quite radical shift 

Time-sharing 

These -figures include the 
growth of on-line bureaux ser- 
vices; time-sharing, whether for 
engineering or • commercial 
applications, or the provision of 
access to on line databases. It 
is interesting to note that theta 
are. getting to be easier to use, 
for once you begin to market 
outside the area of the Fortune 
500, you can not presume that 
users will have their own in- 
house economists and statists 
dans and you, must interact 
directly . ; with management 
Secondly, complex charges- seem 
to be generally being reduced to 
simple 1 directly related to 
usage ‘charges. - : 

So some knowledge "and 
Interest in the data communica- 
tions is now essential some- 
where in the management of the. 
average company. That know- 
ledge .is; going .to have /to 
increase, for the trend in digital 
c umimications is itself increas- 
ing. What many have missed is 
that the’ ■ P.O. and PTTs ■ are 
gradually going over to digital 
communications. Increasingly, 
voice, computer data, facsimile 
are going to be transmitted 
digitally, which means' that 
eventually they will be treated 
equally. ■. 

Sex Malik 


way to get your words onto papen 


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DesignedtocutoutaJlthe 
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First, allyou have to 
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Philips will record you on any one of two notetakers 
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Yourtypistdoesrftneed a degree in electronics to • 
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The Philips WP5001 is simple to use and requires 
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In fact, any competent typist will feel immediately 
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Philips have a business system to suit every size and 
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36 



How many directories do you-use? 


Probably not enough; 


but have you evertried 
producing one? 


Those who have will teB yon of the headaches 
involved- constant proofing-arid checking,, 
misplaced corrections, bad paste-up, last minute 
alterations -all to be repeated at the next 
publication data 


However good news, 

the revolution in typesetting sequential data 
has arrived, The Information Services division 
of Brown Knight & Truscott has installed 
what we believe is the most comprehensive 
and sophisticated computer aided 
photocomposition system operated by any 
commercial printer in the LUC 


Our customers in the directory publishing business' 
welcome the re volution and die security of the 
system is enormously beneficial for our customers 
with sensitive financial work. Even - if you do not 
fit into any of these categories you may still have 
experienced the problems of updating information 
prior to printing and if this is the case you 
should contact- 



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THE WORD processing-market. In the case of a large organts*- 
Ln the U JC at least, still seems tion vvith a heavy typing load it 
to' be held bade by- a great deal clearly makes sense to consider 
of confusion about what exactly dictating equipment at the same 
the concept means. time as automatic typing of cbm- 

A variety of figures has been P ute j7 aid * < * . tcst Processing. For 
produced to show that auto- ^estmem in expensive text pro- 
matic typewriters and other cesring equipment could be 
aids can bring substantial pro- S 85 **** ^ P«*«» of transfer- 
ductivity benefits, .and a very J . dc * s » 

large number of manufacturers brp*st Is -itself very inefficient, 
have joined the general market- Mackintosh Consultants, for 
ins effort to make companies, example, produced some Interest- 
aware of the potential benefits. *a* comparison* of the produetiv- 
«... . . . ity gains to be expected, from 

But It may be that the be- secretaries working from different 
wridenng variety of systems categories of original material, 
available from JW 40 com- in the case of personal secre- 
pam^ world-wide has proved taries working largely from 
an obstacle to managers who handwritten drafts, the produc- 
have to consider further invest- jjyjty gain from changing from an 
ment in the office. . electric to an automatic type- 

The variety of companies is y^ter ^ estimated at about 25 
matched by confusing differ- per cent A large part of this im- 
ences of approach and a great provement is attributable to the 
deal of uncertainty - about fael ^ u act0 matic typewriter 
future price levels and per-, stores every keystroke on 

fonnance. Technology in this a ^ or tape saves re- 

^ ^vancing so ^ Mistakes made by the 

ra P' d1 ^ ^ at a cautious manager secretary 0T h er principal can be 
be excused for worrying cor recte<i without retyping the 
whether to-day’s purchase wifi whole pagB . similarly revisions 












wmmmm 




be made obsolete within a very „ be d without retyping, 
short period. 

On the other 


and, in most systems, the text will 

....... , be automatically realigned to 

panms winch fail to take advan- accommodate insertjons or deJe - 



L*. . 




hand, com- 




tage of the productivity advan- d 
tapes which are already avail- 
able risk being overtaken by r no _i. Qf i 
competitors which are able to LULdlcQ 
make a substantial pruning of 
office overheads. 

Word processing, .which is 
sometimes taken to have the 
restricted meaning of automatic 




lv 53f: 


The second case considered 
was that of a secretary working 
from shorthand dictation and 
also located within the same 


The 3M Series 400 word processing system which features single or dual diskette storage, printer 

dependent keyboard and video text display screen, : • 


11 , - & U Z7“;; department as her principal, 
typing, is not as. modern a con- JF. -a L *7„ /T. 


cent as is sometimes supposed. P«"ly shorthand dictation is 
A ; 1 Q 1 A « mtrinsically inefficient because 


writer driven bypincted pa^r 


upeooft, Piooola prmciplo ^ while die »uldog 
retted t0 Pr ° dUCe S, “ dard to ao 


"it was not until 1964. bow- wn ± u ™ estimated to lead to 


ever, that IBM adapted the » « per cent improvement in 
principle to the use of magnetic Productivity, 
tape storage. Even then the In the third case of a 
eventual versatility of the secretary, still in the depart- 
machine was not fully appre- ment, but working from a 
ciated. even within IBM. The dictating machine, the estimated 
concept of “ word processing" productivity gain is about 150 
as an all-embracing technique per cent Even greater produc- 
er the production of docu- tivity is possible where a typing 
ments originated subsequently pool Is used, 
in Germany, and undoubtedly These theoretical figures 
helped IBM to gain acceptance appear to be broadly in line 
far its equipmenL with the various studies which 

On this definition, word pro- have been made of the use of 
cessing includes dictation equip- word processors in practice, 
ment and electronic switching to IBM, for example, found that 
enable the work dictated by office the change to word processors 
principals to be shared efficiently among its 500 typists in the U.K. 
between ■ members of a typing led to a productivity increase of 
pooL 148 per cent 


More recently' a study of the faster Tate of production, the mind the distinction .between T The first isTthat 
impact of word " processing latest ink jet printers can spray two different sorts of benefits hers of standard pa 
equipment in the research and characters oh to a page at the from word processing. - sentences may be stor 

development department of rate of 92 .per second,. The ink The first comes from the computer to ' be recalls 
Fisons led to the conclusion jet is broken up into hundreds greater ease of correcting^ and assembled in ally otoerj 
that average productivity was of thousands of droplets which revising drafts already men- to match a-.particular 

increased by 127 per cent and are deflected by electronic Honed.- Generally productivity customer. - It is there 

the improvement achieved by means so that they form charab- will Increase with longer docu- sible .to simulate a 
the best typist was 244 per cent ters on the page. ' ' ments. and may hardly be. -reply to a Specific queqr 

The equipment used in this case rj^ advantages - of' "pure noticeable if most letters typed a wide range of subjects,^ 
was a Wordples 7 shared logic mechanical efficiency may have are short and non standard by. pressing a few buttop 

system in which a number of to be offset> fj 0We ver by the Large gains can be expected. -.Secondly,.' the, ahflt 
separate typing stations with prob i ems 0 f organisation and- however, vriiere paamf rtahdard assemble non standard ,1 
visual display units (like tele- morale whicb can sec _ letters -or documents are pro-’ &om prerecorded paragf^ 

vision screens) are linked to a ^ herded toto a tyjh duced. In these cases much of increasingly linked fo a 

central processor and high-speed ing swimming pool and compel- the text is stored magnetically data processing operati 
printer. . led to type all day .without any and can be reproduced auto- which a computer vrijLia 

From an efficiency point of human contact with their prin- matically at the toudx otabut- from its statistics, wbfqbj 
view a sbared logic system may cipals these problems are ton. Individual addresses or need: to be sent Sunp.e tajt 
have the advantage that several not insuperable Is shown M customers’, details cap then be «e letters to .creti—^ 
typists can share the use of a several applications of these sys- included manually. . - reminders about, ps 

back up 1 storage of ales or sfao- clrEr,B ln SC t Hying concentrated ® tta re- „ ne mpIoymn(t 

dara paragraphs of- text. They * , . production of fairly Mom e rs ' inauiifc 

mav also share the use of fast AuaiVSIS _ letters, which uug» require now be tjped automatfcl 

“daisy wheel" printers which “ 011 a few small msernoustu the computer will I 

can now produce • up to 55 The type of equipment pur- make them •Jersonausea. T“ e van t figures, prices, -~ 
characters per second, about chased will therefore, depend on P° Wer , and flexibility of com- bers or details of the 
three to. four times toe rate an analysis of the range of Work puters is now greatly extending from its files. 
of a standard golf-ball printer, to be done, and it is helpful the range of automatic tetter .’ Max 

For those who need an even in this connection to :bear in writing fot two reasons. 






Piccadilly Hotel, London 
2nd and 3rd May, 1978 


Speakers include : 

Waiter Kleinschrod 
David Butler 
(N/larie-France Bouffier 
Graeme Minto 
David Logan 
Professor lan Barron 


David Kohler 
Keith Wharton 
Kenneth Baker, M.P. 
Geoffrey Dale 
Tom Stewart 


For fufi details wrrite to : 

THE MANAGEMENT STUDIES CENTRE, 

: 51 A- GEORGE STREET, RICHMOND/SURREY. 

• . (or telephone : 01-940 5656} 


3 


IN’ ALL aspects of industrial 
and commercial • decision 
making, the timely acquisition 
of accurate and relevant infor- 
mation is vital to optimise 
production, facilitate marketing 
and avoid the duplication of 
costly R and D effort 

Research workers- engaged in 
information gathering and dis- 
semination • activities rely 
heavily on special libraries, 
ranging from national collec- 
tions such as the Science Refer- 
ence Division of the British 
Library, the . City .- Business 
Library, and the Statistics and 
Market Intelligence Library, to 
smaller libraries at company 
and institutional level. Infor- 
mation is generally retrieved 
by searching manually through 
comprehensive indexes to 
journal articles, reports and 
other literature, butithe volume 
of- published technical and 
scientific information has grown 
phenomenally over the past 
decade, creating extreme dif- 
ficulties in retrieval. Naturally 
costs have also increased.- and 
whereas information services 
may have once represented a 
small part of an organisation's 
overheads, they are now signi- 
ficantly expensive. Fortunately, 
there has been corresponding 
development of sophisticated 
Information retrieval systems, 
including large-scale com- 
puterisation. 

Most readers will be aware 
of the publicly accessible View- 
data service developed by the 
Post Office, which enables on- 
line retrieval of information 
from a central computer via 
the telephone network and a 
special television set. Rather 
less well known- are higher 
level international on-line re- 
trieval services which offer re- 
mote searching of vast data- 
bases of information on subjects 
ranging from fibre optics to 
modern arL chemical patents to 
market forecasts. Databases are 
essentially reformatted com- 
puter tapes used in the produc- 
tion of publications known as 
abstract journals. These con- 
tain summaries of articles from 
periodicals relating to a speci- 
fic discipline. For example. 
Metals Abstracts, which in- 
dexes and- summarises journals 
and conference papers in the 
metallurgical field, is available 
as an nn-llne database called 
Metadex. As with Viewdata, 
communication with the central 
for “host") computer is 
effected by telephone line, but 
a computer terminal is used at 
the searcher’s end. 

There are a dumber of on- 
line retrieval services in the 
U.S. and Europe, most of which 
can be accessed by telephone 
from the U.K. The three major 
on-line services are: ORBIT 


and DIALOG, operated by the 
System Development Corpora- 
tion and Lockheed Missiles and 
Space Corp., respectively, both 
in California: and SDS/RECON, 
run by. the European Space 
Agency in Frascati, Italy. 
These organisations buy In com- 
puter tapes from the database 
producers, reformat them and 
•provide computer programmes 
which enable searching by sub- 
ject keywords, author names, 
etc. The host computers are 
powerful machines capable of 
supporting many databases 
which can be accessed by a 
large number of searchers 
simultaneously. Until recently, 
no corresponding British ‘ser- 
vice existed, but InfivLine, a 
consortium of British database 
producers and the Department 
'of Industry, is currently setting 
up an on-Ifne retrieval facility 
which will be operational at the 
end of the year. 


puter, regardless of the volume 
of searching effected, in. that 
time. For example, a 15-minute 
search of The INSPEC database 
(abstracted Information • on 
physics, electrotechnology and 
computers) on. one of the U.S. 
host computers, costs about $20 
and encompasses over a mil- 
lion abstracts. - This cost is re- 
markably low compared. with the 
time and- effort required for a 
skilled information worker to 
conduct an equivalent search, 
and the computer search is 
likely to be more exhaustive. - 


Software 


Passwords to two. or three 
of these on-line services can 
place more than 20m. records 
at the disposal of toe searcher. 
In this way, information re- 
sources comparable to those or 
a multinational can be. made 
available to the smallest of com- 
panies. Capital outlay for a 
mddest terminal facility and a 
range of printed search aids is 
of the order of £2,000. The 
actual search costs are based 
upon the length of time the 
searcher’s terminal remains 
connected * to the host com- 


Eventually the computer soft- 
ware will be developed to ; the 
point where non-specialists will 
be able to carry ont their own 
searches comp'etely unaided, 
but as things stand now, some 
degree of operating skill is re- 
quired to obtain optimum re- 
sults. Most searches are there- 
fore -carried out by company 
librarians or information officers 
■where computer terminal faci- 
lities are available, or. by. ex- 
ternal organisations: acting- as 
intermediaries or brokers. • In- 
formation brokerage is already 
a growth industy io the - US- 
and in this country a small num- 
ber of organisations have been 
providing such services over the 
past few years, notably Die In- 
stitution of Electrical Engineers,- 
the Technology Reports Centre < 
and the U.K. Chemical Informa- 
tion Service. 


At the Institution 
trical .Engineers, for*' 
toe ' service is pxovid* 
team . of three infoi 
scientists, utilising' . „ 
line services, backed up 
considerable, resources 
TEE Library and the. 
-Computer Society '■ ’ 

which, is also housed -at 

sti t n tion - : The average 
for undertaking ' 
literature search is 
to £35. _ L As a. compn 
brokerage service, sear 
f oily badsetiup .by the i 
of photocopies and loaos-c 
ments cited ip seardi s 
Feedback from clients^ 
the* service fully tel" - 
enabling the affair 
high degree' -.of* «I 
Despite the 'Obvious- - 
with electrotechnology. £ 
erf - on-line retrieval or' -1 ' 
staff to process e 
almost any subject' 1 


...Obviously these, 
will augment rather? 
supersede existing 
Many -infp.rination n« 
only by* jj 

information, officers, at 

recall, the source of an 

fact or figure. Wetiest 
data is often more easuyyl 
in older textbooks add 


•ei ■ 


' Kett 
Janet Tc 
Annemarie 1 








The MP Experimenter Training System is designed to 
and executives teach themselves about microcomputers at 


pace in the home or office. Using a proven step-Dy-siep f 1 

explanation of basic logicelenwrits antfDiwuf '• 

v . * .. • .- rL. A.i^hsr jnTDr - ■> 


it commences with an explanation or oasic ipgicyirow . 

up to an appreciation of a full microcomputer; For hirtner inTP*- 
mation contact: : V. ■ 

ERA ComputerLand Automation'^ 

ERA Limited ’ . ; . 

Cleeve’Road LeatHerhead ’ 

Surrey KT227SA < : 

Telephone: Leatherhead {03723) 74T51 




ERA 


COMPUTERS AND 
- AUTOMATION 




A 









-- £ '•- ■■ 

, 3 . .1978 




37 


AUTHORISED UNIT TRUSTS 


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tes^s?- ^ 

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bonds 

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nlMTM. . „ wM+tM* rvn. U.UL . _,. 




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«*n ^ 

i ' — .-Wearta -of Oak 0e»«flt~£MWy 

- : »m Samufif in*\ 

~ . '■ WLA'piw . Ad/to*hmh+Kaj,l 


Not Unit. Mir 15. 


Phoenix Assurance Cp- Ltdl 

■ 4'i King William St. ECO* 4HX ' Ql-C&SSffTG 

WwilthALi .1107.7 11351 1 - 

£*<■££• A*, — r* U3 -t 1 

Eb'r.FhJ3Q.£ .— .W5 ■ . 74.1) _.) - 

Prop- Equity ft life Ass. Co.¥ 

. 11* C ro «f«d Street , mu tAS. . 01-4860867 
ft&toPrapBd.. I . 172.9 - \ .. 

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■ .iw klMw. atwij joi ..-. 5 

v.: -..;• ; . . ■ . i . • • I ■ ; \ . 

-* Property Growth Amur. Co. U(L? 

iu-smmk 


Ufe Assttrance 
IdBeTloact WU. 

.*• 

7 



Lcririlldtua Croi rtofC CRB ILU 
Fund.. . 

FBkKA'-., 

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AxBc. Fmtd*.\-..._ ! 

Abbey Std. Fund -, 

.!-> ‘AMt*-}- SW. KfF tAii 

ffiObOti IsrettMent KuikL . 7 


I'VzE&zr&S 

‘ - Imperial Life .An* Co. \ 
N74MU1 topenil llouMLfiaitdtefd. 


Invmmeni Kil. »A> J 
Etjully.Fuart 
Etpltt>mindf’A,. 

— '■ • MoncyKaad. . 

— Xoifey ytmdiM.. ■ 

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5- GlK.Krt*m FVi 1 124 3 

^--'4H«tii*Anteiuy...[ - 1746 

_* . Olmiucd Arul>. . | 1385 

— ■ Prop. Gnmtti Tnutais 4 Annuities LU. 



Absut. Co. Ltd. 

Oxford RriJBrt . • 01-S3LUM 


.. ■ Cnl».l$ , ' 
od F«ad..._J9afi 
LPB. ...KJ 


< . utmu rn. 

-j “ - Pans. Fa. M 

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BhW Chip Apr. 

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7145 

799J 

1508 

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1272 

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1317 
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1281 
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i Abbey Quit Tst. Ngn. Ltd. (at ft) 
72-80. r*«chnuse Rd.. Aylcshury 02965041 
Abbey Capitol . . . mi 

AMjey Ia«ano_. .. .1372 
Abbey I irr Tst. Fd. Q22 
Abbey Gen. To. ..{04 

Allied Hambro Group tattR* 

Raubnia Hae, Dimon. Bmiwood Guex 
OI-3BB Z8SI or Brentwood (0S77] £1 Idas 

Babnced Fonda 

Allknl 1st 1615 

BriVlnU. Fund MLS 

I&tb.ftlitc M3 

elm. & lad. Dev. 5U 

Allied Cultal b6J 

HamhroPwnd 994 

Hambro Aee. Pd. {il32 
Incanr Foods 

Hlgb Yield Fd [643 

Hjrtj lncocoe — . ,.|634 
A-B.Eq. Inc Dt»2 

fSHMUOMl 8n8 

lMomoiloDBl... . .1237 
Sect ot America — W7.9 

PadOcPbnd ..P6.4 

JSpeel&Itsi Funds 
Smaller Co.’s Fd. .. OL1 
2nd Smlr. Co’s Fd... »« 

BacovnySlb.— .. C J 
Met Min. Be Cfitf. *74 
Overseas Eerrvlnes 50 9 
Expt Sadr. Co , »_*p.97A 


^.T.E^Rg A'Shsotson 1LWL 

— ao.CacnfcUt.BCS.' ‘ 

•— ...BoodFd.1 


Provincial Life Assurance Co. Lid. 

. — . 3E2.Di4liapwfJde. EFi V. <U-Si7BS3 

■ PnwJdsnapcd ™ |U2i .11851 ♦?« ~ 

— ^ Frv» ru-tT-d „hbai .HHH-oq ~ 
WM [U9.4 ■'■ 125.7] -1 M - 


out I 


0M23M33 Prudential Pensions Limited^ 


i-viKier 


Hnlbom BarN EC1N 2XR 
Eqiiit Fd Msr »..! 
Fvd.Int. Mar 13. „kl9.4.. 
Pmp F. Mar IS —IE34S*" 


Assnr. Co. Ltd¥ ' - - ^ ^ ^ 

' V^ 1288 Co. Ud. 

^bBorwApr j.J W« 1-J25( - L»nthemBt HcawbwkDr.NW piSPiau w ..^i 

«teae«.ik. ggsSSSgJ,,; =; 5S52JSSS 


• r:v- *'4* -- figi St, Potter. Bar. Berta F Bar 51122 SJuptM?* 

•T-p;-. sV^!. rl . Pa.2 n ^* hU ' e * > ^- ^ 1 + | . Legal & ( 


wl 


TunbndcelVells. Klul . 
ReJ.Prop. Bd*. J 195.6 


or^wossii 


nmssn 

1-17] -~. 


•Mp. 


'•••rj 


jkri Assarance li4.f 


General lUnit AMtRJ Ltd 
lOnasKood' Haase. Klnpwood 


i, -3 -’ ' lug -to} 

? - ruvnij. j: &md>iSsrrpn2« - ss 

»■ :.Sawsste?-Rj... 

a fft^A^m^.^15 - " ..r 1 

14 specific w« .' +S 


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ten 

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’ v •- ' t :■ '3 •Hwiii. ,r P- p WtSAec:J 1025* Ififj 

■ ,' man Mttd.P«a/A«9}.7 Mt9 +Oi 

• '•■-• S3r>uSttFe«/AeJ J67 • ~ lS3 .. ■; 

• ••'■• -j|j - 

1‘- - r : -4; .[260 j; MS L*" 

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l+OT 


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Caxjaot tbItw assreb so. 


Do. A cram . 

— Equity Inttud 

. — ‘ IdActuat . 

— Fried Initial 

.— Do.Arctrm 

— . Managed Initial 

Iw.Acwm . . 
Property Initial 
Do.AecBm.-_ ... 


Z“- aa® 



Ueneral <t nll 


. y .‘ rf 4 - Ital life Assnnnceyt. 

N • ■*' asrsuteHiinss.riunjriAtih ttrii 


:«UM Ho a te, Chnpel Ash Wit® ' 600228511 LACPrp.Fi- Msr.'l.’ 

- >L 9bJB • — 1- i- i.- . ..Vscti 

40188 j .....J - 


E\*®pt c»i* imt^ 94 5 . 

Da Ac ram' 965 

; Exempt iujtv. inH^. ID7.7 '. 

Do Actum DH5 

Exempt Fixed tod W4.**- 

DoAccam... 10U 

• Exempt Matd InjL 107.7 
Do Acrdm. . . _..— 1085. 
gteatlrt PW Imr Bf^', _. ... 

Da Acciim. . PS * 

Legal i General Pr&pLm -^gi*. Ltd 
" 1 ». Queen Vinartt St - BC4N 41^ . -jOWWOSTB 


Rothschild Asset Management 
St Swithios Lduic, London, BC4 01-ffiW«56 
N-C.Prop.Mar 31 PM1 121 M -02] — 
Neil sub. day'Msieb 31. 

Royal Insurance Group 

New Hall Plan-. Liverpool. ■ ail 2274432 

Rtgnl Shield Fd ...|U36 M8.71 . ..| - 

Sari* A Prosper Group? 

A GtST Helen*. LAdn . BC3P SEP OK** raw 


Bal Inv Fd . ._ 
Property Fd *_ ... 
GiUFd. 


neiwll Fdl 
ComolVu-i-Fri 1 
Equjnnro Fd- — 

PMjiJrilL.Fd" 

GUi Pen*. Pd. 

Depon4riu.Fd.t- 


mz 


S: 

3262 

■ |123.B 128J 

208.5 .. ^ 

m 182.1 -oa 

J5 2212 . 

_J7 97.6 -14 

198.9 1S2J 

Prlco* on -*March 3. 

-Weekly dealfaip. 


‘ ■ " 33 - 'onldcarUv J'tor 


_1 - 


Schroder Life Group? 
Enterprise House, Fa nsm o ut h. 


“"-Siferiiou'se hldgna Gp.? ■•' 

' '- ‘>rh.equars Sq.. Ux bridge UB8 IN E S3181 

il. --.tt-t bsefi»eMy^_i|3S4 

.. .^aaManaeml^. Si* 

i ;• -Jy of Westminster AKnr. Co.-'Ltd. 
.[st'egd Honwv.B WbHudioctci Road. 



;s 


. ■ ~ * -jidenCROaiA 

■ "iEBafcd 

• ■> ’ J^-FoiKl 

'lUsndFimd,-.. 

v. 

Max 

4jjngdAcc_ r 
1. Money Cap. _ 
w Money Ac*.— 
i. Equity Cbjjl._ 

1 Equity Arft_L 
nd currently dosed to 
orm Units -1 497. 


01-6840686. 

.,594 -0 

• ai +r 

M ^ 

N Ji 

^ 13 


Fqudy Mar. 28 _. 2346 

Equity 2 Mar. 3fi .- 2065 217.5 ... . 

Eqnlly3M*r. 38. . , 112 r U&6 ... . 
FlvctflDt.Mar.28 . 138.9 146J - . 

Fixed lnLMar. 38_ 1495 156.3 

InL UTKar. 28. ...1217 1281 

KASGUlMar 38 .. 149.9 1535 

HAS 5c Mar. 38.. _ 126.7- 133.4 

- . ,« MnBd.Flx.Mnr3a.H7B -133.7 

l 7.96 Sncd3Mac38 139.7' M7 0 

Mono- Mur 2B 1D4J 111 5 .... 

Money 3 Mar. 28.. . UL2 . 1223 .. . 
Deposit Mar. 28. __ 1125 . 1185 ._.. 
Property Mar. 28 -.. 152.B ■ 1595 ..._• 

Property 3 Mqr. 28- 1«,8 1556 

BSPn.Cn. May. 3B_ 119,0 

BS Pa. Ace Mar. 28 128.4 

Mn.Pn.Cp.Mar.^8. 1904 200.4 .-.. 

Mn Pn Ace Mar 28- 224.7 2357 


— LoadohliuiwHHity tGBa. Scottish. Widows* Group. 


Life-Assnr. Co. of 
aB^SNewBeodSl, V17 
LACOP Units. -41007 

Lloyds Bk. Unit Tst. 

71. Lombard St_Ed ' 

- Exampt— -Pf6 

UasrdS Lift i Assnnmcpi^ 

SO.OiBmi SL. ECEA -6CX ^ ; - 




(RQS 37733 


^ -.■ lS-aotTbaFtoriNHy,' Readuig988Gl L 
_ Mon«rMacas«r:~t304 



1*3 Box 002, EdhtbursbBHJSSBV 031-6556000 
JnvPlv.Serietl.-— 1992 4921. 

' B 98» 

9 Mai .. 

4 4 l®s3-*-l.rt — 

7i.. gi3l+is 


lnv.riy.Ser»«3.. _ 

Inv.Cmib Mac. 23 [ 

Ex.Ut.TT UnrSB- i; 
3d*d.^i.jpit.28_r 


7 of Westminster Assur. S«»,Xtdl^ JgiSS?F 
phone 01-684 9666 '. -*" 1 -**- 

' “ ... nmerciaf UnwHi Group ••, - „ _ J*x^ttyFuod 

■" ■-■-■ •"jeleo's.L.Bnderthatt.ECa; Ol^BTSOO'-j-- • _ . V : •' ' 

\ ; : -nmi'Oriwa. ?oaaw-«XUL ttC9& jSBQ 03-4M 49BB 


Solar Life Aq^nrance LiiQited 
307 Chcapcide. ECZV 6DU,'. ’ 0141060071 


— Solar ManJUCetTS — JJ25.1 

— Solar PropemS._ril04 


, federation- life tosuranpe Co, cSv.SSoSw'-^ Sb? 
' . hanceiyialife WCaUME. .. -• 03-Z42Q2B2. ^qUl^'?OTdr— {125.9' 


; - lilty Fund 
-« ,,a *^. Fur i£— }2£? 

onai Pen. Fd._|705 




. aged Pen. FU-- 

JsSSa.’Si: 


.2782 
■ 5295 
3559 




^'3 S- Ptol&W-AB" ;,: ^B66 l 5 
4vi ' “ GRtBond— 
l -o.7 


At ? 


'--nhill Ipsitrance Co. Ltd. 

JT :nfn'llUL■E.^^• .-. " - OLP385410 

.^nAMv/' 

* “o 


Bamt-f. 195 
' *__; 1252 

we.. - 

505 _ 

on •Mar. & **6Ur. fe. 31 




220.91 

9Ad 


StT 


Solar EqmtyS. 

Sol vFxU Int. S-._ 

Solar CrihS 

SotarlntLS— 
SolarManaBod P-'- 
Solnr Propnm P 
Solar Equity V ~ — 
SolarFXdJnt-F— 
SolarCaahF, 

Solar intl-P- 


150.7 

274. 

99.4 

96.8 

1248 

11D2 

1S04 

U72 

992 

968 


132.7 -OSS 
U6J .. .. 

158.7 -14 
123.6 -11 
1055 +02 
1024 *0 2 

S 14 -0.1 
61 

1584 -14 
1234 -10 
1054 -0.1 
302.9 +02 


31 = 


Sim Alliance JF^tnd MangmU Ltd. 

Sun AIlDUlctj Hoar*. Hombasi. 090304l«l 
ExpLEd.InLMar 8-Kl5A30 164.401 _ ...I - ■ 
Jat-BrittarcbOB— i m07 [ — j — 


f -"fuc.Mar.l5_ , 
. -frlHLFi Jtnr,2f>. 


HUfandhamt hmstms AsBa c ancef 
125Jiifb Street, Croydon. 018809171 


. irydlt Si Commerce Insurance. ... 

.J- -Rwnil St. London WlRSFE.' ■ 01A38TO81 
' Mogd-Fd-^LiimO 13Z.0J ..-.j - ^iwRS'_- 

c 1 ^sader Insurance Co. Lld. : 

.-ula HcrusaiTDVwPl , ECl ■ 01B268Q3t.. EquRyl*ua — 

. .< Propi M«u*..7l_l67.7 . . 74.4J .J ' - 

; Stair Jnsur/SfidJand. Aw, . 

• -.readneedleSt- ECS. 01 S881212. NRL T'ensiOttS Ltd. 

; iu.t»Bd.t'nlU....}49.6 : 514| -0 H . 6 06 -.Mllioa Court. Dorfcms. Surrey. 

jltSr;.«t Law’ Life As*. Soc. L«L¥ - tSts 

J f " jrbtiam Roa d.‘ Hurt* Wycoin he Q4WS3OT NejayMoMy^ 

’’ ^ 


Conv.Dep JVn* — 
Moo. MKt-Fmuu- .»! 


:gl 

. M3.8- 

.w 

1557 

3318 

3H 

3840 


-L6 — 
-05 — 
^10 — 
-02 — 
+ L3 ; — 
+0.3 — 
-05 — 
♦02 — 
-2D — 


. Son Alliance linked Life Ins. Ltd. 

Sun AIBaaeeHoima. Horsham 040364141 

Equity Fund 11037 10921 -0.51. '— 

FlXEdIntenQRFd._h00 9 1065/ -3. W ~ 

sasasafcp 5 

DepocUFnnd 195.7 MM | ■— 

Managed Final. — POLS 106.9J.+0 1] — 


Sun Life of Canada fUJKi Ltd. 
3.3.4,OKk*purSt-SWlY5BH OlfiOOMOO 

Maple U. Grth I 1922 

Maple U.Man£d.-.l U3 i 

mi 


“’^Target 1 Life Assurance Co. Ltd. 

_ Target Bone. Gucbouce Rd, Aylc Umiy . 

— Buck* . Aylesburrf 0286) .1941 

Miin-Fundlnc 1976 103j 




..,; ;.YtyFd. 1066 

:T ,r» : ?'S bneroVFlT MfL3 U|g -M 

• > • : ^ WaJ^C^ C W^7I ^ F0 Bei&^M > Au«a I> ^ua|!mnDtt 

■ • • ' .,43"^- !1T| _j- ;• .VPI PensiOBS Manag'exnent Xtd. ^ __ _ 

-sham -life Ass. ■Soc, Ltd. ^ -4a.C>r»w«i«»ich^"EW • 0I-«342W ctSp ML cap^ T.|U9 0 13621 

• — - IBf j Fund ^._J14S9 _B2a+50|.— 

Transmterhatioioal Life Ins. Co. Ltd. 
Ltd.* 2 BraamBIdgs. EC41NV. 0J-4036 4U7 

► ML FMd - — £004 W3. •*-{ •— Mai Unud Rouse. Soutbeod SSI tUS OTOIMOSS 

ppjy. Fumr-^.{«5 . . 10051 ..... J - . Kfv, Keylnv.Raj] 0346 ; I38LS 


. . -sham -Life Ass. Soc, Ltd. 4B cnweduiu* a, • oi*zj< 

ml w New Zealand Ins. Ce. OUU L6d.< 

.. J Ml cnnil - ' OU9 IC62! r.-l . — Hiinv Sraithtnd SSltUS ■ DTOXS 


Man. Fmid Acc._. -0320 

Prop. Piluc 

Prop.Fd.Aev; ... 

Prop- Fa. 1 lav. 

Fixed laL Fd lot, 

Den F6.ACC. lue _ 
Hcf.P(iiiAc.PWr . 
BccPtanCapPan-.. 

ReLPlanJUn-Arc;- 

ReUUnRtan.CMi... 

Gift Fen. Acr. 


U|1 

fy»32 1093 -4.3! 

r 133.0. ‘lm 

mi ® +lo1 - 

+12J 

8 634 -14 

3 7 1305 ' 

ms 

143.8 



"304.7 

m3 :::i| — 



1M4 


TUlipMmuxL Fd— . . . 
Man. Bond Fd.._ . 009. 
Man. Pan. Pd. Cap. .M2 
Mao. PBB.FV. ACC..P38A 


Trident Life Assurance Co." Ltd.*' 

BenaladeBAara, GlouceMer 0463216641 




TPflWcs Limited 0X-S5I 3466- 


*££**«***: s5i ms., 

r, > 


: One month Gold 185*1864 


Financial times stock indices 

- u -• r»u — r'M.v. . Mar. I Mar. I A v« 



Ordinary.- 

1-iBy. YiOWi— 
r$un^i Y'ld “ niiihO! 
i : K«uf< toef 

. ^ marked . -T — 

- ojtjy in mover 
■ ^tUry.tar^w 


7i.ea (74JJS| 

T7.5B;‘ hrm 
463J8i 467.7! 468.1 
158,7; 5623'. l66,4i 
6i8V >.77* 5.771 



47fJ?t" 17.041 174»[-.-17-38|;..:17»fl 
!■' ' B.S 2} >34i. - >«4Mj ; aili.-; 8.12 


.■MJWj h04fij. 5.08if 4.233) 6.462 

73** .iftW-.ftM « aa-xat-w^ 

i m aeal id tool 14^0071 17;07S 


Ayear 
ago . 


70.27 75*4 
7B.3B .7084 
460 J5 ^ 462.6 
ispi .i^ks 
JL8ol 6.83 
■ .17513 
■'8.15 


702U5 
70.73- 
412JS 
122.1 
■sji 
17.47- 

&3|B 
fi.826^ 6342 


• %: 

. £ s. 


ZS3- C- !ito> 


■ 2. mp • tew- . - mmc . 
Latest IBdac SB*-. . 

i «*' on *JK •«EP »*' m 


, ; TBksls 1« Gprt. &et 

:. x..-"- 12/9/55 SE ActlvIiy Jott-Dec. 59C- . 

hIghs and tows 


t NU^F.lf. 

-Infl. OnL 1/7/35. 


Gold 


S.E. ACTIVITY 


ML-- 


d** D he i*t^ ir 
sute rs ^ 




*5?ri«ssswiiiUfieus» 


ffratte..: 

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lb w , 

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Lrir. . 

78.58. 

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127.* 
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(Ai/iaf 

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77.14 

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130,4 

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40.S8. 

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4A7.3 

433.4 

(2d) 

^04»^ 

40.4 
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442.5 

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or 


t 



— Dam- v 
UtitrSla*!,. 
tndu-itnea 1 
apeeuintHrs- 
retei* ...: — , 
r-tar Av*nui4 
GiiuHriie»>^ 
lutn-trtai- .. 


269.0 

183.9 
. 47.0 

125.1 

17LS 

170.7 

42.9 

116.2 


J34J5- 

17251 

64.2 

114.8 

"175.8" 

171.8 
■51J2 
11B.7 




^urbU. Gmqp. - 



■Mar. 

31 


ineD.-..-.j -. 7.86 


JlM- 
. 20 


Max. 

. 29" 


- Mar, 1 


Mar.. 

23 


Mar.'-! 

■22 - ' 


'A lew 
■go 


laSRJl^Bj 20EJttl l29i«ri«J7{ JW,^ 165-^. 

35HS 
9.18 


221T37:222.74[ 2235Z 219.8» 820.48 220^5 
■sM 9.60} ■ «»i,5.6'7j Ml- 8.« 

7^9 1 7-79i 


9.601 

7.91 


“7.861. 738! 


206.77' 2064W. 804.1® 204^91 205.00' 173.4B 


U9L6 

Gld Mcd — . M86 


Jntcmstional -050* 

Fiatal -. ^ .'i. - 825 .4 

Growth Cap— — __Q25.9" 

Growth- ACC fm.l 

PStlgSSSrwy 

BnAec..QM6' 

PeuKPptli C*P. — U12.J 
" '.Aec W6J» 

•TfdCGJ. BbbA~S- I 101 3 

Sagti.miae ipr .£lB0.jwe«iuni. 


1267 -0d 

157.4 -11 

1553 

835 

1083 -1.11 
-1461 -0 71 

130.4 -11^ 

127.7 .. 
-985 - , 
1328 -0 Jl 
1333 -OS 

136.7 -04 
-119.7 ..„ 

M23.6 ^■ 
1073 — 
MJU .... 
138.9 . .. 
1228 .... 
37.4 .... 


Tyndall AwntanctfPaislimsV 

ia C*nyng*Ru*d. BriidaL OS9333S4I 

ij-mwMar 1# ;J„ 

Property Mnr. 

Deposit Mar. J6..>... 

SarayPBn.BMr.15.. 

LTseasinr: Mar- 16- 
MnRo^WMar 1. 

Do. Equity Marl.. 

Do.Bmttrttor.l_... 

1». Prop. Mar. 1^. 

Vanbni^i Life Assurance 

41-43 Maddox SuLdn. W3 R BLA.. DM904K3 

ManiBodW..L-=.Bj07- — . 

SlUbSlIRL- S»i.- IBj-Jl - 

SSSSEK^Iffii 


• >- 121.2 



15L^ 



368.2 ; 


ra_ 

". 103-8 

+-• 

. ' 

1260 

— 

— 1 

M3 4 -. 


•-I 

446 


— 

- hi; 

Plt . 

— V 

235 2 

|hl . ' 

— 

J770 


*- 

822 


— 


Vito brush Pensions Lhniled 

4i-43MaddMSLJLdn.wjR8LA ni^»4flU 

Manned !M8 ,SS “8“? ~ ■ 

Eqnter-. 1 g-3' , 'S'y ** 

Proparty 1155 . MKua +0it — 

CqaraateBd *ee 'ins. Base XMaa' table 

Welfare^ fnsuraace Co. Ud.f 
TtoLeM.Follwswne.Kdn!. • -030357333 

MmCMStar Group. . 

lVindsor Life Assnr- Co. Ud. 

1 HI** Street, Windsor. • : WindMr®144 

Ufelnv: Pl*nlj-^.;j663 6981 - 

FnturcAs*d.ubtB»4< . 170 

FHnirrW.Ulbrbl.j <80 

Het. Aud Pens 
FtoKrir. Growth 









Perpetual Unit Trust Magntt.9 U> 

D 1-283 3331 « Hart St, Heuleaf on Thames 048128868 

^■g -Oil 0.76 P^enuJQpliLh.^ (363 38-71 I 3^4 

143.1 ^la la. Piccadilly Unit T. Mgr*. lid-V (aKb) 

*0^ JS WratfftHw, son London WW1EC2 6380031 
7i f-S Eatialueome ... 1»A JUI-4S «0 

i&a-M* aw--?* • adil 

Private Fund J«S 37*rt ..Tj 

Gibbs (Anumf) Unit TsL Ltd. -^cnmlir. FiKid IMA 65.3-02! 

S3. Blondlrid aTfiCSM 7NT. 


Gartuore Fund Managers f (aHg) 

2, Sc Mary Axe. CCZA8BP. 
izuunoiieanTrt. . 245 
BrlttabTstlAn.). 492 
Comnwdiiy Star* 133 J. 
uiFarEULTniGL. 30.1 
tHCh Income TK ... 593 
Income Fund. .... tit 
ITU- ASHKlCl..^ 12.66 

iml. Exempt Fd 115 

tulntl Tut lAce ) , .[275 


254 I 2.67 
5La+0.ll 292 
393 ..._J 256 


laiA.C Income*. . Wl 
iai.AG.Grovrthtt.-p6J 387] 

inlA.G.FarEn3f - &4 2Z9| 

Deallnc *Tnes. tTWerf. 

Govett iJoirnW 
77. London WalLECa 1 

‘Thfttr. Mar. IT -.11345 1H Dt 

Up AccvU. Cnlt ... 1487 1567| 

Meat deaiins day AprU 7 

Grlemon Management Co. Ltd. 


QKB84III Fj£jr£t 


840 

4.90 




SiUi 


350 

358 

3J0 

3501 

350 

M* 1 

U0 


Amenr a a WnML. [222 234) +0J1 

03 a Practical Invest. Ca Ltd.V tPHc) 

49,Bi<KWUbl«rySq.WCLV^A 0MQ38B93 

!ESSi«ft58K 'fffiLd-SS 

2js Provincial Life Inv. Co. Ud.V 

sas,BWhojinorte,E.Ca. fll-«763S3 

SSKS’rrES. sail ?s 


SOGrasbam St. EC2PSOS- 
Bar'gta Ma.-nh2fl-P.93J 

lAcrum-Cnltsi 2895 

B lytL HY Blw. 30. 2688 
uuenm. Uabai-.— 194J 
Eadca+.Mm-.W-. 1678 

(Accum. UaiUl JJ35 

Grachrtr.Mv.31... BU 
(ArcuaL ... 135 

laAH r.l«lh.W MS 

Anderson Coll Trust Managers Ltd. (Accum. UnUsi — [70 9 
iso Fenehnreh St, EC3M saa 623 923 1 Guardian Royal Ex. Unit SlfiK. Ltd. 


3418 
422* -CU 

5M 

40.0 
545 
W»?^ 


9.14 

553 

5.77 

872 

5J3 

576 


U93J 

2025 


yfl 

2192 



ULtc 


1942 

KQ) 


1675 

375 4 


S, 3 

181.1 

846 

>06 

13 S 

875 

>0.7 

684 

7L6 


70 9 

74.1 



AndononV.T. — „.|4JL2 402a( .._..| . 4J0 

Assbacher Unit Mgmt. Co. Ud. 

1 Noble St. ECZV7JA. Bi^sasntL 

Inc. Monthly Fund {254.D lMAd( .. ..J 95 

Arbothnot $eenriticu Ltd. (a He I 
37. Queen FL London BWR1 BY 
Extra Income Fd . 11087 117 

Hl£b Inc. Fund — 995 
mAccion. UiUDi__ 532 
ra>S% Wdrwl.Ut5.1SM 
Preference Fund.. Z58 

tAcnun. Unltsl. H5 

Capita] Fend ^ ... 1 72 
Commodity Fond ... S2.7 
(AOGUBL Units! 748 
GOitWdrwLUj.. . 475 

FbxAPropJFd. 188 

Giants Fund 384 

(Accina.UallM— 444 
Growth Fund ...... 394 

tAceum. Units! 39.4 

Smaller Co’s Fd .. _ Z6.L 
Eastern A IntLFd.. ZU. 

NKVilrwl.UUhl— 16-7 

Foreign Fd. 120 

N.Amer.AlnLTd. 26.7 


01 -0084433. PradL Portfolio IHngrs. LuLV (aXbKci 
IS Hoi born Bara. EC IN 2MH 01-6089383 

£g Prudential !»« UMI-LOI 

756 Qnilter Management Co. LtiLV 
H? TbeSri.EubiiB0e.ECZNlKP 01-0004177 

IS SlilS 

|S Reliance Unit Mgrs. Ltd.? 

Briloace iJve-.Tnnlindso WeB*. Kt oeas22zn 

5.71 


Royal EbvbaBse.EC3P3D.V- ■» 4088011 Sufc-arde tT i AceJ -fcw-S 

iaClGu*rdhfllTst.»« - 87JJ -05). 458 SeMnrdeT Ine.-_.p9J 

Henderson Administration lai(cug)? Ridgefield Management Ltd. 

Premier UT Admin- * Raylct Ch Rori PQ Box 4 1?. Banfc Hae.. Maociatr. 081238883 



Hutton. B r e w w o od, Essex, 
r tf FnndB 

n , Cap lirowtb tnc ..M7 416s!I*04| 

Ol-sassaai cap Growth Ace... W2 42JUi -Q 
-05) 1057 Income* Assets-. ^05 319*1 ~0 

Income Funds 
High bcmDf — B5 9 
CaDotfJttT* ine. ,_)53A 
Soctar Fnml n 
FhaaelalStlTC — {23-B 

Glide NaL Roa [S.4 

inunudlanal 
CaSitH..— ■ i— 75 A 

IntermiUoiMl Jj?9 

World Wide Mar30|71.4 
Oterens Fonda 

** Australian . 

European- — - _ 

For East ■ _ 

North American D4 jB 37 

ON.MnUnuhlwJonilU H4 71-0 


2.72 

Ul 


uai?2,Taa . & ::d 

Rothschild Asset Management (» 
649 72B0 l G atehouse »L, Aytobury. QSM3B4J 


5«-l 

zrr 1 


755 W5I *0J| 

l 27 9 29 7*1 

Mar» 71.4 76^ +0 1 


S. C. Equily FUnL.. 1588 
B 34 VX. QigyBes-Tst M7 - 
9 JO S CL Income Fund- 1435 
N.C. Iml. Pd. ilnc.i 785 
4*2 NCim.ni.lAm ! 7*2 „ 

2J9 N C. StoUr Coys Fdtl4Z7 UU 

Rothsehiid & Lowndes Mgmt. <al- 



3B1 


01B2843S6 


w^-Ti 

73^-0 


i m St. Swttblw Lane, Lda- EC4. 

452 New C*L Ercnqx- 10150 1SBS ... I in 
Prtcv on March 16 Next dealing April 17. 

4< ^HMnui Unit Trust Mngt. Ltd. 


Hill Samuel .Unit Tst. Afgrs.t fai 
48 Beech St .BC3P3LX 


Unlrarn Ifotsaftonifaird Bd. EJ 
L'nicarn America -129.9 . 32 

Do. Aust. Ace. . — . - 
Do.Ausr.Inc.... .. .. 

Do. Capital. ..... 

Do. Exempt Tst. - 
Do. Extra Income 
Do. Financial — ..... 

Do. 500 

Do. Genesul - 

Do. Growth Ace — 

Dd Income Tst aJ A 

*ua prf. A’ns. Tat - IWJ 


Archway Unit Tst. Mgs. Lid.? (aMc) 

317. High IlOlbom. wa V 7Nb OIB31CS33. JKBaliarT?uat~-|S 7 
Archway Fund. ^ .1775 625)... .) 5.96 , K Capital Trust — 

Prices at Mar. S3. Next sub. day -April 12. ibi Financial Trett 

ibi Income Tntrt 

Barclay* Unicom Ltd. <»«*»*> 

nr Intel.? (aHg) 

+06 
+05 
-8.4 
-U 
-02 

—0-4 524 

-02 600 
-07) 640 


0481 

158 51 

-1 

M3 

56.51 

+02 

68 7 

73 j] 

+0.3 

3.0 


-0 4 

879 

94.ll 

-06 

266 

285 

-3 4 

49AC 

Mil 

-0 4 

285 . 

30 

-0 3 




Mm at Manrft a . Next sob. day Ai 

Do.Rccoveiy 39 1 423-04 

Do. Trustee Fund... 103.0 
Do. tndwlde Trust 45.B 


811 

2J1 

454 


IS. Christopher Street. E.CH 
Intel Inv. Fund- — [863 


1 M Ctty-GMu Hue , Flnaboty Sq.. Ec=. 

122 Hov9anAm.Mar.3B , 

2.16 r.ownnSf>.-:.Mir2S .[1535 161 

Rowan Hr afar 30 g? 55. 

t.Xcctaa. t' nits i [72.6 

<n-62S8»]l Rwn.Mrn_Mar.g> ..... 

528 <Accum I'nitsi- . |854 89 

IS ■ Boyri Tst. Can. Fd. Mgrs. Ltd. 

A75 M-Jcrmyn Street. S.W 1. aiBS98382 

aS3SS5St=dK 

Prices at Mar. 30. Next dealing April 14. 
Save St Prosper Group 
4. Great St Belem. Londoa Et3P SEP 


in 3477243 

^ 9291 -i 4) 

6H Key FnndlOuiagers Ltd. loHgi Save & Prosper Securities Lid.? 
*«8 3&,MUkSL.EC2V8JE. o: «s« Ttrro. 


. — 68-33 Queen St. Edinburgh EXB 4NTC 
6 75 Dealings to- 01554 8899 or 031-238 7381 




-tf.? QW abWHmbim ai hill 

1S7 2S 


Do Accum. .. . 


>7.4 



Key Fried InL Fd. .m95 
Key StuaD Co'»Fd ,|B5.4 


mm 

Mm'll -c si 


ml 


-og 


__ fadernslional Fttada 

|| ttr-:zzz\ 

“JJ Unlv Growth i 

tty; lucmehtg lncsnie Fund 
702 High- Yield {524 


Britln Fdine. -I :|60 0 625) -02) A94 JSfj 


570 Klein wort Bensm Unit Managers? 0fe>> tnene Funds 

20. Fendmrch St, E.C3L . PI-C380M |S« 

Funds 

|420 


565ad| -1.7) 727 


181 


... . . 87 21 *2 a an .. 

4U 6K.8.l)nltF(LAc (1002 10891 -lit 4.79 l 

L dt C Unit Trust Management Ltd.? 

Baring Brothers & Co. Lid.? #aK*> The stock Bchange. EON* ihp oj-nsa saoo 
an Leadenhuil St. E.C2 01-0882930 LfcClne.Fd -11297 133 Si 1 7% Japan - 

Stratton Tst 0671 U4M - -J 364 L4C lull A Gen Fd . (88 0 902} J 2.42 US.— 

Dix Accum. — p80 2148^ .._.5 344 LaWSOtt SeCB. Ud. ?ia«« Sraior Fuads 




4&l|-0Jf 4H 


a 842 
02) >40 


Next mtaTdar April 13 


63 George St, Edlnborgh E3C: 2JG 031233811 Z~~Z ~ 


THshopftgale Progressive MgmL Co.? j^muSSSiKlBR 
9.Bl»bops gate. Eci. 01-5880300 -Growth Fund.—.- 562 

B'gatePr **Mar5S .1174.9 18621 ... 1 34L lAccum. Untau 02 

Aec. Uta.'*3lar20_ 0085 220 « . .(3 51 ttGift and Warrant. 352 

B-gaSB InL Mar. 14 ..057.9 1680*) .. ..J 127 tAmericaePi .. .. ».l 

(Accum.) Mar. M... 074.1 1852) . J 147 itAccurollnitai.T^ 202 

Next tub. day 'April A ** April 1L —Hi£h Yields 992 

B *CAccum- Utdt9t_..|S74 . 

Bridge Pond ManagrrsWaMci d«»l miml -was. nwed. ymum -*Frt 

King wi ilium SL.EC4R9AR 01-6234001 Legal ft General Tyndall Pond? 



FUtaneUISeca..' 


34B BWi-Htalama Funds 
548 Select Internal. _ ..|2Sj> 



Bridge Inc.* _.W74 

BridgeCsp. ine-t— * 
Bridge up. Aec-T- ■ 
Bridge Exemntt— 
Brldgclmllne.t.._ 
Bridge lnd.Aec.t-, 
Prices March 29 *i 


.2 

129 

053 


52.0 

345 

375 
13) .... 
152 
162 


490 
321 
321 
5 02 
*05 
80 


190 Select Income 
its Scetbits Securities Ltd.? 

.... 10.70 Scorbits _._[J7.7 4 

+02] 10.70 Scutyleld H9.7 53 

Scocsberes^. PS3.1 

i^9 :.-.| 745 
■Prices at March 28 Next sub. day April 12. 


18. Catamite Road. Bristol. (QT232H1 

ScirirauU ; i t * \ZZ ^ 8 7i3 ..| loo ScUeslnger Trust Mngrs. Ltd. (aMh) 

NexL sab. day April 12 rtneorporating trident Trustat 

Leonine Administration Ltd. 1 40. South street, Dorking. ■ <tooaiS8Mi 

j&sssr—.K s - M - J ^ 


LoatkRLECSK SQL 

Assets |W 7 

Capital Acc 472 

Cammlilnd 515 

Commodity. 66.9 

nomestlc 35.9 

Exempt.. 983 

Extra Income — 382 

Far East 184 

Financial Secs. .. . 630 
Gold & General _ 174 

Growth 734 

Inc. 4 Growth 705 

Infl Growth S52 


ImwstTbtSharos . 405 

Minerals VLB 

Nat High Inc— 725 
NcwXaaoe.— ..1536 


North American 26.7 ■ 

Protew inn aL— . 4580 
Property Shares _ 13.1 

Shield 432 

Statue Change 260 

Untv Energy po.Q 


30. DoaltaB *Tu«L. Wed. a, Duke SL. London W1U8IP. OI-48BSW1 

SH24 SS|SS»St®i 

Dos’d* Bk. Unit Tst. Mngre, Ltd.? (a) 5dw% T«t Z&2 

Income Out. — 3U 

Inc. 10%-Wdrwl..,. . 294 
01-031288 Irani. Growth—- 430 


BrUatnua Trust ManagemenHaKg) 
3 landau Wall Buildings, JUmdon Wall»- 


tn 438 047810479 
695) -Ofl .529 

§n3i 


71.9 +0^ 
386 -0.4 

1B3 1 -03 
41 In -02 
19 Ba +84 
672 -07 
941 -03 
784 -0.7 

75.9 -04 

595 +05 
434 

364* -OJ 
77.9a -12 
361 -02 

287 

4722 -3.7 
lAla -02 
462a -02 
302a -02 
322f 


4j42 

ASS 

544 

420 

746 

971 

345 

440 

3.05 


Registrar's Dept. Gorlng-by-hea. 
Worthing. West Sussex. 


First IBaloctlJ 1482 518 -£L5 

Do. (Accunu. 152 7#2 -0.7 

Second I Cap 1 484 32.0 -0 J 

Do (Accum.) ..... 602 644 -0 1 

Third ilncomel 7B Q S3 8 -04 

DaCAmmU 1047 1125 -0.7 

Foorth ffMnc.i 572 615 -0.4 

Do. (Accum. 1 — |b35 68-2) -0.4 


AJ9 tnv. TsL Units. 03 

AM Market Loaders — 274 

3-» •NilYleJd’ 249 

350 Prcf-S Gift Trust— M2 
f’-JJ* PropertsShsres— 25A 

6£ Special Sit Tst 243 

749 Ujk. Gnh. Accum 203 
749 UJK.Grth.DUL 183 


221 

920 


■Next sob. March 22 


262a +02 
262 ..... 

25.4 . .. 4AZ 
■ 30.4 +0.3 1040 
414 —02 9.75 

322 -02 — _ 
462 +02 342 

255 ... 441 

29.7 -02 440 
293 -02 044 

254 .._ 1240 

273 -03 220 

261* -02 248 

2L8 -03 5.94 
197 -0.1 5.9* 


Lloyd's Ufe Unit TsL Mngrs. Ltd. 

2 M, 7S-80. cotehoiueittL. Aytesbuiy. 03005641 J. Henry Schroder Wagg ft Ce. Ltd.? 


3.95 Equity Accum 1145.4 1534| ....4 433 ia).cbcaj 

K5 * * G Group? urXdiri . . . ■&*** 

ThrtMW»r». , niwsr HaC ®C3H 6BQ. 010*1 4388 

Sec also Stock Exchange Dealings. i Accu m Umtal 
American W0 


8.72 
A 65 
80S 
3.96 
260 
4.78 
5 OB 
2.75 


ide.ECZ 
Brch 28 1172.7 


The British Ufe Office Ltd.? <*> 

ReHanre Hsc, Ttinbrt dge Wells. Kt 0882X271 

BL British Lite M82 50.3 -0 41 547 

BliBalancod* ta.7 48.71 ...J J.4e 

BLDtvtdeud*__.m.7 , 4Ul - 4 A9B 
•Prices March 28. Next dealing day April 5. 

Brown Shipley ft Ca Ltd.?- 

Mngrs; Founders ct, EO 014008530 

BS UnltsMar. 21 (210.1 m2| — J A 70 

Do.CAccJMar.ZI— ^14 275.71 — J A70 

Oc eani c Truxta (si IBI 

Fimndal — . p3 

General [17. 

Growth Accum. ™|42 



Growth Income. ^_.t 
^tlncomo 1 


Becovera 

ExmpLFeb.10 


354B 

19.0 
45J5 
.■ 364 
312a _..7 
19.60 .... 

2W 

273 

545 ..... 
223 

*14 


(Accum. Units). 43 9 

Australasian 439 

(Accum. Units) 44.7 

Commodity .... 642 
(Accum. Unitst. _.. 693 
Convoand Growth. 965 
Conversion Growth 512 
Gonrorrionlitc.— . 56.1 

Dividend 1116 

(Aenun. Units) 2069 

European _.. 469 

(AeenoLUniuu— . 47.4 

Extra Yield. 794 

(Accum. Units) 1060 

FarEjiatern^. 431 

(Accum. Units i—. 47.2 
Fond of Inv. Tuts— 57.1 
(Accum. UnttB 1 — 685 

General 1583 

427 (Accum. Unitii_ — ML7 

446 High Income ... 95.4 

jjfl (Accum. Units). _ — 157.0 
544 Japan Income.—. MAI 

940 (Accum. Unltst 1*4-4 

3.95 Magnum 185 4 

A73 (Accum, Unite) 2315 

358 MUflnnd 1574 

S3 (Accum. Units! 255.9 

3 08 Becorory. 744 

4.94 (Accum. Units 1 __ 75.1 
Second Gen. . 


Canada Life UnU Tut Mngra. Ltd.? iftSS , !^ w “ 

24) High St. Potters Bar. Herts P Bar0llS2 (Aroum. Unlllt |l834 

Can. Gen Dirt. — 1363 '. - 380 -031 455 Specialised Finds 

Do. Gen. AtqiSI . .ft 9 4621 — 03j 455 

Do. Inc. DtSL. . .. ..p49 33S -OJtj 75* 

Da Inc. Accum.. — 1433 454) -03) 758 


974t 
H73 
1781 
2605 
ffiU 
995 
3U 
204 
1693 
1 2312 
1722* 


Ol^MOMM 


251.4 

45ffl +04J 142 General March 2B_ 774 

463 +0 * 142 (Accum. Unltsh W4 

464* +0.6 Europe Mar. 23 — . 29.2 

. 47 J6 +D4 22S lAccmn. Units* 3L8 

665a +03 4 23 *PYiVhy March 2J - 1643 

734 +02 423 -Sped Ex. March 7. 205.0 

1024 +OJ 3 94 ‘Recovery Mar 7 — )M72 . 

544 +0.1 369 *Ric tax exempt funds only 

1189 +03 818 Scottish Equitable Fnd. Mgrs. Ltd.? 
220.4 ^ 28 St Andrews Si, Edinburgh 0815G68U1I 

505 - Iro mwhiaibto— t-jjfi • 04 ....J 524 

844^ jjljj B50 ■ i ra , .J 324 

*55^ +® j z.g Srbag. Unit TsL Managers Ltd.? fa) 
IsS Ia4 443 PO BoxSll.Bcklbry. Hse.E.C.8 0123B3000 
724 +05 4M gri»8gapltaird.-B3 . gAft-ga 354 

1686 +05 6 01 SobagIoeon»F'd.-|294 38Jx(-G2} 815 

w.7 to4 8» Secnrity Selection Ltd. 

1672 +04 80S 15-10. Lincoln's Irm Fields, Vf 02. 01+B1.BB3M 

sssgaKfis 5 -® n rj m 

24*2 A04 Stewart Unit Tst. Managers Ltd. (a) 

Z78S +05 J® •*& Cbsrioaa>J5n.g drnfe atslx ttMMBl 
793 -0.1 5 U1 Stewart American Fmtd 

mm l. ... Standard Units. _„BB3 - 115 i 155 

1686 +0.7 544 Acjum. Unlu .824 6641 — J ~ 

252.0 +14 554 WtUjdlX walU nils -1*8 D -5L3J 1 — 

1582 +05 A«2 Stewart .British Capital FnmT 

4 42 mi :d IS 


t2-3 S-S Sun Alliance Fond Mngt Ltd. 

^ 1M9 StmAlUanceHse^Hozsbam. 0W3BM41 

m mfrs&GZz |gr ,M 5si^4 ss 

Target TsL Mngrs. Ltd.? (aMg) 

3 L Gresham SL.ECL Dealings: 02865041 


Trusue 11362 1 

(Accum. Unitsi — 0603 __ 2 
Churl bond Mar. 38.1” UW 

Capel (James) MngL Ltd.? in? 

100 Old Broad St. EC2N1BQ • 01 ^88 non). Pmts. Ex. Mar. 38 _ 1124 0 130fl 
Capital. 1782 832nl .... | 4 46 MaanUfe Management Ltd. 

Carliol Unit Fd. Mgrs.. Ltd.?. (aMc) Mayflower Management Co. Ud TESSiS/Sfes: 
Mllbura Hcmse. NcwrasUeHopoihlpna' 21 W5 14/16 Gresham SL, EC2V' 7AU 014068009 *Do. Aec. Units — Z712 

gSSSTfc&l 5S ■ w”**™ ut ttSStesrz SI 

Next dealing dale April 5 SO. Gresham SL. EC2P2EB. 014004555 Target Inv. PBZ 


Charterhouse Japhet? 

I. paternoster Row. EC8 

GJ. Interaadl gL4 

Accum.unlia_MM.B4a 

CJ.lDcomc., P34 

CJ. KurO Fin H3A Z7.6«d 

Accum. Unite f294 318*| 


TBr.__.la2 

Accum. Units ._ a .p9* 
Price March SL Net 




n 

dealing 


01.3483 


E a . 


» 

698 

863 


Mere. Gen. Mar. 28.U687 
Acc.Ute.Mar.3S_ 219 2 
Marc.lm.Mar.2S_ 594 
Acorn UU Mar. 30. 632, 
Merc-E*t. F+b-33 .. 197J 
■Accum-Uts. Feb.23. 1235 9 



1503 


65 

37. 

S3 a 

325.9 -0.41 
294a -82) 
363 +U4? 
287 +4.4| 
304 
3581 
30! -04 
162 

. 184 -03| 


429 

■•S 

646 

644 

340 

AM 

245 

245 

379 

4.48 

845 

1040 


A47 


*«, Midhrod Bank Group 
343 Unit Trust Managers Lid? fa) 
M2 Cavntnwd Uoum. Silver Street Head 
340 SbeMleld.Sl 3RD. 


4,92 Tarae* Pr. Mar. 8fl— 

89* Tgt\nc. {284 

1.95 TgLPrra._ .OA7 

1.95 Coyne Growth PiL -R80 

Target TsL Mgrs. (Scotland) (aKb) 

18 Athol Crescent. Kdln. 3. (01 0821.2 

6^0| — 0^ 10 JO 


GommodUy 8 Gen. . g9 4 

Chieftain Trust Managers Ud?taXg) S59 

3001 Queen 6UEC4R 1BR. 0144838S2 Do. Acrcm. BBO 

American (Wtt.40 ajW ,,.J 125 £4p«ri- U55 

eee^JP Jra a 


Do. Accum. 


*74 

Income 43.0 

Do. Accum 542 

Intentatitmal 06 

Do. Accum. 464 


Confederation fhnds Mgt Ud.? fa) - HtgftviddJTirZ 579 

50 Chancery LAne. WC2A1HE 01-3430882 Do. Accum U6 

GrowthTund. PS90 40.91+04) A66 KQubyKxetnpf — 0024 


Do. 


Barbican M>r20_ PJi 

(Accum. Units.) 138* 

Barb. Euro. Mar. 3S B5L0 

BncAm Mar 50 786 

(Accum. Unite) 932 

ColmncoMar. 31 — 1182 

.ws=-Snf«.aaids9r fiSSSE HT 

saaasBt-’SBiSPS BSfiaE H 

Mbdrter Maria — ti 4 lAccmn. Unite) 53.9 

9iy —5.4) 530 VaiLC*tb.Mar.aB~ «2 
tAoemn. Units) __ 56.7 
V«ii©36r. B. — (67j4 


CostsepoUlan Fond Managers. 


Union Unit TsL Managers? 
933 100. Wood StreeLKGi. OMBftaoil 

3^ TUUTMar 1 K54 4084 — - 1 347 

in Transatlantic and Gen. Secs. Co.? 

|-£l 01-SD New London Rd. Oiellnlford 024981851 


S3 

5L4 -DJl 
58* .-OM 

Si-31 

•»=a 

1076a _.7| 
247M 


6.42 
642 
242 
252 
861 
a 61 

5.42 
542 


Orescent Unit TsL Mgrs. Ltd. (aKg) smmpti*ar.3i^_|w4 
4 MeJrillc Cret. . Edln burgh 3- 03).2384S31 MIA Unit Trust MgetBSL Ud 


Cre*. imcsujaX _ - 
ent High- DIO. _ 
Ores. Reserves ^ — 


01 -830 7333. 


Vang.* 


eMar.28.|4Za 


Old Queen Strew. SW1 HUG 

KLADutti P6J S79) . .. | 449 (Accnm.U trfhO (g4 

A54 Mutual Unit Trust Managers? (aHg) SgSJSSfcB 

. 16, CapthnU Awe. JSC2R 7BU. 014084003 wick Ptv. Star 31— (804 

Plwnttwiiiy Unit Fond Manager* Munuisec.piu&_|4B3 siw-oa 6 jw Do^Accma._ — >11002 

aM-HMa-ag-yi. S^Ssa iJ ..:Ki 81^ IS TS™ui H«wni M-» 

pteltuanoe — __H554 165R+7^ 429. UubalUighYld-pAO 58TOj-Wf .930 18 Caoynge Read, BrirtuL 

E. f. Winchester Fund HngL Ud Natkmal smd Commercial tncoMMm- m — 

OWJewry.BCa .. .-. .01^082187 SLSLAndrew Square, Edia b lUgh 031-K6 0151 Mgr.a Gg.4 

mms-ubi m - -j- hi aBStSSrJH & =3 tg iSS 

a estfcdB M -3 is Kgasaac ^ 


783 ... 
317.4 
875 

652 ... 

3756 +£41 
35L6 +3JJ) 
5A3 
581 

534 

67.4 

49.4 

584 

481 — . 
393 — 
72C 

44.9b — 

455 

*13 , — 

OT2 +£» 
3084 +L61 


544 

544 

329 

42* 

Alb 

S24 

524 

6.43 

643 

531 

*5 

178 

278 

323 

££ 

683 

547 

547 

479 

A79 


Gt. Winch'd* OHcaipaO 


191 


520 


Emsos ft Dudley TsL Hngmnt Ltd 

2d.AEUngton.9L..&W.I. 0J-4S97551 

Etown Dudley Trt. |65i 7054+4.9) 320 


National Provident Inv. Mngrs. Ltd? 


48 Gracechttrch St, EC3P3MH 
KJ*iGtb UaTst...W2 «7 

Eqnltas S«8 Ud?(aKgl - - 

41 Btshopagmx.ECS 01-SOgSat cAccam. United. 112X2 „ 

progressive IbU 663) -02) A29 -Prira on March 30. Next dealfM. April 27. ^^Snroirth 

-Prices oa March IS. Neri d**Uas April 8 


InL Earn Mar. 28... 
01- “ 3 f®P lAccum. UnlW-— - 2SL2 
320 ScetCap. Mar. 3B_ 1294 

.. J 320 (Accum. Uultsi 1514 

--.J 3-® Scot Inc. Mar. a»_ 11528 
*.-■• .?■* tiAm Well Group 

Growth — -J752 

Do. Accum. — .—[766 



Extra Inc. Growth- 354 
3a. Accum.- — .- W.9 
in Fin*MlaI Prttjr — 182 
*7 an PQ-ACglUP- . 
cm nigh Irm. Priority- »4 
fS Intemattooal.— . ®5 
Special Site P92 

TSB Unit Trusts ts) 



MJ -It ■ 62* 
8L< -U 62* 
38< -ft; 1846 
42J -o; 10.46 

3ton +SI 386 

suf-oq 539 


0!M 02X88 


Equity ft Law Un. Tr. M.? CaKbXc) National Westmlnster?ia) 

AnwnihattHd., High Wycombe , 04M393TT ISL Cbeanddc. EC2V 6EC. 01-flM ftOSO. 

Equity ft Law . [63.0 <&2a| -86| A40 CapltoKAmnnj,. .814 "" 

Ewrajnc... — 64* 

Framlington Unit HgL Ltd (a) 

H.treland YnM.EC4B5DH- ■ 01J6868TI «2 

Capital ra. -M62 jn*#.. 4 Ptrifoltoliw.Ki— 164 

gs?=« *3 II w Sour ^r-sst sr* 

^ . . _ j - . _ MUtamCherUJ«>it«.ain*y 8011 ftlTaiGeneraJ — H23 

Friends' Provdl. Unit Tr. Mgrs.? Notour ..M2 6L2»f-i-fil 581 — g* 

PixbamEnd.DQrkute 03085035 J5^ +03 929 S? . 

Friend* Piw.Utt. 1405 433} -03 -4.44 Fw New Coon Fond Haugen Ltd Si 

SuSS^-^:|B m-1% M4 see RothseldU Asset Manasemat 

Norwich Union |naairtnM Group (b) Bank? (a) 

014088131 3^ D *f 2 ?^ > Waring Street BriXart 

♦OJI 340 anu wn*-Fd.-.— |3aL5 337.4*0 .. .J 5J4 (Wj i^ r crotrth_.Hia 

M il srs" ssss» a- 5 -i-is.* “• 

Pearl Growth F(L_. 218 g-S-Oja u* 

H2 272) -03 634 Friani Hae. Fund— gJLi 
ssj nj -S3 780 Wider Grth. Fnd — W3 

D2 3tfl-0fl 531 Do Areum.—, 1323 

Too 463) -27) 531 Wleler Growth Fund 

King William 51 EC4RSAR 


G.T. Unit Muugera Ltd?' 
18 Plmbory Circus EC2M TDD • 

8ESe.=W -iU 

GXlnc.Pd.Un J5L7 U1 

G.T- U.S. ft Gen in.7 JAj 

G.T. Japan ft Gen.— 2722 ?XJ. _ 
AcipymiExJ-iL^. 1343 140.9 

SterLPri^-^eSi 

GX Four YiSsFcL_ 



1BJ 


♦Oil 


344-821 544 


^ H Act^Unite. 


220 

7.1A 


?G. ft A. Trust (a) (gj 

6. Rayleith Bd., Bnumrood 

G-fc K PW 


Pearl Inc. . . . _ 

Pearl Utdl Tsl. , 

CAceum Uttftsl_ .. a f 

Pelican Units Admin. Ltd (glfxl 




012334881 
AM 
854 

324 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbuthnot Securities ICL) limited KeyseJrac HngL Jersey Ud 

PO. Bot&aLSl. Holier. Jeraut' _ 05347=1-77 po Bov 08 SLHriler 3mey.(Emi 1)120370701 

CapTrt.MeHWJ-.pM4 1232) . J 356 F«wri«t- EJ-UB U" ‘ ““ 

Njrtt tlcmlinc dalc April 11. KraalM Inf! ?S28 61 

E*rt*InUT«'UMIfl8.8 l&O ) — \ J36 K+yselrt Europt— El 77 aj 
— « toSSojLFBBd- II S2fl M 

Kitj mahrf Jmom — . uU] 


Picxl Sdb. April 30 

.Australian Selection Fond- NV . * ^ 
narkrt 0piwrtuniU«.’c/P Iriih'Voang ft" 

OulhwHU. 127. KeniS.. Sydney, 

USSI share*— ■-»»»»■., 2*. L - 1 — 

Net atari value Mait^L JO. . .. ... 

Bank of America . International S^\, 

35 Boulevard Boy xl. Laxemhamv ti D. ■ • _ 

lMdinreu Income. .Braa» HU6I+093) 653 Gift Fad. GuentjerldOOS 
Prim at March 30. Sen sab. day Apnl a ImI. Gfrt. Sec*. TsL 
Bnt. of Zddn, .ft S._ America £(d . ■ 

Osteen Victoria St. EC4. 01-0302313 
■Fand-JMSStt --JL— 4- — 

Nat asset cable Mar. Zl 



Bxnqnc BmxeUts Lambert 
8 Bue Da la Bugemra B 3000 Briuuto 
Rasta FundLF P-958 22101 +JL 443 


CenLAsacu Cap. ... ( E13VW 

King ft Shaxsan ajgrs. 

I CbmineCnxB, Kt. Huncr, Jorsaw. iJEW.iTjTai 
Valtoy Hi*. 5L Peiar Port.- Gnuy. UHSli SM70S 
1 Tisaw** Street, Dimclos, I.O.H. (OBMiJW 
Gift Fond tJertWI-POBi HMJ .. . .1 
GittTrert(La3L) — (UJ6_ llftM .... J 11^ 
UJ2) 4 ILW 

eeKEakb jutjj = 

KkumTirt Benson Umliwl 
2U.FtmriHircbSL.EC3 oi^snscm 

349 
AM 
AM' 
L46 
1.90 


^S.iarr'Hv^ 31 -- 

Bareinys Unicorn InL iGh. IsJ Ltd KBjjmroFumi xi.^ih 
L CluuinsCr<M,SL Hclict; Jray. . 0=3478741 K.B.L 2 Gvrtb. K L ,5^9 

U^wXrTvS!^&27 SS^| a6^ 18^19.10, 

*KB act aa London panes axenta oolv. 

Bare lay s Unicorn InL (L O. Man) Ltd Lloyd* Bk. (PJ1 Mgrs. 

1 Thomas SL Doo'cto*. tnJU.' 08248838 P O. Bo*10a.St HoIrtT.Jertey . (KSMS+SAI 


053 


iat 

.4.90 


Unicorn Audi. Cxt . 43.0 
Do.And.Mln~.. — 1 B3 
Da Grtr. Pacific^- 56-9 
Du. inti. Income.- . JS5 
Do T of Sian TSt — 44.9 
Of, Mxnv Uotnal . (SB 



Ltoyda T*». iT*lra* -Ja97 523<4 . ...) 

Next denlmg date April 17. 


249 


Sishupsgale Commodity Se r. Ltd 
P.O Bftt42.Daa8lU. laU. 08S623811 M £ O Group 

ARMAC*31ar2 — 

CANMHO-Slar. & . ICL8K 
COUNT*' Mar. 6_. ..^219* 

Originally, lamed at *H6 

Bridge Management Ltd. 

>(• sox SUB, Grand Cayman. Cayman la. 

Maabl Mar 1 1 . V24.694 j 1 

Oj'.Q. [io\ -W Hone Kmtc „ • , 

.VippoiiFcLMarTS. .KSS.S UU) j 0.74 

Ei&ofi Split. 

Britannia TsL MngmLjCI) Ud. 
jullaih RL.St. Holier Jmey. *'063478114 

•IroKth Invert {307. | 420 

lntnLFd, -gbS .33-0! ^ 

Jersey Eoerry Tst. M7 4 1« 5J +Jaj L50 

UnistS nlr‘lSl.._^A19 fittf+ffna r 

Um\al STrtStS..-JZB5 21t) .T| L» 

Value March MlNext deabns Apnl.3. 

Butterfield Management Co. Ltd 
P.A Bov IBS. Hamilton. Bermuda 
Hu Urns Equity -RU JSS "| iS 

£n (tress Income. .aBO L9S ■■ 1 746 

Prices, at Mar. 13 Next sab. day April 10 


as* Lloyds International MgmnL SLA. 

MO .7RQeda Rhone. PO.Bov ITS. 1211 Genevan 

1M tigsjnsssiias sa-i is 


214 

084 



Thiea' Ciwja Tow Bail EC3p 014B8 4318 

AUanUeEx.UarT&.K'SZJl 279 — 

AutLEx. Mar. 39 — RSUS ... _ - 

GoW&Stor.'A^ MOW- At-r* 

If land MW o 1360m +0 J 11.71 

j A man Unfta) Bsil 164.01 +A« 7373 

— Sansncl Montagu Ldn. Agt&. 

JW. Old Broad SL,£Ci 01-565 

Apolbto Uar 22.. SF4540 4427).. .( 17* 
iispfart Mar. 15— SHCT C lUta . . 
ll7Grp Mar. 22 — sri»3 UXl 
117 Jersey Mar 22. £468 5JL3 — 
irUnyrrsMar 15 |i-10.8» 3I37| . .. 

Murray. Johnttone (lav. Advisrri 
183. Hone St, Glawow.cs M1ZI33CI 

•Hope St Fd. 1 5US2998 J ...I — 

■Murray Fund 1 SUS9.W) 1 I — 

*KAv March IS. 

Negtt Sj\. 

10a Bwlrttfd Boyal Ltroe m be u rg 
NAVMar.1T 1 5US1026 | — 4 — 

Nftgii Ltd 

TVin it of Bermuda Bld&l. Hamilton. Brmtlxu 
.A WUmh 17. -fU40 — / J — 

Phoenix international 
PD Box 77. SI Peter Fart, Gnrmsny. 

Inter- Del Ur Fund.. 15US222 23tj .... I — 

Property Growth Overseas. Ltd 
38 Irish Town, Gibraltar iGibXOOS 

I'.S. Dollar Fund, .t SUMT27 { J - 

Sterling Fund _—l £32680 1 — ..J — 

Rothschild .Asset Management <CX) 


Capital International SJL. 

37 roe Note!*- Dame. Laxonhetug. 

‘.'apttal InL Fund- I 5US3593 I — 1 — 

Charterhouse Japhet 

.1, Paterantter Row. EGA 

Adiropa 

Aditexba — BSHHS 

Fm-rinfc ■ D S3 1.50 

Foodie . MHO ID 

Emrirror Knnd- 
HI* pann.. pCSDlf 

Clive fn vestments (Jersey) Ltd. 

P O. Bm 220. St. Heller. Jersey * • 05M&.WT. TOB»% St JuiUna CL Guernsey. OKI £8331 


1140 


1188 


Clive Gilt Fd lCX).H.n 9W1 

aureUUlFd.Ueu.f9. M 9.93| 

ComblU IAS. (Gdernseyl Ud 
P.O Bax 157, SL Frier Bari. Gnemaev 

IntaL Man- Fd.. -^{156.8 - 1748) { — 

Delta Group 

p (X llo* :*JI2. xuun Babamax, 

Della lift. Mar S- (SI 42 1 «9f J — 

Deutscber Investment-Tin st 

HnsUarb 3688 Biehcrfiasse 6-108000 FrankhnL 

ConcenCra [001921 Jt5H+ftJfl[ . — . . 

■In L Kenumlonds _|MtWA* 71W —I — 

Dreyfus, intercontinental Inv: Fd 
P.O. Box N3712. Nassau. Bahai n at. . 

NAV jjar 30— )HJSOi* .ft4f .-.'4 — 
Eznsftn ft Dudley TsUSlgLJnyJM. 
PjQ Baa 73, BU uriibr. Tersay. , 053420501 

EJJ.l.CT - [UX6 Ul.Ot . ...J - 

F. ft C. Mgmt. Ltd tnv. Advisers • 

I -8, Lanrcace Poantney HJU. EC4R ORAi 
01-633 4600 

CenLFd.Mar.22^4 5US4J4 )....) — 

Fidelity MgmL ft Hes. (BdaJ Ud. 
P.O. Bax 870. Hamilton. Bermuda. 

Ft dellty Am. An_ 

FideHty InL. Fund- 
Flililitjr TdC- Fd._ 

FldeHtyWrldFd.— 

ndefireStcrFd*.- 
Scries A (Ininl.) .. 

Seri esB (Pacinct— 



5US22J3 


SU5J9JW 

+0-4B 

SUS4284 


SUS12.73 . 

-41112 

£332 

+009 

£7.21 


- £1487 



orj^jY.jtor.31- 
O.CJncJFld Mar. I — 
O C-lnlLFd. Mur.lS 
O.C5<nroFdSrai3l. 


Oi; f'emmodity* -0222 . 

OC. D!r.Comdt«.t.-n2525 2675) J , — 

. Price on Mar. 2L Next deaHqg April 7. 

Royal Trust (Cl) Fd HgL Ud 
P O. Box 104. Royal T*t. EUta, Jeraey. 053427«4t 

2LT. Uirt. Fd... — -IftUSSAS 9221 1 AM 

RT. WL iJn-J Fd^B 89) 1 .321 

Prices at Much 15. Next dealing April 14. 

Rave ft - Prosper Inleriudianal" 

DeaHits to. 

37 Broad SL SL Hriler. Jeraer 0634-3001 
Fl “w«6| 696 

Internal. &.?. ,1631 

Flur Kartent^f . — -IMJ4 
North Amen can't - 13 45 
Sepro**L— P3J5 

22R« -84J US 
Channri lalamfaO— 0428 Ebffl -fiJl 496 

Comniud. Mar. 30 — B17.4 125.71 — I — 

.SLPxd-Mar 33. r _K03 1273) ^.. | 10 92 

Frices on *Murrb 38. "March 28. * '•March 30 
.. . (Weekly Dealings. 

ScUeslnger IntenuUnul Hngt Ltd 
41. La Matte SL.SL Heller, Jetscy. 05M73SBR 

SAdX W 791 -1] 9J* 

3 A.OJ. 1 .-WHO ffi m .... J 4 71 

Gilt FiL__ R33 257f-0^.Ui» 

InlLFd Jersey.. _g» _1M ^ 553 

1 ^ 3M 


— ■ lalL Fd Jersey m 

— lntnLFeLSjunfirg.-h.78 


First Viking Commodify Trusts 

5 St George s St, Douglas, CnM.. 

0634 4682 IrinAgti Dunbar* Co. Ltd. 

SB. Pall Mall. Loo3«iSW 175JH. 0l-«»7K77 
Frt.Vlk.Ctn.Trt... 

FrtVk.DbLOp.Trt. 





rFlemfng- Japan Fund SA. — ■ -tPhredTini 


“Kar Bast Fund 

■Non soix day April : 

Schroder Ufe Group * 
Enterprise# ogee. PbrtsaKmth# 
iDtmatimal Ftandf 

EEqnity — . 

SEau|ty.„ 


.03052773? 


27. r at riotrftDame. Luxembourg 
Flmg. Mar. 88 — SUS4U6 I — 
Free World Fond Ltd 
Butterfield Bldg* H a m ilton . Berwod*- 

NAVPeb.M 1 JUS 346.65 I ~. f — 

G.T. Management .Ltd Ldn. Agts. . 

Park Hae, 16 Ftafttay chreuk Loadon BC2. 
Tel: 01-628 813L TLX- 888100 
GJ. Pacific Fd. — ™1 SU512J9rt | .^J — 
a tonag w acnt TMtariwttofcal 

cie Bk. of Bermuda Front St, 

Anchor •V UmtiL_jpt9»|0 
Anchor iftLJfd. 

GX. Beringda. LhL ■ 

Bit, ai Benadda. vmt- 

SUS644' 

G.T.Jtfgt (Asia) Ltd 

Hutchison HH, Harcoort Bd. HOog Song 

k3 

G.T. Management (Jersey) Ud 


JFlxpd Interest. 
CManaged.: 
JAtoaagod.. 


0249 

009.1 



J. Henry Schroder Wagg ft Co. Ud 

70a Cbaaprida E.G1 

CbeapSHarcbri- 108 2 . -0041 272 

Traf algor Fete 28. .. SUS107J2 — — 

AaUafrd.3Car.20i- traib) UB 349 

DarllnxFmL SAL74 58R+0JI1 520 

Japan Fd. Mar. 25- W'Skd *4fl ....J 026 

Sentry Assorance international t td 

P.O- Box 328, HaatUUm 5 Bermuda 

Manajred.Fnnd — ItUSMM IBS) 1 —T 

Singer. ft Fri e d lander Ldn. Agents 

20.CanmnSL.ECA 0LT48W4« 

S^TR?MlUv28l[ n8 sf^i» 38 l rr.li 50b 

Stronghold Management Limited . 
P.O. Bax 335 St Hatter. Jersey. OgSt-TtMO 
Co mmo d i ty Trust -IIP At 95291 — -1 — 

Sarinvest (Jersey) Ltd. (x) 


Rreri7rt,Hafe,Cdhmiberlte SL Hatter, Jerav _P,0. Box 98, SLHaU^ Jersey. 053473673 

25B^~J XS Wcanl^Tate-lp^. .7.J5W4JI U8 



Bank of Bermuda (Gucrascyt 

ni« La c, 

8§fed _ 

Anchor InJw.T»t_4253 2ft 1 
Gartmore InvesL Ltd. LdnT Agts. 
a SL Hazy Axe. London. BC3. 01-283 3S31 

Gartmore Fond KagL (F«r g o t) UL 

InifSond Fund — praftlB UK 
Gjrtmorv Mnff, 24d 

P.0.Box32.Dtuil£l4Bf.toK. 

Intematlnnsl Inc. .ftOLl 
Do. Growth, +LL — ^7 ( SUfl.. 

Hambro Paciflo Fsmd MgmL lid 
=110. Connaught Qenire. Hong Konc 
Far Baal Mar. SO — MKUJJS ZUB .. .1 - 

JApaa Fund-. (SUS7J6 Mg+fLSO) - 

Hamhros (Guernsey) LldJ 
Hambro Fund Mgrs. (CL) Ltd. 

P-O. Box®. Guernam- 0481^8331 

C.LFniuJ -0372 1« 

In ml. Bond .SUOT0439 207 
InL Equity SUS19.94 10. 

TnL Sves. 'A' SUSfifiZ 1 

IpL SvgK -B* 5USLL00 3.1 

Price* on Mar. 2& Next dealing Apr. a. 

Henderson Baring Fond Hgn. Ltd. 
P.O. Bax N4725 Nassau. Hahamas 
Japan Fd. — __B7JM»J6 ' rtJM | — 



Z50 


Copper T rnrf „ ' ll 
■ Jw.Iadca.Trt. r 

Sarinvest Trust Managers Ltd, (x) 
-ia. Athol Street, Douglas, loAL 0624 23S14 
The Silwsr Trort 
Hlchmund Bond 07. 

Do. Platinum Bd.— 

Da Gold Bd. - i 
Do. Em. 07(D2Bd PJ63 

TSB Unit Trust Managers (CLLI-Ud. 

Bagatelle Rd, St- Sariotir, Jersey. 0SM734M 

Jersey Fund 1438 46.11 .1 4 17 

Guernsey Fund • — fo.8 462) - I 417 

Pncw on Mar. 2& Next sab day Apr. 5 

Tokyo Pacific Holdings N.V. 

Jntimls Management Ca N.V. Curacao 
NAV per share March 38. 5USa0.4». 

Tokyo Pacific Qldgs. (Seabond) \.V, 

JnhmU Managemmrt Co. N.V„ Curscuo. 

NAV per sham Match 28. SDS3681 
Tyndall Groop 

P.O. Box 1336 H a m lB e n S, Bermuda. 2-3TS0 . 
OrerteuMar-ZD-tefilB 289-ftftlf 600 
tAecnm.Lnitsl-_.-f 

3-"WRy InLSIar. 18 _f 
T New Su, Si HelIer.J«nwy 

TOFSLWar. 30 1025 

lAeeum. Share*! — 0035 
TASOF Mur. 29— - J77.0 
(Accum. Sharesi—(778_ 


Jersey Fd.Mar.2B_ IB9I 

(N'ggJ. Arc. I 1 tel — 259.8 



KSsMQUSLsLrtfc 8garfi£2!iBS 

HiK-Samnel ft. Co. (Guernsey) Ltd. ■ 'WctanrHonse, Dougins. We of atm. o«2*2Sbs* 

8 LeFcbvre St_ Peter Port Guernsey. CJ Managed Man 16—1127.6 134.4] I — , 

Guernsey Irt-^-pAftl 1555) -LU 548 UtjL afagaiIlt (C.IJ Ud. 

Hill bamael Overseas Fund SwA. m auJrorter Street. SL Heller. Jersey. . 

37. Rue Notro-Dame. Xnxemtmuig UJAFnnd 1 SUSUO I J 825 

. _ U ’- 57 HU« - united States TsL In tL Adv. Co. 

International Pacific Inv. MngL Ud. j«. ru® Aidrineer. luaesnbouni 
PO Box 1KB7. 58. Pitt St, Sydney. AnsL UATrt lav. Pud... SL'S922 MHC] >96 
Jarelia Equity Trt.)S188 598]+0JM^— - N« asset March 30 


JJE.T. Managers (Jersey) Ltd. 

K> Box 1B6 . Royal Trt Hae, Jej3ej053437«l 
Jersey Emrnl.Trt-.to2_ 13581 _..J — .. 
As at Feb. St'-Krtl aute-tftr uar. 31- .- 

Jaxdiac Fleming ft Co, Ud, 

46th Floor. Coonaagbt Centre. Hoag Kang 


S. G. Warburg ft Co. Ltd. 

30i Gresbam Street g(SL 01^004555 

CmrJBd.Fd. MnrJD-1 SUS953 !+0A] - 


sswnd •* 


Jardina Ertn-Tst.- 
Jardine Tun. FdJt* 

JmdiaeS&A.. 1 

Jardinc FlemJBtr. 
NAV. Mar. ‘ 


SHKZIB.69 
SH 829208 
I SUS1225 I 
| SHK8.94 | 


SLSL51 

Mer^arjystora.l ’ 

Warburg InvesL MngL Jrsy. Ltd- 
l.CharlnfiCi'oss.SLHelier.J®' Cl 0534 73M1 
CMP Lid Feb- 3J BUSH# UM 

as =.- = 

TMTJUr.9 — BLStli 9« - ._ — 

Kemp-Gee Management Jersey Ltd. TMTLtd.Mar9 — K92s c9J2| — 

i. Chnring Crou. St. Holies. Jenoy. o&hi .73741 ■■ World Wide Growth Management?. 

Kemj>£ef Capita!. {M.0 M63f j — jq- gggi^anl Kotul. Lacembotire. . . 

Worldwide cth Fd| SUS1Z.99 l-WW - 




5US853C. 


Kemp-Gcc Income . 


-&S0 


NdXES 


Hnres do net include S prennm, except where jodieaud r. and are la pence unless oifaerwiie 
indicated Yields % i&homi m tost munmi allow (or all buying expenses, a Offered prices 

include all "■ J * *- - - ■ =— J — * — — 1 - 

(•puling pr 

pamitim mnironCe. x Offered price 
y Otterri price briudm all menses tt bought 
V Net at lax on realised capital sains urtlots Indicated 

• * lield before Jersey lax. f Ei-su 



except agent 
managers, x Previous day's pm ». 
ft. f Guenuay gross, p Suspended, 
ubdlvirton. 


. CUVE INVESTTffENTS LIMITED 
1 Royal Exchange Aye, Loudon EC3V SLU. Tel: 01-283 1201,. 
index Gnlde as at 21st March, m8 (Base 100 at 14.1.77.), • 

Clive Fixed Interest Capital 135.42 

. Clive Fixed Interest Income 122-34 • 


CORAL -INDEX: Gqse 460465 


i (CTO 227300 81 FouatrinSL.HanchoMc. tm.JS98te86 tnetime Calls + L-tPT 
32.8) -02) 4J2 PdtcflnLialii„., f77J _ 03 J) HU) 524 _A«u». Volte — 1351 


010234951 [ 

354 L 

«• r 


KM 


INSURANCE BASE RATES 

t Property Growth 7J% 

t Vanbrugh Guaranteed 7.12% 

i Addrrog ghown under insurance aod Property fiemd Tabic. 


V 


v 






iT r 


' Great people to tiufld with 



FT SHARE 


INFORMATION 


• Financial Times- Monday ijptiff iffTg '■<*.* 
, / - HOTELS— Continued 

- -W' W 

aw. orttteBdafciMp.j' iM; imii 5 » ?« ■£#; > 


Henry Boot Construction Limited 
Sheffield Tel: 0246-41 01 1 1 


**BRITISH FUNDS 

| Price | Last) Yield 
Stock I - 1 « | h*f. | Red. 


AMERICANS— Continued BUILDING INDUSTRY— ^Cont. DRAPERY AND STORES— Cant. ENGINEERING-Continued 


“Shorts” t Lives up 

14J MiulTwaiury Wtpc 7BK - 
36M ‘ifiSlEi 1 . h. 5pc T&ISTt . — 
9M PSlTreararv lU^pc 19B — 


1TT‘T l7sttrea'ui?3pc'Wi 

2S'.l MSlElwiric-tiroc 74-79 — 

1 M J N [Treasury KW 1 T93 - 

15M 15M Eoctrlc3ljpc 76-19 — 

3M 3S Treasury Spc ISC** — 

J4M 14N Treasury 90 pc ■»**- - 
I5J J5D TrearaiyJijpc ti-TO-. 

- 1SJ If ll Funding 3<pc TWSttt 
2HM 25N Exchequer 13pc UWDtf 
ISJ- IrJa Treasury lli;pcl!WI$*. 
15F 15A Treasury type U7ML- 

JA IOTrea.-uijW»pcl9lUS- 

12J 12D E>.ch Btipc 1381 

4F 4A Fach.Si’pc >981 • - — 

21 F 2iA beta 3pc 1*1 
1751 17.V Treas . \ anabl*- 81$} 

2.7 M 23P! foch. 12>»pc 198114. — 
3 5.1 I.Va Trca? flu* W«tt — 
15F 13 A Treasury 3p: ^ — 

]fi\T 1 8S Treasury 14pc '82S 
15J iso Trea.- Variable ©W- 

5.1 5Ju Treasur ff*pc '© 

22M 225 Each V«pu IB© 

5Jn 5.1 E-xch %pc 1983* 

■ 21 FILL F.\ch3pe W-. .. .... 

1751 17S Treasury I2pc 1SB3JJ... 


to Five Years) 

1014* 31211037 5.96 

99*’ U 2 5.02 6.02 

103 \1 3U 11.06 703 

96*8 B2 3.11 5.61 

97 A 172 4J7 6 25 

103 2691019 838 

95*a 10.10 3.66 637 

100 7 a 251 8.92 8.48 

1007 e ID 10 9.42 9.03 

93 7 a 611 3.73 633 

96 811 5.47 7.24 

107ts 191012.09 9 69 

104 A 9121101 962 

90Jb 91 387 727 

lOtPsHJ 232 969 930 

965b - 834 948 

99% 2912 934 9.63 

87*g 161 3.42 7.18 

96 A ini 6.66 7.53 

108*4 17.10 1L78 997 

96 7 e 912 8.77 9.49 

85’* 9.1 3.50 729 

1124. 7.Z 12.42 10 00 

95*8 BU 671 739 

95 A 112 8.66 9.61 

97 7 s U2 945 983 

95*4 - 914 988 

82’a 161 3.62 725 

107ft 8.2 1112 9.92 


Diridewb ] 

Paid | Stuck 

J. Ap. Jy. O FluorCorp ?i_ — 

Mr Je S.n. FordMororS! 

llrJn-SJ}. G.VTX 

Apr. OeL Geo Elcrt52>;— 
Mr Ju.S.D. Gillette SI .. — — 
MrJu-5.D. HoneywellSl 30 — 

3IJSD Hutton EF. 

Mr if SepUe. I B M tap SS — 
MrJn.S.D. Uuj«M«feS2.„ .. 
SD.MJu. laL6v>sjaBaSi.«.Si 
MrJe.S D. L T Intern anon alll 
F-MyAu N. Kaiser A1 Si .... 
ApJ uOJa Manl. Han l bSl-’O 
JuApJy.O. MorBan*JPil'SS£S 
M. F My. An. \unoa Sman lac 51 
HJn.SD. Ovsens CIS 12 a — 
Ju.OeJJL QuakerOalsLSSa. 
— Reliance 50 S- . 
J.AJ.O. Rep X Y Corp. » - 
F.MyAuN. RexwrdS-— -- 
S.D.MrJiL Richdsn -Mrrll SU. 

MrJn.S.D. SauirBF'S 

MrJeN.D. Shell Oil SI 

MrJe.S nee Singer '3I0»._.~. 
Aa.N.FJUe. Sperry Rood SOnO . 

MaJu.5tI>« TRW ImsSI 1 * 

Feb My .to Vn Tennero 

1 Jupe Dec. to JlPjUi SikM-® 


^|&^|crr|SJ “Sw*! • S*«k- t«« 

§3 §18 = is it fissasss^t a s 

?n!d aI H 50 = 74 June Jan. Cam® 46 

1J2 a 20 — 34 May Nov. ileneul Rraddflue. 130 

S. i*f ff sS _ 40 Mar. Sept. Comben Up. 10p.. 29 

Si! M? S-S z 31 Nov- Julv Cosiaiu S 256 

olSn aZ Slfi _ 41 Sept. Apr. imunn>fiideSp_ 37 

W9p “ 31 MW Ctot. Owsley Bids.-. 62 

s¥im _ 42 Oct April Crouch rD)20p_ 90s 

25c Z 0 9 May &L Cwuch Group-. 72 

82 90c — 5 6 A P r - ■ Oct Douglas Robt S. 87a 


1 Last 1 Die mdl 
| a | Net C*w|Grt|PfE 


Dividends 

Add 


22 1710 tl.S 27 §41 6.8 July Feb. Goldberg A„ 68 3J|l38 

44i a 2611 hd0.H[ 7lJ 3M 6.9 Dec. JnnebmhnaiiBr.Sp.l 10i 2 UMhOJ 
46 2611 333 1^12.01 62 June Nov. K^atran Wane 125 ll7IUt53 


949p - 50.68 
186 . 32 511.52 
40*4 72 S3.00 
15 26t 25c 

902p 82 40c 

22% 62 51.60 
.25*4 3.1 5208 
33Sgm 15 J 5220 
14la 3L1 76c 
15% 152 hSl.Ot 
37 fi 1TJ SI 04 
23*8 292 15c 
24id 9.3 51 00 
12*8 92 EOc 

18 7 2 90c 

431p 1174 - 
24*2 12 bSl « 


J621 333 17 12.0 62 June Nov. GAUm Ware 125 

39 4.94 + 5.9 4> Mbit. Dec. GL Uuvenal. 296 

2811 tl.47 22 7.7 tZZi Mar. Dec. Do-WOnL— 292 

19.9 13.46 95 20 7.7 Aug. Apr- Gre-SkUetalOp- 4feul 

30.ltfl.19 1.9 4.9fl21i Jan.. Ctot. HarfrfFura) Z7 

31D 419 0.9103II7.7J Jan. Ocu Do. ‘A" XV Z7 

133 3.94 33 6-6 7.0 Sept Hetene Lon. 10p. 16 

ZZ.ltd2.74 2 5 53103 June Dec. Da 12jxr CorPrl 156 


3JU hOJS 
1720 753 
lffl t7.43 
162 77.43 


62 32D 419 0.9UQ. 

90 nf 13 J 3.94. 33 6 

72 Z2{ td2.74 2 9 5 


*0 Apnl Oct Dmiin*Gi50p 
47 Mar. Sept. ErooalOp — ~ 


205al| 13.M+10-M] 3. 
60 aS 13.96 2. 


5.4l 52} Feb! 


Utt?u| ^-■*1 J-jj rnj. ijc JHendenaa 62>p^ » 

H0^ 3.<M 7.7j 4.9l Map NovlUenficjafflA Hjpj 21 
13.96' 25103 42 HtpwnhtfjlpJ 57 


J. Ap. Jv. O. TeKjnPLI.^sil5i . 

MrJn.S.D T«aco5£25 

MrJn.S.D. Tune Inc. 

Ja.ApJuO. TransamencaSI — 
MarJnSpDc i.'trLTech SliSa — 

UrJeS.D. I S. Steel SI 

MrJc.S.D. ’AimjBTjrthsS3*j — 
ApJy.OJ. Xerm Corp. SI — 
— Xonicslnc 10c_— 
OJaApJv. ZapaiaCorp.25t~ 


136 2811 10"^ - 

695p 149 - - 

20l 2 L2 SZ^ - 
30J> 222 5130 - 
10 7 a*U 303 80c - 
28t B 112 S200 - 
20*8 62 SL60 - 

14ia 263 51.40 - 
32% 282 52.00 - 
500p - 7*’C — 

13%af D3| s3fic — 


_ 37 Feb. OcL EHisAEveranL. 79 132 5.03 

V q Nov. Mai Enth 78 17 IB 5.49 

“ fa tiec, June FP-V Conan „ 23 32» 134 

3 5 Dec. June Fain: lough Cons. 67 17211 2.49 

“ * Jan. July Feb. IntUOp 23 1421tdl-5§ 

2.6 ■' an ' July Dft'A'lOp— __ 20 1411tdl59 

3 A Nov. Mac FedLandiBH. 43 19.9 1203 

~ 2R — ' FinUoJohnjIlfei. 31 4 74 

Z _ Mar. sept Francis Pkr life. 14 ITS ■— 

37 October FrancislGE.'Bp. 44 59 d3.54 

2 3 Jan. July French Etsr..— 31 2812 f 1-5 

23 Jan. July GallifardBr.Sp- 55*?xd 133 3 07 
~ _ GibtBD'dy-A^ 29 377 L82 

Z 4 7 July Feb. CieesiBr (3J J.* JBp„ 45 1212 LM 

*7 3 July Oct ijlotoop W. t J. 54 . 1710 13.49 

_ *1 5 Feb. Aug. G-ghCnoperZOp. 85 »1 528 

_ 53 Mar. Sept. HA-T.GTp.10p— 33 161 096 3.1 9 

_ ” Feb. Aug. HaniMMJ. I0p_ 57 320+12.54 4.8 6 

J? Feb. Sept Helical Bar 23 199 *2.03 12 

__ Jo Jan. Jnly Hendsn.'A’lOp. 59 3L10 t336 3310 

_ H Jan. July Hentoscaa-rt- 144 2811734 Z3j 7. 


U 9.MM1 Apr- 


Dec. Jnly House of Fraser. 143 
5 Nor. Jane House of Lcnse- 57 
i — Knott 17 


iLaul Die 1 IVMI i 

I. ri | 1W ICvrlGrtlWE ™ I 

tiJB 1^ 831132 
U0J5 35 lOi 43 jCw 
B3 23 6.4 93 
t7.43 32 3J 12.9 i"- "f * 
17.43 3.1 3.9 12.7 A*** 

L75 35 5.7 l5Lfi| ¥** 5 ct 

02 ” LI - ft* 

262 5.9 5.9 43 gSS 

22KS17 3L7 - §£?*- 
4222. 5.4 4.6 45 
OUB la 132 52 J™ 
23 27 63 9.1 ^ ^ 

SS 25 1 2 1] yjtsa 

3 .® 

252- 42 6.5 5.7 Apt- SepL 


mt I 66 

irorHMgsL_ 140 

«t(B4 J 95 

-C«nICloQ!_[ 78 


iw’s wss* « 

I3l2«t458|b3.« ?.4l 3.7 Apr. 


15.69 42 
14.8 33 

1266 53 
U.8 3.9 

3.68 * 

b759 22 


Apr. OctGiBBdMetSto.. 104 L273 
Mar- Sept BO-iapeUBV&L £8612 22d 
■ — KursaaiiiflLeS 90al . 
M ay Oct tadbrdke Up __ 17B 5.9 

— ifi-CkatiottoUp 15 575I 

ADC Dec. HTSdletooSto- 207ri .133^ 
Apr. Oct XorfaftCapip.- 39. 273 

d -' Dec. June North (ILF.i Up. 38 . MU 
July PriraotWalei. 120 27fi 
,, A U gi Dec Queea'sMoat^*. 77i 2 59 

*1*1 Jnly Oct awtonTWds- 147 19.9 

- May Sa*w“A*Hhi_-_ 74 224 

941 37 Apr. Oct Stak&tRwlito- 36*z 
a '31 s* Sept Mar. Swan Hraalm-V' 286 
ItjIIaSc. Oct Trust H,FWeZ. 189H 122 
1-3 II Feb. Oct KaiMT3«b.-A IBpL 2 S, 1212 
II It Juu Aug. Wheeler's lOp — 265 a 1212 


nz 

4220 . 

3LM 

>17,83 



23 

19.9 

1d32l 

17J0 

477 

3110 

3.92 

674 



Z7 2 

232'. 


ErpwpfedMetiL 59*2 310 3.68 
Ftaan-swj— 119 - b739 
F ta su tor Ure50Q - .9 205 — 
PirStaDlOp— 24 .223 *4.83 
FTaidrireaSp— 73 301 332 

FoftBsHfonjV5p 22 2B.U ftfl24 
FnmtolndaJl . 56. MU *51 7 
GB.ThtnL28p_ 72 - 2811 13.77 
Garten EntlOn. 87 U15 5.7 
GW-Rtf Rad tip 20 . 11 hfl.97 
aynywd.ZZZ 110 221 7.53 

Garta.fctnanA- 18tf U 4132 
Giah'mWood 20p 58^ 1212 4196 


ML 2 fl 33 B.5 5.1 
SS® 33 9.1 4.9 
13.77 20 7.9.96 
5.7 * 103 * 


INDUSTRIALS 

(MisceL) 


2.7 7.3 7.6 - Maple lOp 16 574 — 

2.8 8.4 64 Jan. Job Harks & Spencer 150 3UB 3.86 

* 102 4 Feb.- July Martin Nora 250 31 66 

35 62 69 Jan. July HeoriesU.i 315 1411 14J6 

2.4 9.8 6.4 — Uidnud 7] Up— U 873 — 

L4 9.4117 Feb. Jub Mid.Educa.50p. 90 31 1424 

3.1 9.0 43 Jan. July Morris Blake?— 42 14114.17 

4.8 67 4.7 Jaly Jan. Huheitarell^. 154 14U 1b2.fl 

12 i 9.9 Jnly Feb. NSSNcts 10p-J 108 3.1212 

33 102 46 June 1 Dec. Omen Owen— 7ft Z.4 12.6 


- s je sas^sa js 


BAl Jan. Jnlyjparadjse'BilDp-l 20 


OB 3.86 UM1U »'!5 

33 66 4.8 4JJ 5.9 5™- 

M tU6 5J 21 132 5^; fw 

31 1424 23 7.1 &5 Jan - M 
14114.17 IS 151 99 — an , 
L4U lhZ.66 3.6 26 161 AW 
11212 51 30 Mfl5*'SS 

3.4 126 3.9 5J 7J 


All J1356 
161 dZO 
310 7.91 
195 4.43 
12 12 t6 44 
112 15.8 


35 Jan. Jab Do.Tw:Coev._ £240 
o'o — HeywoWm.50p. 74 
L3 Dec. June Higgs ft HUL — ® 

_. Jan. July Horeringham — 70 


110 gl.29 4.0 3.6 103 — Pawsmi lWJ.1— 38 

1212 07% Kill 0.9 — Jan. Apr. Pel eo Stores lOp 41 
q B4 — = — — — — Fully Pert 10p— 9 


OJa-ApJy. |zapaiaCOTp.Sc. Jan.' July Hoteringham — 70 3110 tl.89 | 

S.E- List Premium 45i/< (based on SUSL8800 per £l j an _ July Bo. R« — ■ 63 3110 tl.89 3 

Mar. Sept. Howanl Shot 11^ 25 301 +156 3 


Conversion factor 0.6881 (0.6S62I *£■ |££ 


Apr. Dec. 1UC 20p 113 

Nor. May lb stock JohnseiL. 147 


71 161 t3.03 

33 Mil tL44 
76 DID t2.6 


13J 18Ju 

13J lSJa 

107 IDJu 
1M IN 

2&I 26Ja 

]J 111! 

15A 

ISJ 15Jal 

15J lr.u 

■ior loia, 

SA 50 

2D 12Ja 

21 F El A 

25F =5A 


Five to Fifteen Years 

’jMirvttaDcTB -i 98 J j [12.12] 955 


Treasure W«pc "83 
Funding Sipc 81-Wit- 

TreasuryflJK 

Funding 5?l< BMTw-- 
TreasuD 71»pc 85W. 
Transport 3pc T8-88. — 
Treasury 5p:B6-89. — 
Treasure Ope 1990++ _ 
Trea5UiyB*487B0Jt — 


rTreasnre- LOpc 1992 — I 
Eich. 12*apc 32 1 


86>* 

94*4 

V 

64*4 
68i p m 
llfiia 
85 

lOlti 
67%Pd 
1G7 1 16 13 12 20 
09*8 16MUJ3 
102% 191(12.11 


CANADIANS 


Over Fifteen Years 

105% 
65% 
115% 
116% 
103% 

85*4 

10M* 

47*4 «d 

89% 
109% 
81b 
139*2X1 
112 % 
46 

UO>a 
90b 
79*4 


15N 

InS. . . 

Treasury 15*4>c 96+t 
15N1 Exchequer 13t< pc B6J1 

I OlRrdcmptkn 3pe 19*96 
Treasury 13bpc '97** 
TNchcquerl^pc 1997. 
iTreasury H6pc U9TO . -\ , w 

1 N Treasun 86pc I M%*t 

00S Trea«. CaiPCWS* — —l 123% 

15Ja Treasury 9*vpc 19S»ft.. J 854* 

19N Treasury l®iPf WB 
H.tn Funding SjpfSWM 
=™ r reasuiy Bpc 1C-06tt 
5*jpc W 12tt. 


1217 1211 
926 10.78 
12.45 y n 
12.56 1226 
1216 
10.99 11.46 
12.06 120b 
632 9.13! 

1190 
12.15 
1132 
1236 
1220 
938 
1217 
1193 
1135 
1117 
1235 
35 11.58 
.79 .1192 
DO 1026 
11.08 1128 
10.78 1104 


Dividends 

Paid Stock 

Eft. Montreal S2 — 
F My. An A Bt Nora ScntiaSl- 
AJy .O.Ja. Bell Canada Sc— 

May Nov Bo* Valleyll 

Oct BnucanU 

F.MyAuN. Can.tap Bk S2 — 
July Jan. Can-Pacific 55—. -- 
July Jan. Do.4pc Deb.£100_ 

JApJy.O. GuKOiiranJ 

ApJv.OJa. HnuierSid-CanJ- 

FJHyAuN. HollingerSS 

Apr. Oct Hudson’s Bay 6 

Jan. July Hnd-BJDilG.SSii — 
MrJe.S.D. Imperial Oil! 


Apr! OcL InL Umber IIS 132 +63 

Jan. ' July i.B. Holdings 5p._ 57 Mil rrrfl-9 
— i C.E.G 25 277 U.S 

April ScpL rarrislJ.i...— 178rd 133 t8 61 

Altf 6 4pr Sept leanings SA0 50. 105 33 *Q70 

^7 . re- « ic-Ed fS- AuglXSrtards. JJSlz 272 ♦hU 
Last I Dir. I j ol „ Jones EdvdlOp. ' 16 275 0.92 

[ si | Grass |Cii|Grs Nov. KentiiLP.vlOp-. 42 3110 206 
... nt vo Dec. Julv LaTargc S A-fuB £27*2 57 

T3i® jqiyj ^q2c - 33 New. Jane LaiDCtJobni'A”. 127 3.1D +Z.& 

S3 ij1h 2 — 52 Jan. Aug. Latham i J.'£l — 13® 1232 th61 

n% ilsL 1 ™ “ SI Aug. a Dec.K?WmiaiS; 75 1411 SOB 

S J&S z I {aEffiBSSSz S Si I i 

11 J 4 ^9111 77c. - 3 9 TLJ« +2-9 


14% 276 
14*2 276 


83 [l7.10 13.12 b63 5J 4.2 Feb. Sept. Freedyi Alfred)- 8S 12.12 t285 

“ '1110 1189 33 41 111 Dec. June Ramar Test 5p- 3* 17.10 0.63 

IU0 1189 33 4310.0 Mar. Sept. RatnerslOp 87 381tM5e 

30 J 1156 38 9.5 43 Mar. OcL Raybeck lup 71 161 0.03 

152 d8.98 0.712.017.1 Dec. July ReadimSp » \ 4JJ tl« 

MO 6.14 * 63 4 Apr. Dec. Reed Austin 'A - 76 1710 126 

132 +629 28 83 64 Apr Sept. 8HliniIM5'10iu. 14ij 124 *119 

[4.11 m0.97 117 2K 5.8 - — RosglllSp - HJa 813 — 

2 77 *1.51 19 * 8.7 — SSL Stores 12*jp 141, 276 — 

133 i8 60 23 73 64 _ Do S%H. 12*jp 14* 2 276 - 

33*D20c — * — Feb. July Samuel iHi 'A' _ 247, 

272 4hl63 63 21113 Dec. Jnly Sdincoirt5p — 23*j 2331 blZ2 
27.6 0.92 18 8-8 9.8 _ Sherman *5* lOp- 10 5^ — 

3130 206 18 73113 Feb. July SmilhW.H.*A 5fip. 159 3212 bl« 

57 41575*4 35 7.3 3.9 May Nov. Stan leyA.ij.5p_. 123 310 td53 

3.10 12.86 4.6 3.4 95 Sept. Apr. Slatus Disct lOp- ISO 303 406 

1232 th6 72 2 6 93 6.4 OcL Apr. SteinberelOp — 15 U 2 MM 7 

14 U 6.5 21103 72 Jan. July SumrieMp 23 271 127 

1431 5.08 * 103 t Jan. Jnly TimePrcuk lOp- 1^ 1232 t!52 

272 3.3 * 8.3 4 Feb. July I'DSGrwp. W U32 4.87 

3110 25 * 5.3 * Apr. Dec. UptontEyA — 30 nJO 228 

vt vA xn M 1 A in 7 9 Unr VenfAnl^n llQtd 111 111 


115 132 +629 28 8 

57 H.ll ro0.97 117 2 
25 277 *3.51 19 

178*1 133 i8 60 25 7 
105 13 *Q20c - i 

115*2 272 fh!63 63 2 
16 27.6 0.92 18 8 

42 3130 206 18 7 

£27% 57 35 7 

127 110 +2.86 4.6 3 

110 1232 th6 72 26 9 

96 14 U 6.5 2110 


8%17Utt975 87 22 79 Oct GreobaSnp!. 55 »3C f dh!32 

W 1 W 1 1 A 5£- a- a 

1 | w£v ” ™ u ss j™ sess* e Ha- 

n Si 5 u m m P? S55*.i»- ,S ™ \f n 

50 31 66 4.8 4j 0 5.9 iS? SSfflfc TflO 15 8^ 

g rapa M uiu5S:iSSat= : '’a«:SiS!« 
» u Ti is* 1 .4 awn -».!!iu, 

a SS fSa HHJiH m.“apt. mSSSrZ «« ul JiS 
m M i? If fS ^ June DS. Hopfeia*oc»H)p_ 83 3130 14.6 

70 li 51 S D ii |.g 

20 1312 +3-97 — i — 77 17lf t07 

oo too for ij Jan. Mas Hunt mwa>p 5p Z7 lliD TU.f 

m him il 77 ^ May Oct LMjZZZZZ 61xd 113 3.29 

41 SU dl.00 13 3.7 31-5 iacbaXBB ^ 26 -132 cffi.91 

J ,175 T a si ui July- Jan. JenisftCatML. 67* 1232 blli 

?)[ nin aa 6 0 ?3» Jan. June Johnson tFlrth- . 64 Mil §4.69 

St to! Jm a n l 1 0 ** 9 D«- June teesGosiplDp. 85 17505-0 

Si W 71 I I ii May Oct low* XI4 19.9 538 

S «'S \ \ H 7 2 J**ne Nov. LrfrdGnwp—. 83 3118 294 

% li fl to Oct Apr. Lake iHliot— 49 1431 351 

HtSmio 0 8 5 Dec. May Lane (MlOp. 56.1730 3.28 
i?r 2 S3 * L19 July Feb. Lee(ArtfeftH2Jj. 22ta 33 145 

H “ Jai July Lfy'lFomatrira- 63 132.4 3 

~ ~ - Apr. Dec. Unread 33 14.11 d20 

^ ,f7 7 y Q 7, ,7, Dec. Aug- LtojdCFKU— . 68 281! 14 82 

Jm fial W 7! 47 Jan. Jnl> LodkffifDBp— 1512 2831 t0.78 

23l a an bl2Z 43 7.9 4.7 j Ju ]y Da‘A'5p— i— 15** 2831 tOJB 

i!» m-qb Ta Tqm 7“*- SepLlandooftMidFd. 78 1212 {4.76 

L59 1212 bl98 4.4 19 1B.7 . vJ. in Ui.i4u> on ni ««re 


7.4 4.9 Apr. OctlAAH. 1 93rf 131 h53. -2«! 

10:4 111 Jan. June AGB Re se arch- . 98 31 E34 2.1 

1 23 52 OcL- ApsJAauussa Bros. Mp 61 112 197 : 45 

53 (9.6) Mar. Oct Abbey Ud. JZ 57 221 1018 - 

- - Dec. May Abnorves IntlOp 18 16J US? _ 

H2 13 J. Feb. Oct Airfix IndfcJOp— 49 1212 129 21 

69 -5.7 Dee. July Allied InttSp- 54 . 17 Ji 40.76 U 
66 63 Jnly Dec Alpine HJ rigs. 45 3130 tL64 14 

Jj ai S 1! 

zl.«. Jw- 5 ^ $$ ** 


1312 *107 
133 05 
28 U dl.00 
175 - 
1212 1285 


1644 28 5.0 103 Julv Dec. 
45.8 3 0 63 -|0 Sept Feb. 

fdhttAB 3.0 8.7 ^53 Apr. Sept. 
13 10 HO 13-2 -Ajar.' Nov. 

13.72 D52 2.B102 idjy Jan. 

53d219 5.7 69 27 jSl July 

jS 14.6 27 8.4 48 OcL Apr. 

33 223 08 10.6 1293} Apr. OcL 

5 g 3.65 10 9.6 75* Nov. 

’30] t0.7 3.9 4.0 98 Dec. July 

3313.29 25 88 7J Jnly Apr. 

a2ttW-91 6 - - . 

IBbiib a 


■ UU «« - 

5-5 Jan. July 

Jnl 7 ' 

(53 July Dec. 


1751 29 
b!22 43 


159 1212 b!98 4.4 
123 310 tdSJ 16 

150 303 4.06 * 

IS 132 d0.87 18 
23 275 1Z7 12 

123 1232 tL52 8 7 
88 1232 4.87 1.3 

30 3130 228 BJ 


Jan-AgJ.O. loco — 

F Mv Au.N. Ini. Nat Gas 51 — 

MrJe.S.D. Massey Fwtg 

June Dec. Pacific PeL SI 

— PlaceGasSL 

June Dec RioAIgoni— 
MJe.S.D. Royal Bk.Can.fi_ 
SeDeMrJu Seagram Co. CS1 — 
F.MyAuN. Tor Dom.Bk.Sl — 
J.ApJy.O. TransCau. Rpe _ 


3b M U 4% - 
185a 222 5106 - 
. 415p 14U 40c - 
21 S3 52-06 - 
12fttd 283 69c — 
30% 24.11 31-60 - 
13% 282 86.4c - 
12* W 2 5125 - 
" 735p 12 80c -! 

700p 24.U - — 

26-a LB 86.4c - 

62p - - — 

19 630 51.08 - 

IV* 181 SI 46 — 


fiBE'-wasfed afis® 


5 7 Apr. Nov. Lorell +Y.J.*~— 
at July Nov. McNeill Group - 
Feb. Aug . Macnrt&Sthns- 


M3 3.89 
235 *289 

4 fc Feb. Aug' Sacort & sSnnT 177 301 tfi.12 

Jan. June Mafiinswi-Demiy 46 MU 1254 
54 Nov. June MandersiHldgj- % 330 t2.31 

30 Dec. Apr. Jtarehwik 269 27.* 34 

49 Aug. Bffar. Marley 78 163 ^4 

Sj Mar. OcL Marshalls iHM- W 132 td5^i 

i Feb. .An g. May k Hassell— 62 33 +27 

15 Mar. Aug. Hears Bros 25 303 1.78 

_ Jan. July Md»illcD.6W_ 40 M.U 248 

27 Feb. Sept M^eriHoU-U- 74 33 +4.1 

35 OcL Feb. Mifhuiy 7® 33 14.8 

2.4 Apr. Nov. Miller (Stan I lOp. 9 124 Ml. 

28 OCL Mr-RnS-r §2 & H’s 


75it3.8) Feb. July Vernon Fash, top- 79 
- Dec. May Wade5“A"20p_ M 

7.0 9.0 May Nov. Wa&O'tJBft.J 79 

64 55 May Nov. DaN.V 77 

3«127 June Jan. Wallis 10p._ — K 


_J 1201 1 3.9 m 4.9 
»3 B232 431 4i| 62 


*■' Jan. July Dn'A’Sp—— 15** 
To Mar. SepL tondoaftMidFd. 78 
t?+S'i Apr. Nor. Mi Holding*— ' 98 
r i X Z~ January. Uangan&ose. 88 
2-i qc Jan. June MartoourSto- 146 
„ ,C n June Jan. McEedndeBjm 89% 

S^ss: t^aats. s- 

,? ? 127 Apr. July Midland IodxSp. 40 
T7 Te September Mining Sop lOjj- 58 
H MareSept ffitchfiBSoiflfe 60 
5.4 9.7 k>— i.Tk, uaUnnsh •>& 


EsShlpeanU XI4 19.9 538 '* 7. 

rdGrwra^— 83 3UB 294 • 5. 

eftEUmtZI 49 H31 331 . 1A II 
effbnffllOp. 56 . 1730 3.28 ♦ 9. 

(Artfamis*. 22Ji 33 145 'W.ft 
’tFomMesl 63 132 . 43 1710. 

read 33 14.11 d20 9, 

BKRHi— _ 68. 2811 14.82 2410. 

korlDBp— 15i 2 2831 t0.78 33 7 


e-LeianeSp- 51 1212 1272 
bprjj finite- . 32 275 — . 

uFltoviKta. 13*2 113 1035 
nRubberil- 195 1212 927 - 

\ Group ■ 48 . MU 238 

XDefd. M2 S.! 1533 

ItotnL ' 68>a 303 3J3 ' 

I ^ -251'. 1730 924 

rffWinlEl— 150 3LU t914 

zettn — 28 277 — 

low Rd IDOc. 219 1AH Q26c 

r ft WAT. ‘A- .68 215 338 

row Hfipbftni 34 1431 357 

iiftPor&- '67 m 33 
tsoaOmi— 162 D.lS'53g 
chan — 640 28U fUM8 


Ifi -;:=■=■ 

- s -■ 

2‘ Ki S .. -■ 

V'Ai 


dZ-0 — 9.2 6 Oct' May 
14.82 24 103 6.0 
10.78 33. 7.7 63 Oct. Hay 

+0.78 33 7.8 62 jam Jody 

R76 27 93 62 Dec. Oct 

13.92 3.7 6.1 6.9 Jan. 7 July 

138 95 3.6 33 Ma jr Oct 

534 24 5.6 10.4 j u jy ifev. 

4.95 32 64 4.9 Mw Oct] 

0.4 5.4 35 7.9 j an . Jnly 1 

113 * 33 Nov. June 

d0.99 6.9 3.7 5.9 jj^y Nov. 


32 Aut Mar! BnthftftKnffld. " 67 
.6 . Dec. Hay Bejt?oa(3aiS_. 162 

1* s- ISSSSSHC^ 

ft ' ' Hay Ben tnna—— J 28 

6® ScpL Apr. Bedrfbrta . M 

68 Dec. May BwwirkTimpc- 52. 
* OcL Msy EoslobdL—^_ MZ 
60 OcL May BiddleBldgs,— © 
63 Qct; May BJfurcsu-dEng.- 47 
62 jaa July SDailMp-. 44 
62 Dec. Oct Black ArrowiSp. 34 
6.9 Jon 7 July Black DJK'tD Sip. IDS 


Nov. July MoJeMSp. 
May Nor. MoJics-.. "... 
July Jan. Moss Eng'S— 


MU 534 2- 

lAn 4.95 X 

272 0.4 5.' 

133 113 * 

, 132 d0.99 L 1 
11 LI 51 

1212 tl42 6.' 
93 0.41 -ft 

300 7.15 ft 

14U 4J6 2 

M3 1294 1 


. 28 377 172 3J 

. 58 272 245 4 

. 52 B2 12J2 3; 

. 142 193 E9.43 1 

. 83 m 657 -ft 

. 47 B.9 lb236 3j 

. 44 : 28U 12% 1 
. 34 2811+03-1 

l 100 19.9tb40C.l 

. .132 30.1 15.75 3. 

. 64 17JB §272 4. 

_ 32xd 13 3 +1J? A 

i. 224 M.U 732 ' q4 
.287 3ULD 145 £ 


.\1U TC.3A I dOiu nmiiitfiwF™ — -l “ 

27.2 3.4 12.7 J.g 6.2 May. Nov. Waring ft Gfllnw.l 89 

t t i 1*1 M I *1 A 71 Ql CL. O I v AllTniwnaill Cn 1 TO 


a. A -AN AA..M i.1 W.J railj. 15MV. nMUI»HUUiVW 

161 d249 3.4 48 68 Jan. June WearweD 5p 

132 td524 28 81 6.7 Jan. SepL Wiarf SBinOpS- 

3.1 t27B 4.6 6.8 42 May Nov. WiQroraWarbta- 

301 1.78 0.4 10.8 iBBBi Apr. Oct Wroiworth 

4.13 248 28 9.4 58 

31 +4.18 35 8.6 43 


s aa 

I 7.1 "u„ AT kills? 64 


.1} May Nov! fiewminTonksJ! 62 

a* inT Sept- Feb. N«t« 1 (W.£]V 34 1213 m6Z 

it ? ^ July Jan. Osborn SI 86 1212 337 

Jan. Aug. ^Hrifokr- 158^ UU g7ie 

. Jan. June PMtecCtaiL2%. 105 177 t679 

Apr. Aug. Pratt CFL-, 71 271 A81 


31 +4.18 I 
31 ffl.8 
124 *dU7 
5.9 3.19 


,®y.a 3ft Wl JS I = I B Jt a SSIS&: 2 *3 \\ 

SX. List Premium 45 *j 4 (based on 62.1050 per £J JaiL jnij MuwlemtJl- — 31 W ^5 5.4 

Jan. June NewarthillEl — 155 95 d4.47 9.J 

i inltf Mnnrwl Hnist 87 28.13 +4.12 4i 


2E 9.4 58 
35 8.6 43 
5.010.4 67 
12 t 64 
ft 83 ft 
26 43 63 


3 6 31 Hay OcL Black (R Bldra- -132 30.1 15.75 

5.610.4 Nov. Bodjctrfe iSTZ. 64 17JB §272 

64 4.9 Mm OcL Bogod M*A‘ 16m. 32xd 131 tU? 

35 7.9 jS£ July B&McC.sSp: 224 MU 732 

3.9 ft Nov. June BOOSCF ft Haste- 207 3111 tl-6 

3.7 69 May Nov. BooUHeori>50p. 134 1411 d835 

2.9 93 Jan. July Boots-.: ; 214 17U 1272 

3-6 53 y^iyAuNv BwgrW.DSSlSO. £213* 194 (KLBO 

27 ft j u iy jMov. BowaterO— 189 19.1 $9.7 

9.4 ft Jan. Aug Braby Leslie Wp- 83 2&.U §525 

9.6 7.0 Jan. Aug Brady tods. . 61 1222 S . 69 

105 1L6 Cttt BraHB»riH)Mp- 124 131 U 

105 69 „ ^ Sd.toidProf.5p- 12. 1173 - 

9.0 7J uov. May Brldon u. 97 199 414, 

28 6.7 jan. July Bridport-G5%-Jl 29 MU t21 
63 53 Feb. Sept BBftEA — g 31 t2« 

7.4 5.9 Aug BrttCineT.Par-: 55 7U 113 

1 — — _ Brit Steel Cfflisl. ThA T6 — . 


24 <X- i 
4.! - . 

nil?-;- •: 


ELECTRICAL AND RADIO 


Sept. Mar ftiest(Ben)~ T^z U-2 b5.28 

rr* JuF ^"iSShSmT £89? 1411 QllV*j - IDU - Nor. Baay|B.H.Pmp.SA^| 
[O • June Dec. RCFHlMnB.. 39^ 28U t272 24^10.610.6 Jan. July Brook a. Br.lte- 

Dec. Apr RiueE^gte. 13*7 al 133 0.87 lfl 9.8 64 Nov. June BiwbWa3lp-| 

6BI 6.6 Jnk J are s&a 1212 3.84 2010.4 7.4 December Brown Tto.tort 

103 (4-7 1 May 'NoV-FnsaiDaSIm.El 138*3 133 654 ft I 9.4 ft OcL Mar. BruntoaslMTOi- 

105 43 ' BM^fclnda— 65 301 4.71 ft 120 ft Feb. Nov. BureoDean- — 

3.4 163 Nor May Rafcli&KLBJ— 65nl UJ 290 ft I 4.4 ft Apr. Dec. BDrodcnf 5p--_ 

9.8 (125< OcL Ap? Berertf Ridgmay. 78 132 45 || U 62 May .Nov. BemsABdsalte- 

8 jO 5 J adt oS. It’Otam HtoJto 54 1321.81 S.ffl 5J 3.7 not. May Buy Masco H*2P 

61 7.9 Aug Fdb RenoMG 123 28.11 tfl.58 27jl0.6 luge Feb.H.H.JirJh.Iflp-J 

42 7.9 J^e Nov. Richar* flfL«£ & 1730 3.41 Mat.-Nov. ttomnap — 


85?* 

91U 

3*+ 

72*fl« 

^l^ajSias 


lil» nciiuiui. uo**- -“V S ZiLMm tcC Qt AAAI 

Jan. June NewarthillEl — 155 95 dJ-47 

Jan. July Nonrest Hdst— 87 28.11 t4^ 

Aug. Feb. NotL BntkMp— 2M 161 U.H 

IE 

BANKS AND HERE PURCHASE K; \ $ f 

i i lbi i w» i i«i jssffisssiiff »*as?n 

1 Stock 1 Price 1 ft I N4 |cvr|Gr*|p/E Jan _ OcLlR^land 141 28U| f3.81 


3316339 3.6 5.9 7.1 Jnnfl ^ a.B Electronic- % 33015.07 

il 10 t65 5.4 7.8 7.1 in- OcL Allied Insulators 62 272 4.13 

95 d4.41 9.1 4.4 4.4 January Audio RdriitrlOp- 3® 2BU «2.1 
ffl-U ^ \\ Nov. May Auto'led Sec. 10p 59 301 032 

161 33.55 3.4 7.8 4.5 J|fly jaJj BlCCSOp. 104 3110 1 673 

27 2j +232 0.g Z Apr. Nov: BSR ltol 90*d y3|4.77 

5.1 n-i Mnr Rod JL Uac 10n_ 


3.6 6.9 62 jan June 
20 10.4 (5.81 Nov" 
2310.9 60 OcL 


2 ™ 1,2^1 ;-a 21 OcL Mar Best L May JOp— 51 

t3.ffl|l3.a 4.0 20 Jan _ June Bowlborpe lOp.- M 

d4.6ll 511 7.81 3.9 Ju _ v DV - Brocks Ito 70 


I juu. jumru mo - r,ra „ 

Mar- %pL|RawUDg8Bn«_l W 1«|0.63 


301 1274 2* 
17.10 +L4S 41 
310 «336 l* 


- Nov. Mayfc H.Pnft.S^l5Z0 U 


Mv I jT-Ittl V— ~iw ln v r Z 112 1710 g5.77 z: 

Nrt (cvrlGr'.IPTE ^ R^l mdZZZ 141 28U ¥3.81 3 < 

00 * — 331 Oct. May R'ch'ds. Wall lOp @8 W-9 W61 1 

Sjj _ 95 - J“'y Dec- Bn^AdJari. 96 MU +3% 3. 

Tj 43 8.6 Dec. July Bowli nsfln Mp§- 85 1232td2LS 6 

jQ72 98 — July Nov. RffcwCwwg— 3|ia jLlB . 

Sin n — 59 — NOV. May Rubermd 5 \l « J 

Sy_5 _ n o „ Jut June Rugby P. Cement 76 3L10 t337 2 

M4r — 30 - J *“ e D® 1 - SGB^roup-rr *£, .?,? !' 

Z 59- Dec Juiy Sabah TimforlOp- 32^ 1710 L4S 6 

« J rjct. May Sharne ft Fisher. 45 19.9 237 ft 

§K I 11- Dec. June Smart rj.liop— 50 SLlfldUfl 4. 

fi?” i e t £ te t OcL Mav Southern Con_5n 7 aA lO.BB 0. 

gc “ Hi* 2 N%. BSsSV! ,30 3L10rhL55 4 

ft 9 41 55 6 7 July Nov. T«raiac50p_«_ 134 310 831 2 

K3M — 61 — July Oct Taylor Woodrow. 376 8B t6.9 6. 

1113 53 50 67 Miqr Oct. rilbuiyCIgO-. 110 M.19 2 

SJ *1 May OcL Trails k Arnold- 141 310 13.46 7. 

Z 92 Z Feb. Aug Tunnel B50p— 2 35 U32 19.9 2 


Undated 

IK lAtfaiwlilDC.™ 34^i 261211178 — 

1J lDWarLnan3»jpc** 3B*» 251C 16M — 

T.-T ' 10 CdoitBtjjft fll Aft 36*4^ “ 

5A' 50Treasurv3pc«Aft — Hit'S “ 

5Ja.AJu.0- CwisoliSijpe “ 

1A 10 Treasmj 2*2pc. — 2D« Z32J1184 — 


^INTERNATIONAL BANK 

15F JS.A.i5pcSt«k 77-82 1 8*2 1 U| 5.97 | 9.68 

^CORPORATION LOANS 

IF. lAlBinn'hamSU*pc 7M1_ 98 I 111 9 44 | 995 

3 My IN Bristol TtocTMl gwl 

25M 2?NG.L.0.niaPe82 106 

10F' IQAug Do. 12>2PC 1983 107ij 

I5l1y UNGIas?oir9*4'»ffi 

22M 22N Herb. S^pc 7880 _ 92 

lAp lOct Liierpool 56pc 7B-78~ 99Ja 

15M 13N D0.9VPC8U81 . Wj 


jan. JulylANZSAl — 240 1212IIWU - 31 

Anr July AJesandeTsD.tl 225. 30.1 1433 — 9.1 

ii $ 

July Nov. BaukAmer.SlJB- £173* 30-1 Wk- — 3 ] 

July Jan. Bt Ireland £1 — 34|- U U tB25 — 5. 

Mar. Sept. nalOpeCoov.. £154 U2 Q10% — f6. 

Mav Auk. Bk-LettM 10 17 26.9 Q16% — ■ 3. 

Aug. Feb! BtLeiimllLTOEl 170 JJj* 15 J-! 

Nov! July BtN.8W.SAl.. 4K U12 Q30c - 4. 

Nov. Mav Bank Scotland £1 275 310 W.9 43 5. 

A. J. O Ja Bankers NY310. Zn\ Vh QS3.M — 6. 

Apr.OcL Barclajail - - : 336 272 11.13 S3 5. 

Nov. July Brmro&ipkty£l- 208 M M “ 4- 
Jan. July taler Ryder £1- 290 M.ll 117.57 — 9. 

May Xov. CliieDts utBOp.. 72 17 10 g4.77 — 10. 

Feb. Sept Corn ! Ausj&AI i . 205al UJ tQlfre 26 4. 

Mav roo'tbkDMlO*- EXT*, 115 - 2 

March Ch^n.HbtKrlOO £X6^»1 133 Q12% — 7. 

VsStehAjaBiE l 

Jan May i Pr ' KrtetakD®. 017h - Gg« - J-fljjj j^e S^pLlwh^S'p"- 44 

Jan. May^Cnnaacc-.. 67 612 -L52 7J 3.4 183 ^ WWl£hml3^ 42 

— u 974 _ _ — h Mar - Oct - WiBgnaCatu lOp 26 

15 J vriL nna _ 04 — ’ * OcL July WUsooaotmonyj 129 

1M - 7.7- May OcL WunpeytGwj— 74 

May NDv.abhs.Al-_.- 39 310 200 - 7 

(Mar. Aug. GlUfctt Bros. £1- 205 222 1518 — 4 

March Goode msiryip ^3 1« 0.82 - 4 

1 Nov. April Grindlm* -- — MB 275 7.2 3 

l April Ocl Gmnne»Peat — 212 Ml 11D.0 — 7 

Dec. July Hambrns 173 311 W52 — 8 

I Dec. July Hill Sanrad -- 87 2811 14.32 — 7 

I — Da Warranto— 475 - — - 

! ScpL Mar. HoocSnw.CSO. 262n 213 hQ59c - 2 
June Nov, Jc»d Toynbee- M 31.1D |4.03 — 9 

June Nov. Joseph (lent £1. 160 28.11 +8.01 — 7 

Keh. Aub Kcj-scrUIlinar.n. 42 2/6 DJ2 — I 

■ June Dec KinR&rtm3Jp. M M]1 13 39 - « 

May Nov. HeinwortBL — 96 310 4.12 - £ 

| Aug Apr. Unjdȣl 270 27 2 9.09 5.0 , 

)Jan. SepL Hanson Pn.aip 45 Ml 1279 1.5 

L SepL Hcpcuty Secs.—. 119 32 339 — j 

I SepL Apr Midland £1 .. — 355 1475 4.4 £ 

5 June DaTuSBMS. E81 MllQ7y»211 K 
[ June Dec Do W* 9M6. £91 HU QHA% 21.1 el 
i Jan. jHly !ffinfter.VBris r 58 MU t3.55 --l . 

June Dec. NaLRLAuitSAl. 210 M.I1 IQlfts ft [ 

Jan. Julj - NatCouiGip— . 71 1212 2.63 5.1 . 

Aug. Mar. NaLWesLLl 275 13 11.49 4.2 

May Nov. Schraders £L — 370 19.9 1135 ft j 


*n**i — — ■ 

1J.AJ.O. Do.3tjpclrred.-__— 
10F 10 A Lon tap P^pc ^-78.. 

1A. 10. Do.^pCSMS 

28F 28Auc LC.C 6pc 76-79 

15ft! IRS Do!P}pc7»4H 

lftj 153 PoStjpc EW 

113 llDT»5tS*:'KB7 

inj 30J DoWpcBMO 

1MJ.S.D. Do. 3pc U) .’JL- 

15M 15S Mirtdx ft pc 1B®-—- 

I0Mr 10S. NeacastleftpcTBHJ. 
15M ISNIWarotck DA 1980... 


6.53 
9.88 
620 
6.14 
6.96 
7.68 
937 
1240 
564' 
1021 937 
|M.10lll.82 


COMMONWEALTH & AFRICAN LOANS 


1A 10 ‘'Aug SJjpc’R-'* - - 

I. r Ll "*Do aljpc ii-flO 

IA in "Du. 51^*81 82 

II. 1 Jl£i "NJ-lpc 1B767B 

2BF 28 A "DofipcTSBI* 

]5J lSlVDoTtipcBS-BB 

1M IN Sth..\lrica9l2pcTML. 

1A It* stb Rhod 2bK ■fltt-TD . 

15J 131 Do BpcTBSl 


99al 282 555 739 

951* 30.11 586 929 

84J*ad 282 6.49 1021 
96+8 1L11 412 817 

Wb 30.1 639 955 

87 HU 8.84 1026 
9I*«rd 28* 032 1226 

55 366 - - 

88 1265 — - 


33 1710 207 
76 3L10 t3.17 1 
143 272 5.25 ; 

321^ 17.10 L46 


2-| 3 - 9 Jun Nov. Brocks Wp ^ iKa&i 

~^m May Nov. Bntein a .V5p 3 17J.W L31 

*? 0 7 AP^ SepL CaMrfonrrap — . 62 M tU 

4.1 9.7 liitiD rmnntu'11 l-mnL 135 1268 


t272 1410.610.6 jan.’ July Brook SL Hr. 10p. 67 2&11 

0.87 19 93 M Nov. June Brooks Wa.2te. 2ga D10 

184 20 10.4 7.4 December Brown Bov. Kent ,4^2 3110 

834 ft 9.4 ft ocL Mar. Brentoastltew, 104 : 1710 

4.71 ft 110 ft Feb. Nov. Boteo Dean 64 -31 

190 ft 4.4 ft Xpr. Dec. Boro(kw5p. — 13 ! 2 3Ut 

45 2 8 8.7 62 S^y Nov. BaroJAads'n Wp_ » 3Jfl 

1.81 6| 53 3.7 Nov. f ~ 


1 13.0 51 3; : :. 

dm 

! U I : 

Q30r* li 


t'l June rnmpbclUsmvd. 

7 A'Vi July Dec. ChtorWeGrp.-- 
63 7J July Dec. Comer 2 Sen. 5p_ 

^•0 ^-3 Arva-il \'nr rrarfTfnmir 


maaA&vmBZ 


73 124 Feb A^l ffidD»W« A50p_ 5«z UU 4.W 
93 ft Oct MayjHnbtmsrafTbofO 66- 19.9 3.38 

83 10.8 Nov. JuneJltoteklOp. '115 19.J 237 

3.1 S3 July Jall!ls»lteBmlKlIBH■. 62 171C fl-9 

s.,a4H 


♦1133 23 
*151 3.0 
g272 4.1 
tl0.7 33 


25.4 *0.88 0 
3L10 1hl55 4. 
31W 891 2 


4 ? April Nov. CrojETtmiiclte- J4J3 301 11 13- 

„ | Apr. OcL CreHon lOp Oft 5.9 *131 

Dec. May Dale Elect. lOp- IK 3L1B |272 

63 "i x n r Tier iwm 420id 133 tlO.7 

5 6 83 nS; OcFaZZZZ: 410M 133 no.7 

n* l 3 July Derritron 10p— 17 28U 10.66 

f-4 ft SepL Apr. DewliursfA lOp IJfc 301 033 

5-5 60 ^ Dec. DowdingiS-op. 23 310 LOB 

-i OcL June Dreamland lOp- 39 228 1^3 

7.7 4.1 j an j u |y piibiiier3p — X7 3J 0.99 

10.1 68 i?,?' SSata 150 14U 924 


73 Feb! Aug 
i3_»Oct Apr^ 
133 jan. Jolyi 


Ai _ May OcLnwis* Aroma. 
9 2 — AugminneTB50p-_ 
100 — F pb - AngJlJBM (Jn»op--“- 


tQi6c 2W 4 8 20 Aug- Feb! VecUsStnnelOp. g 

WmkI 27 Z Mar. Oct Vibroplant 160 

ajpaz 7.0- Apr. Oct Wart Hides. 10p. 38 


Va _ Dec. July Wamnctan 49 

33 _ July Nov WattsBIakc--. 145 
1 _ Jan. July Westhnck Prods. 33 

U _ Jan. June Wfittern Bow — 56 

_ . - — . R1L.U... . ML 


69 M.U 426 

26 11 148 

160 13-2 td9 51 

38 212 d2.64 

49 1212 1 


33 121 
56 13 


L212 1 0J 

199 ^4.0 3: 

1212 *2.96 IJ 
136 «29 0J 
301 2.57 3.1 

283 0.99 4: 

132 t!55 2.: 
199 1226 9 
95 0-62 12. 


oa.ifc Mar. Aug. Elec. RentnlsjOp 117 1232 t55 
Ll 9.4 il45' AiiPiist Knpf gi S pivs. M p_ IP4 ltl 0.1 
T« §1 93 July g Jan. get Ready. 146 3U0 13.8 

i 8 inc * June Nov. FarnellFJec.Mp 2W 1/30 «65 

July Jan. Fidelity Bad. lOp 75 28 U R7 


July Jan.F1ddtoRad.10p 
May Nov. FonardTedLsOp 
4-2 97 [>i r.EC. 


CHEMICALS, PLASTICS S ™ 

wiritoii " iS qlo 61 75 July Jm' $**?*£■■ — ^ 3lic S.7 3 

Kinds - 288 14U1dl269 21 6 7110 Apr, ^" v .- S^mSr 1 ? P ' — 100 3 » H 3 CT 

Siid&‘ S lltSi” 44 3 6 9.5 Feb. Aug ^ gg ||f 

JI MX !! IzK iK: KSSS'afis J p] ^ 

«MMkn 218' 133 120 1.9 8 3 94 May Nov. SrhuteittiMi ^ IJ® OS 

nemlOp 200 310 1312 5.8 6.6 14.6 July Feb. Sonyta^--- 5« 

enrol Ito 2Q SJ *12 5.6 *3.0 iTctobcr NNHKl.hfta.9p- 40 19.9109 


23JhQ59c - 2.6 - j an . Muy|AKZO_... .... 780 
110 g4.03 — 9.0 — net. May Albright Wilson - 133 

81118.01 — 7.6 — July Dec. Alginate Inds „ 288 

276 032 — 1.2 — Jan. June Aiida Pack top- 83 

.411 13 39 — 8.8 — Apr. SepL .Ul'dCuIloid 10p 6JJ 

310 4.12 — 6.7 — jq|v N<n‘. AccNffChtm. 60 

272 9.09 5.0 5.1 6.0 j u ]j Nov. Bayer Afi DMS1 £54 

301 1279 1.5 9.4 112 ocL Apr. BlagdenNnakn. 2M' 

257 3.39 — 43 - Nov. July Brent Cbciro lOp 200 


JJf. Jl-AM UOU. *»«V 

420M 133 110.7 3.1 3.9 126 Jan. AugJ 
410 uf 133 110.7 3.1 4.0 123 jan. Jund 
17 2811 10.66 b3| 5.9 6.8 A ug. JanJ 
14>2 301 033 12 86142 August 

23 330 LOB 20 7.1 10.6 Nov. MajH 

39 223 123 13 9.0 10.9 July Mar. 

17 3J0.99 L7 8 B 183 Jan JuW 

150 MU 934 1.9 95 8.0 Nov. Jund 

£99 3J Q»r> 273 f8.8 - July Feb] 
333 2811 t436 6.5 21 1L2 May Nov. 

975 — — — — July JanJ 

117 1212 153 41 65 8,4 Nw . Ala? 

11?, 161 0.1 116 13 7.9 QcL May 

146 3110 13.89 5.0 4.0 73 JasL July 

209 UJO $6-5 3.4 4.7 95 Jan . May 

75 2811 f4.71 21 9.5 7.6 jan. July 

99 3110 b&7 U 10.4 13| Feb. SepL 
250 301 t3.64 72 22 93 May ; 


3110 bft'7 2 

4.2 9 7 Kg. OcLGE-C. - 250 301 t3.64 7 J 

-t 7- OcL Apr. lane? Stroud — 84 272 4.24 3. 

8| 5;?Jan. Jun. KodelnL-.---. 103 Mil 4.7 ft 

37 7.6 Mar. Oct LanrenceScftt- 1^ U2 $5.0 3. 

9.1 7 6 Tict LecRdng..— 70 228td235 5. 

59 jX; July HRHe^ic — 162 M b5J0 3. 

*•3 9 - 9 Jan. July Huirtead 723 28U tfi-0 _ 3. 

Jan. July Newman Inds._ 73 161 5.0 

Apr. OcL XpumartLoms- 158 30.1 t6.02. 

July Jan. NurmaadElIOp. « j! 125* If 

Mar. SepL Ferfciu-ElneMpe- £70 88 g4 e *lM< 

Jan. Julv I’d bo* HldglOp 190 31 Cd8-6 

Mav Dec. Htibps FiaMi% g7*i 28.11 ®h 

Dei. May Plulips U>. FLUL 925 12U 16?. 

Apr. OcL Ptfco Hldgs. JOp- 94 59 2.7 

_ | - Apr. net. Do.'.V'JOp 92 5.9 2.7 


Jan. May 
Jan. July 


SnfenmKmrer. 62 1710 13.99 
SatltleG-fc- Mia 132 £.46 
Senior Si^glDp g 1710 |U7 

Scrrk - 83 31 5.94 

gukmtfreJ.Sp. 35 19.9 192 

ShzwFrinriiSlp- 29 23.5 240 

arepSeZL 69 MU 13.46 

206 MU 17.06 

600 Group— 73 1212 13.71 

aSihnaa.>5p. 10 267 »25 

Speari Jackson. 128 3110 5937 
SpencerClk.20p. B 272 d239 
SnauaUeanSp- 33 14U 109 

■ 276 1710 $8.88 
49 1212 264 

66 310 3.48 

223 MU tB.75 
105 119 3.61 

% ii? i j 
29 132 125 

81 3110 14.47 
109*J 12^2 
O • 3i fZ.75 
960 . 175 gmi 


51 3.7 Ntfr. Mflj Bury Masco IT^P 94 3- 

10.6 16® June Feb. ^iwi'h. Idp^ 30^^ 

9 2 43 Mat .Nov. Campari ZOp M7d 1 

112 63 - . . Do. B 96 - 

83 ft May Nov. Caaircx fflp 68 M 

3 2 ft Dec. May CanmnefWJ — Mai ^1 

9.8 73 Jan. May Upe Industries. 120 17. 

103 7.4 peb. June CaptanPrrilCp. T9- 11 
83 63 Mar. ScpL Caravans Int2te 34*a JI 

10.8 69 J aw: June Carttoo tods. — 155 28 

8.6 ft Feb* Aug Catroods, 128, ■ 

13.7 4.6 SefSeinbCT Cetefion Ind.5p 31*2 J- 

93 8.4 j^TjSy Cental 3fig.MF. 66 12 

5 2 7J0 IMc. .: July Cent Sheered, te- 47 31 

7.7 63 Sent. Nov. Cntmay50p— 212 1 


191 13.96 3J 
113 153 21 
17.10 f7.« 3J 
■163 '479 -2] 
30J 4.62 . Ml 
ail 14.98 -JJ 
33 13.42 3‘ 


iiv-:- 

if-::- 

Lr ' 


«uv -r.-i ;-riLnn.. 

1.71 33 7.7 63 1 SepL Nov. 

135 3.?j t - Dec. July 

137 LHU.1 8-O jao. Aug 


Wt 


aGp. 46. _. 

QiMBb'lanPt. Wp_ 12. 
Oanee Wares Bp- M 2 
OnCmmiRlte- W ; 
Ouittlc-TJOp- 72 1 

Christies InL IBp 84 17. 

ChubbMp - 126 U 

CtarketdemenO 58 14. 

Ig^ 1« 


7.4 133 Apr. Oct Tomlins F.ESp. S ?? ?? 
. — .7.7 6.2 Jin. Aug. Triidex Fdriea— J7 5®U 14^ 

.411 4.7 . ft 7.1 ft May OcL Tube Invests. £1- 378 5.9 20.95 

132 $5.0 3.0 67 7.6 ^nne Tunttl— 

22.8 1d235 58 53 52 Apr. Nov. TyrackCW.A}10. 20'r ®U 128 
33D5J0 18 MUffl Dee.DlAE^giOp- 34 3U0 JUZ 

!8U tf.0 3.7 4.4 126 July Feb. IM Spring 10p- g M Ml 

163 5.0 ’ b3.9 10.4 lO July Jan. mcLlftre Group. 56 1232 439 

30.1 16.02 53 53 5.1 Ja l June VirteraUL--- lg 1431 t|92 

ll 125 9 X6 9.4 9.9 Apr. Oct VI cte Products. - -94»l B3 13.03 

86 MReM4l5.B - Jap. Aug ,94 12U g5J 


LOANS 

Public Board and Ind. 


» IJ Agric.Mt 6pc‘3MB. — W 

30J . SlDAleanlWapcW* 89 Mil 1233 

1M . IS “JlfitWlr 3prJ w 2 nil tI? 

ant 3i£» i SHC. ®pt J* .iJJ. !i^ l-2\ 

30J 31D to without Warrants - 9412 jIJj- 9 83 

30A 310 L'lLrsinar TpcTa-78 — _ 1OT 3.10 733 

Financial 

30J anjl-FFl ITpc ®. I 

UivTit - __.i I 111 lli 1011349 

ZUIU2.76 
675 


Aug. Mar. NaLWesLLl 275 133 1149 4. 

May Nov. Schraders CL — 370 19.9 11.55 ft 

Jan. July SeccorabeMCil. 210 28.11 1206 — 

Nov. June Smith & Aub — 73 3110 14^ — 

Jan. AugStoftTdrinita 400 12U tl7,59 3 

June Trade Pe-: SL50. S9J, »i Q55c 2.1 

SepL Mar Fmni Due Cl — 400 3QJ 21.08 — 

J. A. Jy. O. WelirFareeS5„ £201, 2332 QS1-12 - 
Nov. June Wintni2t2Dp^ — 63 132] 3.03 — 


303 14.75 4.4 63 53 Mar. Sept. BnLBeorol lOp 20 Si *12 

Mil «7'i c . 211 19.5 - Feb. Aug. BriL Tar PnL 10p » U1T 1M 

1411 21.1 el2J — Jan. July Burrell op 14 MU 1092 

MU t3.55 2.1 9 3 8.4 Jaili Julyfarle+s'^pellOp- 31 1232 10.83 

M.U IQlfts ft 4.3 ft Jan. May Catalln — 47 33 t2.72 

1212 2.63 5.1 5.6 52 Dec. JuneOhaG'pTb'.Ln £93 Q7b 

133 11.49 4.2 63 5.7 Mar. SepL DoflSCuvBLW. £«b Z8-1 
19.9 11.55 ft 4.8 ft H ar. SepL DoA?sCnt519i £93d U3 QP*' 


M i 26 69 93 iSS. June WkdMufiDp-- 13| 
»„ - 003 — Mar. Oct Wapm Imhisrfl. Ug 
16?l 19 4.3 124 Dec. May Waller (CAW J^ 120 

2.7 4.9 4.4 7.1 Am-. July Ward iT.W.i_-— 60 

Z.7 4.9 4.4 70 Jm June WawWrvgttlte- « 

14.91 20 7.6 8.6 sept Mar. Wnrirk Eug-SOp 30 

12.7 35 5.0 8.6 jan. Apr, Weeks Asm.lOp 33 


8J0 5.0 Dec! Aug Cbnbbfflp - 126 ltll 355 3 

60 75 Feb. June CtaritotnemenO 58 MU 2 IB 4 

53 ft June Dec. CoIetRJL) — •— 136 14U 1337 ■ 

53 86 July Dec. Cnqjta^620p. _ 1J.U 132 3 

65 4.9 MgJe.SJD. Cent! Grp. SI— £23*g 1631 QSZjn ■- 
8.4 7.9 Apr. July CoctSUboarite- 36 111 1|36 | 

5-0 62 Jet Feb. CopeAllMnto- 56 MU *345 3 

6611.0 Nov. May itaft4e«10p-_- 28 330 2W 3 

3.0 33.1 Apr. Nov. Corid Ida. I0p- ^ U10 tMJ 1 

62 8.0 jajL Jab TroaU— — g MJj j 

83 61 May Dec. tomtayF'fte'SJP- 56*2 1^10 1 

8 6 45 Mar. Oct OwsudntSjte- g S 

52 69 July Jan. Clean i!.i50jl_ Ml Ml 8.45 . 3 

9.9 4.9 Ajr. Nov. Crest NichfflMp! . 73 Z72 336 - 7 

1-8 9.0 95 not. July Crosby Housed. 1Z7 330 *9.«l ► 

25 8.8 7.0 Jan. Crosby S prig H» - g 

2512.8 4.7 jan. July Danes tNInun. 126 gw 

4.9 7.B 4.0 pec. July Dawson UasJ— 127 28D ftb5« 

4.0 4.9 7.8 Dec, Aug- be La Rue 273 *5^ __ 

20 9.4 8.7 Apr. Aug Denteware-^ "70 3IU 5-44 J 

3.6 7.1 60 May 6?5 n43.5R5r 

21 9.1 7.8 Feb. sept 


2Z.H 3 57 
1212 $3.88 
1212 4 35 
272 16 
3.10 16.65 
132 Q50S 
19.9 1.09' 


ft l Not. SK- 1M MU 52 

?-a WSl saaMSsfiSr 


33 120 1.9 8 3 94 May Nov. ScbotWiGH. - v.iv 

110 4312 58 6.6 14.6 Julv Feb. Sony Oo.lrf — 595 132 Q50?< 

8.8*12 5.6 * 3.0 October SoumipiH'51 5p ; 40 1117 

•IT 164 29 4.5 117 Apr. Mw. MM"*-- IH7 

ru l0 92 3.1 10.0 7 3 Apr. Nov. , to 'A M 5p— 34ul 133 1117 . _ 

>12 10.83 4.2 4.1 90 l*ec. June Tele. Rent als — 127 3U0 15 J I 

11 1272 24 8.8 73 Mar. J*t Thom Owl 3» 

a 6 Q7>4 ft (8.0 — Apr. Dec DirpeTW-lOpT K ‘ - 

B.1 QS-t ft f9.1 - Apr. OftlniiechlOp.. — 99 13.2 13.6Z 

133 OtfK ♦_ (8.4 - Oct £ Jha 'n'. 


5 2 66 juto Feb. Westland 44 161 338 LO 110 Ui Nov, 

9.7 123 Dec. Aug Wert'a-EransZOp- g 3^1 1|-77 34 53 7 Jun< 

0.9 *■ Jan. juoeWiicssw 86 1212 4.6 35 82 4.8 j 

4.1 5.0 jan. Aug WJieuay WtoaSp 16 1212 16.8 W 7i .64 Aug 

4.9 (621 . . — " WhUei«we50p- « - 23 J 3.] * 

52 <581 jan. jnly Williams iW*_. 24 U.12-1.01 ^ 53 Fe 0 

63 10.6 Jan. Wlmsi Jmnes- 58. 14U 3.71 ft 9.9 ft Apr, 

2.7 9.7 May Well Elect Took M® 124 1.9 ft ft Apr, 

I l A M July JaiL WotoTyHogbe, IB 28U t6«0 33 64 7| Oct 

5.6 135 Anr. Nov. Wtnreil Fdy. lOp n 17.1D L2 2.9 8J 68 I 


272 1692 2.1 9.1 7.8 pcb. SepL DiainpndSLftltft M 1212 tdO-89 a*j; _ ■ 

_ 3.10 «.0 53 7.6 3.8 j att . juSe toidae Hed5p_ - Ife M “-g .- Ifjpj : : 

60 272 458 1510.1 9.6 Apr. Sept DuSomatoK—. 23W 3 45 TWJ ... i; 

44 1710 264 ft 93 ft Oct- Feb. toiwonf^itlOp: g m : 

30- 501 *23 16- t 72 Jan. July DomHMgr.lto- " 66. 1212 j. r- .. 

33 110 fU 42 60 60 MaJnSePe ttegCHUlM- £ 31 . 1 

1411-52 ft, 72 ft j BB .. May tarns SwfL Hp » M_U Z21 
301 1217 26 71 43 _ Prakc-ArScvEI—. g»J I" 


i naARe & 


14U 2.32 


J,U “ All*. |4g». n WI»CU4 H7'av r 

3|U3 Apr. Aug W«diS.W.»30p- W 


B.B — Feb. Aug. Coalilepem— . la juu «.«. 

93 — Jan- July Coaies Bros 63 MU 232 

6.7 52 jan. July Do'.VSV 62 MU 2.32 

5.6 64 sept June Cory (HoraceiSfi. 19t z 59 0.60 

6-0 — Jan. June Croda IntlOp— 54 14U 11.9 
- 115 _ CryaalatcSp — 23 177 t05 


33th4.'07 3.S 6.8 6.2 Oct' AprJWh'seRixn IJjP J 
, -’ 1 32 4.9 October lYoung Artti 4A I 
6.2 5.4 
6 3 6.7 


5.8 ft Jan. Aug. Welle 0 Hldn 5p- 24 Z8U 05 

5.9 ft Mar. Oct Wetonghcuse..- 52 301 Zl£ 

4.7 68 December WbilMrthEL5p 16 1710 O.to 


1198 3.7] 55 73 May 


— 1M— Jan. AngiEim Ion Plastics- 54 12 


, — 1 7jj — ijaii: jraKsazz; 


35^*3 62 11 


6!a 43 7.0 January 
12il2.6l 9.8 


tThlesaieFIg-Zte- 327 
HiTgfalIiH.> 222 


13 2] 14.79 2.^539.2 
272| 4X135 28] 92|i3ZM 


5.0 64 4.7 M ay Oct Dutoy Brtuo 10p » 

10 110 331 Nmr. Apr. DunbeeC roatB p 1M 
3.4 5.1 7.1 June Feb.DuDdtmi«n20p_ 50 
35 B2 4.8 Jaa. Duple tot 5p- — 

PM 4* *»_** Kites; J S 
r 1:5 V SS: | 

ft 23 ft Apr. Oct Da-*A — ® 

33 5.4 72 oet May EC.CteelOt- « 

2.9 8.7 61 Dec. EastaBProiJte- ** ^ 

2.4 15.8 4.0 Apr. Nw.QbarInds.Mg. 225 M.j m 
0.6 123 1 Vh April Nov. Etoirf5p__^- M ft? 
b21 55 12.8 May Jnn. Oecu ^ ^ 

Jan. July Hrettoi Sec- ^2 M X™ 
July Jan- EMiOlF bktt^. .fii n, 
Jan. June EtenSBobWi*, 73 lZU] 31 J 


ju & |« !;• 

.11 F233 21 i| = - :i 


123659 

1331371 


m ti-6 
132 t3,6 

SI. ~- 
D19 5 Eta 

M -; 

7X1 dl 02 


FOOD, GROCERIES, ETC. 


Hire Purchase, etc. 


M J5[y&£!-Zl- 335 14.11 1285 q2.7 5.9 71 

May NOT.|Halsuad'.J ; *»p. ,16»a{ 3 j^ ^346 1 87 3 3 43 


30J 30J 

I5M 15.N 
20.1 20D 

31 Mr 30 S 
31 My 30N 
111 . 113 
11J 11.1, 

11J 114 

30 Je 31 D 
31Mr 305 
3IMr30S 
28F 31A 


■•mrapew. | 

Bn.14pcTP._-: — , 

|»7 Hpe'Kt _ -! 

ICP.'NiPC tot W82 . 

Dn P^pcto 81-81 

to HUjpcLiuJJL'BS.- 
to IlprlnsLn.'ffi.— 
Bo. ll-Vpt I'ns.Ln "BJ - 
Do. TUpcADch. 'BP-9! - 
to TbpcA Db "Bl-W— . 
DutecA'91-M. 
toBtpcLn. 62-P7 - 


8 07 
11.12 
1166 
12.17 
11 09 
1115 
1331169, 
161112.08 


Feb. Aug faille, iHdjsi 10p 37 
May CieB'creFr.100. £58 
. — Credit Data 10p. 8if 
Aug lan. Umrfal-Sroiaip- S 
Feb June LtiScrt-FialOp 39 
— Mout^aie Mht. I Op 12 
Oct. Mar. Pnjv.Finanoal . m 
Jan. Nor. Stric Credit tOp 23a 
— SuriaiG ,10p— 18 

April Wagon Finance. . 91 


311 H2.Q3 
15aQ12*!i 


23<C 15.2 btL3 

18 

91 82 433 


Aug Feb! Hk^i. WdchSJp. 161 16 

_,,,__June Dec. HnechslD^Bfl— 504 11 

631 10.8 jun£ Dec. Do Fin DTjLil' Ul. £116 111 
I 2 61— Jan. July lmp.Chm.£l — 356 27 

— I — - Feb. Aug. to SliPf £1 — 4W; 121 


aaaw- 


ENGINEERING 
MACHINE TOOLS 


diUl. TO, 11 

Jan. June Bsyidcffpcx^) M 

Mar- Dec. Eatart tapg- &3?k a 
Dec. Sept topiwSnvjte; . SJj 
February Big.ft0ver<10p 25±1 i 
85 87 July April EagChin4S W iS : ? 
c il n* v.umn ra,n 142 : 3 


257 til* W 
1212 313 . il 
1AU +6tB p itVif . 




nee . July! Alpine Soft DlOp— 116 U12[nS I 4.L 85 87 July Afril » : Ij «o8 

*s Martas s w a m m «5 ^ issss& §. if 


i4«« uureRtiiSiarfia^ r ^ ^I'aia a 1 

^ * La L “ ” 4 ffi. SSt: SS: 4 f | ii *| £ jr ^ 

SStS» Ii 8X4 a XSSSasL-w £ d 8 I SS:i8£SSBfc: 3 


ft 1 . 1 ?:. April AC£»*b!iHr-|Uj £^38 

, r/s..sE=s in 

l* W a i May No^AdUGr^irZ |S 3U F10 

| t ar f&sstfte £ |° sjftjt 

H 74 OcL Apr Allen W/! — « 272 K2B 

33 jt Jan. July Awl Fb«er 115 3L1D 5 . 
*5 4 Feb. Aim AnAn.Scfrde- 49 31 25 7 

10 7 39 MW «Pt AngtoSum.— 34 «5 - 

I ?t ** Oct- Mny .\sh ft Lory 114 17 JO t«.l 

2S 5 - .AwBriUshlSap. 7 9MB- 

8 - B| * Jan. July A«soc.Toolinq_ 27 301 23 

_^ L Apr-^ntaSUOP- ftp 


{A tL£. MJctameiy — 1 11? 


.63? Apr.' Sept- Baraoin'Sin.lOp 175 13.2 *279 7. 

Jlny Nov. RentokillDp — « U i L61 ft 

96 July Nov. Reverter _J— — 87 195 4.93 2. 

Feb. Nov. Scot Ag toip. 205 13.2 12 10 2. 

Feb. Nov.StevtariPlasttts- 135 *.72+d2.81 6 

May OcL Timmrtanlalfip- 14^ 5 9 0 68 ft 

Apr. OcL WaidleiBer.ilOp 18 272 127 

Nov. May Wotstm holme— Iffi 17 10 7.82 


Nov. Mayiwoisiranoime— 1 

■ BEERS, WINES AND SPIRITS Apr. OcLltaksa.ems._-l 84 


FOREIGN BONDS & RAILS 


Price I last | Dir *V | Red. 
£ Id! Grow i Tield 


.May l i 
3DJ 31D 
10J 10J 


30J 31D 

1A lO 
30J 3 ID 

May 1 
ISA ISO 
IF M AN 

IJ s. s 


AnlcfaeostaRto- _ 18 

to -ipr Tref » 

Chilean kfised . _ 98 ' 

German Vne 4i>pc. 370 

Greek TpeAss — 52 

[loGpc^SSlab .lae- - 49 , 

Uo4pr Mixed As... 43 

Hunc. 'Mte 52 

Ireland OipcWffi 70 

LrelandT^pc *81-83 87 

DoShpc ul-AG *3*2 

Japan 4pc I0.\s&_ 360 

Poepc'SH® .8412 

Peni.AssSpc 150 

SGI ®iprW8Q — JS 

TnnnSpr 1991 $961* 

TannS’pc1l84-— DMg 

Unienaj Sip-. 94 

; & DM prices exclude 


F71 - 

28.11 B- 
31 3 

112 4ij 


310 4 (471 

75 4ij 555 

28 11 - 11.80 

12 12 8.78 1123 
152 11.78 12.09 
Ui - - 

3.1 6 645 

510 3 203 

31 6>: 8.67 

25 9 933 

17.10 6ij 1135 

12] 3V- 4.80 

inv. 3 premium 


Sept. Mar Lillied Brens — 88 161 3 93 1 

Feb. ScpL AmaLPii-iPHOp- M 30J m0.25 - 

Jan. July Bass Char' mm _ 156 228 4.84 3 

Dec. June Bell ArthurSJp 225 allD b4 78 3 
— Britiaren Breweiy . 41 3174 — - 

May Dec Buddingons — 152 Mil 3.91 J 
Jan. July Border Brew's .- 74 2811 t3;19 1 

Ana. Feb. Broun iMaltheni 108 1212 3 92 2 

■Ian. July Buckler's Bretr- 43 12.17 1L64 2 

April Aug BnlmenH-P > — 15® 13J V66 2 

August Burtonnood — 142 8i 310 S 
Feb. Aug rilyLno.tof — 59 161 2.4 1 

Apr. OCL Hark i Mnttben) - 126 oi 13-3 +521 3 
Feb. OeL DiAilIersotJu ... 178 31 6.54 3 

QcL EUlvRirlimdiap- 23*a 5? 4L12 - 


ft 5.0 ft 
69 ae t 

2.3 89 7. 


„„ Apr. Sept, .iss toiL Fds. 5p 56 

Feb- Oct. Ass. tomes 233 

1/140 Apr. Oct .iss. FlBhene — 45 

aw 9 at a 7 ll A Feb. SepL Avana Group Sp 29 

Km * A * May Nov. RanksiSidMvCJ 75 

in to Iiifa “ Barker* D.10P- U 

11 42 9 5 A P r - 0cL BMnAGi- 71s 

snno In tz 67 Junc Dec. Bairo»aUUnS- J3 
_ Jan. .iug Ba^selliGeoi 130 

£4>a f5-3 J6-1 — cTS Ballpen YntfclOii 50 


J6J til 4.i 
11 b0.7B 19, 


3.1 M Mar. nor. I1TI UR 

5.7 55 Aag Jan. SamFerno -- U*** ffii 
0.6 34.1 Mar. Sept Erodtffldg^flp ^ D* 2 M 
10.1 43 Feb. Aug EaerGfflriSlOp gfk i 3 , 


L0.1 43 Feb. Aug EwerGeorjIelBr 
52 65 jan. Jill Extri - 
7.4 5.9 OcL Jane FurtoUi Larens 
— — Jan- June Feedes lOp— — 
45 60 Aug Jan. FennerfJ.EJ— 


BBV. T" >1 ii -i 

Mar. Sept. Austin lJames)_. 98 272 t5.3 

Jjan. Apr. Aram 143 170D 15.28 

] Nov. May EtabeorkfcW — 13 3 19.9 45.25 


CINEMAS, THEATRES AND TV ««nJBgte m ^ SB 


^ 4^ fliSi FZ ,0P § 3jJthl!45 41 

40 27JtfK MM.7 Mg ^ 228 654 ft 

’g ?! Ife™: i 

U4 17J0t«53 3.5 60 U jg ffiSSSSHtl Sn M.75 t. 

S" 2 I7°tn ^ M 1 * 9 87 ft Dee. June Cadbury Sell ps_ g. MU 2.76 2. 

oa ' ^ « i 12 62 65 June Jatt - Carr's Minimi— 42 Ulg 3. 

14® l| ||b » 55 83 g S “in t 

SI If SHeKa*- l 


JLQ13341 l!7|lB!3 53 1 Jan..- July Feniasontnd- 
35.15 I 3.l| 6-gli.tmljan. Sept Fer0«ffira3)9 


MU 10.98 4.6 51 65 jan. Jul Eriri— % 

3L10 W3.6 35 7.4 5.9 OcL Jane FaataL-ni™- » -J 

674 — — — — Jan- June FeettelOp— — • & 

133 U255 4.1 4i 60 Aug Jan. FtnnerfJ.EL- 332 % 

BU t£|1334 L7 183 5JL Jan..- July Fewosontod-— -.E' ” 

1212 5.15 3.1 6.0 ttm Jan. SeS. FeAmsoMp- ; »v w 

30.1 td3.31 1.4 10.0 85 Hay Nov. fiwflay'A.Itt-- .- 

310 1bL45 4 0 3.9 7.0 Sept. - . « f 

228 654 ft, J.9 ft Jane Dec. F;KWKon__- -.« : g- 

1212 Id 236 65 23 7.7 July Jan. Flcsril'iC tfW- - » 

1212 K12.36 85 30 6.0 Nov. June FoSartyitV — - fi= 

UO 452 45 4.6 6.0 Dec- July Pto*nJtoap~ 3» . » 

301 h4.75 6 3 6.4 26 Jan. Ma? 


iaiB-w.92 
I 191*316 




301 2.3 
Mil 1101 


48 19J 1.91 

38 199 1.91 

86 2811 457 


QcL EUlvRirbmdiap- 23*2 5? 4L12 
Cict Dec.GontoipLiltoL 19 376 — 

Nov. J a ly 1 tough Bros Sup. 17.10 b28 L3 9.6 12.0 

Aug. Feb. GreenaUWbUby W9ic j>.l 252 3.8 36 110 

Aug. Feb Greene Ring 228 16.1 +6.53 2.8 4.3 12.7 

Au 2. Feb Oiiinnvfs 173 31 7.02 2.6 6.1 JB.Z 

Jan. Jal> HlghldDistaOp. Ifl 3L10 2.9 Z3 3121| 

Jan. Aug Invcrgordou 86 28 U t603 3.0 3 6 'lift 

Aug. Feb. Insh Distillers— 128 1212 355 42 3.7 8.7 

April Nov. MacaDau-GleTL- 300 17.10 4.62 2.3 2.4 215 

June Jan. MerlandCI 440 1212 12.45 2 6 4 3135 

Jan Junc Sandeman 60 3110 2-34 08 5.9 46.7 

Mav Aug SeoUtNew20p- 65 27 2 t31 2.0 7.2103 

Oct Apr. TiHnalin 102 310 3.00 ft 45 ft 

Mar. Aug Vault.. _T 105 31 4 02 2.4 5 8 10.8 

Jan Into Vta thread- A— 89 Mil 13.57 26 61 45 

Jan. June Wob Dudley . 191 12 12 5.74 3.0 4.6 115 


ill 3.91 ft 4 0 ft ClINCijnAa, JLJCUliA 
iU +3.19 19 65 122 

'12 3 92 12 5 5 123 Feb. JulyUngliaW-A-..- 74 

L12 1L64 2.7 5.8 95 Mar. OcL Ass. Trie ‘•.V.... 110 

JJ V6.6 28 7.5 82'jan. June Grampian 'A' I0p 37 

8J 310 51 3.4 8.71 nov. Apr. Green Group Up 65s 

161 2.4 16 6.2 153] _ UVrdWydMp- Z2 

L3J +521 3.3 6 3 7.3 May OcL HTVN.V 124 

31 6.54 31 5.6 8.71 _ LWTA 126 


74 Z7214.1B ft 

[10 m b655 Ml 

37 310 +2.0 21 

66* 301 Q423 25 


231 +3.91 44 

^Auril BamtonlsSOp 44 1212 tl.76 I 7.1 

8.61 ft May^Nov. BanroConaSOp. 60 MS 2.60 ft 

9.8 75 Nov'. May BartmiSoos— 56 19 9 3.27 J ft. 

8.2 81 Apr. Sept. Beauford 10p — . 49 3L1D td3-03 

65 93 January Berner 20 2011 10.75 

— 8.4 pph: Oct BevaiiDF.'Sp - 16 88 rL33 

8-| 74 j an . joncPirandQualcast. 2'3 j 


‘Hs? H=53^,» kNUf. 


m 1-S til IJ j"“.' 5E|iEi*»<*ra Ig ^thtp J/ 

a lli i M ? F *'- D “SEffliSlt s. S 1 - |6J 

| p Tjj- isgae^* « 1ST" 

l, yi g. ii 

r >1 a y r & ossa s s % 

91 161 30 1A ?JIW UnrlPir'ri't P«Wn tA 28.11 E3.05 


AMERICANS 


Umdeidi | 
Piid I 

Apr. Oct i 
Scpiemhcr .' 
MaJu.Se.Pe 
J AJ-A. 
April 
December 
'.'oSV3la.Au 
MrJu. S D. 
P MrJu.SP. 
:3UeSU 
JaAp.Jy.O 
F Mv.Au.N 
Ap JyJ.Ua. 
MrJuSeDc 
J.ApJy.O. 
F 3t.vAu.N- 
FJdyAuN- 
MrJcS.D. 
MrJn.S.D. 
7Jy.An.N.F. 
Mw.Au N.K. 
jivAuN.F. 
F My Au V 
' MaloSc.to. 
My AN F+i. 
MrJe.S D 
Ap-ly.OJa. 
M In S.D. 
F MAN. 
J.A .1 ll 
Mr.Iu.SD 
JAplyO 
A&Jj.OJa. 


AS4 — 

.VMFS'oCbni FI— 
.Vma\ SI - - . -. 
Amen can Express. 
Amer Medic lut— 
.Wrcolpc. ~ 

BakerlninU'ore SI 
EarnaUrp. S®< — 
Ben dir Corp SS — 

Both. 51 eel SB 

BroviUBFcr.cLSi- 
BrunnnckCotpn IL 
Burroughs Coni SS 

CBSS150 — 

CF.C.Sj 

Cal erpillam - — 
Chase ST htn5125_ 
CheseteouRhSl— 
Chrysler 90,— — 
CiUrorpM— — — 
'.•its- Inv S15S- — 

toCm.Prt.BSl~ 
Colqate-P. 51 — — 
CoJi Lnds. 51 — - — 

. i'«n»L lllimoisSlO— 

CmtflilSS 

i.' man Zell SS-~- 

CurleT-lLmun'JrSa. 
EalrmCrp.50.SO— 
i Esmirii— ~ ■ 
K>-*on 8- — 
FircAinc Tire It — 
, First Chiww— 


. |LM| Hi*. I ITU 
£ ! a | Gross |r*r|Gr's 

161’ 10.11 80c — 2.8 

60l 2 159 5”i. - f 

Z7i 2 7 2 51.75 — 36 
Z5i« 3012 SL40 — 3.1 
16S 22 30c — LQ 

151, U 40c - 15 
33>8 3L1 64c — ' 11 

IS 3 * 23.2 90c — 13 
26V 11 63 S2JB — 4.8 
IS b2 SL00 - 3.8 
331pai 163 40c — 2.4 
114 201 70c — 3.6 
464U+ 303-51.00 — 12 
357, 277 S2.40 — 3.8 
35VU til S2.50 - 19 
364 17.1 SL80 — ZB 
234 26.1 52.20 — 5.4 
17% 28J 94c — 3.0 
9l2r 62 Sl.00 - 6.2 
164xd S3 51.06 - 3.6 
m 5112 5100 - 52 
194 30 .u k: — 5.8 
15 J* WI 0-00 3.6 

35+Rrf 133 SZ75 - 2-9 
191, MJ2 SI 32 — 1.8 
20 7 a 6 2 51.40 - 3 8 
2V«vS 2J SI 90 - 44 
. 265. 32 SI 40 - 2-9 
2T>b U S2.25 - 4 7 
ZH.-nJ 6 3 SI -84 ~ 4.B, 
35i, 5.11 S3 20 - 5.1 
111,*) 30 3 Si 10 — 5.5 
m*d 63 96c - 3.9 


6 3 7.3 \iav OcLHTVW 1 29 ISVTrou fJ g-a '3 jan. joncniraraxuiuim. 

5 6 8.7 * LWT4. --- 126 — t619 25 7.7 7.7 Jqq. July Bmnghm. Mint — 

7 J Z iSER&ii n* 1IM1Z14 55 ^6 toft n« SS 

is m ^ III ii lli . sssteK 


69 22^ ft: 

9i 2 30110. 


63 ft Apr- Sept 
78 ft Nov. 
7.4145 Nov. June 
7.6141 Dec.. Ma? 
&0 25 Jaa. Ang 
69 24 April 
- - Jan. -Oct 
5.6 3.7 October 
i 33 May Nov. 
10.2 JAA Jan. July 


ribtms Dudley- .6# 

SibbnosiSl— 
ye%«GrMP— J? 


Z-ZTlSM 


3 6 11-0 jan. Joly)ri(te.-TV_^ . - 
4.3 12.7 Dec. JunriBesraardTTlOp-- 
6.1 8.2 


2H1M 5.6 U 

1.^10.S 66 Ul 


67 12.12 4.42 
91 161 54 

77 3110 tZ86 
52 U.12 ltl-98 
24 U.7 1.44 


5-6 Apr. Sept. Bonier Ene St?- M 

66 May Dec. Boulton Bm«p. 19 IjLlO] ^37 


5^1*57 August - Roriev'd'sr^ftp. 63 jM. 
t'l 13 9 Dee. July ffiafeme* J- 50p_ 58 128. 

o'! ft F eh - SepL Hi Harris lOp. 205 | _1; 

n ri'e .tr. Jan. July HinfmifAilOp— 72 
MrJeSJX Kraft. SZS0_~ — £35 
ni 40 July Doc KnikSaic I0p.._ 76 
7 4 69 Dec. Aug LcnnmuGp lOp. .32 

5- 4 7? Jan. Oct Unlood Hldge,— 145 

66 i7t£i December Lockwwds 112 

6 - { " a4 ' - Lovell it! FI 32 

"oy 9,g May Jan. Low(Wnj.|20pJ~ 100 


Feb. SepL Braham Mill life. 36 a : 

Jan. OcL Braiihwfiiietl— 1A3 si 

Jan. July BraswaylUn.--. 32 L.4 d052|b?- 

Jan July BTwiue tod. 10p 35 ail t2.16 

April Bristol iTian pel.. 6 1411 h0.26 

— Bnii'h Nortloop 93 4j7 — —l — 

Jan. Aug. BriL Steam 3Jp- 77 r.l b4«J l.?( ?. 

June Jan. Bmkhnise — So J 1 3K 


3U0 Z34 
Z7 2 }31 
310 3.00 
31 402 


S| 59|| DRAPERY AND STORES 

*' 2 n -Jo Mar. Aug.lAllied Retail lOp l 203 | 121 ! 

2.4| S 8110.3 Apr OeL Umber Day IPp... 36all 1351 tdl 951 3.0j 1 


Uaur+ZW 


, ,■?-+ « 5-^ J Sl+S SI Apr «JCL .vmntT Lmy ii;p ... 


*-ri “ ; 5 -idn. June oHutt-vuiwi. -1 — 

j® JaB - June u ^.'- v5p 

38[ 2- *M5-3 June Jan. Audimnmu. tftp 
Aug. Feb. Baker's Str : lOp 
June SepL Beanie Ji V_ . 
.Mac Sept. Benuti! Hip — 
Mas-- SepL flftnmiCur. 2&i> . 
Feb. Sept Board man Kudp 


36 14.11 1.38 3 - 

35 MU 138 3 

33 25.4 *3 3 1 

wn- 161 hdO-57 6, 
95 235 h2J0 4.i 

29 25.4 1.08 2.! 

16 9i 1.04 O' 
12 3 1 0.98 3. 


_ June Jan. Brockhni*? 56 31 3 6jj 

5 9 90 May Nov. BrwnH'ajlSpir. 30 811 i J 

82 49 Not. May Bronx Eng. Itfr.- 33 1710 157 

5.8 69 - BmnkvTinl. 25 132 10 

6.0 67 Xw. Sept BrMlierii -IP 3®p — 130 8£ 5.7B 

* 82 Apr. Aug Brown i. Taww- 91 272 +4 j8 

3 9 5 8 Apr. Sept- Brown Juhn EL— 283 13 2 TO. 

3410.7 Sept. Max. Bulluuuhaip — 140 Ml 96.1 
5 612.3 Mav Dec. Burgci*. Prod..- 38 MU 2.3 j 


3.Htd2.4a 
lifl g3.05 l 


Hi 25T ♦. 
188 l 18 1 in 

96 MU «« « 
51 Z2J2 +2M 2.9 

67 2T2 W3 j J 2 

can JLH 1527 1 4.7 
m J2A 254 { J-9 

82 1 H 3^ | 

s jiffl-L 

i82 sara'Ha 


o n . 4 ^ Dec. July LraoiJ.rtl 9* . 12J2 tj.69 

oi'tgOcL May Mallhcn iBi. 140 110 a9.U ft 

74 ft 5 Apr. Nov. Meat Trade Snp.. 80 

o Ji Junc Feb. MiUsiAJ.i 100 3J4 tin?' 3 

I'i 54 Mar Aug Morgan BdilOp- 3Jh. 3-7 tUl 

7 S gssaffitt- *22 m l$n 


s nja!5S 3:112.4^.9 j F u e „ b e FSfeSS « ii “• MSSm&S » 

BUILDING INDUSTRY, TIMBERte' J S23i?SSS!l^™ g S W V 5 : 1 pU"/ JtSSs^H ^ 

ANm DriAHC £5: jJK-BnLHome Sire. 175 MU 15.71 2L1 4.9 !4.7 Ocl SSSSi*- H nir+rfrV 3 4 oil TO I Jan- JuncjR«n.m.-eM..50p. 385 


ii %7 Nov. Uoms'nW.i 10p. 200 
11? TOM 70 J| I' B Aug Apr. Northern Fbotb. ffl 

Ml eAlfe so 82 47 net Apr. NurtnPklBp- W 

“.7 2V 6 |2 3? =1 Dec. June PantO'F.lIOn 23 

Mm ?'g 4 fll?! Jan. June Pork Fana3lcip_ 430 

Ltjgg a! s.6 ^ - BSsa-afe; » 
ij 71 fht o? c n 4 9 6 2 — I™®?® top-iOp » 


AND ROADS 


June Nmr. Aberdeen CunsL. 86 3.1H14.U 

July Aberthawl «n._ 156 MU 16.14 
June OcL Allied PtatlDp- lftj Ul th0.7 
Feb. Oct AnritageShnks.. 64 «6 

Oct May AP.tanentEl— 233 5.S 18.49 

OcL May BCAJOp 123 21t 112^ 


Feb. Aug BnbS.%— 218 28U +6.93 
February BaraaldgeBrt. 32 31 2.33 

May Dec Bailey Ben Mp~ JJ ?HS SS'5 5 
Jan. Sept BandjerEOS-.— - JP. 72.9 
May Dec. BarrattDei.lQp- 3J0 tM6 

Feb. Aug. Beechmwd lto_ 25*2 W 153 
— tonlox3)n— — M 875 tO.75 
May Oct Rcnlwd M. 10p.- 55 51 bl.6Z 

Mac. - Aug Betl Bros. 20p_— 67 3B1 dl.7 

Aug UcL Blocklir-a2Bn_— 68 HO +3 46 


S J .“j o5« r2«o?v!»^ ' 31 d!55 15 12.4 8.4 Feb. July CasUius lOp 27 121 

t4.18 3.6j 7.41 5.7 bet.' Apr. Button Gr^h'- U| Jj JJ Z 20 “ OeL Feb 36 3 

ap Iflflr ? 11? s sass £ s 

si 5 % jm 8 % o 8 ss; Visas', at g! | 

Sis I Ii arstes: ** ss „ ii,,-., a jassjsst I? I 


19.A3J7 

5.101 12.94 


4.U 4.8 6.1 

irui 


to.75 

511 hl.62 
Ml dl.7 


Mac.- Aug BeU Bros. 20p— g dl.7 5.4 3. 
Aug ‘let Blwlsli.-:a3Bp— . 68 110 1346 31 J. 

Apr. Nov. Blundell Perm— #1 289 34 6. 

Ooc.' Apr BreedonUme™ 81 310 h4.45 1.9 8 


68 3J0 4 0 9. 

27 1212 tdl.63 2.4 9 
50 3.1 129 5.1 3. 

36 31 1231 5.9 9. 

63 28.U 13.99 35 9. 

84 1076 — — - 
L62 31 +4.98 6.0 4. 

96 14.1 3.62 33 5 

40 28U 239 3.4 9. 

25 132M155 29 9. 

19rd 133 HO 3.® § 
174, 301 80.9 4 6 7, 

58 27 2 3.19 24 8 

34 1 hi 2.42 . L2 10 
SO 3J 6353 19 9 


sn u k itaHK 




— . pit DredginfL 28 U.7HM.3 — 


May N'm. Biwn Jkm 20p 53 124 10 

Jan. July Brrmnlce 52b 1212 }2 03 

Dec. Slay Brroni I {Idas 51 3L10 +2 26 

Aug Jan Bummi H ._... 158 1212 td!6 
OeL Apr Bun Boulton £l_ '180 132 dlOU 
Jan. JuneCHobey A'lOp. Z3 14U li£ 


„ ^ lE»«k«L Wz W ^ 7 3.70, 85 »KSESS: 34 1U 2 42 . 

2-0 iO J 7ijan. J^tobcn^—r “lO Wl 74 37 4 A 94 Feb. Ston™. 50 . M hdJ» 

M safe SKIS? 4 fl&S “ f ” 

-S 8 BW % S’ BlS-SBte \ 

Si- if. 1?12 31.81 2.4 6.0 10.7 Jan. June tolta Metal TP? MU 4.56 


{ ft Jan! July FSneArt De*s 5p 46 ^ fl.8 
56 9.f Msv DcL FordilTtUiilOp- .33u) * 5.’. 

62 10.( Maar. Sew. Foratrarar lOp .. 1Z7 ll f «L' 
25 61 Jaa. July FnsrrBrro. . _8> li-H 
85 51 June Dec.Frecman?;tai'- 272 jl-10 -5 4 


iM -- — -WO yet Apr.P‘-S.SMeL‘.V1Up 34 1*3152 

I U 1.06 29 8 9 55 Apr. OeL llmylnt 214 152 

111 1 06 2.9 9.4 55 February OcIsunlOp ^ ftf 

1 12 fl.81 2.4 6.010.7 Jan. June IMlta lletal 72ij Mu 4.56 

JJ 1.53 ft 116 ft May Dee IVsuu>J n IDp— 36 311252 

3ird3 78 62 4 5 55 liar. July DerilcndSDp.. — 155 15I 9+02 

IU 159 3.0 4.6 110 Ocl May iHrwinur 130 l” 5.52 

Llfl 15 4 4.3 30 11 7 Dec. .InK tounichrac 10p- ^ rail 2** 


gJSPfc’ 1 ® UflNV>gdU3? Sfc mSSSSiy 


31 dl.51 8.6 10 
ID 4.56 17 9 

111 2B2 22 12 

16 1 69 02 2 8 8 
[45 5.52 ft 6 
Ul 2.U 3 9 ID 

LIO 1555 3.3 6 


ILIU Tl.« » J 3.0 J.» ueuroer ‘“a .h"*- -i* : 33*057. — 

22J ft *6.0 28 i 33 May No*. Soldnon^Mg « 

303 IM 2410.210.4 Jan. July a ^ 

Ml 44.05 1.6 9.4MJ Nmr.. MayGtamwaBHdgt. » Suh-94 <■ 

30.1 1-23 2.9 7.8 65 Apr. Ocl C flurH' l-- -g- -pit* Vi 

3.1 M2 43 26 7.7 75 April OCL Gnwaro* i WP- « £ 

J8.il g3. 05 — 7.311.7 Oct June GrorebeBwIy- ** ut 

au +4.06 2B 105 535 Jan. Aug 1 ® .- Sj *' 

112 4.41 60 33 5.4 Feb. Aug BatoW-r'- - S. 33s liB *, 

MU 1262 43 55 68 Nov. Ju& im ITM INHF f 

IU IOT232 -23 3.7 115 Dec. Apr. gammesgtSc. 1« ^ 6iT £ 

L4U h2a 3.0 4.4115 Feb. July H*™*^*^ i£ rjWj' *!- 

1212 dtL5 28 7.1 10.7 Mar. Sent, pftftjc Cnv WO Eg ^ jj.fe. 2 

31 h853 22 8 9 itll Jan. July Bat^OTe»%- |? i84 J 

3U 3.69 45 5.0 6 3 Jan. ' Au*- « 3» ?-S I 

F74 — ' — — — ' May Nov. RatreftS w”®- 2? ji 391 f 

28U 55 26 83 S3 July Fob- ilroteLTipaa- 7*, ^ — — 

121 1 17.69 .24 12.4 80 . — g.. ; , fdi ag 2. 

110 d9.15 ft 10J ft Oct Joneto(ftnM» n _3 aUl* I 

272 M7J26 12 13.8 9A Aug, Jan. H aygWh a riM -- 1|* lts 3 l] 

30J ft3J» 35 4.6 9.4 June N'ov. Bepro+hCnac- ®2 ,5.7 J 

25.7 *191 - 5 — . Dec-Jura 12.4 103, J 

1 ID 226 ft 17 ft May. HemltiJ-ites--. 5? 3t5a07 f 

111 h2Zl 3.9 J B 11.4 Feb. July ,H .221*65 * 

199 thl.68 4.7 3 2 10.4 July Nov, JBO iriiwitl— - 272 If; i 

28U 11 56 21 103 7.0 Nov. Apr. S - M J. 2 

14U TdB.49 55 3.0 92 Nov. Aug Hidde n tA» - — g jil t*M ■ J 

16 J d0.66 04 3.1 1226 Feb. Sept toUiaBnȣ=r m +5 .W | 

1174 — — — - Dec. Jut? 8ritUr»+lifit«iV J7? Mg2 f 

- 339 bl8 103 81 Apr. Sept gMW’Aj^^r Wl «■» f 

28U 1S2 32 581621 May. OA HonfiM « . jjfl ? 

2811 17.42 4.2 • 29 105 July Oct BBHwfcHaop-. w ^ - 

1212 tdS.47 3.0 5.0 100 Feb. Oct 1» H4C ? 

« » k m h «E .a* toast: 5: ns at i 


1^-' 
I... ■ : 


55 26 8J 

17.69 L4 12.4 
d9.15 ft 10J 


11 56 2'mo: 
M8.49 551 3.1 


161 dD.66 
28U 152 


?iaEt! 


5idiUi M 


*! 

a; is t 

" b3J, * 

^ SS I 

vf* nsr t 


13 3 qj kb Jail! JunelsmnshinyJjZ! 165 12U t^47 3: 

£ | ! S 3 MSBRS 2 LZ z: & | 

To ti to ». issaassat ™ « a. ^ 

S S i j 71 OeL Apr. Talei LyleEI— 192.. 1A2 1314 

3 4 91 ji SepL April Tnvener But 20p 102ri 133 d5.Bl 

ll 9 Is Mju^ Sept ToxoSp 41 IU «-« 

an si n lia Apr. Oct timE3le 531a 132 +31 

46 73 14 Jan- June United Biscuits- 346 MU !L38 
24 8 3 112 Aug Mar. Watson PUp.lOp ,57 30J 243 

L2 10 8 1J4 July WJieashcaLZ- 152 . Mj l75 
29 92 8.8 : 

- 4.1 — 

62 4.5 3.4 

|1 || ! ; HOTELS AND CATEI 

17 * 5 75 SejReraber |Adda Int. 10p™ 3^a X- 

2212.0 S8 BorehJ iFrlQO.. £174, F 

28 6 8 62 Dec. July Brent Wajkerap- jjft }J, 

* 6h ft Dee. Jun. Oiy Hold*atp... 96 17. 

19 10.3 7 8 Dec. June DeVereHotcla.- 154 
3 3 6.9 5 8 — lEfnairejp— — U l 2 


3.0 5.0100 Feb. Oct 

27 8.8 63 Nov. July, 

L714.4 62 July Nov.] 

3.6 63 6ft December 


1314 24 10. 
<15. 81 15 f 


63 -July 

2410.4 4.7 An^sAJa. 
15 06 9-9 July Feb; 
3.0 55 92 April Sept 
23 8.8 7.6 May Nor. 
j2l 5.7 4.0 Jan. Aug 
29 65 20 Dec. June 
3.4| 7.4|23 MW. £>«- 
Jane Jut 


[g LatednsUirei- ggH . nf 


MW' 

gs I k 


SrferiTtoU 34B m 

W HtoU-.tfP - gb Su ?4U 

LitislSoOTW- 1032 

45 27J 1&*! 

btEUk-MsIbB- 2S 


HOTELS AND CATERERS 


1 N'ov. June 

Sfcs;.-®- 11 ; 


c Clrt Apr. i^twmnnn^ jg 5l|«2» - -s : 

5 - Feb. Ang. _ . 149^ +264 .yB - ; , 

net June JounJuivT' rap- K MjijilP Hr? - -• 
2.41 — Mta Dee Uai«w.np;- ^325 Hjl , 

01 41 jpne' Jag fWsdylaOs.- si . ijji J1.58 
3 6 173 A^' oZ; J rA* • Jf 5 - ; 

6.2 8.8 Nm. Aprit SS‘r ’ 






1 


I 
















































































































































































30 



4 THE MOST 
EFFICIENT AND 
WIDELY USED 


LORRY 
LOADER 


GEORGE COHEN MACHINERY LTC 

! -2 4i sgiM-i--- -Oao .uNDOti 

two ojp l^it^MONE 0 -sst t>SB8 


Monday April 3 1978 


Specialists in Reinforced 

&Supptierivf:Rta$br 



Industry expects gradual 
recovery in output 


INDUSTRY IS still expecting 
only a gradual recovery in out- 
put during the next year and 
its overall level of confidence 
about the economy and com- 
pany prospects has declined 
from the high levels of last 
autumn. 

This is the main theme of the 
latest Financial Times survey 
of business opinion published 
this morning. 

Most of the interviews were 
undertaken in early and mid- 
March when there were an 
increasing number of cautious 
economic reports and warnings 
about the deterioration in the 
outlook for world trade.' This 
has been reflected in the less 
optimistic view shown by the 
general business coniidence and 
economic questions. 

The replies on the more 


specific points show that in- 
dustry is experiencing a slight 
increase in its level of new 
orders and ' the level of pur- 
chases from suppliers is also 
rising. But companies are not 
expecting an -acceleration in 
the rate of growth of produc- 
tion over the next year. . 

The sectors interviewed this 
mu n tii — building and construc- 
tion food and tobacco, and tex- 
tile and clothing — were all 
slightly more optimistic about 
a reduction in the 12-month rate 
of price inflation than when last 
questioned four months ago. 

Another positive sign is that 
slightly more companies are now 
expecting to increase their 
labour force during the next 12 
months but th eoverall balance 
has hardly changed with a slight 
rise also in the proportion ex- 


pecting a reduction in the num- 
ber of their employees. 

I-t is now possible to analyse 
the results of the recently in- 
troduced question on factors 
affecting the number of employ- 
ees. This shows that 38 per 
cent of companies interviewed 
believed their employment 
levels were affected not by de- 
mand for their products but by 
factors linked to labour supply. 

Several companies mentioned 
the impact of the Employment 
Protection Act, the potential 
cost of. redundancy payments, 
high labour costs and difficul- 
ties in recruitment 
Only 15 per cent, of the com- 
panies referred to demand for 
products as an influence on em- 
ployment 

Details, Page 30 


CBI and unions 
to debate use 


of oil revenues 


BY MICHAEL CASSELL 


EARRINGS ON CAPITAL 


4 monthly moving total 


March 1978 


Those expecting earnings during the 

Dec.- 

Nov.- 

Oct.- 

Sept^ Cnstrctn. Food & Textiles & 

current year to : 

Mar. 

Feb. 

Jan. 

Dec. 

&Bldg. Tobacco Clothing 


% 

% 

% 

% 

% % % 

Improve 

41 

32 

47 

43 

49 42 39 

Remain the sane 

28 

24 

23 

22 

24 34 16 


THE ALLOCATION of Britain's 
oil revenues will be a main topic 
for discussion between both sides 
of industry at this week's meet' 
ing of the National Economic 
Development Council. ‘ 

The meeting on Wednesday 
comes nearly two weeks after 
publication of the long-awaited 
Government White Paper which . 
set out bow the Government 
intends to use the large oil and 
gas revenues which will be avail- 
able by the mid-1980s. 

The Government wants to 
channel revenues into -four key 
areas, including industrial re- 
i generation, and this week's 
I meeting will provide a chance 
Tor employer and trade union 

representatives in the shape of 
the Confederation of British 
Industry and the TUC to put 
their views across. 

Both sides have given a broad 1 
welcome to the Government's 
proposals, although they arc 
generally accepted to he some- 
what low-key at this stage. 

How the plans can fit in with 
the industrial strategy will be 
a central area for discussion on 
Wednesday. 


Contract 


28 


38 


25 


26 


27 


23 


11 


No comment 


9 — 


1 


Statistical Material Copyright Taylor Nelson Group Ltd. 


New, U.K. State pension scheme 
to operate from Thursday 


BY ERIC SHORT 


THE NEW State Pension 
Scheme starts on Thursday, 
marking a new era in pension 
provision and ending two 
decades of political dispute. It 
will provide for employee pen- 
sions based on earnings. 

lip to now fhe Social 
Security system has been based 
on the Beveridge Report or 
1942. This envisaged that fhe 
Slate would provide a safety 
net, paying a basic fla« rate 
pension at lilUc more than sub- 
sistence level. It expected 
company schemes io provide 
most of the pension for 
employees. 

Though the growth of occu- 
pational pension schemes has 
been spectacular, it soon 
became obvious that the 
national insurance scheme in- 
troduced in 1948 was 
inadequate. 

The only solution lo meet 
everyone’s pension require- 
ments was a universal eara- 
Ings-related scheme operated 
by the State — a 1 common 
feature in Europe. Since 1957, 
successive Governments have 
tried to introduce such* a 
scheme, but without success 
until nuw. • - 

Each time a scheme was 
arranged the next Government 
threw out the plan. The, argu- 
ments centred on the exact 
method or providing for this 
pension and the role to be 
played by private schemes. 

Bn i finally the system' as 
laid down by (he Soda! 


Security Pensions Act 1975, 
emerged with the acceptance 
of its principles by the main 
political parties. It was a 
tribute to the late Mr. Brian 
O’fHailey. who os Pensions 
Minister did everything to 
foster a bipartisan approach. 

The new scheme wiil intro- 
duce a second tier pension to 
be added to the present basic 
fiat rale. The formula and 
method of qualification is 
complicated. 

The additional pension will 
be 1J per cent, of “relevant 
earnings “ for each year In the 
new scheme, starting this year, 
up to a maximum of 20 years’ 
earnings. 


Criticism 

“ Relevant earnings’’’ over a 
year will represent the total 
amount earned each week over 
Hie year between a lower limit 
(at present the single fiat rate 
or £17.50) and an upper limit 
(at present £120 per week). 

Thus It will be 20 years 
before someone will be able 
to retire on tbc full pension, 
and a person retiring this year 
will -not qualify for any addi- 
tional pension. 

This feature has aroused con- 
siderable criticism as the 
scheme does nothing for exist- 
ing pensioners. The only con- 
cession is that employees who 
pay the extra contribution and 
get no extra pension will have 
the contributions refunded. 


Employers have the option of 
contracting their employees out 
or this second-tier pension and 
providing an eamiags-related 
company pension. Well over 
13,000 employers have decided 
td opt out. 

The big feature of the Act 
was that a Labour Government 
has envisaged private schemes 
playing an important part in 
pension provision. Previously 
private schemes bad been 
attacked by Labour leaders. 

Another feature of the 
scheme is the complete index- 
linking or pensions to maintain 
purchasing vainc. 

AI1 employed women will 
qualify for a State pension or 
a company pension in their 
own right but will pay full 
Natioual Insurance contribu- 
tions. 

The only people uol affected 
are the self-employed, who will 
still receive only the basic 
pension. 

The contribution rales will 
rise for those who will receive 
the additional State pension. 

From Thursday employees 
will have their rates increased 
to 6i per cent, of earnings 
from 5} per cent Their em- 
ployers will pay 1QJ per cent- 
exciuding the surcharge, in- 
stead of 82 Per cent. 

If, however, employees are 
contracted out. they will have a 
2i per cent rebate on contribu- 
tions on their employers’ 41 
per cent 


Airport approval 
boosts Airbus 


BY ]OHN WYLE5 


ONE OF THE last impediments 
has been reinuved to the pro- 
posed 3800 m. sale of 23 of the 
European Airbus aircraft to 
Eastern Airlines of the U.S. 

Representatives of Airbus 
Industrie, the European con- 
sortium which manufactures the 
aircraft, have reached an agree- 
ment with the operators of New 
York's La Guardia airport which 
will enable the Airbus to use 
tbc airport from November 15. 

Eastern has been leasing four 
of the A300 aircraft since 
December but because of weight 
difficulties none has been able to 
use La Guardia. which is a major 
terminal for the carrier's services 
to and from Miami. Florida. 

Although several heavier 
designs of aircraft use. La 
Guardia, the Airbus problem has 
been that its landing wheels are 
closer together and- impose 
greater stress on the sections of 
the runway which stretch odt into 
Flushing Bay. 

After five months nf discussion. 
Airbus Industrie and the New 


NEW YORK, April 2; 

York and New Jersey Port 
Authority have agreed on an 
initial operating weight which 
wilt enable Eastern to use the 
airport on its service to Miami 
Airbus Industrie will spend 
$500,000 strengthening La 
Guardia’s runway supports and 
an additional sum modifying the 
A300’s landing gear. 

This could also involve some 
modifications to the wings, which 
are made by British Aerospace 
on a sub-contractor basis. 


The La Guardia settlement 
means that only discussions 
between Eastern Airlines and its 
lenders now stand in the way 
of a firm contract. 

Eastern's directors have 
already approved the proposals 
negotiated with Airbus Industrie 
and these, will be discussed with 
bankers and other lenders on 
Thursday. 

Eastern has warned Airbus In- 
dustrie that it could take 
the lenders between 30 and 45 
days to give a judgment, but the 
manufacturers are likely to press 
for a speed tor decision. 


Cabin crew 
strike 
will stop 
300 flights 


Continued from Page 1 


CBI tax plea to Healey 


stantial help for the 1 lower 
paid. A 10 per cent- increase 
in personal allowances could 
take about lm. people out ol 

fhe tax net while others, would 
benefit from a proposed reduc- 
tion of the basic rate of income 

lax from 34 to 32 per cent. 

The Confederation; bas also 
•'ailed on the Chancellor to 
widen the personal tax bands, 
■lo help those paid between 
£ 6,000 and £1M0Q » ye" - . anrt 

to cut tbc top-rate of lax on 
earned' income froth ’ 83 per 


cenL to 60 per cent, in the 


coming year. 

198941. the CBI would 


By 


tike to see the top rate reduced- 
further, to SO per cent - 
The cost of this packageJui 
a full year is £l.lhn. less than 
the proposals pul forward by 
the TUC. However, the Con- 
federation believes that it 
would still be a morale booster 
and wonld restore incentives 
*' to people on whom the 
economy greatly' depends Tor 
creating now jobs/’ 


Financial Times Reporter 
ABOUT 300 short-haul flights 
from London will be grounded 
to-day because of an unofficial 
strike by British Airways cabin 
crews- 

Talks between British Airways 
and the British Airline Stewards* 
and Stewardesses’ Association, a 
branch of the Transport and 
General Workers’ Union, broke 
down last night 

Airline officials were last night 
trying to transfer about 30,000 
passengers to other airlines un- 
affected by the 24-hour strike, 
which begins at 6 a.ra. to-day. 

British Airways said that some 
cabin crew staff might turn up 
for duty because the strike had 
not been made official. If this 
happened, a few scheduled Sights 
might take off normally. 

Union and airline officials will 
I meet again to-day to try to 
j resume negotiations. 

! The 2,200 crew members In 
British Airways' European divi- 
siofl are protesting at the lack of 
progress towards giving them 
equal jqb opportunities and 
Promotion prospects with 4.200 
overseas division crew' members. 

British Airways is aiming at 
making crews interchangeable 
but is still without a union agree- 
ment after a year. The old BEA 
and BOAC were formally merged 
on April last year. 

The airline says the overseas 
crews are resisting the change 
because it would dilute their own 
[promotion prospects. 

; Both sets of crew are paid the 
same basic rates but long-haul 
work attracts h number of extra 
| allowances and is popular with 
younger, unmarried stewards and 
1 stewardesses. 


The council’s steering' brief 
for this year described work in 
this field as crucial to the 
strategy's success and Wednes- 
day’s meeting will hear how the 
various bodies involved and the 
Government can all play a part 
in getting the message across. 

One important instrument will 
be the reports of industry sector 
working parties, which are seen 
as an excellent way of analysing 
and interpreting the strategy 
down (o company level. 

On Wednesday the chairmen 
of two working parties will be 
reporting to the council on 
developments in their own sec- 
tors. The two areas Involved are 
domestic electrical appliances 
anC construction equipment and 
mobile cranes. 


Strong 

To-day the construction .equip- 
ment sector working party 
report is published. It forecasts 


increasingly competitive market 
the U.K. manu- 


Taxation 

* The Left-wing of the Labour 
movement and the trades unions 
have already given their support 
to some of the policy proposals, 
which reflect the need for plan- 
ning agreements, industrial 
democracy, a moderately inter- 
ventionist role for the National 
Enterprise Board and an expan- 
sion of selective aid schemes for 
industry. 

The CBI is also welcoming 
moves to boost industrial invest- 
ment mid to reduce taxation 
levels, though possibly not to the 
extent envisaged by the Conser 
vatives. 

Also on this week’s agenda at 
the National Economic Develop- 
ment Council will be the ques- 
tion of communicating the aims 
of the industrial strategy down 
to individual company level. ' 


conditions for 
facturers. 

The working party says it 
remains committed to seeing the 
U.K. share of 'world markets 
being maintained and of reducing 
imports to 50 per cent of sales 
in this country. 

The report emphasises that UJL 
manufactured machines appear to 
be concentrated more . at the 
medium to smaller end of pro- 
duct ranges, where the Japanese 
are also strong and where price 
is a major competitive factor. 

"To achieve the levels of 
growth built into the objectives. 
U.K. manufacturers may need to 
develop products backed up by 
an improved overall marketing 
package including delivery, ser- 
vice and spares as well as priced 
it says. 

Construction Equipment and 
Mobile Cranes Sector Working 
Party report to the National 
Economic Development Council. 
NEDP Books, 1 Steel House. 11. 
Toth iU Street, London SWlH 
9LJ. Free. 


THE LEX COLUMN 




White Paper revives 
electricity plans 


BY ROY HODSON 


NEARLY all the clauses of the 
defunct Bill [or the reorganisa- 
tion of the electricity supply 
industry. in England and Wales 
wiil appear in a White Paper to 
be published tbis week. 

The Government will use the 
paper to record its commitment 
to reshaping the industry in 
spite of the Liberal opposition 
which forred Mr. Anthony 
Wedgewood Benn, the Energy 
Secretary, to withdraw the Bill. 

The White Paper will propose 
a unified structure for the 
industry under a central elec- 
tricity authority. 

The Plowden Committee 
recommended- that such a struc- 
ture should replace the two 
existing national bodies, the 
policy - making Electricity 
Council, and the Central Elec- 
tricity Generating Board which 
runs the power stations. 

Plowden also wanted the area 
electricity boards to become 
integrated operating units of the 
national authority. 

Ministers appear to he un- 
decided about tbc precise form 
that the reshaped industry 
should take. 

But Mr. Benn insists that the 
area authorities should have a 
degree of autonomy, with chair- 
men and Board members con- 
tinuing to be appointed by the 
Energy Secretary. 

The Liberals said that such 
power of appointment gave 
Ministers too much power and 
patronage. 

The White Paper is also ex- 
pected to encourage the oew 


electricity authority to manu- 
facture electrical equipment 

The industry is opposed to 
this on the grounds that it 
could distort the main function 
of providing electricity. 

Mr. Benn is expected to in- 
clude in fhe While Paper powers 
For the Energy Secretary to give 
specific directions to the elec- 
tricity industry. 

The industry believes that 
every directive from a minister 
ought to be separately affirmed 
by Parliament. 

The Bill was essentially an 
Enabling Bill which would have 
established a new central elec- 
tricity authority whiie leaving 
open the detailed structure of 
the industry to be proposed by 
the Government through an 
Order in Parliament 

In the same way the White 
Paper is expected to leave a 
number of questions unanswered 
about the precise size, shape, 
and role, of the generating 
authority and the area authori- 
ties. . 

A short Electricity Bill is to 
be presented to Parliament, 
meanwhile io cover the financ- 
ing of the Drax power station, 
and legislation for EEC-approved 
nm-lear safeguards. 

An inquiry is to be started by 
the Select Committee on 
Nationalised Industries into the 
electricity supply industry. In 
effect the all-Party committee of 
MPs will be undertaking a series 
of pre-legislative hearings on the 
proposals in the new White 
Paper. 


Liberals offer last chance 
for Budget compromise 


BY RUPERT CORNWELL. LOBBY STAFF 


PROSPECTS for the Budget and 
the survival of the Lib-Lab pact 
are likely to hinge on a crucial 
meeting between Mr. Denis 
Healey, the Chancellor, and Mr. 
David Steel and Mr. John Pardoe 
this afternoon, as Parliament re- 
assembles after the brief Easter 
recess- 

The discussions are part of 
the war of nerves between the 
two parties over the proposals 
the Chancellor will put forward 
on April 11. If to-day’s discus- 
sions prove inconclusive, fur- 
ther talks, possibly Involving the 
Prime Minister, will be neces- 
sary. 

If no agreement is reached 
and the Liberals stick to their 
demands for big tax cuts 
balanced by some increases in 
indirect taxation, the Govern- 
ment faces a series of defeats 
this summer as the "Finance 
Bill goes through its Commons 
committee stage. 

However. a reasonable margin 
for manoeuvre still seems to 
exists. Even if the Finance Bill 
is amended significantly, most 
Labour MPs believe that the 
Government will be able tn 
shrug this off and roly on the 
13 Liberal votes tn protect it on 
any issue of confidence. 


One indication that a compro- 
mise could be found is that the 
detailed proposals worked out 
by Mr. Purdac, the Liberal 
Treasury spokesman, urging a 
£4L4bn. reduction in direct tax- 
ation. have not been formally 
published. 

Even so, the gap is very large 
between this kind of cut and that 
of £2hn.-£2.5hn. believed to be 
favoured by Mr. Healey, who is 
reluctant to permit big indirect 
tax increases on tbc grounds that 
inflation and employment pros- 
pects could be damaged. 

The real threat to Mr. Cal- 
laghan’s presumed intention of 
not calling a General Election 
before October at the e*arhest 
would probably come if the de- 
feats inflicted in the Committee 
stage could wreck the entire 
Budget strategy. 

Talk of a snap election in May 
or June is discounted at West- 
minster. unless by-elections and 
opinion polls show a remarkable 
revival in Labour’s fortunes. 

It is generally assumed that 
the Prime Minis’er will want to 
wait until the benefits of. the tax- 
cuts become apparent and until 
the devolution Bills have com- 
pleted their passage through 
Parliament. 

Han and Hatters, Page 14 


The initial trickle of com- 
panies opting not to provide for 
deferred tax in their .accounts 
has been rapidly turiuagihto a 
flood. So- far probably as .many 
as 200 listed companies have 
adopted the draft accounting 
standard ED19. Around SO com- 
panies reporting in’, the! past 
month have made the change- 
over including BP, Thomas Till- 
ing, Tube Investments- and 
Rolls-Royce Motors- . 

The switch of basis is 
inevitably poring jseriouis .prrfv 
lems for investment analysts, in 
particular over calculations of 
earnings per share, and. p/e 
ratios. Apart from the abrupt 
change in the apparent earnings 
of individual companies, which 
is made somewhat easier hr cope 
with because under ED19 com- 
parable adjusted figures have to 
be given for the previous year, 
analysts also have to cope with 
the difficulty that qnite similar 
companies are ■ adop ting 
different methods of tax 
accounting. - • 


25 


F.T-ACTUAJflES 

INDUSTRIAL GROUP WDEX 
P/E RATIO 

20h- . A. 


/ * Hy* 



v 

Pubfisbed 


. 1973 *74 “75 T6 'Tf 78 *79 

II W • ■ 



Changing basis .. ' 

- Moreover it is becoming less 
helpful to use sector statistics 
as yardsticks against which to 
measure individual shares. The 
basis of the earnings being 
incorporated in the ' FT 
Actuaries Indices is progres- 
sively weakening as. the . raw. 
data comes to include a. rising 
proportion of ED19-type figures. 

Can anything be floneitb sort 
out this mess? Setting aside the 
temptation to abandon the 
whole concept of earnings' per 
share, there appear to be three 
ways of trying ta cope with 
the present difficulties. First 
analysts can accept the ED19 
figures where they are offered 
and weather as best they can 
the transitional period in which 
the data is going to be' highly 
variable. Second, they can 
ignore ED 19 altogether and re- 
construct notional fully-taxed 
earnings. 

A third possible' solution 
arises from the way that the 
unfortunate aspects of ED19 
reflect its attempt to combine 
historical cost profits with a tax 
charge calculated, crudely, on 
the basis of inflation accounting. 
Investment analysts could try 
to jump past tbis unsatisfactory 
half-way house and devise 
proper current cost . earnings 
figures. The Hyde guidelines 
offer a possible basis for this. 

Datastream, the computerised 
stock market analysis service, 
has choseD the second alter- 
native, at ' least for the time 
being. Its main problem is not 
that it necessarily disagrees 
with EDX9, but simply that it 


has do other way o-f achieving 
comparability . between" 'I coth- 
panieis. : ‘ 

Howeyer, in addition to; these, 
p/e ratios ulcidated after a 
full tax charge (which because 
of overseas complications* will 
not necessarily be 52 per cent: 
bams) Datastream will also be 
feeding EDI9-type TatiosvintO 
its memory banks. This raises 
the distinct possibility that 
once the listed companies - re- 
porting under ED19 reach a 
majority, Datastream will 
switch the two bases around so 
that ED 19- type darnings will 
become the first choice. ■; 

This kind of thinking ‘seems, 
to have gained fairly f wide' 
acceptance. StocH)rokeis with 
a big research /effort, tike 
Phillips and Drew, are finding 
it essential to retain compare 
bilfty in the first year or so, 
through a standardised tax 
charge. Bat there is a general 
reluctance to continue indefi- 
nitely on this tack. 

To go on employing fictional 
tax charges would be. to fly in 
the face of. all the accounting 
arguments’ that have Jed. to 
ED19. If a company’s; ., tax 
charge can vary wildly for rea- 
sons nor directly.consected with 
the year’s trading .that is un- 
fortunate f or _ ‘ the . investment 
analysts but it is a fact of 
corporate life that cannot be 
ignored. 

. Where P and D are going a 
stz - further, however, is In 
developing their own Hyde-type 
inflation adjusted ratios for com- 
panies in the FT-Actuaries 
Industrial Index. Briefly, their 
estimates of the average Hyde 
p/e .for 1977 earnings, is 12.8, 
compared with 8.2 on a fully 
taxed conventional basis and 
6.4 excluding all UJEL deferred 
tax (which differs slightly from 
the ED 1 9 basis under which 
some deferred tax may still be* 
charged, at the directors^ dis- 
cretion). They .envisage, a nar- 
rowing of the gap io 1978, 
t wever, with the prospective 


Byde-p/e dropping foj 
. pared- with_7.5 and 8.3 
other two methods. 1 
y These figures/ ' _ 
are contained in the 
of . P - and. T)V dm 
“ Equity .Market y 
which conveniently 
getherV Trifle; Variety 
ground- information ' 
form a view bf/the- 
. market As such, ^ 
way that earnings- -cal 
areplayinga jes&'dma 
in- share assessment- 

. Putting p/es; back : on 
stal wili.- Teqmfe a 
important imp; 
quality; iff \ flat* 

; problems • are- greatly 
by thepepnisaiyejiatnie i 
ED19 amt' the Eytie 
Tb> seppe for -s; 
meat i-in.-jsstablishing. 
diarge Is., very, 
in -the. case- of BP^ tb 
example, {torn last week/ 
vdeal; rested on -what 
by the Ttorese&aBle -i 
a North -;Sea context.. 

^ overt most - companies v : 
on an -ED19 basis do-b 
to he including a note 
Jug the' deferred taxtb'' 

otherwise have 

'listing- Ksmajdr com; 
the Exposure Draft 
shbuldri Some tighten 
tequired here/ 



»■ 


.-.A - ’ 




It-- 


IR 


Weather 


UJv. TO-DAY 
MAINLY DRY, with sunny 
intervals. Isolated showers, 
particulariy-iu S.W. 


London, Wales, Midlands, 

E. Angla, JE-, NJE„ S.E» Cent. S. 
Cent. V., s.W. England 
Early fog patches, persisting 
near some coasts. Sunny inter- 
vals, occasional showers. Max.: 
I3C (55F). 


Channel Islands 
Sunny intervals. Max.: 11C 
(52F). 


N.W. England, Lakes, L of Man, 
Argyll, S.W. Scotland, N. Ireland 
Early fog patches; sunny inter- 
vals, isolated showers. Max.: UC 
(52F). 


Best of Scotland 
Mostly cloudy, occasional 
drizzle; htil and coastal fog. Max.: 
6-7C (43-45F). 


Outlook: Similar. 


BUSINESS CENTRES 




Vdajr 



Vdw 


MltMas 


MkJ-da? 



-c 

•V 



•c 

■F 

Anistrdin 

C 

9 

4S 

Madrid 

F 

1.1 

53 

.SlftOTB 

V 

18 

81 

ManebestT 

F 

u 

W 

Fla bra In 

s 

24 

75 

Melbourne 

C 

18 

61 

Barcelona 

K 

11 

52 

Mexico C. 

S 

25 

77 

Belfast 

C 

0 

48 

Milan 

C 

12 


Bc-Urado 

K 

IT 

SI 


n 

_<• 

2S 

Berlin 

V 

18 

61 

Moscow 

s 

4 

39 

Blrcmuftm 

r. 

ID 

SO 

Munich 

F 

1) 

52 

Bristol 

c 

U 

K! 

Newcastle 

C. 

8 

a 

Brussels 

F 

16 

81 

New York 

C 

8 

46 

Hvdapcst 

C 

Vt 

54 

Oslo , 

c 

s 

41 

B. Aires 

s 

21 

70 

Paris 

r 

13 

35 

Salro 

s 

2fi 

77 


s 

30 


Flardirr 

c 

18 

SO 

Prannc 

c 

17 

63 

CtllCMO 

c 

l 

34 

R.-sklavtk 

c 

b 

«! 

?alosnc 

V 

18 

81 

RIO de J’o c 

57 

SI 

^opvQhaii 

s 

11 

32 


R 

12 

64 

Dublin 

c 

9 

45 

SI&Rsooru 

fi 

31 

88 

Edlnbrsh 

fK 

6 

43 

Kiockhulm 

S 

5 


KranJrfurt 

F 

u 

S7 

Stra&brr 

c. 

IS 

& 

Rvnpva 

K 

U 

ttl 





Dlasuow 

C 

7 

45 

Tehran 

s 

19 


Helsinki 

s 

4 

38 

Tel Ariv 

F 


77 

FL Kong 

r 

in 

m 


C 

10 


Jo'burs 

s 


73 


c 

-1 

in 

Lisbon 

c 

is 

59 1 


F 

17 


London 

s 

13 



F 

1.1 


Losumbrs 

K 

12 

64 

Zurich 

F 


28 


HOLIDAY RESORTS 


Ajaccio 

c 

14 

S7 1 


F 

- 9 

'49 

AJjclcrS 

K 

12 

04 

Las Palms 

C 

19 

B6 

Btarrtu 

C 

II 



F 



Blackpool 

u 

12 

54 

Majorca 

C 

12 

M 

Bordeaux 

c 

11 

Ki 


F 

20 

68 

Boulogne 

H 

10 

50 

Malta 

V 

1C 


Casablnca 

C 

17 

IS 

Nairobi 

R 


72 

Cape Tn. 

K 

14 

oV 

Naples 

R 

13 

S4 

Corfu 

C 

IS 

3 

Nice 

F 

14 

K7 

DuhravmX C 

14 

37 

Nicosia 

S 

21 

-7C 

Faro 

F 

19 

US'- 

Oporto 

c 

14. J7. 

Ftonm-c 

C 

14 

57 


c 

IS 


Funchal 

c 

18 

K4 

Salzbun: 

s 

14 

S7 

CnUfiUlar' 

Y 

17 

K3 

Tniwlur ’ 

c 

1C 

ttl 

Guernsey 

V 

10 

31 

Tenerife 

c 

14 

37 

Innsbruck 

V 

18 

81 

Tunis 

c 

17 

63 ' 

Inverness 

c 

7 

43 

Vafcnrla 

F 

IS 

84' 

is. nf Man C 

* 

«' Venire 

V 

14 

SI 

s — Sunny. 

P-Falr C^Clmdy. 

Fg— Fog. 


No comparability 

As . for the Hyde 
there have also be&n 
parities '■ in ‘ the 
treatments adopted by 
companies. Hoover, in 
out the monetary 
(it would have led to ; 
tion from, profits) while 
Four clearing banks aQ 
an adjustment in 
loan stock gearing 
would have increased 
Differences at- a 
level, in areas tike 
tion and dep: 
affect comparability. 

. In the light .of alL 
valors are having tor; 
the concepts of 
.share, and the pTe. 
being severely devatawfSf-.'. 
vestment tools. The'mrin¥| 
must be that over . a'TfflBr. .... 
new consensus will ' 
established favouring.; 

ED19 figures or—b 
proper, inflation a 
surest ' : ■ ' •.•1 -.“'g::-!: 

This is bound to 
years to happen, howeveri-' • 
ing the interim :• period aq - : . . 
are likely ; to be payings 
o' ' intion.; to convention all 
ings figures, and this 
be reflected id the day- ^ 
comments in this cojingn.^ 


burns 




‘Perhaps the bravest man I ever hi 



S DC-FOOT-FODR SERGEWT 

bravest man his Colonel ever knew. ’ . - ; 1 

But now. after-seeing service in Aden, after being b«xJ 
and ambushed again more recently. Sergeant “Tipyr can ^°>- 
tum acorner. Forfearofwhat is on IhC Qlfrcr side. - jS 

It is tbc bravest men and -women from the 

mental breakdown. Fort bey have tried, each one of uian.'y>w*v ,, J 
much more, than they could in' the semceof our Gounny 

Wc look after these brave men and women. Wc help 
ht hospital. Wc run our own Convalescent Home- Par samft. .< 
■work in a sheltered industry^ so that they 
For others, there is our Veterans; Home where they «***» 
days in peace. • . 

These men and women have grycn_ their minds to their 


are 


afidwithalegacy too, perhaps. Thcdebt is owed 
“They?ve given 

pleasegrve as notches you can. 

€X-S€ftUIC€S 



’ 


. . a f ivi t ink ‘ ' s 

37 TKurfoe Street^ Lo ndon S W7 2L L. .0 ) ^ 

Registered H the P«r Ollier- Prmiwi i 

Finic&l Turn® Ltd.. Bracken BWW. 


V