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I tot- 7 


ventilation 



the fug fighter 


■ '>No. 27,527 


Thursday April 6 1978 ***ia P 


<$> 


eSISPLIY-TYAS 

CONSTRUCTION LTD 


S*Q 

Building & Civil 
Engineering 


AM«m(icrolUic Eip)ey.Tv«* Group ol Comparciej 
y^O'Box e, Park Hail/SuHorci Priors. tvotharr.. 
Worcoatorihiro. Tel: Bidlotd-i'fi-Avon , 

• 1079 36ai 3721(20 lineii) ' 


CONTWENTAl SELLIWC PMCESi AUSTRIA Se&.I5j BELGIUM F r .2S; DENMARK 


KrJ.S; PRANCE PrJ.O; GERMANY DM2.0; ITALY L.SMi NETHERLANDS F1J.0; NORWAY Kr.3.5: PORTUGAL EscJO: SPAIN P tasAO; SWEDEN KrJJS; SWITZERLAND Fr.2.0: EIRE ISp 


If xEHERAL 

^CflSoviet 


BUSINESS 


•8 . 

— v'r-r-^si 

; 

' .... 

■ :i: 

:.'■**** 

•< t: * 114; 

1 - ■'■«T ( uiV 


$ at new 
low; Gflts 
firm 


Cable and Wireless! J 110 ™ 

in £300m. deal | television 

with Saudi Arabia ?!? n L 


Hongkong 
51% stake in 
U.S. bank 


BY STEWART FLEMING 


NEW YORK. April 5. 


BY JOHN LLOYD 


j BRITAIN'S leading television HONGKONG and Shanghai Bank- for a U.S. acquisition is National 
j manufacturer. Thorn, announced ins Corporation and Marine Westminster: there are almost 
! yesterday that it intends to close Midland Bank ' of New York certainly others. 


Cable and Wireless, the State-owned telecommunications contractor, has won | £j£»££t n lactorics at jw^ r f«™ai.y ^nouneea Plan. ji, “|£ 

a £30OnL-£4OOm. contract in Saudi Arabia. The deal is by far the biggest the its colour television factory at won-kon- and shanghai is to linked banks wouW b ® “ umon a 

eomnanv hac evprciiniprl Bradford. Yorkshire, is to be take a* Signer cent voting in- two dozen or so largest in 

company nas ever SIgnea. dosed, as it a sub-assembly plant Srest in MariSe Midland b5 the lhe world ” J 

The deal covers the supply and As the prime contractors. Wireless’ communications nearby at WindhUl. „ nd D f iogo Linkin'* the two He referred to the transactions 

installation of a complete tele- Cable and Wireless will decide systems division, said yesterday Thom blames the closure of institutions whose total assets at as. creating a “partnership” and 
communications system for the to which companies it will sub- thar Mr. Wilton, the Anibussa- the increased automation and pn( i D f’i ast vear amount to said, that “Marine Midland will 
35, 000-strong Saudi National contract the various elements of dor, had been “immensely ! reduction of the number of cook., makes the deal one of the continue as an autonomous opera- 
Guard, and will last for at least the contract. helpful.” [separate components in tele- tiT 0 riff’s largest international n oi p ous operation . Hlus bank 

the next Ove years. While nu final derisions have — Cable and Wireless is now re- } vision manufacture throughout bankin'*- mergers bad n ,° in leitiion 0 f " 0,r iS.J? r 5 

It follow, tta of more ye™ „ uteS. it is SreS croitins severe! hunderd eitn the world. S me ^eorSt involves the in- TJZ''.:,, 

than £500m. signed between the ihal a major part of the civil staff for xhc project, a number! ll sa > s: Thorn Consumer ^jwoOm of new canital ft r 19S0 ; „„„„ 

Saudi Government and Hie engineering in lhe contract— of them from the Tost Office. | Electronics expects lo be increas- {J^ 1 Marine Midiand, which P has l from ^ch coin- 

«**.' «. /?«*«*•!« «f .. yssrisjrs i sl* v,ire suite sx**?. Sf^SSrs^^tdlL-l e *, e X 


*ee n • CANADIAN DOLLAR, fell .to | 

a record low of 87.66} cents,! 
a 3:; -.. David ‘ Owen, Foreign in spite of the rise In Canadian 

. 7-,. ^cretary, attacking Soviet bank rate. 

^W^Olicy in Africa, warned last r - 

i(U : that Soviet and Cuban • STERLING ^proved Jcent 

‘ ' V ;; TK.-J military Involvement In Ethiopia asalnsLthe dollar to SL874o, its 
: -! r v ^ 5i placed a large question mark trade-welghted.index Improving 
1 ' ' Ver the futoe of detente/ «* ^ <62.0). The dollar came 

r) -“ » arnto jpressnre aud its deprecla- 


tb/XKf* C-27 percent 

- - •srs.'ssa s 

In Salisbury, the Rhodesian tal^.s^aOiwi.-Milthe FT 
A a:thiSupreine Executive Co'uncU taa ** 2-4 ttp 

■ TtinOlinceri Ihfil atmiManl h,d at 470 a 


muoi uoveromeDt ana me engineering in the contracr— or tnera :rom ipe rosi umve. | «pecis ic ine increas- i mo Marine Midland, which has trnm Wh com- 

Brinsh Aircraft Corporation last itself a large section nf the While the prize is a large one, ; mg Us output in the medium rh<1 wntvt par nin'«s record amon« Hu^e executives from each c \ 

year, thought to be the U.K.’s whole— will go to a British civil the difficulties of building up a if™, s “PP*y it'jj® iea^ng U.S ''banks over the R^rds'c! the other 1 d 1 

biggest export contract. engineering company. system from nothing, and in ' hopes will be a healthier home ! -w-— vears Boj ^ ot . . th 


--.^^hree black nationalist parties . and . Go ”^? e f 1 

; u ?r .^f Lo, « -which signed the internal Seeunties index rose 0^2 to! 
■ ^agreement. 74-06- 

.‘■.7 a ,™ ia >rts From Windhoek it vas ./. A inuiei< ft tini 
a rr/yj reported that South African ^ GOLD fellS, to $l/oi« 

7. “ ; o: i^^efenne forces bad killed ^ • WALL STREET was 1.47 up 

«?^SS m a™a P “„ t f We KiSbS ' f 

-^TSSSR^STT’ 


biggest export contracL 
A preliminary agreement was 
signed in Riyadh on March 19 by 
Sheikh Abdul Aziz ul-Tweijiri, 
Assistant Deputy Commander of 
the Notional Guard, and Mr. 
John Wilton, British Ambassador 


engineering company. 


past three years. 


Mr. Sandberg said that the 


current .year stands at £5.lbn. ‘**P®*I* lo he spendin 


me ivnuonai uuaru ana wr. inR British." on defence ana security in me : *™™| n ew capital would enable the spread which would result. 

, John Wilton. British Ambassador , current .year stands at £5.lbn. f-*P c " ls 10 he spendin^ ^^^'hank to take advantage nf new u« t >,_. ,u p hank 

1 ftSTs ^ ^ bud - 1 ^ u wii. *fs i sr-t rT? SH 

or 4u°ust of this year n, ii*| ar > communication*. Cn»»n»*nfn aj 7‘ if it is slay competitive J v„... vnrk c* 3 i e hankinn turned the bank round in a 

.. Under the terns of the pro- JK Si Separate SL °"f I authorises. " remarkably 


or qiSTof tiff veSr > military’ communicalW +« 

und^ thrtenns or the pro- , ** b n ^" Separate 

liminarv unmmt Cabt^ and V ,n der negotiation for the past 


LUiuur leicvision suo-assemblies. I j hi- th« lt<; p»rf«nl * .. r, v. 

■ It says this investment is aeces- 1 ffiJS!?* Board Ss well as the ™ enT '^ h v e ,„ sal H d 

«ry if it is lo stay competitive S^- Ynnk State banking “ lumed the bank round m 

wnh ^ i orK btaie DanMn to remarkablv short time. 


liminarv agrcmenL Cable and L ,nucr f, e» ol,au "n lor l { ie P 351 " .. . ... Thom, in common with other _ "ThV Fed will hive m innk at 

To 1 JS ° s "S?y'Z SLiSSS^lr ti£ «£! 


remarkably short time.” 

■ Asked about regulatory 


especially 


budget is £4G5m. The guard is : has considerable surplus caoa- tne u ./?5 nt ' ,al , a ? fl mana * er,al 
entirely separate front the rest dt v. The investment now rapabl ities ? f ,. th j l ^° bank . s ' 
of the Saudi armed forces, with 1 pIa * nne d will furtheT reduce d _l a J °“ ba *f; 


2.: a-omnara, rage in highest level since last July on 

- Banking StafcEurope may poll (tz££™si - — 

June, 1979 i ZINC V 

!«i br £. ;Mr. James Callaghan is expected . I 

- t *..■ -i- ^.‘to argue for a June 1979, date for 300 - '■> I — 

v-“- -■•’-•• hI ‘^-direct elections to tbe European . i M l .. I’ 

l ’; i3 p Parliament when Common.; . ■. I — • 

,v .... ' - h ^Market leaders meet in VCopen- ' L- -I 

.r. ■■■*•■■"■■ *i:: Shagen tomorrow. Unprecedented 2809— 1 f j 

;4 ’: .i-r rv security arrangements are' being 1 ‘ A- - d- — 

-v-vPtade in the Danish capital. Tanks I I 

are to patrol the airport and: 260 — 1.. v#— — - 1 

.. Queen Afaigarethe' has been-. - . . . . ll* 1 

- placed under 54-hour guard. "fwi'j 

-1 — SSecondmafLin Life' 


petition, especially from the entirely separate rrom the rest city. The investment now • “ 1U I T u u . 

Dcfence - U.S. of the Saudi armed forces, with p i a ‘ nne( | uill further reduce “S ,mpact ®. f , I the dea J on ba . n , k - 

-r^k ■ Both Presidents Ford and its own logistics and training requirement for direct labour in 2 competition and on the Lex. Back Pa~e 

Design carter, and Dr. Kissinger when system. the company says. 1 P ubllc > n } he 

O he was Secretary of State, made rt operates as ;m internal secu- Th* television industry could Manne Midland. 

It wall be responsible for the representations lo the Saudi rity force and protects the oil- produce almost double its pre- ir itq «hif.b anorovals he did not anticipate 

design, implementation, installa- Government on behalf of U.S. fields. It reports directly to sent output, according to esti- J{S!? S i- of v v U f' anv difficulty on the question of 

titm. operation and maintenance companies, while President Gis- Deputy Crown Prince Abdullah, mates by the National Economic SihilriiiS w/n that whether the y bank wSl ^ave to 

of the system, and will also pro- card d'Estaing made it clear that who is second deputy premier Development Organisation sector J « divest its Californian subsidian- 

Vide a large training facility for the French were interested in as well as the Guard’s com- working party on the industry^ fef P US ft The bank woSd^ do what the 

National Guard personnel. securing the contract mander. The company is to continue SJh.? iS ld h«L reaulation reauired 

The Defence Miranstry will British Ministers did not be- Britain has maintained a milt- production at its factories at fJS? 16 / findpr U^law it seems eer- 

Tnonitor progress on behalf of the come involved in any of the tary mission t«i the Guard for Enfield and Gosport in Hamp- a ?“ ta ; n the c-ilifornian subsidiary 

Sfli.rii f?A « Arrvm «nt H,.ri.no n^ntiatinns bur Mr. John Bird, same vears. and has already shire. injection of new equity capital, tajn the Gaiuorniiin suosioiary 


Landmark In International 
Banking. Page 27 
Lex, Back Page 


urderplotprobe 

David Holmes, a 'personal : 
Zl, T: —friend of Mn Jeremy Thorpe and 


°r~ 






_ 

n — 


l> 

E 


Nov Dae' Jan Feb Mar 


'i. Til-Si with their inquiries^ since Mon-, 
o: day night’ into an alleged murder 


wc & flW night into m alleged murder « LIBERALS, who are seeking a 
.. : r- '■■■■ — P lot *», £ 4-4bm cut in direct taxek in the 

... . - . - has been brought against him. Bndg€t have said they will 

" ; Meanwhile, ^ a second man. Mr. pr o b ah]y votfe with the Govern-j 

• - 1 *, John Le Meairier. was^ being ^ ^ BudgeL but seek 

interviewed- at Bristol in con- ^cuts later. Page 13, 

• ; neeuon with the same matter. Bditonal. -Comment, Page 18 and 

1- -- M • _| n y. ■ •••• Economic Viewpoint, Page 19 

moro plea •. The TUC has called upon the 

- considered . Government to implement a five- 


The Defence Mind ns try will British Ministers did not be- Britain has maintained a mili- production a! its factories at w. lindpr US law it seems eer- 

monitor progress on behalf of the come involved in any of the tary mission t«i the Guard for Enfield and Gosport in Hamp- jjfij,.** b Js ^ ““-A ta ; n the c-ilifornian subsidiary 

Saudi Government during the negotiations, but Mr. John Bird, some years, and has already shire. have to divested slnS 

project. manuring director of Cable and supplied some of ,U equipment. Thorn says that full consults- ^ foil of Si* U.S MH-tl^ baok holding companies cannot 

M,,r.a5VSp2a f* 

Npw State industries role --nTKrrjti^^ Difficult n£SSl“ 

en oldie iiiuumi i uie ofigg , jsssjs- s^atsrjas Ktra 

■ tifonnaif fnr Minktp^s It riXfMs' 

• ' ' coupled with increasing automa- The impUcatioS of the deal Salomon S 

BY JOHN ELUOTT, INDUSTRIAL EDITOR to^eveTe level TrSS ajiro® wio^ads tile "S “vSS' S haSe 

costs which are essential to be Ust brokerage firm of M. A. Competitive abilities 

_ . u..: *« i — j: t. t * •Ate.. ci.c. fully competitive as a manufac- c.un;,. our 1JanivS ‘-■uoipeuuvf aumucs. 


•The -TUC has called upon the 
Government to implement a five- 


BY JOHN ELUOTT, INDUSTRIAL EDITOR 

PLANS TO -introduce gradual consultatio 
reforms in the operation of and also ba 
nationalised industries were appointme; 
launched yesterday by the consumer 
Government. They are aimed at industries’ 
rationalising relationships be- However 


tween government departments cise guidelines on these matters Ind sets out to rationalise the ^Thora^lans m cToSihe Brad- d 3 rnH^rS Shaneha?' had no V intention of 

and the industries, and ta setting and, in line with its general relationship between the IJd fact^tiie^d o'f Jul5:| New be Yo?k r0d Sfate ^erfering in the day to day 


- . - ri ‘ _ _ pbtnt package to stem unemploy- 

-■ Christian Democratic Party -fattM.. . pages 

leaders met in Rome to^ consider. .. ^ 

. - : r i ■£:•'* the kidnapped former - Itailazr-^ jbCREGT TAXATION is a 
• Premier-AJdo Moro’s pleS for an greater.- burden on- U.K- tax- 
•* ‘ 4 exchange of prisoners, to set -him pafrersthaninany other Western 

• :• free amid signs that no bargain economy. • a commission on 

:r " wotild be struck with hiy captors, jncome and wealth distribntion 
..r page 2 ,has been told. Page 6. 

-- j'.Tl '- . • . ; , 

q ' - French Cabinet / • GEC subsidiary, Marconi Space 
rrencti vamirei and DeJence Systems . ins won a 

- • ’ - ’’ .".-7: M. Raymond. Barres new French development contract Tor U-S. 

- : 'T!^ Government leaves ntost key military radios which could bring 
, . r ' 1 posts unchanged. Nine Minister orders qj si.2bn. Back Page 

retain their portfolios, but M, » ‘ 

Barre has given up his additional # BSC has confirmed that S.OOO 
."r ivri- responsibility for finance. Back jobs— 1,000 more' than expected 
• ' vage ; —will -have to be lost at Ebbw 

.... ‘ ' Vale ‘to make the plant inter- 

— . ' — ^ Neutron bomb. nationally comptitlve. Back Page 

wmm*—" 000 ^ Preddeiit CS^ter has not finally fl || - ' 

decided to scrap the neutron 

bomb, Congre^Iondl^l^dms re- ^ bNOC has been awarded nine 
ported after breakfasnug wiui s pg C j a i exploration licences in 
him at the White Housa P>ge 3. ^ Sea< Md wiu ^ have 
Britain is to eglMt- a P oa™ a strong presence in the 40 
nuclear, warhead. t(wmom>w at WMks private oil industry is 
the U.S. test site in Nevada. invited to bid for in the latest 
Civil list • licensing round- BackPage • 

Pnn fS^^?SK?fcn mttSto barrels, is to market oil in 

esase*. Md ,,p “' "** 

.rr\#’ Royal increases are announced r"** * 
i* ’ . y , on Friday, the Queen is to 

-r-.L-J receive Mr. James Callaghan, it COMPANIES 
Windsor Castle this evening. _ 

- ~ Princess Margaret, who has ’Qu, TTp^yrT^ii^U fo||re 

was unable to attend the con- XJ.C|JyT U1 HI IdllO 
formation ' of ‘her- 13-year-old _ l ■ 

daughter yesterday. DFCaK ClOWH 

’/j:. .. • HEPWORTH CERAMIC bid 


SttSS “ d '° !her Perf ° r, ”■ rAfffiSS SSSST jyyySSj. thS JL ^o£| Igjjg is ?SU Y S? operations- Of Marine' Midland. 

i^SSEESKfe The Wbite Paper has been pub- jpg J-J-* q^s o^rejundnncp n, the end "KTSSSi ta. would i<n_Ne. V.rh_ 

rSSili« M f« *e 3 fndSSS Detnib. F«e 7 ministerial direetton. . Mr. Roy Ssndrrson. n nsUons. «ea ” n^fcee' “So « “ta New - | A.H.. Pferl- 

vrilT hot lead to any general Editorial comment. Page IS iZS-K-fTffPSjSHS officer of the Electrical and York for their foreign business, ‘ 

legislation in the near future. . Plumbing Trades Union, said the removing the inducement to s t , S i.6ioae7JO ; $i.8mm»o 

legislation m ine near 4 uuirc. normally receive financial com- „ „ . carry out a high proportion of i,..!.mii om « u*oxe i«n- ©.tooxe im 


The • proposed laws would £ in New York 
reduce taxation on banks and ' |' 



• HEPWORTH CERAMIC bid 
: OrMVMtfmmm , . . • talks with Johnson-Rich turds Tiles 

- — ' “ “ _-C . ’w , • * ‘ * oor’i Board have -broken down, and 

VS'.*' Pnnce Charies ts to hosta BBC-l Hepworth «u ma ke its £26m. 
' -- r;^'. •**.. television senes on anthropology, direct jo shareholders. 

— " The evacuation qf 150,000 people Page 24 and Lex 

; ;T--- “ from Nairobi, Kenya, has been •- 

. ’ - ordered as an anti-cholera pre- # NBB made a. pretax profit of 

ea ution £34An. last year, largely due to 

^ \ unnM n n ?ed 23.w2s failed for i 220 - 4 ™- contribution from Rolls- 

- ■ . ’ | / A woman, ages *»»■ was jaiieu. ior w nuf ,o uhnen onww»nort-np snh. 


wSSmS ^ whose aero-engine sub- 

:> - S *s SpatS IRA mu?der ° rder 

.,<[ attempts on police and annjr Back Page 

, patrols. • BICC group total was S.4 per 

r! ’f'- 3 ' ' ..it# premium Bond No. 9RK 703455, cent ahead at £47. 12m. after a 

‘ . jj e id in- Barnet,: London, wonlhe down, turn in overseas profits. 

^ r " 7. April JE100.000 prize. Page 20 and Lex 

- ' 

CHIEF PRICE CHAHfiES YESTERDAY 

' 4 , ; -3 (Prices in pen<& unless Otherwise Newarthili 173 + 38 

-- ^ indicated) SGB. 149 + 5 

" . . '!.£* Tflbury Contracting 283 + 25 

, RISES .Vickers... 183 + 4- 

-’ r.=f. k, “ Excheq. 12ipc W-JQM* + 2 Wheatsheaf : 168 + S 

■ -* ” Asscd. £n^neering.« n« + 5 Whittington Eng. ... 68 + 3- 

Austin (J.) ...lu^- 107 + 5 Siebens (UK-) 2SS + 6 

BICC .:£• 

Bassett (Geo.) 140 + 6 TAILS 

" A Bibby (J.) . — 2U +* 6 Dawes (G.-R.) 6S — 5 

vflP Unme Stores m 1W + | yuth (G. M-). 20-4 

MO + 6 Gteeacoat Props. ... 5 - * 

“ £ t ! ’ *ssr£ssrzz » => 

icifr* 3 * ,><& 8ESfi» .MS’ +. S Anglo American Crp. as - | 

. JadsS?(J- & & B:]J 29 =+‘ 3 ’ P»- ; BMrr Wd. • 

J iSSSfe OR.) 385 +' 25. Durban Deep _ =r 

M^wiel — - y 285' + 7 -Western Deep 738 

''' - ; Vi - ■ 


Instead, the White Paper's jished at a time when problems pensation for any costs incurred 
main proposal — that Ministers in the steel industry have under- in carrying out the directions. 1 
Should lurve powers to issue Uncd the often tortuous relation- Therp would a]so be cystem 
Recife directions to the in- ships that build up in times of of Dar ii a mentaA- vettto'. as ” 
dustries — may only he intro- trouble between the industries safe-uard^ain? ministers inte£ 
duced on a piecemeal basis. The and their sponsoring government “Jne ™ loo ofTen ir lhe 
main financial innovation, that departments. But it does not industries °° ° 1Ig 1D 1DC 
the industries should achieve a 5 contain any detailed philosophy Launch in- the White Paoer 
per cent, rate of return on new on these relationships. . vt jfJJriav Mr Joel Bar^etL 

investment, will also only gradu- It also rejects radical pro- f secretary to the Treasury- 
ally be bruogfrt into use. posaJs /or reforming the relation- S h e l.or.^the new iSSJe- 

The White Paper also calls for ships which were put forward in ^ints would cause Ministers S to 
fresh .initiatives on industrial a report published in November ments woul<1 cause Ministers to 
democracy, ranging from basic 1976. by the National Economic . Continued on Back Page 

Lloyd’s group management move 

BY JOHN MOORE 

MB. FREDERICK SASSE. head the Sasse syndicate with the New York area, made 
underwriter of the suspended Merrctt’s own syndicates, through the Sasse syndicate's 
Lloyd’s syndicate number 762, Men-ett Dixey would be offering Florida agents. Den-Har Under- 

in 9 «i3m piaimn 011 management services. writers, which gave cover in 

which u locked l in a Tbe Sa5Se syndicate was sus . ea ch case up to the first S500.000. 
row wrth _a Brazilian reinsurer. peil j e j j ast December by the Unde r the terms of reinsurance 
has asked one of the largest committee of Lloyd's when it IRB were on risk for the first 
underwriting agents at Llo>d s to became c j ear that Brazilian $100,000 or any claim, 

take on tbe management of ms -pinenrance nronn Institute h- * , . , . . 

syndicate and to play a negotia- X e, ° s e 'f a r n ® e do Sfaifwas no? 0f ,he daiins .. made so f ? r ' 

88LS5rS!lt%lS tttemellt P"* 3 "* t0 settle riai^ made J 40 are beheve<l t0 anse 

fubuo'ediffiailt claims. on it by Sasse sijjce theB ^ from arson cases. 

Merrttt ^bfey^^Sv n di caS and c,aims have been steadily rising If the Sasse sjmdicate was to 
Swarf! now 6tand at ? 13m - be. managed by Merrett it would 

Si Sffff aSSS ln Februar y issued a not mea'n that its suspension 

discussions h?ve not yet been writ against IRB. which then would automatically be lifted. 
SSSSh ^ if B ?J e ,.ndVrstSd that fonmHly - repudiated the ’in- This would depend on the Com- 

MmetDixey would Sc on^ie surance. The case will come mittee of Lloyd's being satisfied 

adSnis^ative work of the Sasse » court » that the syndicate was solvent 

^maicate The dispute arises from L300 after the completion of the 

' But there is no possibility of fire and damage to. property con- annual audit, which is still in 
integration of the 109 names of tracts on properties, mainly in progress. 


Continued on Back Page 
News Analysis Page 6 


carry out a high proportion of 
their operations offshore. One 


s,„t I Sl.8700.e710 ; $1.8S4C«K* 

1 un'Tiili OJM illuj-CC I'm' O.Oi-tLte Jirf m 


3imKilhi' 0.18-0.12 ill' 


I bank already known to be looking 12 n *' n,h * ,1|H 


0.1 mOa ills 
0.300.75 rti,. 


stf. 




CONTENTS OF TO-DAY'S ISSUE 


European news ... 
American news ... 

Overseas' news 

World trade news 


(Prices in pence: unless otherwise 
indicated) 

RZSES-- 

Excheq. 12Jpc '94..JE104J + 2 
Asscd. Engineering.^ 2l« + 5 
Austin (J.) ...^.^> 207 + 3 

BICC 1W + 1® 

Bassett (Geo.) 140 + 6 

Bibby (J.) ^ 211 + 6 

Brit. Some Stores s» 183 + 5 
Brown (JJ — ' SfS T f 
CamdliaTnvs. .stmhv=> 200 + " . 
City Hotels -sstja.v*- 100 + 5 - 
Davy IntnL ’ 22a y f 

GX Japan .- — +;| , 

Jackson (J. & Hi B:)l • » 3 

Letraset ........w lg J 3 ■ 

McBride . (R-) . 365 + 25. 

Mardiwlel - ■: SSs + 7 . 


Newarthili 173 + 18 

SGB. 149 + 5 

Tilbury Contracting 283 + 25 

Vickers . ... 183 + 4 

Wheatsheaf 168 + 6 

Whittington Eng. ... 58’+ S’ 
Siebens (UJC) 25S + 6 

Balls 

Dawes (G.-R.) 65 — 5 . ’ 

Firth (G. M.) 20-4 

Green coat Props. ... 5 — 3 

phoenir. Assurance ... ~ 4 

Sun Alliance 536 — 12 

Anglo American Crp. 288 - 5 . 

De Beery Dfd. 316 — 6 

Doornfontein 288 — 14 

Durban Deep " J?' 

Western Deep 738 - 3 a. 


2 

Technical page 


Inti. Companies 25-27 

4 

Marketing 


Euromarkets 27 

3 

Arts page 


Wall Street 30 



18 

Foreign Exchanges 30 

5-7 

n 

U.K. Companies 

20-24 

Farming, raw materials ... 31 

13 

Mining 

J 22 

U.K. stock market 32 






E\ r eiy Monday at 18.15, SAAs 
non-stop leaves for Jo’burg. 

Six other dally flights get yon to 
South Africa fast. 

Another takes you to Cape Town direct. 
All flights connect with SAA ? s 
exclusive route network to 11 destinations 
in the Republic. 

Comfort all the way 


To-day's new pension 
scheme from the State ... 18 
Economic Viewpoint on * 
monetary policy 19 


Appointments 

Appointments AArts. 

Books - 

Bedness Advts. 

Crossword — ■ 

economic Indicators 
Eolcrutamcnt Guide 

Jobs Column 

Letters 

Lot 

Lombard 


FEATURES 

Shipping market: Owners 
have that sinking feeling 2 
Mexico set to exploit oil 
bonanza ' 3 


Zaire’s economy: From 
snblimc to tragt-comie ... 4 

Tourism In Cheshire 16 


s 

Met, and Mailers ... 

U 

INTERIM STATEMENTS 

Brluenlc Auannce 

22 

M2 

Raeiag - 

U 

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^EUROPEAN NEWS 


6 


No surrender’ on Moro 



FtnancM^TIm^ Ttesds^ Ap^6A978p^ 1 { $ 


despite support for deal 


BY DOMINICK J. COYLE AND PAUL BETTS 


HOME, April 5* 


THE SEW Italian Government 
is understood to have secured 
virtually all-party support in 
private for its policy of “not 
surrendering to blackmail ” over 
the kidnapping of Sig. Aldo 
Moro, the former Prime .Mini- 
ster. But there are believed to 
be some elements within the 
ruling Christian Democrat (DC1 
Party in favour of reaching a 
compromise on humanitarian 
grounds. 

Sig. Giulio Andreotti, the DC 
Prime Minister, has admitted to 
parliament that the massive 
police hunt for the kidnappers 
has. so far, yielded no results, 
although he claimed that some 
significant leads were being 
followed. A large number of 
arrests have been made, but 
most of the people involved are 
known Left-wing activists with 
no apparent involvement with 
the Bed Brigades' leadership. 
The extent of the round-up has 
already drawn criticism from the 
Italian Communist Party. 

On the other hand. communP 
ques from the kidnappers have 
hinted that an exchange might 
be possible, perhaps releasing 
Sig. Moro for known terrorists 
already in jail, or for Red 
Brigade leaders currently stand- 
ing trial in the northern city 
of Turin. 

The latest communique Incor- 
porates what purports to be a 
letter from Sig. Moro to the DC 
Secretary-General, Sig. Benigno 



Sig. Aldo Moro 


Zaccagnlnl. The letter implies 
that the Government should con- 
sider a deal with the terrorists 
urgently. The authorities have 
yet to confirm the authenticity of 
Sig Moro’s signature. The DC 
Party leadership, which met 
again here this morning, insists 
that their President would write 
such letters only under extreme 
duress. 

Whether the communique is 


authentic or not the Italian 
authorities are still refusing to 
disclose any details of an earlier 
communication which Sig. 
Andreotti has confirmed went 
to Sig. Maro's private office. 

The assumption, for wVich 
there is no official guidance, is 
that conditions for the release 
of the former Prime Minister 
may have been given in that 
letter. * 

The Vatican is taking a special 
interest in this kidnapping. 
Pope Paul enjoyed a close per- 
sonal friendship, both during his 
papacy and before, with Sig. 
Moro. 

The Vatican is concerned not 
to act unilaterally. All that is 
being said officially is that its 
good offices are available. What 
is necessary, said a Vatican 
spakesg&u, is a “dear signal V 
from the kidnappers, and ah 
assurance that the Church will 
not be used for ** propaganda 
effect” 

This- readiness of the Vatican 
to intervene has, in fact, annoyed 
greatly some hardline elements 
in the Government who insist 
that no deals can or will be 
done with the terrorists, hut it 
has encouraged other DC party 
forces who insist that an inter- 
vention on humanitarian grounds 
would not be incompatible with 
upholding the authority of the 
state in what all parties see as 
being a direct challenge to it 
from the extremists. 


Brezhnev sees border exercises 


BY DAVID SATTER 


MOSCOW, April 5, 


MR LEONID BREZHNEV, the 
Soviet President, to-day watched 
comprehensive military exercises 
at a location io the Soviet Far 
East not far from the scene of 
violent clashes between Soviet 
and Chinese troops in 1969. 


Mr. Brezhnev was accompanied 
by Marsbal Dmitri Ustinov, the 
Defence Minister, The exercises 
were held in the area of 
Khabarovsk, a city of 500.000. 
some 25 miles from the Chinese 
border. 


Mr, Brezhnev's presence at 
military exercises so close to the 
sensitive border, coupled with 
an earlier visit to a missile unit 
in central Siberia and to troops 
near Chita, was almost certainly 
intended as a message to the 


Chinese that the Soviet Union has 
no intention of withdrawing its 
troops from the area. 

The area where the exercises 
took place is not far from an 
island in the Ussuri River which 
was the scene of clashes between 
Soviet and Chinese troops in 1969. 
A two-hour hand-to-hand battle 
there reportedly left 31 Soviet 
soldiers dead. 

Tass said that in viewing the 
exercises, Mr. Brezhnev noted 
the “ good co-operation u between 
motorised reflemen, tankmen, 
artillery men, anti-aircraft 
gunners and pilots. The news 
agency said that Mr. Brezhnev 
called on the men to perfect their 
combat training - and political 
education aud “perform their 
military duty with honour." 


The participants in the 
exercise were said to have 
expressed their approval of 
Soviet Foreign and domestic 
policy and assured Mr. Brezhnev 
of their readiness to “vigilantly 
stand on guard of our Socialist 
Motherland.” 


Mr, Brezhnev was on. the 
eighth day of a Siberian tour 
which began shortly after the 
rejection by Peking of a Soviet 
proposal for a joint declaration 
of principles. The Chinese said 
the proposal was rejected 
because there was nq hint of a 
solution to the nine-year-old 
border dispute. 


There are believed to be 43 
Soviet divisions now stationed 
along the Chinese border. 


Yugoslavia prepares for 
changes in constitution 


BY ALEKSANDAR LEBL 


BELGRADE, April. Si 


THE YUGOSLAV League of 
Communists has begun the run- 
up to the party’s important 11th 
national congress which is 
designed to confirm the consti- 
tutional arrangements for the 
eventual post-Tito period and 
introduce further democratisa- 
tion of party procedures, 

AH the six constituent repub- 
lics and two autonomous provin- 
ces are scheduled to hold their 
own preparatory conferences 
before the national conference 
in Belgrade from June 20 to 
June 23. The first of such con- 
ferences in Slovenia has just 
ended. 

One of the most important 
organisational changes expected 
to be endorsed at the congress 
will be a reduction in the size of 
the presidency of the central 
committee, to "make it more of 
an executive hody. coupled with 
an enhanced role for the plenary 
sessions of the central committee 
itself. 


The new LCY presidency will 
contain leading personalities 
from- the Yugoslav republics and 
will include President Tito’s 
oldest and most trusted associates 
like Edvard Kardelj and Vladimir 
Balearic. 


The most interesting doctrinal 
innovation expected to be ratified 
by the congress is a significant 
modification to the traditional 
Communist concept of democra- 
tic centralism. This hall-mark 
of Communist Party internal 
organisation allows debate 
before decisions are reached fol- 
lowed bv total adherence to the 
subsequent majority decision and 
the prohibition of any form of 
organised intra-party factions. 

Wbat the Yugoslavs aTe expec- 
ted to ratify at their June con- 
gress is a system which will 
continue to bind party members 
to majority decisions but will 
allow them to continue to bold 
and air their minority views 
within LCY organisations. 


Portugal near 
accord 


with IMF 



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ATOL1NBC 



By Jimmy Burns 

LISBON, April 5. 
SOURCES CLOSE to Portugal's 
negotiations with the Inter- 
national Monetary Fund (IMF) 
are optimistic that agreement will 
he reached by ithe middle of next 
week. 

The talks with the IMF resumed 
a week ago. Both aides are still 
comparing figures, particularly 
those, concerning the country’s 
economic performance since tile 
minority Socialist Government ’in- 
troduced an austerity package iq' 
February 1977. This package in- 
chided a devaluation of 15 per 
cent, on increase dn interest rotes 
and higher taxes. 

The Portuguese negotiating 
team is trying to convince the 
IMF that to set a target for the 
reduction dn .the balance of pay- 
ments deficit, .the financial year 
should be modified to a period 
lasting from March 197S ito March 
1979. It is believed Chat given 
the political crisis that beset 
Portugal fid Lowing Hhe downfall 
of the minority Socialist govern- 
ment dn December, a reduction of 
the balance of payments deficit 
to between SSOOm. and $900m. by 
next January would he difficult. , 


Inflation 


slowing 

down 


in EEC 


ONLY two EEC member states, 
Denmark and Italy, still have 
double digit inflation, accord- 
ing to the latest EEC figures, 
writes David . Buchan in 
Brussels. The annual rate of 
consumer prices - rises in 
February- was 13.1 per cent, in 
Denmark and 12,7 per cent, in 
Italy. For the Community as a 
whole, the rate of increase was 
8J. per cent, compared to 8.3 
per cent in January and 9 per 
cent in December 1977. 


The TJjv, France and Ireland 
all recorded consumer price 
rises of about 9 per cent over 
the same period, while in the 
other four EEC states the rise 
was less than 6 per cent, with 
West Germany the lowest at 3 J. 
per cent. 

Meanwhile, industrial output 
rose by a modest L8 per cent, 
over the year up to January, 
with 3 per cent, growth in the 
capital 1 goods sector but com- 
plete stagnation in the com 
sumer goods sector. 


Europe unions protest 


West European unions 
joined forces yesterday In a 
day of protest against high 
unemployment timed to exert 
pressure on EEC Governments 
before their summit In Copen- 
hagen on Friday and Saturday, 
Renter reports from Paris. 
Workers in Spain, Italy and 
Greeee went on strike for 
between one and four hours, 
but in most countries the pro- 
test was confined to rallies, 
appeals to Governments, and 
distribution of leaflets. 


Shell court victory 


The French subsidiary of 
Shell yesterday won a pre- 
liminary court ease against the 
French consumers’ organisa- 
tion which had blamed it for 
the Amoco Cadiz tanker 
disaster and called for a boy- 
cott of Shell products in 
France. Beater reports from 
Paris. The Union Federate des 
Cora omnia tears, was ordered 
to pay FnJtikOOO damages 


Swedish GNP down 


Sweden suffered a 2.5 per 
cent, cut in its gross national 
product last year, according to 
National Bureau, of Statistics! 
figures. Industrial production* 
was down nearly 4.5 per cent* 
compared with 197C. Invest- 1 
meats, steadily declining since 
a 1974 peak, we*'* cot by -3.f 
percent, \.. . 


Polish anniversary 


This year’s 35th commemora- 
tion of the Warsaw ghetto up- 
rising will he the biggest since 
Poland' broke diplomatic rela- 
tions with Israel in 1967 as a 
result of the Six-Day War, 
writes Christopher Bobinskl in 
Warsaw. It wlir also be the 
first time since 1967 that 
prominent Israelis will attend 
the ceremonies 


Swedish fighters 


Austria is expected to 
announce soon whether it will 
buy 16 Swedish Saab-ocania 
Vlggen. 37 supersonic fighters 
for its air force. Hie SKrfiOflnu 
(JEfiOm.) order would give Saab- 
Scanla a much needed boost as 
they have not yet won any 
foreign sales for the Vlggen, 


Belgian unemployment 


Belgian unemployment fell to 
2844-18 or 7 per cent, of the 
working population at the end 
of March, tram 290,874 or 7.2 
per cent, .at end-Febroary, a 
national employment office 
official told Reuter in Brussels- 


WORLD ENERGY OUTLOOK 



neu 


BY ROBERT MAUTHNER 


the Ideation International 
Energy . Agency (EEA) is 
expecting oil market conditions 
to remain relatively favourable 
to consumer countries until the 
early 1980s. according to the 
organisation's executive director. 
Dr. Ulf Lantzke. 


The agency’s experts still felt 
that the energy-saving policies 
of the consumer countries 
would prevent ah oil price 
explosion in the next few years. 
But from about 1985 onwards 
an annual rise of- some 2.5 per 
cent. In prices could be expected. 

Dr. Lftntzke was briefing 
journalists before the meeting 
of the ISA governing Board in 
Tokyo on April 12 and 13. Be 
said that the Impact of energy- 
saving programmes since the 
four-fold oil price rises in 1973 
on total energy demand and 
imports had been “quite 
encouraging.” On the other 
hand, their effect on oil require- 
ments alone had- been limited 
and much greater efforts in this 
field were needed. 

The latest provisional figures 
prepared by the agency show 


that the OECD area's - total 
imports of oil rase by :12J. per 
cent, from L14bn. tonnes in 1972 
to L2Sbn. tonnes in, 1977. US, 
imports .increased by ' a massive 
87 per cent, .from 221™ -to 
€I4m. tonnes. Spain’s imports 
rose by 43 per cent and those 
of Japan by 173 per-cent during 
the same period. - - T3*. 

- On the other hand; the UJL, 
thanks mainly to North' Sea oil, 
reduced its impests by' 53 per 
cent, France by 3.6 per cent 
and West Germany by . 02 per 
cent Italy's imports rose 
marginally by 12 per cent 
during the fiveyear period. 

Oil as a proportion, of total 
energy supplies in the 
area has remained virtually 
steady at 52 per cent between 
1972 and 1S77. The share of 
solid fuels and gas has- fatten 
marginally by 1 per .cent to 
19 and 20 per cent, respectively. 
At the same time, the share 
nuclear energy has gone up txpm 
1 per cent in 1972 tn’3 per cent 
last year. • ' . 

A slightly more , optimistic 
picture of the effect of energy, 
saving measures is given by the 


ESA's figures for -total energy 
requirements par unit of GDP. 
These show, that 1-5 tonnes of- 
oiljwas needed in 1972 for each 
81,000 of GDP in the OECD area 
as a whole. Last year the ratio 
had faHea to 128 tonnes. Even 
in the US., this, figure- declined 
from 1.58 to 1.46 tonnes dur; 
tog the same period. 

-Stressing onee : again the 
great importance which, the IEA 
attached to the adaption of Presi- 
dent. Jimmy - Cartels enfergy- 
8avihg programme. Dr. Lantzke 
said that, whatever progress had 
been made to reduce the world 
demand for energy, it was not 
sufficient to achieve the objec- 
tives set by IEA ministers at 
their last meeting in 'October, 
1977: - • ; 

“ On that occasion, the ministers 
set up a group import target 
of 26m.. barrels per day 
for 1985. That was only, some 
4m. flj/d higher • than their 
present combined imports and 
6m. b/d less than the projected 
imports of the area from OPEC 
in -1985, on. the basis of present 
energy policies. • 


nm. Apn - 
At their meeting 


Tbkyo. the oreani&fiSV 
tog board 'ml take .a.* 


a report, on the 
steam coal to they eaJ aS 
to be published .by 4 ■ 
secretariat to- June. 


Though the report ha* V 
been finalised, JQr/Lahui ~ 
that &. appeared to sho - 
adorable potential for coi ■' 
the fate WSOs oQwaxds,-] ’ 
on stepping. . m 
modernising production' • ; '' 
taken immediately. 

Other, items dn the age * 
chide an examination of 
trends - and . mediumterjj.' i • 
peels in '-the toternatioi 1 
market, a : preliminary 
meat of. the developa'' 


nuclear energy in’ they 'rtf It 111 on 
■countries and relations * 

producer and con si“* 

s countries. ..... » 


Two new - research c* 
development agreemto - 
forestry energy and wjm ' 
are also due to be signed- - 
meeting, ibringing the tot ' 
research and developing - ' 
jects.of the IEA to 3L -J 



fall U.S: airlii 


BY ADRIAN CHOCS 


BONN, April 5. starts 


UNEMPLOYMENT to West 
Germany fell during March by 
125,000 to just under lllm^ with 
a corresponding drop in the 
percentage unemployment rate 
from 5.4 to 4.9 per cent. 

However, both the non-politteaL 
Federal Labour Office, which 
issues the figures and administers 
-the unemployment . benefits 
system, and the Bonn Govern- 
ment were quick to point out that 
the improvement last month was 
strictly seasonal. The 'total 
□umber of people out of work 
was, in fact, some 14,000 higher 
than in March 1977, while the 
unemployment rate was also a 
little above the 4.8 per. cent, 
registered a year earlier. 

Herr Josef Stingl, head of the 


Labour Office, described the 
situation of the labour market as 
“'miserable ” and - said that he 
could discern no rign of a 
gtrpTTgth pnhvg in the fundamental 
economic conditions of the 
country. He stressed that most, 
of <the drop during March, was 
accounted for by the. seasonal 
increase in hiring in the building 
sector and other outdoor sources 
of employment, which had been 
unusually slack daring February 
because of hard winter- weather. 

The unemployment rate for 
full-time workers, at- 4.6 per 
cent, showed a slightly' greater 
improvement than the total rate, 
yet was a little higher than: the 
4.4 per cent, registered in March 
1977. Nearly all of the improve- 
ment in the March figures was 


.accounted lor by- this category. 

The number of unfilled vacan- 
cies rose by 23,600 to Match to 
247,000, again mainly .tor full- 
time workers. Thus, at least one 
part of the West German struc- 
tural unemployment problem, 
that of women -wanting part-time 
jobs, appears .to -hive shown 
little change. 

One off the few more hopeful 
elements in the figures was the 
decline of about 8 per . cent to 
the number of young people 
under 20 who were put of work, 
to a. new total of 92.000, suggest- 
ing that there may now be some 
return from enhanced training 
and apprenticeship schemes, as 
well as a response to- the sea- 
sonal factors. 


cheap fart 
from fieri 


By Leslie CoIHt 


BERLIN. Apr!, 
ONLY DAYS .'after 
Germany’s Transport MC - 
could not introduce' hn-';. • 
fares: between four .Wei 
man cities and fhe'l 
States, the airline has 
its cut price return farj:' : 
West “Berlin to ten' dt - 
thc U-S. via London.' 


Metalworkers vote on pay deal 


BY OUR OWN CORRESPONDENT 


BONN, April 5. 


THE WEST GERMAN metal and 
engineering industry remained 
in a state of uneasy suspense 
today, pending ballots of union 
members in the south-western 
region of North Wuerttemberg- 
North Baden which will deter- 
mine whether Monday morning’s 
hard-argued wage settlement can 
be made into the basis oft 
durable peace. 

IG-Metall, the union that re- 
presents about 305,000 out of 
560,000 workers in the region, 
was beginning to organise the 


ballot on to-day’s late shift 
Some 90,000 of its members are 
still on strike pending the re- 
sult. 

Meanwhile at factories where 
the employers this .morning 
lifted their retaliatory 1 ^ lock-out 
(which had affected 148, $0 
more people}, there was gtillno 
return to normal. adttvitytHerr 
Franz Steinkuehler, the 'IG- 
Metall regional leader, 'denied 
that the union had anything to 
do with this, but said that it 
was up to the employers them- 


Kyprianou urges restraint 


BY OUR OWN CORRESPONDENT 


NICOSIA, April 5. 


PRESIDENT Spyros Kyprianou 
said to-day be had high hopes 
that the U.S. Congress would 
reject President Jimmy Carter’s 
plao to end the arms embargo 
on Turkey. He also urged Greek 
Cypriots to show self-restraint 
and not to stage anti-American 
demonstrations. 

■ But as he spoke, about 3,000 
Greek Cypriot schoolchildren 
demonstrated in Nicosia’s main 
square, . chanting anti-Carter 
slogans aud denouncing the 
repeal of the arms embargo. 

In his statement. President 
Kyprianou attacked the Carter 
Administration’s proposal to 
resume the sale of arms to 
Turkey. He said this would 
strengthen and encourage the 
Turkish aggressor." 


He said there was no justifica- 
tion for lifting the embargo 
while Turkish troops occupied 
40 per cent, of the island. 

Metin Munir adds from 
Ankara: informed sources here 
said that President Carter’s de- 
cision was prompted by the fear 
that Turkey would have to re- 
duce its NATO commitments if 
the. embargo were not lifted. 

Diplomatic sources said the 
U.S. State Department was par- 
ticularly alarmed by a tough 
speech of Mir. Bulent Ecevit the 
Turkish Prime M ini ster, in the 
Turkish Senate on March 23. 

He said then that Turkey 
could not rely on NATO and 
the U.S. for its defence and 
must consider other oppor- 
tunities open to it. 


selves to “invite bat* people 
they have pot out on the street”- 
: Elsewhere, the employers’ 
federation, . ; Gesamtmetall, 
reiterated that it was determined 
to let the North Wuerttemberg- 
North Baden settlement of a 5 
per cent: pay. rise; plus job and 
pay classification ^guarantees/ 
become the norm' for other re-" 
gums. However, Gesaffitmefifli^ 
was. careful to say that its' mem-' 
bers’ offers m other regions were 
not -“ultimata” and that . the- 
bargaining - procedure was not' 
exhausted. ' ■ 

Meanwhile, there was no sub- 
stantive progress to-day in the 
third round of negotiations for 
a new wags deal in the public 
sector, where the federal. State 
and. local governments • are 
themselves the employers.- So 
far, the two sides appear to be 
still arguing about the terms of 
the negotiations.' But very 
roughly, the Government side is 
offering about half of the 7.5 
per. cent, plus extra holidays, 
that the unions are demanding. 

Herr Werner Maihofer, the 
Interior Minister, who represents 
Bonn in the negotiations, said 
to-day that the 5 per cent pay 
rise agreed in Stuttgart for the 
metal industry might offer some 
guide for .the rest of the private 
sector, but had no relevance for 
the public service. The, settle-, 
ment is expected to add about 
5.5 per cent, to the industry’s 
wage bill, allowing, for overtime 
and for. the DM411 lump sum 
provision, as compared to the 
Government's target of a 55 per 
cent to crease in total incomes 
this year. 


THE WORLD SHIPPING MARKET 


The airline Is able i 

cumvent the Bonn C 
meats objection beaust- 
Berlin remains under W 
Allied jurisdiction. - -*•- 
Low-cost transatlantic, 
from West Germany ham 
opposed by Gennady! 
hnns a, which saysMfaa^ 
would lead : to Jassy 
revenue. . British W 
which, with Pan Am, 

West Berlin, says’- that 
v looking Into the^ws&n-' • 
maMng a similar OSes en 
Berlin market” ®»jSc * 
may . come this weefc.v.te:--’ 

• ..Pass ■ Am’s iso-ctUed-Jt-ri 
fare of DH65S romsditdl' 
Bcrito^Vew . Yeifc^jQMSb-c 
/pares with its nonmd^rt- : 
fare or DHL906 and a. * 
Apex” fare et 
.must be booked 451-di-^.- 
advanee. West Berlin -t?--, 
-gets to the US.4auu»-.... 
chase a budget; fate*, 
three weeks before desh,' 
and are told a week tow,-.,, 
which flight they are int “ 
Pan Am says its Met •_ 
sell empty seats- £« far’ 
carried only a imndful 
sengexs for th* new 
British Airways and PC - 
have-been allotted a fisc 
centage of seats ' for. -b -f_ 
fare transatlantic passr 
Travellers front -West ;-* 
have to be fitted toto the*'. 
ment as they fly rt* & * 
Although West Gennai 
Lufthansa are unhappy '■>. 
the Pan Am move, 
government of West Bet.? 
quite pleased. It has; ^ 
working for years -to i?-.. 
more air traffic to West 1.^. 
which is teeing Increasing- 1 
petition ' from East , 

airport • • • ‘ 

: East Germany’s Jntentt.- ^ 
other Gomecon airlines^,, 
extremely competitive ah- ‘ 
to many parts of the-,.* 
from East Berife- West V - 
now-sees the chance era-, 
tog West Germans sewnt^ 
cost : transatlantic 
take advantage of the W. -i 
fare and use We$t>B( 


Conti rev 
in social 


Owners have that sinking feeling 


Tegel Airport . ■ 
Lufthansa Is not pen* 
to fly into TegcL ; 


BY OUR ATHENS CORRESPONDENT 


THE WORLD shipping crisis has 
been likened, by Greek stopping 
experts, to an epidemic from 
which only the very healthy are 
ifikely to survive. According to 
these experts, the next three 
years will witness a complete re- 
structuring of the stripping in- 
dustry. Small and financially 
weak shipowners will sink and 
national fleets and shops owned 
by oil companies are likely to 
dominate the market 


The Greek stopping fraternity 
— composed of highly -individual- 
istic and dedicated men with a 
■long seafaring tradition — to-day 
owns a fleet of some 4,900 ships 
totalling just under 50m. gross 
tons. 

Although i&hey appear to be rid- 
ing out the storm in the industry 
a little better than their foreign 
competitors (50 ter only about 10 
per cent, of Greek-owned ships 
are laid up), it ris .proving a hard 


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time for many and some have 
failed to reman afloat About 62 
per cent of the Greek fleet is 
made up of cargo vessels add 35 
per cent of tankers. The prob- 
lem is (bat about 90 per cejst of 
it is involved fin tramping ftibips 
working around fcbe world carry- 
ing any cargo (that is goii%)S 

Tn the last 20 years^ t* 1 ® 
shipping market has had itjs ups 
and downs with the depressions 
of a few years usually followed 
by spectacular boomsJ the 
present crisis began about three 
years ago when a steep increase 
in oiL prices led to a contraction 
of oil consumption and therefore 
less demand for tankersi- This 
was compounded J>y the sub- 
sequent measures to contain in- 
flation which reduced industrial 
production in the Wcfst and 
affected world trade. 

About a year ago, 
abundance of dry 
bronght about by 
terms offered by shiL 
easy loans from banks, 
and deepened tbe c: 
many shipowners foi 
selves with their ba< 
walL 

Big oil companies [estimate 
that tbe market win not' improve 
for at least another threb of four 
years and are laying up VLCC's 
(very large crude carriers) — 
tankers of over 200,000 tons. 
According to one source, tbe only 
ones who will be [able to pull 

through this unprecedented 

crisis will be a handful of large 
shipowners who have sufficient 
capital reserves, the ;oil com- 
panies and state-owned fleets. 

These three categories are 


taking advantage of the present 
situation by selling out-dated 
ships and replacing them with 
second-hand (four to five years 
old) modern tonnage which is 
available at very attractive 
prices. Such Greek shipowners in- 
clude the Niarchos, Onassis and 
Livanos groups. 

In the history of Greek 
shipping industry, the pattern 


those who did not over-expand 
and those who have long-term 
charter's, in other words those 
who followed a conservative 
policy. Those who were over- 
optimistic and believed only in a 
temporary setback of the 
market are fin deep water. 

In trouble with them are lead- 
ing U.S. and European banks 
which extended credit for new 



Individual shipowners riding out the present 
storm include those who did not over-expand and 
those who have long-term charters, in other 
words those who have followed a conservative . 
policy. Those who were over optimistic and 
believed the setback was only temporary are in 
deep water. 


has been -for newcomers to buy 
old ships. Those newcomers are 
now being forced to sell (heir 
ships for scrap. When good times 
come back, new ships— dry cargo 
and tankers — will have price tags 
almost too high for individual 
shipowners who now own or 
control about 60 per cent, of 
tonnage. Their share of the 
market is likely to dwindle to 
about 20 per cent, with the rest 
being held by national fleets and 
oil companies. Newcomers in tbe 
state-owned fleets group include 
Saudi Arabia, Algeria and Iraq. 
They are joining earlier members 
sucb as the USSR, Poland, East 
Germany and Bulgaria. 

Io diva dual shipowners riding 
out the present storm include 


ships- Before tbe. crisis these 
banks granted shipowners loans 
covering 70 to 80 per cent, -of the 
value of a ship. But whereas a 
100,000-ton tanker was then worth 
S15m. (and banks advanced as 
much as $12m. of that), on to- 
day's market the same stop's 
value is not more than $2 .5m., 
hot far off its scrap value of 
around $L5m. 

With shipowners not servicing 
their loans, the banks have two 
possibilities— either to postpone 
repayment of the loans 
indefinitely or take over the 
vessel and sell it to a depressed 
market One example involves 
about 130 ships totalling 2.6m. 
tons ordered from Japanese 
shipyards to recent years* 


The slump to the freight 
market, together wKh the change 
of parity between the yen and .the 
U.S. dollar has forced Greekship- 
ownexs to ask tbe Japanese Ship- 
builders Association tor. a two- 
year moratorium on instalment 
payments for these ships. The 
Japanese have refused on the 
grounds they are already com-, 
petitive and a two-year standoff 
on the repayments' would make 
them even more competitive, in 
breach of OECD regulations. 

As a shipowner explained, 
-when the ships were .ordered the 
U.S. currency stood at Y340 to 
the dollar. The yen how stands 
near 220 to the UJS. - dollar and 
Greek shipowners are having to 
pay almost double. Many of the 
Greek shipowners involved, how. 
reportedly prefer to pjy a can- 
cellation fee or lose their down 
payments instead of going ahead. 
with their deals. - ■ - ' 

In order to meet -the genera] 
slump in the dry cargo . freight 
market, Greek shipowners are 
considering a number of possi- 
bilities. One of these proposals, 
put forward by Mr. Ahthony 
Chindris. President of the Union 
of Greek Shipowners, .suggests 
that each owner voluntarily lays 
ui* 25 per cent of capacity in 
ships of over . 4^500 gross tons.] 
This would he relaxed gradually 
as demand improves. Another 
proposal suggests “that ship- 
owners lay up one out -of every 
three of their ships of over 4,500 
gross tons. 

The problem is that everyone 
has to agree to such a proposal 
if - It is to work. Otherwise, it 
wo tod work in favour of those 
not Joining/ • . . • 



CEI - Gene 


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No final decision yet by 
Garter on neutron bomb 







S0 l 


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BY DAVID R1ELL 

jRESEbfOT Carter has no t yet 

S,*S5iW de ? cl ^ d t0 scra P the 
neutron bomb, Cojigrassioaal 

Mm npocted iftex 

Hoth? 884 Witb 111111 at tte White 
«r^ e followed criticism 

S E o ?f rt P ^ si< ? nt ' s J r * p0rtcd deci ' 

son to .abandon development of 
weapon, whh* is -designed 
to WU people with’ radiation 
J2S?J « u * 1,, g datively little 
S““S? *» Property. Reports 
I? at JJ r * had decided to 
stop the bomb also caused con- 
sternation .in Europe. 

Mr. Jim Wright, one of the 
Democratic leaders in the'HouM, 
ffif ■«» the Presidtot 

to-day that Mr. Carter has made 


no final decision and “will dis- 
cuss it further with members of 
Congress before announcing his 
decision.” 

Although White House aides 
continued to say privately last 
night that the President had 
been leaning towards cancelling 
the neutron weapon, there were 
reports that Mr. Carter has 
found it particularly difficult to 
make up his mind on the sub- 
ject and has appeared to change 
it at least once in the past 
month. 

Senator Robert Byrd, the 
Senate Democratic majority 
leader, echoed the view of the 
Defence De pa rtment to-day and 
said that be had urged the Fresi- 


Bonn optimism on N-fuel 


8Y JONATHAN CARR 

THE WEST GERMAN Govern. 
ment believes there are good 
prospects of a satisfactory solu- 
uon to the dispute between 
Euratom and the U.S. over 
American nuclear fuel supplies 

This emerged to-day following 
a report to the cabinet by Herr 
Hans Dietrich Genscher, the 
Foreign Minister, on his visit to 
Washington for talks wfth Presi- 
dent Jimmy Carter and Mr. Cyrus 
vance. the Secretary of State. 

The nuclear topic is now to be 
taken up at the summit meeting 
of European Community leaders 
m Copenhagen on Friday and 
Saturday. Government officials 
do not flatly state that the issue 
will be resolved there, but they 
feel that progress is likely to be 
made. 

In theory the U.S. may cut off 
shipments of enriched uranium to 
Europe from Sunday if the Nine 
fail to agree to renegotiate the 
arrangements under which 
American nuclear fuel is sup- 
plied. France has so far refused 
such renegotiation, the heed for 
which arises because of the pro- 
visions of the new American Non- 
Proliferation Act 


BONN, April 5. 

A uranium embargo would 
eventually have most serious con- 
sequences. But officials here 
insist that no ultimata were given 
to Herr Genscher in Washington 
and that the Americans were 
ready to draw the effects of the 
new law into the continuing inter- 
national talks on nuclear fuel- 
cycle evaluation. 

The Americans also assured 
Heir Genscher that the law did 
not affect the 1975 accord under 
which West Germany will deliver 
nuclear power stations and en- 
richment facilities to Brazif. 

. At a news conference to-day, 
the Government spokesman came 
under close questioning about 
Herr Genscher’s discussions with 
U.S. leaders on.the neutron bomb. 

The spokesman noted that a 
decision on whether to produce 
the bomb lay with the U.S. alone 
and he ' insisted that no such 
decision bad yet been taken. 

. West Germany is believed to be 
willing to agree to deployment 
of the bomb in Europe if Presi- 
dent Carter gives the go-ahead for 
production and- if insufficient 
progress is then forthcoming in 
East-West disarmament talks. 


WASHINGTON, April 5. 

dent to go' ahead with the 
weapon because of the Soviet 
build-up in Europe. Last night. 
Sen. Howard Baker, the Repub- 
lican minority leader, said that 
to scrap the weapon would be 
“ just another mistake in a long 
fine of mistakes by this Adminis- 
tration.” 

Some Pentagon sources sug- 
gested that the Administration 
may be using the neutron bomb 
issue as a signal to the Soviet 
Union, atid that Moscow may 
respond by offering, perhaps just 
as obliquely, some kind of con- 
cession on the Soviet SS20 
missile which is scheduled to he 
deployed in Europe. The U.S. 
has been pressing the USSR at 
least to cut the planned total 
of these missiles. 

The Pentagon argument, which 
now appears to be supported, at 
least tacitly, by Britain and West 
Germany, is' that Dbo neutron 
bomb is of central importance, 
given the number of Soviet tanks 
and artillery pieces ranged 
against NATO in Europe. With- 
out it. the Defence Department 
believes Western forces will be 
very vulnerable. 

The Administration is also 
aware that any decision to stop 
the bomb now would appear 10 
be a concession to the Soviet 
propaganda campaign against the 
weapon. Sen. Sam Nunn of 
Georgia said yesterday that it 
would ** place in the minds of the 
Soviets the image of a timid and 
hesitant Government that lacks 
the courage to confront the 
difficult decence choices ahead.” 

It thus seems possible that. 
Within a few days, ihe President 
will announce that the U.S. will 
nto consider cancelling the bomb 
unless the Soviet union is pre- 
pared to make some similar con- 
cession. While that may induce 
Moscow to agree to some new 
formula, it will undoubtedly 
make it harder for the President 
to get any new - strategic arms 
agreement through Congress, 
where doubts about Soviet inten- 
tions are now more pronounced 
than at any time for years. 



Sr. Jorge Diaz Serrano, director-general of Pcmcx, the 
Mexican State oil concern, signing a Slim. loan agreement 
in Loudon yesterday. 


EXPORTS AND IMPORTS OF OIL AND GAS PRODUCTS 

(in millions of dollars) 

197 4 1975 797 5 1977* 

Exports 

Crude oil 61.9 393.7 420.0 987-3 

Natural gas 0.1 — — 5.4 

Refined and other petroleum products 82A 25.4 1 Sj8 22£ 

Petrochemicals ^ 4*3 OJ 3-3 

133.5 423.~4 436J 10J&8 

Imports 

Crude oil J** — — — 

Refined and other petroleum products 271.9 225.6 126.1 51.7 

Petrochemicals 70.4 57.0 103J 156.5 

421.8 282A 129.9 208.2 

Net exports (imports) (2883) 1403 2063 8 IDA 

Net change from preceding year 0&5) 429.1 65.4 604.4 

Nate: For the yrart 1973 ta 1975. experts art calculated at an exchange rate of Pesos 12.50 per dollar. For 1976 and 1977 
the rmes of exOiante used arc Pesos 20.00 per dollar and Pesos 3 3. OP per dollar. respecHreiy. 

(unit volume) 

1974 1975 79 76 1977* 1978 *• 

Exports 

Crude ofl (BPD) 15.902 94,197 94.180 202,016 428.900 

Refined products (BPD) 18342 , 7.037 2,007 4,525 57,600 

Petrochemicals 

(tons per day) 57 38 — 83 1,741 

Imports 

Crude oil (BPD) 16,942 — — — — 

Refined products (BPD) 44,897 49,726 57,754 9,493 6355 

Petrochemicals 

(tons per day) 448 491 1,429 1,261 1398 

• Preliminary figures. ** Projected 


1974 

1975 

1976 

1977* 

1978** 

15,902 

94,197 

94.180 

202,016 

428,900 

.18,242 , 

7,037 

2,007 

4,525 

57,600 

57 

38 

— 

83 

1,741 

16,942 

— 



_ 

_ 

44,897 

49.726 

57,754 

9,493 

6.255 

448 

491 

1,429 

1,261 

1,298 


Mexico prepares to exploit its oil bonanza 


Car sales Congress 


MEXICO IS bock in the big 
league of oil producers and yes- 
terday among much bankers’ 
bonhomie al the Guildhall a 
group of the- world’s largest 
financial institutions made out a 
cheque for Sibn. to help the 
country's oil industry. 

The borrowing was by 
Pctrolcs Mexican os (Pemex), 
the state oil concern which has 
been runniifg the country's in- 
dustry since 1988 when General 
Lazaro Cardenas, the Mexican 
President nf the day. nationalised 
the foreign companies. 

The bankers know a good 
borrower when they see one and 
Pcmcx was able to chip off a 
quarter of a per cent, from the 
rate of lj per cent, over inter- 
bank rates that i! accepted for 
its $350m. last year. It also cut 
another quarter of a per cent, off 
the 1 per cent, management fee 
and pushed the term up from five 
•years to 10. 

The belter terms that Pemex 
has obtained is a reflection of the 
phenomenally good results that 
the company's exploration efforts 


— which have been centred 
round the southern shores of the 
Gulf of Mexico — have got over 
the past fc-.v years. From 1973 
to 1977 average crude oil produc- 
tion more than doubled, from 
451,806 barrel per day to 981,069 
bbd, with natural gas rising from 
l.Sbn. to llbn. cubic feet a day. 
Over the same period export 
revenue has gnne from ?24m. to 
$207iu.. and This year should 
more than double 10 $4S7m. 

A few lears ago it was 
expected that Mexico would 
reach its optimum production 
and export target* or H.tlam. bbd 
and 1.1m. bbd respectively by 
19S2. This date is now put as 
1980. 

Exploration, which is being 
carried out in 21 of ihe 31 states, 
is continually yielding big new 
finds. Talking to the bankers 
yesterday. Sr. Jorge Diaz 
Serrano, Pemex's director- 
general, pointed out that while 
the Poza Rica field, which has 
been Mexico's staple producer 
for decades, covered 130 square 
kilometres with an average oil- 
bearing layer of 70 metres thick- 


BY HUGH O’SHAUGHNESSY 

ness, the Bermudez reservoir, 
recently discovered ttnd not yet 
fully delineated, covered 150 
square kilometres with an. 
average pay zone of 450 metres. 
The Cactus reservoir extends for 
130 kms and is 425 metres nick, 
while the oil-bearing rocks ic the 
as yet unmeasured Agave field 
are 1300 metres thick. 

With an underground and 
undersea bonanza now being 
counted up in Mexico. Pemex is 
beginning to ensure tile export 
markets it feels it will need. On 
tiie Gulf of Mexico and the 
Pacific, terminals are being 
rapidly prepared to accommo- 
date increasingly large tankers 
which will carry the crude to 
export markets. 

With an eye to markets on the 
east coast of the Western Hemi- 
sphere and m Europe, berths are 
being provided at Pajaritos on 
the Gulf coast for tankers of up 
to 150,000 tons. On the Mexican 
Pacific coast at Salma Cruz, tan- 
kers of up to 250,000 tons will 
be able to berth and load with 
oil for Japan. 

The Mexicans are investigating 


the possfbilty of using tankers 
which have brought crude to the 
eastern U.S. from the Eastern 
Hemisphere, and which would 
otherwise return empty, to call 
into Mexican ports and bear away 
cargoes to Europe and the Medi- 
terranean. Britain, Spain. Israel 
and Sweden have become clients 
of Pemex. 

Sr. Diaz Serrano makes it clear 
that the production and export 
targets to be reached in 1980 may 
be altered one way or the other 
in the light of market sentiment. 

On the delicate question of 
whether Mexican fuel would ever 
come to rival Venezuelan oil in 
tbe U.S., Venezuela's biggest 
export market, be diplomatically 
says that Venezuelan and Mexi- 
can oils will complement each 
other there. 

Sr. Diaz Serrano is also stand- 
ing pat on $2.60 per thousand 
cubic feet as the price the U.S. 
will have to pay if it wants Mexi- 
can natural gas. The U.S. is 
offering considerably lower. The 
Pemex chief says that’ the Mexi- 
can price is comparable to the 
landed price of natural gas the 


U.S. is buying from Algeria and 
Indonesia. 

On the vexed question of 
whether Mexico should join the 
OPEC, Sr. Diaz Serrano says that 
he can see no point in joining. 

“ We are selling 33-34 API 
crude at 813.40 a barrel and it's 
being sold for S12.70 a barrel in 
the Middle East." Far from 
undercutting OPEC prices," we 
arc getting better prices than 
OPEC countries," be argues, add- 
ing that he cannot see Mexico 
in OPEC even in the distant 
future. 

For the future, Sr. Diaz 
Serrano foresees Mexico acquir- 
ing a good deal of British oil 
expertise if British engineering 
concerns form partnerships with 
Mexican companies. Pemex. he 
says, also plans co-operation with 
state-owned oil companies like 
BNOC, particularly in the field 
of marketing. He dismisses 
accusations that Pemex has 
borrowed too much from foreign, 
banks. “If we wanted to we 
could pay off our whole debt in 
a year by exporting 600,000 
barrels of crude a day.” 


recover 
in March 

By John Wylet 

NEW YORK. April 5. 
U.S. SALES of domestically 
produced passenger cars 
bounced back in March after 
several months of substantial, 
decline, although- -lr ' now 
appears unHfcely that tills year 
will be as good for Detroit as 
1977. 

Mareh sales do, however, pro- 
vide evidence that consumer 
spending is recovering follow- 
ing the. harsh winter. The car 
figures, will be seen by the 
Administration as further sup- 
port for its projection that the 
American economy will achieve 
real growth of IS to 5 per 
cent, tills year. 

Some 882,850 American-pro- 
duced cars were sold in March, 
which was L4 per cent, fewer 
than in the same month last 
year. • Howero, March 1977 
proved to be the peak sales 
month for the year and one of 
the strongest selling periods for * 
any year since 1973- - 

Dealer contests and various 
promotional exercises helped 
• bring Detroit within hainijg 
distance -of last year’s recojni 
and the American car com- 
panies can be expected to main- 
tain their strenuous efforts to 
keep the momentum going for 
the next two to three months. 

The . seasonally adjusted 
annual sales rate in March was 
in the region of 9.5m. units com- 
pared to 8.4m. and 8.1m. in 
the previous two months.- ‘ 

The unofficial Indications are 
that Import sales in March were 
at an annual rate of more than 
2 m. which strengthens analysts* 
predictions that .total UB. car 
sales for 1978 are unlikely to 
be less than Kk5m. and could 
be close to 11m. : 

Limit sought on 
oil majors’ coal, 
uranium holdings 

By Stewart Fleming 

NEW YORK, April 5. 
THE SENIOR anti-trust official 
at the' Federal Trade Commis- 
sion " <FTC), Alfred 

Dougherty, will urge .Congress 
to pbt limits on- the .coal 
and uranium, properties which 
'may be owned by larger oil 
companies. 

Mr. Dougherty’s proposals, 
to be put to the ' Senate -Anti- 
trust Committee ..biter ; this 
month, would — if .they 
became law force some 
major oil companies to divest . 
themselves -of alternative 
energy resources. 

Regarding eoaL for example, j 
Mr. Doughlerty has suggested 1 
that an oil company should not 
owix more tiuh S per cent of 
existing proven reserves — 
excluding uhkased federal 
reserves. Such a cetiing would, 
force companies, such as 
Exxon, Continental .Oil, Occi- 
dental Petroleum and Shell Oil 
to get rid of some of their 
extensive coal reserves. - 
The dunces of such 
restrictive . legislation being 
passed, however, most not be 
counted high- : It ' seems 
unlikely for example, that Cen- 
tres in its current mood would 
press for such divestiture, 
although it might he per suade d 
to put some limit on future 
acquisitions to prevent the 
further concentration of energy 
resources. . .: 

Even this move can scarcely, 
be seen as <m ””" < ‘ n * r however; 


Congress presses for cut 
in social security taxes 

BY JUREK MARTIN, US. EDITOR WASHINGTON, April 5. 


PRESIDENT CARTEELwill make 
a major speech ..on 'inflation 
within the next few days, it was 
announced to-dky, but' other ele- 
ments of his anti-inflation, policies 
remained caught up in assorted 
Congressional imbroglios. ‘ *. ‘ 
-Mr. ’Michael Bkunenthai. the' 
Treasury Secretary, told a Con- 
gressional sub-committee to-day 
that much .Tnore . study was 
needed before any decision to cut 
planned increases In Social 
Security Saxes was taken. 

But air accurate measurement 
of Congressional sentiment was 
provided to-day when the Demo- 
cratic; house caucus voted by 
more than three-to-one to sup- 
port^ rollback in . social security 
levies. This reflected the con- 
siderable pressure from consti- 
tuents on Congressmen for such 

r an, brought home forcefully 
many representatives when 
tiiey went back to their districts 
for the Easter recess. The 
caucus vote is not binding on 
the House or on the relevant 
committees.' 

Some committee chairmen, 
such as Mr. Russel Long of 
Senate Finance, do not wish to 
tinker with social security at this 
stage. But. in . an. election year, 
constituency pressure is a power- 
ful force, more so on the House 
than the Senate, where a third 
of the seats are contested in any 
one year. 

The House Budget Committee 
voted last night to rescind the 
increase for next year and to 
cut accordingly the §24,5bn. tax 
package proposed by . the 
Administration. • Various ideas 
are being canvassed, including 
that of Mr. Al U liman, chairman 
of the House Ways and Me a ns 
Committee, which, would divert 
the proceeds of the proposed tax- 
on crude oil to pay for the reduc- 
tion in social security levies. 

But, in his testimony this 
morning. Mr. Biumenthal, tbe 
principal architect of the tax 
package and main Administra- 
tion, opponent of a cut in social 
security taxes, gave little hint 
that a compromise or bargain 
might be acceptable. 


He explained patiently that by 
far the greatest part of the in- 
crease last January was man- 
dated by legislation passed 
earlier in the 1970s. He also 
;pointed- to the considerable 
Dumber of independent studies 
-tinder way on the social security 
system. 

But the nub of his argument 
was advice against u hasty 
action” in the form of a roll- 
back. This would be unnecessary, 
he said, “ because the income tax 
reduction and reform proposals 
submitted by the president — so 
sorely needed to meet other im- 
portant economic and social 
objectives — would -at the same 
time offset the near-term 
scheduled rise in social security 
taxes.” 

The administration also warned 
.again last night that the Presi- 
dent would veto the Emergency- 
Farm Aid Bill now before 
Congress because of its infla- 
tionary Implications. This has 
passed the Senate and has now 
been largely accepted by a joint 
conference committee of both 
chambers. The House is expected 
to pass judgment on it next week. 

The administration's view is 
that the bill would add at least 2 
per cent, to retail food prices 
over the year and amounts to an 
election year present to farmers. 
Unfortunately, the administration 
also stands culpable on that 
charge, since it did not lake an 
initial tough stand on tbe 
proposals - while It was courting 
-tbe support of key senators for 
the Panama Canal treaties. 

Meanwhile, Mr. William Miller, 
the new chairman of the Federal 
Reserve, has come up with his 
own inflationary predictions. In 
a letter to Congressman Henry 
Reass, he forecast a 6 1-7 per 
cent rise in the cost of living 
-this year, with real growth in the 
year declining to the 4-4i per 
cent range. 

Officially, the administration 
maintains that the inflation rate 
is closer to 6 per cent., while 
growth will be nearer 5 per cent. 
But privately, officials do not 
deny that the underlying rate of 
inflation has probably edged up. 


Canadian gas line backed 



BY YJCTOR MACK IE 


OTTAWA, April 5, 


THE CANADIAN Government line, can almost immediately 
legislation giving the green Ught start preliminary steps leading 
i to the c onstr uction of the SlObn. to- the beginning of construction 
northern pipeline received in 1981. 
approval in the Commons late The Government wants the 
last night- It was Tushed to the Bill passed through both Houses 
Senate where it will receive final as soon as possible so that it win 
approval. be on the statute bote before 

■ Libera!, Conservative and the dissolution of this Parliament. 
Social Credit Members of Parli- Dissolution is expected in mid- 
ament joined in support of the April with a June election on the 
Bill tiiat will permit construe- cards. _ 

tion of the gas line from Alaska Reuter adds from Hamilton: 
through the Yukon, Alberta and International Harvester of Can- 
Saskatchewan tothe U.S. ada said ihat it will shut its plant 
Only 11 New Democrat oppo- here for ten weeks beginning 
sition MPs were against the BilL June 5. laying off most of tbe 
They said tbe agreement with U>00 employees, 
the U.S. was “iU conceived hastily The move « the rnnlt of dbrop- 

consi dared and not in the nation’s pin? sales of agricultural imple- 
interest" The NDP wants the ments, it said, 
pipeline built only after the 


The Ship promotes business expansion 


agreement is re-negotiated. — — ■ ■ 

Mr. Ray Perrault. Government u.S. COMPANY NEWS 
! Leader in the Senate, said to-day, . - - — < ■ ' 

that the Upper Chamber . will Curtiss issues proxy material, 
deal with, the legislation as Prudential Canadian deal, 
quickly as possible. He said tt Minnesota Title bid— Page 27 
could pass through the Senate by 
next. week. 

That would mean the Canadian ppincml. timm. pubiMmi nan* sun- 
Rmprmnnit and Foothills Pipe den holidw- UA «ut**.Ti prion Saw m 

LKJvemmeuL. ana i wuuiw * »»*' » . w(r f^hn s.<&o.m (air main ncr annum. 

Lines (Yukon) builders of lhesjeaDd-ciHi dhuk s«iii « n.y. 


UDT-the SIrip-has tliefamceto getbusincss expansion ( 
and development programmes inaving: 

l : oro verti^^'eai^UDTIiasMpedbnsniessrnen to fimncetheir 
QViTi; andtlieir aislomcrs; plaot^niariimciy andvdiiclcs audio expand 
their operations undproJiits. 

UDToftccs campetitivBiatesfbrdqjosits to otherbanlcs/bnsiuess 
concerns andtlie^cnemlpublic. 

UDi; through its eL^rtlmaira 
financial packages designed to help Britains exporters. 
UOTfinai^canhdpyoiirbusin^ 

• profitable. 

So whent^uneedfinanc^hafitheShip. ■ ' 

Afullyauthorisedbank. 

Britain’s leadiagmdcpendojt&aancehome. 


IS/f 


UDT: 

L’NTTRD domixtoxs TRUST TOUTED, 
51 fciMt-.hrap . ] jomlaaLCSP jfil J 









4 


OVERSEAS NEWS 


. Financial Times : T&lrsday April’ ^ ^973 





n 


ZAIRE’S ECONOMY Filial FOUIld 

From the sublime to the tragi-comic in landing 

BY A SPECIAL CORRESPONDENT IN LUBUMBASHl aid tussle 


$700m. harbour project , 


BY A SPECIAL CORRESPONDENT IN LUBUMBASHl 


THE VAGARIES of Zaire’s foreigners, mostly Belgians but agreement within weeks. But insisting on Bel gium ‘taking the 

decaying economy range from also including Greek and even if it does so, the bankers lead and the Belgians resentfully 

the sublime to the tragi-comic. Lebanese, are returning to the have made disbursement from ar 8 u i n 8 that it is the U.S. which 


ID 


By Robert GIbbens 

• • Montreal, April 5. 


BY OUR OWN CORRESPONDENT 


. TEHRAN, Aptfl 


post office. He opens the post (nationalisation) 
box — no mail. From within, a The policy was 
hand appears, three Zaires (at greatly reduced 


( nationalisation ) programme. atso demanding tnar zaire pay and, -theureticafN 'at leasE is ln i rwpevuve microwave nea rfy groomTtn'taSd'Ti*^^ T'™ mamas to one year, assm,. 

The polio - was a disaster that overdue principal of SlOOiq. to far better position than, say, 1211 c ^ Dg s5rstem5 (MU5) emerged works for a new Iranian naval pswif 1 i'P 16 ma 5®r bite ' .. 

greatly reduced industrial and Sl50m. of which, however, a sub- neighbouiingZambia- "While 85 International Civil Avia- base at Chah Bahar^Se gS ^ lt? coatract 


*ot expects' 
for another 


Iran, is strategically important in the navy. 


independent sources report that In official circles it Is hoped revenues and 23 per cent, of carats), coffee (1977 exports a deepen wiU be rSched ThP *“t phzse o£ construction . bn Ocean. The site will also have to reduce its staff £ TehZ ' 
last year’s coffee exports should that their return will help stop coffee income is theoretically set estimated at 80.000 tonnes with w '„ wpr of ^ s7 anda rH t^aTT the base. The next phase-will he base facHities for Iran’s army and But thk problem ■" 

have produced a foreign ex- dSgSated ^eiTSSSl tV^te l ' . with the condS 


change inflow to commercial and 
the central bank of some $450m. 
Central bank figures, however, 
show an actual 9120m-, the 
sources say. The balance of over 
S300m. — enough to pay the 
annual imported food bill and 
substantially more than the 
3200 to S250ra. loan Zaire is seek- 
ing from a consortium led by 
Citibank— -was hanked privately 
abroad, according to the sources. 

Despite foreign exchange earn- 
ings last year or in estimated 
1 to S1.3bn. — 85-70 per cent of 
it from copper — Zaire is in a 
state of decline which experts 
say will be arrested, but not 
immediately reversed, if a hoped- 
for influx of Western investment 
and International Monetary Fund 
support achieve their purpose. 



business worth billions of dollars beg ^\ Brown and Root earlier started “J oil sale agreement beS, ■ l ' 

over the next 25 years as air- tenders are at least design work on the harbour the National Iranian Oil Camn 

ports all over the world begin ^S. a E w 8 ,*?; - , ' M ? ies iotmt “d New England Petroleua - 

putting in the new advanced "“J^sCostam has a letter -and w now beginning civil con- U.S. . independent.- ; - 

landing equipment. inte ^ for anoth er as pect of stniction, sources saicL /■ Under the deal which 

Both delations have hi-nueht * ? roJect ’ J ti ‘ e «mHtthction_ of- The company expects to com- called an oil “parallel u ", 

several aircraft to Montreal *° d garrison ffieffttzes. plete the port works in three to. arrangement- NIOC is sd ' 

Dorval’s SSrt and the o^dVic Compan ?3 as no tyetcra- three and a half years. Soou-of NEPCO 100.000 barrels i S 

toria^hmftake rif and linriTne ? ad ? d & extract with the the work will be subcontracted, Iranian- heavy-crude over a ■ 

(Stol)SnMrt to SmonSSte ? avy ^ ,Pro- notablytbe dredging, for which year period which started' 

the eSh ject.has been seated down from tenders have already been issued, summer. 

and fatalities Imve Under its letter of -intent. The -NIOC then puts - 
technical BonTde!e4tton^S ha 4. t0 be ^designed. -. . . ■ . Costain was to build some 20.000 revenue from the sale %& ' - 

offering flight! iemoSStfons^ The * I ? TOl baSe was housing units as part pf a new special account which the fir ' 

SSsteS 0QS ^Peeted to cost more than township near the base. With navy draws on to pay BiW ‘ 

UJBUT ajaUruU. OThn tn Ellllrf IMnw 4 c- cmna nf TUa T)..< - 1 -vs, j_,s . . _ • 


|S§P 


Copper— an important export for Zaire— being mined near Kolwezi in Shaba Province, Zaire. 


Administrator, U.S. Federal Avia- 
tion Authority. Studies of mt,k 
systems have been going on since 
1972. “A decision now will ensure 


The decline in gross domestic the decline in production, but aside in special accounts At the a stockpile of 15,000 tonnes now that the much-needed system wW 
product is estimated by indepen- the attraction of Zaire for many central bank for debt serving, moving) and oil (1977 estimated be a reayty t0 meel 

dent economists at 5 per cent, foreigners is’ that it is a suitable Zaire is stui defaulting on up to 83m- barrels). aviation needs of the future.” " 


annually for 1976 and 1977 and case for entrepreneurial wizardry SlOOm. a year of foreign obliga- Like Zambia, copper revenues The microwave systems will 
a similar rate is projected for rather than solid, long-term ?ons. according to elates by account for °V pSr cent of enible SSftn ^KdteS. 


investmenL Quick-kill experts government revenue. But the traffic loads. • 

flourish m an economy where . Tne . Lommerciai bank loan is pnmoaP 4snn rfnpu nnt intir* * 


enable airports to handle greater I. by GUY HAWT1N 


W. German mechanical 
engineering orders fall 


FRANKFURT, April 5. 


Brazil boosts 
exports of 
manufactures 


eYSn'T^v” AMS-^Sra S ^rt- SS^T^L£^ B cT B «Lfi2£«i-a! 1 . CAQ e ° mmil - ^'EST GERMANY'S Mech^icl price ^ju.ted b^is. this mebbj 


By Diana Smith 


t a -jfo CDange. ujupiea wua uu is uic - — - _ . ~ _ , — *■ nu a — saw lureiga araisrs i<ui oy were aawa 1-* per i-eau ^ 

JSV? pvnnrt t0 mntp These’ human factors are p rob hope that around ten nations, in- at a new senes of tests was arranged, per cent last year. With some Although the industry— sales for over half of -Brazil’s j 

bush. The internal export route The^n^an famors are proo ^ UK u s Belgium, Gecanunes, -the sute - owned Those are being made m Mon- 60 per cent of output going totalled DM98.02bn (J3612bn.) January-February exports - i 

—the ungainly rail-river system ably among the most crucial . a rah t a wifi in. mining Company here, by com- treal and ICAO has ruled that c »«• w <c ngfimiiv npv^,rhMi year amountine to S882m: nr 


from here to the Atlantic port of confronting the outside hackers 
Matadi — is now carrying at least President Mobutu is hoping to 
10 per cent, less traffic than enlist in support of his plan. 
before the closure of the Ben- Zaire has already agreed to the “ 
guela railway through Angola in IMF’s demand that the fund pro- C *L\L 
August, 1975. vide the number two man in the 

The absence of planning is Banque du Zaire. There is, how- e gj c j t 
shown by the fact that the 1978 ever, considerable scepticism Ma 
budget is now almost three here about how wide his powers an ^ 
months overdue because no W *B be in a political system a g oat 
acceptable level of deficit has where foreign exchange Is used 


vide the number two man in the f^lmp^ed non-coprer i^ni Shaba province than in neigh- TTCC|>. olrpraff 

ig is Banque du Zaire. There is, how- effic j en g y ^ bounng Zambia. This means ^J)3i3JtV dlFCliHT 

1878 ever, considerable scepticism M western countries have that 60 to 70 per cent of Zaire's c Tn-Wxr ?n 

three here about how wide his powers an interest in keeping Zaire mining is open-cast requiring a IOi 1 UTKCY ID 

• no be . in a political system a g oat jf on jy t0 recover some of smaller expatriate labour force 1 


There can be little doubt that YereLn Duetscher Mascmehau- h®® seventh- to_fonrth y. _■ 
the recent increase in parity of -Anstalten (VDMA), the intius- exports of S99-34m-. * 
the Deutschemark against: the try’s trade association, said that coffee held first place, albA 
U.S. dollar has played an im- the effects' of the dollar crisis a lower figure of 51773m. 


months overdue because no wili be in a pounrai system a a oa t if only to recover some of smaller expatriate labour force <n/«oO _ l oortant role in the industry’s on orders was only temporary, per cent o£ the total. .comp 

acceptable level of deficit has where foreign exchange Is used ^g^ bug g debts As one hanker an. d . lower production costs, S2o8lD. DftCk £126 problems The inflow of orders °*He admitted, however, thatthe with 31 per cent in T977: S 
been agreed with, the IMF, finan- generously as a meads of secur- put it; “You lend someone mining sources say. ^ " S P Februarv waB 5 per' cent. “ mice bonus ” that West Ger- ^on and steel rose. In tour ■ 

cial sources say. Economists in mg a constituency, foreign mon ey. and they are debtors. But Gecamines is required by law ANKARA, April 5. down on ^ previous month’s man maebinery exporters had hy 739.4 per cent, mac * 

Kinshasa are still awaiting a economic experts in Kinshasa if you lend them as much as has to place the remaining 55 per TURKEY WILL buy civil air- performance although bookings received from an undervalued tools by 8L45 per cent, and; ' 
detailed analysis of the Mobutu say. diKrnv , in been loaned here, you become ^ of f0reign mhany eara . craft from the Soviet Union for remained at about the same deutschemark was past Despite tin by 33.48 per cent. Bo^ .: 

plan for revival which the As many have discovered in partners — in addition, resources - _ . . . . . the first time as part of a IpvpI in Fphmarv 1977 that and a droo of 7 ner cent. rose from 52nd place* • 

Zairean leader announced last the past, any rise to prominence 0 f cobalt industrial diamonds 1 ° §s m centrel accounts, 5 us 288m. trade package signed 1 There was aeain a-* laree in the industry’s price' comoeti- to 12th this year, will 
November. in the state sector of the pro- „ d eopper plve Zaire great thus coatobuting to the food bill, h«e to-da. deSne in oferse£ boo)diia^ Ih UvehL e^iJd whT ae Ports of S29m. in lamtarr 

Agriculture, to be encouraged Western economy »s all too easily potential riches and President annual fuel costs of between The deal provides for an ex- j^uary this hSSf^and U.^^97Ts exports to the U.S. February ■ 

under the plan, has been neg- interpreted as an impending Mobutu s firm anti-communist $i60m. and $170m., and debt change of Soviet industrial goods overseas orders both declined by market increased by 20 per cent. Meanwhile, Chryrier of B- - 

lected to the extent that a large threat to the «£blished stand is hart of the deal he is servicing. worth SUSlSSm. for mainly farm- geS Hnd 5 rent! but TOe root of the 7 problem ai «P°rts that in UfTtt^ 


proportion of marketed food is heirarchy. Talent is thus offeri^ the West in return for Zaire ‘ s copper production last *8 products from Turkey worth | D Februarv the 12 per cenL rise the VDMA sees it is the con- 3«5m-worth of vehiejes-a- 

imported at- an annual cost of diverted into a private sector support- , year is estimated at around $US150m. in the current finan- £ donStic bwSnS SS Siued weak^eS of demand for record for its overseas s. 

some $300m.' — much of it from elite that thrives on the spin-offs But without firm management 470 Q0O tonnes and the Gecamines cial year. matched hv an 11 Der cent, drop ranita I zoods throughout the This* 1 ■Chrysler claims,-. -re. 

South Africa on the rail route of costly foreign exchange deals economists say. there is time expansion programme sboukl^LU Official sources also said Tur- Sw^rsfrom 11 abroaZ^ t ‘on™a J Sdustriafised world- 8 ' sented apositire conUtoga.. . 

through Rhodesia and Zambia, rather than less lucrative but point throwing good money after *ij<. we y Qver *j,g bab p ni|ii| 0 n key would export wolfram a ... Brazils trade balance oi 541 . 

now carrying more than 50 per more necessary projects in, say. bad. A further complication is b 1980> ^ fact ibat ^ pn) _ metal used mainly for building ■ — ■•-. # ' A Mgh-powered tiade n^ ; 

cent of Zaire’s trade, the sources rural development. tiiat the U3., if diplomats an gramme Mnunjfrr has led strategic weapons, worth $US2m. T o - - •• . headed by Crown Prince Ht- 

say. An IMF team is expected in Zaire are to be believed. «s no srentidsm^Sbout Zaire’s to the Soviet Union for the first • loTtOYl XfltriDl ’tlArDC /|A<)i of Norway is to sign- an 

Inflation in major cities is any- Kinshasa soon to work out the longer wining to take the lead in rear^te^oM^ towSas ' the 15 time this year dlidll OO’VxCI^JtII/aCiS UCdi ment to-day granting BfSzff 

where between 60 and 80 per precise terms of a fresh facility, political and economic support oe _ nroduction cutback it Turkish Trade Minister Teo- A conglomerate Petrobras, a.S 

cent In interior centres like The imprimatur of IMF respecta- for Zaire against the Soviet and bag aKree 5 y^th Zambia and man Koprululer who signed the BY YOKO SHIBATA TOKYO, ApriLS. credit for purchase of off J 

IwihaHap. - EA L1,M„ ..J11 V rs.k.n rhn.., ...hM, PnciJimt ™ 5 l, o lesu W1U1 CttUiUld. ana “““ K “.'_ „ - - • •* anil IIHI n 


Japan Soviet-stores deal 


BY YOKO SHIBATA' 


TOKYO, ApriLS. 


Brazil's trade balance fltSKf 
#‘A high-powered -trade. mis; 
beaded by Crown Prince Hr 
of Norway is to sign- an 
ment to-day granting BEuST" 
conglomerate Petrobras, a .8 
credit for purchase of oft J 


Mbuji-MayL travellers say, a 50 - bility will be a central factor in .Cuban threat which President p eru • trade protocol for Turkey, said TAT>AW .c T AurvcT will ha hv th» wLdriUing and productiwie 

gallon drum of petrol can fetch raising Western-confidence in the Mobutu says be is countering in Uis country would be importing 1 LARGEST ^istiibutlon wdl ***? end of lment from Norway. Braz 

— 1. 1 nci\ 1 aaa\ « ^ ■ i -7 iij«. y i — i ' j. ji. 7 * j » ji.. • .I u o _ _ . “ we “**6 j SAihn n^A » an seDiember Norway's third lax^s 1 


wiui iaiouv; ncoiwu vuiuiuwivw m iu& ***««“«• ^ i. ♦ nis rpimirv wOlUu. De lmporunE 0 , Cii^mVa- 

up to 1350 Zaires 181,600). sincerity of the new revival plan. Africa. Indeed, diplomatic This is tM second and final of two Yak civil aircraft and five SSS'«5f lb ^>, nninn S 


Despite, or perhaps because of. An international banking con- sources say, a tussle has broken tieo articles on Zaire. A feature I agricultural helicopters, 
the chaotic state of things, sortium Is expected to sign a out within the “ Group of ■ 10 ” in yesterday's Financial Times] Reuter 
between 5.000 and 15.000 long awaited $2 10m. plus loan potential investors, with the U3- dealt with the country's politics. \ 


New Rhodesia guerillas amnesty By-election 

SALISBURY, April 5. test 


THE new multi-racial govern- was asked at a Bulawayo rally Zambia and has promised the i!_ me sweaisn neavy eiec- 

ment here plans to start free last night how the new govern- war will intensify. 'TlJI V OrSlrF tncal engineering group,' has 

entry zones on Rhodesia's fron- ment proposed to slop the fight- Mr. Sithole and Bishop ■ T received an order from the 

tiers for. black nationalist Ing. The “free entry zones” Muzorewa have said that, once White voters went to the polls French strei company, s>ouac. 

guerillas who want to stop fight- would soon be announced, he the transitional government is yesterday in a South African par- j°r two 240-tonnes aoka-oKx 

ing. said. fully in being and once physical Uamentary by-election which will ladle furnaces. It says toe units 

The new move to help end the • He said that the zones would arrangements have been made to f? ve *} Pst indication since last will be half as big again as any 
guerilla war was disclosed by be set up at selected points along receive the guerillas, they will Novembers general election of other ladle furnace. 

Mr. Ernest Buile. Vice-President the borders with Mozambique, issue an order for the fighting oloctoral support for the Govern- They will come on stream in 


agriculture helicopters agreement with the Eoviet Union . Seibu’s project is . significant port market, and the Norwi 

Deucopters ' to export supermarket facilities in that it gives the company a businessmen forming the 1 

wuter - and know-how to the Okean dls- foothold in the Soviet Union’s mission stressed their grea 

— — tribution system, which handles project- for Improving the dis^ terest ^ setting up 'fact 

-j-i i exclusively fishery products. tribution system. Reform of the bere to produce goods, for ei 

Furnace order Seibu’s distribution hardware distribution system is one of the 
_ . . is to be exported to Okean’s main pillars of the Soviet tenth T T -rr ■ »„ 

frtr A\FA Nakhodka shop which is five-year plan with particular U.1V« UllSSlOIl IOr 

AU1 scheduled to open by the end emphasis -on distribution of A»«prinn 

Rv John Walker of this year as its first branch fishery products. iWUUi nnici iui 

" jv n n " Mr m far eastern region of the Okean, a modern distribution A trade mission, organise 

STOCKHOLM. April 5. Soviet Union. The total export, system established in the Euro- the London Chamber of i 

ASEA, the Swedish heavy elec- value will amount to Yen70m. pean side of the country now merce and Industry, leaves 

trical engineering group, - has i with payment in dollars. Ship- has around L00 shops around day for Argentina, the first 

received an order from the ment of equipment and faculties Moscow. ° a a two-week s °uJh A T f ^ 

r , .... . s ™KSS 

as, MrJS Trebor in joint venture 

-SEJTSiB 22ft « dougl “ 1 


eiecionu support xor ine uovern- iney WUi come on stream in - - .. i, -Mar c rhisriflp RTZ I 

of Bishop Abel Muzorewa’s Zambia and Botswana. men to lay down their airosT” ne f RESPITE THE continued high Until now, -^ or sales in ’ d ^ 

United African National Council The Salisbury majority rule Mr. Bulle said the “free entry Vn&«S»,hn^? contact is about Kr30m. duty on imported confectionery Japan have been channeUed Amaleinaied Power 

(UANCl. one or four groups in agreement reached by Bishop wes-TriU iSudJTehaSSfaa™ «™.). . into Japan, a BriHBh mn/ec- through an unporUnE comply 

the new transitional eovemmenL Muzorewa. the Rev. Ndabanlnei centres where returning fighters The company s U.S. marketing tlonery company. Trebor, has Tokyo Menka, and a local Tnte mati 


BY OUR OWN CORRESPONDENT 


Front guerillas, and Mr. Bulle from bases in Mozambique and Reuter Government official said yester- irgjnia, and Trentwood, Washing- Japan, was officially launched . ^ . , f r(Hn th e British Governmi 

day the United States may have ton. . . yesterday and hopes to boost its importer of Trebor products. J?* t ^ pf . offiee . 

" “ * — influenced Israel’s decision to The orders cover induction sales in the next IS months to ... 

Poll Vilipppcc for Janata in Tndia ~ *» N ^S ab s £ i a M S, d,^, u cr Motorcycle curb plan Argentine wine driv 

VA1. )jUi-VV^3o Ivl u Uftlill A All. JllUXd Africa. — the Trebor Group, reckons that The Japanese Trade-Industry PLANS TO increase wine imp 

— . , Trebor can sen profitably in Ministry plans to hold down from Argentina substanti 

BY OUR OWN CORRESPONDENT NEW DELHI, April 5. Australian storm Gas [Hants order Japan despite a 25 per cent, exports of Japanese-built motor- have been announced by Matt 

THE RULUJC Janata. Party won the polla in South lodian oluc Tension remained high in tho Freak rtorms hare hit Western Contreeu isortl. £6m have been wFV™? 01 StSs renlortium.' * 

X“«aTS “Althoogr^e'"^. however, Tn ‘»S ^ ™ reaehi^Keuterrepor, treto J-jy *. fig 

mm mmm is™ hh mmm wmm mm 

was Mrs. Indira Gandhi, the for- area which turned seamst h»r bushfires^^caused ^ inUn s qf arson for Commonwealth Indus- sugar in Japan by local pro- cent, nf motor-cycle exports went to 40 per cent. 


was Mrs. Indira pandhJ, the for- area which turned against her Troops in battle dress dollars worth of damage ip I 

m ^ Q15t - er s Congress in the 1977 elections which patrolled the narrow deserted hundreds of homes and crops j , 

(I) party. ousted her from power. nF th _ / 

By winning ' the election. Reuter adds from Hyderabad: laneS , fJ h 5 f lt3 [ a f ea * ^ be n » • . , I 

Janata has succeeded in calling a curfew was extended in this 41707 was caUed ln Iast week t0 Peking tOTtlire , 

a halt to Mrs. Gandhi's batch of riot-stricken southern Indian Q ue11 rioting which followed an a wall poster has appeared in 


trial Gases of Australia. 


ducers. 


to the U3. 


months. 


recent electoral successes. She capital until to-morrow as fresh alleged rape of a young Moslem central Peking accusing the cit a 

had spoken of a “march to the attempts by mobs to set fire to woman by policemen, who were former police chief, Liu Chui n- 

north,” meaning that she had government buildings were re- also said to have beaten her Hsin, of torturing people arrest :d 


New contracts bolster Italo- 


hoped to repeat her triumphs at ported. 


husband to death. 


OPEC to meet 
in Saudi Arabia 


By Our Foreign Staff 


Israel’s rate of inflation 
is likely to stay at 40% 


THE EMERGENCY meeting of V l pw.^..-. Trr +*rr\r c juiKduuic muiicv 1 ana Mranaum, iiaiy «« riai moaeis. me nat «ue ol uwuj»«u *y. *.««« «« v - ,. ~ nnr ■ -airCT 

the Organisation of Petroleum BY *“ ™ NiE L AV1V * April 5. . ^jfjp^pQj^-g baric rriney cantly enhanced its presence in the deal is valued at some $US5m. 1967 war and were subsequently Soviet -built Mtwca 

Exporting Coiuttries (OPEC), ISRAE i/ S rate of Inflation is cent, wage rise, while the supply totalled SLSSbnJ in the Egyptian market Over the week-end, AGIP, the handed back to Egypt in 1975. grounded through 

due to be held in Geneva on /^ e i y t 0 continue at 40 per cent HistadruL the trade union February, up 11.9 per rent, /from The deals follow an official main oil subsidiary of -the Italian Meanwhile, AGIP discovered refusal to supply spare Pan 
S Iay J - 4 ’A 1S K^ 0W .J 0 e e • 1 , n this year as a result of the wage organisation, ' is holding out for * year ear J ,e 'j ^reordteE tb the ririt of the ItaUan Foreign Trade state hydrocarbon group, ENL Egypt's first natural gas field at Repalnng the ; MlGs woum 

(Sessions .already made aSd thl ris^-15 per cenL^-already 


TEL AVIV. April 5. 


Hstn, of torturing people arresipa „ n ME April 

| two years ago in connection BY PAUL BETTS 

Stauare," 1 Reuter “reports frfra WITH A dead extending Fiat's NASCO’s car production at its Italian company and the remain- during- the n _fJ. ! 

Peking. The 1976 riots broke fut participaiion in Egypt, the re- Helwan plant with an annual pro- ing two- thirds to the Egyptians. 50m. tons and tnereiw h 

after wreaths commemorating ugv/al of a series of important oil duction target of 35,000 cans by In the past 25 years, AGIP has for OPEC memberemp. 

Premier Chou En-Lai -during the exploration and production con- 1983. maintained a big presence in The Italian . Foreign ** 

Chlng Ming festival fox the dead £.q the Sinai desert field, it wi’ll also see the introduc- Egypt discovering in the mid- Minister is also reported to fi 

were secretly removed from rtne and other big i on g.term ventures tion of new Ftatt and Seat models 1950s the Abu Rudeis ^_and proposed to the Sadat AcM 
3quare - / including building a 1^5finrile on the Egyptian market, including Belayim oilfields in the SinaL .. repair by Iti 

J motorway between Alexandria the Seat 900 and -three separate The two Sinai oilfields were ‘ ' nf v«votian Air Fo 

Singapore money 1 and Khartoum. Italy has sign i 6- Fiat models. The Fiat side of occupied by Israel during the engineers 01 ^ , _ irfr 

Singapore’s M-l baric mbney cantly enhanced ita presence in the deal is valued at some SUS5m. 1967 war and were subsequent^ Soviet -built 


Singapore money 

• Singapore's M-l baric 


tian National oil company, EGPC, • It was with Egypt that the late state-controlled 
a joint venture to increase Sig.- Enrico Mattei, chairman of facturing group) 
collaboration between >the two ENI.: introduced bis then revolu? The Italian Foreign 
countries in exploration and pro- tlouary concept of offering an Ls also understood 


firmation' in Riyadh of the report it ' seems likely that the on record that it will ask for , | granted to Egypt last year. countnes in exploration and pro- Uonary concept of offering : an LS also understooa w ^ 

in the newspaper, which is Treasury will have to resort 10 quarterly cost-of-living allow- Fhllippines alert During Sig. Ossola’s visit. Fiat durtion activities In the Sinai and oil-producing nation direct tiyely negotiatea an lira* r- 

generally authoritative. But if it deficit financing at the rate of ances, instead of semi-ammal Police, including para-military signed an agreement with the the Nile delta. ■ participation in oil ventures. eipation in a Projeci . 

turns out to be accurate, it will 2bn. Israeli pounds (£33m.) w ones ndw paid automatically. units, hare been placid op full Egyptian car concern, El Nasr The venture will group During the past two years, a motorway from Aie«> 


.. mn. israen pounus ones DOW paid automatically. units, n are seen placed op IU u ngypnau car concern, n,i nasr s * jjuxius •» n netift 

represent a considerable triumpb double that of last year. The main strike threats come alert throughout the Philippines Automotive Manufacturing Cor- together Egyptian and Italian AGO* has been active in repair- Khartoum, jnauamg ^ T . pv ptl 

for Saudi Arabia. A 40 per cent, wage Increase from those who have been doing to prevent violence in Friday’s poration (NASCO), for setting up interests in a single company, ing and renewing the Sinai fields linking the motorway “v 

A central item to be discussed granted to. communications best: for example the seamen and national elections, Reuter 1 iports a consortium also including Fiat’s Belayim Petroleum Company badly damaged by war. ports on the'RM ®ea. « ■ 

at this OPEC meeting will be workers, awards of between 12 marine officers, now out for from Manila. Spanish subsidiary. Seat, and the (Petrobel). on a production- The 'immediate drilling pro; company, SObTCA, con ^ 

the declining value of the UR. and 30 per cent to income tax over ten weeks; and employees •' Egyptian-based Misr Iran bank, sharing basis, according to AGIP, gramme In - the Sinai aims to the Rome-based rjasiua' ^ 

dollar and its effect of' reducing officials and rises still due to the of El At, the national airline Tananese l)artn£TS the Italian company reported the Italians will be responsible increase present production of group, is also-SWW™iL ^ 

the real o»» revenue of the pro- majority Of public sector At the same time, little has y,£ 0 „« a -lannino tn here * for technical and financial 90.000 barrels a day. or 4.5m. tons ment of the Port 

during States. employees will all cause a large been done to avoid the large- =_*?£! 1 Rr^ni^mi^frinbetfer 'Hie joint venture, in which Fiat aspects of the activities in the a year; to about a fifth of Egypt’s ing zone. ' . are 1 

Various mternatlves have been deficit in the 1978-79 budget An scale tax evasion of the large h v f o rroimr in fn t ventures with win ho{d a 20 P cr rent - stake and Sinai, recovering their costs from current overall annual crude pro- other Italian ^ 

onnaciari fnr- ni>i.im> «ii Frnnt additional strain will hn thp numlwr nf col^mnlnvarl umnlran w * 1 S&at a 10 n«»r i»nt. ,ivfpn>tf urllh the oil nwirfuepd. rinoHim nf'Sm. tons. traCtOTS and OtuCr Jjj 1 





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^aB-for XUC urges £3.5bn. Output state oil row breaks out 
transport b°0St for economy with North Sea partner 

FVU BY M1CHAB- CASSELL faUSttH* " RAY DAFTEB, ENERGY COK^PONBENT 

j :a ROW has erupted between the Ninian Field, due to come on weigh against an v future lie* 

SVKTPTn ■raoe TUG yefitertay called on mg on job support and creation too far so as to avoid sucking „ . I Standard Oil of California stream later this .year. The application submitted 

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_- • - BY MICHAEL CASSEU. 

' THE TUC yesterday eaUed on ing on job support and creation 

the Government to implement a schemes, higher benefits for the 
• , e ‘f Xuil t package to cut unem- long-term unemployed, improved 

CHANGING TO an : nlectnc P* oyjucn *- child benefits and retirement 

transport system could- cut The call was made at a meet- P®***®*. and a strong balance 
Britain’s energy needs sharply of the National Economic of payments to expand more 
says a report by the Department Development Council, in Lon- r ®P«dly. They also want cuts in 
of Energy. don, and wnderWnee the unions' ™° rkjn S hours and earlier xe- 

The Government should en- belief that the high level of on- Ur ?S eot :. 
courage the change which the employment will not be reduced T C0 J!?S? mee ^ U1 ?' Mr - 

report says is inevitable. without- ehanxee in Government rf“ Murray, TUC general sec- 

Battery powered vehicles usme PoBcy. .. .. retory, said the package had 

off-peak electricity together With The - plan, whldh largely f< ™f d i“ ^ L , a 

a move to coal-based fuels for reflects the TUCs earlier pre- i ? 

domestic ■ heating, could cut Budget representations to the JS. the ^ 

Britain s annual primary energy Chancellor, calls for a boost of 1116 dan S cre of unem- 

JSMitt-fif 1 St- *** - 0f S SS?- f ^SS eC ° a0my AtSiough industrial action in 
equivaieot and require aaaa weeks Budget ■ support of the eamoaien had 

pe^ti megaWatt ^ less electric r Refla ?5“ should wme } a the been°planned in iSerecSmtriu 
8 S,? 0f ^ect taxcuttand extra the TUC had not consider^ g 

Even at present, battery power P**l« spending. While the appropriate lo follow suit, 
could be uBbstituted for 7Q per Budget may go : some way Mr. Denis Healey, the Chan- 
cent. of the fueLjjsed in cars and towards meeting the TUC s call cellor, was present at the meet- 
light vans. for lower taxes, it seems likely ing and his response was pre- 

, to remain largely unsatisfied on dictable. He reemphasised the 

Market share tbe pubbe spending. - Government’s view that it was 

.Citinohim m .. tY. j The unions want more spend- anxious not to reflate too fast or 


Beaubush deal agent expelled 


I .lv. tot 

Solid: Anicrica 


light vans. for lower taxes, it seems likely ing and his response was pre- 

, to remain largely unsatisfied on dictable. He reemphasised the 

Market snare the pubbe spending. - Government’s view that it was 

Sainsbury last month retained ;Tbe unions want more spend- anxious not to reflate too fast or 

the larger share of the packaged ‘ — 

grocery market it gained after 1 1 i -m , 

ss? ta ^ȣsr.iS Beaubush deal agent 

market research company says M O vu%/ 

Salisbury’s share slipped back - 

only fractionally to 10.4 pCT cent 6Y JOHN BRSfNAN, PROPERTY CORRESPONDENT 

faSTio 12 ^ ShiU 0 ?^ ! 0NE 0F the estate agents Bardwell. Mr. D. S. E. Morley, 

Co-oi increSSd i?!' swl ! involved to the £7m. Beaubush Mr. J. P. Sudlow, Mr. H. C. P. 
liS *aerSS! asA ' *** ?hMe 1 »®“r. which involved Lord Nicholas, and Mr. A. W. Fuller. 

. . Ryder, former Reed International The last four of that list are still 

aod National Enterprise Board practising with Weller Eggar. 
onipoauamg ]OD . . chairman, has been expelled by The institution stated yester- 

Mr. Richard Wballey has been the Royal Institution of day that the two agents, who 
named as industrial relations Chartered Surveyors for “con- have since left Weller Edgar, 

. director for British Shipbuilders, duct unbecoming a chartered “ were found guilty of conduct 
His appointment was confirmed surveyor.” unbecoming a chartered surveyor 

by Mr. Eric Varley, Secretary The 52,000 strong institution and which prejudiced their pro- 
of State for Industry yesterday, has employed . its ultimate fessional status and the reputa- 
_ _ “ sanction-: in expelling Mr. tion of the Institution." 

Redundancy move Christopher Smith and suspend- The agents failed to make 
Sunderland Shipbuilders is to J?r three years Mr. Derek sufficient disclosure to Mr Lionel 

make 125 workers redundant at S t ? U! *■ of ' Horsham afienls ?? oks- a % et>t ' ® bo “ t cheir 

one of its Wearside vards Mr Weller Esgar. . interests in the purchasing com- 

James GllfiJ Ian. tbe^chairmaa The institution has repri- pany or the land they acquired 

said thaaS hSeSSrt sanded seven other members of from him. In November 1972 

hecauseof TtoioSS the Sussex firm; Mr. P. N. Fuller. Mr. Brooks sold a 617-acre estate 
NM&3 » W - A- ^ Mr. a W. in Sussex for £355m. to a corn- 
yard. _ 

New pensions move 1 

to enter the road haulage busi- ■ 

ness should be required to prove '• 
that they have equity worth at BT BUC short 

THE OCCUPATIONAL Pensions would make K impossible lo 
f *“ Board has received- about 21.000 issue all certificates by April 6. 

1 applications from employers to Special arrangements have 
National freight Corporation, in contract-out of the earnings- been made to enable employers 
evidence .to -the Foster Com- j^ted part of the new State to pay the lower National Insur- 
mittee on operators^ licensing. Mention scheme WMch starts ance contribution rates provided 
P„n* . j . today. This was disclosed, yester- applications were received by 

falling trend . day by Lord Allen of Aibbeydale, March 23. 

Work on a £5m_ test track' for chairman of the Board. . Lord Allen was hopeful that 

British -Leyland*^ car division has The Board has already issued all outstanding applications 
begun at the former RAF station about 8,000 certificate^ *hu't Lord would be cleared by the end of 
at Gaydon in Warwickshire.: This Allen said that it had been evi- May. But he pointed out that it 
is scheduled to .be completed by dent for several months: tha? a would ease the task of the 
autumn 1979. ■ - - last-minute rush tor applications,'’ Board’s staff if employers did not 


too far so as to avoid sucking 
in imports. 

The meeting was primarily 
concerned with the recent White 
Paper on North Sea oil and on 
promoting a wider understand- 
ing of the industrial strategy. 

Mr. Healey reinforced the offi- 
cial view that the U.K.’s oil 
revenues would be of assistance 
to the economy but that, the 
benefits would not be of "trans- 
forming significance." 

On the industrial strategy, the 
TUC and the CBl both put for- 
ward papers with recommenda- 
tions for ensuring widespread 
understanding of the issues. 

In response to the CBl's ex- 
pressed disappointment at ihe 
absence of any joint approach 
to the communications strategy, 
the two sides are to bold talks 
in the next month on ways of 
establishing an itegrated cam- 
paign and the possibility exists 
of a joint paper on the subject. 


pany set up by Reed Inter- 
national aod Broadlanil Pro- 
perties. 

Part of this land was sold five 
months later to Crawley Borough 
Council for £7m. Mr. Ritchie and 
Mr. Stffitb negotiated a personal 
share in the profit on the sale 
in addition to their firm's normal 
commission. 

The Institution found that the 
agents failed to make sure that 
the vendor of the land had given 
his "informed consent" to the 
taking by the agents " of a 
financial interest ” in the scheme.- 

It also found that the two 
partners had failed "to make 
full disclosure of their proposed 
financial interest in the trans- 
action to their partners." 


New pensions move by 21,000 


BY BUC SHORT 

THE OCCUPATIONAL Pensions 
Board has received- about 21.000 
applications from employers to 
contract-out of the 'earaings- 
related part of the new State 
pension scheme feftich starts 
to-day. T%is was disclosed, yester- 
day by Lord Allen of Aibbeydale, 
chairman of the Board- . 

The Board has already issued 
about 8,000 certificates; "but Lord 
Allen said that: ft had been evi- 
dent for several months: tha? a 
last-minute rush tor applications,* 


would make it impossible lo 
issue all certificates by April 6. 

Special arrangements have 
been made to enable employers 
to pay the lower National Insur- 
ance contribution rates provided 
applications were received by 
March 23. 

Lord Allen was hopeful that 
all outstanding applications 
would be cleared by the end of 
May. But he pointed out that it 
would ease the task of the 
Board’s staff if employers did not 


make inquiries about the pro- 
gress of their applications, at 
least until the beginning of June. 

To-day the child benefit pay- 
ments are also increased, accom- 
panied by the next stage in the 
phasing out of child tax allow- 
ances. The child benefit payment 
combines under one beading the 
old family allowances, paid to 
the mother, with child tax allow- 
ances, claimed by the father. 

The child benefits are paid to 
the mother. 


BY JOHN LLOYD 

COAL OUTPUT in Britain is 
down ibis year, for the fourth 
year in succession. Deep- 
mined coal for the year end- 
ing March 25 stands at 104.4m. 
tons, compared with 106.7m. 
tons for 1976-77. 

Provisional figures for 
opencast mines show a rise to 
13.3m. tons, compared with 
1L2id. tons in 197G-77. 

However, the combined out- 
put will be slight ly down — by 

200.000 tons — on ktet year. 

The deep-mined coal output 

includes an extra 1.5m. tons 
as a result of the miners* in- 
centive scheme. 

Sir Derek Ezra, the chair- 
man of a the National Coal 
Board, said this year would be 
profitable once again, though 
□o figure has yet been given. 
Last year, there was a net 
profit of £27.2m. 

Bonus 

Output per manshift — the 
Coal Board’s standard measure- 
ment of productility — was 
also down for Iasi* year, at 
43.1 cwt. compared with 43.6 
cwt in 1976-77. 

However, productivity is now 
showing a marked increase as 
a result of the bonus scheme. 
Latest figures. Tor the week 
ending March 25, stood at 46.4 
cwts. 

Speaking during a visit to 
Herrington Colliery in ibc 
north-east area. Sir Derek said 
that in the past eight weeks 
the amount of coal produced 
by faeeworkers bad beaten all 
records. 

The figure stood at 174.6 cwL 
per man-shift, compared with 
the previous coalface produc- 
tivity record of 165.6 cwt. in 
Hay, 1975. 

Improved 

Three areas — North Notting- 
hamshire, North Derbyshire 
and Barnsley — have each suc- 
ceeded in mining more coal 
thmn last year. Jointly, they 
have improved output by about 

700.000 tons. 

In the first three months 
this year, the 35.000 miners in 
the north-east area produced 
3.3m. tons — up 3j per cenL on 
last year. 

Sir Derek said that vigorous 
action was being taken lo win 
new business. • - 


: A ROW has erupted between 
! Standard Oil of California 
; (SOCAL). one of the world's 
I biggest oil groups, and its North 
: Sea partner, the British National 
Oil Corporation. 

The public argument, over a 
claim that the corporation is an 
"albatross" around the neck of 
offshore oil companies, could 
damage SOCAL's chances of 
obtaining attractive concessions 
in the next round of North Sea 
licences. 

It could also influence the way 
that the corporation and private 
oil companies respond to each 
other in public in future. 

In an extraordinarily frank 
statement made during an ZTV 
programme on Tuesday. Mr. 
George Keller, vice-chairman of 
SOCAL. claimed that the corpo- 
ration was an "albatross that 
was making no contribution to 
the British economy but was 
responsible for a slave-down in 
North Sea development” 

SOCAL's UJv. subsidiary. 
Chevron, is the operator of the 
i £l.6bn. development project on 


the Ninian Field, due to come on 
stream later this year. The 
corporation also has an equity 
stake in Ninian as well as a 
participation deal with Chevron 
and other partners. 

“ I can think - of nothing that 
has been accomplished on 
Ninian which could not have 
been accomplished faster and at 
a lower cost without BNOC," Mr. 
Keller said. 

Emphasis 

Lord Kearton, chairman and 
chief executive of the corpora- 
tion, said that since it had 

become Involved In Nioian — it 

acquired Burmab Oil's interest 
for £90m. two years ago — the 
development programme was 
"now being done properly aod 
a large pah of that is due to 
BNOC." 

Both Lord Kearton and Mr. 
Anthony Wedgwood Benn, 
Energy Secretary, were angered 
by Mr. Keller's remarks. As both 
are associated with the award of 
discretionary drilling licences, 
the attack on the corporation may 


Tighter safety limits 
for radiation urged 

BY DAVID FISHLOCK. SCIENCE EDITOR 


TIGHTER RESTRICTIONS on 
the amount of radiation to which 
the public may be exposed from 
nuclear industry activities are 
recommended by the National 
! Radiological Protection Board, 
1 the Government’s ‘•watchdog’’ for 
| radiation exposure. 

It has advised the Government 
! that tiie whole-body dose of 
radiation from all sources other 
than natural “ background ” 
radiation and from medical prac- 
tices (such as X-rays / should not 
exceed 7 rem over a person’s 
lifetime. 

This corresponds to an annual 
radiation dose of 100 millirem for 


a nominal lifespan of 70 years. 
Previously the limit was set at a 
maximum of 500 millirem a year. 

The agency's advice is 
founded on the latest recommen- 
dations of the International Com- 
mittee on Radiological Pro- 
tection, published last July. 

The U.K. population 'most 
highly exposed to radiation to- 
day is the one which eats fish 
landed atWhitebaven. close lo the 
Windscale reprocessing factory 
of British Nuclear Fuels. The 
latest Government estimates, for 
1976, indicate that the average 
dose among this population was 
85 millirem. and the highest 
exposure 238 millirem. 


Door to ship service 


BY PAUL TAYLOR 

THE Mersey Docks and Harbour 
Company, is moving into the 
road haulage business providing 
a door to ship service 
The company has spent an 
undisclosed amount buying them- 
selves into an existing road 
haulage business run by Liver- 
pool based commodity brokers 
Norco. 

The surprise announcement 
comes in the wake of the com- 
pany’s 1977 results which 


showed pre-tax profits declining 
from £4.38 m. to £4.1m. last 
year against a turnover of 
£62. 66m. and a drop in general 
cargo handled from 1,584,537 
tons to 1,161.329 tons. 

The new transport consortium 
formed with Norco is called 
Norco Transport and will begin 
operations “ within a few 
weeks” from Norco’s existing 
depot at Morpeth Dock in Birken- 
head. 


weigh against any future licenca 
application submitted by 
Chevron. 

It has been emphasised in the 
past that company attitudes 
towards Government regulations 
and corporation participation 
are taken into account when 
applications are considered. 

Amoco, for instance, was 
excluded from the fifth round of 
licences because of its opposition 
at the time to voluntary State 
participation. 

Energy Department officials 
were playing down Ihe rift, point-, 
ing out that it had good relations 
with Chevron in the U.K. Lord 
Kearton himself praised 
Chevron's local staff for their 
degree of co-operation with the 
State oil corporation. 

Chevron executives in London 
said they were "assessing the 
situation. We have nothing more 
to say on Mr. Keller’s comments." 

Wj'tbin the oil industry, it is 
felt that the row might initiate 
more open criticism of the 
corporation by other oil coini 
panics. 


Charles and 
the best 
of British : : : 


| Prince Charles yesterday ex- 
pressed concern over the harm 
done to the nation's morale by 
what the British Press chose to 
emphasise. 

Presenting the British Press 
awards for 1977 in London, he 
said: "Isn't it lime we really 
began to concentrate on the 
things we do well, on the people 
who contribute most, on the fact 
that other people like us for 
what we are and also recognise 
the enormous potential we have 
as a nation — even if we don't 
because we are too preoccupied 
with all the gloomy things. 

"The British are past-masters 
at the art of seLf-denigration 
which, practised reasonably, is 
an attractive trait. But some- 
times we go too far and are only 
reminded of the things we don’t 
do well, of the strikes that occur 
in a very small proportion of our 
industries, or of the unpleasant 
things foreigners say about us, 
rather than the Infinitely more 
frequent complimentary remarks 
which they make." 

When he was abroad he felt 
“proud to be British," even 
though we were sometimes not 
aggressive enough in inter- 
national competition. 


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ONEYTO 


BUY A NEW AUDI 
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Du r i ng Ap ri 1 a n d May, y o u r Aud i d ea 1 e r wi 1 1 greet y ou 
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Hehastwopiecesofvaluableinformationforyou. 
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HOME NEWS 


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. Fliiancial Tlmes: TEiirsda^ April £1978 f 


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Thistle Government ‘failing Labour • Tax burden hits Britain 


yen 


Field 

oil 

flow 


to aid Merseyside’ 


FINANCIAL TIMES REPORTER 


starts 


By Ray Dafter, 

Energy Correspondent 


COMMERCIAL production has ; 
started on the Thistle oil field in I 
the North Sea after several} 
months of delays caused by severe 
weather. ! 

British National Oil Corpora-, 
tioo, the operator, said yesterday ! 
that the first tanker, Thistle 
Venture, was moored at the load- 
ing buoy and already contained 
more than 125,000 barrels of 
crude oil worth almost £lm. 

The first four development 
wells had been completed and a 
fifth well would be ready for pro- 
duction soon, giving a producing I 
capability of about 100.000 
barrels a day. This was a higher 
flow than many in the industry' 
had estimated for the initial pro- 
duction period. 

The oil is being loaded into 
tankers through an offshore load- 1 
ing system. This single-anchor; 
leg mooring buoy is expected to 
be in use for at least the first 12 

months of the field's life. 

This is because the Brent 
system pipeline and Sullom Voe 
oil terminal In the Shetland 
Islands are not ready to receive 
crude from Thistle and other 
neighbouring fields. 

The corporation said that be- 
cause of the bad weather over 
the last three months it had been 
unable to complete the testing 
of the offshore loading system. 
The testing, together with the 
resolution of some unspecified 
problems,- was expected to be 
substantially completed in the 
near future. 

“ Commissioning problems 
were expected, since several 
components of the system are 
unique in terms of size or ser- 
vice at such an exposed location.'* 

Partners in the venture are: 
British National Oil Corporation 
— undertaking its first field de- 
velopment opera tonship — with 
16.22 per cent; Deminex. 41.03; 
Santa Fe International. 16.29: 
Trieentrol. fl.65; Burmah, S.1: 
Ashland. 5.43; Gulf, 1.16; Conoco, 
3.16; art' Charterhouse Group. , 
0.96. 

The first tanker-load of Thistle 
crude will be shipped by the cor- 
poration jointly with Charter- 
house to the Humber refinery of 
Continental Oil. The second 
cargo is expected to be lifted 
by Deminex. but it is not dear 
whether it will be landed in the 
U.K. or in Germany. ’ 


THE GOVERNMENT is opera ting 
the wrong industrial strategy For 
the needs of Merseyside, a Par- 
liamentary* sub-committee was 
told in Liverpool yesterday by 
Mr. Peter Wood, the deputy 
county planning officer. 

• Mr. Wood said that the region 
tended to lack manufacturing in- 
dustry. Government strategy was 
lo “ back winners * ‘and this was 
not helping Merseyside as much 
a sthe more prosperous areas. 

Four MPs, sitting as members 
of the Commons social services 
and employment sub-committee, 
heard evidence of Merseyside’s 
problems at the start of a two- 
day visit. 

la the past 10 rears 100,000 
jobsc have been lost from the 
region, and the first three months 
of this year had seen the 
announcement of 7,000 redun- 


dancies. 

The number of young people 
unemployed was increasing. Half 
of those without work on Mersey- 
side were aged 19 to 24. Unem- 
ployment had reached almost 30 
per cent, in some areas. 

Population loss had been 2,000 
a year, since 1966. Tbe losses 
have affected every area of Mer- 
seyside, and been “massive” in 
Liverpool. “Merseyside' County 
now has less population than in 
1931,” said Mr. Wood. 

The population loss had been 
particularly acute among manag- 
erial and professional people, and 
“ Merseyside is tending to be left 
with an elderly, unskilled and, un- 
fortunately, an unemployed popu- 
lation.” 

A three-pronged policy — to 
improve housing, the environ- 
ment, and the economy — had 


started to revitalise the region. 

Mr. Colin Barnett, secretary of 
the North West Regional Council 
of'the TtJC, said that poor produc- 
tivity and absenteeism were 
major problems in certain in- 
dustries, and a regional confer- 
ence would debate these in July. 

Mrs. Bene- ‘Short, the sub- 
committee chairman, later praised 
the job creation scheme, which 
had led to many young people 
finding permanent work. 

Evidence heard so far in many 
parts of the country pointed to 
the “ most acute problem ” being 
those school-leavers who bad no 
academic qualifications.. 

The nine-member sub-commit- 
tee is now searing the end of its 
inquiries and its recommenda- 
tions are expected to be submit- 
ted to Mr. Albert Booth, Employ- 
ment Secretary, in July. 


regional 

schemes 


I BY DAVID FREUD 


By David Churchill 


PanAm deal brings flow 
of orders and more jobs 


FINANCIAL TIMES REPORTER 


MANY companies in U.K. 
industry will benefit from the 
Pan American decision to buy 12 
Lockheed TriStar airliners with 
Rolls-Royce RB-211 engines, with 
an option on 14 more aircraft 

The total value of the deal, 
announced late on Tuesday, is 
expected (o be £540m. if the 
options are turned into firm 
orders, of- which the total Rolls- 
Royce share will be £260m. 

Several major companies in 
this country already participate 
in the TriStar production pro- 
gramme under sub-contracts from 
Lockheed. They include Lucas 
Aerospace on electrical systems. 
Smiths Industries on instruments, 
Dowty Group for electrical and 
other equipment. Short Brothers 
for parts of the airframe, wings 
and doors, as well as RB-211 
engine pods, and Scottish 
Aviation (part of British Aero- 
space) for more doors. 

“Put it all together, and it 
means work worth many millions 
of pounds for Britain. In addition 
to tbe work on the engines,” said 
a Lockheed spokesman yesterday. 

Rolls-Royce itself said yester- 
day that the deal is likely to 
j mean an additional 400 jobs at 
the company's factory at Hilling- 
ton, Glasgow. The plant already 


employs more than 6,000 and 
makes 37 per cent, of all tbe 
RB-211*s components. Including 
turbine blades. There, has been 
a rundown at the plant because 
of general uncertainty over 
future aviation business. ' 

Mr. Don McLean, director and 
general manager of Rolls-Royce’s 
Scottish operations, said that the 
Pan Am deal would have a big 
stabilising effect and would make 
the workload increasingly 
healthy. 

Rolls-Royce is. launching a 
campaign in Scotland this week- 
end to. recruit more skilled 
workers at Hillington, . 


‘Tough’ fight 

- The effects of the deal could 
be even more far-reaching. It is 
likely to strengthen the RB-211 
engine'* position In the North 
American market and Stimulate 
interest in other versions of this 
engine for other aircraft pro- 
grammes. 

One of these is the proposed 
new Boeing' 757 short-range jet 
airliner, which is expected to be 
offered . to the world's airlines 
with the Dash 535 version of the 
RB-211 engine, while the Bash 
524B itself ( the version involved 
in the Pan Am order) is likely 


to be offered in the bigger Boeing 
767 2 00-sea ter twin-engined jet, 
also now on offer to the airlines. 

Sir Kenneth Keith, chairman of 
Rolls-Royce, said yesterday that 
the company had to overcome 
" very tough competition ” to win 
the order. “ In doing so, we have 
had to give exacting commitments 
on our future performance as a 
company is well as on the future 
performance we have guaranteed 
for the RB-211. 

“We shall only exploit this 
opportunity to the fullest if we 
increase our efficiency in meeting 
programmes and in reducing our 
costs. Equally, a failure to meet 
our promises and achieve 
delivery dates will have an 
adverse effect on our future 
employment" 

• Short Brothers, the State- 
owned aerospace company in 
Belfast, expects orders for thei 
podding of ' Rolls-Royce RB-211 
engines •for_Pan’ Am to total 
several million pounds (writes 
our Belfast -correspondent). 

Shorts has- been the sole sub-| 
contractor for the engine pods I 
since 196S. Lockheed yesterday 
confirmed that Shorts would be! 
making parts"hf -the airframe,' 
wings and landing gear doors fori 
the TriStars. -2 - j 


j LABOUR PARTY plans for a re- 
- organisation of local government 
lare likely to be postponed be- 
cause of a lukewarm response to 
the proposed new -structure 
among the regions. 

The plans were for 12 elected 
regional authorities with new 
district councils, each with an 
average population : of 200,000. 

An internal Labour Party re- 
port concludes that “there does 
not seem to be enough unquali- 
fied support for elected regional 
authorities ” along the lines pro- 
posed. 

The report, prepared by Mr. 
Ed Miller, the party's local gov- 
ernment officer, shows “ an 
almost universal hatred of the 
two-tier system ouside the metro- 
politan areas and a strong desire 
for the shire .counties to. be 
gradually phased out.” 

It suggests that “tbe most 
appropriate place to begin 
change was seen to be tbe trans- 
fer of education and social ser- 
vices to the large districts which 
wanted to resume or assume re- 
sponsibility for these services:” 

Restoring such -powers to the 
“big nine - ” former- county 
boroughs who lost them under 
tbe 1974 Tory local government 
re-organisation is being con- 
sidered by a committee of 
Cabinet Ministers. 

The Labour Party report was 
based on comments from the 
regions and from some trade 
unions to a consultation docu- 
ment published last August. 

The response showed broad 
support for the proposals in the 
Northern, North-West, West 
Midlands, and Southern regions. 
The North East and East Mid- 
lands were against the plans, 
with London, Eastern and South- 
West regions having no fixed 
view. 

The plans were opposed be- 
cause they would disrupt health, 
education, and social services so 1 
soon after the last re-organisa- 
tion. There was also criticism 
of the new structure being *oo 
remote. I 

The report says that the res-, 
ponse was inconsistent with atti- 
tudes based on local political 
grounds. And there was little 
agreement on what powers the! 
regional authorities should have. 

But - there was a consensus ! 
that the water, health and 
economic planning councils 
should be brought back under; 
local democratic control. 


THE BURDEN of direct taxation 
is considerably greater 4n the 
U-K. than in other . Western ■ 
economies, according to a 'sub-, 
mission to tire Royal -Commission 
on the Distribution of Income and 
Wealth. ■ 

Employment Condlti o ns 
Abroad, an organisation set up 
by a number of international com- 
panies to collect information on 
employment conditions, makes a 
series of tax .comparisons' 
between tbe U.K. and eight other 
countries — Australia, Canada, 
France, West Germany, Ireland, 
Japan, Sweden and the UK - 
The or gan isation' -concludes 
that direct taxes m theTLK. axe. 

more burdensome.. -than the 

average of the eight countries on 
a whole series of definitions. 

Only in Sweden is ..the tax. 
burden consistently heavier; and 
even , in this case, vvhep.Jike is. 
compared with like. the. differi 
ence between the incidence -of 
total deductions is -marginal. , 

■ This means.- says the organisa- 
tion, that the disincentive effect 
of taxation is greater In die UJC. 
than it is elsewhere. •* 

The report says that the. dis- 
incentive effect of taxation .-lies 
more in. marginal rates thanJhe 
actual amounts deducted.' 

Marginal rates, including em- 
ployees’ social security ’contriba- 
tions and adjusted for •cost-of- 
living differentials, are higher in 
the U.K. than the eight-country 
average for all except those earn- 
ing abont £6.000-£9,000 a year 
last ant imm . - 

i The specific figures show that. 


Anrageuftbeothee 
eight Gantries . . 


whereas direct taxes in 1975 were 
21.1 per cent, of personal, in- 
come in the ' U;K., - excluding 
employers* -contributions,' . the 
equivalent eight-country average 
was 15.6 per cent Only Sweden 
was higher with 27.2 per cent . 

The UJC came third in .the 
league for direct taxes as a per- 
centage of total taxation. - in 


chiding employers’ contributions, 
with 23-S per cent, higher' than 
the 19.6 per cent, average but 
below .both Sweden and West 
Germany. • 

Outlaw 


Tables comparing tom deduc- 
tions on salaries in the different 


countries at different manage- 
ment grades show that the UJC 
position is improved when 
purchasing parities are con- 
sidered rather than exchange 


rates, although - dedu 
remain higher in -the UK. 

A - manager earning., 

£8,500 in the UK . paid j .- 
cent of this. in. taxatior 
autumn, while , the eight-c " 
average,, based on eat 
rates, came to 22 per ertrt. j ■inU * 
adjusted for purchasing Vj Jr ‘ 
the average moved up to f 1 
cents only four -points sh 
the UK percentage. 

The report says that th- * 
-elusion of tile' Commission ' 

in 1975 that tbe UK wu 
to the average for: the . 
countries : was wrong , : 
number of reasons.- 

The base year of 1974 b 
the UK in a relatively i 
able light since' which pf 
taxation has increased i 
UK without showing a 
ponding rise in other con ' 


•aisji 


‘Needless cover-up’ over 
$ fraud plot, court told 


FINANCIAL TIMES il&ORTBl 


Budgensi 
drop stan 
in 60 sho] 


February starts 
on homes 
lowest for year 


- , . . •. • : ir . • 

Helicopter Britain joins campaign 
airport link for European airliner 


is planned 


By Michael Cassell. 
Building Correspondent 


By. Michael Donne, 
Aerospace Correspondent 


BUILDERS BEGAN work on 
fewer new homes during 
February than in any month for 
a year, according to provisional 
figures issued by the Department 
of the Environment. 

The figures come as a dis- 
appointment after signs that 
housing output was beginning to 
improve as builders began to 
respond lo improved margins, 
availability of mortgage funds 
and strong demand for owner 
occupation. 

Work began on nearly 15,400 
homes during February compared 
to 17,500 in the previous month 
and 14.700 in the same month 
last year. Starts in the private 
sector reached 9.200 while public 
sector starts were 6.20G. 

Total starts in the December- 
February period were down 12 
per cent, on the previous tbree 
months, but 7 per cent higher 
than a year earlier. 

Total completions in February 
reached 20,500 against 22,000 in 
the previous month and 22,100 a 
year before. 


THE introduction of a helicopter 
link between Heathrow and 
Gatwick airports is an “ essential 
ingredient ” in the Government’s 
policy to transfer some air 
services from tbe increasingly 
congested Heathrow to the less 
crowded Gatwick. 

This was stated by the British 
Airports Authority yesterday, in 
support of its plan to run such 
services, in conjunction with 
British Airways Helicopters and 
British Caledonian Airways, from 
June 9. 

When the public bearing into 
the plan began in London yester- 
day the BAA told the Civil 
Aviation Authority that there 
would be no flights between 21.15 
and 06-30, the service would be 
on a year's trial basis only, and 
if continued, would cease once 
the M25 motorway link between 
the two airports became opera- 
tional in 198& 

The fare for the single journey- 
will be £12. and in the first year 
it is expected that the service, 
using an S-61N helicopter, will 
carry 64,000 passengers. 


A JOINT team from the four 
big aerospace manufacturing 
companies, including British 
Aerospace, is visiting more than 
30 of the biggest airlines in the 
world to discover whether a 
market exists Tor a new Euro- 
pean-built short-range jet air- 
liner, writes Michael Donne. 

With British Aerospace are 
Aerospatiale of France, Messer- 
schmftt-Bolkow-Blohm and VFW- 
Fokker of West Germany. / 

They are discussing their joint 
plans to develop an “advanced 
technology *' twin-engined air- 
liner, called tbe Joint European 
Transport of JET. This would 
be offered in two versions; JET-1, 
with 130 seats, and JET-2, seating 
about 163. 

In addition, the marketing 
team is discussing possible 
interest in a new version of the 
increasingly successful A >300 
European Airbus, the R-10, seat- 
ing about 200. 

The aim of the world-wide 
marketing survey is to discover 
just how much interest the 
biggest airlines would have in 
either or both of these projects — 
i whether tbev would be prepared 
to buy them, and if so, what 
changes in their designs would 
they like to see: 

On the basis of this informa- 


tion the four manufacturers will 
be able to draw up a longterm 
plan to develop and build the 
aircraft. 

The four manufacturers be- 
lieve: that there is a market-for 
more than 1,000 short-Tange jet 
airliners of this type throughout 
tire world up to about 1990, of 
which they, would expect to- win 
about .a one-third, to one-half 
.-share. " - 


Welsh CBI 
to discuss 
jobless rise 


By Robin Reeves, 
Welsh Correspondent 


The competitien 7s formidable, 
however, with Boeing, the 
world’s biggest jet manufacturer, 
already offering the airlines a 
new family of jets that include 
types directly comparable with 
the European aircraft 

The twin-engined short-range 
Boeing 757. for example, is 
broadly competitive with the 
European JET-2 transport, while 
the larger Boeing .767-777 family 
is competitive with the proposed 
B-10 version of the European 
Airbus. 

Hithero. big airlines have 
shown a marked reluctance to 
decide which new aircraft they 
want for the future, and the 
manufacturers are being made 
to work hard to win. sufficient 
orders to justify embarking, 
upon these new multi-million 
pound ventures. 


THE CONFEDERATION of 
British Ihdustryfs first regional 
conference, begins in Cardiff 
to-day against the background of 
rising . Welsh unemployment, 
.particularly because of the pro- 
programme of: steel:., plant 1 
closures. .’ 

Speakers at tbe conference; 
called Wales Into the' Eighties, 
include Mr. Terry Becket, chair- 
man and managing director of 
Ford UK, whose decision last 
year to site a new European 
engine plant at Bridgend, mid- 
Glamorgan, - provided a much I 
needed boost' to' Welsh Job 
prospects. 

But unemployment is still 
expected to rise sharply from the 
present 90,000 level. An import- 
ant part of the conference will 
be discussion groups on- unem- 
ployment and other economic and 
industrial problems. 

Mr. Harold Williams, chair- 
man of the Welsh CBL said he 
would be disappointed if the 
conference did not produce a 
positive contribution towards 
solving the economic problems. 


ALLE GED efforts to raise plans fell through, it was said. - 

several million pounds to cover .Mr. D. Tudor Price, ..for .'the By Elinor Goodman, 
the sale of foreign securities so- Crown, claimed that if the shares Consumer Affairs Corrtsjj 
that they would qualify for had been held genuinely, there - 

dollar premium rebates were was no difficulty in marketing minsmartat’ 

described by prosecuting counsel them through, normal channels, since ScodreS 

at the Old Bailey yesterday, as But if they never eristed, then ERfiS' 

being totally unnecessary. some device would have to be ram Shi eld's thraa 
John Martin Wales, aged 42, used to provide the fun* which Shields three 

of Chislehurst a suspended Bank would normally come from their ^ 208 SopsuV 

of England official, and five sale so that the dollar premium ™-* r u , 

other men deny conspiring to entitlement csuM he obtained. The money saved -Is 
obtain money dishonestly from Evidence for the prosecution _ t0 _ f cl £, p.nreson 
banks dealing in investment was opened by Mr. Brian 

currency between 1975 and 1976. Wooding, a solicitor, of Milford, . 0 ^J£n ttcmS ’ 

.They are alleged to have been Snrrey, who said .that he . had S^Vh^ Gr^ea SiilE - 
involved in a plot to. create two ; heard two of the 'alleged: con- {“fnS 
fictitious lists of shares worth at spirators speak of having “a man “SSL 

least £2jm. which would qualify in the Bank of England " .who -g™ « 
for the dollar premium entitUK.'would help them. : . SSgJJL LSofttiitaL ’’ 

ment. But they failed to get The trial, which was adjourned Priori ite ah 

the necessary funds to back up until today, is expected to last ^^^ve trading Sami ’ 
their proposed schemes, and tife two months: . . ' 

: 1 ; T' — . T . . . ./~ r was giving- stamps 

1 ' i ' ' • 7 half Its stores because - 

Princess drive shafts 

to be replaced ..free : JSSP&Hss^ 

BY STUART ^IBCAMDER . 

noupTca t TBVT?A- wrv. mnM fa f!nst of the harts to Levland Is Tesco and introduced sti. 


to be replaced free 2£^ 

• bv cn iabt u cyamofr Stores and Gi 

BY STUART ^ALEXANDER •_ .. • . the franchis 

BRITISH LEY^AND' could face Cost of the parts to Leyland.ls Tesco and ini 
a .repair- dvCr £200.000 on expected to.be at least £10 and stores. 

ZT' 4mfr.nr nni.M Kb- a "■ StilCe then. 


mannaL gear Versions of its -the fitting charge could be a 
Princess 2200.’ Up to 10,000 may further £10-£15. 
eventually need new drive shafts 


to overcome excessive wear in • », 

the constant Velocity joints fitted I ACT ClTCUIt 
to the manual 2200s. ■ 

None h as been made since the T nvlailH 

Lucas strike which stopped the lUl J_iC j iallU 


: ; Since then, it hasTSix 
a survey of all Its stores 
what appeals to 'custom* 
has found that constun 
ference varies between d 
shops. - ^ 

In 60. it was decide, 
there were better ways o _■ 


Lucas strike wmcn^roppea me Sr Mies than giving star • 

production line late last summer. W0RK STARTED yesterday on Bndgens runs two kh 
although automatics and loop building a £5m. proving ground food shops. The laigt 
manuals, which are not affected, Hyland cars on a -former sell an unusually wide r ' 
are still available. V-bomber RAF station at Gaydon, grocery products while tk ' 

Ley land says, tiiat the —00 Warwickshire. . . ler ones— called “Foo' 

manual wtit go back into pro- The scheme will give Leyland cials " — sell a -smaller raz~i 
ductioa when a newly designed present the only major car trade as convenience star 
replacement part has completed manufacturer in the world with- Both types of outle • 
extensive mileage trials, but it out Its own proving ground— effected by the decision 
is thought that this may be improved security for testing.- stamps. • : 

timed to eo-inclde with an up-, — — 


timed. to co-inclde with an up- 
dated Princess later this year. 

Tbe new part has been stocked 
up. recent with supplies from 
GKN, and Leyland is expected 
to announce within two or three 
weeks that all owners having 
difficulty with the faulty drive 
shafts con have tbe new version 
fitted free of charge. 

Tbe offer wilt apply to all cars, 
whether under warranty or not. 


APPOINTMENTS 

i ' 

C. English joins 
Nationwide Board 


fncirui 


Monte Carlo view 
makes £120,000 


NEWS ANALYSIS— TELEVISION MANUFACTURING 


Why the Thorn plant had to close 


SOTHEBY'S was quite pleased 
with its sale of Impressionist and 
modern pictures which brought 
in £1.369.000 in yesterday's morn- 
ing session. This is notoriously an 
unpredictable market, but some 
high prices were paid and the 
bought in percentage of 24 was 
quite good for a sale of this 
Imaartaucc. 

Most of the percentage bought 
in r.-Die from a Picasso. Les 
Anguilles de Mer and a Chagall 
A u village rouge, which failed to 
find buyers. 

The work of these two artists 
is at' present most difficult to 
dispose of. although another 
Chagall, Bauqueta VAne jaune, 
just about made its estimate 
when selling for £55,000. 

Highest price of the day, and 
well above forecast, was the 
£120,000 (plus the 10 per cent 
buyer’s premium) paid for 
Claude Monet’s Monte Carlo , vue 
du Cap Martin. 

Other good prices were the 
£44.000 for Signac’s Le Pon( de 
Lczardrieux’, £40.000 for Noyers 
auz Sabions by Sisley; £38.000 for 
Portrait de Maud Loti by Kees 
van Dongen; and £23,500. double 
the forecast, for a Vlaminck Vase 
de Fleurs. 

A Renoir stilMife of three 
lemons and a cup which had sold 
for £9.975 three years ago, went 
for £19,000 yesterday. 

In the afternoon session, draw- 
ings and watercolours totalled 
£279,200. A pencil drawing by 
Van Gogh. Les Bediettrs. after 
Millet, failed to find a buyer, 
but Femme se peignant by 


Degas far exceeded its forecast 
at £31.000. 

A Kandinsky gouache went for 
£13,000, and Les Femmes d la 
Balancoire by Foujita made I 
£ 12 , 000 . 


Phillip's sold the contents ofi 
Park Hall, Hayfield, Derbyshire, 
for £154.796. The works of art 
had been collected by the late 
Harold Hobson, a quantity sur- 
veyor, mainly at house sales 
be-Fnre the 1939-45 war. 

Middleton paid the highest 


SALEROOM 

BY ANTONY THORNCROFT 


price cf £8,200 for Pcsilipo 
(Naples) by Unterberger 


(Naples) by Unterberger 
(bought , by Mr. Hobson in 
1939 for £14), and a Dutch 
buyer. Derink, gave £&2QQ for 
a pair p,f Louis Philippe vitrines. 

Another painting by Unfer- 


berger, Isola Capri, acquired in 
1937 for £73 10s. sold for £5.800 


to Weston Gallery. The Victoria 
and Albert gave £1,700 For a 
Charles X circular centre table. 

Christie’s sale of Islamic works 
of art totalled £37.500. 

Khalili paid £6,000 for a 
Jambiya, a large dagger of the 
mid-19th century, while Hadpi 
Baba acquired an early 13th 
century baluster jug for £1,600. 

Some minor lots fetched high 
prices— seals estimated at £50 
realised £500 and a 17th century 
dish beat its S5Q-S8Q estimate 
comfortably at £600, 


THE CLOSURE of one of 
Thorn’s television manufactur- 
ing plants, announced yesterday, 
.was foreshadowed last year dur- 
ing the fierce argument about 
whether Hitachi should be 
allowed to establish a rival fac- 
tory in the U.K 

Thorn, the leading apponent 
nf Hitachi's plan, said at the 
time that it would probably have 
to close a factory if Hitachi were 
allowed into the U.K 

Now, in spite of Hitachi's 
strategic withdrawal. Thorn has 
been forced to. go ahead with 
the closure which will mean the 
loss of 2.200 jobs. 

Thorn's announcement fol- 
lows closely on a similar move 
bv Decca. to close a colour tele- 
vision plant at WillenhaU in 
the West Midlands, with the loss 
of 350 -jobs. 

Neither of these closures can 
be blamed directiv on Japanese 
competition, although Japan’s 
present 12 per cent, share of 
thp U.K. market mav have con- 
tributed tn thp U.K manufac- 
turers’ difficulties. 


■ BY tyAX WILKINSON 

• 

in the boom period before the ’ u Jl” 
oil crisis led to unrealistic 
expectations by some marfufac- *: 

turers and sucked in Japanese 
imports. Once established, the 
Japanese continued to maintain _. 
their presence in the market. 'Vz. . 

This historic overcapacity has gSST* SwI 
made worse two separate trends 1 
which have been reducing labour . ‘ 
requirements and increasing 
productivity throughout the “V 
electronics industry. I - An 

The first is the change-bver to 

automatic assembly and /testing , . 

from predominantly /manual ot * ie 2s vmai 
methods. Only a few years ago source; 
long production lines pf girls . . 

were required to pt tbe 
thousands of individual fcoenpoo- 
ents into their correct positions su Jeie one 
in circuit boards. " 


UJC. colour television . . 
manufacturers and estimated 
market shares. 



Market 
share % 

Thorn 

26 

Philips and Pye 

22 

japan (including U.K. 

manu- 

facture) 

12 

ITT 


GEC 


Rank 

6 

RedHTunon 


Decca 

7 


Others (mainly imports) 6 
Source: industry- estimates. 


Reliable 


Overcapacity 


The basic problem is that the 
industry as a whole is selling 
only a little over half of the 
number of sets it has the 
capacity to produce. 

This overcapacity has been a 
feature of the industry since the 
home market for colour sets 
declined from a peak of about 
2.4m. iQ 1974 to a level of 1.5m.- 
1.6m. sets a year. 

The rapid increase in demand 


Many other workers were 
needed to check 'that the com- 
ponents were correctly positioned 
and to test that the boards 
functioned property, before final 
assembly into sets. 

Now-.' many of the components 
can be inserted into their boards 
by computer-controlled robots 
which are faster and more reli- 
able than people. 

The greater reliability reduces 
the -need for -testing and Inspec- 
tion, while the necessary testing 
procedures can be carried out 
by computers. i 
The second major trend to 
affect television production is tbe 
use of increasingly sophisticated 
integrated circuits, which can 
combine the function of hun- 


dreds or even thousands of 
separate components into a 
single one the size of a domino. 

In spite of the increased 
sophistication oF colour televi- 
sion sets, integrated circuitry 
has halved the number of 
separate components needed 
during the last decade, and tbe 
trend is likely to continue for 
at least the next five years. 

By 19S0, it 4s -expected that 
about 30 per cent fewer indi- 
vidual components will be 
required, compared with 1975.. . 

Thom says nearly 1,400 indi- 
vidual components were used -for 
a 20-inch colour set' in 1970. Tbe 
present figure is 673. to be re- 
duced to about 400 by the early 
19S0s. 

The proportion of these com- 
ponents which will be inserted 
automatically is expected. to rise 
from about 8 per: cent- last year 
to 60 per cent by 1979. 

A combination of these two 
developments means that by the 
early 1980s the direct Iztbonr' 


requirement for inserting compo- 
nents will be only 15-20’ per cenL 
of what was needed for an 
equivalent number of sets in 
1975. 

It is inevitable, therefore, that 
a large reduction in the 50,000 
people employed in consumer 
electronics will -have to be faced. 

The National Economic De- 
velopment Organisation sector 
working party for the industry 
has recognised that manning will 
have to be cut ‘by 20-30 per 
cent, but this is a conservative 

estimate. 

Thorn, which has .'about 26 per 
cent. -of. the UJK. market, and 
produces between 400.000-450.000 
sets a year, expects to reduce its 
requirement for dirgfct labour 
from about 4.750 in the first half 
of this year to .2,470 at the 
beginning of 1981. 

in common with all the other 
manufacturers. Thorn realises 
that it cannot buck the trend to- 
wards higher productivity if it 
wishes to stay competitive in the 
world ' " market, ’ particularly 
against the Japanese; 

As the UJK. market leader, 
.with a captive rental outlet for 
more than half . its - production 
and - three separate factories, 
Thom is id a much more for- 
tunate position thah some manu- 
facturers with -smaller produc- 
tion. ’ ’ 

One possible solution for the 
smaller-scale manufacturers 
would "be .to reach agreement 
with a Japanese company either 
fo ra joint venture or for the 
production under licence of some 
Japanese equipment 


- Mr. -CyrD English has been ap- 
pointed a director of the NATION- 
WIDE BUILDING SOCIETY and 
continues as deputy chief general 
manager. . 

Mr. E. S. Thomas has been 
appointed a director of BRITISH 
ROLLING MILLS and continues as 
company secretary. Mr. X. T. 
DaHoway, works manager, joins 
the Board as works director.' Mr. 
F. T. Wooldridge, who was works 
director, will remain on the Board 
until' his retirement in September. 
★ 

Mr.R. Atkinson has relinquished 
the position of man aging director 
Of AURORA HOLDINGS but re- 
mains full-time executive chair- 
man. Mr. A. A. Watt is now group 
managing director and Mr. A. 
Laiighland has - been appointed 
director of business, development. 
Mr. Lgughland was previously with 
Johnson and Firth Brown. 

' * 

Mr. L S. MeEwen and Mr. J. G. 
Young have retire d as directors 
of ANDREW WEIR AND CO. and 
subsidiaries. Mr. H. G. P. Koch 
and Mr. R. J. Stevens have retired 
as directors of Andrew Weir 
Insurance. 

■ ★ . 

Mr. Martin Hudson resigns from 
the main Board of MORGAN- 
GRAMPIAN from April- SO. Mr. 
Alec. Bromley has been. 'appointed 
a director and remains secretary 
and financial controller. ; 

- Mr, Philip W. Kemp and Mr. 
Terence C. Bevan have been 
appointed to the Board. of JACKEL 
INTERNATIONAL, & subsidiary of 
Guinness M orison International. 

* - 

Mr. John. Profnmo has- been 
appointed deputy chairman of the 
PROVIDENT LIFE ASSOCIATION 
OF. LONDON. 

PARNELL ELECTRONICS has 
appointed the following executives 
fo the main Board: Mr; Henry C- 
Efctonei. finance director. Faro ril 
Electronics; Mr. Ken . Gledhfll, 
deputy managing director. Parnell 
Electronic Components; Mr. Eric' 


Wail, managing director, 

Coil and Transformer Man 
ing; and Mr. Adrian S» 
managing director, A. C. I 

Mr. Martin C Wto* & ■ 
ing his partnership with j . 

COTE AND CO., stock! ■ 
from April 28. He 3<>tos 
VERIEN AND COh stoeKJ 
as a partner bn May L 

Mr. Darvid CunhiTe 
appointed to ihe. Bps *li\ 
CARRINGTON VIYELLA- 

Mr. M. P- Payne 
pointed -field saJes dm* 
VTSIONHIRE and Hr- 
Drury has beconM mar 
sales director of KEWY * 

The companies are menu. 
the Electronic totals or 

carpets INTERNA? • 
states that air. ^ Ojj® .... 
hical director of ’ 

and Co. fBradfoiJ). « ’ . 
has been seconded . 

International Malays^ a . .. 
as executive ... directory 

years from the «td of t® 5 
Mr. David ?- * 

Industries of Vancouver. . 

Mr, William A. ChaP™*”; 

ATED. ; • • ^ . . .. 

" Mr. N. G» U-Honfc-g 
appointed ; *. - 

Hares has become magg» 

, M. p. it.lW-* <3! 'U 

spfiolnie'd financial ^p^i; 

jSSfat *, 


•cat 


<>rs 








Knawaat Times 'Rrarsday . April 6: 1978 


■f-r - ' ■ -is 


NAt^NALiSED INDUSTRIES WHITE PAPER 



BY JOHN ELLIOTT and COLIN JONES 




dilutes NEDO proposals 



Inge- tioiis to tile present system of 
interest the Individual industries' con- 
sumer councils, working along* 

The Government has also National Consumer 

decided that, in some industries, Government is also 


d, an estimate of the extra , ha 7nl7 The Government is also "de- 

>f any to the industry of L5fnn SMS-m 0 S-SHiS!" veloping other ways of involving 
■menting the direction/ ItepMtaent. the main Interest groups In the 


ROPOSALS for refonamg 
dustries -deal with " 
terest groups were 
" *.te. Paper, 

__ A ' They take the form "(if a ♦«. !??■ oy a tw0 :p er structure of a “ The Government considers statutory instrument was 

ora Mdiral M tSr *? s a 5^enunent. reartum .to policy council responsible for that this situation s 
^ iSwfJSTrr , eas P ut forward m a special National strategy -and a corporation board avoided, and that it is 

cononnc Development Office report in November 1976. ac “ a S 115 ^ executive authority, principle that a Minister cannon «■= um-tuuD. __j 7 „ . . h „ «ic u.uau ***i S *»l 

hey also embrace the industries’ financial and economic JF5. Goyemment, while agree- statutorily intervene in specific "Urt* Mfry did not agree Treasury aswdTshoifd be SF™US5 n,n * “ industry 
amework . v 1?g that Its own main concern matters of major importance sub- with this, their estimate would woSnSi tn a Boa** xh»r enn- or J: sect0 ^ , j _ 

Thev lav Avum . r . . should he the strategic rather iect to the approval of be published with the Govern- saltation with thp rhaiman. , ^ iese ? °7P art |te 

•«i ney - «wn new powers for Ministers- to be able than managerial issues of the in- Parliament. meat’s comments on it. Comnen- sul J? non wtlh tte chairman. forum, w hich alreaw exists, m- 

1 135116 industries with precise directives. *. ’also dustrics. does not accept that the "It agrees, therefore with w&uJd ** P aid when* ^odld be to give volving the Government. man- . 

imriiB* - - - ■ +—''♦■ — — — • — •• -- ~ uierexorc, wun — — — the Department concerned a agement and unions in the coal regularly revise their five-year 

of the industry, and ideas for setting up programme, often substantially, 

insight an economic - development com* to take account of changes in the 
There would also be powers in* 0 i ts Problems." The Board, mittee for transport Relation- outlook for the economy, in the 

to override, when necessary and too, would have “ a elearer view, ships jrij indus^esj suppliers demand for their particular pro- 


*ageof 


PRE-TAX KALfMIIS OF RETURH-i 



0 


V 


S 

V - 


aittmHDaaKiififfs/’ v / 

2 

- OlMESIEWSi 

\ 1 
■ Y . , 1 


ms wjt) 



' uiuusines Wim precise directives. *. They also o^swes, does Mt accept that the "it agrees, therefore, with “ aon . wouifl ** P aid *herc 

iggest experiments to give civil servants and consumers ^£ e fl L, etructure wouW Deces ' iwdo that the present powers ort E "ciearef^SemaS^^u 

wardroom seats, .and the development of. industrial ^ . ——————— - previd^A 3 “ latlon would mS? SfTSSr 

imocracy. . . Government ^ belaeves .. ,W. V into lt/nrnhhm« " Th* Roar 


The system - of financial targets and 


that, contrary to the NEDO's ob- 6 In the absence of powers to 


es for jectives, these arrangements 


rici ?g policy and investment” appraisal, which was would sW~dowu *be‘pro^s of goremmentfhav^hadt^reiy 

^veloped in the 1960s,- is to be reintroduced with m * Process of persuasion. 5 

— modifiratin^c tus? rc^onsibihty and account- 


The main <*anges are the introduction of. a 5 per al> S d^nofm^n^hat'Tc should m extended to remedy mish, con - ;. Thcr£ ? > a potential 

^nt required rate of return” which each, industry GoveSuSS i?jec“^oT«r«u- ffijs deficiency by enabling the — culI >' ansin£ from ** 

ill be expected to achieve on the whole of its invest- meats about the need for relation- Munster to give 


subject to European Community at * formative stage of their are also being studied. ducts, in relative costs and 

obligations, any other duties ex- Planning, of the wider objec- Turning to corporate plans, prices, in the burden of their 

cept financial duties laid on an to'es and implications of Gov- the White Paper says that, for financing requirements, and in 

industry by Its statutes, where eminent policy. many years, the development physical progress in the installa- 

diffif- plans and investment pro- tion of new plants or of new 
........... dual S nunraes of nationalised indus- buildings. 

ive a board either continues: “irp ar lia- aiieRianee which a cavil servant tties, covering periods five years “Nationalised industries, like 

Inalion* J T ’** ' ~~~ P shins to be chan eei general or specific directions on !? em a W»*oyes these powers, the would have to his Minister on ahead, have in creasing ly been any commercial organisation, 

■??* Ment programme, and the adoption - of a system of tL wwt7p^!Tn n( « matters which appeared to him Government intends to use the one hand and as a Board formulated hrtbra the wider eon- nmst continue to show flexibility 

^c ^grfte manw ladtettoni- wMch-eadi tetotty wffl “•*«*«»• JS<~i tain-. ®» 


t ".publish in its annual report and accounts. 


themes 


Us 


which are now being -proposed or “An important advantage of White Paper is that the rclation- 


. I _ . — — ■■■' — ■ _ . .. . . . ... j U 1 U 91 I.U 1 I 111 luc LU auun UC.VIUL 

sparingly. One* of the member sharing corporate re- text of both the mdusines ana and to make such changes, 
running through this sponsibility of the Board on the the Governments objectives and . . . 


^ Hie White Paper says that the Government does not have already been introduced. " the new power would be that a &jp between governments and 

-- la"'. ^^wtend to repeat the mistakes of the early 1970s when ^ _ c ° ??^. in _ , ?^ 3 . e . r ? b ’ p - vi “atjonaiiFed industries is close: & Nationalised industries, like 


tommercia} organisa- 
continue to show 



Rut tbo WJtnw Paper points out that 

the presefrt statutes empower a Secre- The 


Government will 


INVESTMENT, the White (around 4 per cent.). 

f J .. ap ® r 5 tat ®? the ■ C ? ove ^ n ' -profit rate. ;» frleved tary of Slate to give directions forward proposals accordingly comprehensive 

:■ : i; u ient 15 discussing, with the deepest recession, since tn? 1830s oE a •■ genera ,j Character** io for amendment of the statutes," Board structuri 


policies. ^ So that the select committee 

"The Government considers on nationalised industries and 
that the corporate plan, and the the public can be better informed 
examination of strategic options, °f the industries’ objectives, the 
should have a central place in the Government has asked them tD 
relationship between the publish in their annual reports 
nationalised industries and their aDd accounts a summary of the 
sponsoring departments. broad objectives in their 

..... r — — ~ the White “ As corporate planning is corporate plan, and the main 

sibihty or accoun lability.- Paper.. established more widely it will P oin ts m any major review, and 

put The White Paper rejects any To encourage industrial demo- enable the annual review of the Government response to 

Bhcusive pattern of tries, after consultation with industries’ medium-term invest- “ iera- 

*ftationat"isos fnrfu«rrW - the ieTunf the best euida 10 pros- C j ■»“«*» *» '^7^* "V““ smicturc for the indus- their unions, to produce propo- ment programmes to take place To improve monitoring of per- 

• L • ■' t ^k next 5-10 0° mailers of national in- says the White Paper. mes and says The composi- c racy, the White Paper says the in the context of known and formanoe. the Government has 

l>. V- .-," ?ar ^sfr,,rin^ le thi.r the recovery in and * in some cases, on par- “These legislative proposals tion of each Board will bo Government wants all the indus- understood longer term also asked nationalised industries 

• - is specified subjects. will include a number of sare- settled on. an industry-by. sals by August strategies. to include in their annual re- 

n n‘ ; ?Iace *5 SnSSv v^raiii the - In the absencejif powers to guards. A Minister would not industry basis by the Ministers The Government says it “also “This is not to say that there ports a statement summarising 

:• l V ■ ‘Ur Wti2„ “* investment resources nmixeiy to ^oe veiy giv e specific directooro govern- be able to issue a specific dire=- concerned after discussion with sees a rote for consumer mem- will he.no changes from year to “the Government’s main current 

v s vS 1 J 1 5h --« M **„* W A!™L»!^ P Tii«wkuV farfai* would manls aa Y e had t° rely on a tion before he has coMulted' the thechairmen. bers on some nationalised indus- year in the five-year plans of the instructions and guidance, and 

• -at u; The old system of mvestment ^Mhe^ievam rac^ wmiia prw»» D t persuasion Because industry in question. The direc- The Government will also con- try Boards." But the White industries for implementing the also information on how it is 

Appraisal, based on discounted bt the cost„« .Sf* 11 ;" this has been informal, account- tion would he in the form or a tinue to appoint part-time non- Paper concentrates on modifica- agreed strategies. The industries measuring up to its objectives." 

ash flow techniques and a test to private firms, nut uns in-’ — — — J 

iscount rate of (since 1969) 10 velvet considerable problems of 
er cent* had not fuUy lived up measurement and interpretation, 
expectations. 13ae measure develop™ oy tne 

In practice, only a limited pro- y 3 ?- 0 * craTln 

ortion of investment had been L rit ? 07 fVj and is 

ippraised by these methods. the 196 ? s aa 2 1 , - 

I any of the industries regarded 2"J2E? €Stunated atabut ' 



reference." But ■this method 
difficulties of 


5y Elinor 

-or.iu.Tfir Aftuj fruppfy. 



. >, n 

^vhole. 

...- .im ft-t 


states that 

. _ . . ...... theonetiicafly correct 

expected to -achieve basiir the ’ choice must' be a 
their new investment as- a- matter of judgment. In selecting 
A . .. v -5- per cent as the appropriate 

As such, it would become a figure ~in current circnmstances. 
sari actor tn pricing policy, the ^j e Government has given con- 
! ?r.ie scale of investment and in the giderable weight to . the rates of 
:.vf ^determ i n a t i on of • financial return the private, sector has 
■ * -‘f- g argets. achieved In the past and to the 

•- \:r.\ An appendix explains why the external cost of capital. 

• f?. iM 5 ."Ioveniment has chosen the ... i t WriJl be up to the natioaal- 
::z leisure of 5 per cent in real tsed industries th ms elves to 
'Zir- terms before tax as the BUR. select the test discount! rates they 
- , - 5 .^ One approach would be to relate apply fo individual projects to 

to the pretax real returns meet the KRR on theip. whole 
j -r. -s achieved by private companies investment programme: : 
'"-••V-ij-r This Jell from over 10 .per • They wilt, however, be ex-, 
..■ ■-^■ent Jh the njld-1960s to aroand peeled to consult Ihe-spoDsoring-, 
. .v .. ,; N .{ per“ ceiit 5n the' early. 1970s. ' departments on the methods they 
•;..=r^ In the .last . three" years, the use. and also over certain major 
has been even lower mvestment proposals. 

. • • -. ’ _ ' ' ' . ;v. : ■ ' ' ' ’ ". f 


Actual size 


Capital structure ; 

' " ‘ • .:, r :rBnE WHITE PAPER rejects the 20 per cenV of their National 
. ' \S-“\ .li «rNED.O argument that the Loans Fund borrowing whit* 

. — r £.. n .:. n *u». «.«> otherwise borrow 


y 


. ^methods of financing the in- they wo: 

•; .* *. dustrles has not been based on -k)ng-t« 

V«,a consistent rationale. It states . Ibis isf designed to meet tiie 
v ' "that the main features will re- difllcultaf. which has arisen under 

- ' " : : rmain as .before. present/ arrangements, where 

.‘if The nationalised industries will some /industries have found 
■ ’ • '■ ./.Tnot be allowed direct access to thems&lves with a debt structure 
■•"domestic markets for their consisting of temporary and 
medi um and long-term borrow- long-term debt, but tittle or no 
’ ■ ■’ ''ing, and Public Dividend Capital megium-tenn debt. 

• ..* ' - :r -^ will not 'be made available to A -further concession will 

_ . ■ ■ •-* -■ 'any more industries. ’ permit an - industry to capitalise 

• The Govenmient has, however, interest charges during the con- 

-. . .• agreed to give some .greater /traction of a major investment 
- "flexibility in the terms of borrow- project, instead of tharging inr 

-.-•-King from the National Loans/ terest to revenue in the year in 

t Fund. / . •/. -which it is incurred. This prac- 

_V. . '• = One concession, will allow in/ tice has already been adopted for 
L ' dustries to borrow, if they wish, certain capitat-in tensive in- 
■ y medium-term maturities for Up $b dustries. . 

• ■ .j'J* - r 


Policy on pricing 


,h joins 




THE White Paper says that tt is general level of prices charged 
primarily for each .industry to by that intastry, in the light of 

with regard to -its manse ta and and counter-inflation 

its overall objective^_inciudmg policy, as well as the need to 
its financial target. Fdt many costs including the oppor- 

industrles, prices are .market moity 'costs of capitaL 
determined, to a . considerable Government will want to 

extent and in some cases com- satisfy itself, however, that the 
pletely so. main, elements of ah industry's 

For the -industries whose pricing structure are sensibly 
• .-. - market pool tion. gives them scope related to the costs of supply and 
.. «*# ■ for setting the prices they-charge, the market situation, and that it 

. ' ,r ... i- the Government . seets its ; main has . developed the necessary 
-• • role as determining, the. overall information and accounting 
.^financial target, and hence- the' systems for this purpose. 

Financial targets 

. ; FINANCIAL targets are central industry-— or, in libour-ln tensive 

in the guidelines which the in- industries, on turnover. 

_ lin i *' dustries expect from the Govern- . The Government intends that, 

, , .) ill l ,7» m ent and are essential for their as soon as possible, financial tar- 
.' " : short and medium term plan- gets should be put on some suit-. 

•’ Ll : . *• ' nihg. Targets for some industries' able inflation-adjusted basis (qs 
V have already been re-set — the -is already the case wlth the Port 
\\ i White Paper lists these in an. Office teleconunim i ratio ns dusk 
' - : "-s J appendix— and others will.be set, ness).' 

-> [• a Q(j pablish^l as soon is. pott- 3n future?- the industnes wul 
-O'Rfi'l s ibie. show, prendnently in their annual 

-'“.ft * { Generally, targets will' be set ’ reports and accounts tbeir fioaa 
for around 3-5 years, and their ciaL target, together with the 
ma jn form will be a percentage actual outturn and a comment 
■tf: return before Interest on The on ‘the-. comparison between the 
•. v i* average assets employed by an two. . 




j it&f 

"r'^V 


Perf onnance indicators 


- • . “iA. FINANCIAL targets do aot by other aspects of performance. 

U* themselves serve the purpose of In ioduslnes 

■ ■ - Xfihm a* .—*—t m 2 


sumuiauiw performance 'indicators, indud- 

*■.*,5 a monopoly industry to.. further mg forward projections. They 
efficiency since the targets .can have ^ been t0 show 

' l ' y c be achieved by raising prices prominently in their annual re- 
■ m y$P or changing the. level of services, am} accounts a number of 
The Government, therefore, key performance indicators, to- 
■'* J agrees with NE330 that the gether with an explanation of 
!.(%■ guidelines; given to each indus- why they have, been chosen and 

' " significant treads. 


, try should include targets for of 

tir i^,f •' '.. 

Cash limits system 

v 


Y:T 


»- r ‘' 


MEDIUM-TERMS financial tar- meat and allows departments to 
gets wiM continue to be supple- keep in close touch with develop- 
v >> mented by the present system meats in the industries' short- 
• of cash limits on each industry’s term financial position tn a 

* ‘T .r- external finandne requirement’ systematic and orderly vn 


external financing requirement 
y for one year ahead at a time. 
-•r> v 4 y The Government regards cash 

r limits as a proper discipline on 


way. 


The Wotipnalisdl Industries. 

the industries* r finahcial m anage?- HfifSO; - ’Price 7&p. 



The only pocket television* 
Anywhere in the world* 


Alost ‘portable’ TVs are no easier to 
move than an overloaded suitcase. And 
wherever they are, they need mains 
electricity (or, would you believe^ a car 
battery) to work. 

If you ever get as far as taking one 
abroad 3 you can be sure it wont work. . 
Because it’s built to receive UKstandard 
transmissions,not foreign ones. (In fect^ 
just about every country in the world 
transmits on different thing iimmi es.) 

So muchfor so-called ‘portable’ TVs. 

Now there^s a portable TV that 
goes around the world, works 
across the world. 

It% the new Sinclair JVhcrovisiorL 

It gives you dear, sharp pictures. With 
crisp quality sound. And it can fit in your 
pocket. 

Iffe no problem to take it on holiday. 
To Britton or Bermuda, Harrogate or 
Honolulu. 

Itfc discreet enough to use at the 
office*To keep in toudi with current 
afiairs, the World Cup or the weather 

Ift personal enough to use at home. 
So you can watch the early news at 
breakfast, afternoon racing in the garden 
shed, and the late movie in bed. 

Itfs allyouneed tobefirstwith 
important news-like the forthcoming 
Budget 

It works on boatSjin caravans or the 
back of carsJft happy cm thebeach or in 
ihebathioom. 

You cm watch the mixed doubles on 
Wimbledon (Centre Court) from 
^Smbledqn(No.2 Court). You can watch 
televised AcrionReplays while yoc&e 
sittinginfhegrandstandL 


When we say portable... 

Different countries use different 
transmission standards. But Microvision 
works in most countries of the world 
where there’s a TV station. Unlike, any . . 
other TV Microvision is multi-standard. 
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It has built-in rechargeable batteries 
(how many other TVs have that feature?). 

To save battery power it has a mains 
adaptor 

To Boost battery power, it has a 
battery charger 

And because other countries have 
different mains electridty, it has another 
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outside the UK. 

It also has a car dashboard connector, 
for use in places where there’s no mains 
electricity. 

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where there’s no peace and quiet 

It has a screen-hood foruse where 
there’s no place tohidefrom the 
noonday sun. 

And like every truly portable item, 
it has a smart black leatherette carrying 
waUet(mcaseyourpockets arefiill). 

It’s British-designed and British-built 
by Sinclair Radionics,Ithas a strength 
and durability that withstands every- 
thing from household knocks to a 
bumpy landing in the Bolivian jungle. 

Microvision costs £225.00 (including 
all accessories and VA30- And like every 
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incredible value for money. 

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more than any other TV.Yetit all goes in 
your pocket! 


What you get with Micro vision 

Microvision TV receiver 4 in x 1% in x 
6% in, weight 30 oz, screen 2 in diagonal. 

Push-button selection for UHF/VHFj 
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contrast, line-hold, frame-hold. 

^ Continuous tuning, channel-markers, 
built-in aerials, ddayed automatic gain 
control, automatic frequency control. 

Accessories as detailed, plus 
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Guide and comprehensive guarantee. 

Where fo get it 

.. Amott^Bmns,Debenhams, 
D.G.Leisure,Dixons,D.H.Evans, 

Fortnum &Mason, Frasers, Harrods, 
Jenners,Kendd Milne, Rackhams, 
Underwoods, and other fine stores. 

Hie Sinclair 
Microvision 



Sinclair Radionics Ltd London Road 
St IvesHuntingdon Cambs PE17 4HJ 



World leaders in fingertip electronics 




• i i 


.V 


f 

I. 


3 


THE JOBS COLUMN 


•' Financial Times Thursday April 6 1978 


.a -a ./;v, 


Locum management • Consumer electronics • Tr aining 


BY MICHAEL DIXON 




LOCUM management, in which 
seir-exn ployed professional 

executives fill shortish-term 
managerial vacancies in com- 
panies, has attracted much in- 
terest. Since I wrote seven 
weeks ago about former Mat- 
thews Wrightson Land chief 
Nisei DyckhofTs plan to form 
an association of locums, 
numerous readers have got in 
touch wanting either to know- 
more about the idea, or to tell 
me more about the practice. 

For instance, George Lull, 
whose career has included 
general management with the 
Vestey group and with ITT on 
the Continent, says he would 
like to hear from any highly 
professional and multi-lingual 
managers interested in setting 
up a new' locum group to work 
throughout Europe. Equally, if 
not more so, he wants to know 
of employing concerns who see 
a need for polyglot executive 
stand-ins “anywhere in the 
world." 

Mr. Luff's address is 111, 
Chausse de Louvain, Waterloo 
1410, Belgium. Those preferring 
to telephone could contact him. 
probably most easily in the 
evening, on Brussels (02 ) 384 
1943. 

Zf he establishes his European 
group, however. George Luff 
wilt not have the field to him- 
self. He had better know right 
now that locum management 
services are already available 
worldwide through the eight- 


year-old lutes Executives 
organisation. 

Don Lueck, the American 
who works as Intex's managing 
director in the U.K.. says the 
group has offices also in the 
U.S., France. Belgium, Scandi- 
navia, Austria and Australia, 
and local correspondents in 
Germany, Japan and Hong 
Kong. 

Each of tbe offices maintains 
its own register of fastidiously 
chosen management profes- 
sionals, either general or 
specialist, available for what 
Intear prefers to call "executive 
leasing." 

This temporary workforce is 
made up of three main kinds of 
people. 

Some are retired business 
chiefs “who although they are 
just not interested in taking up 
another full-time post, don't 
want to vegetate, and so make 
themselves available for assign- 
ments lasting a few months at 
the most," Mr. Lueck says. 

" Then there’s another group, 
generally in their middle to late 
30s, who have established them- 
selves as independent consult- 
ants. They’re not interested in 
full-time employment either, 
tbey like the change and chal- 
lenge of different problems and 
projects. So they register with 
us as a source of extra assign- 
ments." 

The third type are people 
whom Don Lueck refers to 


euphemistically as " executives 
in transition — their company 
may have gone bust, or they've 
been marooned by a merger, or 
become' redundant in some 
other way in spite of their 
obviously high competence. 
And although they attach them- 
selves to us for the time being, 
these transitional penple are 
primarily wanting to find a new 
full-time job." 

When an employing concern 
contacts One of the Intex offices 
with a need for a temporary 
general manager or specialist, 
the office scans its own register 
for a suitable shortlist If it 
cannot find enough people of 
the required experience, the 
office then asks one or more of 
its fellow branches to put for- 
ward other willing and qualified 
candidates. 

The 3,000 to 4,000 people on 
the Intex registers are not 
charged, Mr. Lueck says. But 
when the client concerned 
chooses its locum, it pays Intex 
a commission based on the fee, 
usually paid on a daily basis, it 
agrees with the new temporary 
employee. Fees range from as 
low as £32 a day to £100 or a 
little more, with the average 
being about £65. 


As go-between, Mr. Lueck's 
organisation takes a commission 
amounting to about 30 per cent 
on top of the money being paid 
to tbe locum. If, as evidently 
happens fairly often, client and 


worker decide to make the 
appointment full-time, Intex 
translates its charge to a place- 
ment fee of about 20 per cent, 
of the manager’s, anim al salary. 

While hardly ever short of 
suitable general and specialist 
executives, Intex is keen to 
register more who it thinks are 
up to its standards. “We’re 
looking for people who’ve shown 
their excellence as— if they 
come from a big group— at least 
the head of a division. Those 
from smaller companies must 
really have been right at the 
top of their particular function. 

“ We have to be very selec- 
tive because working on an ex- 
ecutive-leasing basis tends to 
impose extra demands, and so 
our people need to have extra 
expertise to answer them.” 

Application forms for inclu- 
sion in the registers can be ob- 
tained from Intex Executives 
(U.K.) at 53-64, Chancery Lane, 
London WC2A 1QU. Readers 
wanting more information could 
telephone Mr. Lueck on 02-831 
6925. 

Another association for 
locums already established in 
Britain is Independent Consult- 
ing Executives, headed by Geof- 
frey Mills, also open only, to 
people who have shown skill at 
top general or specialist man- 
agement level. The address is 
P.O. Box 44C, Esher. Surrey 
KTio OPR — telephone Esher 
66600. 

While interested in hearing 


from potential associates, Mr. 
Mills’s main point in contacting 
the Jobs Column is to protest 
that the. fee-levels suggested by 
Mr. Dyckhoff. for independent 
locum work— £1,000 a month or 
£65 a day, plus a 20 per cent 
bonus at the end of the task — 
are too low; • . . 

Wherever ICE caff Mr. 
says, it quotes a price for doing 
a job, rather' than for the time 
spent by the person in doing It 
But where a daily charge is un- 
avoidable. the proper market 
rate for a senior-rank locum is 
£200 to £300. Traditional .con- 
sultancy houses, he adds, 
“jCharge -much- more than; this 
for even . quite inexperienced 
people." 

. Naturally, managers setting 
up as locums on their own 
would probably have to take 
less. But the ICE head insists 
that, when working on a project 
which takes all of the person’s 
attention during the period con- 
cerned, a daily rate of around 
£150 is needed if the locum is 
to make a reasonable annual 
income. 

/ After all ^he adds, what client 
companies are looking for is 
temporary executives who -are 
not only demonstrably compe- 
tent bnt also available to start 
the project and stop it pre- 
cisely when’ the client wants. If 
locums are to offer the required 
“ availability," they can scarcely 
avoid experiencing considerable 
gaps in their own programmes 


of work. »*Fee rates must re- 
flect thi s,” Mr. Min^ says. 


Quartet 


SONPAR (LONDON), an im- 
port-export concern begun in 
Hong Kong -more than 100 years 
ago, 4s looking for abont fbur 
skilled sales types to help it to 
expand in the U Jv, where it has 
been operating since 19&L Tbe 
quartet I gather, could well be 
from the ranks of tbe'aforeta op- 
tioned “executive? in trahsi-, 
tioa." provided they fulfil; the 
essential requirement of having 
well-developed business «v r nis 
and . senior, contacts: in large 
store and inail-order . groups. : 

The work is mainly to boost 
sales of “ consumer electronics” 
such as transistor radios, 
recorders and so oh, which, the 
company ’ imports largely from 
the- Far East through, its 
branches in Hongkong' and Sin- 
gapore. Responsibility will be : 
to managing director Harry K. 
Sonpar in London, although 
only one of the posts Is likely 
to be based there. 

The other three will probably 
operate in the Midlands, in 
Wales, and In Scotland." 

Mr. Sonpar has an open mind 
bn pay. As salaryY he does not 
expect to pay less than £5,000 
and, given candidates with the 


tight experience, ' would pay 
more. There would- also be 
commission of course. Inter- 
ested readers should write an 
outline description of their 
qualifications and send it to him 
at. 210 Upper Street,' London Nl 
1RN. - 


Complex 


AS FAR as I have been able to 
see? over the -past decade . or 
more, the Distributive -Industry 
Training Board has not. proved 
one of the real suc cesses among 
the .country’s ITB& . And the 
main reason- for Its' problems' 
could well be . the. size' and 
variety of the working sector 
j-pr whose training the Distribu- 
tive Board is responsible. 

For example, about one in 
every 10 people ' employed in 
Britain come into the DITB’s 
area, and they work for about 
350,000 firms, companies, and 
public organisations, in whole- 
saling, retailing, mail order, 
credit trading, builders* mer- 
chant: ng. and industrial distri- 
bution. At present, the Board’s 
tr ainin g division has around 250 
staff in 16 area offices and its 
Manchester headquarters. 

Its principal functional job, 
of- course, is that of the training 
director who is responsible for 
putting ' together >and recom- 
mending policies and plans for 
training activities to meet the 
needs of the complex of organ- 


isations. But the last t»i, 
director left last Octob? 
John mandleberg, the a,, 
chief executive who haT* 
been covering both jobs, ha* 
come to market for a ren 
rnent “ 

Copious knowledge qp 
training field is naturally & 
tial, but it is not enough 
diversity of the Board’s rest) 
h Hides .will also call f 0r £ 
developed skills of general 
agement, and with the Bo 
activities still way short o 
covering; the whole of j? 
dustiy, leadership will 
-needed as well. 

* So candidates will ha\ 
have been closely concerned 
training, if not direct 
charge of it in the senior : 
of -a big group of some 
And if their experience inc 
work in or associated wit 
kinds of organisation with 
DITB’s scope, then so mur 
better. 

•The age limit is from 
38 up' to 50 or so. The i 
quoted is “not less 
£12,000," but if the Boa 
to get the sort of to 
director, whom it evil 
needs, I think it will have 
prepared to go up to w 
£14,500. Perks include a 
Career- outlines to 
Holmes, of the Bull B 
consultancy at 45 Alt* 
Street, London WlX 8FE 
may be telephoned an 
2188. 


Major Merchant Bank 


Operational 
Internal Auditors 


City of London 


up to £7000 


A major Merchant Bank, one of the Accepting Houses, has vacancies at three levels in rts 
Internal Audit Department for individuals seeking the opportunity of being involvedin the 
introduction of a systems 7 based operational audit approach.The positions are : 


Senior internal Auditor (up to £7000) 

T o spearhead the introduction of a systems- based operational audit, working directly to the Chief 
Internal Auditor In the preparation of flow chans/analysis/ programme construction snd 
reporting cycle.The successful applicant is likely to have had a minimum of 3 years operational 
auditing experience in an international or merchant bank and to be a qualified, or nearly 
qualified, accountant or banker, with some computer experience. 


Internal Auditor (up to £4000) 

To be a member of the team and reporting to the Senior Auditor. A minimum of 2 years internal 
audit experience in banking, preferably with some computer experience, is required plus foreign 
exchange and/or securities experience. 


Trainee Internal Auditor (up to £3000) 

To complete the team ; some previous banking experience in an international or merchant bank 
is required plus good basic O/A level education ; preferably will have started on banking or 
accountancy examinations. 


The attractive staff benefits available to those selected will include housing loan facilities, 
non-contributory pension scheme, life assurance, medical insurance and luncheon vouchers. 


Please write with full career details to : 

Box A6090, c/o Financial Times 
Bracken House. 1 0 Cannon Street, London EC4P 4BY 


Should there be any companies In which too da not wish four application to bcjavmrdcd. 
ptaasc list them in a coraing latter addressed to the Appsintnants Man agar. 






Financial Director 
(Designate) 


c. £12,000 plus car 


Our client is an old established private group of 
companies engaged mainly in the construction 
and Sght engineering industries. Its recent 
history is one of successful gowthand 
turnover is currently £1 7m. The Financial 
Director will be responsible for the preparation 
of all management and financial accounts 
throughout the Group. Candidates, male or 
female, must be Chartered Accountants over 
30 years of age with experience of the 
consolidation of subskSary companies 
accounts and the retrieval of management 
information and st a ti s ti c s. Career prospects, 
inducing the possibility til a Main Board 


Directorship within twelve months, are 
particularly good. The remuneration package 
is worth drea £1 2,000 phis car and other fringe 
benefits. Location East Midlands. 


(Ref: B9524IFT) 

REPLIES will be forwarded direct, 
unopened and in confidence to the client 
unless addressed to our Security Manager 
fisting companies to which they may not be 
sent. They should include comprehensive 
career details, not refer to previous . 
correspondence with PA and quote the 
reference on the envelope. 


PA Advertising 


G HighfieM Road, Edgbaston, Birmargham 815 3DJ Td: 021-4545791 Tries: 337239 




Assistant to 
V.P.— Middle East 


One of the World’s leading executive recruiting consulting 
firms, headquartered in New York, seeks an outstanding 
individual aged 24-28 to work in London with the 
Vice-President in charge of the firm's rapidly expanding 
Middle East practice. 


Responsibilities will include preparation of detailed 
background work for client meetings, writing internal 
memoranda, and external communications, internal liaison, 
monitoring of statistical information, some responsibilities 
with branch offices', and some travel to the Middle East. 


We seek an individual with a keen interest in the Middle 
East, a basic knowledge of Arabic, and J willingness :o 
learn the executive search business. The ideal candidate 
will be an outstanding leader who is quick, personable, 
conscientious, and has financial acumen and a strong 
academic and extra-curricula record at a major university. 


A degree from a leading business school would be a 
distinct advantage. 


Outsnnding^ersonal characteristics, the desire for 
exceptional reward, an understanding of team spirit ind 
hard wo*. amTa history of providing strong leadership 
are essential. 


An attractive compensation package, consisting of salary, 
bonus and other fringe benefits is offered. 


Please reply with full career details in strictest confidence 
to:» 


Box A.6316, Financial Times, 
10. Cannon Street, EC4P'4B.Y. 


A member ol PA Iniermiional 


J 


Jonathan Wren * Banking Appointments 


The personnel eonsuliancy.dealing exclusively w ith the.han_kin” profession 


m 


NEW ISSUES MANAGER £7,000+ 

■ A Manager is required to run the New Issues Department of a merchant bank subsidiary. 
Applicants should: 

(a) have had managerial experience of handling Rights, Capitalisations, and Takeovers 
in a busy office of a bank, broker or registrar; 

(b) have worked with computerised office - systems; 

(c) have the ability tb organise and motivate staff effectively. 

This is a challenging job demanding high professional standards. It offers considerable 
independence and variety and die opportunity to deal with a wide range of dients. 
Repiies wifi be forwarded direct to the client, unless addressed to us listing companies 
to which they may not be sent. 


Please send details of your education, career experience and current salary to: 
KENNETH W. ANDERSON (Director). 


170Bhshopsga£e London EC2M 4lX 01-62 3 1266 7 8 9 


Area Treasurer 


Scale H 

£9,745 -£11,788 (inclusive) 


Bromley is a Single-District Area with current revenue, 
expenditure of approximately £32 million and payroll of 
£,000. It provides health services for a population of 
around 300,000. 


The Treasurer's Department has 52 staff and provides 
centralised financial services using the Regional computer 
installation. The Area is engaged in a pilot scheme on 
behalf of the DHSS into the feasibility of the use of direct 
data entry through an Area based computer for payroll, 
financial accounts and hospital activity analysis. 


Applicants should be qualified accountants with sound 
experience at senior management level in the NHS or a 
comparable organisation. The post falls vacant on the 
retirement of the present holder at the end of August, 1978.' 
Further information -on be obtained from the Area 
Treasurer, Mr. R. J- Snowden, telephone Orpington (Kent) 
27050. 


Application form -and further particulars from the Area 
Personnel Officer ! ref: AT) Bromley Area Health Authority. 
Bassetts. Starts. Hill Road, Famborougfi. Orpington. Kent 
BR6 7AR. 


Completed application Farms should be returned to the 
Chairman, c/o Area Administrator. Bromley Area Health 
Authority, Famborougb Hospital. Farnborough Common. 
Orpington, Kent BR6 8ND, by 1st May 1978. * • 


Bromley Health 


Bromley Area Health Authority 


INTERNATIONAL 


FINANCE 


c. £10,000 — Home Comities 
with attractive fringe benefits 


A University • graduate / qualified accountant 
required for Senior executive position reporting 
to Finance Director of International Division of 
substantial U.S. multi-national concern. Initial 
responsibility -involves financial surveillance of 
several overseas companies. Inter-continental 
travel involved. Multi-language capability would 
be useful although not essential. Excellent career 
prospects for right candidate. 


Please send your curriculum vitae in strictest 
confidence to Box A.6296, Financial Times, 10, 
Cannon Street, EC4P 4BY. 


■I 










British National Oil Corporation 



Full or Part-Time 


The Secretary of State, for Energy is to appoint 
to the British National Oil Corporation, on a full or 
part-rime basis, a Deputy Chairman.* - 

Basic requirements are a proven record of 
success at the highest level in industry or - 
commerce and a strong desire and capability to 
• undertake a strategic role in the continued . . 

successful development of this major public 
corporation operating in the oil sector. Candidates 
- with extensive experience in the oil or oil related 
» . industries will be preferred. 

Salary for a full-time appointment will be 
within thc raoge £24,000 to _£30,ooa p.a;, or pro 
rat a for a part-time appuintment. • 

The Secretary of State will be glad to consider . 
candidates drawn to- his attention by means of 
nomination, ai well as direct applications. 

Applicants, orithosc wishing to make 
nominations, should write no later than .28 April, - 
1978, in the first place to:-. • 

. Sirjack Ramp ton KCB, 

Permanent Under Secretary of Stale, 
Department of Energy, . 

Thames House South. . 

MiUbank, London, SW1P 4QJ.. .. 
Telephone: Direct Line 01-21 1 4391 • . 

Switchboard 01-2 1 1 3000 


4 




m 







West Country 



Westland Helicopters Umited wishes to appoint a 'Commercial Manager- Export. 

This is a Senior appointment and the successful applicant will report to the General ~ ; 
Commercial Manager and will be responsible for the negotiation of new export contracts and 
controlling a Commercial Section, which has the responsibility of managing export contracts 
• once they have been won. \ .7 • 

The successful candidate will be of degree standard and commercially numerate. (Formal ■ 
business training could be an advantage). Wide commercial and contracts experience is "_y 
essennal and this must be coupled with the proven ability to manage people and develop - 
effective customer relationships. His or her previous experience need not be in aerospace, but ■■ 
should include high technology, capital equipment contracting. 

This is a challenging opportunity and the salary will reflect the importance attached to the 
position. The Company operates contributory pension and life assurance schemes and ' • “ ' 
assistance will be given with relocation expenses where appropriate. ' ' 


Apply, giving details of experience, qualifications, age and preant safety; tor-life Personnel 
Managar. Westland Helicopters Limited. Yeovil, Somerset Telephone: Yeovil 5222 Ext 477.- 


’ ' 




Westland 


. '<r_- 


WESTLAND HELICOPTERS YEOVil SCVtRtt: 


^nel Si 


WestLondon • £11/100 phis car 


Jn international enffpaeriqg construction fino, 'ope r at i n g •wo rwwmfe-.' 
wishes to strengthen its management team by the appointeflfllit.OT* . 
-^•-■-CantroUeui This is « new job, reporting to the director.^ 6nsnc».ffl»; 
administration, With the purpose of upgrading the qualify of fina n c e son. 
accounting in the United Engdonicoiiqany. 


is repeat pamneas-aro- g.yyito - 
technical staff To m a tch this 


The trademark of success far the- 6 . __ 

this repeat business is the etceUericc of — 

excelle n ce a chartered accountant is required with swmd tecfa*ht»Iim cn*JBflge 
of finanrial accounting.' management expgrienty in- a. afro 
oriaited company and a desire to broaden Mis or her 
an engineering setting. 


The. salary indicator is plfiM Car jjrovidsd. Age nmter '«L location 
- West London. -' ’ " • 


. Please write in confidence for an application- form and a jbfc 
- - David Prosser. Price Waterhouse Associates, Southwark Tbwets. « Lennon - 
Bridge Street. London SE 19 STiquotingMSS/ 306 ff — ' 




•r-j 


A 


/ 








^aneial Tmies Thursday April 6 1978 


C«JA 


RECRUITMENT CONSULTANTS 

35 New Broad Street, London EC2IV1 1NH 
Tel; Q1-5BB 3588 or Q1-5SS 357B 
Telex !\lo.S87374 


^^demamfing appointment with opportunity for exposure to senior management in a large multi-national organisation 

PROGRAMME ANALYSIS MANAGER 

WEST OF LONDON £7,000- £9,000 

MAJOR INTERNATIONAL GROUP 

Invited from candidates, aged 24-32, with 4 good degree and/or professional accountancy qualification, who 
««« ™ Sf . sophi#tS . c ” e *. Project appraisal techniques or new product costing. The Initial brief will be to provide 
Cniiift enU • - s * nior . m * nu *arturing management^ on financial implications of new product proposals, with a view to the 
pany maintaining its market leadership in an increasingly competitive environment. Essencial qualities will include good 
communicative ability at all levels, and a oumeiwft and analytical mind. Initial salary negotiable £7.000-£ 10.000, free BUPA. 

pension and assistance with removal expenses if necessary. Applications in strict confidence under reference 
r AMJU 44 /rT to the Managing Director; 

J?SE5S4 r l° HNSTON ASSOCIATES (MANAGEMENT RECRUITMENT CONSULTANTS) LIMITED 
35 NEW BROAD STREET, LONDON EC2M INH - TELEPHONE: 01-588 3588 or 01-588 3576 - TELEX: 887374 


Financial Planning 


West of London 

Our clients, part of a multin 4 ir 0 n.il group of companies, 
arc involved in the manufacture and marketing of 
sophisticated technical products. The need to increase 
its Financial Planning Department has created new 
positions for a Manager and several Analysis 10 assume 
the responsibility of Group and product financial 
planning and forecasting, and they wilt interface with 
functions such as purchasing, engineering and financial 
control at the various plants. Applicants; probably 


Manager to £10,000 + car 
Analysts to £7,500 
in their late 20's or early 30’s, should ideally be qualified 
accountants, preferably ACMA, but graduates or 
finalists with relevant experience would be considered, 
Their experience shuuld include at least S years 
linjncijl analysis, including product costing or 
estimating, in a large company. For the new products 
jobs an engineering qualification would be jn advantage. 
Relocation assistance is available. Preliminary interviews 
will bo held in Manchester and/or -London. 


C G. Moores. Ref: 2-i 1 05 1 FT 
Male or female, candidates -should telephone in confidence fora Personal History Form to: 
MANCHESTER: 061-236 8981, Sun Life House, 3 Charlotte Street, Ml 4HB. 


UNIVERSITY OF THE 
WEST INDIES — JAMAICA 
Applications are mviLed for 
the following post: 

CHAIR IN MANAGEMENT 
STUDIES 

Applicants should have con- 
siderable teaching experience 
at the undergraduate and/or 
graduate level as well as a 
record or publications in the 
field. 

Salary scales: Professor: 
J $27,166-21 Jai- p.a. (II sierl- 
ing=JS257); FSSU: Study 
and Travel Grant. Unfur- 
nished accommodation let by 
University at 10°i of salary 
or housing allowance of 20% 
of salary paid. Up to five full 
passages tai approved rales) 
on appointment and normal 
termination. Detailed appli- 
cations (3 copies l giving full 
particulars of qualifications 
and experience, date of birlh. 
marital status and names and 
addresses of three referees as 
soon as possible, to Registrar. 
UWI. Kingston 7. Jamaica. 
Applicants resident ip the UK 
should also send one copy of 
their application to Mr*. T. 
Biggs. Inter-University Coun- 
cil. 90/91 Tottenham Court 
Road. London WiP QDT. 

Further detail* may be 
obtained from either address. 



APPOINTMENTS 

ADVERTISING 

RATE £14 PER SINGLE 
COLUMN CENTIMETRE 


AREA 

REPRESENTATIVE 


A Leading London-based Merchant Bank requires a 
Representative for the 

LANCASHIRE AND 
YORKSHIRE AREAS 

The successful applicant would ideally not be less than 
40 years of age and have a good knowledge of the areas 
and the larger industrial companies located there. Some 
past experience in the marketing of financial sendees 
would be an advantage. 

Salary, negotiable, would be based on experience. Other 
benefits include, a car, mortgage facilities and a non- 
contributory pension scheme. 

Please apply in the first instance enclosing a curriculum 
vitae to R G. Lawrence. KJeinwort, Benson Limited, 
Tricorn House, Five Ways, Birmingham B16 8TP. 


Hoggett Bowers 

Executive Selection Consultants 

BIRMINGHAM. CARDIFF, GLASGOW, LEEDS, LONDON. MANCHESTER. NEWCASTLE and SHEFFIELD. 








FWANOAL& COMMERCIAL 
MANAGER- Gloucester 
(DIRECTOR POTENTIAL) 

We have recently completed the acquisition of a company manufacturing food 
processing machinery and contracting for complete plant projects and we 
require a senior executive to take responsibility for the financial and commercial 
functions. Turnover about £2. 5m and to be increased. 

Applications are invited from men or women ■ - ( 

* Who are qualified accountants " 

* In the age range 30-40 

* Preferably with experience in the engineering capital goods industry 


t, ECGD 


etc. 


This is an excellent opportunity fora person with drive and potential wishing to 
make a contribution to theoverdl direction of a company as a member of the 
senior management team. r 1 

Salary commensurate with experience and achievement to date. Assistance 
with relocation. ./ 

Apply In writing ortelephone for application form to 

C. J. Batty. Finance Director, Simon Food Engineering Group, 

Cheadie Heath, Stockport, Cheshira-Telephone: 061-4283600. 


simon 


/ 



Textile Bonding Limited 


Textile BoncSng Limited, a company which is 
owned equally by Too tai and Carrington 
Viyella, is a leading name in the field of 
laminated textiles, teams, etc. for use in a 
growing range of industries. The Head Office 
and two factories are in Northamptonshire 
with another in the North West There are 
significant expansion plans to take it on from 
the present profitable posffion. Approaching 
retirement of the present M.D. necessitates 
the appointment of a successor who will be 
accountable to the Board for iheefficient 
management of the Company. CareSdates, 
proba&y aged 40/50, must have held 
General Management responstoffifies and 
have had some part of then- careers in 
Marketing. Experience in denting with the 


automotive orany other industry where 
service is of paramount importance would be 
a distinct advantage. Conditions of 
employment will be those expected of a 
reputable organisation. Initial salary will be 
fixed within the-range £11,000 to £14,000. 

PA Personnel Services Ref. GM27I6352IFT. 

Initial interviews are conducted by PA 
Consultants. No details are divulged to 
clients without prior permission. Please 
send brief career details or write for an 
application form, quoting the reference 
number on both your letter and envelope, 
and advise us if you have recently made 
any other applications to PA Personnel 
Services. 


PA Personnel Services 

Hyde Park House, 60a Khrghlsbridge, tondbajSVVTX 7LE. Tel: 01-235 6060 Telex: 27874 



EOT 


Specialists in ncxi&ixneiit for the Middle East and Africa 


Financial Executives 

Middle East , Africa £10 -40,000 tax free 


ittecutiveswfthtiiupgindastrialoi 

c trmnercialbadogroimds. - - 

•ESI is an international finRoTmanagasneht consonants specialising in developing conatriBs, with 

considBraWe first-hand exp«ience of the IffiddliB East and Africa.lt handles alargevcfinme of 

reenntment assignment of behalf of Governments and the private seetoi; fora senior financial advisers 

to accounting and cornpnt er personnel it afl levels. 

w too would like to be advised of openings appropriate to yonx baefegsoimdpjlrtse' write to Michael 
Berner F C fl , TVY«macTin n Director EmcnriTC Resources International, (UK Office), 87 Jermyn Street, 
London SW1Y 6 TD, giving details of your qualifications, experience and current circumstances 
0 Bd&dixigdoia^tich!todaiimdicasiraioftiie sort of appointments in wMchyouwooldbe interested. 


ACnJARIALLY-TRAINED 

ALL-ROUNDER 


rtquirrd to minis* ctw Tcchnxil 

Department of * leading Firm of 
Fension, tnveftment and Tiucion 

ConiuJono in Belgravia. An up-co-dacc 
knowledge of indinduei Pennon 
arrangements and the sophisticated 
uses of life assurance in cax planning, 
is essential. 

The Department if responsible tor 
planning and producing ail quotations 
and reports for a medium-sized term 
of consultants. The manager will 
provide technical support for consul- 
tants. attending Important meetings 
with their clients and accountants and 
holding training sessions. 

The successful applicant will have a 
pleasant, relaxed manner and the 

ability to express ideas dearly. He/ 

she will be responsible directly to the 
Managing Director. An attractive 
Salary plus bonuses and fringe 
benefits will be offered. 

If yea match up to our requirements, 
please telephone Don 5 alter 
on 01-235 *624. 


Investment Analyst 

City 


c.£8000 




Due to a carefully phased programme of expansion in 
a medium sized city house there is an unusually 
attractive opportunity for an experienced analyst 
The appointment will appeal particularly to those 
who have specialised, for a minimum of two years, in 
an industry sector. With this experience and stature 
they will now be looking ahead in their career 
planning and wish to broaden the nature of their 
work and expertise. 

The duties will cover many aspects of conventional 
investment analysis, undertaken to the most exacting 


professional standards including company product 
and financial study, discussions with management 
and an investment evaluation ; butthe work will also 
develop into wider areas where the emphasis will be 
on the inter-relationship of the corporate and 
financial communities. 

The salary will also include a profit sharing 
arrangement. 

Replies should be made in confidence to Dr. I. F. 
Bowers, quoting ref. 690/FT and mentioning any 
firms to which they should not be forwarded. 



Deloitte, Haskins & Sells, Management Consultants, 
P.O. Box 207. 128 Queen Victoria Street, London EC4P 4JX. 



Secretary 



of a Professional Society 

City of London Salary negotiable 


The London Society of Chartered Accountants is the 
largest branch of the Institute of Chartered Accountants in 
England and Wales. Jn the main autonomous, it provides a 
wide range of activities for its 16,000 members, including a 
very substantial annual programme of courses and social 
events, an agency for the introduction and placement of 
chartered accountant students with member firms, a 
magazine, and all the usual services of a professional 
society. 

The present secretary is moving to the Institute, and the 
Society wishes to appoint a new Secretary. 

The ideal candidate will probably be a chartered accountant, 
will be an experienced administrator, and display sound 
judgement, an outgoing personality, planning ability and 
knowledge of operating through committees. Some 
experience of editing house journals would be desirable. 

This important post, which carries contributory pension 
arrangements, will suit a man or woman m the 40-55 age 
group. 

P/ease write in confidence, enclosing concise personal and 
career details quoting ref. 7861 to J. D. Atcherley . 


A/AS 


Arthur Young 
Management Services. 

Rolls House. 

7 Rolls Buildings . Fetter Lane. 
London EC4A 1NL 


cm DEPOSIT BROKERS 


We are looking for people experienced in the 
London Money or Allied Markets, to join expand- 
ing teams on our Inter-Bank and Local Authority 
Desks. 

Please write in confidence to: 

The Staff Partner 
CITY DEPOSIT BROKERS 
Royal London House 
22 Finsbury Square 
London EC2A 1TJ 
or ring C. Bygraves on 01-638 9451 



& CO. LIMITED. 


Corporate Finance 

Morgan Grenfell & Co. Limited, one of the leading 
Merchant Banks, is seeking additional junior executives 
to supplement its expanding corporate finance division. 
Early responsibility is given as a member of a team 
handling transactions for both U.K. and overseas 
clients. 

Successful candidates will have a professional 
qualification in law or accountancy or other relevant 
experience and will preferably have a university 
degree. 

Age 23 to 26. Salary to £7,500. 

Please reply in strict confidence with full c.v. to:- 
B. J. Pennington, Personnel Director 

Morgan Grenfell & Co. Limited 

23 Great Winchester Street 
”” London EC2P2AX 


INSTITUTIONAL EQUITY SALES 

£10,000 upwards 

One of the major firms of stockbrokers is seeking 
to employ a person who is fully experienced in the 
field of institutional equity sales. 

Applicants should have a good general research 
base and a proven record in this field. 

Please reply in the strictest confidence to Box A.6314, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


Jonathan Wren ^ Banking Appointments 

The personnel consultancy dealing exclusivetv with the banking profession 



ACCOUNT OFFICER - CONTINENTAL EUROPE £ negotiable 
A major American bank seeks to expand its continental Eurocurrency 
lending operations with the appointment of an experienced Account 
Officer. Candidates should be U.S. bank trained and will have a 
minimum of two years experience in developing business on the 
continent. The position calls for a high degree of self motivation 
and fluency in at least one continental language. The successful 
candidate will be based in London but must be prepared to travel 
a great deal. An attractive remuneration package is offered. It is 
unlikely that persons earning less than £9,000 p.a. would have 
sufficient experience for this appointment. 

Contact: David Grove 

AUDITOR £6,250-f 

An international bank seeks a senior internal auditor. Ideally, 
candidates should be qualified A.I.B., but international audit 
experience is of greater importance. The appointee will be responsible 
for 2/3 Audit teams, reviews and reports to Senior Management. 

Contact: Roy Webb 

ACCOUNTANT to £4,800 

An international bank requires a person aged early to mid -twenties, 
possibly a part-qualified A.C.A. for its Financial Control Division 
which is situated in London W.1 . Candidates should have knowledge 
of all aspects of accountancy and be.abfe to communicate. 

Contact : Roy Webb 


170 Bishopsgate London EC2M 4LX 01-6231266 7/8/9 












ID 


Consultant Engineers 
Greece, $ 14,400 tax free 

This opportunity, for a young accountant ready for Applicants, probably under 30, will be recently qualified 
line management, has arisen due to rapid expansion of our ACAs or. ACCAs with two years experience in mdqgtry.. " 
clients, an engineering consultancy and part of an The position will involve extensive. vaveT in the Middle / 
international group based in Athens and operating East. Excellent benefits include paid air fares for the 
successfully throughout the Middle East. The successful family whilst on leave, jax free salary "• 7:C ; ' ^ 
candidate will report to the Group Financial Accountant and a two ytar-rcnewable contract- : \\ 

and be responsible for the financial aspects of the group's Applicants should write including details bfithfiir ' ■ 

activities with the prospect of controllcrship in the short term, employment history to date to: . j • 7^. ;;. ... • 


nsiblc for the financial aspects of the group's Applicants should write including details dttheir ' 
prospect of conirollership in the short term, employment history to date to: . j 

N.P.S. Utley, Ref: 22054JFT ‘ . 

Male or female candidates should telephone in confidence for a Personal History Form to: ' ' 

LONDON: 01-734 6852, Sutherland House, 5/6 Argyll Street, W IE 6EZ. 


mCfWi 




Executive Select icxu Consultants 

BIRMNGKAUCARDIFEa VSO AVUEfJs I (.)\rXjN.\IA\( HESTLRARVCASTL£.ind SHEFFIELD 


i j ' 

i 


£7435-£9435 inclusive (underreview)- 


in 


The EJecttidty Council is the central co-ordinating ’ 
body for die electricity supply industry in England & 
Wales. 


An opportunity is offered to join the investment team ' 
responsible for the substantial and expanding : 

property portfolio of the Electricity Supply Industry's ■ 
two main superannuation schemes. ThB present 


professional advisers and managing agents . \ . 

- Thepost will give excellentscopefor a suitably 
experienced Chartered Surveyor wishing to broaden •• 

■ their knowledge of these important fields of 


investments range from standing offtcfrcommerclaf 
and industrial properties to town centre develhomM 


professional activity. . 

Wpeb fn confidence; giving age , career ?a dates nd 
present salary quoting { FT/39) to: _ ‘ 7 


Manager- 
Export Finance 

US Merchant Bank: London 


... to develop an export finance capability for the London- 
based Merchant Banking subsidiary of a" major US Inter- 
national Bank. 


The successful candidate, male or female, will be a self-starter 
with the personality and presentation required' for top-level 
negotiations. A comprehensive knowledge of ECGD pro- 
grammes and their practical application, gained over a mini- 
mum of 5 years in a Gearing or Merchant Bank environment, 
is essential. A knowledge of non-UK export finance pro- 
grammes would be an advantage. 


A five figure salary will be negotiated to attract the right 
candidate and will be coupled with first-class fringe benefits. 


Please telephone (01-629 1844 at any time) or write - in con- 
fidence - in the first instance for a personal history form. 
D. M. Watkins ref. B.1843. 


Management Consultants 


Management Selection Limited 
17 Stratton Street London W1X 6DB 


Sales Director 

£16,000 + p.a. Process Plant 


Our client is a major growth company 
selling chemical plant internationally in 
the steel, chemical, petroleum and 
related industries. II is seeking a top 
flight individual to direct its sales 
activities. 

Candidates, men or women, should 
have good degrees in chemical or 
mechanical engineering and will be 
aged 35-45. You should have 
significant management experience in 
a relevant industry and have a 
successful background in negotiating 
major contracts internationally. 

The most appropriate background 
experience is likely to be with a process 
plant contractor or as a Sales Director 
with an equipment manufacturing 
concern with complicated equipment 
and systems. Alternatively, you may 
have a business management 
responsibility for technical speciality 
products or services for the steel, 


chemical and petroleum related 
industries. 

The position Is based in the London 
area and applications are sought from 
the highest calibre individuals who 
have the stature and ability for further 
progression. Our client will welcome 
appficanfs of any European nationality 
since expatriate arrangements are 
available. 

Applications should include details of 
current Salary and contact telephone 
number. 

Ref:AB608IFT 

REPLIES will be forwarded direct, 
unopened and in confidence to the 
client unless addressed to the Security 
Manager listing companies to which 
they may not be sent. They should 
include comprehensive career details, 
not refer to previous correspondence 
with PA and quote the reference on toe 
envelope. 


PA Advertising 

Hyde Park HoubC, 60a Knighlsbridge. London 5W1X7LE. Td: 01-235 6060 Tdex: 27874 



A member of PA tnremanonaf 


Jonathan Wren • Banking Appointments 




- ■ We are the leading and longest-established specialists in banking appoint- 
ments. Currently we can offer over 300 vacancies with our merchant, and 
international banking clients, of which a small selection is mentioned below:- 


LENDING/ACCOUNT OFFICER 

£10,000+ 

CREDIT ANALYSTS 

to £7,500 

LOAN ADMINISTRATION 

to £5,200 

EUROBOND SALES EXECUTIVE 

to £7,000+ 

EUROBOND DEALER 

c. £8.000 

EUROBOND DEALER (Junior) 

to £6.500 

EUROBOND SETTLEMENTS/TRAINEE DEALER 

£ NegoL 

STERLING INTERBANK BROKERS 

FOREIGN EXCHANGE BROKERS 

£ Negot. 

(Knowledge French/German) 

£ NegoL 

FOREIGN EXCHANGE POSITIONS 

to £4,300 

FOREIGN EXCHANGE INSTRUCTIONS 

c. £3,500 

RECONCILIATIONS 

to £4,000 

DOCUMENTARY CREDITS 

£4,500/£5,500 

SENIOR ACCOUNTANT 

c. £6,000 | 

MANAGEMENT ACCOUNTANT 

COMPUTER PROGRAMMERS/ANALYSTS 

to £6.000 

(IBM System III) 

£4,000/£6,000 


Forfurther details please contact 
NORMA GIVEN (Director) or RICHARD MEREDITH 


170 Bishopsgate London EC2\1 4LX 01-623 1266/7/8/9 


ASStSTANT/P.A. 


Required for Chairman oF Iniemibaml 
Group. Banking experience preferable. 
Ultra modern .office* Meibom area. 

Salary approx. £4.500 p.a. 

Write Box A. 631 9, Financial Times. 
10. Canaan Street. EC4P 48 Y. 


and have a value in excess'of £300 million. - ' ' Duncan Ross. - ' . _ : . 

Substantial devdopirasnts are also in jiamL ' Recruitment fr Development Officer 

You will assist in the a ppraisal of new investment - CoUnCil ■■ ■ 1 - - . 

opportunities and in reviewing the existing portfolio. . , ^ . v 

You will also be involved m insurance of wooertieB - = M >n 4 on SW1 p * RD ’ \ ** -j 

and fn the oversight of development projects. These 

duties will require close liaison with the Schemes'- - . p | ITY 


Financial 

Controller 


London 


c £10,000 


An old established and substantial national organisation 
undertakes advisory work in the fields of employment, 
manpower, economics and industrial law: interprets Govern- 
ment policy; provides a comprehensive' 1 information arid 
statistical service; and represents the interests of Els members. 


They are looking for a chartered accountant to be responsible 
for the internal accounting and financial controUunctionand 
to supervise the pension and other funds. The new Financial 
Controller will be entrusted with ah additional new responsi- 
bility o! serving member organisations by interpreting new 
Government orders which affect them and representing their 
interests when necessary. ■- ■ 


Responsible financial experience in industry supported by a 
professional background is required together with a good 
understanding of fund management, taxation and the 
financial aspects of company law. 


This post carries good fringe benefits including a car, and 
will be attractive ro someone who wishes to build up a 
career and achieve a reputation throughout the business 
world. 

Please write in confidence, enclosing concise personal and 
career details , t quoting Reference 7856 to J. D. Atcherley. 


Arthur Young 
Management Services. 

Rolls House. 

7. Rolls Buildings. Fetter L ane r 
London £C4A 1NL ' s 


TAXATION SPECIALISTS 
/ SOUTH DEVON 


National firm of Chartered Accountants 
-'require taxation specialist as a technical 
/ manager/ess fof their taxation department 
■’ based in Exeter. 


The applicant should have experience in all 
aspects of personal and corporate taxation 
and be competent to advise on technical " . 
matters. 


Salary will depend on experience, but we - 
would expect the applicant to command 
£6,000 + . Contribution made towards cost of 
relocation. 


Please write with full career details to: 
Staff Partner 


TURQUANDS BARTON MAYHEW & CO. 

36 Southernhay East 

Exeter ^ _ 

Tel: (0392) 33541 


PANMURE GORDON & CO. 


TEXTILE ANALYST 


We wish to recruit an analyst to lead our estab- 
lished Textile Research Operation. The ideal 
candidate will be a graduate, or have a pro- 
fessional qualification, and will have had at least 
three years’ relevant experience. The position 
involves regular contact with, and visits to, textile 
companies and close liaison with the firm's institu- 
tional desk. The remuneration and conditions of 
service will reflect fully the status of the post. 


Please reply to: 

G. F. Hailwood, Personnel Manager 
PANMURE GORDON & CO. 

9 Moorfields Highwalk 
London EC2Y 9DS 


SENIOR EXECUTIVES 


INTEREXEC gives positive assistance to Senior 
Executives seeking new employment or improvement in 
their careers. 

How to maintain confidentially. How to plan tbs job 
search. Who can help and how. How to find un advertised 
vacancies. How conditions compare In the Middle East 
and elsewhere Overseas. How to obtain and contrail 
interviews from the other side of the desk How to 
be sure it i s the right appointment at the right salary. 

INTEREXEC maintains all the Information you need, 
provides a comprehensive advisory service, does all the 
ground work of job hunting for you. exploring - the 
Market in confidence, to secure she right appointments 
faster. 

- Why tcaste Writ e nr phone for details 
INTEREXEC 

The World Trade Centre London El 9AA 
01*488 2400, Ext. S3 






West End c.£7500+beiiefits 

- • Tlie.Qiief Accountant reports to the Finandal Controller 


;; Vv" 



involvement in all aspects of the business.and satisfaction from -- 

I • -i • • • . ■ » • - f!i -jc ■_ i ■ i- 


assurance, staff discount, B.U.P.A. sick pay, four weeks-holiday and; 
a subsidrs^drestaurant. Rel ocation expanses will be paid where s }J 
necessary. /' ' ' . -i 

Applicants, who must be ambitious qualified accountants '\ 

under 35‘years of age seeking to -develop their-careers, should •!. 

apply giving full personal details, a summary of their career 
development to date (including salary progression), the names of 
two rerereek and & statement as to what interests them in the ...;{ 
position tor i; ‘ 

The Fmandal Controller, 

Selfridges Ltd, 

4000xford Street, ' 

London W1A1AB. 


iall 



400 Oxford Street, i.ondpn, W1A 1 AB. 


•; *4 .1 n ■ >' •*'! r. 


7-;>. »•. *■ 6': ;• ■■ ■■ . ■ 


PERSONNEL OFFICER 
MERCHANT BANK 

(Accepting House) 


28-32 - . : . up to £7,000 

Our elicit, a leading accepting h oust, ^ wilT shortly, appoint a senior personnel officer! His/ 
her main responsibilities will include: ‘ 

.-A-’ Recruiting ,co middle, management level 
. -jr Maintaining job grading sykgejns - "i - ".- 

- Monitoring salary coridititws- * •••' 
ic Employment legislation 

■A:- -Liaising with the PersomiiiF’Maniger on training ind tfaff development 
The ideal candidate will be joining a professional personnel team and he or she should 
therefore be well versed in modem personnel methods and techniques and should prefer- 
ably have gained his or her experience with another financial .institution. .Apart from a 
competitive salary, there are many Wtrticrive fringe benefits attached' to this appointment. 
Prospects are good' within the organisation. 

Caueer 

7 Wine Office Court, ~ . 

London EC4A 3BY I fieri 1 > 

0U53 1858 X 3 ihmiib 


CORPORATE FIINIANCE 


Irving Trust Company 


wishes' to appoint additional, officers in its rapidly expanding 
corporate banking area: r 


The successful candidates<will be immediately assigned to teams 
responsible for corp orate; biismess' development. Candidates 
should be under 30, an'ft^efer^ly,' but not necessarily, have 
post graduate or professional' qualifications. At least two- yea re 
experience in banking is. required, with .a- demonstrated aptitude 
in corporate, business deyelopinent ^nd credit. appraisaL ' . 

Please write, enclosing.^t¥tnciilum- vitamin, confidence toi-r- 


James M. Stewart . 
Vice-Presidefff^ahd General Manager, 
Irving Trust Compahy, 

36-38 CornhiU, London EC3V. 3NT 


FINANCIAL, DIRECTOR 


A leading manufacturer in the clothing industry, based in Bangley, 
Yorks., serving both U.K. an<f' International markets, requires a Fmancia 
Director, who will be responsible to' report directly to the Board. 

The successful applicant, most -be a. f idly .qualified Charter ed o 
Management Accountant and should have- - had considerable mdusm 
experience, preferably in the --.clothing industry, and will also be responsuue 
for the integration of Cost and Financial Accounts. . 

The applicant must have a strong and dynamic personality *na 
nUi til . .. .thA turnover OI 


able to motivate stsiff to match the gro.wuL. ; of the. 'company, the Uim°y^ 
which has increased from one-imJlk>n : pounds to twenty-one million poun 


which has increased from onq-million pouiids to twenty-one nuuion puu« 
in eight years. ; . . : - . * — r 

Salary is negotiable around £15,0Q0 p.a, , plus free . company » 
non-contributory pension scheme and free BJJrRA. Generous assistan 
will be given with re-location cdsts where necessary. 


Replies, with full particulars, to The. Chairman, 

S. R. GE3ST & Ca -LTD.,/ 

Hillgate House, 26 01d BaRey;Londou, EXU 


• '• >. *V L- ‘ , -- 















5y iew) 






Rpancfal? Tin^ ^ 6 19 78 



T ^EUROPEAN 
; PORTFOLIO 
c 0,000 ■+ Benefits 

15-50 wtttv good appreciation 
o! U» European Morfcata and 
wkviar . KMorch. MM or 
nmumoK . enetienco for 
l a rt n w M- . «i ww t d 
malar luflntlon. . 

INTERBANK DEALER 
£& I COO-££ I COO 

24- 32 wlf» Bt' least 2 
directly relevant exponent* to 
Min expantfjiw (ok of weTK 
known, arm oT Monoytovkon. 

UX EQUITIES 

£WX»-£1Q,QQQ+ 

25- 35 wim a flood track mom 
In Analytic. Salat or invest- 
ment Mantsemcftt? Yon may 
be- tooMng tor * move new 'or 
bo iMfraMod In the -market 
oenanlly hot you'll be par- 
ticular about the fcnu end 
position which couW be of 
Interest, 

NOTHING VENTURED 
NOTHING GAINED 

Slnca our clients, reputable 
Finns and imtKuthms. are 
only Int e rest e d In the right 
Individual why not. Ik os know 
of your exnecfaitlenaT -We can 
then Mag you informed — p*r- 
sonally . and, ol course, la 
absolute Confidence. 

Stephens Selection 

35 Dover Street, London W1X3RA- JM 
__ _ 01-4930617 

mm Recruitment Consultancy, 


■•--^Account; 


Modem English PiihKadons 

'•(.-quire a 

BUSINESS MANAGER 
to be responsible for the aecouiwancy 
and bui'-neu affaire of a imiil, 
expanding, mfimtioiu! puhliihins com- 
pany. The fob wiK involve the financial 
rauagement of a bookshop and dealing 
wkh overseas cticno. so languages 
would be an advanoge. Ability to 
wort as. part of * .moll, .energedc 
team is esuonai. Experience. In pub- 
11 thing or dm book -trade would be 
an advantage. 

l Write with CV and expected salary. ta; 

Lucy MvCulUgh or Susan Holden, 
MODERN ENGLISH . PUBLICATIONS. 

33 Shafasbunr Avenue. 

London W.l. 


*£ Store. 

qualities 

-ce.aoesirefor 

»c!TlS7acT r\-» l 

in* a-- 

jSSSffl* 

^vanraae. 

1 scheme, life 

Jf, weeks bolide 
bspaidwhes 

accou n'cnj - 
c area.-« t should * 
Cc-eer 
—■? "-arraif 
ststrttr.fctfe 


HR5T CLASS OPPORTUNITIES 

available to qualified 'student and 
experienced aananting penonncl 
Contact Alex Moore on 01-628 2691 


DRAKE 

accounting 



Hotel 



for the 332-room El $alam Hotel, Leisure and Conference Centre in 
Cairo, due to open in September. Jointly developed by the British 
Brent Walker Group and local interests, it will be the newest and 
biggest luxury hotel complex of its kind in the Middle East. 

The Financial Controller will be responsible to the Swiss Hold 
General Manager. 

Candidate^ preferably 35 to 40> should be qualified accountants, 
experienced in the financial control of a major hotel or hotel opera- 
tions and, desirably, conversant with NCR 250/8000 equipment. 

Salary negotiable up to £14,000 (locally payable) plus free family 
accommodation and once-yeaxly return air passages. Two-years 
initial contract, renewable. 

Please write — in confidence — to J- M. Ward ref. B.37364. 


Management Consultants 

Management Selection Limited 
17 Stratton Street London W1 X 6DB 



Honeywell I S Limited, who 
operate Sritain's fastest growing 
commencal computer time-sharing 

service, have vacancies for men and 

women with a sound background and 
knowledge of International, Corporate 
and other areas of banking to assist 
further expansion of its operations^ 
within the hanking community. With 
the MARK III Network Information 
Service. Honeywell have already made 
considerable inroads into the banking 
w orld and is now a worldwide leads - in 
the provision of this type of 
management information system. 

As a consultant in our Financial 
Branch, you will have responsibility for 
marketing and selling the MARK III 
Service 10 City bankets. Application 
areas front which you could be 
expected to contribute from your 
background might include — 


Loans, Euroloans, Brandi Ac 

fw foreign banks hiUmdon, 

Investment Anfifcss. Urn Ag"™? 
Spreading and Forward Planning, etu 
You will have to demonstrate the 

will be a graduate or of equivalent 
standard, in your late 20 s alreacn m 
banking but anxious to broaden your 
experience and career pwe*J® 
way. Honeywell I S SLtd sa bout ti 0 
make a concentrated effort to further 
expand its operations into the banking 
world in paraQel with their associate 

companies in other countries, and ttus 
is an ideal opportunity' to make your 
mark with the market leaden 


and the contribution you will make. A 
■Company car is provided, in addit ion 
to the benefits attached to working for 
a major international company. If you 
fed you have the banking or financial 
expert ise needed to make a success of 
thisjob. we would like to have.a 
preliminary, informal meeting in 

confidence^ „ _ . , 

Ring Russel Murray on 01-242 9011 
ext 265 or 275 and give brief details of 
Yourself. We will then arrange a _ 
suitable time and date for interview’. 

Alternatively. write with brief 
r&ume of your career to date 
indicating' why you think you are 

suitable for this post to him at 

Honeywell I S LtcL Network 
Information Services Division. 
114-118 Southampton Row', 
London WC1B5AB. 




HoiieyweSS 

'MARK 111 I- a nrja-icivJ ■****• m^rkuf 
LrtDtral Livctncul i.YimpM) I'-i-A. 


r 


■ICER 

iNK 


') 


Dixons - is a rapidly expanding multi-national public ^company 
engaged in .retailing and distribution throughout the world. 
Safes approach £200m; we employ- 6,300 people and market 
capitalisation is over £50m. The present Group Finanaal . 

* Director is about to take up new responsibility for Overseas 

• • Operations 1 and we therefore require a successor. 

. . The need is for aqualified accountant with broadly basedbusi- 
. - ness experience to work with a very small central team directly 
monitoring performance in all areas of the ; business and acting 
thereon. The financial control function, is firmly established in.- 
all the operating subsidiaries, ea<&.-\yith their -own. Futmici^.-. 
Director, but there is scope to deveto and improve world rWide 
financial, currency and managementxeporting procedures. 

panyandposEtionofthis standing. ** ' . 

Reply to: Chairman, 

'?' ; ; Dixons Photographic Limited, : - 

: DixonHoitee,18-24 High Street, . 

Edgwar^MiddlesexHA87EG. 


to £7,000 



Private Investment Bank 


London Wl 


c.£ 9,000 



stage In the devetopment of its business. 

Rpcmonsibte for the accounting function, you wiH cortrftute to commer^l decision 

responsfcilifesjnthis bank where the prospects are outstanding. 

* Please writBwUi fuB cansertfetafe Tod, BSc, ACA, 

quoting reference DT/250IFCF. 


M 


Management 

Audit 

Cambridge c.£6000 

Pye leads the world in many aspects of electronics 
development. Whilst our companies are seeking the 
challenge of the electronic innovations of tomorrow we 
are seeking a number of young qualified accountants of 
either sex to accept the challenge of becoming our 
management auditors. 

The roles comprise the independent review of the 
organisation, systems, trading activities and proposed 
investments of the operating companies. 

The successful applicants will have experience with a 
“■major professional firin or of large companies in c'om- 
merce/industry. Essential qualities include the ability to 
deal effectively with management at ail levels and to 
present cogent and persuasive reports. 

The function offers excellent prospects for career^ 
advancement and. provides a passport into line 
management. , , 

' We offer very attractive salaries, five weeks annual 
holiday and the many additional benefits associated 
with a large international group. In Cambridge you will 
have the benefit of an advantageous housing situation 
and access to the many .recreation and relaxation 
facilities of East Ahglia and yet still be in easy access of 
London. Relocation assistance will be provided if 
required. . _ 

Please write with brief career and personal details to 
Alan Hill, Group Personnel Department, Pye of 
Cambridge Limited, St. Andrews Rd, Cambridge CB4 
1 DP. Telephone Cambridge (0223) 58985. 


wm 


Pye of Cambridge Lid 

1 tm'.-nd CB41C'** 

T*I : -jriifcniig* ni.'.’ ii *8385 Thii>. 81 '<»•"'« -mmxi 


Hi B9KO EG ED ED 


t(,K ^ 

-• i" '■ j- j 



■-■ifl . .. " 

TJ-.? r: ‘"" , 




an Audit Manager in his or her mid 

Probably with a medium sized practice now, his m her at least 

the remmeralioa padiage is atody fladble and for the. 
- ® - pimiects are excellent • 

Brief but camprehensiTB details of career and salary to date, which wU be 
treated inOToSdence,shouldbe sent to: . ... 


Multinational Bank in Luxembourg 


Foreign Exchange Dealer 


Banking 


Nigeria 


Chief Executive 

35-40,000 Naira, negotiable. 

Our client, a prominent West African bank, wishes to recruit urgently 

a Chief Executive. . 

Responsible for the overall profitable run n ing of the bank, the 
successful candidate wifi be charged specifically, during the three year 
contract concerned, with the building and training of an effective local 
staff and with the identification and training of a successor to the 
present General Manager; who is about to retire. . j 

Fringe benefits associated with the appointment are appropriate to its 
importance, and will include free housing and suitable domestic staff, 
chauffeur driven car; any necessary boarding school fees, and one 
month's U.K. leave per annum. The post will carry a seat on the 

bank Board. _ __ , 

Ideally, canddates wiH have gained high seniority m a British overseas 
bank and have extensive knowledge and experience of banking m 
developing countries. • . _• .. 

The position could be of benefit equally to a senior banker currently 
engaged in, or newly retired from,, such an operation. # 

Applications with relevant supporting data 
• should be forwarded with minimum delay to 
the Managing Director; MLH Consultants LttL, 
148/150 Grosvenor Boad, London SW1V 3JY. 



ur 


As a result of continued growth, 
we are seeking an additional 
dealer. Candidates who would 
■probably be in their mid-twenties 
should have at least 2 years' 
experience in Foreign Exchange 
Dealing and a sound knowledge 
of Currency Deposit Trading. 

Those candidates of Scandinavian 
origin are given preference. 

The knowledge of German and 
French would be an asset 

Candidates should apply in 
writing enclosing a curriculum 
vitae to: 

Financial Times, Box no. FI 002 
10 Cannon Street, EC4P 4BY. 


ACCOUNTANT FOR LEASING 

City-based leasing company seeks qualified 
Accountant to join small team leasing high value 
capital equipment Primary duties will be for 
accounting and management information with 
wider responsibilities being undertaken later. 
Attractive salary and other benefits negotiable. 

Telephone 01-626 939S or write 
Aral .ea se international 
MANAGEMENT LIMITED 
28 St. Mary Axe, London EC3A 8DE 


FINANCIAL CONTROLLER 

N.W. London neg. to £10.000 + Cor 

A quoted company, our client has developed a new concept in a specialist 

retail area in which it has a dominant market position. , 

The company's future development plans will significantly mcreasethe role 
of the function. Reporting to the Financial Director the successful - 

candidate will be closely involved with, the development of management 
information systems and the introduction of computer based procedures and 1 
addi tion, he/she will have the opportunity of contributing to the management 

ot the company. . . . , . . , . 

Candida tes will be qualified accountants with experience in anmdustnal/ 
comm ercial environment Aged 27-40, they should have the ability to 
communicate easily with management of other disciplines and possess tne 
committed, flexible attitude necessary to succeed in a demanding 
environment. " , , . 

For further information and a personal history lorm, contact 
Nigel V. Smith, A.CJL or Peter Dawson, BJL, quoting reference No. Z1Z4 

Cfcmmera^lr^^ 

Douglas llamblas Associates Ltd., 

410, Sir and. London WCZR ONS. Telephone 01-336 9M1 . ^ 

121 SL Vincent Street, GLwgow G2 SHW. Tolephonci 04 1 -226 3 1 0 1. 
and in Edinb urgh. 

6i 


Head of Finance 


London SW1 


to £9,500 


The English Tourist Board was established in 1 969 and has 
contributed to the rapid growth of the tourist industry in 
England since thattime. mainly in the areas of marketing, 
investment support and policy advice to the Government, 

Public Bodies and the industry. The Head of Finance will be 
responsible for a comprehensive finance function involving a 
staff of 1 3 engaged on financial and management accounts ana 
loan administration. This is a demanding role with a strong 
commercial flavour requiring managerial and technical skills 
together with the ability to communicate effectively both 
internally and externally, at senior levels. The position will 
appeal to a qualified accountant, aged e.arly 30's with a _ 
commercial or public sector background involving experience ot 
staff control who is looking forthe opportunity to manage a 
total function. Ref 7 54/ FT. Apply to RA PHILLIPS. A.C.I.S., 
F.C.I.I.. 3 De Walden Court, 85 New Cavendish Street, 

London, W1 M 7 RA Tel : 01 -636 0761 . 



, Selection Consultants 


i 







A career in 
Corporate Banking 


i* - .'T 1 . ^ 


INSTITUTIONS 

SALES 


I 


TinaDci^.^mes'^ 6 1978 

N, Midlands • c.£8,000 /• ** tl 


Marketing Officer - Birmingham 


We are seeking a banker to join our Corporate Banking Group, 
bused in Birmingham. From this location, the successful man or woman 
will be responsible for marketing a wide range of financial facilities and 
services to a designated group of industrial organisations in the 
Midlands and North of England. 

Ideally you should have credit appraisal experience and well 
developed marketing skills, possibly gained in another bank or similar _ 
financial organisation. An accounting or business degree background 
would be an advantage. Most importantly, you should be strongly self- 
11 indented, willing ro u«v initiative and rapid in learning new techniques. 
\\ c are also looking tor mature judgement and the ability to deal 
effectively with people. 

Thi s j* a senior ro<t and we are offering an appropriate salary and 
benefits which will be negotiable. Career prospects are excellent.and 
i here will be scope to advance into a broader management role indue 
course.The likely age range of applicants is expecred to be 27-35. 

We are arranging interviews in 

cU! 1 1 fPr> ' Birmingham and/or London. Please write in 
the first instance giving full details of your 
career to date and present salary to: 

HeS* 1 Tony Smith, Head of Personnel Services, 
Chemical Bank, Chemical Bank House, 

1 80 Strand, London WC2R LET. (Ref: DAM). 


Laurence, Prust wishes to expand its team 
of salesmen and is seeking -specialists, who 
have considerable knowledge about com- 
panies in' the electrical/electronics or food 
manufacturing/retailing sectors or alterna- 
tively have experience of the investment 
trust and convertibles markets. 


Candidates, either male or female, should, 
preferably be aged between 25 and 35 h .be 
currently engaged either in stockbroking or 
with a major institution and ideally have an 
accountancy qualification. 


_ A wefl knewn, rrujfb-^Qicn, British . • Candidates, mate orfemaie. Med 
Gmjd, „ 28-35, must be quafified accoortants 

, a p^ r ^ng Ypi a degree in a numerate dlsopfine, 

U.K*aad Alleast fourye^’.cxxTTmerc^ 

to S^vS I ^te9^ rt, 22r iL - wtti senior managernentat ba&GroSr 

_ Reporting to the Group PJanriiha . ' ■ Jeveland in operating « 


»f« r ; 

ion" 


mediurritongterm m 


■torthe< 




. Please writein confidence in the fast 
instance to D. V.Fotan. BuH ftolmaa 


These are regarded .as important appoint- 
ments within the firm and hence the salary 
and associated benefits will fully reflect the 
potential of the successful candidates. 


S^£SSSE?^-- ,i; U-ia.#77 ' ‘■'■[mSESS 


financal petforitiance-Tbew-’-'- 
portion also involves a iaege < ■ - 
number of special financial , 

projects, including the^ ; 

■ assessment new investment ' 


Applications, which should include a curricu- 
lum vitae, should be sent to: 


companies to which 
your application should 
not be forwarded. 


mscNm.j^ 


The Managing Partner 
LAURENCE, PRUST & CO. 
Basildon House, 7/11 Moorgate 
London EC2R 6 AH 


The envelope should be marked 
“Confidential” and all applications will ' 
be treated in strict confidence 


G'tvwpTPbmi^^ 

. 1 MstMidlands . 


ChemkhlU/mk 


BANKING 


nurioor UK industrial group, with, a current tanwvw of qvw £40 to, wish to recruit & group 

financial directnc Hre person concerned will report ■fa the grrnrp wmmigm g d i nwe fr )? . frp 
-responsible for etMjrdmating" aff ect i v e financial qmVjnanagenent *w«niitiqg and EDP 


Bnccess^c arofidat e wffl have drive ami to l«KiUie coc tvtinu BddBVEio|»neat of tfaa 


CREDIT ANALYST 


Executive Opportunities 
in Birmingham 
for a 

MANAGER & ACCOUNTANT 


m maintaining opemfiOTaJLpi^febility. Fnrtfaennore, the auccerafol candidate will be expected to 
contribute by swwdTffnanraal judgement to the group's planned expansion, and dxyeniificatian •’ 
programme. .• 


Applicants will need to fcaVe Qie personal qualities to enable Mm arherto work effeciiveJy with the 

allow tii^cmb^a m^nr group noth m£hiBffln 

ofitaL - - . ••• 


CandidateamuEthare fcheabOityto Justify a ealrnywell intofivefigore&Ncamalfiai^beaMfiiswnibe 
■paid including & company can Relocation expenses will be paaiiii appropriate cases. 


Credit Lyonnais, a French International Bank, requires a Credit Analyst 
to work in its U.K. Head Office in London. 


The ideal candidate should be a graduate with at least two years’ experience 
of in-depth balance sheet analysis and risk evaluation. The ability to speak 
French would be a decided advantage, but is not essential. 


Responsibilities include the writing of detailed credit reports on both 
prospective and existing customers. The work is interesting and varied, as 
analysts are expected to study a wide range of companies, and to gain 
experience accordingly. - 


Salary will be attractive, negotiable, according to age and experience, plus 
excellent fringe benefits. 


Please write, enclosing a detailed C.V. to: 


Miss P. Clark, Personnel Officer, 
Credit Lyonnais, 

P.O. Box 81, 84-94, Queen Victoria Street, 
London, EC4P 4LX. 


A large International Banking Group will 
shortly be opening a new branch in the centre 
of Bir min gham which will provide modern 
facilities for staff and a full range of services 
for both corporate and personal banking 
customers. 


'Candidates who ate interested in.- this chaHe 


position with a 


D/STPaktt^Pri'cse WateaShonse Associates, livery 
Birmingham B32JB. 


368 to . 

TZ&rV.l 


We are seeking two senior executives with 
extensive international h anking experience to 
assist initially with the setting up of the new 
branch and to takeover subsequently as man- 
ager and accountant respectively the admin- 
istration and development of its business. 

Although salaries largely depend ori ability 


and experience, they will be above average 
and will include valuable fringe benefits in- 
cluding access to a generous housing loan 
scheme. 


Applications, together with a detailed C.V., 
should be forwarded in confidence to: : - 
I. C. Menzies Esq. „ . , 

PO Box 93, Edinburgh EH2 IHQ 



Up to £9,000 + bonus + car 
West London . 


Our client, a medium sized engineering 
subsidiary of a major American company, 
requires a Financial Controller. 

The appoiDtee will report, to the Managing 
Director of the subsidiary and will be 
responsible for its accounting function. In 
particular, the candidate will be responsible 
for the preparation of monthly and annual 
accounts, for reports required by the bolding 
company, for the operation of manual and 
mechanised accounting systems, for budge- 
tary control, for payroll, cash flow and credit 
control. . 

Applicants wit] be qualified accountants in 
the age range 27 to 35 with sound accounting 
experience in industry or commerce. The 


salary will be negotiable up to £9,000 and 
there are fringe benefits including a car and 
bonus. 


Please send a comprehensive career resume, 
including salary history, quoting ref.920/FT 
to: 

R. J. Moreland. 

Touche Ross & Co- 
Management Consultants, 

4 London Wall Buildings, 

London. EC2M 5T3J. 

Tel.: 01-588 6644. 



Controller 


N. W. London c. £8000 + Bonus + Car 


Our client is a highjy successful trader in fast moving 
consumer goods. With strong financial backing they are to 
expand very substantially in the next two years. They now 
need a controller to run all financial and administrative 
systems so that the current tight .controls will continue to 
support the operation during this, .period of expansion. 


The ideal candidate will be a' qualified accountant with 
small to medium sized company experience, perhaps in the 
retail or allied fields, and the personality and ambition to fit 
into a dynamic -management team. Career prospects both in 
the client's company and the parent group are excellent 


Please write for an application form in confidence ‘ to 
S. Hesketh, quoting Ref. T862. 


/yMS 


Arthur Young 
Management Services, 

Rolls House. 

7. Rolls Buildings. Fetter Lane, 
London EC4A 1NL. 


ASSISTANT COMPANY SECRETARY DESIGNATE 


Metal Closures Group Is "a public company employing some 8,000 people on - 
12 sites throughout -Eh^and: and Wales with a. small Headquarters Group, 
staff situated in London's West End. : . V C ’ :"-.Z 

We are strengthening our secretarial function which provides an important, 
and broad service fo all the- companies in the Group, and we wish now to^ 
recruit a young man 'dr woman in the age range 25-35 with an ACTS qualifica-j 


rtnril n.T'Tnr.T.l a iTarrrr, rr 


all round experience of matters generally handled by a Secretarial Depart?^-.. 

. ment is essential with the emphasis being on law : rather than accounting. : 
Salary and conditions, which, include a contributory superannuation schema-r- 
are competitive and commensurate with a Group of our size. 

Please Write, in confidence stating age and giving details of qualifications,- y 
background and experience to: * ■' ; . ’ ' ; • \ ‘ ■'■’■■VV.. 

' The Group Pd$onnel Manager :;j’ 

. METAL CLdSTOES GR0UP LTO. ...U ; . ... fitr' 

40 Brook Sti eet,London WlY 2EP. -i'*- 1 ‘ fi - ‘ Vi ‘ v 

• • - - ■ - -■ ‘i 



FINANCE OPPORTUNITIES 


CREDIT CONTROLLER to £7,000 

A public quoted company and subsidiary of a major U.K. 
bank wishes to appoint a Credit Controller for its opera- 
tions based in Surrey. Applicants will have sound credit 
control experience which must include the analysis of 
balance sheets and the ability to approve credit up to 
£20,000 per transaction. Preference will be given to 
candidates with experience in Hire Purchase and related 
fields. 

MANAGEMENT TRAINEES to £6,000 

An International Confirming and Finance house wishes to 
appoint management trainees. Applicants aged in their 
twenties will be at least educated to 1 A * level standard, 
have several years’ experience in an export finance or 
banking environment, must be prepared to travel overseas 
and preferably have a good knowledge of a second language. 
These position offer very good prospects for advancement 
to senior management in the foreseeable future. 

For further details please telephone or write in strictest 
cnrfi^“n ce to: 

C l- M. Squires, Managing Director, 

Jonathan Wren City Ltd., 
yni Professional and Financial 
VHv Personnel Consultants, 

Jfl 40, CheapsJde. 

& London EG2Y. 6AX 

■J Tels 01-236 4441/2/3 


SALES 

REPRESENTATIVE 


The opportunity has arisen for a highly ambitious and presentable 
person (male/female) to become an advertising representative/ 
assistant editor of a new and prestigious financial publication, 
issued on behalf of a leading merchant bank. 


INCOME £8,000 p.a. + 

The position offers: 

(1) High Income (salary plus “guaranteed commission.**) 

(2) Car or car expenses. 


You should be between 25 and 40 years old (a degree would be 
an advantage). Experience in selling advertising space would be 
preferable but not essential, but you MUST have proven sales 
ability. - For an application farm telephone Patricia Rose 01-584 
2488. 


Credit Analysts 


£5,500-£7,500 


For the young; banker with a really good Analysis 
tr aining , opportunities with outstanding potential for 
career development continue to arise within. at least; 
two energetically expanding Consortium -Banks. 


Accounting Systems to £4,500 

Major UJS. Bank seeks 2-3 young hankers to assist 
with the refining and the integration of accounting 
systems in its London and European branches. You 
should have some experience of computerised accounts 
and at least part of your AXB. 


Eurobond Admin. to £3,600 

International Merchant Bank's growing interests in 
both primary, and secondary markets creates a need 
for someone with sound practical experience— ideally 
of Settlements and/or Coupons. 


Please telephone either John Chiverton, A.IJB. or 
Trevor Williams ...... on 405 7711. 


David White Associates Ltd. 

Hampden House, 84 Kings way, London, WC2- 




MIDDLE EAST & N. ARM 


Senior Btelneu Executive irao Mm' 
tor -with extensive ■ commercial, fa 
ledge and 'eaporlWxe o( Hm * 




ledge end oqsanMot o! 8m * 
war-id In which he has straw WH* 
end b fluent In written and anT 
Arabic end ■ other . language* b- ~ • 
present In Uwdoiu. desires to Wfl... 
:Brftlsh end EEC Arm* IntBWMd 
promoting their dxoorts -to" Me— . 
Eastern and Nor^ AMcui tnwfl^ 
Write So* A. 6208. Hnancial Ttr 
10. Cannon Street. EOU» 4*T. ; t- . 


nxjowxtiiiu 


INVESTMENT 

MANAGER 


“ International Company located in a desirable low tax 
european country seeks fully qualified professional Investment 
Manager to assise in the ongoings placement and supervision 
of Company's own investment funds. Successful applicant 
will have proven track record, appropriate . educational 
qualifications and be able to demonstrate an'- understanding 
of the current international investment scene as - well, as 
relative currency., movements. This is a first class oppor- 
tunity for a competanc and self assured individual to put 
his experience and abilities to the test and enjoy the financial.- 
rewards of his own success. Initial interviews will be held 
in London and conducted by two officers of the company, 
prior to final selection by the group president. 

Submit full resume and background information arid be’ 
assured that full confidentiaility will be observed. ' 

Write Box A.6318, Financial Times, 

10, Cannon Street, EC4P 4BY. 



ftTiCS 


Our clients, 3 diversified multi-national company,, 
wish to furthertheir trading outlets by establishing 
themseh/es in tha sugar.maricet To enable them to 
, do this, they are seeking a top-line sugar trader, win 
a sound physical trading background.^ The ideal iran- 
tfitfate would also have some terminal fcnowieog® 
and be able to control the departmentfro m its cop- 
ception. Our clients will be offering an attractive 
remuneration package to obtain the right appficapt. 


The above vacancy ha® been selected from oor 
Senior Appointments Register. Forfurther details ot 
this and other vacancies, please contact 
RayWallhead. 







. e 1 

1 >^1 ytJt 



S9nE 


mmm 


STOCKBROKERS 
Office Manager Required 


W« are a medium sized firm of stockbrokers covering all * peers 
of the business, but predominantly concerned with private clients. 
We are looking For an Office Manager with experience in ail fields 
of administrative management. We are pardjr computerised and 
the position would suit a person who is seeking a greater challenge 
and career satisfaction. Salary would be competitive, with the 
usual fringe benefits. 


Please write giving full details to Box A.6317, 
Financial Times, 10, Cannon Street, E C4P 4BY. 




SRiTlIiCagn 




ACCOUNTANTS 
HOTELS'C. £8.000 + ear 


International hotel. 


or contracting industrial essential. 

Stephens Selection 

85 Dover Street, London. WlX 3RA. 01-4SW 0617 

Recruitmexit Consultants 


LONDONMETAL EXUHAINU* 


dsauiig. memoers 01 .me xa. 1 a-c>. = v^-cnnj 

experienced IJealer in‘ London plus 
staff in London,. KIrkby . and £ Coseley r . ' 

prospects and exciting careers for knowiedg . j 
eEtergetic-appli<ant5-. r "- •: ; j 

. 7 Interviews London or .province?, •. ’ f ■%} 

’ • - ’ . • Apply:: J. L.-Cogti&t - • . . 1 

- • ; - • mmi bath sfson xjhtted - •. /i 

Tetephone: 03^6251381 - - - - . " 










13 



ITiuxsday . April ; 6 1978 


PARLIAMENT AND‘?POLITICS 




:3jau 

!? ‘S at^aSaC. 



-39rV.-"- c V ; 
■A-‘'A:#; 

Sr*.: 1 



proposals 
a £4.4bn. 
in direct taxes 


BY PHHJP fcAWSTORNE 


MP urges 
new look 
at control 
of finance 

ARRANGEMENTS MADE by 
the Welsh Assembly for conirol- 

PRfiSPjjr*rc '«# *v. r> „ . ling the spending of public 

being toed Sta 7n f^ S* What 25 per ettit.GfcuraHon Tax on pint of beer, with comparable money should take account of 

General «fl rly ffie ^berals would- consMer as profits below £50,000 and VAT increases in the dutv on spirits, practices overseas and not be 

dav « tS*f8S ^ ecede Jy6ster- unsatisfactory tax cuts by the relief for bad debt. i!Z , , ”T confined to the methods followed 

thJJt tbeir Government anddeettniog also to Bui. additional public expendi- • xnoves wu M, be at Westminster. Mr. Dendl 

Budget M DeWS Healey ’ s ^ a rigi d stand on any of his ture would be restricted^ a HUtf th ° n T ihSSJ'aT-iw 1 ^ ? fc H ,iy f ? v,inisler - mis- 

„ geL Party's proposals. £1 increase in the child benefit fir6unds ’ {bl? Lb ^ ar?!UC - S^sted in the Commons last 

Mr. David Steel. Liberal ^ oha Faidoe. Liberal in November, costing £2S0m. In addition, the VAT rate night 

i®ader. said that the party’s 13 "p°^9 raic Spokesman. .said that “Although wc recognise the would be standardised as 10 per Speaking in the resumed 
MPs would probably vote in the ^dget provisions which he severe strain that has been cent, and the surcharge on debate on the Committee Stage 

support of the Budget resolutions t? 5 been Pressing- on. the Placed on many public services employers’ National Insurance of the wales Bill, hecnmmenrjd 

and the second reading of the “^erameat represented a radi- by the cuts in public spending, contributions raised by lj per the systems used in Francs and 

Finance Bill later. cal and bold move to encourage we believe that reductions in cent t0 control public ex- 

“ I it#* ill, ... , economic initiative sad expan- income tax are so important to The total effect .of the men- ^ en<ljair 7 . an( J contended that 

to ^anyitSSttS J8£ - Britain’s wiSfli crea^acuZ *ure s would be to raise the retail theywjW well be studied with 

tionable” he df f K“ e °bj«c- As a first step in a three-year ties that every available penny Price index by 3.7 per pent, but advantage 

Mr „ w Programme of switching the tax this year should be spent in re- this would be more than offset 1 hehei ie that we m tins 

** ress burden from direct to indirect due in e income tax.” bv a 4 per cent, increase in net House have to learn from other 

to*®*- Liberate pnSSTJ wTiha total Budget cost of incomes!^ Statures m the way they dea 

“*J,,® e .L pr ®P°® ds for a £4.4bn. reduction in the standard rate just under £4 7bn the nolicv • Britai nstill has a hard slog Wlt ^, t ^ e VtD rnal *, er ° r financial 
l ° direct taxes, said of income tax. from S4p to 3 Op document adds that a Liberal to endure before the economic eontroL be said. 

Uberals would vote for on the first £R0aL • GovSSent ^ Sana feel Stein «>rner is turned. Mr. Peter ^Members of the Welsh Assera- 

bnaih. additional tax cuts in the Finance- Pcrcnr,/ tax allowances nE^SI 1 wSHv town 0 Walker, former Tory Industry Mr would be able to decide for 

*35??/ ,° y Minister, said vesterdav. themselves how control should 




B ^VV-1 V 




Bill committee if the Chapter w^SrST rtu^aodbSTS S S e fiK? Minister, said yesterday. ^ . . - -_ r _ 

moves the top rate of S reduced from Inweies to SionenStE _ *“ 3n °P en letter to Mr. James be exercisedovcr me spending 


Callaghan, he told the Prime of public mone;.. 

Minister that he was concerned Without making any commit- 


Civ. 


rujwor:- : «5u . 


Nf-g; , 

P^n&flve sad tTto . 



r designate 

7 tt'p* 5.006 petit 
•il ijt;*c*ciu£rier5 fcr , 


towards theij- tarots. S3 per cent, to 70 per cent with ture’ 

SSS”“ “ tte “ her A***™™ imiiressiangivenbythe men! the MinM.r pr„m, S ed to 

have to treat any major series The rate of investment in- incomes nolicv to TPstHct^ihP Government that the country h»d consider ftheiher any change 
ofdetaKon ilt Bodget strategy coie sSlL^e She cut SSSS ”^7 ler ""^rked on » strous cccnumic ~»W >•»=■« •« 

as a confidence issue. ... from 15 per cent, to 10 per cent, cent ^rmugs ™ 3 P er recovery. clanfj provisions designed to 

But the signs are that the and the^ threshold at which it The Liberals sumiest that. “ If your optimism turns out to ensure that money allocated to 

aSKKtS £Sg P S ^«SsL“si ss-jg SMST spent ror 

demonstrating their political. 

Steel yesterday main- ^ E& have been men? o^TwSiS 'cUS 

tamed a flexible position, refos- to; small busiaessesMncludiiig a 5p on cigarettes and 2p on a CoTSA SBcSSofbS th?t involved a hiring off 1 5 S 

parties.” a P° rt i°n of the Comptroller’s 

Mr. Walker expressed anxiety and Auditor General’s Depart- 
about bogus productivity deals, ment at Westminster, 
unemployment, industrial dis- Mr. Timothy Raison (C Ayles- 
putes and imports. bury) criticised the Government 

“My conclusion is this: on all for failing to explain why the 
the real indicators of economic Welsh and Scottish assemblies 
success . - - our recent record is would be free to grant commer- 
grim. cial contracts which did not con- 

“ The British people need to be tain the clauses introduced at 
told — and would respond to — the national level to ensure obser- 
hard economic facts of life by vance of theincomes policy, 
their political leaders. Instead. He asked if it was acceptable 
they are on a diet of political that the “odious” contract 


rrime appues. raised oy tow. even without an incomes policy ara roved nuroose* 

PA’ar “*s e e sets as* reDa,c *■ “ JL ss iL^rd-e 

In addition, the Liberal pro- The balance - of n.Tbn. could wnrT,Pri clause ^ Lne anD0,nt 

main- posals provide for further help be raised through increases of 
refns- to- small businesses— -including a 5p on cigarettes and 2p on a 

Benn incenses Opposition 
over oil licence awards 


LABOUR NEWS 


Whitehall moves 
nearer to 10% 
pay settlement 

BY CHRISTIAN TYLER, LABOUR EDITOR 


THE GOVERNMENT came 
within sight of clinching a 10 per 
cent, earnings deal Tor its 500,000 
ciril servants in line with the 
pay policy when one of the big 
unions gave up the fight yester- 
day. 

Meanwhile, senior officials of 
the engineering unions con- 
sidered a draft national agree- 
ment for their 1,250,000 mem- 
bers after the Government’s 
decision to exempt the low-paid 
from the guidelines. A deal 
could be signed at the Engineer- 
ing Employers' Federation head- 
quarters this morning. 

The national executive of the 
Society of Civil and Public Ser- 
vants decided ** reluctantly ” 
after a vote yesterday that it had 
□0 alternative but to recommend 
acceptance cf the Government’s 
offer. 

Starting with a 22-27 per cent 
claim, the Society had tried to 
take its claim to arbitration, but 


was told on Monday that the 
Government could refuse arbitra- 
tion ” on grounds of policy.” 

Because the biggest of the 
unions, the Civil and Public Ser- 
vices Association is to make its 
decision to-day, the Society had 
hoped to keep news of its climb- 
down secret until then. 

It is thought most unlikely that 
the CPSA will stand out against 
the Government alone of the 
unions, despite its own reserva- 
tions about the offer. 

Another six unions, led by the 
Institution of Professional Civil 
Servants, have indicated their 
acceptance, but are unlikely to 
make the announcement until 
next week. 

In spite of their ability to 
cause considerable disruption, 
the Society’s leaders appear to 
have been influenced by the 
Government’s determined stand 
against the firemen's strike. 

The civil, servants’ agreement 
would run from April 1. 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


* 6i; iniporj 

p. v.e wii'a ntr- 

i i-h *r. ACISquaE. 
Hipir.y 5ec.reian.fc 
Jv £ >*?re:a:ialiitE 

her ir.iir. ^'.v.'unni 
*:sp?r3r.r.uau(a stte 
.:r *..v 

*.•: CUilifiofe 


THE ENERGY Secretary, Mr. that ho special privileges would disasters, and said that foreign propaganda which will leave clauses required by - the central 

Anu,0 ” y w ~ ^ ta T f^ p^p^e «o *5 £&£*• ■“ bltter WWS jSLJS. 

Clash over economic 
outlook in campaign 

BY RAY PERMAN, SCOTTISH CORRESPONDENT 
THE CONSERVATIVE leader. The Government’s achieve- 


under attack from the Conserva- 

tives in the Commons yesterday, first options which had not been had proved false, and. despite the 
when he announced the award included in that Bill was, he Tories’ warnings, the necessary 
of nine production licences to. argued “very close to an abuse investment had been forthcoming 
the British National Oil Corpora- 0 f Ministerial administrative from the oil companies, 
tjon in the North'Sea and South power.*' . - ..Mr. Eric Heffer (Liverpool 

Western Approaches, and one to It was essential for the oil Walton), a leading Left-winger, 
the British Gas Corporation in companies to have- fair dealings said that there would be full sup- 
the Irish Sea. with the British Government in por t f or the statement from 

The Tories were particularly the development .of ; bur national Labour back benchers, and it was 
incensed that Mr. Benn is also resources. The Tories did rot totally in line with party policy 
to give the two State corpora- regard the statement as helpful He accused the Tories of W 
tions the first option on acquiring in this respect; .?•* in g t0 hold the country to ransom 

any first or fourth round ^ ' ” " — -^-«- 

licences disposed of by existing 
holders. 

The only part of the announce- . . 

ment welcomed by Mr. Tom KSn«. ^nd proper 1 that {this coanby;. would receive the full benefit 
the Conservative Energy sookesr whose future depends on energy. From the Opposition 


• MIDDLE EAST & R I 

J • , • ..:r-v ■ . : 

j urr- 

I ... ...... r r 

1 j ' • — r 

i rut- 

i r £i: ‘7* ? 

.... i ? -3 roo 

\ .. '•■■■if W* 


rery 

- Mr. Hattersley also had to 
contend with hecklers, using a 
loud bailer when he followed to 
the same shopping area a short 
time • later. ■ 

He stressed the importance of 


reduction in inflation in raising 

“tmw y,h. 1.^1 a living standards, but said there 

Mrs. Thatcher, who held her was ^ Dre work Ieft t0 do . 



economic prospects, when they 

__ ^ both entered the Garscadden by- 

man, was the decision lo hold a should have control and owner- benches, Mr7 Peter Rost (Derbv- eiection campaign. 

Fixth round of licensing in which ship, of growing share of the shire SJE.) argued that it was Polling in the Glasgow con- 

40 blocks would be ooen to North Sia. if . • ‘ , a Conservative government which stituency is in a week’s time, 

aD plication from private-settor “This- poticy will help to ha dset the oil flowing in the first and the Labour party is defend- 

com rnnies. " . • improvenhe National equity share place. He saw Mr. Benn’s ing a 7.600 majority against ‘2nd 'this 

“We have the gravest reser- in earlier-/ licences, which at annotmcemeDt as a further step attack from five other candi- ne 1 lw ^ ay - - a 

vations about the rest of the present ^mounts to only about towards “back-door nationalisa- dates, 

statement,” Mr. King said: - - oneirigbtV of the area licensed.” tioh. 

He thought that the Prefer^: He W not at aU surprised at It was. he said, a breach in own against Trdtskyist hecklers w "The‘o e rsimistrwho oredicted 
ences given to BNOC^andJBntish the ToiY reaction, as he had undertakings given to the House during a walkabout in a neigh- *v at improvement in the 

own them to be opposed by Mr .Eric Varley .the previous bourhood shopping-centre, said rate of inflation would be a 

extension of British Energy Secretary, and would do that although the rate of in- tem norary achievement have lost 

1 over oil in the North Sea. nothing to Improve the prospects crease in prices would continue ^ justification for their 
recalled that the Opposi- for more efficient production of to fall until July, It would then «,j 0 omy prophecies Our inflation 
had often forecast various the oiL start to rise again. £g te continue to fall and 

only the malicious and 
prejudiced wDl continue to claim 
otherwise. 

“ And our successful fight 
against inflation is also an 
important element in our 
campaign to reduce unemploy- 
ment Many jobs have been lost 
— particularly in export industry 
— simply because our prices 

. AN - ATTEMPT by a Conserva- Its abolition would also help This went back to 1907, and had were too high.' 

By Our Parltamwitary Son tave backbencher. Mr. John Mae- to unravel the present muddle in been accepted by all Govern- 

UNION HEADERS « the Ports US* JS «Si.^!5S “SS, 


Gas flew in the face of assurances alv 
given by the Government on the to 
second reading of the Petroleum ^01 
and Submarine Pipelines Bill. At ^ 
that time. Ministers bad promised tic 


Port unions /Conservative bid to abolish 

ooolj xtafo f • 


seek State 
ownership 


investment surcharge fails 


t have a to abolish the hwestmeut moment, gilts and some other He thought the presentation of 

W ^^tocomesimdiaTgewasdefeatedbyfonns of investment enjoyed the Bill 

r^opmT^S?^hom t fMi«njlv heine A majority of 16 in tfie Commons considerable tax advantages. “ Selsdo 
Government about possiDiy bemg building society invest- Tory party. 


was a further sign that 
Selsdon man ” lived on in .the 


laken into pubHc ownership. Mr. y 'Hie^measure received strong meots and similar private sector 


ia'iih..., Rndm>r« Tmri snort ™ measure receiveu strvHjg uieuis juju aiuKjar puvaic acvw. We .are the party of 
SlplSlv rii?SsS vesterdav support from other Conservative savings suffered the full effects equality,” he went on. “We are 
d r lDlvkL2 ^ CoSer- was imposed by Labour of taxation. , J seeing the typical . Conservative 

vative ^SticTsm^f the LaSS- backbenchers after it came under Mr. MacGregor maintained device for shoving widows. 


SNP 

outlines 

proposal 


Trader 


..V-jjS# 




rnmin itmpnT to natinnalis- attack from Mr. Austin that the surcharge was particu- orphans and small businessmen 

Party s commitment to n a D°naiis- ^ntdaell (Lab. Grimsby), the larly unfair to the retired people into the front bn eof an argu- 
Mr ®i£5J«r , ir«ifp' Torv former .'television interviewer, .who were taxed at a marginal ment which is really about big the SCOTTISH National Party 

rhit Mr. MacGregnr, obviously wilh rate- of 49 per cent on their money interests and big capital.” yesterday unveiled a proposal 

“ eye to the possibility of investments. . ■ 
m the case of Fel^owe, there changes ^ gmeha^e j n next This was far higher than the 

TTationaliMtion elthi^tii theS wST budget, maintained that rate paid by retired people who 

dSstS^or ouSae.^ * wa5 doing smious damage in.;a only drew a pension, from their 

tc fTr number of dmportant areas. . previous employment, 
whehninely, need t% for r t discouragS personal inves- .. He recognised that the. total 


stability. 


Mr. Rodgers replied : that , in tors and tiius contributed to the action of taxjwas^ a blg^ep 


n«« n . a r i^n« hart Wn raislDg finance'; and to the domi-.the Chancellor could make a 

repres entation, StfSrta by the larsc itart by raising -the threshold 

“®£ff enuy a0ou ‘ acnan S e 01 investment institutions. for payments to take account of 


ownership. 

“ We must have 


investment institutions. for payments 

a nort in- In agriculture, landlords .who- Inflation in recent years - 

we ll_ Tented bat -land were hit by the From the Labour benches, Mr. 


Metrication 
Orders 
under attack 


By Rupert Cornwell 


unveiled a 
which, it says, would encourage 
the setting up of more firms in 
an independent Scotland. 

Under the scheme, government 
development agencies would em- 
ploy full-time experts to advise 
on the practicalities of setting 
up a business. 

These “salaried entrepreneurs" 
would provide tbe vital link to 
help someone with a business 
idea to translate it into reality. 

The proposal is contained in 


MolnnaaVroftet toSWand surcharge because the money MitcheU said there had always the GOVERNMENT may have a draft policy ^ 

resnbots it has had a the^ra»lved was' treated -as been a distinction between to admit defeat on its efforts to submitted to the party s national 
m some respects it & Investment income. : earned and unearned income, push through Parliament two council later thu y« , on _ the 

industrial , controversial Orders enforcing setting up of co-operatives m an 


in some respects 
sorry history _ of 
relations,” he said.; 




NHS cuts 
from fuel bill 

THE National' Health Service 
has sliced £18m. off its. fuel bill, 
cutting energy costs. byr ; 'nearly 
20 per centi- Dr.. John . Canning- . ; 


Rodgers to inquire 
into BRS meeting 


BY: OUR PARLIAMENTARY STAff 


metrication for a whole host of independent Scotland, 
foodstuffs and other goods sold The doeinnent says firms set 
over the shop counter. ' up uj6er tile .schemeshouldbe 

It is under fire from the Con- transformed iato epoperauvw 
servatives, who insist that metri- once they are successfully estab- 
cation should be voluntary, and U*®®- .... 9rtrl tn 

S-beSdi Urnmmee, ^hS ^ ^ 

toed 5 £ £ to tt.-a My th«e Witt 

Measures Act of 1976. - the capita/ to start * fastness, 


*PP° inI £C4 

Londo* 


•>0 ner cenLi Dr. John. Cunning-. ' • - - .- . Measures Act of istb. ™ mihw t 

ham. Undersecretary of .State. TBE.’. TRANSPORT Secretary, the Government ^ould pass back Already, the Department of 5 or t *™|ff l 2 ,«h 
for Energy, said yesterday. By jgr.. William Rodgers, assured an interest w fte corporation prices and Consumer ‘Protection duaU wth such capiW. 


the 

that 


savmss w ... .v , would asfc why British Road Ssr- Temple-Morris’s analysis . was ment ^ which shopkeepers who expansion °{.. e ®P , «™ ea * t J? 
. _ ' ■■ 'jl hkfA « miunt Tnanpppment th_ inoir» was that the cor- «— ,~--a «v.„ email and medium sized enter- 


indivi- 
says. 

believes that a 



pe Dr Cuxmingbam, speaSang af vices' iild a- recent inanagement tight,, the logic was that the cor- iRnored ^ new legislation were sm. a11 and n rf“ e(ii S?tt?Sf d 
the inauguration . of the Don- meeting in Las Palmas. ■ poration should be a ' 11 °^ cd liable, and Mr. John Fraser, the pnses k _ un ^SS»w?d >t ^v lL * 

caste? Area HeaHK-. Authority’s ^ hc m that he was egumd into a larger public se^ Prices has had to .re- i y Area 

said^“With exnenditnre orf^e. i°v wiuta m m; asar -1 ,w “• ° wa siyu ssag gagM 


control 
by salaried 


M nimJ l flSi t S 5 SSSfe ll <i£ ; Mr^Drlj mS Hc! tot he WteWig P«rt ~n™. to Government has port- 

mateS at^ fl«b“ S^. jnst a Ued » tomiseions auned at rey.iang VBBei Production of the two PK«f Wtod. with jt he relevant 


ti 


^ •« • fc- a-^isssis 


m^r«iMtinx‘of modifled form. . ^ „ This follows objections from ’the the main from government 
“T?,e Heiith Service ? rii ? a ^ Se ’TL'S PW1°S SlSuS {“*'00“ (wIS m “STrom McAlpine, SNP vice- 

SS-XS& SSStf ttdr ** ?^“to^"c n c=ee°, f Si 

^ ce0t ^ - as- was customary. . t^ons were going on over a Tbe Orders deal with hard- at a Press conference in Edin- 

inumo- Mr. Rodgers replied: “ IwiU. jjjodiflcd version' of Die tunnel, ware and textiles, and food- burgh yesterday: “In recent 

certainly ask him .that question Mr. Rodgers replied: “lam cer- stuffs. But the real significance years, the potential of the seif- 
Cancelled - because I don’t know . the tainly not taking part In any dis- 0 f the committee’s stand, is the. management enterprise has been 


represents £L600m- saving 
the British fuel bill. 


•v*- • - 


'C- 


. . <0 


. answer.” • cushions of the kind mentioned, proof it provides of the new obscured because all toq many 

u.ttdctm r-riTfumoTTN Mr’-Pettt- Temple-Morris (C, But the Channel Tunnel could be rebellious mood among MPs at new co-operatives have been on 
MRS. MAUR^N. COLQtmOUN, _ Mr. Pe er p™ ^ jj, e important both to the railways of the Government’s habit of using the point of collapse when they 

^Su'aeMlrement of.the SS country end on the Cop- the “back door” method of Pari were convert^ ,nt* 

North, b 33 SSSJSSiT had been brought tinent, and might result in li amenta ry Orders to nut impor- pnses— and 

3S5S5 A 111 ^ srt to- w-M « “* ^ — es t 

becaSe she has cbicken pox. - “aggressive private enterprise, rail, 


method of Par- were converted into such enter- 

the considerable 
estabished co-opera- 
tives have been overlooked”- 


Railmen’s pay talks 
hit new trouble 


BY NICK GARNETT. LABOUR STAFF 


PAY TALKS for railmen hit fur- 
ther trouble yesterday when the 
drivers’ union, ASLEF, flatly told 
British Rail that it did not accept 
the basic principle of the produc- 
tivity scheme offered by the Rail- 
ways Board. 

At the same time, the dispute 
over bonus payments for pay-train 
guards — ASLEF is claiming com- 
parable bonuses for all its mem- 
bers— has run into further 
difficulties. 

British Rail reaffirmed yester- 
day that it was not prepared to 
pay the bonus to train drivers. 

The Transport Salaried Staffs 
Association has also demanded 
bonus payments. 

The productivity scheme bases 
payments' on total business per- 
formance of the railways, based 
on a ratio of manning to traffic. 
It includes changes in working 
practices and commitments on 
staffing levels. 

Mr. Ray Buckton, ASLEF 
general secretary, said after 
further talks between . British 
Rail and the unions that the 
principle of the scheme would 
be retrograde. 

His union is seeking a deal 


relating payments direct to im- 
proved productivity of tbe work- 
force. rather than to business 
performance which, said Mr. 
Buckton, was “at the whim of 
anything.” 

British Rail has offered the 
deal in association with a direct 
pay offer of 9.6 per cent on the 
wages bill, worth a total of £57m.. 
of the. 177.000 workers employed 
directly cs the railways. 

Both the National Union of 
Railwaymen. the largest rail 
union, and the TSSA have told 
Btftish Rail that they were pre- 
pared to discuss productivity 
payments on .the basis outlined 
by the oBdrd. 

Mr. Sid Weighell. NUR secre- 
tary, said after yesterday's talks 
that he would put forward dif- 
ferent proposals grom those of 
British Rail on the way the 
direct pay deal within Govern- 
ment guidelines should be made. 

Tbe executives of the rail 
unions will now discuss yester- 
day's talks and are due to meet 
the Railways oBard again next 
Wednesday. A new pay deal is 
due on April 24. . _ 




Redundant steelworks 
may go up for sale 


BY ROY HODSON 

THE POSSIBILITY of redundant 
British Steel Corporation steel- 
works being sold to private enter- 
prise buyers has been raised in 
a correspondence between Sir 
Cbarle9 VUUers, chairman of the 
corporation, and Mr. Patrick 
McNair-Wilson, Conservative MP 
for the New Forest 

After British Steel had adver- 
tised for new investment in steel 
closure areas, Mr. McNair-Wilson 
write to Sir Charles to ask 
whether buyers would be allowed 
to take over complete steelworks. 

Sir Charles replied that “ this 
is something we would be ready 
to discuss,” but added that the 
equipment was old-fashioned and 
would not be suitable for a 
modern economic operation. 

Mr. McNair-Wilson said last 
night: “Sir Charles does not set 
out any apparent objections to 
the sale of these plants and one 
wonders, therefore, whether he 
has taken into consideration tbe 
nationalisation legislation.” 


Mr. McNair-Wilson also wants 
to pose a further question to Sir 
Charles, who is abroad: Would 
the corporation consider bids 
from foreign countries for old 
steelworks ? 

Closures have recently been 
arranged at Clyde Iron and East 
Moors, Cardiff, and Hartlepools. 
Teesside, and talks are to start 
soon towards sealing the closure 
of steelmaking at Ebbw Vale. 

Any private sector company 
considering a steel business on 
one of tbe sites would have to 
re-equip with modern plant in 
order to be competitive. 

The concept of private sector 
steelmakers taking over a BSC 
site is not entirely novel. 

Eight years ago, some mem- 
bers of the British Independent 
Steel Producers Association ex- 
plored in outline the idea of 
taking over. East Moors to pro- 
vide the private -sector with an 
assured supply of bulk steel. The 
idea was soon dropped. 


Suspended Rolls-Royce 
workers reopen plant 


BY OUR BIRMINGHAM CORRESPONDENT 


ROLLS-ROYCE workers yester- 
day reopened the aircraft engine 
factory at Ansty. near Coventry, 
which management bad closed 
because of a pay dispute. 

Tbe 1.400 manual workers had 
been suspended, and 350 staff 
were also laid off. They joined 
2,600 other manual workers also 
suspended at the neighbouring 
Parkside Works, Coventry, where 
2,000 staff are laid off. 

Tbe Parkside workers are 
occupying the factory, although 
all electric power has been cut 
Off. Yesterday they received 
support at Ansty, where they 
switched the power Dn again- 
Men continued to finish the work 
available in spite of a lack of 
supervision. 

Ansty repairs mainly military 
engines, including the Olympus 
for the Vulcan. No customer is 
expected to be in serious diffi- 
culties in the short term. 

Parkside supplies other Rolls- 
Royce factories and is marginally 
involved in the £250m. TriStar 
deal with Pan American Airways 
for which Rolls is providing 
engines. 

Nominally the dispute is over 


OB per cent- of* a 10 peT cent, 
deal. Management has offered 
an increase of 9.7 per cent, and 
intend to put aside the remain- 
der as part of a programme to 
switch from piecework to a 
measured day rate system. 

Airline urged 
to buy British 

TRADES UNIONS in the U.K 
aerospace industry bringing 
pressure on British Airways to 
buy UJC-built aircraft to meet 
its immediate need for a Trident 
and One-Eleven replacement, 
and to reject U-S.-built Boeing 
737 jets. 

The airline's Board meets this 
week and is expected to discuss 
aircraft procurement policy. It 
is* understood to prefer Boeing 
737s to meet a need for up to 
20 short-range aircraft by 19S0. 

A statement by the unions 
said that the airline must be 
pursuaded in the national in- 
terest to buy aircraft' from 
British Aerospace with Rolls- 
Royce engines. 


Lottery 
scheme 
offer 
to cut 
days off 

By Our Own Correspondent 

HONEYWELL'S 1,400 Scottish 
workers meet to-morrow to 
deride whether to aeeept a 
revolutionary lottery scheme 
intended to reduce 
absenteeism. 

The company proposes lo 
stake up to £1.009 each month 
in the lottery, providing 
absenteeism is cut lo an 
average rate of 5 per cent At 
present, the rate averages 12 
per cent, between the UB. com- 
pany’s two factories atTJdding- 
ston and Newhoase in Lanark- 
shire. 

The scheme would operate 
when absenteeism redaces to S 
per cent Then a £400 stake 
would be put up to provide 
£50 prizes for eight workers. 
The stake would increase by 
£200 for each percentage point 
reduction to a miximum of 
£1,009, when 20 prizes would be 
ou offer. 

Port strike 

A STRIKE by 500 maintenance 
engineers could stop work at 
Southampton port. The men are 
in dispute over pay and over 
terms for working tbe new 
South African container terminal, 
berth 20S. 

The British Transport Docks 
Board said that members of tbe 
j Confederation of Shipbuilding 
land Engineering Unions, were 
promised parity with the dockers, 
but the pay policy made this 
impossible to carry out. 

Dons dispute 

MANY university dons are likely 
to refuse to mark final degree 
examinations this summer 
because of a pay dispute with 
the Government. 

Dr. Andrew Taylor, of the 
Association of University 
Teachers, told the National 
Union of Students conference in 
Blaeknool that the AUT was 
planning action over an anomaly 
caused by imposition of incomes 
curbs. 

Race complaint 

THE TUC has criticised the 
report of the Select Committee 
on Race Relations and Immigra- 
tion for its suggestion that the 
Government should announce 
annual figures for immigrants 
from the Indian sub-continent 
f-It sees this -as- discriminatory. 

It also condemns proposed 
identity checks on black citizens 
and recommendations of re- 
stricted entry for children over 
12, which it says are likely to 
cause suffering and ill-feeling. 

Pay insult 5 

PERKINS Diesel Engines plant 
at Peterborough is threatened 
with a shutdown because of a 
strike by its 7.000 workers force. 
A company offer of between £4 
and £5 a week has been rejected 
by unions as “a calculated 
insult.” 

Ceramics ballot 

THE NATIONAL executive of 
the Ceramic and Allied Trades 
Union has recommended accep- 
tance of a new pay deal for its 
50.000 members. Voting will 
take place to-day or tomorrow, 
but no details are being given 
until the ballots have been com- 
pleted. 

Metro talks 

NEARLY 1,000 busmen yester- 
day voted rot to boycott work 
on the £160ra. Tvneside Metro 
nfter the Tvneside Passenger 
Executive offered new talks on 
their £30 a week pay claim. 

Court niiin? 

THE ENGINEERS' and Man- 
agers’ Association has asked the 
High Court to rule that tbe 
Advisory Conciliation and Arbi- 
tration Service had a statutory 
dutv to deal with an inter-union 
conflict over recognition at a 
GEC Diant at Whetstone, near 
Leicester. 


Export plans 
for Islay 

THE Receiver of the collapsed 
Scottish Development Agency 
subsidiary, Scofisco, has sold the 
company's Islay shellfish process- 
ing factory to two Scottish 
companies- 

The factory, wltich employs 22 
and has been kept open after the 
closure of the main processing 
plant in Glasgow, has been 
bought hy John King, of Kirk- 
cudbright and Sco-Fro, of 
Glasgow. 

The purchasers are jointly 
forming a new company to oper- 
ate the factory, which they hope 
to expand into freezing other 
products for export to the Con- 
tinent and the U.S. 


Factory safety warning 

SENIOR officials in the factories report on health and safety in 
inspectorate are predicting more the manufacturing and service 
industrial conflict if - manage- Industries, 
ments fail to match up to trade The report shows that deaths 
union standards on accident pre- caused by industrial accidents 
vention when shopiloor safety in that year were the lowest this 
representatives are give? statu- century 

lory hacking in October. The total of reported accidents 

Their warning was given in between 1975 and 1976 also 
London yesterday when mem- dropped from 244,140 to 241 .685. 
bers of the Health and Safely but they are expected to ha«e 
Executive, introduced their 1976 risen again last year to 244,500 



JJ Ventilation Limited 
13 Dowry Square. Bristol BS8 4SL 
Tel. Bristol 2912% 





14 



.Financial Times Thursday April 6 . 1978 


1 

l 




j 


r 

r 



F 

_ - 

i 

ItH 


HHTffl BY ARTHUR BSWETTMIDTH) SCH DETERS 


h 


• ELECTRONICS 

Imposes a 
picture 


DEVELOPED by the special 
components department _ at 
Ferranti is the Cirrus 100 video 
map generator using television 
dying spot scanning techniques. 

Occupying seven inches of 19 
inch racking, the unit can be 
used for direct map generation in 
air traffic cQarol or ATC simu- 
lators and also has naval applica- 
tions in the simulation of radar 
pictures for tactical and opera- 
tional training. 

The unit can scan two slides at 
the same time; the second 
channel can be used for the 
generation of secondary effects 
such as cloud or sea clutter. The 
field resolution is 1500 points per 
diameter. 

Optically pre-aligned modules 
are used In the construction so 
that servicing in the field is a 
simple changeover operation with 
no alignment procedures. 

More from Gem Mill, Cbad- 
dorton. OMham, OL9 SNP 
f 061-624 05151. 


The Itel machine will be able 
to work in conjunction with the 
Itel Advanced System computer. 
IBM 370 (models 145 and above) 
and to the IBM 3G3X series. 

Compared ■ with the IBM 

printer, Itel claims improved 
print quality and a 16 per cent, 
weight reduction. Paper sizes 
from 3.5 x 6.5 inches up to 
14 x Z5-S inches can be handled. 

The machine can print at 
speeds up to 19,500 lines/min, 
which is about 145 pages of A4. 

More on 01-581 2513. 


e HANDLING 

Truck has 
variety 
of uses 


Laser unit 
from Itel 


IWDER an agreement with 
Siemens. Itel is to incorporate 
the basic writing system of the 
German company's 3352 laser 
printer into a new machine, the 
Itel 7800 which. by the 
application of suitable elec- 
tronics will he plug compatible 
with tbe IBM 3800. 

The Siemens system uses an 
acousto-optical deflector fed with 
vhf ultrasonic signals to deflect 
the laser beam in the vertical 
axis, with movement in the hori- 
zontal achieved by a multi-sided 
mirror. The beam is directed at 
a photoconductor drum which is 
charged electrically before ex- 
posure. being discharged selec- 
tively by the beam to form 
characters to which toner 
adheres. The drum transfers the 
image to paper. 


GEEST’S plastic-based truck has 
been moulded in polypropylene 
for a high degree of hygiene and, 
by changing its superstructure, it 
can become any one of several 
variants: a one, two or four-sided 
truck; a double-decker platform 
trolley; or an adjustable tray 
trolley which can accommodate 
up to seven shelves in addition 
to the base. 

The truck Is completely suit- 
able for almost any application 
in supermarkets, warehouses, 
hospitals. canteens, offices, 
schools and factories, 

Tbe silver-grey, non-slip ba*=e, 
which is manufactured in ICI 
Propathene, will not rust, 
corrode, rot or splinter, .and 
remains unaffected by water, oils 
and fats, and most chemicals 
and acids. 

Though it Js of lightweight 
construction, the truck is robust 
and durable, and will carry 
evenly distributed loads of up 
to 500 kgs. 

The base, which was designed 
and moulded by British In- 
dustrial Plastics, carries a five- 
year guarantee. 

The entire truck is supplied in 
knock-down form for easy 
assembly, making it ideal for 
shipping to overseas markets. 

Geest Industrial Group, West 
Marsh Road. Spalding, Lines. 
FE11 2BD. 0775 61111. 






For prime power/ 

standby, and the filtT 
construction \il” 


GLYNWED’S Central Resources 
Unit, has . been experimenting 
with a technique to provide cast- 
ings, without the problem of 
fettling or cleaning down. The 
method is known as the 
V-process, invented in Japan in 
1971^ and advantages so far 
apparent are that it is possible 
to provide both a clear, surface 
finis h and improved accuracy 
which enables subsequent 
machine operations to be 
reduced quite dramatically. 

Briefly, the process utilises dry 
silica sand as the moulding 
material. Vital mould integrity 
is maintained during casting by 
an applied vacuum which gives 
its initial to the process. Conse- 
quently, no binders are used. 
The sand can be re-circulated 
.with- minimum handling, and it 
is only necessary, to screen and 
cool the sand daring recycling. 
Loss of moulding sand at each 
cycle is approximately 3 per 


cent, resulting in a- saving on 
moulding material' usage. '' 

Due to improved molten :metal 
flow characteristics, c omplicated 

shapes and- reduced section 
thicknesses can be-- cast- Add 
because of the improved surface 
finish, the need for fettling 'is 
decreased sometimes to uiL 
There also is a reduction tai shot- 
blasting and - elimination of 
joint line finish is often possible. 

This process produces • no 
Fumes and smells,. no rmally 
caused by binder decomposing. 
No mould shaking and vibrator 
noise are associated with it and 
consequently the working envir- 
onment is much cleaner and 
quieter. • 

The method has so far been 
tested with various grades of 
cast iron. But it is 1 applicable 
to various other metals. 

With the revival of Interest in 
Victoriana. there appears to be 
a rosy future for the process and 


its users since it may be'pdssikile 
to produce or reproduce some 
of the most intricate work at 
about one-tenth of the - cost of 
'the same item made by tire 
traditional labour-intensive 

^processes. 

— This does not mean that the 
V-process is limited to the deco-. 
retire arts, far from 'it, - since 
work has -been done on casting 
■ thevlids -for Aga cookers by -this 
method. 

- This pilot scheme is - con- 
sidered to be of great importance, 
for.. GJynwed Foundry Division, 
since by injecting new' techno- 
logy and new products, increased 
output could be the result, 
attrae+voe. and for that matter 
r etaining , skilled labour -in the. 
foundry business throughout the 
Coalbrookdale area. ■ 

More from Glynwed Group 
Services, Headland . House, New 
Coventry Road, Sheldon, Birm- 
ingham B26 SAL. 021 742 2366. 




Yodcs. rim spX&S? 

: 0723-51 4 


• COMPONENTS; 

Multi-role 

compress®* 


• COMPUTERS 


Univac move in small machines 




Part of the assembly area at Redifan’s new factory. 


Redilon renews its 
range of equipment 


the 



A Scottish firm with an impressive 
international reputation, Carruthers has been 
supplying MONOBOX cranes to industries 
throughout the world. Wherever there is over- 
head lifting to be done, a MONOBOX crane can 
take the load. 

Built to an award-winning design, a 
MONOBOX crane can be quickly and easily 
assembled from stock parts to any specification. 

And ail types of lifting tackle supplied - to handle 
anything from cable to concrete, sheet glass to 
scrap metal. 

The single box girder structure, wrth its high 
strength to weight ratio, is economic, versatile, 
reliable. Maintenance is trouble-free, breakdowns 
rarely occur. 

Next lime you think about high loads, think about 
a high quality MONOBOX crane. 


R-RANGE describes six com- 
patible minicomputer - based 
families of equipment, developed 
over the past several years by 
Redifon to provide large volume 
data entry, as well as intelligent 
local processing, using latest 
available technology. 

Redifon, which is a major sup- 
plier to a number of East Euro- 
pean eounlries. has set up an en- 
tirely new 28.000 square foot fac- 
tory to nrake tbe equipment. 
This can talk to ICL. IBM. Bur- 
roughs and Univac computers 
and can take data from many 
media including OCR. OMR and 
punched records. 

All the hardware systems are 
based on a Redifon R3000A mini- 
computer with 64 or 128KB of 
core memory, 1.2 . microseconds 
memory access time for 16 bits. 
and high-speed direct memory 
access for fast peripherals. 

The R100 to R550 have between 
up to 8 and up to 46 visual dis- 
play units of 480 characters with 
optional keypunch or UJK. type- 
writer keyboard.’ 

Upper and lower case in U.K.. 
Polish. Cyrillic. Czechoslovakian 
and Hungarian character sets are 
provided. The terminals can be 
locally connected up to 2.C00 feet 
from the CPU. One serial or line 
printer can be connected to each 
terminal. 

The two larger machines, R830 
and R850, both have diskette 


drives and a variety of peri- 
pherals including up to eight or 
up lo 24 displays, as well as 
ability to communicate with 
equipment from the above four 
manufacturers. 

The R830 and R 850 micro - 
terminals which can emulate 
mainframe terminals are micro- 
processor based, with upper and 
lower case, optional keypunch or 
U.K. typewriter keyboard, and 
U.K., Polish, Cyrillic, Czechoslo- 
vakian and Hungarian character 
sets. Tbe micro-terminals can 
be locally connected up to 2.000 
feet from the processor or up to 
4.000 feet using line drivers. 
One daisywheel or line printer 
can be connected to each micro- 
tertninal. 

Software products cover a spec- 
trum of functions from basic 
data entry to advanced transac- 
tion processing and multi-media 
operation. 

Compatibility with existing 
Seech eck and Redicheck software 
has been maintained. 

The R-rauge will be marketed 
directly to end-users by Redifon 
Computers in six Countries: U.K_. 
Eire. CSSR. USSR; Poland and 


COINCIDENT with the long- 
expected European launch of the 
BC/7 small business computer (a 
year’s business in the UJ5. has 
already yielded sales of LOOO). 
Univac has set up a business 
systems marketing organisation 
specifically to sell and support 
it. 

Regardless of its “big 
machine” image, the company 
now acknowledges the small busi- 
ness computer market to be “ the 
fastest growing in the industry." 

Considerable recruiting has 
been in progress — from- com- 
panies specialising in such 
systems. This partly accounts 
for the BC/7’s delayed appear- 
ance in Europe, but the main 
reason, states the company, was 
the need carefully to re-write the 
applications software to accom- 
modate the different business/ 
legal environment in Europe. 
For tbe time being sales effort 
will occur mainly in the U JL, 
France and Germany. 

BC/7 has its origins in Acom. 
a joint development with 
Decision Data in the UJ>. 
originally intended for batch 
working. The new, interactive 


product is based, on a pair of 
Intel 8080 rfiipg- 

It will not affect the company’s 
recently acquired Varian mini 
tine which is being ‘ aimed by 
Univac at areas such as network- 
ing and process control, steering 
dear of the small business mar- 
ket 

Application area for the 
machine is clear cut: payroll, in- 
voicing, order entry, stock con- 
trol, and general accounting — \ 
in most cases in companies about 
to install their first computer 
system. 

. The machine lodes like, and is 
the size of a pedestal office desk; 
on the desktop are 12-inch vdu, 
detached keyboard, drop-in dis- 
kette units, printer and a small . 
extra display on which -two. lines 
of 16 characters can b.cLahown 
relating, to system control rou- 
tines. - i 

Main memory of the machine - 
is expandable from 32.. to 128k 
bytes in 16k increments and .the 
bulk store Is up to Three dis- 
kettes. giving 3m.. bytes. 

A new high-level programming . 
language developed by Univac, 
called Escort, is said to allow 
the user to make foH use of the 


• REPROGRAPHICS 


Large copies from 
microfilm 


Hungary. Start up- operations in 
the Middle and Far East will 


the Middle and Far East will 
proceed during 197$. First de- 
liveries begin in June. More 
from Redifon Computers, Kelvin 
Way, Crawley, Sussex. 0293 
3124. 


THE TITAGHUR JUTE 

FACTORY COMPANY LIMITED 




Carruthers 


UP WITH MQNOBCK 

Britain’s leading crane manufacturers. 

J. H. Carruthers & Company Ltd. 

Peel Park Place, College Milton, 

EAST KILBRIDE, Glasgow G75 SLR 


Extracts from the Chairman’s Statement accompanying the 
Accounts for the year ended 30th June, 1977. 

The 1976-77 jute season turned out to be the most dismal 
in the long history of the Indian Jute Industry and the 
results in India were in line with the widespread experi- 
ence of heavy losses being incurred. 

In the United Kingdom modest profits continued to be 
earned but results were adversely affected by the with- 
drawal of the Regional Employment Premium. 

There was a Group net loss for the year of £2,006,467 and 
an accumulated deficit of £2,112,803 to be carried 
forward. 

The Directors regret that there can be no payment of 
dividend on either the Preference or the Ordinary Stock 
of the Company. 

The power position has, if anything, worsened during the 
current year and it has been decided to instal diesel 
generating sets to increase production. ■ 

The United Kingdom operations have had a difficult 
start to the current year with the continuing depression 
in the country’s economy keeping down demand for 
some of our products. 

The Directors hope to put forward before the year 
end a scheme of reorganisation for the approval of i 
stockholders. 


BUILDERS of the world-beating 
AO, first machine to be capable 
of producing full-scale engineer- 
ing drawings from microfilm, 
have come up with another world 
first — an A 2 desk-top machine 
which has x30 or AO magni- 
fication abilities, plus three other 
sizes and a speed of repro- 
duction which, on the face of it. 
appears to be about 2\ times 
faster than anything the 
opposition has put up to date. 

imtee Microfilm, a U.K. 
organisation based on the out- 
skirts of London, has been a 
pioneer in reprographics for 
engineers and users who demand 
high quality reproduction for the 
past ten years or so. But its new 
machine marks a major change 
in the company’s approach since, 
for the first time, it has been 
able to do its own market study 
and go ahead and build what its 
management judged was the mar- 
ket requirement without calling 
in outside support. 

The Imtee 2000 A2 machine is 
th e outcome. In the company's 
view it is meeting something like 


70 per cent of the overall 
engineering requirements and 
because it embodies a novel beam 
folding and moving minor 
advance on .previous . instru- 
ments, the developers have been, 
able to use what is essmstraBq 
narrow ' beam, high - ^definitiorf 
techniques In a unit tipF much' 
larger then existing’ 'desktop 
equipment 

In pre-marketing- . operations, 
it is understood that security 
organisations have already 
ordered a large number o£ these 
units. But in the meantime, the 
company management is .con- 
fident that It will reach the £lm. 
sales mark in 12 months against 
IS months for the big AO 
machine. 

But the main characteristic of 
the new equipment is that it is 
so simple to use and service, 
always a hallmark of good 
engineering. Whether the price 
of around £3.000 will be a deter- 
rent remains to be seen. For a 
unit of this degree of versatility, 
the price is arguably low. 

Imtee on 01-204 8355. 


'system without any previous pro- 
gramming experience. Data man- 
agement requirements cart be 
specified by a tutorial conversa- 
tional technique. As the user 
gains experience, it is possible 
to by-pass the tutorial method 
and enter program statements 
.dlrectiy, but tbe * tutor”, can: 
always be refererd to if needed-: 
; BC/7 also uses an adaptive 
software technique by- which a 
user’s special requirements are 
incorporated into an application 
program by an Interactive ques- 
tion and answer method. Speci- 
fications, report headings, use of 
customer names in the master 
file and particular calculation 
methods are easily incorporated. 

. Printers are available to work 
at 125, 200, 25ff, 350. or 700 -•lines 
■per minute and a- cartridge mag- 
netic tape sub-system is also 
offered. 

A minimum BC/7 system, the 
model 600, -with 32k of memory, 
diskette and a 200 line/min. 
printer costs £13,000. With all 
the options and six workstations 
this becomes £35,000 to £40,000. 

Univac believes that the 
majority of customers for the 
machine will be small manufac- 
turers and distributing organisa- 
tions, probably employing up to 
250 people and turning ' over 
between £4m. and £7m. a year. 

In any event It is laying con- 
siderable emphasis on being able 
to supply everything, believing 
that this sort of customer does 
cot want to deal with three or 
four- companies — for hardware, 
software, and servicing! 

; Intending, as it were, to tinder- 
line the point, Univac says it 
has spent £14m. in arriving at 
the product and the organisation 
to market and support it More 
'■on 01-865 0511. ; •/' J • “ - 


A RADICAL departure tom - 
veutional practice an din ; 
advance in gat compression 
nokjgy is 'claimed fbr ** 

7 hp Denco PrestcoM W'. 
compressor, the first ofv‘ 

30 hp- range. v •- *t . 

The aim has been to cwf - ' 
the advantages of tfie'-W 
with those of the opto*V 
pressor while avoi ding -fed • 
advantages of both. Amorn' 
two., most important adnm 
are avoidance of fouhiyr 
ability to pump liquid. : - ' 
Thff. high volumetric cm 
of the unit coupled wff 
ability to pump and to 'fna 
as a gas motor as well - ; 
compressor Js said to : ope 
new areas of application^ 
density refrigerants, ' 'extra 
and closed gas cycles, and-' 
temperature hear pomw” 
The new unit is on test ' 
several potential ciistomet 
chiding. British. Rail on 
advanced passenger train? - 
imati £lm. has been spentV 
Theale, Reading, plant; 
batch production’’ has'- ' 
tnenced. The AGR series, 
is known, wiH also he iS • 
PrestcohTs plant in - Glass 
- PETER CARTWRtf 


TELEPHONE SECURlt 

BBrtronic privacy system 
virtually tep-prootf wpH 
your existing phone,. 



• Detects radio fraqmncy fa 
mitteis 

• Detects barmnita "topP 

• Cancels ether exUtag “ba 

• Displays nnovottag# 

• Toms on recorder wtwa frf 
is hi use or being bep 
wftb 

• Urn secure featarc fan 
luma! protection 

• Portable, easy to ofmfe 


Model 9-9 

DEB SYSTEMS LTD. 

P.O.Box 1800 
NbwYo*, NY10O17 
(212) 840-8349 Tefeci 






. i 

, r >•!. 


Vi N 


L ^ 3 W& cordially inySo 

I***'# y t0 v ^ t otlr Specrabi 
. Exhibition which 7 
take place in Plovdiv from April 25 
-May 2, 1978. Various samples of Bulgar. 
textiles,:- ready-made clothes, leatl 
garments* shoes, glasswork and porcel: 
will be displayed. 



AIM IS 
G 


Bifurcated Engineering 


’J I 


Nearly everywhere you look in manufacturing industry,. 

BE Group machines, equipment and know-how are 
helping to cut production costs. From rivets and rivet .. 
setting machines to parts feeding and assembly machines, 
net weighing and weigh/count systems and many other 
automatic processes. 6E Group members are specialists 
in creative engineering, design and manufacture. 

Shouldn't you know more about it? 


Send today for 

The Guide to the BE Group 


Copies of the Report and Accounts may be obtained front 
The Secretary. Meadow House, 64 Reform Street, Dundee DD1 9ED. 


Grouo Head Ottlcec 

BJ furcated Engineering Ltd., 

PO Bex 2. MandqvUle Road. 

Ay <estu>. Bucks. HP 21 8AS. 

Tel: Aylesbury (0296) 5811. Telex: 83210. ' 



For details please contact: 

IMDUSTRIUIMPORT 

Sofia, Bulgaria 
, 3, Pozitano Street 
Tel.: 87-30-21 
Telex: 022591, 022592 or 
The Bulgarian Trade Representation 
104 Lancaster Gate 
London W.2. 

. Tel.:: (01) 2621867 ... 


There Is a new communications centre 


dkaeSP 


n Fleet Street 





The two independent public relations companies 
within the Lopex Group, have converged on 
Hulton House,in the heart of Heet S treet 


From City Road,ECL, CIPS (City <V Industrial 
Publicity Services] came'Wfest while Forman 
House moved East from the Charing Cross Road. 


Together CEPS and Forman House can now offer 
the full range of public relations services from 
one building. 


CIPS imd Forman House provide a 
comprehensive consultancy service i ncludi ng: 

Corporate programmes 
Employee commumcations 
Industrial public relations 
Property' marketing services 
Political and public affairs 
(UK, EEC and Washington) 
Sulcsforce support 
Shareholder and investor relations 
Hade and consumer marketing 
TV and radio training 
Overseas, our public relations operations 
jnHudeafliiiatesinBrussejsandAinstertiarrv 
and associate companies in France, Germany 

Italy, Scandinavia, the USA and Japan. 


City & Industrial 

PUBLICITY SERVICES LTD 

Forman House 

PUBLIC RELATIONS LTD 







s hulton housI 


HULTON HOUSE 
161-166 FLEET STREET 
LONDON EC4A2DP 
TELEPHONE; 01-353 7781 
TELEX; 883295 









J5saes - Thursday April 6 1978 


'ws§i 

StgpS 

iu.TȤ 





EDITED BY MIC^^^^N-NOH; C>f; 


£ 2 . 6 m. launch by Advertising’s age of the extravaganza 

T7' / l • JI •'m -a 


■Y PAMELA JUDGE. 


Tf m 


IT IS INTERESTING. though canned salads. But of ihe seven two- Standards this years were qualified referees in a situation 

not necessarily profitable, to sold* awarded, CDP won three acceptably high.” Jlke this is John Simmons of 

reflect that the two U.K. advert is- and Sa at chi’s two. and both were Nonetheless, some suspicion The Simmons Consultancy. He 
mg agencies currently leading loaded down with bronze and remained that the winners ibis says: “TV commercials seem to 

the field on the creative and silver. year owed their elevation more be getting much more entertain- 

prize-w inning fronts — namely Are awards a good thing?. w production values and budget ing in a bid to beep ahead of 


1.****. 

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<r *.*■'&**'? 

' "* AC # £ 




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* -'■^•e.eajSEr 


xiisfritor. 

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JuI^ariJ 

p-» S'.ri'fi 





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: K. ^ 


ELIDaYurrc ' r T , ., . Collett Dickenson Pearce and Quite probably, though one was S1ZC th *F to sl ?*3Ui filing what the consumer has been 

is Un 1 ! 1 ?’. er - tnedia-buying. company. Bjgravcs. Saalchi and Saatchi Garland- leTt to work out for oneself what proposition. The Supremos led to expect- ads are •“JJJJ* 

the lSSfh £ ° behm ? *«* «d Associates. Compinn-are at one and ihe the criteria of the evening might commercial was superbly well more <*"»"£ 

S®. “ un * 11 #f ts latest range of • LYONS BAKERY is spendin- san,e lime the two largest British have been. According to one pr° duced ' » aid a leading mde- more erotic— as with Berlei— 

’ Nflre “: phase P *of hs » nd lhe ™ « nuhlicly ? u „suJl!,n^ " B « whal . j ! 5 

fceen used suciSafuUy to-Si^.*^" S^Snip 2 IllS , . in fudgin '? 5 tK^ads^^sS^ »U*®P l 10 mow a buShoPIS ga ’^easing the audience rather 

ss& * ass rib.T«« UrlSSS £ 5 $ V-ss 

ads^overei^M^pS 6 ^ • IPC MAGAZINES reports a vision Advertising Awards this a ‘., an >’ cost— preferably ^ ngle fi p jn ; of d x2a« pcwol SSlSj tiaTte ^mwS 

£»©.&«. nSLch ^aT 11 5? “ me “°I ab ? e Y« r fif. “X busi - *«*; # A. b, ?; bud R° l ‘ , , , PenonaFly. my business is aSut than Saatchi or CDP have yet 



i. 



nine tv t j ". 1 jvaiiosai tv expeflauuje win tie m any raie. tncy were totally 

5S«d to UnS^Tta’SSSS ^O 0000 - '0 the fore at the London Me- *™rkod. I 

ad^over-itM^a-Ir.®^^ » IPC MAGAZINES reports a Vision Advertising Awards this newness at 
t« D fSn r w«LZ. ee . . 0081 “ memorable year for new busi- week, scooping in almost as big-budget. 





SriSEd to ™ an > h PrtW* “ their rivals put Not everyone thought s o. John and e^tying M becom^ terns oF SnpaS 

and ^^rt FielcL brand ^mp?r t0 Man* 31, 1ST?, when the tugeTher- Their doimnance was Webster, creative director of and keeping factories employed. lon°cvitv and client profitability 

say* that a sinSlar^ narSSSS ^® nrap 8 Qt,es att f 8 C ^L^ reeord *° ■ mark ^ d ^ DP „'i'“ a ! hp “ um Boase Alassimi and one of the That’s advertising” ove r a long period of time, and 

nationally woedd rep/esent ^a - *?*?<*, £ ? 7 , 4 n i- T: J }L E fhL P SS iudges. was happv with the According to Chris Sharpe of lhat is Masius. Their greatest 

tUTDOverof £9 5 m irSf 1 *&«=«* ttr » e * and * commerual for the Supreme general standard “Over the past The Creative Business: -There award is when the client in- 

o. ox tsam. aT rsp. per cent up on the previous year, with Saatchi s closely in atten.l- few years standards uf produc- j S a style of advertising that creases his appropriation.” 

• THE ALLIANCE BUILDING While overall food advertising w “ h lts Dunlup corponie ti 0n have improved enormously reeks of prize-winning. It’s like Vam v[Bam . rrv A»ard- coiirir 

Society has switched iU £500* 000 (per MEAL) rose 21 per cent. ^ d ,T tb ^ ® 8 ^ nR f d . p ^ a “ vc whereas ideas have suffered. a bos of candy, but they're all Hide™*® Pv arte -EX1 1. Till- Supremos 
account from Ted Bates i* nAVu ^ ast -V&ar. says advertisement s /^; described The evening ns a This year, for a change, ihcre sort-centred. There are plenty ‘Vi-moa Mow F;sus». cmp^io series 

Dane Bernbach by mutual asii-o. director Frank Fanner. IPC’s ” CDP-cum-Saatclii Inve-in. Wt . ri . some very goud ideas.” 0 r ideas bui they come from the ftSf* r Ssnir Tv'r*no M sSS S Gold for CUP: two-thirds or the Supremes. 

meat. Tbe Alliance, the counitwv women's magazine food advert!* Of course. others were .leremy .Sinclair. creative same drawer. I suspect that the aSSSrl. c*u a££1: 

sixth lareeRt huiidino c ■ i tog rose by 43 percent- involved, notably Bov-v Mas-sinn director at Saatchi s. agrees with clients R and D is not reallv Canned. rroj*n roods «e.: dovIl- Pane Ti-saco. Jamifl Hunt m»e aim Purtpr smu-iu jnd sa.itviu iK-aiih EJm.aiioo 

savs a mriew nf ih i« n « ♦ • TRUST HOUSES' FORTE has Hiillilt with its Cadbury Sinaah Webst.>- “There arc production providing them with a selling BwntaA Hcidz. Canned &tad« 'Park Fitn i Company .. Consumer scrviecs: Cnmcia. Atwiiu Mao ' £2™$* 

SSrtA5^ jJ?JSS£Kd »”«#*«* -rronS Marlians :md Do.v!c ttinc Bern- .nd id™* *J*ei« b*. Sl« on which »-ork.-“ * S&f1SSo“TS S3£ SSJ^Si^XTSSS, ^^' U SSTS,?^S!i 

resulted in a decunnn in Campaign on Thames Television, bach with Its work for Heinz the best Of the lot combine the One Of the most highly- lul/nm Cranwn. AMO products: CDP.' Produv’tionsi. Public service advertising: Typhod. Snu^h Pol 4 lii. 

new adverlisLttg apinSach Capital “ d LBC, and in sciecied 


Gold for CUP : two-thirds of (lie Supremes. 


GMEY ADVERTISING, which 


Capital and LBC, and in selected 
national newspapers. 

• SAAB (GT. BRITAIN) has 


BvrnbJL-h Heinz. Canned Salads i Parts Film Company. Consumer services: Council. .Vloir^ Mjd iTHl- Caisunld 
Villas- PtoCjiIjohsi. Soft drliilu: CDP/ Sjaichl and ^aa'cfal Garhind-Cuiiipiou Ma.u^i'Kiran. EnterUiimcni: CUP EMt. 
Ra-.iiir.is- Rau'lm&s Gingi-r Ale 'Brooks Dunlop. Dsnlop Cvrporan* Park Vilbue Th- Suproim-s. Series: BMP Cadburr 
I'ulfnrrt Cranu-r i. Amo products: CDP-' Productions i. Public service advertising: Typhoo. Snuih Pol a to. 


recently added on £l.Sm. worth confirmed that B running Advcr- 
of new business by winning the Using and Marketing will cun- 
Yellow Pages and Heron tinue to service its main national 
Motor Group accounts, has ap- advertising .programme. In the 
pointed a new creative director, 12 months to Last September, 
John Wilson, from 1970 to 1974 Saab spent a total (MEAL- 
ereative director and then man- monitored) of 1824.300. 
aging director of the KMP • THE LONG-RUNNING “ Inch 
Partnership. war" gets under way again with 


TV rates: no need for trauma 


BY HARRY HENRY 


INCREASES 


advertising Advertising Is j business which 


I rates * having over the past four generates a 


war" gets underway again with “‘ 7 * UT . C ' K-a 

By-vita spedding £300.000 on its > t,ars haro, y kept T' iK ' e 


the sixth biggest seller. Publicker 


1 .. LXtviui *11 me IUU* ww 

March 7 was 68 per cent. 


years hurelv kept pace with t,Q,t ’ lM » n - lar S cl > because of the 

inire.sps in th* npi-iit Pri.f« w:, - v 11 ls structured, and no- 
tnirejses in the Retail Pri. es whcre js ^ myrc n)jnift , s , than 

fndex. have consequently lagged in discussion of rates. There are 
well behind increases in the f L . w other industries in which 
prices of most other nianufactur- company spokesmen feel it neces- 

and dlStTlbUllon t*OSL»» «!trv in ni*r>iiTu t Krt nlitfnrmc nt 


INDEX OF TV. RATES 

COST PEH MINUTE 

ms-no 


Industries Sc!? i^uTs! parent is ? TRA ^£P* 0ne r f 'trwa 1 " T\v, d ^ mhulion sary* ^ 0^7 he pl a fo^Vat 

spending $3m; on full-colour fOTn £ n « Partners o( TBWA. although this has not prevented inferences ahd the columns of 

inserts 5i trade publicatioS and ! be ! r ad '’or- the irade Press uirh attacks on 

_ v^r r i m i m l. na ' for 1977, the seventh year of its Using agencies combining in a ih* pricin ' 1 policies of their suo- 

• POSTER PUBLICITY has operation, were 577m. This year, continunus barrage of complaints pliers Moreover althouuh the 

acqmred a mmoriqr; interest In it says, the agency will pass about them with periodic fits of price increases m’lelevision and 


DELIVERED^/; 


Threat to freedom’ 

MR. H ED LEY GREEN- directive which sought to imply 
BOROUGH, president of the not only lhat it would be an 
incorporated Society of British offence if an advertisement was 

misleading but also lF it was 
Advertisers, said yesterday that ^mnialbi misleading; and 
he agreed in principle with Ine sei . ond . j he pr0 posal to shift 
idea of an EEC directive against the burden of proof to the adver- 
misleading advertising. but tiser with the introduction of 
emphasised that sanctions and penalty corrective advertise- 
methods of .enforcement must '“«>»■ [SBA p „ sirtcnt descritwd 
be a matter for individual t j ie pr 0 p 0set f directive as an 
member Slates. evamo/e of " harmonisation for 


the recently-formed independent SlOOm. 


sabre-rattling. 



the Press have been broadly 
’parallel, it is essentially around 
television that the hysteria re- 
volves; 

Part, at least, of the reason 
for this exceptional (luminance 
of reason by emotion is the 
hyperseasonality of the television 
medium, combined with the fact 
that the supply of the commodity 
involved — commercial transmis- 
sion time — is rigidly limited not 
by the commercial decisions of 
the suppliers but by statute, and 


t n. 

TRANSMITTED 


AVERAGE PERCENTAGE VARIATION BY QUARTERS, 1973-1977 

1st 2nd 3rd A 

Commercial minutes transmitted — 4 —2 -r 2 + 

Cost per minute transmitted — 8 -r7 —15 + 


^cluuus u. -ii The ISBA president described 

be a matter for individual t j ie pr 0 p 0set f directive as an 
member Slates. example of “harmonisation for 

He was speaking at the open- harmonisation's sake.” and said 
ing or the 6 th World Industrial the only rwo justifications put 
Advertising Congress in London, forward for introducing the pro- 
at whicb he attacked the current posed legislation reflected a mis- 
proposed EEC directive on mis- understanding of the role of 
leading and unfair advertising, advertising in helping achieve 
warning that if approved us increased sales. One was that 
o I drafted it would affect industrial different laws on advertising may 
I advertising as much as it would be confusing to consumers in 
| threaten consumer advertising. It different member States; the 

| posed a very real threat to the second was the belief that 

freedom of all companies to different campaigns run to 
. advertise their products, said comply with different laws meant 
Mr.’ Greenborough. extra expense and thus adversely 

’ He was particularly concerned affected an advertiser’s competi- 
4th with the article in. the draft liveness, 
r 4 









L 





\ 


\ 

[i 


Early television campaigns on Southern Television had successfully 
promoted the Hill Construction Company’s agricultural building business. 

Too successfully, perhaps. For their 1976 campaign of 15 and 30-second spots 
on Southern, Hill were keen to promote the Hillspan industrial buildings which 
now account for two-thirds of their business! The campaign, staged by 
Lonsdale Osborne, was another undoubted success. Hi|l were pleased at the 
contacts it gained, and the reputation it made them. More important, they 
were delighted toreceive enquiries from an influential band of businessmen - 
those who work in London but live in the South. These men watch their 
television in the South tool 1 


that marginal costs of supply Level of rfV viewing -M3 -3 -14 + 4 

axe zero. Commercial minutes delivered -r 8 —5 —12 +9 

One example of the food thus ^ p er minute delivered -19 -r9 - 2 -M2 

provided for emotion to feed on - — — =3 ^ "T} ZTi 

is the fact that, while. the cost Total expenditure on TV ±2 -M 

per minute of advertising de- Total expenditure on Pr«» media — 7 -r5 — 3 -f- 5 

livered to the home in 1977 was . ZTy -4 ~3 +14 

17.8 per cent, above that or 1976. RetMl 1 

the cost in the second quarter of calculated from jictar data 
1977 was 37.7 per cent, above that 

fourth ^quarter 30^° permit! not usually pontificate about ketin^ pi mis to periods of cheap 

above that in the third. The advertising rales. TV might be to have the tail wa D 

complementary posiUan — that The situation is further com- Sins the aog. 

costs in the first and third plicated by the fact that the size On the other hand, expenditu 

quarters were respectively 22.2 -of the audience for an average m the latest aaverttsing 
and 11.3 per cent below those commercial is a function of the the ■ p «*i ° o!b 'i 

of their previous quarters— is the level of ITV viewing which, as w* lfc p 1 

sort of thing that tends to be can be seen, is markedly sea- rUSt^Snh^rmSa ^ei 

overlooked quite as much by the sonal. being 13 per cent, up in 

advertisement buyer confronted the first quarter and 14 per cent, statistics indicates that for the 
with seasonal increases as by the down in the third, 3 per cent ^chv 

t°om a n to? s nousewife * boppins for i n to e theTurth Dd 4 per stssSm^ajs l 

One major difficulty arising with the level of ITV viewing 11 IhS^enctoftook^Se? 
with television, which is less hr- substantially higher in the first Sokat ^tbelSSonal^ distribution 
ru Scant Cor at least far less quarter of the yen- than in the teSStoT expendSture 

recognised) in the cMe of othef fourth, the volume of com- ^y ^uld be less subject to 
n L edl i^. s while what the mercial minutes transmitted p arano i C trauma every six 
advertiser wants u commercial bein? ( inevitably) not subject to SSSSf or so 
minutes delivered to the home, muc b seasonal variation, and Harm Henry is Visitinn Projes- 
pomnioreial 5 n^rmt^“!^irangmitted S with Iaie nE demand in wbat is in sor marketing Communica- 

and «Te iSation between the rwo effe J c , t 3 s “ pply ' re ?, rIcted cop ? - tims at the Cranfield School of 

3 k v re ^ ' a “on between m e iwi o, jjjQdity market pushing up costs Management. 

though reasonably stable from _ r m ; nu t e m the fourth Quarter >■ 


Catch the sun 
in London. 

Only National flies 
non-stops Heathrow-Miami- . * 
Tampat and onwards 
sa/endaysaweek.’ ■ # k ... 



America^ 

sunshine 

airline. 



* I{. 

'In i>iei!eni-.e 
it. j. 



C'oiilud \nur fraud ijncnt or 

IS'allooal Airlines. Xj rtYvadillv. London W l\ 9HK (01+298272) 
XaiiniuJ .Milini - In.'. i> MKivT^'r^Uil in iln- I'uuUj. L-.S. \. 


SOUTHERN-^ - TELEVISION 

T 

For further information contact Brian Henry, Marketing & Seles Director, 

Southern Television Limited, Glen House, Stag Place, London SW1E 5AX. Telephone: 01-834 4404. 


loousn renommy siauie iro n ro i nu t e in the fourth quarter 

year to year, is seasonally highly ^ yelr to a , eveI gg per 

V 3 Ab rail ho noon from tho tnr. Cent - 3 bove ° f flrSt 

quarter, it is hardly surprising 
line of the table (average per- ^ ^ ^ expenditure on TV in 

fggg* ™SSf JSUKTta" the fourth quaner should be 39 
Jh 73 per c ent - abov e that in the first 

the Dumber of connnercifll - » /._j 1*1^0*14 jo r\ny 

minutes transmited is relatively ^ 3 5 te r h J„« n ^y 10 1 I ihfprf’r..1ari?ri r 

« television rfbSf ^ 

en- and large sells virtually all of tb, “ n ™ni oa f™i2i;*Hnn’ 

•i c qvailiblp time otipp due out much more invest Ration. 

weight is given to audience size. 3 « Ji Ljtahle^I 

On the other hand, there are seasonality is gevitable- 

raueh larger seasonal variations ^ at , 1 1 i° C n r ^ e 

!?ilt?cf-15“,r con™ do™ rnSc f?“«h oumcr when commerc.ol 

third quarter, for example, and ^ n b , e Jj' “fjj Ireland 

16 per cenL up in the fourth, so “}? r ® cbl r ? p '^ m lbe first 311 d 

8344404. 

? n iD f Vmn C nd iS ' rete ‘ S Ita ^olpmmSof^dAint 



Opportunity 


- For a iimg tinie Australia "has befen slipping in importance as a: market for » ur exports. 

- But it still has great potential. And tt should not be ignored By British exporters. This 
vital message wilt he expounded by a team of leading Australian industrialists who are 

-being' specially -flown to Britain to speak at * series of one-day seminars, sponsored 
joinidy by the Australian British Trade Association and the British Overseas Trade Board. 

The seminars .start in London, on Wednesday April 26th at the Inn on the p J rk 
Opening this seminar will be Air: Edmund DdJ, M.P., U.K. Secreta^r of State for Trade, 
and the chair will be taken , by Sir Frederick Catherwood, Chairman of the B0TB. 

For details pfeSe complete the form below and return lo: ."The Australian British Trade 

- Association, 6 th Floor, Dorland JJousc, 18-20 Lower Regent Street, London, SW1. or 
telephone Ol^GCH) 25241 


X wish toJUWrf.yMr santoar.nr-r 
. .. • London' " . rrt - ■ 

3 Ki» April' ‘ 1 I ’ 

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unfamiliar to the marketing 
staffs of consumer goods in- 
dustries and their advertising 
agencies, for whom output is 
usually expandable and price 
cost-determined, demand being a 
dependent of price rather than 
the other way about 

Of course, in the purchasing 
echelons oF the companies con- 
cerned, particularly those in- 
volved with commodity markets, 
recognition that in conditions of 
restricted supply demand con- 
trols price is familiar enough, 
but then purchasing directors do 






m 

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locked eway ,r the To»w orr torn, of '|HE <«<■•=->?='»«< ’ J 1 °" l > ltle , ‘ n,sl wmc! °" d 

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Media plan! Totalfydevised 
in London viaJDM-the largest 
independent overseas media 
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Joseph looser, our 
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and ask hint to send a 
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fordinmr. flic 
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01-4803844 


Centre Director 

required for major new 
shopping complex 

HOME COUNTIES 

A Centre Director is required to head a team of forty 
people responsible for the operation of a new shopping 
centre. The centre, comprising some 500,000 square feet of 
retail floor space including three major space users and a 
market hall, will open early in 1980 although sections are 
being handed over fortrading in advance of that date. 

The successful applicant will be expected to appoint key 
personnel as the nucleus of a vigorous and imaginative team 
and in addition to developing and directing this team will 
have a leading involvement in the initial promotion and 
marketing of the centre. Ultimately he or she will be 
accountable to the owners and tenants for the effective 
management of the centre. 

There are no strict parameters concerning previous 
experience but in the absence of managing an existing 
shopping centre of comparable size, extensive knowledge 
of retailing and public relations together with a senior 
management back-ground would be advantageous. The 
position demands a proven ability to work with people and 
the necessary drive to create theforemost shopping centre 
in the United Kingdom. 

No upper salary limit is envisaged and fringe benefits 
comparable with the responsibility of the position are offered. 

Applicants should write in the first instance including 
their curriculum vitae and stating their current salary. All 
applications will be treated with the strictest confidence. 

Send to Financial Times BoxNo:T4836 








16 

LOMBARD 


Carter and the 
African angels 


BY JOE ROGALY 

PRESIDENT GARTER'S pro- 
□ouncecients on Africa suffer 
from two major Raws. First. 
the$ are morally inconsistent. 
Second, they assume an Ameri- 
can willingness to use power, at 
a time when that willingness is 
manifestly absent. 

The moral inconsistency jars 
because Mr. Carter began his 
presidency with stirring talk 
about respect for human dignity 
and freedom. Now he and his 
colleagues are promoting the 
cause of the South West African 
People's Organisation (Swapo) 
without apparently paying much 
attention to the fact that it has 
persuaded friendly states like 
Zambia and Tanzania to keep its 
own internal dissidents in 
prison. 

Decent interval 

Most ncwlv independent states 
wait until a 'decent interval after 
the outgoing Governor-General's 
boat has disappeared over the 
horizon before putting the 
opposition in jail. Not Swapo. 
Opponents of its existing leader- 
ship have been taken into 41 pro- 
tective custody” by both Presi- 
dent Kaunda and President 
Nverere. thus providing the 
aspirant future government of 
Namibia with the distinction nf 
being able to deny human free- 
dom before taking power. 

In Rhodesia the hopefuls are 
the well-known quartet of 
Messrs. Nkomo and Mugabe. 
Bishop Miuorewa and the Rev. 
Sithole. At one time or another 
each of these four has repre- 
sented a perfectly respectable 
* cause, and one with which the 
U.S. certainly ought to associate 
itself— that is the promotion of 
universal suffrage for the people 
nf Zimbabwe icurrently Rho- 
desia i. AH four have opposed 
ihe white minority rule of the 
illegal regime headed hy Mr. Ian 
Smith, as would any honest 
Rhodesian or Zimbabwean 
democrat. 

?.Zr. Carter’s pronouncements 
do not slop at this point how- 
ever. What he seems to be say- 
ing is that Messrs. Nkomo and 
Mugabe, who have the Russians’ 
guns, are superior democrats to 
Bishop Muzorewa and the Rev. 
Sithole. who claim to have the 
votes and now may turn out to 
have the white Rhodesians’ guns. 
Since the latter twn appear to be 
more willing to face the elec- 
torate than the former two the 
“ human rights ” President 
might be expected to give them 
some credit, but in fact he looks 
very much as if he Is leaning 
the other way. The moral purity 
of ihLs is not self-evident. 

What may be worse, from the 
point of view of American in- 
fluence in other parts of the 
globe, is the series of statements 
that could onlj* have meaning if 
America were preoared to use 



Financial . Times Thursday^ Ap$l 6 1978' • ) 


BY RHYS DAVID 


its military strength — statements 
made at a time when the whole 
world believes that it would be 
impossible for President Carter 
to send troops to back np what 
he says. 

In the bom of Africa, for 
example, the Cuban soldiers and 
Soviet support pour in, and the 
Carter Administration says how 
distressing it all is — but the only 
danger is that official U.S. 
spokesmen -might soon wring the 
skin off their hands. Modern 
Africa has been occupied, or a 
power vacuum, for more than a 
century now. and no power has 
been able to keep another out 
by the use of mere empty pro- 
testation. This is known in the 
Soviet Union -but it appears to 
have been forgotten in 
Washington. 

Down south it is particularly 
hard to see what the Americans 
are up to, offering conferences 
while the Russians offer rocket 
launchers. The Carter Admini- 
stration started with the dis- 
advantage that its predecessors 
had usually failed to see the 
writing an the wall, so that the 
West became associated in Afri- 
can minds with the white regimes 
while tiie Communists could play 
it long, winning converts among 
the blacks. 

Morally, it has been right to 
support African nationalism 
against white minority rule — 
but it is far too late for Mr. 
Carter's Administration to try 
to catch up by the use of mere 
words. The Russians, Cubans 
and even the Chinese outbid the 
Americans with more solid sup- 
port. The West's main hope, 
a ad it is not an absolutely for- 
lorn one. is that once the 
nationalists are in power they 
will turn - neutral ” and decline 
to become puppets of those who 
assisted them during the 
“ struggle ” 

Inconsistent 

Perhaps this is what the 
present American Administra- 
tion is hanking on. It is a sad 
commentary on the present pros- 
pect for Western democracy in 
Africa that such is the only 
straw left to clutch at What is 
so difficult to grasp, however. Is 
how anyone — even President 
Carter — nay, even Dr. Owen — 
can imagine that true freedom 
can he cultivated in that turbu- 
lent continent by morally incon- 
sistent policies, or insupportable 
protestations. It may he too late 
to salvage anything in Rhodesia. 
It may not be too late to learn 
the sorry lesson — that actions 
speak louder than words — in 
devising a coherent programme 
of action to back up tile speeches 
on South Africa. 

Yet even there the day may 
come, when it will be impossible 
to he on the side of the angels, 
for none will be left 


WITH MANCHESTER now 
firmly designated as the main 
U.K. international airport out- 
side London, the next few years 
are likely to see a lot of effort 
pat into persuading .visiting 
tourists, particularly those from 
the UJL, to start their visit in 
the North West and work their 
way down to London through 
Stratford, rather than all con- 
verging as at (present on 
Heathrow. 

If this strategy is successful 
one of the places that will seek 
to capture their attention will 
be Quarry Bank' Mill at Styal, 
a remarkable industrial village 
set in the Cheshire countryside, 
a few miles from the airport, 
and untouched for the best part 
of two centuries by modern 
developments. 

' In June the mill, a vast build- 
ing hidden away among trees 
in the BoHin valley in the midst 
of 250 acres of woodland, is 
due to open on a limited scale, 
developing later as a centre with 
facilities not only for tourists 
but for schoolchildren on educa- 
tional visits, for academics 
interested in serious study, for 
local businessmen and perhaps 
even the concert-going public. 

It represents one of the most 
important additions to recre- 
ational amenities under way in 
the north of England and a 
unique opportunity to show 
early industrial life as it was. 


There are other textile museums 
in the area, but. at Styal it .will 
be possible- to see as well the 
exact surroundings in which the 
mill- workers spent their lives 
outside, work..--. 

Tie mill' itself was built in 
the dosing- years of the ISth 
century by . Samuel Greg, a 
young man,, originally from 
Belfast, _ who had joined his 
unde in Manchester. The choice 
of Styal was determined largely 
by the avail ability' of water, but 
because' of its remoteness from 
centres of. population it was 
necessary to bring in workers 
from surrounding areas -and 
house them. Inspired in equal 
measure by benevolence and 
self-interest .Greg constructed a 
whole village, ' and It is the 
survival of -tills- combined with 
the fine mill building itself 
which gives Styal its unique 
character. 

The reason for its survival 
lies in the largely unspectacular 
performances of the Greg busi- 
ness during its long history and 
its independence of other 
groupings. It reached a peak of 
around 450 employees in -the 
nrid-19th- century when it 
boasted 11.000 spindles and more 
than 300 looms, and it survived 
successive cotton booms and 
depressions to the mid-1950s 
when it was producing very 
coarse woven fabrics for sacks 
and similar products. 


In the 19th century w»n* 
ceased to; be built , in c oun tr y 

areas;, b^ng -located instead fa 
the new industrial towns where 
they could taker advantage of 
better^ transport and improved 
methods of power generation, as 
well - as a more readily .available 
supply of labour. Ihe industrial- 
isation of Styal which otherwise 
might have taken place did not 
occur and with the land also 
remaining in Greg family hanrtg 
the subsequent development of 
the village of Styal itself has all 
been outside the Quarry Bank 
Mill estate. 

The estate has been fa the 
hands of the National Trust 
since 1939 when it was pre- 
sented as .& gift by the-' Greg 
family, and much of the past 25 
years have been spent consider- 
ing how best to utilise an asset 
of such enormous — if rather 
daunting — potential. . Apart from 
the mill there are several score 
tenanted houses, some dating 
back before the first Greg 
properties, two chapels — one 
Unitarian, the calling of the 
first Mrs. Greg, and one Metho- 
dist — a farm, a general store, 
and a primary school, run by 
Cheshire County Council, which 
also manages the surrounding 
land as a country park. A short 
distance away from the village 
is the Apprentice House where 
100 or more youths from 10 up 
to the age of 21 from poor 
houses fa the area and from as 


far afield as Liverpool- and 
London wore housed. ' . 

The mill itself, a vast build- 
ing five storeys high and 160 
'feet long has for much of the 
past 20 years been let out to 
small engineering and other 
companies but. with public 
interest fa industrial archaeo- 
logy and history increa sing 
Styal was seen several years ago 
as offering an ideal se tting ' for' 
explaining the early economic, 
social and industrial features of 
the North-West, 

The task of renovating the 
fabric of the mill has now been 
largely completed by -the 
National Trust at a cost of 
£300,000 and another local trust 
has been set up, part of the task 
of which is to raise a further 
£500,000 towards the cost of 
equipping the mill with facili- 
ties for the public. Support has 
already been given, by. the 
county council and .by the 
Government, which is providing 
almost £200,000 under the Job 
Creation Programme. 

The way in which the mill, 
itself will be used to provide 
an interpretation of the period 
to visitors is now fa the hands 
of the National Trust’s histori- 
cal advisers but some- baric 
ideas have already been discus- 
sed. There are likely to- be 
displays featuring the use. of 
child power and of water power 
as well as accounts of the Greg 
family itself. It is hoped one 



Stya)— 4he.miH itself 




of the turbines used fa the milil_abie will a3 r so’’makh" it pdssi 
can again be linked up with the fa indude, within. the Wid} 7 
river and used to power looms, a .lecture, -theatre, -posa*-- 
and it is also - hoped that , by doubling as-.accncez^ roonijY- 
using machinery collected from others rooms for hire to Id . 
a variety of ■sources it will be organisations- and business ' 
possible to mount a display . -of for conferences,' seminbfs' ; - 
all the textile manufacturing entertaining. -.'pse of the'rh' " 
processes employed at the mill as a museum farsome pari^ . 
in its heyday. 7 the. textile. njdqstry is .'also, j- 

The amount of space avail- sible. ;. ' V. «.'< 


Well forward Vaigly Great 
can win to-day’s Spring Gup 


VAIGLY GREAT has not had 
a run recently, but could still win 
to-day’s Doncaster Spring Cup. 

Michael Stoute's lightly raced 
Great Nephew colt, who easily 
beat a backward Formidable at 
Goodwood’s July meeting, is -well 
forward. Judged on his work- 
out at Newmarket on Saturday, 
he is sure to go close. 

I hope to see him defy 9st 41bs 
over to-day's seven furlongs 
before going on to better things, 
including a possible tilt or two at 
Pattern prizes. Half an hour 
after the Spring Handicap, it 
will be fascinating to see if 
Manor Farm Boy. easy winner 
of Haydock’s £4.000 .Field 
Marshall Stakes on Tuesday, can 
win another worthwhile prize — 
the six-furlong Doncaster Exhi- 
bition Centre Stakes. 

Judged on the manner of his 
win at the hands of Lester 
Piggott and the fact that he 
would not reappear so soon with- 
out that shrewd judge’s 
encouragement, it is hard to 
oppose Bill O'Gorman’s colt. 

Few trainers have their team 
so^welMbrwar^^a^Baldfa^ 


and it seems probable that Mr. 
Paul Mellon's Night Watch, a 
winner already this season, can 
win the Will Scott Handicap. 

Balding continues to be more 
than satisfied with the progress 
of his Lincoln favourite Fair 
Season, and I know that few at 
Kingsclere can visualise this 
Silly Season colt being beaten 


RACING 

BY DOMINIC WIGAN 


Clipped by a point to 6-1 with 
Coral and Hill. Fair Season (a 
7-1 chance elsewhere) appears 
to represent fine each-way value 
at one-quarter the odds a place 
for first, second, third and 
fourth. • ... 

The Horserace Betting Levy 
Board has determined that the 
contribution payable by the 
Horserace Total isator Board in 
respect of the 17th -levy period 
I97S-79 shall be: Tote Book- 
“gkei^Co^rours^a^l^^e^ 


cent, of turnover: Pool Betting, 
0.25 per cent, of turnover; and 
Tote Bookmakers (SP off course 
cash, and on and off course 
credit), 1.12 per cent. 

It is estimated that the Tote 
Board’s contribution to the levy 
in 1973-79 will be mdre than 
£545,000, a 60 per cent increase 
on its- estimated contribution in 
1977-78. 

Mr. John Thorne has become 
at 51 the oldest winner of the 
Bolinger Jeroboam National 
Hunt jockey of the month 
award. 

His feat of riding Spartan 
Missile without irons -for the last 
mile to win the Whisky Haig 
Faxfaunter Chase at Liverpool, 
won him a unanimous vote. 

DONCASTER 

2.00— Welsh Moon 

2.30— Abda 

3.00— Vaigly Great*** 

3.30 — Manor Farm Boy** 

4fi0— Mount Pelle 

4.30 — Night Watch • 
WORCESTER 

2.15— Soper Travel 

6.15— The Bishop* 


ENTERTAI N M EN T GE I DE 


C.C.— these theatres accept certain- credit 
cards bv telephone or at tb» boot once. 

OPERA & BALLET 

COLISEUM. Credit Cards. 01-2*0 SZSB. 

Reservations 01-836 3161. 

ENGLISH NATIONAL OPERA 
Tonight * Sat. 7-30 Dan Giovanni Cftnal 
perfs-i- Tomorj 7.00 Force si mutter. 
Toes, next 7.30 Julietta. Wed. next 7-00 
Carmen. 104 balcony seats always avail- 
able day ol perl. Now booking tor May 
peris. 



t Indicates programme in 
black and while. 

BBC 1 

6.40 ajn. Open University. 10.45 
For Schools, Colleges. 1235 p.m. 
On the Move. 1235 News. 1.00 
Pebble Mill. 1.45 Chigley. 3.00 
Children’s Wardrobe. 333 Regional 
News for England (except 
I^ndon). 3.55 Play School (as 
BBC 2 11.00 a.m.l. 430 Heads 
and Tails. 435 The Mole and the 
Telephone. 4.40 Ten, Nine. Eight. 
5.05 John Craven's Newsround. 
5.10 Blue Peter. 

5.40 News. 


535 Nationwide (London 'and 
South East only). 

630 Nationwide. 

630 Young Musician of the 
Year. 

736 Top of the Pops. 

8.00 Wildlife on One. 

*36 Happy Ever After. 

9.00 News. 

935 Ronnie Corbett’s Thursday 
Special. 

1030 The Best in the Ballroom: 
25th Anniversary of the 
Carl-Alan Awards. 

10.45 To-night. 

1135 Weather/Regional News. 

All regions as BBC 1 except at 
the following times: 

Wales — 1.45-2.00 pjm. Mr. Benn. 
4.40 Crystal Tipps and Alistair. 
4.45-5.10 Tren Sgrech. 535-630 
Wales To-day. 630-730 Heddiw. 


"c, 


F.T. CROSSWORD PUZZLE No. 3,635 



ACROSS 

1 Intend to act with moderate 
excitement (4, 2, 2) 

5 Drink for a hunter *6) 

9 Chickens out of courses round 
the Cape (S) 

10 Shows on' the road a long 
time ( 6 1 

12 Lends beat somehow to West 
Indian music (5, 4) 

13 Cuts off the prisons (5) 

14 The bird I get twice (4) 

1C Anyhow let’s eat in Washing- 
ton l7» 

19 Low clique making fast the 
ship (7) 

21 The animal's outside — get out 
of sight (4) 

24 Jargon is obvious in this 
language (5) 

25 Strikers ready for diabolical 
employment (4, 5) 

27 Ice garden ? (6) 

28 Bearing that was not promised 
for Miss Bell’s wedding (S) 

29 Upstairs, downstairs, she’s 
neither here nor there CBi 

30 There's love in it for Pansy 
(S) 

DOWN 

1 Annoy tbe majority including 
the French (6) 

2 Early English points of view 

3 The tav is about right— but 
there is a catch in it (5) 

4 Refusals to make bargains 
about Northern Ireland (7) 


6 In bare-headed supplication 
(3, 2, 4) 

7 Shrewdness demands that the 
officers came up to town (S) 

8 One holding out against 
sapper and nurse (S) 

11 Seen inside senatorial circles 
as a fateful date (4) 

IS Fetch some fluff and humble 
(5. 4) 

17 Smith has a great success by 
way of a change (5-3) 

IS Come to blows with a party 
over Sussex town (2. 6) 

20 Fluent learner in the Rock 
(4) 

21 Country fabric (7) 

22 New recruits in a cinema 
shot (6) 

23 Value — for a jenny? (6) 

26 Bret has a name for courage, 
we hear (5) 

Solution to Puzzle No. 3,634 





Year. 1135 Conference Report 
from the Welsh Federation of 
British Industry. 11-40 News and 
Weather for Wales. 

Scotland — 535-630 pan. Report- 
ing Scotland. 830-930 Currant 
Account 1135 News and Weather 
for Scotland. 

Northern Ireland— 3.33-335 pan. 
Northern Ireland News. 535-630 
Scene Around Six. 10.45 The 
Hong Kong Beat 11.15 News and 
Weather for Northern Ireland. 

England— 535-630 pjn. Look 
East (Norwich); Look North 
(Leeds, Manchester, Newcastle); 
Midlands To-day (Birmingham): 
Points West (Bristol); 1 South 
Ta-clay (Southampton); Spotlight 
South West (Plymouth). 

BBC 2 

6.40 ajn. Open University. 

11.00 Play School. 

435 p.m. Open University. • 

7.00 News on 2 Headlines. 

7.05 Choices for To-morrow. 
730 Newsday. 

8.05 Gardeners’ World. 

830 Living in the Past. 

9.00 Law and Order. 

1030 Table Tennis: Norwich 
Union Trophy. 

• 1030 Late News on 2. 

1130 Men of Ideas. 

1L45 Closedown: Michael Kilgar- 
riff reads “ Sandpiper,” by 
Elizabeth Bishop. 

LONDON 

930 a.m. Red Arrows. 1030 
Animated Classics. 10.45 Canada 
—Five Portraits. 1135 Splderman. 
1230 Charlie’s Climbing Tree. 
12.10 pan. Daisy, Daisy. 1230 
Make It Count. 130 News. 130 
Help ! 130 Crown Court. 230 

After Noon. 235 Racing from 
Doncaster. 330 The Sullivans. 
430 Little House on the Prairie. 
5JL5 Mr. and Mrs. 

5.45 News. 

630 Thames at 6. 

635 Crossroads. 

7.00 Charlie's Angels. 

830 Get Some In. 

830 Armchair Thriller. 

930 What's On Next. 

930 This Week. ■ 

10.00 News. 

1030 Mavis. 

11.00 Drive-In. 

1130 Elaine — The Singer of the 
Song. 

1200 What the Papers Say. 
1235 ajn- Close: Heather 


Emmanuel rhads teachings 
and sayings of Buddha. 

All IBA regions as London 
except at the fallowing times: 

ANGLIA 

iJO aum. Canada Five Portraits. ,l&25 
Manfred. 11MB Hanna Barbers Special. 
UJd - Winning- With WfDtie. US P.m 
Anglia New*. ZOO. Women Only. . 420 
hynomutt. fhe Dog Wonder. CSS The 
Adventures.' of Black Beamy. 545 
Bmmerdalh Farm. CM About • Anglia. 
6.20 Arena. 7J» Eniensrise. 7 JO The 
Six MUUon Dollar Man. UJ 0 An 
Audience with Jasper Carrot. U4W 
police woman. 1Z80 Night Call. 12J0 
a-nu The Living Word. 

A TV 

1845 Bain. Cat in the Hat. IIL55 The 
London Rock and Roll Show. 1 UB Pro- 
feasor Balthazar. UD a.m. A TV News- 
desk. 423 Tarzan. 545 Happy Dari. 
6 JU A TV Today. 7M Emmerdaie Farm. 
733 Challenge of ihc Sexes. MJ 0 The 
50th Academy Awards. 1143 Gardening 
Today. 

BORDER 

7 AO a.m. Clue Club. 10J90 Greenwich — 
A Peoples' Heritage. 1840 Training for 
Life. 1835 Toll Me Whr7 11JH Westway. 
U45 Oscar, tun p.m. Border News. 
545 Lassie. U» Look around Thursday. 
7 ao Emmerdaie Farm. 740 The Bionic 
Woman. 1840 Look Who's Talking; Derek 
Raley talks to Roy Ward Dickson. ILOO 
Police Woman. ' 71135 Border News 
Summary. 

CHANNEL 

148 p.m. Channel Lunchtime News and 
What's On Where. UI 8 p-nt- Channel 
Late News. 548 Elephant Boy. 7.00 The 
Six Million Dollar Man. 1841 Channel 
Late News. 18 .72 In Search of . . . 
Martians. 11.00 TV Movie: “The Girl 
Who Knew Too Much." J2M a-m. News 
and Weather hi French. 

GRAMPIAN 

835 un. First Thing. IBM Tandarra. 
1835 TeU- Me Why. 1 1 40 Wesrway. 1135 
Oscar and the Great Woofer*. 148 P.m. 
Grampian News Headlines. 530 
Grampian Today. 1830 Cover to Cover. 
1U0 Reflections. 1U5 Baretta. 1285 a-m. 
Stars on Ice. 

GRANADA 

740 un. The Lone Ranger Show. V3Q 
Last or the Wild. 1845 Cartoon. 2840 
Holiday Matinee— “Finders . Keepers’* 
starring Cliff Richard. 1130 Kathy's 
Quia. 148 p.m. This Is Tour Right. 548 
This Is Tour Right (second chance to see 
Lord WlnatanJey’s programme. 545 
Crossroads. 530 Granada Reports. 538 
Enunerdale Farm. 7.00 Tho Six Million 
Dollar Man. 1838 WhaFs On. 3U» 
What Tho Papers Say. tu4B The Un- 
touchables. 

HTV 

1038 «jn. Sesame Street. 1845 Tell 
Me Why. 1140 Hogarth. HAS Oscar and 
the Great Wooferoo. 140 p-m. Report 
West Headlines. X45 Report Wales Head- 
lines. . 230 Women Only. 338 Beryl’s Lot. 
440 Return to the Planet of the Apes. 
aas Breaktime. 548 Crossroads. 538 
Report West. 548 Report Wales. -535 
Best In the West. 7.BS Six Fools and a 
Dancer. 735 Danger in Paradise, tll l. 35 
Ten Years On— 1870. Freddie Jones in 
“The Emergence of Anthony Purdy, £80.. 
Parmer’s Labourer.” 11.28 Dan August. 


HTV Cymra/Wafes: As .HTV General 
Service except: 148445 p-m. Penawdau 
NeuTddion r Dydd. OD Mirt Mawr. 
4454.45 WsUbeUtma. 5.00448 7 Dydd. 
535-735 Sports Arena. 

HTV West— &s HTV General Service 
except: 148430 P-m. Report West Head- 
lines. 548435 Sport WesL 

SCOTTISH 

031 un. Ride to a Spanish Virgin. 
1845 The Stationary Ark. 1835 Tell Me 
Why. 1140 Westway. 1135 Oscar and 
the Great Wooferoo. 145 p.m. News and 
Road Report. 230 Women Only. 540 
Crossroads. 638 Scotland Today. 630 
Gamock Way. 730 Enunetdale Farm. 
730 ThingununrJig. 1040 The Wild. Wild 
World of Animals. U3Q Darts In Concert. 
1130 Late Call 1145 Fireside Theatre. 

SOUTHERN 

9J6 ajn. stationary Ark. 1030 ''Apache 
Uprising” warring Rory Calhoun. 1130 
Wincing With Wilkie. 140 Southern 
News. 230 Women Only. 448 Dynomntt 
the Dog Wonder. U 6 Lost Islands. 545 
Betty Boon- 5.20 Crossroads. 530 Day 
by Day. 130 University Challenge. 730 
EmmcrdaJe Farm. 730 Hawaii Five-O. 
1030 Bless This House. 1130 Your Man 
at the Foreign Office. 1438 Southern 
News Extra. 1130 What the Papers Say. 
1230 Stan on tcc. 

TYNE TEES 

845 a-m. The Good Word followed by 
North East News Headlines. 4.30 TO The 
Too. 1030 Superspy. 1035 The 
Stationary Ark. U40 Wesnvay. U35 
Oscar and the Great Wooferoo. 148 P-m. 
North East News and Lookaround. 230 
Women Only. 448 Clue dob. 435 The 
Utile House on the Prairie. 258 Northern 
Life. 730 Emmerdaie Farm. 730 The 
Bionic Woman. 1038 Double Top. 1X40 
Rich Man, Poor Man. 1240 a-m. 
Epilogue. 

ULSTER 

140 mm. True Top Tales. 3838 Tho 
Secret Lives ot Waldo Kitty. 1035 Tell 
Me Why. 1140 Westwav. 1135 Oscar. 
140 p.m. Lunchtime- 448 Ulster News 
Headlines. 448 Dynomntt the Dog 
Wonder. 435 Little House on the Prairie. 
538 Ulster Television News. 535 Cross- 
roads. 530 Reports. 7-88 Emmerdaie 
Farm. 530 Bionic Woman. 1030 Counter- 
point. XL 08 Hogan's Heroes. U30 Wed- 
ding Day. 1230 Bedtime. 

WESTWARD 

1040 a.m. Once Upon a Circus. 3035 
Tell Me Why. 1148 Westway. U-« 
Oscar. 1247 p.m. Gus Hoocybun’a Birth- 
days. 148 Westward News Headlines. 
UIO Westward Diary. 730 The Six MUUon 
Dollar Man. 1848 Westward Late News. 
1030 Westward Report. 1138 TV Movie: 
-The Girl Who Knew Too Much.” 
1230 un. Faith For Life. 

YORKSHIRE 

830 *jm. Canada— Five Portraits. 1045 
The Undersea Adventures Of Captain 
Nemo. 1030 Showcase. 1130 La 
Gastronomic. U3Q The Electric Theatre 
Show. 140 p.m. Calendar News. 441 
Lassie. 4.45 Nobody's House. 545 
Survival. 530 Calendar i Ernies’ Moor 
and Belmont editions*. 730 Emmerdaie 
Farm. 7*3 The Bionic Woman. 1030 
Calendar ProBle. 1130 Danger In 
Paradise. 


RADIO 1 

(S) Sterephoaic broadcast 
530 a.m. As Radio 5. *732 Noel 

Edmonds. 838 Simon Bates. 1131 Paul 
Burnett including 1230 p.m. New* beat. 
230 Tony Blackburn. 431 Dave Lee 
Travis including 540 Newsbuol. 730 
Country Club tSt ijoins Radio 2 i. 1832 
John Peel (Si. 1238232 a.m. As Radio 2 . 

VHP Radios 1 and 2—530 a.m. With 
Radio 2 . ra eluding 135 dju. Goad Listen- 
ing. 10.88 With Radio L 1238-232 a-tn. 
With Radio U 

RADIO 2 WQOm and VHP 

530 amt. News Summary. 532 Ray 
Moore with The Early Show <Si. 545 
Pause Tor Thought- 732 Terry Wagon fSl 
Including 837 Racing Bulletin and S.45 
Pause (or Thought. 1032 Jimmy Young 
iS). 1245 p.m. waggoners’ Walk. 1230 
Pete Murray's Open House fSl including 
1.45 Sports Desk. 230 David Hamilton 
IS I Including 235 and 3.43 Sports Desk. 
430 Waggoner*’ Walk. 4.45 Spona. Defik. 
437 John Dunn fS) including 5.45 Sports 
Desk. 535 Scoria Desk. 732 Country 
Club IS). 8.02 Folkweave (SI. 135 SpOrtS 
Desk. 10.02 Funny You Should Ask. 
U30 Suu- Sound Ears. U32 Golf: U3- 
M asters Tournament < report). U33 
Brian Matthew Introduces Round Mid* 
night. Including 12.00 News and Golf— 
U.S. Masters Tournament 1 further news). 
2.08-7.07 ajn. News Summary. 


RADIO 3 464m, Stereo &VHF 
tModlum Wave only 
it -55 a-m. Weather. 730 News. 735 
Overture (Si. 830 News. 135 Morning 
Concert 1 S 1 . 130 News. 835 This Week's 
Composer: Nielsen 1 S 1 . 1830 Holiday 

Special (Si. U4ffl Darlington Suing 
Quartet concert, part I: Haydn. Beethoven 
■ Si. 11,11 Interval Reading. 1145 Con- 
cert, part 2 : Schubert. 1135 Brahms and 
German Folk Song iS). 040 P-m. Lunch- 
time Prom, part i: Mozart. Bruch (S). 
138 News. 135 Lunchtime Prom, part 2: 
Mosart Sahtt-Saens, Dvorak <S>. LB 
Yevgeny Mogilevsky plana recital >S>. 
245 ■■Rlnaldo,” Opera serial hi three 
acts, music by Handel, An 1 <S>. *35 
Words . . . Talk. 330 “Rinalda.” Act 2 
is ■. 430 Interval Reading. 4.45 ’"Rinalda.** 
Act S. £535 Homeward Bound. 5535 
Nears. S540 Homeward Bound (continued). 
2530 Lifelines . 738 Benjamin’ Britten 

concert, part l >S». 848 interval Read- 
ing. 145 Beniamin Britten, pan — 030 
Drama Now (Si. 8.45 Schumann on 
record iSi. 1040 Roy on Cinema: 
Satyajit Ray, Indian film director. Id con- 
-vernation. 7Z40-U.g And Tonight’s 
Schobert Songs iSi Including 1135 .News. 

Radi* 3 VHF only— 530-730 a-m. auad 
535-730 p-m. Open University. 

RADIO 4 

434m. 330m, 285m and VHF 
645 sum. Neva. 647 Farming Today. 
635 Up 10 the Hour. 632 tVELFj Regional 


News. 7.88 News- 748 Today. 738 Up 
to the Hour (continued). 732 (VHF) 
Regional News. 838 News. 840 Today. 
835 Yesterday In Parliament. 8.88 Nl-ws. 
8.05 These You Have Laved (Si. 1830 
News. 1035. From Our Own Correspon- 
dent. 1830 Daily Service. 1835 Morning 
Story. 1130 News. 1135 With Great 
Pleasure. 1135 Yokel Yarns. 1230 News. 
1232 p.m. Yoc and Yours. 1247 Just a 
Minute i S'. P? 55 Weather, programme 
news VHF* (except London and SE ' 
Regional News. 138 The World at One. 
130 The Arc iters. 135 Woman’s Hour 
including 2.00-2.02 News. 235 Listen with 
Mother. 330 News. 348 Questions to 
the Prime Minister “live" from - the 
House of Commons. 335 Wildlife. 430 
News. 435 Jack do Mania Precisely. 
435 Story Time. 530 PM Reports. 5.40 
Serendipity. IS .55 Weather, programme 
news i VHFi Regional News. 630 News. 
630 Brain of Britain 18T8. 7.08 News. 

735 The Archers. 740 Checkpoint- 735 
Physician W Ordinary: portrait of William 
Harvey. 038 James Cameron with the 
BBC Sound Archives. 83S Analysis: Mr. 
Healey’s Budget Options. 838 Kaleido- 
scope. 839 Weather. 1030 The World 
Tonight. 1030 Any Answers? 113d A 
Book si Bedtime. 1145 The Financial 
world Tonight. U30 Today In Parlia- 
ment. 1238 News. 

VHF: 645-835 a.m. With Medium Wave. 
135 News Headlines: weather; papers: 
spare 035 The Glunu. 93 gJLo 5 p.m. 
with Median) Wave. 5.05 Afternoon 
Theatre. 43f— Close With Medium Wave. 


COVENT GARDEN. CC- 240- 1068. 

(Gardencharu* Credit cards 836 69031. 

THE ROYAL BALLET 
Ton Ip jit, tumor. & Mon. 7.30 p.m. The 
Firebird and Sana (X me Earth. 

THE ROYAL OPERA 
Sat. & Tues. 7.30p.m. Death In Venice. 
65 Amohi’ seats for ail perfi. on sale 
from 1 D un. 1 on day of perf- 
’ COVENT GARDEN 
SUNDAY CONCERTS 
9 April 8.00 pjm. Heana Cotrabas. 
nckets £1-£5. 


SADLER’S WELLS THEATRE, RuehefY 
Are., E.C.1 ■ 037 167Z 19 April 'to 13 
May SADLER’S WELLS ROYAL BALLET. 


THEATRES 

AOELPHI THEATRE. CC. D1-83S 7611. 
EVES. 730. Mats. Til lire. 3.0, SSL 4.0. 
IRENE 

THE BEST -MUSICAL 
of 1976. 1977 and 1970 1 
IRENE 

“ LONDON'S BEST NIGHT OUT." 
Sunday People. 

ALREADY SEEN BY NEARLY ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARO BOOKINGS 036 7611. 


ALBERY. 036 3700. Party Rates. Credit 
card Mens. BS 6 1071-2. (from 9 a-m- 
6 p.m.;. Mon.. Tu«-. - vif» 0 - and -Frf. 
7.45 . p.m. Thurs. and Sat. .*30' -and 
” A THOUSAND . 1 IMfei -WELCOME L5 
, . LIONEL rriX,'.”- 

MIRACULOUS MUifeALV 1 ' Ffe.LTikiCS. 


With^ RQY' HIIDD Midi 


_ JNSK3ER -YOURSELF ; UiCK¥:TO' B* 
ABLE TO SEE IT AGAIN." Djifry Mirror. 


ALDWYCH, RM 6404. _ Infc 


RUYAL SHAivESVcARE. 

t. Onentao perfs.’* 


B36 5332. 
.. „ srAMr so 

repertoire. Onentefl perfs. of new London 

season. Tomflhi -730 redi- price- preview 
HENRY VI PA*T J. 

“ excels Ip speed and contrasts,” Times. 
Witte HENRY. VJ Part. A tSBU, HENRY 

Y 1 Part 3 (Mon.k cRad. price on best 

seats If all 3 parts bKd.i. -RSC also at 
THE WAREHOUSE (Pert*, from 10 April) 

amt at Piccadilly Theatre In -peter Nichols’ 

PRIVATES ON PARABEv 


ALMOST FREE. 405 0324. Limited Season 
Only! Walt Maocowim’s r SAMSON A 
DELILAH. NJI. Ntotitiv at B mm. Inch 
Sura, no show -Frts. 


AMBASSADOR’S. CC- 336 117-1. 
Eras- B.a. Mats. Toes. .3.0. Sat. 5.0. 
A Rock Revue 

LET THE GOOD STONES ROLL 
” Louis Selwyn gyrates brilliantly :as Mick 
J anger,” D. Tel. "Raw excitement. ’ D-ML 
■■ Audience Cheered.’’ S. Tel.. 


APOLLO. -01-437 2663. Eventnos 0 - 00 . 
Mats. Thure. 3.00. Sac. 5.00 end 0.00. 
DONALD. 51 N DEN 
(Actor ot the Year. 6 , Std4 
-■ IS SUPERB^" N -o.W . . 

SHUT* YOUR EYES AND 
THINK OF ENGLAND 
” WICKEDLY FUNNY.” Times. 


THEATRES 

HER MAJESTY’S. CC. 01-830 6606. 
Evenings B.OO- Mats. wed. & Sat.. 3.00 
BRUCE FORSYTH . 
in LESLIE BRiCUSSE and 
. ANTHONY NEWLEY’S • 

TRAVELLING MUSIC SHOW 

with Derek Cirilfttte. - 
. Directed by bURT SHEVELOVE. 

”.K a packed u bursting -point with the 
personality and sheer energy -.of Brace 
'Foreytne. Sun. Express. . ,r TM! audience 
cantm," Sunday Telegraph. 


KING’S ROAD THEATRE* . . 352 7400. 

. Mon. to Thur. 9.0. -Fri- Sat. 7. AO, 9.30 
THE ROCKY HORROR SHOW - 
NOW IN ITS 5 tit ROCKING YEAR . 
Trig GREAT ROCK ’N’ gpLL MUSICAL 


LONDON PALLADIUM. . 01-437 7373. 
April 13 and 14 at 841. April IS at 6.15 
and B.46. 4 PERFS. ONLY. • - 
THE SUPKEMES- MARY WILSON 
Karen Jackson and Kaaren . Reohuid 
Box Office Open. BOOK NOW. 


LONDON PALLADIUM. CC.JM-437 7373 
PROM MAY 25 TO AOG. IB 
THE TWO RONNIES ■ 

BOOK WITH EASE on the. NEW 
EXCLUSIVE TWO RONNIES’ HOTLINE 
01-437 2056. . . 


LONDON PALLADIUM. CC. OT-437 7373. 
April 17th. Two weeks ontv. 
LIBERACE 

IN HIS LAS VEGAS SHOW 
BOOK NOW 


LYRIC THEATRE. CC. 01-437 3686 . Era. 
8 . Mia. Thura. 3 . Sat. S.O and 8 . 30 . 
JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA HAYES Ml ■ - 
FILUMENA 

by Eduardo Filipp© • • 

Directed by FRANCO ZEFFIRELLI 

“ TOTAL .TR IIM 4 PH.’.’. D~ 

AN EVENT TO TREASURE. 

, MAY IT FILL* THE. LYR-- 
'tfVNIMUp Yg^-.-syy^ ^ 

-.FAtte . : wS? 

■Mon. ta-^fi.. < -K0: S* t. 

.gteNjAMrar fL-- a: -,. r - - ... 

■■ A cowp&bnatef idrune. *otait£ igg 9 wj®t 
• play," aSnT'.’HllarkJuV' E.K* Wickedly 
amusing.” Ohs. 



MERMAID, ag 76S6J MlttvreA.&AB 

™ EB Y K CRiTlC VJt 

Eras. 8,15, M. ancK Sat JHWl 

April 16. Reoffans -April . 24 .: ’ ■-V . 
ALEC McCOWEN 5sp ;MARlC’S\GOSj£l 
April IB-23 and' every son: wjffjh 
14 Sam. 7^0 eras. JpS Coc. Aprifr WJ 
„• at -7.00). 'fc . i -. ‘ ■ 


national theatre- V.- • flza-_5&£ 

by WM1 am Wycherley. Tomqr. 7-30 We 

LYTTELTON (pnMceiiliun ttagel. HimoK 
7.-05 Sat. S - * . 7.45 tred. pr. PFerej 
PLENTY hy David Mare. . 

COTTESLOE- tsntall auditorium). Toni I 
ALBION BAND-.. -COUNTRY DANCE 
(Tickets £ 2 ) . Torn or. 8 Lark Rise.- -■ I 
Many excellent chop seats :>H -three 
theatres day of erf r Car park Restaurant 
928 2033. Credit cord bkgs. 928 3052. 


ARTS THEATRE. 01-836 2132: 

TOM STOPPARD’S 
DIRTY LINEN 

“Hilarious . . . see II.” Sunday Times. 
Monday to Thuredav 8.30. Friday and 
Saturday at 7.00 and 9.15. 


ASTORIA- THEATRE, Charing Cross Road. 
01-734 4291. Nearest Tube: Tottennam 
Court Road. Mon.-Thure. B.00 p.m. 

Friday and Saturday 6.00 and 8.45. 
ELVtS 

Instant Credit Card Reservations. Eat m 
our fuHv-l I censed Restaurant and Buffet 
Bar lunchtime and before or after Show 
—bookable hi advance: 

BEST MU&iCAL OF THE YEAR 
EVENING STANDARD AWARD 


CAMBRIDGE. 836 6056. Mon. to Thur. 
a.o. Fri.. Sat. at 3 as ana a.ao. 
IPI TOMBI 

End tins Black African Musical 
Finest dancing in London. Sheer 
dynamism." Dally MaH. 

THIRD GREAT YEAR 
Dinner and Top-price scot £845 Inc. 


COMEDY. 01-930 ZS78. 

Eventep 8.0. Thurs. 3.0. SiL 5.30. 8.30. 

MOIRA LISTER. TONY BRITTON 
Margaret COURTENAY, Derm or WALSH 
THE HIT COMEDY THRILLER- 

MURDER AMONG FRIENDS 
’’ BflCkmaH. armed robbery.’ double bluff 
and murder.” Times-. A .oood deal of 
fun. Evening News. 


CRITERION. CC. 01-930 3216- 
Evenings B. Sats. 5.30- B JO. Thurs. 3.0. 
LESLIE PHILLIPS 

■’ I mp e c c ab le ■ . . a master." Sun. Times. 


“ HILARIOUSLY FUNNY.” N. of World. 


DRURY LANE. CC. 01-838 BIOS. Every 
Night B.OO. Matinee Wed. and sat. 3.00.' 
A CHORUS LINE 

“A rare, devastating, loyojn. utorriahHw 
stunner.** Sunday Times. 


DUCHESS. 836 8243. Mon.- to Thurs. 
ev«. — s -°°- 

*'The Nudity Is stunning." Dally Tel. 
bth SENSATIONAL YEAR 


DUKE OF YORK'S. - 01-836 5122. 

Eras. B.OO. MaL Wad. and Sat. at 3.00, 
JOHN GIELGUD 
In Julian Mitchell's 
HALF-LIFE _ 

A NATIONAL THEATRE PRODUCTION 
” Brilliantly witty ... no a no should 
miss it" Harold Hobson (Dramai. Instant 
credit card reservations. Dinner and 
price seat £ 7 . 00 . 


FORTUNE. -836 2238. EvDS. 8 . Thun. 3. 
Sat. S.OO and 8 . 00 . 

Muriel Pavlow as MISS M APPLE in 
MURDER AT THE VICARAGE - 
Third Great Year. 


GARRICK THEATRE. 01-836 4601. 

Eras- B.O. Wd. Mat. 3.0. SaL S.13. B.30. 
JILL MARTIN. JULIA SUTTON. 

ERIC FLYNN and ROBIN RAY 
In the 

BRILLIANT MUSICAL 
ENTERTAINMENT.” People. 

SIDE BY SIDE BY SONHEIM 
” GO TWICE.” S. Moriev Punch. 
"GO THREE TIMES.” C. Barnes. NYT. 


GLOBE THEATRE. . 01-137 1592. 

Evgs. 8.15. Mats. Wito. 3.0. 

-Sat. B.OO and a.ao. 

PAUL EDDINGTON. JULIA MCKENZIE. 
BENJAMIN WHITROW In 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 


GREENWICH 1 THEATRE. OI-BSB 7755. 
Evening 7.30. Mat. San. 2L50. DON 
JUAN. A Comery by Mol>ere. "I recom- 
mend it warmly/* F- Times.- From April 
12 ARMS AND THE MAN. A Comedy 
by George Bernard Shaw- .. 


HAYMARKET. 01-930 5832- Eras- BLDD. 
Mat. Weds. 2-30. Sets- 4-30 and 8 - 00 . 
INGRID- BERGMAN 
WENDY HILLER 

DEREK DORIS FRANCIS 

GODFREY HARE CUKA 

WATERS OF "THE MOON 
’■ Ingrid Bergmen makes, me stage 
ramatn— unassailable clwrlsma,’* Dally 
Mail. " Wendy Hiller Is superb,” Sun, 
Mirror. 


OLD '-YIC . 928. 7616. 

The Old VIe-Ttouth Theatre. -April - 10 -TSv 
Tho Caucasian Chalk Circle, the Wi^nrtS- 
Misctog Person*."'- . s :• . . , T. ■? 

Prospect « Tbe W4 .Vie. New .Season 
starts April 2 o-.wiffi‘ Twelfth -Nlobt 

Saint .Joan. Phone IBM Office for 6 e 


suid 


OPEN SpAOE. 01 -387 B96B.' ■ E»g*. B.OO.' 
Triple MdORS... ORPHEUS. / ‘ <* 


PALAjCe. -Credit Cards. 01-437 6S3«. 
Mon. -Thura. 8J1. FrL. ,SaL 6-0 and 840, 
JESUS- CHRIST SUPERSTAR 


PHOENIX. 01-836 8611. April -TS. 
,v TIM- BBOOKE-TAYLOR . . 

.. GRAEME- GARDEN 
THE. UNVARNISHED TRUTH 
• A .-New. Comedy by. Royce Ryton. H 


PICCADILLY. 427 4506. Credit card hkgs,- 
836 1 07 1-2 9 a.mi-p.Bir Evas. B. Sits, 
AAS and 8.1 S. Wad.. Mat. 3,OOv 
BEST. COMEDY OF: THE YJ, - 
' Idard AWI 


Evgs. Standard Award and 

_ . — - - — . coi-,_... 

f : PARADE 


TO r “ 

■- • By Peler Ni&ois 

' .(Nut Suitable for CWIdrent " 
HUGELY ENTERTAINING 
EXTRAVAGANZA;’- 5. Tima, r -y. 
RSC alto’ at /^dwycb Thearre-, ,-v. 


PRINCE EDWARD.' CC (Formeriy Caalob.y 

-- - - ‘ ' it |l 

ITA. 


01-437 ^sarP. Preriews^ 'from June 12. 
Openings June 2J.-.BV1T- 


PRINCE.DF . WALES. CC. 01-93n _B 6 BT» 

- Monday to Friday at 8 Am. ■ 

Sat. 5.30 and 8-45- Mat. Thur, 3.00.- 
’* HILARIOUS -COMEDY MUSICAL.” 

— -The Sun.' ’ 

- ; I LOVE MY WIFE . 

. Starring to .April B .-, n 
. ■ - RICHARD BBCKlNSALE . >-> 

. and' Irem AjprH'-ia --L. c— I., 1- . 
-- • ROBIN ASKWITH •v'. - 
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Tih.es - Thursday April 6 1978 

plectirtt Review ; ■.•" 




by DOMINIC . GILL 


Sonata in B. minor. Faur£; 
JnjPranptU no.5 • opTG2 p 
gjS™ no.13 . opJlS. 

SCA 

en: Piano sonata op JOS 
unerklavierr" Maurizio 
i- DG 2530 869 (£4.35) 
ete 3300 869 (£150) - 
iomann: Btudes aymphoniques 
opJ3, Mudes . postimmes. 

ripillons op A Murray Perahi* 

'qfvpuift**- Cusrtte 401 

li^pha: - 3 4 ‘Preludes op.28. 
: Martha Argertch. DG 2580 721 
-Cassette. . 3300721 

On this page, last year I found 
| record of the 
aSkryabm fifth sonata, (in spite of 
“i rather curious technical sound - 
q ualit y) one ofbis most magical 

Skryabln performances, and in 

«aany ways superior to any he had 
previously recorded. To be sure, 
one of the hallmarks of the 
ih- great artist that each new produc- 
:***» is his newest “ best” It was 
-7..^, -difficult all. the. same this year to 
-■ ■ ir- ?? nc€ ^ ve °? Horowitz returning to 
C ™ e recording studio, at the age of 
73 to play the Liszt B minor 
; ^ sonata, at once not merely to 
, ".improve on, but actually to 
' revitalise the famous London 
' recording of 1932— a quintes- 
■ sendal Horowitz performance, 
brass-burnished, etched in fire. 
But that is what he has done 
recisely. In the new account 
~ acre may be a volt or two less 
gof raanJe electricity; but the «ir- 
|reni,- in the main, has been 
refined, not calmed. There is 
, . Vi . ‘HcATRtt greater depth of colouring, rieh- 
P«ss of subtle detail and point- 
: I r.'.^ing; the movement is broader, at 

onee grander and more intimate 

f ■'without any loss, of invigorat- 

: «i >* n ® charge. Invigorating above 
' p '-iai‘ a U to hear a Liszt performance 
^how can they be so rare?) which 
intakes account of the composer's 

1 every precise instruction; each 

■ . ' '.V : y* chord and inner voice exactly 

.V. “. 7 -*irv‘ weighted, each gesture minutely 
•• -7 . (but naturally) observed. Horo- 

■■■ witz's treatment of the first two 
a: -V •'-Pages alone is worth an essay; 

• ~ .‘“’fjA bat the playing, deeply poetical, 

— — ^•‘brilliantly exciting. needs no 
, -‘-ui',c n ,evegesii. There is less retouefa- 

ing than usual: tbe few smudges 

•'■ " E -and slipped notes at moments of. 

' r.HSQ- stress, recalling the early days 
r - £i ' *-’S of unretouched TlTs, only serve 





to heighten the . tension. For 
contrast, two short Faure pieces 
are also included: a luminous 
ripple of an Impromptu from 
op.102, and a marvellous account, 
powerfully reserved. Of lhe 
austere B minor . Nocturne, 
Fauxe’s last plan* work. ■ 

* 

So much is right with Follini's 
Ho mmerJilavier .. that it seems 
almost ungrateful to look for 
flaws. The piano sound is mag- 
nificent: the technique, naturally, 
impeccable; the . grip of the 
music - commanding in its 
clarity. He chooses just the 
right tempo for the first move- 
ment: a real allegro, not -rushed, 
but without any hint of maestoso; 
and shapes the music with im- 
maculate articulation, poise and 
force. It is a masterly erpesi-' 
tion, superbly polished, choice in 
every detail— and yet curiously 
without strain, by -which -I mean 
tautness, tempered .spring, high 
pitch of musical tension. The 
famous opening leap from the 
bass B flat to the first .chord, and 
its subsequent . repetitions, are 
clearly divided for accuracy and 
ease between, the.. bands — -.the 
safe short-cut which invariably 
slackens the dramatic, pitch (and 
cuts the vital, fractional pause, 
powerful generator, that orcurs 
between the two notes when they 
are played by the- left hand 
alone). ’ . 

Pollini - give* the. Adagio 
sostenuto. deep heart of the 
sonata, and its rapt, still centre, 
with the greatest tendernes and 
simplicity— end yet again with- 
out some element difficult to 
define, the thread Of crucial 
dramatic awareness, sense of 
spiritual culmination, of a long 
journey passed. But there are 
very subjective reservations, as 
awkward to define as justify — 
and very much in the margin of 
what is after all a tremendous 
achievement by a pianist of the 
first rank. The fugue is no less 
impressive, steered with unerring 
purpose; without a hitch, or a 
blur, or a faltering step. Flaw- 
less DG sound. 

•k 

Perahia is a ’ smallerccale 
pianist than Pollini, mid weaves 
a more delicate, impulsive web. 
His - Schumann •' Symphonic 
Studies are a fascinating 
sequence, alive witii- colour and 
with quick, personal comment. 


leaping in arid out of focus like 
fish in a stream. The perform- 
ance is full of marvellous detail: 
the lovely mesh of slaccalo- 
spiccato in the third Etude; the 
light, resilient bounce of the 
fourth, all its important quaver- 
rest breathing-spaces intact; the 
buoyant French-overture rhythm 
of the eighth; the ninth and 
tenth delivered with muscle but 
never heaviness, brilliantly 
dilachSs. 

The five rejected variations— 
“ rejected " by Schumann for 
reasons, never entirely clear, of 
formal structure only — arc res- 
tored by some pianists (noiahly 
Richter) to the main body of the 
Eludes. But they also make a 
fine suite, as Perahia plays them, 
separately after the main set. 
No record of the Eludes, in any 
case, should be without them: re- 
jected, but infinitely memorable, 
pearls. The recital is rounded 
with an excellent, deftly 
coloured account of Papillons op. 
2. The sound-quality is good, 
close and warm— though there 
are one or two distracting pre- 
echoes, and a regrettably abrupt 
cut of atmosphere at the end of 
the last of the Eludes posthumes. 
★ 

Last year Pollini and Perahia 
both made recorded versions, 
each in their different ways 
quite exceptional, of the Chopin 
Preludes. Martha Argerich's set. 
following a little while later, is 
a worthy companion: more 
overtly ** expressive ” in manner 
than Pollini. more resTless and 
volatile than Perahia. but worked 
with entire comparable origi- 
nality and force, very exciting, 
perhaps the most impressive disc 
that Miss Argcrich has yet made. 
If Pollini’s is the version to play 
to your friends, and Pcrahia’s 
the one to take to your desert 
island, then Argerich's is the one 
to play when you are down and 
blue. It is. quite simply — or 
rather, complexly — a staggering 
tour de force: from the dark, 
glowing embers of the A minor 
Prelude, to the 1 eggiero whirl- 
wind of the G major, exquisitely 
controlled. The contrast between 
Pollini and Argerich is nowhere 
more vividly marked than in the 
last. D minor Prelude: on the 
one hand, a supremely refined 
and aristocratic consummation; 
on the other, sudden and violent, 
the snap of a rifle deadly aimed. 


Covent Garden 


The Firebird by CLEMENT CRISP 



Leonard Burl 


Anthony Dowell and Derek Rencher in “ The Firebird * 


A. : , . ;i . . ■ 

^ •'Theatre Upstairs 

. - - s -»■ ■ . - 


Bleak House 


«• : f* 


*■ »•'- VC..; 


.4. *-£*• 


r*: 




J._ - * 


;.'v ■ 

; i<t 




-aa : ...... -• 

That enterprising group of 
. * ss11 . .. yam-spinners, ■' Shared Exper- 
■- .dii-ience, have ^.turned their atten- 

■ - :xi tion from the Arabian Knights 

..To Dickens's panoramic master- 
7" ‘piece. The attempts to compress 
' csi«ixc*9 fleshy instalments into four 
-i*: sanu ^full-length plays , performed by 
"..l.v^only seven actors (there are 
— -about 100 characters in the 

- ;’-- £ iiovel) may sound as sensible an 
: A -' idea as unpicking the Bayeux - 
= tapestry to make a few samplers.. 

... - 7^1 But the first helping Is an exem- 
: - vplary exercise in unfussy narra- 
. : tive theatre, bursting with . 

1 ■;:7-_ vivacity and charm. 

My general reservations have 
nI really to do with the ghetto 
■■.‘n «-"* studio theatre nature of. the 
vt-ork and the disappointment at 
." -"-’the quality of the ensemWe 
’_^work when it comes to offstage 
. .. . sound effects and concerted 
-'• s :-*> •' action. There is nothing new or 
: .^v- really experimental along the 
Clines achieved by the great. 

, . ; American physical groups of the 
60s such as La Mama- or the 
•is’. Open Theatre. One notices this 
; r, ‘ more with Dickens than With 

- "7 the Arabian Knights, -for the 
narrative tine is not sustained in 

*' "'organised bursts but stretched 
' ’ to incorporate the gradual, 
expressionistic way.in which the 
s tory is unravelled. . ". 7 
: \fi- But as the evening wore on, 

; 'y s* I found myself warming accu- 
1: Tnulatively to actors carrying 

- ,: r the burden of narrative infor- 

•. -’-'''mation on the hades of their 
•’■■multitudinous -impersonations. 
'i^.'The Dickensian sequence of 
: events and changes of scene is 

- reverentially adhered to; we are 
; f first among the Law Courts 

:: where the interminable suit of 

y Jarndyce and Jamdyce has be- 
‘ -vcome a standing joke both iri - 
1 11 the Court of Chancery, itself and. 
;':-j7- in the teeming low-life without. 

• " : - . ^ We travel to the Dedlocks* • 
; country seat in Lincolnshire with 
:i; “l-V'a movement of chain, arid one 
location follows another -with. 

. :■ ..£ '.'".startling economy. 

Dickensian sodalisf wrath at 
the incompetence of the' law, the 
hypocrisy of professional philan- 

■ 7— jC thro pis ts and the Injustice of 

appalling poverty is admirably 
7- -^7. maintained a s the. naive, vaguely 
. .f?. priggish Esther Sum merson 

.-V-:. (Eliza Hunt) and her companions 
: Ada Clare (Pam Ferns) and 

'■ ]. -.Richard Carstone (John DIcksF 
enter widMyed upon various 
closed worlds of patrician in* 

• » }J : u difference, legalistic bumbling 
l'' : ?-’ and despair among the lower dis* 

' enfranchised orders. 

1 . The wonderful array, of charac- 

- ' '•&£' ters has so far Included Mrs. 
T: Pardiggle and her posse- of recal- 
v.’- citrantly charitable , offspring 
who, In one happy, scene of 



There is a perverse kind of 
fun lo be obtained from the jux- 
taposition of The Firebird and 
Sonp of the Earth, as Tuesday 
night's bill at the Opera House 
showed. Firebird, with ennueh 
sets and costumes, serried ranks 
of monsters, fcifcinioras and buii- 
bolchkis to outfit several puuio- 
raimes and a couple of night- 
mares, peters choreographically 
out after lhe first scene into 
tableaux just about li van is. 

Song of the Earth, with no sets 
or cosiumes to speak of. anti onc- 
flflh or the cast, moves in beauiy 
and dignity to its miraculous last 
movement, w-hit-h is one of the 
greaiest asser«*vns about the 
majesty or dancing. 

Not that I am beim; sniffy 
about Firebird, or not more than 
this odd .survivor of the second 
Di aghi lev Faison Rus.se merits. 
It has lasted first of all on its 


score, which is still the very 
stuff of magic. It has lasted, too. 
as a fairy-tale spectacle for a 
sophisticated audience prepared 
to be beguiled b> its quaint- 
nesses: Derek Rcneher's Kast- 
chey, bloated and nail-ranling, 
is well worth seeini;. 

It can also last if the Firebird 
herself is both imperious and 
beguiling: l found Ann Jcnner 
somewhat dry in style on Tues- 
day. though attractively light in 
her soaring leaps. Anthony 
Dowell as Ivan trod through 
Kastchcy's enchanted realm 
with the proper coin hi nation of 
princely dignity and peasant 
charm: but in matters of dancing 
we bad to wait, until he appeared 
the Messenger in Song of the 
Eurth to see him ai his best. 

Song, with Mi mica Mason and 
David Wall as ih? other leads, 
remains one of the great acts of 
dance imagination of our time. 


It is the kind of ballet his 
admirers think that Bejart 
makes, but MacMillan has 
created a work that really treats 
most of the serious matters of 
human experience without 
cheapening or minimising them. 
It was given a sound performance 
on Tuesday. Monica Mason was 
serious, dedicated as lhe Woman, 
and quite splendid in the last 
song’s duet with David Wall, no 
less fine as the Man; Dowell was 
calm, inevitable as the Messen- 
ger. They all did honour to this 
amazing work of art. while, 
among the other performers, 
Wayne Eagling was ideal in style. 
The black-outs at the end of each 
song need reconsidering; the 
lighting in Kastchey's garden for 
the dance of the Princesses was 
brighter than the Doonday sun. 
The absence of one set of wings 
in Firebird's set is also to be 
regretted. 


Country Cousin, King’s Road 


Charles Pierce 

bv ANTONY THORNCROFT 


Charles Pierce is pure Country 
Cousin — an American drag per- 
former who impersonates such 
beloved fantasies of the gay 
world as Mae West and Carol 
Channing. Such is bis power of 
delivery, and confidence in his 
tight little black dress, -that I 
found myself laughing along 
quite happily until I realised that 
I hardly understood' any of the 
jokes. 

But just as Chinese opera and 
Japanese wrestling can hold the 
attention for a while despite 
being incomprehensible so 
Charles Pierce can be half en- 
joyed through the hysteria of 
others. And certainly the laughter 
blew down the corridor-shaped 
Country Cousin like a gale in a 
wind tunnel. Pierce even had a 
way with the rising telephone 
calls from the minicab firm in 
the room below which has 
brought low so many previous 
performers — he just shrieked a 
little louder. 

Pierce makes little attempt to 
give credible impressions of the 


stars he interprets. He is very 
much the clever fellow guying 
up the ladies for the amusement 
of a particular coterie. A change 
of wig or a turban means a 
change of character, but it is 
never really Mac West, just jokes 
about Mae West sounding 
funnier because there is an illu- 
sion of the octogenerian roadaxne. 
While other drag comedians like 
Danny La Rue and Hinge and 
Bracket appeal to a basically 
straight audience, and use their 
female characterisations as 
props, Charles Pierce talks the 
closet humour of the gay world. 
“1 am very into cupboards." he 
notes, as be knocks the new 
furnishings at Country Cousin. 


For outsiders, especially out- 
siders ' marooned at the bar a 
good tram ride away from the 
stage. Charles Pierce is striking 
but ultimately alien. For anyone 
wanting to savour the precious 
atmosphere of Country Cousin 
at futi throttle he could bardly 
be bettered. Try to get in to the 
second house for maximum 
YOyeuring. or better still make 
sure you went on opening night 
last Tuesday when Pierce's hour 
delay in starting— the sound 
engineer had gone on the blink 
— ensured- that- .the first and 
second sittings clashed in bitchy 
confusion. Country Cousin is 
dearer and chicer now, but just 
as bizarre. 


Round House Downstairs 


Raindance 


Now here’s a curious paradox. 
Mcir Z. Riba low, who is both the 
author and director of ffotit- 
dance, comes to London to form 
a repertory company (knowing 
that as an American he can’t 
rely on the Arts Council for sup- 
port) because, he tells me. he 
finds the atmosphere more sym- 
pathetic than it was in New 
York, where for five years he 
was assistant to Joseph Fapp at 
the New York Shakespeare 
Festival. 

He gives us a diet of plays by 
young American writers (heavily 
weighted, it must be said, in his 
own favour) and casts them with 
predominantly American players. 
And the work of these young 
Americans seems to me streets 
ahead of its British equivalent. 
They show more originality, 
more poetry, more imagination, 
they are less fettered to the 
events of their own . lives; and 
when they do write about their 
own lives they do so as artists 
rather than reporters. Shepard, 
Weller, Rabe, Mamet— where are 
our competitors? Why does not 
our sympathetic atmosphere 
support a hotter flame? 

Well, back to Raindance. It 
isn’t an important play. It is 
an entertaining variant on the 
Sorcerer’s Apprentice, set in a 


western saloon where five people 
may be said to represent the 
population of the globe. Falina, 
the world’s greatest whore, will 
stand for women: John Wesley 
Hurd in. the proud gunflghter, 
for the white race: Jim Crow 
for the black: Sitting Bull for 
red: J. P. Standard (while of 
course) for commercial power. 
They are afflicted by a drought 
that looks like ruining the world. 

In comes George, a kind of 
Texas Candide. George, played 
with delightful simplicity by Tom 
Kleh, has only one talent, 
and he is not keen on using it. 
He can do a raindance — not 
when he wants to. but when the 
fit comes on him. Though he 
resists the various temptations 
set in his way, lhe fit does 
come, willy-nilly: and the rain 
begins. He is showered with 
rewards— -a 7--hour non-stop 
special from FaJina, the key to 
every city in the world from 
Standard. But he has no anti- 
rain dance. The rain goes on. 
The world is threatened again. 

Never mind bow it ends: the 
pleasure is in the lighthearted 
writing and the lighthearted play- 
ing by the company — Jeananne 
Crowley, Guy Gregory, Frank 
Lazarus. Manning Redwood, the 
vast Bill Bailey. 

B. A. YOUNG 



Jeananne Crowley and Frank Lazarus . . 


Treivr lltunphrics 


Book Review 


Rebel 

with 

causes 


. Tn.-I»r HimipArk* 

Jonathan Hackett, James Smith, Pam Ferris, Holly Wilson and John Dicks 


elision, are transformed into the 
inhabitants of. a brickmaker’s 
hovel; the languid Sir Leicester 


who proves a key witness in the 
investigation; and the resentful 
French maid. . Hortense (the 
Dedlock (the brilliantly precise voluptuous Holly Wilson). StiU 
John 'Dicks again); the sepul- to come arc, among others, toe 
-- --- Sm allweeds and the detective 
Bagnet To them, and the rest 1 
shall happily return to-morrow. 

MICHAEL COVENEY 


-chral ■’ Tolldnghorn (James 
Smith); -the unfortunate,’ 
illiterate street-dean er Jo ( Pug- 
nacious little Christopher Ryan) 


- r 






* : .V 


•* , y 

-i" _* 


- ■ ■ . ** r ■' . 

u-'*: ' .rf 



fTyga c Italian fcoLfme Italian wine 
pmj an rfimiTg Italian music front Montby, April 10th - 
,’ toSawiay;ApnI22iidatriieCafeR^ab 
68 Regent Street London W L 

<. • p*./: * E^Msewatmris.te3^fameDanteR^ 9090. 

V...- V •■V"'. - 




Cotrubas stands in 

Reglne Crcspin is ill and will 
be' unable to give a recital at the 
Royal Opera House, Covent 
Garden, on Sunday, fleana 
Cotrubas, accompanied by Geoff- 
rey Parsons, will lake ber place. 
Miss Cotrubas will offer a pro- 
gramme of songs by Glinka, 
Faure, Debussy, Duparc and 
Britten. 

Luther King award 

The Martin Luther King 
Memorial Prize has this year 
been awarded to Betwen Two 
Cultures, edited by James L. 
Watson. 

The award will be made at a 
ceremony to be held at Black- 
weM's .Bookshop, Broad Street, 
Oxford, On April 11. 


The Act of Being by Charles 
Marowitz. Seeker and War- 
burg. £6-50. 196 pages 

Charles Marowitz is never 
satisfied with what looks like 
being established. He abandoned 
Method acting because he found 
it “ effectively precluded any 
work other than psychologically 
realistic drama." So now he 
practises a modified system of his 
own. He spent some time as a 
critic, and published tbe results 
as The Confessions of o Counter- 
feit Critic. He prefers his own 
Shakespeare mutations to Shake- 
speare. As I write, he is direct- 
ing Hedda. a Hcdda Cabler cut- 
up, at an Ibsen festival in 
Norway. 

In The Act of Being (a rather 
expensive hook (it seems to me) 
he analyses his own methods of 
direction very interestingly. The 


Book Reviews are on 
Page. 28 


exercises be gives in an appendix 
are fascinating. Can I say that 
they render tbe Players in his 
companies significantly above 
the “ mediocrity " that he finds 
in the average English player? 
No, I can’t; but then I don’t 
recognise tbe mediocrity. 

All the same, bis work is 
always lively and individual. His 
writing too, though it is lament- 
able careless, with “ infer ** for 
u imply." “ prestigious " for 
“reputable." and other vulgari- 
ties. And sorely an ex-Method 
actor should know the Moscow 
Art Theatre embraces one single 
art only. 

fi. A. YOUNG 

Schoolchildren at 
Glyndeboume 

Kent County Council Educa- 
tion Committee is being asked to 
approve a £40.000 project for the 
autumn of 1679, In which Glynde- 
bouroe Touring Opera will pre- 
sent sit performances at Giynde- 
boume for audiences of secon- 
dary school pupils from Kent. 

During the 1979 summer term, 
music education in lhe countv 
will embrace the operas and the 
composers concerned, and a 
series of leeturcs. with both 
musical and visual illustrations, 
will be given in September for 
tbe 4,000 pupils who win be 
attending the performances at 
Glyndeboume. 


UBS-DB CORPORATION 

announces the change 
of its corporate name to 

Atlantic Capital 

■Corporation 

effective March 31, 1978 

. BOARD OF DIRECTORS 

Dr. F- Wilhelm Christians 

Chairman 


Gerhard O. Koenig 

Chairman. Executive Committee 


Dr. Peter Grasnick 

Vice Chairman Executive Committee 


Stephen L. Sutton Richard P. Urfer 

Barthold von Ribbentrop 


SENIOR MANAGEMENT 


Stephen L. Sutton 

President 

Jonathan Auerbach 

Senior Vice President 

Owen W. Jaeger 

Vice President 
Secretary and Treasurer 

Dr. Walter Fabridus 

Vice President 


Barthold von Ribbentrop 
Executive Vice President 

Richard P. Urfer 

Senior Vice President 

Manfred Domgen 

Vice President 

George R. Fairweather 


Vice President 


Haiald Paumgarten 

Vice President ' 


SOLE SHAREHOLDER 

Deutsche Bank 

Aliiengesefothslt 


Atlantic Capital Corporation 

40 Wall Street, New York, N.Y.100G5 ■ 

212-363-5600 

Members Pacific, Philadelphia and Boston Stock Exchanges 
Telex numbers RCA 235510 • ITT 422908 - \VUI 620727 








18 


i 


FINANCIAL TIMES 


BRACKEN HUL'SE, CANNON STREET, LONDON EC4P 4BY 
Tflp pam g: FlUAtiiDO, London PS4. Telex: 886341/2, 883887 
Telephone: 01-248 8000 


Thursday April 6 1978 


A promise to 
do better 


THE MOST perceptive in yes- 
terday's White Paper on the 
nationalised industries comes 
right at the end. The Govern- 
ment says that it fully agrees 
with the National Economic 
Development Office about the 
need for its relations with these 
industries to be based upon 
trust, continuity, and a proper 
system of acountability. It 
then goes on to observe that 
none of these concepts can be 
guaranteed by legislation, by 
new machinery of control, or by 
principles an d objectives dis- 
cussed in a White Paper. Quite 
so. The history of these rela- 
tions over the past 30 years is 
strewn with a host of good in- 
tentions. The true test will he 
whether this government, and 
its successors, will in practice 
find it convenient to live up to 
the precepts that are now being 
put forward 


Focus 

Given the political will, the 
framework outlined yesterday 
could go a lot of the way to- 
wards putting government- 
nationalised industries relations 
on a more systematic and 
orderly basis and towards 
creating a clearer distinction 
between the respective roles 
and responsibilities of the two 
partners. 

According to the White Paper, 
the focus of relations between 
the two ought in future to be 
each industry's corporate plan, 
and the major long-term policy 
reviews which are undertaken 
from time to time in particular 
sectors. That is when strategic 
options can be examined and 
objectives set— and adhered to 
until circumstances change. The 
system of financial targets and 
guidelines for pricing policy and 
investment appraisal which was 
developed in the 1960 ‘s is to be 
re-introduced in an extended 
and reinforced form as the basis 
upon which management per- 
formance will be judged. In 
particular, each industry will be 
required to develop and publish 
a series of performance indica- 
tors and to demonstrate that the 
whole of its annual investment 
programme will achieve a mini- 
mum rate of retun. 

Above all, the White Paper 
outlines a new system of “speci- 
fic directions” in which Minis- 
terial interventions which cut 
across an industry’s commercial 
obligations would be embodied 
and subjected borh to Parlia- 
mentary control and a measure 
of financial discipline. These 
directions would take the form 


if a statutory instrument which 
would be subject to Parliamen- 
tary procedures. They would 
be accompanied by an estimate 
of the extra cost involved (and 
the industry’s own estimate if 
it disagrees with the Govern- 
ment's figure); and compensa- 
tion would be paid to the in- 
dustry “where appropriate.” 

In this last respect the White 
Paper is more realistic than 
NEDO which suggested that 
policy differences could be 
thrashed out in a series of top- 
tier boards composed of man- 
agement civil servants, trade 
unionists. and users. For 
Ministerial intervention is not 
only inevitable, given the im- 
portance of the nationalised in- 
dustries’ role in the economy: 
it is also desirable if those in- 
dustries which, because of the 
way they are structured, have 
substantial market power as 
suppliers, buyers, or employers 
are to be subjected to a form of 
control. It would he far better, 
therefore, to bring these inter- 
ventions out into the open, and 
subject them to some kind of 
discipline. 


Yardstick 


And yet the White Paper 
raises doubts as well as hopes. 
In many instances, it says, 
agreement may be reached with- 
out the issue of specific direc- 
tions which are in any case 
likely to be used sparingly. An 
industry's “ social objectives 
may still sometimes be sub- 
sumed in its financial target 
rather than accounted for 
separately. It is not at all clear 
why a minimum return of 5 per 
cent, in real terms should be the 
right criterion for new nationa- 
lised industry investment. Quite 
how efficiency is to be stimu- 
lated in those sectors where 
market competition is weak or 
absent remains unclear. The 
spectre of management and 
trade unions ganging up against 
users in monopoly sectors is 
raised by the section on 
workers* board representation. 
And there is no assurance that 
sponsoring departments will be 
any better equipped than in the 
past to deal with corporate plans 
and performance indicators. 

Still, the White Paper has set 
a yardstick against which future 
Ministerial actions can be 
judged. It will probably be up 
to the industries themselves, 
and the Commons Select Com- 
mittee on the nationalised 
industries, to mak sure that 
these good intentions become 
and. remain — a reality. 


The direction 
is right 


THE CHANCELLOR refused on 
Monday to accept the Liberal 
proposals for the Budget put to 
him by Mr. Steel and Mr. 
Pardoe. Although the Liberals 
may well put down various 
amendment to the Finance Bill 
and help to defeat the Govern- 
ment on specific issues — as ’hey 
did before on the question of an 
increase in petrol duty — it 
seems unlikely that they will 
seek to bring it down. The 
latest public opinion polls, if 
nothing else, will tend to keep 
the Lib-Lab alliance going for 
some time longer. 

There may therefore be a 
temptation to dismiss the 
Liberal proposals as both un- 
realistic and irrelevant, a mere 
attempt by a party which has 
no chances of obtaining power 
to win votes by patting forward 
a programme it would not dare 
to sponsor if its position were 
stronger. But this would be a 
mistake. It is true that the 
gross cut in direct taxation 
which the Liberals are propos- 
ing is a good deal larger than 
the Chancellor and his advisers 
think wise. Given the persisting 
uncertainties about spare capa- 
city, Inflation and the balance 
of payments, it is almost cer- 
tainly too large — if that were 
the sum of the Liberal pro- 
posals — to be made in one jump 
at this time. 


think the “cost" excessive. The 
only point, if any, at which 
Ideological differences might 
arise is the idea of cutting back 
the grossly excessive higher 
rates of tax — and even here the 
Liberals have been more modest 
in their proposals than some 
reports suggested. The cost of 
tax cuts at this level would be 
relatively small, absurdly small 
in relation to the gain in incen- 
tive involved. The difficulty, 
from the Government’s point of 
view, is the assumed reaction 
of the left-wing and the trade 
union leaders. 

There may come a time when 
a Labour Government is ready 
to face this reaction for the 
sake of greater efficiency. It is 
something already that It is 
ready to admit that direct taxa- 
tion as a whole is too high. The 
more it can be cut within the 
overall framework of the 
Budget, the better. 


More indirect 


Higher rates 


But as a programme stretched 
over two or three years, there 
is everything to be said for 
steep cuts in direct taxation. 
Mr. Healey himself will almost 
certainly make some cuts, and 
the Prime Minister has bluntly 
informed Labour's left wing 
that the majority of the party’s 
supporters are more interested 
in lower direct taxation that in 
still larger public expenditure. 
A rise in the level of income 
on which tax first becomes pay- 
able Is something that all parties 
agree to be desirable and which 
may very well figure in the 
Budget. 

A cut in the standard rate of 
income tax is also on the cards: 
if Mr. Healey is unwilling to go 
as far as the Liberals would 
like, it is because his advisers 


This is the other main virtue 
of the Liberal proposals, that 
they set out to maximise the 
scope for cuts in direct taxation. 
They do this in two ways. First, 
they put forward no ambitious 
new plans for public expendi- 
ture: it remains to be seen how 
austere Mr. Healey is in this 
respect Second, they reckon to 
offset roughly one-qoarter of the 
cost of direct tax cuts by in- 
creasing indirect tax sharply on 
drink and tobacco. This may 
seem to be political baby-talk 
with an election in the offing 
Government spokesmen will cer- 
tainly talk about the effect on 
the cost-of-living and the 
Liberals can fairly be criticised 
for not carrying through the 
logic of their argument and 
proposing a similarly steep rise 
in the price of petrol. 

But these duties have fallen 
far behind the general level of 
prices'and there is a strong case 
for bringing them back (even 
if not In one go) into line. The 
case is the stronger since it en- 
ables direct tax to be cut more 
than otherwise and discretionary 
consumer spending power to be 
correspondingly increased. This 
rather than the figures them- 
selves. is the essential point of 
the Liberal programme. 


State pension 



Financial Times Thure^y April 6 1978 



a 


new 





in 



BY ERIC SHORT 


T O-DAY heralds the dawn 
of a new era in British 
social security — the start 
of a new State pension scheme 
that radically .affects all em- 
ployed persons and their em- 
ployers. 

The scheme has been on the 
drawing board for nearly four 
years and the legislation which 
establishes it, . the Social 
Security Pensions Act, 1975, has 
existed for nearly three years. 
It has received more in-depth 
discussion and analysis than any 
other social security proposal. 
Yet a recent survey by a leading 
pensions consultant revealed 
considerable ignorance on the 
subject by the man-in-the-street. 

The reasons for this lade of 
understanding are not difficult 
to find. The scheme is ex- 
tremely complex, especially 
when it comes to calculating 
pension entitlement The De- 
partment of Health and Social 
Security did not seriously begin 
to explain the scheme until 
January. And those people who 
are very interested in pensions 
because retirement is only a 
short time ahead are not greatly 
affected by the scheme, as will 
be seen. 

The scheme makes radical 
changes in three main areas of 
State pension provision. It re- 
lates pensions to an employee's 
earnings during his or her work- 
ing life. It endeavours to pre- 
serve the purchasing value of 
these pensions against inflation 
and it provides that employed 
women will qualify for a full 
pension in their own right But 
equally important, especially 
from a Labour Government, the 
new scheme establishes what is 
hoped will be a permanent 
partnership with company pen- 
sion schemes, which play under 
this new structure an important 
role in securing an adequate 
pension for all employees. 

It is surely the aim of social 
security to provide adequate 
pensions. Yet. with hindsight, 
it has become apparent that the 
National Insurance scheme, 
based on the Beveridge report, 
with its theme of providing a 
minimum flat-rate pension only 
and allowing company pension 
schemes to make the main pro- 
vision could not possibly pro- 
duce adequate pensions for all. 
Good company pension schemes 
have long been providing pen- 
sions based on final salary and 
it became obvious not long after 
the NI scheme started in 1948 
that State pensions had to be 
related to earnings. But politi- 
cians have been arguing for two 
decades about how to change 
the system- Now at last there 
is a scheme that-has the accept- 
ance, If not the blessing, of all 
three main political parti.es. 
The new scheme takes the 


80r£ 


MARRIED COUPLE’S 
[ PENSION AT TIME - 
OF RETIREMENT 



1878 S3 S3 33 98 2003 

Year of Retirement 


the pension benefit for various It is, however, interesting, to 
salary levels assuming that such note' that when company 


levels assuming mat suen note tnar wnen company NATIONAL JNSURAKirp rriiuTBiD..*.. 
levels remain constant It also schemes for works employees IM * T,ONAL INSURANCE CONTRIBUTION 
=._ - — J RATES 


first £17-50 
17504120 


% 


indicates the level of pension have been negotiated the pen-: 
expected as a percentage of sion is based on final salary, 
earnings. The combination of which is easily understood. - ■ Weakly Earning* 
the two components results in rather than average revalued: ’ 
a higher percentage pension for earnings, even though the latter 
the lower paid, while the higher could provide a much: hig her 
■paid receive a lower percentage pension. There must be a lack u»e 2 par amt. surcharge 

pension. The imposition of an of communications somewhere. ^ ^ 
upper earnings limit for pen- so far the position as. stated ’ 
sion entitlement provides a very relates to an employee retiring 
low percentage pension for on or after April ^9^ when 
those ear n i n g well above this ^ least 20 years’ contributions 
ceiling. The amount of pension wiu have been paid to the 


.Not Contracted-Out 
Employee . . Employer 


10 * 


Contracted-Out 
Employee Employ* 
% 

~ 10 * 


previous flat-rate pension — at 
present £17.50 per week for a 
single person and £28 per week 
for a married couple — as pro- 
viding the first tier of the pen- 
sion. To this is added an 
earnings-related second tier, so 
that now peosions will have two 
components. Employers have 
the- option of contracting their 
employees out of this second tier 
and providing the earnings- 
related benefit from a company 
scheme. Over 20,000 employers 
have decided to exercise this 
option and contract-out. 

This concept is straightfor- 
ward, but complications arise 
over the method of calculating 
the earnings-related pension. 
This is based on what is desig- 
nated "relevant earnings” — de- 
fined as the amount earned in 
a week between a lower limit 
equal to the single person fiat 
rate pension and an upper limit 
of approximately seven times 
this amount The present 
"relevant earnings” band is from 
£17.50 to £120 per week. The 
additional pension is then cal- 
culated as li per cent of these 
“relevant earnings” for each 
complete year in the scheme up 
to a maximum of 20 years’ earn- 
ings. 

The following example will 
make the calculation method 
clearer. Consider an employee 
with weekly earnings of £80. 
about the national average. His 
His relevant earnings will be 
£80 — £17.50 = £62.50. • Assuming 
that his earnings stay at this 
level for 20 yea re,- his additional 
pension will be H per cent, 
times 20 equalling 25 per cent 
of these relevant earnings, that 
is 25 per cent of £62.50 =£15.42. 

This gives the value of the 
second tier earnings-related 
pension, .which is added to the 
basic pension of £17.50 giving a 
single ■ person’s pension of 
£33.12 or 41.4 per cent of earo- 
ings. If his wife has no pension 
in her own right, then there 
would be married couples allow- 
ance of £10.50 making a total 
weekly pension of £43.62 or 54.5 
per cent of the husband's earn- 
ings. 

The smaller table illustrates 


WEEKLY NATIONAL - INSURANCE 
V PAYMENTS 

. - , . . — — , — - — . • Not Contracted-Out Con tract ed-Ouf 

does not increase for those earn- scheme and therefore the. em-.~ Weekly Earnings .Employee Employer Employee Enmfa 
ing above U times national p i oyee & entitled to the full £ . ' . £ £ £ £ 

average earnings. pension. But anyone retiring. ■ „ . 40 2i2 . 453 IQS' ' jj 

While this scheme represents before 1998 will only have his an 2J5 5J 

a radical improvement in pen- earnings-related pension based too ' tin! u 

sion levels from the former on the years from to-day— pre- . iS © r more 750 1440 sS ■ '" w 

scheme, the benefits are still vious NI contributions will not wppftw 6jr the DHS from Its bonded tables and iodude the nnJnrgc 

well below those provided by count (regarded by some as " capioren’ tontniwuom. 
the State in almost every other rough justice). In addition, 

European country. To-day can only complete years from to- 


*J = 




be regarded as a milestone in day win count towards the pen- revalued at least once a year, who had not taken -the opd 
pensions history, but the new sion, so a person retiring be- The first tier basic portion will The DH$S has no figures av 
scheme cannot really be looked fore next April 6 will not: continue to be uprated by the able for the number of man 
on as revolutionary, as some of qualify for any additional pen- present method in line with the women who have kept the opl 
its admirers claim- 'sion however small. But as. a movement in average earnings but indications are that' 

Inflation would soon make a concession, for these persons, or prices, whichever is the majority are still content to i 
nonsense of such a system ir the the e3rtra contributions wall be greater. But the earnings- the teduced contributions i 
pension calculations were based refunded. - related second tier will only get their pension from tl 

solely on monetary earnings. The graph shows how the -he revalued in line vrith prices, husbands’ record. - ' 

The new scheme has therefore pension entitlement will build It is debatable whether this . widows pensions are al» 1 
been designed to make it up according to the date of re- revaluation process should take being" calculated on a two- 1 
inflation-proof as far as possible, tirement for various earnings- place more frequently than The present basic 1 

both during working life in levels. In the example given once a year, but at present it ‘will be supplemented, by 
calculating the pension ind above, if the employee contri- takes the DHSS at least 22 earnings-related portioa calc* 
afterwards when the pension is buted for only 10 years, his weeks to implement an up- ted in exactly the same man 
being paid. additional pension would be 1£ rating. as. for retirement pension. 

ru trine an employee's work- P er cent times 10 equalling 12\ Under the new scheme women will be based on the hnsbai 
ine life each year’s relevant P er cen ^, of relevailt r e arTimgs, ^ get eq ual treatment with earnings record np to the c 
earnines will be revalued in 11181 15 l2 * Per cent, of £62.50- mea in that they wffl receive the of his. death, but only comp 
tin? with the movement in making a total smgle per- ^ pension and other benefits years from ttwiay will cm 

National . Average Earnings son I* 1 * 1011 of f25 * 3L for comparable earnings. On that is if he dies before A 

riet ud to the time of retire- This system Is obviously un- the other hand they will receive 6, 1979, the widow gets. no 'ei 
ment Then the best 20 years fair to existing pensioners and the pension at 60, five years mgsrelated pension. These e 
are taken to calculate* the those due to retire in the years earlier than men who will still fogs will be revalued in accf 
pension Because a man can ex- immediately foliowing the start have to wait until 65 before ance with National Aver 
v t Earnings. . 

But all these radical char 
have to be paid for and the 1 
contributions rates - are At 
in the table. For employee? 
y of fog kept in the new schemj 
Earning* means higher contribute 
H4J0 from the present 5} per c 
to 6J per cent, with’ a his 
upper limit And. of coy 
such contributions are not .1- 
ible for tar relief. Bot-wt. 
employees are befog, central 
out of the State scheme, m 
of them could be paying hr- 



NEW STATE SCHEME PENSIONS 


40 (* NAE*j 
80 (NAE) 

120 (U NAE) 

160 (2 NAE) 

240 (3 NAE) 

* Notional average earning i 


Relevant 

Earnings 

2250 

6250 


Earnings 

Related 

Pension 

552 

15.62 


10250 


25.62 


(in 

£) 

Total 


Married 

Total 

Basic 

Single 

% of 

Couples 

Joint 

Pension 

Pension 

Earnings Allowance 

Pension 

1750 

23.12 

575 . 

1050 

33.62 

1750 

33.12 

41.4 

1050 

4352 


355 . 



1750 

43.12 . 

26.9 

: 1050 

5352 .. 


18.0 


545 

44.7 

335 

223 


npf*r to have over 40 years’ con- of the new scheme. After all .qualifying. The Government at contributions. Such* *3 . 
tributions in the scheme there they have contributed to, the .present consistentiy^, refuses p fo jees wUl be paying,* hit 
is a wide Choice in picking the National Insurance scheme and even -to consider any: moves- raje on foe first £17-50 o£*q • 
best 20 yean; it is not their, fault that the towards having. common eamings but a lower fate 

whv was such a complicated politicians have delayed the- hi- retirement ogoffrlMB 1 men earnings above that level . 
me^^fprivSe°S« troduction of a pension scheme The new pension scfc 

deal with this problem by providing adequate, pensions. Women^t however, does nothing at ril- 

basing pension entitlement on But it is difficult to WO uid appear to be acceptable the self-employed in the nu 

salary at retirement or in the the scheme could- have been .mid appeg to be accepiame q£ provi<Ung eainingM *i ; 
few years immediately preced- transformed front the - old to to most people. benefits. .This group will : 

ing retirement- This solution is the new without causing The only drawback is that on]y be eligible ^ receive - 
quite adequate for non-manual administrative chaos and un- W omen will have to pay the basic flat rate pension on-re* 
.workers whose salary, in real posing a heavy immediate 
terms, tends to increase slra,n 


a heavy immediate contribution rates as men. ment and widows pension ' 

wlU4J( «... ... on finances. But for married' women’s option also be only at the Basic I 

throughout working life (at severaI years differential state un{ j er w hich married women Self-employed people will 
least uDtU pay policy cauie on pensions are going to ne elect to pay a reduced need to make their own pi 

the scene). But with manual paid depending on when a per- contraction of 2 per cent and sion, the most tax-efficient » 


workers their best years for son re ^ red * So me observers are re ]y 0 n their husband's record through a life company pen- 

earnings come quite early in perturbed at this state of for pension entitlement is being plan. But from to-day the coi-_, 

their working life. The new affairs - phased out. The option was bution rates for the : 

method ensures that their The pension, once it becomes ended in April, 1977 for single, employed are being reducei : 

pension is based on these best payable, will be inflation- women who . marry after that reflect this lack of additir - 

earnings years. proofed in as much as it is to be date and for married women benefit . ' - 




J 



Tl 


RS 

our 100th Company 


Political parson 
tackles Tuke 


It is rare for opponents of a par- 
theid to present Anthony Tuke, 
chairman of Barclays ftroup, 
with a scroll wrapped up in a 
ribbon — but, I looked on as this 
happened at the group’s AGM 
yesterday. True to form, the 
occasion saw Tuke having to 
fieid numerous questions about 
Barclays’ involvement in South 
Africa. 


One lady besides me thought 
that the South Africans were 
holding off the hammer and 
sickle. Tuke, however, would 
not venture into such political 
arenas while he listened 'patiently 
as Michael Terry of the Anti- 
apartheid Movement attacked 
him for writing that "it was the 
more extreme fringe elements” 
seeking a holocaust who would 
like to see an end to foreign 
investment in South Africa. He 
also cited some British govern- 
ment pronouncements which 
brought into question those 
used by Tuke. 

Terry had to bear with shouts 
of “pipe down." as did the 
Reverend David Haslam, speak- 
ing for a movement called End 
Loans to South Africa. Haslam 
made Tuke withdraw come re- 
marks made last year 0 he U5. 
Chamber of Commerce that only 
"the campus and pulpit” caused 
trouble at the Barclays AGMs. 
He also had Tuke agree that 
not all those who want an end 
10 foreign investment also want 
a holocaust 

Haslam 's most heated 
language -was reserved for a 
recent claim by Tuke that the 
dead Steve Biko would have 
wanted foreign investment to 
continue. “Desperate defama- 
tion and callous co-option,” 
Haslam said, quoting to prove 
this from Biko's last interview — 
and walking down the aisle to 
present a scroll of the interview 
to Tuke. As printed in Donald 
Wood’s book on Biko, the 
dead Black consciousness leader 
says “ . . . foreign investment 



“Watch your step— its the 
law of the jangle around 
here!” 


supports the present economic 
system and thus indirectly the 
present system of political in- 
justice." To which Tuke replied 
that Haslam should not expect 
him to withdraw his remarks: 
he only knew what he had been 
told. 

At this point Tuke said be 
would welcome the names of 
some Black Africans to talk to, 
but he was swiftly reminded 
that many black leaders were 
in prison and that, should they 
advocate the withdrawal of 
foreign capital, they could be 
charged under the" Terrorism 
Art. At the end there was one 
thing to cheer Tuke— he does 
not have to face a similar bar- 
rage until next year. . 


business (subscription £50 a 
year). Activists behind the in- 
itiative to keep our legislators 
on thei rtoes are two Tories, 
Jim Spicer and Lynda Chalker, 
with (he benevolent encourage- 
ment of Sports Minister Denis 
Howell. Spicer and Chalker were 
in a TV series about physical 
fitness two years ago and be- 
lieve. among other things, that 
organised exercise would take 
some strain off the National 
Health Service. Spicer quotes 
the vast cost of keeping business 
executives with heart attacks in 
intensive care units. "I think ail 
large companies should have a 
gymjQ,” he says. 

It has cost £4,500 to equip 
the Parliamentary gymn with 
bicycling machines, pulse-test- 
ing equipment and the like. I 
asked whether it would not have 
been cheaper for the parliamen- 
tarians to jog across to SL 
James's fo ra couple of gentle 
circuits of the park; it seems 
they would fear making them- 
selves look ridiculous in public. 
Fending off Spicer’s offer of a 
glass of' apple juice, I asked 
whether he hoped to make poli- 
ticians live longer. “I think the 
public would hate to hea rit put 
like that" he said- 


Agents* fancy 


Sweating it out 

In Victorian times it was said 
that horses sweated, men per- 
spired and women merely 
growed. But nowadays, exercise 
is a great leveller: from Monday, 
the nation's politicians of all per- 
suasions and sexes will be groan- 
ing, grunting and sweating as 
one. In the oid Scotland Yard 
building, a gymnasium opens for 


In the spring sunshine, the first 
waves of tourists are reaching 
our shores: the forecast for 1978 
is 13m. of whom at least 10m. 
will spend part-o ftheir time fo 
London. It is good news for the 
theatre managers. To quote Sir 
Donald Albery, at least one- 
third of the seats at London 
shows are - filled by foreigners 
in the summer. But are they 
going to the. right plays, or 
being steered instead to such 
fixtures as “ Oh! Calcutta!” and 
“The Mousetrap”? 

Stuart Burge, artistic director 
at the Royal Court: claimed 
yesterday that too many tourists 
go home disappointed with what 
they have seen an the London 
stage. “I think it is a national 
disgrace that some visitors, such 


as the Japanese, are herded into 
certain long-running plays, 
when our theatre has far better 
things to offer.” Burge thinks 
the British Tourist Authority 
could do far more to publicise 
the full range of theatre offer- 
ings in. London. 

He also criticises some travel 
agents for making block book- 
ings for “obvious” shows giv- 
ing big discounts. It is said 
that originally block bookings 
can be made for some shows for 
less than half the normal price; 
discounts of a third are normal. 

Not . surprisingly, a BTA 
spokesman reacted coolly to 
Burge's complaints. He said: 
“ We publicise the London 
theatre as a vast choice of enter- 
tainment. We work very closely 
with the travel trade.” It is 
argued that without the tourists 
the West End theatre would 
scarcely survive. I then put the 
Burge thesis .to Marian Drew, 
managing director of tour 
operators Groups Uintimited. He 
said: “We would rather get. 
tickets for che -right shows at 
the full price, rather than send 
our groups at a discount to 
theatres we do not want.” Drew 
did not deny, however, that the 
travel business has subjected 
vast numbers, of bemused 
foreigners to “ The Mousetrap " 
over the past quarter-century. 
But It can be better to be safe 
than sorry: last week. Drew’s 
company accidentally made a 
block booking for a party of 
schoolgirls, escorted by nuns, 
for the racy “ Filumena ’* at the 
Lyric. “Just dn time we real- 
ised. sent -them elsewhere, and 
gave the spare tickets to our 
friends.” 


Live wire 


Card in a Solihull shop window: 
“ Young man. tired of routine 
office job, seeks post offering 
adventure and excitement. Go 
anywhere in Solihull." 


Observer 


A ph'iRi. v 

fair, 


MAKE IT 



LIVINGSTON 



WITH 




03ntact GeorgeMcPhers(». - - 

industrial Development Manager, - 

Livingston Development Qirporatiorv West LOiru® , 

- Telephone: National* 0589-311 77 • ^ 

London:01-930-2631 . . .. _ 

• lnternationai:,,44,-588-3l1;77;. 




.- k 











«■**?*# 


:s 


Financial Times Thursday April 6 1978 


ECONOMIC VIEWPOINT 





lack of room for 


3 Co » 

“ , V«f 


’HE SAD dampening-down of 
xpectations for tije Budget 
mee the euphoria of six 

rV"** * 20 is due to two 
iTU^WarenUy quite different sets 
worries. 

The Chancellor and his ad- 
7S ®^ ^ ave & ee ° making gloomy 
E^ujeinsians to their balance of 


-payments forecasts,' and trying 
ii t the. same time to estimate 
4 ow far the trade unions have 
— tolen the Government’s thun- 

er by mounting their own - re- 
i/Vl i», ^A a “ on ” through higher wages. 

'^SURa., ^ther the trends in trade 
'** ' S ^(volume, nor the prospect of a 
--O*;: ' se S per cent, or more in 

eal consumer incomes, leaves 
£ room for the Chancellor 

*’.;j £ p do what he had hoped— cut 

^ 13 2_os “es and win votes. 

^.5i itj The City has also been worry- 

; r c -2 eg about the Budget arith- 

rr- ?* 3etlc ; but the news Which has 

‘'orried the Chancellor has on 
_ m '--yalanee probably re-assured the 

'ity by reducing his scope for 
^^xpansion. The central financing 
'roblem is control of the money 
i- !■>> , a ‘•j 1 ') * upply, and the very rapid 
• * - l. ^ rowt h of recent months has 
.• r . . ; tr -'- £ r>-.'een causing concern— and, this 
- . , ‘j-i^veek. downright alarm. 

- ^ Yesterday's emergency nies- 

1 n / 5 s age from Greenwell’s, with its 

' . ' Earning that we have already 

1- f 5 i;®on the start of a monetary 
1 plosion like that of 1972, rep- 
•WEjfc esents an extreme view. All. 
J ; 3 .he same, there is widespread 
' P’^is £vorry about the problem of 
. J„ '■ • -:^.fc 3t£ .Mnancing a public sector bor- 
J v-j growing requirement of-fi8bn. or 
••■i '•* 'j- >ore without either permitting 
:.:i ricr,; ^ ,n explosion or driving up in- 
a.-.i ^ .■" crest rates sharply. For this 
? - 3 ,‘;' eason * tbe Chancellor wlU be 

;-rh r-ji Addressing a very suspicious 
i ‘^-ity audience searching keenly 

. any sign that either the 

^ figures for the borrowing re- 
-• r ? juirement or for the monetary 
• - targets have been fudged. 

* •, The Chancellor’s worries and 

•’j-iaj - — — ' — 


those of the City are not, of 
course, as different as they may 
appear at first sight. The finan- 
cial figures do provide an 
Indirect view of the real 
economy, if the Chancellor were 
pursuing a rigidly anti-inflation- 
ary- policy, the acceleration of 
wages would tend to deflate the 
economy as it did in 1974-75. 
as it dragged the economy into 
the barriers of monetary and 
fiscal restraint: but is fact the 
ChanceUor "plans at least to 
accommodate the rise in real 
demand. 

The acceleration of monetary 
growth which has. occurred 
is partly the natural conse- 
quence of this more relaxed 
stance. However, the money 
figures view the future through 
what is often a distorting 
mirror, and the view thar thev 
are trying to warn us of an 
irresponsible election "boom, to 
be followed by inflation and a 
sterling crisis, needs a good few 
technical footnotes. 

Any level 

The chart both provides a 
long-term perspective and illu- 
strates the difficulty of inter- 
preting any single measure of 
the money supply. In the days 
before monetary policy was a 
central concern, provoking 
heavy official intervention in the 
financial markets, the monetary 
figures were quite a good indi- 
cator fo rihe economy: and the 
market structure — the division 
between cash, current accounts 
and various forms of saving — 
was pretty stable. The money 
supply could he measured at 
any chosen level— as a narrow 
measure of quick spending 
nower or a broad one of fairly 
liquid assets— without giving a 
very different answer. 

However, the system was re- 
designed in 1971, and has had 


since 1973 to respond to power- 
ful official attempts to control 
one measure of the money 
supply, m 3. The relationships 
have gone completely haywire 
ns a result The various 
measures of the money supply 
now contradict each other more 
often than not, with the two 
official measures Ml and M3 
moving generally in violently 
opposite directions, and a still 
broader measure, L3, including 
building society deposits (net 
of the societies’ deposits with 
the banks) following a rather 
indeterminate path between the 
two. It is only because all three 
indicators have been showing an 
acceleration in recent months 
that there has been any general 
agreement on what they may 
mean. 

Readers may feel that the 
chart provides little evidence 
of these alarming developments, 
and they are right It measures 
year-on-year changes, while City 
comment has been based on the 
annualised rate of change over 
the last few months. There is 
ground for endless debate about 
the proper period over which to 
measure a significant trend, and 
there is no doubt that monetary 
expansion from September to 
January was far too fast But 
the figures have been heavily 
influenced by foreign inflow’s 
— which measure currency 
hedging more than credit 
demand — and by money market 
distortions, and appear now to 
be damped down- There is still, 
in fact a sporting chance that 
growth for fiscal 1977-78 will he 
within the official 9-13 per cent 
range. It is certainly not yet 
clear whether monetary growth 
is tending strongly upwards, or 
has levelled out rather untidily 
around the 13 per cent, level. 

Either way. however, the 
figures provide a somewhat for- 
bidding background for the 
Budget With the money supply 



jy, — — - — — 

as - U.K. MONEY STOCK /VV " 5 

OuaMily pvemrage chmp year an yur J Lj /> ' 

20 r. - ; \ /U 


! A”: ' 
/i’ : \ 


U&. 


id*: - i 

A ji"\\ 


feJStA W 68 ■» H '72 '73 •« -73 7* T7 ‘7B 


at the top of its range or higher, 
the targets for nest year ought 
to imply rather Jess room for 
upward error than those for the 
year past if the target range is 
not to be shifted upwards, and 
this may be read in the City as 
the acid test of all the state- 
ments of monetary firmness 
which have been heard from the 
Chancellor and the Governor. 
Certainly, any attempt to treat 
this year as so much water under 
the bridge, and to base a new 
target on whatever figures we 
happen to have reached, will be 
treated as fudging. More import- 
ant, the actual weapon of con- 
trol has grown blunt. Last year. 
falling inflation and sterling's 
strong performance in the ex- 
change markets provided the 
ideal market for selling Govern- 
ment stock. This year any 
enthusiasm is likely to be highly 
tentative, and there may be 
funding crises. 

It is against this background 
that the City will want to assess 
the financing burden imposed 
by the Budget: but the task will 
not be at all easy. This is be- 
cause comparisons between this 
year and next are greatly com- 
plicated by three distortions: 

First the public sector bor- 


Letters to the Editor 




: -i 5 Productivity * 

. ^ deals 

• ^rom Mr. G. Smith. 

. " Sir. — Sue Cameron’s article 

; April 3) on. breeding -a new type 
• • : - ; »f productivity deal certainly 
* • tjives encouragement by high- 

-’.righting that managements -are 
-v .. -.-hulking more creatively about 
. . ..rewarding their employees. 

.. The open style of management 

: encouraged by the use .of added 

• - ".'=;;alue wiU also bring about im- 

:::! movement ' in *• the' economic' 
. i ..M-iteracy throughout a whole com^ 
- i; ^any. The linking of all em- 
' iloyees’ pay will certainly stimn- 
ate employee involvement in 
- '?' 2 j:rmprovlng business performance 
rzor tbe benefit of all participants 
the business- The statement: 

. .‘Agreements based on added 
./alue may require long refer- 
‘ " •nces back In time to arrive at 
:V -.••• ' : i sound base line" is important 

• --AHiat is more important is that 
• . she base line of productivity 
... hould link sales to added value 
. o payroll to profits and to cap I- 
‘ ■ a! employed. It Is to be hoped 

• -''- 'hat managements will now take 
rteps to examine the broader 

• - • -..-r ispects of the added-value' con- 
- -;.*ept that Is wealth creation. .* 

* ‘ One of the beeflts of this kind 

' productivity deal may be that 

'"':ompanies and employees should 
able to develop a means of 
-Joing Joneer-lasting pay 'agree-. 
~^iu'iili What is wrong with 

- - a code of practice on pay 

Rnted to a coru- 
-e any's total economic perfonn- 

A ■ v.:U : ^Eaftnee? May be if companies- 

Adopted this positive approach 

~ he Government would stop in- 

O fy?J- rerfering in the wage bargaining 

s ;cene: presumably both parties 
: K. H want this. 

^ The Government could still 
regulate the situation by monk 
rfj mring prices charged by each 

ij%: :on ipany on other parts of our 

LvVj- industrial or personal society. 

C-j- that is, a .national policy of; 

^ Aflfransfer pricing between produ- 

. ••'^^^plMcers and consumers, 
r ® m This kind of productivity think- 

M»|ing should stimulate some newer 
K and broader creative thinking In 

' pay bargaining and - . our overall 

economic situation. A soundly 
based economy is probably the 
•gPSfok best base for developing a better 

participative democratic system 
a in business and industry. 

H G. Smith. 

5 Halford House. Copse HiU Road, 

w t.otoer Slaughter. 

S Nr. Cheltenham, Gloucestershire. 

Index" - 
funds 

From the research ofic«r J Asso- 

nation of Chart and Technical 

f .. Analysts 

s ' Sir,— With the latest invest- 

/ rneut fad being that of tbe 

/ “index fund," whereby, having 

relinquished the straggle to out- 
perform the market, one: simply 
g, | attempts to match its perform- 
Q a nee. up and down.’ by buying 
* a tbe individual shares that- make 

:i ‘ , u p the market index, il may be- 
f‘ v <^^^^ajinstnictive to consider tbe ex- 
1 {k jWperience recently of one of the 

^r r -‘ :f 3 index funds. 

just over 18 months ago. one 
i - of the large U.S. banks set up 

t5£ vV a fund based on tbe constituents 
^ of the Standard and Poor’s 500 

share index. 

U chose, however, to discard 
fZy from this Usr a selected 29 issues 
that were deemed to be of w* 
sufficiently high quality. After 
IS months the results are: the 
Ky j index fund is down 7 per cent; 

<ar & Ua portfolio based on the .19 

? f#* flr rejected stocks is up 17 per cent-, 

a vr So much for the . idea that stock 
3 selection doesn’t work ! _ 

sew' To a large extent the index 

. fund has come into being owing 

,ifto the poor performance in 

recent years of many _ -fund 

’ ■ managers and their advisers— > 

. ‘ - 7* whether they be fundamental 


analysts or technical ' analysts. 
I don’t think, however, that it’s 
a case of the analysts having 
been any worse, or of tbe market 
having been more difficult to 
analyse— simply that the penal- 
ties for getting if wrong have 
been greater. 

This, however, is no reason, 
for the fund manager to give up 
and stop managing. - For me 
technical analysis does work, it 
has in tbe past, both recent and 
distant, and I am confident, it 
will in the fixture. And. a num- 
ber of “academic** studies -not 
withstanding, technical analysis 
also works best of/ all o» the 
highly capitalised, highly traded, 
-leading shares, in, which a. con- 
tinuous turnover enables a clear 
assessment to .be made of tbe 
technical forces of supply and 
demand that create future price 
action. • .r ■ 

So if yon can’t beat them. 
dOD’t join ; them, bur try a bit 
harder instead I 
fDr.)- Southworth, 

University of Birmingham. 
Department of Physical 
.Metallurgy and Science of 
Materials. 

Elms Hoad. North Campus, 

P.Of Box. 363. Birmingham. 


A phoney 
figure 


V'-'-V 


From Mrs. E.. Price. 

. Sir,— -An increase In the Retail 
Price Index seems to be Mr. 
Healey’s main reason for 
refusing Income tax cuts of any 
value. The cost of living index 
ought to be amended in three 
ways, to: prevent this specious 
argument being used: (1) 
Remove cigarettes and alcohol; 

(2) List VAT as a separate item; 

(3) Include income tax. 

It could be argued that to in- 
clude income tax is impossible 
as it is a variable from family 
to family, but so too Is tbe cost 
of travel, the size of the rent or 
the mortgage and the nnmtaer of 
children, and the wage earned. 

Whereas the cost of living 
index- is a phoney notional 
figure. Income tax is one or tbe 
largest items in a family hudget 
and one . of the most resented 
since on ! it no saving can pe 
made, and tbe harder a person 
works the larger it becomes. Its 
effect is particularly, malignant 
in a large family since children’s 
tax - allowances have been cot. 
To include it in its proper place 
as an item of expenditure, for all 
officials to mediate upon may 
‘help .'them to understand some 
of the impotent rage at such 
confiscation. 

(Mrs.) Elizabeth Price. 
RedioalXFamhouse, 

Union. 

Near Maidstone. Kent. 


village to Lands End, were tax deductible “au pairs ” would 
counted. result in an equivalent number 

People from north of tbe of “liberated” mothers present- 
Tamar and Europe have con- ing themselves for work in addi- 
stantly come to Cornwall not tion to those already competing 
only by land but by sea and for jobs. With more people corn- 
true Cornish people have peting for the same number or 
always welcomed them as I. a jobs the number unemployed 
Cornishman, have been must increase. This ’ would 
welcomed in the worldwide apparently make your correspon- 
countries I have visited and lived dent's proposal have tbe opposite 
in. where usually I have found effect to that suggested, 
people of Cornish descent. My proposal to increase em- 

Rlchard Kelynack Cocks. ployment via household expendi- 

•• Ben am." 3 Dmnington Road. would be to make energy 
Penzance Cornwall. conservation expenditure free of 

_ .VAT as well as tax deductible. 

There would be a jobereatinq 
StatCDOSrU effect, and a saving on our 

^ , V balance of payments. The hard- 

nqr[fC pressed building industry would 

benefit, and we should be able 
From the Director of Safety to save some of our precious 
Education. Royal Society for the reserves of North Sea gas and 
Preoentum of Accidents. oil for our grandchildren. I 

Sir.— It is typical of the distor- would expect the Chancellor of 
tion which the vested interests the Exchequer to support this 
in skateboarding are prepared proposal in next week's Budget 
to engage in if the manufac- rather than the employment of 
turers. as was suggested on more “ au pairs,” c.nd hr cer- 
March 31. have indeed attacked talnly does not have extreme 
RoSPA For suggesting they he Left-wing views, 
involved In financing skateboard Richard Holland, 
parks. • 30, Crespigny Road 

At no time have we asked for Hendon. N.W.4. 

20,000 formally constructed 

skate-parks. At no time have we _ 

asked for complete financing of All* SI nil rail 
skate-parks by manufacturers. a ** u 1 

We have asked for 20.000 small, f rQTlcnf v r f 
informal, yet designated areas. irailslJUi l 
using existing facilities, such as „ „ . «. .. 

parks, unused roads or tennis f"**- . . .. , 

courts to be provided by local SJr, If Boeing is intending to 

authorities. We have asked that build » successor (757) to the 
the. industry plough back some '-7 (April 4), it is optimistic to 
profits to the development of tbe think that we ran compete. We 
sport as a sport (including some should join the project and 
large formal skate-parks) rather supply the Rolls-Royce engines, 
than continue to have it con- meanwhile seeking an _ altcma- 
fused as a road hazard. tive requirement \o satisfy. 

It is a nonsense to suggest that As for the projectedCh untie] 
it is sensible to have skateboards (April 4). this would reduce the 
used as tranport on public roads load on London $ airports. Borne 
by children— unless all laws of pauge could permit an mter- 
transport are applied to them, change point the other side of 
David Larder Maidstone, where tbe M20 and 

The Royal Society for the the railway are close together. 

Prevention of Accidents. There, for night travel, could be 

Carman House. loaded Continental sleepers, con- 

^TpriarvO^eettswau, miners and Motorail. One 

Thel^nvV»«e«noay. tunnel, between Ashford and 

vtrmwgncm. _ Folkestone, would need to be 

A 1 • enlarged. M20 will connect with 

relaxing M3S orbital motorway. Cannon 

0 Street is a modernised, under- 

WnKkV used London terminal which 

.TYUioAj might be suitable for day trains. 

From the Managing^ Director, ^ jj scott. 

House Information Services ^ Beeches Road 


rowing requirement itself, the 
most fundarucnial of 

monetar> expansion. j s hkely eo 
come our some i4un. IhMu* the 
total implied l»y ls-i year'-s 
Budget statemenj. adjusted for 
subsequent mini-Budgcts. The 
relationship between the esti- 
mate for next year and ihe final 
outcome is noi «a%y to yuess. 

Second, the* figures for the 
PS8R last year were reduced 
by two partly v.*indow-drcssin * 
transactions — the sale of BP 
shares and the refinancing of a 
proportion of export credits* by 
the banks rather than t!ic Trea- 
sury. This year's tigurcs must, 
therefore, be examined lor win- 
dow-dressing. 

Finally, and most difficult to 
assess, Ihe forces making for 
monetary expansion this year 
have included an inflow of about 
i3bn. front overseas tthe last 
recorded figure was £3.2bn. 
since April, seasonally adjusted, 
but there was an nutllnu- in 
March). This is nut at ail likely 
to recur, but a ? a result the 
growth of corporate borrowing 
from the bank' may be rather 
higher than normal relation- 
ships would sugce<t. This is 
because part of the inflow was 
effectively corporate borrowing 

GENERAL 

New State Pension Scheme 
comes into operation. 

Mr. Chrislopli-T Tugendhat, 
EEC Commissioner, is guesr 
speaker at Building Societies 
Association luncheon. Cafe Royal. 
W.l. l p.m. 

Mr. Eric Varley. Secretary for 
Industry, addresses annual con- 
ference of ihe British Council of 
Productivity Associations, 8. 
Southampton Row. W.C.I. 

Sir leqan Matldnck. Secretary of 
the British Association for ihe 
Advancement nf Science, lectures 
nn the challenco nr the future in 
I electronics. Insiiiulion of Electri- 
cal Engineers. Savoy Place. W.C.2, 
5 JO p.m. 

Annouocemenl by British 
American Tr.bacco on U.K. 
cigarette launch. 


manoeuvres 


across’ the exchanges through probably rise about 23-14 per there is precious little mow for 
Lhe leads and lags of trade cent. However, profits have error. It is nut enough to show 
settlements, which made a been good, and The slowdown in that the institutional flow of 
corresponding amount of bank inflation (and especially funds is more than adequate tn 
bnrmwms unnecessary. On the material costs) will greatly take up the stock required; in- 
«u her hand, part of the inflow reduce the burden of financing stitutions grow wary, and their 
was a simple movement of stock _ appreciation, while per- cash can pile up. as is suggested 
balances la hedge against cur- sonal incomes are rising sharply, in the extraordinary wanderings 
rency risks, which had nothing The guess here, therefore, is of M3 in the chart, 
to do with the demand for that the rise in credit demand Indeed, as ion° as the 
money; so the rise in demand will be considerably less than authorities rely almost entirelv 
lur bank loans as a result nf the “normal” — as occurred in the OQ selling fixed interest stock 
end nf the inflow is a matter of U.S. in the first two years of to mop up surplus money they 
guesswork. growth recovery. A 10 per cent will find that a PSBR of any. 

Luckily, pre-Budget guess- rise has been chosen as a nice where near £8bn. gives them 
work is simplified! in one r°up d number. An equally sa me periods of sleepless 
respect. The Chancellor has arbitrary guess is made about anxiety. The question is not one 
already set a ceiling nn the foreign inflows: halF were 0 ( an inadequate flow of funds 
PSBR for the coming year of borrowing from overseas, half jn the markers, bur of accept- 
£8.7bn. ;n his Letter of Intent “ ere hedging. On this basis, the able securities. A strong gilts 
tn the IMF, and :s unlikely to figures for next year work out market would probably depend 
produce a figure on Tuesday as follows: on monetary growth being held 

above the £Sbn. which ihe 1977/8 1978/9 well within the new target 

London Business School and £hn £bn range— an expansion of £5bn. 

many others have set as a con- Expansionary forces rather than the £5. 5 bn. sug- 

fidence limit The window* PSBR 5.5 S.O zested, with higher stock sales, 

dressing last year, and any Private credit:— _ _ _ _ Such a ti2ht mi5ht well 


■ ' ■ \s this year, will affect the 

economic interpretation of this 
number, hut not the sum to be 
financed. 

If the figure this year is as 
ur.J’ :nrted as the City hopes 
it will represent very little 
• n?e in fiscal stance, since the 
“true” borrowing requirement 
for ’’.is year is about £7bn. This 
trick can be combined with tax 
cuts thanks :n the fact that 
there is sil'l some fiscal drag in 
the system despite the indexa- 
tion nf personal allowances — 


19 

77/8 1978/9 


£hn 

£hn 

Expansionary' forces 
PSBR 

Private credit: — 

5.5 

S.0 

Banks 

3.5 

5.5 

Foreig- 

1.5 

— 

Hedging inflow 

1.5 

— 

Total 

12.0 

13.5 

less 



Permitted 
monetary growth 
Banks' non- 

5J2 

5.5 

deposit liabilities 

0.7 

1.0 

Balance for funding 

6.1 

7.0 


Such a tight policy might well 
hamper the real growth of the 
economy, though the flat yield 
curve implied with higher 
money rales but a strong gilts 
market, would encourage equity 
financing. But the dilemma is a 
technical one. As I have sug- 
gested almost annually, lhe 
Government could avoid the 
necessity to squeeze the com- 


eiu* inanity .n me ract that _* issuing its own “equity.” The 

there is s:. I some fiscal drag in success of the BP issue sug- 

thc system despite the irulexa- These rough estimates of the zests that a stock based on 
lion nf persona] allowances — implications of a reasonably North Sea oil land perhaps in- 
quire a lot rh . year, since the convincing monetary target do doxed to the price of oil) would 
indexation was done in advance, not suggest that tbe artuai sums offer the kind of asset pension 
Early Government revenues involved are insurmountable, funds dream of. especially when 
fp-oi the North Sea will also especially when it is their confidence in gilts is 
help. A fudged PSBR. on tbe remembered that company shaky. Such proposals were not 
other hand, could conceal a issues which fund bank debt urgent against a background of 
stimulus. reduce the need for official monetary deflation and falling 

Starting, then, from a PSBR funding. interest rates; but in a year of 

of £8bn., one must try to guess However, the guesses are uncertainty and rather demand- 
at total private credit demand, clearly subject to error — and in ing monetary targets, innovation 
In normal times this could be what may be a very difficult may be crucial, 
expected in grow broadly in line gilts market in any period of . I-I ■ 

with money GDP. which will bad news about trade or wages. AmHO/iy tlSITIS 


To-day’s Events 


Confederation of British In- 
dustry holds first regional con- 
ference in Cardiff entitled Wales 
into the Eighties. 

Annual meeting of Yorkshire 
County Association of Building 
Societies. Queens Hotel. Leeds. 

Meeting of International Civil 
Aviation Organisation continues in 
Montreal. 

Professor .!. P. Stein. University 
College, speaks on “The Mind oF 
Nietzsche.” British Academy, Bur- 
lington House. W.l. 5 p.m. 

Lord Mayor of London presides 
at Court or Common Council. 
Guild hell. E.C.2. 1 pan. 

National Union of Students con- 


ference continues. Winter Gar- 
dens. Blackpool. 
PARLIAMENTARY BUSINESS 

Honsc of Commons: Indepen- 
dent Broadcasting Authority Bill, 
second reading. Co-operative De- 
velopment Agency Bill second 
reading. Motion on EEC docu- 
ments an freshwater fish and 
shellfish. 

House or Lords: Housing 
/Financial Provisions) (Scotland) 
Bill, commitee stage. Conservation 
of Wild creatures and Wild Plants 
(Amendment) Bill, committee 
stage. Import of Live Fish (Scot- 
land) Bill, committee stage. 

Select Committee: Expenditure: 
Social Services and employment 


Kiib-committee. Subject: Employ- 
men and training. Witnesses- 
Liverpool District Council and 
representatives of other Mersey- 
side organisations. (City Hail, 
Liverpool. 10 a.m.) 

COMPANY RESULTS 
Bmvater Corporation l full year). 
Cadbury Schweppes (full year). 
London Brick (full year)/ Morgan 
Crucible (full year). Taylor Wood- 
row (full year). 

COMPANY MEETINGS 
Berisfords. Cong le ion. Cheshire, 
11. General Funds Investment 
Trust. Regis House. King William 
Street. EC.. 12.30. Hoover. Peri- 
vale, Middlesex, 10. Law Deben- 
ture Corporation. 6G. Gresham 
Street. E C. II. Peachey Property 
Corporation. Winchester House. 
E.C.. 11. St. Andrew Trust. Edin- 
burgh. II .30. 




1 --i- ’ -•*’ ; . v •" — 


t ld have had to phone 

^■_r- Jt ll j : J i 1 1 • r»< "•Iti''/ ’ 




\K *• 

i, 




Air and rail 
transport 


'y '.' ’ 
• * ■ 



:,V '• 'w X • "S # s ’ . \-.s. V ; "v 

. SKF'eot^c^fe^M^StedPrpducriQn . 

by at Hofors m Sweden. , 

Today tiito Sj&^igiSfeisfe are renowned throughout 
the World. * •' - . * ' * ' 


Buyers canpuj 




Cornish 


transport are appued to utem. ^ V j 

David Larder Maidstone, where the M20 and 

The Royal Society for the the railway are close together. 

Prevention of Accidents. There, for night travel, could be 

Carmon House. loaded Continental sleepers, con- 

^TpriorvGueenswau, ^ners » nd Motorail. One 

B • tunnel, between Ashford and 
BimiiHJwmt. . Folkestone, would need to be 

A 1 • enlarged. M20 will conneet with 

relaxing M 35 orbital motorway. Cannon 

0 Street is a modernised, under- 

in7h|c|rv used London terminal which 

▼via icy mx j might be suitable for day trains. 

From the Managing Drrecurr, ^ jj scott. 

House Information Services ^ Beedles Hoa<t 

Sir,— I have tiie thought that ChetaM j !#ll | i Essex. 

your columnist, Joe KOgaiy 

(April 4), seeks merely to pro- , 

voke by the comments he so «+ 

lightly and frequently tosses to l^CpilfCU UX 
readers— and his latest teaming |;i ^ 
has certainly provoked me. UDCrXy 

Raise the tax on whisky, he . , . 

says, then skips lightly on to his From Mr. D. Bethlehem. 
justification. “ There is no doubt Sir,— Many people were dis- 

about the harmful effects ... of quieted when the closed shop be- 
aj coholism." came official Government policy. 

It will hardly interest Mr. We now have the National union 
Rogaly to be told what he already of Railwaymen planning a witch 
knows— that most people who hunt against members of the 
enjoy and benefit from a relax- National Front, aimed at depriv- 
ing whisky never become ing members of this lawful poli- 


r if 


and prices competitive. '• . ? ' • ' *: 

The four major forms of ^e^'aV^bie’are Hollow Bar, Alloy Bar,* ' 
Strip and Wire Rod. Each pro3ti)&r^e is obtainable in various , 
qualities and finished 0d^itipns^^aad Buyers , axe offa*ed an 
extensive choice of ^izes.tO' ensure- -ihst the Steel in question is 
■■ compatible ix'iih their production requirements, which helps' to '' 
reduce machining time- • J .4..- 

. SKF’s Swedish capacity is geared-u®:; for the needs of British . 
Industry to ensure that ybu: can .benefit from scheduled supplies 
and an impressive hack~up v: sek ; iihe: "Comprehensive stocks are 
carried ai Newporr'Pagneil Tbr^ijnmbiiaie deli very,, and special- 
orders are shipped !firQmii6=TfSlls speedily and efficiently. 

■ . Phone SKf $c&tfetvfei?porc.Pagnell.{09p8) 610053. ’ . 

■ . now .for fiarther iafoxn^atiDii. A^to. speak to Mike • 

Roger M&stm (Alloy - . ; 

‘ - . Hax^d Obe^ (Sir ip) or Gerrj* Runacres 
' (Wire Rod)- K5;^sier than - phoning Sweden. 






ra-v * 


From Mr. R. Cocks. 

L . Sir.— Your “Week-end Brief" 
article on’, "migrant watches. 
(April 1) is topical but the 
author sbonld study history. A 
famous Cornish historian posi- 
tively asserts that “emmets 
first came to Cornwall from the 
shores of the Mediterranean 
about 4.000 years ago. A few 
centuries later came the Celts 
and then the Romans. These 
Cornish facts are proven by pre- 
Celtic tools, fortifications, homes 
and burial places as remains of 
these- are still extant In our 
county. 

In any case, in the last cen- 
tury, Cornwall was almost 
depopulated by emigration— 
during 1875 in six months 10578 
Cornish people went to Austra- 
lia. In tiie gold-mining town of 
Bendigo. Victoria, at that time, 
one evening in a hall. 73 men 
from SL Just, then the nearest 


alcoholics tical party of their livelihood. 

a Barrie Liberty implies the liberty to say 

t«f ft rm a tion Services. things which are not popular, and 

House Information Services, tolerance means accepting the 

existence of behaviour of which 
Biocmeath, s.ej. one fl0t a pp r0 ve. The NUR 

„ is acting from the best or 

' ImWiHlOK motives. But reflect— if there is 

rUIUHttuutJ an j D q U j s jjj 0 n against members 

- of the NF now. soon the union 

UU IftA will be seeking to expel others 

From Mr, R. Holland whom it honestly regards as 

Sir, — Mr. Weston’s letter undesirable* . members of the 
(April 3) on tax incentives to Socialist Workers Party, per- 
increase employment ir domestic haps? Jehovah s Witnesses per- 
service is supertcially good. It baps. Members of the NITR 
is! however, quite likely that suspected to be lukewarm in 
such a proposal would increase support of its policies, perhaps, 
unemployment. Since the cur- ^ I have no Jove for the National 
rent generation of domestic help ^ roTlt - Certainly the Race Ecla- 
ts apparently averse in declaring tions Act should be much more 
its earnings, the group most resolutely enforced. But for the 
likely to benefit in numbers sake oF liberty, which is the 
employed would tie the “ au neatest feature of this country, 
pairs”; as most are from over- thhia move must be stopped be-, 
seas there would be little direct £ ore « 
employment creation for U.K. Douglas Bethlehem, 
citizens. In addition, the ability 23. Primley Park Avenue, 
of many young families to afford Leeds. 






■ " ■ : • .' • 5, :> 


■Jr • T| 


/ y .V. 

‘ *• ••• Vi. '.." 


Special Steel Makers for British Industry 
SKF Steel Limited, ■ ' V': - 

North. Grawley. Road, . ’ 

Newport' Pagoeil, Telephone: 

Bucks,, MK16 9HB ■ , Teles v': 82336. 








DIVIDENDS ANNOUNCED 


Current 


Carre- Total 
spending for ' . 


ISnanciai Times Thursday: April 6 1978 Y 

Overseas downturn # 


fifing 


W. H. Smith up £4.6m— sales top £390m. 


bicc 

Blade and v'-tistagl 
Boosey and Hawi 


OX SALES AHEAD from £324.0Gm. 
to £393. 79m. taxable profit of 
W. n. Smith and Son (Holdings) 
jumped from £15. 63m. to £20.17m. 
■n the year to January 28. 1973. 

The directors say retail sales 
for the year rose 23.4 per cent, 
■benefitin'* from the additional 
space added in the past two years 
and from Jubilee merchandise 
sales in the early months. 

Christmas trading, although 


HIGHLIGHTS 


time while further price increases 
seem inevitable. The shares rose 
3p yesterday to 76p, which yields 
an attractive 10.3 per cent, and a 
p/e of 3.3. 


England 


Profits at BICC evidently pleased the market with the 
shares lOp higher and this mainly reflects the cable side where 
profits have held up better than expected following a reason- 
able year for Post Office orders. In contrast, figures from 
Consolidated Gold Fields are disappointing, with profits only 


slow in starting, was ultimately fgm. higher, all of which came from Amey Roadstone. Both 


satisfactory, while wholesale sales 
increased 18.9 per cent For the 
first time in recent years there 
was a small increase in the sales 
volume of newspapers, maga- 
zines and periodicals. 

After tax of 8.19m. (£3. 77m.), 
minorities of £5,000 (£12.000) and 
extraordinary credits nil 
(341. non j, attributable profit is 
£1 1.98m. (£12.19m.). _ 


Unicorn 
Industries 
tops £6.6m: 


payment 

payment 

div. 

year 

-Jut. 2 

Jun. S 

-1.5 

.. 

45 

July 3 

4-56 

. 7.05 

2.47 

July 3 

225 

4.47 

358 

May 30 

3.04 

5,03 

.jut 3.19f 

May 31 

2.9 


L06 

Jun. 12 

0^4 

1.42 

- 3.7 

Jun. l 

3.19 

456 

2.43 

— 

2.19 

A3 

...tat. L2§ 

Way 22 

1 


5.77 

July 3 

5.17. 

30J15 

.... 10A4{- 

— . 

9.7 

19.75 

' 1-49 

July 3 

L33 

22 

- 10.15 

July 6 

9^5 

20J5 

14.04 

May 31 

1L^ 

20.04 

3.48 

May 26 

S.I1 - 

5.43 

2.74 

May 26 

231 

4^9 

...tat. 0.34 

— 

034 



*4. AT THE time - of the offer for .group ^accounts from 

‘ Smith the directors of 16, 1977. As a «Stit odS 

&23 BICC warned that the half , nmfft h... 


853 BICC warned that the sejbnd half profit has been 

L27-. of 1977 was unlikely to show any £039Sm. 

4-4 ’ improvement and in- the event' UJC. taxation— -fS-Sfim /«« 


4.4 Improvement and in -the event UJC taxation— £8 Sfim rested 

profits, before tax,.for that period -has bST?ed^db, ' , 
2.7 emerge little changed at £23 -3m. (£0.6O4nO - bekic the toT ~ 
.955 against £22.7m. - . . benefit of regional deveSr£ : 

17.81 This leaves the exoup total for -rant* “e™PPttr 


17.81, -v This leaves the group total for grants receivable on UJC V-^ 
1-95 the year S.4 per cent! ahead at expenditure inenrrea 


TTJ92 - performance in the UJC. morfe. The write back of arim, ' 
451 . than compensating fbr a fbrthex corpotation tax "is. doe ' 

^357;- decline in overseas profits. - - creased UJC profits on whkl ■ • ■ 

- . After ai low tag ' charge. .and ^ a ^.^ mo y it . > P f UJC defer ' 


Phoenix and Sun Alliance found the going tougher in the ffYnc< 4- A Am'’ 

final months in underwriting and the overall figures are i-v cWtUiil* 

slightly disappointing. Lex also takes a look at the latest MARGINAL growth in second-half 
developments in the Eepworth/H. R. Johnson-Riehards Tiles taxable earnings from £2 53m. to 
merger, following the rejection by the JRT Board. W. BL £3.01ra. was achieved by Unicorn 
Smith has turned in a 29 per cent profits gain which is below 
expectations, reflecting a lack of volume growth in retailing, ™ or | 

although the wholesaling activities managed to show some sales by the hard materials group 
growth for the first time in a number of years. Black and were IS per cent, higher at ffiSnL, 


Dividends showa pence per share net exc ept where ottierwise stated, minorities. etc.. earnings ?“_«*?*« offsetting ACT in 

-£ or scrip -t On.- .capital attributable to Onflnaxy. Judders fifiSSJ"®' Acceidia 

£fcreased by. rights and/or acquisition issues, t Gross RuouAoub come through 43.7 per cent.- 1059m.- was written back faTi 
§To reduce disparity. - v jSn- TSta- with earS out of t betotal amount of Si 


Sal?* 

D<-?r??iaiion 

Profit an sal? of props. 
Profit on dob. redemp. 
ftcHKhnll wntten off .. 
Pension L-oorTtbutions . 
into rust receivable 

.Assoc, losses 

Front before taxt 

Tax - 

;Sci profit - 

Mtaontlcs 

E-nra-ord. credits 

Leaving 


JEI Edgington has continued the strong growth trend, reflecting compared with 155m. 

EZ, rL^rrn,. Jr •narfevtc rlothin- The second six months tradition- 


^ n.m the buoyancy in its two main markets, protective clothing . ‘“JJHySK 

1 01 ; “410 and leisure. than the first, and. in addition. 


3.236 

s™ This year the wholesaling side 
i&Ict has obviously been hit by the 
3.m recent dispute and price increases 
u sw a re unlikely to be repeated on the 
13 same scale as 1977— and profits 


growth is bound is be small 

U.™ : «„ tha 


1 1376 restated for EDU. 


Moreover, price inflation in the 
retail division is likely to fall in 


The tax figure includes corpora- jtjyg jq margins could come under 


Over £lm. 
profit at 
Hiltons 


the. hoped-for - upturn in the 
world's principal economies failed 
to materialise says the chairman, 
Mr. B. G. Ball-Greene. 

If the sterling exchange rate 
had remained constant throughout 
the year the overseas companies’ 
profits would have been £200,000 
higher and. sales £2.7m. better, the 
directors say. Almost all the 
change taking place after June 30. 

Stated earnings, per 25p share. 


* ICULU - C higher at £WJm. with earnings total amount of &g 

per .50p share showing' an increase f™® .9“ ™ antf 1878. ' , . 

• of 35.7 per cent-.at 13J6p, , . hal mee o f f L96m, is availabit .. 

T>1 _ 1. O TT'J- - i ” The dividend is raised . Amm ■ *5?* J* ■ . - 

Black & Edgington -ss? " 7JB * “*■ wtth * a ^ 

_ ■ At a Press conference yester- . jP 16 overseas tax charge . fi- Iff 

at record £2.7m. - - ^ for 11 ‘ u 

w the current year would be °^. tt “F I® 77 Proflte. ; ... 

- a ) » tt le better than 1977 but an ^ v" has not been adot . 1 1 j 

WITH A NEWLY acquired cars- to 4.4676p net against 4p, adjusted -upturn in world trade would be . r ie ^ 0U P CO i?^ naes ^ 10 rtllSilk ■ ' 

contributing for the one-for-one scrip issue. : of “very considerable- benefit." faiwiS!!,, DU* 1 


tarn 


hill 


£380,000, pre-tax profit of Black Because of the stronger pound ^ or deferred taj 

and Edgington, caravan and • Comment exports were becoming harder to f®' S !2~^5 0 Z ,SI0 I 5^ vexc made' 

wocku-ear group, was lifted £0Jm. , ; • . - . get The group was*s£ifl getting: -SSfif 

to a -peak £2. 7m. in 1977. d Ed^ngton’s near 50 ^ busings but there "was not. n S D : ^ 

, per cent, profits nse continues the. camp rate of erowth: •••'• On , a ‘nil distribution” hi 

Turnover for the year was the impressive trend of the past rateoi earn mgs per share would be . 

£375m. (£263m.), and at halfway decade. The company is now ‘ Profits from BIGC Cables duced by 0.61p (increased' 
when profit was up from £QJ5im. firmly established in' two growth, showed an increase from £6.4m. LOLp). The impact of not j 


pllM^ 


to £U.9m_ a satisfactory overall sectors— protective clothing and, to, 18.99m. in 197T. The improve- vtding for deferred tax wouli 
improvement was forecast with the acq uisi tion of A-Line ment would have .been even to Increase earnings per shan 


^ “S Ck AS FO»UDOWDj.tl M i ^ 

beexpanded by around 8 per Jjg 1 ‘“Jg 3 « as < * *££} JTafy^r^L Tte nel toSl 
t , as . L ° F «nt but prospects are over- ggf/n* JS5 arad' L’ dividend is lifted to 5.428p 


determine tSx. and if the previous ^ tewft fltowr tfitaw »d iwjf* o vSSS g SfeTC 

S-St ajr-JE 


would have been £16 1.07m ^‘the' ha^ oi? £7 ' 98ra ‘ t0 SSuT S tt toJnSre' 

l£S.49m.), and earnings per 50p performed the market by 5 per t profitabaity the ability to main- 

share would have declined from 0Per the pasi 12 months— From stated earnwgs per 2op P J**' cwanliex for dia- 

mmm ae&H“ « msii 

on capital increased by the three- 4.3f)6lp for all 1976-77. which in- me "L 0 ®?! te,ns ’ ^ BaU - Gre€ne 

for-two scrip issue which followed eluded a special 0.0491 p on ACT c °ST*“7' UlA>flHona fhat 

the snlittinz of the £1 shares into • j reduction. In the event of a Present suggest that 


Mr. Robin Duthie, the chairman. Caravans, the leisure jn^ctry greater but for the closure costs- L33p (i. 12 p). 
says trading in most areas of the Even eyHniKn;* A-Line profits are connected with the shutdown of As a result of translating 

group was good and although the 28 per <v»nr higher, 'in the iro- Scottish Cables at - - Renfrew, performance of overseas r c m • 

retail side had an extremely diffi- portant camping division, lower Operating losses at thatcompany -panies into -sterling at year 
cuit year owing to the drop in consumer spending hit the retail were put at £838,000. The chair- rates of exchange, 1977 publft * - 

consumer spending, exports com- side but manufacturing more than, than' declined to put a figure. on figures ‘have been reduced by " 

pensated with a aibstantially compensated by gaining, naacket ^he closure costs but these -were following amounts: sates £40.11 
increased contribution. share, and overall sales were" up said to be “not in consider able. - pre-tax profit £8 2m.; and earii . 1 > ty if ^ 

,Tt« woifcwear Mfc » &&S '-SSSUS*^ £S 1111 

gss^.r5snfi ,4 ^f «, m**. l*-. i- «- ua 


t>ip Tuiuijv acfurirprf fj, back of goWrnment Legislation, £14.1 5m. to £12.47m. in the first At Dece mb er 31 net cor if til I ] 
The newly acquired caravan . euuaaun, months. At the interim stage assets stood at £U0m. (£U8ii ‘llR- * ‘ 

division, after a good start, _found and volume sales exoiamed thstae and are after 


comDared with 1333p last time 
takes the tot3l to 2.1995p (1.951p) 
on capital increased by the three- 
for-two scrip issue which followed 
the splitting of the £1 shares into 
50p units. 

A valuation of properties at 
open market value on ao existing 
use basis produced a value, in 
the directors’ opinion, of £53.99ra. 
comnared with the book figure of 
£44. lm. This has not been in- 
corporated into accounts. 

The company is a distributor of. 
books, newspapers, stationery, 
etc. 


Carrington 

Yiyella 

prospects 


change of tax rate in the coming management action alone may Dot 
Budget the directors say the be able to geomte i signifiamt 
final will be amended to the per- profit increase in the short-term 
mltted maximum as it then without an improvement m the 
applies ^ evel demand, of- which there 

The ’ result was before tax « no sign so far, he add& ^ 


=s» -j sa. f’ss* asaswasisrf 

SUmTSS w - r "■■iTSS 3 hS. , aufiK' 

tt»t the company is hotldtag 3 S SSto?' 

spemted factory for this S.1 !Sj IS. of a*idt™tK*,: 

product S gS “iSTSe feS Caracas — ws« : . ssiJi, from the acqnisitfon of -Do? 

Mr. Duthie says tbat despite the acquisition should pitch, in at JSpBMtt MX . as.4 ^jUh and Cohen Bros. (EU 

obvious uncertainties of. the least. £03m. in the current year; bicc cabins area 320.1 ' _ . . . 


general economic climate in the At I06n the shares— on a p/e of BICC Indus. Prods. ©-5 
UJC. there are signs that con- 12.6 and a yield of 6J per cent, n ^SS„J n Sr° ,ui ‘' 


£358,521 (£430,643) and an extra- 
ordinary - credit last time of External uWs 

£41,870. Retained profit emerged Trading profit 

ahead from £226.439 to £335,674. Sha™ oI asswaates 

• Iniorost — . — 

• comment 

iirirk koir n..ct r Ne: ptoAt 


wmx.. vvu- ana a yieia 01 oj> per noeraHne nrofir . S5.48S 

sumer demand In its retail shops —are clearly anticipating further Ftan^cfairses ...... ' sasi 


84.372 84.437 
6.6SB ' 5.133 


3.237 2.396 

1.281 1.147 


uuukfk Current trading for Carrington - -T— Surest m 

Yiyella in the UJ\. was showing f comment prBflt ^ 5-?S 

fi comment a continuation of rather depressed 

V com me - conditions since the beginning of With first half profits down some r^mEmriUea m "m 

Smith s 29 per cent, profits rise -fj e year said Mr. L. Regan, chair- 10 per cent., it took a price ArmbmiDie ” 3.237 2.396 

is a shade under outside esti- rnani at the AGM yesterday. increase coupled with higher Dividends — 1.291 1.147 

mates. Neu stores, adding around . _ ar __ n . autumn and Christmas sales to Retained i.bis iam 

5 per cenu to selling space, ™ 'SSk enable Hiltons Footwear to more ^ 

accounted for virtually all the “J tha ° o ffset interim shortfall: • Comment 

volume growth in retailing, but S^SfiriSTtaltaTSondtaSf b L oth M,es and pre-tax profits on 0 f the £200,000 deduction from 
wholesaling saw an increase in Rkewbe household textiS the year were at peak levels. The profit caused by currency move- 
volume for the first rimeinyears. • fflEX to retSu IS „ per cenL ™ !e . ,n «*« kwcely ments during Unicora Industries’ 

Newspaper sales were slightly up ™ h fi L™ re enSimagement re ? ects the pr , ,ce »"cre ¥ e because financial year, £174.000 came 
jn^azines and periodica^ fn Se Sm^rospeSs^ro^the volume overal was maintained at [n the second half. Profits In this 
were ahead a and 3 per cent. «*“* ’ vearontardT the Previous year’s level. But the period were only marginally 

respectively. Also cover price 1111(10 0 01 U1B year Q5 ‘ second half figure reflects a grow- kjgher The group is an Intensive 
rises helped to boost margins Overall Mr. Regan considered ing preference for higher-priced user 0 f working capital and stock 
while costs, particularly wages, that indications received from shoes with an iraproement in nrnfits. against a background of 
were held do»n. Overseas the areas or the business closely con - “ hack-to-school " children’s shoes fafifne inflation have not worked 
Dutch operation is Mill dls- cerned in selling direct to retail, trade and the slippers business £1 groups ’ favour y2? 
appointing and in , Canada profits together with the forecasted over Christmas. Strong post- These factors, together with the 
were only maintained in sterling increase in consumer spending, Christmas sales tend to suggest holiday neriod and depressed 
despite an increase in the number suggested that “we have grounds that the company, may look for- world dehund neeert the ‘full 
of store* fro m 39 to 50 . for some optimism for 1978." .ward to some volume growth this a dvaJ!ce in ?reSx profit to 


is improving. 

Given even mildly favourable 
conditions, he is ' confident that 


growth. 


wuuiuuua, hit ^uimucuL uraL ‘ r 

with a fuH year’s contribution I . K YQTJ OAfC •. 
from recent acquisitions and the ■'■V - “ 

expected improvement in -the , j • ■ 

other areas of the group, a sub- TCflUOKitlOH . 
stantial improvement in both a. 


pre-tax profit 

BalToor Beatty ........ 

' BICC Cables ..J— 
BICC Indus. Prods— 
BICC lolemaaona] — 
Tauiioo ' 

Met profit ■ 

Ulnoritloa 

Attrtb triable 

Prctereace din. ..... 


I43B 213.4 

I75B ' 320.1 ' 
82.5 83J 

35-5 ’ 301-2 

83.48S 50.248 

Safil 9.754 

47J24" 4X4M 
10.040 ■ 6.439 


appeared at £54*n. (£48*n 
U75 Shareholders* Funds at £30fl 
ere stated after deduction oi 
ots tangible • assets : amounting -: 
165J £29.7 hl, of which £14Jm. a: 
3S y\._ from , the acquisition of Doc 
. Smith and Cohen Bros. (Etc 

say See Lex - 


b^j Wombwell 

6.439 - - . 

% tops £0.1m. 
1 halfway 


turnover and profit should be The quotation is restored for ° rdtoar2r S 

fk_ - T jo 0«3nary dlvs. ........ 10^08 


i3-«o On turnover up ftorn £Lf 
to flASm. pre-tax profit of W 
S 579 well Foundry and Engine^ 
3.182 Company rose from £87^«- 


achieved in the current year. L. *Ryan Holdings this morning, detained a.7» 3.782 Company rose from £87^« 

Rlack and Efi<riw»ton han The 5p shares were suspended . Xbe IBIS rosuirs exclude. extraonliDarv £103^200 in the tix mttffinT. 
reSStiv made thref^oiriMtiOM “ 1973 at 6p and the group was lossw on invrtuncnKol JSAffln. •After Jamiary S l, 1978. 
totaULS *£ifm “Ue woSw?S P laced In receivership. Plans were to»redaaou of naasm. (Oku. Mr. G. L Bramah, the chahi 

division bought a Dutch comnaS establisbed to repay creditors m The operating- profit includes says the Increase was achi 

forSwSftndJohSmnfSdqSS M orer a five year period and share of profits less losses of more by improved efficiency r. 

of SSk^ySHS for ttlO OOO. 01 IC?etVer ' HSKT* 'rSl? 1185 SrSretion in msxtot 

whiiA thp inHud rial rHvicinn S ^'P I^st December. General Cable Corporation tions. 

USS-J thpTXiM^ “ r 1 ■ In addition £800,000 has been £1^46.000 (£1,724.000) and other “Orders continue to he m . 

Mon rmo 0lW>ase<1 ' injected- into -the company' intiud:- associates £5,029,000 (£4,757.000). and, when available, aje-wm 

uroom tor «^u,iani. i n g about £500,000’ from the The share of profits of General narrow margins.” Heexpects 

The profit for the year includes Welsh Development Agency by Cable continues to be restricted full year results to be ne ~ 

associate contributions of £Z43,000 way of a loan. The balance- is^to the pre-tax equivalent of. in- favourable: than last., .K 
(£89.000) and is subject to tax of represented by new equity . sold westment income receivable.. Pre £241,700. • ‘ > 

£L4m. (£0.83jn.). at 6p a share. . • .tax profits thus- excluded amount" -Hie. interim dividend it - 

Earnings per 50p share are Pre-tax profits before minority to 1 _£1.242m. (£0.82 9 ■< ... . -^..changed at ft335p..nerj»tti 
shown at S^p (T.fiip) and a final interests amounted to £lm. in The* performance of DormHn ' share. Last year an 9.8629p^- ■ 
dividend of 2.467&P takes the total 1977 on sales of over £l0m_ Smith, has been included in the was paid.' . .71- 


31 per cent-, compared with a 
first-half jump of 69 per cent I 
Volume sales of grinding products j 
have remained flat throughout the 1 


year, and the 18 per cent, advance ! 
in the overall sales figures is I 


f** 't' v’Ss, 


5 V ^ 


r '-1^1 


in the overall sales figures is , 
virtually all accounted for by 
price increases. On the trading 
front Universal Grinding has 
fared better in the U.K. although 
it still .earns below the group's 
average" return on capital. But 
diamond merchanting has been 
hit by currency movements. Far 
the current year the group will 
be supported by first-time contri- 
butions from a number of acquisi- 
tions. The share price of 92p on 
a p/e of 6.4 could be fors’elting 
this. The yield is 9.3 per cent 


24 hour 






Wellington 

House 

Buckingham Gate Victoria 


Potato 
surplus hits 
J. England 




51 f 35Ssq.ft. 

Air Conditioned offices 
in new 

prestige building 


4,360sq.ft. 

Shops, showrooms 


AFTER INCURRING a second-half I 
deficit of £65,975 against a I 
£512838 surplus, pre-tax profit for 
1977 of J. E. England and Sons 1 
(Wellington), the potato, grain 
and- produce group, was more than 
halved from the previous year’s 
record £1,1141138 to £45fcll9, on 
turnover down £lBlm. at £So.52m. 

At midterm, when announcing 
a reduced profit of £516,094 
(£602,602), the directors said that 
second-half profit would not match 
last year’s exceptional figure, but 
it was hoped to produce satis- 
factory results. 

They now report that over the 
years the company has. built up 
substantial reserves and they are 
confident of the long-term future, 
despite the current difficulties of 
the potato trade. 

Although the contribution is 
still relatively small, the company 
continues to expand its grain 
trading and the directors believe 
there are further profitable oppor- 
tunities in this field. 

A final dividend of 1.05662p 
(054lp) raises the total from 
l^JTJp to the maximum permitted 
1.41962p net. from stated earnings 
of 4-39p (10.47p) per 5p share. 

Pull-year profit was before tax 
£228.677 (£589,786) and an extra- 
ordinary debit this time of £15,000. 
The amount retained dropped 
from £459,7S9 to £133.711. 


Headway at 
Whittington 


Parking forll cars 

To be let as a whole 


Engineering 

Including interest receivable of 
£12,346 against £16,501, taxable 
profit of Whittington Engineering 
Company improved from £134^97 
to £189.420 for 1977. on turnover 
up £0.1Sm. at £1.09m. 

Tax takes £75,126 (£75 1 356) and 
earnings are given as llUp (9.9p) 
per 25p share. The total dividend 
is stepped up from 3.96Sp to 
•L389p net, with a 2.739p final 



- ' : ‘ci 


Accurate Efficient Economica! 


The Land Securities Investment Trust Limited 

Devonshire House Piccadilly London W1X 6BT Telephone 01-493 4433 i 


TAVENER 

RUTLEDGE 

Mr. Anthony Hyde, chairman 
of Tavener Rutledge, the Liver- 
pool based sweet manufacturer, 
told shareholders at the AGM that 
group pre-tax profits for the first 
half of the current year were 
likely to be well down on the same 
period a year ago. 

He said that trading during the 
first three months had lagged 
behind, but that problems- on 
sales and margins were only tem- 
porary. 


Property valuation is aided by JiW COMPUTON. 
A brochure outlining ail jiw COMPUTQN services 
is available on request from: •' 

33 King Street; iondon EC2VSEE Ref: JD.W- 



7Mta .«T/t - WvT 
j » ] 

kwui ,»|Hj rtlU - swl 


Charterec Surveyors 






r~ 







if ' 

^ Thursday April 6 1978 


j ^ .. *■ - A-iiuca. iuuTSC 

^INSaSAHGEFiGURES 


L B icf 

? 7 -. ' ' a, -J 5 r 


dMi 




;.-a 


.. < 


boosts 
to £57m. 


Phoenix held back in 
fourth quarter 


Barclays chief 


on 


£"« quarter, II. 7m. inAm.)-, Reinsurance sub- the year. Motor business con* NO NIGERIAN public funds have Barclays had no outstanding loans 

p JI° hr ° r »'djary £J9^m. infirm, i and loss tinucd to be profitable: while the yet been withdrawn from Barclays to the South African government. 

&S«&T7 £& iSSi: uSEf-i/ES SSS *?« ~ Mr ; £2™ J^SSfiSS £ ■£“ n °‘ 

£ « jstras. ss st-ssE ssnTiartr KffiSSSsi 

sssr • ™ up *- 7m - Sr or s-uhtss! ««• p *“ 


A sialic final quarter, I17m. (£1.4in.); Reinsurance sub- the year, 
profit of Phoenix nidujry £J9.4in. and loss linueH In ! 


h'?UrOWlNG-Ali« itn +nrm«.*j •„ ' ' was cut from 19.4m. to £lm.. and UJ\. companies 

<4 . fire and atSSjTnSndenvriSe °!L3r beinff , fcBlwd to ®00 J00. Invest- investment income was up XS.Tm. and profit £0.5n 

s aAVSFSTSSS *5 by nearly SO toflrtm. for U.K, and 


m m on the bank's profitt to nert 

Nigeria late last month ordered financial year. 


%-a n.lm profit and a ffl.fi m fn7iv-° posea ’ “ent income rose by nearly 30 10 tor u.K. and Ireland 1140.1m. Overseas the company improved JJ r 'ment instiTuHi-m* 

rease in investment tocome to sto^nJ Q ia iw 20,154p P e T, Cfint to r7 ^ m - and share- Arter nine months, profit was (n34.6m.) and lo.-s aim. doss upon its previous year's under- 811 lls . 9 e , See Men and Matters 

• iSS; S 1»? 3&1S7p ****£»' £ oMcr * «“wed a profit for the ahead by the some amount at 12.5m. 1. writing result and produced and public bodies to close their 

■dance and London riuunmV* • tm 7~ s Srst t H ne fram the life fund £275m.. and the directors say the In Europe premiums were virtually a break-even figure accounts with Barclays Bank of __ 

?pt from £37&n- to Premimn tacoa* «ji -es.i amounting to £75,000. Overall pre- home lire and accident figures IoX2m. (131.0 m 1 and the under- despite substantia! Josses in the Nigeria in protest against what it Vmil/nAlXtn 

- **- bMi-nrrtuSjuSatas- . . *“ profits rose to 17.7m. in 1977 were affected in the fourth quar. wrdmg loss JU.lm lAUmj: UB. Far East and Saudi Arabia. " a , Barclays* policy of iJlU W QO WI1 

I . ^ tS n ? Vu,* tonWnA lrt „„ $n.aaMm .. — . 11 tlU from 0.9m. previously. ter by an increase in the amount £ti5.4m. and profit In marine and aviation the 1975 S] a boraiin!rwilh apartheid in T 11 

fjJSSierSJff^e® M 4 r n «« * rtaflon ' * * Mr. D. W. G. Sawyer in his of «« damage and a higher incW XUm. (loss ^JEWic.1: Canada underwriting year dosed with a To ih? S if his A T| 

.'■•r % ; Calm ) oSIer !?r iaaim» ■ ^chairman’s stdemratT reports dence ° r wo tor claims. The £21.Sra. (m.«m.i and profit loss, and the outlook for 1976 and k^vle'd^e^Mr Tuke°said this ill" KAACPV 

. v * /, ] -^im. f£0Jm.) tt Fire acSlent t .. *■* =•■ that despite a high level of claSns. ^ arin . e business produced a loss BjAm. (£Uim.l; other oversea^ 1977 remains unfavourable, the not yet happened ' DUUMJj 

Z~ ••• '• - jbp— i-ae—^ ... »* «.o the motor acconnl showed a but the aviation rt^oilt was satis- JM2.am. {£42Mm., and profit directors report. non jex * 

-:-.r ‘ ^m-aSfS m r S?.S5l2S OI fS 2!^ ‘ n,OT * ®1 satisfactory underwriting profit in factory, they say. 11.6m. (loss It-ra.j. The total reserves expressed m Speaking at Barclays annual n TT 1 

; - - Z™ k btfm ^ - 1977. with premii^ncome rising General premium income was Phoenix has also declared terms of a ratio to npn-hfe meeting Mr. Take gave no md.ca* (y H^WKCS 

^ £30 iS. ^ ^ d f -£2 L&il pca £ - "- S ai by 20 per cent Premium rate n£ unchanged in sterling terms at increased bonus rates on its with- premiums provide a solvency tion of any steps 1 by Barclays to *“ V AXW " 

" :t Tm Srtirtors «, homo lin ^ ar To mhiwitto' Z“ - es 0.1 visions had been deferred until *323tn.. but they say ihat after profit life business. The rover- margin of 60.4 per cent. (63D per persuade the Nigenan Govern- A slowdown in taxable eam- 

< StwH2SI!2 - ■ trader- Aiirtusuue nj eu the beginning of this year. Last adjustment for changes in ex- sionary rate is improved to £0 “«t). ment to reverse its decision. “2L 

•,j* ' ' p -! .*•' 'Ift fflWVCu &!I OVCrSll profit* DWMeiXto ^1L& . VAAr U»«r « 4n«..u tL. nhnnno ratxic ttiAVA u-ir n n i-Ait-th 4 k.. . - 9 Pfipninrve nor 9!in chant air n-hiph ulcn invfllvprf nrdpnnff fine- . ® r!® SCCOIla Six tDQUulS 

several sectwns of the &usi- Rnained .- 


See Mea and Matters 

Slowdown 
at Boosey 
&Hawkes 


u 1 despite a considerable reduc- 
-:v n tn subsidence claims there 
*•: *. . still a .substantial under- 

• h;;*iUng loss on the home personal 
, ;; > ^ K :ount. #1 

Overseas, severe losses in \ J 

."I • 1 k '.nna ny and. Holland outweighed . 

ifitabie results to a number „ 

.-.-.^rmporUmt temtorfes, T|| 

r. " ‘'Underwriting conditions have 
/ t.l- ‘^ itinued to improve in the U.S. 

F, 1 • the nan-marine business T*T* 

./•■ a much reduced loss. P* 


rcar was a dfficult one for the change rates there was a growth per cent of the sum assured Earnings per 23p share arc which also involved ordering one- ff rl rjjwl jT™ TT 
nfek S re a «»tuit, exacerbated by the of some 7 per cent. The previous f rom £4.75 per cent, previously. s5aled t0 be up from SLSOp to third of the bank s expatriate b Boosev and Hawkes IpTt thw 

. firpmon’c dnl>. VMF t svint nn i>romm m UniirtL* ■ . - 1 ■ . . . *. 94 flln Ttio final Hiriripnr 1 I? omnlnrMio tn lnavp lhi> Mtmlrv WUU nHWnRS iclt uUS 


T ttul account, exacerbated by the 01 some t per cent. The previous f rom £4 75 per cent, previously sjaiea 10 ^ up irom xi.-top xo tmra 01 uie oann 5 eipamaw b »nd Hawke* l-ftVhi. 

"■ f imrS s?iSS<^2S5*dteal f2 Yemen’s strike. year’s aviation premium figures Thf interim bonus £ held at 24 ’2 lp * Tfae «“» dividend^ employees to leave the country ff u £?°*LH8 h 5 "tJSJLS? 

:s^ nUSS^SBl % ^ Life business remained buoyant » fl— ^ this rSe^The termini? rare pato ^1°^ ft f H h Sr W 3?S 

: />s still a substantial under- See Ler with funher substantial growth in “ T L ad jT- . „ row1h in on death or maturity claims will ISTolTn^ Mr. Tuke said he regretted the full-time profit for 1977 lower at 

railing toss on the tome p«S»ni ... resular premium business and fn ^linent Sme ias" Mine S until the end of the >car by £0.75 from 1, S069p 10 18 - ,J ‘£ decision of the Nigerian Govern- UMm., agatost a record £U3m. 

- ^sount n.muv vmmuu 1 *i| .. term assurance, much of which JLl! “.EE? *1 w , nor cent of the sum assured for ^ ment which owns nearly a2 per Sales were £0.9m_ ahead at 

^Overseas, severe losses in 1 , Omni 11 5^.2®“ “ rfcetta * E - ' adiuSSwnta^ currenc: ^ 4han te prior 196S . ed x f h e Premium .«.«.• . eds? s£» cent-rf the bank’sj-apitaj UeainA £17AU. 

1 fi% 'S a !!y Holtond outweiRbed JXLUU. L? 1 U.S. results showed an excel- previous rate was £0.65 per cent ®?*olii'*rtass !jss J -« LMs Baretoy? ^perwntj.. He^said ^ ma j or raiises of 


life fund increaMd by over X5m. 


on the year to £34.8m. With-profit J D °. 

policyholders received a bonus for I?? 1 „ 'mprovement 
the first timo classes .showing 


the first time. classes showing underwriting 

Mr. Sawyer reports that pr ?£ 1 ^.^ operating 

although the rale of inflation con- ra |Jo jwas 96.C 
tinued to decline to 1977. the *" E “ ro P T c - results rrom Belgium 
company still needed further sup- ai J .. “ ie Netherlands were poor. 


tno.M for years prior to I96‘ 


See Lex 


ftr.Tie 1375 martoe, aviation and PKEMIO'M INCOME in the non- port for its capital base. The Australia. Canada. Sew 

Ilf.no rt aornunt MnwH with a __ « *~r ,vaJ — 7.TT_ . . nnH Cmiih aIm... -II 


Provincial 
up £lm. 


Lilu prob! 

im'ksinn-m ivcosn 
Non-uwliTHrifs rt-solis 



OllhT eXPv-Rffj 

PraOt be I ore uut . 

Tas. niniiiriiH - ar.i 
Pri'f. iLtilviiih . 

A.-f pru£f . . 


j - ■; ■ r,; " . . profit increased 

bnal dividend of 10.l54p net £2i«.oou in 2976, 
i such larger amount as will marine, aviatioi 

:-';-^^4^ritanmc chief hits 
v £& u t at legislation 


regular premium business and inves Wnt fiStiKwaa S until the end of the > ear by £0.75 m 1, p 10 decision of the Nigerian Govern- £U6m., against a record £2.1Sm. 

|_«l| * em a s^nre- of which 1 B nye ™ n *f"jL 0 ^* wr cent of the sum assured for S E'f ment which owns nearly 32 per Sales were £0.9m. ahead at 

Lonmin ^ ™h“ .« ™- . js 

pushes up tviF- ‘ ,or >E,rs p 7 ' ^ ^ 

Drofit ••••- wlrfe *s r “^ Provincial 2sjrssuss2L!?& 

Pf f "co.^ in Uie non- SHS SStf S2“ S TO V| . - SS JS « STJSLS In thtt S„Sl„ STJSSUSTe 

;h of Corahin Insurance parent. Thomas Tilling, had Zealand and South Africa all pro- |1T| + ■ |V1 New gross life suras assured COUnUy ‘ . . v music venture. Mr. Hugh Barker. 

. a member of the therefore put an additional du 5? d P rofit}i - _ . v U r totalled £3S.09m. t£3S.04m.). The . At a meeting that was compare- the chairman, explains. 

Tilling Group, rose by £2. 3m. into the company by in- ’•* WITH AN increase- in mwstment actuarial valuation in respect ol pwceful by tmimpansoti He adds that at the moment 

Llm. to CBte-. B 1577 creasing the capital to £2.55m. jjb ,ch J^ 5 reduc«»d bi tax losses j nccjme — f rora £4.lim. u» r. - i.77ui.— the triennium ended December with fbore of previous year* Mr he wou |d noi forecast anything 

r lo. the annual report from £L3Sm. The solvency ratio breughi forward in respect of L..S. niore than offyeuing a higher 31. J977 showed a surplus attribul- Tuke said that Barclajs believed hen er than a moderate year for 

turns.- The underwriting at the year end stood at 57 per and Australian subsidianes— net underwriting loss, group profit, able to shareholders of £210.000, T *” investment in igrs 

Teased to 1381#>p from cent. Proiii was £2&am (Il4J)m.) and beforc taSi 0 f Provincial Insurance or which ITU.OOO has been trans- South Africn—il now had a b4 

in 2976, with the loss on In looking at the future. Mr. «*"»»» Pcr.2ap share are shown company showed an advance ferred to profit and loss. A com. P". eenx. stake in its South ff r « 2 hot a ne? 

aviation and transport Sawyer warns that underwriting at- 40Jp apainjd 21 .op. from JESJSm. to £3.gsni. in It*77. pound reversionary bonus to African subsidiary and this would d a ) 

profit will still be difficult to come 4 , A R nal dividend of 5...p net loss on vem-ral under- with-profit policy holders of £4 nrogressireiy dimj n J in 11,-, ? nvvn ^/Sni ^ 

by and the trading results of takes the total to a jnaximum writing was up from £I.C3m. to per cent, per annum has been 4* nce South African legisla- total to o.Oiop (4.aD0Sp). 

|4-» insurance companies will depend permitted 20j4Sp (9.343p). £1 J4m. While (he L’.K. result declared. The interim bonus rate uon and c° mmer c ial reasons. After tax of £974,000 i£lJ2m.t 

I rJS very heavily on the investment The geographical distribution was disappointing me directors of £3.75 per cent, has been in- But Barclays did not believe in net profit emerged at £987,000 

- - . scene. The present levels of pro- of the general business is as fol- explain that this is primarily due creased to £4 per cent, and a withdrawing totally its investment <£lm.). There was an extra- 

: • • fit were stfil insufficient to sustain lows: UJC. and Ireland, home tire lo the very unsuii factory ex pen- terminal bonus of 10 per cent, of from South Africa, he said. In his ordinary debit this time of 

| the fast growth rates arising from and accident premiums £93.6m. once on household insurance exiting bonuses is being intro- Mr. Tuke said in answer to a £235,000 (credit £264,000) relating 

L inflation. (£002m.) and underwriting loss which deteriorated further during duced. shareholder's question that to exchange losses. 


had n 64 
its South 


Earnings per 23 p share are 


r?.. s :‘ i ‘‘V.'-T nnund rere^ionaTv bonis to African subsidiary and this would stated at 24.6p (24^p) and a net 
1 -cru-r.il under whh Profit holdm'nf 14 progressively diminish in uccor- final dividend of 3.373p raises the 

frem£i.C5m d to S^S? iffJE? 1 Tu , cfance ulth South African legisla- total to 3.075p (4.500S P ). 


; - i L i- . t^'RONG criticism of the growing Mr. Jefferson welcomes the oppor- 

. .Z • •• fume of legislation and regula- t unity of supporting rights issues 

•. , *'^ns affecting insurance company since it enables the company to 
..‘ ‘l derations is made by Mr. John F. provide direct finance lor British 
:rj 1 f"-','t'^ er * on i chairman °f Britanzdc industry. Over £l6m. of new 
■ " - 3 insurance in his annual statement money hits been invested In this 

. ■ 1977. way by the company over the.past 

Ln The insurance industry - has three years. He again expressed 
- 2m years of work prior to the the company’s dislike of take-over 

\\ nm L„ I, reduction of a new State pen- bids to general and disputed bids 
* ' UIhDWP n sc heme, much of which had to particular. Although 1977- had 
. rt . u en aborted by governmental been a quiet year, the company 

[fine 4 /I ] h ri llation. Now this was being still has £3m. to reinvest . from 

' r ’ Maced by the introduction of a bids, mostly from companies of 

h . If. leme to grant tax relief eh life good quality that were difficult to 

ain\aV iurance contracts by deductions replace. 

* >m premiums. This would ,be At. the end of the year, the 

.-... r i^mbersome and expensive to investment spread was £4S.7m. in 

* - - . v '.'era te, particularly tor industrial gilts, SfS.5m. in other ftred- 

policies. interest securities, £87.1m. in 

« .. r . : ... - ; ,_.TThe introduction of eooling off mortgages and loans, JDL5L5 m. to 
i . - . , - .. ‘^Tiods and statements of policy- equities and £7 An . in property. 

— c lders* rights would add further The market value was in- excess of 
I rk and costs without any benefit 1500m. The total income from 

. ‘ *• policyholders. . . .-.life -fund investments .’rose by 

. . . '^Vlr. Jefferson reports that com- £Un. to £33.7 ou, the grora rate 

.*• life funds increased- by of interest earning increasing to 

■ ' -" - —Jru. in 1977 to £34 7m. P remium .1058 per c^ht. from 10.02 per cent. 

:ome in the industrial branch ’ ‘His. together with the improve- 
"is ??nped by £4Am..to nearly £39m. ment to investment values, had 
■ cd the expense ratio in this enabled the company to. declare 

" cinch^ ^was held at 44.15 per cent higher- bonus rates. 

: the ordinary branch premium Premium tocome in the general 
t-rome rose by nearly £lm. to branch increased last year by 
:.6m. and the expense ratio at jieariy £lm. to JEBm. The under- 
• ~ :-.:s:37 per cent was very little writing loss was £481,000 com- 
- . : :: ri-'erent-ffoni. the.' previous year..- pared with £307,000 in 097t. .This 

:: Xt ,P4ys tribute - to .the manage- deterioration came mainly to the 
□t on holding these ratios final quarter .with a considerable 
- — — ■ — a dy and points out that -by tor increase- to further storm damage 

■aMaMMMHHHra National Insurance contra clainis resulting to ah overaH Toss 
rions, the ratios would have for toe year of over £364J>00. The 
nvn a modest decrease. . motor " account had a loss of 

■a<^ year the life funds £U7£XM), following a rise in the 
e&red £44. 5m. of which £20.5m. number - of ^-claims. Motor 
s put to equities, including" premtom xates were increased at 
3m. subscribed t o rights issues, the begmning r x>f 1978. 


“A remote computer 

service from Blue Circle? 

It sounds like 

getting a manicure from 

the coalman! 





fell 




Unauditeii Interim Besuits for tfie Six Months 
ended 31st December 1377, 


SiXmorrchs . Sixmonihs Year 

- ended • . ended ended 

31/12/77 31/12/76 30/6/77 


Turnover ■ .'V 'i 

Group profit laeforo 
interest and taxation 
Interest 


Group share of profits 
of associated 
companies * 

Group profit . 
before taxation - 
Taxation .‘V“‘ 

Group profit 
after taxation 
Minority interests 


: rooo . rooo rooo 

124,741 133,318 276,046 


6;094 6,321 15,366 

1.643 1,914. 3,897 

4,451 4,407 11,469 


131. 230 200 


4,582 

2,463 


2,119 

400 


4,637 11,669 

2,448 6.460 


2,189 5,209 

457 ' .1,318 


Prof it after taxation 
attributable to 
Mitchell Cotts Group ■ . 
shareholders - r.1,719 

before extraordinary items 


:1J32 



The results for the six months ended 31 st December 
1 977 are little changed from those achieved in the first 
half of last year. This is desprte.a reduced contribution 
from South Africa and the unfavourable effect of 
exchange rate movements during this period. 

As indicatedin the last Annual Report it is expected 
that, due mainly to continuing tower profits from South 
Africa, the results for the full year will be below the 
previous year's : record level: "It is still anticipated, 
however, that the net profit attributable .to the <3 roup 
after extraordinary items will show an increase although, 
due to the above mentioned factors, this may be some- 
what less than was originally envisaged. 

An unchanged interim dividend of 0.65625 pence 
per share has been declared on the ordinary shares and 
will be paid on 5th June 1978 to shareholders on the 
register at the close of business on 5th May 1 978. 

P.P.DUNKLEY, 
/ . . l. Chairman. 


MftcheD Cette Qraip limited 
LMbi Cotts House, Camomile Street London. 
EC3A7BJ. Telephone :01-2S3 1234 

For a copy of ihe interim statement please contact the Secretary 


We have to admit that buying a remote computer 
service from the country's leading supplier of cement 
might seem an unlikely proposition. 

Unlikely or not, it could be one of the soundest 
decisions you make this year. 

For one thing, we can offer the services of one of 
the country’s top brains: the IBM 370/158. 

And you can rest assured that you’ll be served by 
a top-rate computer staff. 

After alt the service we’re offering you is the 
service we use ourselves. 

Because we own our system lock, stock and 
barrel, we’re in a position to be very competitive when it 
comes to-arranging terms. 

In fact, we’d even go so far as to say that we can- 
guarantee to cut your computing costs. 

Of course, everybody’s computer needs are 
different. Which is why we’d welcome the opportunity to 
talk to your computer manager in depth. 

But, to whet his appetite, you can tell him we’re 
prepared to offer a priority service. If he’s sceptical, 
we’d suggest that he either phones Peter Roddam on 
01-828 3456 or fills in the coupon below. 

Finally, we’d just like to mention that we have 
some very interesting packages to offer, particularly in 
the engineering field. 

Its just another advantage of being able to mix 
cement with computers. 

I To: Peter Hoddam A.C.I.S^M.B.C.S.,BIue Circle Remote Computer Services, 1 
[ Portland House. Stas Place, London SW1E5BJ. j 

i Please send me furliu r details about Blue Circle Remote Computer Services, j 

| Name | 

1 Company . . .1 

J Position Held . 

1 . Address ' j 







dS*" vs 






1 , -W 


Midterm fall at 
A. B. Electronic 


MINING NEWS 


MONEY MARKET 


Finaa^Times^^sday^ ^Apm 


WITH SALES ahead from £7.84 m. 
to £8.Sm.. pre-tax profit of A-CL 
Electronic Pruducls Group tum- 
bled from CiSO.313 to £134.823 in 


BOARD MEETINGS 

The 'oRDH-mg cwupanJrs have soufird 


the December 31. 1977 half year. daius of Btunl mccuncs to the Stock 
A disappointing iirsl halt was n-ccfianti:. Such oiceuass art usually 


Gold Fields first-half 
earnings are £15.2m. 


dir eC 


rUSsfJ Minimi ™ • ' o£ revenue payments to the Ex- dosed at about lour ? 

fa 1 * H percent. ^^heqn«-. and the market was also ; Om 


* ““S* <-W.sSSJ5ST*rT«Bt 

sng * IeS t ed circulation. On the other hand concentrat^^trSw^ 5,: f - 


mar^ i ^^rT^ ie jponey up of Treasury bills to finance. while longer tenn'fSS 01 

market yesterday, but this did not . ' Discount houses paid up to 5i rate* warp 'P 


forecast in the annual report fol- ft- a for die punms-j of consld-irtng { "> 

[im-in-i -4 strike in the neriod Pro- dividends. Official indications arc not- 
i i. in., d . . aval! ab la! wtkiher dividends concerned ■ rfWDO>rS 

dueuon was disrupted and exetp- nr .. , n:cTims or Boals Mll ^ sub- • rr„ u . . 


BY KENNETH MARSTON. MINING EDITOR 


nre^ C iE B i2rtl 6ut tte dld L aQt - Discount houses paid up to 51 rates were marited hio^' :P ■ - 

a SSSSS&*. 


modest shortage developing as the eai£ pl^ TwtdoSS ySd <££? 

day wore on. The authorities Kni 9naa« wore' found- at nw hnniw. — 


» s,. The -^ a 5i Qriti ^ balances weref found at^S^Tper bnjing "^rates 

moderate_amount of asms. cent. • TreaSrc wffei U LJS!t9 


dwuon wa« disrupted and exccp- ^TSSrSV EFZ i L0ND0>rS Consolidated GoM . A Ml of Ota. to £5. 8m. .in directed not only at general ff|5&*K£L£ ; a S* 

rional overtime had :o be worked divisMns shown below arc based mala Is i Fields mining and industrial industrial and commercial economic conditions but at federal fr^T JSSS ~ * nasax J “Us 
;ci re-ebtjblLsh adequate compo- C n last year s tun :i able. I group reports a net profit for the revenue is explained by the fall and provincial Government tax E>„-C^ t .Z^^rY. nou&e ^ :. . 

nem supplies to cusiomcrsf direc- to-day : x ; x months to December 31 of f n earnings of the Azcon steel and regulatory policy. i “J n *f rd * ^TPins 


‘ Treasury bKIs fo the interbank market Pver- fiKfSvJti?. SSS&r 
tiie discount houses. . night loans opened at around a rise in Pota 

S : ^ MmtoSm Lendta?R^l ^ 

dances, _ Government disburse- cent, at lunch. Rales touched five any rite in * 


nem supplies lo customer^ direc- to-day : six months to December 31 of J" earnings of the Azcon steel and regulatory policy. h*i*™o* “jro’aro sun««s '?* P« <*“£• ““ fell 4o 4-1* per Minimum Lending rm! 

in ri say. „'S!, ri 5?l« Ma>nards j OASnu. or lliap per share, com- business and losses on metal The directors warn shareholders disburse- cent, at lunch. Ralestoachedflve anyrise in MLR reiS, 

Abo. there was no Regional il k Sj jr l, S M .J, jfSL 1 pared with £13m. in the first half trading activities of the Tennant in the annual report that inflation mep * s wer e vary ahghtiy m excess per cent, m the afternoon,, but ahead of next week'S&tS; 

Employment Premium (£116.Ufl0i p^jSInd c^nm^ Bcr^ck t5m«. BUn> 1 or the year to last June when ihe group - revenue fell by can cause cost overruns outside ■ sterttS - TI — “ - ~~ r T_. — F773T? r — 1 rv ^r— - — _ _ 

and currency chaoses had a de- E=Kim.vnne. Bowaicr. Bniisb Prim- . 12-month total was £25m. *ITie some ■000,000 to £5.8m^ higher the groups control on expansion Apr. 6 i CertiflekM ! intx^ontJ l. i fK. inH. I n.Aatfi.Ma 1 . Vmiu [ ft— M i - ■ 1 _ T ®ijlK6 I 


and currency changes had u de- wiLd Easimvr.ni Bowatcr. Bniisb Prim- 12-month total was £25m. The so“e £800,000 to £5.8ra- higher the group’s control on expansion 
lr i menial c fleet, this being asgra- ir? Cadbnrr srturrpp-.-s. croda inter- • latest interim is being raised by Profits from the Australian tin projects. At Uie.same time infla- 


va’.ed by a 2G per cent, rise in nanonal, Grampian HoMlnas, London 
3 * Er; Jt, Macfarlaiw Group, Morgan 

exports. . . Crucible. News intumauonat. OIrcx 


exports. Crucible. News International. Ofrcx ^Pti 3 * Increased by the 

An improvement in the second Anstin j^pd. Taylor Woodrow, e. Upton, two-for-nine rights issue. 


half is expected although the be- future dates j As forecast at tl 

shining of the period was marred ntwrim*— .[rights issue Gold 

by heavy production losses owing ^“jto raise its total d! 

to severe weather conditions and JJJgg 1 “ .-1 !" mS 4 • current year to Jim 

certain material shortages. siamio Enemeering - Apr- 12 1 on the increased ci 

They say sales potential to Euro- Finals— , of g_23j7 P was pa 

pean owned entertainment elec- Awdaied Biscuit Manufacturers Aur. 10 ; ran ; tal f or lQ/fc-TV 

ironies customers is deteriorating a.™** Portand^Comcm Apr. K| rapIiai lor 

rapidly. Substantial costs conit nue Apr. lai 

to be incurred breaking into new La . r . ,j 0 iii„ 1 jtv 2> 

markets, and the group's order London and holy rood Trust Apr. 20 i Constn. materials rove 

hnnks now stand at a record London and Proraeial Trust .. Apr. 20 1 Industrial and commer 


inter- • latest interim is being raised by profits from the Australia n_tin projects. At the. same time infla- w?8 

London jo „er cent, to 3J9p net on the and coal subsidiaries being offset tion “makes it necessary to con- 

capital Increased by the end-1977 oy losses on iron ore and mineral nder with particular care the adSnSaoel 

uptml two-for-nine rights issue. 53 . . desirability of undertaking major 7 days or . I 

As: forecast at the time of the 0n tile other hand, the share new projects that are not 7 d»y» wwee- 

ri e h )s issue Gold FieldT intend! of profi t ^0“ associated com- required to fulfil current contrac- Onemomh-- 

Mar is "8^ issue uom rTeias inienas by nAm _ t0 £6.6m. tual commitments" Two montb»__ 

current year* t?J«S?30 re 9 111 line witJl increased earn- Because of inflation, depressed 

12 1 mf the 1 increased ^anitaL A total *”8® of tte 48 P* r cent owned market conditions, high taxation Nine 

o? tte old Gold Fte,d s of So"°* Africa gold- and “the many regulatory im- 

Apr. 10 ! To-fe i^ IU 0 “ ow uranium group which had higher certainties imposed upon the Tw»y«»r* 

Apr. l- cfcPK®* lor xa/D-i/. share-dealing profits. Earnings of mining industry,’* there is a r 


of depMSiB 


Interbank- 

-Tyl 

* Authority 

■ deposit* 

Local AatL 
negotiable 
band* 

Finance . 

- House 
Deposit* ' 

Company 

Deposit! 

meeoan 

market 

deposit 

Treasury 

BiUaf 

"Eligible 

Suit. 

Bills* 

-4-Sty - 

. w»4ii 

— 

— • 

■ •• — , 

. 3-5 lg 

__ 

- - 

m 

&U-7i< - 
7&7TS 
TTB-Sty 

6.61a 

.-•■O 

63*-7 

7**-7aj» 

8ty4ty 

ftty-9fia 

63«-61fl . 

6 T B - 6 ae 

719 - 6*4 

714-67* 

Bty-8ia 

8ty-S4« 

6 - 6 I 4 
61*-6S* 
«V7l4 
7ia-7i* 
77«-8 
eia ■ 

a 3 * 

■■ 614 

51*4*4 

■■a.- 

a* 

STfr* 

6 - 6 * 

5*-6l8 

f* 

« 61 * 

678-BB 

7>a 


hnrjks now stand at a record Landau and provincial 

k*«cJ. particularly fn rthe com- tymiari 

puicr and defence industries^ This *2 Pmii'u^ "i .! 


Apr. 25 . 

Apr. 13 j . i 

Mar 2 1 

Apr. 20 i Constn. materials revenue 
Apr. 20 1 Industrial and commercial 
Apr. M ; Minins 

Apr. 13 1 Div*. on Investments 

« « in I Dns!lesrinn nf Ini'pele • 


Hair-rear 
31.12.77 Sl.12.7S 


share-dealing profits. Earnings of mining industry,” there is a . ~~~ - . . L 

GFSA should again be higher in tendency to defer projects which I h””” wren days* nottoe, otto* rayon days' fixed. Longterm. hxar utwto 

the current half-year while might normally be undertaken,! f«r-»»ara iu per «t: ftvmn 111-11 * pwobu. OBankffiS* 

nrampn. fnr Pl«.1rf c - rhSHirartnrs rtatad — Buyua ralK for prime paWT- Buying .t*ws for four-m Wilb _bank hills 7-7» per.amL; fdnr-montli trad, wS 


&V prospects for the Gold Fields’ the directors stated 

s.9 construction materials and indus- The annual report disclosed that «m- ApproxliiMte s^lnc rate for one-momh bank bins 6* pwcent.:. tw-mom±i « per cent.-! ali SreJSSSh 1 ??? 


puicr and deiencc intiusirics. m s Sla3 FnrDlIurv Apr . « Realisation of Invests.* 

reflects the considerable invest- T^n-ad,,; & cobbold Breweries Apr. 12 ■ Foos. oie 


ment made in these areas. 

Capital spending in the first 
hair rose by 72 per cent., liquidity 
i* ample with a medium term loan and _ foreign 
having been negotiated, and the 1 123.500). 
long term outlook is encouraging. Earnings per -ap 
directors say. shown at 2^f 


£12,500 


I Total revenue 

Administration ‘ 

Inter ckt on loan capital 
I Explore, coats writlon off 

idOO I .associated share 

Pradc bofare tax 

are I Group tax - 


3s.ti contribution of Gold Fields to SC68.6m- was spent on the Eliior 
*■* the recently announced RoOm, Lake uranium expansion pro- 
V. (£30.1m.) rights issue of the new gramme. Capital expenditure has 
DeeOcraai gold mine w*ill be increased tenfold over the last 
27.4 financed from South African "five years. 


discount S.HS per cent. 


, 197ft, Charfe 
f* per cent. T 


Shown at 2^p (6.1 pi and the in- 1 ^StpSSi 


Associates .tax 


12.4 resources. Following the latest At the end of 1977, contractual 
*•*! results, which were considered commitments for Elliot Lake 
Yj? “mildly disappointing” by the uranium amounted to 80.1m. lbs. 


Profit was after depreciation of terim dividend is stepped up from outside holders'". ... ...... 7." 

52.^02 (E25H.7H4) and interest oF l.op to 2p. Last year a 3.543SGp Attributable members 


S&C&SZ (£83.228) and Lc subject final was paid on record profits 

r r<=n.-.n ,ri-j mm . «r m Q9m t Adjusted lu respect 


\r..o share market. Gold Fields closed The Quirke project in the area is 
i.5Sp 3p oS at 77p yesterday. nearing completion ahead of 


to U.K. tax of £45.000 i£l34.000) ol £0^2m. 


Issue in November, 1977. 
' donrcctaUoo. 


11J85P tio-Sp 3p off at 77p yesterday. 

ir the mills 


1 Less unrealised 


See Lex 


Scottish & Continental 


For the six months to February banking 


industrial 


j Compared with the results for 
[ the same period of 1676-77, the 
; main change in the latest figures 
j is the advance In revenue from 
group the construction and materials 


2S. 197$. Scottish and Continental which went into voluntary liquida- [sector to £ 15.4m. from £8.7m. 


largely reflects earnings 


Investment Co. achieved a turn- lion last year, has proposed to Tills reflects earnings 

round from a £5,868 deficit to make a second distribution of 35p from the UJv. operations of Amey 
revenue of £74,144, subject to tax per share, payable April 10. RoadstMC. but K te POmted out 


Cost increases 
perturb 
Rio Algom 


schedule and below budget, but 
the group is concerned that 
Elliot Lake projects may be 
delayed by “the multiplicity of 
rules and regulations in respect of 
the environment " being formed at 
both provincial and federal levels 
of Government 

In 1977. Rio Algotn had net 
earnings of $C42.8m. f£20.1m0 
against SCSI. Bra. the year before 


of _J® 8 - 8 ® 5 »=a |n *t - An initiaj distribution of £1 per 

The directors state that alter a share waE n^g last year. It had 


>r share payable April 10. Roadstonc, but it is pointed out RIO ALGOM. the Canadian arm of and paid dividends of SCL08. In 

that the latter's UJv. production Rio Tinto-Zinc, has joined the London yesterday the shares were 
An initiaj distribution of £1 per , facilities remained under-utilised, chorus of local industry criticism £20. 


tun invesngauon > ™ bcen plarLned t0 make a larger 

possibilities or bnneing the reala- MCaa£ f distriI ,ution of 50p but 
able value of shareholders {his was reduced following a 


more into line with asse^, they formal f rom Duport, under 

consider a scheme for the uniti- warranty agreements it received 
sat ion oE the company in the best sf ^ quire( i part 0 f the 


sat ion oE the company in the best . Q||ired Dart 

interests of shareholders and sub- Davv . es business last July 
ject to necessary consents they Davves business last JUiy. 

intend to submit such a scheme The liquidator, however. 


State joins A$85m. coalmine 
development in NSW 


U .hnnouen. as .oon as po S . |ald .hat Duport ; b.4 ”»> d PX d r S THE Government^ E.«c The area had reaervaa of rather than inemaaing 

If the scheme is approved, a la« or damage under the Sms of ta?SJ°aid^5idS?S5i ' °nr S5S COQ5oLidated revenue - 

special dividend will be paid out the warranties and indemnities. ?JS““ 


of rather than increasing the State's 


oE net revenue for the period He has 


availab! to that date. 


Available revenue for the half ceedings. It is hoped that 


rZinmurtTS and Pioneer Concrete Services to the new consortium would be 

f 3 j l p develop a large coal mine in the allowed to mine a maximum of PVTD PAncidorc 

! / n ecessary^ ^£ Court^ p ro- n unter Valley region of NSW at 200m. tonnes for the export mar- ^ * XvU CODS1C10FS 


Hunter Valley region of NSW at 200a 
a cost of around A585m. (£52m.), ket. 


year emerged at £35.449 (£15.429 further distribution will be made re^rts Jam«Forttin SySev 
loss). Again no interim dividend in six months’ time. reports James ForTOtn ^yaney. 


is to . be paid — in 197B-77. there 
was a single l.2p net payment 
from £387,000 pre-tax revenue. 

Net asset value at February 28. 
1978, stood at 74.iip CB7Ep at year 
end) per 25p share. 


A Japanese company is expected 


titanium mine 


LAW LAND 
VALUATION 


is^SertedVstSt^f 1980 aTJJS to join 1116 wmortium with a 10 VALEP. the phosphates subsidiary, 
is expected to start in urau at an per cenL ^e. Tb e Japanese 0 f CompanUa Vale do Rio Doce.l 


■T&SX? fiS 'Z 


between the Electricity Commis- 


the joint venture with a private 


sion and the Japanese group, remaining interest the Electi-icity Brazilian concern and a foreign 


In vesterdavs renort on Law Taiheyo. 4o develop a coal mine’ Commission would hold 50 per group to exploit titanium reserves . 
m yesreruajs repon on lsw| A cent, and the two Australian com- in Hinas Gerais, reports Diana 


G. R. Dawes 
pays 35p 


Land it was stated the directors! at Newnes, in NSW. oaniw 21) ner amt. Mch. 

estimate that a valuation of the I The NSW Minister for Mines P*™” M ** r eacQ - 


Smith from RJo de Janie ro. 


voLiLiin Lt> Uidi a lajuanuu ui LUC 1UC 19LJ f* muuaici JU1 MUiica rpu. .j 

group’s properties held as fixed and Energy, Mr. Pat HQls. said Mr. Hills emphasised that any .JP*™*+* 


09 iiacu o*iu “u . a«l do iv* . *uua luo*. o*ijr invoclniofit »i HfWvi /KORvvi \ 

assets on an open market basis the coal would come from an area profits received by the Electricity .2, th ™ fl ^ ih"’ 
would show a surplus in excess set asid esome years ago for the Commission would offset the “3* ® 10 


of power utility to ensure enough rising price of coal for power 


annual 

tonnes 


production 
of pigment. 


The liquidator of G. R. Dawes £49.487,832. This should have read coal for electricity generation to generation and would be used to «S MSS* . 0I . 01 . lc y 

Holdings, the Birmingham based £3 itl last 100 years. stabilise electricity rates in NSW. 2S.J00 tormes would be exported. 


Britannic Assurance 


COMPANY LIMITED 


1 M PROVED I NVESTM ENT VALU ES AN D I NVESTM ENT TN CO M E 
£19,000,000 ALLOCATED FOR POLICYHOLDERS' BONUSES 


Extracts from the statement issued by the chairman , Mr. John F. Jefferson with the one hundred and 
twelfth annual report and accounts for the year ended 31st December , 1977 ’• 


856m. and the exports could gross 
326m. 

At present the Brazilian market 
needs 50,000 tonnes of titanium 
pigment a year, of which only 
22,000 tonnes comes from local 
sources. Valep analysts estimate 
the domestic market could grow 
to SO.OOO tonnes by 1980, while 
elsewhere in Latin America de- 
mand could grow to 60,000 
tons a year. 

Valep has not disclosed publicly 
its potential partners in the 
venture, but New Jersey Zinc, 
part of the Gulf and Western 
group in the U.S, is knows to 
be in the bidding. It is already 
giving technical advice. 


The growing complexity oF company accounts as directors strive to 
comply with the requirements of the Companies Acts, the Stocfc 
Exchange Listing Agreement, Accountants' standards and growing 
pressures for more and more doubtfully useful information, is 
beginning to produce a backlash of unwillingness to plough through 
them by many shareholders. An insurance company has the addi- 
tional requirements of the mass or statutory regulations issued under 
the Insurance Companies Acts. This year our accounts are presented 
to stockholders in a more concise and simplified form which complies 
with the Companies Acts and Stock Exchange requirements. 

The most satisfactory feature of the year's accounts is that, after 
ten years or a rising percentage of expenses to premium income, the 
management's efforts to control this situation is showing results. The 
expense ratios in the two life branches have been held practically at 
last years /eve/. But for extra National Insurance contributions 
imposed upon us during the year there would have been a modest 
decrease in the expense ratios. Wc must intensify our efforts to con- 
tain them and look forward to the time when wc may see a gradually 
decreasing trend provided inflation is kept under control. 

1977 saw the culmination of years oE work by the insurance 
industry prior to- the introduction of the new Stale Pension Schemo 
from 6th April 1978. Much of this work was abortive as a result of’ 
governmental vacillation over the past decade. No sooner are wo 
relieved of this work than it is immediately replaced by a new' work, 
load concerned with the introduction of the scheme to grant tax 
relief on life assurance contracts by deduction from premiums. We 
have no stomach for this scheme; it is cumbersome and expensive to 
operate, particularly in the base of our industrial branch policies 
where premiums arc collected at weekly or monthly intervals. This 
scheme and new regulations proposed, under the Insurance Compan- 
ies Act. 1974 which require cooling off periods and statements of 
policyholders’ rights to be issued before the issue of a' policy, intro- 
duce complications into what has always been a very simple and 
straightforward transaction. They will inevitably cost money to 
operate and we cannot see that they will bring any benefit to our 
policyholders. 

LIFE BUSINESS 

The life funds increased by £29 million to £347 million. Jn tbe 
industrial branch we have 4.277,000 policies in force assuring £626 
million. In the ordinary branch there are 263,000 policies in force with 
sums assured and bonuses of £474 million and £1.8 million annuities. 

In tbe industrial branch a good rate of progress resulted in an 
increase in the year's premium income of £4.4 million to a toted of 
nearly £39 million. This dearly shows there is a substantial demand 
for home service insurance based on the development of a personal 
relationship with policyholders at their homes.- 

ln the ordinary branch the premium income increased by £971 .000 
to £12.6 million. We want to sec this branch of our business develop- 
ing at a faster rate. There arc indications that our Tate of progress 


generated by bids. Needless to say the companies taken over were all 
of good quality and it is not easy to replace them. 

At the end of the year the spread of our investments at book values 
was British Government Securities £48.7 million, other fixed interest 
securities £73.5 million, mortgages and loans £67.1 million, ordinary 
stocks and shares £154.5 tnDlion and property £7.2 million. Their 
market value at the end of the year exceeded £500 million. Total 
income from our life’ fund investments increased by £4.2 million to 
£33.7 million, the gross rate of interest earned being 10,58 per-cent. 
(.1976 10.02 per cent.) 


LONRHO CLOSES 
SHAMROCK MINE 


POLICYHOLDERS' BONUSES 

The improvement in investment values during 1977 has justified 
our increasing the transfers from the investment profits reserves. This, 
coupled with the significant increase in the rate of interest earned on 
our funds, gave a further satisfactory uplift to the surplus disclosed 
by the annual valuation and enabled us to increase the allocations 
to with-profit policyholders. 

The allocation of £12.072,000 in the industrial branch has enabled 
its to improve the reversionary bonus declared on these policies to 
£3.60 per £100 sum assured compared with the previous declaration 
of £3.50. The allocation of £7.015,000 to our ordinary branch policy-, 
holders has enabled us to increase the reversionary bonus on with- 
profit life policies to £4.40 per £100 sum asstired compared with 
£4.20 last year. 

The with-profit annuity and pension contracts also receive an 
Increased bonus of £5.00 per £100 annuity compared with £4.50 
previously. 


Lonrbo is closing its Shamrock 
copper mine in north east Rho- 
desia at the end of May, reports 
our Salisbury correspondent. The 
closure decision is not expected 
to be affected by Rhodesia's 8 
per cent, devaluation, although 
this is likely to help the country’s 
mineral exporters. 

Shamrock had a monthly mill- 
ing rate of 45.000 tonnes, but this 
was recently cut to 30,000 tonnes 
because of the weak copper 
market. 

The mine employs about 700 
people but Lonrbo hopes to find 
alternative jobs for them else- 
where in Rhodesia. 

. The Shamrock closure follows 
cutbacks in production at Wankie 
Colliery, the Sbangani nickel 
mine and the Inyati copper mine. 
In January Rhodesian mineral 
production was reduced 10 per 
cent, in volume from January, 
1977. but the value at $R19.9m. 
f£15.3m.) was virtually un- 
changed. reflecting higher prices. 


GENERAL BRANCH 

Daring the year the premium income increased by nearly £1 
million to £6,037,000. The underwriting loss for the year was £481 ,000 
compared with a loss of £307,000 in J976. This was disappointing 
following efforts made during tbe year to improve the situation after 
tbe 1976 results. 

In the motor account, there was an underwriting loss or £117.000. 
Unfortunately, we have had to contend not only with inflation in the 
cost of claims but with an increased incidence in their number which 
has made it necessary to introduce a further substantial uplift in 
premium rates from the beginning of 1978. 

Jt was hoped that 1977 would show improved underwriting results 
in the property account after the exceptional storm damage of 1976. 
This was so until the final quarter of the year when wc experienced a 
considerable increase iu claims including further storm damage which 
resulted in a loss of over £364,000 for the year. 

Our policies provide a wide range of cover and through our local 
districts we pride ourselves on giving quick and efficient claims 
service which is appreciated by our' policyholders. Unfortunately 
there is still evidence of under-insurance by many of our policy- 
holders. It is essential that wc obtain the necessary level of premiums 


CLERICAL, MEDICAL 
AND GENERAL 
LIFE ASSURANCE 
SOCIETY 


will be at a higher level this year, helped by the current interest in * to maintain our service and steps have been taken to recommend an 


retirement annuities and pensions business. 


INVESTMENTS 

The life funds invested £44.5 million in 1977. Of this £20.5 
million was invested in ordinary shares and included £4.8 million 
subscribed to rights issues. We welcome these rights issues which, 
enable us to provide direct finance for British industry. We always 
have money available for this type of financing and trust we may soon 
see a climate of confidence restored which will encourage productive 
investment by industry! Over the last three years £16.0 million of our 
pew money has been absorbed in this way and represented one-third 
of our equity investment over the period. These figures support the 
great weight of evidence already given to the Wilson Committee that 
the expansion of industrial activity has pot been held back by any 
reluctance on the part of the investing institutions to provide capital 
When asked to do so. 

Our dislike of take-over bids In general and disputed bids in 
particular is well known. Happily 19 77 was a quieter year on the 
take-over front but nevertheless £3 million cash for us to reinvest was 


appropriate uplift of sums insured at renewal and the response from, 
policyholders has been co-operative. 


PROFIT AND LOSS ACCOUNT 

Transfers from the long-term business revenue accounts were 
£1,560,000 compared with £1 ,364.000 in 1976. After drawing £50,000 
from the general business revenue account and paying dividends on 
the preference and ordinary stock amounting to £1,765,000 the 
balance carried forward jn our general branch and profit and loss 
account will increase by £>2,000 to £1,173,000. 


STAFF 

The results, before yon reflect an excellent year’s work by the staff 
throughout Ihe country and at chief office. la thanking them all let 
us hope that 1978 will be an even more successful year. 

We now have 3, 748’ pensioners and widows benefiting under our 
staff pension, scheme and we send our best wishes to them -alL The 
company's contribution to the pension fund for the year exceeded 
£2 million. 


NOTICE IS HEREBY GIVEN that 
the 154th Annual General Meeting 
of ihi CLERICAL. MEDICAL AND 
GENERAL LIFE ASSURANCE 
SOCIETY tWlt be held at Principal 
Office ot iho Society. 15; Sc James’s 
Square. London SW1Y 4LQ. on 
Wednesday. lOlh May. 197S. at !.30 
pjn. for the fotiovrUm purposes: 

1. To receive the Accounts of the 
SocieT7 lor me year ended 31st 
December. 1977. and tbe Directors' 
and Auditors' Reports thereon. 

1 2. To re-elect Directors, 
i 3. To re-appotm tbe Auditors. 

4. To authorise the Directors to fix 
tbe remuneration of tbe Auditors. 

5. To transact any other ordinary 
business of an Annual Central 
Meeting. 

NOTICE IS ALSO GIVEN that an 
Extraordinary General Meet! ns of the 
Society veil! be bold at the same 
place and on the same date at 2.40 
p.m. for as soon thereafter as the 
Annual General Meetims shall bare 
been concluded or adjourned! to 
receive a Report from the Directors 
doctarlns the results of the actuarial 
mvestizaUon made into the financial 
condition of the Society as at 31st 
December. 1877. and the amount of 
the divisible profits In respect of 
the preceding three years. 

Any member entitled to attend .and 
vote at the Meeanca may appoint 
a prosy to attend and vote Instead 
of Urn. A prosy need not be a 
member of the Society. 

Any instrument appointing a proxy 
must be deposited at the Principal 
Office of the Society not less, flan 
49 hours before the time fixed for 
the MecLinx. 


By Order of the Board. 

K. N. Beeucstone: Secretary. 
IS Si. James's Square, 

London SW1Y 4LQ. 

5th ApriL ISIS. 





PHOENIX 


ASSURANCE COMPANY LIMITED 


PRELIMINARY PROFIT STATEMENT 


RESULTS 

The following are the preliminary results of the Phoenix group of companies for the year ended 
31 st December 1 977, subject to audit, together with theaudited results for the year 1976. 


PREMIUM INCOME 

General 

long-term 


PROFITAND LOSS ACCOUNT 

Investment income 

Underwriting results : 

General 

Long-term 


£m 

£m 


323.0 

54.1 

323.4 
.50.8 . , 


377.1 



35.9 

322 


-1.0 

‘ -9.4, 



Less expenses not charged to other accounts .... 

PROFIT BEFORETAXATION 

less: Taxation 

Minority interests 

NETPRORT. 

Dividends. 

Net profit retained . J - - - 

Earnings per share, calculated on a weighted 
average basis - 


The geographical distribution of the general business Isas follows: 


Premiums written 


Underwriting balance 


United Kingdom and Irelands 
Home fire and accidents . . 
Reinsurance subsidiaries 
Marine — UK companies - 
Aviation- UK companies •. 


Europe. " . 

United States . 

Canada 

Other overseas 


902 
* 19.8 
: 21-9 
5.7 . : 
134.6 
51.0 
70.2 
24.7 
• 4Z9 

323 A 


-1.7 
y: .-o.7 
-3.3 

■ 0.5 

■ -32 

. - 1.1 

. 13 
0.4 
1.6 

- 1.0 


■S «E?. e 7* 

n 


3S.VCE GROl 

-5.fi . .. 

0.3 

- 1-2 

-&4 


Overseas currency transactions have been converted in the main at rates of exchange ruling at 
31 si December 1 977. Business written through subsidiaries in the United States has been included 
at the rate of $1.92 (1976 $1.70) to the pound. 

General premium income world-wide in sterling terms is almost the same as for 1976. After 
adjusting for changes in rates of exchange there was a growth in premium income of approximately 1 .:;.. 
7%.The previous year’s comparison for aviation premiums is distorted by special credits. Investment. ^ 
income has increased by 1.1.5% and after adjustment for currency, changes approximately 22%. 


UNDERWRITING 

The home fire and accident figures were affected in the fourth* quarter by an increase in the 
amounrof fire damage and a higher incidence of motor claims. Marine business produced a toss 
but the aviation result was satisfactory. ' - 

-The United States results show an excellent improvement compared with the previous year. Most 
classes are showing underwriting profits. The statutory operating ratio was 96.6 {1976 1 07.2). 

In Europe the results from Belgium and the Netherlands were poor. Australia, Canada, New Zealand 
and South Africa were all profit earning. 


TAXATION 

The tax charge is reduced principally by relief arising from tax losses brought forwaid in respect of • 
the United States and Australian subsidiaries; 


DIVIDEND 

The directors recommend a final dividend of 5.770p (1976 5.1 67p) par share to be paid to 
members on the register at the close of business on 26th May 1 978. With the interim drvidendof 
4.578p already paid this represents the maximum permitted increase over the dividends declare 
for 1976 as adjusted by the supplementary interim dividend of 0.07Sp per share paid on3ro 
January 1978. 

The date of payment of the final dividend will be 3rd July 1 978 and the cost £3.5 million. 


ANNUALGENERAL MEETING 

The annual general meeting will be held on Thursday 25th May 1978 at 12 noon. The annual report 
for 1977 will be issued on 29th April. 


A 


Year to 31st December 


External Sales -U.K. 

—Export 


1977 

fTOOO 

67,053 

3,762 


1976 

£ r 000 

49328 

.2383 


70,815 


51,711 


-Profit before tax 
Profit aftertax 
Ordinary Dividends 
Net assets at year end 


2,159 

1,626 

930 

21,867 


1,557 

1,167 

618 

18;097 


Year to 31st December 
Earnings per Ord. Stock Unit 
Netbasis 
Nil basis - 
Fully diluted basis 
Dividend par Ord. Stock Unit 
Net assets per Ord. Stock Unit 


1977 

p. 

10.8 

7.8 

4.8642 

90^ 


Copies of the Report and Accounts for 7977 may bo obtained fioutdiaSscntanr* 
tnveresk Group Limited; Ctan House. 19 Tudor Street London £C 4 rOBA, 


Paper*Packaging‘StationerylndustriaIEstate 



4 



» A 


fffagfegl Times Thursday April 6 1978 



23 


. RHM pays £1.5m 
Ceramic now for Swel Foods 


direct approach 




£-L 
6 . 


5-ise a. 



-■ ii",. ; o«wn; nepworui wai make 

— ^ ^ *f r&'-Z- 1 '* over the head <5 

t. : . ^ ^ shaw- 

~ «. £ A spokesman- for the Hepworth 
* ' j ? iffl? “A J»l right mat the 
“ - :■ .'>"55 had broken down on price. 

^^Uhough Mr. johnDone, chkinsan 

Of Jkt,. was already on record as 
saying he was against any bid « 

alia 

month n group of JKT 
i shareholders claiming to control 
"ifi 1 of the equity. stated 

i.*ts willingness to. consider any 
offer worth more than 120p per 
Share. 

w 1 " to e 7* ew of Hepworth. the 
■! r >. JK1 B ® a, « thereby influenced 
^U^toto believing it should not 
recommend anything less thnn 
; v I25p per share. Whereas Hepworth 
‘ < • considers ’that the group was de- 

. t ,n berate ly pitching up its so- 
* ■’ * called ** minimum " as a 
negotiating -ploy. 

" The bid now actually on the 
liable is worth 117ip per share, 
h M ^ consisting of 39p in cash and one 
Hepworth share which was worth 
TStp at - the close last night. 
m ^1 B Mk Hepworth’s confidence hr the 
price has been " reinforced by 
3 AlVi\r . offers of large lines of stock 

rt, MY L| Jlaiw yesterday at below the bid 'price. 

11 * tfl And there were rumours that 
100.000 shares had changed hands 
^ ‘ ElVlEjUT iJa the St ° Ck markM at Ulp per 

Mr. Michael Wright of London 
^ ... Brick said yesterday that Jhe con- 

“ V "= r -ri sidered the current terms to be 
V ; .i-.. too low but had not been 

‘■"“i. approached by Hepworth •. .to 

discuss the price. But although 
London Brick might not like the 
price, it has no further need for 
the shares. 

rts 0.8 per cenL stake was 
originally bought to create 
trading links with JKT which had 
operations overseas. But .this idea 
was put on ic e while the' Mono- 
polies Commission investigated 
the brick industry. Meanwhile 
London Brick expanded . overseas 
independently. • 

See Lex 


PURBHCK SELLS 


Terms have been agreed for 
Rank Boris HcDougaU to pur- 
chase Swel Foods Holdings, the 
Lincolnshire-based dried vege- 
table manufacturer for almost 
' ■ £1.5m. cash. It has already 

w> ‘ . received irrevocable acceptances 

fiJS-M suggesting potential tin mining company then held a from directors and certain share- 
directors were 20.53 per cent, stake -in Monk. holders representing 42} per cent 
not-ettgaced with anyone In any Saint Piran last year raised of Swcl’s Ordinary capital, 
talks of a take-over nature. 12.5m, when It floated off 35 per RHM is offering £4.25 for each 

cent, of its subsidiary South Crofty Ordinary share and 75n for each 
on the Stock market Some of 5} Per cent. Redeemable Cumu la* 
BADcrn c-rAi/c tois cash has been used to buy tive Preference share. 

nU Kc L Ll oiAKc Monk's shares; hovrevor last Swel supplies dried vcgclablcs 

...Purbeck Group, a subsidiary or Saint Piran denied that to rood manufacturers and to the 

Single Holdings, sold its entire ***** , any intention of bidding catering trade. It showed net 
holding of 70.25Q dun w in BoreUi ^°r Monk. Last night Monk shares assets of £1.1 7m. in its last 
Tea Holdings for £75,000 on wnnuned unchanged at 84p. balance-sheet. In the year to 
March 22. The purchaser was April 30, 1977, it earned record 

Williamson Tea Holdings which t>i Ari^rorADC pre-tax profits of £372,000 nn sales 

holds 75 per cent, of BoreUi. of It is a public but 

_ The sale by Single is part of a LINGINEERING unquoted company, 

policy Of -reviewing investments Blackfriars Engineering Coni- RHM said yesterday that the 

acquired through the take-ovrr of pany has acquired the business <.r acquisition will complement .Its 
Purbeek lstst year, saJd a spokes- Bedford and Wills Engineering existin' 1- catering supply interests 
roan yesterday.- Where appro- -Company. represented by its McDougalls 

priate the investments. are sold Blaeklriars is flic* only entirely Catering Foods which currently 
and the funds reinvested in the British company designing and buys its dried vegetable supplies 
growing U.K. side of the business, manufacturing a comprehensive from other manufacturers— 

Singlo was the subject of an un- ranwe of snmulatons for the including Swel. 

successful take-over bid last year plastics and other industries. This The directors of Swel, which 
from Caparo Investments. acquisition w»H enable the com- • 

pany to co-ordinate the activities 
iimnAien ta °f its manufacturing company 

ArrKUALn JlvJ iBIackfrrars Engineering (Mid- 

K3NGSIDE. . _ lands i > and 4ts Mating company 

» , ■. (Blackfriors Rotary Cutters). 

SSTSS 

a£d aPPr0aCh ^ ^Kniai^ bSJk. nUy *“ ‘ 

At last night** -closing, price 

Klngddo w . qPS^ .gl ESPERANZA TRADE - v , Ik k 

£am. The last balance sneet, for p;my in its own right with the 

the year ended December 31, Espcrama Trade and Transport, formation of Reed Plastic Packag- 

1977. showed group net assets of the copper, insurance, shipping 

fs .am and international finance group, 7; n P a <six- 

Last year Scottish Amicable Life b^ mado rhe tinal payment due y J^ su S?ss ? during 

has 
of 


estimates that the group's pre-tax 
profits in the nine months to 
January 31. 197S (before excep- 
tional Items of £26,000 and before 
costs associated with the offer) 
were £230,000 — compared with 
£255.000 in the same period last 
year — are recommending share- 
holders to accept the RHM bid. 

BOVIS 

Bovfs in launching its new in- 
dustrial products division has 
formed a holding company, 
Wysegroup. which will embrace 
several Boris subsidiaries — includ- 
ing Dell Flan tHire, Hy-Ryder, 
Tasker and Booth, Wiseman- 
Woodward, Wyscpfan and Wyse- 
power— with a combined annual 
turnover of more than £2Qm. . 

JAMES DAWSON 

The offer by j- H. Fenner and 
Co. (Holdings) for James DavSOB 
and Son has become wholly un- 
conditional. acceptances having 
been received in respect of 

3,707,939 shares (91.91 per cent.). 
The offer remains open. 


Reed forms 
polythene 
bag offshoot 

Thr plastic* operation of Reed 
Medway Sack* has become a com- 



<977 

£m 

2230 
.53.1 
577 r 


55.9 


1SJ5 

Jr.. 

5P.j 

Y'U 


strategic,” though . . 
a general interest. In .the invest- 
ment ‘trust sector because of the 
heavy discount Kiver Plate and 
General Investment also has a la 
per cent, stake in Kingside. 

ST. PIRAN BUYS 
MORE MONK 


BENN BROS. 


-7 0 
T 3 

5c 3 
D9 

55 9 

o * 


24 t 
c 3 

4 J' 2- 


QUEENS MOAT : 

Mr. M. .V Marcus, a director of 
Queens Moat, said yesterday -that 
he - and his co-directors were 
unaware of any reason for the 
sudden burst of activity In the 
company's shares, which put on 
4p to SRp in the morning. The 
shares dosed at SSp. 

Mr. Marcus said that he was 
aware that there were all -sorts 


plated. ih p u k j t jg pow a major raanu- 

facturer and a regular supplier 
to moq of Britain's larce.-t pur- 
_ _ . . . „ , cha-ura of high density polythene 

? e 1? Kr 2l heJ 5L wholly owned ba ,. s- Demand ba« crown rapidly 
subsidiary The Press at Coombe- because of iheir many advantages 
lands is negotiaUng the sale of us in lonns of strength, hygiene, 
freehold land factoiy and office efficiency of dispensing and costs, 
premises at Woybndgo, Surrey. Rt . ed P]asIk . Packaging has a 
fo the lan Allen Group. B^nn wor js force of some 120, including 
Saint Piran, the . property Bros, is not selling the whole of a Natlon3l sa i es tcam D f 14 and 
development and .-tin. • mining The Press ar Coombelands to Ian jbe output of 33 production linos, 
croup, has again been buying Allen as staled in Wednesdays currently at the rale or 1009m. 
shares in A- Monk and has paper. p^,. year< , s worth over £2m. 

increased • its stake in the Three months ago Reed Plastic 

Cheshire-based cevil engineering cuipp CTAfc'FC Packaging announced that it had 

and building group -to 23.4 per anARc oirtivea installed a special high speed 

cent , Vickers: Eagle Star Insurance bag-on -reel machine and a rotary 

Saint Piran, which last July held has increased its bolding of flexographic printer which has 
only 'an 8.19 per cent- stake in cumulative Preference stock to increased throughout by 200m. 
Monk, has bought, a., further £625.000 (9.11 per cent.). . bags per annum, and further pro- 
135,000 shares Jn the company .Drake and Scull Holdings: j uc ,t innovations vriH shortly be 
since February 21 this, year — M. C. Abbott, chairman, has introduced, 
taking its overall holding to more bought 25.000 shares at Mp. Reed Plastic Packaging Is part 

than 21m. shares. Armour Trust: A. D. Balcombe. 0 f Reed Group, the European 

Earlier this year Monk declined director, bought on April 3 25.000 paper and packaging division of 
to accept a representative- of Saint shares at 7p. P. R. Bond, director, Reed International. 

Piran onto its Board although the bought 2a.000 shares at 7p. 

Harrisons Malaysian Estates: 


'■ v 


U'derr.rltrgSaM 
'577 


-5 7 
-* 2 
0 5 

-2 2 

- 3 
C 4 
' 6 

jj 





;y : 


■ '•■JS 


.. . • ’■ ’£ - 



INSURANCE GROUP 

THE RESULTS FOR 1977 ARE SHOWN BELOW: 


Premium Income — Fire, Accident 
apd Marine - - ■■■?■>■— m .. 

Underwriting Transfers: 

Fire and Accident ...... . 

Marine, Aviation and.'&wpaiit . 
Longrterm Ixisurance .^oflts.%^. 
Investment Income* ..... — 

Other Income 

PROFIT BEFORE TAXATION 
Less 

U.K. and Overseas Taxation ....L 


PROFIT AFTER TAXATION:-,^ 

Less ■....• - 

Minority Interests . — .................. 

PROFIT ATTRIBUTABLE TO 
SHAREHOLDERS 

COST OF DIVIDENDS 

PROFIT RETAINED — 

EARNINGS PER SHARE 


1977 

£m. 

465J 


. VI 

2j 

5X2 

oi 

57i 
25J3 
3L9 
0 2 . 


31.7 

1W 

2JL7 


?1.8 

8.9 

12.9 


64Jlp "• 44.14p 


* After deducting loan stock interest 

t Including deferred final dividend 1976 

Underwriting Results 

Home -Underwriting showed an -overall' profit; with several 
sections of the business producing Improved results, but 
despite a considerable redaction In. subsidence . claims there. 
' was still a substantial underwriting loss on the Home Personal 
Account. 

Overseas, profitable results .in a number of' important 
territories were outweighed by severe losses In. -Germany and 
Holland. Underwriting conditions have «mtinued to improve 
in the United States and our non-marine bittiness there 
showed a much reduced loss. • 

The 1975 -Marine, Aviation apd Transport Accoimt closcd 
with a smail loss but it has not been necessary to make any 
transfer £rbm_Proflt4ind Loss AccounL. ,-. . 

He valuation of the main Life Fund as at 31st December 
1977 resulled in ah increased transfer of- profits to sliaro- 
holders. ■ . 

Dividend . ■ . 

The Directors' have resolved-, to- ffedare at the Annual 
General Meeting Dn 24th May, 1978 a- total dividend of 20.154p 
per share In tespect of the. year .197? or such larger' amount 
as will, if the rate of tax. credit is ebanged. enable the maxi- 
mum dividend allowed under current legislation to be paid. 
An interim dividend of 10.0p per share was paid on 6th 
January, 1978 and the teal cUvWenji sllOJlKPa .or.suchJarger . 
amount as may be appropriate, will be paid on 6ih July .next 

The. total dividend, With the appropriate tax credll^wtii he 
equivalent , to a gross' .distribution of 30.537p per share. The 
comparable amount for 1976, including the deferred final divi- 
dend of 0!42p per share paid in January 1978, was 37.7GIp 
per share. - 

Full Accounts' nnti the toiU 

posted to shareholders oil the Bust April, 197$, 

5.41978 -- 


Genting Highlands Hotel Bcrhad f nn l. U annotll 
Is interested in 10.732.77S shares 1IILJLI IVcIiilclll 

moving 


(6.42 per cent.). 

West of England Trust: 

Acquired a further 729 Ordinary 
£1 shares in its subsidiary Tyndall Inch Kenneth Kajang Rubber 
Group, making its interest 38.G proposes to transfer its residence 
per cent, and has allotted 2,916 to Malaysia but will continue to 
Ordinary shares of 25p each in be registered in Scotland and its 
exchange. - ' • • • • shares will not subsequently 


attract the investment dollar 

premium. 

The transfer of residence is at 
the request of shareholders out- 
side the U.K. who control some 
S3 per cent, of rhe equity. The 
company’s properties are in 
Malaysia and shareholders resi- 
dent there will receive substan- 
tial tax advantages. 

Shareholders' approval for the 
change will be sought at an extra- 
ordinary meeting on April 27. 

Neil & Spencer 
sees more 
in first half 

Mr. J. J. Boer, the chairman of 
Nell and Spencer Holdings said 
at the AGM that the general 
situation was satifactory and 
both sales and profits for the cur- 
rent year were m line with bud- 
gets. 

- In the past three weeks the 
advertising and sales progress on 
Solarise Equipment was launched 
and the level of interest bad been 
satisfactory and in line with pro- 
jections. 

Outcome for the full year he 
said would depend to some ex- 
tent on general levels of confi- 
dence, and/or the success of the 
international laundry and dry 
cleaning exhibition fn Germany 
in June. He added, however, that 
the group anticipated that results 
for the first half would show a 
continued improvement over 
those for the same period last 
year, when the group achieved 
pre-tax profit* of £231.000 
(£129.000). 


a 




Stone-Platt 

Industries 


Stone-Platt is an international engineering company with world- 
wide sales of £176m and employing 12 f 600 people. The 
company aims to be a world leader In each of Its main products- 
spinning and texturing machinery, train lighting and air 
conditioning, marine propellers and specialised punrrps. 

From the 1977 report 

World-wide recession in textiles and shipbuilding 
continued through 1977- 

Sales of £1 76m were 1 0% lower than in 1976. This was 
a volume drop in real terms of 13%. 

Pre-tax profit of £14.4m was 8% lower than in 1976. 

The stronger pound reduced overseas profit by £1 .3m. 
Profit margins improved from 9.4% to 9.8%. 

Dividends have increased each year since 1969. 


Sales 

Profit before tax 
Earnings per share 
Dividend per share (gross) 
Return on sales 
Return on capital employed 


1977 
£1 76.0m 
£14.4m 
20.3p 
5.48p 
9.8% 
20 . 1 % 


1976 
£1 94.7m 
£15.6m 

20. 8p 

4.98p 

9.4% 

24.1% 


For 1977 accounts and illustrated brochure apply to : The Secretary, Stone-Platt 
Industries, 25 St James's Street London, S.W.1 . 

On 1 May 1978, the company will move to 10 Grafton Street, London W.1, 
telephone 01 -493 7000. 




Annual 

: General Meeting 

The Annual General Meeting for 1978 of 
Barclays Bank Limited was held on Wednesday 
5th April 1978 at the Head Office of the Bank, 
54 Lombard Street,London E.C.3. 

Mr. A.F.Tuke (the Chairman) presided- . 

• The Secretary read the Notice convening 
. .the Meeting and the Report of the Auditors. 
.The Report of the Directors and the 
Accounts for the year 1977 were approved. 
Final Dividends of 5.6286p per £1 Ordinary 

■ stock, which includes 0.0791p per £1 Ordinary 
-stock additionally payable in respect of 1976, 
and of 7p per £1 Staff stock were declared, pay- 

-able on 21st April 1978 to the Stockholders on 
the Register of Members at the close of busi- 
ness on 10th March 1978 in the case of Ordinary 
Stockholders and at the close of business on 
31st December 1977 in the case of the Staff 
Stockholders: * ‘ 

The Directors retiring in accordance with 
the Articles of Association, including those 
retiring by rotation, were re-elected with the 
exception of Sir John Thomson K.B.E., 

■ ■ Chairman of the Bank from 1962 to 1973, 
who on account of age did not seek re-election. 

Other, ordinary business was transacted. 

A Vote of Thanks to the Staff and to the 
Chairman for presiding at the Meeting was 
proposed byMr. C.J. S. Bonington C.B.E, and 
the Chairman responded. - 



- . REGISTERUD OHl-’lCK:- 

54 LOMBARD STREET, LONDON ECJI 1 JAH.REG.N0.48839. 


Highlights from the Statement of the Chairman 

Mr, C.H.Broughton Pipkin:- 


earnings per share up 36% resulting from improvements in UK 
operating profits, lower finance charges and taxation. 

results reflect initial success of planned expansion by way of 
.direct exports, overseas contracting activities, and acquisitions. 


final ordinary dividend increased by 10% to4.80p per share making 
7.05p per share total for the year (1976: 6.61 pj. 


GROUP RESULTS 

GROUP SALES 
United Kingdom 
Exports 
Overseas' 


OPERATING PROFIT 
FINANCE CHARGES 

PRE-TAX PROFIT. 

TAXATION 

AFTER-TAX PROFIT 
MINORITY INTERESTS 

ATTRIBUTABLE PROFIT 

EARNINGS PER SHARE 

DIVIDENDS PER SHARE- Net 

The above 1976 results exclude extraordinary losses 
on investments of£5Dm. 


1977 

1976 

£m 

£m 

419.5 

377.5 

212.7 

165.2 

365.6 

355.7 

997.8 

898.4 

55.5 

53.3 

8.4 

9.8 

47.1 

43.5 

21.0 

23.0 

26.1 

20.5 

6.8 

7.0 

■ — — 

t— ■ ■ 


19.3 

UMp 

7i05p 


13.5 

9J0p 

iiiTp 


The Final Ordinary Dividend of 4.80p net per Share (1976— 4.36p net per Share) 
will be paid to Ordinary Shareholders registered in the books of the Company on 
26th May, 1978. Warrants will be posted ori 30th June, 1978, payable 3rd July, 1978, 

The complete Press Release (which includes an analysis of performance by 
Group Company and aStatement of the Group Financial 
Position) is available from the Secretary, BICC Limited, 

P.0. Box No. 5, 21 , Bloomsbury Street, WC1 B 3QN. 

The 1977 Annual Report will be posted to Share and Loan 
Stock Holders on 5th May, 1978. 


BICC 









24 


Greencoat assets cut 
by big French loss 



Financial' Times TBnKday 


up lost ground 


THE HITCH delayed results of fcssionai valuation available per share excluding an Increase AFTER A depressed first half, port of Greenbank Industrial national Fund. bne'«f th-'Vw*: 
r- ..... r* fnr <1,. va-.r i.nuhlinp Ntitimncnn tfl hp nwflp in thp nrOTision for maintenance nradts nf ■mv._ .. • bbowwj uinia, one 01 u)e Cuttfr. 


Crwniwa! Properties for the year enabling comparison to be made in the PrOTisio^fo^ maintenance profits of Tflbu/y Contracting Holding ^rwrapinr"^^ s^baad* firnds*^ ffv 

$d to £L2Sm. in the second make an allow* nr* for tie T?nthe/*h;w A«»t 


S77, reveal with the directors’ assessment of of property and plant and 


recovered 



113m. . After the Gran canal losses the 

The auditors, in a heavily qunli- pre-tax deficit comes through at 


fied report, stale that the loss 
must be regarded as reflecting 
•* unsubstantiated assumptions.” 

The- group has now been 
allowed a limited office deveiop- 


£4. 63m. The loss after tax comes 
out at 14.73m. (£239.000 profit) to 
which is debited extraordinary 
items of £393.000. The loss per 
share is given at 1691p (0.75o 


menu with ju^t Sl.TCn) squ. : net res earnings). There is again no dhri- 


of snacc. which is expected to be 
completed by 1990. No further 
provisions in France or in Britain 
are expected. 

The Grancanal site was pieced 
together over several years and 
planning permission tor a major 
development v;as obtained in 1972. 
At that stage the development 
stood in the books at a value of 
ffi.Sm In l!i76 the Conseil dEiat 
revoked th eplanning consent and 
construction work stopped. 

Razzall. chairman. 


dend — the last payment was 0.13p 
in respect of 1975. 


Highland 
Elec, 
advance 


R. McBride 
expands to 
£1.73m. 


effected, and the portfolio restruc- 
tured to meet Bank of England 
requirements, it is anticipated 
that some 80 per cent, of the 
total asset will be iuvqgted in U.S. 
securities. As from the beginning 
of May there will, moreover, be 
two subscription, days in each, 
month, on the 7 and 21. 


interim stage when the directors 
warned of a profit below that of 
the previous. year. 

The directors now report that 
all divisions coped successfully in 
meeting the problems of a year 
when a reduced .workload was 
available in the construction 
industry generally. 

Pre-tax profits of Highland They point out that outstanding 
Electronics Group rose by 31.7 per construction orders In the UJC 

cent from £193.635 to £254982 for are 13 per cent ahead oF the posi- on SALES of £9.42m. against 
the six months to October 31, 19* <. tion a year ago and overall £7.2*0., pre-tax profit of Robert 
on turnover ahead by 28 per cent prospects look a littie better than McBride (Middleton), maker of 
to £3. 19m. The directors says that at this time last year. domestic bleaches, detergent s and 

with demand for the group’s pro- After tax the year’s net profit tdile tries, expanded from 

ducts remaining at a high level comes through at £lm. against £3^ 16t94 0 to a peak £L734J79 for ON TURNOVER of 12332m 

. they expect thefuil 1977 - At halftime, the surplus against £22.47m. pre-tax. profit of 

Adnams and Co., a close and to reflect the Brest h a If tren d a n d are stated ^ m up fwo 4B38p was up by £176,282 to £785483. Stern Osmat Group, hardware 


Marginal 


increase 
at Adnams 


Stem Osmat 
makes £0.45m. 


.AUUdUlb «tuu VU-1 a UUbC a*'V* T - 4 |,_ - _ Cl Cl V* U4J UJ IV *I(W4W. UWUWIUC 

unquoted company operating as continue the growth pattern of the to 51.51 p. PrtnctpaUy mute to After ^ of £914433 (£699.675), merda«mt concern, rose from 


brewers and wine and 


spirit previous year to* i ?^ J1 e r nce of st P cl ? a pprecia - stated earnings rose from S09p M22B88 to £447,862 for 1977. 



Tax 


sales in the U.K. will strengthen Inu>rvM 
ihe croup’s financial position and surest, eti-.t 

enable iti*» ^roup to lake advan- pre-tax profit 
laue of development opnortuni- 
t ics as the yariw in the U.K. He 
believes that the position of the 
srnup should now begin slowly to 
improve. 

The directors felt it was 
appropriate that the value of the 
Hrancnnal development as shown 
in the accounts at June 30, J9u, 
should reflect their estimate of all 
the losses incurred as a result of 
withdrawal of the building permit 
after takina into account receipt 
or nroposed compensation. 

The chairman points out that 


p™S“?»r;sr™ru^s ,, ir^ ^__ A . *°™“ *s!jrai 1 estl 


final of 14.04079p. If the basic rate me oirecion ----- . - - - _ _ . 

of tax is changed in the Budget proposals for a scrip issue, which results is favourable. They add 

the final will he reviewed would bring the capital more that 1978 has started well with 

un . isr6 closely into line with shareholders’ both, turnover and profit ahead 

£ £ funds employed and achieve of the same period last year. 


— 34.mi.S 5S 3i.Q9t.wa trustee status- 


Scottish Metropolitan 
ahead midwav 


mo, 107 1,942472 
1 . 107 .™ 1 . 0 M 19 S 
1 . 00 CJS 1 906.077 

- 101.272 

391415 348.893 

611.065 453.112 


OLD COURT 
INTERNATIONAL 

Unitholders of Old Court Inter- 


Earnings per lOp share are up 
slightly from 59p to 6p, after tax 
of £247,403 f £227 505). Dividends 
absorb £13,420 (same). Stern is 
an unquoted company and . has 
“dose” status. 


lainers. and timmst. programme Of new products will Profit bef.ro tax 

After tax of £128.000 (£336.100) ensure its continuing growth, they Taito 

earnings are given as 30.1p (27.5p) add. Exira-onL item 

Dividends 

Retained 

The profit figures do not include 
the results of operations in 
Nigeria as the present interest in 
the Nigerian company of 00 per 
cent, roust be reduced during 1978 
to 40 per cent. 

Roadmaking contracts, amoun- 

Taxable profit of Scottish Metro- £227.496 to £106551, reflecting the ing to N30m. have been secured 

the reduction in net assets— to politan Property Company rose lower interest rates prevailing in and rights acquired to work a 

£714.000— results entirely from the from £500514 to £538,995 in the six the six months. quarry for the production of 

events in France. As □ result of months to February 15, 1978. on Exceptional credits amounted to crushed aggregates. Accounts of ^ 4 ,, J „ - . 

the reduction borrowine limits ne t revenue from properties £262 (£6.602) and after tax of the Nigerian company for the all its mam products is currently totalled £69-6m. accounting for 

would be exceeded ir borrowings £136 728 higher at £1484547. £261,910 (£223,129), available pro- period from formation to Septem- being maintained by Stone-Platt per cent of the total sales of the 

continued at a level necessary to ' w . , fit comes out at 1379,035 ber 30, 1977, indicate a pre-fax industries and the company’s UJv. plants. - . 

finance current operations. Directors says a substantial ,£347485) The tax figure includes profit of N230.000 (£193,500). but financial position remains satis- A geographical analysts of 

\ccardinqw on EGM has been number of rent reviews fall m the £35950 (£5000) f 0r exceptional the company's first contracts are factory, Mr. F. G. Hawkings, the group sales in percentages shows: 

cn I|n d for April 2S to follow the second half of the year. Together credit still at a relatively early stage, the chairman, tells members. UJK. 34 (18): other EEC countries 

AGM at which it is proposed that witl l 54511161 P^-let developments The interim dividend is up from directors point out At the end of 1977 rach and 7 (same); othw Eturopam cora- 

borro wings up to £15m. be produemg rental income for the an adjusted 0 . S1 si8p to 05p. Last The group made significant ad- s]l " tera Investments were lower J ^ Agi 

first tunc, this should greatly «g^ r dividends totalled -1.76673p dltional investment during the fna64m.) and total —4 (26), Africa (8), 

- Inemaitd irn^nma fnr fKa full vA»r * J .ul! ana n In BM <I nl ant in tVm (110.041X1.) <WU \ ,UWJ A T¥lO rf Ml 5 (6); AUStTal&Sia 


Strong market for 
Stone-Platt 


A STRONG market position with UJv. exports during the year 


approved. 


Referring to the provision' grease income for the full year. net 20p share , adjusted for the JW-jn property and plant in the were' held at £24.4m. J™* 

.prforf tn mppt thp fall in vrIup Net revenues last year totalled nn»-fni*-tnn ncrin issue on nre-tax UJv. f£1.4m.), in additional work- t\F Meh Oft nap 4 (3). 


needed to meet the fall in value £L e f 0 revenues ,asl ■>' ear 1 oiauau O ne-for-ten scrip issue, on pre-tax . . . _ . 

nr ijji. investment properties, the £2 - aSm - profits of £l.llm. The dividend in ‘P r ?6 r ^s w the b Jt. (n.om.) 

auditors say they are not qualified Interest charges for the period absorbs £268531 (£244,118). i^Tai'V P . i° f L 1 nd 

tn express any opinion as to totalled £846595 (£880593), man- Directors says the revaluation of equipment in Nigeria (iLzm.j. 
whether the provision of £500.000 agement expenses £105508 properties is progressing and the fiPFFTVRAlW 
is adequate for all eventualities (£03408). while investment income valuation as at February 16 should uiuxnuftnix 

nor is there any independent pro- and interest received fell from be available in late July this year. 


Le Grand Company, 


Calgary, 
the 


NOTICE OF ■REDEMPTION 


To die Holders of 


THE INDUSTRIAL BANK OF JAPAN FINANCE COMPANY N.Y. 

7o Guaranteed Notes Dae 1982 


9.y*% 


NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of April 15, 1975 providing for the above Notes, $2,800,000 
principal, amount of said Notes hearing the numbers set forth below have been selected for redemption on April 15, 19T8 ( §1,400,000 principal amount 
through operation of the mandatory Sinking Fund aiul $1,400,000 principal amount through operation aL-the optional -Sinking Fund) , at the redemption 
price of luu?b of the principal amount thereof, together with accrued interest thereon to said date;. 

NOTES OF SIjOOU EACH 


representing, net of cash, 23 per 

cent of «iuity. ___ Alberta, was sold during — 

, On „ ***** down at £178n^ $C950,000 cash,- which 

(£194. i m.) pre-tax profit for the was j n excess 0 f book value. The 
year to the end of December, operat j olli which makes pressure 

In yesterday's .prelimin^T re- (a Mlm.*HSii, reported oo Mnrch 

Uim MAS 

Return on capital employed de- ^ elsewhere, Mr. Hawkings 
clined to 20 A per cent (24.1 per ^plains. 

cent.) and assets per share were au di torSt price Waterhouse 

up at 1445p (142p>. ^ point out that the 

Spending on product develop- accounts of two American subsidl- 
ment during the year was £45m. aries have been prepared on roe 
and capital expenditure was UFO method of accoun ting for 
similar to the previous year at inventories, which is contraryto 
£8.9m_ of which £45m. was spent SSAP No. 9. Under the UFO 
in the ILK. Future capital spend- method the investories which are 
ing at year end amounted to shown at £5m. (BSJjn.) wouW 
£457 m. (£2. 45m-), of which £25Sm. have been C.7nu, 

(£L18m.) had been authorised but Meeting, Quag lino s Hotel, S.w, 

not committed. on April 28 at noon. 


M-M 1477 3013 433U 5860 7024 8282 

3t 1527 3U23 4334 5883 7028 8306 

66 1344 3iH2 4335 5671 7076 8318 

72 1545 3037 4408 5874 7060 8321 

M7 1580 3075 4409 5879 7091 8323 

111 1576 307H 4423 5903 7095 8336 

136 157a 3105 4424 5000 7130 8347 

323 1602 3115 4467 5925 7134 8348 

1!W 1017 3117 4474 5955 7139 8360 

158 1021 3132 4477 5902 7158 8390 

lh3 1629 3138 4490 5969 7179 8394 

207 1660 3158 4491 5978 7181 8407 

210 1684 3179 4492 5999 7188 8430 


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9591 10872 12134 13458 14732 78051 
9595 10879 12141 13409 14782 16053 
9604 10888 12150 12484 14786 16056 
9607 10690 12188 13490 14770 16067 
9609 10893 12180 13497 14796 16070 
9634 10912 12189 13503 14800 16086 

9642 10916 12203 13531 14819 16087 

9643 10937 12216 13534 14840 16093 

9644 10936 12222 13537 14852 16110 
9888 10951 12235 13545 1483% 18114 


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13582 14919 16151 
13589 14920 16161 
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13651 14979 1621B 


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‘ ' 870 9156 10393 11689 130U5 14214 35557 16812 


10404 11690 13009 14231 15561 16830 
10471 11691 13018 14233 15582 16800 
10473 11734 13027 14240 15380 16894 
10482 11749 131139 14245 15610 16897 

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7U3H 5237 10530 11778 13072 14313 15069 

7986 9330 10539 11779 13061 14333 15680 

7950 2259 10542 11799 131U4 14344 15688 

7994 9263 10546 11831 13123 14372 15692 

8011 9273 10549 11852 13143 14375 15707 

9283 10571 11857 13145 14384 1 5730 


8034 9287 10589 11859 13166 14390 15743 17035 

8074 9314 10590 1IH67 13181 14398 15754 17043 

8UT5 9320 10605 11RB8 13212 14400 1E760 17046 

8082 9325 10611 11376 13215 1441C 15763 17066 

8003 9341 10622 11689 13219 1444a 15788 17067 

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8138 9380 10683 11933 1327R 14901 15UIB 17088 

8141 0387 10696 11939 132UK 14502 1383S 17003 

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12005 13314 14585.15906-17114 
12013 13319 14601 15908 17124 

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12022 13340 14605 15927 17154 

12041 13352 14616 15928 17158 

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14688 15949 17191 

14696 15959 17203 

14697 16003 17219 


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10862 12103 13411 


17253 16464 19784 21315 22813 24422 25939 27514 29148 306M. 32139 

17283 16478 19809 21333 22830 34443 25987 27567 291S4 80642 32176 33567 

17265 18485 19841 21343 22834 24444 25974 27583 29165 30648 3220 6 33585 

19847 21351 22851 24455 25982 27585 29181 30655 32212 33800 

19850 21381 22887 24458 28005 27593 29197, 30060 ^14 M601 

19853 21396 22892 34461 26024 27604 29207 30897 32216 33601 

19860 21409 22898 24502 26031 27607 29239 30706 33219 33638 

19862 21414 22903 24523 26045 27627 29381 30733 33228 33644 

19877 21420 22909 24555 26048 27832 29240 30735 32238 33662 

18617 10906 21433 32963 24057 2C07B 27642 28242 30751 32M 3 33069 

18019 19920 21438 22967 24588 26063 27681 2M7l 80754 32244 33881 

18020 19944 31441 22980 24604 26128 27679 29276 30763 32259 33710 

18632 19956 21468 22984 24635 26135 27683 29289 30612 32260 33 T11 

18644 19963 31477 23015 24641 26147 27689 29318 30831 32288 3371 7 

18647 19980 31484 23036 2464 9 26154 27702 29329 30835 32287 33731 

18686 19988 31492 23050 24654 26161 37708 29345 30845 32&2 33743 

18670 19999 21514 23058 24630 26175 27745 29370 30955 32295 33757 

18682 20028 21517 23068 24694 26190 27751 29372 30856 32297 337® 

18714 20034 21518 23090 34705 26205 27786 29S79 30877 3 2307 33772 

_ 18725 20035 21543 23104 34709 28212 27805 29889 30901 3Z323 33785 

17448 IS 728 20081 21547 23106 24710 26236 278X1 29391 30907 32328 33820 

17454 18729 20089 31554 23143 24735 26242 27817 29408 30929 32331 33827 

18731 20091 21580 23181 24740 2 6252 27834 29435 30944 32335 33831 

18735 20115 21596 23175 24747 26253 27836 29443 30955 32338 33834 

187G1 20129 21599 23181 24758 .26275 27863 29432 30972 32352 33835 

18768 20133 21604 23189 24781 26285 27869 29461 30967 32353 38838 

18773 20163 21610 23211 34807 28325 27881 29471 20991 32360 33840 

18777 20194 21633 23217 24608 26332 27900 29505 31000 32382 33855 

18780 20196 21830 23219 24810 26338 27917 29536 31044 32400 33891 

18793 20198 21873 23241 24821 26346 27937 29548 31074 32410 33921 

18820 20215 21878 23252 24831 2®® 27973 29553 31080 32411 32326 

18825 20230 21727 23270 24852 26394 28015 29579 31090 32443 33927 

18838 20238 21736 23311 24658 26433 28024 29580 31099 32464 33931 

18851 20258 31739 23327 24866 20443 28025 2S5&3 31102 32471 33939 

18858 20258 31741 23343 24807 20405 28049 29000 31111 32481 33942 

17626 18871 20277 21797 23347 24899 28473 28000 29637 31119 32501 33966 

17640 18877 20306 31810 23354 24915 26494 28071 29661 31140 32510 33980 

17675 18890 20307 21814 23358 24S16 26506 28079 29684 31141 32523 33983 

17694 18895 20308 21815 23382 24919 26530 28106 29687 31149 32540 33992 

17899 18917 30326 21843 233S7 24925 26531 28114 29692 31161 32555 33993 

17704 18922 20323 31847 23395 24939 28533 28128 29712 31190 32560 34022 

17705 18927 20348 31883 23408 24947 26547 28151 29738 31197 32578 34040 

17708 18939 20362 31905 23417 24S76 26558 28158 297-14 31203 32588 34044 

17709 18941 20381 21910 23425 24977 26572 28211 29745 31203 32591 34089 

17728 18942 20428 21914 33430 24979 26590 28216 29775 31214 32594 34088 

17729 18946 20431 21919 23437 24982 26600 28219 29782 31221 32601 34089 

17730 18953 20446 21932 23479 25000 20656 28249 29819 31257 32662 34095 

17763 18984 20451 31930 23494 25003 26657. 28258 29825 31261 32677 34106 

17773 19003 20466 21942 33511 25004 26859 28276 29867 31272 33684 34157 

17774 19015 20467 21978 23514 25008 26673 28278 29868 31274 32685 34184 

17776 19035 20487 21996 23530 25009 2668T 23283 29372 31300 32700 34192 

17790 . 10046 20496 22001 23543 25030 26692 28322 298T9 31321 32734 34190 

17794 19047 20515 22013 23585 25042 26718 28323 29932 31333 32773 34204 

17795 19046 20540 22021 23588 35002 26729 28336 289W 31347 32774 34242 

17796 19057 20842 22023 23617 26078 26750 28351 29957 31357 3278S 34244 

17817 19074 20551 22034 236S2 25093 26758 28381 29960 31379 32824 34270 

17844 19070 20561 22037 23855 25110 20702 28399 29965 31401 32845 34283 

17845 19095 20605 22050 23873 25114 28792 28421 29982 31402 32860 34324 

17863 19115 20611 22080 23BT7 25158 26811 28422 30007 31418 32874 34333 

17869 19123 20616 22084 23688 25173 26833 28434 30022 31438 32879 34352 

17871. 19134 20617 22083 23691 2517S 26854 28438 30048 31478 32883 34358 

17903 19133 20619 22096 23706 25183 26862 28440 30061 31488 32908 34363 

19133 20631 221 12 2370B 25186 26873 28490 30067 31494 32914 34373 

19154 20037 22128 23709 25215 26884 38509 30063 31515 32915 34417 

ltttBl 20839 22178 23729 25221 26889 28523 30009 31522 32921 34421 

18200 20642 22196 23732 25247 26900 28532 30071 31566 33923 3+424 

19207 20648 22202 23740 25262 26914 28589 30074 31572 32928 34448 

... 19222 20655 22206 23747 23272 2G921 28545 30080 31574 32945 34453 

17885 19236 20601 22213 23797 25287 ,26937 2S571 30006 31578 32973 34406 

17991 19245 20070 22258 23*08 25301 26941 28579 30100 31587 32983 34466 

18001 19256 20699 22268 23811 25316 26044 28588 30104 31507 33004 34484 

18012 19366 20706 22293 23812 25322 26358 28619 30208 3159S 33005 3+512 

13272 20711 22296 23826 25325 20963 28622 30111 31627 33016 34514 

19285 20727 22310 23839 25366 26380 28035 30148 31636 33017 34510 

10305 20746 22314 23849 2E396 26996 28643 30150 31650 33018 24521 

19308 20757 22333 23853 25400 270IX 28660 30156 3] 637 33033 34547 

19313 20771 28340 23854 25404 27012 28667 30194 31096 33042 34559 

19316 20785 22370 23899 25417 27013 28685 3(3213 31702 33068 34562 

19331 20827 22377 23958 25454 27018 28706 30244 31705 33071 34591 

19370 20831 22407 23904 35477 27007 28713 30247 31721 33086 3+008 

19399 .20846 22430 23006 25483 27051 28728 30252 31731 33128 34617 

19404 20862 22428 23967 25492 27078 28770 30257 31742 33140 34630 

19409 20377 22432 23970 25519 27093 23771 30264 31744 33153 3+04 1 

19424 20891 22472 23987 25538 27119 28772 30273 31756 33165 34671 

19442 20925 22480 24015 25541 27127 28796 30276 31784 33172 3+095 

19459 20946 23483 24040 25358 27140 28813 30277 31790 3317* 34701 

19473 20901 22+96 2+063 25357 27143 28820 30233 3180+ 33179 3+718 

19483 20967 22602 24088 25506 27170 28640 30314 31819 3S207 34717 

19485 20399 22555 24105 25593 27206 28855 30334 31B24 33313 34719 

19488 21005 22504 24107 25627 27216 28859 30345 31B25 33317 3+729 

18230 19536 21009 22580 24110 25633 27235 28889 30347 31838 33245 3+771 

18221 19539 21027 22587 24159 2563S 27237 28902 30354 31862 33247 3+789 

19543 21032 22590 34166 25665 272S4 28910 30370 31866 33276 3+810 

1954S 21067 22596 24107 25689 27256 28914 30382 31 EOT 33286 3+813 

19551 21071 22600 24173 25096 27264 28920 30389 31879 33295 34817 

19563 21102-23609 24176 2569T 27289 28B38 30427 31880 33303 34826 
19567 21114 22010 24198 25713 27304 28903 30453 31914 33311 34835 

19572 21131 22625 24210 25717 27313 28964 30+54 81931 33317 34858 

-19601 21138 22628 24218 25719 27322 28980 30461 31974 33374 3+865 

19639 21152 22668 24234 25721 27368 28995 30+69 31976 33375 3+866 

19645 31159 22679 24255 25768 27394 2H007 30482 31990 33409 34887 

19649 21190 22683 2+278 25773 27408 29015 30495 32020 33426 3+888 

19656 21213 23608 2429D 35777 37431 29029 30487. 32032 33436 3+923 
18360 19658 31219 22699 24301 257B5 37427 29037 30514 '32042 33446 34927 

18374 19872 21220 22704 24316 25786 27430 29051 30558 330G6 33468 3+937 

18384 19704 21225 22712 243+4 25810 27444 29080 30562 320H3 33478 3+959 

1B3B8 19724 31235 22720 24363 25826 27446 29081 30563 32085 S34S1 3+968 

18397 19730 21249 22725 34383 35843 27454 39087 30000 32088 33525 3+982 

18441 

18442 

18457 -19775 21313 22795 24412 2592+ 27408 20115 30625 32134 33553 3+997 


17915 
17919 
1 7921 
17956 
17971 
17980 


18026 

18027 

18030 

18042 

180+6 

18074 

18079 

18098 

18107 

18117 

18118 
16131 
18149 
18152 
18167 
18179 
18204 
18210 


18244 

18254 

18259 

18275 

18276 
18393 
18233 
18326 
1B335 

18341 

18342 


U.K. ECONOMIC INDICATORS 


ECONOMIC ACTIVITY — Indices of industrial production, manu- 
facturing output, engineering orders, retail sales volume (1970— 
100); retail sales value (1971=100); registered un^ploymeut 
(excluding school leavers) and unfilled vacancies (000s). AH 
seasonally adjusted. 

Indl. Mfg. Eng. Retail Retail -Unem- 

output order vol. value ployed Vacs. 


prod. 


1977 
1st qtr. 
2ndqtr. 
3rd qtr. 
4th qtr. 
Oct 
Nov. 
Dec. 

1978 
Jan. 
Feb. 
March 


103.2 
101.9 

102.7 

101.7 
10L5 
101.4 

102.3 


102.9 


1052 

112 

103.3 

216.4 

L330 

na 

103.0 

104 

102^ 

222 J) 

1^30 

163 

103.7 

108 

104-2 

2343 

1,418 

151 

102.0 - 

106 

104.4 

239.4 

L431 

157 

102.4 

113 

102.7 

234.2 

1,433 

153 

101R 

109 

103.1 

236.3. 

1,433 

156 

103.4 

99 

106.9 

246.0 

1^28 

163 

103.0 


104.9 

24L0 

1,419 

180 



106^ 

246^ 

1*409 

187 





1,400 

196 


OUTPUT — By market sector: consumer goods; investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles, leather and clothing (1970—100); 
housing starts (000s, monthly average). 

Consumer Invst Intmd. Eng. Metal Textile Housg 

goods goods goods output mnfg. etc, starts* 


1977 
1st qtr. 
2nd qtr. 
3rd qtr. 
4th qtr. 
Oct 
Nov. 
Dec. 

1978 
Jan. 
Feb. 


115J8 

99.5 

106J) 

100.5 

S3J) 

104.4 

113J3 

97J9 

105.1 

99 J) - 

80.5 

99 J9 

115^ 

98-2 

104.7 

99.7 

83.3 

100.7 

115.9 

97.6 

10L2 

99.1 

74.8 

100 a 

116.0 

98.0 

10U) 

99.0 

75.0 

10 LO 

115.0 

97.0 

101.0 

99.0 . 

70.0 

98.0 

11 7.0 

98.0 

102.0 

100.0 

79.0 

101.0 

116.0 

98.0 

104.0 

99.0 

75.0 

10L0 


19.9 

25.1 
254 
20 .' 
247 

21.2 
16.1 


17.5 

15.3 


EXTERNAL TRADE— Indices of export and import volume 
(1975=100); visible balance; current balance; oil balance; terms 
of trade (1975=100): exchange reserves. 

Export Import Visible Current Oil Terms Resv. 
volume volume balance balance balance trade USSbn* 


1977 
1st qtr. 
2nd qtr. 
3rd qtr. 
4th qtr. 
Oct 
Nov. 
Dec. 

1978 
Jan. 
Feb. 
March 


115.7 

109.1 

-947 

-505 

-800 

999 

109 

118.0 

1099 

-764 

-364 

-745 

1009 

149 

124.1 

106.4 

+ 54 

+483 

-602 

101.0 

13.4 

117:9 

102.6 

+ 45 

+ 351 

-657 

102.4 

2099 

119.4 

1019 

+ 53 

+ 155 

-228 

101.7 

2091 

1159 

98.4 

+ 68 

+170 

-154 

162.4 

2099 

1189 

108JL 

- 76 

+ 26 

-275 

103.1 

2096 

112.6 

114.4 

-334 

-234 

-236 

105.4 

20.87 

138.7 

110.6 

+ 84 

+ 184 

-202 

104.7 

20.7 

2092 


FINANCIAL— Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months' growth at annual 
rate); domestic credit expansion (£m.); building societies' net 
inflow; HP, new credit; all seasonally adjusted. Minimum 
lending rate (end period). 

Bank 


April 15. 1078. lli*> N*»t« Wc^iKnaicil ahnv«- will liprniu» diir- and payahlr in Mich coin or r+irrcncy of the United State* of America as at the time of 
pajniciit -lull l*«* iejsal lender for the payment of (iiililii: and private debts. Said Notes will lie paid, upon presentation and surrender thereof with ail 
•-<iij pons appertaining thereto maturing after the redemption dale, at ihe option or the bolder either »a i at the corporate trust office of Morgan 
Guaranty TruM. Company of New lork, IS Broad Street, New York, Pi.Y. 10015, »r at the office of The Industrial Bunk of Japan Tru«t Com- 
pany in New ) urk City. c»r (lit at the main nfln-es of Morgan Guaranty Trust Company of New York, in Bni-eels. Frankfurt am Main. London or Paris. or 
tin- offii-e of The Indo-irial Bank of Jupan. Limited in Loudon, or the oflici: of Industrie bank von Japan iDeituehlandl Aktiengexellschaft in Frankfurt 
uw -Main, or ihe oHn-e of The Indu-trial Bank of Japan I Luxembourg) S.A.or the main office of Banque Cetierale d» Lnxemiiours S..A. Luxembourg, 
or the main office of Bank Mtr* & Hope N'\ in .\ni*-terdani. or the main offices, of Banca Vouwiller & C. S.p.A. in Milan or Rome. Payments at the offices 
Tcli-rred to in lb ) above will be made by cheek drawn on a dollar account, or by transfer to a dollar account maintained by the payee, with a bank in New 
York City. 

Coupons due April lri. 1078 should lie detaclied and collected in the usuul manner. 

On and after April 15, 1078 interest shall cco« to accrue on the Notes herein designated for redemption. 


THE INDUSTRIAL BANK OF JAPAN FINANCE COMPANY N.Y. 


Dated: March 9, 1978 


NOTICE 

The fo](ov.ing Notes previously called for redemption have not aa yet been presented for payment: 

M-167 183 738 743 761 769 776 777 W7 82+ J707 1716 1729 1731 2916 4312 16404’ 16412 16413 1641B 16423 1B434 18528 18549 20130 



Ml 

% 

M3 

% 

advances 

% 

DCE 

£m. 

BS 

inflow 

HP 

lending 

MLR 

% 

1977 

1st qtr. 

19 

- 89 

59 - 

■1957 

492 

LOOS 

10* 

2nd qtr. 

22.7 

159 

5.6 

2,040 

1990 . 

1,049 

8 

3rd qtr. 

36.7 

149 

209 

-473 

1,084 

1,151 

7 

4th qtr. 

219 

14.1 

89 

247 

1965 

L184 

7 

OcL 

35.6 

17.0 

49 

336 

590 

371 

5 

Nov. 

419 

199 

6.1 

297 

554 

402 

7 

Dec. 

219 

14.1 

89 

107 

421 

411 

7 

1978 

Jan. 

24.4 

169 

13.4 

354 

388 

425 

6* 

Feb. 

219 

189 

18.0 

412 

353 

419 

64 

March 







6i 


INFLATION — Indices of earnings (Jan. 1976 = 100), basic 
materials and fuels, wholesale prices of manufactured products 
(1970=100): retail prices and food prices (1974=100); FT 
commodity index (July 1952=100); trade weighted value of 
sterling (Dec. 1971=100). 

Earn- Basic Whsalo. 


FT* 



ings 0 

matls.* 

mnfg." 

RPI* 

Foods* comdty. 

Strlg. 

I 1977 

; 1st qtr. 

1129 

3419 

248.0 

174.1 

184.7 

276.4 

619 

2nd qtr. 

1149 

347.7 

2599 

1819 

19L1 


61.6 

3rd qtr. 

116.1 


267.7 

184.7 

192.1 • 

2399 

61.8 

4th qtr. 

1199 

3309. 

272 JL 

187.4 

1939 

23490 


Oct. 

1179 

3339 


1969 

1929 

236 98 

629 

Nov. 

1209 

3299 


187.4 

1929 

23894 

63.6 

Dec. 

121.7 

328.0 

2739 

188.4 

1949 


639 

1978 

Jan. 

1219 

3249 


1899 

196.1 

226.41 

■Ml 

Feb. 

March 


323.3 

2799 

1909 

1979 ■ 

22496 

238.61 

66.0 

619 


* Not seasonally adjusted. 



(Hoidings)Limited 


An integrated network of 20'engineerrng 
companies m England and Wales 


"A very substantial 
increase' 





r 


k 


Turnover ■ ' 

Profit before taxation 
Profit after taxation 


: , : 1977 
. £ 
71,041,755 
1 ,465,748 
. 862,559 


1976^ 

£•■ 

7 , 283 , 77(1 
. 844 , 535 ; - 
’ 64 6 , 1 74 -| 


Profit before taxation amoonted to £1,485.748, a Very subi 
stantial increase over last years record figure and 44%'eni jW 
assets employed. ' 

Dividends 

The -maximum dividends permitted by law are being recom- 
mended. If dividend restraint were relaxed bur dividends would 
be suitably increased. 

Shareholders funds 

Shareholders funds have increased from £2^9SR8ff tn 
£3.332^35. 

Scrip issue 

A scrip issue of one ordinary share for every ten held is being 
•recommended. , " . *. : ..i 

Liquidity . • 

Our gearing rsstill rrnniraaL - 
Trading prospects • ■ 

We started the current year with'-extremely strong order books 
and in the absence of complete catastrophe the results for the' 
-first six months of the current financial year will be another, u 
record. The board views the' whole year with confidence ** 
•and expects substantial further progress. • + 


.* 1 


o|Sl-- U 


Copy of the report and accounts from: 

The Secretary Metalrax ( Holdings ) Limited 
Ardath Road Kings Norton Birmingham B389PN 
Telephone 021 -4586571 . 


Abel Morrall 

! * Limitec. 


ANNUAL GENERAL MEETING ' 

STATEMENT -- 

“Sales for the first quarter slightly exceeded yrV £ ;• - * 

those of the comparable period for the p 
previous year. However with the continuing 
difficulties in export markets, I maintain a 
cautious view of the results for the first half of 
the year." ... 


B. G. Lewis, Chairman i L 


1977 Highlights 

* Sales increased by 28.5% to £7. 3m. ; ; 

* Profit before tax increased by 5.3% - 

* Earnings per share increased. by 31. 8%^ :; 

* Dividend maximum permitted. •' • 





Manufacturers of 
“Aero” knitting pins, 

“Aero” haberdashery, 

-Hand sewing needles, 
Handicraft and allied products 


CUVE WORKS - REDDITCH 


ROBERT McBRIDE 
(MIDDUETON) LTD. 

(Manofecturers of Domestic Bleaches and Merge 




'• 7! *■"* • * » 

i : .« V. ; J } 


EXTRACT FROM THE CONSOLIDATED ACCOUNTS AJ. 
, STATEMENT OF THE CHAIRMAN — MR. R. McBRIDE 


Year ended 31st December 


1977 

£ 


1971 

£ ' 


Turnover 


9,423,495 

7962.7- . 

L734979 

-1916.J-. 

914J.83 

699,1 

.98,036 

S7.7 

2932924 

LSlOJw 

2941403 

2,llfiJ 

41p 

30. 


Profit before Taxation 

Taxation - 

Dividends ...: - 

Retained Profits 

Net Assets ..; 

Earnings per Share 

The result for the year reflects the continuation in the grow 
record of the Group both' in turnover and profitability. 

Afl Interim Dividend of 2.4509p per share was paid on 7 
November 1977. The Directors are now recommending pi 
ment of a Final Dividend of 2.450flp per share which is t 
rniyimnm permissible under the Government’s curre 
Counter-Inflation Policy. This will make a total for the ye 
of' 4.9018P (after deducting tax at 34%) as compared wi- 
4.38S7p (after deducting tax at 35%) last year. 

The Annual Report and Accounts will be posted on 28 
April 1978 and at the same time proposals will be sent 
Shareholders to increase *he Company’s issued share eapfl.- 
by means of a capitalisation of reserves. The purpose of 
issue would be to bring the share capital more closely m.- 
line with shareholders' funds employed and to achieve trust! 
status for the Company’s shares. BRIDE. 


CHAIRMAN 



WE, THE 
LIMBLESS, 




FOR H ELP 


Wecomefromboihwona^us , Vj ._ 
We come from Kenya- Mata)*. 

Aden, Cypres... ortdfromUWtf 

From keeping the 

than from uar we limbless toom v 




Donations and information: . 
Major The Earl of Aneaster, 
KCVO, TD„ Midland Bank 
limited, fiOWestSmiftifiekl 
London EC1A9DX. 


Our Asodation. BLESMAIU^ -j ^ 

Assoda£i<m)/ooteafterfl« 
limbless from all the Services- . . 

It helps, wi* advice ana \ T . 


j? 


a I f 


- 

■** 


British Limbless 
Ex-Service 
Mens Association 



*cieto xhoss who wtrwuar- 


provides Residoitffll 

HmKswbere iheycaniivem _ . 

pi^iseyouintA»J? ccD ^ 0lit - 
bewiasBd. 



/ 





' 'V* 











tentj, 


jj < national financiae 


and Mitsui 


COMBVNY 





£ 

'^■’5S i «Y : 1fOKOaflSATA-- 

'i^TTBTSp CTOTAM VW1 Cor- 
EB 2.5S 9 »*•“?»<> ‘•WM out of its 
3 iJjeniflfffiaMidal portion byits 
parents, Nippon 

- NSftsui and Co. ■ ■ 

: ■ ’- : J ™°.y« follows tm the heels 

' ‘ ■ £>j Atoe-Fujisarii rescue wjach com- 
■i& ranged tor relief on its 
Sfesi pajtaents to major banks 
"■* i-, t February to return tor giving 

"V ^an*® a major «iy. in plans 
' "■&. rwionahse operations- at Fuji- 
•di Industries end a related 
es company. 

^ i^Jittetsu announced to-day that 
VJas been granted a three-year 
ratonum «t repayment of 

" to Nippon Steel 

*d4 Jfltsua wtucfa, together, have 
Standing loans to Nlttetsu of 
>uud Yen 34ba ($l55m.). The 
aralaon will be borne 50-50 by 

v r - ., 5P0n Steel and Mitsui. 

* ' The NittetBn rescue is a fur- 
'■ * n s ;ii -? ir sign of the stalled recovery 
■ • T the aluminium business in 




Japan- In the eariy 1970s trading 
companies grad metal firms 
Pushed into downstream opera- 
tions such us Sash Manufacturing. 
But co-day one-m every five Sash 
companies operates at a loss. The 
exceptions are YKK (the zip 
manufacturer). Toys Sash and 
Sankyo Aluminium. Together 
they take 50 .per cent of the 
market 

Nittelsu Curtain- -Ml the 
number six producer in Japan, 
estimates that its. cumulative 
deficit to March 1978 . will reach 
Yen aobn.nd reckons the rescue 
win effectively cut its' interest 
payment burden by about Yen 
2L5bn. a year. 

Industry analysts now expect 
that negotiations will get under 
way with Mitsui Light Metal Pro- 
cessing Industry another down- 
stream subsidiary of Mitsui, for 
possible merger of the -two com- 
panies. Witte tsu executives, 


Curtain 


TOKYO. April 5. 

however, rule out a merger until 
tile Sash Company is back on a 
profitable footing, 

* * 

HITACHI, the electrical 

machinery maker, estimates that 
its net profit and sales in the 
year ended fiscal March 31 level- 
led off alter the gains in the 
previous year, according to Mr. 
Akitomo Yoshikawa, a senior 
managing director. 

The parent company made a 
V30.35Sbn. (S139ra.) not profit on 
sales uf Y 1,2951m. (SS.fibn.i in 
fiscal 1976. up 56.7 per cent, and 
up 18.S per cent, respectively. 

Hitachi was able to producc 
about ihc same after-tax profit in 
the fiscal 1077 as 1976 because 

of rationalisation and new tech- 
nology developments to cope 
with the yen's rise and declining 
orders from overseas customers. 
Mr. Yoshikawa said. 

AP-DJ 




Setback at State Bank of India 


3 **t BY AC MUR THY 


\ S? 


:0F1TS of the State Bank of 
lia, the largest commercial 
-hk in the country, fell in 1977. 
e decline in published profits 
s »m Rs. 77.52m. in 2976 

Rs.77nu, although mar ginal is 
aointer to the shape of things 
come in the banking industry. 


| ■ ep secret reserves and the 
Llifjlance sheet may not reflect 
2 true position of their 
. ances. The fact that the bank 

s chosen to show a lower profit 
1977 indicates a declining 
_■ . . ‘nd in profltabllity of banks 

India for 1977. 

lUurierii^hHy^ . 

~^=;^MaIays!a go 

■ iPiSiSlaiu BY WONG SULONG 


The decline In the State 
Bank's profits is attributed to a 
sharp rise is the cost of deposits, 
interest rates on which -were 
raised in May, and to an escala- 
tion in the wage and bonus hill. 
The interest burden' has risen 
by approximately 32 per cent., 
but the increase in interest earn- 
ings "on its advances at 28 per 
cent, bas not kept pace.. 

The 1977 deposit growth ol the 
State Bank was 20.B per cent.. 
10 nercentage points lower than 
that in 1976. At the end of 1977. 
deposits stood at Rs.48.66bn. ^he 
outgoing on account of interest 
payment was higher because of 
the faster growth of interest- 
bearing deposits than* current 


BOMBAY. April 5. 

deposits, which do not qualify 
for interest While current 
deposits registered a rise of 17.5 
per cent (25.3 per cent in 1976). 
savings deposits spurted by 32.1 
per cent (24.1 per cent in 
1976). 

11s credit portfolio expanded 
by only 10.7 per cent. (33.4 per 
cent, in 1976). The sluggluh 
demand for credit, says Mr. 
P. C. D. Nambiar in the hank’s 
annual report, is mainly the 
result of the demand recession 
in some Industries and disrup- 
tion in production due to power 
shortage and labour unrest. 

Also, the Reserve Bank fol- 
lowed a tight money policy last 
year. 


Malaysia considers banking law change 


asji’.i ;c» ^elir: 


si!lS tNK NEGARA, the central 
nk, is holding consultations 
th the Association of Banks in 
- jlaysia, on proposals to bring 
‘ ~'rchant banks under the same 
v and regulations affecting 
nmerclal banks. 

With only 12 merchant banks 
the country, the central bank-. 
•Is a separate law for them is 
necessary and that they 
juld come under the 1973 
nking Act. 

' En its annual ' report, the 
itral bank expressed dissatis- 
lion that merchant banks had 


not put more emphasis on 
specialised corporate . financing 
and management services, 
having tended instead to con- 
centrate on the lucrative money 
market and other fund-based 
operations. 

The proportion . ol deposits 
with maturities of six months or 
less, has risen' from 55B.per cent 
in 1972 to 85.6 per cent at the 
end of last year. 

At the same time, the maturity 
period of loans has lengthened, 
and the sbare-of term loans with 
repayment periods of one, year 
and above has risen- from £3 per 


KUALA LUMPUR. April 5. 

cent of the total to 54 per cent, 
during the period. 

The central bank said this un- 
healthy trend of merchant banks 
borrowing short and lending 
long could well subject the en- 
tire banking industry- to undue 
financial and liquidity problems. 

In its review of banking per- 
formance. Bank Negara also 
made clear its concern that the 
unethical practice of bank direc- 
tors bolding substantial interests 
in other companies, which also 
received favourable credit treat- 
ment was still common. It 
warned of possible tough action. 


Volkskas 
in bid 
talks with 
Bankofs 

By Richard Rolfe 
JOHANNESBURG, April 5. 
IN A FURTI1ER move towards 
rationalisation of lhe small 
hanks of South Africa, 
Volkskas has opened negotia- 
tions with the small Bank of 
the Orange Free State 
(Bankofs) which could lead to 
a merger of Uie two. 

Volkskas Is very much the 
; larger, with 580 branches and a 
ranking among the big four in 
the republic while Bankofs, 
after a programme of closures 
in recent months has cut its 
branch network to only nine. 
The main motive for the 
merger seems to be that 
Bankofs, like other small 
banks, bas found the cost of 
taking deposits to be increas- 
ingly uneconomic to relation to 
low profitability to the current 
environment. 

Bankofs, capitalised at only 
R22m^ has moved up 4 cents 

to 44 cents on the talks. With 
disclosed net worth of over 100 
cents per share, Bankofs could 
be worth more than current 
share price depending on the 
adequacy of its provisions 
against bad debts. It also holds 
20 per ccnL of Volkskas's fast 
growing merchant bank, which 
Is effectively competing with 
established merchant bankers 
In corporate finance and private 
placing*. 

Metkor seeks balance 
of Fowler capital 

THE INVESTMENT company 
Metkor, which is controlled by 
the stale steel group Iseor, has 
moved to tidy up its holdings in 
the engineering construction In- 
dustry by a bid for Its 59 per 
cent, owned construction and 
civil engineering associate 
Fowler. 

Fowler was subject to an 
offer iwo years ago from Verol- 
nave. the South African sub- 
sidiary of the Dnlch shipbuild- 
ing group Verolme In 1976 
after a sharp (all In profits. The 
move was widely heralded as 
divestment by Iseor from the 
private sector, but fell through 
because of Inability to agree 
terms. 

Since then, Fowler's trading 
profits have held up reasonably 
well but substantial provisions 
hare been required on old con- 
tracts. 

The hid of four Metkor shares 
for fire Fowler values Fowler at 
39 cents a premium of 35 per 
cenL over the pre-bid price. 
This should ensure a good level 
Of acceptances, bearing to mind 
the lack of a dividend from 
Fowler, despite net worth pos- 
sibly as high as 116 cents. 


AUSTRALIAN NEWS 


Boral wins control of building group 


! • ■ ' V----' • , "7 




s-SSf 33E3 



mmmi 

lit 


Donald Macpherson Group Limited 

The Donald WTacpherson Grpup utilises its collective skills to meet the ever-increasing 
demands of industry. Lead-free coatings for toys, weather-proof treatments for woodwork, 
low-pollution finishes for industry, materials forthe home decorator, handles, hinges and 
screws for the furniturpindustry— just some of the ways in which the Donald Macpherson 
Group services both industry and the private consumer. 

Operating through four divisions — industrial Coatings, Trade & Retail Paints, Unerman 
Fixtures & Fittings, and Overseas, the G roup employs 2,750 people on 1 5 sites in 
6 countries, the UK, Republic of Ireland, Holland, Thailand, Malaysia and Trinidad. 



Five Year Record 




1977 

1976 

1975 

1974 

1973 

Sales 

£55.7 m • - 

• £40.1 m 

• £32.0m 

. £25.1 m 

£20.1 m 

Profit Before Taxation 

£3.1 m 

£2.8m 

£1.6m 

£1 .7m 

£1 .5m 

Earnings per Share 

9.79p 

9.61 p 

5.90p 

7.55p 

7.93p 

Dividends per Share - 

3.993p 

3.63p 

3.3Qp 

2.89p 

2.27p 

Dividend Cover . 

3.6. 

4.0 . . 

:. 2 - 5 

3.9 

5.0 j 


Highlights of 1977 


? Mb 

• ,:- u ; 


.*i; 


0 The successful integration and excellent first year performance of Unerman. 

• The continued impressive advance in the profitability of pur overseas companies; 

• The stabilizing effect of having a balanced spread of interests within our UK paint and 
surface coatings operations, . ; 

{{The outlook for the UK economy during 1978 would appear 
to be somewhat brighter with the prospect of recovery in 
consumer demand; air increase in the level of activity in the 
building and construction industry arid the possibility of some 
uplift in industrial output later in the year. Against this 
background your Board would be disappointed if the results 
for theyear fail to show a continued increase in profits and 
earnings per share. W r« C hester, chairman 

The full Report & Accounts is atrailablefrom the Company Secretary, Donald Macpherson Group, 

Three Quays;Tower H 111, London EC3R 6EL 


.v 

■ ■ I? 


BY JAMES FORTH 

AUSTRALIA'S largest building 
products group. Boral. bas gained 
control of another building pro- 
ducts group, Australian iV.p£um, 
in a lightning, three-day share 
market operation. Boral had been 
io ihe market For Australian 
Gypsum for some time hut up 
until last Friday it held less 
than 10 per cent, of the capital, 
and thus did not have to' dis- 
close its hand. In the past three 
days more than 25 per cent, of 
the capital has changed with 
Boral picking up the shares, 
operating through major share- 
broking firm. Potter Partners. 

The technique is reminiscent 
of several recent episodes where 
control of companies was 
obtained through -bare market 
operations, dubbed as “ creeping 
take-overs.” In sonic cases no 
formal take-over bid has been 
made tor the remaining scrip 
leaving minority holders locked 
in. State governments and the 
stock exchanges have been 
critical of some of the tactics 
adopted and are currently work- 
ing on proposals for take-over 
reforms. 

Before the heavy buying in 
Australian Gypsum began the 
shares were selling around 
$A1.50. The bulk of the major 
transactions were hooked be- 
ween SA2.00 and SA2.20. with 
the market price now back to 
SA2.10. 

Late to-day, Boral made a 
short announcement that it was 
entitled to 37.32 per cent, of 
Australian Gypsum's at the close 


Of trading to-day, which would 
indicate that it has already laid 
over in the region of BASOm. 
{SUJ5.23m,l. A full takeover 
offer at the highest price paid 
— SA2.20 — would cost almost 
$A57m. However. Boral gave no 
indication to-day whether it 
would extend an offer to. all 
holders. As it is, the major 
institutional holders appear to 
have been quitting their stock 
while the price was at high 
levels. The asset backing of 


Australian Gypsum is only 
SA1.23 a share and a share price 
of SA220 represents a price- 
earnings ratio of about 13, on 
tile basis of the indicated profit 
for 1977-78. 

Australian Gypsum makes 
plaster board and plaster pro- 
ducts and insulation products. It 
would represent a diversification 
for Boral which is in quarrying, 
bricks, concrete products, steel 
reinforcement, pipes, read sur- 
facing and gas supply. 


SYDNEY. April 5. 

Before Boral disclosed its 
hands, the directors of Austra- 
lian Gypsum issued a statement 
which said they assumed some 
parly had embarked on a creep- 
ing takeover raid which could be 
detrimental to the interests of 
certain shareholders, in particu- 
lar the smaller holders. If the 
buying sought only to obtain a 
substantial interest, remaining 
shareholders might find them- 
selves at a disadvantage in rela- 
tion to future share prices. 


Reverse for Myer Emporium 


BY OUR OWN CORRESPONDENT 
MYER EMPORIUM. Australia’s nec 


largest department store retailer, 
suffered a 23 per cent, rail in 
profits for the January half year 
and the directors expect a lower 
profit for the full year. This 
would be the first reverse in 
annual eanungs for at least the 
past decade. The result follows 
a disappointing increase in 
group sales of only 7.1 per cent-, 
from SA537m. to $A575m. 
fSU.S.661m.), which failed to 
keep pace with The inflation 
rate. Profit fell from SA25.&m. 
to SA19.9m. ($U.S-22-9m.). 

The directors cite a number 
of reasons for the setback in- 
cluding “greatly curtailed" con- 
sumer spending and increased 
resistance to “big ticket” mer- 
chandise and a concentration on 


necessities and food, and losses 
resulting from clearance Df 
excess stocks. 

Other factors were the 
Victorian power strike late last 
year, disruption to Christmas 
trading by the national elections 
in December, and rising unem- 
ployment. 

The Board said that gross 
profit margins were eroded by in- 
creased competition and there 
was limited scope for further 
reductions in expenses. 

The profit-to-sales ratio 
dropped sharply from 4.82 cents 
in the dollar to 3.47 cents to the 
latest si months. 

Moreover.. the Board said that 
retail sales of the group in the 
third quarter of the current year 
offered no encouragement of 


SYDNEY, April 5. 

any marked upturn in retail 
spending. 

In these circumstances the 
present forecast was that profit 
for the full year would fall short 
of 1976-77 when earnings rose 
only 4.5 per cent, to $A44Bm. 

The latest downturn comes 
against forecasts at the annual 
meeting last December of sales 
doubling over the' next five 
years and profits reaching 
SASOm. by 1982. The group is 
presently involved to a $A250m. 
expansion programme. 

Despite the experience of 
Myer most major retailers man- 
aged to record higher earnings 
for the first half of the current 
year, although Waltons and 
David Jones also reported lower 
orofits. 


Half-Yearly Statement 


Gold 




The unaudited results of the Group for the half-year ended 31 December 1977 
are shown below together with the corresponding figures for the half-year to 
31 December 1976 and those for the whole year to 30 June 1977. 

For comparative purposes, the figures for the half-year to 31 December 1 976 have been restated to reflect the 
accounting policies for deferred tax and stocks which were adopted In the accounts for the year to 30 June 1977. 



Group Profit 

Croup profit before taxation amounted to £33.9 million which, 
is an increase of £6.0 mill ton or 22® i compared w ith the 
corresponding period of the previous year. 

Revalue of the construction materials companies at £15.4 
million was higher by £6.7 million due main ly to improved 
earnings from'Amey Roadstonc Corporation’s operations in the 
’U.K. There was aslight increase in the volume of work available 
b u t neve rt helcss the U. K. production facilities remai ncri u nder- 
utilised. Proto* in theU.S.A. include those from Hydro Conduit 
Corporation which was acquired in mid-August. • 

Industrial and commercial companies revenue fell by £1.1 
million to £5.6 million. In the U.K. Alumasc achieved a 
substantial increase in both tumoverand profit but this was more 
than offset by a reduction in the earnings of Azcon and losses on 
the metal trad i ng activities of the Tennant Group. The decl ine in 
Azcon’s earnings was mainly attributable to tower scrap prices and 
the difficult market for steel in the U.SA. 

The mining companies increased their revenue by £0.8 million 
to £5.8 million. In Australia higher profits were achieved at the 
Renison tin mine and the Bellambi coal mine. However, difficult 
market conditions resulted ialosscs from mineral sands and iron- 
ore operations. 

Dividends on investments showed a slight reduction at £7.0 
millio n due principally to changes in exchange rates. 

Profit on realisation of investments was slightly higher at 
£2.6 million after charging £3.1 million (last year £6.4 million) In 
respect of unrealised depredation. 

Fees and sundry revenue reduced by £1 .Imillion to £3.7 
minion. This was due to a number of factors, the principal one 
being the cessation of Azcon’s income arising under the sale 
agreement in respect of its former zinc mines. 

The Group's stare of profit of the associated companies 
amounted to £6.6 million of which £5.9 million related to its 
49 per cent interest inGold Fields of South Africa. The latter 
represents an increase of £1.5 million from the corresponding 
period of t he previous year and was mainly due to lusher share 
dealing profits. 

Interim Dividend 

The Directors have declared an interim dividend of 3. 1 9 1 6p per 
share (representing an increase of IQ per cent over that for last 
year) payable on 31 May 1978 to holders of Ordinary shares 
registered in the books of the Company at the dose of business on 
28 April. 1978 and to holders of Coupon No. 1 23 detached from 
Ordinary share warrants to bearer. 

Dividend Warrants will be posted to registered shareholders 
on 30 May 197S. 


Shareholders on the Johannesburg Branch Register of the 
Company will be paid from the Company’s office at 75 Fox Street, 
Johannesburg, in.South African currency at the London foreign 
exchange market spot selling rate for Rand at thedose of business 
on 28 April 1 978, or if no dealings in Rand are transacted on that 
date, at the dose of business on ihe day next following on which 
dealings in Rand are transacted. 

Holders of Ordinary share warrants to bearer are notified that , 
Coupon No. 123 will be paid: 
in. London at 

Midland Bank Limited. New Issue Department, 

Mariner House, Pcpys Street, London £C3N 4DA 
or in Paris at 

Lloyds Bank International (France) Limited, 

43 Boulevard des Capucines, 

75061 Paris, Cedcx02, France 
or in Zurich at 

U nion Bank of Switzerland, 

.8021 Zurich, 45 Bahnholsirasse 

on 3 1 May 1 978 or at the expiration, of six clear days after lodgment 
thereof, whichever is the laier. 


Outlook 

Current indications are that the earnings of ihe Group for th© 
year will be higher than those for Iasi y ear and it is the Directors’ 
present intention to recommend the maximum permitted increase 
of 10 percent in the final dividend. It is anticipated that profits of 
the gold mines should be higher in the current six months than in 
the half-year fo 31 December. The price of tin remains satisfactory 
and the prospects for the construction materials and industrial 
companies are promising. . 

The contribution of Consolidated Gold Fields and its 
subsidiaries to the recently announced equity issue for the 
completion of the development or the DceJkraal gold mine wifi be 
financed from South African resources. 

The reorganisation of the Group continues and steps have 
bcentakenin North America to acquire the minority 
shareholdings in Azcon and Newconex Holdings which will 
enhance operating flexibility. In Australia the shareholdings in 
Commonwealth Mining Investments and Lawrenson Alumaschave 
been sold as i t was considered that these were no longer relevant to 
the Group's operations. 


49 Moorgate. 
London EC2R 6BQ. 


5 April 1978 


By Qrder of the Board, 

P-F,eROE 

Secretary 


Consolidated Gold Fields Limited 





26 


Tktx advertisement ix mned in compliance with the require- 
ment.-; rtf the Council of The Stock Exchange. It does not 
constitute cm imitation to the public to subscribe for or 
purchase any Ordinary shares of the Company. 


1 . 


RYM HOLDINGS LIMITED 

( Registered in England So. $14466) 


Authorised 

£1,800,000 


SHARE CAPITAL 
Ordinary Shares of 
5p each fully paid 


Issued 

£1,616,975 


The Council of The Stock Exchange has granted per- 
mission for the restoration of the listing of the 
Ordinary shares of L. Ryan Holdings Limited. Par- 
ticulars relating to the Company are available in the 
ExteL Statistical Service and copies of the Statistical 
Card containing such particulars may be obtained 
during normal business hours on any weekday 
/Saturdays excepted) up to and including 20th April 
1978 from: 


Charterhouse Japhet Ltd. 
1 Paternoster Row 
5 l Pauls 

London EC4M 7EH 
6th April 1978 


Laurence. Prust & Co. 

Basildon House 
7-11 Moorgate 
London EC2R 6 AH 


US$20,000,000 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit, due 3rd April, 1981 


The SAivm Rank, 
Limited 

London 



In accordance with the provisions of the Certificates, 
notice is hereby given that for the initial six months 
interest period from 3rd April, 1 978 to 3rd October, 
1978, the Certificates will carry an Interest Rate of 
8 tV% Per annum. 


Agent Bank 

Merrill Lynch International Bank Limited 
London 


Wm 


GEIMOSSENSCHAFTUCHE ZENtRALBANK 
AKTIENGESELLSCHAFT 

Vienna 

U.S. $40,000,000 Floating Rate 
Notes Due 1983 
For the six months 
6th April 1 978 to 6th October 1 978 
the Notes will carry an 


interest rate of per cent per annum. 


Listed on the Luxembourg Stock Exchange. 

By; Morgan Guaranty Trust Company of New York, London 
. Agent Bank 


financial Times Thursday April 6 1978 -• 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


French Electric out 

: . i T V 

of red as foreign 
borrowings increase 


BY DAVID WHITE 


PARIS. April 5. 

THE FRENCH STATE electricity situation, implies limiting tbe 
company, Electricite de France number of big, equipment pro- 
(EDF), pulled its way out of tbe jects undertaken each year, and 
red last year but is still facing tbe quality of service could suffer 
serious problems. from -an insufficient margin of 

Heavy borrowing requirements, installed capacity,” M. Boiteux 
which led the company to take wa ™ e< *-, 

up Frs-3-Sba. (SSSSm.) in new . rTenca electricity coasump- 
foreign debt in 1977, and delays !j?°. r0se ^ per cent last year, 
in France’s nuclear power pro- 8 turnover went up by 14 
gramme were the main pre- P er cent to Frs.36.2bn., partly 
occupations outlined to-day by 


director, M. 


EDF’s managing 
Marcel Boiteux. 

EDF showed a net profit of 
Frs.679m last year after making eveese 
a Frs.655m. loss In 1976, when 


as a result of a 6.5 per' cent 
increase in electricity rates in 


April. 

EDF is pressing the Govern- 
ment to allow rate increases in 
of the average cost-of- 
living rise over the next few 


ftZS years in order to help Tout of 
cny was badly hit by the long ^ present -financing squeeze. M. 

5 d £^; e< S Boiteux said its aim^ras for a 
15. per. cent rise this year. 


by half last 


output increased 

year a result irom wmen although he conceded this might 

M. Boiteux drew some satis fa c- tiCS, * s 

tion, although this was over- 


sb ad owed by the anti-nuclear 
campaign which was affecting 
longer-term plans to reduce pro- 
duction costs. 

Two 890 MW nuclear units at 
Fessenbeim, in eastern France, 
were completed . last year, tbe 
biggest France had built so far. 
But M. Boiteux said that public 
acceptance of nuclear sites “is 
certainly posing problems” and 
that procedural delays were 
adding heavily to costs. 


be thought too inflationary. 

The cost benefits of nuclear 
energy would take some years 
to bear fruit, he warned. EDF 
would be battling for big in- 
creases of this kind at least, until 
1980. Without these,- it would 
face a financing gap oE Frs.70bn. 
to Frs-lOObn. in the first half 
of the 1980s. 

EDF has built ud a foreign 
currency debt of Frs.l4bn„ a 
quarter of its total indebtedness. 
Last year the Government paid 
in Frs.l.6bn. in new capital and 


The size of our investment loans, and local loans covered 
costs, in the present economic only half its remaining needs. 


Contractors lift earnings 


BY DAVID CURRY 


PARIS. April 5. 


TWO MAJOR French public tax, was Frs3bn representing a 
works contractors — Bouygues 35 per cent improvement 
and SAE — have today reported Gross orders at the year end 
a sharp improvement in earn- stood at Frs.6bn . some 36 per 
ings. cent up on a year ago. 

Bouygues has fulfilled expec- In 1977 Societe Auxiiiai re 
rations by posting profits of d*Entreprises (SAE), lifted net 
Frs.35.71m_ ($23ra.) for 1977 consolidated . earnings to 

against Frs. 16.85m. Deprecia- Frs.60.4m. from Frs.35.6m., an 


tion was double its 1976 level 
at almost Frs. 48m. Dividend, 
before tax bonus, is being lifted 
from Frs .21 .30 to Frs .28. 

Group profits came out at 
Frs.50.16ra. compared with 
Frs.18.2m., depreciation being 
Frs.77 29m. against Frs.51.4m. 


increase of 70 per cent Parent 
company net profit was Frs.37m_ 
against Frs.27.9m. 

The Board of SAP. prop«»es 
the distribution of a Frs 30 net 
dividend, or more than double 
the Fra.14.90 paid for 1976. 
Group turnover was Frs2.82bn. 


Consolidated turnover, excluding compared to Frs.2.443bn 


G runer plans U.S. deal 


BY GUY HAWTIN 


FRANKFURT. April 5. 


GRUNER UND JAHR, one of the turnover of the Parents 
West Germany's largest maga- magazine group last year 
zine groups and publisher of the a ™™ . T ° , al ^. S ^™: 1 oh 
popular “Stern - weekly, t<Hl.y J' ^Cr^er up«ah^ 4?ind 
disclosed an agreement in pnn- ma jb r moves In tbe U.S. this 
triple to acquire the U.S. publish- yeaT a couple of weeks ago. 
ing house. Parent Magazine the concern set up its first U.S. 
Enterprises. The planned pur- subsidiary— headed by Mr. Jim 
rhase must be seen as a step Randolph, formerly of McGraw- 
forward in a major assault by Hill— to publish Gruner*s big- 
the Hamburg-based publishing se uj ng monthly geographical 
concern on the American magazine. Geo -in North America, 
market “ Geo ", has had a major sue- 

A spokesman for Gruner und cess In the West German market 
Jahr — whose sales last year and ha? a current circulation of 
reached DMlbn. ($535m.)— some 325.000 copies a month. If 

refused to name the purchase - • 

price. He said, however, that 


GKN-Sachs 
appeal will 
get public 
hearing 


By Adrian Dicks 


BONN, April 5. 

THE WEST German Economics 
Ministry confirmed to-day that 
Guest Keen and Nettlefolds, 
Britain largest engineering 
group, has' appealed to the 
Minister, Count Otto Lambsdorff, 
to allow it to take over Sachs AG, 
the motor components group. 

GEN'S DM220m. (SlOOm,) hid 
for 50 per cent, of Sachs, of 
which it already holds 25 per 
cenL, was turned down in 
February by the. West German 
Supreme Court after the Federal 
Cartel -Office had successfully 
challenged a lower courts ruling 
in CRN’s favour. 

CNN’s appeal to Count Lambs- 
dorff does not actually challenge 
the Supreme Court, which has 
net yet. In- any case, published 
the full reasons for its. judgment. 
Rather, the company is exercis- 
ing a right to invoke the Econo- 
mics Minister’s final power of 
decision in cartel cases,, in which 
he- need not necessarily be 
guided by purely legal considera- 
tions. 

The next step, according to 
officials here, will be for the 
Ministry to hold a public hear- 
ing at-which -all parties will have 
the opportunely to state their 
case. This will give GKN the 
chance to raise arguments about 
industrial good sense which it is 
understood to feel were not fully 
aired in the court proceedings. 

After tbe hearing, the Ministry 
in such cases draws. up. its own 
summary of the arguments and 
presents them to the Minister 
for his decision. The entire 
process is likely to take about 
six months, although Count 
Lambsdorff himself is well 
known in Bonn -as a Minister 
loath to let decisions hang 'fire 
longer than he must. 

The procedure of appeal to 
the Economics Minister’s political 
judgment is not unprecedented 
In cartel cases. Ouf of four 
major cases in recent years, 
Deutsche Babcock’s takeover of 
Artos and the Veba-Gelsehberg 
merger were permitted, though 
with conditions attached, while 
the takeover of Kaiser’s 
Aluminium interests by the gov- 
ernment-owned VAW Group was 
turned down. A fourth case, 
Thyssen’s involvement with 
Hueller-Hille, remains in dispute. 

Should the Economies Minister 
decide against the GKN-Sachs 
deal, there is at least -theoretic- 
ally further recourse to the 
courts on procedural grounds. 


Fiat unit breaks even 

After two consecutive years of 
losses.' Magnet! Marelli, the 
Fiat-controlled eltciracl compo- 
nents company, broke even last 
year and reported a 255 per 
cent increase in turnover to 
L252.3bn„ about 5306m., writes 
Paul Betts from Rome. The com- 
pany effectively reported a small 
profit of L7m. last year, coin- 
pared with losses of L32bn. in 
1975 and Ll.lbn. in 1976. The 
turnround follows a Fiat 
inspired reconstruction pro- 
gramme. 



Option trading under way . in Amsterdam. 


Good first session for EOE 


THE EUROPEAN Options 
Exchange got off to a good start 
yesterday although business in 
UJv. options was hindered at 
first by an apparent lack ojf 
co-operation • from London, 
writes Charles Batchelor, from 
Amsterdam. 


Turnover in the nine Butch, 
U.S. and-UJC options totalled 
531 contracts in the 4$ hour 
trading session compared with 
around 600 contracts recorded 
in 16 options on the first day 
of. the Chicago .Board of 
Options Exchange in 1973. 

' Options on Dntch stocks were 
the most active with 300 con- 
tracts followed by . 177 con- 
tracts for U.K. stocks and 54 


for U-S. stocks. U.K., options. . 
ended the day the second, most 
active sector after prices, on ' 
the underlying stocks became 
available in the list hour of . 

’ the session.’ Up to then busi- 
ness In U.K_ options had' been 
limited to isolated . contracts. 

Traders and officials com- 
plained of a refusal by British - 
.jobbers to provide-prices in the 
underlying stocks J of BP, GEC 
and Id in the first hours of 
trading. The Swiss- firm 
Telekurs which Is contracted to 
provide - the underiying- stock 
prices was receiving Inputs of 
all British stocks except- the • 
Amsterdam Options Exchange,' 
Mr. Lubbertus- Seboiten, 
director of the EOE said. - 


The initial refusal of Bril 
jobbers to co-operate' In 
Amsterdam venture taerri 
the likelihood tiiaLt a market 
British stories will grow 
here despite a tentative a® 
meat between the London! 
Amsterdam Exchanges to i 
vent this. A separate qru 
-market in the under!} 
stocks was already In-op 
tion yesterday between ba 
and brokers in an attempt 
provide a basis for tbe EC. 
operations. - *. 


A large .volume of bash 
in Butch stocks was aitriba 
to the active role of Di 
banks and stockbrokers 
getting retail orders. 


Difficult year for Moeller 


BY HILARY BARNES 


COPENHAGEN, April 5. 

negative effect on 


THE AP MOELLER industrial had had 
and shipping group -turned in a. earnings, 
gross operating surplus of Gfoss operating profit in the 
Kr.707.6m. ($127m.) last year/ shipping partnership was up to 
an increase of Kr.2.2m. ' After Kr.574.2m. from Kr.57L.7nu in- 
administrative costs, deprecia- eluding dividend And interest, 
tion. extraordinary items and while administrative costs in- 
estimated tax. net earnings were creased from KrBClm. to 
down from Kr 2982m. to Kr.99.lm. 

Kr.2S2.5m. Depreciation, was unchanged 

These, figures cover fire pubUe 
companies, DampSkfbsselskabet Kr 9 i 7 rn in 1976 . 

Tl* available for distrihu- 
bet AF 19 U, and their joint skip- ^ t0 eac j, of Qj e j wo com. 

pmg partnership. . • pa nTes was Kr.40uu with 

An unchanged 12 per cent Kr200m. placed in reserve funds 
dividend was proposed .for the and the remainder carried 
two companies. - r • --- V.,. . forward.- - 


Ciba-Geigy enzyme sale 


ZURICH, April 5. 


BY ]OHN WICKS 

THE BASLE chemical company, financial year ended January 31 
Ciba-Geigy is to sell its Swiss is to be held at SwJr.3 gross, 
enzymes subsidiary, Dr. Schubert, ' The fund’s portfolio of shares 
Dittingen. to Danish-owned was reduced during the .past 
Schweizerische Ferment, also of business period, with convertible 
Bade. bonds accounting- for 23 per cent, 

The latter company,' which "Straight bonds for 2 per cent and [xificatious 
belongs to Novo Industri A/S, cash For 8 per cent, of holdings. 


Heavier loss jlOF 
from Estel 


Minn 


By Our Own Corresponded 
ESTEL,, THE .* large D 
German steel group, repbrl 
record loss of Fl.416m. ( * 

5194m.) in 1977 compared- •• 
a loss of FL69m. the year bt 
This follows a net log - . 

FL153fim. in the last quart 
1977. making it the worst qu - 
of the year and the worst i 
company’s history. . 

Estel's results show that : 
pean measures taken to co 
the steel recession have no- , 
the desired effect, ' it saldT 

Tbe loss was due. to. the- - 
traufng decline of print , » 

rolled steel products and t Drt j r* , > 1 1 \ j i 
law use of capacity due. h **■ 

poor levxel of orders. The 
duction of rolled steel -pro ... - • . 

in the final quarter wm-.I! 
cent, down on the third qu 
at 1.98m. tonnes. 

The result of the steel 
cessing division improved ii 
final quarter and a /profit 
made over the year.as a.wh 
although this was tower that 
1976 profit The trading to - 
made a small loss in (he 
quarter. The result of the < 
division ' was " 
sfderably better, . — 


of Copenhagen, is already active 
in the same .field as Dr. Schubert 
— fermentation-based^ - industrial 
enzymes manufacture. The take- 
over is intended to ■ expand 
Schweizerische Ferment’s activi- 
ties and there will be redundan- 
cies as a result . 

Dividend of the Zurich-based 
investment fund Uniwert for the 


U.S. $50,000,000 


Societe Financiere pour les 
Tdecommunications et PElectxonique SA. 


Guaranteed Floating Rate Notes 1978-1983 
Irrevocably and Unconditionally Guaranteed by 

STET 


Sorieta Finanziaria Telefonica per Azioni 



In accordance with the terms and conditions of the Notes, notice is hereby 
given that for the initial luteresr Period commencing On April 5, 1978 the Notes 
will bear interest at the rate of 8li-% per annum. The interest payable on the 
relevant interest payment date, October 5, 1978, against Coupon No. I will be 
U.S. $44. 1614. 

Agent Bank 


Orion Bank Limited 


TJiisotJvLTihviih'nr iiuiiplkv liff/i the n-ipiirmwnts of the Council of The Stock Exchange 


Gestetner Holding B.V. 


I Incorporated with limited liability in the Nether hmds) 


i 


Issue of £10,000,000 

11 per cent. Sterling Foreign Currency Bonds 1988 
Guaranteed by 

Gestetner Holdings Limited 

[ Incorporated with tmiiu-d liability m England) 

The issue price of the Bonds is 100 per cent of their principal amount. 

The following have agreed to subscribe or procure subscribers for the Bonds:- 


N. M. Rothschild & Sons Limited Morgan Grenfell & Co. limited 

Manufacturers Hanover limited 

Credit Suisse White Wdd limited 


Kredietbank SA. Luxanboargemse 


The 10,00UBondsof£I ,000 each coretituting the above issue have been admitted to the Official List by 
the Couocfl of The Stock Exchange. 

Particulars of the Bonds and tbe Company arc available in the statistical services of&rtel Statistical 
Services Limited and may be obtained during usual business hours up to and including 19th April 1978 
from the brokers to the issue: 

Hoare Gqvett Lfd_ Atlas House. 1 Kmj* Street London EC2V SDU- 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Alcan Australia Sipc 1989 

AMEV 8 pc 1987 

Australia Si pc 1992 ...... 

Australian M. & S-. 91pc TJ2 
Barclays Bank Sipc 1992 
Bovrater Wpc 1992 ... . 

Can. N. Railway SI pc 1986 
Credit National 8iuc 198S .. 

Denmark 83pc 1984 

ECS 9 DC 199a 

BCS-SJpC 1997 

EIB SJpe 19W 

KMJ fl*pc 1«fl 


Bid 


Offer 


Ud 


Offer 


953 
9tt 
9U 
97} 
98J 
97} 
97J 
97} 

IN 

.«} 

954 
98 
979 


Ericsson- 8}pc 19W " 954 


Bno Spc 1986 Not. 

Cl. Lakes Paper 81pc 1984 

Hamersley 9}pc >992 

Hydro Quebec 9pc 1992 ... 

1CI Sipc J987 

IRE Canada 9fpc 1986 

Macmillan Bloedel 9pc IB92 
Massey-Fet^uson Hpc '91 

Michelin 9}pc 1988 

Midland Int. Fin. Sipc *92 


101 } 

HI 

99} 

96} 

97 

im» 

•96} 

K 

1013 


National Coal.Bd. Spc 19S7 
National Wstn 


stmnstr. 9 pc •88 
NewfOuadland 9 pc 1989 .. 
Norses Korn. Bk. 8}pc U62 

Norploe 8*pc 1989 

Norsk Hydro 81 pc 1992 .. 

Oslo Spc 1988 •. — 

Ports Aotonomcs 9pc 1891 
ProT. Qoebee Spc 1995 
Prow. Saakarcta. S3 pc 19S6 
Reed international Spc '87 

RHM 9pC 1992 

Selection Tst. 8Jnc 1959 .. 
Skaad. BnsklUa Bpc 1991 .. 

SKF Sp< 1957 

Sweden iK'doml 81 pc 19S7 
United Biscuits 9oc 1989 ... 
Volvo 9 dc 1997 March 


94} 

181 

1M4 

96} 

96 

96 

101 } 

984 

96} 

993 

924 

93 

99} 

99} 

923 

954 

9S4 

92} 


964 

97 
8S 
98} 
974 
984 
Hi 

98 
190! 

99 
W* 
9M 
984 
96} 
102 . 

99} 
100} 
97 
873 
1W} 
97 
97 
1024 
984 
- 95} 
1013 
101} 
97} 

oc: 

963 

102 } 

»i 

97 

1001 

94} 

933 
91} 

100 

934 
96} 
99} 
93} 


STERLING BONDS _ 

Allied Breweries 10} PC *99 9«l 

Citicorp 10 DC 1993' — — Wi 


94} 

964 

m 


Court* olds 9toc 1989 

ECS 94 pc 1989 

EIB 9iPC 1988 

EIB 93PC 1902 951 

Plnanre for IimL 91pc 1987 95} 

Finance for Ind. lOpc 1989 

PI sons 19} pc 1987 

INA 10PC 19SS ... 

R own tree IWpc 1988 

Sears 10}pc 1988 


Total OU 94PC 1994 


95} 

98} 

94} 

943 

944 
•4} 


95} 

951 

95 

961 

98 
961 
9Ci 
96} 

99 
B5 
95} 
95} 
BS 


DM BONDS 


BFCE 51 pc 1988 - 

BNDE Sipc 1986 

CHS 64PC 1M8 

Denmark 5}pc 1984 — 

ECS 5} pc 1890 

EIB 5} pc 1999 ^ 

Buratotn 5fpc 1987 -■ 
Eorofima 54 pc 1988 — 

Finland 33pc 1986 

Forsmartcs 5!PC 1990 
New Zealand 5} pc 1886 


1064 

971 

973 

109} 

973 

97| 

300 

100 } 

99 

99} 

1W5 


N orcein Mnc 19S9 10M 


Norway 41 pc 1988 

PWlJppIpes 6JPC 1965 

Sweden 6pc 1SS9 - ..... 

Tanernautobalu 5} pc 1993 
TVO Power Co. 6pc 1988... 

Venezuela 6pc 1988 

World Bank 5*pc 1990 


uc 

97 

1033 

100 

99 

99 

99} 


191} 

984 

B8i 

101 

984 

98} 

100 ] 

101 

991 

100 

101 } 

1014 

192] 

97! 

3024' 

1001 

DM 

99! 

100 


Economic Laks. 4ipc 1987 

Firestone Bpc 1988 >-.■ 

FOrd 5pe 1988 - 

General Electric 4} pc 1987 

Gillette 4}pc JS87 ...» 

Gould 5pe 1987 

Gulf and Western Spc 1988 

Harris Bpc 1992 — 

Honeywell Got 1986 

ICI 6Jpc 1992 — 

INA Bpc 1997 — 

Incite ape Kpc 1992 — 

ITT 41 DC 19S7 — _ 

Juseo 6pc 1992 

Komatsu 7}pc 3999 

J. Bay McDermott 4fpc '87 
Matsushita 6lpc 1990 

Mitsui 7iPC 1990 - 

J. P. Morgan 44pc 1987 ... 
Nabisco ape 1988 
Owens Illinois 44 pc 1987 ... 
J. C. Penney 44 dc 1987 ... 

RevlOD 4ipc 1987 

Reynolds Metals Spc I8S8 


Sperry Rand 41 p* 1 1987 
Soulbb 4} pc 1987 . ....... 

Texaco 44 pc 1988 

Toshiba 81 pc 1992 

Union Carbide 4!pc 1982 ... 

Warner Lambert 44pc 1887 
Warner Lambert 41 pc 1888 

Xerox Spc 1988 

Source: Kidder. Peabody Securities. 


BM 

Offer 

77 

78} 

80 

81} 

88}- 

90 

81} 

83 

77 

78} 

198 

109} 

M 

85! 

146 

148 

S8 

89! 

86 

87 

94! 

98 

108} 

10B] 

78} 

80 

118 

US 

128} 

129! 

141 

.143 

161 

1E2 

138 

139 

91 

92! 

99 

100} 

106} 

IBS 

77 

78} 

103! 

103 

821 

64 

109 

111 

85} 

87 

78} 

80 

78} 

SO 

137} 

138J 

92} 

94 

811 

83 

77 

79} 

78 

W 


.• ' •_ ;■ „ . .To. the holders of . .. .. . 

National Bank of Hungary 

(Magyar Nemzeti Bank) 
Redeemable Floating Rate Deposit Notes due 198 • 
In accordance with the provisions of the above Note 
American Express International Banking Corporation, -i’ 
Fiscal Agent has established the rate of interest on eat 
Notes for the senri-annual period ending 29th Septemm 
1978 at Vtf.per cent per annum. Interest due .at .the end i 
the interest period will be available upon surrender to an 
the Paying Agents of Coupon No. 3. r — 

• ’ - American Express Intern ationT 
• ‘ BankingCorporatii 

As Fiscal Ago i 


anutlk 1 


28th March 2978 





Investing in .North Sea .arid American oQ 
and gas production through 


.UAGINU 
'LTD. 


S.? 1 


VIKING RESOURCES 
INTERNATIONAL N.V. 

Listed on the Amsterdam Stock Exchange. 
The Annual Report as of 31st December, 


1977 has been published and may be 
obtained from 


Pierson, Heldring & Pierson N.V„ 

Herengracht 214, Amsterdam 


FLOATING RATE NOTES 
Bank Of Tokyo 1984 715 jbpc 9B» 

BFCE 1984 8} PC « 

BNP 1983 81KPC 
CCF 1963 8pc .. 

CGMF 1984 71 pc 


953 


NOTES 

Australia 74 dc 1SS4 

BeD Canada 7Jpc 1967 94} 

Br. Columbia Hyd. 7lpc '85 94} 

Can. Pac. Sipc 1984 99} 

Dow Chemical 8pc IBS6 — 97 

ECS 7ipc 1982 96}- 

ECS Sipc 1989 95} 


EEC 74 DC 1982 9tt 

EEC 7}pc 1984 95} 

Enso Gnttelr 81 pc 1984' - 964 

Gotuvcrkea 71 pc 1982 * 97} 

Kocfcuma 8pc 1SJO BS1 

Wchctta Sipc 1993 99} 

Montreal Urban Sloe 1991 161 


964 
93} 
9 Si 

100 } 

071 

97} 

96 . 

97 

965 
971 
93 
99 
300} 
101 ! 


Creditanstalt 1984 T*PC - 
Credit Lyonnais 19R2 8 pc .. 
DG Bank 1982 7l3|fipe ... 

GZB 1981 8116PC 

Inti. Wstmnstr. S4 7 15 is DC 

Lloyds 1983 Ttpc 

LTCB 1983 Spc 


Midland 19S3 8 pc . — r... 

Midland 1987 7U|6PC- 

OKR 1983 7Jpc 

SNCF 1B85 84 DC 

Std. and Cbtrd. *84 7U 16P c 
Wms. and GZyns >84 8I16PC 

Source: White, Weld SeeurWes. 


Mi 

99! 

Ki 

901 

99} 

99} 

IBM 

99! 

1001 

99} 

ieu 

99 

991 

99} 

991 

993 


Sft 

m 

99} 

100} 

98 

100 } 

100 

looi 

1001 

1004 

100 ! 

1001 

101 ! 

98} 

1001 

991 

iae 

100} 


New Brunswick Spc 1984 

New Brum. Prov. 8]pc ■S3* 

96] 

190} 

97! 

101 

CONVERTIBLES 




New Zealand Sipc IBM 

BS4 

as 

American Express 4+ pc *87 

-51! 

83 

Nordic Inv Bt 71 pc 19S4 

95} 

96 

Ashland Spc 19S5 ... 

„ 

S3! 

87 

Non* Hydro 71 pc 1982 ... 

97} 

BS 

Babcock Sc WOcox 61 DC *97 

93! 

941 

Norway 7}pc 19S2 ... 

96 

96] 

Beatrice Foods 4! pc 

1992 

92 

93} 

Ontario Hydro 8pc 1957 .. 

96} 

97 


1992 

104 

ioa 

SUuier Sloe tsSS 

lOOi 

J0J 

B eecham Sipc 1902 .. 


933 

963 

S. of Scot Elec. Sipc 1981 

992 

190} 

Borden 5pc 1993 


98} 

100. 

Sweden (R’dotn) 7}pc 1032 

97} 

98 

Broadway Hale 4! pc 

1957 

781 

so 

Swedish State Co. 7£pc ’83 
Tebnex 91pc 1SS4 

97} 

93} 



76 

77! 

99! 

100} 

Chevron Spc 1988 ... 


123 

124} 

Tenneco 7jpc 1987 May ... 

,93] 

94! 

Dan 4} pc 1987 


77 

784 

Volkswagen 7Jpc 1987 . .. 

94} 

95+ 

Eastman Kodak 4}pc 

1BR8 

S2 

83! 


Weekly net asset value 
rZ3 on March 31st 1978 

Tokyo Pacific Holdings N.V. 

U.S. $50.83 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $37.05 

Listed on the Amsterdam Stock Exchange 

Information: PtaMfl, Heldring & Pierson OfcV., Herangracbt 2T4, Amsterdam 


YONTOBEL EUROBOND INDICES 


PRICE INDEX 4A.79 

DM Bond* 108.43 

HFL Bondi & Nam 104.71 
U5. S Sen. Bondi IDCL24 
Can.-Dolljr Bond* 9V.1I 


14.5.76= 
28.3.78 
108.29 
. 104J3 
100.42 
99.50 


= 100 % 

AVERAGE nao 4.4.78 
DM Bends 6.312 

HFL Bends & Nows 7.471 
U.S. S Strt. Bonds 8.657 
Can. -Dollar Bonds 9.468 


28.3.7$ 

6.306 

7.469 

8.622 

9.370 


Neptune International 
Corporation 


has acquired cert ainj^f .the_assets of 


Glenfield and Kennedy 


The 


"financial advisor to Neptune International Corporation . . 


Interaattonfll 


April 6, 1978 
















Fin&i)Qi^ ; , rimes Thursday Aprj] 6 1978 


financial and company news 



^TH^AMERICAN HEWS 


HONGKONG & SHANGHAI — MARINE MIDLAND 


iirtiss- Wright publishes 
ennecott proxy material 

- :• . - NEW YORK, April 5. 

a ^miUir.Urge favours the lender offer route 
* trv ar l t £ day holding and • .theit- -back Us arguing that pro-rata dis tribution 

companS? Pr ^ ramme '. ‘ ' ’ • *. would leave sharehoK opSS 

v ’ -Kennecott s smek was up $; to taxation of dividends as 

tliem t0 S2Sl ' l his morning and a block ordinary income while the pro- 
PSLSP - ® 1 7*1“ thc 77JSW *h™ ^“ged hands at ceeds of a tender offer could be 
,' a ™« . .which Curtiss, that price. Curtfc*WrWtt’s more favoSly taxed is a 
t >r l Corporation would dis- proxy statement makes- it dear capital cain nr loss, 
ute If itsproxybid to seize that the New Jersey aerospace f. " . , • 

trol of Kennecott proves sue. manufacturer is taking its stand “ llss " Wr B t ts P rcsc Si ,n ' 
iful at the company's annual on Kennecott ■ management 1.®”, ”, 1S .J° s ® e * 10 have 50 per 
■tiDg on May -2, failure to distribute any of the ° r ,ts s , h H£ 5 ,.„* havin £ an 

Ittinc on Banner m « «%r proceeds of the SiJ2bn._ sale of iY£3!5* *? sl .® f p _ er 


A landmark in international banking 


BY STEWART FLEMING IN NEW YORK 



, ""’■-•--i .*4 purchased 
■> % br for SS67n 

i,J t.S, 




the gramme fur Kennecott but it and 
borrowings its nominees believe “ that the 
. w subordinated programme would not result in 

ana one. Mr. r. Rowland income notes received by Kennucotl's inability to continue 
1S chairman of Curtiss. Kennecott as part of the Peabody its metals operations or io 
'i> fjv. . . sale. • • - • finance (hem." The proxy slale- 


T this battle is bemusing Wall Out of this kilty Curtiss-Wrigbt ment argues that during the 
t !*:> , - -'et which cannot remember maintains it would be possible nine years in which Kencneoti 
hi;,.: . '‘“Sfijlhing quite like it. A nay lists cither tu distribute S20 per share owned Pcaboily ii contributed 
,, ' quoting oddc against to stockholders or for Kennecott WBni. to Peabody's capital. In 

* ■' r ‘ n ‘‘ hl ‘tiss-Wright succeeding hut its to make a tender offer for half spile of restraint on Kennecoifs 

r, ‘" and *tpaign is noi being laughed of its outstanding shares at S40 resources it was able to continue 

:!:;4 r *'iaii >W ^ 0 f court. Thc- possibility can- per share. In both cases the sum the operation and financing of 

he ruled out Thai Curtiss- distributed would be of the order its metals business, cluims 
ght may find another ally who of S88&26m. Curtiss- Wrighi Cur tiss-Wright. 


i-ieaYierio, 

• { ! mE ^New bid for Minnesota Title 


Ol- Q. 




MINNEAPOLIS, April 5. 

r . > REPUBLIC International Republic shares during the ten and all of Minnesota Title shares 

»• : 'j' -poration and Minnesota Title trailing days before Minnesota as soon as it could receive the 

\ ; - .■ r -U .-ancial Cnmoraiion uid an Title shareholders vote on the necessary regulatory approvals. 

.... . ^,aiiciai corporation said an p^, The dirccfors of Minnesota 

: ; • y3 £ rn f I,t principle has been agreement stipulates that Title have previously said that 

: . m- ca . 5.,., - l ‘) c mer SfI Minnesota Title' shareholders they were opposed to the 

„ Minnesota Title into an .Old deciding to accept stock will not Gamble-Skoqmo offer as noi 

- ubiic subsidiary'. receive less than 1.29 nor more being in the best interests of 

ach of lhe 1.2m. Minnesota than 155 Old Republic common its shareholders or reflective of 
- n.-t' shares outstanding will be shares for each Minnesota Title lhe worth of the company. 

. : '-s ‘i.< > ianqed for 828 cash or a share. • • • Gamble • Skogzno said ils 

"" ’..ibei of Old Republic common In mid-March, Gamble-Skogmo officials are studying the offer 
■■^r.i.-es determined by dividing 28. said it intended to make a $21 announced by Old Republic. 

• -. .he average bid price for Old a share cash tender offer for any AP-DJ 


w.anron sees 
••Profit rise . 

f Our Own Correspondent . - 

MONTREAL, April 4. 
■.r^RON. THE Montreal-based 
W onal steel construction pipe 
‘ “/.concrete and plastics products 
. jp, expects this year to beat 
, " profit of SCld.4m. fSUS95m.) 

. :! ‘ales of SC363m, (SUS 319.8m..) 
*7. l irted last year. . .... 


Prudential Canadian deal 


BY ROBERT GIBBENS - 

THE PRUDENTIAL Assurance 
Company of America is buying 
845m. of long-term bonds of 
Ivaco Industries, the Quebec- 
based manufacturer .of steel pro- 
ducts, wire, nails and. screws, 
with plants in Quebec. Ontario, 
Nova Scotia and the north east 


MONTREAL, April 5. 

About S20m. is derived from 
Prudential Canadian policy- 
holder funds and S25m. from 
American policyholder funds. 
The Ivaco debentures are 15 
yea;* in term and the U.S. por- 
tion of the loan will pav 91 ner 
cent, interest while the Canadian 
.portion will pay 10 per cent. 


THE PROPOSED ncffUisiiion of 
a controlling slake of 51 per 
cent, of Marine Midland Bank by 
Hongkong and Shanghai Bank- 
ing Corporation is startling 
evidence of jual how interna- 
tional the world's financial 
markets have become. A decade 
ago it would have been hard to 
imagine bow two such disparate 
institutions could have convinced 
themselves that they had enough 
in common to make such a union 
work. Yet to-day we are looking 
at what could be a landmark in 
international banking history — 
assuming shareholders and regu- 
latory approvals are given. It is 
probably thc biggest merger 
between banks nf different 
countries ever proposed and the 
largest aeuuisition of a major 
U.S. bank by a foreign banking 
institution ever. 

At this stage the ramifications 
of such a move can only be 
guessed at. Since 1972 foreign 
banks in the U.S. have experi- 
enced phenomenal growth, their 
standard hanking assets (cvlud- 
ing nmney market and inter- 
bank lending) expanding from 
SlSbn. to S55bn.. and total 
assets to over $80bn. 

In New York, still the banking 
capital of America, foreign 
banks have over one-third of the 
total domestic commercial and 
industrial loan volume, and in 
California the figure is just 
under one-third. Foreign banks 
in thc last six years have become 
a real competitive threat to 
banking giants like Citicorp or 
Chase Manhattan in their own 
bark yard. 

Because of this and the 
privileges allowed to foreign 
branch banks in their being 
allowed to hank in more than 
one state. Congress has heen 
agonising over foreign banking 
legislation for the past three 
years. Some Dropusals Washing- 
ton has considered would curb 
the foreign banks, bringing them 
more closely into line with tl S. 
hanking requirements. The 
Marine Midland-Hong Kong bank 
proposal seems certain to revive 
thc debate about foreign bunk- 
ing and could well bring for- 
ward the day when new foreign 
hanking legislation finds its way 
through Congress’s tortuous 
processes. 

Especially if. as some already 
predict, the proposal sparks off 
urgent moves hy other foreign 
banks to expand in thc U.S. 
National Westminster Bunk of 
the U.K.. for example, has 


admitted that it is seeking a 
significant acquisition in .Yew 
York. 

Bui it is not jusi in the U.S. 
that the broad implications or 
the proposed acquisition by 
Hongkong Bank have to be con- 
sidered. One of the reasons un- 
doubtedly why Hongkong Bank 
has ventured to take such a bold 
move is that it has been footing 
the bite of competition in its 
traditional oriental markets. The 
lop U.S. banks are now earning 
well over 50 per cent of the 
profits overseas and for some 
banks, like the U.S. number two, 
Citicorp, the figure is over 80 per 
cent. Their invasion of Far 
Eastern markets through Singa- 
pore. the growth of the Asia 
dollar money markets, and of 
international lending generally 
in such places as Indonesia all 
present new challenges to what 
has been the largest financial 
institution in the area outride 
Japan — the Hongkong Bank with 
its worldwide asset* of SlTbn. 
plus. To meet these challenges. 
Hongkong Bank probably needs 
a more international financial 
and managerial base. 

if Marine Midland shareholders 
approve and the Federal Reserve 
Board and New York Slate hank- 
ing authorities agree, then Hong- 
kong Bank will have made a 
crucial leap from being a 
regionally based institution to 
being a truly international one. 
For it will have secured access 
to a very large and stable U.S. 
dollar deposit base through con- 
trol of Marine Midland, a bank 


with assets of over S12bn. and 
the 13 largest US. commercial 
bank*. In the face of the 
nationalistic pressures and rapid 
change which is currently in pro- 
gress in the Far East — not to 
mention the uncertainty about 
what will happen in Hong Kon? 
when the British leases on the 
Crown Colony run out in 1997 — 
thc opoortunily which Marine 
Midland presents to the Hong- 
kong Bank is one which it might 
not be able to afford to miss If 
it is to underwrite its inter- 
national role into the future. It 
is also a development for which, 
if the deal does not so through, 
the Hongkong Bank will prob- 
ably have to find a replacement. 

For all ibis, the proposed 
liaison must be seen as an un- 
likely one. On the one hand, 
there is Marine Midland, a bank 
which over the past two years 
has had the worst earnings re- 
cord of any banking institution 
of its size in the U.S„ the only 
bank of its size to record a 
quarterly toss in the past three 
years, and to cut its dividend, 
and finally in have to seek 
Federal Reserve approval for 
paying a dividend last year. 

Until 1976. Marine Midland, 
for all its size, was legally just 
a conglomeration of some 300 
small local, mainly upstate New 
York hanking concerns. Some of 
its problems, particularly its 
heavy losses in its London office, 
intermarine, stemmed from this 
loose corporate structure, the 
lack of central control and the 
decisions made by its indepen- 


dent New ork branch to venture 
into the world of international 
banking' In the early 1970s to 
compete with much more sophis- 
ticated and experienced institu- 
tions. 

It requires only a glance at 
Marine Midland’s balance sheet 
peppered as it is with the sort 
of detail about loan losses, pro- 
visions. and geographic and in- 
dustrial breakdowns of its 
business — disclosure to a decree 
which only the U.S. banking 
authorities demand — to see how 
different it is in outlook from 
Hongkong and Shanghai. 

Thc Hongkong Bank, founded 
111 years ago by a group of 
traders who were active in 
China, still reflects the British 
colonial ambiance. Its senior 
officers are still largely British 

although the presence of the 
legendary shipping magnate 
Y. K. Pao on its Board testifies 
to its oriental roots. As its bal- 
ance sheet shows it bas had no 
difficulty adjusting to the 
inscrutable ways of the Orient — 
major banks are less revealing 
of their business. It does not. 
for example, yet publish true 
profit figures, but instead makes 
transfers from hidden reserves 
to smooth its earnings and in 
effect disguise the performance 
of its businesses. Unlike U.S. 
hanks, it is not required to break 
down profits between different 
sorts of operations — between 
securities and non-securities 
activities for example. It cer- 
tainly does not break down its 
business into tbe mathematical 


The corporate central bank 


THE HONGKONG and Shangai 
Banking Corporation is thc big- 
gest bank in the Colony, con- 
trolling around 50 per cent, of 
local deposits, and is closely 
identified at least in the public 
mind with the Hong Kong estab- 
lishment. 

It fulfils a number or the roles 
of a central bank, including pro- 
viding a major portion or the 
note issues, serving os the 
Government’s principal banker 
and occasionally acting as lender 
of last resort. 

The Marine Midland move 
underlines the group's ambitions 
to develop into a medium-sized 
international bank and to expand 
and diversify its operations. It 


may also be related to the very 
recent mores by Hong Kong 
itself to open the doors to 
branches of foreign banks after 
a 12-year ban. subjecl to certain 
conditions including the offering 
of reciprocal facilities by their 
country of origin. 

Hongkong and Shanghai Rank- 
ing group's ambitions to expand 
arise partly because of 
nationalistic restrictions in 
many of the South East Asian 
countries in which it operates. 
These limit its opportunities for 
growth in that part of the world. 

Another factor is the long- 
term uncertainty over the posi- 
tion of Hong Kona. All the avail- 
able evidence, including some 
recent indirect signals from the 


mainland, indicate that China 
has no intention of seeking to 
alter the status of the colony 
in the near future, and probably 
not until after the turn of the 
century. but Hong Kong's 
anomalous position must be 
taken into account. 

There have been criticisms of 
the Bank’s cautious policies and 
conservative management, 

though in recent years competi- 
tion in the Colony itselr has led 
it to take a more aggressive 
stance. 

Its power has been diminish- 
ing as a result of the advent 
of a wider range of banking in- 
stitutions and high levels of 
liquidity. 


detail required of Marine Mid- 
land. 

Secrecy is undoubtedly one of 
the assets of its business. It 
dominates to Hong Kong finan- 
cial community fulfilling some 
of the functions of a central 
bank— it issues banknotes, for 
example— and also performs 
vital Toreign exchange opera- 
tions for the Communist People's 
Republic of China, it is one of 
the few capitalist institutions 
with a branch on the mainland 
in Shanghai 

But if its base is in Hong 
Kong and a high proportion of 
its deposits come from Chinese 
dispersed around the orient, its 
operations are wide-ranging. Its 
British Bank of the Middle East 
subsidiary with assets of 34bn. 
plus gives it a solid base in the 
oil-producing states there, and 
in London it has a 40 per cent, 
holding in the Anthony Gibbs 
merchant bank. 

Marine Midland shareholders 
therefore are not just getting, 
if the deal goes through, a much 
needed S200m. infusion of new 
capital to form a base Tor new 
expansion. They are also getting 
access to the contacts and ex- 
perience of an international 
hank with roots in vital areas 
oi the world — exoerience and 
knowledge the hank could have 
done with before its ill-fated 
international expansion earlier 
in the decade. 

Hungkons and Shanghai in 
return will he able to forget the 
disaDpointments of its smalt Call- 
fnrnian operation — the Honskong 
Bank of California (assets 
St 56m. t which it is expected to 
pull out of because of the U.S. 
hanking laws. It will become a 
force to be reckoned with in 
U.S. banking as well as one nf 
the world's largest banks. Com- 
bined. the assets of the two com- 
panies will add up to more tban 
S’tShn.. putting it on a par with 
Manufacturers Hanover. It can 
al«n expert to he able to draw 
on a wid»“T recruitment has* than 
the slightly incestuous British 
colonial hierarchy of Hong Kong 
from where its management 
talent has heen drawn. That too 
will bring it more into the main- 
stream of international hanking. 
Clearlv both banks have much 
to gain from the relationship. 
But equally it is hard not to 
suspect that it will take some 
years for such different institu- 
tions to grow to understand each 
other. 


NEW YORK, April 5. quarter rise 


~ ~ Mitsui to buy another Cook offshoot 

nk of Him - ■ MEMPHIS, A P m 5. 

? )K INDUSTRIES has agreed unit of. Mitsui and Co., the Japa- and chief executive officer and 
r .sell il s Reserve. Louisiana, ncse trading company. his sister Ms. Phoebe C. welsh, 

w. : ; ViJrifcort elevator and related Cook has signed a definitive who together hold about 43 per 
n business to Mitsui (U.S.) agreement with Mitsui concern- maior 

-,-: ld n °t *sciose the terrns ing ; the reserve elevator, but that lo 0t vote their 

.he financially troubled grain the agreement is subject to cer- sh ™ S in ^ favour of the trans- 
oem announced last month rain' conditions including | c a i0 ^ the company said. 

• • - it also would sell its seven approval hy Cook shareholders. we C0Bip By s 

, .‘-i-vitd elevators to Mitsui, a ' Mr Edward Cook, chairman 


Chase to close IBM reveals revenue from computers mgm second 

German unit 

NEW YORK. April 5. 

FAMIL1ENBANK. a unit of 
Chase Bank, of West Germany. 
will be closed down by the end 
of May. Chase Manhattan Bank 
said to-day. Chase Manhattan, 
parent of Lhe Chase Bank, said 
Famifienbank, a retail deposit- 
taking . and lending operation 
with about 20 branches, was 
being closed because of ** unsatis- 
fartnrv performance." 

AP-D.T 


INTERNATIONAL Business 
Machines Corporation has for 
tile first time disclosed revenue 
from its computer business in 
its latest Form lfl-K. a yearly 
report to the Securities and Ex- 
change Commission. 

The large computer maker 
usually provides little informa- 
tion in its 10-K that has not 
already appeared in ils annual 
report. but has decided 
apparently lo change its policy. 

On the second page of its IA77 


10-K is a table that discloses, 
although indirectly, the revenue 
from IBM's computer business 
for the last five years. The table 
did not appear in the annual 
report, mailed in February. 

Primarily, the table indicates 
that sales of IBM computers 
have been running higher and 
rentals lower than a number of 
analysts had thought. 

The initial reaction of 
analysts, most nf whom had not 
yel seen the report, was thal the 


information on computer 
revenue should markedly im- 
prove their ability to forecast 
IBM’s results. 

According to the table, data- 
proccssing products and ser- 
vices have accounted for a de- 
clining share of IBM’s revenue, 
dropping to SI per cent, of last 
year’s total from -84 per cent, 
in 1973 Over the same period, 
revenue from sold machines has 
risen 144 per cent to an indi- 
cated ?4.6bn. Aeencies 


NEW YORK, April 5. 
CONFIRMING analysts’ 
optimism, Metro-Goldwyn-Mayer, 
the films to hotels concern re- 
ports a 50 per cent, advance In 
second-quarter earnings lo S9.6m. 
or 66 cents a share from the 
SBJm. or 43 cents a share for 
the same period in the previous 
year This was achieved on a 
revenue up by 22 per cent, lo 
892.6m. 

AP-DJ. 



DM-V- 





in 


ALIDA PACKAGING 
GROUP LTD! 


Noricv is hereto* *»iven of rile 
appointment of Lloyds Bank Limited its ■ 
Registrar. 

All documents lor rcjrisrration und 
Correspondence should in turure he sent to: 


Lloyds Bank Limited, 
Registrars Department, 
GorinjfbySea,, 

Worthing, West Sussex BNI2 6DA. 
Telephone: Worthing 502541 
(STD Code 0903). 


R.B. Brooksbank A.C.A. 

-Director. 


CSO'3 


nn 


ned> r 


The Mitsui Trust and 
Banking Co., Limited 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Maturity date 6th October 1980 



■3 


In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that : for the six 
month interest period from 6 Apnl 1978 to 6 
•October 1978'the Certificates will carry an Interest 
3Uie of S %7o per annum. 

Agent Bank 

I The Chase Manhattan Bank, N.A., 

1 London 


Srot 


3^ fS 


EUROBONDS 

New Swiss 
issue from 
Inter-American 
Development 

By .Mary Campbell 

PRICES were more or less 
unchanged in dollar. D-mark and 
sterling sectors yesterday 
dealers said. 

The first Swiss franc foreign 
bond issue since tbe “pa use" fol- 
lowing the fall-out in this market 
has now been formally 
announced. It is Sw.Frs.80m. for 
15 years for the Inter-American 
Development Bank. 

The coupon level has been sel 
at M per cent, and the issue price 
at 99 vf put the yield at 4 .35 per 
cent. According to reports from 
Zurich, the Swiss authorities 
have exempted this and other 
issues by certain multinational 
agencies from the 35 per cent, 
quota applied to foreign invest- 
ment m Swiss franc foreign 
bonds. 

The 4.35 per cent, coupon 
yield compares with 32 per cent, 
for a top quality borrower before 
the Swiss National Bank imposed 
restrictions at the end of 
February. ’ 

In the yen bond market, thc 
terms have now been announced 
for Argentina’s issue. The Yen 
15bn. issue will offer a 6.4 per 
cent coupon on an eight year 
maturity and be priced at 99.10. 
Yamaichi Is lead manager. Thc 
6.4 per cent, coupon compares 
with 61 per cent, on thc current 
Issue for Malaysia but the pricing 
is somewhat more generous to in- 
vestors on the Argentinian Issue. 
• Thc Asian Development Bank 
has announced the sale of 70 
million dollars of two-year bonds 
to .26 ADB member countries' 
central banks and other govern- 
mental agencies. 

The bonds are to mature April 
1, I960, yielding interest of 7.80 
per cent a year payable semi- 
annually on April 1 and October 1 
each year. The first payment will 
be next October. 

Sold at par. thc bonds represent 
an increase in aggregate principal 
of 20 million dollars over thc two- 
year bonds that matured April 1 
of this year. 

Philips & Drew, the U.K. stock- 
brokers, have launched a monthly 
Review of the internaliosul bond 
market. 


This advertisement appears as a matter of record only. 

The 

Republic of Venezuela 
U.S. $1,200,000,000 

Medium term loan 

with Banco Central de Venezuela 
as fiscal agent for the Republic 


managed by 

Manufacturers Hanover limi ted Swiss Bank Corporation The Dai-Ichi Kangyo Bank, Limited 

Axnsterdam-Rotterdam Bank N.V. The Bank of Nova Scotia International Limited 

Chemical Bank DG BANK Deutsche Genossenschaftsbank National Westminster Bank Ltd. 
The Royal Bank of Canada Westdeutsche Landesbank Girozentrale 

The Long-Term Credit Bank of Japan, Limited. 

The Mitsubishi Bank Limited Toronto Dominion Bank 


The Sanwa Bank Limited 


co-managed by 

The Sumitomo Bank, Limited The Taiyo Kobe Bank Limited 
The Tokai Bank, Limited 


Manufacturers Hanover Trust Company 


provided by 

Swiss Bank Corporation (Overseas) SA Panama Amsterdam-Rotterdara Bank N.V. 

The Bank of Nova Scotia International limited Chemical Bask The Dai-Ichi Kangyo Bank, Limited 
DG BANK Deutsche Genossenschaftsbank, Cayman islands Branch International Westminster Bank Ltd. The Royal Bank of Canada 

WestLB International S A. The Long-Term Credit Bank of Japan, Limited The Mitsubishi Bank limited Toronto Dominion Bank 

The Sanwa Rank 3 Ltd. The Sumitomo Bank., limbed The Taiyo Kobe Bank Limited The Tokai Bank, Limited The Bank of New York 

Lloyds Bank International Limited Midland Bank Limited The Mitsui Bank, Limited Orion Bank Ltd. Banco Central S.A. 

Lavoro Bank Overseas N.V. The Daiwa Bank Limited The Saitama Bank, Ltd. The Sumitomo Trust and Banking Co., Ltd. 

' The Toyo Trust & Banking Co M Ltd. Mitsui Trust and Banking Co., Ltd. The Nippon Credit Bank, Ltd. 

Saitama-Union International (Hong Kong) Limited Banco de Santander Central Wechsel- und Credit Actiengesellschaft 

F. van Lanschot Bankiers (Curasao) N.V. Kyowa Finance (Hong Kong) L i m ited Mees and Hope Finance N.V. 

Nomura Europe N.V. Republic National Bank of New York United Virginia Bank 

February, 1978 



To bt> published April 23 1978 


a unique folio of 


SHAKESPEARE ENGRAVINGS 


taken from the drawings of 


Henry William Bunbury 


This superb folio, limited throughout the world to 500 
numbered and signed copies, reproduces in full size 
facsimile the 20 hand-coloured engravings of Shakespearian 
plays made at the end of the eighteenth century. The 
folio includes a short life of the Artist and a brief history 
of the Georgian theatre. 


Format 22" X 19" 5-rolour litho-offset 
bound in full linen boards. 


Publication Price ... £135 
Subscription Price 
(pre-publication) £105 


Coloured brochures sent free on request 
The Ariel Press Limited 
177/179 Clapham Manor Street 
London SW4 6DB 


BOOKS OF THE MONTH 


Announcements below are paid-for advertisements. If you 
require entry in the forthcoming panels application should 
be made to the Advertisement Department. Bracken House, 
10 Cannon Street. EC4P 4BY. Telephone 01-248 8000. Ext. 7 064. 


Jiddah: Portrait of an 
Arabian City 
Angelo Pesce 


3rd ed. just out of this stand- 
ard, sumptuously illustrated 
history of Saudi Arabia's 
major Red Sea port and com- 
mercial capital. A perfect gift 
for a Saudi client or as refer- 
ence material. 

The Oleander Press 
of Cambridge £27.75 


The Libyan Revolution 
A Sourcebook of Legal 
and Historical 
Documents 


I. M. Arif and 
M. 0. Ansell 


Contents/lists of official 
gazettes, translations of key 
laws (including the Labour 
Law), and a transcript in Eng- 
lish of the Intellectual Sem- 
inar held in Tripoli a year 
after the Revolution. 

The Oleander Press 
of Cambridge £6.00 


Teachers’ Pay 

Drawing on material from over 
70 countries this study con- 
siders methods and procedures 
followed to determine teach- 
ers' pay: basic salary, allow- 
ances, overtime, extra cur- 
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living adjustments. 

ISBN 92-2-101862-8 £3.35 

International Labour Office 


Accident Prevention on 
Board Ship at Sea and in 
Port. An ILO Code of 
Practice 


Apart from hazards of long 
standing, the code also deals 
with risks connected to bulk 
cargoes such as oil, gas, 
chemicals and mineral ore, as 
well as explosives and 
vehicles. 

ISBN 92-2-101837-7 £3.90 

International Labour Office 


Employment Growth 
and Basic Needs: A 
one-world problem. 
Second edition 1978 


Report of the Director-General 
of the International Labour 
Office and Declaration oF 
Principles and Programme of 
Action adopted by the 
Trinartite World Conference. 
ISBN 92-2-100903-3 £4.45 

International Labour Office 


International Labour 
Standards. A Workers’ 
Education Manual 


Though primarily intended for 
members of trade union move- 
ments, the manual is also 
designed for students and gen- 
eral readers interested in 
labour and social issues, i.c. 
protection of human rights. 
ISBN 92-2-101861-X £2.20 

International Labour Office 


Tollev’s Tax Tables 
1978/79 

16 pages of tables covering all 
the 197S/79 rates of income 
tax. corporation tax, capital 
transfer tax and VAT. Tolley’s 
Tax Tables also contain a sum- 
mary of the Chancellor’s 
Budget proposals. 

ISBN 0-510-49366-1 £1.20. 

Tolley Publishing Co. Limited 


Butterworths Budget 
Tax Tables 1978 


Ed. Leslie Livens 
Published within three days of 
the Budget, the tables are 
printed on stiff card and con- 
tain the Budget proposals in 
derail under distinctive head- 
ings and provide a convenient 
and durable form of reference. 
Butterworths 
Limp 0 406 50813 5 

£1-25 net (US$2.50) 


Corfield and Carnwath: 
Compulsory Acquisition 
and Compensation 
Sir Frederick Corfield & 
R. J. A. Carnwath 


This book provides everything 
the reader needs to know on 
any particular aspect of the 
subject Part I deals with pro- 
cedures and gives the back- 
ground. Part II deals with the 
substantive law. Suitable Cor 
legal and non-legal people. 

Butterworths 


Casebound 0 406 16160 7 . 

£27.00 net 
(US$54.00) 


Thompson: Unfair 
Contract Terms Act 1977 


Peter Thompson 
The Act came into effect on 
the first of February 1978. It 
has very considerable effect on 
contracts and all standard 
terms of business. The book 
contains a narrative exposition 
and the Act itself with 
annotations. 

Butterworths 
Casebound 0 406 39910 7 

£6.50 net 
(US$13.00) 


Walton and Laddie: 
Patent Law of Europe 
and the United Kingdom 
Ed. A. M. Walton and 
H.I.L. Laddie 


This looseleaf serviced work 
opens with a detailed com- 
mentary on the European Con- 
ventions and the 1977 Act. The 
following pages contain the 
text of the relevant Conven- 
tions. Acts and Treaties. 
Butterworths 

Price and further details on 
application 


Directors’ Responsibili- 
ties and Liabilities 
(New Law Cassette) 
David Wiltshire 
This talk is about the scope 
and content of various duties 
whidi the law imposes upon a 
director of a company. These, 
broadly, fall into two groups: 
fiduciary duties and those of 
skil-l and care. 

Butterworths 

0 406 88456 0 £7.00 + 56p VAT 

(US$I4.00) 


Capital Transfer Tax 
Updated 

(New Law Cassette) 
Ralph Ray 

In this double cassette pro- 
gramme, Ralph Ray sets out 
"the nuts and bolts of the tax 
in its updated form.” Primed 
notes giving worked examples 
accompany this important new 
issue. 

Butterworths 
0406 884471 

£14.50 +£1.16 VAT 
(US$29.00) 


Owen’s Commerce & 
Travel and International 
Register 1978 
M. Y. Owen and 
J. Marshall 


25th edition contains 1,212 pp. 
specialising in 45 countries of 
Africa. Middle East, S.E. Asia. 
Information, classified lists, 
advertisements, maps, illustra- 
tions. Essential for business- 
men. exporters, manufacturers. 
IBSN 0 900576 09 X 
Owen's Commerce and 
Travel Ltd. £15.00 


New Studies 
F. A. Hayek 

A selection of writings in 
philosophy, politics, economics 
and the history of >ideas from 
the 1974 Nobel Prizewinner in 
Economics. 

Routledge and Began Paul 

£7.25 


Heretics committed to the flames 


W . r t ^ 

b* 


BY C. P- SNOW 


The Albigensian Crusade by 
Jonathan Sumption. Faber. 
£7.95, 269 pages 


Pettit: Landlord & 

Tenant under the 
Rent Act 1977 
Philip Pettit 

This short but comprehensive 
narrative guide to the new Act 
is suitable for legal practi- 
tioners. students and laymen 
whose lives are affected by the 
AcL It is clearly and logically 
written. 

Butterworths 


Faith has a lot to answer for. 
More horrors have been com- 
mitted in the name of faith, and 
obedience to faith, than have in 
the name of any kind of unbelief. 
Faith gives certainty that the 
cause is right: and therefore that 
those who are against it must be 
got rid of- Hence the sacred wars 
of all religions, not only those 
which historically have been the 
most homicidal, such as Christian- 
ity and Islam, but even the 
gentlest 

The Albigensian Crusade is 
one of the most chilling of 
examples. Mr. Jonathan Sump- 
tion in this book has produced 
an admirably compact account, 
unexcited, unhorrified, doing his 
fairest for the slaughterers as 
well as the slaughtered. He has 
extracted much information that 
will he fresh to most English 
readers (as. for instance, about 
the economic condition of 
southern France in the early 
thirteenth century) and has 
done it without fuss and some- 
times with subdued wit. Anyone 
who wants a reconstruction of 


the physical catastrophe might 
turn to Zoe Oldenburg, perhaps 
the most gifted historical novelist 
alive, and read The Cities of the 
Flesh. 

The Albigensians believed, as 
many religions persons have be- 
lieved before and since, in the 
absolute separation of matter and 
spirit Albigensian was a term 
used by their enemies, simply 
because many of these believers 
came from the district of Altai. 
It would be more sensible to call 
them Cathars. Theirs was an 
extreme extrapolation of the 
mind/body puzzle, such as we 
find to-day in some searches after 
the paranormal. In Christianity 
it goes back almost to the first 
generations of religion, as in the 
Gnostics. They were followed by 
the Manichaeans, who wrote most 
beautiful psalms, the Bogomils 
and. ultimately, the Cathars. 
Jonathan Sumption tends to 
accept that the Cathar faith in 
the Languedoc was a direct 
transmission from the Bogomils 
and points further east. Maybe, 
but often diffusionist explana- 
tions are too ent and dried. Evil 
matter, good spirit is a profound 
feeling inside and outside any 
form of Christianity. Gandhi 
could and did behave like a 


Perfect that Is a committed 
member or elder of the Cathar 
community. 

For them, the God of the Old 
Testament was the Devil of the 
New. There was some argument 
as to whether the Devil was a 
completely equal and indepen- 
dent power: but certainty he had 
created matter. The good, the 
perfect life, was to be achieved 
only by renouncing matter, that 
is in human terms the flesh and 
all that belonged to it. Perfects 
did not eat meat, or eggs, or 
milk. They abstained totally 
from sexual intercourse. Pro- 
creation was the worst of sins. 
With death, a Perfect could hope 
to become a pure spirit. This 
faith and nractice spread all 
over south-western France, 
Toulouse, Carcassonne, Bdziers. 
all the way between the 
Pyrenees and the Rhone. Per- 
fects were what all Cathars 
would ideally have liked to be. 
hut the majority, being frail 
mortals, left the final commit- 
ment until their death-beds. StilL 
there were many thousands of 
Perfects, including a high pro- 
portion of upper-class women. 
As with many austere sects, 
Quakers, Jains. New England 
Puritans, the level of prosperity 


was high. Cathars were more 
honest, scrupulous, conscientious 
t ha n most of their -.contem- 
poraries, and probably lander 40 
each other. 


Their faith - was obviously 
heretical to any- orthodox 
Catholic. Their way of life seems 
to have been even more offensive. 
They couldn’t be persuaded out 
of their wrong-thinking and 
wrong-doing. though some 
clerics, more tolerant tfiyq most, 
did make, attempts (the 'modest 
lives of so many Perfects won. 
respect from a number of their 
orthodox neighbours). . _ 


it unlikely. The crusade dragged 
oh for years. The crusaders 
came from the north, Normandy, 7 
tiie lie tfe France, Poitou, less 
cultivated than the people of the 
Midi, better,- particularly as 
Normans usually- were, at mili- 
tary organisation. ■ As in all: 
crusades, there' were for the 
crusaders material as . well as 
spiritual benefits. 


Still, they wouldn’t give up 
their modesty or Their faith. So 
there had to be a crusade. It was 
duly promoted by Innocent 1EL 
They must be converted or ester- 
mtnated. The Pope was not induT- 
gent to heretics, hut the most 
ferocious ecclesiastical leader 
of the crusade, was the Abbot of. 
Citeaox, Arnald-Amaury. - When 
a town was being sacked, -he -was 
asked how to distinguish between 
the. Catholics and the heretics: 
His reply was simple. Kill them 
all, God will know his own. That 
may be ben trovato. but the 
Abbot’s behaviour throughout 
the crusade did nothing to make 


- -The south of France' contained 
rich pickings for landless knights. 
■Simon de Montfort, father of. the - 
namesake who played a part In 
English history, acquired a large 
domain, showing much military 
skill, something, like' deranged 
ferocity, and devout religious 
faith. The southern lords, when 
they -were not heretics themselves 
(many were at least fellow 
travellers), tried to protect their 
•countrymen, and .certainly tried 
to protect their own properties. 



Jonathan Sumption; the qua 
perfection . 


In the long run they were out- 
fought . As for the Cathars 
themselves, that was easy. It 
was relatively rare for a Perfect 
to recant. Very • large bonfires 
were builL Cathars were thrown 
on them, a hundred at a time. 
That was the place for them. - - 


For a generation afterwards, 
.the Inquisition, just- established. 


got to work. There wa 
curious result of their act! 
Almost all that we know oj 
the Cathars really believed 
from the records - of 
Inquisitors’ interrogation. ■ 
own writings, which were : 
ful, and almost certainly \ 
Intellectual interest. Were 
from the earth, as they 
selves were. 


Slump time 


BY GILES RADiCE 


Casebound 0 406 33720 9 

£16.00 net 
(US$32.00) 


The Slump by John Stevenson 
and Chris Cook. Jonathan 
Cape. £S.95. 348 pages 


Rowland’s Gui de to the 
Taxes Act and CTT 
N. A. Eastaway 
A companion volume to But- 
terworths Orange and Yellow 
Tax Handbooks, it gives a 
practical explanation of the 
detailed 'legislation in straight- 
forward language, with refer-. 
ences to relevant case law and 
points out the practical 
danger areas. 

Butterworths 

Limp 0 406 35910 5 £8.50 net 

(US$17.00) 


Reading this informative study 
of British society and politics 
during the depression (while en 
route from Westminster to my 
northern constituency) con- 
firmed my impression that to- 
day's version of the two nations 
first emerged in this period. For 
while the North, Scotland, Wales 
and Northern Ireland suffered 
the full impact of the slump, 
during the 1930s the Midlands 
and the South East, were becom- 
ing increasingly prosperous. 

Although there were still over 
two million people out of work 
; in 1935 and, until the war. never 
less than ten per cent, of the 
insured workers were unem- 
ployed, for most of the thirties 
unemployment and its conse- 
quences were concentrated in 
certain areas and industries. Out 
of the 1,717.000 registered unem- 
ployed in July 1936, over two- 
thirds were in Scotland. Wales, 
Northern Ireland and Northern 
England. In some towns, like 
J arrow, Gateshead. Greenock 
and Merthyr, nearly 75 per cent 
of insured workers were unem- 
ployed. And the percentage of 
unemployed in the traditional ex- 
port industries, such as coal, 
shipbuilding, steel and cotton, 
was consistently above the 
average level for industry as a 
whole. 

In contrast the South East 
and the Midlands became more 
affluent The London area took 
the lion's share. Between 1932 
and 1937, four-fifths of the new 
factories in Britain were estab- 
lished in Greater London, as 
well as two-thirds of new em- 
ployment Industries which ex- 
panded in these parts of the 
country included motor vehicles, 
aircraft production, chemicals, 
electricity supply and the service 
industries, all of which were to 
be important in the post-war 
economy. 

The paradox of the “hungry 
thirties” is that average living 
standards improved significantly. 
While a substantial proportion of 
the population, particularly in 
the depressed areas, existed in 
conditions of chronic poverty, 
poor housing and ill-health, there 
was a 15 per cent, rise in real 
wages for those in regular em- 
ployment The main reason for 
this was not wage increases but 
a fall in prices. Between 1920 and 
1939 the cost of living index fell 
by a third, with a dramatic de- 
cline taking place in the early 
thirties. Assisted by the trend to 
smaller families, the middle 
classes and a large section of the 
working class enjoyed cheaper 
food, a wider range of consumer 
goods, and better housing. 
Nearly three million houses, 
mostly for private sale, were 
built. The mushrooming suburbs 
of the South East and the ribbon 
development along main roads 
provide tangible evidence of the 


new prosperity of the “ devil's 
decade." 

Given this overall economic 
and social progress, it is not so 
surprising that the age of mass 
unemployment did not make 
more of an , impact upon British 
politics. Despite the dole queues, 
the two extremist parties — the 
Fascists and the Communists — 
made little headway at the palls, 
while the extra-parliamentary 
demonstrations in the form of 
unemployment and hunger 
marches were also largely ineffec- 
tive. The better-off majority re- 
mained faithful to the main 
political parties. The most com- 
mon reaction of the unemployed 
was not political involvement but 
apathy and fatalism. The only 
group “radicalised" by the 
thirties was a section of middle- 
class intellectuals who learnt 
about unemployment mainly 
through the Left Book Club and 
other publications. 




BY DAVID HOUSEGO 


Horn with fingerholes, from a Book of Hours made in Milan . e. 
1494— one of many fascinating plates illustrating Maiy RemnantV 
M Musical Instruments of the West * (Batsford £101)0) . 


Oxford imprint 


The politics of the '30s were 
dominated by the National BY ALAN HODGE 
Government. Labour made a 

fairly rapid recovery from the 

1931 electoral defeat (when the _. 

party still polled more votes Kv PptVJ 

than in 1923) and consolidated lufonnal .Hlstoiy, by Peter 

l“ pettier, Is 'the alternative to ^.cUBe. Oxford. K.78. 303 
the Conservatives. But the .1935 pages 

election was a disappointment ; 

and the authors persuasively Tb* Oxford University Press a*vi 
argue that there is little evidence the Spread of Learning: An 


was Chancellor of the University 
and Joseph Barnes was- appointed 
printer, producing some three 
hundred books, mostly tracts or 
sermons. John Smith’s Map of 
Virginia in 1612 was an excep- 
tion. 


— : But the overlap, betwet 

E. M. Forster: A Life, Volume 2 personal world and the- >■"**' , . 

Polycrates’ Bing 1914-1970 . by outlook that Forster sto*Uf‘ fi \’ i- 
P. N. Furbank. Seeker and was, of course,- close. It - r :■ ' ' « 

Warburg, £7.50. 34B pages his revulsion at the racLtf^ Pi-*** 

— ■ judice.. shown to Indian. 

In the preface to The Hill of Egyptians, which . ; in,- 
Dein, E. M. Forster wrote through the influence ! 
that he had edited .out of his Passage to Indio, helped 
letters from India his tendency public attitudes on race. ' 
to turn rare and remote matters . 

into “ suburban jokes." The S? British t 

self-consciously facetious tone Tbe^wpafe^? 1 

was of course one way of 22L 
dodging his anxieties over the n »° n . JF 9 - 

strength of . his .. homosexual E53y of thf - 

passions that flared up jdridly entfrely 

during his visits to the odd and doubt about British rule 5 

s PSSif* DeWas Senior 111 crept in already beforetfa- L . 
Central India.. . ■ World War and that firs " 

Forster continually fretted Malcolm Darling arts,; . . ; 

over how much of his secret life after. Forster would havt • 
he should reveal and how much to have rounded more si 
to hide. He. wanted to keep his on the Anglo-Indians be di 
unpublished homosexual novel —and the no"el would bav 
Maurice out of the censorious stronger for /t But barb 
hands of Virginia Woolf: a pum- his own sense of . gui' 
melling from D. H. Lawrence laboured too hard to be 1 
who accused him of immaturity A passage to India 
made him determined to show j ast 0 f Forsters major 
more of his -feelings and to -iencHPhouglT Mr ‘ Furb'a 5x1*1 " — 


The rule of Archbishop Laud 
followed in the reign of Charles 


to show ltat a general election 
In 1939 or 1940 would have led 
to a Labour victory. It needed 
the way to bring that about. Still 
an important factor in the 


luiLstiuied Hfc’ory (1478-1978) 
by Nicholas Barker. Oxford. 
£10. 69 pages, 332 plates 


The Oxford University Press 


triumph of 1S45 was the deter- is. now a world-wide business, 
mination that mass unemploy- with active and serai-independent 
ment should never return. branches in- all five continents. 

Despite to-day's high unemploy- *? ut rise ,Ic f f ov if r d . ates . 0D .! y 

ment, 1945 did change things, ft® 111 about 1S60. Previously its 
The recession of the 1970s is history bad been sometimes 
different from the slump. From erratic and sometimes limited to 
1931 to 1933 twenty per cent, of printing chiefly the Bible, the 
the labour force was unemployed Prayer Book, scholarly texts in 
compared to six per cent. now. various languages and cotnmen- 
In contrast to the ’30s substantial tones upon them. Like *ts 
unemployment and other social opposite number in Cambridge, 
benefits protect the living was *? r tong a preserve for 
standards of those out of work, divines, lmguurts and men of law. 
And there is a whole range oF The first printer to work in 
measures, including tax cuts. Oxford was Theodoric Rood from 
public expenditure, job subsidies Cologne who began about 1478. 
and regioaal incentives, available a year after Caxton had started 
to modern Governments to in London. Hence the Oxford 
ameliorate the situation. How- Press is now celebrating its 
ever, there is another less advan* quincentenary in two complemen- 
tageous difference. • We cannot tsry volumes, one of them a 
resort to the widespread import history of publishing, mainly 
controls behind which the since mid-Victorian times, and 
recovery of the '30s took place, the other an admirable volume 
Because of the growth of world iff an"n*^“d iUus’raiinns. show- 
trade and economic inter- ing buildings, books, deeds, 
dependence, effective inter- authors and type-faces, from a 
national co-ordination is a grant of land to a thirteenth- 
prerequisitr of our recovery. century stationer in Cat Street 

The authors have written a to Stanley_ Morison’s book on 
valuable, if somewhat compart- John Fell's achievements in 
mentatised. summary of the main typography, 
social and political trends of the Seventeen books were printed 
1930s. My criticism Is that they by Rood in the course of nine 
have largely ignored the ideas years. Then came a depression 
and assumptions which shaped in the printing trade. There was 
the behaviour of Government and silence for nearly a century ex- 
governed. I doubt whether it cept for a brief outburst in 
is possible to write an authorifa- 1517-1S. The revival began in 
tive account of the Slump with- late Elizabethan times when 
out them. Robert Dudley, Earl of Leicester, 


I. It was naturally marked by 
a devotion to the writings of 
tho p->riv Fathers of the Church, 
but also to secular scholarship in 
the shape of Francis Bacon on 
the advancement of learning. 
Curiously a new revival occurred 
under the dissolute Restoration. 
Dr. John Fell. Dean of Christ 
Church and later Bishop of 
Oxford, became in effect chair- 
man and managing director of 
the press. 

In 1814 the “Learned Press" 
at Oxford spent £1,003 on paper: 
the “ Bible Press " £19,073. The 
proportion changed after Bartho- 
lomew Price became Secretary 
to the Press in 1868 and set 
about enlarging its educational 
interests. Many names followed 
him that are of importance in the 
publishing world — among them 
Charles Cannan. Henry Frowde, 
Humphrey Milford. H. W. Fowler, 
R. W. Chaoman and Horace Hart, 
whose "Rules for Compositors, 
and Readers " is still invaluable 
to editors. In his Informal 
History Mr. Peter Sutcliffe has 
admirably delineated the con- 
tributions of many men of 
judgment to the growth of the 
press, and described the history 
of some of its greater produc- 
tions. The Oxford English Dic- 
tionary. for instance, took some 
70 years to complete; and the 
Dictionary of National Biography 
is naturally an unending task. 
The Oxford Books of Verse, the 
Oxford histories and the Oxford 
Legacy series have followed, as 
have. permanent. incursions into 
music, children's books and other 
specialised fields. 


had caught him out in an affair briefly why Forster felt d 
with a Hindu coolie and so con- as a writer of fiction. 1 
fessed in the hope of avoiding last 45 years of his life, F - 
p unishme nt! he swung back- main work was as an e " 
wards and forwards over a journalist, a polemicist 

whether to keep or bum his venerated national figure 
letters. . record of events and of bL, 

As he said himself, he lived in grows less fascinating. 
awe of other people's judgment campaigner on liberal 
The result was that he 'put off from fighting the then Ui 
the major decision on unmask- obscene publications .11, 
ing his inner self, leaving arousing public opinion ’ 
Maurice to be published post- dangers of fascism. Torsi 
humously and Mr. P. N. Furbank BOt ver 7 effective, 
to write his biography. What Mr. Furbank includes a 
emerges most strikingly in this Scent quotation 'from' Ka. 
second volume is the contrast Anne Porter, who listened . 
between the hole-in-the-wall addressing the Internatlor.- 
manner in which be felt it gress of ' Writers in Paris i'-- 
necessary to conduct much of his . vsice “a thin re 
his private life and the public sound like the wind down 
tone of the novelist and elder my.” It was the voice, of 
statesman of letters preaching speaking through his novi . 
the civilised virtues of friend- Auden rightly commemor 
ship and personal relations. his poem to Forster and 

At the beginning of the First 
World War. Forster seemed to jEgjjj- sp,te of ^ ^ 
believe that the public and pri- tussme »- - - 

vate worlds were irreconcilable. The early part in paK. 
“ Though there is a connection of this book is rich in nrs. 
between civilisation and our pri- Mr. Furbank writes. well, . 
vate desires and impulses and without being plying, 
actions," he wrote, “it is a con- tbetlc though at times a 
nection as meaningless as that sarily reverential. He 
between a word and the letters allows Forster to speak a: 
that make it up." It was while as possible for himself 
be* -was in Egypt on voluntary summing-up chapter suffel 
non-military war serviee that he Forster’s own fault of be • 
had his first full physical en- fair-minded. He calls it * 
counter ' with a soldier on a Forster Described,’' whir 
beach. After that there were short of a portrait but u 
other affairs with a" Egyptian than a personal 
tram-conductor, an Indian barber important," it also s/oe^e 
and so on. Apart from what he issue 'of Forster’s .Junes 
called his “indecencies" — short lack of courage in farina 
pieces he dared not print — his his homosexuality woicn 
only explicitly homosexual novel much of his writing [ ar 
was Maurice. liberal values it embotue 




Fiction 


Perils of lavishing an excess of affection on a love object 


BY MARTIN SEYMOUR-SMITH 


Bound the Clock by James Lees- 
Mi lne. Chart o and Windus, 
£4.25. 150 pages 


Housespy by Maureen Duffy. 
1 Hamisb Hamilton. £4.50. 218 
pages 


I Monday Lunch in Fairyland and 
Other Stories, by Angela Huth. 
Collins, £4.50. 196 pages 


The Murderer by Roy A. K. 
Heath. Allison and Busby, 
£3.95. 190 pages 


The Provocateur by Ren 6-Victor 
Pilhes. Translated from the 
French by Denver and Helen 
Lindley. Marion Boyars, £4.95 
278 pages 


James Lees-Milne. who was for 
manv years Adviser on Historic 

Buildings to the National Trust, 
is a writer for whose works— 
there are not many of them — 
the public is greedy. This applies 
less to his excellent biography of 
Beckford (not that this was not 
lapped up by connoisseurs] than 
to his autobiography (Another 
Self) and. above all. to his two 
wartime diaries Ancestral Voices 


and Prophesying Peace. His novel 
Heretics in Love was well praised 
but did not get the readership 
it deserved. 

Someone once wisely said that 
the British like men or fiery 
natures (provided they do not set 
institutions on fire). He might 
have added that they like, even 
more, subdued fire: discreet 
malice, accuracy of observation 
that is deadly In its exactitude, 
traditionalism that is self-critical 
and laced with humour, anger at 
the stupidities of what passes for 
“progress” quite transformed 
into the sardonic. Self-discipline 
has in James Lees-Milne pro- 
duced a uniquely expressed kind- 
liness and a delicately delightful 
style: It Is a particular pleasure 
to have the opportunity to wit- 
ness his imagination at work; 
here, all too rarely, we have it. 

Round the Clock is about 
lavish, over-idealistic, soppy. 
sentimental affection. If. the 
author tells us in effect, you 
lavish too much love on some 
man, woman or animal (an 
important character here ts Nero, 
a dog perhaps wiser than - the 
human partiemants, though sub- 
ject to some of their vices), then 
you will cause the object of your 


affection to recoil from you. 
Worse, however, you become part 
of a chain: the person or animal 
upon whom you lavish your affec- 
tion will in turn lavish his hers 
or its equally excessive devotion 
and indulgence upon someone, or 
animal, else (though not of 
course upon you, wbo crave for 
it). Thus a chain, a vicious circie, 
is created. Especially so in the 
closed community of a small and 
rather eccentric household. 

Some may call this cynicaL I 
found it, rather, wryly realistic 
— and at times as funny as 
Anthony Powell, some of whose 
reticent wisdom James Lees- 
Milne possesses. If you enjoy 
Powell. Waugh (the Evelyn of 
that variety), then you will cer- 
tainly find this in the class to 
which you are accustomed. If 
you think you may be senti- 
mental, or doing harm to your- 
self by being over-loving towards 
someone, then here is a lesson 
for you: a lesson more interest- 
ing than you ever had at school. 

Maureen Duffy has been 
courageously experimental in her 
previous novels. Experimental ! 
Not perhaps a word to arouse 
enthusiasm in the breasts of 


every English reader. But 
Maureen Duffy's experimentalism 
has not been experimentalism for 
its own sake: it has been reso- 
lutely directed towards the 
achievement (and, indeed, the 
discovery) of what she wants to 
say. Hence the success of her 
previous fiction: even where indi- 
vidual novels have not quite 
come off, readers have been 
aware that she has something 
new, compassionate, just and 
interesting to tell us. 

With Housespy. she makes a 
substantiai leap towards 
maturity. Her technical compe- 
tence has improved greatly, and 
while her novel reads more 
smoothly and easily than any of 
its predecessors it sacrifices noth- 
ing in subtlety. There has been 
a gain in humour and in overall 
coherence. 

We have Scully, the odd police- 
man attached to the household 
of the Minister for Economic 
Planning, the Minister himself, 
his oddly erratic American wife 
Danny (no one should he hasty 
to draw conclusions),' and the 
constant threat of assassination 
or kidnapping. This a cleverly 

plotted novel posing as an 


“ entertainment ” ; ( G r a h anr 

Greene style), which reaches, a 
bizarre climax. It beautifully 
resolves the problem created by 
two almost equally detestable, 
phenomena: the complacent and 
often cruel inefficiency of many 
politicians, and the psychopathic 
violence used to combat it. 

The stories — most of them on 
the short side— contained . in 
Monday Lunch in Fairyland - are 
professional. . intelligent, often 
highly accomplished. They show 
feeling, and the author's ex- 
ploitation -of the too frequently 
banal language' used by . people 
when' they are discussing serious 
matters is skilful and validly 
ironic: Malting allowances for 
the differences of time and of 
sex. tii ere is - something . in 
common between these, terse 
taiesandthe earliest (arid by far 
the best) stories of the late John 
O’Hara. _ „ 

Roy A. K. Heath, author of one 
previous novel. A ■ Man Cone 
Home, was born in Guyana. He 
is a lawyer, but is now a 
teacher in a London comprehen- 
sive'- school.-- The’ developing 
literature of what were once 
British colonies is an exciting, 
one. and Roy .Heath 'i& clearly- a 


part of it. . The Mwdert 
tense study, set ip .G«£c 
Guyana; of the violence v 


in Gallon Flood, a 
minari Ktf Ms - -UnSlK?. 


ruined -by his -“2*% 
struggle against a .don£ : 
and fiercely puritan ical.^ . 
The background is 
. dered. and Roy Heath has v 
eye for the 'TOjggfL; 
This has not tbedepfl !» 
by the most eminent 
modern Caribbean. povel« 
older Wilson Barns . WV- 
more realistic # *tnggf 
Heath promises to-«cmW 
. Ren 6-Victor Fiih«. 
vocateur won 
and has been filmed- 

is. well enough done, hpt 
over-familiar, tir us bee^ 

J8WSSS-&3 


Bad or .raeomco:. 

-make good or ewM^ 
films— jurt. as Pjaagj^ 

always .nJ»KeavrfuI on^ 

daresay Bertucelh “J s 
this into soinethm^m^' 
pushed thanils oriS in,u ' 


i! ^$ 






SSL -i 








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COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. On Road. E.C.1- 
Df-A2fl 5 434/5/7361 . 9936. ■ 


• RECEIVERS. LIQUIDATORS, 
INSURERS. TEXTILE AND 
SUITING MANUFACTURERS 
We will buy merchandise chat 
you want to dispose of. 

.. . Contact: Sladewell Ltd., 

65 1 67 Bd/hdm High Road, 
London SW12. Tel. 01-6T3 1857. 

MANUFACTURERS’ AGENTS 
.LOUGHTON, ESSEX 
Mode nr wtlT. equipped offices U milfis 
centre London. Easy access to Ml,. M6, 
. Al. Ceiuni Line (Underground) 
adjacom. Seeks reputable companies 
needing exp*riencM and rospoiuible 
represenarion, SeJf-finandng or »ni- 
minion,., Inpaccabh- reference*. 
Prindpalf only write Box C.7702. 

Financial' Timet. 

. 10. Cannon Street. E£*P 4BY. 


BUILDING GROUP REQUIRE 

• PURCHASER - 

for whole or separate -divisions. Con- 
tracting division £10.000.000 per 
annum, semi -national Private Homing 
division with lend bank. for 400 unit*. 
Industrial division with 1 1 
approximately on three sices, 
write Box G.1660, Financial Times, 
JO. Cannon Street. EC4P 4bY. 


PAINTS 

! 

. Dquidxtors sjocks-HDck bottom 
prices, in job lot* of £5,000. 

. . Enquiries invited 
Telephone .07476 3282 

TELEX — Why Mend «00 PJ.T Pw 
M6 PA. cuwcrlKioij; uk owrTtlvC 
Bureau. Tefepnonc: 01-4S9 Bans. 


TOYS 

A public company which Is a major 
force m the »y field is seeking to 
expand by acquiring a Toy Manufac- 
turing Company or by 'the purchase 
of asset* relating to the manufacture 
of existing products. 

All replies In confidence to; 

The Chairman. 

SHARNA WARE (MFC.) LTD.. 
Lumb Mill. Droylsden, 
Manchester M35 7LD. 


Finance 
for Growing 
Companies 

1 f you am a shareholder in an established and 
growing company and you, or your compam, 
require between -OO.OUOnnd ^ 1 , 000 ,C«h) for anv 
purpose, ring David Wills. Giarterhouse Dei*clopmcnr. 
investing in medium size companies .l\ 
minorir) 1 shareholders has been our cxlIumvc 
business fur over forty years. VCc are prepared t« i 
invest in both quoted and unquoted companies 
airrently making over ^’50.0(X) per annum 
j , pre rax protits. 

m CHARTERHOUSE 

Charrerhousc Dcvdopment. I Paternoster Row. Sr. R ul i v 
lamdon I:C-lM7DH.Tulephtint; 01-218 


INVITATION TO BID FOR RECONSTRUCTION AND 
EXTENSION OF MILK— FACTORY— TITOGRAD 

M Agroecsnomic Inititute ■Titograd upon the authorization of 
Agrokombinar “July 13". BOAL “ Dairy product Titograd 
invites bids for the delivery and assembling of equipment and 
devices for reconstruction and extension of milk and ice-cream 
factory. 

The interested Bidders can buy-off Contract Documents after tne 
payment of the amount of: 

— U.S.555 for the Bidders From abroad 

—Dinars 1000 for the Bidders from Yugoslavia 
at *' Agroeconomic Institute”, Tuski put 10. 81000 Titograd 
Y ugoslavia. 

The payment for buying-off of the Contract Documents is to be 
effected as follows: 

—foreign currency payment in Favour of the account of 
Agrokombinat “July 13". BOAL “Agroeconomic Insti- 
tute” Titograd. No.- -of the account with Investiriona 
banka Titograd-— Head office 20100-620-31-2095/51. 

—Payment in Dinars In favour of the. account of Agro- 
kombinat "July 13". BOAL “Agroeconomic Institute" 
Titograd No. of giro-account 20100-601-14835 Sluzba 
drustvenog knjigovodstva Titograd, with the note “ For 
buying-off of Contract Documents for milk-factory 
Titograd.” 

All enterprises from member countries of IBRD and Switzerland 
have the right of participation in the International Bidding. 

The Deadline for Bids acceptance according to this advertisement 
is Hay 12. 1978, until 10 a.m. and public Bid opening will be on 
the same day a: 12.00 o'clock, according to local time, in the 
offices of Agrokombinat “ July 13 ". Agroeconomic Institute Tito- 
grad. Tuski put 10. Yugoslavia. 


OVERSEAS COMPANY REGISTRATIONS FOR SALE 

Proi'Asjau! jdtLMTb ire uauucurd 10 dispose or a number oP finally 
adiaii.ata. oils - unused trachnfi and tavt-iimcni company m'tHranon* located 
i.i ofiburr S:er!!sa Area *0& also In Ubrna. rtu- Cayman islands and" 
Hom Koiit Pfcjst- apply in stnctesi confide JJ l-o Id.— 

MICHAEL FORREST & PARTNERS. 

■ Cbartrivd Accounianrsi 

P O. Box 134, Earner A Law Boose. La Uoilc Sircet. 

St. Holier. Jersey. Channel Islands. 


r 

LUXURIOUS NEW 
FREEHOLD . 
0FHCE BUILDING 
CENTRAL LONDON 
FOR SALE 

5550sq.ft 

Fully equipped air conditioned 
P.A.B.X. carpets 

£425,000 

Freehold 

Subject to contract 

Write Box T.48S2. Financial 
Times, !0, Cannon StrNt, 
EC4P 4BY. 


AMERICAS FOREMOST 
INDUSTRIAL- AUCTIONEERS 


(Esi. 1919) 

Now offer their services in the 
U.K. 

Valuers, Sales by Auction, 
Private Treaty & Tender. 
Specialists m Wood & Metal- 
working Machinery- For full 
details of our comprehensive 
service contact i- 


INDUSTRIAL’ PLANTS CORP 
. (UK) LTD- ' . 


71A Salisbury St Hud HUS 30U 
Tel 10482) 492872 Telex 527562 
124 hr answering service) 


Timber Frame Housing 
Manufacturer in North West 

FOR SALE 

66,000 square leer with room for expansion 
Turnover £623,000 in 1977 


For lunhot mlonnaiion contact : 

Stewart Smith Dr Francis Hazed 

Nordic International Merger Services 

Nwdic Bank. 41 -43 Mincing Lane. London EC3R 7SP. 

Telephone : 01-626 9661 -9 


TV 


SUB CONTRACT YOUR 
PACKING 

id the experts. Complete and efficient team at your disposal 
at very short notice. ',Our very competitive rates will delight 
you. Send -for. :fuli descriptive ‘brochure, giving afi details to 
the company'} sales representatives— or phone. 

PETER J. GARRINI 4 ASSOCIATES LIMITED 
130a Burnt Oak Broadway, Edgware. Middlesex 
Tel: 01-952 6626 - Telex: 923598 


FOR SALE — ENGINEERING COMPANY 
Bar-turning company with 30 multi-spindle r.u tom a lies. All 
ancillary second operation equipment. Freehold buildings 
Suitable for sub-contract machining company or manufacture 
of components for a larger concern. For sale at asset value. 

Write Bor G1719. Financial Times 
10 Cannon Street, EC4P 4BY 


ASSEMBLY AND Q.C. FACILITIES 

We are a household name in soft furnishings with 150 retail outlets, 
including stores-with in-stores, and wish to expand our trading 
base by the Introduction of complimentary products and or services. 
All replies will be treated in the- strictest confidence and should 
be addressed to: 

The Chairmen, Box G.1706, 

Financial Times, 10. Cannon Street', EC4P 4RY. 


SELLING AGENTS REQUIRED 

FOR MIDLAND AND NORTH-WEST AREAS 
Manufacturers wish to appoint a reputable company. Ideally suited 
for Organisation already weM connected with builders' suppliers. 
Warehousing Facilities and delivery service essential. 

Write Box G.171 1. ' 

Financial Times, 10, Cannon Street. E C4P 4 BY. 


■ . HIGH INCOME RETURN 

Lone, established business in a 
rapidly expanding field wishes to in 
up two area subsidiaries ra develop 
■ltd increase existing sales. We 
require a Director with an involvement: 
of approx £20.000 over a period 
wish Initial figure of £5.000 and no 
toreber involvement until project 
running n uuisfacoon. On present 
figures a return of approx. 7S per 
cent. U realistic. Balance sheet and 
trading' rocortfs are available and full 
Investigation welcome. A person with 
business experience, preferably accoun- 
tancy or sales would be most suitable. 
■Write Box G.1713. Financial Times 1 . 

' '-10, Cannon Street. FC4P 4BY. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
. by IBM. Buy, save up to 40 p.c. 

■ Leu* 3 years from £3.70 weekly. 
Rent from £29 per month. 
Phone: 01-641 2365 



PLANT HIRE COMPANY 
FOR SALE 

Main, activities in Midlands. Three 
quarters of a million pound turnover 
approximately par annum. Property/ 
Mam .approximately £300,000. Replies 
mutt state proof of financial ability 
to . purchase. Principals need only 
apply to: 

Box G.165S. Financial Timet. 

10. Cannon Street, ECdP 4BT. 


TAX LOSS 
COMPANIES 

. If- you wish to purchase or sell 
companies wish the benefit of ox 
touts, then contact the experts in this 
field. 

■ For further rfetofli 
telephone 0565 53679. 


CHANNEL ISLANDS Company with annual 
Income ol £55.650— derived Irem deben- 
ture stocks ot Intcnullonally known 
. Canadian Public Company (Sterling Issue). 
Prleo lor the entire snare capital 
.6625.000. For further particulars apply 
Box G. 1617. Financial Times. 10. Cannon 


oAr 5 io, OOO SCHOOLS AND EDUCA- 
TIONAL ESTABLISHMENTS can be 
reached by mall. The Educational 

«»™LE m PM tIaNO CEhMNT 051258 
Grey 240,000 Iona at ll.S. dollar* 92 
Per tonne c. anu r. Middle East Ppra. 


ABn rico 100.000 metric toniws. T*tox 
. number 26225a Ror. 2759. „ , 4 

BUSINESS ENTRIMltNEUR Waiting U.S.A. 
AnrJI. Extensive travel involved. Call- 
tamia. New England. Te*« Lpmmi?' 
■font accepted- Wrlte_ 80 * G.1701. 
Financial Times. 10. Cannon Street. 
EC4P a BY- 

PROPERTY COMPANY WANTED wltn 
trading tan leases. Any amount. Phone 
Mallow; 01-561 2174 or 01-5B4 8677. 


THE ANSWER TO 
YOUR PROBLEMS? 

1. Raising Finance? 

2. Resigning a directorship? 

3. Cash flow problems? 
Effective and (cream lined advice 

available throughout U.K. 
Telephone: BRIGHTON 692222. 


BUILDING COMPANY 
FOR SALE 

North London Contractor*. 
Turnover approx. £1,000.000. 
Long-standing connections. 
Price required £100,000. 
Principal* need only apply to: 
Box C .1658, Financial Timer, 
10, Canaan Scree:. EC4P 4BT. 


ESTABLISHED 

PACKAGING COMPANY 

with capital to invest 
wishes to acquire a 

SHEET PLANT 

in the Greater Manchester 
area engaged in conversion 
of corrugated board. 
Existing Management could 
remain. 

Apply in confidence to: 

Box G1676. Financial Times 
10 Cannon Street, EC4P 4BY 



TEXTILE 

orientated manufacturing Company 
employing around 60 people, actively 
engaged In the expanding Leisure 
Industries, situated in its own free- 
hold factorial, located East Midlands 
tor sale. Write Box G.I699, Financial 
Times. 10, Cannon .Street, EC4P 4BY . 


Industrial Development 

Detailed consent for over 
140,000 square feet. Company or 
Land for sale. 

Apply Box G.1710, 
Financial Times, 
fO, Cannon Street, EC4P 4BY. 


SMALL BUSINESS WANTED. Participation 
or enmntore purchase preferably light 
engineering or marine. S England. 
£30K-C100K. write BO* G.1716. 
Financial Times. 10. Can non Street. 


CARGO TANKER FOR SALE 

Ideal anti-pollution vessel 300 tons liquid cargo in six tanks. 
200 tons general cargo. 

3 generators 48KW. 

2 heavy duty cargo pumps. 

2 heavy duty air compressors. 

All car-o can be heated and ventilated, 
just come out of shipyard. AH certificates and Panama flag. 
Immaculate in every way. Owned by Gibraltar Company. 

(Can be sold with company.) 

Please address all enquiries to? 

CAPLAN MONTAGU ASSOCIATES 
57 Duke Street, London, W.1 


FOR SALE 


■ 5UBSTANTIAL-SIZED GARAGE EQUIPMENT BUSINE5S 
WITH IMPORTANT AGENCIES 
SITUATED IN S.W. FRANCE 
PRICE ONE FRANC 

Turnover 25 million Francs, current trading loss 125 million Francs. 
Old-established and well-known business which could be made 
profitable with proper management-. Present owners lack the 
necessary technical knowledge. Full details will be given to 
seriously interested parties by French directors in Paris. 

Write Box G.1708. Financial Times. 10, Cannon Street. EC4P 4BY. 



EsssmaBBms ice esms 


INVESTORS SEEKING TO OPERATE A BASK IN- ROB BINS 
31 FLAVOUR STORE FRANCHISE 
in tills fast growing sector of the U.K. ice cream bottom, 
should write or telephone:—. 

C F. Kingsbury. Operations Manager. 1.R.UX Limited, 

Glacxr House, Brook Green, London W6 7BT. 

Telephone: 01-603 2040 Extension 3401 
&.R.U.K. Limited ,r e member of the J. Lyon* Group of Compenie* 


DOLLAR INVESTMENTS 

International Companies can now invest in AAA dollar investments 
with 100 per cent, gearing. The programme produces a significant 
net return and complete liquidity. Minimum SIO million. 
Principals only should write to; 

Curator AG f 

Freigustrarae 27, 8039 Zurich, Switzerland 


ELECTRONICS BUSINESS 

Located in Medway Town, specialising In advanced electronics. T/p £223.192. 
G.P. £09.157. N.P. £61.091. Freehold Factory A, 500 sq. ft. Price £180,000 
for Freehold. Goodwill, Ficrings S Equipment. 

STEEL FABRICATORS 

Freehold Factory, Coasts! location, manufacturing Fire Exapo & Balustrades. 
T/O £128.104. G.P. £27.000. Full range o! machinery, rnee £80.000 for 
Freehold. Goodwill. Plant B Equipment plus s.a.e. (approx. £25.000). 

TAXI BUSINESS 

Close eo major Airport, with fleet of 23 vehicles. Complementary jerviw*. 

? rivate car hire, coach hire B garage workshops included. TtO £152.361. 
rice £110.000 for Company Shares. 

CHRISTIE ft CO. 

32 Baker St. London W1M 2BU. 01-48* 4231 


Small French Electrical Company 

which has ceased trading for sale. Assets: favourable lease of 
office and small workshop in Paris — ideal for starring an 
effective export operation. 

Write Box G.1704. Financial Times. 

10, Cannon Street, EC4P 4BY. 


RETAIL OUTLETS 

We specialise in the assembly, q.c. resting and servicing of all 
electrical, electronic and mechanical equipment for some of che 
leading importers and manufacturers in the U.K. Full technical 
staff on site. We can also undertake full Guarantee responsibility 
for your products. 

Tech-Semeo Ltd., 176-184 Acre Lane. London. SW2 SUL. 
Phone 01-737 3677. 


FERE PROTECTION COMPANY 
50% HOLDING FOR SALE 

Company- has rapid growth and high profitability. Managing 
Director will continue. A' suitable purchaser may appoint two 
directors and draw substantial earned income. £150.000 required. 
. Tel: (0892 ) 27960. 


OFFICES/WAREHOUSING 
National marketing company seeks accommodation comprising 
offices (3,000 sq. ft.) alongside warehousing space and services 
(3.000 sq. ft. and 2/3 men) in Surrey or adjacent area. 
Arrangements could be by rental of space and labour, by 
merger or by purchase of a company with these spare facilities 
available. Box van transport facilities could also be useful. 

Write fn conflrfence to The Managing Director 
Box G1705, Financial Times, 10 Cannon Street. EC4P 4BY 


FOR SALE 

CONFIRMING HOUSE 

TURNOVER £10 MILLION 

WELL SPREAD CLIENTELE ALL OVER THE WORLD 
Principals only write Box G. 1673, 

Financial Times. 10. Cannon Street. EC4P 4BY. 


PRINTING COMPANY. Home Counties, 
well equipped, profitable quality work. 
Net worth £300.000. Principals anlv. 
write Box G.1B99. Financial Times. 
10. Cannon Street. EC4P a BY 
YOUNG AGGRESSIVE art isles manage- 
ment team tetkt ftnance lor expansion 
nto all embracing musk situation to 
Include recording studio, agency, oub- 
!■■.!!!■ V 1 . production — minimum 

facility ol £100.000 required. — Write 
Box G.1692. Financial Times. 10. Can- I 
non Street. ECaP *BY. 1 


START AN IMPORT-EXPORT AGENCY. 
No capital required. Established Over 
30 rears. Clients in E2 countries. Send 
large S-A.E. — Wade. Dept. F.. P.O. Box 
9. Marlborough. Wilts. 

TWO DAY SQUASH CLUB Management 
or one oav . Receptionist courses. For 
prospectus please telephone Rex Guppy. 
02E8 2BZ576. 

FINANCIAL BACKER wanted (or antique 
exporting company. — Write Box G-1652. 
Financial Times. 10. Cannon Street. 
EC4P 4BY. 


BUSINESS ABROAD? 

Swiss Management Consultants can help you . . . 

J. Mitigate taxation on foreign earnings. 

2. Establish foreign trading concerns. 

3. Provide sales and marketing assistance world wide. 
App/icotiDns for advice should Indicate your particular interest 

EXECUTIVE MANAGEMENT SERVICES AG 
HanibGhl 8, 6300 Zug, Switzerland 


PLANT AND MACHINERY 


PRIVATE COMPANY 
URGENTLY REQUIRE 
LARGE PREMISES 

Suitable for the sale of prestige new 
and used motor care, preferably with 
workshop facilities. Location should 
be in the Surrey. Berkshire or South 
of G.L.C area 

Apply. In strictest confidence to: 
The Chairmen. Romans Limited. 
Guildford Road. Wrbrfghr. Surrey. 
Telephone 1 04367) 4567. 


non-executive 

FINANCIAL DIRECTOR 

required lor private H.P, Go. ipecialis- 
Ing in agricultural finance. Established 
16 roar*. Carry forward agreed ax 
I os* of £187.000, the majority of 
which wai not generated in the Co. 
1976 net profit £17,000. 1977 

£26.000. 1978 probably £40.000. 

Potential for £100.000 p.a. Safe 
secure bu* ine« with almost no risk. 
Shareholding freely given in return tor 
the right advice and help after trial 
period under remeiwratiw. 

Write Box G.1M7, Financial Times, 
10. Cannon Street. EC4P 48 Y. 


WANTED 

ONE-MAN MANAGEMENT 
CONSULTANTS 

ol proven competence and confidence 
to join existing group of “ one-man 
shows *' which strengthens individual 
promotion under a group-controlled 
banner. Successful experience a* a 
Direcorf MD essential, followed by 
cornu long work with financial 
(qualified accountants please) or 
operational or marketing emphasis. 
Sensible reply promised. 

ICE Independent Consulting Executives.. 
P.O: Box 44C. Esher. Surry KTIO OPR 


TOP BRITISH COUTURIER 

about to lift off in world 
mirkets requires finance For 
expansion. Interesting and excit- 
ing investment for substantial 
investor. Write • Box G.1709, 
Financial Timesi 10, Cannon 
Street, ECfiP *SY. 


TRAVEL COMPANY WANTED 
Company involved to freight forward- 
ing and Hnernacional removals is 
Interested in acquiring a controlling 
Interest in a travel agency with record 
Of profitable growth- 
Write Bex G.f7f5, Financial Timet. 

10. Cannon 5tre«, E C4P 4BY. 


engineering COMPANY seeks stewards 1 
£50.000 marketing capital for rewiu- | 
Uonary cater! no Muloment. Worlo-wldc I 
aoailcatton. Snare /active part ideation. : 

Write .Bov G-T604. Financial Times, 10. 
Cannon Street. tCaF 4BY. 


LICENSING. JOINT • 
VENTURE. MERGER AND 
ACQUISITION TO AND 
FROM WEST GERMANY 
AND NEIGHBOURING 
COUNTRIES 
UNIWERKZEUG GMBH 
Sauerberg 14 

D B20S BAD SCHWALBACH 7 
Tel: 06124/12S01, 1281 L 


LANDR0VERS 
FOR SALE 

Brand new, favourable price, immediate 
delivery 10 cars, located in Spain, only 
export non-European countries. 
UNlONCAEDlT. 8 Munich 2. Wen 
Geimany with ageno in Lagos/ Jeddah. 
Contact: 

Munich Office 
Ringseisstrasse S 
Phone 89/539581-82 
Telex 05-29680 


COMPLETE PLANT 

Bargain in the Rubber and Latex 
field. In the rights hands 
VERY PROFITABLE. 

Write Bo* G.I7T2, 
Financial Times, 

10, Connon Street, EC4P 4BY. 


Announcing the 
most important 
Industrial Auction 
of its kind ever 
held anywhere! 

MAJOR INDUSTRIAL COPPER 
RECYCUNG FACILITIES 

By order of the Board of Directors 

DIVERSIFIED METALS 

On the premises: 

TAMAQUA, PENN., USA 

ONTARIO, CAL.. USA 

ST. LOUIS, MO., USA 

Wed., April 2$, 1978, 10 AM 

Wed., May 3, 1978, 10 AM. 

Wed.-Thurs., May 10-1 1, 10 AM 

Inspection at ail locations commencing April 17, 1978 

HIGHLIGHTS: 13 complete Copper, Aluminum or 
Steel Wire-Chopping Recycling Lines (replacement 
cost more than $5 million) ■ Hydraulic briquet 
machines • 15 Alligator Shears • Balers • Pollution 
Control Systems • Machine Tools - Materials 
Handling Eqpt • Rolling Stock • Over 3,000 Steel 
materia! bins, cargotainers, pallets, boxes * Large 
quantity parts and supplies • MANY MORE ITEMS! 
For additional information, contact 

M BSggj Mj Continental Plants Corp. 

• anCsiiSflF 900.S.W. FiftMve. Portland, Ore. 97204. USA 

g Phone: (503) 221-1 22T 

Toli-Free Number: 800/547-6311 

(ContlnentaiU.SA Only) 

























WALL STREET + OVERSEAS MARKETS 


Financial Times ; TKiirsda^JApiillS 


IS 


•AVJ.J. A UzVV/I LT X.I'.T' 


Recovery continued in early trade 


GOLD'MARKET 

"'V ^rr? 1 


BV OUR WALL STREET CORRESPONDENT 


NEW YORK, April 5. 


STOCKS ON Wall Sired vere 
inclined to regain a little more 
ground in increased early activity 
to-day. 

The Dow Jones Industrial 
Average was 1.73 harder at 737.10 
at 1 p.m., while the NYSE All 


Closing prices and market 
reports were not available 
for this edition. 


Common Index added 14 cents at 
R49.S0 and rises led declines by a 
seven-to-four ratio. Turnover 
expanded to 16.2Sm. shares from 
yesterday’s 1 p.m. amount of 
1430m. 

Analysts caned the improve- 
ment a continuation of yester- 
day's technical rally and said the 
market appears to have dis- 
counted recent negative news. 

Marine .Midland, after a delayed 
opening, gained SI to S13J — the 
company's Board has approved 
the nurcha*e of 31 per cenL of 
its Common stock by Hongkong 
and Shanghai Banking. 


Lockheed, also delayed initially, 
rose SI to S18J — yesterday. Pan 
Am slated that it plans to buy 
12 Lockheed L-10ll's. worth over 
S500m. 

.National Service Industries 
addad $1 at S14i— the company in- 
tends to tender Tor lm. of its 
shares at S15 each and may buy 
a further 500.000. 

Equitable Life Mortgage fell 
2i to S221— the Trust said rising 
short-term interest rates may put 
pressure on its interest rate 
spread and on its earnings. 

THE AMERICAN SE Market Value 
Index was 0.32 higher at 129-27 
at 1 p.m. after a moderate trade. 
Volume l.60m. share (liHin.). 

Sundance Oil put on li to $32}, 
Shenandoah OH li to S312. and 
Specialty Restaurants also li to 
sis;. 


OTHER MARKETS 

Canada firmer 


TUESDAY’S ACTIVE STOCPCS 

Change 
Stocks Clos.cg oh 
traded price dar 

Li-kh-wl i".7.4:*n 17i - 1 

•VI. ->rr» EUAWi 2 n> — 

M< lirau- Hill . ..25 3.;» 10* + 1 

Lnion * aruo 199 dim Mi ~i 

S'-i^ Rix-huck ... W.-flO 22* -k 

Asarco 185.400 1$; -^11 

i .. ..u Systems . 174. son 23; — 1 

ATMI 1G7.5UH 47; -‘■1 

jr.v r ifiLOTJ L± 

F-j.lv 139.400 2ii 


Canadian Stock Markets re- 
verted to a firmer course yester- 
day morning in busy trading, the 
Toronto Composite Index gain- 
ing 3.0 at L 060.5 at noon. Metals 
and Minerals rose 8.8 to SS3.0. 
Oils and Gas 4.7 to 1.399.S, Banks 
0.77 to 250.29 and Papers 0.55 to 
lOti.OS. Golds, however, slipped 2.6 
more to L27L8. 

Dalc-Ross rose I to $12} on 
higher earnings, while Venpower, 
which plans to pay a dividend of 


40 cents, advanced 20 cents to 
Si. Prado Explorations fell 20 
cents to 70 cents before trading 
in the shares was hailed;’ pend- 
ing an announcement. 

PARIS — Market was very firm 
in extremely active trading, 
helped by the Government's 
denial that it Is planning a State 
Loan, which could have diverted 
Institutional funds away from 
Equities. 

All major sectors sbowed gains, 
with Miehelln, Podain, Moulinex, 
Perrier, Print emps, Moet, CSc 
Baneaire, Peugeot, BoreL Esso, 
Air LEqnide. Deoajn and Roussel 
substantially higher. 

Gaieties Lafayette were un- 
quoted due to a heavy imbalance 
of buying orders. 

News that a Saudi Arabian 
businessman has taken a 10 per 
cent, stake in Dumcz left the 
company’s, shares a further 40 up 
at Frs.710. 

BRUSSELS— -Local shares dis- 
played a finning tendency in more 
lively trading. 

GB Inno-Bm put on 20 more to 
R .Fes. 2,020. while Safina advanced 
60 to B-Frs.3,260 and Petrofiua 
40 to BJ'rs^BTO, but La Royal 
Beige receded 40 to B.Frs.5,650 
and Hoboken 35 to B.Frs.2,0S5. 

Fabrique Nation ale. where a 
six- week-long strike has ended, 
were unchanged at B.FrsJL3S5. 

AMSTERDAM— Bourse prices 
niainly hardened, although 
activity remained at a low ebb. 

Among Dutch Internationals, 


Royal Dutch gained FIs. 0.60 and 
U&ilevfer lFls.0.40. - 
Elsewhere, shares recording 


rises rang lgetween Fls.l and FIs.2 
included Robeco, OCE Grlnten, 
Bijenkorf, AmEas and Van Omme- 
ren. but Bnrhmeister Tetterode 
lost Fls.l 50. 

GERMANY — Stock prices 
mostly gained further ground in 
active trading, chiefly on news of 
the fall in West German March 
unemployment. 

However, in Motors. Volkswagen- 
declined DM250 on uncertainty 
over its dividend, due to. be an- 
nounced shortly, while Mercedes 
lost DM4J50. Lufthansa were down 
DA12.50 and the Preference shed 
DM1.60. 

Banks and Engineerings rose 
strongly, with Linde gaining 
DM5.50 and Bayer Vereinsbank 
DM4.00. 

Public Authority Bonds rose 
afresh, ending between 15 and 45 
pfennigs firmer. The Regulating 
Authorities sold DM3.9m. nominal 
of stock (DM3.6m.>. Mark Foreign 
Loans Were little changed. 

SWITZERLAND — Shares were 
inclined to edge forward in light 
trading. 

There was some buying interest 
for Industrials, where Brown 
Boveri, JelmolL Globus, Nestle 
and Sandoz hardened. 

Domestic and Foreign Bonds 
were steady in quiet dealings. 

MILAN — Selectively higher in 
thin trading. 

Sola Viscosa and Pirelli SPA 


were notably firmer among Indus- 
trials, but Flat were unchanged. 

Assicuraxioni Generali rose in 
Insurances, as did Mediobanca in 
Banks. Bastogf added 7 at L415 in 
mixed Financials. . but Generate 
Immobfliare were lower. 

SPAIN — -Market continued to 
ease, with the General Index slip- 
ping 0B1 further to 90.81. Among 
the few bright spots, FEMSA 
were 4 points higher at 86 and 
Motor Iberica 2 up at 119. 

JOHANNESBURG— Gold shares 
again drifted easier on lower Bul- 


lion prices. Trading was very 
quiet ahead of the IMF gold auc- 


Indices 


fl.Y.S.E. ALL UOJUtOJI 


NEW YORK- D0W J0NES 


i i 

Apr. Apr. : Mur. I Mac. 
4 3 i 31 1 30 


Rises and Falls 

[ Apr. * ; Apr. 3 Mar. 51 


Iwiuea Lmrtert j 1.842 1.887 1.B22 

DID . X-IK 


1978 ;3lnc* cumpf lat'ii 

| .l|-r. Apr. Mar. ' Mar. Mar. Mar. — 

; 4 3 31 50 . 8a 2t Hi^h U» I High _ I»w 


49.66 49.44' 49.85^ 48.9& 1 61.62 J 4B.57 

, | J l till I f iSiSi 


Kne* 

Fnt.% 

Ln-.-hiuiae-l 

Xen- Hleti*. | 

New Li w*.. ........ 


818 375 582 

520 , 1.084 748 

504 1 428 492 

- ' 21 32 

- • 49 • 23 


Inluiinai ... 768.27 75 1.04 767.36 753.62 761.73 763.84 817.74 . 742.12 I05T.70 41.22 

ti/li {in ft i 'ilLil(75« i2n/52) 

HT.ipB’nl"*; 99.49 69.46. 69^4 , 99.72 89A9 99.83 90.66 . 63.5a . - , - 

; (4 'It . l2£;l| \ 

Trauap-rt.... 205.49 205.40 207.15 207.20 207.75 207.68 215.77 ‘ 193J1 278.88 16.23 

. . tSfl i . i9/li . iT.'2'tS. (B; 7.32; 

ItillUw 105.04 104.74 105.69 105.72. 1D6A6 195.95 110.9B | 102-94 156.52 10.56 

, • uS/lj USi3j .120.-4(86) - (2Si4,42) 


M0RTBEAL 


Apr. . Apr. 1 Mar. ] Mar. 

4 3 1 31 ' 30 High 


Irotuatrim 175.69; 175.91 174.151 176.59; 174.69 [3/1 1 

Cranhinfri ] 180.63; 160.64' 161.23 180.B7| 181.23 tol/3) 


162.90 il*2i 
170.62 i-50:Li 


TORONTO Cuninwwj 1067.5] 1059.2 1063J! 106BA| 106d-.fi [31/31 

i" i i l l 


quiet ahead of the IMF gold auc- 
tion. ’ 

Financial Minings registered 
small losses in line with produc- 
ers. De Beers slid 7 cents more 
to R5.20 on lack of interest. Other 
Metals and Minerals were also 
weaker in slack trading, but a 
firm undertone prevailed in In- 
dustrials, Primrose advanced 13 
cents to Rl.53 despite withdrawal 
of the Tongaat offer. 

HONG KONG — Market was 
dosed for the Chins Ming Festival. 

TOKYO — Market- moved further 
ahead in heavy trading on exten- 
sive buying interest, 1 with Foods 
and Pharmaceuticals looking par- 
ticularly strong. The Nikkei-Dow 
Jones Average rose 48J.6 points to 
a post-war record high of 5,527.90, 
with volume totalling 510m. shares 
(370m.). 

Export-orientated shares were 
helped by a partial U.S. dollar 
recovery in Tokyo. 

Fujisawa Pharmaceutical rose 
Y27 to Y955, Banyn Pharmaceuti- 
cal Y45 to Y690, TDK Electronic 
Y50 to Y 1,950. and Canon Y16 to 
Y487. 

AUSTRALIA — Stock prices con- 
tinued to move irregularly. 

Among Industrials, BHP ad- 
vanced 8 cents to SA6.D8 but IQ 
Australia - receded B cents to 
SA2.00. Stores had Myer 10 cents 
firmer at SALTS, while in Banks 
BNS Wales put on 6 cents to 
SA5.22, but in Properties, Lend 
Lease receded 5 cents to 8A2.50. 

Uraniums, after recent strength, 
tended to' react Pontfoental los- 
ing SO cents at SA10.40 and Peko- 
Wallsend 8 cents at $A5. v 


Conditions in . yesterday^ 
foreign . exchange market .-ap- 
peared to be quieter than the 
previous few days. ' Sterling 
showed an improvement, against ~ 
the UJS, dollar opening at $1.8675- 
81.8885, before easing to Its lowest 
point of the day at $1.8650-^8660. 
However, with the dollar weaken- 
ing later on, the pound, benefited : 
to dose 81-8740-1-8750. a gain a f 
half a cent Its trade weighted 
index, using Bank. of. England 
figures, improved to 62 Jt. having . 
remained unchanged from the 
previous close of 62h for. the' 
earlier part of the day. 

The U.S. dollar made headway 
against some leading currencies 
initially, but with the opening of' 
New York markets, some selling 
materialised, leaving the' 'West 
German mark up at DM2.0I45 
from DM2.0200 and a gain for the 
Swiss franc to • ; SwJVsJ-8870 
against SwJrsJ.B690 previously. ' 
Morgan Guaranty's calculation of 
the dollar’s trade ' weighted 
average depreciation, using noon 
rates show.ed no change at 6.27 
per cent, while its index on Bank 
of England figures remained un- 
changed at 88J5- 

Tuesday's half a per cent, rise 
in the Canadian bank rate to 8f- 
per cent, proved to be-Httle com- 
fort to the Canadian dollar as it 
fell to a record low of 87.6&1 UE. 
cents from SS.11} UjS. -cents pre- 
viously. Elsewhere the Japanese 
yen weakened slightly to Y21&8 
from Y218.7. 

Gold lost $} an ounce to close 
at 3178J-179i with dealings on a 


pretty low' level ahead, of, thB QtP 
gold auction which took place 
after London's close of business. 

fete* FWErdnct sjEPHnwnwcEi 


• m me ounce 

190r 


Gold 

Price 

($)^ 


GoW BdDEmi. ■[‘t* 

,|ii Hdeuanrej :f." 

,ta r^aasa,-T®| 

dftem’ans , K - , '5 ! J78.4q 

iVMS-274) j 1*S§& 

Gtrfd Oo4n„. ■ 

domcrtlcaJly w| |. 
Krugemni. gg'a-lBSIj SIBB,^ 

H’w tSov’gBM . 986)4 n7l| ^ i 

- Baa - 301,1 

OWSortEaii 96714 59)7 

- rk ' & Sog 


Ef [ 

flil> 11 


GofcJ Coin 
lnlorcu'I 




1 ^! » 


f-SS-'t: 

f (Swiss Franc) 


-KrogBTTimdJs^ S 1331 * 8 1 « 1 * 

BTwBoViBpJsWia SBlt 

MESS 01 . iff 

Old Bovr-gns] 93712 .5914 

620 Btgleg J^ao ljHa%£ 


JAN FEB' MAR'i 
1978 


FOREIGN EXCHANGES 


CURRENCY RATES 


“1 AjJrU * 


tJnli ot 
Account 
-. April 4-- 


-April & Hue* . Day’s 

. . IS’ Spread . c 


UJi. dollar ... ; 1.8- 


ranaitiu .'.... 

Auaiem. aoh — 

HgL ^ian |otn 

Daniab krone, 
Ueuucbem’rk 
DubHb ponder 
ifrencb fnuu-. 
Itoluui un...- 
■lepaBeeo yen. 
Norway wop 
Spain peseta. . 
Swe-llrt krone 
Sut«a 1 lanr— .. 



0.678111 

1.26712 

1.43547 

18.3896 

39.8253 

7.02251 

2.64190 

2.72020 

8.76689 

1076.78 

270374 

8.71763 

100.83 

6.76137 

2.34254 


New Xiiric j 

Montreal..^] 
Amsterdam i 
Hniseela 
C-opeuhncen- 

Fraakfurl J 

lAabon 

MaitrU -.1 

Milan-,. 1 

LHUu .| 

Parts.— i 

SU».-kholm_ 
Toy to. j 


6, s 13860-13795)1374 

Mej2.1S7M.14MtTO' 

4ls 4.Wi-4_06l 4*4 

5>z 58384936 6K6 
B lB.i9-W.47 KL4 
S S.7B4.B0 fjj 
13 7G.4d.7738 7B.7 

f 14930-148.70 148j 
till U87-1J558 US 
3* 837-10334 H31 

162^.684 U4 

| 835434 636 

31a. 405-415 W 

61* 27352730 ZJ J ' 
t 6.4943- 538 


t Rates gnrea are for caarertflde 
Financial . franc 583549.15. 

April 4 stuiiid read 93843L 


EURO-CURRENCY INTEREST RATES* 


OTHER MARKETS 


Apple 


i Awing 


(Amdtaii 

Dollar 


Uuu-u ; 
Oulldere ! 


| W.Uermau 
[ mark 


jtjhwr term ...i 


7 nays notice. 6S*-7 


MontL— : 7-71* 

Three months. 7 Ht7tS 
8ix mfotfas..... fij'i S.’J 
Uw year, ; Stj-to* 


7-a .1 
7-a - t 
758-73* : 
758-768 
8*4-868 
Slt-aTg. 


o-iJ-oii- rs-tj- or*-*! 1 * 

614-6*8 I 1 




195.0 i=L.j) 
194.9 lUj/ij 


Hast* nl imm '^iinuen frnrr 4»iniia 44 


I ml. ilir. yield % 


Mar. 3i Mar. 24 ‘ Mar. 17 1 Year aen (approt-i 


; April i Prev- | 1373 i 1378 
5 . lou* , High 1 Low 


April.] Pres | 1978 • 1978 
6 *| rious Buih ; Lnr 


'ATUtraliA(t) 


STANDARD AND POORS 


* 47V.41 1 441.19 

1 (S/I i ■ (1/6) 


• . 1 1878 T5inceC'oinpil«t l n 

Apr. ; Ajir. ! Mar. 1 Mu*. ' Mar. ' Mar. 1 1— j — - 

4 i a ; 51 ; 50 ) 29 23 Bieh | Low j Hiffli | Low 


Beigmm (ii 

(Denmark 11 *■ 


35.43 : MM 
! ;5/4) I fl2ilj 


Spain 

Sweden 


liO 903 L I 91.62 • 98.90 ! ol.it 

| ' tiftll ' m«5) 

(rii 30A29 36231 . #639 ; 326.74 


France tt+i 


r in lumri*.., 97.65 97.20. 98.02 99.U 96.40. 9835. 10832 | 4B..52 1 164.04 I 4.52 

1 • (i'li ; (twi !(iifif7ji iJOiflrfS) 

1 9836 99.46 89.21 89.41. B9.E4 89.50 85.82 \ 80. ^ ' 126.65 4.40 


; *3il/> . iH/3) Idt.'tMdt, (lih/32' 


(Jermanyitti 
Holland <5» 



' Star. 29 [ 

Mar. 22 : 

: Mar>.-h la 

jVear wjo laiipp/x./ 

Inl. -iiv. ridil % 

| 5.46 1 

5.46 ] 

5.47 

4.47 

1 

In 1. IVL Kill" 

> 8.48 > 

8.48 

8.43 

| 10.27 - ; 


Italy «l*» 


Japan w 


Lit) ' Ij.'Vl. Itnii i 


l 8.16 


Singapore 

•5) 


62.0, 1 60.9 ■ 
803.7 802.3 " 
76.6 i 76.0 
(.■» *51.67 

60.55 | 60.53' 
410.62 406.96' 
291.41 29L70 


90.13 I 94.00 
(9/l() i \6|Zi 


Switzer/ W; 


, (S,4 t I (3/1) 
283.6 ! 323.7 1 1*0.4 
[ l!4K> . *10/31 


812.7 ' 788.2 
(LOAO '. (4/11 


451.67 583.44 
1 4/4) . (13/1) 
63-56 < 55.45 
<6/3i 1 10/11 

410.82 364.04 
i54i *4,1) 
£91.70 262.00 
l4>4i ■ *9/1 1 


iDdiL-es and base dales tall ease values 
10o except NYSB All Common — 50 
Standards and Poors 10 and Toronto 
3W-I. wo. The tan named based on lBiai 
+ Ex cJ tiding bonds. MOO Inrinstnals , 

1 404 lnda.. 40 Uulltiea. 40 Finance and' 
20 Transport. (Dl Sydney All Ord 
till Bebuan SB Sl/13'83. (—1 Copenbaaen 
SE irf/IX. <tTf Parts Hoarse 1961 ; 
>tt i Commerzbank "Det. 1953. (53/ Amster- 
dam. Industrial 1079 ra» Han* Scnu 
Bank 31/7/64. i till > Milan 2/1/73. <a< Tokyo 
New ‘'E 4/1/69 ih> Straits TUtirs I9W1 
i c Closed. (d> Madrid SE 30 12-77. 

(ci Stockholm Industrial 1/1-53. tDSwi^s 
Bank Corp. (a* Unavailable. 


NOTES : Overseas prices shown below ! 
exclude S premium- Belgian dividends : 
are after withholding tax 
4 DM50 denom. unless otherwise stated 
V Pias300 denom. unless otherwise stated 
4b KrJOO denom. unless otherwise slated 
<{> FrsAOQ denom. and Bearer shares 
unless otherwise stated- 6 Yen 60 denom. 
unless otherwise mated. S Price at ome 
or suspension, a Florins. & Schillings 
e Cents rf Dividend after pending rights' 
and-'or scrip Issue, c E’er share, t Francs. 
a Gross, div. %. h Assumed dividend after 
scrip and/or rights issue, fc Alter local 
taxes, m ’i tax free, n Francs: Including 
U nllac dlv. pN'om. o Share split, a Div. 
and yield exdode special paymenL i iniU- 
caied dlv. u Unofficial iradlns. v Minority 
holders only, v Merger pending. ‘Asked. 

- Bid. 6 Traded, t Seder, c Assumed, 
xr Ex nebts. xd Ex dividend. xcEs 
scrip issue. xaEx all. a Interim since 
increased. 


Ean>- French deposit rates-, two-day. 8i-8( pec cent.; seven-day . M-M per cent; 
one-month 9-31 per cenu; thretsnxmth 9i-S| per cent.; six-month 91-fli per cent.; 
onc-svar 96-101 per cent. 

Long-term Eurodollar deposker two years &I[6-85 ig per cent: three years Si-81 per 
cent.; four years 91-84 per cent.; five years 87u-39i6 per cent. 

The following nominal rates -were quoted lor London dollar certificates of depart!: 
one-month 7.03-7.15 per cent.: three-month 739-7.30 per cenL: stx-momh 736-729 per 
cut.; one-year 7.73-733 per cam. . i • . 

* Rates are nominal c a llin g cates. 

Sum-term rates are can for sterling, TJX. dollars and Canadian dollars, two 
days’ notice for gnilders and Swiss francs. 


I Kota * it ■ 
Argentina. 1355-1359 'ArijenrtnaJl 
AuotnlU - 1.ES28- 1.83881 AiStrk 

Hnurti 31.14-52.14 iBeljrhtui ■ 

Fuuaml—i 7JB-7.M ' 

G reeve jg7.6ffi-Ba.57i r J ..n.ri. 

Homs Kona J.B 135-8. MiiDfflitnart' 
Iran ......... 123-183 (Franre„ 

Kuwatt .... 0.507-0^17 fOfrmiav. 

Luxenii-'m 63.8J-b8.10 [Un*c8_Z - 

MaiavHia... 4.4060-4.4 IT&ltaty.,,' r 

■N. Zealand 1.BU&8- UWlilMr 1 BSi_. 1 ._ ' 
baud I Ami B.40-6J9 Sedierl-nd 
bu»sapore-14J8S&-4.6240iK'cirway__ ' 

S. Afrloi— . |L8J86 - 1 . &8Wj 21 Porlu 

Jpsln 

Canada - • fatWlmii ' 

CS 1 U&t 

CJ.d. ctmtivj 97.047.98 Yogcalavk 


-V Zealand 1. BUM-1 jr??n'Jnrn, , 
baud I Ami [ 8.40-8 JO Sedierl-iid 
Singapore. 14 J99&-4.324A$ < (u , mt'_^ ' 
S. Africa_.(L8a6-1.6B»aBartu^i_ 

t/A i Jpsln 

Canada— J . . iatwtmii ' 

CS1 -J [}&„ 

CJ.S. ctmtAj B7.K-87.B8 Ifmosfevk 


Eats given for Argeniiaa is if' 


FORWARD RATES 


EXCHANGE CROSS-RATES 


;PmnkfuniXew 


New Yorit.IO.1B c pro- par ill. 1743 • 
hlontraal . 0.05-0.15 c. dUiO.UWJ 
Amst’damil c. pm-pac 
Brusaeis... 1 , 16-09 c. tan >40-2St 

Cop'nhsn. ! 6-a ore-dia I lBJ-lfi 


JiipanA, 


Kmnk furt 
New York ' 

Ruis 

Brussels— 
[amb/n..,- 
A cast 'dam. 
Zurich 


I -• , i 0192 -0207 

•; 4922-35 - 1 

J 2:6.02-62 4.679-661 ; 
,■ 16.59-63 3L68-63 

.2 5.774-184 i LU740 50 , 
_1*LB85J0« 2J 637-62 
^2 67B-TO U73&60 


*4.10-26 6.40-41 3.777-787 

2L86-69 i J.625-1575 L8700 B7 11 
— 14.483-617 

BfB-91 ' - 158.95-66. 1C 

8^45 n6j 69.00-10 t - 

47.180236 4 35-8486^ JM0 >046: 

40.8T-4L0S5-943&U&24 3^042 60Bf 


AJ. 6000 107.7505 

; 46.12-22 530010 
211.49 89 o3.834J3 
14^562, UL858S 
'4^4^05; 3.<944»4 


Frankfort ZJ* •** at. pro 

listm ,60-170 c.(Us 

Mailnrt ....:iiar-8Cl e. dls 

Milan <7-14 lira dis 


5.993012 I. — 


Oslo j file >7 1*> ore dis [15171 

Paris i-2c.uiE Jais-Si-" 

St'L'khnlm 2-4 oredii ’9U-7S 


C.S. 6 in Toronto TLS. 6=114.03-07 Canadian cents 
Canadian S In Xew York =87.73-70 .wnta. U.S. E In Milan 8fil.0Q-.30. 
Steriinp In Milan 169L2S-1592.60. ■ Rates for April 4. , ' 


St'L'kholm 2-4 ore dis 'SU-VI, 
Vi enna -.. . 5 RTutmi-7 praaidpar-lO 
Zurich pm l 6 fl*J 6 - 


Slx-nionlh fenvard doQar Mi 
12-momfa L251.15C pm. . . 


GERMANY ♦ 


TOKYO H 


AUSTRALIA 


[BRAZIL 


> Price- (4- or | 

i l»"'- - 


Jiv. 'Yw. 
i : 


j 4 Prices I + or Div." 
'Yen - * 


l+ ot 

Aust. 9 — 


• Jl*nce 

cm* 


? m 

* -r.M 


OVERSEAS SHARE INFORMATION 

NEW YORK I . ** ? *>'!“■ ! ^ I i Y" I A 5 rtl I 


Inv. S Prem. at $2.60 to (I01S%) 

Effective rate (at LST4S) #5 1% (441%) 


April I Ajiril 


April | A,.... * ^ 

I - CPC lufn'i 


Al«xil- Labs. 

A.l'ireM>npapli ...| 
Aetna LlleALV-l 

An J 

1 

AlcanAtummiiini; 

All-*-* i 

AUvulieiiv Ijfctl.. 
Alleglieiiv I'W- 
AlilwlLliemlcai.. 

Am*! Miw 

tin-. Clutliiiui',.. 

A MAX 

A ini/iaila Hess.... 

A met. Aii line.....; 
A ill vi. Orail*l“ ... 
Aniec. Briwilinw .‘ 

Amcr. 

A i uer. Cyananil-i 
Amei . Klee. IN»n 
Amur. K\pre?*> ... 
A-nt-r. UnnifcPrv*' 
Amw. JIe*hi3i ... 
Amer. Mi*t« ■***... 
Amei. .Nut, tie.. 
Amer. MandaM..' 

Amer. >i>*e» : 

Amer. l’el. X le* 

Ametek I 

AMP • 

AMP 

Aiii[k( 

A III -I MU ll’S/ktllJ;., 
Alilii'iitei Him-li.. 

AllIM.n ■>l«l 

A.-J.A 

AMilllMHl.'l- 


CormuKtitru*.....' 457a 

Cl'CliitVtiona- : 44is 

Crane 28 

Crtv her Mat ] fc.6 

oii<nii/j*iiPiliiii-L; a2 
Ciiuiimti. bnslne! 35ig 
l-urt-iVnelu ..... I. 18 


liana 

LKil i nil Hal nea..i 

Oeene .- 

Ue- J1 in iie._ ' 

Ue-liuiat 

Udllsply Inter... 
i>etn»ll EdiKin... 
UutiuijiidSluimrk' 
liietniibone — .... 
t'lttltH Eulll|>..... 
dnnev iV/h.m....' 

Mover Cornu 

ihiwL'faemiist>.... 

L’rsvu- ........J 

L/llgrtei 

Mu r’lxit...-..™. 
livniuliiilustnet- 

1’n-bei 

bau Airotte*...... 

SaMituin K»Uh..[ 
Iklui. I 


Jobm- ilnuTliie..,i 
JubuKui JuiutHrol 
lohn-on Couiro . 
Jo> Manutaclur'- 

•v.Mart Corp. 

Kai-erAiumlni'm 
iu:1*et Inituslrie- 

uai-ei Steei 



aenue-uu 

nerr 31eUre- 

■vMi.ie Wa ter 

Kimlien.t U!*rk. : 

noiiaa* ! 

tv alt I 

a - oner t*i.— — 

usvi Sl>mu» I 

r.ii*»vOw.Fot>i...J 


29 1* | 29 

t»7ia 6714 

£75e 27 

321* 326a ; 

to 3a 23ia 

29 29U 

17a I-*S I 

ha 227e ! 

83* 8Sa 

2612 hfiis 

47 < 463® 

29 V ; 30 
fiit I 4112 
817b i 21‘S 
44U : 44k! 
fc9i* , <86a 
29l-i ! 29 
i.7as i 271a 


Keviim | 385s j 881| 

Key IKK it* Metais. 28 , 277a 

Reynolds l(. -I 661j j 661$ 

Rich ’bod .Morel .24 82 U 

Kjoknrelt Inter..! 32 3lTg 


Uohin A Haas. j 333g 


As*l*!-I 

Ailiiniut IIH........I 

Al-.lti-.-liliCM) 

Auli>] Inin Pin.... 

AV». 

A\ -.i 

Av*4i I'l’.iUt-l-.... 
Bail Ln- tm-l....’ 

bank Aiuuii n 

Bmikem Ir .\.V 

Unri-er L»l- 

Uavii.-r 1 1 ivm-i.. 
Benin *: P-n* l 

Bei.-(>iiiUi -heiivtiii 

Bull a Hone 

Buiillv 

Uriiijiifi Iwk *B. 
JicUi'eiiuiu ->tLfl . 
BU k a Uw.-ker... 

th-eiuu 

B-usi? ■wNnMilv..... 

fl"T-Wl_ 

B-tj 'Vai nej 

Hrsui/1 iul 

Mr-t-natii - V I 

BnM.ii- M\«i» I 

Brit. I%1. .\MI|... 
Hnn/kwarliinw. - 

BnillnWIllk 

bin-jni* Ei 1c 

1'u- 1- 1 

Biiioi-a tVHk-li .... 

Biir-Uistou NUin, 

Burr- -u" In 

«.mii|<tiu>- Sum | -...- 

'. /uidiiiao Pni.-ifii.- 
Cana* Itwilmjili.., 

Lariiatli-li j 

CartlL-i AfiiMlern , 
(. arUii Hauiut.. . 
Caterpillar I'nu.-j.i 

CBS • 

Ceianewf Cur 1*11.. ' 
Leiurx A 9. IV... i 

Ceruiuu-e * • 

Le«-iin Air-nm.. 
ClM-eM-tuhnlian 
l lieml.-ai Bk. .\ 1 : 

Clie*eliruh 1 ’ihmi 
C ue vie ay-tum. 

* lil-ajn- Un-lue... 

Clioimalior 

i. Iir\ -iw 

Cinerama 

Cm -. Mlia-nui.. 
Cltluun- ; 

Utk" oervli-e... I 
lilt ime-nnc.-.l 

Ln, C*.l» i 

Cokft 

*-ulln- Aikmnii..; 
C- i/ainfiia U'A...I 

L umniljLn l*vl. i 

C<*ni.1o-CuXJl_Aii-! 
CbiQibunrind Kii^. 

Cnmtusilua hq... 
C’m’w’th Kdijijn 
Cvin'w'thUii Ke> 
Comm. riatoMlie. 
I'omiHlturri-lPn'f 
C-ount. ure Ina... 

Chum 

C"ii. Biit-eut A.K. 

C- H i vii 

I iin-o 1 X-lt. (<W . 
Consumer P'/wc 
Continental i.i-j,. 
(.'.mi mental MU.. 
f.aiimenlH T»ir- 
I'-inim llaia.,,,.. 
Cuojier Iiulus 


h. U. a. i. ;....} 

fc- Push Xal. On* 

E-l ra — .j 

Cinierwin U/t»4rii ; 

BUH-rt Airpr'iiibll . 

Lutbwi .....I 

•j.3i.i m 

! Kn.-e Ham... ! 

EaniRlk - 

j Klli\l - 

■iSiHI 

I fair lii'.i CMmerK 
re-i. Uei-I.aliine* 
rhe-liuie lire.... 

. si. Anl. I knit, ill 

I t mi tail 

Piiiiikote 

I rinn-ii* Pi - wet ... 

* ittor 


LiggeC Uroup...! 

Lmy iKiii J 

l.niuii Imlu-t — , 
OickbeedAuci'tii 
Usie3uu luil ....j 

I mug i-<aud Ltd.- 
Lrniisuui* Laud — 
Lubn o.......... — 

Lucky Slonfc- 

L'ke*- Y'ling-t'wn 

MncMiiinu k. 

Uae.V K. H 

iltr Hanover 

Mi |>cu 

, Mamiluu Uti — [ 
iLnnt Mmuuiit.. 

II ir-lu>- Kleid ...i 


Kj/ya Mulcli _...J 

Hum Uaia- 1 

Uydei- sykieni....! 
•arcway Stores...! 
dl. Joe Mineiai*-. 
at. Heals Paper...' 
■sanis Fe I rota .—l 

saw* luvesi i 

saxon I uds .1 

nvh.iir BnrwML'-l 
3cb-iini1*eruei — I 



Sxrii Papei- 

1«>V|. Mrjs 

Jcudr' Lluoi Veal 


IV'iajHWiKWi 181* 

Wvly. 3M 

Xerox. «li. 

itepau 166* 

Zenith Itadio 143^ 

UATrfan4-sl*i: t9^6« 
L'S.Tr«»4lS(5/76| f8JSa 
UJS. 90 Day bills.; 6.58 ( 


CANADA 


\Uilibi l'a|<er ; 

j .Ujihw- ban nr • 

AiuaiiAiummiiiDi, 
l rum* alee .... - 

lilytiQ, 

limn* -ii Munirea 1 
dnnkhnvn e*4l*' 
dasv.- Knourm. 
den le*epbune...i 
dow Vaiiav lad 


A hi. ' 

Al'mux Vuroiuli....' 

ustw i 

BAbK ; 

Bayer. .] 

Bajer Hypo — 

Bayer Verant-lik! 
Uimlnl.Ked.wni'l 
Cam mecdbanli — . 
CootlGumm*_...J 

iMimierBenr i 

Meeintsa — 

Men»** i 

Ueiiische Bnuk— .1 
I Ire-Miner bark....; 
uyckei half Zenii . 
(jutebuffniiiui — • 

Hmp*u LioviL ' 

Harpener. 

UoediM 

Hooch I 

Hen- Lea j 

ivi»li nrul -Nile .... 
Ktntadl i 

ivsuiboi ! 

Klix-kner Uu> 100. : 

ivHU I 

ivrn*i^,. 

LuMe.. ! 

Cjuenl-rnu 100 : 

Lul'ban-Ji ....... — I 


90.1 +0.8 
490 : + 4 

22.8 l + LS 

139.1 +0.1 

143.5 + 1.5 
288 ! + S 
321.5+4.0 

176 

238.3 +2.9 

78.3+1.0*. 
305 l-I 
267 (-2 

163.8 +Q.3 

309.8 + 
253.0*1 +t 

144 !— 1 

197.5 1 

J 14 i+3 
294 

131.5 +0.8 
45 J -0.7 

128 +4.5 j 

139.3+ 0.8 | 
312 +1 j 

216 , + t ■; 
93.5 -0.5 

177 -rl 

97.2 -0.3 

245.5 +5.0 
l.ol/.+S 
119.5, -8J I 


tieibi U-tb, ! 335 3 i 14 

-• 487 +16 ; 12 


581 1+12 25 


360 | + 5 20 
c40 i+l ' 18 

kCO -j *C 7 K 


Container«_| 

wa/paiu- 

dearie (G.L1J 1 

sears Kue)nici_..l 

SELlCJ 

■vfieii OH — 

Shel 1 Tran.- port... 

Si«nni 

->isro»eCiin>> 1 

slm|iit-lt\ rat...] 


’"ifser 

■jimth Kline.-.-.. 


F.M.i. 1 alia 


rum lint ui — : 45 lj 

r'ineiiiiai Men....; 17«* 

P"\injr*». 32-8 

•■miik -in Unit-.-]- ' s « 

Fn*V|nirt Minnrs-I 19 lg 
i f tiuliaul ........... i efitfl 

Pallia l nil- — J 104 b 

■V.A.F i 11 la 

Uauueit ! 37 >* 

••'ll. Amur. Ini.. J 912 

(i.A.l.A I 241* 

■ ieii. k-nii-e— 14 1 8 
uui i. Uv innilui... 431e 

Urn. h-BVti wa. } 464 b 

-■ ci urn rt»ntik...f 2B 
Ueiiel'i Mll-n— -I *6/8 
UnierH- Muwi..' taCM* 
ueii. Pui.^L’tti...-l 194* 

Lien. Qlxnai— — I 244a 

•>eul Te>. bieet— ■ 30 
Ceu. I VT*. i& 3 ?a 
Laenesvu -I 7h 

'■euTKia l‘*i-iBc.-| 24 lg 
LiMiy Ot 1 158lj 

u 1 1 idle. ( ,25Ss 

Inkalrirb K.F.; — . IV- 4 * 

•M.iyeni rirm— - 17 

■.•uui'* 1 206a 

its, uW.IC. ! 2arli 

Ml. Aiui/hwlhi: 81* 
uri.Anrlb Iron—! 24 

>■ ret in niii> i -...- 13 

(iiui A Weareni— 1 14 

Cu-I Ui. 1 24 Tj 

li-tiiiiuniin....— ’..I 58 
ilauiM Minimi.— -' 32^! 
H -tmiu.-hl ecer — j 146e 
Hu rts ClTpll...*— 47 

Hems H J I 3S 

lleulseia - ' ... — i 25 1* 


L'ept. lure ; 

MCA .! ; 

UvUeiojulL. 

ilulAnitit- that J 

iK-Urnu Hi-- 

AU-uiurex : 

ilCIL-k 

Merri. Lvnuli 

Mesa I'BLni-eimi - 

mi; m ; 

UiiiuMiuaJiUti j 

Mi sh can* 

Muiimuilu..-— *, 

tiuruau J. P | 

MuUnu'a.. — ' 

MurpbvO* 

\ -UN-cs* .'. :... • 

NhIuu Ch'«aulL-ai..l 
Atliurou Carl ) 


3ulllmu ............I 

south *a»n 

^mllieiuCai. i d. 

>«ilbemCi>. • 

Mini. ,\«i. Her...] 
■s'lillierii Pi Hi . 
soulUemKaliwatl 


dP Canada 

dma/ma I 

Briu-i- -....• 

Js-vary Puwei...' 
,arnUo Mine ..... 
Cmi-i-ia Cemeui-.i 
■Amiuia itULan ; 

k-au 1 m punk Ci -ii- 

Cina-Ia In-iusi 

Ciui. Pro-uii j 

Cau. Pa ili lut. 
-.'an. 9U[iei III ..." 
Jar-In* iJ'KeHe . 
-aMiar AsUed'e.! 


Xat. Ui-litlerk....| 

I .\nt. senbv Iroi.. 


Ndllaum dlcvi ...] 
V«l..nm% . I 


A aLinisr ............ 

.SOIL 

,\i]|i(une-iiii[ .J 

,\uw biiuitunl Bid 
Act* fc'naUii • le-j 
.Ma^ara Mnl»«k! 

\iB0ini oIwju 

JL. liidUBlnet ' 

AorwikALlVeBienn' 

.\iN*1 1) .Nii.liu..' 

Mill ii swm P**i| 
Vibwosl Airline* 1 
Albnesi uali-urij 
Xortou atmun ....I 
o . i-ienla Peer,- 1 
O^tvy Mai her „.| 

Oh/u Bfliw<u ’ 

Uim ] 


Ton Una 1 1 ' 

s'w'l Bsaslisres.! 

spem H'ltcli ... 

spem Kiui-i I 

squib..— I 

TllUlilar'i DnUI- ri 
•I i.OiICh/iI- - rimil 
Sl-i. Uii In liana 

3 Id. Oil Ohio I 

rbiult Chemical... 

•let-lm- Uni- 

atu leMmer. -i 
situ 

Sillhlal mild j 

■iviUe*..— ' 

I edi n in i+ir | 

teMn.nix 

felniiiiu I 

teiex- I 

! 


kli/eiiam - ! 

jumiD v.. 

.-.ifi-i l(alliur+L... - 
..iiniumei C-t>.... 

. i neks HH,iimi>. 

"SH" 

Daj-n Devi tut i 

Uriiiiiuii Jl niir»..„.' 

Ounie Hum 

- Untile I'elrvieillii 
Hum in Cm Knctur! 

I 

Uupuiit-..- 

Ha-ironVe Sl-hi- 
onl SI oio i Ceil.., 


Lien star • 

Liuuil lei.ukmicj 


Hen-ieti !■*» k«n ' 
H-.ii.Imv lunr.-..’.' 
Hnmmiake-.— — j 

HiHieioiB’— : 

Htaiver — i 

Hob|. C-ulp Auiei. 

HihibLlHI SaUlir i 

diinli Pli.Al Cbml 

Uiiiii'D 

l.C. In-tustrie*... 

1 N A 

lugenK* Karol.... 


O versvak bhi|i-...| 
UnciuCutuiuu...| 
Jwellk illUH'IS.... 

Pit/l lib! Uu ! 

PiieHie Lu>htiue..| 
llu-. Par. A U.... 
Pall Am Win Ul An! 
Paiitei ttanuinii. 

PmiaalV Int J 

Pen.Pw.4Ll I 

I'elllizu!! ! 

Profile* Uruu i 

Peoi.leatim I 

I'efeiuu- —'4 


Iww- Pel ro-ctini 

IrUu 

f cAioa- u-l 

Lew Inttm....... 

I exai- On A tins . 
lexas emit ice ... 
I line In 

rime* Mlmvr..... 

tiniken.... 

trane 

Irinsman -a. ...... 

Imnau. 

(muB (/aiun. 

rraii-wa\ iur'ru. 

Iran- SV.ir- An. 

Travel -en 

i n Ui-iutineuuu.. 


Hun On lima. In. .( 
Hawker ant. Lmi,. j 

Hn- Miiirr -.1 

Home On -.V' : 

tiii>iMui Dhj Mu.. : 

HuiImhi lui 

H-nhinUi A lit 

J.A.C. 

I III VO 


lm|crm- On 

I UIM....— ...... ..„| 


t.K.W [ 

uthCejriurv F«« 

k AU 

L AlftiO 

bUi 

LOP ! 

unlievei ...... ..... / 

bniievei ,\ V 

l nk ni uaniMrp.. J 
nun a i Cm Mde....j 
--nun* Cmnnieiv*- 

■ Hlull Ul Is II 1 

l UMm PaciHc | 


■ mu* ..- 

■ mo. ml S«i.Im».. 
iiiB'lir'.vPipcLnit 
■cnaer KiKtinm. 
Lrturui'i Miikf-rpi 

LalhltM (.uID.'ll.'l 

Mu'iniu'u aioetti.l - 
SLtuaey Pergiikuni 

•luiulvre ! 

Ilnurs Curpii !. 

.VuniiiL* SI mes... 

Ameen biiei-j't 

■Him. leincvini.... 
Miaiac On ji **a* 
U+knuun 1‘eir'ni. 
Pvrtfic Cupuei II. 


liihuid Bieel. 

insilco......— — -I 


Intercom Bowes 

IBM..- - 

IniL Plavoun— 
i no. Uarvekier- j 
Inti. Uni fUhem; 
liiu. UulM1ood*J 
Itteo -.... 

lun. Ifriier...— ... 

jpo 

int Uectifier. 

luu Tet. 4 Tel — 

Invent -.... 

Iowa Bed — 

IU Inlemal tonal. 
Jim Walter— .... | 


I’erkin hiniei— ] 

— ; 

PIIMSI J 

PUe.fM Outue ; 

Phtiada-ublB Hh-.j 
P hilip Mon-In — J 
Phtd(Bi I'rtro’in 

Hiisbury ! 

Pitney Bowes. — j 

PiltBlon— ! 

Pleoeey LU ADUl 


PotarrM 

Ptotomac Ue-..,.. 
Pl^i iiniuuriec. 
Pm> ter Crain We.. 
Puli K/e'-'i.- 

Pulliuan 

Pnrax- 

kJuakorOstt.... ... 

Ka[dif Ameriiwn_ 

Kaytheoo 

KC.-t - 

Kepuhik- hied.;.. 


cniiwa- 

United Brarolk— 1 
L-S Uniliurp- . ...| 

I 

Li?, sbre. 

L3..7iee(— + 

U. reefanoloaietb.i 
IV Industries-.-] 
Virginia bie>-c... 
tVaigreen... — •••■. 
W arnef^Oomnin..! 
H'qnesUiniieri . 
w tate>Man'meni 

WeilroFarjo 
Western Ban-wi 
Western N.Amei 
Western Unlun... 
H'wriiMlw Beet 


Pa Hii-l'etruieunii 
Pan. Un Pet'ni.J 

PaUiiu . 

Peoj-le- Lipjji. a.> 
illi' 

P-iuwrUeve»i|mi, 
i'i-»«LM/|,ir*i "i,j 

Jueiifv bluniei.ii] 

it-tmtei Ui-. i 

Itca l !-h«» ■ 

it in Aifioui ■ 

dswaiBk. ,4 can.! 

livts i rui -1 1 


Western* 

WeyerhaeuKr— 

WlUrliiool 

White Con.lnd— 
William Co.-...- 
WitjcLdism Bluet 


» -afire K'-un- e 

i/a^nuiu. . 

jhel‘ Canada 

sberrttt iJ _ .11 ine- 
Bledcna O. U.— . 

}iiqfwin> 

u( tirtada,. 
Bleep 1<Lk:k iron. 

Icul-u Lai in lo... 

Toronto Uqrn.Uh, 
TnusCau PipeLn 
Tram Umim O' * 

L'rlrfe..... 

I nwu l>ro>-.. ..... 

Urdjsltts.-e Mine*' 
Wailrer HimnT...,j 
Went Coast T™ [ 
Weston Leo... 



ACM 1 L (HO cent) — 
Uxow Australia- — 

t-.lftl Mnt-Trri«. Iiidu 3J 

Atnpol Bxpioratloo. ... 

PomiiBuni. 


\ fiui ! U7 

Banco do Brazil...; 2.35 

I kiiAkUau * *>..J l.li) j....- t ~ 

'■ iron Ulj LBS +U.BU 

er.OP.J 3.J0 J 

PP 3 


AraOC-PUlp Pap«-81-— . 
Awtc.Cotu.lortiwtrier-. —— 
-vurt. FouinlaUca Imreat— 

AJU 

\udlmvO..... — — .... 

Aii-l On A Gas- 

Blue JKetai lort 

Bougaiavllle Copper... — . 
u token Hill Proprietary— 

HHHooth. 

Carl lou United- Brevrerv— 

U.J.Coltt--.^ 

C8lt.l$ll 

Ockh. Goldfield A ns — 

UcnUlnwiSl)..-.: — 

Jon cl no KioUnUT—...— ...— 

Costain Australia— .— 

UuiMopllubheriS 1) 

(feiCOK. : :: 

Baler Snnlh — — 

K.Z. Indusrries. — 

Uen. Property Trust—.. — 

Hamentay 

ttuok er . .J;— — 


MARKET REP 2 


VoL Cr. 115.0m. Shares S 
. Saonae: Rid de Janeiro : 


[ Prior -+ or 

. April 6 Kroaer — 


' i-er^en bank ] 90.5: + OJ 


.mriiegan nl. 55J5]+0J5 


^redithunk.^™..- 107Af;+(Lol 

AirUhk*-....- ] 275 — 2 

■cneiiitJiassen 104.0 + 0J 

L'or-h H vrlnikr^i. 189.0'+ 1.5 
'tntciirami ; 90 i+5 


I .(LI. Amrtialla- — - 

I ater- Copper-.—-—— 
Jennings Industrie* 


Jennings Industrie! I 

Janes (David) 

Cemiaid UH 

Metals Exploration— 

M.IH Hoklliipn.. 

Myer Bmporium— ..- 

.News 

->1. holas InlematMHnl 

A >rt<b Broken S’ lings tbO- 

Uakhrliige— 

Ju ■web-,-.— — ■ 

•.HCer'BxplaraLinn 

Pioneer Goa-reK - 

thvklU A Craawn..— — 
H. V. klel|ih..— - 

•-iithisii tl'iiiiin 

Bpargos Usplnratlon— 

.—....,1 ............. 

W utteir— 

Western Mm'ihs riJ-w*'.. 
tVnrriwmilM,; 


JOHANNESBURG 

MIKES 


April 5 Ran 

Anglo American Caron. ... 4-9 

Charter Consolidated 

East Drlclometn - SI-® 

Elsbura - 1* 

Harmony 5-fi 

Kinross — - 5J- 

Klool - M 

Rnstenburg PbUnum LS 

St. Helena ..... W.B 

Sooth Vaal .... — - — 1 J 

Gold Fields SA IW] 

Union CornoTBUon — 4-8 

De Beers Deferred « 

BlyvoorniiZKht 

East Rand Pty - 

Free State Geduld ... — 

President Brawl -- 

President Stem - — *L-i 

Stdfontem 

Wohfom 

Wen Driefomivw — 

Western HoWings 

Wesitrn Deep . - '‘- ,l 

INDUSTRIALS 


Price +.« 1 UivjYdi. 
Pts'. — | Prs.j « 


lieu li- *t -5 

AinijueUwiii'i’-t 
kit liquid.:-..-— 
Aqultslnp-~-_... 

ulC — 

ooucuea— . 
bJiJK. Garvaie.... 
Jarre tour ...L. — I 

C.GJt... - — 

J.l.T. A kate> 

Jle Ban-aire—.— 
Club Med iter 
Credit Coni Pr’ f 
Creusig Ixrtre-..- 

Uumex 

ri. Petrukftc- 

Uen. Uei><eniM 


76 *.6 
27 i) 7.7 
58 2 3.2 





• III III 'all \V. H.a. 

44 it 2 

IS 

iJ-uiikv lunik 

1 Z 7 

12 

«£«« ZklHlI 1. II.. 

U 1 SBJ— 1 4 

12 

UniiMaiiihvI'.. — 

l 47 i *,-2 

13 

*i'r. Bycitvi-IM .. 

339 -rl 

12 

ror. Paplr — . 

t2Ul— lis 

B 

riiiKieiaiaak 

iaam 

12 

J..Vttl i H.ikrt" 

a 58 '... 

12 


k .60 1 + 2 


Uiietabiik...- 

uok?— 114 


t'ruviQgbojik 

139 tied + li 

11 

Uervuilaen 

a/6 

12 

5 UL+MO. 

186 + 12 

12 


i metai— 

Irox/Uftr Bore* 

Laxarjta 

C Ureal 

cegnind | 

Slalsooa Ptienix.. 
Mtobeun “tT — 
Moei Henneasy... 
Moulinex . 
Parthaa— 

Peck! dm- 

Ponxxl-KJokn 1 ... . 

PeugeoCrU men.. 
P-actain 

HadlaTaMMiMiue. 
Uodwite-,— 
Ubone Pwnetu — 

ru Uotain — . 

>btr Hm^iAioi 

3uer 

Le^niBdUiiqiie— 
flKim -oii.-Bnui.il. 
U liuT— 


.714 +3 i 41*: 0.6 

396.8 -^17^.21.15 5.4 
290 +8 ! 16.S 5.7 

o82 j+6 ] 24 b.3 
4 8 +10 1I.7H 2 8 

683 1+38 51.561 4.9 
425 1 + 10 57.81 8.9 
1.617 +79 76 -..6 

360 +5 B7iJ 7.7 

1.120 |t 3 1 68 a 6.2 

346^1+1115 la] 5.a 
43S.5+9J5 I1.B6 B.6 
134.2/ + 1.2 1 12 -- 10.0 
e2.7-0.2j la'19.0 
710 : + 40 7.0 I 1.1 
118.4+O.B!l4.1fflia.O 
180.5, +0.2 I B./&| 4.5 

56.8 +1.4 3^5: 9 Jt 
101^ + 5.1 -- | - 

lo4 1 + 1.1 lB.7/;iuJ3 
590 +10 16.S7: 2.7 

1,699 +49 31 1.9 

1.032 +4 39.91 3.9 

1,340. 1+ 28 524EI-.2.4 
448 f+18 12. B 2.8 
186-5) *-3L6 5 | L.6 

190.8'+3.8 1J.35MU.5 
83.9— OJ» -7J5: 8.9 
241^1 + 6.0 7.ri O.l 
557 + 10. E IS 4.3 

171.1 +7.1 . — ! - 
. ,446 +7 26.51 8.7 

686+3 84] 4.1 

- 713 +*2.9- 9 J12.7 


AECI - 

Anglo. Amer. Industrial ... 

Barlow Rand 

CM A Investmeitis — 

Carrie Finance 

Dc Beers Industrial 

Edgars Consolidated lnr. 

Edgars Stores — 

, Ever Ready SA ... 

Federal? VoUtsbeieeElns? • 
i G re atermans Stores •• •• 
CoardLin Assurance <oA> 

| Bulctts - •• 

LTA 


McCarthy Rodwas 

S od Bank ,r; 

OK Bazaars T -- 

Premier MiUIor ‘ J 

Pretoria Cement r| 

Protca RoWInw . • 'J 

Rand wmes Properties - 
Remhrandt Grooo 1: 

Sage Holdings '•! 

sappi . •• i-; 

C G- Smith BiBtar 

So rw — j , 

T«er*03B 1 and Kat.’ M018. 
Umsrc •«,rc 


Securities Band SU-S- 

(Discount of 314? 


7.t> «J.l 

IS 4.3 


26.51 0.7 
84] 4.1 

CL MO-iJ 


71SI+8.9- 9 J12.7 

1«9*E'+0.1 13.6&i 9.1 
1,749- +84 39 ‘ 2.1 

267.5'—...... 26.fr 9.5 

768 i + 23 22.76 3.9 
.194 +7Ji 15.15; 8-1 

22.8 +1.2 — i ~ 


SPAIN » . 

April S 3 

.Island ’ 

Banco Bilbao 
Banco Atlanttco ilM/ 

Banco Central — 

Banco Estcriw 

Banco General ■ 

Banco Graoeda «l.#w» 
Banco HLspano -■ ■■ 


Per reut- 

- va 

.. M3 
1 

383 
.. 2 W 
. 271 

1 ist 

209 


Banco nuwBOT -■ ■■ 

Banco J«J. Col. 


STOCKHOLM 


PriLre |+uri Dlv.; TM. 
Erode — I lir. . % 


t Bid, * Ashed. S Traded. 
% New atoeft. - 



AUA AnihizkJ)- 
■\iiatem BtKrt*. 
a s Ha [Kr. fiov — 
Aila* Copco (KrE: 
Billernd 

Bo fora— ..a 

Canto——- 

Cellnhw — - 

tfleid'iox “B'fKtiC 
brlcnaD *B'(KihC 

**&**.„» 

Urang» ifrwa — 
HwirteWJanhaQ... 
Marabou — 
UolMb Uornsio- 
kndvUe A-8 — 

. L- V -H' k'n ... 


179 +1 

166 

83.5«l 

X16 +1 

. 96 +2 

133 

170 icc +2. 
25*9 +3 

142 +4 
136 +1 


?.luF. -B’ Km,-. 
■ibnrot brali iktro.-l 
Tamlttiii 'B'KrPL^ 
C kiehohn — 
V.jlv*'»(Kr. b0>— 


235 

119 

85 +1 
3 04 id +1 
125 -5 
74 +3 

227 +1 

73.5+0.6 

143m 

84J5i+0.a 
67A + CL5 
77.6j+0.5‘ 


6.6 3.1 
6 3.2 
6 6X) 

6 5-2 
4 4.2 
- «4 3.3 - 

10 . 5-9 ! 
10 4.41 
6^ 4.4! 
■ .‘O 4.7 1 
B 3.4] 
4 3.5! 


□ ■UII.V liwi --- - 

B. Ind. McdluiTaDen • 
Banco popular ... ■ ■ 
Banc.* Saniandcr '-"B 1 
Banco Untliliu iI.DQOi . 

Banco Vlrcajn 

Uaoco ZaragoMnn 

Bai«i union . 

Banos Andalocta . • • 

Babcock WUcox 

Dragados 

CIC .... 

• loiBObanU 

E. l. AMgwivsas .--- 

Espanola Zinc — • 

Ext)L mo Tlnio 

Fecsa' GJW - 

Fenosa (lOw 
Gal Predadw 


16 5.3! 
& 6.1 
6.5 8.6 
3-75 2.5 
4 JO 6.2. 
8 6.6 
S 5.9 


rja 


etc ... — - 79 

lnmobanU jia 

E. /. AMgwwsas — 

Espanola 2 *u c « 

Ext>L mo nmo M 

Fecsa GJ W»_ - jgjp 

Fenosa fLOWh 73 

GalPredadw ^ 

Cngm velatH^r B 

Bldrola 70-25 

Iberdooro • • O 

P3pcler»7 RemadJs - £ 

PetroUber ... — isajo 

FHrofc« — Vk 

Sarr/o papalera — ^ 

Solace *— no 

Sosefira . — - *n50 

TeJefom™^ 0 

Torr»v HertTPoen - v 

Tdha«s jt2S 

. Union ®w* ;“ 































BY MARGARET VAN HATTEM 


LUXEMBOURG, April 5. 




i 3wk pact EEC to propose pigmeat 

payments changes 

^C2Tw™ a S^^ »r MARGARET VAN HATTEM LUXEMBOURG, April 5. 

v . £: tight suffer a serious sg thifir \f j . ; 

■''' ilfij- 1 !;!'- 611 ! s its production j f/Jr™ PROPOSALS on roonetaiy France and Italy, who also want proposals for the Board’s con- 1 
Srowiag eoun- 1 f°2J?f? s S! ory -, 1 ? in - oimts ’A **3!*”® lfa ®WCAs sharply reduced. tlnuution un the grounds that 

Teshoost or hold output steady, s P*® l »«*Hy with pigmeat, will he But Denmark is equally they are applicable throughout 
:$> ' Moroiag to Michael Hall, pro- Presented later this month, adamant that the MCAs should the Coimnumtv. 
v< - v .!"£L 0f 4 „S reat p la“S Wheat X*. f“ n Gunddach. EEC remain unchanged, and is sup- But limy now appear ready to 
3-*. ^ rporated - jESSSSi Commissioner, told ported by the other big pigmeat drop 'these “VrJSs it the 

s*./-? a speech prepared for de- g®2® iS® * h « Belgium. British cun demonstrate clearly 

-j;' V' ^.before the Canada Grains ^i li 5IKJ2?SL*S& Whllfa and ,hc Netherlands. and continuously that they are 

v »: ;• ^ Hall; said severe W K^?5Li2! indi Sham affnplr not subsidising dairy products. 

• Jffieultjes w co-ordinated action „ * ■ v G JL Dde J2 ch ®SJ£ K 3nar P attaCK Mr. Silkin said. 

, * Ievel "Wld Pr °sress on the U.K. milk To-day’s discussion of the 

£Xcu, k , lf u - s - set as «^e sub- ® in marketing board controversy £230nt. aid proposed for Mediter- 

tykantia! wheat and feed’grain looIts inore Promising at this ranean countries produced a 

^ season while other Sid^v^SSjS^tfhlt^the 11 nfi » a . Re - opponents of the sharp attack on Britain's 

% ^ ons »- mamtain ed or boosted llxat n?-mnn. Bnnsh system— Germany. Den- “insular” attitude, by the 

.. reduction. ■ 5& 1 *: the Netherlands and Dutch, Belgians. Italians, and 


Zinc price 

upsurge 

continues 

By John Edwards, 

Commodities Editor 

ZINC PRICES surged further 
ahead on the London .lZefal 
Exchange yesterday to reach 
l he highest let cl since last 
July. Cash zinc gained £11.5 
lo £313.5 a tonne, making a rise 
of over £33 in the past week 
alone. Bur values fell back 
sharply in late kerb trading 
with three months failing to 
£313 after closing £11 op at 
£318-25- 

Conii rotation that official 
strikes are doe to begin next 
Monday at three or the Vieille 
Montague zinc producing 
plants in Belgium helped 


PLANT BREEDING 


Fresh grass strains 
for better pasture 


■ « ucw tmcmaunnin n- * c%a :tv ,u . "v Mtv . . IIM * • y nrnvv r*M’ muhua e iiivu.vtu 

heat. Agreement that import- ^ah-pricud liquid milk to sub- should be more closely examined, 

^nations were not toUrSt* J"SL ! .SfK 22,®! S*“. »*«. ^9' I™!™*. Th. Brtkh. «h» „ .™. 


One of the key lessons learned i 

the talks Mr Hall caid « d,es » on Danish port: . ... uw ,.„ a „ fc , w , . . 

i? tat U.S. wheat farmers are not , £, orte *l L° G»c_U.K. . could be devised to ensure this * ween not rontnbulors and net 

:=.< jrribly interested in an Agree- Jo ^ n SUkia. the UJv does not happen, although he rocrivers anionq member States. 
•'A-f.ient, especially one that would 1 “lister, is refusing even to would not specify what form it Rut several member States 

nly ereale an international re-i® IScuss thc Comjn * ssions P™- «ni«ht take. supported British arguments 

. T>^rve scheme or that would set < P° sa * for a ® per c ®. nt ' P™* The opposing countries, par- ihai provisions to ensure eust- 

- ••. xed minimum and maximum i rlse for piEmeat,. until- this is ticularly fiermanyfi have in the effirtiveness should be written 


products hanis 3 m ed acceptable * iS* Britain ^ rlhur increase the gap be j m norma] drawing on existing 


The British, who claim to can- 
Ibutc more lo the Community 
irlget than they drew from it. 
y the proposed package will 


meat of production cuts 
throughout Europe. Sociele de 
Prayou, another Belgian pro- 
ducer hit hy strikes over 
annual wage claims, said it 
would con tin tie lo deliver zinc 


' xed minimum and maximum i 
• - .rices. | 

■her,, “The long history oF interna- | 
-^nnal commodity agreements for. 
heat has shown to . U.S. pro-j 
, ucers that they do not serve 
::r - either firm .up or maintain! 
. ./'.rices for farmers," he said. j 
■* Looking ahead. Mr. Hall said 
- ie world would quickly realise! 
.; • •. ie rather thin wheat supply if 
'j 1 * U.S. attained its planned 
reduction cuts and if nth**- 


approved. He is supported by past reisted the Commission's into the package. j 

Apple supply prospects brighter! 


BY OUR COMMODITIES EDITOR 


FDs.'.ASD 


, ie u.s. attained its planned SUPPLIES OF apples — r at Jower of apples this year are expected ported to exert downward pres- 

rooucuon cuts and if other prices — ■ should be much more to jump over 11m. bushels to sure 0 n apple prices during the 

lajor producing nations ex- abundant during the coming Europe, with between 3m.-3.5m. summer mnnihs wh*n Britain 

enenced weather problems. months, starting with a big in- bushels destined for Britain. c2l„ 

euter crease in shipments from South This is about double the amount ro,l< * on Southern Hemisphere 

Afriea and hopes of a record sent last year and selling is ex- countries, like Suuth Africa, to 

UJC crop this season. ported to continue right up unlit provide new crop apples. In LonaoB iraue-r>* wru- .sumc- 

Mr. Joe Saphir, chairman of U.K. and Continental new crop addition, there are expected to what surprised at New York's 

MUtKPuc the Saphir Organisation, launch- apples start coming on lo thc he plentiful supplies of soft overnight rise on Japanese 

- ing thc “Cape" apple season market in volume during fruits such as grapes, straw- demand, which they claimed 

wnn ffx TYialfA week promised that there August. berries, peaches and melons, result, the market came under 

fr^ TT wx lu illaJVC would be an ample and con tip u- Competition from several which compete with apples for selling, and profit-taking, 

■■ . jp j. oiis supply available for the U.K. other sources of supply — in- the housewife’s spending. pressure .at the higher levels.. . 

_ up snorttail “arket* S outh “P 0115 cludln e South A,n ® rica - is ex - If these forecasts prove true, 

7"' TA7V-T y ytvt r— tt\ ky , i. it will provide a sharp contrast ^ 

WELLINGTON, April 5 _ _ with last 1 year when a general T T C cfrfc/'lfTllIP 

HE NEW ZEALAND Wool Tnnon IVT^ frorln /l/io shortage of supplies and a U-LJ- JlOkAJItlt 

; oard will supplement . new >1 3fl3. il — II Zj (XYlClC QcdQlilLIL "pathetic" domestic British x* MATnnra 

Ten ngs at auctions over the re- Jt- apple crop because of late frosts, 1111 ICiC^lsC 

'ainder of the season with WELLINGTON, Apnl 5. pushed apple prices up to well ■■ 

bout 20.000 bales from its own NEW ZEALAND is ■waiting for able that iu the area of agricul- over 40p a pound in the shops. T)1<1U OSICIJlCQ 

- W< *° 1 News Ja P an t0 take the next ;move in tun trade-particularly in butter. So far ^ year we athe r con- WASHINGTON Anril 5 

nid to-day. a trade impasse which has milk powder, beef and sawn d j t - 10ns j n (jf e u.K. and Europe Washington. Apni s>. 

. The publication explained that developed between the two timber— Japan had brought to have heeD jdea ] for app i e THE HOUSE International 

' ie Board has taken the action J countries. Mr. .Brian Talboys, the bear a narrow and selfishly prowers If these favourable con- elations Committee has approved 

-?cause of the drought and the Minister for Foreign -Affairs, inward-looking interpretation of d itions continue a record crop a Bill authorising a U.S. contri- 

.iticipated shortfall in grower said here. its domestic interests. 0 f between 300 WMMOO 000 tons bution of up to 5,000 long tons 

fe rings of greasy wool. -The The impasse hgs reacted in „ . . — against 185,000 tons in 1977 of tin to the International Tin 

~7tra fninnllM will pnmHrio& nut Tq*%<in'x a«d!iinnn from. . fichina SfllQ i\CW 4CuldUQ “*50 i aaa Sn 1 Q"C mlnbfr •r*t % iraoll hnfFor cfnrlr 


stocks. 

The company pointed out 
(hat the strikes would serve 
the same purpose as produc- 
tion cuts lu helping reduce 
stocks and restore market 
“ .stability." 

Rumours persist Lhat pro- 
ducers are planning to raise 
(heir European producer price, 
at which the bulk of zinc is 
sold, by S50 to $600 a Ion tie in 
v lew of the rise iu Metal 
Exchange values. 

Copper prices also rose on 
reports of an improvement in 
Japanese consumer buying 
interest. Cash wi rebars closed 
£10 up at £700.5 a tonne, but 
fell in late trading following 
an easier trend in New York 
and the rise in the talue of 
sterling. 

London traders were some- 
what surprised at New York's 
overnight rise on Japanese 
demand, which they claimed 
result, the market came under 
selling, and profit-taking, 
pressure at the higher levels. . 


PLANT BREEDERS in Northern 
Ireland are now well advanced 
iu producing productive grasses 
which are totally unharmed- by 
chemical spray’s that will kill 
grass weeds in their midst. This 
is good news not only for live- 
stock farmers who rely on first- 
class pasture but also for the 
millions of ordinary citizens who 
labour over lawns which could 
more accurately be described as 

botanical experiences. 

Botanically, highly productive 
grasses like perennial ryegrass 
or desirable lawn grasses like red 
fescue are similar to much less 
desirable grasses such as York- 
shire Fog or annual meadow 
grass so they are all likely to 
succumb to the same killer 
chemicals. 

Yet within any population of 
the same species of plants can be 
found some differences in 
character or behaviour and it is 
hy searching for plants that 
showed tolerance — even resis- 
tance — to normally lethal doses 
of grass-killing chemicals and 
using these in their breeding 
programmes that plant breeders 
are achieving their present 
success. 

Professor C. E. Wright, of 


BY MARY CHERRY 

Queens University, Belfast, 
speaking at a recent meeting of 
the British Grassland Society, 
disclosed that two new perennial 
ryegrasses bred in Northern 
Ireland show complete resistance 
to chemicals. Stormont Cause- 
way is resistant to paraquat 
(Grarmnoxone) and Stormont 
Lagan to dalapon (Dowpon). 

Killed weeds 

If these varieties Were present 
in a weedy sward it would be 
posible to kill out the weed 
grasses with the appropriate 

chemical. ' The sown grasses 
would not be harmed and would 
be capable of tillering vigorously 
to fill the spaces left by the 
killed weeds. Causeway is 
slightly less productive than 
Northern Ireland's best rye- 
grasses but Lagan is every bit as 
good, according to Professor 
Wright. 

But these are only thc fore- 
runners of a range of highly- 
p reductive resistant grasses 
coming along the plant breeders' 
pipeline. Similar work is in 
progress at other research insti- 
tutes. notably the Welsh Plant 


Breeding Station. Aberystwyth. 

Small quantities of seed of both' 
Stormont Logan and Stormont 
Causeway arc now with the 
National Seed Development 
Organisation — responsible for 
marketing seed bred at U.K. 
official plant breeding institutes 
— and the varieties are going 
through the processes of registra- 
tion and of multiplication. It will, 
however, be some years before 
they are available on the commer- 
cial market. 

When these varieties are avail- 
able— and other better chemical- 
resistant varieties -that are coming 
along— it should be possible to 

maintain highly productive pas- 
tures, which will respond effic- 
iently to nitrogen fertilisers, for 
much longer periods than at 
present. 

Lawn keepers may have to wait 
a little longer for their chemical- 
resistant grasses. However, they 
can now be assured that they will 
come and there is the prospect 
of maintaining uniform green 
grass free not only from broad- 
leaved weeds, but also of those 
lack-lustre intruders that blemish 
the beauty of lawns and wither 
away as soon as we have a dry 
and hot summer. 


Countryside debate opened up 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


■ ■■■ ■ " ' II ***** KIUWIUC a ouiup LUUUOJI. ^ 1 

Tartan NT 7 trad HoariWlr SW? jT^X 1 STi U - S - Stockpile 

^ P . apple crop because of late frosts, tin release 


pushed apple prices up to well 


plan backed 

WASHINGTON. April 5. 
[ TIE HOUSE International 


Te rings of greasy wool. The The impasse h^s readied in „ ^ — against 1S5.000 tons in 1977 of tin to the International Tin 

ttra supplies will comprise out Japan’s exclusion from fishing “® ~5JL,®S and 274.000 tons in 1976 — might -Council buffer stock. 

season, full length fleece and grounds in a 200-mile maritime ^una it oimeuiT to unaerstana weU be ac hi e ved in Britain, epresentative Jonathan Btng- 

.irtings and a proportion of economic .zone established by wl, y Changes in Japan s imports Although this would mean lower ham, chairman of the Sub-com- 

Jdments. New Zealand on April L New of dairy products and beef cm ild pvices U1C growers shou]d still mittee which drafted the Bill, 

— The Board's stockpile at Zealand has signed agreements “JJ* iSXTE — IzLVl he better off than in last year's estimated that at current market 

• jbruary 28 was 207,068 bales with the Soviet Union and South P nc es Japan were five to seven - freak " season when many of prices the U.S. contribution 

■ ••nile stocks at July 1 last year Korea to permit their vessels to ““f 8 111 1New them lost moDey by not having actually will come to about 


;;; tailed 103,801 bales. 
. .’ mtet -. . 


fish in the zone. - Zealand. 

Mr. Talboys said Itwas rfegret- 'AP-Dow Jones 


sufficient fruit to pick economic- 3,500 long tons, worth about 
! ally. ' S43.5m. 


LY ANSWER to the growing con- 
flict between fanning and. wbat 
might be called, conservationists 
as to how the interest of farming 
and thc countryside should be 
reconciled the Secretary of State 
for the Environment set up lbe 
Countryside Review Committee 
as recently as 1974. 

This committee, made up of 
representatives from a number 
of interested ministries, to-day. 
issued a discussion paper which 
it is boped will stimulate 
suggestions as to how a policy 
can be formulated. The com- 
mittee has shrank from 
suggesting an enforceable code. 
But has suggested “placing a new 
statutory duty on Ministers, 
Government Departmental etc. 
that they should have regard to 
the social and economic 
interests of rural communities.** 

The real problem is that 
because of the changes in farm- 
ing to which the discussion paper 
refers, the rural population 
employed in agriculture has 
fallen dramatically. Most 
villages except' in the remotest 


areas are populated hy a 
majority who regard the country 
as an amenity and not as a place 
of work. 

This results in endless con- 
flicts between the farming 
minority and the rest over 
planning developments. 

The report suggests that the 
Ministry of Agriculture's - Advi- 
sory Service, ADAS, should be 
called in to advise farmers and 
other interests as to the essen- 
tial facts of modern social 
development 

It should really be an assess- 
ment- of bow much food should 
be produced in Britain. How 
much of these- resources should 
be allocated towards amenity. 
And what this is worth in econo- 
mic terms as well as how. much 
could be afforded. 

The Country Landwners Asso- 
ciation reacted yesterday to the 
discussion paper by- complain- 
ing that too wide a spectrum of 
unco-ordjnated bodies -. are. 
already Inflicted orir fixr&T com- 


ia unities and that if anything 
is done it should be the respon- 
sibility of one Ministry alone. 
It also suggests that rural 
schools, which are being closed 
fairly rapidly, should be retained 
so that a better understanding 
of rural affairs should be part 
of education. 


U.S. COFFEE 
USAGE DOWN 

NEW YORK, April 5. 

Gordon Paton reports that the 
amount of green coffee roasted 
in the U.S. (including coffee for 
soluble production) totalled an 
estimated 4,110,000 bags between 
January 1 and March 25 this 
year, against 4.605,000 bags in 
the same period last year- 
The trade publisher reported 
roastings in the week ended 
March 25 were approximately 
103.8 per cent of those roasted 
in the similar week of 1977. 
Reuter 


COMMODITY MARKET REPORTS AND PRICES pricf CHAXfiFS 

D*er lifCTT/i T O port* of Japanese interest in certain THt—A rtada tinner Id dull »nd routine Sept. CMMMLSSO.OO: Oct. 2SO.0O-33O.OC; Nov. larse merchant toying »n old crop wheal April 5. CB— cattle 67S0P .per kg. Lw * Il,vc V-II/llluLnJ 

“A3E 1VJX# Jl AJ-dJ brands ot copper. Initial trade seUtnc *u trading. Despite (ho limber Tail » the 2SDJMF3 15.00; Dec. 2flO.OMl8.Oa. Soles: steadied values winch uradiuUiv moved UK— sheep I385p per kg. esL 

'opper— F lmm nn th» taiiutan MotaT well absorbed tout *t tbe £723 level proftr- Fenans price Torward mrtal opened only NIL hlpher by the dose, ending the day t5 d-tw. f — 2-3»: CB— pigs «!-Bp per tog. Pricas per tonne nniesa otherwise 

“ aUTSZS £ 1*1 taklozauw taut tbtT nitoi and ibe » f«eooo twlow tbe previous days frifnA poms tUu * ier te whe * 1 *" d 85 towef ta ,w - f-Mi. England and W*Je»-Cattle _ imL 

55* •■SH* itaaKr ££? ri“moon dosing levels owing to the firranes. of LULUA barley. New crops tad a dull day, numbers down 15 per cent., average WM ‘ 

m3 on tnc pre-mareet^ to uowmg re- g djaaBOOiatjns ■ opening 00 comer tbe other metals which prompted atari- Renewed consumer demand give rise moving steadily tower on large-scale price 87.6 »p (-fUJTt: Sheep numbers 

jpp KH a.m. H-or „ P-'rv. 1+-* omnoted fresh profit-taking which took covering. The pnee lifted to a days iq b brisk rally Irom the Iowa ot the hedge seUing. dosing 2M3 lower with down 22.3 per cent., average price lSflJJp AorilS 4- nr 11 ..nth 

Official — UaoBlcMi — forward metal down to £712 on the late high of £3.750 but ihereaiter eased on day In the absence or producer selling, mow emphasis on wheal than toarley. Pig numbers np 2St per cent, L-g ^ 

— I — Kerb. Turnover: 16.S75 tonnes. lack of Im crest to clnsfi at £5.730 on reports Gill and Dnffns. AcU reports. average Bl_8p (—0.3'. Scotland — Cattle 

' , £ £ £ £ Amalgamated Metal Trading reported ihe late Kerb. Turnover. 1.S45 lonm-s. _L , tina^^T • Wheats CWRS No. 1 I3i per cent, numbeninp 15A per cent., average price 

1 irobars - that In tbe'oKiniing cash wirebars iradetl i a.ui. |+ .t) |i.i«. IT+w r nrn s l 1 April-May £W.50. TUtourf. U.S. Dark KU0p i-2-toi; Sheep nmntoers up 333 

jh 706-.5 +163 700 1 +_M. at £722. .XL .21.5. r. 2L 213. 22. 21.5. TIN I OffMal 1 — (Unoffu.lai — f v,oae | Northero Spring No. 2 14 per cent. April- per kh, average price I3S.6D (4-0.41. 

-watte,.. 720.5- 1+783 715.5 +8.75 Ml jaj. caihodes. cash £896. M.5. three 1— — m, 1st half May £35.00. May June 04.50. MLC lorecagi rates of U-K- monetary ^lusnlnlunn ,£680 .£680 

■ ''ll 1 Tn' fit. 1Q6.S I+1G.5 — - wifPi i k* PM Tforir iKeaa nuimha CT* I DTimk AmiIa I 1 * I* 1' J*. AlXOD fllT t* ■ VI Q M nrrt K'lnfAP nrrfl lilUHlnlMf AitC. rtmiiwncalArv aztinilTltl far Wf fk Cfdll* n .. . .. . vn** • ion r m ■>■ 



_ ‘ I * * £ 

■ — — ! irobars I ! 

■••ih 705 ->5 '+163 700 1 

720.5-1+T8.S 715 .5 
•. -'-ti'm'nt. 706.5 rt-16.5 — 

. - thodes- I 

696.5-7 1+16 691-2 


average 61_8 p (—0.3). Scotland— Cattle 


i. Turnover: 1,345 lonm-s. — - „ — — . wheat; CWRS No. 1 I3i per cent, numbers np 153 per ceni.. average price 

■-in. 1+ .+1 !>.'«. ft+w iicvu-rday b + or Uurinw- A5r u-May IW.50 THIrary. U.S. Dark Oti.lBp l-l-ifli: Sheep nmntoers up 333 

trii-lai 1 — (Unoffu.'lai ( — [ t * IOBg **** UoaB Northom Spring No. 2 14 per cent. April- per wot., average Price X3S.6p <-f ft4I. 


Nortlwrn spring no. 2 14 per cent. Apru- per com., average pnee jya.on v-t-u.ii. Wotaia 

1st bait May £35.00. May June IS4.50. MLC forecast rates Of U-K. monetary AluimlnluTn JS680 £680 

U.S. Hard Winter ord. unquoted. Aits- cmnpensaiory amounts for week am- Free u»ark'et'(cL*')S95aao .’.'.‘.’.".’.’.'|SB5a6D 


months ttU. Kerb: three months £721. High Grade C £ £ J * ut mtulm# U.S. Hard Winter ord. uaqnoied. Aits- cmnpensaiory amomns for week ccm- Free market (eu) 

203. 30. 103b IS. 1*3. M. HL3L Afternoon: CiiSi™ <5780-30 +8.6 671D-20, + a5 “jjy — Ivnvwn i«n loan imko-ibiu *vtaai unonuled. EEC wheat menrlng April 10 twilh previous week's CoppenWi W. Bnr- 

Wlretoara. three months £717, 10. 13. 10. i. moattm. 5760-7U +10 6760-7D+M unquoted. „ „ . „ Biturcs In brackurei. Fresh or cbJUcd do. da 

153, 15. M3, 15. Caihodes, throe months SntMem't. 6750 +6 — S2* 1 !SI2'HI‘2 Maize: U3.- French April n04.7a. May bev'f carcases: 3S.43P per tg. C33.1.1. Caehfathfwl^ 


i noth-..' 711-.5 J+1S3 706-.5 14 It 153. 15. M3. 15. Caihodes, throe months SnUlcm't. 6750 +6 

ti’ai'nt! 697 ,+15 — — — £7003. Kerb: Wirebars. three months Standard 


CoppeiviuJa W. Bar* £700.6 ■ + 10.0 £638.26 
5 immihs do. do. £715.2Si+9.7fi!£65I.7D 
Caeh Utbcde £691.5 +1 l.ol£o28.6 




rns. 153. 15. H. U. 133. 


>. Index Limited 01-351 346G. Three Month Zinc 310.WIL5 n.Tta.’ ™ 

Lamont Road, London, SW10 OHS.' I as. Kerb: sundard. thre 

1. Tax-free trading on commodity ^fa lores * 4 *’ AftenwOTi: SlRndan 

2. Thc commodity futures market for the smaller investor 


Gold opens 
firm but 
falls later 


ree tnonths £5.710. S3. 30 . 33. 40. 45, J?h23 1 100.73). lmUcacor prices April 5: • vurd ui wUJ iiirreaLe to 3-754.03: Egyptian: Valencia Laics 2.60: , • * M a ^ L ‘ T 10 tbe dollar. 

Kerb: Sutndanl. three munrhs £5.750. ■^asc lSMS »S6.»u 22-day bvglnnuu Apnl 10 wUJ Increase W MoroMUJ . iTIMt.00. Lcmans—ludlan: pi»tiumn troy o*.. £117 5(J l£114 5 Silver tnlloux-d m sympahy ' Sugar clfflcd 

. Afternoon: StahdartL three months avi-rayc 155.07 tl54.il). 100'120« 2.50-3.60; Cyprus: 240-3.00: Si 17 0^ "a^ oiiM n l0 " w !,I|C, ■ Connffission Boose stop-loss 

7M. *TmTsS. Xerb: Standard, three rflPPKT EEC OA,LY IMPORT LBVfflS-EEC spuda: SroaU trays 2330s 1.68. Crape- J™™™ ^ lun, 3, 1, L ateortKrd 

uSs^C.7«. 48. M. CUrrfcfc levies and premuims as fallow-, arc tflco- rn ,h_0-prU8: 15 kilos 2.50-2.M; 20 tales JuwfST laliBo lw ffi. buylTlf! - nvanm Bacht - 

rtiTi. _ . . . ... thru fm- Anril a In units at account a o nn.q ai\. «n biliw " nfus_75. Amies— “Hr — H.u c «+.») 


£5.740. <5. 50. SS. Xerb; Standard, turec 
months £5.745. 48. M. Lvl 1 I . r 

LEA D — M ad c si l y higher- Hie strength KiiMu weakened gradually tn-day 
of other basc^netals Influenced this mar- under pendstent sclhng pressure after the 
ket with forward mew! rising to £3133 m market bad opened bl iho highs, reporta 
the morniug rings before coming on In Dresi-1 Burnham Lambert. Malar mip- 
lloc with cower to dose at £314.5 on thc port levels at £1.380 basin May and £1380 
-Inin Kerb. Turnover: 8,100 tonnes. bn b In July were levied lu the lauer pan 


Lima. rrpy azJal/BJ)7:> 1 — 0.75 ? IBs.dL j NEW VORK. Anril 4. 

UmICMi jC508.76; + a.2St£2i98j) ^ " 

jmonil» £314.76'+ 2.25.*:MI.S25 GOLD OPENED firmer to-day then de- 

NldH.-l ; j ' — clmi-U on comment by a lonnar Treasury 

Free Market (efri... I - isi.ab- Dept, official nvconfinnuui President 

I -8.04; I :■ B4 Carter’s policy tbai the Government will 

. I" — , ‘ sell guld hi order lo siri-ueibcii lbe dollar. 

Plariuum ira.™ £117 stJ Inna. 4 8,,vcr ftl|louvd »" «vmpahy. sugar closed 
£117n^ 'si'n'£i"4?n lower Commission House siop-ioss 

_ FTee -uarset.... ....'£417.05'— 2.0 AJi. 4. 3D u iii nff me ninl.K, nhcArfuvl h» imrii. 


«>rf Milnr min- m orac*eis>. Lumniiii ueiunons. jurnuic pucu. oci wuuu ».w- .iMiii: « » iJiki i, i "fi~ 

MMa/a?nS D|L °- 32 fMlKl D - 33, 9 - 33 ’ 0 ■ 8S, ■ Durura 0.14: Jiallan: Rome Beauty, per poimd , 

In u» laua-Dhr? wheat— 130.64. 0 54. 0.64. nil 1 152.15. nlL 0.14. Golden Delicious 0-U-0J4: U3.: Jt Cd! 

rk eSLd “tat *2 nlL mil. Rye-7938. 238. 2.5«. 334 0838. Rea Dcbdous 73<Ffi.M. MsctaOMh 7.50- p J tf31B.2a+ II.0JE3M,7S jat* 

1.95. LBS. I .Mi. Barley— 75.31. mL nlL Tjlh s. African: Dunn’s 530-830, Jonathan PrDd “ < ^ ia IS&Sp |._ ,a630 SepL 


15S.0D <162.50 V. July 152.35 
149 £5, Dl-c. 1 C. 75. MarUi 
37.60. July 13535. Sales 



B | Castor. 511-36 *+8.B7j 109.6-10 + 8.26 1 — I Done 

I I A months.. 417-.2a 1+337 314.6-6 +2.26 £L«rUMinel [ 

b! dott’lm'nt 5I23S (+S.2N - 1 

m UJi.8por. - l ...7\ 33 l May 14M-I410 ;-02,5 1419-13B5 

SS '“Monung “Ca*b“012.sr 137"tt3.“ three -..1607-1809 r 04.0: 1835- 13IW 

R mffioWMW, 17. I7A It Kerb: &l«m'or... Il»mi U«-B. 1^0-1255 

three months 017, It 5. Afternoon: three Nm-pmhrr... 1246-1261 +01.0 1265-1238 

HR months £3333. 13. 14. 143. 15. Kert: 210- 226 plO.O 1246 

Sw three tnonihs £313. Uureh ,-«6.0 — 

^ ZINC — Sharply higher although below 5l *y .1190-1286 i — 02-S — 

the days peak. Iftirther consideration _ . 1 ! 

affS ot the recent prodncilon cutback by Sales: 2.047 ' 2,035 1 kua uf s tonnes. 

tea Afarco and the strikes at three Belgian ICO Indicator prices fur April 4 (U.S. 

BP plants prampied cooUnnlns irush bnyiiig cents per pound): Colombian Mikl Ara- 

- and' chartist baying which look forward blcas 1B2.M >IS4.60i: unwashed Arablcas 

=«=s- metal up to I22D on thc morning Kerb. 173.00 isamci; other mild Arabtcas 174.51 


£ l-er uume 

1400-1410 

[1607-13(19 


oasicto 
onstraction 


in the aflecnoon. however, profli-taklug nn.lli: Rnbustus 149.06 < 150 . 001 . Dally April l!S' , '2tSS"q *?'gs i9l"nn]?i*5o 


nil. nil <77.73. ml. ml. nm. Maize lotner Chilean: Granny Smith 7.28-7.60. pears— Coconut fPhih. te610y (S64S 

+ or Hujuiw lhan hybrid for ceding >—7133. 037. 0.07, S. African: Williams Bon Chretien 630- Gnwadut 1 5 732 osol 

— none (71.85. nil. nfl. nil). Buckwheat— 5.70, Beiure Hardy 330-6.20; Italian: Unwed OmWrt,.. W18 ■ " S304 

133. 11IL nil- nd tall nll>. illllei— 7832. Pagsacrassano mss 13/14-lh 1.60-L70; palm Malayan B5Se 8 '4. , 3'o” :< ;aaO 

— — — | -— — nil. mL nil <7532. ml. olL nil'. Grain Dutch: Conferenca per ooimd • 0.14: J l" 

—02.5| 1419-1305 ■ jorshum— 3l-‘6. nlL nil, nJJ (83.56. nil, yirranan: WUllanjs Boo Chretien 730: I 

—04.0:1835-1300 nl j. a ,D. OiiJvan: Packham's 7.00: Argentine: Pack- Seeds ' 

+ 06.5^290-1256 Flour levies- Wheat or mixed wheat ham's Triumph 730. Crapes — S. African: L : 0|m PMliij. SOOOn 'uw 

+ Q1-0 KBB-KSS and n-e-flcuiwiE ~ 113LS1. Rye flour Waltham Cross 5.SM.M. Bariinka^5.40- {Joiubean iU3j “’ s28^ +tu" l S266 

-10.0 1246 124.03 1 129.30 > S30. Salha 3.18-S30. Plums-S. African: +5-0 

—06.0 — Golden Klng-Songold per ponnd fi.45-0.4S. Ill 

I— 02-5 — n ««MnrimT Ur -n Bananas— Jamaican: Per pound 0.1S. Gralha . j 

SOYABEAN MEAL Melons— Chilean: White 430. Green 530: Bartey fchC • \ 

s _ 5r'5~'wmeC - - - — S. African: White 100. Avtw^os-fmcli: Home Fuuirw...£79.d5 I-03SC71.4 

ur vuril 4 lUS ilViw>l»y,+ w himlniaa Hass 15 ’24s 330-3.70: Kenya: Fucrie 14/243 31aif» t l 

nbian Mita Aral I «. i.mc ( — Dune 4 «M30: S. African: Ftterte 430-430. Preach No. 5 Am £104. 76 : '£100 

SSSdMb ! Strawberries— Israeli : 0.40: Spanish: 030- Wlu»u 1 j | 

1 Arabtcas 174.M ,£pi-ri.«in« J 0-43. Lettnee— Dmch; 24s 2-Ott. Plt»- A>1 RedSpring.iE94.Sy +13 £B8 


_ SOYABEAN MEAL 


;Ye*ieplay.+ or 
| i.|.we j — 

tEpi-rlfHino' 


a45. Lettnee— Dmch: Ms 2.00. Pine- Nuul RedSpring.U 
apples— Ivory Coast: 035-0.00 each. Nu2 HanLWluter> 


fuDowcd the downiuru In Olbur metals averauc 16132 <10835). 
aod the Price weakened to dose at £3U ARA BIC AS — ma 

on the late Kerb. Turnover; 0.650 tonnes, steady to-day. DBL rep 
— — ... — . - - — , , values were 1.50 lower 

„ ■ I “-“J- 1+ M « PJ? - . , + or Price b 1 In urdcr buy, 

Z1NQ Official — Uutdk-lal — business)— Anril 201.' 


June .!!!!.!!!!. 12530-233 +2]95; 124.00-21.00 Onlnns— Dutch: Large iBO-lTO. medium ^EnRliidi JUliingJesV^fi L""!™i£94 


_ - - _ ,‘- u ?* 1+ "I., P-' 1 ,'-, , + or Price b 'In urdcr 

Z1NQ Gaidai — UutJlk-lal — business 1 — April 

_ . 1 0D5.0O-W.8O. June 

C^»h £ 1 * ^ ■ « ITS 30- 7435. Aug. 

318-6 1+14.21 313-4 +11.6 ]g|.oa only, Oct. 1 

iincmtha.. 3 18.5- .76 |+14.3| 318-.5 +11 Dee. 1383539.00: 4 

jarco copper is formed into roofs, flashings, gutters, pipe and — i — J 29 ..... 2aui« mi saics.- 

irina for all tvoes of buildings. It te also tho preferred material Morning: arce mounts ms. 17 . 5 . «, WJas - 

?«??« 


P-',. , T or Price k Un urdcr buyer, seller, ctange, 
uollk-lal — business)— April 201.004330: -030: 

— 2D5.O0-M.9O. June 17S.30.75.75: +1.SR: 

1*8 -*8*7435. A ufi. 16033-51.00: +038; 
313-4 +11.6 jgi.00 only. Oct. 149.00-40.00: +830: nn. 

S18-.5 +11 Dee. 1383539.00: +038: nlL Feb. 130.00- 

~ 35.W: — I.DO: nlL April 12730-30.00; 

29 ..... «auie; ml Sales.- 33 t«; his ot 17350 


oahope 64a kilo.. . Z7gp 271p 


Nominal, z Unowned, a AortL iMoy- 


corporated 





SaVER 


(buyer. April). 


. Silver was fixed 4-Bp an ounce lower 
: for spar delivery hi thc London bullion 
m ar ket yesterday at S235p. U.S. cent 
eonlvaJcnu of thc *lwire i r luvuls weft.*: spat 
5273c. flernn S-c: three- month 535. 7c, 


Nn. 1 

Yestcrriuy'b! 

Fiw1(aii» 

Bwrtnen. 

R.*.S. 

•■line ! 

dose 

Hunc 


14-165 1.50-S.n: Canary: l.DO-LSO. wSitmTB4«kUn"' 87n« 

CTiriD Toniatoo»— Canary: 3.DO-UO: Jersey: Per — ^ gP. 

dUuAII pound 8-45. NnrnJnaL zunonoud. 

LONDON DAILY PRICE fur raw sugar English produce: Potatoes— Per 58-Ib. n Anrlfc 

£08.50 i £100.00’ J tonne df for April-May whiles 'Reds L71K430. Lettuce— Per 12s * way. *rur ton. 

shlpraenL White t 4tear dolly price vu O.TM.SO. Beetroots— Per 28-lb 130-1.40. 

fixed at IlW-Sn iflDfii. Sprouts— Per ptmnd 9.1i Turnips— Per 

Sdl-at-best orders produced an easier 28-lb 030. Carrots— Per bag 030-1.00. 

opening and losses of some 100 points Parsnips— Per 2S-lb O.SB-LOO. Oakuw— 

were recorded. Thereafter quotations Per 56-lb LS0-2.20. Ewe dor Pur 2S-Ib rai rvw 

showed little change In dull trading eon- 0.40-0.45. Rhubarb— Per ponnd. otndcer. Ill I JH r.v 

ditions. report* r. Cxarnlkow. Laic In 0.JA6.12. Cncnwihe r s P e r tray nn is 146- 

I he day higher New York prices stimn- 2.20. Mushroom t-Ptr pound 030. Apples — — 

litcd shurt-covernii so the market had —Per pound Brantley's D.IWUB, Cos's 

recovered some points -by tho dose. Orange Pi rains 0J0-D.33. Laxions 0.KHU2. FINANCIAL T 

- - - — P oars— Per pound Conference 0.1141.15. 

r. ,,J ? r L - J I Tomatoes— Per pound English 0.37-0.40. “AureY i' AVi. 'slTt'SSnr: 


INDICES 


fltilOU 1 I ! 

Pret. YmientayV Previous Utwlnm 
Cmnin. Clew i t'lw* U*ne 
I'fflMI. I J 


Metals & Minerals 


down fi.0c: sla-month W73c. down S3c: SI|1V 4S.964fl.60, 1 463047.60; 4638 

metal opened at 31.9-8SS.2p fSaiaSflit:) 2',^'Jg’S JI'mjb 70 MaV. ...! 10 1.253 |.M IB 130-M30.1I12.00-993[I LONDOK-Ttaffiarkel was duD nnd 

and closed at a w. 2 - Mi. 2 p ixivsatto i. S! SSSjSiuhue ST£m w-ssiiw -^§-§*107 «as> •?»*» S£Uan - 


WOOL FUTURES 


dlLVKH 

1«. 

tmy 07 . 


Bull 11111 .+ uij JL11-H- 
rtsinfl — ri'«f 
liriring | 


h »r Anr-Jnel 63.66-53.60 53. 
— ’ Jtv-stsp. 6536-65. 16. 55. 


leaders and laggards ££« 

i2urffititt.j208.15i>— 5.4) — 


» -t- He- 66.48-6630; 6fl.M-EB.85. 6630 

Jim- Mar! 67.B6-67.M. 68.I0-6 h 35 6630-67.M iW-fM*--" ia3MiJ»lM.7Mfl30 

Sales: %A 13611 lots tf'lS Uumc^. 10 111 J* 1 ”’- “"ST'r™. 


Physical closing prices (buyer) were: 


\U»nlian 
finsihj- R-pnl 

Yenteni'ji-f- nrl 
Ww — | 

liii-iiiewi 

Dune 


H2JJ.25.D ' 



a?, -m.0 — 0^; 



Uet'uber 

232.0-i5.fl *0.5; 

— 

UwumU-r... 

134.0-3? J -0.5! 

— 


| Hines +1L.T6 500 Share Index — - - 339 LME— Turnover 1! 

;e 6«uipmcw — — — ... + XO Electronics. Radio and TV - 406 nmceiL. Morning: C 

V acess — — + 3J4 AH- Stare Index - — 437 monthK 257.5. 73. i 

< tag FHianCfi — . ... + LB Financial Group — 4A0 7.7. .73, 7.4, 73. 

i al a«* FfinntaB — +■ 1M stares - 5-37 months 266.0, fl.7. 

i ranee Broken - + L» Pbarinaccktkal Products — SJM three months 285.3, ! 

V* am* SpMb + Wo EBtcrtabimeu unf Catering . — .... — SM three months 2653. 

am* C ares ^ + 0A6 issnruce (CompoUe) “ £** rAuvrAAi ^ 

j bts and Dfatrffmten — AJ* Electricals - — -* COXTOlv SP l lt - 

m! Micals “ °-24 BBfdtas ^Material* -*.0 Mlea uuummed to iSi tomtes, MWt 

.T jie* - - : — M2 oib - 639 ihe total for the week lu jii* lonaM. - Mh - 


JUDl< 49[t (4935 1. 

- ^ LME— Turnover 174 UK> lots of 10,090 GRAINS 

— 4.06 onncvs* Morning: Cash 282.4. 2.1, ihri'u 

- 437 months 287.5. 73. ?.S, 7.7, 7.8, 7-7, 7.8, ^ ljr;AT 1 

- 4.60 7.7. .73. 7.4. 73. 73. Kbit: three “HEA* I BARIEV 

— 537 montha 266. B, a", 6.3. 8.7. Aftemon; |Yett«it1ajr^(-f-or jVMterda>-‘i[ + or 

— 530 three months 285.3, 53, 5.8, 33, 5.7, "Kort; M'oih clone J — . j t-loeo — 


|JM),60) /or export, 3Iaj)-b ^ffi.a-afl.O 1 ; 

International Snfiar Aoreetnant: lodlca- Mav „..J2iS-5M2.o 1 1 

tor Diicus iti.S. refits pa: pmtdd fob and JuiV- .psunsj j 

Mowed Caribbean pnrtl for Anril 4: Ortober [238 3-473 ‘ 


~T7~ Daily 7.58 <7.75 ■: latiay average 733 
8ARLEV ,y Ai . 


Sales: 0 iOj lots of L500 kOds. 

Sydney GREASY (io order buyer, 
seller, business, sales). Micron Contract— 


9130 

+0.15! 

79.46 

64.65 

-o.bbI 

79.80 

67.36 

-0.46 

61.70 

89.7D 

-o.ra 

U4.30 

93.30 

-0.s6; 

86.70 


«- irri 4 rw> mCTETim rc seller. B usines s, sales). Micron uwtroo— 

MEAT/VfcvtlADLco May me-mj. Mfl.0^403. l: Jute 545.5- 

-9-?. SMITH FI ELD .price, in prow P« » 


5 raore <Llfe> - 0£ Sw" ” „L~ v - W. Taiterealla. Onft- a modrtd NoTlfjMras • ntaIlura > u SJ -°i *° sl - 0! 

^ < u lofl and Paper - Mu^n Banks . - W 7 eame Mnnrt with ntiswflatadBl *jTlflaw h ml' tawm So.tiWi tncdluiu 313 IO 583. heavy 45.0 

• muTpSuUhtag ...... - L90 HmSoW Co^ - 739 purchaaec in Middle Eastern wMki.- aSf'iJBLiiS 10 5l-°- impwwd frozen; NZ PL 43.0 

; wriS” - 117 "wSmEt TrSs ~ «35 Dgmand from 10 M M Mm inta uS m *B.0. PM 443 to -HJ, PH 433 10 44.0. 

9 Turner Goods (Durable) Grate - 330 ~»M African und South American growths. Nuv S1»5I.M, Jan. M.40 only. March yLs u [} w 43 S> 

J Ineerhm CtttrKUn ......... “ 33fi sMm{h - —HUH VCT<l7rDT'C l AvYC LONDON FUTURES 1 n Pork: Engli'sh, undtx 100 Jbs 35-0 tn 

|ol Gofi da G rOUQ “ *28 Fooi Retail Jos - ""SS ■ ^EGJKTBtE OILS market traded up to 110 points lower un .* M 2r2 tos 33,0 10 *'*• 12M6 ® ' b3 

' istri al Gr w8> — — — Howe* — LONDON PALM Oll^-Gloso: April tin* okf crop with Stop-last, selling the 3B0 rn 4l ' B ‘ 

5 r Gn ”p» ■“ ■■“«■■;• A ZiS 't bna M JM rtancev based on Efl.BMO.oO; May 300.004038! JtaemoB- feature but Kirong cnmmerclal and Kpecu- MEAT COMMISSION— Average fa (stock 

f, nancr. Goods Apo-daraWei O *A1 ^*SI5 m S 5 i a c 3630; July 306.0040.885, AttSi 300.0840305, l*Uve support in u!d crop barley and prices at n-WL-nseflUtivi- markets on 


iGAPTAl-Tbe a 3 V r ?5o.So tta’fllS S 423 U0-1M Ihs HWES-UrtS. FtTO bm with poor «.30. medium haddock £33044.88, small - Terns out SB 
Uims lower un !£“■ ’"TfS “ s 10 ‘ ,1 ' 1 dearaflev. Oa 31435 t>toc 4.3p wr kilo, haddock C30.Q30, Medium plalco 030. t? Cents Per 24 11 

a* wiling the * ° . 26405 kilos withdrawn 9Q3p, 22-25 kilos best small plaice f3.W43.45. Skinnetl doe- 48 lb bushel us-w 

■lit unrf ,-niiA.i ucif »-- ..ftLJ .... dtin I fallal Aain-d britftrianurn A'nk im. n rfl.. m . m -fl . . 


Coffee— “ C ” Contract: May 164.25- 
104.50 <102_ioi. July 245.5O.M&50 WSJSi. 
Sept. 13439. Dec. 122. U0. March 115.80- 
U530. May M2.0U-n4.M. July 11838- 

115.00, - Scot. 110.00-112.00. 

Copper — April 61.00 159.701, 61 uy 81.50 
(60.-20). June 62.10. July 62.60. Sept. 63.60, 
Dec. 65.1)0. Jan. 65A0. March 86.50. May 

67.50, July 66.21). Sept. 60.50, Dec. 71.U0.- 
Jau. 71 j0. Sales: G.800. 

Cotton— No- 2— May 56.15 (SSu64), July 
57J15 i5G.73), Ocl 59 J 5-59.20. Dec. 5937- 
Gu.01. March 61A5. May 6L 83^2.10. July 
82.80-62^0. Sales: 653.000. 

•Gold— April 177.30 (177J90), May 179.20 
nTSuO). June 179.28, Aug. IS! .60. Oct. ■ 
1 M jo. Dec. 196.80. Feb. 1S92». April 

192.00, June 194.90. AUg. 1S7JS0. Oft. 

200.70. Dec. 203.60, Feb. 208.60. Sales: 

15.000, 

t Lard — Chicago loose 25.75 (same), 
i Maize— May 2561-258 I 254i>. Juft- 2541- 
255 1 254ii. Sepi. 254), Dec. 25G1-256. March 
2GH-2KI1. May 266. 

SPIatlnuin — April 21940-2]g.«Dba 1 221.00). 
July 223.00-222^0 1224.901, Ocl. 227.00-2272(0. 
Jan. 231.40-231.60. April 2S5.00, July 229^0- 

239.70. Sales: 2.317. 

^Silver— spot 516.10 (539.601. Aprn 521.70 . 
.529.901. May 524.70 (53330), June 52SJ0. 
July 532.40, Sept- 54040, Dec. 552.40, Jan. 

556.50, March 564 SO. May 57340. July 
5SL70. Sept. SM.30. Dee. 603.00. an. , 
607.20. Sales: 22,000. 

Soybeans— May 569-674 185943931. July 
673-870 ( 6531. Aug. 662. Sepi. 620829. Nov. ' 
60M10, Jan. 614-815, Mar, 622-0223. May 
627-6274. 

Soybean Oil— May 24.S5-SL75 <25.15>, 
July 24. 30-24 -20 <24-60>. Aug. 2X33. SepL 

22.50, Oct- 21S5-2L70. Dec. 2L30-2L10. Jan. 
21.1U-2LOO. Mar. 21.05-2L1U. May 20.&U- 
SLUO. 

Soybean Meal — May 175^0-176.00 
tm.SO). July 17R.5O-17B.B0 (174.40). AUg. 

1 72 JO. Scm. 173.00-113^0, Oct. 167.10- 
166.80. Dec. 16S jO-189.00, Jon.’ 169.50. 
March J72.00-173.DO. 

Sugar— No. 11: May 7.&J-7.G7 (7.87). July 
TJ7-7.99 • 7.9S 1. Sepi. SJ!4. OcL 8.37-82M. 
Jan. March s.lafl^o, May 9.37- 

9.40. July 9.61 -0.63. Sept. 9.7V9.S2. Sales: 
4.635. 

Tin — 4SS-49S asked <499-300 asked*. 
•■“Wheal— May 319-317 (Sill), July 331- 
320 (3131. Sept. 3251. Dec. 533-3321, March 
1342. May 344. 

j Winnipeg. April 4. ttRye— May U4 JO bid 
<115.00 Midi, July iii2#i hid nu.oni. On. 

llACA him? Iff? <WI Mltl Hnn lrtv im nnm 


Dow | April I April I Month] Yoar J10.60. Nov. 107.50 nom.. Dec. UB.UO nom. 
Juutii. • 4 1 j ug aj-o rfOats— May SuAU bid iflUAU). July 7flA0 

1 ■ f asked ITS. B0 asked), ocl 77 jo bid, Dec. 

yxA-...SB9.72361463a5JBfll4Z74B 75^0 nom. 

Piitum,(34a.l6[347 l fl 4B33.Qfl'Aljlfi^ OBariCV— May 81.60 <80.60). July S12M 

(Avaracc " 1824S4R=iDfi) (Sfl.lO bid). Oct. 90JO bid. Dee. 7BJW man. 

iw«=h»_iob) SSFIaxseed— May 242.00 bid 1241.08), 

Monnvc Jute 240.50 asked (239.00), OtL 230.00 

wwurm asked. Nov. 23HJ0 bid. Due. 238.50 bid. 

[April [April Month Ynr I-lWheat— SCWRS 13A per xnt. proietn 

Moody*-* 8.5 sga -ur. conient df 5L Lawrence 163J7. 

1 All cans per pound ex-warehouse 

-•pie L)otQmtVi904JI 006,71 896.0 S4B n unless otherwise stated. *Ss per troy 
(DptinitoPT 31, ifisis inT ounces— 108 ounce lois i Chico bo loose 

* Is per 100 lbs— Dept, of As. prices pn- 

“ " 1 c*o us day. Prime Steam f.oJb. NY bulk 

tunk cars, t Cents per 50 lb bushel ux- 
warebouse, 3.0P0 bns&L-l lots. & Ss per 

* troy ounce for 50 uunee units of 999 per 

pa.umw #, n , . vVttL purity deltrored NY. tfCems per 

GRIMSBY FISH— supply ralr and de* troy ounce ex-warcbouse. i! New “B" 

maim good. Prices oer stone at ship's toniraci in Ss a. start lun for bulk lots 
snw unprocessed 1: Shelf Cod I3J0-H.40. of 1M short ions dellm-cd f.o b. rare 
comings JX00-U.60. Large haddock £4.W- Chicago, Toledo. St. l/ens and Alton, 
«.30. medium haddois £)^X4.80, small Cems per 68 lb bushel In store, 
haddock l2Jo-£3^o, Medium plaleo £3JQ. tt Cents Per 24 lb bushel. ?! Cents per 
best small plaice Z3.8fr43.45, Skinned dtt- 46 ib bushel jes-uaretanse. fJCi-nis per 


FINANCIAL TIMES 

AprrsyiS^S'pomJi ogoj Yeoriu -r 

gM.B'el i asioi | 23 1.55 1 271.79 

(Rase: Inly l, IBS =180) 

REUTEFPS 

April 5 April 4 iL null ajjoj Year nc» 

MBl.fi |S48BJI I 1384.1 I 1724.Z 
fffaw: Seotentber 18. 1931=180) 

DOW JONES 

Dow | April I April I uTmibi W 


M 359-723614 ^9^27^3 

t um. 1 346. 16[347 .94353 J164 13-53 

Uvenue 1924-25^6=106) 


MOODY'S 

r ' ni JAJB-U Month Yh, r 
*1.3 


MapdyN 


Me Lkimmtr!904 JjBDfi.Tl 896.0|34BJ1 

(tlpcrmber 31. 1931 =190: 


nutter . Goods fNofl-dnraMe) C —3Al tperceuage 


).< Kg 


— 3J>7 Tuesday. April 4. 1618, indices. 


00 J 320.0000.00: May 300.80-30^9! June moo- feature but strong cnmmerctal and specu- MEAT COMMfSSIPIf-Averafle fa (stock wfthdrann 680. Uflbt cons trithdrawn fish (medium 1 £ 9 . 50 . Rockfish H40-010. 35 lh bushel ex-ware bo use. 1,000 bushel 
1 38.60; July 306.00-30.80; AttSi 300.00-30.00; l*Uve support In ukl crop barley and prices at n-prena^iuauvc markets on Slop per kilo. No calf' offered- Reds U.6W2 JO, Saithe fi.0fkX3.30. " loifl. f. OC per tonne. 


t 




STOCK EXCHANGE REPORT 


Markets enlivened by a flurry of bid speculation 

Share index up 2.4 at 470.2— Golds give ground 


FINANCIA L TIMES STOCK INDICES 

i I- Ti A r T ! n - 1 


Account Dealing Dates 
Option 

“First Declara- Last Account 
Dealings lions Dealings Day 
Mar. 13 Mar. 30 Mar. 31 Apr. 11 
Apr. 3 Apr. 13 Apr. 14 Apr. 23 
Apr. 17 Apr. 27 Apr. 28 May 10 

• New Unw ” dealmsi may lake place 
from 9.30 a.m. two business days earlier. 

Stock Markets lapsed into a 
state of prc-Budget lethargy 
yesterday. Nevertheless, the 
undertone remained firm and a 
fresh bout of take-over specula- 
tion helped enliven the day’s 
trading in the equity sectors. 
Further consideration of the 
banking figures led to an improve- 
ment in British Funds and the 
Government Securities Index, up 
0.22 at 74.06, recorded its first rise 
for a fortnight 

Leading equities were inclined 
easier at the start in anticipation 
of profit-taking after the previous 
day's advance, but edged higher 
when this failed to materiniise 
and by noon the FT 30-share 
index was showing an improve- 
ment of 2.3. Thereafter, prices 
rarely strayed from the slightly 
enhanced levels and the index 
closed 2.4 up on the day at 470.2. 
Secondary issues fared a little 
better than the leaders in the way 
of activity, selective demand for 
the former being reflected in 
majority of rises over falls, by 
about five-to-two, in FT-quoted 
Industrials- 

Among the sectors, a sub- 
stantial amount of the day's bid 
speculation centred on Foods, 
which provided some noteworthy 
features, while Budget optimism 
prompted further buyir\ interest 
in Stores where some further 
useful gains were recorded. In 
contrast, annua! results below 
market expectations from both 
Phoenix * and Sun Alliance 
unsettled Composite Insurance 
shares and the FT-Actuaries index 
for the subsection eased 1.1 per 
cent to 128.07. The fall in 
activity was reflected in official 
bargains of 4.844 compared with 
5.414 on Tuesday. 

Long Gilts rally 

Revised marekt opinions about 
the latest growth in money supply 
saw an early re-adjustment in 
quotations for British Funds. 
Longer maturities opened ) 
higher to come into line with the 
previous days 3.30 pjn. close, and 
moved up a further J on a small 
demand which found sellers lack- 
ing. The higher levels were held- 
for the remainder of the day and 
slightly improved upon in the 
after-hours' business. The shorts 
were less positive and while dates 
from 1981 onwards often made 
progress, the early maturities 
frequently gave ground. Calls for 
higher interest rates to curb 
money supply apparently created 
more fo an impression at this end 
of the market than among the 
longer-dated issues. Corporations 
joined in the upturn and the 
recently-issued scrip, Tameside 
105 per cent 1984/85, rallied S to 
£30|, in £50-paid form. 


Owing to a generally light level 
of trade, the trend in sterling was 
a more poignant factor in the 
investment currency market. 
When the exchange rate slipped 
initially, the premium rose to I02f 
per cent, hut it reacted late to 
close only a net 2 higher at 1012 
per cent, following sterling’s sub- 
sequent improvement. Yesetrday’s 
SE conversion factor was 0.88B8 
(0.6902). 

Composites disappoint 

Disappointing annual results 
from Sun Alliance and Phoenix 
prompted a reaction in both and 
made for dullness in other 
Composite Insurances; the former 
fell away from an Initial firm 
level of 555p to finish 12 lower on 
the day at 536p, while the latter 
were only 4 easier at 25Sp, after 
253p. Sympathetic falls of 6 and 2 
respectively were seen elsewhere 
in Guardian Royal Exchange. 226p. 
and General Accident. 21Sp, while 
Commercial Union softened a 
penny to 149p as did Eagle Star, 
to 245p. 

G. R- Dawes were dull among 
Banks, closing 5 off at 65p, after 
60p. on disappointment with the, 
second liquidation payment of 35p' 
against hopes for 50p: the 
reduced rate is because of a 
formal claim made against the 
company by DuporL Elsewhere, 
Hong Kong and Shanghai edged 
forward 2 to 2G2p following the 
group's attempts to acquire a 51 
per cent shareholding in Marine 
i' *hnd Bank of the U.S. 

Breweries remained quiet and 
rarely stirred from the overnight 
levels. Allied closed without 
alteration at 88p, while Whitbread 
“A” were slightly dearer at 89Jp 
and Bass Charrlngton a penny 
harder at 157p. Distillers edged 
up 2 to 180p and A. Bell hardened 
3 to 230p. 

Buildings recorded some useful 
gains. Speculative buying in a 
thin market prompted a jump of 
18 to 173p In Newarthill, while 
suoport of a similar pature lifted 
SGB 5 to 149p and Marchwiel 7 
to 2S5p. Brown and Jackson, 
still on bid hopes, hardened 2 
more to 60p and John Fbilan 
rinsed 3 to the good at 34p. 
Tilbury Contracting rose 25 to 
2R5p in response to the heler- 
than-exoected nrellminary results, 
while Watts Blake and Bearne 
moved forward 3 to I48p follow- 
ing comment on the annual 
results. In front of their respec- 
tive preliminary announcements, 
due to-day, Taylor Woodrow 
hardened 2 to 3R2p, after S84p, 
but London Brick cheapened a 
pennv to 61 p. 

Among auietly firm Chemicals. 
Id edged forward 3 more to 365o 
and gains of 5 and 5 respectively 
were seen in Wobtenholm**. 185p, 
and Blagden and Nnakes. 228p. 

Stores up again 

Although the tone continued 
firm on Budget optimism, the 
volume of business contracted 
considerably in leading Stores. 
British Home put on 5 more to 


lS3p as did Gussies A to 298p, 
while Combined English improved 
3 to 8Gp and Mothercarc hared end 
2 to 15Sp. W. H. Smith A, ov the 
other hand, eased 2 to )57p in 
response to the uninspiring pre- 
liminary figures. Elsewhere, 
Austin Reed Arose 4 to 80p on 
buying in front of to-day's annual 
results and Ratners hardened 2 
more to Mp following the disclo- 
sure that H. Samuel had in- 
creased its stake in Jthe company 
to 19.708 per cent Still drawing 
strength from recent trading 
news. Freemans added 5 more at 
293p. John Menxles put on 5 to 


J. and 1L B. Jackson 3 to 29p, 
Whittington Engineering moved 
up 3 to - 68p mirroring the 
increased profits and Stone-Platt 
were 21 better at 107 {p following 
the chairman’s -annual statement. 
Elsewhere. James Austin rose 5 
to 107p and Blollns advanced 3 
to 117p, the latter in recognition 
of. the Board's enthusiasm about 
prospects. Noteworthy move- 
ments of an adverse nature were 
few but took in G. M. Firth. 4 
easier at 20p, and Baith waite, 
which gave up 3 more to 135p. 

Foods moved higher with re- 
cent speculative favourites 


ENGINEERING 

CONTRACTORS 

F.T.- ACTUARIES INDEX 


JUL AUG SEP OCT NOV DEC JAN FEB MAR A 


COMPANY NOTICES 


SECOND ANNOUNCEMENT 

We herewith inform that warrant number 347236. issued on 
June 28th 1977 by Pakhoed Waalhaven B.V. at Rotterdam, 
as legal predecessor of Multi-Terminals Waalhaven B.V. at 
Rotterdam, covering: 

2,500 bags of raw coffee 
Weighing gross 150,903 kg. 

has got lost ^ , . . . 

In this connection we have been requested to consider above 
warrant number as null and void, reason why we request the 
parties concerned to refrain from buying upon presentation 
of this document and not to put the said warrant in pledge. 
In case of presentation, please apply wimediately to: 

Multi-Terminals Waalhaven B.V. 

P.O. Box 5242 

3008 AE ROTTERDAM 

Netherlands 



loop and improvements of around 
3 were recorded In Fonninster, 
130p, Hardy (Furnishers), 31p, 
and Vantooa, 123p. In Shoes, 
Hiltons Footwear appreciated 3 to 
76p an the higher annual profits. 

Better-tban-expected annual 
results pushed BICC smartly 
ahead to close around the day’s 
best with a rise of 10 at 116p. 
Elsewhere in the Electrical sector, 
leading issues were inclined 
harder, but Thorn, after touching 
SOOp, ended 2 lower on balance at 
356p following news of the com- 
pany’s decision to close its colour 
television assembly plants at 
Bradford and Windhill in York- 
shire. Famefl found support at 
212p, up 6, while Pressac were 
noteworthy for a similar improve- 
ment at 88 p. Raeal continued 
firmly, hardening 4 more to*218p. 

Preliminary figures broadly in 
line with market estimates cooled 
interest in GKN which settled at 
the overnight price of 274p after 
having traded narrowly either 
side of that level. Investment 
funds, however, were still about 
for other Engineerings including 
Davy International, 6 higher at 
225p, helped by the US. expan- 
sion, and John Brown, 5 up at 
2S3p, after 295p. Press comment 
aroused support of Vickers, 4 
dearer at 183p, while Spirax- 
Sarco put on 4 further to 276p 
in continued response to the 
record profits and forecast of 
fresh Improvement in the current 
year. Country buying lifted 


ART GALLERIES 


A HER BACH FINE ART UJNDON.17, 
Savlllc ROW. W.l. 01-459 6606. JONY 


H RNER — Surrealist works and EUAN 
FF — Photographs of Places and Plants. 
Until 29 April. Mpn.-Frl. 10-5.30. 
Sals. 10-12.30. 


prominent Nnrdin and Peacock 
hardened 3 more to 85p, while 
gains of 6 wer seen tn J. Bibby, 
2ilp, and. Geo. Bassett, I40p. 
Arana were active and 1£ firmer 
at 30$ P. while Pork Farms rose 3 
to a 1978 peak of 440p with the 
help of a broker's circular. 
Cadbnry - Schweppes edged 
forward a penny to 55lp in front 
of to-day's preliminary figures, 
while Associated Dairies improved 
3 more to 227 p and Rovmtree 
Mackintosh 7 to 3S7p. By way of 
contrast, smalt selling in a thin 
market left Linfood 5 cheaper at 
142p. On the profits setback, J. E. 
England were also dull at 33p, 
down 2. In Supermarkets, Wheat- 
sheaf Distribution rose 6 to L66p 
as bid hopes revived. Tesco closed 
11 harder at 42$p mid Hillards 3 
better at 20Sp. 

Queens Moat Houses continued 
to figures prominently in Hotels 
and Caterers, rising afresh to a 
197S peak of 36p before closing 
only a penny better on balance at 
33p following the company’s bid 
denial. City Hotels were supported 
at lOOp, up 5, but small sales 
Clipped 11 from Warner Holidays 
A at 24p. Savoy A, at 76p, gave 
up half the previous day’s rise 
of 2 which followed the pre- 
liminary figures and capital 
proposal. 


Letraset good 


Secondary stocks with a specu- 
lative flavour provided most of 
the interest in miscellaneous In- 


dustrials. Despite the Board's 
recent bid denial, Letraset Inter- 
national were again well to the 
fore, touching 148p on good sup- 
port before closing a further 8 
higher an balance at 142p: Reridtt 
and r.n iman was again mentioned 
as being a likely suitor. RFD put 
on 3 to 56p. Hoskins and Horton 
added 6 at lafip, and Christies 
International were 5 better at SOp, 
Johnson Mattbey ended 6 dearer 
at 413p, while Robert McBride 
jumped 25 to 365p in response to 
the higher annual profits arid 
Black and Edgington closed 4 
higher at 106p for a similar 
reason. Gfitspur edged forward 
2 to 52p following an investment 
recommendation, but the cautious 
statement accompanying the pre- 
liminary figures unsettled 
Unicorn Industries, 3 easier at 
92 p. Boosey and Hawkes dipped 
. 4 to 203p in reaction to the lower 
annual profits. Of the narrowly 
mixed leaders. Bo water lost the 
turn to 192p in front of today’s 
preliminary results. Reed Inter- 
national, however, hardened 3 
more to 117p and Beecham im- 
proved 2 to 647p. 

Little of interest occurred in 
Motors and Distributors. Lucas 
Industries were finally 2 harder at 
286p, after 2S8p, while renewed 
interest took Turner. Manufac- 
turing up 4 to 104p and left 
Associated Engineering 6 better 
at 116p. Lex Service continued 
firmly, rising 1J to 771p for a two- 
day gain, of 4 on the chairman's 
optimistic statement which accom- 
panied the annual report. Apple- 
yard picked up a penny at S4p on 
further consideration of the 
results, while Fodens, 55p, and 
York Trailer, 58p, put on 2 apiece. 

A quietly firm trend prevailed 
in ■ Newspapers and kindred 
trades. Liverpool Daily Post put 
on 6 to 132p and United rose 4 
to 350p. Harrison and Sons 
advanced 5 to 66p on further 
consideration of the annual 
results but British Printing, which 
report preliminary figures to-day, 
softened a shade to 4Gp. 

Greencoat weaken 

Properties were a lack-lustre 
sector featured only by Greencoat 
which fell 3 to 5p on the lass 
incurred by the development at 
Gran canal in the first six months 
of the current year. Law Land 
reacted to the lower revenue by 
easing a penny to 42p, while news 
of the deal involving Control 
Securities and Estates and General 
left the former a shade off at 
27)p and the latter slightly dearer 
at 17£p. Elsewhere, Land Securi- 
ties picked up the turn to 208p. 
and Stock Conversion gained 2 
more to 232p, but MEPC slipped a 
penny to 116p. Great Portland 
rallied a tittle more to 282p, Bell- 
way hardened to 69 p and GJan- 
field Securities, in a thin market, 
rebounded 7 to 282p. 

Further UJS. selling, often 
encouraged by currency con- 
siderations, of British Petroleum 
was easily countered by local 
support and the close was 4 higher 


at 756p. Secondary Oils also im- 
proved, Siebens (OJK.) regaining- 
6 to 258ft. while Ultramar, 226p,: 
and Oil Exploration, 208ft,, 
hardened 2 apiece. Trlcentrol 
were the same amount dearer at- 
I56p, but news that ! the North 
Sea Thistle Field, In which the 
compan yhas a 9.65. per cent in- 
terest, had come on stream made 
little impact Against the .gen eral 
trend. Shell eased 2 to 518p as 
fresh small selling added to an 
adequate supply situation.' 

Japanese isseus came, to the. 
fore in In ve stment Trusts, rising 
sharply in sympathy with the . 
strength of the Tokyo market, 
GT Japan advanced 8 to & 1978 
peak of 118p, while Jardine Japan, 
126p, and . Crescent Japan, 157ft, 
put on 5 and 6 respectively. Else- 
where, Ringside - Investment 
jumped 7 to 55p on the announce- 
ment that the company had .re- 
ceived a bid' approach. Scottish 
and Continental investment dosed 
marginally harder at 67p follow- 
ing the interim figures and umtis- 
ation proposal, while Camellia 
Investments rose 6 to 200p reflect- 
ing the proposed merger of Jokai 
Tea and Longbourae. Berry Trust 
were active and 1$ harder at 
54£p, after 5 Bp, while other firm 
spots included Investing in 
Success, 3 better at 121p, and 
Jersey General, 5 higher at 239p_ 

Apart from fresh weakness; in 
Common Btojl, 4 cheaper at a 
1978 low Of llSp on the occasional 
small scale, Shippings hovered 
around the previous closing levels. 

Among Textiles, H- Ingram rose 
3 to 37p in response to Press 
comment Lister hardened 2 to 
48p, but the guarded optimism as- 
pressed by the chairman at the 
annual meeting failed to sustain 
Carrington ViyeQa, which dosed' 
a shade easier at 39 }p. Tobaccos 
were idle and featureless. 

Among South African Indus- 
trials. Primrose closed 3 better at 
88p following confirmation' that 
the Tonga at Group is not proceed- 
ing with its bid. 

Plantations spent : . a. . quiet 
session. London' Sumatra edged 
bid developments, while Jokai Tea 
forward 2 to I30p awaiting fresh 
and Longbourne held the previous 
day's rises of S at the common 
price of 280p which followed news 
that they were both Involved in 
merger discussions. 

Golds down again . 

Continuing talks of possible UJL 
Treasury gold sales depressed the 
bullion price to J178J375 per 
ounce— a day's fall of 75 cents 
and a three-day decline of $4.75 
and led to further selling of South 
African gold shares. 

The Gold Mines index .dropped 
4J5 more to 15L6 a cumulative 
loss of 7.1 over the past three 
years. Selling pressure was by no 
means heavy, however, and prices 
mostly reflected a lack of . any 
buying interest 


Govenunam geia 

Fixed Interest—-— 
In Jm trfsl Ordinary— 

.Odd IDnc*. 

OnLDhr. yield™ 

EwningB ywatMijn 

■ P/B Hallo (netlPT) 

-Dealings marked 
Jtqnlty turnover £m~| 


^7,31 7741 
. 4909 467J 

.'15143 ■ 106, 
5.76 5.7 

16.60 17.0 
8.50 8.2 

-4.844 6,44 


31 I » a 4 2f 

73.B9| 74A5 74.44 
77.M 77.77 77jo 


467.8 462.! 

166.1 157.4 

5.79 B. 8 < 

17.01 17.11 

'8-26 8 . It 

.6,444 4J3» 
76.39 60.51 


76.tiB-.7M5 74.44 
77.58 77.77 *T7jao 7(39 
407.7 468.1 ** 

158.7 152^ 10&.4 iw 

B.B! ’• R.77 5.77 * 

17.07 17.04 17 JK 

8 AB 8A4 8.24 „ 

S.498 ''5,046 &Q6! 7j £ ! 
74^4 72.87 79.85 ' 

g.313 19. S32] 19 . 9071 l£Wt 


JtqtUty turnover . _ 76.39| 60.56L 74.54 72.87 79 

BquUy lieiKMas t oto U — R2 .6ag] 19.1121 18^13 49 ^ 32 ! igt 

, a.m. 11 nni « 'sr' 


■ 2 pjn, 479.fi.' 3 pa (TU. 

^ . _U««t Index 01-246 102b. 

Base d on S3 ner cent; corporation tax. f NU= 8 . 44 . 

Buds 106 Gon. Secs, tsnfi/ 29 . Fixed im. uea. lndTnrt wxs 
Mines W9/SS. SE Activity JnXy-O^c. iSt . ■ - 1/7/34 . Co 


HIGHS AND LOWS 



- 3978 . ' 

High. | low 

8 Into CkwtpUntbm 
- High. | Low ■' 

Govt Secs... 

78.58 

(3fl) 

73.84 
(W ' 

127.4. 

tikhm 

46.18 

(2/1/7B) 

' Fixed Inti... 

81-27 

com 

77.14 

(16/2) 

150.4 

(2S/U/47) 

50.63 
lid fib) 

lad. Ora..... 

497.5 

433.4 

549 J- 

49.4 


( 8 / 1 ) 

. (2/3) 

<1419/77) 

CS/640) 

Gold Mines. 

26S.6 

150.3 

448.5 

43.5 


(8/3) 

( 6 / 1 ) . 

(22*176) 

QHilO/7b 


S.E. ACTIV1T 

■ A r ^ 


WeyA.v’mgB 

GHr.-Sd^;. 

tndwart>ls_ 

SpeeukUve- 

Total 


16M I 61 
leo^ ub: 
40JB 63 
1103 us, 

169.8 IBS. 
ITS 

. 47.S 0 T ■ 
116.7 U7. 


' Initially, small offerings came 
from the Cape and in the late 
trade U.S. selling was reported 
leaving share prices at the day’s 
lowest levels. 

-Heavyweights registered losses 
of up to a half-point as in Rand- 
f ostein. £36, Free State Gednld, 
£i6V, and Western Holdings, £17i, 
while Hartebeest gave up'i at £1L 
Medium-priced issues - showed 
Western Deep 35 off at 73Sp and 
marginals were featured by 
Durban Deep which dropped 22 
to 2fi2p. 

South African Financials moved 
similarly to golds. De Beers re- 
ceded 6 more to 216p for a three- 
day loss of 24p, while Anglo 
American Corporation gave' up -5 
to 29Sp “Amgold” dosed cheaper 
aft £16}. 

Among London-registered Fin- 
ancials Gold Fields - eased 3. to 


177p following the half year - 
sults. Other London issues mt 
narrowly. 

Cape selling caused losses 
around 3 in Rustenbnre .■■ 
Bishopsgate at 78p and 7(to 
spectively. in Coppers flics 
initially hardened to 90p 
thereafter lost 1 ground ow-ini 
Cape selling to close 2 eara 
balance at 88p. 

A marginally lower trend - 
overnight Sydney and Meiboi’ 
markets saw Australians mai 
down at the outset of trading 
they .were only a fraction ' 
on balance at the close. 

Uraniums lost ground with' 
continental 25 lower at 92op, ft.r 
WaUsend 5 off at 446p aal 

Industries a similar amount d 
at I75p. The fall in the bn 
price prompted a 4 loss: in 1 
flOnes of Kaigoorlie at 56p. ; 


NEW HIGHS AND LOWS FOR 1978 


The rollovring securities Quoted In the 
Stare Information Service yestentav 
attained new Miohs and Lows tar 1978. 

NEW HIGHS (103) 



DRAPERY & STORES (3) 

Gel for (A. & Jo Shuman fSj 

„ ENGINE1R1NO tSl 

FOODS l» : ' '• ' ■ 

Fisher ,AJ Edwards Oarii 

INDUSTRIALS (2) ' 
Norvlc Securities Whitman -Rrin 

INSURANCE (1) 

Moran tC.) ■" 

PROPERTY -t3> ' . ' 

Law Land Greencoat 

lntereurapeu 

- SHIPPING (1) - -• 


Common Brat. 


TEXTILES -(l)- 


OVERSEAS TRADERS (2) - 1 
Paterson Zochonis PaTion ZdG^ 

RISES AND EAII 
YESTERDAY; 


NEW LOWS (24) 

BRITISH FUNDS <3) 

Treat, ioijdc 1970 Treat. 9 > : dc 19S0 
Treat. 11 i»c 1979 
^ . CANADIANS (1) 

Can. Pac. *pc Oh. 

BANKS (1) 

Allen Hanrey Rost 

BUILDINGS (1) 

London BrlcV ' 

CHEMICALS (11 
Allied Colloids 


British Fowls 

Corpus. Donrinlm and 

Foreign Boado 

Industrials 

Financial and Prop. ... 

OSs 

Plantations 

Minds 

Recent Issues — 

Totals — 



FIELD BORNE GALLERIES. 63. Queens 
grove. N.W. 8 . ART IN RELIGION. 



DEALING DATES 
First Last Last For 

Deal- Deal- Declara- Settle- 

ings ings tlon ment 

Mar. 21 Apr. 10 Jnn. 22 July 4 
Apr. II Apr. 24 July 6 July 18 
Apr. 25 May 9 July 20 Aug. 1 

For rate mdications see end of 
Share Information Service 
Stacks favoured for the call 
included KCA Drilling, Rio 
Tinto-Zinc, .Saits, Keyser Ull- 
mann, Siebens Oil (UJK.), H. 
WigfaJL Sotheby’s, Bnrmah Oil, 
Charterball, St ail ex ■ Inter- 
national. Walker and - Homer, 
South Crofty, St. Piran, P. and O. 
Deferred, Manson Finance, 
Lonrho, Lofs, Daejan, United 


OPTIONS TRADED 

DATES City Merchants, Adda Inter- 

Last For national, Tricentrol, Fitch Lovell, 
»clara- Settle- Nurdin and Peacock, New Throg* 
tion ment morton Capital, Bellway, Wheatr 
an. 22 July 4 sheaf Distribution, Group Lotus, 
uly 6 July 18 Cons. Gold Fields, Intereuropean 
uiy 20 Aug. 1 Property and Ladbroke War- 
„ . nf rants. Puts were dealt in High- 

* land Distilleries and Christopher 
um Service Mora0; while doubles were 
for the call arranged in KCA Drilling, Letra- 
D rilling, Rio set. Cons. Gold Fields, Grand! 

Keyser Ull- Metropolitan Warrants, William 
U (UJK.), H. Press, H. Wlgfall, United City 
, Bnrmah Oil, Merchants, Adda International, 
iflex ' Inter- Fitch Lovell and Bnrmah Oil. 
and - Homer, Short-dated puts were transacted 
[ran, P. and O. in Furness Withy and Bo water, 
in Finance, while a double was arranged in 
lejan. United Fitch LovelL 


FT-ACTUARIES SHARE INDICES ; 

. ■ * 

These indices are -the joint compUaiion of the Financial Times, the Institute of Acton 

and the Faculty of Actuaries 



EQUITY 


Wed., April 5, 1978 


Figures Id parentheses show number of HSf* 

stocks per soefim. No - Ch g* 8 


1869-1956. ■ A Cumclen Town Palmer. 
Until 9th April. 



ACTIVE STOCKS 


CLUBS 


EVE. 189 Regent Street.' 734 0557. A. la 
Carte or All-In Menu. Three Spectacular 
Floor Shows 10-45. 12.45 and 145 and 
music of Johnny Hawkesworth & Friends. 


EBE5 

SOCIETIES REUNIE5 D’ENERGIE 
DU BASS1N DE L'ESCAUT 
SOCIETE ANONYME 

(Incorporated under the Iowa 
of the Kingdom of Belgium ) 


NOTICE OF ANNUAL 
GENERAL MEETING 
Notice is hereby given that the Annual 
General Meeting of rtw Company will 
be held on Monday. 24 April. 1978. at 
II a.m., u the Registered Office of 
the Company. 271 Chauuce de 
Malines, Antwerp, Belgium. 

BUSINESS 

1. To receive cbe Reports of the 
Board of Directors, the " College 
des Comminaircs," and die 
Company Auditor. 

2. To approve die Balance Sheet. 
Profit and Leu Account and the 
appropriation of Profits. For the 
year ended 31 December. 1977. 

3. To give discharge to the Directors 
and “ Commitsalres." 

4. To elect Directors and 
■■ Commlcsaitei.'* 

NOTE 

Holders of share warrants entitled 
and wishing to attend or be repre. 
fenced at the meeting should 
deposit a certificate of their holding 
from an Authorized Depositary, at 
lean five business days before the 
day fixed For the meeting, at 
Banoue Beige Limited. 4. Bishopigate. 
London EC2N 4AD. Thereupon an 
admission card will tie Issued. 


NOTICE OF REDEMPTION 
Sod£t6s de Dgveloppement 
Regional “SDR” 

9-?i 1975-1987 
EUA 25.000.000— 

Holders of the above mentioned loan 
are hereby informed that tin annual 
instalment of EUA 2.000.000— due 
5tit May, 1978 has been effected by 
drawing by lot of — 2000 — bonds off 
EUA 1000 each. 

The following bonds have been drawn 
on 24 ch March. 1978 in the presence 
of a notary public; 

15372-17371 Inclusive 

These bonds will be redeemable at par 
on and after 5th May, 1978 wldi aH 
tmnucurad coupons attached thereto. 
The principal amount of bonds out- 
standing after the amortization of 5th 
May. 1978 wiM be EUA 23.000. POO. 
BANQUE INTERN 'TION a LE A 
LUXEMBOUR' 
Socirte Anonyms 
Fiscal Agent 


RENOWN INCORPORATED 


NOTICE TO E.D.R. HOLDERS 
PAYMENT OF COUPON NO. 3 

This Is to notify E.DJI. holders . that 
at the Ordinary General Meeting of Share- 
holder held on Thursday, March. 30th. 
1978 the aoDroorlaUon of retained eara- 
wsa sDororcd as propotod. thus setting 
the shareholder dividend lor the 33rd 
business term at Yen 10 oer share, 
which means the annual dividend rate of 
20 per com. 

Coupon interest will be paid to all 
E.D.R. holders upon hrosentatian of coo non 
No. 3 of the E.D.R.. an or after 31st 
March. 1978 as under: 
rai At the offices of the followlna conti- 
nental paying agents; 

K red let bank S.A. Luxombourgeolse. 

43 Boulevard Royal. 

.Luxembourg. 

Pierson. Heldrlno a Pierson NV. 

Here no rat fit 214. 

Amsterdam. 

tb) At the offices of the Deeesltary. 
Robert Fleming & On. Limited. 8 
Crosby Souare. London EC3A SAN, 

Unless persons depositing coupons at 
such office request payment In U.S. dollars 
tin which case they must comply with 
anv applicable Exchange Control regula- 
tions) payment will be made in United 
Kingdom currency at the then prevailing 
rate of exchange an the day IM oroceeds 
are ranrtttcd to the Depositary - 
Coupons must be left for five clear busi- 
ness days lor examination, and may bo 
presented any weekday i Saturday excepted) 
between the hours of 10 a.m. and 3 o.m. 
United . Kingdom Income tax will be 
deducted from coupons paid In the United 
Kingdom at the Depositary, unless such 
coupons are accompanied by declarations 
to the Contrary In accordance with Inland 
Revenue requirements. 

Japanese w!*hhoi'' , np rex wilt t» dp'**""*-* 
at the applicable rate on all coupon 

Interest, upon compi .on _v . c 

holders of declarations of residency such 
documents being available at the afore- 
mentioned oifcces of the agents. _ 
ROBERT FLEMING & CO- LIMITED 
, Depositary. 

London 

6 th April.1978. 



PERSONAL 


Denoraina- 
Stock tian " 

Shell Transport... 25p 

BATs Defd 25p 

BP £1 

GKN £1 

Lonrho 25p_ 

Burma h Oil £L 

Reed Inti £1 

Glaxo 50p 

GUS “A” 25p 

ICI £1 

Tesco 5p 

Beecham 25p 

Debenhams 25p 

Dunlop 50p 

EMI 50p 


No. 

of Closing 
marks price (p) 


Change 
on day 
- 2 
+ 3 
+ 4 


LUXURIOUS TWIN SCREW MOTOR 
YACHT new and unused at approx, half 
replacement cost. SO ft. x 15_ft. 6 in. 
Hargrave Halmatfc deep V Grp. hull 
purchased and engined 1971. but not 
fitted out until 1977778. 2 X .235, tip 
GM engines. 23D volt AC diesel a I tur- 
ns for providing dual voltage through- 
out. 850 amp hour heavy duty 
batteries. Dual stations with hydraulic 
Steering, auto-pilot, full electronics inc. 
radar. Vast sun deev. Fishing cockpit. 
Areom. 5 -I- exc. saloon. Ranee 

apgrox. 650 miles at 11112 knots. 
Fully equipped, everything or the best, 
ready to step aboard and go. Accept 
Rolls Cornkhe. Camarguc or long 
wheelbase, or smaller Fast -Fisherman, 
or merchandise In part settlement. 
RotMTUon. T raoo Mills. Uskeard, 
Cornwall. Tel. Dobwalls 584. 


RECENT ISSUES 


EQUITIES 


PLANT AND 
MACHINERY 


GENERATORS 

Over 400 lets in stock 

IkVA-700kVA 

Bar wisely from the mwfacturen 
with fall aftersales service 

CLARKE GROUP 

07-985 7587/0019 
Telex 897784 


PUBLIC 

NOTICES 


CITY OF STOKE-ON-TRENT . 
£O.Sm. Bills Issued on 5th April, for 
fl days at 6 >«. Tenders totalled £ 6 . 3 m. 
U.9m. In Issue. 


CLASSIFIED 

ADVERTISEMENT 

RATES 

Sitialc 

Per Column 
. line rm. 

£ £ 

Commercial a Industrial 
Property 4.S0 14.08 

Residential Property 2.00 M.fifi 

Appointments 4.30 14.00 

Bixslnr-ss t Investment 
OppominJtlcs. Corpora tlon 
Loams. Production 
• Capacity. Businesses 

For Sale /IV anted 9-33 16.00 

Education. Momrs 
Contracts k Tenders, 

Personal. Gardening 429 13.00 

Hotels ami Travel 2.75 10.05 

Book Pnbtishcrs — 7.00 

Premium positions available 
(Minimum da 40 column cms-3 
EL50 par siosk coitunn cm- extra 
For further details write to: 

Classified Advertisement 

Manager, 

Financial Times, 

10, Cannon Street, EC4P 4BY 



FIXED INTEREST STOCKS 



F.P.i 
■fl ufi I 

~ F.P. 
— F.P. I 

— F.P. I 

•l F.P. 
•* F.F. 
»« F.P. 
tHwii V.V 

i 

- F.P. 1 
198 i 


1 S3lo»i SUcpi'-Vauil. lucid. 10.fi* 2nd. Prf ' 98p,— ij 

£712) 31 HGadek JUIoj. U- Hurt. ’634® \ 27l a i 

Iusl* KniwQreenaii Wbilley SJ Prl - ....jlOOjpl— 1- 

1 Oil ii 1011* njJenk- A Cat tell 10% Cum. Pref. ...; —I ltiepj ..... 

105is Wp Meit/iei |4-> 9% Cum. Prf- ..: I ZO^pl 

IGuu 102 i Mui-su-wix IN ater '!% Hed. Prl. LWu> .......... 108 1«| 

km I 99 iPeamui i.S.i lOi-S Pty. Cnr. Lit. 19AJ-MC i SB f 

106 i 07 -Talbes Jlklt'-'nv. L'us. Ln.TH-ba ...106 ;+2 

lOO'! 993, jr<uunu<e V'arUlite 1963 llUQig; 

b|l 4 . *7I S ] Do. IOi* Kcd •sa-b - | BOSS +5* 

llU,i| 1 thrill’: bnunwieli Sivliie 11JMS Prf ..... 1 17AU, — ta 

I 2£>»r. .ES lYnrli Ruler IP* Dri.. 196b - I S5 i 


44 RIGHTS” OFFERS 


l C — * I dllOi 

Lvaue * = KenuD'.. . 1 m 7B j 

Priee =3 Date — — Su 

pi < L • j ■ j High [ D | 

29 F.P. 60/31 lfl|4l SUg £3 iC. H. lmiu-trlni- 

9i) F.P. 17/3 7/41 fa }Ui I bun,- 

F.P. 29/3; 10/Sj IS |ir«tman s h*.; 



1037 M39 

J2M ttJO 
17.32 3237- 


VLSS 


IVetL. April G 


is l2Q-yr. Red. Deb. & Loans (15) 60.7» tiA23. 6Q.73. 60.72 ao^fi 6L01 ei-W 

16 |lnvestment Trust Pref s. (15) 56.11 18.68 bs.ii 56.07 sa^9 65.79 .w-w 

17 jcoml. and Indl. Prefs. (20) 73.7ft' ialdi 73.76 73.75 73A6 W 48 t*- 15 74 - s °I 


REnunciatlan date usually last day for dealrag freo of stamp duty. 0 Figures 
oased on prospectus estimate, a Assumed dividend and yield, u Farecan dividend: 
cover based on previous year's earnings, r D undend and Field based on praspoaus 
or other Official estimates for 1979 Q Gross, r Figures assumed. 1 Cover allows 
for conversion of shares no* Dm* ran tins lor dividend or rooking only for restricted 

dividends. 3 Placing price co public pi Pwiw unless ofhervrtse indicated- 3 issued . , ... 

by render, n Offered to holders of Ordinary shares as a “ rights.’' ** Rights — 1 1 > — ~ 1 

br way of capitalisation, tr Minimum tender price. m Reintroduced. 55 taaued t Re d emp tio n yield. Highs and lows record,' inn dstov and VahifiS and-CMBtimeat 
In connection with reorganisation merger or take-over. . H|| Introduction. Issued Issues. A new list of Um constituents is available from tin PuMisbwS, . tbfi Ftaanaal. Tinw, ■» 

to former Preference hoiders. ■ Allorment letierK tor fully -pa id). • Provisional street. London. EC4R0BY. price ISp. bv aost 2ZP.'"- 
or portly-paid allolmcnt letters. * With warrants. 












































































Fiqaiici^^^ April 6 1978 


INSURANCE, PROPERTY, 

BONDS 


5.a-'' 


]'}* S*"" 1 * lw « Insurance Group 


4t, : Jl* l Hyg>iirf....„.i_B4J 

I ^2i ^treefSnd — . B49 
1 «^7 >,Wibte Fund „ 1241 
* ■ '.- ^ 'vFaaa — _ ua o 

- JHB&rSB* 


-i ’. ., =,. IsMiirtty 

" • - ' - . -.*:• •:Etouthi, _i 

;•• . ' 4 -. ■ ;.„CljO*r, 4__ 

■- ‘it, • M.Sw.l 

• 'Hyra.s«r.*.. 

*’.•., w e 4 


'* 9.7 

^ ..'•PiS«r4"|iSo!s 
? neyFd.Scr 4_LU»3 


m ~ 

152.7 

im 

59 A 
UM 
-3264 
1704 

•05 «»„ 

I«J 

MU 

&? 

UU 
JOS 
1163 
HU 


Royal ibxrhauao. ELT 3 
Property Band* 0.709 


01-2*37107 PO Bax 4. Nfirn Irh NIM 3Nti. * mini ~— 1V» 


171.01 . ..! - 


h^uhj ' n F s nd ' 

Himbro Ufe Assurance limited V Properly fund ' 

IP 1 **? 1 * Lone, Uwdofl.Wl DWW0Q31 hnwi/ , K 

^.s*, ... . , Nor. 1’nll. Mar. 15-" 


gu£ha.nv — mo 

RquHy . U&.9 

IVoiwnj-_ g£s 


*vs 


i '* ** 4. Vfllmion normally 

ny life Assurance Co. Ltd. 

i- J Burlington Si. W.L 




-.MMErBB 

MonepFcLAt. i'.s i 
MM.FdArm. 100.0 

fayjrdAcr 1064 

^ Inv. Ace 1566 

1 FPWi.ydAee. mi 
I-Pea.AcT__ 1725 
t, lon.Pen.Acc. . 1268 
.BJflFdAix. 105ft 

- . 'Mnv.Fen.Aee- MX 


X79JI 

144.6 ... 

11W ... 
U5J .... 
11L4 .... 

UU .. 
2010 

MLS „.. j 

1335 ..:.. 

1113 

1217 

2003 ..... 


Manned cap hni 

UiDiutfAK 267.6 

Owjeii 114 7 

cmawii ” Sj 

^ F33talLCat>„ Hy 

MM 

mi. Prop. Cap 2005 

gea.ftlBp.Acg 256a 

Pen. Mon. Cap. 2009 

Pro. Man to 2S65 

Pea. Gilt Edg. cap.. 1230 
Pen. GlhKds. Aec.. 1215 
0I-U7SH2 R.S.fap 132.4 


Toe#. 


ftrn.BS.Aw -M| V 

Pro DA.F. Cap. „ J 1O0X 

Ptn.UjiS.Aa 1 Six 


ZW 2 

310.8 335.4 

PzJh 130.1 
155 1 161 0| 

I1M.6 _ 12fl.ll 

1014 


2145} -n.H 


+ 0 .^ 


Phoenix Assurance Co. Ltd. 

4 5, King William Si . FC4P4I1R. Ill 4269076 

Wealth Ass .. 11075 lUjI +Q 

tJr.Pti.Ass. L_ 7Z5^n 

Eb'r.lUEtjX ....[70.5 7-All 

Prop. Equity & life Ass. Co.¥ 
lift. Crawford Strert. Will 2AS. 0I-UWQ8S? 

yasssr - 1 So- 1 

bo. FSc. M«y.Bd,Fd| 15L7 I 


Hearts- of Oak Benefit Society • 

15-17. T» Wort Hate. WCWftSM O3W7M30 rro^FnSd.A- 

H«m«fOak 0U ‘ 3B3Q -I — AfinniHurdliund 

'One r'UhdiAi... 

Hill Samuel Ufe Axmr. ttd.¥ **■ £.“*»- • 

!CLA Twr, Addiacamba B 6 .CW. 0J-08W3K TutcnirartK Fund"_ 


Property Growth Assnr. Co. Iid.y 
loonlloimi* i , r4}d..n 1 CIWlt.i.: OI-0BOD0H 
177.0 


S' M*® Aswrance JJ±f 





-lm~. 128.6 

a'-.— U9.z 

' Fd~- HD9 
J.F 0 — W.4 
[till..... 942 
>.Fd_ 465 
. ..^ftOuFi 9SJ 
'ij .M^LPen-'B’ 95X 
»lan 97.6 


135J| 

1130 

104.4 

no , 2 ..„., 

..». 

3012 

IBM .... 

300.4 

182.3 ._. 


XuifcriScrinA. 

— Managed SeftnC^ 90* 

— Money Unit# U92 

MotKvEcnclA 46A 

— Flaea inL Ser. A — 917 

— • Pa*. 26id.Cap-_ DM 

— FnaSQUAcg..™ 1465 

-■ ftiw.cad.capL-^.taj' 

— .Paa.Ctd.Aoc. 109.7 


m±\ 

i« { -..1 

ill 403] 

vm - 

M7J ... 

HE:. 

1353 ... 


Inignmcfll F4. 1 A 
Equu> Fuad.. 
Fquii) FundiA. , 

Money Fund 

Slone;- Fund ■Ai. . 
Ai-iuarlal Fund. . 
fiiH^dacd Fund. 
••lU-Ldcrd l- d. 1 A 1 . 
0 Retire Annuity 
BUnmcd Ann <>. 


1756 
7364 
7110 
1515 
1515 
663 
654 
1634 
162.0 
lff.l 
1373 
1107 
125.0 
1250 
177 2 
1305 






Life Assn ranee 
bridae Road. W.1Z, 

, T ;tF«lCp UnL.lao.7 

'-ifl. *.Fd.SLL'nt_K2 ■ 

' 7 <ma Mgd. FiL- 1 **^ - ' 

c lays Life Assnr. Co. JLtd. 
P^nuJonlRd.E.7. 

."^■y bonds* 0367 

!, te = --m 


017489m 



Imperial Life Ass. Co. of Canada . - - . 

Imperial llousv. Guildford. ~ .71355 fSC!pgni fn ... I 


Pran. n Grawtk PmsIohs ft Annul tigs Ltd. 
AIMV-JierAf L' la. 1124.9 136.0 . . ( — 

•All U eaihrr Can. .1 

VIni-.Fd ri* ...... 


; tr. 


■'.AwaAcciun. ..{46 6 
iiiaJ WO 


-dsPcniAcc... 465 

i&Ml 946 

!**„ (Pep*. Acc. -(906 


uu 

te 5 


- Rl»l— p6,9 .... 

>■ 'Current unit nine March 28. 


01-5345544 
1256 +QA, 

UU +oS ^ 

5g? ^ ~ 

ltll .... 

1006 .... 

3016 .... 

496 

1041 „.J 
VOX 


Crovth Fd. Mar. 31. (642 - 75JI 1 - 

ISras.Fd.Mar a.. . (Ml 64J| _...[ - 

t'nil Unki-d FOittOUq , 

Managed Fond. ^..(94 6 . 94« — J - 

Fucrdjnt Fd hSJ. 1M.S .... — 

Secure Cep. Kd MJ . — 

Eqiiitj-Fund...._Zi95J 10M— — 
Irish Life Assurance Co- lid. 

II. Flnaboiy Sqoarp, EX3L - 

■BlueCblp Apr. 1 1710 74i7i 

Managed Fund — 121X6 230- 

zsM&tWi >»■ 


— •». l-ns. Can L'l 

Sian ]•«* F-r . . 
Man. Pens. Can Cl 
Prop Pem: Fd . 

■ l , rup.I>ni>.l'ap 1 'l- 
BflSfr Sac P»-n. t'l 
UdE.Soe.Cap lit 


10.7 1302] 

1336 
128 e 
143.1 
130.9 

wax 
mo 

1436 
1319 
1290 
1191 


1440 

] _ EE. Blnhup.*gclr. ElT 

— Cm. Managed K.l .1112 5 


tnd*f.ir :vw . 




. .^jve Life Assar. Co. LtcLfl 
v ’. "'t;mbanfSe,EC3. - • 

Horae Apt 1 1 m«2 J 

.. ‘^'*aia Life Assurance Co. 

Slr/Bh a. PoUera Bar. Herts. PJar EI122 
.:5rth.FdJlnr.l | 57.7 

p- ..Fe«LFeb.0..| 105.8 

‘.Sii'ton Assurance Ltd-f 
'•■j.Sipie Wy, Wembley HAOONB 01B02867S 
‘■ ruaia- (ei&m • - ' 


Oi^KSSB Provincial Life Assurance L’«. Ud. 

01.2476r<3 

Managed Fd .1112 5 110 51 I — 

. Carti Fd. .1041 1096) - 

Gill Fund 20. .. ,(U06 1270|ri5j - 

King Me Sbaxson Ltd. 

32, Cnrahili. tcs. v di-0235433 Prudential Pensions Limited^ 

Bond Pd. E tempt. -HU30 115171*004.— Holbon: Bars. >27I\ 2N1I. hi. 4ns n;*— » 

dare Apor ». . Equll Fd Mar 15 1122.90 

Int Mar. 16.. . U944 
I Top K. Mar. 15 .. £2459 

oidBBfl Langhim Ufe Assurance Co. lid. 

- -l *“ Reliance Mutual 

ip™*taid P l!! l IIq5£o - — Tunbridge W,-ll». Hint. ICKEIHSTI 

Wisp *SPj Man Fdjb.4 77-R — } — Rd. Prop ads . .. 1 1956 I ■ ] - 


Neat 1 

Goct.See.Bd I 


I :::::]=■ 




uI Kalsoo|^^rSon5lQiec~(aa« 

^ - Rrairl/Rr or 


ny Accp 

LOWS FQg]^n_ 


BondiBcee _ (02.87 
d 'Exec, Unit. (OZ74 

ill Bond h 103 

Accum 1165 

rty Aecmn. ...KU 14 

to. 6 
Mil 


anaged 

PecaAcc 961 
tc»v v '-Jp.Pena/Act 06 a 
- - iiU Peus/Act 4L4 


iA-u™r** sl P 

'■•-usTimii.sju .*. 


is 


J».o 

!N . Current radio April 

^’lal Ufe Assurance^ 

^ - ion House. Chape) Aih W’ton 

‘ ^-ivatTd 1 • 9610 I 

tniPPiuc n, iaLerlnv^d..| . ULM. ! 



He| = 

c5E7oK2:!rz:.i?56 »tS™J - n.eptop vum.i _ ms* 1 - 


De. Aoenm. 96 J 

FiquCylnliial U31 

Da Arcnm 1146 

FiM-dlnltial U&fc 

Do. AcctMB- . — Q7.0 

Managed Initial — 114 2 
Pa .te cu m 1157 


Praptny lntUal._M6 

Do. AecuiB. 1961 . 

Legal ft General «£» tagout 


1H4 . . , 
1142 40.41 
3207 +0.5 
12L7 tjjlf 




HjS: 


Ltd. 


Royal Insurance Group 

New Hall Place. I jv-erpoid. 051 LH7-1422 

Jtoyal Shield Fd. ..[131 7 139 3[ -i - - 

Save & Prosper Groupfl 

4. GtSt-lleler.X. Latin. KC3P SEP 01-554 B800 


Exempt Caab lnit _ 915 

Do. Actum. 963 

Exempt Eqtylnxt_ 107.7 

Do. Aceum.*. 10X5 

Exempt Fired lnu. 104.7 

Do, Accnm. 105.6 

. Exempt Maid. Inlt 187.7 
Do. Aceum. „. _ _ 10 x 5 
Exempt ProfLlniL. 95.4 
Do.Aeewa.__— 95.9 


SOU . 
lOU „ . 

1136 _:... 

HSi :;z = 
S 3 -■ 

:1MJ 
2005 
-1016 . 


BaL lav. Fd. 

FiBperly i-d ■ 

GihKd...... 

Dgpon: Fdt .. . _ 

Comp. (Vtu.Fd.r. ...^ .. . . 

EquibFenK.Fd (172.1 

Pmp.iT-ns Fd." .. ..1209.5 

Gill ffni Fd. to5 

Dgpo5j*OTJ3.Fd.1._ .(46.4 . 

Prlrea -in 'March 2HL 
t Weekly doallngs. 


11225 

(1490 

128.9 
12L9 

197.9 


1%T 

+0.4 

1771 



-01 

un* 

+03 

7717 


985 

-Oj 

102.1 



. Legad A General Prop. Fd- Mgrx. Ltd ^ . . 

• ILQoeen Victoria 6L.EC4N4TF 01-2480678 S»«m»der Life Croup? 
000220511 JLftGPrp.Fd. Mar- 1.19X5 ■ _4 — EalrrpriaeHouBe.ParUinoulh. 


Ned tub. day April £ 


„ . Taints . terbonse Magna Gp.? 

. cquersSq. Uxbridse UB81NE 32181 

9v-.S!USRa%se Energy 135.0 36.M 

' •• ».-r«e Money. 29.2 306 

Managed.. 366 386 

RISKS tfoaEteTHtt 

\ ismm Westminster Amur. Co. Ltd. 

lead House. 6 Wbtteherxe Road. 

H-vn C3iODA 014840004. 

# J roj^Ptand_.gM^ 62.0) I — 


Equity Apr. 4. .... 

Equity u Apr. 4 

Equity 3 Apr 4 

Filed Int. Apr. 4 .... 


070527733 


Life Amur. Co. of Fennsyhrxni* 

3ft42Neer Bond SL. W770BQ. • m4M8385 Fl'^diaL A^ 4; 

LACOPUnlta |MW7 ' 10571 ^ — [ — lm.UTApr.4 

KA5G.lt Apr. -1 

Lloyds Bk. Unit Tat. Maps: lid. Ka S& A P r.4 
7£ Lombard Bt. ECS OT423120B SSksXwST'' ^ 

Exempt I97JS 182J4+031- 7*4 MoJfS- aX< -I 


-r-r-r-. ;«F" nd 
1 .»Fhnd...— . 


-• Pr« 


M .. 

« .. ... 


E 


ZSl 1 '. 


’and Fund...— 78.0 

CFund 120.1 

agd.-t • M- 

, Fund 17L7 - 175, 

'.Mngd. Cap.. -113.4 m 
Wngd. Aec. _ U7JL 123. 
<UanayCap.- 465 «X 
• Honey Acc.— 476 
A iquityCap._ 406 __ 

cewity Ace. „ 50.4 SO. 
“ carrmtly c anod to new 
a Units— 1926 



Lloyds life Assurance . - . - > 

SO. Clifton SL, EC2A 454X ' 

BltXSth.MBr30.— .1-124356 j — 

«|lb 

OpL5DcpLMH-.30.IlS6 lXfl .™[ — 

' London IndemnitydcGn], Inx-CMid. 

18-20. The Forbury, Heading 383311. 

. Money Manogor— \30J. 132.91 +011 — 

"SLM. Flexible BfiJ 283| 40.lt —I 

Ftred inlcrmd. — _ pA.6 ■ : 363{ -HUl — 


Money! Apr. 4 . . 

Deposit Apr 4. . 

Property Apr. 4 

Property 3 Apr. 4 ... 

— B5Pn.Cn.Apr4... 

— BSPn. Arc Apr. 4... 

t Mn. ftl.Cp.Apr.4..., 

— Mo Pn Ace Apr. 4—12256 



Britannia Trust ManagemenUaHgi LooA«nin-__ -.me bum^tj 466 Exempt Mfi.Ld«.- 
SI^mWul^BuUdlnxS. Lumlo^^ L1#yds b|l LTnil Tsl . Mosrs . Ltd.* ta) ~ 

ItDgisii-ar’s Depu Gorir^-h; 


Aaxeta— 

Capital Acc 

Camaftlnd ... 
Commodity 
Domestic— 


Scottish Widows' Group 

PO Box KB. Edinburgh EH 10 5BU. 031-6350000 

]nvPI>-6rriasl WJ 99.M . 

Inv. Ply. Series 2.-.B36 9x« . 

low. Cash Apr. 3. — [969 1026] . 

Ex. L'L Tr. Mar. 3A.. 0346 140.« . 

Mad. Ptm-lUr. 29-^5 252.71 . 


' Westminster Anar. Soc. Ltd. 

»<me O1-0H 0664 

ism— ISS* • ::::::! = . 

& 0KW3M 

2 SWE 1 I' S 3 , i “i - 

life Insurance Co. 

01-24SQ282 


it ' TKd London &, Htetiester Aw. Gp.» 

' • flow 57330 sohu. Ufa Assurance Limited 

Cop. GnnaUi'FlnuL. [ 

* Exempt FlejLFd. 

# Exempt' PTop. Ptl 


lav. Trust FUnd- — 
■Pro pe rt y Fund - — 


2105 

1212 

862 

13U 


107 Chmpxlde. KC2V BDU. 
Solar Managed S —1125.7 
Solar Properly S— .11106 

Solar FnjirTv S 


I _ Solar Equity 


0522 


M&G Gronpf; * . 

lhrrc tjBtxjn Tbirer-aiXT EC3R 6BQ 01-830 43BB 


ueery Lane, WOtA IBS. 

r_ . 1 illy Pul'd 

. lagedFund- — 

"laJ Pen. Fd — 

" 1 Pen. Fund... 

Pen. FWj 

ed.Pen.FiL_ 


■LvPen.Fd— 
cted 


1413 . 748ft 


1765 ' 1»5 


703 _ 73.7 


2094 


201.43 

..... 

%2 • 


. 1295 


35S.9 



i In. Pol. | 

-'hill Insurance Co. Ltd. 


Pera.Pneslon**'^ 
Conv. Deposit" W 
EsgaiwBond**] 
Fhnrih- 7»«F-1 

Ml 81-88^J 


.9 
7 

,{125-4 
.7 
1665 

:P®6 


__ ' Gilt Bowl***.. 

__ IniernabiLBHid*^ B96_ 

__ - Managed Bd*** — 1252 

__ ProporU- K4 1 

“ ildFdBd^i ii.7 


niulL E.CJL 
eb. Mar U_|U3 5 

rc. Mar. 15 Hi 

.20.160 0 


01-8205410 


m 


• 3 f5 : 

: 

mi «oj| - 

6L2 -Q3l 
48.1 +03 
53j| +1^ 

1 -Mar. 30. "-Sir. 31. 


HolarFuLlaLS — Uftl 

Solar CasbS. — 996 

Solar mil. S 966 

Solar Managed P— 125.4 
Solar Property P... 1102 
SotarEqnify — 1520 
SalarFxd.lnLP— — |U76 
Solar Cash P— 

Solar lntLP.— 


: m 


0I-8W0171 
132.41+0.1 

U6J 

1603 +U 
1246 +03 

105.6 — 

1027 +02 — 
1321 +1.0 

1161 

IMA *U 
134.1 +03 
105.4 .... 

1027 +031 


■ilEl = 


;vs 


J ;t Sc CemsMTce Insurance 
X? ^gent SL. London W1RJFE. OMS07DKL ‘ » 

rj^.^nftiLFd. WSLO 132^ ..—1 

O" ^tder Insurance Co. XML 


American Kd 
Japan Fd-Sd* 

. Prices pa ‘Apr. 

merchant Investors AssuranceV 

■ 123, High Street. Crpydon. 01-8860171 

Conv. Den, Fd 


f 1BK.RL- 


Mec.lwr.Pw.Fd.. 

Equi ty Bond 

PTOp. FSBli ■■'ewes 

Man. Pens.. 


:*7 


1275 




- • 143 2. 


•— 

3830 


— 

144.9 

(IMH 

— 

55ft 

INIU 

— 

US7 

MOW 

— 

153ft. - 

«■«! 

— 

■li/R 




niLis 

-ran.. 

— 




5 a House. Tower PL. EC3. 01-8288031 EquI^Prna 

Si-op. April 4—171.7 78.0] — [ - 

i-; star Inaw/Hidlsnd Ass. 

"* ' adneedteSLECa. 01-SB8 1212 NEL Pensions Ltd. 

jJMid Units— [49.9 52-fl — 4 .0X1 DClum Court. Dorking. Surrey. 

& Law Life AM. SOC. Ltifl Sggif SSiS^P 4 -'- 
r*r« i'hwn Brad, High Wycombe ,040433377 =Ji*lex. Money Cap. ^ 
-n-.-dFd — P27.2 - 7» -- 

- ty Fd. BK'? 

uteres! F._. jlW.l 

■J!" §ral Portfolio Life Tub. C. Lte-V 

SS.? holomew CL. Wahham Crow. 19X31071 

■Hi 5 io Fhnd.— — U06 ' 1 ' 

-f +c.«rMntal — |41i 


-Sun AD lance Fund Dflangmt. Ltd. 

Sun All ixaoeHouac.il ur« ham. CM036tl61 

Kxp.Fd.Int. Mar. B .[£15430 164.40J I - 

Int. Bn. April 4... | 0253 | -I — 

Son Alliance Linked Life Ins. Ltd. 

Sun Alliance House. Horsham 040304141 

Equity Fund — P04.7 TIB-S +1.M — 

FLxodlnterestFd-g02.3 1077] +1.0 — 

3 +DX — 

M +071 — 


Property Fund 1043 

International Fd._ UD 0 
Deposit Fund-..—. 95.7 
Managed Fnnd — [1026 



D073 . 

Nrin Mod. AcgJSi' ' 

Nrlrx OiMncAcc_|473 

Natal Glh Inc Ctp_ (466 <fi.\ 


+L4 



NriMxd. 

.NelMxdFd.Ace.j476 5DX| 

' Far New: Conri i rig e rtf are under 


*3 ::::] = 


Sun Life of Canada rtJJL) Ltd. 

2, 3.4, CocksporSt, SW1Y 3BH 01-030 5400' 

MaplnU-Orth—- 1 1922 

Maple LLMangd.- 132.1 

Maple LLEaty. 122.4 

Penal. PilFu. 1 1996 

581 1 Target Ufe Assurance Co. Ltd. 

_ Man. Firndlnc p7.6 1KJ^ 

_ - Sian. FUnd Are 1120 1163 

_ Prop. Mine 1032 U93| 

Prop. Fd. Act „ — - 133.0 

PiWi Ffl-lnv-i 103? 

Flxft fig. FitTfiie. 1076 






ej 

•j.'j 


, 0202 7876S5 


rtf io capital — [416 <5x| .1^1 — 

gfiam life Ass. Soc. Ltd. 

* 5*:e of Wales Rd. B^ooutb. 03 

<ah Fand .-WA, Igf 

an'ajjllBtB V 

if "C -ta.F^ad — 

— ■*. ■ p f •■ ,<y. Fund— 

•i'- Z’tlh Sc See. Ufe Ass. Soc. LteLfl 

s? T Hfr 


Deo. Fd Arc Inc... K7. 6 
Ret Plan Ac. Pen. ..169.6 
RrtnttCapAfl...S7 6 
HeLPj xaMaaJtec. - 0237 
Ret. Qanllan.Cap.- 


104X 
1137 

MJJ 

761 -02] 
. 629 -D.d 


..(135.4 

129J 



NPI Penal onx Manag e m e nt Ltd. cmPM-Aec.- 

48. GraceeharehSL. EC3P3HH- 01-8334200 GUlPOLCap.-, 

* tan ^^r 3 |i N^t dS May I “ Transinternational Life Ins. Co. Ltd. 
New Zealand Ins. Co. (UJBL) UiLV 2 Bream judge, EC41NV. ' oi-4050-wr 

Maitland House, Soolhcnd SSI 2JS 070262955 TuUpTnve^-nL— QS.6 

g? ' 


KJwt Key tev. Hao . 
Snail CO-S Fd. 



uunuiuru .— —1 

Con. Deposit Fd. — 


ga 2 




lOLri 

1073 




Tulip Mangd. Fd—. 
Majt-BomfFd , 

Man. Pen-Fd. Cap.. 0124 
Man. Pen. Ftf. Ace. . UD 6 





base lending rates 


: v-c :ss*:r fi s.5B.S. Bank 

v4 :«£: ‘std fflied Irish Banks Ltd. 81 % 


6*% 



fjnque Beige Xtd....:.. 

Y 2 - 'li Y ^f i^i'nque du Kbone . — 

c;> relays Bank 8i% 

?* - : -r^ Christie Ltd. ... S 1% 

^OSEr Holdings Ud.. 7 i% 

1 yj* it. Bank of Mid- East. 5f ^ 

‘ d* ^wn Shipley 

i nada Permanent AFI 6i% 

/ s. r> TTin T.trf- 910! 


jK!' 



? pitol C & C Fin. Ltd: 85 % 

^T’lwsc Ltd 7 % 

“J : fc’dar Holdings 8 % 

'■i ‘ ^/arterbouse Japhet... 6J% 

■ >^ oularton3 6|% 

<:l e. Coates 7t% - xraoe uev. dwr oj^vj 

. ^-msotidated CredltA.*. $1% Trustee Savings. Bank 
'a y. .operative Bank Twentieth Century Bk. 


[Hill Samuel -..S 6 

c.. Hoars' & Co. t 84% 

Julian S. Hodge 7i% 

Hongkong & Shanghai 6i% 
Industrial Bk: of Scot 63% 
Key ser UUmann — , 6^% 
Kn'owsley & Co. Ltd. 9 % 

Lloyds Bank 6!% 

London Mercantile. 6i% 

E. Btanson 8t Co. Ltd. S % 

Midland Bmic 6*% 

l Samuel Montagu....-;;... 81% 

l Morgan Grenfell 6*% 

National Westminster 61% 
Norwich General Trust 
p. S. Refson & Co. ... 6-i°o 
Rrssmmster Accept’cs 61% 
Royal Bk. Canada Trust 83% 
Schlesinger Limited ... 63% 

E. S. Schwab 83% 

Security Trust Co. Ltd. 7|% 

Shenley Trust v.... 93% 

Standard Chartered ... 63% 
Trade Dev. Bank 63% 


^ rinihian Securities... 63% 

' S ?dit Lyonnais . 6j% 

> F-Cy pf us Popular Bk; Bj% 

pjinean Lawrie 63 % 

< g i( Trust 6*% 

nlish TransconL...... S % 

:-5t London. Sees....... 63% 

*>st l^at. Fin! Corpn. 83% 
■st Nat. Sees. Ltd. ... 8 % 

. tony Gibbs 6 J% 

. ; ;y hound Guaranty..-. . 63% 
•■‘.indlays Bank 63% 

ess Malum ......... 63% 

' ^ mb 1 os Bank. 61% 


United Bank. of Kuwait 63% 
Whiteaway Laidlaw ... 7 % 

Williams & Glyn's. 63% 

Yorkshire Bank -. 63% 

Membere of tire- Aewpttns Honsrs 
Comminee- 

7-cLap flepositsr S'?, l-mooth dcpo»LS 

3**54. 

r-aar deposits on oams of fio.ooo 
and nadir a»i, op to ft3^W *1% 
and orer £33.000 43". 

Call doMotts over n.ooo 3%. 

Demand dooostts 4‘i. 

Rato A&o upriiei u> Stcrllns fed. 


Trident life Assurance Co. LlcLV 

BcndriaHoiii^ Glanmtcr 0452 38541 

*1 M" 

iSi gj - 




M 


Bdgod |1222 


Money 

International 


[1212 


93.1 
124.4 

Great)] Cap. 125.3 

Growth Are 128.5 

PUno.Mucd.Cap,.- 113.0 
Pena Mned. Acc.— . 1167 
FCD&GhPJepjCBp.. 1013 

'iJUt- 1046 

Puns, Ppty. Cap 3123 

PMM.Pty.Ace_ 1160 

TWLBond 356 ... 

‘TrdLG.I. Bond | 1004 

*Gsah value tar £100 premium. 


1CT.J ™o{ 

*S:iTH 

1327 -171 
1327 -O.fij 
136.1 -86 
U97 ■■ 

10?J 

11DS 
1389 
1221 
0374 


Tyndill Assarance/FcnsioiisV 

l R OnyueeKoad. Bristol- ■ 0272X241 

9 

1520 


3- way Mar. 16, 

Equity Mar. 10--". 
BondMar. 10 — ....— 

Property Mar. 10 ■ 

Dcpnritifar.18— 
3-wayP9o.Miu-.lfl_ 
O'acaa far. Mar. ML. 


_ Apr.!.... 

Do. Prep. Apr. 3- 


1682 ■ 
103.8 
126.0 
1438 
646 
166.0 
2468 

1778 

«U 


Vaubrngli Ufe Assurance 

41-43 KaOdox SL, Ldn. W1B SLA 


Managed Fd.- 

Equity Fd 

Intnl.FnDd 

Fixed InUnt Fd..,,. 


[MLS ' 

Z196 

918 

U7^ 

118.7 

1171 


149.01 +0 Jl 

w :S;l 

1762 +02 
1460 +0J 
1233 


01 49049S3 


tddax St. Ldn. wlRBLA OJ-Bbik 

e 


Vanbrugh Penstons Limited 
41-43 Maddox SL. Ldn. WlRBLA 014004823 

Managed 

Property, 

Guaranteed mm 'Ina Base- Rates' table 

Welfare Insurance Co. Ltd* 

TheLeairFOUceatone.KcnL ®03 57333 

FWmSSSmS ptemo rctar to Tm London ft 
Mucbcrtor Greup. 

Windsor life Assur. Co. Ltd. 

Windsor BS 144 

LUMnv. Plana. — 

FntnreAasd.Gth(ai. 

FutuicAaNLGlUb). 

RH.An8.PBBa. 


hb6J 

69.8 

>■■■ 

1M j 


l 

— 

(M3.4 

UHL9I 

.... 



33 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tut. Mgrs, Ltd. lai <zl 

7i80. Gatclwniif Rd . Aylesburv iCM .VH I 

•• --!5? 3341 *0 11 3 99 

Ahbey Ini-omr. ..p75 40 m -.Oil 5 5« 

Abbey inr.T-4 Kd .fcj S«i8 *nr 446 
Abboyifcn T..t |435 4bbj*0l| 395 

Allied llamfana Group isfciV 

llambroi. H-o . Huttun. Brrntuiod 
01-5B8 2851 or BrcnMood itC77> ^n«VO 

Balanord I nndi 

Allied lat 

BrtLlrtd*. Fund 
liftli.&lnc. . 

Mart. A Jnd. Im-. 

Allied Capital 

Ham bra Fund 

Hnmbro Ai-r Fd... 

( arena- FUndi 

JlteH Yield Fe- 164 5 69 V .03) 024 

lllgh Income- .. . [U B UM . [ 668 
Afl.Eq.Int . U6.7 _ 392j -0 l| 701 

Fuad* 

Intmuilioiul \n 7 

Bees, of America, 
ftvetac Fund 

Speclaliu Funda 


Gartmore Fund Managers V laHgi Perpetual Unit Trust MngmLb (a) 


2 •:!. Maty .vw. El - A hup. 

■'lAnufWnTa.. - 1*4 o 

ltrjushTrt.iAre-1 -j®2_ 

t'-amniaiUty Share .. 1133 7 

■ n VU Ga.-4 THi»L 30 : 
aishlr.rorocTSi . -pi a 
l^'omr Fund. .. |6“’_ 
In-. AiJcneiea - ;UM 
lnu L+mrp: Fd - . 1224 

■ .-■liKLTsi. (Am —1272 


235 - - 
.5401 +0 1 
141 « -fl ] 
37 «d -O.i 
59 21 *Ul( 
7R 5 I T -0 r! 
13 401 -OCS 

"Ha :si! 


o:-S33at 48HartSL.Ii<ndeyon7hAmu 


(MB 12 0808 


076 PpctimlCp.fiUi. [363 3»JI 4 374 

im Piccadilly Unit T. Mgrs. Ltd.? (aXM 

gT5 Usrdctr Use., nsa Londen Wall EC2 8380001 


909 


Extra Income .. .«. 
j i-cnall w’l Fd . _ f 


M20 

663 

+03. 

573 

613 

65.6 

-0.1 

565 

357 

is a 

+01 

SJZ3 

Jl T 

339 

+0.’ 

501 

668 

715m 

+01 

451 

1004 

107 4 

*0.« 

S30 

un 

122 1 

+0J 

465 


in , 1 itoplWJ Fund . . ^. 50-4 

inL EnL-.ft A£?*t»- |C5 7 

Gibbs (AnW5>l Unit Tsl. Mgs. Lid. .\ccumiwTPua£i.l— jtl.5 
2J. Kondield SL.EC2V 7.NL. 01-50341 !1 S«girt«jH»d_ B6S 


ia; A.G. drirethW- - 135 S 
.aAG-FheEnsr.-lri 


3291 +021 
431a tO 7 
520 -HU 
*8.9 +06 

37.9 +0J 
654 +0.4 
606 -HU 

26.9 +02 

32 HU 


960 
320 
1*2 
546 
340 
3A0 
5J4 
1 2*9 
240 


Ucsimfi'Tuo rwrfl 41 BloocuburySq Wi~lA2RA 09-8238003 


e» Practical Invest. Co. Ltd.? (yKO 


:e;I; MM 


ilBuUvrto'iFil. _ 
-DdSloJr Co'aFd . 




Recta erj-^L- -.1837 


Hat. Kin. At my.- 


(nrcrneoa Ear time*. [31 4 


Expt ttniir.t/o'i ...ftl 


374 


197.0 


Ml 
42 2n 
■46 
400 
550 
203 2ri 


77, London W*U, E.1'2. 

STeldr. Star. 17 |1Z4 3 

Do.Aec-jm.Unit —1140.7 156 . | 

Next denims daj April 7. 
Grlevescn Management Co. Ltd. 
S9Grc*hattSL. CCSP5EK 
Bar'ctr MnrchSO-jlW l 

1 A.-cam. Units] 7393 

+0-5 513 RtCd HY Star 30- JM4 
< » 1 Aceum. Unlut .— ■ .jlSS- -1 


*38 

Ot 


2 67 
296 
254 


07 

+ 0 : 


♦ DJ 

+04 


It* Ead«ur.Apr.4. --IjS* 
H 1 Accnm. tlaitn- ■ - l*J8 1 9 


37? 

319 

576 


Anderson Unit Trust Managers Ltd. 

133 Fenr hurt'll -St El 3M0AA 0230231 

AmtoriwnU.T. ... 1432 4I2M| . | 450 

Ansbaeber Unit Mgmt. Co. Ltd. 

INehtaKI..U3V7J\ 

Inc. Monjhly Fund .|160 - 170.0) -AO] 

Arbuthnot Securities Ltd. (aKc) 

37. Uuct-n KL London EiTJR IOY Ul-2» 


ilnuhtir. Mar 31 

.Accnm. Unit? 1 103.3 

Ln.ftB»Ii.Apr £ .. . |M7 
1 Accnm. LmUi 1(2*. 


Pnrtlcol Apr. D57.7 1462M +X9 

O1-30B3OZO Accum. Units [19*4 iifl64| +54| 

1 Provincial Life Inv. Co. Lt<L¥ 

Z22 BlahnpmalB, ECU 01^478533 

Prolific lulu {73 8 79M-HUI 3.48 

High Income [1052 1127] ... J 7j» 

JB23I 01 T« 4 ? Portfolio Hngrs. Ltd.V teMbXc) 
219 21 .. J 4 47 KolbWP Bara,EJClN 2NK 01-4KS53S 

7.60 Priutential [120.0 1275) +05) 4.45 

In Qoiiter Management Co. Ud.¥ 

H? The Stk. Excharxr. EC2N IHi*. 014)0041' 


176 S 
2S3 

in 

-M 


m: 




Qnadrent Gea. Fd. .C 


2 ^ Qudxsnu Income— t 


314 

173 


*8=1 


& 


. 240 Reliance Unit Mgrs. LULV 
Guardian Royal Hr. Unit Mgrs. Lid. Rolian™ Hse.Tunbrid«vreE*Kt. oftezzm 

Ro>al Exehanac. EA-3P3I'V. Ol-«aaoil OfmarturdBFd. — (Mb MJQ . . J 3.70 

W.CimrflhlUTsL.lMO 87 .UtO.4I 434 \ 


.Wiuimiamu » -..xi +u.+t +a+ St 

Henderson Administration laHclfgifl 


matsa -Premier IT AdoutL, 5 ^yicc;. Road. lhu D3 . £?**“*' 

*Anl s 4 Brt-ofwudd. Esaex. u?T7-2;7 133 POBox-tlfl. Bank H*e, Manchitr. OBI : 


lllcli Inc Fund . 

*- Arc urn tnlbi 

iW-'*i WdrerLUlS. 

ITctrrmi-g h-uiui . 

Accum. U nil m. . . 

Capital Fiuui - 

Commodity rund . 

iVectim. I'niHI ... 

lO'.Wdrwl U « |47.5 

Fin.fcProp.Fd. _ - 


Accum l.nflsi. 
Saiallerrii'n Fd .. _ 
Eastern ft Ini). Fd. .Ul3 
0*!iWdru-| LI 1 .. 1 . 
Fuiwlfm Fd 


[1088 

117.71 .. 

597 

430 

+02 

5J4 

57 8 

+02 

a.4 

578 

+oj: 

25 a 

2JJ: 


384 

175 

4Lft 

190 

+01 

527 

509 


744 

805 


47.5 

5X3 


X6ft 

• 17 9 


3fi 2 

413 

+02 

44.1 

477 

+02 

33.D 

. 35.7 

+03 

F« 

42! 

+0 2 

261 

287 

+02 

2U 

S3 Dm 


16 9 

1121 


E2.Q 

69.0 


26ft 

287 

+03 


1057 
+ 46 
446 
446 
1140 
1L40 

F90 

5.90 

S9G 

322 

112 

322 

311 

3.11 

47? 

173 

173 

U7 

100 


3r*ofwood, 

1 Jk_ finkb — 

lap. Growth Inc.—. |?0 4 

rap. Unwth .ve.... Ko 4 
incooieftAsirfU- 1304 
Hlch Incame Fbn* 

Hxqh Income — 1562 

Cabot Extra I nc— [S3-6 
Sector Fnnd* . 
I-tnanrlal &ITL r -. g 6 


QUA Nat. Res 
InitmMlaMl 
rabot 

Intematlimal .... - • 
world Wide " " 
nnnm Famta 
Austral ion. — >-.(292 

SSB5Crr;.-~sRi 

r.'urth American- -Isa l 
Am.< inaJdar JOlllO 1 


SiSlSii 

s: 3ri -oj[ 

*fi3^a 

itarSJI 

> 1 3[ -i.m 
30 0»1 tC3[ 
7631 . I 

312d -021 

\ Sl=ST 

IK 7) 


0812388521 

Rldfieflcld Int UT.A60 92J0 1 272 

36 - iLdeefield Income. [940 1000) ....J US 

25? Rothschild Asset Management (gl 
72 -ED. Gale home Rd-, Aylabmy. 02805841 

■ 24 N. C. Equity FVcd-.IULO 17IJfatl +1X| 2.91 
910 N-C EngyRc^-T rt.196 0 
N.C. Income Fond - [14* ft 
are NX' Ini. Fd, ilnc.4779 
KLMnrl Fd. IAccj779 
— " N.C. Smllr Coy* FUjldU 


iw2] +; 

1541 



15231 


*2 Eotbachild ft Lowndes Mgmt. W 

^ St 5wtihiaa Lane. Lda-EG4. O' 


2 07 


New Cl Exempt- .KUSJ) 122 Did I 372 

Price on llntn 35 Next dealinK AprD 17. 


216 HnttinAmUir .29.1615 

Hill Samuel Unit Tst. Mgrs.t lai 

Ul-C^snoil lAcrum-L'niU' 1726 


« nerehSuECSPSLX 

ih' Bn ti^h Trust-... 1148 B 

■ c-lnfl Trust P«1 

Dollar Trust M.l 


Archway Unit TsL Mgs. Ud.V (ancl 
317. ILirK 1 talliom, W 1 p | V 7.\L ut-B31ffr<3. !fe RSUSKSSST - ' 

Archwjy Fund .-[775 825) . . J 5*6 .hiltnudilTnoi 

Prices at Mar. 20. Next sub. day April 12, , bi IrLoai Trust — 

Barclays Unicorn Ltd. faKgiWci IbjHiS^BWiw.'' 


Unicorn Ho. 252 Romlord Rd. E7. 01514 j&M Intel.? (aMgl 


U9 2 -0 

72 4 -OS 
H« *0.4 

94 4ri . 

sfJ: 0 - 2 

30J[ *0J; 


4*7 Rowan Unit Trust Mngt. Ltd. 

1*3 CityJSatoHse-.FinsbmySq.EC2. 01-008 106S 

- £$ 

5561 

75«+a^ 

91 a +o3 


5*4 R»n-Mra Aprd. . ..I7L2 
2.93 1 Actum. L'mtsi. ...i56.9 

I™ Royal Tsl. Can. Fd. Mgrs. Ltd. 

4 76 34. Jenayn Street. S.W.Z. 014 

731 Capital Fd (63 7 67-21 \ 

SJ2 Income Fd. _ — ._|S.l . T2.9J ] 


-4 132 
425 
7.40 
7.40 
400 


389 

7.75 


Unicorn America — 

Do. ADSL Acc 

Do. Auat Inc. - . 

no. Capital. 

Do. Exempt 7 at .. 
Do. Extra Income . 

DO.FknancUd 

Do. 300 

Do. General 

Do Growth Acc ... 
Ho. Income rSL..... 
Da m.A'mTlL 
liun at Marrh 3 

no. Recovery 

Do. Trustee Fund 


Do. HTTdwide TTuSTf+3.0 
Btstln.Fd lnc _. ..IMS 
Da Accum. .168.0 



15. Christopher Street. EC2. 
Intel. Inc. Ftnid [86.6 


627 Prices at Mar. 30. Next dealing April 14. 

Sat e ft Prosper Group 


0 [ =177743 t GrOM st Helens. London EC3P 3EP 
’U *J I 6.70 69-73 t-ccen Sl_ Edinburgh EH2 4.VX 
Xey Fund Managers Ltd. taHgi Dealings to-, oi-sm Base or 031-230 ttssi 
25, MUk st, ecv bie u: -000 7070. Save ft Prosper Securities LttLy 


Key Energy 1 n.Fd- [693 7371 -0* 

Kcr Equity ft Gml_i 4J-I 67 ri -a + 
OK.-yUjccmpt Fd. ...|136B 
Key Income Fuad— [7b 2 Ziff -a a 

KeyFUedlm.Fd.-g94 Mji I 

Key Small Go's Fd-|S4 2 B95|*cs| 


3 IB iDternarimud Fanils 

Capital p4.4 

6 65 1 A’. &7 

*27 Uruv.Gmvttt [U2 

lererasing Inmntc Fund 
High-Y:eld 1932 


3*91 .. ..J 
24ri +0J 
664+05 


385 

417 

287 



K.B Unit Fd. Inc. - »0 J 
«K B. UntlFdAc — E»2 
K B. Fd Inv. Tus. ... r*9 5 


resf!lii'fi rt aS Klein wort Benson Veit ManagersV SS iremae Viii 

iutJ*.nrt 1110 2d.FmwhnrcbSt. 1 E«. , 3. 01 -eC 2 STiQ 0 Hi^n Rftur-i >622 

i”} isIi^Tuud, — ^ 

Borinti Brothers ft Co. Ltd* i.Mx) J^££w2^i2?!15rSiffi 

KB, Lcadcriliall St.. E C J. OirMSCK L&cJ a e FiL ._ [1297 13J « | 796 Japan...- I92A 

SmrumTsL Q678 174JM I 36) LtC Istl iGen Fd -1B3.0 "DEI . ...4 242 US— K*A 

DaA “Sra-iiCfeA S S% 1 3M La»w»« Secs- v,allcl SSSSJSS^ 

S3G«orgeS(-Edinbun;1i^ii-jziiJ 031-220 JSll Energy?! . 


571x4+021 710 


66 ■ +D3| 
453+53 


BJ57 

832 


4531 —.4 479 


Bishops gate Progressive Mgmt. Co.9 tftaw. Material- ...Bi 

0. Blshopscatf. E.C2. 0I-5E3KM0 5'4SS? f £5d Ul ” K 5 

ffBUoPr.--Mar2B.g74 9 18631 I 331 

Arc. L tx. — Mur fll p i S 220.fr .. .. I 351 — 

ffgate tnt Apr- * —[1575 167 SI . ..I 3.72 

Accum.) Apr. 4 — -P73.7 lg*j ..I L72 

Next sub. day -April 18. —April 11. 


Bridge Fund Managers V(agc) 

KinK William St.. EC-1RSAR 

... - 51 

Bridge Cap. lnr.t— 318 339ad -CJi 

BridgeCap. Are.?.. 352 3731 . 

Bridge Exam pit 1200 137.W - 10 

Bridge liul.Ine.t.... 1*3 Is Jin +QJ 
Bridge Inti. Are.T -Il5 7 168! +03 




Prices April -tZiDcfllinc -rues., Vied. 


332 

3.62 

516 

IK 

3.96 


6.90 Financial Sees 

J ® ffifK iwhliiwiii Funds 
3 72 Select lEtemaL ....[233 9 
la £, Select Inc tree [K2 

J™ Scotbhs Securities Lld.y 

10.70 Sc otblts . p73 40.41 +011 

in n Scotyield... 1508 53.7d +02j 

ScSfchare. ^4 57 4j +041 

ScatEx.Gth-e 1214.8 22S.M J 

Scot Ex. Yld.*fc D6LB lH3ri| 4 

-Prices at March 30 Next sub. 


t+GDt and Warrant 55.7 

gAmezlean Fd. 19 7 

p Accum Units) 205 

-HlghVtald *92 

— i Accum. Units! — (678 

DcsL *Mon -Ttwa. rrWcd. mors. -FYi. 

OI-0234B51 Legal ft General Tyndall FundV 

6 -99 J8. Canyngc Road, Bristol. 107202341 

t D Are^i35iK.':_“'lb7J rial : :.J S:w Schlesinger Trust Mngrs. Ltd. (aKrt 

Next wtu. dai \r-nl 12 tlncorporaunjj Trident Trastsi 

Leonine Adminislra-.ion Lid. msouthsjrert. Dorking, (0300)80441 

2, mUfoSt, London WJMGJP UI-4BG509I Am S*j 

I«oDist 1720 76M +53 517 Exempt High Yl«L*p48 

Loo Accum — [77 * BL5| +0.7] 486 Exempt Mkc Ldrs.*H41 



^8 

,669 


^ 992 

Extra income — 385 

For Ebst 186 

Financial Secs 62.7 

Gold £ General — B7.6 

Growth 743 

Inc. ft Growth... — 716 

InM Growth— 553 

InvoLTaLSiiarei ... 40.9 

Mineral* J4.1 

NeL High Inc... 73 6 

New Issue .. tjfl.4 


North American — 264 

Protocslonnl— *6L4 

Property Shares ~. 128 

Shield *3.4 

Status Change 205 

UnivEhergy-. (30.0 


69.71 +031 
517 +03 
557 . 
7L9 -0.3 
39 .C +02 
10*1 +0.7 
414 +02 
2O0n +03 
674 -0.1 
942 -13 
79.B +0.5 
773 +O.I 
55.5 +0.4 
*3.9 +03 
366a -06 
.792* +06 
35.9 *02 
204 +02 
475.7 +26 
138a ... . 
466a +02 
307s +03 
322 +03 


528 

434 

452 

584 

426 

780 

9.63 
3.61 
4.42 
305 
*33 
7.02 

2.64 
094 
335 


203 
38.7 

Inc. IO** Wdrwl_. . 298 


Worthing. West Sussex. 

First iBalocd )___M8 6 

Do. i Accum) 658 

Second ICap.) ■ — 4S3 

Do. ■ Accum. i 603 

Third t Income i. 788 

Do J A ream < 1058 

Fourth >Exlnc.i_— 57.7 
Do. vAccnm. 1 . (W.O 

Lloyd's Life Unit Tst. Xngrs. LltL 
72-eo. cate house Ed .Ayiesbtuy. «H 0 Sftil J. Henry Schroder Wagg & Co. Ltd.f 


014C31S88 Inin!. Growth.- 43.1 

5221+0 3 4 46 Im-.TsL Units 23.7 

* 46 Market Leaden Z7 9 

3.49 -NiiYteld’ 268 

0*9 Prat ft Gill Trust— 2*2 
636 Property Shares .... 252 
636 Special Sit. Tit— 245 
789 tTltath. Accum 206 
789 U.K-Grth. Dist _Tp8i 

•Next Hk Slarch 22. 


707 +02 
521 +0.3 
648 +03 
84 7 +02 
1137 +03 
62.0 +02 
601 +03 


2031 

26.4a +02] 
262 . 

25.4 

384 
4Z2 +02 

32.4 +02 
463 +03 
25X +02 
306 +02] 
293 — 
254 .... 
271 — . , 

263m +07| 
22JZ +0 2] 
20J +02 1 


095 

2.42 

9jn 

4.42 

10.00 

960 


380 

489 

47* 

QM 

1280 

236 

286 

5.94 

094. 


Equity Accum 1145-1 *53.01 1 414 

iiS M ft G Group? iydcKr.) 

467 Three Qnar*. Tower Kill. B3P 0BQ. 01038 4588 
See also stock Exchange r-eallncs. 

American-., |426 40*1+0.41 183 General a nr. a, 

46-i +-03I 1 03 I Accum. Unitw, 


208 

SB 

265 

<67 

4.93 

275 


The British life Office Ltd.* (a) ' 
Reliance Hre-.Tnn bridge Wells. Kt 088E 22271 

BLBritlib Life J475 50M-0.9I 574 

RLhaloacod* (MX 4731 J 534 

BL Dividend*. — -..1*08 43 1( . ...| 9.12 

•races April 9. Next dealing day April 12. 

Brown Shipley ft Co. Ltd-V 
Mngn; Founders CL. EC3 
BS UnlU Mar. 21 tO02 
Do. I Acc.) Mar. 21 ....{2629 
Ocesaic Trusts fa) | 

Financial.- 
General ( 

Growth Accum. — r 
Growth Income. 

High Income — 

LTVU 

Index. 


(.Accum. Units' (43.4 

Atcxralasian -..144 6 

lAccumUtdlsi. — M3.4 
Commodity — -. — 164.4 
t Accnm. Dnitsi. — .69.9 
Compound Grauih.ps. 9 
Conversion Grow: M5 13 
Conversion Inc...... Ic6 2 

Dtvtdcnd {UI 9 

(Accum Units)- 1X7 4 

European—— Ma.9 
(Accum. Units!— _ F7 5 
Extra Yield.. —1791 
(Accnm Unllsi— 1105 6 
Far Eastern !443 


OUMKSn car tJtstexTi 

2 + 1 - “ | !r (Accum. Units* — l=C5 

S3 -J J-ffl Fundcl Irv.Tjtx.._. ft».4 

•'“'l 4 4.70 (Accnm Units) 683 


(Accum. Units).... 

General 

l Accnm. Units)— 

Hlch Income .. ._. 

(Accum Unttsi 

J«pwn InKOe — 
(A ccnm. U ni tr; — . 
^lagzmxn a 

(Accum Unllsi— — {232.8 

Midland. 

(Accum Units i . 

Recovery. 

( Accnm. UnlLzi—- 
Second Gen. 

Canada life Unit Tot. Mngrs. lid .f — 

MHlghSL. Potters Bar, Berta. P.Bxr 33122 y^^.uni5i..7i:|i£j 

Can. Gen Dlst. 1363 3«^ -0.1) 433 

Do. Gen. Accnm— .[4*. 1 46,41 J 453 

Do.lnc.DhlL B43 36jS +0 ji 730 

Do. Inc. Accum [43.7 468| .. — 738 


Perfor ma nce— 


ib. 10— 


353* .... 

IftBn +02 
,403 *02 
M2» +DJ 
321a ...... 

19.7a +02 

257 +O.I 
17.1 +02 
562 +0.7 
221 +02 
616 


430 

426 

524 

524 

981 

3.96 

471 

358 

029 

5.09 

09* 


fereiillsrd Foods 

Trnoce — B|S2 

(Accum. Unltti 259.9 

Charibood April 4. „,H0S 

Cape] (James) Magt. Ltd.y S£SS:uSS. 4 -”.5«7 

100 Old Broad SL.ECSN1BQ 01-5888010 Pens. Ex. April 3— |l252 

Capital 


13J.Cbeapside.EC2 01-0403(34 

Capital ApT.4 [9*8 402! 236 

(Accum.) 1138 117.4 236 

Income Apr. 4 E73.4 1396 487 

(Accum Units) 2524 26L5 687 

3 78.0 812 +8-4 3„« 

. 96.1 1002 +06 344 

220 Europe Mar. 23 292 316 ...... 126 

220 i Accum. Units}— 328 338 126 

430 -Fn'Chy March 21.. 1642 1692 426 

430 *Speet Ex. March?. M5.0 Z1L3 429 

3.94 *RecoT . ?y Mar. 7 1*72 17234 548 

3.73 'For lax exempt funds only 

au Scottish Equitable FfldL Mgrs. Ltd-V 

828 29 SL Andrews £q . EfUnfmrgh 031-5559102 

J” Income Units I47.B 50.M J 533 

Accum. Units .. ..-I54J 50B| ....-] 533 

3J7 DealinK day Wednesday. 

a 262 Sebag Unit Tsl. Manag e rs Ltd-V 00 

H? K>Box5U.BckJbty.Hse..E.C.4. 01-2305000 

H K&SftdK S23 31 » 

Security Selectten Ltd. 

■ » 15- IB, Uncoin’s Inn Fields. Vfd 01-83100800 
1.13 Unvl GthTktAcc— .to-1 3**1 . — I IK 

1.13 Unvl GthTst Inc _._PM3 ZLfl { 382 

f;« Stewart Unit Tst. Managers Ltd. fa) 

7.07 4fi. Charlotte Sq.. Edinburgh. 037-2383271 
J S Sremrt Am er ica n Fuad 
5 jj 3 Standard Urnto — [583 *18j — .1 135 

5JH Accnm. UmtB U8 668] 1 — 

Withdrawal UnlU -.1*00 3Uj — 

449 Stourt British Csptnd Fond 
|-+02[ *49 •Standard- 13»2 U5.7[ — j 363 



Income. 


” ■} 779 Manulife Management Ltd. 
tTs. Nest dealing April 10 St George 1 * Way, Sim cnage- 


Accum. Urdu [10-4 1556| 4 363 

6.74 Sun Alliance Fund Hngt. Ltd. 
iS jZ San Alliance Hse. Bonham. 040384141 

im & 

603 Target Tat. Mngrs. Ltd.? taXg) 

31.GrexhxmSt.EC2. OeaUngK(OB05Ml 


Growth Uolta._..~ [49 5 5211 1 3.90 T>ra*eFlBmriel 

Carliol Unit Fd. Mgrs. Ltd-V take) Mnyflawer Management Co. Ltd. 

MU bum House, N e w c arfo upnn-iyne 21 UD 14/IB Gresham SL.ECHV7AU. O1-8O0BO6B *Da. Arc. U nut — 

DS:SSIu2tazft4 iS Mercury Fund Managers Ltd. nS^&iK- 

Next dealing date April 10 30.GraahamSt.EXTP^EK. oi-a»4355 Target tav. 


Merc. Gen. Apr. 5.... {170.0 
Acc. Ufci. Apr-S — 220 8 
01-3483008 ^ - 


, m Aeon. Ills. Apr. 3— gj J 
i® Man-HxUMar20 raJO.2 


IStSx 

234.9 

63.7 

68.4 


34881 


Charterhouse JaphetV 

, Paternoster Row, EC4. 

CJ.taternxfl [206 QM, , 

3 SS :r: %d 

cJ-Kuro Fin 264 2820+06 326 Midland Bank Group 

A«Mja Units. — »4 32.4s +oe 326 Unit Trust Managers Ltd.V te» 

Accum Units ZZZ' U8 SS + 1.1 381 . ggSSSdfsi^m' * J ' W S * r *’ !t 

Chieftain Trust Managers JLhLVfaXg) Ke 

3001 Queen SI .EC4K1BFL 01-3*83832 Do Accum. P3-1 

American 71 BO) I 186 Capital B5-* 

High Income ~——P04 4341 951 

InlernmiooalTit — XU2260 242j +03 34S 

Boric Rosree. Tsl. [S3 2SJ^ -ei] 4.98 


48B Target Pr. Apr. S 

488 Tg.Tr»c. 

1 m TgL PreC. 

Xjn Cqyne Growth FtL .. 

2^ Target Tst Mgrs. (Scotland) (aMb) 



Do. Accum. — :7* 

(nw™- 4S5 

Do. Accum.-— 552 

International O- 

Do. Accum ttj 

High Yield .... 58 4 

DoAreum 62-1 

Equity Escape- _ .. 1023 
Do Accum.* 1C20 . .. _ 

-Prices at Mar. 3 . »rt dealing April 30 

3a Pom street, London swixSEJ. 01-2358525. Minster Fnnd Managers Ltd. (Atturn rhici 1633 

Cosmopabi.Gtii.Fii. [16.7 10M J 522 Minuter Hse.. Arthur Si. E.C0 014B31OSO Marlboro Ap? i H70 

Minister Apr. 3. R3 7 S7| ...J 522 1 Accum Uwtll— — -{536 

Crescent Unit Tst. Mgrs. Ltd. (a)(g) XxtmptMar.3l — to.-l *->1 ---1 5J9 vanGwtb.Are.4-.M3 

* Melville Crm. Edinburgh 3. 031-2X4331 BILA UflU Trust Kgenmt. Ltd. vw^Aw t“r:|t 7 a 

Grow th --|gk2 »2j +O IJ 477 Old Qneen Street. SW1H9JG. O1-8U7330 VamT^’oc Mar 2S.. W24 

CrealntereatT. — 1523 . 563| +06} 0 30 MIAUaiB-.— (3625 384| -1 443 (AreWLUoitsj — }03 


CenfederaliMi Funds Mgt. Ltd-V (a) 

SO Chancery Lane, WC2A1 HE 01-3*20282 
Growth Fund 1598 40.9f | 466 

Cosmopolitan Fund Managers. 


10 Athol Crescent. Edln.0 031-2288621^ 

Th^T^e?!?!^3 ' H9 -C.l[ 5M 

ExtralucoineFa._P0O 6244 +02] 1080 

B feLOT427»rt -j^ades Union Unit Tst ManagersV 

Iqj 574 100. Wood Street. E.02. 01-4338011 

*02 324 TUUTAprtl3 W04 51*4 1 532 

Ioj Transatlantic and Gen. Sees. Co.V 

+02 3.73 91-90 New London Rd. Chelmsford 02*551851 


5U|+BJ 636 Barbican MorBO— - 1733 

Si ^ *55 (%^if!SLrr^o 8 

2-2 Barb. Euro. Mar. toSsj] 

496 +0.3 1H BvchaSirSl [766 

4*5 rS-2 — U 33 

-uvra^ H4, - a CoIeuKoMar.31— pi02 

SJ'JJ f-®7 (Accum. Units) 11427 

M76rt ..542 cwnld-Apr.3 B16 

(Accum Until) B52 

Glen Apr-4 Bfta 


CTOS. High, DUt.i 

Cret. Reserves 


’a Mutual Unit Trust MuugenV (aXg) 

M 15,CopthriIAre,EC2R7BU. 01-0084803 WekDhr.Mar.31~W2 

Discretiocaxy Unit Fuad Managers Mutoaisec.nu4_ W 0 * 523+031 68? Do- Accum pi* 

ajtoMdSuBgju. 0WM«B BKtrH tgJSa tit TyndUl Uwm LULV 
Dtxlpeozee ps54 16S8{ — l 529 Mtmml HlghYla-.lwo 9 g ?4 ....Tl 923 i0CanynceRDad.Bri*toL 

E. F. Winchester Fund Hngt. Ud. National and Commercial SSS.'iKfcz 

Old Jewry. EC2 . Ol-®0iia? M. SL Andrew Square. liUaburnh 031-556 BI5I capi .ral Apr 6 — ... 

Groat Wlncbeater-.|176 105] l 660 IocoowMar.15- - IU42 M6I 622 (Arema. Unitsi 

CLVtadrtr O'BOukflfl 19, « .,..4 5.00 tAotMiUaiW B96? ---■ g-g UejaptApr.3 

Capture. 15 jl VT 4 mu 3.5 lAccum Units > 

Emson ft Dudley Tst, BUgmuL Ltd tAenim. Units) lie 6 »7J| 3.« anyngeAre.S-*. 

a Arltapwst,&w.]. 014887561 Nstiona! Provident inv. Mnffirs. Ltd-V Mr.6^ 

Eoaon Dudley TR.-IM7 696aj|-0.9| 000 40GncechnrchSl.E£3F3HH 01-6234200 trxrram. Units). 1 


59.9 

714 

4* 9c 
456 
612 
71* 
683 
753 


53* 

534 

389 

426 


u?s ....: 

B75) — 

974 «26 

— . 584 

1516 ..., “ 

548 +0ri 
505 +0* 

5S4 
672 
492 
562 


58* 
664 
664 
528 
s - as 

3.(0 

1.03 

3.70 

z% 

ts 

537 

337 



_ . „ N PJ. Gth.Un.Trt_ ■ 

Eduitas Secs. UiLVttKg) (Aretmumai*- 

41Bhbopsa«tO.EC2 S^SSuS?... 

Prograarira {63.0 665) +0jq 428 -*Mces on Marrh 30 Ne« _ . . . 

■Prices on April 3. Nett dealing April 18. 
Equity ft Law Un. Tr. M.V (aHhXc) Maiinnal WestndnsterVta) 

Amcxrium Rd, Hijd: Wycombr. 049433377 g,-,., 01600 SOSO. 

Equity ft Law ... „ {604 65 -W +03{ 434 ftSlSSSitlZ® 1 " “ “ — 


380 SeoLCao Apr D~_ 

380 (Accum. Unful 

3.05 Scot. Inc. Apr-S.-'* 

Do. Accnm. 


OFFSHORE AND 
OVERSEAS FUNDS 


PO Box B0 Helier. Jeraoj iEnq 01 00670701 


Market Opportunities, cio Irish Youag ft „ 

OmhwxjtF. 137. Kent St., Sydney King ft 

U SSI Shares t»frp37.. L- — I “ lChortae 


FrUffl 


AchdthnoC Securities (CO.) Limited - . Keyaeles Mhgt. Jersey Lid. 
PO Box 3M. St. Heller. Jersey. 053*72177 

Eld. ilaliTsun.- 0«- .' U5.B] „„4 326 

Next aub. April 13. 

Australian Selectiim Fund W 


Foiisdcx— 

Kcyaelex ImT {£5.94 

Eoysalex Enrope_ [£3.77 
JapanGtb. Fund *' 
Keyaclex Japan .... 
UnLAJSKfCap.—, 


l*Ui ... 

6W _ 

inmw 

£TL61 U67, ..... — 

£13182 +A-0S 


3.10 , 

4 SO 
3.90 


Shnson Mgrs. 


Set asset table Much 
Bank of America International S-A. 
25 Boulevard Rond. Luxanbonff (LD. 

Wldi dvcu Income „ tSUSUI5t Hlf« [ 653 

Price* n March 30. Next sub. day / 

Bnk. of Lmba. ft & America Ltd. 
4005. Queen Victoria St- BC4. 010002313 

Alexander Fund— .ftl'SSM - HtOfl - 
Net asset talue April 5 

Basque Brnxdles Lambert 
0 Roc De la Regmce B 1000 Bnuuela 
Renta Fund LF — P.950 1010| +51 044 

Barclays Unicorn Int. (C3t. Is.) Ltd. 
1, Churl 02 Cross. SL Heller. Jrsy 053473741 

Oversea* Income .„ [M2 522] | 10 45 

LaldoOu-Trut. -.pl-SUB . iua-024| 4.60- 
Snhject la fee and withholding tries 


ne Cross. 51. Helier. Jeriry. 1 0534 >737*1 

Valley Kse. St. retrr Pan. Gran-. <0481 ■ 34708 
1 nomas Street, Douglas. l.O.M. 108=414858 
Gilt Fund i Jersey i -N (5 9 Tlri . | 1125 

Gill Trust i1aJU.r_.pl3.fe llhSri 12 25 
... GUI Fnd. GuentsolEMB 10 <»| +0251 1125 
April 5. - lau. GovL Sees. TSL 

Pint Sterling 118 09 U.4*[ [ — 

First Inti &09.69 1B9.9U ..... — 


Kleinwort Benson Limited 
20. Feo church Sl_ BC3 


EnnnvesL Lux. F. 
Guernsey Inc.. — 

Da Accnm 

KB Far East Fd. . . 

KB Inti Fund 

KB Japan Fund. .. .. 

KA.tLSTGwth.Fd.. 

Signet Bermuda 

"UnHbndsiDMi 


1813 
|S5 62.81 

[7U 755 

$fS956 
SUS1&52 
5CS30 93 
51024 
SU54J9 


m« 19581 +n IBS 


O14C2RU0O 
5.46 
4M 
464 
146 
190 
052 


-00^ 


KB act os Laadoa patinfi » Rents only. 


183 

872 


Barclays UntCttrn Int (I. O. Man) Ltd. tloyds Bk. (C.I.) U IT Mgra. 

1 Thomas St- Doa glas. I. oil. Qg^msg P.O. Box 185. Si. Holier .Jersey. 0334375(11 


Unicorn AnsL Ext. |<3.> 
Da AusLMin— — 2S0 
Da Grtr. Pacific-.- 57.6 
Do. IntL Incnme— .. 383 
DaI.ofMaiiT3t.-_ Jt.9 
Da Manx Mutual— {233 


LtayduTfiL 0-=eas_J49.7 52 Jd[ ... 

Next dealing date April 17. 


I 2.49 


1.90 

• vg 220 

850 IJoyds International Mgmnt SUL 

..jTj US 7 Rue du Rhoae. P.O. Box 179. 1211 Genma 1 1 

+0.31 060 Lloyds [ntGthJUfST*7» 3UW | 1.70 

Bibhopsgate Commodity Ser. Ltd. Lloyds InL Income. [SF3S4H 315 M | 630 

P.O. Box 42. Douglas. Lo.lL 08M-230U M ft G Group 

ARMAClSiar fl-.^-gate | — Three Quays, Tower HtU EC3B «BQ. 01636 J58S 


CANRHO-Hae. 8_. 

COUNT**Uw.S—lE2J9* 

Originally Issued at •no am 
Bridge Management Ltd. 

P.O. Box 600 Grand Cayman. Cayman la. 

.VtashlMar.l [ Y14694 | -01451 - 

tP.O Box 500. Hon* Kong 
NipponFd.Apr.^6B piit 16»!^ 073 


Atlantic Apr- ■* SU5251 

AtuL Ex. Apr- 5 B5L7I 

Gold Ex. Apr. a srsa*S 9. 

island IML9 115.. 

lArcumUnltsj (154.0 163 

Samnel Montagu Ldn. Agts. 

U4,Old Brood St- EC2. 01 5886464 



ISFX5.40 


LOO 

150 


LOO 

10. 


Britannia Tst. Mngmt (CH Ltd. 

90 Bath St -St. Heller. Jersey. 

Growth Invest 002 32. 

Inml.FA HI 74 

Jersey Energy To.. 1378 140 
Uoivsl. Dir Tkt ...... ICS* 79 51 

L'mvsL STsL Sfg -..fS.05 11- 

Value March 30. Next dealing Apri 

Butterfield Management Co. Ltd. 

P.O Box 195. Hamilton, Bermuda. 

Buttress Equity 1206 L99I { L9S 

Buttress Income [2.00 L93{ | 7.46 

Prices at Mar. LI Next sub. day April 10 

Capital International S-A. 

37 rue Notre-Dame. Luxembourg. 


378 

L3 

214 

OH 


Apollo Fd. Mar. 22..H _. . 

JardestMar.31.. __ ffisMIl 
1 It Grp. Mar. 23 — SCSU3 

0531 .., — 
Murray. Johnstone (lav. Advisen 
183. Hope SL, Glasgow. C2. W 1-221 5521 

‘Hope SL Fd I SI-S29 96 | I — 

•Murray Fund I 5l'S9.60 | | — 

-NAV March 15 


Cjfxtal InL Fund- . | M S15 93 
Charterhouse Japhet 
1, PatentoiterSaw.EC*. 
Ad)ropx__._ 

Adt verbs- 

F oo (ink 

Forufis 


1 { - 



Clive Investments (Jersey) Ltd. 

P.O. Box 320. SL Halier. Jersey. 053437381. 
Clive Gilt Fd. iCJ.i.HlM 9.931 1 1180 


Neglt S-A. 

10a Boulevard Royal. Luxembourg 
NAV Mar 17 1 SI &1026 | .{ — 

Negit Ltd. 

Bank of Bermuda Bldgs.. Hamilton. Rrmria. 
NAV March 17 (64.90 — | | — 

Phoenix International 

P0 Box 77. Sl Peter Port. Currnwy. 

Inter- Dollar Fund.. [U.’SLa 2 SH { — 

Prope rt y Growth Overseas Ltd. 

28 Irish Town. Gibraltar tGibiolOB 

— US. Dollar Fund— | SL'SS887 I | — 

L99 Sterling Fund 1 02880 i f - 

Rothschild Asset Management (O.I.) 

P.OBox 50 SL J alines CL Cuernxoy. 0461 2031 


Chtc Gill Fd.Uv.i. {9.91 9.«{ . . .| ILOO 

Corn hill Ins. (Guernsey) Ltd. 

P.O. Box 157. St P«er Port Guernsey 

IntnLMan. Fd. [164.0 179.01 .{ — 

Delta Group 

P.O. Box 3012. Vasiia, n»hamii« 

Delia Inv. Mar. 38 _|SL42 1.49( .{ — 

Deutscher Investment-Trust 

Postlaeh 9685 BiebergaareftlO 8000 Frankfurt. 

Cooeentra [DMMtt BJlitlUffl — 

InLReotonloDds— (DUM.U TUXOj — 

Dreyfus Intercontinental Inv. Fd. 

P.O. Box N3712. Nsasau, Bahamas. 

NAV Mar. 30 (SISI2U 11*9) _...[ — 

Emson & Dudley TsOlgtJrsy.Lld. 

P.O. Box 73. SL Hell or, Jersey. 0S»2D6St 

EJJJ.C.T. 1 2136 120.91 1 — 

F. ft C Mgmt. Ltd. Inv. Advisers 

1-2 Laurence Pountney HilL EG4R OB A. 

01-823 4080 

OuLPd.Mar.2a_l SU54.73 | j — 

Fidelity Mgmt. ft Res. (Bda.) Ltd. 

P.O. Box 870, Hamilton. Bermuda. 


O.CJOjJY Mar. 31 ..[50.0 
O.CJnc J-d. Apr- 3- . 15a# 
O.C.IntLFd. Mar. IS 85.5 
O.C.SmCoFdMar31. 137.9 

O.C.CtnunoditF*. .. 1246 
O C. Dlr.Comdiy.1 . -105.15 


3C7 

727 


344- 
4 87. 


Fidelity Am. A«a_. 
Fidelity laL Fund- 
Fidelity Pac. FUL-. 
Fidelity Wrld Fd — 
Fidelity Ster. Fdx_ 
Seriea A ilntnl .)— 
Scrl ex B (Pacific i_. 
Series D tAmAsiul 


SUS2L87 

SLISL9JW 

SUS44.04 

SUS22.68 

£7.46 

£332 

£7J1 

04.73 


-B2U - 


53 Sri 

906 
1467 
1325 
26.75| 

Price bn Mdr. 3l. Next dealing April 14. 
t Price on March 21. Next dealing April 7. 

Royal Trust (Cl) FA MgL Ltd. 

P.O. Box 194. Royal Tst Hre. Jersey. 0S3427441 

H.T. In IX Fd BUaBBS ta I 3.00 

R.T. LntT iJsy.l Fd. . 185 89) ... [ 322 

Pnees at March 10 Next dealing April 1-L . 

Save ft Prosper International 

Dealing to: 

37 Broad Sl . St . Relic r. J eney 
IS Dellxrdenanilnaied Fuads 
DLrFxdIot M Apr5 -.19.48 10.C 

InteraaLGr.*; (645 6.9 

Far Eastern" {3651 39.4 

North .American T.U.-I3 3.7 

Sepro-t (1324 24 4 

Sterilnedeaunlaatcd Ftands 
Channel Capitate _C15 6 227.1 

Channel I.-!nmL'+.. 1420 149; 

Commod. Mar. 30 _ 017.4 1231 

SL Fid. Mar.23 [12SJ 127 J. 

Prices on 'April 4. "April 5. -“March 30. 
(Weekly Dealings. 

Schlesinger International Mngt. Ltd. 

41, La Mooe SL, SL Heller, Jersey. 0534 735BB.- 


053420591 



t d.mJ — 


— SAJJ 74 79 

SAO.I B.79 • 004 . 

GfllFd. 237 239.. 

lntLFd.Jenc>-- 99 104 +2l 

IntnlJPdUxmbrg. .. 9 78 10.21 +0.a3 

'Far Ban Fund 950 J80J8 

•Next sub. day April 12. 


-o-fil - 

First Viking Commodity Trusts 
a sl George-s SL.poughbsio.il. Schroder life Group 

WC4 4882. Ldn. Aets. Dunbar ft Co_ Ltd.. FnirmrivKiMu- Pnnmimiifa 
50 Poll Mail, London SW175JH. 01-8307057 Eote « ,n: « Honse - FortSnOUUu 
Fn.Vtfc.Cm.Tst — |30B • 3071 ..._[ .210 

FxLVtDb].Op.Tst-|o.OO 87.00(44001 J-2 

Fleming: Japan Fund 

37. roe Notro-Dune, LoxemboarE 

Frimg.Apr-4 1 SDS47JI7 | | — 

Free World Fund Ltd. 

Butterfield Bldg- Hamilton. Bermuda. 

NAl'MarehS! ( SUS17Z64 |+5.9*J — 

G.T. Management Ltd. Ldn. Agts. 

Park Hse., 10 Finsbury Circus. London ECS. 

Tab 01-828 8131. ILL 886100 

G.T.ParifleFKL { SU 51209* |-D0b| - 

Mxnriemcnt InieraaUotial lift 
e.o Bk. of Bermuda Front SL, nmdu, Bmda 
Anchor's- L'nUs__atK«J6 US) ' "..[ L93 

Anchor InL Fd .. — fiw&W *jj[ | 2.96 

G.T. Bermuda ^ 

Bk. of Bermuda. Front SL, Hamfrq Bmda. 

BenyPneF. [ SUsSjS* I | 092 

G.T.SFi SU 56.62 _... 8.76 


918 

4.76 

2151 

353 

Too 


070527733- 


1DA1 

+0.08 

5US10752 


$£51*46 lift 



SAL75 lftfr 



ST5601 644^ 

... . 


iBteraatloaal Fonda 
£EquiD'— - • (1097 116.7 +15 

SEqoiro- 1155 1220 *12 

£Fixen Interest . .. 139.5 1433 -0.7 

SFlxed Inierert — 103.9 110.5 +0 2 

£ Managed 1255 1335 +0.7 

managed— 189.7 116.6 +0.6 


J. Henry Schroder Wagg & Co. Ud. 

120. Cheopiidc, E.CS. 01-5884000 

Cheaps Are. 4 1 1BM_ 1+0.081 072 

Trafalgar Feb . 28. _ [5C S107.52 | .. .7| — __ 

330 
5.10 
0.16 

Sentry Assurance International Ltd. 
P.O. Bax 328, Hamilton 5. Bermuda 
Managed Fnnd . ...|USUU7 UUfT. .. | — 
Singer ft Frfedlander Ldn. Agents 
20.CannMSL.EC4. 01-248B5HI 

Dekafonds „._|DM25»1 »7l[*O10] 637 

Tokyo Tst Mar. 23 ..| SL'S332S J . . .} 136 

Stronghold Management limited 

P.O. Box 315. SL Helire. Jersey. 0534-71460 

Commoditv-Troat- J90 43 9S.19J ( — 

Snrinvest (Jersey) Ltd. (si 

P.O. Box 00 SL Holier. Jersey. 053473673 

American IniLTU.- [044 55«+0.08| 132 

topper Trust _[ril 06 1129|+026 — 

Jap. Index T«L (0134 1136|+0.18| — 

Surinvest Trust Managers Ltd. (x) 

48b Athol Street. Douglas. LoJL 0034 23814 
The Silver Trust 007.4 109 7[ -2.BJ - 

Richmond Bond 87. @873 197JU .._ J 1035 


G.T. MgL (Asia) Ltd. 

Hutchlxon Hse- Hareourt Rd- Hong Kong 

G.T. Asia F — BHKI07 8M .{ 17* 

G.T. Bond Fond — SUS12.47 | .{ 530 

G.T. Management (Jersey) lid. 

Royal TSt. Use- Colomberie, SL Heller. Jersey 
G.T. .Airia Sterling . [Cl 2 31 13.891 -....| 153 

Bank at Bermuda IGasuy) Ltd. 

71-33. Le PaUeL Gnerosqr. 0431-28288 ; 

Berry Pac Stria.. 125400 2662*4 | 113 

Anchor Gilt Edge _K9.« U.aM+0J)iJ 1266 
Anchor InJsy.Tit.-p33 24^j .ZZ] 113 

Gartmore Invest. Ltd. Ldn. Agts. 

0SLMaiy Axe. London. EC0 01-2833531 
Gartmore Fnnd Mn»t nh. East) h* 

1503 Hair bison H*?10 Hnrocurt Ri ILKook — -n — i «■« 

HKftifte.u.TM.-_ liHESs 275% i 2.90 TSB Unit Trust Managers iC.L) Lid. 

SfEB Ha a J "aa -1® 

ROBri'al^SSSaiS**- 08343301 ] wSfZn Aprii"a. Next sob. day Ajirtl 10 

international inc...BLi 22jl + 0.11 u.4 Tokyo Pacific Holdings N.V. 

DaCrowth —|53.7 57 J[ I 5.41 Management Co. N.V- Curacao. 


Do. Platinum Bd. — D102 

Da Gold Bd. fi013 105.6) -1.1 

Do. Em. 97,'DEBd — [1713 180.4] ’ 


-2M _ 


+521 10.97 



3.90 

040 

250 

058 

250 


Rambro Pacific Fund Mgmt. Ltd. 

2110 Connaught Centre, Hong Kong 

Ffcr East Mar. 30 ._ [JSEttJS HIS I - 

Japan Fnnd ItUSTH 7.4q _....[ - 

Hambros (Guenuey) Ltd J 
Harahra Fund Mgrs. (ClL) Ltd. 

P.O. Box 80 Guernsey 0481-38G31 

CL Fund 037J 

Intel. Bond gJS 204.79 
InL Equity . SUS 10.01 
InL Svm. -A* SUS LM 1 

InL arcs, ■ff SUS 101 LL , 

Prices on Apr- Next dealing Apr- 12. 

Henderson Baring Fund Mgrs. Ltd. 

P.O. Box N4720 Nassau. Bahamas 

Prlcaon March mlNerttodtagSaite ^piU 0 

EGIl-Samael ft Co. (Guernsey) Ltd. 

8 LeFebrze Sl. Peter Port. Guernsey- C.(. 

Guernsey TsL—_{1404 1508) J 3.48 

Hifi Sanrael Overseas Fnqd SA 

37, Roe Notre-Dame. Luxembourg 

11602 I7A9j+DDS| - 
International Pacific Inv. Mngt 1iA 
PO Box B237. 50 Pitt SL Sydney. Asm. 

Jarolin EquityTsL.|&L88 1.98! ■' i — 

JJS.T. Managers (Jersey) Ltd. 


NAV per share Match 31. 5US5083. 
Tokyo Pacific Hldgs. (Seaboard) N.V. 
Inti mis Management Co. N.V- Curaeno. 

NAV per shore March 3L SUS37.05 
Tyndall Group 
P.a Bex 1056 Hamilton 0 Bermuda 
OwraewMar.2B„|SJ,'SL03 10?| . .. | 6.00 

(Accum. Units) pTSI JB 

3-Way InL Mar. 10-BC5Z5K 
t NewSL. SL BeCer. Jersey 

TOFSl. Mar. 30 £6.65, 

(Accum. Shares) — 0035 

TASOFMsr. 29 77.0 

(Accum. Shares) — 77.0 
Jersey FrtMar. 29_ 189 0 
.\on-J.ACC. Uts.)_. 259.8 
CIU Fund Mar 29-. 1118 


1671 

2L638T 


so°a 

sow 

275”4| 

1138ft 


0534 37331/3 

6.00 


7.10' 


10.54 


lAccum-Sharesi — p40 6 I43.0j 

Vidor House. Douglas. Isle of Mon. M24 £5028 
Managed Mar 18... [127.6 134 4[ — | - 

Utd. IntnL MngmnL (CJ.) Ltd. 

10 Muleasler StreeL SL Holier, Jersey. 

I' IB. Fund plSUftM IHO| .... [ B 13 

United States Tsl IntL Adv. Co. 

14. Rue Aldnnger. Luxembourg. 

I'JS. TsL lor. Fnd _| SL‘6958 1+01)21 0.9b 

Net asset April 4 


S. G. Warburg Sc Co. lid. 

PO Box 1M. Royal TSL Use. JenesUGS* 27441 30, Gresham StreeL ECC OieOO-L^ 

Jersey Extml.TS_p2S.ffl 133ft | _ “ 

As at Feb. 20 Next sub. day Mar. 31. 


Jardine Fleming ft Co. Ltd. 

48th Floor, Connanght Centre. Hong Kong 

JardlncErtti-TsL-.' ' _ 

Jardine rpn. Fd.jp 
JanllncSJLA.— 

Jardi ne FlenUnLt. 

NAV Mar. 10 



SHK094 
Equivalent .. 

Next sub. March Sl. 

KonpGce Management Jersey lid. 

L Charing Cross. SL Heller. Jersey. 0334 73741 

Krotp-Ore Capital. to3 04ft l — 

Kemp- Gee Income. 3 fcT.q 833 


ocnaraii 

103ft +L4 756 
1802 +21 7M 
224.4s +24 008 

173.6 +24 008. 

1222 747 

1556 747 

906 +U .342 

122.4 +2* 5l62 

2411 +4 4 5 26 

2610 +00 506 

236.6 +fl( 330 

1594 +04 530 

160ft -Oft 940 : opening priee.h Distribution 


Cnv Jki.Fd Apr. 4...I SUS927 1-044 
EnpJnLAre*— 5U51552 +006 - 

GrJuFd. Mar31 _| JUS65W J .. ... - 
MrJSur. FdMar ft) ._ |STSU21 19Jl| — 

Warburg Invest. Mngt Jrsy. Ltd. 

1, Chari rtg Crow. SL Helier. Jty. H 05347TT4J 
CMF Ud March 30. [SU5CJ6 1UM 
Oil Ud. March 30-U13 IM 1J3JT 
KUaIsTsLMar.16 [03-48 12 76 

TMTMar.B , 9« 

TUTUd. Mar 9 ...... 0938 C95^ 

World Wide Growth Management# 
10a, Boulevard Royal- Luxembourg. 
Worldwide Gib Fdj SUS13 05 l+ODt) - 


NOTES 


Extra lift .1'^ Y— ^55 


Fntmlington Unit MgL Ltd. (al Financi al 

5-7, Ireland Yard. EC4B 5DU- 0I-M8BB71 


Capital Tst. B0« 

Income TdL«.-.-M- 900 

Inf. Growth I’d. 97.2 

Da Accum. 1994 


Portfolio Im-. Fd. . .{675 


UatvrecaLFtUdi.... 


34.4 

*1 

m* 


K-7 


60S) +0ft 
70J +03 

SI i6 i 

372s 401 
723 +01 
56.7 +0.4 


Extra Ine.GrowtiL- 
Da Accnm 


626 
626 

30 (j +03J 1038 


soft + 0.1 

8L7) 


“J Special Sirs.—. -.1292 


42.7 
16.9 .... 
204 - .. 
62J -Oft 


Prices do not includes premium, exeepL where indicated f. and are In pence unless othemve 
Indicated. Yields % (shown in last column) allow (or □!! onjinc expenses a Wtertd prices 
include all ex pences. b To-day's prica*. cYleld ba«;d on offer price, d Estfmated ff To-davs 
opemnepnee. n Distribution tree of UJL taxen p Periodic prerm inn ins iranrcnlani.* Single 
' ‘ouiranee. x Off reed price Indudes all expenses except agent s commission. 


yiut 

073 

4.73 

039 

333 

S2S 


. v Offered mice Includes ail expenses if bouebt through managers, t I 
j T Net or tax on realised capital gains unless indicated by 4. Guernsey 
f Yield oft ore Jersey tax- f Ex- subdivision- ■ 


Previous day’s price, 
gross, f Suspended. 


249 NEL Trust Managers Ltd-V UXg) 


049 TSB Unit Trusts <y) 

2L Chantry Way, Andovre.HoMF 


085662188 


Dealings to CB04 03432-3 


Friendfl 1 p™«L um. tr. Ugn-V SS jgs ^= Sj 

SSSSi5S.)g9 43-ft +oT^ > Nfi WNB , &R4nd 707 

Du. Aceum. — — (£ui 5si|+8ft 440 ‘ tee BathsehBd Asset Maa a genieat ^Do-^ucum (792 

G.T. Unit MmagM* IAjLf ' ' . Norwich Union Insurance Group (b) ulster Bank? UJ 

16. Fbmburp Circus ECM7DD 01+328 El 31 P-Q- Bcx0 N‘ortxLe0 NRi ^ 0032300 Wiring Street BcHmJ. 


45ft 


+ 02 | 


UJ +6,3 
63 5 +02 
795 +02 

0*3 +0ft 


3.78 

328 

732 

732 

2.72 

2J72 


Gft.Cto.bw |»i Eft - 1 

Do- ACC 919 9941 . — | 

G.T. lot FdUn ffl.4 161ft 

G.T.UA6GM 1»* MOft 

G.T, Japan 0 Gen — 2750 290 6nJ 
OGLPtsraixJd..- 1343 
GXlnfl Fnnd — U02 
OT. Four Yd*Kd_ [53 J 


*56.1 


38.91 


023235231 
4 529. 


VG. & A. Trust (a) (g) 
S.Itaylnlgb Bd., Brentwood 
12.1c J P09 


090 Woup'fttPl P2W 357.9«q +lft 535 rt,iUlaerGn»rth.-.!362 

3.90 Pearl Trust Maaagert ; Ud, (aMgKrt Unit rrmst Account & Mgmt. Ltd. 

I! ^U^anbLET*R3AR 

2S Friars Hso- Fund- [WOO 
?S wiricrGith.Fnd.-fe3 
|;|y Do. Accum ». — — (32.7 

sj) 7 wider Growth Fuad 


£33! 

. 46.7) +0*J 

Pelican Units Admin- Ltd. (gKxl Kmc wmuus sl kc*R 8 .\h 

102771227300 Sl Fountain S: , Bancwsier 061-2303083 Income Units.- — 1283 
310] +0 ft 4.70 P +ib-f n Unite [773 *3 Jift -Oft 526 Aceum. Unhs .[32.7 


UB Pcoil Growth Fd — 2 22 

4.00 Aceum Units 25.5 

230 Pearl Inc — 30* 

730 Pearl UnltTsL— - 343 
(Aceum. Units i. .—(43 4 


U4.1U 

fl= i 


01423*831 
439 
0S 
433 


01*034931 

*!M=j a 


' CUVE LNVFiSTMENTS LIMITED 
1 Royal Exchange Ay.l, London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as al 21st March. 197S (Base 100 at 11.1.77.) 

Clive Fixed Interest Capital 135.4'.' 

Clive Fisei Interest Income 122.34 


CORAL INDEX: Close 467-472 


INSURANCE BASE RATES 

t Property Growth 

f Van-bru^h Guaranteed 7.12°n 

t Address shown under Insurance and Property Eond Table. 


,A 


¥ 







34 































































































































































































































Q7c * 2.2- 


1'ikn tOwnriu tnlkiMd, prices and net Mltata an la 
peace and dmandmttma an SSp. Es tim a t ed pricr/earnlngB 
ndw and eaten are baaed on bust aanaal repots and mcmoii 
and. whan p ae al h l e . are updated cm half-year Iv Bgnm. an 

calculated on (be basis of art ■BstrflMtiaa; bracketed OfBti 
Indicate 19 Mr ccsl or ■■■ «■ * ■ difference If calrnbited OP M afl ls 
AAMIaL Covers arc baaed an Taahm i m " dterifantlsn.. 
Yiehto ere based cm middle prices, are mesa. adtoated to ACT of" 
M per cent, sad allow tor raise of dee lar ad flari taabiui and 
rights ■ Securities wlUa draamixwJona otter (ban sterling an 
quoted Incl usiv e a t the Imeaawl dollar Aca di a. . 

A Sterling deno minated securities which include investment 

dollar' pniraiunL 

* "Tap” Stock. 

* Highs and Lows marked thus have been adjusted to allow 
for rights Issues for cash. 

t Interim since increased or resumed, 
t Interim since reduced, passed or deferred. 
it Tax-free to non-residenis on application. 

* Figures or report awaited, 
tf Unlisted security. 
if Price at time of suspension. 

5 Indicated dividend after ponding scrip and/or rights issue: 

cover relates to previous dividend or forecast. 

*" Free of Stamp Holy. 

* Harper bid or reorganisation in progress. 

* Not comparable. 

* Same Interim; red u ced final and/nr reduced wniiw 
indicated. 

f Forecast dividend; cover on earnings updated by latest 
Interim statement. 

t Cover allows for comers Jon of shares no* now ranting for 
dividends or ranking only for restricted dividend, 
t Cover does not allow far shares which may also rank Tor 
dividend at a future date -No PTE ratio usually provided. 

V Excluding a dual dividend de cla r at ion 
6.7 * Regional price. 

D No par value. 

a Tax thee, h Figures based on prospectus or other official 
estimate, c Cents, d Dividend rale paid or payable oa part, 
of capital; cover based on dividend on full capital, 
e Redemption yield f Flat yield g Assumed dividend and 
yield, b Assumed dividend and yield alter scrip issue. 

| Payment from capital sources, k Kenya, m Interim higher 
than previous total, n Rights issue pending q Earnings 
based on preliminary figures, r Australian currency. 

* Dividend and yield exclude a special payment, t Indicated 
dividend' cover telntes to prwtons dividend, WE ratio b as ed ■ 
on latest annual earnings. n Forecast dividend: cover based 
on previous year's earnings, v Tax free op to 30p In the L 
w Yield allows for currency clause, y Dividend and yield 
based on merge r terms. ■ Dividend and yield include a 
special payment; Cover does not apply to special payment. 

A Net dividend sad yield. * Preference dividend passed or 
deferred. C Canadian. D Cover and P/E ratio exclude profits, 
of UJL aerospace subsidiaries. E Issue price. F Dividend . 
and yield based on prospectus or other official estimates for 
1 977- 7a f. Assumed dividend and yield after pending scrip 
anchor rights Issue H Dividend and yield based on 
prospectus or other official es t im a tes for 1979-77. K Figures’ 
based on prospectus or ocher official es t i m ates tor 1918. 

Bf Dividend and yield based oa pmspectns or other official 
estimates tor 1718. N Dividend and yield baaed on prospectus, 
or other official estimates for 191ti. F Dividend and yield 
based on prospectus or other official estimates (or 1977. * 

Q Gnus. T Figures assumed. V No significant Corporation 
Ikx payable. Z Dividend total to dote, ff Yield based on 
axsmnptum Treasury Bill Rate soys unchanged until maturity 
of Stock. 

Abbreviations: nl ex dividend; sex scrip ineuc; res rights; a eg 
all; rit ex capital distribution. 


“ Recent Issues ” and “ Rights M Page 32 


This service is available to every Company dealt In os 
Stack Exchanges throughout the United Kingdom for a 
fee of £M0 per annum for each security 


REGIONAL MARKETS 


are as quoted on the Irish exchange. 



23 Shed. Refnhtm . I ' 51 | 

« ..... SLndnil i Wm.) — | 83 | 

ID +1 

278 

410 

fi - Conv. 9% *80/82 £9Wj 
g Alliance Gas 75 

CnrtoUlPJ.) — 92 

47 ...... eland al kin 91*1 

,22* - 1 Concrete Prods.. 124 

Helton (HldgBd 44 

,52 In&Corp.-M — 200 

IjZ Irish Ropes — 232 

255 Jacob 45 

.2 Sunbeam 28 b) 

12* T.ILG. — 380 

** Unidare 82 


OPTIONS 
3-month Call Bates 


Industrials 

A. Brew. 

A.P. Cement ... 

R.S.R.— 

Babcock..- 

Barclays Bank. 

Beeeham 

Boots Drag—. 

Bo waters 

BJLT_.._ 

British Oxygen 
Brown U 0 ^— 

Burton ‘A’ 

Cadburys 

Courtaulds.-.. 
Debenhams... 
Distillers-- -. 
Dunlop-—...- 

Bfi”::;:- 

Gen. Accident 
Gen. Electric- 

Glaxo 

Grand MeL. ... 

G.UA ‘A" 

Guardian 

G.E.N 

Boater Sidd. 
HoweofFnsa-. 


ICI 

Sf JIT'.! " : . 

9 invere&k ... 

10 KCA 

25 Lad broke 

38 Legal & Gen. .. 
IS Lex Service ..-, 
lb Lloyds Bank... 

24 "Leifs 1 ’ 

b London Brick. 
20 Lonrho -.— 

13 Lucas Inds 

S Lyons <J. I 

10 “Mams” ... 

10 Mrfcfi. ti Spner 
13 Midland Bank 

8 Jj N.EJ. - 

31 Nat West. Bank- 
18 Da Warrants 

17 PkODfd 

lfl P!esse)'-—~- 

40 R HJL 

9 RankOfft-W.. 

18 Reed Inti — 
18 SplUere... - - 

22 Teseo ... 

20 Thorn 

12 Trust Houses- 


23 TubelnvesL.. 30 

7 Unilever 40 

20 Utd Drapery.. 7ij 

7 Vickers. 15 

5 Woo! worths... 6 
17 

14 Property 

L Brit. Land. — 3fc 
5 Cap. Counties. 5 

= Intreuropean 4 

L- Land S ecs. 18 

S MBPC 32»j 

“ PCacbey 10 

' Samuel Props.. 10 
g Town & (Sty-., 2 

§2 Oils 

XU Brit Petroleum . 35 

10 BnnnahOil 7 

o Chart erball..-. 3>j 

| Shell 28 

18 Ultramar 22 

4 4 Minn 

4 Charter Cons.. I 12 I 
22 Coni:. Gold 20 I 

15 Rio T. Zinc-.... lb I 


A selection el Options traded i« given on the 
London Stock Exchange Report page 









































































































































































i 


36 





Thursday April 6 1978 


isaSsas**^ 



•^ss^as aasB; : 

T«H 01-283 4476 


State to keep special stake 
in search for oil and gas 


BY RAY DAFTER, ENERGY CORRESPONDENT 


THE GOVERNMENT is building 
up its interest in oil and gas 
areas around Britain by award- 
ing State energy corporations 
special exploration licences. The 
British National Oil Corporation 
is also being granted the right of 
first refusal whenever licence 
partnerships change. 

The private oil industry will 
be invited to bid for about 40 
blocks to be offered in a new 
round of licensing, but here too 
the oil enterprise and the British 
Gas Corporation will have a 
strong presence. 

Meanwhile the oil corporation 
is being awarded nine licences 
on blocks scattered around 
various prospective areas — to the 
north-west of Shetland where 
there is thought to be a new 
oil province developing and in 
the South Western Approaches. 

British Gas is being given a 
single exploration block in the 
Irish Sea, very close to its pro- 
mising Mo re cam be Gas Field. 

Tarm-in’ 

Initial exporation on the new 
State-owned blocks is expected 
to cost the corporations between 
£25 m. and £50m. Mr. Anthony 
Wedgwood Benn, Energy Secre- 
tary. who announce dthe package 
of offshore exploration measures 
yesterday, said that the special 
awards would help Government 
depletion policies. 

Any discoveries made by the 
two undertakinks could be saved, 
as an energy bank, until the time 
when their exploitation was 
needed in the national interest. 
It was harder to do this when 
private companies were involved. 

Another move, aimed at giving 
the oil corporation, in particular, 
a chance of building up its off- 
shore interest, involves so-called 
“farm-in" deals where licence 
partnerships change under 
commercial arrangements. 

In future the corporation, and 
to a limited extent British Gas, 


must be given the first oppor- 
tunity to acquire the whole or 
part of a lecenee when it s put up 
for offer in the oil industry. 

Private oil companies would be 
allowed to arrange the transfer of 
licence interests only when 
“meaningful negotiations” with 
the State corporations had failed, 
or when the State groups had 
refused the offer of a licence 
stake. 

Mr. Wedgwood Benn said this 
policy would help to improve the 
national equity share in earlier 
licences which amounted to about 
one-eigth of the area licenced. 
Lord Kearton, chairman of the 
oil corporation, said yesterday 
that the State had less than a 10 
per cent equity interest in 
proven and probable reserves. 

Mr. Tom King, the Shadow 
Energy Secretary, told the Com- 
mons that the proposals flew in 
the face of assurances given by 
Ministers that the oil corpora- 
tion would not be given special 
privileges as a State corporation. 
“ We also regard it as very close 
to abuse of ministerial powers.” 

Mr. Peter Ross, Conservative 
MP for Derbyshire South East, 
described the proposals as a fur- 
ther step towards “ back door 
nationalisation.” 

Oil company members of the 
U.K. Offshore Operators Associa- 
tion were also angry at what 
they saw as a further significant 
advancement of State influence 
in the North Sea. There was 
concern that the corporation was 
being offered the most attractive 
blocks. 

Companies have already com- 
plained that the corporation’s 
involvement in “ farm-in " nego- 
tiations is delaying commercial 
deals an dthe drilling of new 
wells associated with any licence 
changes. 

ester day the industry was try- 
ing to gauge the Government 
reaction to a television appear- 
ance by Mr. George Keller, vice- 
chairman of Standard Oil of 


California, who described the 
British National Oil Corporation 
as a “ growing albatross ’ around 
the neck of the oil industry. 

The corporation, which yester- 
day announced the start of pro- 
duction from its Thistle Field, is 
expected to have a stake in most 
of the 40 blocks to be offered in 
the sixth round of licences. 

Mr. Benn said that through 
these licences private oil com- 
panies would be able to continue 
making an important contribu- 
tion to offshore exploration and 
development. 

The Energy Department will 
shortly publish a consultative 
document containing detailed 
proposals for the terms and con- 
ditions of these licences, which 
will probably be awarded next 
year. The conditions, Mr. 
Wedgwood Benn said, would 
contain some “interesting new 


provisions.” 

It is thought that the Govern- 
ment might ask the private oil 
sector to pay for either all or 
part of the oil corporation’s in- 
terest in sixth round explora- 
tion, and, perhaps; production— a 
move which would be resisted 
by the offshore operators’ asso- 
ciation members. 

• The nine licences being 
awarded to the British National 
Oil Corporation are: West of 
Shetland 205/10. 206/6, 20S/27; 
East of Shetland 209/9; North 
Sea, 15/6. 29/14b, 31/26 (and 
its adjacent small blocks 31/21 
and 31/27); South Western 
Approaches 72/10, S6/1S. British 
Gas is being awarded the Irish 
Sea block 113/26. 

North Sea row. Page 5 
Thistle Field on stream. Page 6 
Parliament, Page 13 


Mexico sales campaign 


BY HUGH O’SKAUGHNESSY 

MEXICO, whose potential 
reserves of oil and gas are 
officially put at the equilavent of 
120bn. barrels, is starting a major 
drive to sell oil in Europe and 
Japan. 

This was disclosed by Sr. Jorge 
Diaz Serrano, director general of 
Petroleos Mexicanos (Pemex), 
the Mexican state oil concern, 
who signed a Slbn.. loan agree- 
ment with a group of banks in 
London yesterday. The proceeds 
will be used for exploration and 
petrochemical and natural gas 
development. 

The loan, which was led by 15 
banks is for -ten years at 11 per 
cent over inter-bank rates with 
front end fees of I per cent. 
These terms are substantially 
better than Pemex obtained on 
its last Euromarket loan— ? 350m. 
— a year ago. 


Sr. Diaz Serrano said he could 
see no profit In Mexico joining 
the Organisation of Petroleum 
Exporting Countries “even in the 
long term" as Pemex was 
already making sales at prices 
over the OPEC minima. He added 
that he foresaw good prospects 
for the sales of British technology 
to the Mexican oil industry and 
would welcome co-operation with 
the British National Oil Cor- 
poration and other government 
oil companies, particularly in 
marketing. 

On the fiercely disputed 
question of the price of Mexican 
exports of natural gas to the 
U.S. he said he felt that the U.S. 
would eventually accept the 
Mexican figure. “I have a feel- 
ing they need our gas." he said. 

Pemex was also exploring the 
possibility of selling oil to Cuba, 
he added. 


Rolls 
profit 
boosts 
NEB 

BY MARGARET REID 


Few new 
faces in 
French 
Cabinet 

By Robert Mauthner 

PARIS, April 5. 

THE French Government formed 
to-day following the Centre-Right 
election victory shows sur- 
prisingly few changes. 

Nine Ministers of the past 
Administration retain their port- 
folios, while three others merely 
change Ministries. 

The biggest innovation is that 
M. Raymond Barre, who was 
re-appointed as Prime Minister 
by President Giscard d’Estaing 
last week, will no longer act as 
his own Finance Minister. 

The Ministry has been split 
into two separate portfolios. 
M. Rene Monory. previously 
head of the Ministry of Small 
Businesses and Crafts, has been 
nominated as the new Minister 
of the Economy; while M. 
Maurice Papon, a former Paris 
Prefect of Police, has been given 
the new title of Minister of the 
Budget 

Most of the other major 
Ministries remain in the hands 
of the previous incumbents. 
M. Louis de Guiringaud stays at 
the Foreign Ministry, M. Chris- 
tian Bonnet at the Interior 
Ministry. M. Alain Peyrefitte at 
the Justice Ministry, Mme. 
Simone Veil at the Health 
Ministry, and M. Yvon Bo urges 
at the Defence Ministry. 

The important Industry port- 
folio however goes to M. Andre 
Giraud, formerly the Govern- 
ment’s chief delegate at the 
Atomic Energy Commission. 

M. Jean-Philippe Lecat becomes 
Minister of Culture and Com- 
munications, a new department. 

M. Jean-F rancors Deniau, State 
Secretary for Foreign Affairs in 
the last Government and a for- 
mer member of the Common 
Market Commission, becomes 
Minister of Trade. 

M. Michel d'Ornano, the Gov- 
ernment’s unsuccessful candi- 
date in the Paris Mayoral elec- 
tion last year, keeps his 
Environment portfolio. 

M. Jean-Pierre Soissoo, Secre- 
tary-General of the Republican 
Party and one of the leaders of 
the Gtscardian Union for French 
Democracy (UDF), has been re- 
warded with the junior portfolio 
for Sports and Leisure. 

The UDF has provided ten of 
the Ministers in the new Govern- 
ment. including M. Barre. while 
the Gauliist RPR Party, which, 
with 153 seats is still the biggest 
group in the National Assembly, 
has provided seven. 

The first reaction from politi- 
cal commentators was one of 
surprise at the few important 
changes. After all the talk during 
the past two weeks of political 
“ouverture,” it was widely ex- 
pected that the President and 
the Prune Minister would bring 
many more new faces into the 
administration. 

The assumption is that the 
new Government, which has its 
first meeting to-morrow. Is a 
"bolding” administration likely 
to be reshuffled within the next 
12 months. 

President Giscard clearly con- 
sidered that the electorate had.' 


British Steel a im s to cut 
3,000 jobs at Ebbw Vale 


BY ROBIN REEYES, WELSH CORRESPONDENT 

BRITISH STEEL Corporation redundancies, leaving more than 
officials in Wales confirmed yes- 4,000 men still employed in the 
terday that nearly 3,000 jobs— tinplate section of the works. 
1,000 more than expected— need Now union leaders at Ebbw 

to disappear at Ebbw Vale steel Vale have been told that after 
works .before the plant will the end of steelmaking at the 
become internationally competi- plant the workforce will total 
tive- only 3.850 against the present 

. Negotiations on the early Payroll of 6,100. 
closure of Ebbw Vale’s remain- Vp^pccjirv 
ing steel-making facilities are 

due to take place next week as This makes -the immediate 
part of British Steel’s loss-cutting loss of jobs, if redundancy 
programme. terms acceptable to the Ebbw 

Shutdown of the heavy end of Vale men are agreed next week, 
the works was originally not due 400 more than expected, 
until March next year, but it was Moreover, when asked by local 
thought that early closure would union leaders how much more 
involve a maximum of 1,800 redundancy would then he neces- 


sary to get Ebbw Vale’S remain- 
ing workforce down to inter- 
nationally competitive levels, 
British Steel’s reply was that a 
further 600 jobs would have to 
go. 

Thus overall British- Steel now 
wants to cut Ebbw Vale’s exist- 
ing labour force by almost a half 
to little more than 3,000. 

Only three years ago the works 
was employing more than 9,000 
men in an area of the South 
Wales valleys which, not sur- 
prisingly in the present econo- 
mic climate, is only slowly 
attracting alternative new' jobs. 
The present rate of unemploy- 
ment in the area is 10.5 per cent 


Marconi in contract to develop 
military radios for U.S. 


BY MAX WILKINSON 

MARCONI SPACE and Defence 
Systems has won an important 
development contract for U.S- 
military radios for which even- 
tual orders are expected to be' 
$l^bn. 

Marconi, subsidiary' of the 
General Electric Company, has 
joined with Cincinnati Elec- 
tronics, a U.S. company, for the 
development contract. Its value 
is $6.5m. 

Mr. Arthur Walsh, managing 
director of Marconi, said he 
hoped to gain a substantial part 
of the eventual orders for the 
rriaios. 


The Marcona-Ci ncinnati. part- 
nership has beaten two -other 
Anglo-American consortia bid- 
ding for the development work. 
They are Racal with RCA and 
Plessey with GTE-Sylvania. 

A parallel development con- 
tract has been awarded to RCA. 
The U.S. defence department ex- 
pects to choose between the two 
systems by m id-1980, when it 
will award a full engineering de- 
velopment contract. 

Full production of the radios 
is expected to start in 1984. The 
equipment, code named Sincgars, 


is inteded to replace the present 
tactical radios carried on man- 
packs and vehicles. 

It will include advanced 
cyphering techniques and a sys- 
tem which allows broadcasts to 
change frequency several hun- 
dred times a second. The aim is 
to defeat enemy interception and 
jamming methods. 

The development contract is 
one of the first fruits of tl he 
memorandum of understanding 
signed between the U.S. and the 
British Governments allowing 
for cross-national tendering for 
military contracts. . 


Continued from Page 1 

State industries 


intervene less often 
had in the past 


civil 


than they about the idea of having 
servants on tbeir Boards. 

Some of them were dis- 


tateS nSd & ^Pointed White Paper 


intervention in management.’ 


did not take a definitive line over 


He' honed that" the" DOwers" for relationship of financial 

ministerial direction would only ^ rge ^ andGovemment policies 
be used “very rarely'’ on of pace restraint, 
matters such as power station or Letters exch a n ged recently 
aircraft engine ordering, where between Mr. Roy Hattersley, 
the national interest was clearly Prices Secretary, and Mr. Charles 
involved. Williams, chairman of the Price 

■n ,v. 1Vhl -, d Commission, were published by 

If tins happened, the White the Government Iast night. 

Paper, should create a new They covered the point that the 
J™? a tionships Commission will take the new 

FS3FT: 25J h l * financial targets into account but 

rnent, their suppliers, and custo- failed some of the 

industries’ chairmen who fear 
price restraint policies may 
years between 1970 and 1974. We ^ continue to lead them into 

rows with the Government. 

pla nn i ng is also proposed to Consumer organisations said 

SEES n? SL they were broadly happy with 

reviews of medium-tenn invest- tte proposal although the 

Should *7t* hMmneiL leaden less Nati onal Consumer Council 

Jjfff would have liked individual 

industries’ consumer councils to 
strategic plans have been set be glv(?n more teeth . 

Generally the chairmen of On industrial democracy, the 

Britain’s main 20 nationalised White Paper does not go so far 
-industries were satisfied last as many trade union leaders 
night with, the proposals. would have liked, although it 

They ww-e specially pleased does repeat the Government’s 
that the NEDO’s more radical commitment to the subject in 
ideas had been rejected, although both the public and private 


given him a mandate to carry on.] Ideas had been rejected, although both the public am 
with his previous team, Msome- of - them- are still worried sectors' of industry. 


Continued from Page 1 


Thorn 


union had already rejected the 
proposals in a meeting with 
Thorn on Tuesday. 

While the undon side recog- 
nised the market was depressed 
and that new tedmology 
threatened jobs, it believed that 
instead of closing factories the 
company should develop the next 
generation of products which 
would preserve jobs for the 
future. 

• A link between the television 
manufacturing division of GEC 
and tbe Japanese electronics 
company of Hitachi now seems 
likely. 

Last December, Hitachi 
decided not to go ahead with 
plans to open a colour television 
factory in the North-east after a 
sustained campaign against it by 
British manufacturers and 

unions. 

At tbe time it was reported 
that three British companies had 
approached Hitachi with a view 
to selling their • television 
divisions. Yesterday Mr. 

Hiromichi Tanaguchl, the 

general manager of Hitachi 
(U.K.), said that it “might be 
possible for Hitachi and CEO to 
complete discussions on an 
arrangement,” 


THE STATE-OWNED National 
Enterprise Board made a £34J3m. 
profit before tax and extra- 
ordinary items last year, largely 
because of a contribution of 
£2 0.4m. — as against a £22 .8m. loss 
in 1976 — from its Rolls-Royce 
aero-engine subsidiary which has 
just won a major U.S. order. 

The result was £17m. less than 
in the first 23| months of the 
Board’s life up to the end of 

1976, tbe fall being mainly due 
to a greatly reduced profit of 
only £3-2m_ compared with. 
£71 .Sm. previously, from tbe 
other big subsidiary company, 
British Ley land. 

But after charging £46 .5m. of 
special costs — some £4$xn. of 
them for closures by British Ley- 
land at Speke and elsewhere— the 
Enterprise Board emerged with 
a final net loss of £31.2m. in 

1977, against a £40 .5m. net profit 
in the earlier period. 

These figures were- revealed 
yesterday ahead of tbe debate by 
MPs next week on a draft order 
laid by Mr. Erie Variey, Industry 
Secretary, to lift the ’limit on the 
Board’s raising of funds from 
£700m. to £lbn„ as envisaged in 
the Industry Act, 1972. 

At the end of March 1978, the 
Board had £55 0m. outstanding 
against its existing limit, includ- 
ing £250m. obtained towards 
financing the £275m. short-term 
loan it is providing to British 
Leyland, as announced last week. 

The remaining £25m. for 
Leyland has -also to be allowed 
for. as does £61m. of so far 
unused borrowing facilities fixed 
by Leyland subsidiaries with the 
banks. 

Substantial 

All this comes to a total of 
£636m. to be set against the 
present £700m_ limit, leaving 
headroom of only £64m. 

Sir Leslie Murphy, chairman 
of the Enterprise Board, said 
yesterday that this would not be 
enough to cater for the capital 
needs of its 33 companies in the 
next year. 

“It would be irresponsible of 
me to get into a position where 
we cannot look ahead even as 
far as 12 months, and it is for 
this reason that it is essential 
that the existing borrowing 
limits of the NEB should be 
raised as provided for in the 
Act." 

Sir Leslie disclosed that his 
Board's 1977 results included its 
share of substantial losses at 
three smaller companies in 
which It has invested. 

There was £l-3m., for losses 
at a subsidiary, Sinclair 
Radionics, the calculator and 
mini-TV concern which, however, 
had now recovered and was 
operating profitably, selling all it 
could produce, much to the U.S. 

Also included were film, for 
losses at British Tanners Pro- 
ducts (owned on a 50-50 basis 
with Barrow Hepburn Group) 
where “very vigorous action” was 
being taken to put matters right, 
and £lm. for losses at Cambridge 
Instrument 

In the latter case. Sir Leslie 
said, action had been taken to 
strengthen management and 
reduce overheads. 


Weather 


UJt TO-DAY 
DRY, sunny intervals. 

London, SJE. and centr. England 
and Channel Islands. 
Cloudy at first with sunny in- 
tervals later. Max. 10C (50F). 

Midlands, S. "West, Cent. N., N.W. 
England, Wales, Lakes, Isle of 
Man and N.W. Scotland, Cent 
Highlands, Ireland. 

Dry. sunny periods!! Max. 10- 
12C (50-54F), 

N. England, Borders, NJEL 
Scotland,. Orknev and Shetland. 

Dry, rather cloudy. Max. 6C 
(43F). 

Outlook; Little change. 


BUSINESS CENTRES 


Aral dm. 

Y’day i 
mid-day 
•C »F 
S 9 48 

Luxcmb’s 

V’day 
mid -day 
•c *K 
R HI 

AtilCJK 

V 

19 

38 

Madrid 

C 

9 

4S 

Bahrain 

c 

51 

Mi 

luancbestr. S 

If 

as 

Barcelona 

c 

14 

57 1 

Melbourne 

c 

28 

79 

Beirut 

F 

19 

6d| 

Milan 

c 

14 

57 

Belfast 

S 

9 

48 1 

Montreal 

c 

4 

39 

Belgrade 

c 

12 

&J ' 

Moscow 

c 

3 

37 

Berlin 

s 

9 

48| 

Munich 

R 

a 

46 

Bnnghm. 

V 

9 

4fi' 

Newcastle 

H 

7 

45 

Bristol 

V 

9 

48: 

New York 

S 

13 

S3 

Brussels 

F 

7 

49 

Oslo 

S 

7 

43 

Budapest 

K 

11 

52 

Paris 

C 

9 

48 

B. Aires 

c 

19 

SI 

iPcrth 

R 

19 

68 

Cairo 

s 

28 

82 

Prague 

C 

8 

43 

Cardiff 

Y 

8 

46 

Reykjvk. 

Dr 

S 

46 

Chicago 

C 

19 

58 

Rlode J'o 

R 

27 

91 

Cologne 

c 

7 

43 

Rome 

V 

16 

61 

Copniiagn. 

s> 

6 

41 

Singapore 

C 

29 

85 

DubHn 

Y 

S 

4ff 





Edinburgh 

C. 

7 

45 

Strasbrg. 

r 

10 

50 

Frankfurt Dr 

e 

43 

Sydney 

c 

22 

72 

nenova 

c 

li 

32 

Tehran 

s 

23 

82 

CUSROW 

c 

7 

45 

Tel A*lv 

s 

39 

6S 

Helsinki 

s 

II 

32 

Tokyo 

c 

11 

38 

H. Kong 

a 

21 

69 

Toronto 

c 

4 

39 

Jo’burs 

s 

22 

72 

Vienna 

c 

11 

52 

Lisbon 

c 

12 

54 

Warsaw 

F 

9 

49 

London 

s 

11 

52 

Zurich 

c 

10 

50 


HOLIDAY RESORTS 


AJaa 

Aisle 


acdo 
. era 
Biarritz 
Blackpool 
Bordeaux 
Boulogne 
Cuablnca. 
Cape Tdwa 
Corfu 
Dubrovnik 
Faro 
Florence 
Funchal 
Gibraltar 
Guernsey 
Innsbruck 
1. of Mao 
Istanbul 
S— Saany. 


15 68 
15 S3 
U 54 
12 54 
U 55 
8 46 
17 a 
77 


S IS 84 
C 14 57 
17 S3 

14 57 

15 SI 
14 57 

a ci 
13 55 
8 45 
11 52 


Jersey 
Lai Pirns. 
Locarno 
Majorca 
Malaga 
Malta 
Nairobi 
Naples 
Nice 
Nicosia 
Oporto 
Rhodes 
Salzburg 
Tangier ■ 
Tcnprife 
Tools 
Valencia 
Venice 


R— Bain, C— Cloudy, 
Sr — Drlzzlo. 


C 7 45 
F 28 68 
F IS 53 
S 16 61 
C 14 57 
F 19 66 
R 28 n 
F 14 57 
C 16 61 
F M H 
C 14 57 
CUM 
F 13 55 

c - 16 ai 

C 11 52 
C 18 64 
F IB 64 
13 55 


F— Fair. 


THE LEX COLUMN 



taiiin 




. gmgBon 



1973 ’74 *75 '76 . ’77 

iatw*h 


After BICC’s failure to 4n~' 

■«** 2.4 to 470.2 

inary figures cuDe as-a welcome.raiMOTMMHHia^^ 
relief to the stock market The ■ 
shares went up lOp to ll6p whhfiy 
tiie group revealed that pre- 
tax profits were film better than 
most expectations at. £47.1 ul, 
compared with £43.5m_ last time. 

BICG has done reasonably well 
in producing this result against 
the background of the depressed ' 
world • economy. Indeed BICC 
International, -which accounts . 
for 30 per cent, of sales, experi- 
enced a volume decline of 4* per- 
cent in 1977. Its profits -are a 
fifth lower at £24zm, and net 
margins have slipped ij- .points' 
to 8.2 per cent 

The strength of sterling diir- . 
ing tiie period has. only added 
to BICC’s problems, .knocking 
pre-tax profits by £3.2m. The 
weakest spots are tbe depressed 
economies of South. Africa and 
Canada; in the latter pre-tax 
profits are halved, in sterling 
terms, at £2.3m., while the South 
African figure is down - from 
£7 hl to £4. 7m. And in Austra- 
lia, tbe Metal Manufacturers 
Group produced a profits de- 
cline of 15 per cent at £12£m. 
pre-tax. 

Elsewhere, all divisions pro- 
duced* better profits and margin 
gains. Volume is up 6 per cent 
at Balfour Beatty, x and 5 per 
cent in tbe fast-growing indus- 
trial products group, while . it 
has been maintained on the 
cables side. 

The shares have an above 
average yield of 8.8 per cent, 
though the BtCC decision to in- 
crease the overall dividend by 
only 6.6 per cent casts some 
doubt on the Board's future 
dividend policy, considering that 
the payment is almost twice 
covered. 


Cons. Gold Fields. .. 

Given the buoyancy of the 
gold price in recent months, a 
£6m_ rise in Consolidated Gold 
■Fields’ pre-tax profits to £33.9m. 
is rather disappointing especi- 
ally since Amey Roadstone had 
already reported a £5.9m. 
increose in its profits for the 
comparable half year. 

Clearly, Gold Field’s fortunes 
are no longer linked so inextric- 
ably to movements in the bulion 
price as they once were. Gold 
Fields of South Africa chipped 
in an extra £U>m. at the asso- 
ciate level but this was mainly 
due to higher share dealing 
profits. Meanwhile, the other 
mining operations, principally 
in Australia, found -the going 
tough. Admittedly, the Ren iso n 


tin min e and ljbe Bellainhi coal 
mane achieved markedly .higher 
profits but the* -rest bf „ the 
group’s mines ire probably los- 
ing money and there is . Jittie 
sign of improvement 

, In the second six months 
CCS? should benefit' considerably 
more from the higher gold- price 
and the group could be on target 
for profits of around £70m. and 
earnings of maybe 25p pershare. 
However, ther eis a possibility 
that there might be further 
write-offs on tre mining opera- 
tions and with Azcon feeling 
the effects of the U.S. steel re- 
cession, it Is up to the construc- 
tion material side to provide 
tbe growth outside South Africa. 

Given the recent rapid in- 
crease in Amey . Roadstone’s 
profits there must be. a question 
as to how muc hlonger this sort 
of growth can continue. 

Marine Midland 

As it was Ching Ming day in 
Hong Kong yesterday, it was not 
possible to assess the local stock 
market’s reactio nto Hong Kong 
and Shanghai Bank’s bid to 
acquire 51 per cent of Marine 
Midland. One has to admit the 
move has style. 

If .successful, it wall be the 
largest ever international hank- 
ing merger and will catapult 
Hong Kong and Shanghai Into 
the company of the top 20 or 
so banks in tbe world. Apart 
from the regulatory obstacles, 
the biggest question mart; must 
hang over -the management 
resources that the Hong Kong 
bank will' have to commit , to 
improve Marine Midland’s per- 
formance; Given the strength of 
its . balance sheet, Hong Kong 
and Shanghai will no doubt be 
able to pay for its investment 
from its own resources but 
shareholders will need reassur- 


ance that Mariro midland i 

going to haunt them in ye 
come. f 

Composites :"*V [ 

Sun Alliance and H 
both found .life bacoarf 
little more difficult h& th< 
assurance market toward 
end of 1977, and frefr.i 
for the year are below 
expectations. Although : z- ■' 
dence has hot been the. dr 
for^Sun Alliance that Jt v ; 
1906— when. cost S3 • ' 

: the group Is 
losses ; on &s' fanpmtnnt 
personal account and sot® 
eIaftms r cost up nfrflhh.- 1 V . 

In addition. Its Genoa' 
Dutch businesses are 
several millions. The upl 
that - fire and. accident * 
writing moved • . backs 
(modest) in ; the second:} 
the year. At the pie-tas 
profits are upiftof £373 
£57.2ih. •; -f 

Phoenix, too, , saw* fts 
business deteriorating i 
final quartern wheht- Tfla 
Alliance it saw' some s 
fire losses coming throt 
the time of the firemen’s ; 
Its big strength' has bben * 
U.S.,_where a swing from 
to underwriting profits ha 
worth £7.1m, ‘ Pre-tax. - 
are up from, £24.5m.'!to £ 
and reported earning* 
jumped 87 per cent' s 
freakishly low tax -chargi 
Profits growth for boti 
parties this year i$ ilkeij 
much more in line with, t 
porate sector generalls;!.* 
two, Sun Allance may^a 
edge: its yield is bekw.^T 
at 5f per cer\t, but tir 
dend is well covered; w. 
gether with a solvent? i 
of 78 per cent gives Jt •' 
the best dividend paying 
itfal in the sector, • 

Johnson-Rich arte* : 

-flepworth 

Johnson-Richards tilefr'iS - • 
£25.7m. and is roughfei 
with the company’s H£" 
value if deferred tax ; S. 
in. The terms are-equiw 
il7.5p and compare VM 
son-Richards’ shape price- 
before the mei^r. dij 
were announced— enou; - 
first sight, for a capacr 
has had -a. static record ^ 
But the bid ..is oippost 
there is plenty of leewa; 
big rise in the Johnson-R— , 
dividend. Given, that a.gl‘ r 
shareholders who control 
.cent. and. who seem' re 
sell have stipulated a nri 
of I25p, this offer may 1 
the first round. 



0 ‘ 


r ». 


'■!•”{ ivr. 



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