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-«B> 5 1&», 1 

g’A^'C^S ^ Al *® flrol ® YOUB PHONE 


19 Upper Brook Street, London, W1Y 2HS 

^ 01-629 9232 




IES 1 

for offices 

No. 27,528 

Friday April 7 1978 



and sites 


- ■ ; ' - 

0604 34734 






-. L'l ... '■ 


° m P0S!t 

on gift 



rise 1.2; 
$ rallies 

• EQUITIES made another firm 
showing, as optimism about the 
v 'ru-. , „„ _ . Budget continued lo buoy up 

t£" of Mr- Denis Howell, market sentiment The leaders. 

; -v &e Sports Minister, appeared however, finished below the 
Ms-'' : V ft,? r L 1 S L 11 “ ei aimed at day’s best The FT 30-Share 
... ° ,d B!Ul ^ corruption trial. Index, up 4.0 at 10 m. dosed 

: ~ J: 0 An alleged Christmas gift list at 471.4. up JUS on the day. 

/ 7i ** showed that Mr. D. IJ. Howell MP ^ . . ' _ ^ 

-eceived whisky, gin and sherry • GILTS made modest gains, 
.n 1963 and presents of cigars *be. FT Government Securities 
r tnd cigarettes also appeared Index rising 0.17 to 7L23. 

: 3 i 


• mr T .- iiauir. mr. 

:.i , ."T del ford Stevenson said. 

-d I r ; 

index was unchanged at 62.2. 

jfthodesia is to 
/free hundreds 
f if detainees 

STERLING .edged down 5 
Mr 4nthnnv PriniK nc nmc ' points against the. dollar to 
: ■ *7uting‘ said it wa S P not clear that ? 1 ^ 740 * hul ^ 

' the gifts were accepted by 

l m .. hose named on the list. There 
H 4 '"as evidence that in some cases 
’ ■ " named turned down gifts. 

did not specify who had 
i ._ efused them. 


" •' The trial concerns Mr. Alan 

■ - Christopher Bryant; S3, chairman 
.. ’ r ^‘*( Bryant Co ns I rue Liu n Group, 

< , - . 'Birmingham . who is accused of 

... ’.^orroptly providing gifts and 
smlertainmenl lo win council 

- ■"■ contracts. Mr. Bryant pleads nut 
' .'"guilty to two counts alleging 

conspiracy to corrupt. 

- >r Mr. Howell hosted a dinner in 
.... - he Cfty of I^ndon last night for 

- European Sports Ministers who 
7 'ire attending an EEC conference. 

; page s 

The Ui. doll ar’^trade-weigh ted 
depreciation widened .to 6.42 
(6.27) per eent. Canadian dollar 
recovered to 87.8 B inputs from 
its repord low of cents. 

. Rhodesia’s transitional Executive ^ 

. ; / J ’0Uncil -announced last night ® GOLD closed 81.25 
" •""hat several -Hundred hiack SI89.I2S fitter nervous 
: -'"Nationalist political detainers axe UJS. has np Immediate 
. 6 be released in’ the next week gold sales. Page. 4 

s a result of the internal settlo- : 

agreement. - .Farther, re- • WALL STREET rose 
“ frictions are to .be withdraw^ 763.95., -i: r Mi. . 7-.' 

254 people who Jhave. been 1- - 

■— • "“•UN disclosure 
S^rc'S?"* pl»n ORposed 

- '.’he Government rejected the • CAMPAIGN. is being mounted 

- - - : all from an all-party committee to try to prevent R-special United 

MK for tougher curbs on Nations: commission from adopt- 
-■ immigration including an annual ing. proposals which could force 
•r.ucta system, possible internal multinational companies lo dis- 
unlrol ori entrants and a ban ch>se_roore information in their 
' ... 7n child dependants over the age annual reports— including data 

- - ' "r 12. Back and Page 14 - on employment investment .and 

environmental matters. Back 

, .*rincess likely to 

‘esum exilities • FORD UJK. made' an 

„ _ . , . . „ , ■ “encouraging increase" last- year 

.... .. -’nncess ilargaret. who has been on ^ record £122m. profit 
r- u '0|V ls wpected to achteved.jn 1976. said Mr. Terry 

. esume public engagements as BecketV the chairman and man- 
-. ..oon. as she is well enough. Mr. a oi ng director. Page 8 Leyland 
ames Callaghan, dined jwth the ^ named, Page 9 Leyland 
ueen and her guest. Dr. Kurr Heal. Pace 22 
faldheim, the UN Secretary-.*^ ™ ^ * 

lenerai at Windsor , last night • PARTNERS in the -Beryl oil 
/£he Treasury is to announce this field in the North Sea have signed 
ear’s total royal allowances a State participation deaL Page 8. 
i-day, but individual allowances Lack of tax incentives could hold 
av not. be known for some back- development of small, mar- 
onths - ginally economic fields in the 

' North Sea, says a Shell executive. 
Page 9. North Sea oil review, 
Page 15 

iree Israelis were killed and ^ awnrurrAM 
ur wounded in a Palestinian •^RTTISH-AMERI CAN Tobacco 

ihiush near Tyre Pace 6 will enter the UJv agarette mar- 

mush near xyre. - o kpt nationa , Iy next monXh with a 

_x ‘ big promotional campaign. The 

oro arrests move is expected to intensify the 

aiian police.arrcsted three men rigarerte price war. Back and 
nd a woman near Naples who P*g<t 16 

SSo aPP ^ A^iationiSe 

rmer Premier Aldo Moro. ’. biggest Civil Services union— is 

hnmh - recommending that its members 

arcei womw . accept a flfi per cent, pay offer. 

parcel bomb— the third lu The move is likely to encourage 

ree days— was delivered to a other white-collar workers to 
an dan Asian's Romford, conclude pay deals within the 
ex, home. It failed to explode. Government guidelines. Back 


briefly - - - • European options ex- 

;Ir. John Lc Blesuricr.-the second change turnover increased on the 
jgian to be questioned in connec- second day of operations. Page 
v ion with an alleged murder plot, 30. European -Options Exchange 
ft Bristol- police Headquarters prices, ^which will appear regu- 
er 29 hours. ' larly in the' Financial limes, are 

y-c lections -in the two sate to-day on Page 39 
onservative seats at Wycombe pnun . U!CC 
d Epsom and Ewell are. vUMrAHiCa 

rhf^nc w^our^the • BOWATER pre-tax profit rose 

y-e^ctioDS in the next three 10 £S7m 

Eastern Airlines 
in $778m. deal 
for 23 Airbuses 

of ICI 

By Kevin Done, 

Chemicals Correspondent 

THE LABOUR productivity 


to offer 
from Lonrho 



THE BOARD of Scottish 
Universal Investments last night 
. , . . rejected by a single vote a taku- 

Wcstern Europe s biggest chemi- over approach worth £41 ni. from 
ual manufacturers is up to ^0\ Lonrho, the international trading 

The European aerospace industry to-day won its most valuable contract in! impend oiemica? an indust ri^ j Kouffi. headcd by Mr ' Tiny 
the U.S. when Eastern Airlines announced it had signed a ?778m. contracti5r ilain ’ 3,ar?C5t . indusTri:ilsroup ' sir Hugh Fraser, tormcr chair- 
to buy 23 of Airbus Industrie’s A300-B4 passenger aircraft. 

The deal is still subject lo the In ill* A-300 last spring and sub- In addition. Airbus, will pro- 1 wor J e compared with big U.S. 

approval of Eastern's lenders sequenliy look four of the air- vide $96m. of manufacturers’ [ P r °dueers. 

who were given details al a craft on a six-month lua^c last subordinated fin.i:icing. and Mr. Bob Haslanj. 1C1 main 

meeting in Miami this morning. December, at virtually nn direct General _ Electric, which will : Board director with responsi- 

Howcver both Eastern and the supply 55 engines worth SI40ci., ! bihty for personnel, told a meet- 

Airbus Industrie consortium are Mr. Frank Borman, the air- is .. ,0 P ro vtde slam, of sub- [ ing of the monthly-paid staff that 

confident or acceptance because tine's chairman, who is a former ordinated financing, 
the financing terms clearly astronaut, spoke glowingly of The interest burden on this 
acknowledge that Eastern is one their experience with the Airbus. inanufactuietV financing will be 
of the less financially robust of " No new aircraft ever placed variable and ailju-icd according 

in service by Eastern has func- to Easterns profit abiiiiy. 
tioned, from the outset, with so Michael Ilonm-. Aerospace 
few mechanical problems and Gorrespondent. n riles; The deal 
other flight delay snags as ibe is likely to bring about £l00m. 
A-300." Mr. Borruun said. of business directly i„ British 

He then stressed .me of the JSSKf*" '- K -. " n ! , he! 

manufacture of t he wings for 

U.S. airlines. 

Mr. Bernard Lathicrc, presi- 
dent and chief executive of 
Airbus Industrie, claimed (hut 
the agreement was of “milestone 

The European consortium 
whose members include manu- 
facturers in France, Germany, 
the U.K_ Holland and Spain. 

in terms of sales value per em- 
ployee ICI sold £23,000 compared 
with its European competitors' 
record of £30,000 to £35,000 per 

l\S. competitors were selling 


The Board was splir three to 
two over Lonrhu's offer, with Sir 
Hugh — who last year faced sharp 
criticism from the City and in- 
stitutional investors over the sale 
of his 24 per cent, stake in 
SUITS to Loorho — supported by 
Mr. James Gossman. an executive 
director of the group. 

Mr. Rowland, who became 
chairman of SUITS with the pur- 

hc told members of the central 
business and investment com- 

aircraft's strongest selling poinis : 1 iwiiwY Ji' ,n a rt ‘P ort in an ,C1 slaff 

“ The aircraft has operated at ass0 ‘! newspaper. Hr. Haslam says that 

fuel economy 30. per cent : productivity of overseas chemi- 

r '-, nnn ^ chase of Loorho's hulding from 

L.a.000 to ‘45.000 per employee. I sir Hush FrJSer in March last 

year and two other Lonrho direc- 
tors who joined the board at the 
same time were absent from yes- 
terday’s Board meeting, which 

sat in discussion for eight hours. 

, . - , . _ . . , - The members of the Board 

. better than nur licet of smaller British Aerospace, aliliougli cal companies is “improving 3t reiecting the offer, including Mr. 
believe that Eastern's decision three-engine jets on a scat-mile not a full member if ibe Air- i art average rate of 6 per cent Hugh Laughland who was 
to “go European" will unlock basis, and has proved to he 20 bus Industrie group, neverihe-l per annum, so we are shooting appointed .chief executive 14 
other orders from TJ.S. airlines per cent, better in costs per air- less also has an overall design 1 at a moving target. In order to months ago. were supported bv 
which have not made any signi- craft-mile than our large three- consultancy role on the airciafL| close the gap we have tti aim st | SUITS financial advisers, mer- 
fieant purchases outside of the engine wide-bodied equipment." Among airlines with wfium Air- a 10 per tent, per annum rate chant bankers Charterhouse 
U.S. for more than a decade. Eastern’s existing tlcct is bus Industrie i> negotiating are of improvement." 'Japhel and stock brokers Grievc- 

To-day’s announcement means made up largely or Boeing 727s Olympic Airways and El Al. and, c. inh , 1ar „ M ri iH nr.t mw I son Grant. Lonrho said it would 
that there are now 95 firm orders and Lockheed TriStars. Allegheny and Pacific South huc " 3 Ur '' c1 dld 

for the A-300 and 44 options. Abont S5 52m. of the cost will We «« m in lht ’ ‘-'•S- 
Easlern has taken options on be externally financed. Airlines which fi.ive 

an additional nine B4s and. sur- Airbus Industrie has agreed to shown strong mieresi include 
prisrngly. has .also placed options arrange 6250m. ten-year export Choited of the I'.S.. the biggest 
for 25 of the smaller A-300-B10 credit financing through Euro- airline in the Western wurld, 
design which is on the consor- pean banks which will nc over 35m. passengers a > ear, 
litira’s drawing board awaiting a guaranteed by individual Air Canada, and Trans World 
policy decision to build. national export credit guarantee Airlines: 

Sir Hugh Fraser: 
voted in favour 

a target did not rep-. . , ... ... . 

resent a dramatic change from | n ° l Wl , 4 unless 

what had been achieved in the ; SUITS Board agreed, 
also | past, but the effort could not be L Lonrho, which already has a 
relaxed. ICI’s one continuing i holding of -9—4 per cent, in the 
concern was to improve produc- 
tivity to Ihe same levels as its 

Eastern first expressed interest agencies. 

ECGD and Tri-Star deal Page 7 

EEC to discuss greater 


ebanori clash 

; s-;s 

.‘fjO j 

/ Ir James Callaghan last ni^rt B CADBURY SCHWEPPES 
iked the Parliamentary Labour .made slightly higher pre-tax 
Lrty io? to discuss t h! neutron of last 

out b until next week. year. Page 25 and Lex 

Booker Priac tor ' fiction is • TAYLOR WQODROW made 
- A , be raised from £5,000 to pre-tax profit pf £S^2m. f£21in,) 
’ f ioooo. hist year. Page 25 and Lex • 

A .•••-. • ..; . :::••• ■ 

■■■■ . ■ — 

j JHIEF price charges yesterday 

Prices In pence unless otherwise Spirax-Sareo 

2B5 + 9 




- ftugfeg • 

«cheq. 10iPC 1995.. J90| + } 

ustin fJ.) 112 + 5 

assett (G.l MB- + 6 

jack (A. and CL) i.. -83 + 1C 
.i^riiish Printing + 2J 

’ J'<own (J.) 298 + 5 

iristics IntnL -,pw 95 4- 5 
Optoma Invs. r—v.../ 147 4- ft 
lnhill (A.) v ..-^ris 557 + 17 

IN 278 +4 

ouse of ftaser ... 150- + 4 
— ^ „ mes and Shipman 120 + 8 
Vondon Brick ’ . — 66+3 
w . Electric ............ 170 + 

■■•■'.' ■Marshall's Universal 162 + 10 
; • ■ 'V jufs and 'Whites s=a I21‘ +; 8 
..^dmrose ••92..+ 4- 

... ■ / ayal Worcester 123 f 10 

-■'•/itheby 258 + 6 

Stothert and Pitt .„ 170 + 10 
Tilbury Contracting... 278 + 34 

Uld; Scientific 296 + 12 

Anglo Amer. Corp. ... 30C + 8 

De Beers Did. 322 + 6 

North . Broken Hill v.. 99 + 6 
Pancontinental ...... £10 + i 

Poko-WaHscnd 455 + 15 

Union Corp 1 284 + 6 


Abcrtbaw Cement ... 350 — ID 
,U bright and Wilson 107 — * 

Bowater - 1S8 — 4 

Channel Tunnel 55 — G 

Crodalntnl 50 — 4 

Furness Withy 221-9 

Manchester Garages 24$ — 3* 
■News IntnL 262 •“ 5 

Savoy A ^ — * 

Smith (W. H;) A ... 147 - 10 
Taylor Woodrow 370 — 12 

WAYsVlF promoting a return to meeting appear slim, though 

BRUSSELS, April 6. 
An alternative proposal. 

ippear shm, though An alternative proposal, ex- 
greater currency stability in the Mr. James Callaghan is expected peeled to command the support 
face of '.the dollars continued to urge his colleagues to com-. of some of the smaller EEC 
wcakness-rpossibly including a mit themselves lo agreeing on countries at least, has been 
narrowing of EEC exchange rale the main outlines of their joint advanced by Mr. Roy Jenkins, 
movements 'around tin. currency contribution to the planned President of the European Coni- 
“ snake" are expected to be recovery package by the time mission. 

among the main issues discussed they next meet, in Bremen, two n c f,as suggested, in a recent 
by heads of the Nine Common weeks before the Bonn “summit.” letter lo the nine leaders that 
Market Governments when they The view is growing that West they should consider reviving 
meet m Copenhagen to-morrow. Germany can he persuaded to plans for linking the "snake” 
The two-day talks are the first boost its economy significantly m0 re closely with other Com- 

m a senes of three meetings of f on iy jF currencies stabilise. Herr munity currencies, and for 

Western leaders planned for tnc Helmut Schmidt. West German using the EEC’s unit or account 
next three months. They will Chancellor, is expected strongly as a limited “parallel” currency, 
culminate in the seven-nation j 0 emphasise the need to end the . r , , nmont thn 
ectmomic “summit’ in Bonn in present world monetary disorder ,A l if thc ^ 

mid-July. stemming from the depreciation West t-ennany. the Benelux 

It is hoped that tn Bonn the 0 f the dollar countries ;ind Denmark are Hoat- 

world's major industrialised The depreciation is starting to ^ - <h^» r S 

powers will endorse a package of cause acute concern the snake, while those of 

co-ordinated measures to Germ a 

stimulate economic recovery. ability to compete on world 

. There are strong presures on markets. Mr. Jenkins appears to have 

the Nine to enter the Bonn He is likely lo be strongly sup- in mind a scheme, already 
meeting united behind a com- ported bv President Valery examined in various forms in 
men position. Giscard d'Estaing. the EEC. for concerted action to 

But despite clear signs that The two leaders held private limit the movement of the other 

growth in the EEC is faltering, talks last week-end, at which the EE C currencies within specified 
they have failed so far to agree possibility of France returning margins around the “snake.” 
on- any concerted new refla- to the “snake” is believed to Such a proposal has in the 

tionary actions, largely because have been among the issues -dis- past aroused some interest 
of West Germany’s refusal to cussed. "■ among tb«- U.K. authorities, who 

contemplate a boost to its But it is by no means certain are unwilling lo accept the 
economy before next month at that the French President will rigours which would be imposed 
the earliest be prepared to consider such a by sieriing's ; fulJ membership of 

Chances of resolving these step seriously while France’s the “snate." 
differences at the Copenhagen economy remains fragile. Editorial comment Page 22 

ability to compete on world re fl0dt,n '' freel > 0utside lX - 

BuL according to chemical in- 
dustry trades union officials. 

| ICI’s record is bad judged by 
i this criterion, because its wage 
rates are the lowest of alL the 
big multinational chemical com- 
panies in Europe and the rest 
of the world. 

Mr.f Roger Ward, a national 
negotiator for the Association, 
of Scientific. Technical and 
Managerial Staffs, . said last 
night: “ If ICI paid more, and 
paid as much as its international 
competitors, it would get higher 
productivity. We are offering 
them higher productivity, but 
they are turning it down, be- 
cause they refuse to enter talks 
on planning agreements with the 
unions as part of the industrial 

Air. David Warbtirton, national 
chemicals officer of the General 
and Municipal Workers' Union, 
said: “If you just take this one 
comparison it looks a bit sick, 
but you raurt take other factors 
into account West German 
chemical companies are com- 
plaining about unfair competi- 
tion from ICI because its labour 
costs arc so low.” 

UJv. chemical output Page 8 







whisky-to-newspapers group, is 
bidding 11 of its own shares for 
every six SUITS’ shares, which 
were suspended yesterday at 
107p. The offer values SUITS 
shares at 132p each, on the basis 
or last night's Lonrho price of 

Charterhouse Japhet said last 
night there had been no Board- 

room row. The bid had been re- face charges under the Cum- 
jected because it undervalued Uie panies Act involving mure I ban 
group and because no cash alter- £4in. in connection with entries 
native had been offered. in SUITS 1975 annual accounts. 

Lonrho said there would be no All are charged that at the 
comment untit the BWd had SUITS' annual meeting in Sep- 
the opportunity to consider, the tember, 1975. they put forward 
rejection. a balance-sheet which did nut 

SUITS owns the Glasgow give a fair and true view of the 
Herald and Glasgow Evening affairs of their company. 

Times newspapers and a string . A successful bid for SUITS 
of Scottish weekly papers as well would increase Lonrno's 19.3S 
as whisky interests under the Per cent, stoke in House of 
Whyte and Mackay subsidiaries Fraser to more than 29 per cent, 
and just over 10 per cent, of —just below the 30 per cent. 
House of Fraser. level at which it would have to 

The rejection marks the latest make a full takeover bid for 
development in a chequered re- House of Fraser under City Takc- 
lationship between SUITS and over Panel rules. 

Sir Hugh Fraser and Lonrho. SUITS will apply to have Us 
Last year the group's previous shares restored to the Stuck 
merchant bankers, Robert Hbcchunge listing before dealings 
Fleming, resigned in protest at begin lo-day. 

Sir Hugh's sale of his 24 per Lex Back Page 

cent, stoke for £7m.— or 95p a £ j n \ ew York 

share. It had advised against - — . - 

the sale. At the lime some _ { A |*u» \ vrw*m» 

institutional investors considered 1 

the sale prevented a possible bid. — 

for the whole group. . 

Sir Hugh and five other busi- I nn ini i.- 
nessmen, including Mr. Gossman. 'i2.,„, n iii- 


GiF-iuM fll- U.04 .Ji-C.-fc i>m 

ij.H- 0.14 ills ’ n.ifu>.i2,u. 
I.A> I.lC 4 )Jfc>.li- 

Pay row halts oil platform 


CONSTRUCTION work on one of ing to start oil production from 20 days on 10 off. 

the three oil platforms In the Ninian in the autumn. It is thought this could be in 

£L6bn. Ninian field project in Oil company officials believe breach of the “hook-up” or final 

the North Sea has been almost that if the dispute continues completion ugreemunt the men 

totally halted by an industrial much longer the start of produc- have signed. 

dispute over bonus payments for tion might have to be postponed. The dispute is believed to be 

craftsmen. Some of the workers involved the biggest so far on a North Sea 

More than 500 men stopped are employed by Scltrust Off* oil platform Late last year more 
work and left the Ninian Shore, the managing contractors than 100 engineers were taken 
Southern platform. 105 miles for the platform’s final assembly, off the Shcil-Esso Dunlin “A” 
fiorth-e&t of Shetland, earlier But .most of them work for platform in a dispute over the 
ttiiS week. The rest of the 1,100-’ Wilson Walton, sub-contractors recognition of a shop stewards 
man workforce are understood to Sellrust. committee. 

.to W still on the platform and The craftsmen, welders, elec- The main platform, Ninian 
•notin dispute. tricians and fitters, have been Central, is due to be Hosted out 

- Chevron, the operator for the seeking a £2.000-a*man completion to the field later this year. 

Oil field, third largest in terms bonus together with a work ros- ^Peak How rates from Ninian 

of recoverable reserves in the ter involving two weeks on. two are expected to be between 

North -Sea’s UJK. sector, is aim- weeks off, instead of the present 300,000 and 400,000 barrels a day. 


. -European news 2-3 

.American news 4 

Overseas news 6 

World trade, news 7 

Home news^-general 8-10, 16 
--labour 12 

Technical page 17 

Management page 19 

Arts page .1 21 

Leader page 22 

UJL Companies 24-28 

- Mining 28 

Inti. Companies 29-31 

Euromarkets 29, 30 

Wall Strecl 33 

Foreign Exchanges 33 

Farming, raw materials ... 39 

UJL stock market 40 

Leyland’s productivity offer: 

What’s at stake 22 

Politics -To-day: The 

Liberals’ tax game 23 

Philippines elections: Will 
not change much 6 


Cyprus economy: Mini 
miraeJe in its revival ... 3 
North Sea Oil: BNOCs 

coufiieling roles 13 

Capital spending under a 
microscope 19 

Around Britain: NEB’s pro- 
grammes in (lie North ... 20 

international future for 
India’s Tala 32 


AppilalaMiIf AArtS. 
BwHmsms Hr Safa 

- Cnmtird 

Briertkiuneat CtfMe 
Brin. OpdM* MM. 

Pend Mew 

FT-ActMrfef !«««• 

ki*ta*i« ■**■*■' 











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ANNUAL statements 

AjOrfeM and Wilson 
Cadhy- Schweppes... 
Cement Roadstoae... 

Croda Intal 

Excess LUe Assur. 
Grampian Holdings 

Hoe^r _■■■■- 

ladies Pride 
Solicit** Law Soc. 




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Prime Minister Barre divides th< 

Financial Times Friday 'April "7 I97g v 



it easier to rule 


and prestige of the bureaucracy 
is a fact of life in France. And 
the most influential of the 
bureaucracies is the Mi nisi rv or 
Finance — an administration 
v.-jiich is referred lo as “a state 
within a state,” and frequently 
less politely. 

The decision of President 
Giscard d'Estaing and M. Ray- 
mond Barre. the Prime Minister, 
to divide the Ministry of Finance 
is. therefore, dramatic because 
the creation of two successor 
ministries — Economic Affaire and 
Budget — implies that the long 
reiun of Fiaance is over. 

Yet it is aJso very limited 

because the intention is quite 
clearly not lo create ministries 
significantly less influential than 
the old Finance Ministry. 

The key is M. Barre himself. 
The Prime Minister has made it 
clear that he remains the overall 
economic supremo, and- the 
President has repeated that the 
economic recovery programme 
remains a priority. 

But M. Barre cou Id not 
continue to combine the job of 
Prime Minister with that of 
Finance Minister in a govern- 
ment which had the task of 
broadening its horizons beyond 
the primarily pre-electoral 
economic task ~of his first two 


> rating 
led by 

What he has done, in husinei 
terms, is to introduce a new ei 
pany structure. The Fi 
Ministry had, »n fact 
new bolding company 
headquarters at his residej 
Hotel Madgoon. Its 
functions have been 
two subsidiaries— jgcoaomy an d 
Budget — und§j.*€oEapetent man- 
aging directors, who are hoth 
experts in the details of 
budgetary and financial affairs 
but who will not challenge M. 
Barre’s right to set overall 

M. Rend Monory, who goes to 
Economy, is a -burly 56-year-old 
who joined the Government a 
year ago as Industry Minister. A 
manager himself with a modest 

PARIS. April :6. 

Agricultural machinery business, 
he learned the small print of 
fiscal affairs at the Senate 
Finance Commission. It was 
assumed at teh time that this 
unknown who possessed solid 
good sense and a marked lack of 
enthusiasm for government 
schemes Of large-scale sectoral 
restructuring' had been brought 
in to reassure employers — parti- 
cularly small businessmen and 
the self-employed. 

M. Monory carried out this 
mandate briskly. While the 
grandiose schemes of industrial 
engineering' remained by and 
large in his pending tray, small 
businessmen and tradesmen 
benafitted from a range of 
improved fiscal, pension and 

!S,£LT^! ireS ’ ^ hUe had Prefect. vSiich notably saw him vatfon — M Jacques Chirac. 1L 

T “ * ss £ ssbvsb 

In short, M. Monory may ha Mr«pon- Mi^ 

SKKSS as SvaSr ous 

its need for the restoration, of de Gaulle take-over and ai. tr- nj^L curs, that 

profitability and price freedoms, gerian emergency and the sub- he w£U not ^s^toat problem. 

S“ Barka .affair.': Ha! Cabinet colzfS 
dfaection than industry would beau a Gauflirt M; hi . 1967, well fell that they wil be freer 
'ri. mmi w- ■ „ . to 9 k idiarge of Gaullist fund- to innovate policies within: their 

r aisia ^, 9ve *“*8 on the. own ministries without the heavy 

« fipf Portfolio at the age 6f party Central Committee, and m . shadow of Finance looming over 
67. M. Maurice Papon has been 1972 took over the chtrirmahshii -them 

SJgi 5 ?f E?S? r ' of ****** Assents- Kn- ^On a purely symboliclevel, the 
under three Republics. Up to toe ance Commission— with -:»: M.. division of toe Ministry can be 
second World War, he was a Monory. his opposite number in' interpreted as an attempt to 
^ a ^ aber Spate. ■ ■••• Tighten toe weight of bureaucracy 

of m ini s terial Cabinets. Post-war, M. Barre s general supervision/ bn the country, " in accordance 
be embarked upon a career as a of the economy was not as Inna- with Presidential promises. • 


Community may act on undercutting 


alarmed by the growing Soviet 
domination of international ship- 
ping. has proposed co-ordinated 
action by member states in an 
attempt to counter heavy under- 
cutting of freight rates by the 
Russians in third country trade. 

Proposed sanctions would 
include limits on the amount .of 
cargo carried to and from toe 
Community ports in Comecon 

The Commission to-day accused 
the Soviet Union of “aggressive 
non - commercial behaviour,** 
particularly in third country 
trade, against which Community 

shipowners cannot compete. 

Commission officials suggest it 
is able to do this partly because 
of the virtual monopoly it enjoys 
in bilateral trade with the EEC. 
By insisting that most Soviet- 
EEC trade be allocated to Soviet 
ships, the USSR has captured 95 
per cent, of the shipping and 
hence is under no pressure to 
keep its rates low in Europe. 

State - trading (Communist! 
cargo liners, which operate out- 
side toe liner conferences and 
are therefore not bound by their 
minimum rates, have already 
captured 18 per cent of east- 
bound and 22 per cent, of west- 
bound traffic in the North 
Atlantic, the Commission says. 

Between Northern Europe and 
the West coast of South America, 
they account for Snout 25 per 
cent, of traffic, 20 per cent, 
between the Gulf of Mexico and 
the Mediterranean, 20 per cent, 
of Europe-East Africa trade, and 
12 per cent between Japan and 
the U.S. West Coast 

Though these percentages are 
far lower than in bilateral EEC- 
Soviet trade, the volumes carried 
are much higher. 

Mindful of the Community's 
chronically under-utilised cargo 
liners and idle shipyards, the 
Commission has proposed setting 
up co-ordinated Community 
monitoring procedures to follow 
the activities of liner operators 

. BRUSSELS, April 6. 

of state-trading countries using 
EEC ports. . Should these 
operators be found to be operat- 
ing on non-competitive terms, 
the Council of Minis ters would 
be able to take counter action, 
sucb as limiting cargo quantities 
loaded or unloaded in EEC ports. 

Although several member 
states already have individual 
legislation providing for such 
action, toe Commission feels 
action at Co mmuni ty level -is 
needed to overcome competition 
between different EEC ports 
which the USSR has, up till now, 
been able to exploit 

The proposals will go before 
the Council of Transport Minis- 
ters on June ,12. 

Europe house finance plan 


EARLY IN 1979 the EEC Com- 
mission hopes to present a pro- 
posal to create a Europe-wide 
housing, finance market, Mr. 
Christopher Tugendbat, the Com- 
missioner responsible for finan- 
cial institutions, said in London 
yesterday. He was speaking at a 
U.K. Building Societies lunch. 

Mr. Tugendhat said the legisla- 
tion, which should be short and 

simple, was needed* to meet the 
specific problems in regulating 
cross-border lending for housing. 
These, be admitted, were not 
covered by toe banking co-ordina- 
tion directive that the EEC 
Council of Ministers passed last 

Technical problems included 
a common definition of bousing 
finance institutions 

French military advisers 
sent to reinforce Chad 




Every day at 230pm P&O Jet Ferries’ 
Jetfoil departs from the heart of London and 
skims across the sea at 50mph to Zeebrugge. 

Its fast If s smooth. Ifs sensationaL 
There’s simply nothing * vv.^- 

else like it at sea. 

P&O Jet Femes 1 



FRANCE HAS been reinforcing 
its military presence in toe 
African Republic of Chad over 
the last few weeks following ter- 
ritorial gains by anti-government 
forces in the north of toe 

It was confirmed here that 
France now has olmost double 
its original contingent of 310 
military advisers, who were sent 
to Chad under a 1976 bilateral 
defence pact. 

The agreement was made 
between Gen. Felix Malloum, 
head of toe regime which over- 
threw President Tombalbaye in 
April 1975 and the then French 
Prime Minister, M. J deques 

The Defence Ministry here 
denied France had any combat 
troops in Chad, following a 
Press report this morning which 
claimed that the equivalent of a 
battalion of French troops was 
now deployed there. 

Observers here, however, . be- 
lieve the accord is as fragile as 
the one signed a few weeks ear- 
lier between Gen. Malloum and 
one of the rebel leaders. M. 
Hissene Habre. 

Prolonged fighting in northern 
Chad appears to have given rebel 
forces control of the region 
around Faya-Largeau, a strategic 
air base. In January, Frolinat 
forces claimed to have shot down 
a transport aircraft, killing three 
French air force personnel. • 

Rebels als captured a young 
Frenchman and a Swiss who 
were on a hitch-hiking tour 
through Africa. Tehir capture 
came a year after the release of 
Madame Francoise Claustre, a 
French archeologist who was 
held by Frolinat for 33 months. 

Some 200 extra personnel, 
mostly paratroopers, have how- 
ever, been sent out to help the 
increasingly vulnerable govern- 
ment forces. The men are 
engaged in training Chad's army 
and supervising the use of 

PARIS, April 6. 

French weapons and aircraft. 

Le Monde newspaper said that 
about 100 men had been sent 
to toe capital N’djamena and a 
further 50 to the town of 
Abeche near the Sudan border. 

President Malloum was re- 
ported to be in toe Sudanese 
capital Khartoum to-day for fur- 
ther discussions on peace efforts. 
The Libyan Government, which 
supports the fragmented rebel 
movement Frolinat announced 
last month that a cease-fire 
accord had been reached after 
talks in Libyan > territory be- 
tween the Chad government 
Frolinat Libyg, $£ir , an and 
N ‘£ er 

Long way to- 
go in Dutch 
wage round 

By Charles Batchelor 

AMSTERDAM. April 6. 
MORE THAN lm .of the 1.6m. 
Dutch workers engaged in 
negotiations fo ra 1978 wage con- 
tract have still not settled after 
more than four mouths of talks. 

The groups which have not yet 
reached agreement include 

450.000 metal workers, 70,000 
textile and clothing workers and 

30.000 employees at Unilever and 
the • steel manufacturer 

Provisional aereement on a 
contract for 65.000 workers at the 
Philips electrical group was 
reached after an 18 -hour necoiat- 
ing session earlier this week. 

In a strong criticism of some 
of the unions, top largest 
emolovers' federationJ the VNO. 
said the major obstaelp ot agree- 
ment lay with the - industrial 
unions. Negotiations have gone 
much more smoothly- with the 
construction, foodstuffs; trans- 
port and service industry unions, 
it said. 

Italy 'not 
opposed’ to 
EEC entry 
by Greece 

Mr. Constantine Karam antis, the 
Greek Prime Minister, said yester- 
day he had found no opposition 
from the Italian Government to 
Greek membership of the EEC, 
writes Paul Betts in Rome. The 
statement followed talks with Sig. 
Ghilio Andreotti, toe Italian 
Prime Minister. . Mr. Karam antis 
is on a 24-hour working visit to 
Rome as part of a broader Euro- 
pean tour to se € fc support for 
Greek membership of the EEC. 

Greece Is currently hoping to 
obtain full EEC membership by 
1980. But while Italy at present 
feels that enlargement could help 
reduce substantially the Im- 
balances in respect of the 
northern block of EEC member 
states, it. is also concerned about 
the possible threat these new 
Mediterranean countries could 
pose to its economy, in particular 
the agriculture of Italy's south. 

Socialist chief 

The Italian Socialist Party’s 
central committee yesterday re- 
elected its moderate leader, Sig. 
Bettino Craxi, as party secretary, 
Reuter reports from Rome. Sig. 
Craxi has supported moves to 
brin gthe Community Party into 
a new emergency government 
and to share responsibility for un- 
popular austerity policies, but has 
criticised toe Communists for 
failing to reject the policies of 
their comrades in Eastern Europe. 

Bombings in Rome 

At least five bombs exploded in 
Rome early yesterday, -damaging 
a city centre branch of toe Bank 
of Italy and a suburban car show- 
room, Reuter reports. Other 
bombs blasted apart three parked 
cars. . „ 

N. Sea workers’, tax 

British offshore oil and gas 
operators . working in the 
Norwegian sector of the North 
Sea continental shelf will become 
liable to Norwegian taxes under 
an agreement between the two 
Governments. Their British 
employees will be similarly 
affected. Britain will have re- 
ciprocal rights regarding 
Norwegians operating or working 
in the British sector. 

Portuguese strike 

Portuguese civil servants struck 
for the second time in a month 
yesterday over pay grievances but 
called off threatened demonstra- 
tions outside Parliament during a 
budget debate, Reuter reports 
from Lisbon. A spokesman for 
23 civil service unions, represent- 
ing 300,000 workers, said the 
demonstration had been cancelled 
because of an official ban and to 
avoid clashes with police. 
Portugal’s 100,000 teachers decided 
against joining in toe nation«vide 
strike called by toe civil servants. 

Brezhnev tour 

Soviet President Leonid Brezhnev, 
who has toured Siberia by train 
for toe past ten days, arrived uvj 
the Far Eastern port of Vladivos- 
tok yesterday, according to 
agency reports from Moscow. 

warns on deflation 


"LISBON, April 6. 

THE CONFEDERATION ..--. of '.TjjBiies (many of which- are 
Portuguese Industry (CD?) has* small) • and accounts for more 
warned toe Government that It? than 85 per cent 'of Portuguese 
deflationary policies will ' result exports, seriously questions -the 
in. increased i n flation and: sincerity ,of the present- Govern? 
unemployment and ‘not _ seces-' meat’s promise that toe. private 
sarily in a reduction in the sector is. about to become toe 
current annual trade deficit-' main " s tim ulus of. the economy, 
provisionally estimated at 82.5bu. ' In a thinly veiled reference 
In a brief document made -to the large nationalised petxo- 
available on the first day of chemical complex of Fine Sines, 
parliamentary debate on . toe the document urges the Govern- 
budget and general.' economic meat to abandon “ those ambi- 
plan for 1978, &P states that tious and potentially ruinous 
toe proposed reduction in the projects in which the public 
current trade deficit “ implies an sector is involved,” and to give 
exaggerated redaction ' in clear unequivocal rules for toe 
imports — 6 per -cent in real re-launching of the private 
terms — which is incompatible sector in- the Portuguese 
with toe growth that is expected economy. ' 

in exports and investments.” ... Meanwhile, this afternoon. 
The restriction of credit in: Dr. Victor Constando. 'toe 
eluded in toe Government's Minis ter of Finance, opened toe 
policies, the document 7 adds, debate on the Budget and 
will threaten the survival iff Government plan, and admitted 
many companies, which will that -differences ' between toe 
make a rise in the level of Government and the Interaa- 
unemployment almost certain. ...tional Monetary Fund over the 
The Confederation, .which level of increase in toe bank 
represents 36,000 private com-, lending rate were still persisting. 

Suarez appeals for 



MADRID, April 6. 

of Cabinet 
shows limits 

for Giscard 

By Robert Mauthmr. ' .. 

-• " PARIS,- Apia, fi 

French Cabinet, formed y#rf . 
day, clearly reflects' the a® 
to President Giscard iTEstaiD 
much-publicised' policy' > 
achieving a greater politksil e 
sensus, through a more ' " 

based. Government: 

IN HIS FIRST speech to the in March, by toe deputy Prime 
Spanish Parliament this year, Sr.. Min-iaCer, Sr. . Fernando - Abril 
Adolfo Suarez, - the y* Prime Mario r ell, over toe reasons for 
Minister, appealed to all political tbaf Government change was 
parties to put aside party® oliflK rejected "by a majority vote, 
until after the new • ' Prime Minister limited 

constitution was apprqpe&jjTv-ij,. aC oJf to saying that he had 
said the constitution,, w-neds Singed toe Government because I 
replaces Franco’s law#; must: be his fofihen Bbon&mitia .Minister, 
given first priority and- -tost. ProL- Enrique- Fuentes Quintana, 
daring this present transition had resigned. But he did not 
period, consensus policies must say why he had found it neces- 
be continued. sary to change four other Eco- 

• A Mure to do this would 
throw into danger the consolida- ■ 

to of the democrats process, he Sto wiS ft e partlee 

■ . , ■ would be even more scrupulously 

Recently the Left, mainly the adhered to. The Left claims that 
Socialists, has started to criti cise th e Government is backing down 
the Government more strongly, on some points like taxation. 
Last month the Socialists with- After toe - constitution whs 
drew from the inter-party com- approved a more normal political 
mittee responsible tor drafting Itfe wuld begin,, be said, but 
the constitution over certain until then he asked for patience, 
clauses. However, they withdrew, • - - - • 

knowing that the constitution r» - 
was almost finished. The draft is uUKS DIO VC 

60 bcf0re PirllM,,ent A procedural deadlock which 
5XJOruy ' has blocked all work on substan- 

In his 70-minute speech to toe trie -issues in toe third United 
Congress, . which was warmly Nations Gonference on the Law 
received by his ruling Centre of -the Sea, was .overcome- on 
Party but not by the other Thursday, David Egli writes from 
parties, the Prime Minister Geneva. ' ‘ • 

glossed over most of toe points A. vote narrowly confirmed Mri 
on which the Opposition has Hamilton Shirley - Amerasingbe « 
attacked him Sri Lanka as Conference chair- 

attackea m raan • despite toe contention. 

Indeed, the very reason for essentially from Latin American 
the speech was -hardly touched countries, that he could no longer 
on. The Prime Minis ter was fulfil this function as he was no 
called on to speak to toe Con- longer 1 a. member of toe Sri Lanka 
gress after the explanation, given delegation.. 

Faced. -with toe unw, 
of toe GaulEst Patty 
largest group to th& Natfai^ 
Assembly, to co-operate with ■ 
left-wing opposition grouus i 
the Socialists’ determination 
remain In opposition, toe Pt 
dent has been obliged to rei 
to very much the same mist ’ 
as before- 

The obstacles to the Pz 
dent's policy of “cuvette 
have been as much' eebnbtak 
political. Having decided 
persevere with Prime Mini " 
Raymond - Barre’s • econo 
stabilisation, policies, hotly i 
tested by even - the n 
moderate members of the c 
srtion such -as the-- Left-u 
Radicals. M. Giscard d’Esb 
automatically restricted - 
Tange of his choice 1 of Mima 
- In the event, the Presi 
and Prime Minister have ess 
ally stuck to the old team, 
to mark their appreciation 
its loyalty and effectiveness 
because it won the voters' < 
dence in the General Elei 
last month. 

Though the new Cabinc 
predictably dominated by I 
dent Giscard's own support 
ten of the Ministers, inch 
M. Barre, belong to the reo 
formed Union for French D 
cracy (UDF) and four o - 
to the so-called “ Preside 
majority " — the Gaul lists 
well represented. 

With seven Ministers, 
pared with four in the 
Administration, they hold 
third of the main Minis! 
portfolios. But the bare fij 
are misleading -because me 
the Gaullist Ministers are 
enthusiastic supporters of 
Party leader, M. Jacques O 
and will not necessarily f 
the Party line. 

Moreover, the Gaullist 
Party recently amended 
statutes to bar members o 
Government from holding 
office in the Party’s r 
bodies, a move intenda 
ensure the RPR’s freedoi 
action. M. Chirac has alt 
made it clear that toe RPE 
support toe Government's 
dee only when these eorre 
with the Party’fr own pdUti 


Portable detectnre afow you 
. to be aware of & locate e*K- 
tronic "bugs” and insurt 



• RTD-8 displays light 
■ • RTV-9 gives audio 



P.0. Box iboo 
Hew York, NY 10017 
(212)840-9349 Tatar 238330 

Prominent Percentages (l) 

of Luigi’ 

come from abroad. 


* * ":"-v - - ^v- 

| ' ■' 7 . : ^ tTi' ■ 

• :U 

The world market is of lecisive importance 
to Liirgi: 85% of all ore ers are from abroad, 
a thir d of which is due to our mbsidiary companies 
establishes on the five continents- 
The capacity of LurgL’s organization abroad 
in handling foreign exchange and balance 

of .payment problems is, undoubtedly,, 
one of the reasons for its success. Another reason is, of course, 
the high standard ofLurgi’s technology and know-how 
directly available through subsidiaries, local agents and a team 
of experts operating from Lufgi’s headquarters ' 

in Frankfurt /Main. 

the plantsare 

built by Luigi 


- •v- 





. on the way to reconciliation 


ANKARA. April 6. 

Jimmy.: Carter’s. 

ecislon to' repeal the embargo Tu^h! Many - ,eftisl - ators who werc t0 show < Il *t Mr. Carter is has undermined 

hot ratified 

* «- s “ sssswa-‘*ss: ss*a “MTS 

;-•« -:... ^ The compromise .formula cn 

J i-v.; '•■ ’:^ octed “y Wr- Carter .may see™ u UU uif 
V r, 222 a * le t0 all the partiesoon- reopenii 
'^^J**™* exce P t ^e Greeks to Turkey 
'• v:.‘o. • whom »n formula which wilt entailwt 

. — — — Turkey's tics 

the embargo would making an even-handed approach with the US- 

DCA to all ihe parlies concerned. Many Congressmen who voted 
„ . points. This will not prevent the for the embargo, to punish 

„ BOHdM . „ u . ndcr the new formula, Creeks. particularly Creek Turkey Tor invading Cyorus in 

■frr 5®^ »arkey would receive $175m. Cypriots, from protesting. But it 1974. may now vote tn remove it 

■s ■ 


" K THZ 1974 CYPRUS war left the 
, islands economy in ruins. Con- 
y struction work came to u stand- 
.s p ytill and Cypriot labour 
H..'. , -travel led abroad to find work. 
" ■- --'V' tBut the economic tide appears to 
1 t.^bc turning and the building 
boom is underway again in the 
' Greek part of the island. 

" , Housing projects have been 

‘started to cope with the 
‘ ’’ thousands of refugees, modern 
/.• apartment blocks are going up 
: * 4 --g> Nico ® a and new factories arc 
/under construction. 

,1 “ ■•* THE BUILDING boom is on 

' /again in the Greek sector of this 

• 'v-.t ‘.../divided island: not only are hous- 
-v. ^ng projects going up for the 
’ v,„ . 'thousands of refugees, but 
"• ! b- .-Jjnodem apartment blocks in 

r-- ^Nicosia 

the ban would be a major and 
much-needed coup. In the three 
months he has been in power 
he has been obliged to take many 
unpopular measures in order to 
put the economy in order and 
formula would welcome anything he could 
reimpose it present as a victory. Mr. Carter's 
addition, deal does not require a con- 

Tin a • j — - — --- - «".u t u™ u.„w - » u stop them tractual quid pro quo from him 

seconcuy. tue uia aid. Cyprus would get S5m. in generally in the U.S. and especi- withholding authorisation of the tunlikc the DCA). The aid does 

a long • tci financial aid to refugees. Greece is being ally in Congress that the embargo 3 nual military credi is to Ankara Dor depend on either Turkish 

*mi would h«» — - -- - - ----- - J -*' - ' — are dissatisfied with attitudes to Cyprus or the re- 
involvement in Cyprus, opening of the 26 U.S. bases in 

Ecevit, the repeal or Turkey, which have been closed 

sinee July 1975. 

Thus, for Mr. EcevjJ, the con- 
. nection between U.S. military 
aid and Cyprus would be effec- 
tively severed, permitting him to 
act more freely on Cyprus and 
in his relations with Greece. 

Mr. Constantine Karamanlis, 
the Greek “prime Minister, will 
not be pleased when the ero- 
that bargo is lifted. He has already 
still come under strong attack from 
interior the main opposition party leader, 

economic revival a ‘mini-miracle’ 








"^X; Ankara' Melbas, erzuru \ 

T U R K E Y 




... FORMER J- 





who had ta flee to the south at the stagnant economy and boost 
the time of the Turkish invasion, exports. It was termed a coin- 
The export trade has reached picre success. 

The Guvernincnt followed an 

, _ hotels around°the r resort 5 * areas! 200,000 jobless refugees unemployed refugees, reactivate 

• i ".‘ »*:»nd new factories in industrial 
estates as weJL 

r r «r ss 1 ta .sSiSSd wyrsc 

, '-' f V° r , the 1974 war. construction SSS rmaiwd oiTof the 
: i' “f c?nrim lowest in the. world. At the same 

■- " Jr ', iCJ %a led abroad in search of work.. X« hJEMlTOiiF} 

3:lfd vNow the construction .industry 
— :n? ./and manufacturing sector are 
- Ms.-rtw facing sever manpower shortages. 

, r . At the end of 1974. unemploy- 
, -v"- '^nient among Greek. Cypriots 
. 'reached 25 per cent . Now it. is 

of the GDP at constant 1973 stable basis, 
prices was achieved last year. The olliiials sire--'? 

Inilalion has been kept at a thousands of refugees 

low rate all this time— 4.6 per remain homeless. The __ _ 

rent, in 1975. 3.8 per cent, in Minister, Mr. Chr. Veniamin. Mr. Andreas Papandreou, and 
197H and 7.2 per cent, last year, reported that 14,000 refugee ®ay expect strong anli-U.S. agi- question of the bases would come Cyprus problem and the embargo 
The Finance Minister, Mr. families have been given proper f?Gon in the coming days. Mr. u „ only after “a positive result will have been cut, he will be 
Andreas Patsalidcs, says: “ There accommodation so far. Another Karamanlis most have known emerges from Congress.” under even greater moral 

has bec-n creditable economic 5,000 houses are being planned t* 13 . 1 embargo could not re- With no defence agreement pressure to bring peace to 
revival, but this has been faci- this year, while Government main in effect indefinitely. Even between the wo sides, the bases Cyprus to which he brought war 
litaled to a large extent by a grants will enable some 4,000 s0 » , opposiUon at home may are effectively devoid of any in 1974. The Cyprus problem is 
series of external factors and by other displaced families to build niake it difficult for him to con- | ega j status. Diplomatic sources like a dark cloud overshadowing 
external aid." The assistance their own homes. He says even tinue his reconciliation with Mr. 
has been coming mainly from with the completion of these Ecevit. which started in Mon- 
th*? United States (through the projects, the housing problem treux last month. 

U.N. High Commissioner fur for refugees will remain “ acute.” President Spyros Kyprianou 
Refugees) and Greece. There Is an obvious effort for and the Greek Cypriots' will be 

Dr. lucovos Arislidou, head of “ a quick approximation to the Jlic ones most angered by Mr. 

Ihe planning bureau which has consumption levels prevailing Carter's new move. They hre 
the main responsibility for work- before the invasion, 
ing out the economic pro- of the 
grammes, explained: “The reaeti- remarks: “We would like 

in Ankara have been raying since 
1975 that Ihe bases have become, 
or are becoming, obsolete with 
developments in - satellite 

Others claim that some, if not 
(Sinop on the 

nut only relations with the U.S. 
and Greece but all of Turkey's 
foreign affairs. Mr. Ecevit can- 
not move to new destinations in 
foreign policy without getting rid 
of Cyprus. 

But nothing, it would seem. 

sector, while displaced farmers 
jwm have been b&iit, -the island and animal breeders, who had 
has developed one of the best lost everything in the north, 
communications systems in the were given loans, subsidies, 
world, and the tourists have machinery and fertilisers by the 
begun pouring hack. Government to help them back 

The- rapid economic develop- on their feet. , 

meat was achieved through hard Between 2975 and 1976 there 
almost non-existent (officially it wor jj u y th e people good plan- was a growth rate of about 15 
: * is .about 2 per cent And still md management on the P er cent. Total exports in 1975 

• - going down), in spite of the huge 0an . 0 f the ■ Government, and reached pre-war levels, while in 

generans aid from overseas. 197 6 they went up by almost 90 
Some external factors also P e £ cent 
helped, such as the Wgh prices Foreign exchange reserves, 
paid on the intenxitional market which stood at 112m. Cyprus 

for Cypriot potatoes and other pounds in 1973, dropped to 

agricultural products and the C£89m. in 1975, then rose to 

civil war in LebihonJ' which C£12Sm. in 1976. At the end 

brought thousands * visitors to of 1977 they stood at around 

the south of theAdand and C£135m.. enough to cover six 

helped the export drive to Arab months of imports comfortably, 

countries. The Government later pris 

. Immediately after, the Turkish pared a second emergency action 
invasion, the Government plan (for the years 2977-7S) and 

vation of the economy and imports, but how van wo toll the 
recovery uf part of the national refugees — who had everything 
income should not be seen in a before the invasion and lost it — 
normal sense of development, not to buy new TV sets, washing 
n -m.. We must m»l forget then* is con- machines and car.-V ” 

JS 8 ™ "HiSlS. 4MUMM need to replace, from The rising import bill is indeed 
policy to stimulate the private !n( . nmn ik„ im-mta, 

Bur one about to lose what was the only Black Sea and Pirinclik in the would induce Mr. Ecevit to return 
economic planners practical pressure on Turkey to f or instance) are of vital to tbe blind trust that his pre- 

ke to curb act out of Cyprus. The U.S. Am- importance to the West’s decessors put in the U.S. and 

current income, the tremendous 
losses of fixed assets cut off in 
the occupied area. In essence 
we are replacing lost assets 
(hotels, factories, farms) which 
were not even insured.” 

He stressed that the Greek 
south was now left with only 
*■ limited " resources, and these 
should be channelled first to- 
wards relieving the refugees and 

causing concern. Imports last 
year jumped by 43 per cent to 

bassador in Nicosia was assassi- defecnes. If. as is more likely, NATO for Turkey's defence. He 
nated after the war and heavy ^ latter is the case, Mr. Ecevit has said repeatedly that he will 
security precautions have now come under conflicting formulate a new national defence 

been taken in Nicosia to prevent pressures from the Pentagon to policy and diversify Turkish 
any new outbreak of violence reopen them quickly, and from foreign policy to create an atmo- 
against the U.S. embassy. tie Left-wing faction of his Party sphere of mutual confidence with 

It is not clejr from Mr. Carter’s to keep them shuL its neighbours, 

new deal of what will become of He will also undoubtedly come “Turkey can never accept that 
£C254m., while exports rose by 22 the 26 U.S. bases in Turkey. U.S. underfire from the Soviet Union its place and value in the alliance 
per cent, to £C 129.7m. This left diplomats in Ankara have indi- which he will visit this summer, be treated as a military outpost 
a trade deficit of £Cl24.2m. The eaied *|iat it will help Mr. The Soviets may tell him that gallons it undertakes and that it 
widening oF the current account Carter’s battle in Congress if the they will stop their generous be treated as a military outpuost 
deficit is also giving cause for Turkish leaders were ta an- economic assistance programme of the West, said Mr, Ecevit 
concern and the Finance Minister nounce that there would be no if the U.S. bases are reopened. recently. 

has spoken of dangers leading to problem about reoccupation once For the sake of his much “We will review the strategy 
the overheating of the economy, the embargo was lifted. sought-after detente with Greece and concepts of our national de- 

A policy of more restrained Mr. Ecevit, worried about the be cannot afford to gloat over fence in line with the ruulti- 

secundty towards placin'* the development will be followed this reaction of his Party's Left-wing the end of the embargo. Even dimensional threats in our 

economy on a more sound and year. faction, has merely said that the if the physical ties between the region." 

launched its first 
economic action plan 
■which aimed, through 
intensive projects,. to 

?ency set. a target of growth of 8.5 per 
i-76 ) cent.’ per year. This was easily 
exceeded, and it is estimated 
that a 12 per cent, growth rate 



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in-liv US..II-S NaUvr-s! Car Kernel 

TURKISH-CyPRIOT proposals 
aimed at finding a lasting solu- 
tion to the problems of Cyprus 
are ready for: ^presentation to 
United ■ Nations Secretary- 
. General Kurt Waldheim, the 
Turklsh-Cjpriot news agency 
Tak reposted today. 

The agency quoted Hr. Rauf 
Denktash, the Turkish-Cypriot 
leader/ as saying the proposals 
were rased on realities prevail- 
ing on the island. The Turkish- 

NICOSIA, April 6. 

Cyprldf community has been 
separate from tbe Grcek- 
Cyp riots since Turkish troops 
occupied*. 36 per cent. . or the 
island in '1974. 

Mr. Denkfash was speaking 
last night after the final 
session or a series of meetings 
to prepare . the proposals, 
which, according to Tak, will 
be delivered to Dr. Waldheim 
in 10 days’ time. 




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Financial 'nines Friday April 7 1978 

No gold sales currently 
planned by Washington 


THE U.S. TREASURY re-iterated Fukuda. the Japanese Prime Yesterday's auction by the bid 
to-dav that the U.S. has no plans Minister, in advance of the price method resulted in an 
to sell any of its S50bn.-worth of Japanese leader's visit here later average price for the 424,800 
gold “right now,” but it noted this month, said that “no con- ounces sold of $177.92 with 
that the administration “is con- crete decisions" were taken at successful bids ranging from 
tinuing to re-assess the possi- the meeting. Mr. Solomon $177.61 to 5180.26. A total of 
bility of doing so" at some point described it as “very useful in 1,367m. bids were received and 
in the future. view of the whole monetary the S70.6m. raised for the IMFs 

To-day’s statement followed situation." trust fund for developing nations 

some off-the-cuff remarks last Yesterday's comments about brings its total to 51-245 bn. 
night by Mr. Anthony Solomon, gold coincided with the latest Despite the official U.S. 
the Assistant Treasury Secretary gold auction held by the Inter- insistence that no gold shares are 
for Monetary Affairs, who told national Monetary Fund. This currently planned by the adminis- 

wus the first sale to be held after tration, there were reports this 
the formal ratification of the morning that die UJS. is toying 
IMF's articles of agreement and 
some interest therefore centres 
on the list of successful bidders 
which was due to be published 
later to-day. 

The London price of gold 
climbed to-day (to close at S180J) 
on Mr. Solomon's 

reporters that the U.S. has no 
plans to sell any gold at the 
moment. His comments came 
after a meeting between Mr. 
Michiya Matsukawa, the Japanese 
Deputy Finance Minister, and 
Mr. Michael Blumenthal, the 
Treasury Secretary. 

Mr. Matsukawa, who was sent 
to Washington by Mr. Takeo 


with the idea of emulating the 
IMF and selling small amounts 
of gold perhaps at regular 
monthly auctions as the Fund 
does. * 

However it is far from dear 
what such sales would achieve 

Smaller price index rise 


U.S. WHOLESALE prices rose 
much more modestly in March 
than in February, in part be- 
cause the supply of food was 
facilitated by better weather. 

The Producer Price Index for 
Finished Goods — successor to the 
old wholesale price index — went 
up by 0.6 per cent, (seasonally 
adjusted) last month, compared 
with 1.1 per cent, in February. 

The January rise was also 0.6 
per cent. 

psimmentc wuai suui »<uib tviuu 

comments. g j nce the amaun ts involved would 
be relatively small and would 
have little effect on the dollar. 

Just before he left office. Dr. 
Arthur Bums, former chairman 
of the Federal Reserve, said that 
the UB. should announce that it 
was prepared to sell all the 
venue lor this appears to be a $50bn. of gold in its reserves as 
conference of newspaper editors P art ° f 

onVuesday ^ ‘ n WashiI,st,m S°Sy adm^mtion officSs 

Tde jaaat .ike.y approach ui.l ^Teaif the 

probably be a senes of measures even more “exposed" than 
aimed at specific sectors. Mr. r f at "gent 
•William Miller, the new chair- lt l* elS Jr J f ,. . Mri „ ~ 

man of the Federal Reserve, said Nevertheless, it has been U.S. 
in an interview In the New York f or ■ . lons 

Times to-day that “all govern- American gold 

time that 
should be sold 

ment policy makers" were agreed Mr. Solomon notes that “from 
on th £ J ^ time to time we do sell gold. 

Mr. Miller said that there was ^e U.S. lias sold gold f ormal y 

Food prices in the month rose a H m it on what monetary policy tWo T ?c 

by 0.8 per cent, considerably alone could do in combating 1975 » ^ year c , ‘‘ 
• - -- • inflation. In his view, the «ns we™ permitted once a&ln 

Administration’s programme t0 own gold - 
should contain three basic Michael Blanden adds: The 
elements action by the federal gold price reached a high point 

.the slight im- government to curb inflation in of $1825 an ounce in London deal- 

the inflationary those areas where it had un- jng yesterday, with demand from 

deniable influence (such as the the Continent in evidence after 

pay of government employees); the satisfactory Tesult of the IMF 

a commitment to hold the auction. Later in the day, how- 

budget deficit in the next fiscal ever, the price slipped back due 

year, beginning in October, at to uncertainty over U.S. in ten- 

no more tban $60bn.; and tions, with U.S. newspaper 

that the private reports that there coidd be sales 
through voluntary of small amounts from the 

below the 2.9 per cent, of Febru- 
ary. Other goods went up by 
9.a per cent, about the average 
level of the last six months. 

provement in 

picture last month, which had 
also been mirrored at the con- 
sumer price level, is unlikely to 
relieve the pressure on the 
Carter administration to take 
new anti-inflationary measures 

President Carter, according to insistence 
the White House, has promised sector. 

to make a major address on methods, play its part 
inflation shortly. The most likely trolling price increases. 


con- reserves bringing the price down 
to close at $180 



of The Trib t hat their paper 
carry the exp ense anymore* ** 

The Trib closes down 


THE DEMISE of The Trib. the 
New York daily newspaper 
which was started less tban three 
months ago and ceased publica- 
tion yesterday because of falling 
readership and escalating losses, 
surprised nobody. But it dis- 
appointed many, even among owners of the 

those who were not among the thought that The Trib would failed to give The 

140 Trib employees. A hand- have no trouble establishing advertising it needed. In parti-, three days of its birth, Mr . Vere and” of ’the"£*S s '5T Nw 
somely produced tabloid, its Itself when the only newspaper cular, he singled out dhe large- Harmsworth, chairman of Asso- Herald Tribune 

i at OH the streets. But the nrosnert rlpnarfmanf I ml. 


Many"' of the senior edl 
staff were mature or 
newspapermen with a *£ 
perience .in/- ;New 

newspaper had business community which had behind The Trib and dominated JoImD&ojL^le^WLi^S! 

give The Trib ihe its day-to-day affairs. Within editor of Newsweek 


main failing appeared to be that on the streets. But the prospect department stores for failing to dated Newspapers' in Britain. The -paper relied heaViS 

it looked too little like a news- of a strike at the other three support the newspaper. ..- showed interest in acquiring a news agency ma terial an«- 

an ‘ 1 * n o much like a daily bas receded, and so When it began publication on .stake in The Trib, but Mr.' Saffir not- notably successful in hr 

This was probably The Trips Board of directors January 9, The Trib was printing would not contemplate relfn- Ing exclusive news. Its fi*V IS 

a alternative to the decided yesterday to close the some 250.000 copies a day at _a qUishing controL • page story that Mr David F-l’' 


magazine. This was probably ’rne xnp s tsoaro oi directors January 9, The Trib was printing would not contemplate relfn- Ing exclusive news. Its 
too radical an alternative to the decided yesterday to close the some 250.000 copies a day at > .qtifebing controL page story that Mr. Da vJd piV 

two morning newspapers in the newspaper. contract works in New Jersey.- However, by January 18, Mr. the television performer, 

city, the New York Times and Mr. Leonard Saffir, editor-in- Theru in the first few weeks, its Raymond Learsy, .president, of-’ helping Mr. Richard Nixo«,J |] 

Daily News, and the after- chief and publisher, said that circulation was bedevilled by Agricultural Chemicals Inc,, rewrite his memoirs becamol 1 . 

uoon tabloid the New York Post, the newspaper would have distribution problems. During made a “substantial investment'' embarrassing cause celebreV -n i n C f 

Hopes that these rival papers needed another Sim. to stay the three months of its life; The in The Trib and became chair- it- was revealed by rivals^: *3 
would be baited by production alive, and “close to S5m.” bad Trib's readership had fallen to mao of its Board. The decision the David Frost in question 2 ? **? 

strikes had kept the Trib pub- already been spent. He blamed about 40,000. • to close the newspaper my well an employee of Mr.- Nixon's 

lishing for the past week. The the collapse on the New York Mr. Saffir was the moving force' have been related to his. unwd- Bshers. • • 

Record reserves in Brazil 



THE BRAZILIAN Central Bank ber, 1076 — was due, the Central 
has reported that the foreign Bank says, to the unfreezing of 
exchange reserves on December foreign loans contracted by 
31. 1977, totalled' §7-256bn. — the State-run enterprises, and to 
highest ever. little amortisation of outstand- 

In November 1977, foreign ing loans, 
exchange reserves fell to Although no figures have yet 
$5.995bn., because the Brazilian been released, there are indica- 
govemment stopped the entry of tions that the reserves fell in 
loans in foreign currency, in the first two months of 1978 due 
order to reduce their effect on to an upsurge of imports and 
the expansion of liquidity which seasonal remittances of interest, 
was occurring at the time. dividends and royalties by 
The December rise of S1.26bn. Brazil-based foreign companies 
in the reserves— making the to ' their head ■ offices. This 
year-end total 11 per cent, higher decrease is expected to be off- 
ttaan that at the end of Decern- set this year, however. 

freed after 

By Our Own Correspondent 

MEXICO CITY, April 6. 

A CASH payment of $400,000 has 
secured the release from prison 
of a former Mexican Transport 
Minister, Sr. Eugenio Mendez 
Docurro, who was : arrested on 
March 21 and . accused of 
embezzling that sum while in 
office under former President 
Luis Echeverria. 

By paying the cheque to the 
Ministry. Sr. Mendez reduced 

The extreme difficulty involved 
in putting a building on the ground is 

You’d think that enclosing some 
space decently, for you to work, 
store, sleep or sell in, would be 
quite easy. 

Oddly enough, you’re right. 
And most real builders would 
agree with you. 

It's the people in between who 
tend to make things complicated. 
Architects. Engineers. Surveyors 
and planners - the whole involved 
infra -structure of the building 
trade, who usually work 
independently of the people who 
actually build. 

They’re there, of course, to do 
a vital job of giving your interests 
professional protection. You can’t 
possibly do without them. 

But it’s where and when you 
can’t do without them that 
matters. And really you need 
these professionals slogging away 
at real problems in the same team 
ac the bricklayers. 

That's where you'll find them 
in Lesser Design and Build. 

At Lesser, we integrate 
planning and action. We can clear 
the site while our architects are 

designing . . .put in foundations 
while our engineers are working 
out acoustic finishes ... get in the 
bricks before the colour of the tiles 
in the loo is established. 

■ We can slash the pre-contract 
period, and usually take months 
off the time spent actually 
building. Not surprisingly, when 
all the benefits are considered, we 
tend to end up about 10% cheaper. 

Because at Lesser, your project 
is indeed handled by first-class 
engineers and practical 
professionals. But it's controlled 

on vour behalf by a hard-headed 
businessman, whose job it is to 
treat you not as a client - but as 
a customer. 

Now, which would vou rather be? 

The buildings shown here are a 
liandful of those we've built for 
dozens of satisfied customers - 
all equally important, equally 
valuable to us. For detailed case- 
histories. or facts and figures on 
the savi ngs you make with Lesser 
Design & Build, phone Mike 
Barraclough on 01-570 7755. 

Crest Hotels Europe 
Headquurlers building at Danbury. 

Rritirth Mail Order Corporation 

R' l-eptiun nun at iVitflon Headquarters of 


1'ibons Pharmaccutieal- 
Hi-ud Offii-ral Leus;hhr»j , i»ui:lj. 

F. W.Woolvvurtli & Co. 
$ lore at. Burnley. 

Plomcy Radur 

Production building, Cowes, Isle of Wight. 


Social Centre, Co\ entry. 

Arthur Guinne«.h Son & Co. 

UlTice building at Park Royal Brew cry. 

I n i led Biscuits 

Offices at Os ter Icy, Middlesex. 


Swallow Hotels 

120 bed room extension tu 

Vaus’s Royal Scot Hotel. Edinburgh 

H. Samuel 

Jewellery store, Liverpool 
( Under vomlruetiun) 

Le^cr Construction Limited. 
The Leaner Building. 
Staines Road, Hounslow TW3 3JB. 

Telephone: 01-570 7755. 


And at: 

Birmingham (021-705 0111) 
Glasgow (041-221 0124) 

Manchester (021-705 Olllj 
Newcastle (0632 612992 j 
Nottingham (0602 56557) 


and feel tit Home 

the possible penalty he faces to 
fewer than five years in jail and 
made himself eligible for ban,, 
which be has been granted. 

When be emerged from prison 
last night, Sr. Mendez rejected 
any suggestion that the payment 
amounted to an* admission of 
guilt. He said that he Was inno- 
cent and would prove it, £nd that- 
bis only fault had been! in .faff- 
ing to supervise his subordinate^ 
m the ministry. . : 

The release of Sr. Tjl 
leaves two other prota_,_ 
figures of the Echeverra adminis- 
tration (which ended :m. 19.76) 
behind bars awaiting corruption 
trials. They are ’ a former 
Agrarian Reform Minister, Sr. 
Felix Barra Garcia, accused of 
extorting half the compensation 
mpney* that ministry was paying 
an exproDriated fanner, .and Sr. 
Alfredo Rios Camarena, accused 
of embezzling the funds of a 
tourist development which he 

Despite official denials, the 
arrests are widely believed here 
to reflect a power struggle within 
the Jong-ruling Institutional 
Revolutionary Party before its 
summer congress. Few Mexicans 
appear to believe that this 
Government, any more than its 
predecessors, will really try 
stamp out corruption. 

Canada poll date debate 


OTTAWA. April 


Chile political 
prisoners to 
be pardoned 

By Robert Lindley 

PRESIDENT Augusto Pinochet 
of Chile announced last night the 
pardoning of those sentenced for 
crimes against the security of the 
state, or the commuting of their 
sentences to exile abroad. 

' Now no one can say that in 
Chile there are persons deprived 
of their freedom for having com- 
mitted acts of a political charac- 
ter," he said on national radio 
and television. Last week, the 
former vice-president of the 
Central Bank and member or the 
Chilean Socialist Party. Sr. 
Carlos Lazo . Frias, was allowed 
to leave Chile, bis 30-year jail 
sentence having been commuted 
to' a banishment of 20 years 
Yesterday. Sr. Jaime ■ Castillo, 
former leader of the dissolved 
Christian Democratic Party, 
returned to Chile from exile in 
Venezuela where he bad lived 
since August. 1976, when he was 
expelled allegedly for carrying 
out political activities. 

In his speech last night, Gen. 
Pinochet also announced that a 
new constitution will be drawn 
up by the end of this year, for 
the subsequent approval by the 
military junta, and that the final 
draft may be submitted to a 

Quito bus protest 

More fban 300 people have been 
arrested after three days of 
violent confrontations between 
police and students in the 
Ecuadorean capital, Santa Kendall 
reports from Quito. Students 
are protesting against a rise of 40 
per cent., equivalent to one new 
penny, in the urban bus fare, and 
Quito is virtually without public 
transport. . Speculation that the 
military government will put off 
the July presidential election has 
been firmly denied, and. candi- 
dates are stepping up campaign 


Curtiss - Wright chairman 
attacks Kennecott Board, outr 
look at Norton, Amex results, 
retail sales Page 29 

Fiksmciai, Times. niSlirteiJ dally except Sun- 
day* and hoi Mays. U.S. jubwnpJJon KUO.WD 
(air ( retail! i S.WO.QO fair mail) per annum. 
Second dun DOOIua laid it Me* VcuX. N.Y. 

THE CANADIAN Cabinet met . Conservative leader Hr. 
yesterday to decide the date of Clark predicted that Mr. Tru .• . 
the next budget and to examine will call the election on Jus 
possible June dates for the or 19. He said this would ft." 
general election. the Introduction of “the quit 

: Hie latest public opinion potl budget in the history of 
shows the Liberals have .Western world/ * --- 

increased their support by two The budget expected to b«-> " 
points. The Conservatives have jeered next week will font 

dropped ^ Liberal Government's earn 1- 

Democrats held their ground. The . 

number of undecided voters has dectimi. 

risen from 35 to 3$ per cerfL New BiJis will be introd ‘ 

All three parties are express- every day this week lnto^"- 
mg' optimism about their' stand- Commons. Although, then 
ing with the electorate. Liberals Utile hope of them- beihg.pi 
attending their regular weekly before Parliament is disu - 
caucus emerged elated by the the Government wlU hare.ri - 
increase in the party’s popu- the public its good intent^ 
larity shown by the latest Callup said, a party spokesman. 

Poll. . * ‘ • Mr. Jean Chretien, the Fin 

The Progressive Conservatives, Minister, told the Comi 
the official 'opposition, f OH owing yesterday that the Cana 
their caucus, were cautiously Government has no inlentic 
optimistic that the continued imposing foreign exchange 
dectinef in the state of the trow. . 

economy and the weakening Pressure has been -inouf - 
dollaiV would help them in the on- the Finance Minister 
election. New Democratic Party introduce such controls J •rtlfif!* 1 !' 
?rs were pleased- their reports increasing .QrfrofeiUvilb ? 
had held its 17 per cent going out. of Canada jfito:. 

So the poll, ^^^^^^U^^o^urchase^ property^ 

Edited br Denys Sutton 

The world’s 
leading magazine oi 
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Published Monthly price £2.00. Annual Subscription £25119 (Inland •. 
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EC4P4BY.-Tel: 01-248 8000. : - * ' 

war that never ends 

We British 'are a peaceful V 

over \ve like to to theju 6 toiyoooKS-“* . 

f °Bot for some ihc wars live on. The 

both World Wars and&omfcsserram^^“=J> 

too easily forgotten: the widows, the 
children -for them their war lives on, every day > 

Inmany cases, of course, there ishe ip Jroraa_ 

^ pension. But there is a lurntto whui anyGo vemms- 
” Department can do. . . ■ ■ : 

. Thisis where Army Benevolence steps in. wi 
understanding. With a sense of urgency . . - 
practical, financial Belp. 

To us it is a privilege to ** W 1 

women, too. Please will iyou-hdp^ vs to note . 
must not let our soidiexS dowp. 

The Army Benevolent Fund 

:for soldiers, ex-soldiers and their &mffi^ in 
Dept FT, Puke of York^HQyLcffldon SW3 45 r 






Wsattcfef !Rmes Friday April 7 1978 


- and for you- Crown 
plans offer extra choice. 

protection opportunities. 

1 date 

major force in 
V % life assurance offers 
- lew weapons against 

,.. T -rown Life was set up in Canada in 1900. Operat- 
■ ! through over 200 brandies. Crown Life today 

■-.erves nearly four million policy-holders through" 
V / - 'Ut the world. 

: : Nearly a million of them are here, in the UK. 

. .n fact, almost one British household in every IS 
; •*. . dies on Crown Life to help protect it a gains t the. 
uncertainties of life. 

Now Britain secs the launch of a totally new 
... - y___ ange of Crown Life financial services and plans — 

- scries of unit-Unhed life-assurance policies, 
... /hich together provide a comprehensive, flexible 
-nd thoroughly contemporary opportunity to 
V .‘Conserve or increase netincomc or capitaL . 

-’f:' Why unit-linked? 

Life assurance has particular relevance to 
-IritLsh conditions. It*s always been the natural 
- .‘. '/ay to save money - but recently if s assumed even 
. rearer importance. • 

r . Because the burden' of. tax has become 
increasingly heavy, the fact that life-assurance 
premiums normally qualify for tax-relief has made 
saving through life assurance increasingly attrac- 

And even within 'a life-assurance company, 
the funds it invests arc taxed advantageously, 
compared with the way tax is applied to- other 
commercial operations, so that a saver through 
life assurance often has a double opportunity to 
minimise the effects of tax. 

But British prosperity is subject to an even, 
greater hazard: inflation. Only an active personal 
investment approach now gives the saver a real 
fighting chance. 

With unit-linking, a direct, personal dirnen- 

- skmis added to the professional investment element 
of life-assurance saving. Crown life unit-linked 
life assurance allows the saver to invest his assur- 
ance premiums in stocks, shares, property and 
other securities through a variety of Crown Lite 
investment funds, with advantageous tax treatment. 

’ : This combination - unit fund investment for 
growth in capital and income, advantageous tax 
treatment, and the traditional guaranteed assurance 
cover against emergencies - offers real long-term 
protection, against the uncertainties of life and 

- the only-too-certam effects of inflation. 

ife’s new unit-linked 

Crown Life House, Woking, Surrey-opened in Jubilee Year as a symbol of Crown Life’s commitment to 
- long-term growth in a prosperous Britain. ' 

Where your money 
arorks - the funds. 

B>w you invest- 




0 develop a contemporary investment . pio- 
ramxne, it is important to be able to spread risk 
hile taking informed derisions on the growth 
respects of all types ofinvestments. . 

The right Crown life fiiods.~of&r a wide / 
oice, and allow us to tailor plans and policies to 
dividual requirements. 

In particular, the Distribution Fund’s unique 
.vestment policy matches the needs of nriny 
.vestors to increase net spendable income, 
ithout the necessity of drawing on capital in the 

Some plans allow the investor to manage his 
vn portfolio, by switching money from fund to 
mcL Others allow him to leave the investment 
sanagement entirely to us. He can fellow the 
nfermance of chosen funds daily in the nat i on al 
ress. / ' 

These are the funds. 

The Equity Fund ^ 

his is invested in a wide range of British ordinary 
lares .and has- the aim of producing growth in 
ipitaland income in the long and medium term. 

The Properly Fund 

and and pr opert y are always a good, long-term, 
■-a (vestment. This fund gives access to direct 
£ l W vestment in real property and property shares, 
he properties will be valued regolarlyby indepen- 
mt professional valuers. 

. The Investment Trust Fund 
1 * nresriri S in investment Truss, the fund 

i hieves an enormous diversification and spread of 

ik, and also taps the skills of investment . trus t 
onagers throughout the UK. 

International Fund 

his fund provides the opportunity to. invest in 
■erseas shares and also to make full -use- of 
irrcncy fluctuations. 

The Fixed Interest Fund 
bis fund is invested in securities whichpaya 
zed rate of interest until a pre-stated redemption 
or until sold ar the market value at the dare of 
le. The performance of this fond will depend 
... - jon an active policy of buying and selling fixedr* 
terest securitiesby thc.investment managers. ■ ■■ 

' ; The Money Fund 

: his is primarily a short-term home for investment 

1 the move to another fend, and is invested in 
ans and interest-bearing deposits. Money Fond 
iiLs arc guaranteed against a Miu price. . 

The PXs lri lmt a ottFund ■ 
is is a special fund which is constructed to aim 
a- net annual income of 5% of the original 
(which is the masrfmmn income allowed 
:-free), and growth in the original invesm^nL 

The way your investment pays off is up to yon. The 
feurplaas meet a gr^at range of needs with a wide 
choice of methods.'^ Each, of course, , has tax 
benefits, but otherwiso^hey’rc widely different. 

Crown Life offers a wide choice of funds and 
plans, all of them representing first-class 
investment opportunities. The ^principle on 
which the Distribution Fund, m>^iarticular, 
is constructed, and the choice of Income or 
Accumulation Units, offers the lump-sum 
investor an opportunity for increasing 
spendable income without touching capital 
which is, so far as we are aware, unique. 

The Protection 

Fox the family man who 
needs maximum assur- 
ance protection until the 
children leave home, and 
thereafter wants to accu- 
mulate capital for retire- 
ment. Thereis the nozmal 
tax relief on the pre- 

Method of payment 

Regular monthly payment up to age 05. (Minimum 
£5 per month.) 

Insurance content 

Full cover to age 55 (amount depends on premium). 
Built-in protection against sickness and accident. 
Optional accidental death benefit, extra life benefit, 
mortgage protection, family income benefit. 
Investment content 

Premiums invested in the Managed Fund may be 
switched at age 55 to other funds. Good-value way 
of building eventual lump sum. 

The Savings 

Designed to give maxi- 
mum capital growth, 
without losing normal 
tax-relief on the pre- 


Method of payment 

Regular monthly payment for 10 years or more. 
(Minimum £5 per month.) 

Insurance content 

Valuable but limited life assurance. Built-in 
option to increase premiums to match increased 
ability to save. Optional accidental death benefit, 
waiver of premium benefit, extra life benefit, 
mortgage protection, family income benefit. 
Investment content 

Premiums invested in the Equity Fund, the 
Investment Trust Fund, the Property Fund (all 
switchable), or the Managed Fund. If a fund 
•other than the Managed Fund is chosen, the 
investment may be switched between the three 
funds. Good-value way of achieving a high lump 

The Investment 

This is for the investor 
with a lump sum Of/500 
or more, who requires 
capital growth, income 
or both. 

^ bc-free), and growth in the original investment. 
dflff is only, available for lump-sum investments of 
, r »p\'Pf ** 5,000 or more, from which- the 5% tax-free 
i IK* v\come is withdrawn, leaving capital untouched 
:- \d free to grow. 

The Managed Fund 

f. his fund is invested in the whole range of 
' . • r vestment vehicles according to the view of the 

vestment managers as to fee spread of types of 
. ■ “ vestment that is most suitable sc any particular 
. -■ * * ne. It is an ideal fond for the regular saver and 
' r ns for consistent, smooth, long-term; growth m 
. - ‘pital and income. 

. ; It is important to note feat none of these 

• * ' _ ■ - .* nds invest in any of the other funds - fee perfbr- 

. . ance of independent .of fee performance 


If you choose fee Managed or the Distribution 
Fund, later .switching between- funds is not 
generally available. However, if yon choose from 
fee other six there is complete flexibility of 
switching between those six: choice of income or 
accum ulati on urixs. Income is paid from dividends 

Method of payment 

Single premium payment of £500 or mure. 

Insurance content 

A multiple of the bid (i.e. selling) value of units, 
decreasing as the investor grows older. 
Investment content 

The premium may be invested in any of fee right 

on underlying assets leaving capital unto Jchcd and 
free to grow. Accumulation units grow by way of 
automatic reinvestment of net income as well as 
capital, and allow income to be drawn hv encash- 
ment of units. Full dctails-on application. 

Crown Life unit-linked 
life assurance: flexible, 
dynamic, convenient. 

It’s clear that an effective savings policy ought to 
take account of these five guidelines : 

1. it should provide an opportunity for investment 
in real sources of growth — equities, property, 
and other securities without fee normal high 

'• costs to the individual ; 

2. such investment must be professionally 

3. it should be widely spread ro minimise risk 
and maximise opportunity ; 

4. it should make full use of any means available 
to obtain favourable rax treatment; 

5. it should not ignore the value of guaranteed 
life-assurance protection. 

In deriding your investment strategy, how 
much emphasis yon place on. any one guideline at 
the expense of the others is up to you. Bur you 
shouldn't learc any of them out. If you do, you’re 
hoc making the most of your hard-earned savings. 

' Above all, it’s the life assurance element which 
provides two important ingredients: peace of 
.mind, with guaranteed protection; and the 
favourable tax treatment which gives a built-in - 
advantage compared with other methods of invest- 

Life-assurance also offers a convenient pack- 
age. Investment in unit-linked life assurance is just 
as easy as taking out a life-assurance policy- which, 
is exactly what it is. Yet unit-linked life assurance 
can cater for an astonishingly wide variety- of 
individual needs, as the plans and options described 
on this page demonstrate. 

Finally, unit-linked life assurance enables you 
not only to select your investment, but also to sec 
at any. rime exactly 
how it is performing. 

Fund performance 
is published daily 
in the national 
press. You know 
where your money 
is, and you can see 
how hard and 
it's working. 



Thorough, dynamic, 
professional - 
the Crown Life 

It’s taken over two years for Crown Life to sec up 
this - new range of financial and investment services. 

Wc began by researching the range of 
investment opportunities available, to identify 
those which offer the best combinations of growth, 
and security. 

The outcome is the comprehensive range of 
eight funds described. 

The next task was to develop life-assurance 
policies which would allow people to invest their, 
premiums in the most contemporary, yet secure, 

And finally, we’ve set up a separate company 
to deal with. the specialist requirements of these 
special policies. 

This is the Crown Life way of doing things. 
Three years ago, for instance, a- specialist UK 
subsidiary. Crown Life Pensions Limited, was 
launched to handle Group life and pensions 
business. That company has been outstandingly 
successful. Small, specialist, dynamic, it has been, 
able to respond very rapidly to the needs of the 
public and changing conditions. It has been very 
innovative in fee - devising of private, pension 
schemes for small companies, as well as for 
Directors and fee self-employed. 

• ; The.^ew- unit-linked company, Crown Life 

Assurance Company Limited, has a paid-up 
capital of £zm. It combines the Group’s assurance 
and investment experience (built up since the 
beginning of fee century) with a policy of active 
investment management. The Crown Life invest- 
ment fend managers arc supported by Barclays 
Bank Trust Company, acting as advisers on 
investment. Barclay Trust is carrying out contin-’ 
uous research into investment- and -economic 
trends in the UK and throughout the world. So 
two expert teams are working together to produce 
the besrresults possible for you. 

Join fee million people 
looked after by 
Crown Life in fee UK 

There’s one other guideline to' add to the five 
above; choose a life-assurance company which is 
big and well-established, and has a first-class 

The Crown Life Group of Companies has 
these qualities, and provides a combination of 
dynamism and responsibility. 

Any investment, of course, can have its ups 
and. downs, and unit-linked assurance is not for 
short-term investors. It is intended for people who 
can invest their premiums for 10 years or more. 
The value of units may well go down from time to 
time. But in the Jong terra, professionally- 
managed funds of the type described have shown, 
satisfactory growth. 

Crown Life Assurance Company Limited 
offers professional investment management, a wide 
range of funds and a comprehensive range of plans 
to meet most protection and investment needs. If 
you’d like to know more about individual plans, or 
if you’d like a copy of our booklet, which explains 
Crown Life unit-linked life assurance without all 
fee jargon normally found in insurance policies, 
please complete and post the coupon below. 

Crown Life Group of Companies 

Crown Life House, Woking, Surrey,GU2i iXW, 

Tel: ’Woking (04S 62) 5033. 

The Annual 

Premium Bond 

For the hard-pressed, 
higher-rate tax payer. A 
chance to protect capital 
from tax by investing for 
10 years or more. 

Method of payment 
From £250 pet annum upwards. 

Insurance content 

Valuable but limiied life assurance. Optional 
accidental death benefit, waiver of premium 
benefit, extra life benefit, mortgage protection, 
family income benefit. 

Investment content 

Premiums invested in any of fee funds except fee 
Distribution Fund. Switching between funds is 
allowed unless you select the Managed Fund. Low 
charges. High investment allocation. Alter 1 bycars 
income can be paid from dividends on under-lying 
assets leaving capital untouched and free 10 grow. 

s-.*-"***^ 1 *"- 

I-’lcase send me — 

□ ’Unit-linked life assurance from Crown 

Life’ - an introduction to unit-linked life 

assurance in easy-to»understand language. 

Name -pic.i't print' 

Details of 

D The Protea ion Plan 

□ The Savings Plan 

□ The Investment Bond 

D The Annual Prcouum'Bond 


To : Crown Life Assurance Company, 
Crown Life House, Woking, Surrey, 
Glizt iXW. 

l ..Crown Lif e .m 



: financial' Times'Friday "April' ?~T97g > 

; n ] 


The outcome is unlikely to have much effect ““w under 


tand takeover E co v 

TWENTY-FIVE million Filipinos them to hie side. His stakes in 
so to the polls to-morrow in an the election are high, 
election that will give the Philip- The election's focal point is the 
pines Its first legislative assembly metropolitan area comprising 
after more than five years of one- the nation’s capital, where Mr. 
man rule but will have little or jfgrcos' glamorous wife, Imelda, 
no effect on the country’s military- hea( j s the New Society ticket 
backed power structure. against an anti-martial Jaw 

President Ferdinand E, Marcos, opposition led by former Senator 
who has ruled by decree single- genigno S. Aquino Jr„ Mr. 
handedly since he imposed mar- Marcos’ most bitter political foe 
tial law in September. 1972, will Q f j on g standing jailed when the 
retain his firm hold on the gQ-year-old strongman proclaimed 
Government whatever the com- mart j a i j aW> 
position of the interim Bata sang jirs. Marcos’ vote-getting capa- 

Pambansa or National Assembly, jjjutv. tested when Mr. Marcos' 
which he will also head as pre- fi TS t*wou the Presidency in 1965 
siding officer. and then again in his 1969 re- 

Already, with an almost total election, is believed to be still 
absence of any opposition to his intact and. given present circum- i 
New Society Movement coalition stances, defeat for her. which 
outside metropolitan Manila, Mr. would be humiliating not only 
Marcos is assured a big majority, for her but also for her husband. 

At stake in the election are seems unthinkable. 

165 of the 200 Assembly seats. . But equally humiliating woidd 
Mr. Marcos is to appoint a maxi- be victory for the 45-year-old Mr; 
mum of 20 delegates from his Aquino, who topped the 19 ot _ 
Cabinet with the remaining seats Senatorial elections and was 
to be fiLled later through elec- widely believed to be the then 
lions in the youth, labour and opposition Liberal Party s most 
agriculture sectors. likely candidate in the *9^3 

continuation of the so-called new 

By a Special Correspondent 

PEKING. .April «. 

row m 


ANS BY the Australian 

CANBERRA, April i 

On the other hand, the opposi- PEKING'S mayor Wu -Teh. has PLANS BY the Australian Other Senators, includin.*' 

tion s one major issue is its come under fresh attack, in wait Federal Government to block the. from the Governments. 1 

incessant attacks on martial law posters pasted up throughout the takeover of, two Aboriginal voted to- defer' the Bin 

itself and Mr. Marcos’ prolonged capital. * reserves by the State Govern- either because they ohi«*Sl 

Presidency, which has now lasted The latest poster, protest meat of Queensland- are being the procedures for rusM^l 

a dozen years. Under the old con- coincides with the second amxir delayed by unexpected opposi- through Parliament or 

stitution replaced in 1973, a versaiy of the TieR An Men tioh in the Senate. .. it too tough.. T! 

President could hold office for square riot, one of,--tha .final :1 Tbe Federal' Government had.- Meanwhile, the OombuV™ 

not more- than two four-year clashes ■ between . political hoped to push legislation through Aboriginal community 

terms. _ moderates and radicals before sfi .stages by to-night so that a remote area oftheKimw 

Under the 1976 constitutional the purge of the “ Gang of Four” declaration could be issued region of Western Austral?!, 

amendments, Mr. Marcos, who is in October 1976# to-morrow giving self -manage- hired an American mineral^ 

President and Prime Minister at Protesters here see WirTeh-aa, toedt' ..the Aboriginal com- negotiator, Mr. Steven ZnS 
the same time, retains the power responsible for breaking up. the < Enmities. at Auxukuu and look after its interests fniw 

tn icsno Hrvtroao if ha ic nnf Tfiacc ilemnn itl #1.' . j.- .. .J-WWJ* 

on Mr. Marcos alone the power recently retained his ptist of city -serve includes extensive deposits Rio Tinto of Australia anmni 
to ratify foreign- treaties. mayor and, though demoted. in df- bauxite. '.- last, week that it 

Mr. Marcos has said he was official ranking lists; con- The emergency -legislation to diamonds on the land claims 
organising the Assembly as the tiuues . as a politburo member blodfe the State Government has the Oombuigurris. ’ 
first step towards political a™* vice-chairman of the Stand- tun' into difficulties. ,in the # The West German Press# 

normalcy- The Assembly has a Committee of the -National Senate for several reasons. The Mr. Walter ScheeVwfll mart 

life of six years but Mr. Marcos Peoples’ Congress. 4 : ,Tlai>our Party opposition -.wants state, visit' to Australia tu 

has not publicly disclosed what Pasted along the main avenue much tougher action, specifically second half of this year it 
he intends to do during this Peking, not far from, the seat the - giant offonnal title to the be the first time a German r 

time. There is yet no timetable ° f Government in Cbungnanhai reserve land to local Aborigines, of state has visited Australi- 

for when martial law will end. first poster details what it' ' 

Mr. Marcos -him self needs the calls the “fascist suppression” 1 1 ! ’ 

Cabinet with the remaining seats Senatorial elections and was Philippine President Marcos, celebrating his birthday with he intends to do during this Peking, not far from, the seat the’ grant offonnal title to the be the first time a German 
to be fiLled later through elec- widely believed to be the then ^ imelda. When the results of the election come in, time. There is yet no timetable of Government in Cbungnanhai _ reserve land to local Aborigines, of state has visited Australi 

lions in the youth, labour and opposition Liberal Party s most jh e expected to be celebrating victory. for when martial law will end. first poster details what it " • 

agriculture sectors. likely candidate in the 19T 3 . „ ... „ • . . . . , Mr. Marcos himself needs the calls the “fascist suppression” 1 1 ! ' ~“ 

Although Mr Marcos does not Presidential election had it not opposition has campaigned for didates were not only to°|s of e i e ction to convince foreign of two years ago. ' ' ~W ' 1 1 rS • - i 

need the formality of an election been overtaken by martial law. the potent sympathy .vote, v.aih the outlawed Communist Party m cr itics that be enjoys soSd Written by witnesses, to -the | DnQnAVI nilfl Vl71*in l 
to stride into Partiaraent by Mr. Aquino was sentenced to Kns Aquino, the detained former a plot to seize power but also support at home but would still Tien An Men incident, it implies | jdfd lU lf E| dJ lI t l V ri tl 1 

virtue of a referendum last death last November by a Senator’s six-year-old daughter, agents of foreign powers particu^ need to convince them the elec- criticism of Mr. Wu for claiming ' . «7 . ^ 

December and constitutional military court that found him its most effective campaigner. larly the United States which Mr. tion will truly be free and that the arrests were justified— .- _■ -•/.-• 

amendments in 1976, be has guilty of murder, subversion and Outside Manila, which is Marcos has often accused of honest - even though the prisoners had 

nevertheless been one of the illegal possession of firearms, altoted 21 assembly seats, it is meddling in Philippine internal r 0 r the last 45 days, for ex- opposed the “Gang .of ■Four?’ fill fJllPlj | IOC 

most active campaigners during While Mr. Marcos has ordered only in central Philippine islands affairs. ample, he has lifted the martial whose crime was said, to have 1 I KCliJ 

the 45-day campaign reason the trial reopened, he has how- where there are opposition Election of even just one law restraints on freedom of been to split the ranks of ;the 

which officially ended last night, ever, refused to give Mr. Aquino groups who generally, however, opposition candidate, they have speech and assembly. Blit while Communist Party. . - BY OUR. FOREIGN STAFF 

Mr Marcos has not onlv heen temporarv liberty to campaign, criticise local candidates but not claimed, would, be enough to the opposition has made good Prisoners were later released , 

making numerous soeeches he saving he was a “ security risk.” the martial law admi nisti-a tion. plunge the Philippines into a use of this In the streets, they on the direct orders of Chair man A DISPUTE has broken, out a key role behind the sceia 

has been releasirus Government Running as Laka6 Ng Bayan A common theme in both Mr. bloody revolution, while on the have not been as successful in Hua Kuo-Feng following, the “’tween Lebanon and Syria over moves led. by Mr. Kafr. 

funds and MviiiE Government (People’s Power) or LaUm, the and Mrs. Martos’ speeches am other hand a complete sweep by the Government-licensed press purge of the Gang. whether the forces of the Riyad, the Secret ajy-G enen 

employees wa°e increases to woo Filipino word for fight, the accusations that the Laban can- the adminstration would mean a and broadcast media. Sydney afomtaj aenna. Palestinian guerillas or of Israel, the Arab League, to rally suj 


the accusations that the Laban can- the adminstration would mean a and broadcast media. 

Gang. whether the forces' of the Riyad, the SecretariKJenen 

Sydney Mar**# aorta Palestinian guerillas or of Israel, the Arab League, to rally ail 
— — r-which recently advanced up to for an. Arab summit confer! .... 

the Lltani river, should with- After a meeting with -• 
v draw first from south Lebanon, Khaled, Mr; Riyad said that- 
' the Saudi daily, al-Medinah, re- Saudi Arabia and Kuwait a 
ported' yesterday. be members of the orgaii 

The ASEAN Trade Fair ’78 presents a total 
view of the investment merits and potential 
of the ASEAN region in the 

International Business Forum 

rnnippme international 
Convention Center, Manila 

4-6 May 1978 

The International Business Forum is designed 
to bring together top government officials 
and businessmen of ASEAN countries and de- 
veloped economies. 

The forum will provide an international venue 
for assessing the ASEAN concept of regional 
cooperation, the present system for doing 
business in ASEAN, and the investment attrac- 
tions and potential of the AjSEAN region. 

Join this meeting of business minds. 

Address communications to 

International Business Foru 
P.O. Box 2296 MCC 
Makati, Metro Manila 

Telex RCA 2523 LIC PH 

P.O. Box 324, MCC I 

Makati, Metro-Manila 
Telex ITT 742-5580 bavccon 

Filcapital Bldg., Ayala Ave., Makati, 
Metro Manila, PHILIPPINES 
Cable address: “ASEANFAIR* 

Telex: 75632785 DTRADE PN 
(Eastern Telecommunications) 
742-5466 SECTRADE. PM 
(Globe-Mackay via ITT) . 

722-2604 DPT PH (Philippine Global 
Communications Via RCA) 


ITT 742-5581 bavccon PM 

Saudi Arabia has -two main' committee. 

interests in the existing circum- The most serious hutdetau 
stances In Lebanon. the convening of such a co 

Firstly, it provides to Syria, ence still comes from the 
much of the finance for the 30,000 between • the . moderate -• 
Arab peace-keeping force — the states and those belonging fc 
majority of which come from “steadfastness front,” led 
Syria. Secondly, it is concerned’ Syria, who at a conferem! 
that nothing should happen in Tripoli last December OM 
south Lebanon which should any dealings- with Preaf 
make it harder for the UN forces Sadat after hisvisitto Jems’ 
ultimately, in conjunction with Mr. Bdyad said that Jordan * 
Lebanon's own embryonic army, have a role “of particular hn - 
to oversee control of the south, ance ” in its contacts with; 

Quoting Lebanese foreign to bridge the gap hetweer 
ministry sources* iPMedmah said moderate and radical l : 
Mr. Fuad Butros, the Lebanese states. He added that nelf| 
Foreign Minister, had a “stormy” date nor a venue had b^eo 1 ; 
telephone conversation with his for the meeting but his me 
Syrian counterpart, Mr. Atadet- of the efforts of Pres 
Halim Khaddam, on Tuesday. Nimairi of Sudan, whoiieai 
. Mr. Butros called on Syria to Arab League committee fo' 
ask the Palestinian forces to recently named to help cox ' 
comply with United Nations con- a summit, was seen as siigge 


Ik iftti 

kl-Medinah said moderate and radical h 
the Lebanese states. He added that neff| 
had a “stormy” date nor a venue had b^eo> .. 

a summit, was seen as sugge 

ditions la evacuate -south that Khartoum, the- Sud^ 
Lebanon, the paper said. ; • - capital, was likely to he 
■ A correspondent adds from controversial venue for ap 
J^dah^aaudi Arabia is playing aunmxit. > * 7 - 

le paper said. 

capital, was likely tobeti^ 1 


in South Africa tn 


IN ONE OF THE South Africa’s, way hue near Petersburg, i ’ 
longest-running terrorism trials Northern Transvaal. "1 
in the prosecution to-day urged The case began early last 
the death sentence for- six and- has- had to be re - 
defendants -convicted of offences because of the death of" 
under the Terrorism Act, after a previous trial judge, 
further six defendants had been Meanwhile, police sail *^- 
acquitted. that the man killed in a 

Sentence on the six will; be • explosion in a bouse in the. »■ 
passed to-morrow in the trial of township of . Alexandra*. _0)n !■ 
alleged members of the banned outskirts of Jobannesbui?J[| 
African National Congress. They beKeved to have been a ti 
were accused of conspiring to urban terrorist. A woniai. 
overthrow the government with baby escaped the exp.-- 
violence by furthering the aims unhurt although the ho os 
of a banned organisation and wrecked, 
possession of arms and The . ruling National - 
explosives. ‘ candidate uron yesterday s 

The judge, Mr. Justice meutary by - election ii 
Myburgh, said in his summing- constituency of Springs, bu 
up that the state had proved a substantially reduced ma 
beyond doubt the existence of an Mr. Gelhe Geldenhuys de 
ANC 'conspiracy to overthrow the his Progressive Federal 
government One of the defend- (PFP) opponent by 2.P34 v 
ants, Morizna Seywale, was found some 3.000 fewer than his 
guilty of throwing a band ity when he stood as a pro - 
grenade which seriously injured councillor at the Noi 
two policemen near the South general election. The by-c 
Africa - Swaziland border ia was caused by tbc murder 
November 1976. former National Party cm 

Another, Naledi Tsiki, was con- Dr. Robert Smit, shortly 
vlcted of sa bo take of the rail- the general election. 



Rhodesia internal deal 
defended by Chikerema 



deputy leader of the United 
African National Council headed, 
by - Bishop Mozorewa to-day 
denied that' the guerilla forces 
of the Patriotic-front were a 
threat to the internal settlement. 

In a newspaper interview, on 
the eve of another attempt to 
convene an all-party Rhodesia 
conference, Mr. Chikerema hit 
out at President Carter- whom he 
described as “ weak ” and 
mediocre and warned that there 
were .po grounds for making any 
chang&s to the Salisbury accord. 
He said the agreement fulfilled 
five of Britain’s six principles for 
a settlement, while the sixth 
principle— the test .of accept- 
ability — would be fulfilled within 
the next few months. 

'Chikerema, who is tipped 
to become Minister of Transport 
and -Mines next week 'said 

economic sanctions wm 
greatest threat to the c 
rather than the Patriotic 
guerillas, since a “weak 
dent in the U.S. favour 
continuation of sanctions. 

Referring to the wee 
visit to Salisbury by u» 
American envoys. Mr. 
Graham and Mr. Steven « 
Chikerema said: “There 
aspects of the agreement i 
have to amend, we at 
going to change a »ng« 
to please President 
Dr. Owen." t 

Mr. Chikerema, who wl 
interviewed by a nan 
newspaper said tf tnc 
were to leave 

would be “economic chao 

• other sources within an 
to ■ the transitional Gove 
echo Mr. Chikerema s vi 
less stridently. 

West’s peace bid starts 

G raham 'arrived from London to- 
day -at .the start of a fresh 
Western- effort to end - the 
guerrilla w^r in.Hbodesla., 

He told reports tie*. "planned 
talks to-day with Mr. Stephen 
Low,' the tLS. Ambassador to - 
Zambia, before the' two - men fly 
on to Maputo to-morrow to meet 
Mr.. Joshua Nkomo and Mr. 
Robert Mugabe, co-leaders of the 
Patriotic; • Front guerrilla 

ilie Western, envoys would 


then- fly to Sa u ? b “5 
Johannesburg . iot 
Saturday meting 
geSef-Mr. Ian Smtih a 
three black ieaufers wjrt* 
hT^s signed an internal 

^The aim of 

eighth - Western peare 

to set up ’TOrnJfli 

reviving Anglo-^^ ^ 

posals for an cad to 
old war, 



Financial Times Friday April 7 1978 

4 ^1 U.K. backs p« n 
^USfwnew £l 5 m. ran 
^Brazil loan covai 1 

^le Export Credits Guarantee ^ V 

■!. '; \. 'Apartment has guaranteed a 

- loan that Morgan Grenfell, BY MARGARET HUGHES 

i’ n Behalf of a syndicate of banks. 

-• as «ane 'available to Aco Minas BRITAIN’S EXPORT Credit! 

:: • ' ■ ■..■jK L s ( ,vf® minas > of Brazil, A Guarantee Department (ECGD 

i v .• was M| wwnced id ; has confirmed that it has agreec 

? ear ' 1 to provide credit insurance invti 

• - '<■ Dew J oan wl^help to for the entire TriSiar aircraf 

~ - • > '-t iS,,?? 015 .f*" 16 * 1 by 'order placed with Lockheed b\ 

. . - • •: to £oyy Aslunore Inter- j Pan American Airways— not jusi 

■ _ '■iLlona'l for rarthur nbiitf rn M tkr. rm. n.n. n _i ... 

Pan Am TriStar finance 
cover details undecided 

Japan plans I Chemical price rises catch on 

more foreign 

TOKYO. April 6 . 

. -Guaranteed a £5m linc.of For th £ airframe part of the aircraft rather than the mean providing direct subsidised Direct invest overseas bv 

- . ^ .^bichNational Westmi^srpr^mk ! “ ntract ECGD ls P r0V ? d,n R on, - v en s ,ncs alone should ihv buyer finance ior a deal between nro Japanese c. which 

.-\ : ' ras made available lo rhP ! insurance cover against the in- —Pan Am— default on payment U.S. companies. ! declined m SI. tiii.n. m iy77fiW 

. .-'in Bank for Foreign Trade. The ■ **!? { u £ cr or ^ Ocon,e insolvent. What seems most likely there- !si.ft9hn. in 197*i. :■> expected to' 

~ • ■■-.'•an will enable Romanian buvers TtllS “Partakes The EriCD insurance cover is Tore is that sonic arrangement . increase in 1U7S. ; 

'*> place orders in :thc UK "for un !, cr iff 2 n ° rin! *‘-. in su r anL ' c alsn being interpreted as an will be worked out whereby the, Hitachi said ••si., bit -lied a' 

* _ ~ jpital plant and equipment." “252? „!SLy de °L “ « Tjf,? ?. l f v “ nta ?». *o Pan Am as far as insurance cover is granted to the; joint venture v. ,ih Generali 

O * . °P er a t *?s on a self- us financing of the deal is con- U.S. banks involved in the financ- Electric of the t.'u;*-.l Stales in' 

3 \Wihnrtc coLm? j nnancing oasis. . cerned. But quite how this will mg of the airframe part uf the : February to i-:'<<dticc l-.jI.hd- :cle-' 

* Of riv ,uus rcCOra Insurance cover sudi as this is be achieved is far from clear. contract. vision sets and M.i.i- i.i .■-taijlish 

v "»|(hort Brothers, the Belfast-: nonnally for contracts under- Nomullv il» inmram* M»w>r This would be an unprcceden * another in M«-\i. .. lurmami- 


INDIVIDUAL PRICE initiatives beginning of lie year. That !s Chemical, also of the U.S., has 
launched recently by West Euro- understood to have succeeded, followed a lead taken by C<1F 
pean chemical producers finally particularly in Italy. Chimie of France to raise prices 

appear to be attracting support According to Bayer, prices for of polystyrene. 

! from rival manufacturers. titanium dioxide, the pigment Union Ciirb i de wanls increases 
! During the part 12 months. w *j} eli ". ®{jJ for elb . vlenc oxide and ethylene 

, price-, uf -ttany products. partitu- and pnntin^ mks. ha\ e fallen m g )y C0 [. used in antifreeze and 
. iarlv base petrochemicals and the part 1- months to entirely S ynthoUc fibres. The move has 
• plastic, have fallen sharply as unsatisfactory levels as a result bcen welcomed bv several 
! producers ‘aersficed price levels of competitive pressures and cur- j mportant producers 'in Europe 

f ° r SrejlCr “ arket Fe Bayer has incurred consider- S, 

1 Weak demand and overcapacity able losses in that area, as costs 

hale helped to keep prices at have continued to rise. It main- In the long term, ihe other 
'levels that in many cases would tains that even increases of 15 to avenue open to chemical pro- 
inot justrv* re-investment 20 P er wi}1 be insufficient ducers to cope with lower prices 

In -C '.lest round of 10 make Production profitable is better, cheaper technology. 
1 a Item uteri a-i.-L- increases how- a a ain - Ir sa - Vs il mi Sbt have to Monsanto, the U.S. producer of 
•ever P Bater the ^.Sr^enrian c “t production costs further by ABS lacrylonirriie-butadiene- 
i chemical ‘com oanv is pushin-' up reducing its range Df produtes. styrene i. an important engineer- 
' the prices of its titanium dioxide In other moves. Union >"S thermoplastic, has announced 
pigment* worldwide bv 15 to 20 Carbide, the U.S. chemicals the development of a low-cost 
i per com. conglomerate, is seeking to process that should eventually 

J The wove follows an initiative increase prices of two of its give the advantages of lower 
i by Murtedfeun. ihv financially prominent ethylene derivative capital costs with reduced 
j troubled Italian chemicals con- products in Western Europe by energy, feedstock and labour 
■ glomerate, to raise prices at the 15 to 20 per cent. .And Dow costs. 

Forecast of U.S. trade deficit adjusted 

CHICAGO. April 5. 

\W*hnrtc coloc financing basis. „ cernud. But quite how this will him uf the airframe part uf the: February t" I-:«<dtu:c cji.iur , , , , . 

O V riv! Sates record 1 Insurance cover such as this is be achieved is far from clear. contract. vision sets and M.i.i- m ■•-taijlish THE L'.S. Assistant Commerce near the January level for the Mr. Meil said that it is mcreas- 

tJ -yhort Brothers, the Belfast-; normally Tor contracts under- Noim-illv i»» in«.nne«» «»i»r This would be an unprcccdt-n-i another id :ur manu-- Secret a r:. Mr. Frank A. Wed. next few months. ingly evident that the U.S. should 

ased aerospace company, has taken by U.K. companies but is j i a k Gfl k v t i,,, sunnlior In t0 ^ move but would presumably I facturing farcr ia-.i..r%. Sjn;.u said l-*-da> he expects the L'.S. At the news conference he try In meet the problem ot its 
la** ^ J ' ear ’ s first quarter j sometimes extended to cover the , h r . 3,1 L,*" have the cosmetic advantage in. Electric said :i :■ mereasme ira tie deficit fur the earl) months said the deficits in the next few wade deficits head on 

. record sale s OF iLs wide- foreign content of the overall a „ a j n .. non-mvment bv lb .• huvr.r that the British Govern men l i colour telvvni-.i! ; >r ..d action by <»f 197S lo lie higher than in the months were expend lo show “ Vfhat is needed, in addition 
Elljodied SD 330 Commuteriiner. contract The insurance cover be- hui also heius hiin to rais.» would not appear to he direct lv i*s U.S. subsiuta:; . Sj::vo Man u- la tier iiionihs. with the full year's iiui e change from the February to other measures,” Mr. Weil 
*^he 12 new orders since January ; in » provided for the TriSiar con- finance fri ,'.L p b “ ks bv usj,;.; assisting in the financing ..f what ! f-irturmg. and u- Taiwan sub-: total reaching the 1977 level of fi aU re. said. “ is a national export policy, 

re worth, with spares, nearly 1 lract « unusual in that the his ECCD noliev as collateral would be an essentially internal sidury. Taiwan Sanj u. will Man ,S3!bn. The size of the U.S. trade Such a policy is being developed 

12m. Total orders for the f orei 8 Q content accounts, for the An t . slt . nsio n of this is till! direct U.S. deal. | producing s"urM vnulpment * He said in a statement lo deficit. Mr. Weil ‘aid. was a very by the Carter Administration." 

. • D 330 arc 26. including four! ^ sh a rc of the contract. bank "uarantees scheme which Nevertheless this is precise!*- "hortly in add:T:..n i>/ radios clarify his remarks at a Press serious matter. “ The dollar is in • The International Development 
“d Shorts regard the| It is unlikelv that the British provides access ‘to concessionary what il would be doing. Fur a i-j :incl television i conference here that the record trouble, import prices are rising Association ClDAi. an affiliate of 

•j ? ark et potential for 30-passcnger; Government would have agreed to finance for which the exporter though it would not be providing i Mitsubishi Electric i< planning, February deficit of SJ-Sbn. “may rapidly, inflation is gaining the World Bank, has announced 
^ Aircraft :n that category as allow ECGD to provide the in- pays an additional premium. subsidised finance .as such, i he: to establish ventures in be an aberration” and added that momentum, and protectionist the approval of a credit of MJbm. 

e tween S00 and 1,000 worldwide i surance cover for the entire con- rrrn .. w insurance pulicv itself would pru-i Nigeria. VcnezuHj and Iran to the deficirs are likely to remain pressures are mounting. to India. •* Agencies 

-:-i the next seven lo 10 years, j tract had the RoUs4loyce engines , t(I u k Vidc ‘-'ollatcral for raising finance. ‘manufacture h.-.iy elccsric — 

. . .. f-i'J-L .S«?. 52-SS- «• *» SSSJli ..TSfSrt 7, . SS _ 

- . , - In n,iiAn-l — e*Murier» ana as suen It WOUIU 'muhiiiii; iur mvn till-; IT u-- roccnllv ln-i-i.m,* r*i»» first 

. ,-.;>WISS to cut air fares ! onl - v a PP |v to the Rolls-Royce banks would also mean Ihat.JJ^JJ -!c- makir u 

• •; he Swiss Civil Aviation uj? r e ° the Tl ' iSlar deal ' ECGU is i' an Am c '? ,d t iaVw lu establish a n,ai 1J t.,cnnnv com.! 

uihorily has authorised airlines ■ S^reri ro ^ r ° r i- faced wi i h problem finance which it needs. i in tbe L'.S. ;;n U hai -cased 

: .-operating in Switzerland lo.oii^Tnr of dw, . dm * lo whom it should ® Michael Donne. Aerospace! land in Ghent. Bt-jj um. lu «stab- 

. r -.-‘duee their Swiss Franc passen-l R ?,“" firant insurance cover for the Correspondent, adds: Exports by | lish Honda Kur>.pe u. procure 

Swedish car sales still on way down 


STOCKHOLM. April 6 . 

Cnei0es Also rest of ihc contract. 

- . er cent, from May 1, John Wicks j : — 

-."rites from Zurich. The reduc-J . 

oB'ISSSli Surplus for New Zea: 

-'^suiting from the marked BY DAI HAYWARD WELLINGTOi 

the U.K. aerospace industry ini materials and pjru in Western , NEW CAR SALES in Sweden of Motor Manufacturers and will be subject to a special tax 

February amounted to 11:19.5m.. i Europe. • i during March continued to show Dealers. on the user. 

bringing total exports for the Mitsubishi *a id ih»_- 30 oer cent.! a decline after the downward The drop in March was about Saab sales for the first three 

/" i i T^T rv 1 1 first two months of this year to I appreciation uf ihe Yen against . trend of January and February. 20 per cent, compared with the months totalled 6.634 cars, com- 

XlimllTC Trtr X.OQ|OT| || just over 1270m.. about £2Sm. I the dollar since .1 .mu ary 1977 has {The drop during the first three same month last year, and the pared with 8.052 in the corre- 

kJUI piUD xva a. x v- Y» £Jv(llclIlU more than the total for the whole I reduced the omi of Japanese • months of this ear amounted trade is hoping that slide will sponding period last year, a drop 

NEW ZEALAND . achieved its . ear of i.a per cent, for consumer j na tcd the figures, at close to tics for local production and 65.449 in the same period in 1977. price inert 

trading surplus fflncelWfS goods and 1-.5 per cenLfor other £j 7 g m und engine exports procurement of naris abroad. according to -he latest report the way thi 

with a $NZ21m. surplus ^° J 0<is J n . ni . n . nc y amounted to about £71 m. Reuter from the Swedish Association cars used 

• - ^uiung from the marked BY DAI HAYWARD WELLINGTON. April 6. 

“rnnnihJ^o^mo^w NEW ZEALAND achieved its year of 7.5 per cent, for consumer 
' " - uronean roStes' Pedu^fifn^rtti ' first tradin S surplus since 1973 goods and 12.5 per cent, for other 

■>.V* o?n n nr°i?nnr e £St l °iS.* iU I with a SNZ21m. surplus of ex- goods in money terms. Mr. 

PI- rent fnr ! P° rts over imports for 1977 AdamssSchneider said the 1977 

-iianii-Vlnc I calendar year but still suffered breakthrough to a trading 

.lanuc fares will be down by 14 L deficit in invisible transactions surplus did not mean an end of 
. 1D P er cen « J of an undisclosed amount The import controls. He said Ihe 

'% ... . j Minister of Trade and Industry. Government expected further 

fertiliser plant choice ‘Mr. Lance Adams-Schneider, an- improvement in its trading 
la Commerce of Zagreb Yuco-i nounced the surplus to-day and account balance for 1978-79 but 

- - avia has selected PnUman Save details of Increases in this would not be maintained 

'\ .. Q f Wemhlev thmush import licence entitlements for without increased export produc- 

. - r. s Crousot S Sntrac™^b ^ Jnly t0 Jnne 1979 ^“*»rting tion and vigorous promotion. 

. *-• rpply process technology, en- rr 1 

ineering design, and some pro- V 

'"--SSSSsSSSfi Plessey wins £ 5 m. order 

ait. Kellogg Continental, of PLESSEY Telecbmmiimcaions months' and with maintenance 
- msterdara, is to supply engineer- has won a five-year contract esli- spates and telephone instruments 
g and procurement services and mated to be worth £5m. for -the will amount to over £400,000 
r\/\ riW ppl - v “aierials and equipment supply of electronic private auto- worth-of equipment 
Si i lilt 3 , matic branch exchangesfPABXs)- ^ j. art of the agreement 

■V A £ V V w|rea planL The units are part to the National Telecommunica- Libyan nationals will be trained 

f a S650m. fertiliser complex. tions Company (NTC!) of Libya. j n th e iostallatlon, maintenance 
4 -C-. ! k P -.r. . Among the. PABXs being sup- and sale of Plessey products. A 

*Ja g L r BL /j rower for Nlgena plied are small business tele- team of PJessey specialists will 
General Electric Company of phone systems of up to 32 lines, be based at the NTC’s head- 
le United States recently re- the Plessey KI computer-con- quarters in Tripoli for at least 12 
I-:- ’ived two separate orders for gas trolled PABX,“of between 20 to months. 

. irbines, accessories and related 100 lines and the new PDX This wiH be the first time that 
>rvices valued at more than (Private Digital Exchange) up to Plessey Telecommunications of 
- iOm. from the National Electric 800 hues._. Beeston, Nottingham, has ex- 

-- • ower Authority of Lagos, The first 36 exchanges will be ported its technology along with 
igeria. supplied within the next few its products. 

of the first quarter iasr year . ) investnenu •*! i-r>e:is in Yen / approximately Jo 30 per cenr. at be halted now that spring is in the market share from 14.7 

Aircraft and parts exports dom- terms and in;n..u.vd opponuni-! 44^5' 


with nearly here. However, another per cent, to 12.3 per cent. Volvo 
1977. price increase in petrol is on sales amounted to ^10.302 units, 
eport the way this month and company compared with 15.573 cars in the 
ation cars used for private journeys same three months in 1977. 

\ fries fr ower f° r Nigeria 

p©: : - 


m-y, ■" 
* ■ 

H m 

»'*" -ijL ■/..#»' '«"**. f 

Poland alleges protectionism 


WARSAW, April 6. 

rw-: v/ 

1 \r 

. OLLSH LIGHT Industry Deputy* Comecon countries. cent of inveslzneait funds are Mi 

. inister, Wieslaw Szymczak, has The company’s imports in 1977 going on that at Ihe moment and HI 
riticised Western countries for were worth foreign currency to modernise existing factories, R| 
. rotectionist policies and s^,d Zlotys2.6bn. ($7S0m.), 33 per which is scheduled to take up 50 |H 
. .ic only response could be to cent, from Comecon countries, per cent, of investment funds Bi ll 
/ alance trade by catting imports. Three-fifths were raw materials over the current five-year period. H||| 

.... Mr. Szymczak declined to give or products, the oniyg few new plants are lo be 111 

• - ctalls of tbe 1977 trade figures rest nnishea articles. built and lihe emphasis dn future 

• ' ir his ministry, which is Clothes imports from the West is to jj e on small plants employ- v',w5* 
. ?sponsible for textile, clothing and Third World countries in j Q g 400 to 500 peopte. That con- 
‘..nd leather goods. production, but 1977 . cost $US44m. As for trasts with the previous five-year j..-*.', 

• -""ssured foreign journalists that light industry as a whole, four-^ plan, when 70 new factories were 

■■■■ iere was a deficit in trade with fifths of production goes to tbe bum am j ^ , modernised out of ••••'. 
ie hard-currency countries. ' home market and of the rest, present total of 360. - V' 

Only co-operation agreements. £5 per cent goes to Poland's D ecigions have lbeen ^en and • • 

' aiI S y riS2 W ? 5t iST Dan3 l aad STsSriet uSom* ^ b ^ designs are being drawn up Y 
-orth DMJOm. in 1977, were un- Soviet Union. , on new mills owned jointly by • • 

. . . Tecied by quota restrictions, he The industry as wholly depend- p olattd 3^ n , he soviet Union on > • 
. r lid. e , at , on i^rts of J“ le ; the.pattcrn set by the Friendship 

A similar alarm was sounded sisal, and hemp. It imports bo per j n gawiercie, Poland. The 
st month by Mr. St^rz^mski. 115 w *>o l an d 15 cem- new yeo t ures ^jjj jj e localised in 

, rade Director of Textilimpex. of «s fiax. Poland and the Soviet Union. 

„ 1 .lie main Polish clothes and Plan targets for 1976 to 1980 _ FriendshiD Mill as iointlv ■ 

, /jPju-.vtile foreign trade • organisa- called for a 56 per cenL growth in 5? pffaSS and E \Jt Ger- 

rr-riVJl 0 Ctf on. .“If we do not come to market supphes end a 90 percenL by Polai^ a^ E^Ger 

. : 

liz 1 . ..-J 

“If we do not come to market supplies end a 90 per cenL ^ «*Sovi£ 

» - ^iue kind of agreement then we export growth over tbe previous jSSvti?®™? oSSS P “ 

C 9 'e.nrpllill have to limit our imports.*’ five-year period. But Mr. ™inne raw materials 
h ? h L i ^ " s aid - Szymczak blamed Western trade 

According to Mr. Starzynski barriers when he said he doubted LlICSS Polish licence 
is company exported goods whether the latter figure would Lucas has entered into a 
orth SUS400m. to the West last be achieved. . 'licence agreement with Poland 

V»ar and protectionist measures The production growth was to f or automotive electrical equip- 
ere costing them cn estimated be achieved by a growth in pro- ment The intitaJ contract, worth 
: js60m. to SUSSOm. more. - ductivity, as no more labour was m0 re than £lm.. is for alterna- 

* Textilimpex’s total exports last available. tors and switchgear for tractors 

? . , ar " came to foreign currency Investment polity until 1980 1s and cars being made in Poland 
V ; iotys2.7bn. i$80Qm.) with 44 per to concentrate on finishing pro- under Massey Ferguson-Perkins 
" •’at. of those going to the jeots under construction — S5 per and Fiat licences. 


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arow, N.W.a. ART IN RELIGION. 

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from 1700-1 9SS. 5-G. ttrij Street. 

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Associated Ban ks of Fu rope Coroohition j 



home news 

FordU.KJ, Haulage plan dropped 

last year 

Financial Times Reporter 

after MP’s threat 


FORD U.K. made an “ encoura 
ing increase ” Iasi year on the) 
record profits o£ £122m. achieved s 
in 1976, Mr. Terry Beckett, chair - 1 
man and managing director, | 
said yesterday. I 

This indication of a further! 
improvement by Ford compares i 
with a string of losses last year- 
from the three other large U.K. 
vehicle manufacturers — British 
Ley! and (a loss of £51.9m. after 
extraordinary items), Chrysler 
lE2L5m.) and Vauxhall (£2.2m.). 

Mr. Beckett, speaking at the 
CBl's first regional conference 
in Wales, also said Ford would 
build the first engine in its new 
Bridgend plant in South Wales, 
in Slay 1980. 

The first structural steel for 
the new factory arrived at Bridg- 
end five days ago, and Ford , 
plans to begin installing' 
machines in the building by 

Mr Beckett said: “By 1981, 
it will* be able to produce be- 
tween 400,000 and 500.000 
engines a year — about a quarter,! 
in fact of our total Ford re- 1 
quirements in Europe as a 

M These engines — of very latest 
design-will be fitted into cars 
built in the U.K. for domestic 
sales and export and will also 
he shipped to our other Euro- 
pean plants for incorporation in. 
the cars they build." 

The investment at Bridgend 
was worth £lS0m„ and it would 
bring 2,500 jobs directly to 
Wales. But the increase in em- 
ployment would, of course, be 
much more. 

Sir John Methven, CBI director 
general, referred during the con- 
ference to the growing interest 
among leading industrialists in 
the creation of a new national 
and independent body which 
would annually assess the 
country's economic prospects. 

He said that the body's find- 
ings should be independent of 
the Government the CBI and the 
TUG. “They would, of course, 
not have the force of law. hut 
they would have the persuasive 
force of an independent assess- 

One idea being considered is 
that the body could be -respon- 
sible to a Parliamentary select 
committee instead of a Govern- 
ment Department. A primary 
objective would be to increase 
public understanding of 
economic problems in the hope 
of leading to more rational pay 
bargaining. ________ 

THE GOVERNMENT, faced with 
a revolt in the Committee stage 
D f its Transport Bill, has 
dropped a controversial amend- 
ment giving British Rail wide 
powers to enter commercial road 

Mr** John Horam, the Trans- 
port Under Secretary, withdrew 
the amendment yesterday. At 
a sitting earlier, this week Mr. 
Peter Ellis, a Labour member 
sponsored hy the Transport 
and General Workers Union 
which represents lorry driven, 
threatened to vote against the 
provision. , 

Mr. Horam said the amend- 
ment had been framed simply to 
allow the Freightliners container 
carrying company, which tne 

Bill transfers into British Rail 
ownership, to continue its exist- 
ing business. This involves using 
road vehicles to collect and 
deliver containers from rail 
heads and for about 2 per cent, 
of the company’s trunking opera- 
tions. . . , . 

The road haulage industry and 
the transport workers said the 
amendment gave the railways 
power to do much .more than 
this. It did not name Freight- 
liners or container operations at 
all simply conferring on British 
Rail the power “ where it 
appears expedient” to use lor- 
ries “for the carriage by road 
of goods oE any description and 
to trunk by road if necessary. 

Unamended, the Bill will 

prevent Freightliners from meet- 
ing many of its existing commit- 
ments, although the Department 
of Transport's view yesterday 
was that the Transport Act of 
1962 gave British Rail the right 
to own vehicles for collection and 
delivery work. 

Mr , Horam mid there would 
be consultations with the 
interested parties before the 
Government decided on a 
further, and presumably tighter, 

The Road Haulage Association 
and Mr. Ellis expressed satisfac- 
tion last night that the amend- 
ment had fallen. Mr. Ellis said 
he would be prepared to support 
a tighter provision. 

Judge asks about ‘gifts 
to Denis Howell’ 

GIFTS of wine and spirits said 
to have been recorded as having 
been given to Mr. Denis Howell, 
Minister for Sport before be be- 
came Minister, were referred to 
in an Old Bailey corruption trial 

Mr. Justice Melford Stevenson 
intervened as lists of Christmas 
gifts alleged to have been handed 
out by a Midland building com- 
pany *were put in evidence. 

Mr. William Reed, city archi- 
tect for Birmingham, was being 
taken through gift lists by Mr. 
Anthony Cripps, Q.C., prosecuting 

Mr. Reed admitted that he 
himself had accepted presents at 
the start of his service with 
Birmingham Corporation. But 
he said he decided they were 
“ pernicious ” and made up his 
mind to stop taking gifts from 
any source. 

The judge read out one entry 
.which recorded whisky, gin and 
sherry having been given to a 
Mr. D. H. Howell, MP. in 1963. 

The judge said: “ Who is he?" 

Mr. Reed: “ He is Minister for 

Reading from the Christmas 

gift list, the judge said presents 
of cigars and cigarettes also 
appeared against Mr. Howell s 

Earlier Mr. Cripps bad opened 
the prosecution case in the trial 
of Alan Christopher Bryant 53, 
of Saintbury, near Broadway, 
Worcs, who denies two charges 
alleging conspiracy to corrupt. 

The first alleges that between 
January 1963 and December 1973 
he plotted corruptly to make 
gifts to officers and members of 
local authorities as inducements 
to show favour to his firm, 
C. Bryant and Son. . 

The second charges him with 
conspiring corruptly to make in- 
ducements and rewards to former 
Birmingham City architect John 
Alan Maudsley for favouring 
building projects his firm was 
concerned with. 

Mr. Cripps told the jury: In 
brief outline the case is about 
the chairman, managing director 
and directors of a Birmingham 
building company trying to cor- 
rupt members of local 
authorities by giving them 
Christmas gifts, and also trying 
and succeeding in corrupting one 

■.Financial Tfraes 7 1975 

particular official, Mr. Maudsley, 
■by entertaining him extensively. 

“The types of entertainment 
were weekends in Ireland and 
visits to Ascot and various other 

Mr. Cripps said that Mr. 
Maudsley was the city architect 
in Birmingham until he was 
prosecuted and convicted in 1974 
an charges of corruption. 

During the period 1961-1973 
the total value of building con- 
tracts issued by Birmingham Cor- 
poration was £267m„ . of which 
more than £91m. went to the 
Bryant company. 

Mr. Cripps said that the jury 
would hear about “golfing week- 
ends' in Ireland, going over by- 
air and being- met by a couple of 
Mercedes, evenings at hotels and 
gambling parties, and trips to 

In most of the entertaining 
events the directors involved did 
not include Bryant Although it 
was his policy and he fully 
approved, he left the execution 
and the details to his other direc- 

The hearing was adjourned. 






THE ' British Government 
should not step in the way of 
building societies- wishing to 
extend their operations into 
Europe, Mx. Christopher 
Tugendhat, EEC Commissioner 
responsible for financial insti- 
tutions, said in London yester- 

Mr. Tugendhat said that, 
ultimately, housing finance in- 
stitutions from other European 
countries could he expected to . 
begin operations in British 
High Streets and that the ILK. 
societies ought in turn to be 
able to seek business in 

Mr. Tugendhat who was 
addressing a Building Societies 
Association luncheon, said he 
believed the -societies had a 
vital role to play with other 
credit institutions in opening 
np a common market in finan- 
cial services. 

He did not envisage the 

deal with Mobil 


THE Government’: and British oil if they enter the UK refinery 
National Oil Corporation have industry. 

signed a p articipation agreement ; participation deal, which 

wth partners tn the Beryl oilfield a^p^vides the corporation 
>zn the North Sea. . . wftk a voice and specific voting 

The deal- wfll provide.’ the -rights in the Beryl operating 
Government 'with a majority group, is one of the last to be 
interest in oil produced, from -the /signed. Agreements have been 
field and other reservoirs in concluded with 49 companies 
, block 9/lSa as well' as from.- any '-while outline agreements have 
• other, fields found by the Mobil been signed by another four: 1CI, 
group under past licence: rounds. Murphy, Odeco and Amoco. - 
Estimated recoverable reserves . 
in the block amount to between T ; r a n n P c crinpht 
600m. and 700m. barrels, .peak L “ C “ DCeS SUUgU 
production from Beryl is • duff Oil, an independent 
expected to reach 90,000 barrels group with an interest in the 
a day In 1980. Buchan Field, : is seeking new 

The licensees are Mobil (50 ■ exploration licences in the UJC. 
per cent.); Amerada Exploration’ and overseas. If successful," Cluff 
(20 per cent); Texas Eastern (20 will fund at least part of the 
per cent); and British Gas Cor- programme from revenue gamed 
poration (10 per cent.). In view from Buchan, 
of the Government's 'equity .v Licence arrangements mean 
interest through British Gas the that the company can expect 
group will have to prbvide only a three-eighths per cent, share of 
45.5 per cent of its total produc- Buchan’s revenue from the start 
tion to the corporation. , . of production next year and : a 

The corporation has agreed to lj per cent: share from 1980 or 
buy this participation oil at inter- 1981. 

national market prices. However,' 1 Buchan has an estimated 150m. 

e 50,000 barrels 
North Sea oil review. Page 15 

hearing finance market tn the I Mobil has won the right to buy barrels of recoverable reserves 
immediate future but he back participation crude in- order and the average production rate 
wanted to see UK building to safeguard tts refinJning: and —at least during the early years 
■societies at the centre of any marketing “if “ pected t0 

discussions on the subjecL Eastern and Amerada Hess also a day. 

„ , , • will have the right to buy back 

He pointed ont that although 
the Council of Ministers had 
adopted the Banking Co- 
ordination Directive, aimed at 
establishing the framework for 
a common market in all types 
of financial services, individual 
governments could exclude for 
up to eight years any sectors 
of banking which posed par- 
ticular problems. 

It had been suggested that 
bail ding societies represented 
a case for exclusion. Bat he 
did not believe the problems 
were large enough to justify 

-BY JOHN LLOYD: ’ . . 

TWO U.K. electronics toidm'-- - 

— GECS Marconi- subsidiary- 
Racal— are . confident of sbs 
in the military comm uni cat - 
contract in Saudi Arabia -' : - 
Cable and Wireless, the' g ; ' 
owned-: telecommunications i ■ 
pany won the contract w - 
between £300m.-£400m. -It cc V 
the supply of a complete , 
muni cations system for the S 
National GuanL - 
Marconi: said yesterday'./ 
the company was fairly cohfi • 
of orders resulting fronts 
contract. .... 

The Marconi equipment i-' 
to be chosen would include 
1 kW and 10 kW transmi . 
and its tropospheric sc - ' 
equipment which enable 
signal to be transmitted a' 
great, distances. r. 

The company already is 
of the sub-contractors La • 

£500m. contract signed last 
between the. -British Ah- 
Corporation and the - ( 
Government It supplies - ■ 

■Wfe-b, ,h,. 

Racal's subsidiary compare" 

Racal .Tacticom and ftaear . 
muni cations— could receive "" 

v S. 

Chemicals output rises 2.7% 



New London 
bus garage 

A £4m. London Transport bus 
garage will be built " at West- 
bourne Pork, Paddington, Lon- 
don- 4 If- will have a section of 
motorway as part of its roof. 

The new garage will house up 
to 110 buses. It will replace 
Middle Row garage. North Ken- 
sington, which is in narrow resi- 
dential streets away from bus 
routes and has been little 
altered since is was built In 

Post Office 
data plan 

THE Post Office plans to start 
the first international packet- 
switched data service outside the 
U.S. It will operate .between .the 
U.K and the U.S. from July 1. 

Packet switching is a method 
of organising the switching and 
transmission capacity of a tele- 
phone network for maximum 

' It will cater for the needs or 
organisations in Britain and the 

Navy charters 
support ship 

THE Royal Navy is to charter a 
civilian-manned drying support 
ship because of .delays in build- 
ing a replacement .ior the 30- 
year-old Reclaim: 

The ship, a S,300ton Seaforth 
Clansman, Will be based at 
Aberdeen.. /It will . enable a 
20 -strong, naval party to work for 
the first time on an operational 
saturation diving system with a 
potential for dives to 300 metres. 

CHEMICALS production rose by 
2.7 per cent last year compared 
with 1976. But the industry's 
disappointing performance, fell 
far below expectation because it 
suffered from the failure of the 
recovery in world trade-.. 

Because of depressed demand, 
production fell during the year 
and in the final three months was 
5* per cent below -the first 
quarter peak- . 

According to the latest fore- 
casts from the Chemical Indus- 
tries Association the outlook for 
the year is little better. . 

The growth of production is 
anlikely to be above 3f per 
. cent 

TWO LOANS, totalling £31m. Export prospects are equally 
(48.3m. units of account) have depressed. After 
been made available to* the [volume of overseas sales of. 14 succes 

European bank 
lends water 
council £31m. 

Financial Times Reporter 

U.K. Chemical Miistri Seasonally Adjusted ' 






Index of 
Volume ... 





it ■ ^ 

V V 1 ■ ’ 

*, if 

a growth: in industrfc did perform more quarter leveL Imports -ha* 

ully last year than. some. encouraged because^".. of r 

National Water Council by the | per* cent/in 1977— and- a rise in of its matin Continental rivals, in- demand throughout Euro* 
“ - “ ‘ value of 27 per cent— over 1576, cludifeg West Germany, where plenty of spare - c 

exports are forecast to grow ajithe stagnation, of home and coupled with the rise in'* 
onlv 5 per cent in yolume;Ahis export demand ■ produced no the ■ association says - 
year. . - ~ « -growth at all over 1976 levels.' quarterly economics fa® 

This slower export growth. So far this year the volume of The only sectors of T8 
combined with an apparent surge UK, chemicals exports has.beeo chemicals industry which, 
in imports in the first- quarter, only 1- pen xent above the level" the *.- downward trend < 
could seriously affect the UK’s of ffie final quarter of 1977. duction last year were \ 
1978 trading account J The as- In cdntrast imports have -con- ceuticals, paints and s. 
sociation says that prospects for tinued growing steadily and in rubber, but detailed figt 
next year are little better. January and February were 13 available only to the eni 

However, the U.K chemicals per cent above ..last year’s final third quarter. 

European Investment Bank. 

The loans are for financing 
water supply and •' sewerage 
schemes In the North .of England. 

They "bring the total of funds 
lent by the Bank for various 
water supply and sewerage 
schemes to £220m. The first loan, 
of £16m., will be passed to the 
North-West Water Authority. 
The second, for £15ra., w*U go to 
the Yorkshire Water Authority. 

Meet the "team 


• •• 


Washington New Town's business experts 
don't exactly travel by skateboard 
- but they will go anywhere, anytime 
to discuss relocating your company in the North East 
There are lots of good reasons why you should 
consider Washington (among them is the fact .that 
over 1 50 firms have moved here in the last 10 years) 
but we haven't got room here to tell you about them. 

It doesn't matter what size your business is 
(small ones grow in Washington !) 
if you can show it has potential, we can help. 

So pick a time convenient to you, 
ring this number, and one of our experts 
will "whizz" out to see you. 

And remember, 

if it's commercial property you're after, 
our Galleries Shopping Centre 
(now with Britain's first SavaCentre) . 
will have more units ready to let 
in summer '78. 

Usworth Hall 
District 12 
Tyne & Wear 
NE37 3HS 

Telephone : Washington (0632) 463591 . 

Telex: 53721 O DCWASH G 

P.S. We have an office (North’East New Towns) in the World 
Trade Centre, London. _ Tel: 01-488-2838. 


. ■ .. :■ 


Saw: , 




•J next week 


•-Ser^faS l ^^ rf Cl5e r aper “i*«*P<»<Ung mow by British 
-^Canada w iTom Awmrs for its Canadian 0 ;*™- 

'• ; Suons fDr^ 1 -c?^- dian tU ^ tionMrill be strongly resiMtil. 
'■•^'SSlIrLSi-? a ! 1 u h aim of the transfer is to 

• talks m Lon^n boost traffic at Gatwick— which 
'•- v * wees. has been modernised at a c-jsi 

It will be the first time the of £HKtaL—and ««e congestion 
; / two countries have discussed ^ Heathrow 7 . 

-•aviation since 1969. Among Cm the charter side of the nir- 
“'many matters outstanding is the line business the UJK. would lik<» 
Bntish call for Air Canada to to see Canada catting from tup 
... ,‘ move from Heathrow to Gatwick. present 45 days to 21 days the 

The U.K. team will be headed ■**»! ° f “ advan ^ e bw»kin C - r.*- 
' by Mr. George Rogers, a deputy W'™* blending passengers. 
‘ : k secretary in the Department of a 011 111 fares also. 

■ •-•. Trade. The Canadian team will The UJS. team will point oul 
■J be headed by Mr. Ralph Collins, that fares from Canada to the 
:•>.. who is responsible for all on charters are higher than 
. Canadian air services negotia- fares from the UJC lo Canada 
v. tions. by a snbstantial margin — the 

- ' Th B ttv Toronto-London return rale i.; 

.™ bas cordial relations gC429 agains t the London- 
• with Canada on aviation matters, Toronto r£eof SC350 
: ;-.. b Ut they could be strained by for 

. • *b e b- requests. British Airways are concerned. 

;* It is expected that the request the aim is to try to win rights 
that Air Canada should move all to fly to and from Vancouver 
. its scheduled air services from with, perhaps, some of the mid- 
Heathrow to Gatwick — with a ’Western Canadian cities added. 

A it ‘ 

;*?■ :. 

n 7 rrrii fcirfe 

Crowds watching yesterday's launching of the world’s largest hovercraft. Princess Anne, at 
British Hovereraft’s factory :ii Cowes, isle of Wight. The arttMun, lK5-foot craft goes into 
service on British Rail Seaspced's Dovcr/Boulogne/Calals route in June. 

Shell claims taxation could 


delay sea oil programme 


Bid to raise business 

ses 2.7 

iustry 5s 

--- BRITISH AIRWAYS is trying to 

raise the number of business 
gg. travellers it carries and the re* 
/ /Q venue it earns, writes Michael 
/ « Donne. Its target is revenue of 
1 't£600ra., or 48 per cent, of -total 
revenue world-wide in this finan- 
cial year. This represents an 18 
per cent, rise on 1977-78. 

— The airline is planning a pack- 
ing? of improvements for its “ex- 

SiiaBBlJ^ecutive cabin” passengers, rang- 

— ing from improved comfort to 
1 . language lessons and “keep fit” 
ra. programmes involving instruction 

I Ini in isometric exercises— not gym- 
jv , '| nasties in the aircraft aisles. 
jJ c The plan is to- make greater. 
/ t&use of the 4448 seat executive 
cabin, situated immediately be- 
hind the first-class cabin on 747 
: jets. Travellers can reserve their 
seats in this cabin immediately 
. “• •! on making a flight booking, in- 
. stead of waiting until they arrive 
■® at the airport - . 

British Airways' is also im- 
] proving the service it offers its 

50.000 executive<artl -holders, in- 
~~ eluding more- lounges at -over- 
seas airports, such as at Cologne, 

• Vienna, Budapest and Johannes- 
burg, and improvements to erist- 
• . ing lounges. ■ _ - 

.;s : In addition, several , airports 
. .--will offer' more first-class check- 
in desks., samp. of. which.- will 

be available to card-holders. 

The already popular “two for 
the price of one 1 * hotel deal 
whereby a businessman gets a 
hotel room for himself and his 
wife at the single rate is being 
extended to include more hotels 
and -a greater number of destin- 
ations. ■ • • ' 

Approval given 
to £13m. town 
centre scheme 

ST ALBANS Dlslriet Council has 
approved a £13m. town centre 
shopping development The vote, 
which ends 13 years of debate 
over the Hertfordshire town’s 
central area, gives ;the develop- 
ment to Samuel Properties, to be 
financed by Standard Life 

The 250,000 square foot com- 
plex is expected tb: take more I 
titan two years to build and will I 
create a net 124,000 Vmare feet 
of shopping space in yme town. 
HDixse of- Fraser has agreed pro- 
visionally to: develop- one •- of its 
Army and Navy . stores in the 
complex and Internationa Stores 
will be the main food retailer: 

A SENIOR executive of the 
Shell oil group has claimed that 
the lack of tax incentives in the 
North Sea could hold back de- 
velopment of small, marginally 
economic fields. 

Mr. Peter Baxcndell. a manag- 
ing director or the Royal Dutch 
Shell Group and chairman of 
Shell U.K., said Dial sonic 
governments had granted a 
flexible tax system to develop 
the exploitation- of such marginal 

••Here in the U.K. it is be- 
coming increasingly apparent 
that insufficient fiscal provision 
has been made to permit de- 
velopment of the smaller oil and 
gas accumulations.” 

The comments, made Yester- 
day at a meeting in London of 
the Institution of Mining and 
Metallurgy, contrasted sharply 

with the claim made less than a 
week earlier by Lord kearion. 
chairman and chief executive nr 
British National Oil Corporation. 
Lord Kcarton then said the lax 
structure was “extraordinarily 
attractive” to companies. 

Mr. Baxcndell said that the 
cost of producing oil from the 
North Sea was now up to 
SI 0.000 for every daily barrel of 
crude extracted from a new held. 

The cost of Middle East 
developments in the early 1370s 
was about $500 per daily barrel. 
Exploration costs had also risen 
sharply. One well drilled last 
year in the Atlantic In the West 
of Ireland had cust about S!7in. 

Higher financial risks arc being 
accompanied by new political 
risks. Governments were 
changing the rules for 
exploration and production. 

Companies were Lying confronted 
with arbitrary iv-ductions in 
maximum allowable production 

They were also being told not 
lo flare and wasti.* gjs produced 
with oil even though the volumes 
of gas might be tun small to be 
handled comnieruall>. This 
could play havoc with the 
economic appraisal of a develop- 
ment project. 

"The billion-di.lla*- North Sea 
ventures are particularly vulner- 
able to changes i.f this kind," 
said Mr. Baxendcil. Arbitrary 
and unforeseen depletion policies 
formulated by governments could 
easily make some projects 

Oil companies must be given 
assurances abuui ihe minimum 
level of nil production they 
would be allowed. 

Home loan control 6 no answer 9 


ARTIFICIAL CONTROL of per cent, to avoid an explosion 
mortgage lending was no answer in house prices, 
to the long-term problems facing He said that the Government 
the housing market, Mr. Sydney had acted as a result of evidence 
Burton, managing director of which it believed suggested that 
Gateway Building Society, said an unacceptable rise in prices 
i no London yesterday. was taking place, but he did not 

Mr.- Burton was referring to Diink the case had been 
the recent Government decision generally proved. Prices had 
to -ask building societies to re- been rising more rapidly, but 
duce ■) mortgage lending by 10 'it was clear that there were sub- 

stantial regional variations in 
the pattern. 

“ What is needed is a climate 
under which builders will be 
encouraged to increase the supply 
of new dwellings of the right 
types and in locations where 
they are needed, so that there 
is equilibrium between the 
volume^of houses on the market 
and the demand for them. 

■ Leyland 

■ names 

m | bus sales 
■ I chief 

| FINANCIAL times reporter | 

jmerciai vehicle subsidiary' of 
; British Leyland, has appointed 
! Mr. Colin Watters as home sales 
I director for its pasenger service 
1 division — the section respon- 
sible for buses. 

! Mr. Watters. 49, formerly bus 
'sales manager at Leyland,, 
succeeds Mr. Trevor Webster, i 
who joined the Meiro-Camxnell 
: group. Lev land's main competitor 
1 in the U.K. bus industry, several 
months ago. 

The appointment leaves Ley- 
land Vehicles with one main job 
stifl to fill after the recent | 
reorganisation — that of raanag-l 
ing director of the medium-light 
vehicle division in Scotland. The I 
division was formerly headed by i 
.Mr. Harold Musgrove, now Austin 
Morris's manufacturing director. 

The job of finance director was 
filled recently by Mr. Ken 
Maclver. who replaced Mr. Peter 
McGrath after his move to become 
managing director of British 
Leyland Components. 

Leyland has lost another senior 
director within the components 
division, Mr. John Evans, who has 
been -appointed managing direc- 
tor of Park Brothers of Black- 
burn. He was previously general 
muciager and director of Butec 

Lake planners 
defer decision 
on Ennerdale 

| THE Lake District special plan- 
ning board deferred a decision: 
on whether or not to oppose the 
North West Water Authority’s' 
proposal to raise unspoiled, 
Enoerdale by 4 feet to supply i 
water to West Cumbria. 

The board voted by 12 to 11 to 
take no action until Cumbria 
County Council has studied the 
latest report from the board's 
consultant water engineer and 
has made observations on it. 

This over-ruled a recommenda- 
tion of the board's own planning 
committee that. the board oppose 
thr» abstraction. 

Conservative county councillors 
on the board are eager to avoid 
a confrontation with the county 
council, which recentlv decided 
not to object to the Ennerdale 
sebeme, and they feel that the 
deferment will give the council 
time to think again. 

Delay in change 
to company law 
causes concern 


CONCERN over the Govern- 
ment's delay in amending com- 
pany law lo discourage abuses 
and bringing in legislation to 
tighten curbs on deposit-taking 
institutions has been voiced by 
tiie accountancy profession. 

New incentives for individuals 
backing the growth of small 

businesses also are recom- 
mended by the Consultative 
Committee of Accountancy 
Bodies, which suggests tax con- 
cessions and a system for insur- 
ing such guarantors against the 
risks they shoulder. 

In their evidence to Sir Harold 
Wilson’s committee on financial 
institutions, the accountants con- 
centrate on regulation of the 
City and on the need to alle- 
viate burdens imposed on small 
companies and the desirability 
I of stimulating the flow of equity 
capital to -such concerns. 

In a lengthy memorandum pub- 
lished to-day a week after the 
announcement of the City’s new 
self-regulatory body the Council 
for the Securities Industry, the 
accountants put their full weight 
behind the concept of voluntary 
regulation in a broad legal 

But they are worried that 
action has not been taken by 
the Government to follow' up 
the proposals to strengthen 
control over the banking system 
which were published as long 
ago as August, 1976, in the 
White Paper entitled The Licens- 
ing and Supervision of Deposit- 
taking Institutions. 

“We understand that legis- 
lation is not expected to lie 
introduced until 1979, and we 
must record our deep concern 
at the Parliamentary delays 
which afflict this and virtually 
every other measure aimed at 
improving the conduct of com- 
panies in general and financial 

In a further hard-hitting 
passage about what they see as 
the urgent Deed for the new 
Companies Bill — which lately 
has been postponed — the 

accountants say: “ We buve 
examined 13 reports published 
by the Department of Trade 
following inspections carried out 
Jo recent years under sections 
164 and 165 of the Companies 
Act, 1948. 

“From this examination it is 
apparent that the most frequent 
and significant cause of criticism 
among the companies investi- 
gated arose from a dominant 
director who either mismanaged 
a company's affairs or was 
alleged to have committed fraud, 
and from the failure of the 
Board of directors as a whole io 
exercise due skill and care. 

“ Other prominent causes of 
inspectors’ criticism include 
transactions between companies 
under common control or 
influence, the provision of loans 
to directors . . . and the provision 
of assistance for the purchase 
of the company's own shares. 
There is also evidence of mis- 
representation of the financial 
position by financial institutions 
and there are criticisms of some 

Personal income 

Dealing with small businesses, 
and the need lo encourage 
personal backers of them, the 
accountants suggest several tax 

They propose that the first- 
year capital allowances available 
for new capital spending on 
plant, in the case of small com- 
panies, alternatively should be 
capable of apportionment among 
the participators and so set 
directly against their personal 
income, rather than against the 
company's profits, if any. They 
also suggest that tax payable by 
participators on remuneration 
voted, but retained in the com- 
pany, should be capable of 
deferment until the remunera- 
tion is withdrawn, or until the 
expiry of a specified period, 
whichever is the sooner. 

Railway buffet price cuts 

BRITISH RAIL yesterday an- 
nounced experimental price- 
cutting on scores of items sold 
in buffet cars on more than one- 
third of its Inter-City trains. 

The six-month experiment is to 
test public reaction and marks 
the beginning of a new campaign 
to make catering play, a ' more 

positive role on trains, British 
Rail said. 

From Monday the price of 
coffee on Inter-City buffet cars 
is cut by 2p to 15p per cup: there 
will be 3p off a packet of biscuits; 
5p off sandwiches, with the most 
expensive costing 29p; and 4p off 
a pork pie. 

the worlds leading financial terminal system 

.. . /.-w 


- ) 

philips Data 

Europe’s largest electronics company — Philips — is now ihe world's leading 
manufacturer of financial terminal systems; PTS 6000 terminal equipment has been 
ordered for some 20,000 teller positions since 1 971 . The reasons for this achievement can 
be summarised in two words: size and service. 


Philips’ size means that massive investment is available for research and development 
in all areas of electronics progress: with worldwide sales of over £7,000 million, and an R & 
D budget exceeding £300 million. Philips can offer a degree of technological sophistication 
which few other concerns can rival. Thus Philips is a world. leader in micro components: a 
major name in computers, with nearly 70,000 separate installations: and also Europe’s 
premier supplier in telecommunications— the key to the distributed data processing systems 
of the future. 


Philips? size also accounts for the company's attitude to service: all aspects of Philips? 
activity are uniquely customer-orientated, and its standards of customer service are 
acknowledged as being second to none. Nowhere is Philips? concern for service more 
obvious than in Britain: a nationwide customer support network, looking after £40 million- 
worth of equipment and 2,700 users, is recognised as setting standards for the entire 


Launched only recently in the UK, the PTS 6000 system has achieved notable success 
since January 1 9 77, with twenty orders to date from banks and local authorities all over the 
country, while special versions of PTS equipment have been manufactured to UK customers’ 
specific requirements. The PTS 6000 is rapidly proving itself to be the preferred system for 
counter terminals in the UK, as it is elsewhere in the world. For further details you are invited 
to talk to Philips about your data processing requirements - ring the Speaal Accounts 
Manager, Bruce Anderson, at Philips Data Systems, 0206 5115. You’ll find that Philips? 
people talk your language. 

Philips Dotes Systems 

A Division of Philips Electronic and Associated Industries Ltd 
Elektra House, Colchester, Essex 

computers that talk 
your language 



• s 

Financial Times Friday April 7 1978 

* >- > T- ” •_ 



Healey boom ‘may 
put Britain in red’ 


Financial Times Reporter 

London a greater share oF the 
Rate Suppon Grant than is neces- 
sary after a fairer system for dis- 
tributing the £7.5bo. grant — 
which meets about 60 per cent, 
of local authority expenditure 
overall — is urged by the Asso- 
ciation of County Councils. 

The result of the allocation of 
the grant was that ratepayers in 
county districts now faced in- 
creases of 12 per cent., while 
London ratepayers would receive 
rises averaging 3 per cent., Mr. 
John Grugeon. chairman of the 
association's local government 
finance committee, said yester- 

“ We believe the Government’s 
decision on the distribution of 
the Rate Support Grant is mainly 
responsible for this huge 

Night study for 

FROM next October the London 
School of Economics is to pro- 1 
vide evening courses for the 
London University M.Sc. in 
accounting and finance. Up to 
now these courses have been 
available only in the daytime. 


THE CURRENT account of the 
U.K. balance of payments could 
be back in the red by the end c-f 
this year in spite of a rising con- 
tribution for North Sea oil. The 
deficit could be running at an 
annual rate of nearly £15 bn. by 
the final quarter of 1979. 

This is the central cone fusion 
of a gloomy assessment of the 
U.K.’s economic prospects pro- 
duced by the ITEM Club, which 
was founded last year by Scicon 
Computer Services and the 
i Euromoney Research Bureau, 
using the forecasting model of 
the economy made available to 
the public by tbe Treasury. 

This does not produce the 
same result as the Treasury 
forecasts, not only because the 
outside users provide tbei-r own 
working assumptions but also 
because the operation of the 
model requires a large number 
of inde pend ent judgments. 

The ITEM Club argues that 
from its forecasts the turn round 
from surplus to deficit will be 
as rapid in the Healey boom of 
197S-79 as in the Barber boom of 
1973-73. as a result of a flood 
of imports sucked in by higher 
consumer spending. 

“ If Britain does run into 
balance of payments troubles 
again, too soon after struggling 
back into surplus, the effect will 
he traumatic." according to the 
Club's, analysis. 

"The deficit occurs despite 
only modest growth — less than a 

four per ceut. rise in Gross 
Domestic Product in the two 
years to the end of 1979— and 
rising unemployment, up to 13m. 
by the end of next year. 

"No mix of conventional 
policies — fiscal and monetary 
restraint, w-age and price con- 
trols, sterling depreciation, ex- 
ternal borrowing — will solve this 
problem. In consequence. Britain 
will drift, as the Cambridge 
Economic Policy Group has 
argued, into import controls.'' 

The forecasts depend crucially 
on the import projections, and 
the dub warns that these are 
based upon little more than an 
assumption that what has 
happened before will happen 

It is pointed out that no great 
confidence can be placed in the 
import forecasts, though, in the 
past, they have generally been 
too optimistic, rather than too 

Nevertheless, the Club fore- 
casts a rise of a half during the 
next two years in the value of 
tbe U.K.*s imports of manufac- 
tured goods. Overall Import 
volume is expected to rise by 
more than 10 per cent in both 
1B78 and 1979, while export 
volume increases are limited to 
1.6 aod 4 per cent, respectively. 

The result is that the current 
account, which has a surplus of 
£1.24bn. this year, swings down 
into a deficit of £S91m. fbr 1979 
as a whole. However, these pro- 

jections take no account of the 
recent fall in sterling and rest 
on the assumption of a higher 
exchange rate throughout this 
year than rules at present. 

The forecasts, which assume a 
£1.5bn. net stimulus in next 
Tuesday's Budget, are relatively 
optimistic about the chances of 
continued ‘ single-figure price 
inflation and the containment of 
monetary pressures. 

Faster British 
Rail service 
to Edinburgh 

BRITISH RAIL'S fastest train 
from London to Edinburgh,, the 
Flying Scotsman, will be 38 
minutes quicker this summer. 
With the introduction of new 
high speed services on May S it 
will make the 393-mile journey 
in four hours 50 minutes. 

Mr. Leslie Soane, general 
manager of BR Scotland, said in 
Edinburgh that the faster service 
on tbe East Coast main line 
heralded a new era in Anglo- 
Scottish travel. 

Increased passenger figures on 
the route from London to 
Bristol and South Wales, where 
the new high speed services were 
iutroduced 18 months ago, 
clearly demonstrated that the 
public liked the new trains. 

Chasing Merger of local Profit 

the deer and central audit sharing 

exports bodies suggested by ,aw 



FHE EXPORT potential of unccTnT.V: aTnalffnynn-tinn ftf Thic Sir TJouBlas said, would A * 


THE EXPORT potential of 
commercially-produced venison 
is to be studied by the High- 
lands and Islands Development 
Board, which has already 
bought an estate to form deer 

Output of Scottish venison Is 
about 35,000 carcases a year 
(1,500 -tonnes), worth £2.4mu at 
last season's prices, and most 
of It is exported. . . 

But production could be sub- 
stantially increased ' if the 
board's experience proves that 
commercial farming on 
presently under-osed moorland 
is feasible. 

West Germany has emerged 
as the most important overseas 
market, taking two-thirds of 
exports, bat little Is known of 
the factors influencing supply 
and demand. 

"To find out more, the board 
Is sponsoring a study at doctor- 
ate level at the University of 
Stirling, where ■ work has 
already been done on the pro- 
duction economics of red-deer 

A year ago, the board bought 
the 3£00-aere Rahoy estate on 
the west coast of Scotland for 
£275,000, and is stocking it 
with cows, either caught wild 
or transferred from the 
research farm at GJensaueh. 


A POSSIBLE amalgamation of 
the auditing bodies responsible 
for central and local-government 
was hinted at yesterday by Sir 
Douglas Henley, the Comptroller 
and Auditor GeneraL 

His comments were made in 
response to the recent Commons 
Expenditure Committee report 
on the Civil Serviee. 

His views appear to go further 
t h ft n those outlined by the 
Government in Its White Paper 
on the Civil Service published 
last month. They are likely to 
face strong criticism from local 
authorities who fear an encroach- 
ment of central control over local 
government affairs. 

In his response, published 
yesterday by the Expenditure 
Committee. Sir Douglas pointed 
out that the Comptroller could 
not give personal attention to 
tbe issues arising from the audits 
of about 500 local authorities. 

But it would be possible to 
“exercise a measure of central 
guidance and supervision over 
such matters as the audit 
methods and standards to be 
implemented, and the nature 
and balance of operational 

He could also make general 
reports on such matters, which 
would be laid before Parliament 
and made available to local 
authorities as a whole. 

If banking Isa service business, 
Itien if should be on service that 
you judged bank. 

Bank of Boston House, 5 Cheapside, ECZ 

We’ve spent 56 years in the City, building an organisation to 
cater for the toughest udgeof all: the financial professional. 

That’s why The Bank of Bostons account officers prefer long 
instead of short-term relationships. Why they stay with their accounts 
longer than their counterparts at other banks. 

Why we have an exchange specialist based on the dealing 
floor devoted exclusively to keeping corporate customers abreast of 

Why our two hundred people in London aim at the highest 
standards (if you give the best service, you’ve got the best bank). 

And it works. 

Our dealers have put us among the top banks in making 
markets in all major trading currencies. 

And six out of the top ten companies in the 
prestigious The Times One Thousand ’ are our customers 

Do you put a premium on service too? 

We look forward to meeting you. 

Boston.The bankfor 





t 7 8 4 


Banfccf Boston House, 5 Cheap*!* London EC2P 2DE (fel: 07-236 2383). Also ol: 31 Lowndes Street, Belgravia, London SW1X9HX [let 07-235 9541). 


This, Sir Douglas said, would 
give Parliament more wide- 
ranging information on the acti- 
vities of local authorities as well 
as leaving local audit rep orts i to 
the Individual local authorities 
and their electors. - 
“I think , therefore, it ran be 
argued th»t on amalgamation of 
the District Audit Service (local 
government) with the Exchequer 
and Audit Department (central 
government) under, a common 

More Home News, 
Page 16 

head would be one way of achiev- 
ing a system of audit which in 
principle could meet both these 
local anti national objectives” 
Since Parliament' would* want 
to maintain the constitutional 
independence of local authorities, 
" it would seem inappropriate 
for a Parliamentary Committee, 
to attempt to exercise surveil- 
lance over the affairs of particu- 
lar local authorities. 1 * 

Hq added: “It also seems to 
me probable that an amalgama- 
tion of the two public audit 
services would be helpful from 
the point of view of staffing, staff 
management, and career oppor- 

“The duties at both national 
and local level have many simi- 
larities, extending as they do 
from the normal range of finan- 
cial and management acco un ti n g 
audits through to wider questions 
of value for money, and the 
main professional qualifications 
required are broadly the same." 

But Sir Douglas stressed that 
any changes wouldrequire care- 
ful planning and ..agreement at 
national. and local level, as. weQ 
as legislation. 

Sir Douglas also suggested that 
“when a departmental function 
is hived off to a new public body 
it should be standard practice for 
the audit of the new tody to be 
conducted by the 'Comptroller £nd 
Auditor GeneraL" . 

RitMckl Times Reporter 

THE. British Institute of Manage- 
ment has told the Board of 
Tnlawri Revenue that its members 
have shown “no great degree of 
enthusiasm" for the proposals 
put forward in the board's con- 
sultative document. “Profit- 
sharing: Tax Relief." 

Employee participation and . 
profit-sharing are closely linked 
and should be considered 
together, the Institute believes. 
“In general our members favour 
the encouragement of both, but 
they are strongly against the 
imposition of either by law,” 
writes Mr. Roy Close, director- 
general of the Institute in bis 
submission to Inland Revenue. 

“■profit-sharing schemes can be 
categorised into two main types: 
first, share-based, and secondly, 
cash-based and cashable share 
schemes. Our members are, on 
the whole, opposed to restrictions 
which prevent the sale of shares 
by employees and have a strong 
preference 'for cash and-or cash- 
able share, schemes." 

' The advantages of share-based 
schemes were that they appeared 
to be more likely to influence 
employee attitudes and en- 
courage greater identification 
with the company. 

“Oil the other hand, cash- 
based schemes have the advan- 
tage of much greater immediacy 
and directness and, it is thought, 
have a greater appeal ' to 
employees, especially Close ; ,on 
the shop floor. The majority of 
our members - whoa we con- 
sulted expressed at preference 
for cash and-or cashable share 
schemes," writes Mr. Close. 

The Institute suggests that the 
proposed limit on individual 
holdings is too low. Also there 
should be no. ' compulsion ', to 
retain shares. If an employee 
chooses to sell within the hold- 
ing period he' should be able to 
do so but should forgo all or 
part of the tax advantage. 

more coke plants 



National Coal Board coke. plants 
ateJtyreRtened ualess the Board 
Succeeds in -negotiating nlong- 
tenn supply contract with the 
British Steel Corporation. Talks' 
should be concluded in the next 
two weeks. 

In recent months the Board has 
lost sales worth an . estimated 
£12m. after the Steel Corpora- 
tion’s decision to cease aU but 
emergency purchases of coke for 
its blast furnaces: .. ... . 

Depressed sales .both in the 
UJL and overseas have^already 
forced the Coal Board to dose 
down a 250,000-300,000 tonnes a 
year coke plant at Glasshoughton. 
near Castleford. About 250 jobs 
were lost in February, although 
there were no forced redun- 

Over-capacity : - A ■>* s? 

Altogether the workforce of 
National Smokeless Fuels, the 
CoaL Board’s coke manufacturing 
subsidiary, has fallen. .by some 
450 in the past 12 ' months. 
Capacity has been reduced by 
500,000 tonnes a year, • but. the 
Board is still' left' with serious 
over capacity. . 

Remaining plants are capable 
of producing about 4m. tonnes 
o r .'ke a year,. but demand has 

'been running at only some 
tonnes over the last -year. *' ■ 

i-While* hegxd&tibns : < have r ;OTn- 
tfriued with 

Coal Board has. tried'hlt 'forestall 
further closures by rannlfijEitp 12 
plants. in-Sofith : Wales, Duriiam 
and the Midlands at abbot '.-only 
70 per cent, of capacity. , ,.",. 

- The Steel Corporation is the 
Board’s main customer for Mast 
furnace coke, but when it became 
engulfed by financial crisis last 
year it chose to cut ofT purchases 
and rely largely on drawing sup- 
plies from existing stodcs. 

The Coal Board hopes for long- 
term sales to the Steel Corpora- 
tion of about -500,000 tonnes a 
year, in the year "to the end of 
March it was counting on sales 
of as much 'as 450,000 tonnes to 
British SteeL By October, last 
year, however, the Steel. Corpora- 
tion had taken only about 190,000 
tonnes. Since thexi ' purchases 
have all but ceased; and they are 
unlikely to amount to more than 
230,000 ton nes for the fuU year. 

The “uncertsdnty over output 
directly affects the Coal Board’s 
chemicals operations, which are 
largely based on the by-products 
of coke manufacture. As. a result, 
it Is. seeking chemical ‘market 
opportunities - outside its .tradi- 
tional sector, V • 

Broad banking definition 
urged by finance houses 


PROPOSALS FOR limiting the -being put into effect In parttctP 
use of . the name bank under the lar, there • was need to limit the 
hew licensing regulations for administrative and financial 
deposit taking: institutions- could burdens which much of the legis- 
haVe "a destabilising effect," says lation, could Tiring about and 
Mr. Ronald Barnes, Chairman of which wbuld .be reflected' finally 
the' Finance Houses Association, in the..- price -paid -by', the 
to-day.""' consumer. 7 

.Mr: Barnes accepts in the asso-. “We feel, too, that; sotne of 
elation's annual report that the. the .consequences.of this.legisla- 
Baak of England has a duty, to tion will be to limit 'the avail- 
ensure the stability of financial ability of some types of credit.” 
institutions. The association has continued 

“We do not- acce pt, _ however,, to • press . for', an easing ■- of the 
that the proposed restrictions, on controls on car hire purchase, 
the cse of the words flaank’ and particularly for an extension of 
.‘hanking* will significantly assist the maxitnum repayment period 
in; tbe fulfilling of that duty.*’ - from the present 24 months to 36. 

Some members of the assocla- However, representations made 
tion might be hit by the restric- to’the Government so far have 
tions even .though they had been, pot met with success, 'arid the 
banks for very many years. .association says: “the author!* 
“We would have thought that ties are known to* be concerned 
the supervisory role of the' Bank about the proportion of foreign 
of ' England • would have made cars being registered." 
such a restriction unnecessary." «. This seemed to- be “using 
* The association was also con- terms control as. a disguised form 
earned about “tbe distortions xA import control — though with 
which will arise because com- singular lack of success.” 
panics licensed under "the -legls*.-.- /- 

lation as envisaged wfll be aWe : • — 

to undertake many hanking fbne-. ■ N *' 

tions but will have to invent new _ 

ways of describing those activi- - O Uxl liTSlflc 
ties." .... ^ ' • ' •• . • 

The role played by the finance • nrpcpri/ofiATi 
houses in providing finance for |FIC3Ci;“alLUU 
industry was - important. . Mote.-. ; ' -i - • ' - • • 
than 10 per cent of total: --new-..- SCII6D16 
Investment in plant -and. equip--- 

meet in the UJC. was provided 'TWO '-county councils, sponsored 
by them. ; .by the . Counficyside Commission, 

Suidi. an involvement with are to 'start work .on five-year 
industry made - it .vitally schemes to- conserve arid im- 
lmportant to the economy that prove the' landscape.. The -first 
they “ are not unduly impeded in step will be to 'appoint a project 
carrying out their activities in a officer in each county— Suffolk, 
business-like manner, and in pro- and Hereford, and Worcester. .' 
Tiding instalment credit faculties The projects win .covpr sufc* 
in the fbrm that suits the needs 'stantml areas -in ‘ eaeb county, 
of their customers." . arid ■ are - designed- to"' maiatejn, 

Mr. Barnes was concerned arid where- necessary to. create, 
over some of the results of the a landscape attractive' to- people 
new consumer credit legislation and wildlife, -. 

& jJ’, 




€Mbouk news 

Financial Times Friday April 7 1978 

Top men 
at Thorn 


By Pauline Clark, Labour Staff 

Thorn and Pye electronics 
empires have agreed to join with 
two or the biggest unions in the 
consumer sector of the industry 
to make an urgent study of 
Britain's failure to invest in 
advanced electronics technology 
— in particular the video cassette 

The setting up of the joint 
study group takes on a special 
significance after Thorn's 
announcement of proposals to 
close its colour television factory 
in Bradford, Yorks., at a cost of 
2^00 jobs. 

Leading unions In the sector 
hope that evidence gathered by 
the group will become a key 
weapon in their plans to fight 
the closure. 

In particular they want 
pressure to be put on the Govern- 
ment to give companies incen- 
tives to invest rather than run 
down their operations in the face 
of the present over-capacity in 
the industry. 

The new study group, set up 
on the initiative of the Electrical 
and Plumbing Trades Union and 
the Association of Scientific, 
Technical and Managerial Staffs 
as a sub-committee of the 
“Neddy" electronics consumer 
sector working party, expects to 
produce its report by June 

Save Speke by closing 
Belgian plant— unions 


UNION LEADERS are to urge 
tbe possible closure of the Ley- 
land Cars factory at Senesse, Bel- 
gium, as an alternative to shut- 
ting the Speke assembly plant. 

Transferring assembly of the 
Allegro model from Senesse, 
where 2,700 workers are em- 
ployed, to Liverpool is one of 
the options union officials will 
press on management next week. 
Executives of the six unions at 
the Speke assembly plant, which 
is under three months’ notice of 
closure, have pledged support for 
a campaign to retain the 3,000- 
strong work force. 

Mr. Grenville Hawley, the 
Transport and General Workers’ 
Union national secretary for the 
automotive industry, said last 
night that a meeting with man- 
agement was scheduled for next 

week, at which the unions would 
seek alternative work. 

If the TR7 was phased out at 
Liverpool, the plant ought to 
assemble the Allegro, provide 
components for the car industry, 
or take in work from the truck 
and bus division. 

Significantly, tbe national 
union officials have not yet 
accepted the principle of com- 
pulsory redundancy at Speke. 


Its members are Mr. Richard 
Norman, chairman and managing 
director of Thorn Consumer 
Electronics, a wholly-owned sub- 
sidiary of Thom Electrical Indus- 
tries; Mr. Jim Griffiths, managing 
director of Pye, owned by 
Philips: Mr. Roy Sanderson, 
national officer for engineering 
in the Electrical and Plumbing 
Trades Union, and Mr. Tim 
Webb, national officer for elec- 
tronics in ASTMS. 

The union side, in rejecting 
the Thorn closure proposals, said 
yesterday that the company was 
failing to develop products of 
the next generation and was 
cnccumbing too easily to cuts. 

<9 Workers at the two threatened 
Tborn Consumer Electronics fac- 
tories in the Bradford area are 
to pin forward their own plan 
to make the factories viable. 

It will involve rescheduling of 
work within the two television 
assembly factories, which the 
workers claim will improve out- 
put and efficiency. 

Direct appeal 

Union leaders are clearly pre- 
pared to keep their options open, 
ready to support any spontaneous 
opposition to closure from the 
Speke work force. 

While talks are kept at 
national level, the redundancy 
terms in exchange for smooth 
transition of TR7 production to 

Coventry will not be put to the 
work force. 

However, . Ley land may take 
the initiative in making a direct 
appeal to employees. But a rump 
of the labour force might be 
sufficient to blockade tbe plant 
and prevent transfer of the 

Any militant action could halt 
the supply of Triumph Dolomite 
body pressings to the Coventry 
plant Loss of both the TR7 and 
Dolomite models would pose 
serious problems for Leyland and 
could provoke another financial 

Trade union members of the 
Cars Council, the top-tier worker 
participation body, have indicated 
they are prepared to resume 
talks after a meeting in London 
with Mr. Michael Edward es, the 
British Leyland chairman. 

More union influence urged 


by Lucas 

By Our Labour Staff 

PRODUCTION workers at Lucas 
factories in the Midlands start 
an overtime ban to-day to pro- 
test .about a delay in . financing 
fringe items In their annnai pay 

More than 10,000 workers In 
the Lucas electrical and battery 
factories and the Girling brake 
plant in Birmingham will take 
part in the ban. There are also 
plans for a one-day strike on 
April 17. The Lucas Aerospace 
division win not be affected. 

Shop stewards will review the 
position after two weeks. They 
are likely to can an all-out 
stoppage if negotiations on the 
dispute axe not started. 

The production workers agreed 
a pay settlement this year of . a 
Stage Two rise and a produc- 
tivity deaL A working com- 
mittee was set up to discuss 
fringe items including early 
retirement lay-off pay, sick pay, 
and long service holidays. . 

call in ACAS 

to solve strike 



THE Transport and General 
Workers’ Union will press the 
Government to set up what it 
calls joint investment com- 
mittees in industries and indi- 
vidual companies to give unions 
a chance to influence decisions in 
favour of domestic employment 
Mr. Moss Evans said after his 
first session with the union's 
finance and general purposes 
committee as general secretary 
that the proposal was part of a 
wider drive against persistently 
high unemployment 
There could be two levels of 
committee — one at industry level 
in which national executives of 
unions would fre involved, and 
one at company level where the 
emphasis would be on shopfioor 

panies and pension funds shonld 
be encouraged to invest more at 
home, but the union was not yet 
looking for compulsory redirec- 
tion of investment The value 
of British companies' overseas 
investment at the end of last 
year was £18bn. 

Without action on all these 
fronts unemployment could rise 
to 3m. by 1990, he said. 

It was also decided yesterday 
that the union would join the 
consortium erf trade unions which 
plans to provide the Labour 
Party with a new headquarters 
in Walworth Road in South 

London. As a generous landlord 
of the party for many years, 
however, the men of Transport 
House have not been asked to 
put in further cash. 

Perkins engine plant 
production resumes 



The committees could be tri- 
partite, comprising Government, 
union and company members. 
Some companies, notably ICL 
already gave their employees a 
chance to participate in invest- 
ment planning, he said. 

The union is redoubling its 
efforts to persuade the Govern- 
ment to introduce selective 
import controls on goods like 
textiles, footwear, electronics 
and motor cars, and to restore 
the cuts in public expenditure. 

It reaffirmed its decision to tell 
union negotiators to bargain for 
a shorter working week, longer 
holidays and early retirement as 
an aid to cutting the dole queues. 

Mr. Evans said insurance com- 

THE PERKINS diesel engine 
company said yesterday that it 
expected normal production to 
resume at its main engine plant 
in Peterborough after agreement 
on an interim return to work 
formula at the strike-hit factory. 

The strike started this week 
over payments for assembling 
marine engines and halted pro- 
duction at the company’s East- 
field factory yhich produces the 
bulk of Perkins yearly UJv. out- 
put of 230.000 engines. About 
90 per cent, of production is 

The stoppage originally in- 
volved 115 workers, members of 
tbe Amalgamated Union of 
Engienering Workers, on one of 
the plant’s four production lines. 

The company said that sym- 
pathetic action by workers on 

the other lines halted output 
and 1JS00 workers out of the 
manual labour force of 5,800 had 
to be laid off. 

Tbe management said that it 
would not discuss the pay issue 
until the man had return to nor- 
mal working. 

The Eastfield plant produces 
three, four and six-cylinder 
engines for commercial vehicles, 
agricultural and industrial equip- 
ment and marine craft Engine 
production at the smaller F let- 
ton factory in Peterborough has 
not been affected.. 

Deal expected 

THE SIGNING of a new national 
agreement for 1} 

agreement for UnW^ngmeenng 
workers — the 'fixsttc^or three 
years-^is expected. it 

Midlands yesterday railed in 
officials of the Advisory - ConciHa- 
tion. and Arbitration Service to 
help find a solution to ."a ; strike 
which they say they are powerless 
to settle because of the “caprice” 
of Government pay policy,, . .. 

The strike, involving abbot goo 
electrical maintenance workers In 
120 pottery - companies, is more 
than a week old. 

~It is feared. that if the backlog 
of maintenance work continues to 
grow, some companies may . have 
to shut down kilns. 

The unofficial action by the 
electricians is over a claim for 
parity with the,- national pay 
agreement reached last December 
for workers in electrical contract- 
ing companies. Them: rates are 
about 24p an hour lower at 155p. 

In the past, pottery companies' 
have linked the pay of their elec- 
tricians with that agreed by the 

electrical contracting industry’s 
joint board but they . say they can- 
not do the same this year because 
mey. would be ■ in breach of 
Government pay policy.. .. 

The ' electrical contractors 
-agreement provided for flat rate 
bonuses for those who would not 
benefit from incentive schemes. 

It was eventually allowed to go 
ahead after the Holiday Hall com- 
pany successfully argubd in the 
Appeal Court that it would be in 
breach of contract if it did not 
pay the agreed fates. 

Irish ferry 

A THIRD ferry is to be Intro- 
duced on the Lame-Cairnryan 
Irish Channel route this , month 
by Townsend Tharesen to 
increase sailings on Wednesdays 
and Thursdays from tea to 14 a 
day in the peak period. 

No Front 


to union 

A CAMPAIGN is being wa 
by sections of the General 
Municipal Workers’ Union 
prevent National Front meml 
from belonging to Britain's « 
largest union. It came afto 
recent decision by the NaS 
Union of Railwaying to 
action against Front membci 
. Tbe preliminary agenda 
the GMWU conference at « 
borough in June contains* 
motions drawing attention tr 
dangers of Front members ii 

The most far-reaching a 
from Romford, London and 
NF membership Is “ wholb 
compatible with membeishi 
tbe GMWJ.” it urges br 
secretaries to with draw c 
membership from any I 

£6 billion 




-. - . r 


W • ^ -7. " J •• - r * * . * - • ■ 

Assets exceM £6jf)00 million. 








The Chairman of the Board of Directors, 
Emirates & Sudan Investment Co. Ltd., 
invites Tenders from competent contractors 
for the construction of 34 “ Thirty four ” 
Warehouses complete at Port Sudan (D.R. 
of Sudan) as phase one from the total 
number above. 

will be responsible for the execution 
of the works. 

b) Examples of similar projects they have, 
executed. ’ 



The Tender Documents " in English only " 
can be obtained from the office of the 
Managing Director of tbe Emirates & Sudan 
Investment Co. Ltd., 16 Babiker Bedri St, 
P.O. Box 7036, Khartoum, Telex 524 EMSU 
KM, Telegraphic Address: EMSU Khar- 
toum, during office hours against payment 
of L.S.100 (one hundred Sudanese pounds 
= £145 USS290) non-refundable. 






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

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

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

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

If the contractor fails to sign the contract 
within the specified time, he shall lose his 
right to recover the pre l i mina ry deposit. 
The preliminary deposit shall be refunded 
to the unsuccessful tenderers two weeks 
after the firm award of the contract. 



10 . 

11 . 

A detailed programme specifying the. 
progress of the works and the time 
required for the completion of all works : 
specified in the tender and shown ini 
the drawings, as from the date of the : 
signature of the contract. 

A list of equipment and machinery in; 
their possession necessary for execution! 

of the works. j 


The supply of all materials, equipment and? 
machinery whether local or imported neces* 
sary for the execution of all works is soleW 
the responsibility of the Contractor. j 

Tenders shall be valid for at least three 
months after the closing date mentioned 
in para (12) below. The offer may be base^ 
on the detailed alternative or for an 
accepted alternative to be presented in 
detail to the Managing Director. ; 

All information relevant to the tender 
shall be submitted in English Language.- 
For imported items. The Emirates & Sudan 
Investment Co. Ltd. will directly pay all 
insurance, clearance, customs and other 
Port charges. \ 

Foreign Currency will be paid directly from 
The Emirates & Sudan Investment Co. Ltd- 
reserves with The National Bazik Abu 

12. Tenders should bear the prescribed stain 
duty and should be addressed in scale 
envelopes bearing the words (TENDER 
Managing Director, Emirates & Sudan 
Investment Co. Ltd. and should Jje 
delivered to the Tenders Box at the Com- 
pany’s Head Office, ,16 Babiker Bedri St, 
3rd Floor, Khartoum, Sudan, not later than 
12.00 Noon Sudan Time Tuesday the 20th 
of June 1978. 


6. Tenderers shall state clearly the follow- 

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


Any tender which does not comply with 
any of the above-mentioned requirements 
will be rejected. 

The Chairman of the Board of Directors, 
Emirates & Sudan Investment Co. Ltd., , is 
not bound to accept the lowest or any other 



The Posts ztid Telecommunications Corporation of tire Republic of Qwna once 
again Invites tenderers, who win be limited to nationals of countries of 
International Bank lor Reco nstr uction and Development (IBRD) and Switzerland 
only for parts ot 



The Invitation to tender is for the following - two sub-projects: — 
Sub-project A: 

Installation on tam-lrev basis of new automatic telephone 
exchanges (stored programme control) which comprise one trunk exchange 
with manual switchboards rtertianr centre), for focal exchanges equipped 
with 16.000 lines in total in multi-exchange areas. 6 local exchanges 
equipped with 2,500 lines in total together with manual switchboards 
‘ (primary or secondary centres In single exchange areas), and power 

Sub-project Dfltam F: 

Procurement of 170 sets of electronic teleprinter. 

Prospective tenderers may obtain copies of the specifications against payment 
of two hundred U.S. dollar, ($200). per complete copy, dally between 09.00 
hours and 16.00 hours GMT from 30th March. 1978. to 15th May. 1978. at 
the address given below: 

WORLD RANK PROJECT OFFICE (Room 31 Z. 3rd Floor). 



The closing data of sub mission of the tenders will be at 11.00 a.m. Ghana 
time on 25th August. 1978. 

Director GeneraL 

The Post and Telecommunications 

Corporation of the Republic of Ghana. 


No. 00927 of 1973 

Chancery Division Companies Court. Is 
LOOTED and in the Matter of Tho 
Companies Act. U4& 

Petition tor tbe winding up of the above- 
named Company by the HUh Conn of 
Justice was on tbe 20th day of March 

1978. presented to the said Court by 

EPHRAIM MOSES of 18 SbekJon Court 
Lower Edgeborougb Road, Gufldford. 
Surrey, and that tbe mid Petition In 
directed to be heard before tbe Court 
sitting at tbe Royal Courts of Justice. 
Strand. London WOA 2LL, an tbe 
24tb'day of Aprb 1978. and any creditor 
or contributory of tile said Company 

desirous to support or oppose tbe making 
of an Order on tbe said Petition may 
appear at tbe time of hearing in person 
or by his Counsel tor that purpose: 
and a copy of the Petition win be 
Fumtshed by tbe undersigned to airy 
creditor or contributory of the said 
Company rumitruiK such copy on nasment 
of the regulated charge for tbe soma. 


8 Raymond Buildings. 

Gray's Inn. 

London. W.C.L 

Solicitors for tbe Petitioner. 

NOTE.-rAny person who Intends to 
appear on the bearing of tbe said Petition 
most scree on. or send by post to, the 
above-named noace in writing of his 
intention so to da. Tbe notice must stare 
the name and address of tbe person, or. 
If a firm the name and address of Urn 
firm and must be stoned by the person 
nr firm, or bis or tbelr solicitor (if any* 
and most be served, or, tf posted, must 
be sent by post in sufficient rime to 
reach tbe above-named not later than 
Tour o'clock In the afternoon of tbe 
tint day of April 1978. 

No. 00951 of 1978 

Chancery Division Companies Court. In 
LOOTED and in the Matter of tbe 
Companies Act. 19*8. 

Petition for the Winding up of the above- 
named Company by the Slab Court of 
Justice was on the SSnd day of March 
1978. presented to the said Court by 
CIAL SERVICES, of S College street, 
Northampton, NN1 2QP. and that the 
said Petition is directed to be beard 
before, the Court sitting at the Royal 
Courts of Jusnee, strand. London. WOA 
2LL on tbe 24(b das of April 1978. and 
any creditor or contributory of tbe said 
Company desirous to support or oppose 
tbe making of an Order on tbe sold 
Petition may appear at tbe onto of 
hearing, in person or by . Ms counsel, 
for Uur purpose: and a copy of tbe 
Petition wtll be furnished by tbe under- 
stoned to any creditor or contributory 
of tbe said Company reootrins such 
cony on payment of tbe regulated charge 
for the same. 


9 Cavendish Square, 

London W1M SDD. 

Ref: PB/3BI44. 

Tel; Bt-638 4035. 

Solicitor* for tbe Petitioners 

N OTC.— Any person who intends to 
appear on the hearing of the said Petition 
must serve on, or send by post to, tbe 

above-named notice to writing of his 
intention so to do. The notice most state 
Uie name and address of tbe person, or. 
if a firm the name and address of the 
firm and must be stoned by die person 
or firm, or bu or their soildtor (if anyi 
and must be served, or. U posted, must 
be scat by pw to sufficient (imp to 
t-eecta the above-natned not later than 
four o'clock in tbe afternoon of the 
Slst day of April 1978. 

No. 93991 of 1973 

Chancery Division Companies Conn. In 
the Matter of WALSK-COTLDFORD 
Matter Of Tbe Companies ACL 1948. 

Petition for tbe Winding dp of the above- 
named Company by tbe High conn -of 
Justice' was on (be Slat day of March 
1978. presented to the said Court by 
registered office is situate at Cob tree 
Wharf. Forsial Road. Aylesford. Maid- 
stone, Kent, Timber importers, and that 
the said Petition to directed to be beard 
before the Court sitting at tbe Royal 
Courts of Justice. Strand. London WC2A 
3LL, on the 241b day of April, 1978. 
and any creditor or contributory of the 
said Company desirous to support or 
oppose tbe making of on. Order oo the 
said Petition may appear at tbe time 
of bearing, lo person or by bis counsel, 
for chat purpose: and a copy of the 
FVrtffon wilt be furnished by (be under- 
signed to any cretHior or contributory 
of tbe sold Company requiring such copy 
on payment of the regulated charge tor 
the same. 


2/S. Hind Court. 

Fleet Street. 

London EC4A JDS. 

Ref: F/TTH. Tel: 91-533 SSU. 

Solicitors for tbs Petitioner. ' 

NOTE. — Any person who intends to 
appear on the hearing of the said Petition 
must serve on, or send by post to. the 
above-named notice In writing of bis 
Intention so to do. The notice most state 
the name and address of the person, or. 
If a firm tbe name and address of Ihe 
firm and must be signed br tbe person 
or firm, or his or tbelr solicitor (U anyi 
and must be served, or. If posted, must 
be sent br post in. sufficient time to 
reaefi the above-named .nor later than 
four o'clock io the afternoon of the 
21st day of April 1978. 




We have high quality vehicles 
available for lease hire, rent 
over any period by arrangement. 
Caff Anderson Leasing 
on 01-499 2212. 




passed at the OnHrtanr General NnSsa W 
. «re of- F.Rv. too m 

Following r Resolution . . — 

«h. April. 1978. a dMOstid of F-Ff*. 13 JO oer share ... 
for the year ended 31st December. 1977... will be- paid as from 13th-Af 
1978. js follows: 

■ Against. presentation of Con Don No. 169, residents of tbe Unttsi f. KMgt 
will receive F.Fn. *-10.61 oer Certificate of F.rrs. 100 nominal. .(See-Sdft* 
of Additional Payments below.) 

be paid 

-• Coup ons Win; 

ax tbe rate, of exchange ruling 

___ Deposit Certificate 
■ Asainst presentation of 
residents ot tne United 

theta Certificate, tor. m eriting of 

.Kingdom win receive F.L 

P.Fts. S nominal. (See Settlement of Additional Payments below.) 


Certificates will be »ld at the rate .of '.gaclt ange r uOpg on tim 
itpt of . the dividend on the corresponding onderWna shares ..ww 

Settlement Of Additional P p y m pnt S 
Under the term* OT the Don 

Double Tax Co t we nil on bocwecn'ft'Slfef .an* 
of tbe Untied Kingdom wm re cvtvc iHfrtt 
wmroiwi. y. r. r —»a. on or attar .11 Sto januMV. 1979^*5 1*5? 

F-Frs. BJ47S per Bearer Share or f Jr*. 0.31375 per .8eMwrPcppNt.tgt« 

United Kingdom, residents- .. . 
completion of Form RF-4GB. on 

thus-. Ibcreosiiw thato -dtvtdetad entittemehts t». F.Fnt. ,165575 per -Seert l 
F.EW. OAA787& per. Beem*. Deposit Certificate- - -T ' ? 


. Holders are advised to 'submit. Form RF-*GB_ar Ibb tired -of 
of' Coopore snd/or Bearer- artificer**. The -Fornr wav.- 

submitted at any time up -to 

.rKVMN-HU 111 ■ • 

subject -to deduction -of Unified KAkMOl- _ 

34% untoss claims are accompanied by an affidavit. 

time up to 3i*x-Deormpar, isrn. 

-Payments In respect, of Coupons and Bearer ^Depoit ; qprtWcjto Jgji 
- "aa -ol Unified Kihudom Income Tar at tire: «anpeso,j»J 



^idvi V 

• rnte Share Certificate of F.Fre. - 1 TO rjo*nJrer_rTOrhberj»d 
Which - alter payment _ot . tire. -Above dividend . ant devoid jjh coupons, 

"ruplects! without c onforrn I ng to oumbers- ' l ^ n"«gi J V* t 

TT^Coopotb. Bearer DeoreTt Crittficate, and .Bearer .S4afo. <*Wfkyt . -y 

(devoid, of .cooponO- should, be; lo<53. J, , IVJ V f *; * * 

' : CouPPn W ^w^fitl JUbam House. Gotdnplth Street,. ' ; T* ^ 

iwin. xK apftrSpriro -Claire fonw‘. md fortberTatormadon * *-„• 
a 'cjpltaol tbe . Annual' Report 'end ••Aocdwitsjwltf jshdittjry , ‘ 

Frena^and- in Engnsh OB JOPlIcattoc t o -S- L. k • ' r 

7fh April. 1978. .. Corepegnle Flnanclere Ue -Fari* et ties Pivs-s**^ j) J 

t > 

' i 



RECORD DATE for the -dividend On 
tbe ,. ordinary shares In the Com- 
pany payable on tbe_30tti : May 1978 

js“a* 5TH MAY 1R78 when traosfte 
wliTto* suspended tor one day onrr. 
.Trustees reSrfved alter :tlie ctee of 

business on the 41b WW 1978 Win 
be reabtered. ex d/lvdend. 

-r,\. BY Order ot the Board. 

* : J. D. KEIR. secretory. 

■ . ,FW» SunDgM. ■' u 
. iWIiraU Merseyside. - 
.iHfifli April 1978. 

EoMon. the 25 p- Ordinary Shaw 
onHevor Limited ^ 

. 'fist dividend on -the ,17th April 1978. 

r — Shares each -representing 

-rfclor TSn Ordinary SbmroS In- _• 

• ' „ / Unaever Mnrttmr 

.The mi ai i p en tenia between . Irving _ 
TnaT Company r Irvins) and- the Com- 
paoYfer-tM issue by Irving In New 

• Of Depositary R — *— • «— 

Aremtean Share* against, the. 
wltt wing in inn 

... London ot 2Sp . 

Shun, to U Pl lover r United .or pvWe 
ttfet acceptance of sot dividend s bares 
‘nfitotd to Irvtog -'to- London -tor 
JSJSttoi or before the -record date 

■SSdQrV Trying In New York for peW-.- 
meije of a tUrhtmt l on- Ote Am erican 

The record date fined, tor pe ym e nt 
of - the dhrtdend - on t he- American 
•amnto-ft toratbftlay 1978, 


WmJ&peto » J 

HEREBY GIVEN that, ttf | 

_ *rsSS5 s 
SsTfeSgSgk ^wSsSst: 

& "feSSKS; 

^"^l - of the .balance - ahere.jnd- 
and km mm*. *Uot- 

,Vd The -rrehftsfor the ye*r yndetf 

3 . aMireeaoo of two 

- oEcSnre «» OMcnre.atid o*..«m 

toj ^ff yABdaor for a new tom, 

attend and rote on W» b«|rej 
314 fdardL. 1B78., 

^S^SffV C r 

; c 

In pr e p a re # op...for. Bis, 
KaW-y early intre gt.-peyei. 
lone next,. toe Debenture 

June next, the Deben 
Books wUI . be closed 
ist - Mey -and iwiu be 

•" ! /.wtfer". 

-so, Flnsfcu 






71-78 VIctato 




wb|id>- HIW — 
of ao wr o mt 
coupon- wtreest 

tp.R. brtdm* 

Mm .3 ofjjh 
fMartb. 1978 

<•> ***? 

Crofoy soaar e. 
UMtu — 

SUCH p*c- 

nr appmme 


. Coupons 










_ : ■ 




For the past ten years in succession. Noise has been reduced to a remarkably low 

more people have bought die Ford Transit than level A redesigned suspension makes the ride a 

any other vehicle in its class. whole new experience. 

Andno wonder * " And with the addition of 2 new OHC petrol 

It was widely r eg arded as an operator’s dream, engines that run on 2 star; and a vastly improved 
Easvto ^etinandoutof Acres ofroomin 24 litre diesel overall reliability and economy have 

the cab. Easy to load and unload. Easy to service, taken a big turn for the better 

Tbugh And availablein enough engine, door We’re confident the new Transit will be ahuge 

configurationandwhedbase versions to cover every success. And why shouldn’t we be? 
conceivableneed We started with a huge success. And made it 

Hardly a prime casefor replacement But what even better A M QIT 

omarhmptnimnmveCHl lUnU I fiAlMoi I 

Transit All the features that made the old Transit 




Financial Times Friday April- 7 1978 



on immigration statement 


MR; MERLV.V REES, lhe Home issue. cards 

Secretary, came under bitter But the Opposition was over- powers 
attack from manv Tory MPa in whelmingly critical of the Home duction 
Mm connnons veslerday when he Secretary's stance. Mr. Ivor Stan- that he thought would be the Conservative ! 
made an interim statement on brook (C.. Orpington) urged him unacceptable to the British markedly different 

for everyone and new • Commenting on the immigra- 
te) require their pro- lion statement. Lord Hailsham, 
on demand . — a move on.; of the elder statesmen of 
be the Conservative Party, took a 
‘ line from bis 

for NEB 

By Philip Rxwstornc 


Inimig ration, rejecting several of to "cut out the eyewash about people. colleagues in the Commons. °f Bolls-Koyce. Undeterred, Mr. ' Nicholas fion," ex ten dine tail.- «, .y 

the major recommendations put commitments and come clean “In the Governments view, no Replying to the Lord Chancel- THE CONSERVATIVES are to '“f ,ts notable achievement, in Wtnterion . (C. Macclesfield) insurance, land 1 ma lSS*' 
forward last month bv the ail- with the British people.” useful purpose would be served lor w j , 0 re ^d ^ statement vote against the Government J >T 08 P ecUw ® orders, pressed on after Mr'.Benh, whose industrial iAmmnW 0 ‘eadta, ; 

U«- nn >in mfntlrv Hp 

Aixurumy 10 inr. auuiujruuiv. h rrnrn’lpn * n the ^ 0USe Of- Lords, he laid 

immigration. the only moral coinmiiiuent that s“ ,cJ to beart > cheers from Leii- .g^Qng emphasis' on the areas of da y 

The statement was seen by 31r. mallered was the in , '«" e * «>•“ win ^ eri ’- asreempn)- h»tu>»on rWr m pns 

Mil Ham While I aw, deputy leader Briiish people here. . , k vigorous action on 

nf Ihv Conservative P»ny.u_ : an Tiie support tor Mr. Rees from S„“ t co ^frol and would 
a) tempt in upstage 
policy document on immig 
which he will be unveilin 

f mm C tti e * Laboifr ek benches fro nT' the new Commonwealth “ The .„ U "i}® d 11 .^ il l sd ^l J , J? S emphasise that 

when, in a brief two-sentence and Pakistan. and will remain a multiraciai a?reement between 

reply. Mr. Whitelaw refused to The total number accepted for S °C1CU J , : u “f P«rty and his own' were more 

party Select Committee on A ccordma to Mr. Stanbrook. «?, e ^ the House of. LVrdsV'he "iaVd ^ .the pimraons on Mon- speech was described by -.“Will you say whether 

_...j i r , ” r ’- - - J “" to raise the National Enter- P^er Lockheed. Tri- the Pnme Minister as being more «eeenrr - >«. Icr" 

■ major partier tnree to £lbn. But an order providing ^^ereffortlessly. outdistanced.^ A statement of policy, ' uSSring shouS f^ ’ 

Tn . p „‘ for £450m. assistance— £300m. of Tory KPs In the Commons -.Mr. Winterton called- on -Mr. To^benlhesfor.^ 

i a ™ ember °j it from the NEB— for British yesterday as they tried to pursue Callaghan to tell the country “In Answer-™ thT : ' 

e Shadow Cabinet, endorsed t , . . him nwr r,hn»TV nut > :Ji.^ . „ . v_ rrnne 

over Labour s nationalisation rather more principled terms” urged Mrs Thatcher thkiSS^!: ‘1 
- ...‘ why. he allowed Mr... Berra's publication of the 

Margaret Thatcher, ' the repeated and damaginB demands Manifesto which in due il*?' 
Opposition leader, joined with fP*l more nationalisation to. go the electorate vrimM 

mid be wen to g-g-j Levied anme thkt ihl ^ tack benehersin an attend Rebuked. . no ji«lge~ " w 08 

■the points of argue tnat me t0 sh ac ^j e Callaghan with ft was about - time that the Amid" Tory cheers 

en the Labour rn”th^n!S««£ ^ a aU * the . commitment to “massive Minister, who was a sub- Thatcher retnrted-^wJS- 

wn were more aWe for the operation. standi a l landowner himself, stood tint, give a-rtrii«hr - 

ini a up and declared his opposition. to straight question?" 
feda- pseudo-Marxist policies being Massive further 

do y a 

h , drawn to £h c G^cm^nVs Ml TShTSm* SnK ' iiE'u 'b"e nonfr.bu- SeT/avU “«-er * 

st year — a reouc- an m jur ^nri lu “ ,-nc “■ a the points of disagreement on ~ - 

disagreement on ted by the Board, £275ra. was speech by Mr. Anthony Wedg- “e pseudo-Marxist policies being Missive rurther na«dnalte' : 

advanced last month as a short- wood Benn,the Energy Secrelary, pureued by his party and within tion tens part of the Labour b* ' 

term Ion n snrf ic nnur tn ho /vm. in Dw.iir n wi Flic Pahinot ■ . ** L 


tar»;cs. *lS7ii to 2S.0OO last year — a reouc- an m m«i »*«**« «■« “■ « th e points 

He thought that Mr. Rees's lion of 25 per cent. hannonious one. ' this subject. 

statement showed that the In ^ ,is ' . tbe V^nt Mrs C Margaret Tliatcher the Con- “ l tbink lhere is nothing less terra loan and is now to be con- in Bradford last month. Cabinet- . ' gramme, ‘she insisted sihd’wotf- ■ ' 

f.nvcm.nent iiliended to do Sccremry re J ec ted the Seioci "rs-Aiar^recinaicnerne uoiv { |Q relieve anxict i es s t h a n verted into equity capital. They t0 the chaseiev^. ,^ Mr - Callaghan replied that Mr. remain so' until the^'" 

n' ,ib i n; > i” , esno n , se to the report Co ia| oit| a v s reeommendauor^ (hat^he Britteli pelfnle were ,be rather sharp and almost Payment of the remaining thozi^ the Prime MiS^r IIS Wnterton had not studied- Mr.-M^Vster remirtiat^ Fi. 

of tnr. Select Committee, “^, 1 ^ afraid of bS' “ sSamued ” by hysterical reaction that has come pm- will leave the NEB with an ^ly IndSuw o'F fi s Lf^e '5 enn 5 the care it ' . Mr.. CaUaeban again repeair - 

t.e don t accept this as m an {l“* ,i . iinmi«ration ° J from certain quarters,” he said, headroom of some £64m. below r0 me after wannlv praising^all ^ se ^? a ' He had done so. and that these werp questions for tl 

^''^n^in^^ft^r^eWiled 1 * * *« U res tchdoy show Everyone was now agreed on b ~ * ^ ° f = £^ SSSM SS g“ JS9‘ ^ 

fnr this view dear to-morrow, grant community on this point. clearlj that we ^rc noi betng JJJJ I I JJ 1 J{L -°i v ,l m^5I rif Vr Though Sir Leslie Murphy the e^ine ^and^dS dom “d. democratic socialism, the House *n«eested that it In 

he sard. He also turned down the com- swaped. An>bod> who gives Hvi mitmenls already marie. He was Board - s chairman, has said that SlSn? "il w ^ Tbf* brought Mr. DaWd Steel, alrt*ady started. ™ -T. ■ 

A few Tory hackhenchrrs ap- mi ttee's recommendation that ih e impression is wrong. The figures disapooin red. however, that the this would n ot be enough to ^ 3 -2beral- leader, to his feet, -In affinal torust he delighb ' 

reared to elve cautious endorse- Government should initiate an speak for themselves. statement said nothing about : the roeel ^nRaj needs of the f« r c?r^ ^ f0 stress that as- l«ig as the Lib- Government snnoorter^ l«rco " • • 

iiicnt fn Mr. Rees's announce- Independent inquiry to consi w -- tn "«■»«-*.- "> - -- p iiU “« ■ to Sir Ktanrth Kaitk th* th*,,. ._ . ^ «--• - - ^ oyct - ' 

ment. thus lending some credence a system of internal control 
to his view that lhe Conserva- immigration, 
lives were deeply divided on the 

that the nationality law. which had been 

NEB's ^33 complies in the next man oE Ae company, 
year, the shadow Cabinet has 

This would mean 

‘Birch’ the MlllleV 

reiects ulea t 

hooligans, J 

mp urges abandoi 

n nuclear test 

“massive further ‘ national isa- face of capltatism. r 

A CALL for u return to corporal 
punishment was made in the 
Connnons yesterday as MPs dis- 
cus«ed football hooliganism. 

Mr. Miriiaei Brotlicrton (C.. 
Loulhi urged Ministers to make 
sure the punishment inflicted by 
magistrates on hooligans was 
xuflirient to meet the crime. “ It 
is time we returned to corporal 
punishment for young hooli- 
gans.'' he said, as Labour MPs 

But Dr. Shirley Summers kill. 

“““‘Lab pact survived, there .was no tending; that the one phra 

, . r . uc >i«uuH uaa -possibility of . Mr. Bean's which- had caught -- tW - tinM '- 

sort or immigration there was in one of the most important rcuom- jpoded j 0 oppose anv increase Then, with obvious relish.: he “interesting ideas” seeing the imagination . m tbp parliE 1 aw 
identity Uie lSSOs is over.' mendations of the committee. . in its fn^dsin an attemotto 'out that congratulations light or day. - - dents over the. mixed econoe- 

restrict its activity JJ ere a “° dne t0 th . e Conservative ... But this did not satisfy Mrs. was that 'hied by Mr. Hei^r 

The move is in line with the Part - V - which during the Heath Thatcher, who complained that when, a«r Prime' Minister : 
party's lentative plans for a £ 0verQIuen t nationalised- Rolls- Mr. Benn ■waa known -towant spoke abouT “thejimacceptal 
fumre Tory Government to eon- R °i" ce - 
vert the NEB into a simple State 
holding company for problem 
companies like British Ley land 
only, so curbing the Board's 
entrepreneurial activities. 

It seems unlikely last night 
however that the Conservatives 
wnuld be able to rally enough 
support among the Other opposi- 
tion parties to block the Govern- 
ment order. ■ 

Shore forecasts domestic rate 

BRITAIN'S nuclear test explo- Mr. AJIaun said that it would by Britain's roregoing one of its 
sion in America to-day will not assist the Anglo-American- very few tests. “1 cun assure 

hpr-iirf A new ®enpratinn of Russian test ban talks if Britain you that we have no plans for 

heniid d new ^enerauon of ael ^ lead by . foregoing this any new generation of nuclear 

i n ! s ^i n. e iir „, r ' test. He asked why it was being weapons." he said. 

Fred Mulley, ihe Defence Secre- carrEe( j ou j al a ij t /f was not a p or lEie Liberals, Mr. Eralyn 
lary said in the Commons y ester- tep towards a new nuclear Ilooson, urged Mr. Mullcv to 

weapon. give an assurance that there was 

“You don't need to lest nuclear 


day. He rejected a plea by Mr. 
Frank Aliaun (Lab., Salford E_) 

to abandon the tost. 

bombs to see if they have gone 

“ This test; due to take place stale like a piece of cheese.” he 
at the U.S. Department of said. — 

Energy site in Nevada, is re- Mr. Muliey replied that no-one 

Unwc Office Under-Se,cretary. re- quireri to maintain the effective- was more anxious than he for a 

plied that it was better to see 
how recently-increased maximum 
fines affected the situation, be- 
fore further measures were con- 

Mr. John Evans (Lab.* New- 
ton > suggested that the call by 
ihe chairman of the Football 
Association for greater Govern- 
ment action, made at ‘the lime 
of the MiliwalMpswich “riot 

ness of our nuclear weapons,” 
Mr. Muliey said. 

comprehensive test ban. 

No advantage would be gained 

□o intention to develop another 
generation of nuclear weapons. 
Mr. Muliey replied: “I have 
repeatedly said there are no new 
Plans for any new generation of 
nuclear weapons. Anyone who 
doubts that is doubting my 

on inflation 


By Ivor Owen 

Meccano move criticised 



replacement of its then l.KMP and lease it back 


now looked a bit sick, in view of nilttce hairing .evidence about strong work-force over the next pany. This had rre 

” s,, -“ ,v ‘ " J capital for the old ’ 

be replaced, said 

M : 11 wall's punishment. 

"That punishment has been mem problems' were yesterday 
reduced m a farce by ihe deck given we evidence about pro- 
s’on of the Fool ha) League to posaJs for a major company in 
allow Mil 1 wn ! I in plav thpir home Liverpool to leave the city, 
game laeainst Mansfield) nt lhe Informal trade union contacts 
end nf fh" season." he said. alerted the City Council to an 

Merseyside's social and employ- three years. 

The factory management was 

.the com- 
. {working 

I Wings to 

DOMESTIC RATES this year Parliamentary question from Mr. should rise by less than 10 ) 
should go up on average by just Laurie Pavitt (Lab., Brent &.). cenL 
under 10 pet cent in England '. The figure was a 'Iwelghted The Government in its. smv 
and Wales, Mr. Peter Shore, 'average which took into account sampled :371 out- of .403 .rat 
Environment Secretary, pre- the - different sizes . of local authorities. Outer Lam - ' 
dieted In the Commons yester- aurhorities. ■ Boroughs showed a 2.i per « - - 

day. . • Mr. Shore said that his figure rates rise, but Inner London -i • 

The forecast contradicted was .lower than the- association’s up by 73. per cenL Metropolf 

recent estimates by the Rating estimates because the* latter's districts as a whole-had increa-' 

a crTr-f-T-oTiruvr and Valuation Association that calculations, based on- average rates hy 9.3 per cent 

A .- i oSSSv rates in 197S-79 had risen /by rates increases; ..were not .Of the non-metropolitan -r: 

article in The Times that Britain s DBr adlusted to locaf* authorities' trlcts. Wales showed the. hi* 

annual inflation rate could climb oq d ^ bagis 0 f a g-> ^ r e 1 aitlve sizes. percentage rise, with a'lSi : 1 - - 

to 15 per cent, as a result of toe samp ] e t j, e ave rase rates rise The statement was in line with cent. Increase. The average ) . 
increase in the money supply w ju j, e 97 per cent.” Mr. Shore -Government/ foretaste In Novam- in .English non-ni'rtrepolt 

which has taken place over the state ^ in a written answer to a her that average domestic .rates areas was 31.6 per CBBtj';- : 

last 12 months, was discounted by ” • . / ; • , . - . . . 

the Prime Minister in the Com-- / 

moos yefttercUy. 7 * 

He told MPp that- the "article., 

^inhiia ccruv-to/I h tit h'Aan writj* _ _ _ _ 


Th« rnoihall authorities should 
put ihci” house in order and 
segregate supporters, fence off 
pilches and ban the sale of 

intended move by the Airflx- 
owned toy company. Meccano, 
which was seeking a new site in 
Huy ton about six miles away. 
This was exported to lead to the 

ignorant about the proposals, 
until they were flown out to 
Munich for a briefing about 
company plans, according to 
Councillor John Hamilton, the 
leader of Liverpool City Coun- 

On hearing of the proposed 
move, the Council negotialed to 
buy ihe six-acre site for X275.000 

wliidvhe suspected had Wen writ 
Councillor ten by a well-known monetarist, 
had “ sensationalised a little 1 " by 



Lambeth Central hig hlights problems of inner city area 

“THE PROBLEMS here are the already set fair to be the doiuin- 1S.000, lhe worst in London. Yet journalist 
problems of the country.” The ant issues at the General Election, thousands of council huoses are immersed 
words are those of Mr. Jeremy which cannot be many months empty. In one ward. Femdaie, politics. 
Hanley, the Conservative candi- away. In Lambeth, they already 40 per cent, of households arc 
dale in tile forthcoming by-elee- are. but in the case of race, per- without hot water, bath or Left 

tion in Lambeth Central, the old 
Brixton seal in South London. 

” t • . . 

Mrs. Rene Short, MP for Wol- annualising or translating into an THE ANNUAL slaughter of seals Earlier, Lord . Houghton of “ la this respect. I undwrf » 
verbampton and the sub-commit- annual rate, an increase in the in Canada is becoming an Sowerby, lhe. Labour peer- asked that the Under-Secretary of®-. • . 
fee chairman, said lhe lack of money supply over a period of “international scandal," Uord whether the Government . was for Trade will be eousukin* 

communication over the proposal three or four months. Boolhby said in the Lords yester- persuaded by the widespread Ministerial colleagues to d( 

to move was “scandalous . . . This was not necessarily what day. • revulsion -of public opinion mine whether action on thek- - 

and a terrible situation." would happen over the next 12 He urged the Government to against the massive slaughter- of suggested Would now beajj r- .. 

The sub-committee yesterday months. A study was being made do everything In their power to young seals in Canada to te?l prtatfc" ' . i . 

completed two days of hearing of the particular proposition put put pressure on tbe Canadian the -Canadian-. Government that '/Lord Houghton asked wnei- .. 

evidence in Liverpool forward in the article. Government to end the slaughter, future --exports Of seal pelts to lhe United States baa ajra.,. 

the U.K.. would be unwelcome— banned these imports and »; 
or whether. ..alternatively, they that Trance was constat^ 
would put this first among their doing tbe same, 
import controls. ' - ■ Lady Stedman- replied 

Baroness Stedman for "the manv onpnhents of the Caaai- . 
Government.-, replied: “The cull had claimed that France 
Canadian- Government is well the ' United States had Wn.. : - 
aware, through its High Commis- imports of skins hut net t nun 
sion in London, nf the strong tinn was that none nr tl- 
and widespread feeling aroused countries has such a ban. 
bv fhis issue in Britain... . Sbe told peers that pe --.. 

‘"Tbe Government is also fully was primarily designed to m- 

He is unquestionably on the Labour talk you would think tile visits from nearby Westminster. bM^ecelved P many Siwue^fhe nnmbwr^ nf seaft" ' 

jft-wing of the party, in con- man in the moon's been in . The partj-s local organisation ^ tQ ban imports of sea i the necessity to maintain 

who has been ment. and of a party which has officers) and Mr. David Steel, the 
in south iLondon dominated local politics (“Who’s leader, is personally committing 
.been running Brixton? The way himself with several promised 

C -in: | 

On first glance, they seem just 

haps unfairly so. shower, and inside lavatory, trast to his predecessor, whose charge — and if he bad been he is strong, and Uie Liberals 

For if htere is one thing on Overcrowding is . more than squire-like qualities and couldn't have done a worse possess an attractive candidate in 
which the candidates of the three double the London average. immense local popularity job."): the fight against Tilley is Mr. David Blunt, a 32-year-old 



of fish. ■ 

tbp ritual bittle Vrv of an asoir- major parties do agree, it is rliat For all this though. Lambeth attracted a personal following ihe struggle against the “Red lawyer who has made a typically 

* _ f Via orn-i iff riot nVir.nt in rtn «« a PamIi^iI 5 m aha »r r Tillnn (M.irent k Ann «A mqtnk 1 >' T «kn.>» nUmiatiit T i hi« r*j K Onv't 1 1 ri> i a 

ing politician, to be uttered at 

the area * s not al,out to SO up Central is one ■ of those most that Tilley cannot hope to match 
every “morning Press conference in na ? ies r lhe 73,000 people coveted prizes as the Conserva- yet. 
between now and polling day on 
April 20. In a sense of course 

gesture in 

they are. But in Lambeth's case 
they are particularly true as well. 
For the constituency affords a 

peril" version of the Labour altruistic Liberal 
Party. offering his own 

who live in the constituency, per- fives move in front in the opinion But Lambeth traditionally Then, of course, race. Hanley house just outside the const ilu- 

haps 25 per cent, are black, polls, a safe Labour seat. Labour polls very low. The turn out is squarely behind the ency as^ campaign headquarters, 

mainly of West Indian origin. it has been since the war — the even in Fehruary, 1974 was only Thatcher line, that the problem , The Front had trouble in find- 

What Lambeth borough does property of Mr. Marcus Lipton. 62 per cent, and the following can only be tackled if it ' is j n 8 a candidate and had to bring 

October, only 52 per cenL brought out in the open. He in Mrs. Helena Steven, from 
Jerry Hanley, tax expert and Perhaps most Intriguing, how- Greenwich. So far, she has been 
son of the late Jimmy Hanley of ever, are the Liberals, who arc little in evidence. 

“Jim’s Inn” fame, is waging a making an unashamedly big pitch A bigger threat to the tradi- 
brisk' no-nonsense campaign, in a seat where in October 1974. tional Labour pool of votes are 

helped by tbe knowledge: that the they won only 12.5 per cenL of tbe four Tar left parties in the 

country’s mood is swinging bis the votes to finish a distant race. Two have black candidates, 

party's way. His points are third. and one of them, Mr. Tony 

predictable, but no less telling -Improbable it may sound, but Bogues, for the Socialist Workers 

for that: the failure,' of the their campaign looks the most Party, is clearly ahead in the 

inner-city policy of ihe Govern- dynamic (no less than three press battle of the posters. 

have is perhaps the highest level who captured it in 1945 and 
, . of your unemployment in London, held it for 33 years until his 

near perfect Held sludy of what Qf the 7.456 people registered death last month. Lipton's 
ca nhappen to an inner-city area without jobs in the Brixion area, legacy is a majority of almost 
when raced by all of Britain s just one fifth are black. But of S.roft. that would require a swing 
endemic ills— -low growth, high that figure, 50 per cenL are under to the Conservatives of almost 
unemployment, bad housing, en- 2 4. * 17 per cent, to be overturned, 

forced ptibl/c expenditure cuts The housing problem is os bad. and at the moment there is no 
and so on— oleudcd with a high Even Labour, which has long sicn of that happening, 
concentration or immigrants. controlled tbe borough, admits His likely successor as MP. is 
Race and the economy are that Lambeth's waiting list is Mr. John Tilley, a 36-year-old 

Impressionist paintings 
fetch £264,620 

SOTHEBY’S completed a sue- £12.000 for a Louis XV Trinfftl' .. 
cossfUl week selling the notori- and tulip bureau-plat ~ - 
ously fickle modem and Jmpres- A Louis XTV houUeano ei. ^ 
sionist paintings with an auction commode, a 'Similar thouffo n 
of less hnoortnnt works which elaborate example of which . 
totalled £264.620. he found in the Wallin Cft L - 

Top price was £9.200 (fo which t10n r was aj» hDOglK 


must be added. the tin per cent, moosly taBC 
t,,i«aH |> nraminmi naid fni- hnth An early 1 / th-ccnturv t J 18 . _ 

kM’nMnt PaM .for both ^ ^,1- ^ TI.b .*!>• ; . 

a Renoir Fnu.snpe rfu Wdi *nd a . , al -- . _ ^ 

Vlam'nch. i«,t callod ^'thV 

f„?M CM - 

hv Henri le Slrianer. and the v on Behren at 

Mrs Castle’s new state pension scheme goes so 
far, but is that far enough? 

For most directors and higher paid employees, 
lhe answer is no. 

Because the state scheme does not currently 
provide tax-free cash in hand at retirement, 
nor full security for your family if you should . 
die before retirement- important points when 
you look at the escalating cost of living. 

The solution to your problems could be 
MGM’s ‘Design for Retirement! 

MGM’s plan enables you to build on the 
foundations of the state scheme-or your own 
private sc heme -and create a tax-efficient package • 
ol* fringe benefits for you and'your employees. 

‘Design for .Retirement 1 is simple to run- 

For further information contact your financial 
adviser or ring Malcolm Powell on 01-623 8211. 
Alternatively, return the coupon at our expense. 


Established 1852 

Marine and General Mutual Life Assurance Society 

To: MGM Assurance. Freepost, Worthing, West Sussex. BNU 3BR. 
i No sump is needed} 

Ptnuie senU nu‘ further details of your ‘Design/or Retirement' Pension Plan. 

because MGM does all the paperwork-arid is so 
flexible it can be tailored to suit your own specific 

Why not find out more -you'll be glad youdicL 


Company Name- 

Company Address. 


F&Sflp from a Japan^e H MV prfor p qooo for 

Mnrte. alio bv Renoir. Museum paid £9-000 nw 

wire i none, a iso dv Renoir. -.T r _„ ic y m 

Ther week of Islamic sales .at. ^ o f Lo ^ 

Sotheby’s' "ehdert with th * 4 first e 3 ^v, iSth-century 

auction cancentarting on 

Islamic needlework banging worked 



petit point. - 

£41.352 with snink A sale of wines, mainly 


U-rota*u-<! L«i.jn; w‘tn .vmm -- ” r>hriH '■171?) t ) i 

nav^ns «WW fnr a Wh.-roulrrv 

sold coin of AM al Hamid TT. ^42.434,^ W!th ^ a ta * 


enld com nf at Ham>d ai. 7 CX.- « 

A gold dinar nf the Omawads of1 ^ 11 

^ Other high pnees includes 



bon)f«! of Chateau Lafite 
at £620 per dozen and 
bottles of Chateau Latour 
at £529 pier dozen. 

A. record auction, price 
• • £5.S00 for a single Chinese SC 

— ■ . was paid at Phillip’s yestenw. 

struck at the Spanish mint of Al It was a red one-dollar , 
Amdalus In the 8th century made charge on an 1897 three- 
£3.600. - stamp and was bought oy 

Strong bidding in a sale 'of anonymous British dealer. 

French.- and Continental furni- previous best price for ejg® ' 
lure at Christie's pushed the stamp at auction *as *L2w 
total. For 86 lots to a respectable years ago. • ^ 

£324.321. Phillip's was selling a 

As expected, a Louis V XV| collectfoo of -rare 
equation logcase clock -by stomps gathered, by 
Ferdinand Berthoud r of 'Paris FJetcJjer. r a . Briton wonojjB 
made the day's top price, soing the Chinese -Customa i serwn 

to Banham. the London clock the early years or .tne^w. 

dealer, for £34.ono. 

Berthoud (1727-1807). was- with 
anpreriticed to Julien Le Roi in and Hong 
Paris fn 17-15. part in the brdduw- 

He produced many fine regular Tn other auctions 
tore and timeolpccs. and carried Bonham's- sold Buropea^. ^ 
out considerable experimental ings ; for' Omp* ‘v.sgh '*• \ 
work on. ‘precision timekeepers. Edmond Adler som 

ip early years of the cem. 
The eolipcHon realised I 
1th many American, Ja =P"pfc 

nd Hona. Kona buyers tai 



publishing' his results in several and a -small view of a Part 

ana a sraaii »• - r^jp 
nark by Gasnon wceroeo; 

paoers and books. /; . . 

In keen competition - among a forecast at 1L.4W. 
number of Continental buyers, an by Soulaarcix- ■ (>., 

anonymous bidder from West Christie's tgj* 

Germany secured a South German brought la zis-sft'v 

Germany secured a South German brought ia Of '; ’ - * 

walnut and marquetry bureau- and AgJ? S3 for £* ;,: v> 

cabinet from the second niiarter..phn.sty Minstrels • 

of the 18th century at E21.000. . ani anolher of a 

buyer' from - Paris -paid Vrace mectiW . for £***» V 




Tfoie s . Friday April 7 I97g 




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TEE NEW package of Ucensiaff trading poidttowras one way 
measures announced by "the.hf stimulating Sexploitation of 
Government -on _ Wednesday reserves^ particularly margin- 
raises some fundamental ques- ^ **>“>®hal Adds, 
tions about the conflictirie role J 1 **? £«“*» 

* ti0 “ 1 ^ *S3«I5 

poranon and its operations on merely to illustrate the tension 
the UJC. Continental Sh e lf. Very that still between the pri- 
quickly the State undertaking va *e oil sector and BNOC, now 
has established itself as both a two aod a-quarter years old. 
referee' and player* as a twr* p “*aps this is ime -reason why 

in some respects, an opponent a series of confidential. xneet- 
as well. - - ings with oil ' companies to 

The established offshore in- evaluate their working relation- 
dustry is becoming more vocal ship with the State corporation, 

about this conflict Hence the For there can be no doubting 

remarkably frank outburst by that under the present Govern- 
Mr. George Keller, vice-chair- ment the public and private 
man of Standard Oil of Cali- sectors will have to work much 
fornia on an ITV programme more closely together. The 
this week. BNOC— a partner licensing announcement by Mr. 
with SOCAL’s Chevron subsidi- Anthony Wedgwood * Benn, 
ary in the Ninian Pield develop- Energy Secretary, on Wednes- 
ment— was a growing albatross da * underlines this fact The 
around the neck of oil compan- 50,6 purpose of the package is 
ies. he said. It was an under- t0 Provide the State with a We- 
taking making no contribution ■ ger stafcc *n the North Sea and 
to the British economy but other exploration areas, 
which was responsible for a So, for the first time, BNOC 
slow-down in North Sea develop- is being given the right of first 
ment Lord Kearton, chairman refusal whenever changes in 
and dtief executive, was quick ^ panne rJ^Trmed 

gramme was far from ideal— rounds— are proposed. Bow- 
“stinking” was his exact word ever," (he conditions applied to 
— before BNOC came along. this special privilege are not us 
Mr. Keller's remarks rang true onerous as many private oil 
with many North Sea companies groups had feared, 
although they were not neccs- BNOC was hoping that it 
sartiy representative of .indus- would be financially carried 
try feeling as a; whole. Indeed, through doring r the explor- 
there seems to be a growing atlbn stage of . any newly 
rapport between at least the reformed licence group. This 
major oil companies and BNOC. would have given the Cor- 
Discussions thin .week between poration two big, advantages. 
Lord Kearron and Mr. Clifton First, it- would ha-W* been able 
Garvin, chairman and chief 10 6*“* a stake in any licence 
executive of the giant Exxon partnership whenever one of 
Corporation, are said to have the partners wanted to dispose 
been cordial and constructive.- of its interest. Second — and 

this proposal- really „ angered 
T y-, j- oil companies — the remaining 

KindlV partners in the reformed group 

J would have paid BNOCs share 

But even among the majors 0 f exploration costs. The 
there is undisguised . concern Department of Energy has now 
about BNOCs growing offshore decided to drop the second con- 
role. Sir David Steel, chairman dition and provide a modifies- 
of British Petroleum, mentioned tion to the first • 
last week that the company was ‘Under the terms announced 
working out methods of 1 eo- by Mr. Benn, private oil corn- 
operation with BNOC although panfes will be allowed to 
the company was finding .that arrange the Jransfer of licence 
the state oil group was ?im- interests ?>mnng themselves if 
pingeing” more and more on « meaningful "• fully commercial 
BP’s traditional businessr-^snch discussions with BNOC break 
as crude oil-trading. May^down or if the Coitoo ratlon 
this remark sti^red^Lord Heir- Tefus»,th6 offer ofW|&nce 
ton to Observe *^rivaie»«F "*&• industry *c*ffnbt 

companies were being treated really complain about that 
“almost unbelievably kindly” arrangement 
under the existing tax regime. But it has cause" to question 
BP, fie said, had shown in its tb e fairness of thg/special award 
latest accounts that it had paid of, production licences to BNOC 
£3 50m. in Petroleum Revenue ^d the British^ as Corporation. 
Tax although in fact it had not private companies may have to 
handed over a penny. To say wait several ahonths to know the 
that the oil companies gave a whereabouts of the 40 new 
fair and true picture was non- blocks th# are to be offered to 
sense, he told a small gathering them inT the sixth round of 
of Pressmen following the Cor- licences! In the meantime BNOC 
poration's monthly board ireet- and British' Gas can begin e valu- 
ing. (In fact, BP’s accounts a ting the ten production licences 
show that the amount has been that have been reserved for 
set aside for future payment) them; 

Lord Kearton also stressed 
that companies were guaranteed ■ ■' 

an allowance against FRT of. ' 

175 per cent of their field de- w 

velopment costs and that off- The isue of one block to 
shore groups could use tax British Gas is unlikely to cause 
credits from one field to offset much of a stir. Through past 
development costs on another, licensing - deals the Gas Cor- 
Such tax conditions, were “ ex- poration has managed to take 
traordinarily -attractive ", he control of exploration activity 
said. -in the' Irish Sea. It. has how 

However, his comments pro- been awarded block 113/25 in 
voked a swift response from the area, very close to its pro- 
another major oil group this, mising ■ Morecambe Gas Field. ■■ 
week which told the Financial BNOCs accumulation of nine 
Times that Lord Kearton had full blocks is much more in- 
misinterpreted the reasoning teresting. Some of these conces- 
behind the tax structure. The sions are in virgin exploration 
175 per cent, is to offset high territory — such as the South 
interest charges on the . big Western Approaches and the 
capital projects.- The use of northerly North Sea quadrant 
tax credits to assist neighbour- 208. But others are very dose 
ing development— a normal to known producing structures., 

four conflicting roles of BNOC 

The Corporation’s own ex- 
ploration department has 
described the . West Shetland 
area as one of the most exciting 
prospects on the U.K. Contin- 
ental Shelf so it is not surpris- 
ing to see three of the nine 
blocks allocated in this sector. 
Two of the three, 205/10 and 
206/6, might well have been 
keenly sought after in an open 
round of licensing because both 
are very near to British Petro- 
leum’s recent discovery. In the 
North Sea, block 15/6 — north 
of the Claymore/Piper/Tanan 
complex— and blocks in quad- 
rant 29 and 31. must also be 
regarded as attractive. 

Energy Department officials 
point out that BNOC did not re- 
ceive all the blocks that it 
wanted. Private oil companies 
have been told that it is not 
government policy to reserve 
the cream for the State corpor- 


Even so, a suspicion exists 
within the established offshore 
industry that BNOC might he 
using confidential geological in- 
formation, gained through its 
growing list of State participa- 
tion deals, to support its appli- 
cations for sole licences. 

What is more, there is con- 
cern that BNOC could use the 
information to frustrate the 
development plans of the 



private sector. Here is how it 
might work: A consortium 
makes a discovery in block A 
but finds that the producing 
structure extends into adjoin- 
ing block B. In the past the 
group would have told only the 
Energy Department, keeping 
the information a commercial 
secret so that it could bid fur 
block B in a future licence 
round. Now there is a Tear that 
BNOC. armed with all the in- 
formation at its disposal 
through participation, will 
collect block B and others like 
it. In this way it would not only 
control the speed of oil exploi- 
tation in its own block — per- 
haps desirable in the interests 

of a national depletion policy — 
but it might also influence the 
development programmes in 
neighbouring blocks; those like 
block A. 

This is not a hypothetical 
case for there arc many struc- 
tures and fields that cross 
boundaries between one block 
and another, in some instances 
between one national territory 
and another. But it does demon- 
strate how BNOCs roles as a 
monitoring and advisory agency 
and commercial undertaking 
might be in conflict at times. 

On the other hand, the private 
sector should recognise that this 
dual responsibility could act in 
their interest. As a licence 
operator, with a significant 
equity stake in several existing 
concessions, BNOC is obtaining 
first hand knowledge of the 
problems associated with field 
development programmes. The 
Corporation, which has just 
brought on stream its Thistle 
Field, now knows all about the 
headaches of commissioning 
largo platforms in winter storm 
conditions. It has experience — 
both good and bad — of British 
industry's ability to supply 
equipment and services in the 
North Sea. AN this should help 
the Government and the oil 
industry to work uut rational 
procurement policies. 

The Corporation's growing 
experience as a crude oil pro- 
ducer and trader might well 

support the offshore industry’s 
view that Britain’s oil disposal 
and refinery policies should be 
flexible. BNOC knows as well 
as the private companies that 
adherence to a rigid policy of 
refining two-thirds of North-Sea 
crude oil does not make 
economic sense in present 

The message seems to be 
getting through to Mr. Benn, 
who is under strong union pres- 
sure to adopt a strict two-thirds 
for-the-U.K. rule. He said this 
week that State participation 
agreements with oil companies 
(49 have signed so far) enabled 
the question of where the oil 
should be landed and refined 
to be tackled on an individual 
basis. Oil companies. Energy 
Department officials and BNOC 
seem to be discreetly working 
out ways of handling U.K. crude 
which protect the national in- 
terest. but which also recognise 
the value of the premium oil 
to the international market 

There is a third area where 
Sir Denis Rooke, chairman of 
British Gas and a member of the 
BNOC board — and Lord Kear- 
ton — have been working in 
harness with the private sector 
to tackle a particularly knotty 
problem: the question of a 
North Sea gas collection system. 
The State corporations have 
proved to be as commercially 
hard-headed in their gas col- 

lection studies as are the pri- 
vate companies. 

The Gas Gathering Pipelines 
(GGP) study company, embrac- 
ing the public and private sec- 
tors, has just presented its final 
report to Mr. Benn and it will 
be interesting to see if the 
organisation is retained. This 
is because much more evalua- 
tion work needs to be under- 

New pipeline 

What has emerged is that the 
case for a new £5bn: pipeline 
network favoured by some 
Ministers cannot be supported 
with known gas reserves. It is 
-understood that GGP has told 
Mr. Benn that a new gas trunk- 
line system could be considered 
only if a new large gas field is 
found (and this is a possibility) 
or if some joint arrangement 
could be reached with Nor- 
wegian gas producers. It is un- 
likely that operators of Nor- 
wegian fields would allow their 
gas to be transported to the UJC 
unless a pipeline is built across 
the English Channel to carry 
the fuel into the higher-priced 
Continental market. 

For the time being GGP has 
accepted the need for several 
spur lines— costing between 
£250m. and £500 — to transport 
associated gas from a number of 
oil fields to the Frigg and Brent 

trunk lines and thence to SL 
Fergus, Scotland. 

But this is easier said than 
done. Gas which might be 
carried through the new spur 
lines is, in some cases, of far 
different quality and character 
to the gas going through the 
Frigg line and planned for the 
Brent line. It may be, for 
instance, that partners in the 
Frigg Field development will 
have to set aside part of its 
trunkline system (luckily it is 
a dual line) for the trans- 
port of new gas produced in 
association with oil. At least 
Total and Elf, leading part- 
ners in the Frigg develop- 
ment and members of GGP, 
have had an opportunity to help 
to fonnulate proposals along- 
side BNOC and British Gas. DP. 
which is sceptical of the 
Magnus Field to the Brent pipe- 
line system, has had an early 
opportunity to put across its 
views. It, too, is a member of 

It could be several years 
before a full-scale, integrated 
gas collection system is 
developed in the central and 
nothem parts of the North Sea. 
What seems certain is that 
either BNOC or British Gas will 
be involved. Like it or not, the 
private sector will have to 
accept an increasing State 
involvement in its offshore 

Now: Advance 

Seat Assignments 


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assignments in advance. 

This new service is available on all 
TWA transatlantic flights fromLondonand | 
on all TWA domestic flights in America. 

Just ask your travel agent when 
booking your flights. 

Please remember to say whether 
you want to sit in a smoking or a non- 
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want to watch a movie. And also your 

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Sales war in which only 

the smoker will rejoice 

WHATEVER the Chancellor has 
m -store for smokers in his 
Budget next Tuesday, cigarette 
manufacturers are searing up 
for yet another long hot summer 
n/ price cut Ling which should at 
least benefit the consumer even 
i [ it does JittJe to enhance 

The launch in May by BAT 
Industries of its State Express 
range will he one of the biggest 
ieen in the U.K. and is on a par 
with the S4Qm. send-off given in 
the United States by Philip 
Morris for its big-selling Merit 
brand. The i'5ra. promised by 
BAT is the equal of that, given 
that the U.K. is only one-quarter 
the size of the U.S. cigarette 

Nor will that be the end of it. 
BAT has already- promised 
further brand launches within 
three mouths and, although 
these may not be so expensive, 
they will add to the push being 
made by the company to stamp 
its identity on the U-K market. 

Rapid fall 

Big launches have been made 
before and have often failed. Jn 
the tobacco industry perhaps 
only one in a hundred new 
brands is a major success, but 
unless State Express is a com- 
plete Hop. its very presence 
could give a major jolt to an 
already rapidly changing market 

The king size sector is now 
estimated to take about 50 per 
cent, of the market and this 
could rise to SO per cent by 

Tax harmonisation and 
diminished price differentials 
have led to an accelerating 
decline this year in the sale of 
small cigarettes, and this latest 
notice of battle could sound the 
death knelt for the multiplicity 
of cigarette sizes peculiar to the 

But while Imperial, through 
John Player King Size, Players 
No. 6 King Size, and Embassy 
No. 1, and Gallaher, which has 
the number one seller in Benson 
and Hedges Gold Filter, have 
established themselves in the 
newly-shaped market, both have 
complained that profitability has 
been severely squeezed by price- 

BAT readily admits that it will 
not make a profit for some tune 
to come in the U.K., though it 
will be helped by having 
negotiated advantageous man- 
ning agreements with the unions 
before installing the most modern 
cigarette-making machines at Its 
Southampton and Liverpool 

One of the reasons for the 
heavyweight approach by BAT. 

AsMcb daft fraud 

On the eve of a big sales campaign that will stir up the home cigarette market, BAT’s 
British leaders relax. Mr. Stewart Lockhart (left), chairman, UJv. and Export, offers a 
cigarette to Mr. Gordon Watson, director, U.K. Market 

an approach that immediately 
wrung a buwl of protest from 
Mr. Mike Daub*?, director of 
Action on Smoking and Health, 
is that there is a threat hanging 
over the tobacco industry of a 
ban on advertising. 

ASH itself is one of the princi- 

f his will offer the customer 
further opportunity for price 
cuts, the discounts offered to 
retailers plus money to put up 
advertisements and give a mini- 
mum shelf display have led to 
angry exchanges between leaders 
in the industry as well as running 

News Analysis — BAT’s British Launch 


pal evangelists, having already 
called for such a ban, except for 
point of sale, at the end of the 
present agreement between the 
industry and the Government on 
advertising. . 

That has two years to run 
and, while many jn the industry 
are sceptical about a ban, 
especially if there were to be a 
Tory government, if it were to 
come about then changes in 7be 
market place would become very- 
slow. So BATS is making hay 
while the sun shines, and if 
there are more good summers 
after that then so much the 

At the point of sale BAT has 
indicated there will continue to 
be a battle royal for space on 
the retailers' shelves. While 

battles between rival product 

Reaction to the BAT initiative 
may be on a highly selective 
basis with manufacturers pro- 
moting heavily those brands 
which are already successful in 
a particular area, while rolling 
with the punch in others. 

BAT hopes to have about 10 
per cent, of the market in five 
years. At the present rate that 
would mean sales of about lbn. 
a month, the level claimed by 
Rothmans, including Piccadilly 
and DunhiU, but while Imperial 
appears to be the obvious target 
BAT is unwilling to speculate on 
who would be the biggest loser. 

After a shaky start Imperial 
has strengthened its position, and 
though its market shale is down 
from its almost traditional 66 per 

cent., it has recovered to 60 per 
cent, after having dropped into 
the high fifties for a time. 

Mr. Healey may, in the end, 
hold the key. An increase in 
duly on cigarettes next Tuesday 
would come as no surprise 

ASH claims that the health 
message is getting through — 
recently it produced figures to 
show that 60 per cent of smokers 
wanted to give up the habit — 
but admits that price is one of 
the biggest deterrents. 

But BAT is not a company that 
would normally take on a very* 
difficult project like the U.K, 
market if it were not willing to 
take a long-term view. 

A total investment of * tens of 
millions" is based on two years 
of careful market research and 
worldwide expertise. The com- 
pany has shown it can stick to a 
difficult task — the' rationalisation 
of International Stores — and it 
has a range of brands and a 
wealth of technical know-how, 
for instance in flavour-boosted 
low tar cigarettes, on which to 

The gladiator has at last 
entered the ring and is beating 
his sword on his shield. The 
balance between victory-and the 
preservation of profits ris the 
strategic problem. ■ 

• financial Times 

Still a hyt# return 

on pur capital 

Ever since they were first issued. 
Abbey National Bondshares have 
been highly recommended to the 
investor who can put money aside ' ; 
for 2 or 3 years. . ..■ 

The latest issue of 2-year and 3-year 
Bondshares pay respectively 6.00% and - 
6.50% annually. (The equivalent of 
9-09% and 9.85% when income taxis ; 
paid at the basic rate of 34%.) 

While these rates can vary they 
will always pay 0.5% more than the 
share account rate for two year bonds 
and 1.0% more for three year bonds. 

Making them an ideal investment 
opportunity. Yet they still offer the 
investor real Building Society security. 
These days that’s a very reassuring 

/. The minimum investment is £500, 
die maximum £15,000 (£30,000 for 
joint accounts). 

Call in at your Abbey 
branch or fill in the ■ 
coupon for more 



To: Dept. BS, The Abbey National Building Society, 
Abbey House, Baker Street, London NW16XL; i M 




IM k 

I am intonated in feamingmoce about Abbey Natrand j 
Boadshares.Please send me details. - { . 

I am interested'in the full range of savings schemes ' ‘ { 
_J Abbey National offec Pieasesend me details. FF5 « 

- — r — 1 


The Whitbread Trophy Round -the- World 
Yacht Race is a test of endurance. Forthe 
crews and their equipment alike. ' 

In some of the most hazardous conditions you 
can meet at sea, you need to know you can 
trust your equipment, and the service. . 

Which is why 10 of thel 5 entrants chose Lucas 
Marine equipment.?' 

And why they relied bn Lucas Service for both 
their pre-pack checkand their free service, 
electrical and fuel injection equipment checks 
at Cape Town/Auddahd and Rio. ' 

So when we congratulate the winners, we're 
congratulating ourselves too. 

After all, we saw them all around the world. 
And brought them safely home. 

* Lucas equipment on board includes alternators, 
starter motors, batteries, control boards, cable 
signalling lamps, meters and diesel fuel injection 
systems, all the equipment being fully protected for 
marine applications. .Contact jisjat Frimley Hoad, . . 
Camber-ley. Surrey. Phone (0276) 63252. 


' ■&-: 


Friday. April 7, 1978 



Explosives detector 


telex for 
small users 


ICL super-computer 

§4 Vf%lAnIxT/\^ J i _ M IV/IvA 1U1 amid THE spate of computer ment and in various aspects of 

llll |W| Vf^W #1 ATAOiTXT* 11 announcements of the past few military operations. 

T UdjvfeflAM CIYI all llCAfG weeks, yesterday’s disclosure by New lunquaaes are being 

tjctmp «« h OUlttll & ICL of the ill-kept secret Out it developed 10 handle this unit 

P rifici P ie not follows the introduction by Pye MESSAGE SWITCHING is the bad developed and was operating including a version of Fortran. 

fA \ 


. __ has built 
a new detector system to match 
most needs. . 

It is sinjple : to operate and 
almost - any lay person, from 
secretaries .post room -operatives 
and night watchmen to trained 
security officers, policemen 
special anti-terrorist organ Isa- 
uons and . Army personnel can 
use it. No training is required to 
operate , the equipment and no 
complex day-to-day maintenance 
is necessary. - 

The PD 3’s principal advan- 
tages are that it requires no 
auxiliary gas supply and con- 
tains no radioactive components. 
This is a major technical advance 
m this field and Is destined to 
make an important contribution 
to first-lino defence against 
terrorism. . 

W*u‘ EMSa , l 1 Tt 1 

Vestment is 
0 (f 30 , 00 ( 

The development of the PD 3 Watford 2S5 


Finds the flaws 

and the TO 2 {commercial) «put- 
gives detectors. . The PD l has 
the distinction of being the only 
detector to be allocated a NATO 
number and was produced Tor the 
British Army sod other NATO 
armed forces. 

The PD 2. the first man- 
portable commercial detector con- 
tained In a. briefcase, has had 
good market acceptance and is in 
current use with many Govern- 
ments, security organisations, air- 
lines, airport authorities, Police, 
etc., worldwide. 

The PD 3 is so plied in a brief- 
case complete with battery 
charger with cable, spare battery 
pack, earphone, interchangeable 
probes, test sample in container, 
first line spares hit cleaning tools 
and instruction handbook. 

Pye Dynamics Ltd.. 459 Park 
Avenue, Bushey,. Watford, Herts. 
Watford 28566. - 




uu need 

■■■: e.NWlta 

A COMPACT, large display ultrasonic - probes. Some 
battery-powered ultrasonic flaw metrology instruments hill 
detector designed for general- operate only with single stand- 
purpose work is aimed at porta- off probes, other gauges only 
hility with more effective function with double probes and 
presentation. some, thickness 'metres require 

The unit has a contour control spectaL probes which are -costly 
which smooths the trailing edge t0 Obtain and repair- However, 
or a flaw echo displayed on the this unit can be used with either 
CRT screen without affecting sin^e or doubl * |“P»bes. with 
its amplitude. This helps to either contact or stand-off probes 
control the extent to which the ■fiL 1,ith probes ranging from 
individual half cycles on the 1MHz to 20MHz. In many in- 
echo edges can be seen, thus dances, standard probes can be 
“smoothing” the contour of the employed, 
echo when testing with low- The instruments ■will operate 
frequency probes on coarse- “““r materials through 
grained material.' which ultrasonic poises can pass 

u 0 TimM» w.i .. . , within a velocity range from 
The UFD3A has a large, bright j kqq jo 1 L 50 O metres per second. 

raD^p y ^ grat ed Th j s includes all engineering 

and delay controls, metals and plastics* ceramics and 
Separate probe .zero control; - 1 ^ n,/ fburdigit liquid 
^i^nthmic pmtmta- display shows readings 

l 1 ®"’ * h ° rt Poise; and . -grouped Srom o.OOO to 9.999 inches and 
controls for rapid famiixansation from oo:00 to 98S9mm- 
are also provided. Balteau Sonatest Old Wolver- 

The XJTG5A is unique in that ton Road, Milton 1 Keynes. 0908 
it is compatible with. .. many 316 345. 


Crane height lessened 

(telegraphic) messages by means 
of information held within the 
message, and the corresponding 
switching systems operate on 
u store-and-forward.** They are 
retained in memory and trans- 
mitted according . to order of 
priority as soon as the logic of 
the switcher detects that the 
wanted terminal is free. 

So far, these computer con- 
trolled message switching devices 
have been relatively expensive 
and limited in use to the larger 
groups. Now. ITT Business 
Systems has come out with its 
ADX 6100 which, it believes, will 
open up this attractive communi- 
cations technique to many more 
companies down the scale. 

Like other ADX units, the new 
machine will use low-cost leased 
telegraph channels to provide a 
service which, on the basis of 
experience with its larger fore- 
runners, will cope with a traffic 
increase of typically 12 per cent, 
a year while providing a reduc- 
tion in operational costs. 

The unit can cope with 12 to 
16 telex lines, will log all out- 
going and incoming messages and 
their relationship with one 
another and has a semi-automatic 
routeing facility for cases in 
which switching cannot be auto- 

Some 150 ADX units made .by 
ITT are installed world-wide. 

More from ITT Business 
Systems 6273 507111. 

Copes with 
all radio 


from those in use at present 
could easily go unnoticed. 

But this unit is something 
known as an array processor 
which in simple language means 
that it can split a problem up 
into many parts— 1.024 to be 
precise — and solves each part 

problem simultaneously at elec- 
tronic speeds. 

The obvious inference is that 
suitable problems will be solved 
at speeds between 10 and 1.000 
times faster. However, the selec- 
tion of the problems that can be 

easily handled in this way is 
something that the expens are 
only just learning about. 

Nevertheless there is so much 
world interest in the potential of 
array processors that ICL has 
been given Department of 
Industry support for the develop- 
ment of the unit which has been 
up and working in pilot form 
since 1976. 

It is based on a concept by Dr. 
Stewart Reddaway working in 
conjunction with Mr. Gordon 

The equipment ICL is operat- 
ing can carry out 500m. instruc- 
tions a second, taking advantage 
of the fact that its 1.000 liny 
processors arc fast and are 
placed very dose to their asso- 
ciated stores. In fact, it func- 
tions ns part of a memory of a 
conventional machine. 

The array approach was first 
conceived as a means of solving 
big 3-dimensional problems of 
which weather forecasting is a 
particularly different example, 
but it is applicable in oil explora- 
tion. nuclear power work, air 
traffic control, memory manage* 


times as many elements is to bo 
delivered to Queen Mary College 
in London in the first quarter of 
next year. This will have five 
times Tho performance of the 
Iliac IV which is a Burroughs 
array processor operating at the 
University of Illinois in the U.S. 
and three times that of the Cray 
1, until now tho most powerful 
machine ever built. In some 
instances, the Queen Mary unit 
will be us much as 1,200 times 
more powerful than an IBM 145. 

Queen Mary College will use 
this array in conjunction with a 
large conventional machine and 
will become the world’s first 
experimental centre for such 


Marketing policy concerning 
the machine as described by Dr. 
Peter Ayilett appeared somewhat 
tentative. But ICL certainly 
intends to develop and exploit it 
initially and addition to its own 
big machines. 

Because it was a relatively 
simple approach to the supere 
computer where so many com- 
panies have conic- to grief, 
Aylictt indicated that the array- 
processor could take ICL into 
this sector nf the market with 
relatively minor outlay. 

IBM is known 10 have been 
working on such machines for 
some time as hate Univac, Bur- 
roughs and Honeywell. The key 
to the future may well he in the 
software developed by ICL 
around this equipment 

However since most U.S. com- 
puter companies privately agree 
that Britain has the edge in soft- 
ware innovation. ICL may have 
an ace in its hand. 


, generators from 2kVA 
toSOOOkVAfor sale and • 


r— r 

Dr. Stewart Reddaway with pilot model of the array processor. 


Production costs cut 

. ■ -■.:A:xvX- 

MAJOR BENEFITS offered by 
Street's V low headroom crab 
unit are its compact ..construc- 
tion and low headroom design, 
so that for a specific rating and 
height of .lift, the overall crane 
height can be reduced. • 
Designed with the objective 
of reducing maintenance, all 
bearings- are grease packed and 
sealed for life, and all. wiring 
runs inside, toe frame, thus 

giving protection from acciden- 
tal damage. 

The new slimmer crab can be 
brought very dose to toe side 
of a building, even where head- 
room is limited, giving good 
coverage of ' toe. factory floor 
area. Virtually^ any -height of 
lift can be accommodated with 
the irab which is produced by 
Street Crane Company '«t Town 
End Works, Chapetc tfiJfcF ri th, 1 
Derbyshire. 029 881 2456." 

SEVEN DISCRETE instruments 
are combined in the TF2952 
radiotelephone lest set put on 
the market by Marconi Instru- 
ments of SL- Albans. 

The rf signal source covers 
400 kHz to 520 MHz with am and 
fm facilities and a stability of 
0.5 parts/mUllon over 30 
minutes. A separate modulation 
meter provides accurate measure- 
ment of amplitude, frequency 
and phase modulation. 

Other Instrument sections are 
an audio generator with six 
fixed frequencies between 300 
Hz and 6 kHz and two variable 
ranges, an audio voltmeter 
measuring up to 30V, a distortion 
factor meter, rf power meter and 
a frequency counter thro u to 
which signals from the audio 
generator, and the rf input, are 
automatically routed. 

The test set is intended for 
maintenance of all radiotele- 
phones in the vhf and uhf bands, 
marine, land and airborne. 

More on SL Albans 59292. 

Aiming for a better tape 

ALL MAGNETIC tapes are 
abrasive, and cause wear of 
recording beads. Considerable 
variations in head wear have 
been observed, especially since 
the advent of hlgh-coercivity tape 
formulations and in severe cases 
a ten-fold reduction in head life 
can occur. 

With expensive recording beads 
it is particularly important to 
avoid using tapes of unneces- 
sarily high abrasiveness. 

Sucb tapes can now be readily 
detected using a sensor developed 
at the Fulmer Research Institute 
under contract from Government 

A new stage of this work has 
now started with support from 
tape manufacturers and users 
together with the Computer Sys- 
tems and Electronics Require- 
ments Board of the Department 
of Industry. 

The aim of tbo project which 
is planned over the years, is 
to understand the factors which 
cause tape to be abrasive. This 
will help U.K. tape manufac- 
turers to make tapes ol con- 
sistently low abrasiveness, thus 
improving their competitive posi- 
tion. Users of tapes will also 
benefit front the project whose 
industrial backers arc Control 
Data, EMI Tapes, ICI (Plastics), 
ICL and Racal Zonal. 

The study includes determina- 
tion of toe abrasiveness factor of 
tapes currently available: charac- 
terisation of the physical and 
chemical properties which in- 
fluence abrasiveness, using a 
range of analytical and surface 
sensitive techniques; and recom- 
mendations for tape formu- 

Fulmer Research Institute. 
Stoke,. Poces. Bucks. SL2 4QD. 
Fulmer 2ISL 

FORMFLO of Cheltenham, now 
part of Metal Box. has launched 
a machine for producing annular 
blanks from tube with a claimed 
saving of up to 50 per cent, on 
material costs. The extra econ- 
omy is reached by replacing the 
conventional part-off blade by 
free rotating discs which are 
powered into the tube and dis- 
place rather than cut the material 
which is shaped into toe required 
size of blanks for subsequent cold 
roll formin gof bearing races. 

The machine copes with lubes 
ranging in outside diameters from 
23mm to SJfcnm producing blank 
widths from 8mm to 32mm; floor 
to floor time starts at about seven 
seconds on the smallest rings. 


Compared with other manufac- 
turing methods in toe motor in- 
dustry the machine in combina- 
tion with other race rolling 
machines provides a system for 
the production of bearings which 
give substantial cost savings, says 
Form Bo, but it is anticipated that 
it will also -have many applica- 
tions outside the bearing industry 
where there is a requirement for 
annular blanks made from tube. 

Ford Motors has boosted Fonn- 
flo’s confidence with orders worth 
£5lm. for six rolling gear com- 
plexes to be installed at Ford 
plants at Cologne and Halewood. 
The three units destined for 
Germany will be delivered during 
December and toe Halewood lines 
in March of next year. 

Pumps for chilled water 

NINE MODELS make up the 
range of in-line accelerator 
pumps specially developed by 
Grundfos Pumps for chilled 
water and medium temperature 
heating installations. The range, 
in single and twin head construc- 
tion provide three, six and 12 
metres head performances 
against flows up to 265 gallons a 

High efficiency stainless steel 
impellers are fitted as standard 
and allow rotating mass. The 
Impeller mounted on a stainless 

steel stub shaft is inherently 
balanced and gives quiet, vibra- 
tion-free running. The glanded 
construction enables toe motor 
pump head and complete rotating 
assembly to be removed at any 
time without disturbing system 
pipework. As toe shaft seal is 
self-adjusting and the pump 
motor bearings sealed for life, 
routine maintenance is reduced 
to minimum. 

Details of the entire range 
from Grundfos, Grovebury Road, 
Leighton Buzzard, Beds LU7 
STL. 052 53 4876. . . . 


"Telv (0205)4:4122 - ' 
Telex': '66491 beekay G 


has long 

A MAJOR advance in the deve- 
lopment of residual insecticides 
is claimed to be marked by the 
introduction of a long-acting, 
biodegradable insecticide by the 
Industrial Pesticides Division of 
The Wellcome Foundation. 

Wellcome “ Coopex ” is stated 
to be active againsi a wide range 
of insect pests, but unlike pre- 
vious insecticides of this type 
produced by the company, it is 
stable in light and can give pro- 
tection for at least four months. 

Trials by entomologists at the 
Wellcome Research Laboratories 
have shown that the product is 
highly effective in controlling 
cockroaches. Pharaoh's ants and 
a wide variety of other crawling 
insect pests and stored food pro- 
duct insects. It can be used 
without risk or contamination 
wherever food is stored, pro- 
cessed and eaten. 

More details or this new insecti- 
cide are obtainable from Well- 
come Industrial (Pesticides). 
Ravens Lane. Berkhamsted, 
TVrts HP4 2DY (Berkhamsted 

Low cost 

ALTHOUGH epoxy floor cover- 
ings are acknowledged to be 
pre-eminent as floor surfaces be- 
cause of their combination of 
good adhesion, durability and 
resistance to a wide range of 
chemicals, tberi use has been 
restricted by their high cost. 

Quentsplass of Wetherby. West 
Yorkshire (Boston Spa S433S8). 
has introduced an epoxy floor, 
coating at a price which is com- 
petitive to conventional floor, 
paints, its higher performance 
making the cost substantially, 
cheaper aver a period of time. .. 

The low cost of the Quentstay . 
system (primer and two finish- 
ing coats at under 70p a square 
metre) is made possible by the*. 
economies of large scale produc- 
tion. It contains 100 per cent 
reactive resin components and no, 
diluents have been added. The 
material is available in 5-litre' 
containers and there is a choice ■ 
of seven colours. It can also be.* 
used for walls, machinery and 
structural steel work demanding, 
a high performance coating. - 


Director General 

• the appointment arises from the for&ooiizi ng retirement of 
Dr-D. F. Galloway, CBE- 

• the Production Bigmeering Research Association in Melton 
Mowbray exists to assist firms to improve profitability and 
prod activity. It undertakes confidential research and development 
projects, tprTiniral and management consultancy assi gnme nts, 
education and training activities, as well as prototypeandprodoction, 
nianu Centring and testing, for member firms. It has substantial 
contracts with Government Departments and the Requirement 

• the Association enjoys a high, international reputation and the 
appointment requires outstanding te chni c al qualifications, 
administrative ability and .marketing flair coupled with a record of 
success in the direction ofa substantial org anisation . 

• salary is negotiable and of interest to those already ea rning 
not less than £15,000. Age-pretcrably not over fifty. 

■Write in complete confidence 
• to Sir Peter Youens as adviser to the Association, 



Shipping Conference 

• A multi-national assotiafion. of slipping lints is to appoint a 
Ch airman to take charge of the Continental North Atlantic West 
Bound freight Conference. 

THE base is London. Much international travdis involved. 

• negotiating ability, administrative a flair for communication 

and a record of accomplishment in international transport and 
distribution are the criteria. Conversancy with the requirements of 
the United States Shipping Act and Anti-Trust kws would be a 
distinct advantage as would fluency in more than one European 

• salary — to match experience and achievemgat — is for discussion 
in five figures. 

■Write in complete confidence 
to Sir Peter Youens as adviser to the Association. 






Chief Accountant 

the dicut is a major British industrial group operating world-wide. 

• as the senior accountant reporting to the Group Finance Director, 
the Group Chief Accountant acts as the bridge between operating 
companies and Board for the analysis and inieipreaticm of afl financial and 
accounting data. 

• essentially this appointment w 3 I require a graduate and Chartered 
Accountant with professional mastery embracing a knowledge of 
American and European accounting practice including EEC directives. 
Evidence of public contribution, to the debate on alternative accounting 
systems in the uk would be welcomed. Experience of interpreting 
financial data and developing management information systems in a 
multi-million pound commercial group with, overseas subsidiaries is z 
prerequisite. Probably under age 45. 

• location is the South of England. Salary of around £20,000 is 
envisaged, plus car andother first class benefits. 

Write in complete confidence 
to J. E. B. Drake as adviser to the group. 



Cash & Carry Director 

for the Board ofjoshna "Wilson & Brothers limited, a subsidiary of 
Wheatsheaf Distribution & Trading limited, which has an impres- 
sive record of expansion throughout the enterprise, trading in 
fast-moving consumer goods. 

• the gristing cash and carr y business consists of eleven units with a 
turnover of around £50111. The task is to control and develop this 
activity and, in addition, to plan and implement a future growth 

• THE main requirement & senior general management experience, 
with full profit responsibility, in a multiple retail or cash and cany 
organisation. This should be combined with a sound educational 

• age— probably around 40. Totalremunerationisfbrnegotiatioii 
in die £12,000 to £14*500 region. - 

,• Write in complete confidence 

'] to Dr. R. F. Tuckett as adviser to the group. 





require a 


Co be responsible for the accountancy and business affairs of a 
small, expanding, educational publishing company. The job will 
Involve the financial management of a bookshop and dealing with 
overseas clients, so languages would be an advantage. Ability to 
work as part of a small, energetic team is essential. Experience 
in publishing or the book trade would be an advantage. 

Write with CV and expected salary to: 

Lacy McCulbgfi or Susan Holden, 

33, Shaftesbury Avenue, London W.l. 


svoUaMo to qualified student and 
experienced aooounong personnel 
Contact Alec Moore on 01*428 2691 




Head of Marketing 

• TEDS is r new headquarters appointment in an expanding wholesale 
grocery distribution group whose uk and overseas activities produce 
a tumovpE of around £3 50m. 



Exchange Dealer | 

• THE mile embraces the establishment and implementation, of a 
corpora^ marketing strategy; this indudes the launching of own- 
brand products. A prime task is the achievement of profitability 

• EVXD&TCS of significant achievements in a similar field of fist- 
moving products, allied to a major degree of profit responsibility 
is essential. 

• preebrked age — 40. Bantings — around £17,000. location — 
South of England. 

Banque National© de Paris Limited are looking for a 
Foreign Exchange Dealer to join the very active dealing 
room at our new offices in King William Street. 

Write in complete confidence' 
to R.T. Addis as adviser to the group. 

The need is for a talented professional who has at least 
2 years spot dealing experience as well as the ability to 
make an effective contribution within a close-knit team. 
A knowledge of French would obviously be an advantage 
but is by .no means essential. 




A very attractive salary is offered which will fully reflect 
the importance of the position, plus the full range of 
benefits to be expected from a major international bank. 

If you have the necessary experience, then please write 
giving appropriate details of your career to: Mrs P. Keats, 
Recruitment Officer, 

I Banque Nationale 


de Baris Limited 

P0 Box 41 6.8-1 3 King Wniiam Street 
London EC4P4HS. 


£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 fielch 

Please reply in the strictest confidence to Box A.6314, 
Financial Times, 10, Cannon Street, EC4P 4BY. 



The person we are .seeking is not primarily 
Interested in money/ but is looking for the 
challenge to lead a very successful public 
company, operating internationally In tftaSec- 
trical/Seetronics industries, into the tw Way- 
first century. 

If you have aflairfor top tnariagementarKl havs 
been sucessful in increasing profits arid feel that 
the time has come for you to movB further, 
towards the position of Chief Executive, we 
should tike to. bear front yoo. Preferably, you 
should be under 45, years ' of .age,, widely 
travelled, and be more an entrepreneur than a 
professional manager. 

Please send details of your past experience m 
confidence to FL J. Mooney, quoting reference 

Management Services, - 
Bolls' House. 

'■ 7 Bolls Buildings. Fetter Lane. 
London EQ4A 1NL. . 

■•nnnnnnn n „ 



Cambridge c.£6000 

Pye leads the world fn 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 sax: to accept the challenge of becoming our : 
management auditors. 

The roles comprise the independent review of tha ' 
organisation, systems, trading activities and proposed 
investments of the operating companies. 

The successful applicants will have experience with a 
major professional firm or of large companies in com- 
merce/mdustrY. Essential qualities include the ability to 
deal effectively with management at all levels and to 
present cogent and persuasive reports. 

The function offers excellent prospects for career 
advancement and provides a passport Into fine 

We offer very attractive; salaries, five weeks annual 
holiday and the many additional benefits associated 
with a large international group. In Cambridge you wifi 
have fits benefit of an advantageous housing situation 
and access to the many recreation and relaxation 
facilities of East Anglia 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- 
I /:: : Cambridge limited,. St Andrews Rd, Cambridge CB$ 
•i : lDP,.Telephqnfi Cambridge (0223) 58985. ,j 


Pye of Cambridge lid 

StAndrnsFtatdCsnbridak England C8410P 

Trt :C*rnbridga (0223) EMMS Telex :&1 106 rawt*mnaat 

5. nnnnnnnn n 

Multinational Bank in Luxemboi 

Foreign Exchange Deal 

As a result of continued growth, 
yveare seeking an additional 
dealer. Candidates who would 
probably be in their rnief-twentie 
should have at least 2 years*, 
experience in Foreign Exchange 
Dealing and a sourid knowledge 
of Currency Deposit Trading. 

Those candidates of Scandinavii 
origin ana given preference. 

The knowledge of German and 
French would be an asset 

Candidates should apply in 
writing enclosing a curriculum 

Financial Times, Box no. FI 002 
10 Cannon Street EC4P 4BY. 

required for . expansion of money 
market activities In a small progres- 
sive organisation. 

Must be lolly expert c ocod In Inter- 
bank deposits, treasury and commer- 
cial bills. certHcates of deposit, etc, 
and have sof»dent contacts to develop 
toe existing business. 

Ago ol tbe successful candidate 
envisaged as approx. 25-35 years and 
Should possess tea flair and uii- 
eoirftdenes to deal in a MbMy com- 
petitive market. 

Salary and fringe benefit, negotiable. 

Apply with full curriculum vitae to 
Fox A. 63 04. Financial Times. TO. 
Cacnqn Street. ec»P 00V. 

International . Recruitment specialists to 

toe Commodity Markets. Tel. Graham 
Stewart. 01-438 1701. 



c. £ 10 , 000 — Home Counties 
with attractive fringe benefits 

A! University . - graduate / qualified 
required fot senior': executive position 
to Finance Director of International .^YHSSj 
substantial jJS. jmdti-riational pneu&tfM 
responsibility anvolves . finandal 
several , overseas r companies. - .v 
travel involved-, ;J^ti-ienguage^^^ 
be useful althdugh notessentinl- . ... . 
prospects far. ri£ht candidate. ; = _ ; 

please said y to curriciflum vitae 

Cairnon Street EC4P 4BY. 


v, l.. -* 53 

“ • .\ ■ . n: 

under a microscope 


a -. . c £-» H 

- *.*1 fc;y, E ■* Vi 


1 r “a.» 

■*- c -'rir,5*i 

JT 'WILL have taken six and a 

ha:* years for Reckitt and Col- ^ T . « • • T t 

tor? \?XS h tr p a SS ,s fr f om Nwholas Leshe looks at several company case studies produced 

inVScaJ 1 ^^ f” tJlls wee K by the CBI to support its view that governments 
toe pl l«n d 'r^u^ M to°L““ir expect industry to react too quickly to new legislation 

five years finder stable econ- 
omie conditions*" according to 

pany. *** 51,21 ^ on the com- 1368 ^ledidnes Act also plated division wellinto the lUSOs. 11 k* and overdraft facilities agreed with the main Board, which 
Since the project was start** nf * w de ® and s on manufacturers second entailed a phased build- with the group. Abnormal preferred a phased programme, 
legislation which ’ of plwnnacemteal products and »ng programme based on an expemliiure prujeers arc The second option j» ot Uie go- 

legislation which influenced the 

V - *’* 


-£6000 - 


. “ = ••• a Vi ssstp.. 

“I s ^ tOffiaqj. 

- c; gt-jj., 

■’ '* an; j— 

571 r 

«?.' « 

•• --rtr? j- . 

”• " =• i ' x.r^r 

C iriJIvt'rn,. 

' •-: ’•= .\H4r 

• 1 '- - ' ■ ' ' ?" rf?; 

■’ » 

?“ i'l *** 

v :r : ri esrci . 
=« sa-s 

- r -:7 --r“. fp 

Ar-r- 1 .• ; : : 

of Cambridge itt 

_ . • v ■ 


very structure of the -rmn hal TD “ a,so P r0VJflea an incentive extension to existing lari Mies financed by Joans from the aneau. 

had to be taken- into it to bringtogethcr the protlnc- in Hull: the first would-be a group ro the division, which The main reason for the 

Delays have also hppn BL tion of the group’s pharma reii- warehouse anti “wet” products pays interest tu the group on Board's choice was the "cun- 

countered- the mainr w Cn " ticals - * ■ undfi1, one divisional Plant. and the second a “dry** the loans. siderable degree of um-er- 

arose from the eomMnv' mlS management" products plant. In contrast with many com- tainiy.” If a cutback of pharma- 

decision to halt can^truetinn of However - complete separ.1- At this point it is worth rc- Ponies which favour five years, ceuticals development proved 
the factory for a whiip !»««««» Iion did OTt COBie until la72 ’ ,atin 3 how Rerkitf* capital Reckitt operates under a three- necessary, the phased plan 
of the deterioratina JSS after thc fuJJ P oten,lal pr expenditure pianning is under- year plan. This includes capital offered greater flexibility “for 
climate. On the other th* pharmaeeiitieals-^at that time a jaken, since it obviously expenditure and is submitted to coping with unforeseen eveuts 
company ha* hZii oi! relatively minor acrivity of influences the “ir. when and the main Board each Septem- and market trends.” 
Government nwa dihnlS Keckitt's— had. been recognised how" of any project. As is her. Ii is a detailed plan, with A common racier with both 

they were not the rineMin* rJT by company and the long- shown by the CE1 studies of each division making its own options, hi.wcver. was that pro- 
lor in favour hr »£*«!■« £*» ““P^eations of the Medi- Ruckiit. and several other com- cun tri bur ion. and it essentially duction facilities provided for 
merolv an influi-nm n« 'ie *■ V ines -^ ct became operative panics, approaches to capital determines the level of normal much larger Latch ii/es, as well 
00 ,ls in 1970) had been examined. expenditure phmniug vary expenditure. .Abnormal expen- as the imruducLiun ur new tech- 
The nrnie t r rn view of both the CBI's rc- enormously. diture, (hough include<l in the nologics and. -*hc*rc desirable. 

si»nifieancjr in m a. rfe s about the effects of le.fis- Keckitt sees itself largely as plan, requires mure detailed changes in plant design. This 

was reeardPfi th* rni lotion . oh lead times and the a marketing-oriented company, appraisal by ihe Board prior to offered sr-.-aicr operational 

sa vs 3 c "nrnhaWw iv surxe. «roviing opinion that greater As a result, total capital expen- authorisaiinn. flexibility, 

imr E '1. . ,s i flair 11111 ihittatis'e by manage- diture in 1975, for example, was Many capital projects do not 

in Tl*pfcirt L r«« ' e 0P ^f nt menf “P 3rtic ul ari y in - l-'T?*. 1 illam., whereas marketing require main Board approval at (jDtlQn^ 

“J'SSL^ Sg 9 0 lm:,n att,vl - ™np™efr-v,ouM benefit in- .sponfiins was ~lwo or three all. Each divi.ional ..lanasing X" . 1,S 

niLnOv T IT . • i 518 ' dnstry, it is important to note times” this amount. Even so. director has discretion up lu „ Thls . 15 «sniflc»nt. given 

ran d*v*Tin»n*n* *5^4.1 ,0nfi *' fc . c 01 “ in motiv-ations behind the figure of ill 5 in. was at a £100.000 per project, provided Keckitt s experiences in the 
iMAMituvul . J s Keckitt’s project. According to time of “significant develop- it is incorporated within the P 151 - II w " noticeable, say* 

with aTCa the Study - they wcre * firsl * ,ho *nenl.“ and therefore much three-year plan. AmounLs of up the CBI flud >- *‘bat among the 
Vh* " 1T> ‘ * •• new regulations imposed by the higher than had been committed to £250,000 require the nuthuri- en0rc 30 or.uoo* considered. 

n ««suiuu<ju3 uj i mi- inuuur uiiin iiau umi Lumnmicu ro jl*£ou,uuu require uie nuuiuri- w,,fc4,v M,,k ‘ uu3 tuinuvicu, 

carried 1988 Medicines: Act and. before. sation of the group director and. se * eral r0,al<;(l ^ modifications 

thTconstrun ?o S n^ 21 » second,y - . ^ “ stl ? n i en , T . re - Distinction is then made be- above that, tlie group chief uf existing raciliiies. both m 

It retare* “mnr» 5^’ P rencuna ^ stand of the dun- tween: (a) expenditure which is executive: the chairman or the c °P e WI » b exf^ling production 

cisioS s,onaI - and main direc ‘ essentially designed to main- main Board give tlie ilnal volumes " and meet the require- 

nS o :rZ ^ SEISE ]°J B J ? eresled . in . t^n/improve ongoing business decision. “ents of the Medicines Inspec- 

imernaiinnaliw- in Parr if P*iit»c Ii*. .P harm 3cewtic alli 5,5110 {classed as ordinary expend!- The pharmaceutical project lorat e which had mads some 

Reckitt and Colman s business.” tur , !; and (b) onN1 it ip™- in ihe CBI cast 1»«1> . •aWBii, alter its 

wide division." T\5 • • dititre. usually on major study fell into the latter cate- inspection in May. 1975.” 

Reckitt’s pharmaceuticals in JLWVISiPflSi' projects which are unlikely to gory — total capital expenditure Authority was given in 1974 

dude such branded products at It was not until a feasibility bmc Panned to date has reached and 1975 lo proceed with 

Dettol, Disprin and Lemsip shidy of the production and * abnorn,al expenditure). £, m . hen it came to deciding various phases of development 

together with other analgesics, machinery facilities tor Reckin’s Operating divisions in thc between the two optiuns, the at HiriL There were no prub- 

as well as laxatives Up to the pharmaceutical and household U K - are ^peeled to finance pharmaceuticals management, lems with ihe planning authori- 

latc 1960s these activities products had been completed ™rmal expenditure internally, favouring the completely new ties, which were “ extremely 

formed part of the group’s, that the company finally com- by means of P rofit generation factor)', found itself out of line cooperative” in helping to 

household and tofletiy division mitted itself to,, dividing the 

— but changes were in store. activities into separate divisions 

First, UcKinseSy and Co^ the and to establishing new produc- Xlnw TT cnpnt A n although the prease cost cient progress had been made 

management consultants, were tion facilities for phar- -■-* ®F cul UL1 of the project is not disclosed, to warrant another meeting 

called in to review Redritt*s maceuticals. . k r .„_ A1 . n ] nf ,f; A 5 It was not though, tlie first between Tf Research La bora - 

organisational structure. They iFrom 30 ' possible projects, SUpGrpitflSillC time TI had had a stab at capi- tones and Britisb Aluminium’s 

recommended a divisionalised two were considered most fKI rftWTft4 cT * n xt^hut on a known principle, research laboratories (also part 

framework,, including pharma- feasible. The first envisaged ^ Supcrplasti city has been known of TI). Consequently a pro- 

ceuticals as a separated! vision, construction ofa new factor)’ in , 8 of since the 1930s and TI began gramme of joint research was 

improve what was previously a 
slum area of thc town. Reach- 
ing agreement 'with many dif- 
ferent owners of small parcels 
of land was, however, a lengthy 

By the end of 19“4 about 
£600,000 had been authorised 
to improve existing line 
machinery, pending completion 
of the new factory. The sum 
also covered site works, piling, 
and other work. In raid-1975, 
when a further £200,000 had 
been authorised and spent for 
the building's steel structure 
“a complete halt was called 
upon expenditure due to the 
economic crisis being faced in 
the U.K... says the study. 

Pharmaceuticals division 
management was also told that 
the group was in a "very tight 
cash situation” and considera- 
tion was even given to cancell- 
ing the project. In September, 
though, it was decided to con- 
tinue and the bulk of expendi- 
ture was eventually authorised 
in May. 2976. A further £0.5m. 
was later sanctioned to reinstate 
a marshalling bay which had 
been deleted from the plan in 

Phase one of the project is 
now expected lo he complete 
this year with phase two due 
for completion by the end of 
1979 — assuming it proceeds and 
there are no further economic 

Thc effect on the company 

of a deterioration in the general 
economic situation are high- 
lighted elsewhere in the Reckitt 
case study. In times of financial 
constraint, as in the past four 
years, divisions are asked to cut 
back expenditure by observing 
tighter overdraft limits. Divi- 
sional managers are given 
discretion over whether they 
cut back on either capital and/ 
or revenue spending. It is, says 
the report, "the small capital 
project* and. to some extent, 
pilot stage research and develop- 

The CBrs study states: “The 


construction of a new factory in V®™* 11 ® of since the 1930s and TI began gramme of joint research was 

HulL designed to take the I nvesta,cnts s four-> car project ttevclopment work in this area undertaken. Eight months later 

; — invoiving dcvelopmcitf - of in 1%e Mtn lwo years . work , the first provisional patent 

superplastie (stretchable) j, owever no major contribution application for superplastic 
alnmimum alloys as an alter- to understanding superplastidtv aluminium was made, 
native to plastic went more or had becfl m#de But ^ ^ ^ By Wurch , 1972, thc first 
less according to plan, with of 19tJS 0nn eaine a Press factory- produced sheet was 
® ntsid f Pressure^ being announcement that Pressed available. The following 

piearlv'wK'es th^CBI’s onroosc- Fi sher. a major customer, Januar)' a working party of 

was considering a competitive six senior TI Group managers 

«ST "Sto rS *» or m «t UP, Us objective ficius 

5225J. JR52L * “iL bodies. to establish within six weeks 

dnccSc company round that Son the CBI study: “This, ^m h / r , M f.^,™ |lcrplasllcity 
the tifeing of its launch coin- toeeti^r with an increasing sh £ u,d be exploited, 
cided i^th the 1974 depression, awareness that any further Jts tivo main mAHni 
The confluence was that initial work could only be justified 

nrofit forecasts were not meL lf tbc projects objectives were appointed to direct the project 
-JST a t« "-ore practical ends, <» that technical effort be 

typical form of investment for brought a key meeting between reduced to the minimum prac- 

TL” says the CBI stndy, since 11 Research Laboratories and 
It was an entirely new Jzmova- research and development per- |IM, 
tion, whereas most of thc com- sonncl Trom thc aluminium gj" - v '- ■'**** 
pany’s capital investment is for division of Tf.” 
replacement, modernisation or This, and a further meeting, 

extension. It was also very led to research being concen- 

small in relation to total group tinted on high aluminium 

activities and financial commit- alloys. Six months later suffi- 

with over 

tieal level, that priority be 
given to obtaining commercial 
and marketing information and 
to establish the competitiveness 
of a variety of superplastically- 
fonned components compared 
with those made from other 

The report was completed by 
September, 1973, and by July, 
1974. premises had been 
obtained, with the first forming 
machine starting production at 
thc end of that month. Despite 
initial marketing problems due 
to the economic recession, the 
company (when the CBI study 
was being prepared last year) 
remained convinced that initial 
disbelief in the marketplace 
that superplastic forming was 
possible was being overcome 
and that opportunities offered 
by the product were being 

ment expenditure which norm- 
ally suffer in this situation.” 

Reckitt acknowledges the 
benefit of a Government 
regional development grant {20 
per cent, of the allowable cost 
of the building), but stresses 
that the long-term viability of 
the project did not depend on 
it The project would have 
been delayed, nut abandoned, 
without it. The group should 
also receive £225.0(10 interest 
relief for accelerating the pro- 
ject, but- even here Reckitt cor- 
porate executives make the 
point that while the relief 
encouraged the company to 
bring the project forward, as 
the legislation intended. “ it 
dues not create new invest- 

When asked what the govern- 
ment might do to encourage 

Concorde and 

Dunlop. Project: Develop- 
ment of a carbon brake for 
Concorde; 64-year lead - time. 
“Throughout the whole of the 
development of the project lead 
times were overwhelmingly 
connected with technological 
factors. There were no problems 
with financial constraints . . . 
no problems with work force 
factors ... nor were there 
problems connected with staff 
or with central or local govern- 
ment." The company “ does not 
have a group view about the 
acceptable time lags between 
the start and completion of 
innovative investments, because 
they vary so enormously from 

them to invest, the pharma- 
ceutical executives put forward 
what are already well-aired 
proposals. The essence of their 
reply was that “general econo- 
mic stability and lower inflation, 
and release from price control ' 1 
would be major incentives. 

At the same time, though, 
they questioned whether the 
country might not benefit more 
if resources being taken up to 
comply with government legis- 
lation were re-directed into 
research and development. They 
estimated that the pharmaceuti- 
cals division alone spent over 
£lm. complying with social 
legislation in 1976 — a con- 
tinuing annual commitment and 
a figure equal to about half of 
Reckitt’s total group research 
and development budget in 

division to division and from 
project to project.” 

Unilever. Project: Introduc- 
tion by Birds Eye of electronic 
.suiting of chips: 15-year lead 
time. ” The last few years have 
scon a greater interest propor- 
tionally in process investments 
and cost saving projects: pre- 
viously the overwhelming 
emphasis had been on volume 
growth.” The company believes 
“that normally its capital pro- 
posals should be attractive pro- 
positions even without taking 
government assistance into con- 
sideration. Nevertheless, Gov- 
ernment assistance has made 
some proposals more attrac- 
tive.” The project “ turned out 
to be better than planned . . . 
overall, the project offered a 
good return on capital, and 
achieved a pay-back in a little 
over two years.’.’ 

/•rid textile track 

At 1 lfit«TiuiK>nal Perspective 

A Conference at the 
Heathrow Hotel London Airport 
25-26 May 1978 

Residential loe C 2 U 0 ->■ VAT; 
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wnh trade *ind luunce ro |o<n in 
in;R.ivju.'(* discussion wnh world 
h?.iders from ibo toiiile and 

i lotbiug industries wiH be of 

ispceiii interest to bonkers, 
anolystsand economists 

Reservations to, and further 
details from The Textile Institute, . 
10 Blackfriars Street, 

Manchester M3 5DR 

(tel: 061-834 8457; telex 668297) 

Accommodation fc limited 10 
fjcitft.Tp discuss on and preserve 
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jlsa in the City at 18 Uitw Street • London E.CJ3 


A footnote on 
money supply 

Financial Times Eriijay April-? 1973 

the cash out of the colanders 



THE CITY is going through one 
of its recurrent bou Ls of worry 
about the money supply at the 
moment, and anyone who joins 
in the debate does so at his 
peril. Certainly ray own con- 
tribution in Thursday's FT has 
already attracted a certain 
amount of -what is politely called 
comment — enough, at any rate, 
to convince me that the worries 
which others have expressed 
deserve further consideration. A 
footnote to a footnote, perhaps; 
but the subject matter really is 

The subject of argument is 
wbeiher and how far it matters 
that almost any measure you 
choose to take of the money 
supply other than the M3 
measure which official monetary 
policy tries to control suggests 
that there has been quite a 
liquidity explosion in the last 
year; and straight away I owe 
an apology to readers. The very- 
rapid growth of Ml. the narrow 
measure of the money supply, 
and probably of the broader 
measures too. is still going on. 
The suggestion in my chart 
yesterday that Ml growth would 
be checked in March was due 
to a slip of the pencil. 

The basic position, then, is 
that although everyone seems to 
agree that continued achieve- 
. meat of official monetary objec- 
tives is perfectly possible, even 
with a somewhat expansive 
Budget, this has not so far 
checked a very rapid growth of 
liquidity in other forms. Tbe 
basic questions are why this 
has happened, whether it can 
be stopped, and how much it 

There are two quite different 
ways of approaching this question. 
The rapid growth of both Ml — 
notes and coin and current 
accounts — and to a lesser extent 
■ of broad liquidity, which includes 
things tike building society 
deposits, for a full year past can 
either be read as a warning, or as 
an illustration of the nature of 
the different measures. Green- 
wells. for example, have treated 
the numbers as a warning (and 
they are quite explicitly con- 
cerned with the long-run -trends 
rather than any short-term 
wobbles). M3, they argue, is 
understating the grewth of 
liquidity, and that means trouble 
in controlling M3 itself before too 
long. In other words, official 
policy is bused on a distorted 

It is easy enough to find ha**d 
facts to make these • statistical 
worries concrete. One cause of 
the growth of Ml is the sharp 
rise in the demand for notes and 
coin— an indication of the size 
of the "black" tax-evading 
economy. This suggests that 
activity is rising faster than the 
official figures suggest because 

l\ Radio 

flndicates programme 
In black and white 

BBC 1 

6.40-7.05 and 7 .30-7-55 a.m. Open 
University. 12.45 p.m. News. 1.00 
Pebble Mill. 1.45 How Do You Do7 
ZM At Glywr. 3-30 The Sky at 
Night 3.33 Regional News for 
England (except London). 3.55 
Play School. 4JTO Dorothy. 430 
Scooby Doo. 435 Crackerjack. 
535 Ludwig. 

5.40 News. 

535 Nationwide (London and 
South East only). 

040 Sports wide. 

630 Nationwide. 

7.00 Tom and Jerry Show. 

7.10 Young Musician of The 

it is in an under-the-counter 
form: but it win still increase 
the demand for money. This in 
tum means that official policy is 
a bit more restrictive than it 

Again, another cause is the 
rise in company liquidity. The 
difficult)' here is simply that 
companies don’t buy gilts, and 
the sale of gilts is the basic 
method of mopping up surplus 
money. This again is a warning 
of difficulty In achieving what 
looks on present trends a rela- 
tively problem-free monetary 

The rise in net building society 
deposits conveys another warn- 
ing. Building societies take in 
money, and for a time invest it 
in Government stock; and this 
for a time gives the authorities 
a misleading picture of their 
success in funding their own 
borrowing. Then the money- 
goes out. Government stock ls 
sold, and the money supply tends 
to shoot up. This is especially 
liable to happen after a long 
period of falling interest rates, 
and if sterling is strong. In this 
respect the Green well parallel 
between recent events and those 
of 1972 is disturbingly apt 

However, the trouble with 
special factors is that one can 
easily fail when one is searching 
for them, to see the wood for the 
trees; and the wood still consists 
of the same old fundamentals. 
Money -cap only be created by 
bank lending or p„ foreign inflow; 
and when one remembers this, 
the worries seeui to be about the 
past nr the distant future rather 
than next year. 

In the recent past a strong 
foreign inflow has left cash in 
the hands of companies, which 
win not assist the Government's 
funding efforts; and the building 
societies have bought Govern- 
ment stock which they will not 
hold for long. But these abera-. 
tions should very soon be 
worked out of the system. The 
damage implicit in the foreign 
inflow Jins already been done: 
companies flush with cash have 
been more permissive about 
wage claims than they should 
have been. The building society 
problem is now visible in a 
st irk v gilts market. These 
results ore already visible in 
the indices of wages and Govern- 
ment stocks: I suspect that the 
monetary alarmists have been 
overtaken by their own forecasts. 

The one thing that M3 — a good 
bank credit proxy — does reas- 
suringly and rightly say is that 
no explosion of bank lending is 
likely for some time to come. If 
this is right slack lending and 
the end of inflows will bring 
other measures into line with 
M3; but controlling M3 may 
remain quite difficult for a few 
months yet , 

7.40 The Wonderful World of 

830 Going Straight. 

9.00 News. 

935 Life at Stake. 

10.15 Tonight (London and South 
East only). 

1046 Regional News. 

10.46 The Late Film: “ A Dandy 
in Aspic." 

All Regions us BBC 1 except at 
the following times: . 

Wales — 134-2.00 p.m. Tredwt. 
535-630 Wales To-day. 7.00 
Heddiw. 735 Cadwaladr. 730 Ar 
ClawT. 8.00-830 Young Musician 
of The Year. 10.15 Kane on Fri- 
day. 1045 Nev.'s for Wales. 1046 
Professional Boxing. It 15-12. 57 
ajn. The Late Film: "Dandy in 

Scotland— 535-630 p.m. Report- 
ing Scotland. 10.15 Brea! hies 
Space. 10.45-10.46 News for Scot- 

Northern Ireland— 3.53-335 pjn. 
Northern Ireland News. 535-630 


O.V TUESDAY the National 
Enterprise Board’s North-West 
Office put money into Hird 
Brown, a Bolton manufacturer 
of photo-electric controls which 
employs 190. It was the office's 
fourth investment since it was 
set up two years ago. The 
Board's other regional office, in 
the North East, has made five 
investments. As a contribution 
towards solving the economic 
problems of their respective 
areas, which are suffering more 
than any other part of England 
and probably as badly as any 
other part of Britain outside the 
specialised problems of 
Northern Ireland, the record so 
far does not appear to be much 
to write home about 
The lack of action has drawn 
considerable - obloq uy onto the 
head of the NEB, particularly 
from Left-wing Labour MPs who 
consider it should be doing 
more to. fuel the economies of 
their regions. Critics have been 
particularly vociferous on 
Merseyside, which has been 
particularly severely hit by the 
recent closures or cutbacks of 
Leyland at Speke, GCE and 
Lucas, not to mention the 
hastily - rescinded decision by 
Bird's Eye to sack 1^00 at its 
Kirfcby pie factory. Public 
comment in the North-East has 
not been quite . so strident, 
perhaps because its Labour 

MPs are not nearly so much 
on the Left of the party. But 
even there, disquiet has been 
aired over the role of the NEB. 

The NEB is, however, working 
to guidelines laid down by the 
Government. Sir Leslie Murphy, 
its chairman, told Sir Harold 
Wilson’s committee looking into 
the financial institutions, "we 
are aiming to achieve over a 
period of time something tike 
a 15 to 20 per cent return on 
capital employed," As Mr. 
Gerald Connolly, the NEB’s 
North-East director, put it: 
"Many companies are not so 
much a pressure vessel for 
generating profits as a colander. 
We are looking for the former.” 


“Pressure vessel” firms are 
not easy to find in the north of 
England. The North East office 
has had to sift applicants very 
finely to find its five companies, 
having seriously investigated 
over 60. In Liverpool, the 
North-West office has been even 
more meticulous, looking at 
over 130 cases. Offers were 
made to just over ten companies 
although some of these have 
subsequently been withdrawn. 
With a few more potential 
clients in the pipeline, Mr. 
Arthur Ward, the region's direc- 
tor, is hopeful that other 
announcements will be made 
before long. Taking England 
as a whole, this week’s invest- 

ment brings the total made by 
the NEB to 33 out of some 400 
concerns investigated. 

Mr. Connolly believes that the 
main problem with his North- 
East area is that it is largely 
populated by “slave” companies, 
which have been induced to set 
up operations there as a result 
of either direct Government 
pressure or indirect Govern- 
ment financial inducements. 
These rank low in a parent 
company's hierarchy and are 
largely run by lower-rank 
management — perhaps a works 
manager— so that when the 
economic winds blow cold, the 
first action of a head office 
somewhere in the South of 
England is to cut its losses and 

North of the Tees there are 
probably only a dozen public 
companies which have, their 
headquarters in the area, the 
largest of which is K Shoes in 
Kendal, a £4 3m. turnover 
company employing just under 
6,000 people. 

Such a problem does not exist 
in the North-West Manchester 
has always been a bigger 
financial centre than Newcastle 
and there is still a sufficient 
residual base to the textile 
industry to give it a consider- 
able number of public 

companies of standing: Little- 
woods, Filkington, Tootal and 
tbe Co-operative are household 
names and even the area's 
satellites, such as British 

Leyland, Dunlop, GEC, 

Umlever, Conrtauias. _ Joii pWg order book. On March 23 
B rrash-Am en can Tobacco and the directors declared the com- 
Kodak are larger than Clarice pauy insolvent and trading 
Chapman or Swan Hunter in ceased. 

w ' "The lesson of this, the Board 

Both Mr. Ward and -Mr. Con- believes, is that future investi- 
noffy agree that if they, are to gattons will have to be even 

follow the Board’s general pritt;- more thorough, even more 

ciples then they, have to look painstaking. One obvious corol- 
for the small to medium-sized lary is that investments will 
firm, probably in manufactur- be made even more sloyrly. 
mg, to invest So there will be more 


Cri e i • . The question that must .be 

lactones asked, though, is why these two 

. regional Boards have had such 
Mr. Connolly says; “ The-~grekt difficulty in finding in-- 
Government has attracted in. ves tmen t opportunities when 
slave factories, especially In the their counterparts at both the 
manufacture of suits and in. tele- Scottish and Welsh Develop., 
communications. But they arejnent Agencies - have been 
not instigators of anything and' almost profligate by comparison, 
have suffered particular? from . Scotland the Agency has 
cheap imports." Mr. Ward adds: pat fi7.3m. into 30 companies 
The last two years have not and in Wales 46 companies, have 
been a time, anyway, when com- 1 received assistance worth £6.8 m. 
panies have wanted much -new The Scottish average Investment 
equity finance. In ' addition, at around £550,000 is consider- 
there is still a lot of loan money ably larger-than anything under- 
floating about in the commer- taken by either the Liverpool or 
rial institutions. This is why we. Newcastle boards, with the ex- 
have had such difficulty in find- ception of £546,000 put . into, 
ing a home for our resources.” Francis' Shaw, a Lancashire. 

One other difficulty is that jobber and tyre machinery 
the two boards try to avoid - manuf acturer, although the 

finding themselves in a situa- Welsh figure of abound £150,000 
tion such as confronted. Mr.: is not dissimilar to that of , the 
Connolly over Hivent, a Wash- Engtish boards, 
ington anti-air pollution equip-; - it may be that the Welsh and 
meat manufacturer. Last Sept-: Scottish agencies' have taken 
ember the board pat £104,000 greater risks, spurred by the 
into Hivent, partly on the basis political needs of their countries 
of an outside report, but largely and the possibility of both 
on the strength of tbe com- achieving some sort of devolved 

g**”* may W tfctthetw 

English boards have been mZ 
adversely affected by conun^ 
made by the Tory party ^ 
have indicated that they wm.r 
stop the NEB's equity role, 
has certainly been found tfc 
some potential customers of «, 

because of this, a factor notes 
dent m either Wales or 
land, where political attitod 
towards the agencies are soft* 

Poor prospects 

The difficulty about bbth -ti 
North-East and the North-We 
is .that investment decisions •' 
inevitably influenced by " ti 
poor prospects' of the Has 
manufacturing industries, beg 
engineering, shin build ing ^ 
textiles. Both regional Boan 
however, have mapped . 0 - 
alternative strategies; there - 
the offshore supply industry,* 
the North Sea and tourteni 
the -. North-East, office jo 
building and ports in the Nor 
West Common to both i& 
need to build up the small 
medium - sized manufachir 

Mr. Connolly freely adn 
that this is just nibbling at 
edges. Tbe politicians i 
seize on such an approach 
their own ends. If the Boa 
are to fight them off they mi 
live a little more dangerou 
Perhaps, in the end, this me 
they will live a little longer. 

Better Blessed 

id flu* nipt *° ex P an ^ 


MT member of the Sweet 

WITH SIX course winners in forward Newmarket strings — 
the 13-runner line-up. to-day’s Michael Stoute's My Therapy 
Hall Gate Handicap for three- and tbe William Hastings-Bass 
year-olds and upwards should be trained Better Blessed. 

Better Blessed, a brown son 
■ * oF that successful sire So 

Blessed, could hardly have done 
RACING better last season, and I hope 

m-ivniM that he can return as a winner. 




1 Fruit is appearing in wet 
weather (8) 

4 N.C.O. of tbe- body (8) 

9 Inspiration needed to get to 
the top ? (6) 

10 Always chant about cutting 

12 Misinterpret an - attempt to 
show knightly roving (5) 

13 Agree when posted (6) 

15 Extra pitcher containing gin 

16 Symmetrical type of livery 

20 Observed underrated wed- 
ding-cake? (7) 

21 Stubborn creature may spin 
a fine yarn (4) 

25 Severe reprimand as prices 
rise rapidly (6) 

26 Large glass vessel for sailors 

28 Fish to cut up in a manner 
of speaking (81 

29 Caught with sweetheart in 
rich pasturage (6) 

30 Box with crank could be a 
joke (Si 

31 Incite prison in revolt (4, -1 


1 Game of chance allowed en 
route? (8) 

2 Knock about, lilt rate is 
changed (3-51 

3 Child mentioned in note on 
book (61 

5 Love to write and begin (4) 

6 Crowd on river creating 
influence (S) 

7 Spoljed in rude mixture (6) 

S Ambassador -and member 
dined (6) 

11 In ft goods are -on the way 

14 Crime of receiver (/) 

17 Witches and worker in agree- 
ment- (81 

18 Total sales in pastry ? (8) 

19 Dear port could create a sign 
of emotion (4-4) 

22 Subject about right for 
imaginary circle (01 

23 Mark on Council of Europe is 
hard to get (6) 

24 Go aad wager about a pound 
- fdr a cup (6) 

27 Wrong cure giving off-white 
colour (4) 

Solution to Puzzle No. 3,635 .' 

nsHEiHEBa . anness 

a H 0 B □ H S 
BE0003E3 Q EBOaSB 
« a h n o a aja 

B H -O S E O B 

S 0 □ ET Q E 

a ra a h 0 n n 
snataa DEBaranaEB 

0 . a s 0 

D 0_Q - □ Q H*-B 


the most interesting event on a 
far from inspiring Doncaster 
programme which has no two- 
year-old event 

The likely outcome is a 
closely-fought finish between 
Red Johnnie, one of only two 
course winners in the field to 
have run this season, and two 
representatives of other well- 

Scene Around Six. 10.15 Gallery. 
10.45-1046 News for Northern 

England— 535-630 p.m. Look 
East (Norwich): Look North 
(Leeds, Manchester. Newcastle); 
Midlands To-day (Birmingham); 
Points West (Bristol); South To- 
day (Southampton): Spotlight 
South West (Plymouth). 10.15- 
10.45 East t Norwich) On Camera: 
Midlands (Birmingham) Bishop's 
Move; North (Leeds) Let The 
People Talk; North East (New- 
castle) Friday North; North West 
(Manchester) Watchwords; South 
(Southampton) Ponderosa 

Country; South West (Plymouth) 
Peninsula; West (Bristol) The 
History Makers. 

BBC 2 

640-735 a.m. Open University. 

11.00 Play School (as BBC 1 
3.55 p.m.). 

435 pan. Open University. 

7JW- News on 2 Headlines. 

! 7.05 Tn doors Outdoors. 

730 Newsday. 

8.10 Heads and Tales. 

835 The Money Programme: 
Can We AfforS the Self- 

9.001*01 Black 78. 
i 930 A Tale of Three Cities. 
1030 Portrait. 

7035 Late News on 2. 

11.05-11.15 Closedown. Michael 
Kilgarriff reads “The 
I Castle ” by Michael Roberts. 


930 rum. Conquest of Tbe Sea. 
7030 *’ Spaceflight LC-1.” IL20 
Drive-In. JL45 Beany and Cecil 
Cartoons. 12.00 The Learning 
Trade. 12J10 pm. Daisy, Daisy. 
1230 Look Who’s Talking. 1.00 
News. 130 Help! 130 Beryl's Lot 
2.00 Money-Go-Round. 235 Racing 
From Doncaster. .435 Snacker. 
445 Magpie. 5.15 Emmerdale 

545 News. 

6.00 Thames at 6. 

635 Crossroads. 

7.00 Comedy Classics: On the 

730 Mixed Blessings. 

8.00 Hawaii Five-O. 

9-00 People Like Us. 

10.00 News. 

1030 Police 5. 

;104O Within These Walls. 

1140 How to Stay Alive. 

12.10 a-m. George Hamilton IV. 
1240 Close — Heather Emmanuel 
reads sayings and teachings 
of Buddha. 

RADIO 1 247m 

(5) Stereophonic broadcast 

Mo a-rar. AS Radio X 7M2 Noel 
Edmonds. 9JH Simon Bates, n ** Paul 
Burnett .Including 12J» p.m. NewsbcaL 
2M Tony Blackburn. 4.-1 Dave Lee 
Travis Inducing 530 Newsbeat. 739 5yd 
Lawrence and his Orchestra (Si i loins 
Radio SI. 1BJZ John Peel tSl. 1230- 
2Jtt a-m. A* Radio Z. 

■RADIO 2 L500m and VHP 

5JW ur. News Summary. 5JC Ray 
Moore with The Early Show (Si Including 
435 Pause lor Thought, 732 Terry Wogao 
iSi Including M2 Call— The U-S- Masters 
Toaraamear ft wort I. S3 7 Racing Bulle- 
tin and MS Pause for Thought. 10.02 
jimmy Young (Si. 1235 p-m. Waggoners' 
AT ilk. 1230 pow Murray's Open Bouse 
1S1 including L45 Sports Desk. 230 
David Hamilton (Si Including 2.45 and 
MS Sports Desk. 430 Waggoners' Walk. 
«-4S sports Desk. 430 John Dunn (Si 
Including 5.45 Spam Desk. 645 Sports 
Desk. 732 3rd l^swtvace and His Orches- 
tra in Band Parade <51. 832 Angela 
Mork-y conducts the BBC Radio Orchestra 
i5>. 8-45 Friday Night Is Music Night 
i Si. 935 Sports Desk. 1832 Treble 
Chance. U30 Let's Go Latin with tbe 
Pete Winslow Brazilian Sound. 113Z 
Golf: u.s. Masters Tournament (report'. 
1133 Brian Matthew introduces Round 
Midnight including 1230 News and Golf: 
U-S. Masters Tournament 1 farther reoocu- 
280-232 a-m. News Summary. 

RADIO 3 Stereo & VHF 

7 Medium wave only 
£635 gm. Weather. .730 News. 735 
Overture *sj. UD News. MS Morning 
Concert (SI. 930 News. 935 This Week's 


2.00— Sovereign Mercy 
230— Padro 

3.00— Peaceful River 
3-30— Calisolon 

4.00 — Better Blessed*’ 

4.30 — Celtic Pleasure* 1 *' 


2.00— Fairbanks 

2.30 — Speedway Princess 

3.00— Showpiece 
4J0— Elfinaria* , 

All IBA Regions as London ex- 
cept id the following times: 


930 a.m. Canada Plvie Portraits. MJ5 
Manfred. U-tt Hanna Barbers Special. 
2130 Winning trim Wilkie. US P.m. 
Anglia News- -5J5 Chatterbox. 830 About 
Anglia. 738 Oh Nol It’s Selwm Froggin. 
831 ,Daoger in Paradise. 1838 Probe. 
1130 Friday Late Film; " No Dowd Pap- 
mem.” 1235 un. Men Who Ml tux. 


935 mm. Angling Today. 1838 Boney. 
1138 Puzzle Party. LL2S Wesway. 1LSI 
Professor Balthazar. i_2B pjn. ATV News- 
desk. 130 Indoor League. 930 The 
Sullivans. 535 The Squirrels. 530 ATV 
Today. 730 The Krypton Factor. 8.K7 
Rafferty- U30 The Bestseller Movie: 
•'The Oscar." 


1035 mm. Welcome to tbe Cdffdh- 1030 
Breaktiine. 1035 The Electric Theatre 
Show. 1135 Look Out. U3S Oscar. 
1230 pan. Nature of Things. +1-20 
Border News. 5J5 The Partridge 
Family. A30 Lookaround Friday. 730 
Tbe Cuckoo Waltz. 83B Quincy. UJ8 
Border Nurse of the Year. 1130 Late 
Film: " Tbe Night Strangler." ftZM un. 
Border News Summary. 


US p-m. Channel Lunchtime News and 
What's On Where. 8.00 Report at Six. 
738 Ob No. It'S Selwjrn FrogglH. 838 
The Bionic Woman. 1038 Channel Late 
News. 1835 Late wild Dan ton. tlDJO 
Late Night Movie: " Sylvia." 1235 a-m. 
News and Weather in French. 


11.00 sum. First Thing. 1035 Welcome 
to the Ceilidh. 1030 Breaktime. UJS 
The Electric Theatre Show. 113S Look- 
out. 1135 Oscar and tbe Great Woo/erao. 
130 pjn. Grampian News Headlines. 630 
Grampian Today. 730 The Jim MacLeod 
Show. 730 Mixed Blessings. 838 Quincy. 
1830 Reflections. 1835 The Friday Film: 
“Bless the Beasts and CttiMrsB." 


930 ojo. Sesame Street. 182 To the 
Wild Country. UJ5 Clapperboard. U-4fl 
A Place to Live. 1135 Cartoon. 138 p.m. 
This is Your Right. 130 The Amaztoc 
World, of Krcstdn. 530 This is Your 
Right. 535 Crossroads. 630 Grenada 
Reports. 630 Kick Off. iJOO Ob No US 
Selwyn Proggln! 830 West Side MedlcaL 
1830 Reports Extra. tlUffl Great Films 
at the Century: “ Spellbound," 


1835 a-m. Welcome to the Ceilidh. 1030 
Breaktime. HUS The Electric Theatre 
Show. 1135 Lookout. 1135 Oscar and 
the Great Woaferoo. 1230 pjn. Indoor 
League. Un Report West.. Headlines. 
L25 Report Wales Headlines, m* Ten 
Years cm— in tbe West Country. 2J0 
Women Only. SJS The Undersea. Adven- 
tures of Captain Nemo. 828 Crossroads, 
638 Report West. 635 Report Wales. 
630 Emmenlalc Farm. 730 :0h No! It’s 
Selwyn Freggltt! ■ 830 QaiooJ.. 1835 
Report Extra. 1135 Tbe Late Film: 
•' Blind Terror." • 

HTV Cymru /Wales — As BTV 'General 
Service except: 138035 fuu. Penawdau 
Newyddion V Dydd. 4354.65 Caman 

Composer:. Nielsen ($■. BLOB Holiday 
Special fS). 1030 Bach mB8iC for Holla 
(S). 1835 Young Artists' Recital (Si. 

11.45 Rupert Foundation mwau ctmoD (S>. 
2.88 pjn. News. 1,05 Playbill (Si. LSI 
Women as Composers iSV. 230 Royal 
Repertoire isi. 430 Schumann piano 
redial tSK 435 The Vooflff Idea tS>. 
5535 Homeward Bound. t635 News. 1*30 
Homeward Bound icominaed). 1630 Life- 
lines. 738 Rupert Foundation Competition, 
part 1 CSI. 838 Poetry Now. 938 Rupert 
Foundation Competition, part. 2 (Si. 935 
English Eloquence. 1035 Roberto Gerhard 
violin recital (S>. 1030 Isaac Basbcvls 
Singer. 1135 News- U38423S And 
Tonight's Schubert Song. 

Radio 3 VHP only— 638-738 ajn. and 
535-738 p-m. Open (.'diversify. 


434m. 330m. 385m and VHF 

635 ajn. News. 637 Farming Today. 
635 Up to the Hour. 652 i VHF) ReglonaJ 
News. 738 News. 738 Today. 735 Up 
to tbe Hour {rontiovedi,, 7-52 (VHF* 
Regional News. 830 News. 830 Today. 
135 Yesterday in Parliament. 930 News. 
935 Local Time. 9J5 Your Feet's Too 
Big. 1030 News. 1035 checkpoint- UJ0 
Dally Service. 1035 Morning StoiT. 1130 
News. U35 The Bombers. 1280 News. 
12® P.m. you and Yours. 1227 Quote 
. . . llmuote 'S>. £1255 -Weather, pro- 
gramme news VHF (except Irandoa and 
SEj Regional News. LOO The World at 
Ooc. 130 The Arch its. 135 Woman’s 
Hour from Birmingham IncMdinc 230-232 
News- 235 Listen irith Mother. 530 
News. 335 Afternoon ThMure *51. Mfi 
News. 435 Llierary Cent. 4-35 Story 
Time. -5-00 PM Reports, 530 Enquire 
Within. *535 Weather, programme flows 

i group moves 
to expand 

member of the Swedish .Citadel- 
let industrial group, is to move 
its business from West Molesey, 
Surrey, to Swindon. 

The company was set up a year 
ago following tbe success of a 
similar operation in Sweden, and 
growth in that time has necessi- 
tated the move. 

Ralton, which poljthene-wrops 
a wide variety of literature, is 
initially taking a 12.000 square 
feet unit on the Techno trading 
estate, but it is also negotiating 
for a £)m. development on the 
Groundwell Farm industrial 
estate. The company expects to 
be established at Groundwell by 

The move is the latest by a 
number of companies which have 
chosen .Swindon recently, includ- 
ing Li th or ex. Empire Dairies. 
Kwik Save and the computer 
division of the House of Fraser. 


C.C. — -These theatres accept certain credit 
cards Hr wtchone or at the box office. 


COLISEUM Credit cards 01-240 5258. 
Reservations 01-836 3161. 
Toni one and Thura next .7.00 Force of 
Destiny Toraor 730 Don Gloeannr t&nal 
oerftt Tims next 7.30 Julfmat Wed -730 
Carmen. 104 balcony seats always avail- 
able day of perf. Now booUnfl tor Mar 

tGai-deucharge credit cards 836 6903) 
Tonight and Mon 730pm The FlreUrd 

and S-^ToY^Pt*A ‘ J 1 
Tom or and Tues 7.30mn Efceth-in Vertex; 

JS&WE WStt-*"® 


This Sunday a.Ojgm 
TrCfcQIS E1-LS. .. •• 

a,, e r i cj7 1672. 1 Swni to 1 3 


HER MAJESTY’S. CC. 01 -»0 6606. 

** 3 °°- 


with Derek Griffiths- 
Directed by BURT SHEV6LQVE. 

"It Is Packed to Ouretfira point with titei 
personality and sheer tnnm of Bruce 1 
Forsythe." Sun. Express. "The audience 
cheered." Sunday Te legraph. 

KING’S ROAD THEATRE.' ' 352 7X08. 

Mon. to Thur. 9.0. Frl.. Sat. 7.30. 930 1 


[LONDON PALLADIUM. C>1-«7 7373. 
[■ April 13 and 14 at 8.0. April 15 at 6.15 
i and UAS. A PERFS ONLY^.-f .i 

Karen Jackaon and Kurej 3i&L at " s I 
Bex Office O pen. BOOK NOW, - 1 

LONDON PALLADIUM. CC. 01-4W ' 7573.- 


. • 01-457 2055, ' ' . '1 


SHAW THEATRE. 01-388 1 


by Arnold Wesker. . . 

Evas. 7-30. Mats. Wed. Z5Q 

STRAND. 01-836 2860/ Ewnlrwi' 
MaL Thuri. s.oo. sats. s.30 ana 

ST. MARTIN'S. CC. 836 T 4*3. InT 
. Mat Toes. 2.45. Sats. 5 tad s. 
26th ' YEAR 

TALK~ OP - THE tOWN. CC. 734 - 
8.00. Dining. Dancing. 930 Super I 
and at 1 T p.m. 



Erernngs 7 JO 
by Charles Dktnns 
(In A parts, in Repawre.) 


Cantamfl. 6.00445 Y Dydd. 1045-1135 

HTV West— As HTV General Service 
except : 148-140 pjn. Report West Uead- 
llnes. 145440 Report West. 


10.00 a.m. Aesop's Fables. 1040 Break- 
iimi-. 1045 Electric Theatre Show. 1145 
Lookout. 1135 Oscar and the Great 
Wuoferoo. 145 p.m, News and Road 
Repair. 140 Out of Town. 545 Tearime 
Tales. 540 Crossroads. 630 Scotland 
Today. 640 The Better Sex. 730 Oh Nol 
It's Selwyn Kroggitt! 8.00 Charlie’s 
Angels. 3840 Ways and Means. 2345 
Laic Call. 11.70 B arena. X2J5 a-m. Love 
American Style. 


945 a-m. Sklppy. 1030 Slnbad Junior. 
1845 Ten Timed Empty. 1045 The 
Invaders. 1449 Winning with Wilkie. 120 
p.m. Southern News. 140 Indoor League. 
230 Women Only. 545 Weekend. 520 
Crossroads. 630 Day by Day i Channels 
6. It. 1*7. ci. 5S and SO'. 633 Scene 
South East i Channels 10. 43. M and 66 
onlyi. 640 Out of Town. 7.00 Oh Nol 
It's Selwyn FrosgHt! 830 Emergency. 
1040 A Southern Report- U30 Southern 
Mews EJOra. 1L10 " Tbe Abominable Dr. 


940 a.m. The Good Word foDowcd by 
North Ea*T News Headlines. 945 Sure 
on Ice. 1035 Welcome to the Ceilidh. 
1040 Breaktime. 1045 The Electric 
Theatre Show. 1125 Sloppy.- IMS Oscar 
and the Greai Wooferoo. 120 P-m. North 
East News and Lookaround. 140 Out or 
Town. 545 Mr. and Mrs. 640 Northern 
Life. 730 Oh Nol It's Selwyn Frtjggltt! 
830 Emcrecocy. 1040 SponaUme. 1135 
The Friday Night Film: " Portrait of 
Jennie.'* 1230 ajn. Epilogue. 


1835 a-m. Welcome to the Ceilidh. 18-30 
Breaktime. 1845 Electric Theatre Show. 
1125 Look Out. 1135 Oscar. 120 p.m. 
Lunchtime. 845 Ulster News Headlines. 
5J5 The Flintstoncs. 630 Ulster Tde- 
vtsion News. 635 Crossroads. 640 
Reports. 7J» The Krypton Factor, 630 
West Side Medical. 1040 Two ai 10.30. 
1045 Sportscost. XL 05 Friday Film: 
'■ Brook.'* 12 25 a.m. Bedtime. 


928 a.m. West Country Job Finder. 
940 SkJppy. 945 Cartoon time. 1035 
Welcome to the Ceilidh. 1843 Breaktime. 
1845 The Electric Theatre Show. 1125 
LookOUL 11.85 Oscar. 1226 pjtl Gus 
Honcybrn’s Birthdays. 120 Westward 
News Headlines. 630 westward Diary and 
Sports Desk. 7.00 Oh Nol It's Selwyn 
Fnnutllt- 8.00 The Bionic Woman. 1028 
Westward Late News. U45 Late with 
Damon. fU40 Late Night Movie: 
'• Sylvia." 1235 Faith Tor Ufc- 


940 a.m. Canada— Five Portraia. KJ.25 
The Undersea Adventures of Captain 
Nemo. 11040 The Friday Morn Ins Film: 
“ Double Confession. " 120 pjn. Calen- 
dar News. 140 Winners and Losers. 545 
Calendar Sport. 630 Calendar nSmley 
Moor and Belmont editions'!. 730 Oh Nol 
It's Selwyn Frogght! 830 Streets or San 
Francisco. tl84o Appointment with 
Fear: “Fear In’ the Night." 

(VHF> Rugloiud Ttiews- 6,00 News. 640 
Going Places. 730 News. 735 The 
Archers. 720 Pick of U» Week <S'. 
840 The Spinner* (Si. 840 Any Ones- 
tions? 945 Letter Tr-om America. 948 
Kaleidoscope. 939 Weather. 3030 Tbe 
World Tonight. 1G40 Week Ending. . 
1045 Sir Delight. U. OO A Book at Bed- 
time. 1145 The Financial World TantghL 
U40 Today In Parliament. 1200 News. 

BBC Radio London 

206m and 943 VHF 
630 a-m. As Radio -- 640 Rush Hour. 
930 Lobby. 920 London Lave. 1133 
In Town. 1233 p.m- Can In. 236 Show- 
case. *33 Home Ron. 648 London Sports 
Desk. 645 Good Fishing. 7.08 Look, 
sroo. Listen. 740 in Town ias! ajn.*. 
840 Black Londoners. 18.00 Track Record. 
1200-Close As Radio 2. 

London Broadcasting 

261m and 97.3 VHF 

5.00 ajn. Morning Music. 6.00 A41.: 
Ron-stop news, travel, snort, reviews 
Information. 1830 Brian Hayes, 130 p-m. 
LBG Reports. 130 After S. 930 Nl g hf- 
Unc. 1-06630 bjo. Night-Extra. 

Capital Radio 

194m and 95.8 VHF 

6.00 a-m. Graham Dene’s Breakfast 
Show »5>. J.M Michael Asp el tSi. 1200 
Dave Cash iS>. 530 p.m. Roger Scott 
isi. 730 London Today <Su 740 Head- 
line Debate wilb Gillian Reynolds-: 
•• Is Your Private Life Your Own Busi- 
ness? “ 930 Yonr Me liter WottUo’t Like 
it with Nick Rome (S'. 4130 Mike Alien’s 
Late Show tS). 2.00 a.m, Ian Davidson's 

London Link International (SI. 

A DELPHI 01-836 761T. 
Ew 7.30. MatA R gHWS. 3-0. Sat. 43. 

of 1976. 1977 M»d 1978 t 

AUOHAtJY 8laP 1 mWg<!w. Y- O gt 

ALBERT. 036 3788. Party Rates. Credit 
Card bfcos. 836 1071-3- Oram 9 *.m^ 

6 p.m.l Mon. .Wed. *nd.Tr{. 

7 AS P.m. Thure. and Sat- 440 wfl t.M. 



ABLE TO 5EE IT AGAIN," Dally Mirror. 

ALDWYCH. 636 6404. Into. 838 5332. 
repertoire. Opening perH. of new London 
season. No. p erf. ton L Tom nr. 7JO 

red. Prtre -re^ vi .RART 2 

With HENRY^I^Pant 3 <M on. i, HENRY 
V (Toes.), HENRY Vj Part 1 1TWed. matj. 
Part 2 (Wed. e*e.L Part 3 t Thurs.1. BSC 
also at THE WAREHOUSE (from Mon.i 
and at PlccadWy Theatre In Peter Nichols 

AMBASSADOR’S. CC. »36 1171- 
Ergs- 8-0. Mats. Tues. 3.0. Sat. 5.0. 
A Hock Re*ue „ 

- Louts Setwyn aerates brilliantly u Mick 
J agger." D Tel. " Raw excltment." D.M1. 
“ Audience Cheered.'' 5- Tel, 

APOLLO. 01-037 2663. Erenlnga B.OO. 
Mats. Thom. 3.00. Sat. 5-00 and 830- 
(Actor of the Year. £. Std-I 
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ARTS THEATRE. , . . ..P? -836 21 32 " 



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CAMBRIDGE. 836 6056, Mon. to Thur. 
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^ 17t ta553t5r‘ 

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• - J t. 2nd --PATRICIA HAYtS in. ; 

■ - . • -F1LUMENA '—r 

-.'•.■■by. Eduardo fhipoo .* * - 
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Mori, to Fnt, '8jjl Sat. 540 and 0.45. CcwSwiiy. From 10 April. _ J anl 1 


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sSaMF-asaess I 

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MERMAID. - a«r 7654 Restaurant- ZJfl , 
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St**® MW 

Ergs. U15. Frf. and' Sat 5.15. Uiufl , 
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April 16-23 add Were , S«i-- WW« ■ MJJ 
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■ at 7.0PL 

OLIVIER (Open «W):TojiY 7-30 Toraor 
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Queolno June 21. EYtTA. ., 


Sat. .SJ? 

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Evgs. .D.O. Wd. Mat. 3-0. Sat-5.1 5. 8 JO. 


In the 


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“ GO THREE TIMES, C. Barnes. NYT. 
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Evos. 8 15. Wen. 3.0. Sat. 6. B JO. 

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done It again." Evo. News. 

•^"EENWICH THtATlf ""o-»Sb"" T»5< 
Evening 7.30. Mat- SaM. 2.30. DON 
.iiian. A Comedy fry Mol J ere. " i mom. 
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12 ARMS ANQ THE MAN. A Comedy. 
b» George Bernard Shaw.. 

i 'MARKET. 01*930 9832. Evgs. A.OO. 
Mats, iwos 2.30. Sacs- 4.30 and s.oa. 




“ Ingrid Botoman . makes the Made 
radiate — unassailable -charisma." Dally 
Mall. "Wendy Hitter fa superb," Sun. 



p ctAndo n drMto .aw^ 

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M 7, $StrL^'fc FfMO N D pr^ents , 

sssmm guar 

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RdTALTYV ' Credit rents. - CririJgS 5225; 

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S * ,V H&«*r ■« BJQ. 


' • Ill' ' ■»' ' 


-Tho World -famous Thriller 

T ^: 


•• A TASft HIT.. TW3 "MlglGAL. HAS 
A ^B*BYT»»NG.“ 5* Mtrtor.,. -*-r: 


ABC 1 and 2 Sbaltesbury Are, 83 
Sep. Partt. All seats bkbi e. 
t: THE 12 TA5KS OF AST Ht 
Wfc. and Sun: 230. 5JO. B-W- 
San.; 2.00. 5.10. 8.10. 

CAMDEN PLAZA <dpp. Camden 
Tubel. 485 2443- MrivlIkT 
Resistance thriller THE ARMY I 
SHADOWS lAA). 3.10. 5JIS. B. 

CLASSIC 1, 2. 3, A Oxford SI 
Tottenham Court Rd. Tubel. B3I 
ti Bertolucci'* 1900 Part i (3L 
2.16, 5.15. 8.15. Late show 11. 

A- Hurfv. Hurry. Must Finish A 
2.00, 5-00. B.OO. Late stow 1 

3: George Scoal. Jane FeP« 

DICK * JANE {A}. 2 -20. 5 A! 

Late shew 12 JO o.m. NHI 

Late UidW 10.45 BJn„ ^ , nn 
. A: BerteHucd's 1900 Part 2 DO. 
ZJO. S.20. 8.15. Late Shot 11^ 

CURZOM. Cureon Street WJ-f* 
ub-titfes), " A we*. 

comed y.. Dlytod "(ini *n^ | 
Bencn.” Sum’s v-.Evjiwa*. piw-< 

■ IdOt SuwJ. 3J5. 8JO. -• 

many other _ : — : — > mmi 


Sunl. 3Afi5- 

• • face sftowa^-- - ,• ~ - - ■■ - • • - : ^ 

GJML B.OO,, Law Fri. 

a rts.- Toes.-Sats. Doorswanr^M-g 

( neats way -be . bob™. 
a.m. progs- ■ - 




Seats -Bfc b Wh LK-o .B*r- 
SCENE X'tafc- 

SRAno I. A 5. A Cdurt arcm . ^ 


^-FMaacial Times v 


-April;? 1978 


S'- if 


* 0SeIai Kl (A) Screen oa the Hill 
Tele/on (A) \ Ritz 

The Army in The.Shadows (AA) 
Camden Plaza 

Fassbinder , 

National Film Theatre 
Cruel Passion (X) : 

ABCs Fulham and Edgware Rds. 

There axe good films that 
hover taatalisingiy on the brink 
of being very good but .never 
quite manage to make the final 
i®*?-,, ^°m James Ivory and 
Ismail Merchant, the director- 
producer team who' .made 

- Woltah, Borages 
and Autobiography of a Prm- 
comes ffosetonti- a charac- 
teristically nostalgia-tinted fable 
about people whom time has 
passed — or is passing — by, 

wrought with love -and care and 
~J u 2J our bat somehow . missing 
that extra voltage that makes a 
masterpiece. The film, is a 
trilogy of short stories set in 
and around New York's famous 
dance-hall, Roseland, where the 
old but still young-at-heart 
gather to re-create the days of 
pre-juke-box romance, - when 
Saturday night fever took . the 
form of a Foxtrot or a Tango 
or a Peabody. 

Story number one is about two 
bereaved oldies {Teresa Wright 
ana Lou Jacobi) who find, com- 
fort in each other’s revelations 
of past youth and happiness. 
In story number .two,. .gigolo 
Christopher Walken strays from 
his devotion .to the rich.- ageing 
widow who supports him (Joan 
Copeland) when GeralcGne 
Chaplin crosses, his line of 
vision. Should he choose love-, 
in-a-bedsit with Miss Chaplin or 
well-subsidised loyalty-. with " 
Copeland? Story number 'three 
is the portrait of an elderly 
German lady, ailing in health 
but gai, who reminisces 
about her . diffident, lovable 
dancing., partner who . died-~ 
almost in mid-Peabody— shortly 
after proposing marriage to her. 

The film 'gets better as it "goes 
along, and one cannot help feel- 
ing that the vitality it shows in 

the home - stretch could have 
been summoned' up earlier in 
the race. Not -that Ivory and 
bis scriptwriter Ruth P raw ex 
Jhadvala should have forsaken 
the elegiac tone of the film, but 
there is a too. wan and wispy 
sentimentality . about' . the first 
story, and the second takes time 
to shake off 1 a - histrionic stiiT- 
jointednesS -.most evident in 
Walken’s performance. But the 
third story is ■ a. • fay: chiefly 
because it is'not-so much a story 
as a talky- and. eceenfrfc charac- 
ter-impromptu that-, takes wing 
in a superb. performance by Lilia 
Skala. . With her- garishly 
painted .face, her costume-trunk 
dresses and her guttural sing- 
song of a voiced ‘she seems like 
a : retie from - some bygone, or 
possibly never-existing, era of 
Great Lady elegance, and Ivory's 
camera giv6s her poised and 
ravaged monologue the 1 -devotion 
it deserves. 

In.Telefon, Charles Bronson 
lends his dormant-volean o pre- 
sence to the role of a' Moscow 
agent sent, to America to end 
a rash of sabotage acts precipi- 
tated by Soviet defector Donald 
Pleasance. PieasSuce is going 
around' activating a number of 
bypno.tlsed KGB agents who were 
installed in America after World 
War H, and' who axe waiting 
ready- 4o.‘ be-- mobilised into 
■ suicide missions of -industrial or 
..political -sabotage -whenever they 
hear - a pre-arranged trigger- 
phrased The KGB, in -the persons 
of . snarling Patrick Magee and 
debonair Alan Badel, had hoped 
that these “ human time-bombs ” 
would never be heeded or used, 
least of all by the pop-eyed and 
dearly certifiable- Mr. Pleasance. 
Bronson packs Ms bags and flies 
out post-haste to meet Their Man 
.In Washington; who turns out to 
be a woman; and. Lee Remick. 
Thereafter all Hell . gradually 
breaks loose, the components of 
adventure ranging, from explod- 
ing sea-planes to escaped rattle- 
snakes: and if you cannot follow 
all- the convolutions of the 
ensuing plot yon / aro hot alone 
in your confusion. 

The film is directed by Don 
Siegel ( Dirty Horry. The 
Shootist ) and he lends it more 
style and individuality than its 
far-fetched story deserves. 
Bronson is oddly cast as a 
crusader against hypnotism, 
since bis own heavy-lidded eyes 
and purring monotone suggest 
an advanced state of somnam- 
bulism. But the incongruities 
of this film are half its inadver- 
tent charm. It is one of those 
jethopping thrillers that will 
take you to Houston for no better 
reason than to exploit the 
labyrinthine beauties of its 

main luxury hotel, or to sundry 
desert and rural locations simply 
because they respond pleasingly 
to the camera's eye. It is also 
one of those films that bend 
over so far backwards in their 
attempt at entente cordiale — 
neither the Americans nor the 
Russians are presented as 
villains, the all-purpose scape- 
goat being the mad Mr. Pleas- 
ance — -that they deserve some 
sort of prize for political 
contortion ism. 

Having been made by Jean- 
Pi erre Melville, The Army In 
The Shade irs comes to us with 
the imprimatur of an “art 
movie " — Melville made the 
classic Les Enfants Terribles in 
1948 and directed some b rootl- 
ing ly effective films noirs in the 
1960s — but its sombre, dedicated 
exterior conceals just as much 
narrative far-fetchedness as 
Siegal’s film . Lino Ventura, the 
thinking filmgoer’s Charles 
Bronson, is the hero, and his 
weighty, ruminative presence 
gives the film its much-needed 
centre of gravity. Around him 
whirls, creaks and fitfully sparks 
a cloak-and-dagger adventure 
story about the French Resist- 
ance in which lashings of 
schattenfrevde and “atmosphere" 
— dark, wet streets, purring 
Citroens, scurrying raincoated 
figures — do not quite bind 
together a plot that seems to 
mark time between its exciting 
but wildly implausible suspense 
set-pieces. - 



iiiC' - 


Geraldine Chaplin 

Melville Is frequently hailed 
as a director who unites the 
story-telling vitality of popular 
cinema with the thoughtfulness 
of the art movie. I think he is 
as often split apart by this 
duality as successful in resolving 
it There is a childlike exube£ 
ance about this film — not least 
in Melville's cheerfully un- 
apoiogetic use of model shots 
for scenes of large-scale action — 
but there are also spurious 
attempts to “ raise the tone " by 
including, for example, a Sartre- 
like eminence grise of the 
Resistance (Paul Meurisse), a 
bandful of wbose philosophical 
books are archly paraded before 
the camera's eye in one scene, 
just to drop in an incomprehen- 
sible title or two The film tells us 
little that we did not know, or 
were afraid to ask, about French 
life nnder the occupation, and 
its characterisation offers no 
discernible challenge to players 
of the calibre of Simone 
Signoret, Jean-Pie ire Cassel. and 
Ventura himself. Much of the 
film is good adventure-story stuff, 
but its higher pretensions leave 
considerable room for scepticism. 

To be neglected at your peril 
is the forthcoming Fassbinder 
season at the National Film 
Theatre. The German cinema's 
indeed the European cinema's, 
greatest young director has been 
honoured with a full-scale retro- 
spective. At the age of 32. Fass- 
binder has now made roughly 
one film for eacb year of his life, 
and although Londoners have 
seen most of bis best work since 
The Merchant of Four Seasons 
M871). there are still 20 or so 
films outstanding that if they are 
not seen now may never offer 
the opportunity again. 

Fassbinder's speciality is a 
kind of stylised naivety, and 
over the years he has turned 
this method into' a miraculously 
successful resolution of the tug- 
of-war evident in his own 
sensibility (and in those of 
many other post-war directors, 
including Melville) between a 
love of the downbeat and tbe 
realistic and a fascination with 
tbe flamboyant excesses of 
Hollywood. The early films— 
Katzelmacher. Why ■ Does Herr 
R Run Amok?. Whity — will give 
us a chance to see this early 
tug-of-war in progress, and to 
watch the working-through or 
working-out of conflicts of style. 
Few directors as young as Fass- 
binder have ever had a full-size 
retrospective at the NFT, and 
for confirmed admirers and 
sceptics alike the season should 
be required viewing. 

I cannot say the same for 
Cruel Passion. “All the Holy 
Mothers have taught me is 
how to frig myself,’* says a 
disappointed nun in this trans- 
cendentlv daft British, adapta- 
tion of He Sade's novel Justine. 
Tbe acting is rudimentary, the 
dialogue is primeval, and since 
all the censor has allowed in 
the way of visuals (or all the 
film-makers have dared to In- 
clude) are scenes of coyly 
grappling torsos, with the occa- 
sional if-you-blink-you-miss-it 
sbot of female pudenda, one 
wonders how much further along 
the path of inexplicitness the 
British sex movie can travel 
before it courts danger from 
tbe Trade Descriptions AcL 





Martmu, the Czech composer 
who spent most of the inter-war 
years in Paris, went to the U.S., 
returned to France after the war 
and died in Switzerland, never 
lost contact with his native 
country. Julietta, introduced to 
British audiences on Wednesday 
by the New Opera Company “ in 
association " with the ENO, was 
first given in Prague under 
Talich in 1938. Together with 
the Greek Passion, it ranks as 
the finest of Mar turn's dozen or 
so operas. If tbe date of the 

premiere bad been less unfortu- 
nate, Julietta would surely have 
won a place in a repertory not 
over-stocked with 20th century 
operas likely to appeal to a wide 
public. As it was. It had to wait 
a long time for a further per- 

Tbe opera is an adaptation of 
a onee-controverslal French 
play. Julietta, or La Cle des 
songes, by Georges Neveux. The 
subject is the border-line be- 
tween illusion and reality, 
between sanity and madness. 
Michel, a travelling salesman, 
findi himself in a seaport where 
everyone except himself has lost 
their memory. He is pursuing 
a girl once-glimpsed, who znay 
or may not be a creature of bis 
imagination. After he has 
found her, he is provoked into 
shooting at her but cannot dis- 
cover for certain whether or not 
he has' killed her. In the Cen- 
tral Office of Dreams be is 
warned that if he doesn’t wake 
himself up, he will be lost to 
reality for ever. But by then 
the shades have closed in too 
far. He stays, still pursuing his 

The English translation by 
Brian Large, obviously limited 
by the need to follow Martinu's 
vocal lines, may conceivably miss 
some of the flavour of Neveux's 
dialogue.. .The first act and much 
of the second are full of a dated 
kind of whimsy, like Giradoux 
without the verbal distinction 
{Neyeux worked with Louis 
Jouvet, Giradoux's leading inter- 
preter). At moments I Began to 
feel that Barrie’s Dear Brutus 
would make a stronger subject 
for an opera. But about half- 
way through, tbe fantasy begins 
to grip. The scene in the Office 

Stuart Kale and Joy Roberts 

Leonard Burl 

of Dreams is at once funny, 
sinister and sad. The impression 
of mental disintegration is subtly 

Martin u had the Czech gift of 
writing music . as-, naturally as 
breathing. "had it to excess: 
tkT " leading composer of our 
century except Milhaud has been 
so prolific. I find Milhaud's style 
more often than not congenial, 
while Martinu's music, much as 
one may admire his . profes- 

sionalism, too often runs in at 
one ear and out of the other. 
Yet many things about Julietta 
proved pleasing. Facility is not 
necessarily to be despised, and 
the sure-footed flexibility and 
smoothness with which Martinu 
moves from style to style and 
from mood to mood are in them- 
selves captivating. 

His score is uninhibitedly 
eclectic, borrowing from Pelleas 
and Petrushka, sprinkling in 


Ten Times Table 

Elizabeth Hall 

Belgian Chamber Orchestra 


Besides. its , violinist, director 
Rudolf Werthen and its harpsir 
chord, the Belgian Chamber 
Orchestra consists "of- a dozen 
- string players. They, make a full, 
thoroughly musical sound; and 
. . their technical - assurance in- 
spires confidence; passing im- 
* pressions on Wednesday served 
to remind one not to take tbe 
super-polisb of spine "recorded 
r . performances too seriously. 
Twentieth-century music inspired 
their liveliest and most charac- 
terful playing: tbe' strong. quirky. 
Music for Strings'by Mareel Poet 
. (Flemish,- b. 1901) was. ah en- 

g-a^dis cover, y, and 
Hindemith’s Five Pieces op. 44 
ho. .\4J sounded lithe and well- 

- .' The concert ;had begun with a 
'smoothly respectful account of 
the great Ricercare from Bach’s' 
Musical Offering. Next came one 
of J. Jr . Quanto’s disco uragjngly 
numerous flute., concertos, in 
which' Paid.' ds Winter's gleam- 
ing, liquid tone was a pleasure. 
. in. itself. It would have been no 
less pleasing had the outer 
movements been taken at slightly 
less frantic speeds — there was a 
suspicion^. of holding on by tbe 

skin of the teeth. 

Tbe other piece with a soloist 
was an oddity, the famous 
♦‘Devil’s Trill " Sonata of Tartini 
arranged by Mr. Werthen for 
himself and the string orchestra, 
borrowing Kreisler’s monster 
cadenza (all double-stopped 
finger-tremoii). Werthen 's 
smoky, even sulphurous timbre 
and the crunch of bis bow-attack 
are dramatically apt for the 
piece, which duly gripped. Else- 
where, his penchant for conduct- 
ing and acting as lead violin by 
turns, often within a single 
movement, made for awkward 

compromises. The leading viola 
and cello are strong personalities 
too, and there were passages like 
the opening of Greig’s Hoi berg 
Suite where the first violins 
sounded undermanned for want 
of Werthen’s strong right arm; 
in the Rigaudon he took the solo 
line with proper vigour — but 
with bis back to tbe audience. 
The orchestra is surely capable 
of performing most of its reper- 
toire without a conductor, and 
It would be good to have 
Wert hen's transmitting bis in- 
tentions through his instrument 
on a full-time basis. 

Alan Ayckbourn's new farcical 
comedy assembles a marvellous 
bunch of people around a com- 
mittee table at the Swan Hotel, 
Pendon. where they are to plan 
the programme of a summer 
festival. He gives them a 
generous ration of comic lines. 
But what he does not offer this 
time is the deftness with which 
he plans situations whose com- 
plexity is masked by the fun 
with which they are devised. 
There is really only enough in 
Ten Times Table to fill an 
average one-act play,, and not a 
particularly original one-act play 
at that. 

The theme of the . pageant 
which is to open the festival is 
The Massacre of the Pendon 
Twelve. The Pendon Twelve 
have been discovered in as old 
book of reminiscences. They 
were stolid peasants wbo srpod 
up against the Earl of Dorset 
and a hand of militia on tne 
occasion of some local rustic 
insurrection. When the mass of-, 
the people bad sensibly left the 
Market Place, the Twelve, led 
by John Cockle and his friend 
Brunt, were duly shot down by 
the soldiers — au ideal situation 
for a country pageant. 

The organising committee soon 
splits in two. Ray, the chairman, 
Helen, his wife, and Donald, a 
tiresome fusspot whose value is 
confined to his Influence with the 
Council, form a conservative, not 
to say Conservative, group whose 
ideas are confined to a tittle 
harmless play-acting. But sitting 
with them is Eric, the Marxist 
schoolmaster, -and Sophie, tbe 
young wife of a local dog-breeder, 
Tim, and they see the occasion 
as an opportunity to rally the 
proletariat in a great meaningful 
gesture, where Eric, in the person 
of John Cockle, will make a fight- 
ing speech. There are also, on the 
sidelines, drunken Lawrence, 
who sleeps through most of the 
proceedings, and Donald’s aged 
mother, alleged to be recording 
the minutes in spite of her acute 

The final scene, on the day of 
the pageant. Is a fine example of 
Mr. Ayckbourn’s talent for 
organised confusion. The con- 
servatives have been taken over 
by Tim the dog-breeder, an ex- 
officer, and he is treating the 
business as a serious military 
operation. As the conflict rages 
outside. In the committee 
room Lawrence, as the Earl of 
Dorset, falls drunkenly from his 
horse, Donald, deprived'of his 
glasses for appearance's sake, 
flails around in the wrong direc- 
tions, and Donald's mother prac- 
tises popular airs on the piano. 

But the preliminaries have 
been too long and too predict- 
able; and there is no real climax, 
the affair simply peters out Let 

me add that the play is a long 
way from being a total loss; 
there are good jokes crackling 
most of the evening. And the 
playing, under Mr. Ayckbourn's 
own ‘ direction, is enchanting— 
Benjamin Whitrow’s Donald 
obsessed with minutiae. Julia 
McKenzie the archetypal' Tory 
lady, John Salthouse as Eric, 
liable to boil over into a Marxist 
dialectic at the drop of a hint, 
Christopher Godwin as the 
ultra-militaristic dog-breeder, 
Matyelok Gibbs as the old lady, 
cackling with private laughter as 
events pass her by untouched. 
Vintage Ayckbourn this is not; 
but a lot of people are going 
to enjoy it 


Lawiiril Bur 1 

Julia McKenzie, Benjamin Whitrow aid Paul Eddington 

Czech dance rhythms, glancing 
at Prokofiev and beyond him to 
Martinu's teacher Roussel, whose 
pounding metres are heard again 
and again, though with little of 
their acrid harmony and still 
less of typical concision. All this 
with the greatest naturalness, 
with the musikantisch quality 
that does not indeed guarantee 
strong invention but at least pro- 
vides almost continual pleasure 
in the way everything sounds 
right — grateful vocal writing, 
scoring neither thick nor spindly, 
capable as in the moments when 
Michel's mind begins to reel, of 
blowing up a storm in a few 

As in Szymanowski's King 
Roger and Ginastera’s Bomarza. 
the New Opera Company pro- 
duction team of Anthony Besch 
and John Stoddart have con- 
trived a spectacle at once 
economical, elegant and sugges- 
tive. The masterly conductor is 
Charles Mackerras. The unhappy 
Michel is sung by Stuart Kale — 
clean, precise, musical, but too 
weakly projected in the central 
act. Joy Roberts brings to the 
elusive Julietta the same 
virtues, with greater staying 
power — the role is shorter and 
there is less need to bold hack. 
Miss Roberts is one hundred per 
cent. English in appearance, 
manner and style. One misses 
the combination of fey ness and 
Ondine-like sensuality a French 
actress (though not necessarily 
a French opera singer) would 
bring to the role. 

There were good character 
sketches from — among others — 
Sarah Walker, John Winfield, 
Edward Byles, Patrick Wheatley, 
Dennis Wicks. The work of this 
company in filling gaps in the 
20th century repertory is more 
valuable than ever now that the 
big concerns are. finding it 
harder and harder to mount new 
things, even when they are only 
“ new " in the sense that they 
haven't been done here before. 
As tbe NO.C’s recent productions 
have shown, there is a ready 
public response. A large 
audience came to bear Julietta, 
and showed an amount of en- 
thusiasm that promises good 
houses for the remaining 

Theatre Upstairs 

Bleak House 

Pleasant though it was to meet 
up again two nights ago with 
Shared Experience, 1 am afraid 
that there is nothing much sub- 
stantial to add to my notice of 
their first chapter of Bleak 
House. The uncluttered narrative 
techniques reveal no hidden 
surprises as we progress through 
the unchoppy waters of a faithful 
recounting of the original. Alas, 
we have missed the dancing 
Turveydrops en roufti, although 
the senior of them might be seen 
peeking through James Smith’s 
pigeon-chested account of the 
ludicrous Chadband. all-hallowed 
rhetorician falling eagerly on the 
Snagsbys' tea table. 

It will demand great patience 
and loyalty of an audience to sit 
through ail four plays and per- 
haps the whole project would 
have been better served by the 
approach adopted by Ken Camp- 
bell and Chris Langham with the 
lUuminatus trilogy: ruthless 
selection of material compressed 
into a single seven-hour bonanza. 
Admittedly there are such scat- 
tered delights as the evocation of 
tbe Smallwood family, bunched 
on four chairs indeed like “old 
monkeys with something depress- 
ing on their minds’’; the lusty 
reproduction of the coffee house 
feast enjoyed by young Small- 
weed, Jobling and Mr. Guppy; 
and. right at the end. the strik- 
ing impersonation of Phil Squod 
in the shooting gallery (Mr. 
Smith, again) as a decrepit, con- 
cisely drawn remnant of Life's 
cruel lottery, joined at the knees, 
voice of a squashed frog. 

Perhaps, after ail. Bleak House 
is. especially of ail Dickens’ 
books, a work to hug to oneself, 
to dip in and out of while piecing 
together the evidence and mak- 
ing the jumps as they come dis- 
creetly through tbe complicated 
web of a narrative written in two 
distinct and deliberate styles. 
That sort of subtlety is beyond 
Shared Experience, and losing 
contact with Lady Dedlock or 
Esther Summerson for long 
periods of stage time proves to 
be ruinous to the concentration. 


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Financial. Times- Friday. April T 1978 


Telegrams: Finanlimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

The high stakes riding on 

Friday April 7 1978 

Test of EEC 

Leyland’s bonus ballot 

By ARTHUR SMITH, Midlands Correspondent 


M U MICHAEL Edwardes, 
British Leyland's chair- 
man, is riding high: the 
Government this week has 
given full backing for a brave, 
£1.3bn. investment programme 
which involves the politically 
embarrassing decision to inject 
a further £S50m. of State 
finance; the troubled Cars Divi- 
sion has raised output and 
staged a dramatic recovery to 
achieve a 28 per cent share of 
‘the U.K. market; and the 
I announcement that the Speke 
I assembly plant is to be dosed 
j with the loss of up to 3,000 jobs 
in an area of high unemploy- 
ment has become acclaimed as 
a tough but necessary commer- 
cial decision. 

The extent to which the Prime 
Minister might have considered 
Speke and the former Leyland 
management necessary sacri- 
fices in order to gain Liberal 
Party parliamentary support for 
a second-stage rescue is a matter 
for the politicians. But the 
question must be posed of how 
long Mr. Edwardes’ honeymoon 
period will last. 

THE EEC summit that opens in 
Copenhagen to-day is the first 
major test of Community 
solidarity in the forthcoming 
series of top-level international 
meetings on the world economy. 
It follows active bilateral con- 
sultations involving. in 
particular, Washington. Bonn, 
Paris and London, as most 
western Governments increas- 
ingly come to accept that a 
fresh internationally co-ordi- 
nated stimulus is now required 
if growth is not to fall alarm- 
ingly below earlier target 

But while the U.K has been 
pressing especially strongly for 
concerted action against 
unemployment, and regards next 
week's budget as its own 
contribution, the West German 
position, which wiii be crucial 
in Copenhagen, is still far from 
clear. Although senior 
members of the Bonn Govern- 
ment have been acknowledging 
in recent days that all is not 
entirely well with the country’s 
economy, the official position 
remains that no decision on a 
further hoosr to demand can be 
taken before May at the earliest. 


For the moment, Bonn’s main 
concern is the decline of the 
dollar and its likely effects on 
German exports and their profit- 
ability. The impact has not 
yet shown up in the trade 
figures, but this week's 
announcement of declining 
overseas orders by the mechani- 
cal engineering industry, the 
country's largest export earner, 
was an ominous straw in the 
wind. Bonn is insisting that the 
first priority must be for 
Washington to arrest the 
dollar's slide. 

It is this that has led to 
speculation that Copenhagen 
could see the start of work on 
a package deal in which Bonn 
would be asked to accept a fur- 
ther dose of reflation in ex- 
change for steps to stabilise 
currencies, beginning with 
those of the EEC countries. The 
idea favoured by the EEC Com- 
mission appears to be to revive 
plans for closer links between 
the jointly floating " snake ” 
and the other EEC currencies. 
The suggestion is that this 
should pave the way for a more 
stable relationship with the 

The prospects for such a 
proposal do not look very good. 
Now that the French election is 

over, it is conceivable that 
President Giscard d’Estaing 
will want to renew the franc's 
flirtation with the “snake.” It 
is much more difficult to 
imagine Britain and Italy fol- 
lowing suit. Both the pound and I 
the lira remain liable to con-| 
siderable fluctuation, and the 
British view, in any case, is that I 
close currency co-operation I 
must await real moves towards 
greater economic convergence, j 
The Commission's proposals! 
for stimulating growth in the| 
so-called “convoy” of Western 
countries look more realistic.. 
Here the idea is that the time : 
between Copenhagen and the 
seven-nation economic summit 
in Bono in mid-July should be 
devoted to what is being des- 
cribed as “ joint assessment-” 
The Commission would be dele- 
gated to find out what each 
country was already doing and 
where it might do more, in the 
hope that a full percentage 
point could be added to the 
Community's growth rate in the 
year to mid-1979. Britain would, 
perhaps optimistically. like 
each country's new commit- 
ments to be on the table by the 
None’s Bremen summit, a week 
or so before the Bonn meeting. 
The entire operation, however, 
could fall through if Herr 
Helmut Schmidt, the West 
German Chancellor, is not pre- 
pared to participate. 

Certainly, opposition by the 
Speke shop stewards to the pro- 
posed transfer of production of 
the TR-7 sports car to Coventry 
threatens a confrontation which 
could engulf the State-owned 
concern in yet another finan- 
cial crisis. Of more immediate 
concern, however, is the result, 
expected to-day, of the ballot 
on whether the 100,000-strong 
manual labour force will give a 
.six-months trial period td the 
company's planned incentive 

earnings. Fears have also been 
raised that any improvement in 
productivity will merely add 
to the 12,500 reduction in the 
British Leyland labour force 
that Mr. Edwardes has said will 
be necessary this year. 

More serious is the trade 
unions' refusal to concede 
ground on the basic issue of 
“mutuality” — the right to de- 
termine with management the 
speed and manning levels of the 

These are the bread-and- 
butter issues which have been 
at the centre of “the; Leyland 
problem” for more than a de- 
cade now, and it would be a' 
mistake to see the present offer 
of an incentive scheme as the 
first step back towards the old 
piecework system. Concessions 
made to the “piecework men- 
tality ” of the Midlands car wor- 
kers have been deliberately 
minimal. There may be a new 
management team under Mr. 
Edwardes, but they are con- 
scious of the experience not 
only of their predecessors but 
also of their competitors. 


*• -• X'.- 

•* 9 t 



1974 ’75 '76 77 ’78 

Jan Feb Mar Apr May Jim Jul Aug Sep Oct Nov Dec 

1977 Secnx WnQNALUfnflPfilSE BOAJffl 

Election date 

The Copenhagen meeting will 
not be devoted exclusively to 
economic affairs. With the 
deadline expiring on Sunday, 
the Nine wiii have to discuss 
Washington’s request for 
acceptance of a renegotiation of 
conditions under which Ameri- 
can nuclear fuel is supplied to 
Europe, and the Heads of 
Government will conduct their 
usual review of world issues 
like the Middle East, the Horn 
and Southern Africa and East- 
West relations. They are also 
hoping to set a new date for 
direct elections to the European 
Parliament, postponed because j 
of Britain’s failure to meet this ! 
year’s original deadline. The I 
U.K. is now suggesting June 
next year, and there seems 
some willingness among the 
other countries to go along with 
that After all the uncertainty 
that has surrounded the elec- 
tions, it would be good if 
Copenhagen can fix a date once 
and for all. 

The first 



TRANSNATIONAL corporations 
are only now beginning to be 
seriously concerned about the 
suggestions for transnational 
accounting standards which a 
UN advisory group published 
last December and which are to 
be considered in a UN context 
next month. That they should 
be concerned is understandable 
for a number of reasons. First 
this UN group is only one of a 
number of bodies — including 
the OECD, the EEC, and the 
International Accounting Stan- 
dards Committee, as well as 
various individual governments 
— which are at present seeking 
to draw up stricter accounting 
standards. There is an obvious 
risk not only of overlap but of 

Second, the UN is a large 
and heterogeneous organisation 
which includes not only deve- 
loped but developing, not only 
capitalist but Communist 
members. There is a real 
danger that, in such a forum, 
rules would be drawn up to the 
special disadvantage of capitalist 
multinational corporations and 
then gradually enforced by 
member Governments. Third, 
the group which has drawn up 
the proposals was composed of 
people from a variety of 
disciplines and backgrounds-— 
not merely accountants — and 
the suggestions it makes include 
the disclosure of non-financial 
as well as purely financial 
information. The balance of 
cost and benefit, in collecting 
and publishing such information 
is doubtful. 

serious lack of published infor- 1 
mation, both financial and non- 1 
financial, about the activities of . 
such companies and that much 
of what there was did not allow 
accurate comparisons to be 

It therefore recommended 
that a group of experts should 
be set up to recommend a code 
of standardised practice, and 
the result was the document that 
is to be discussed next month. 
The group, in fact, drew its 
purely financial recommenda- 
tions (building on the work of 
the IASC) from the best prac- 
tice of countries like the U.S. 
and suggested that they should 
apply to all companies, trans- 
national or not. But this recom- 
mendation was outside its terms 
of reference, and it is in any 
case highly unlikely that small 
companies in developing . coun- 
tries could physically meetj 
these requirements. Once again,! 
then, the transnationals feel that | 
there -is a serious risk if these ! 
proposals go ahead, however! 
slowly, that they will be the 
object of unfair discrimination. 

Management sees the pro- 
posed package, which offers the 
prospect of up to £8 a week 
bonus, as only the first step 
towards raising Leyland's lag- 
ging productivity to that of 
European competitors. The case 
for such action was given point 
by the disclosure last week of 
a joint management-union study 
which found that efficiency in 
Leyland plants was only 45-65 
per cent, of that on the Con- 

Among the disturbing 
features highlighted by the 
comparison of the U.K. manu- 
facturer's practices with those 
of Renault, Sixnca and Volks- 
wagen were the late start and 
early finishes of the Leyland 
plants, and their generally lax 
work and time standards. 

Even against the background 
of these findings and the warn- 
ing that, on such trends. Ley- 
land’s competitive position will 
continue to decline, the shop 
stewards have offered united 
opposition to the company’s pro- 
ductivity deal. They complain 
that because the bonus is based 
upon overall plant performance, 
workers will see no relationship 
between individual effort and 

Vauxhall. Chrysler and Ford 
are committed to the principle 
of timework — a flat rate pay- 
ment for all production wor- 

Leyland followed the practice 
of the U.S. multinationals by 
adopting, in the late 1960s and 
early 1970s, what was termed 
“measured day work." At 
Cowley for example Mr. George 
Turnbull, as managing director 
of Austin Morris, pressed for 
the new wage system in time for 
the launch of the Marina model. 
Haggling over rates had caused 
considerable delay to the Maxi 
launch, aDd in 1970, the last 
year of piecework, the Cowley 
assembly plant suffered more 
than 700 strikes. 

The concept is feasured day 
work is that management is 
able, in a fairly scientific way. 
to set standards under which 
employees work with reasonable 
effort at a satisfactory speed. 
It is the task of supervisory 
staff, not the pay mechanism, to 
ensure standards are met. A 
key role is given industrial 
engineers, the old-time rate 
fixers, to conduct objective work 
measurement tudies. 

In practice at Leyland the 
shop stewards, bre.d- on a life- 
time of pieceworl^Tiegotiations, 
tend to challenge not merely 
the accuracy of studies but the 
very principles' upon which they 
are based. Practices vary be- 
tween plants, but track speeds 
and manning levels owe more 
to the Persian market system of 
haggling than to objective work 
measurement This control over 
the work situation is at the 
heart of the stewards' present 
demand to retain “mutuality.” 

As Ford, Vauxhall ; and 
Chrysler, where flat rate pay- 
ment systems have been in 
operation for years, manage- 
ment is free to use work study 
techniques and, after conulsta- 
tion, determine line speeds and 

manning levels. While the 
various time-rate systems based 
on measured day work were 
particularly successful in the 
U.K. motor industry of tbe 
1950s and 1980s , the concern 
that they may not be as appro- 
priate to the changed industrial 
environment of to-day is not 
confined to Leyland. However, 
the U.S. multinationals, parti- 
cularly Ford, with their com- 
mitment to time payment and 
the management control it 
gives, are likely to make few 
changes. Chrysler has just intro- 
duced an Incentive element, but 
stresses that the move should 
not be seen as a departure from 
its belief in time-rate systems. 

At Leyland, the decision, was 
taken nearly 12 months ago that 
some form of incentive scheme 

individual effort and high earn- 
ings; the management argument 
that the introduction of 
measured day work in the early 
1970s suffered from incomes 
policy and sales- related prob- 
lems following the oil crisis was 
treated with scepticism. . . 

The determination of the com- 
pany to keep firm control of the 
wage bill is reflected in the fact 
that the proposed bonus is 
merely a supplement to the 
.basic wage and has an upper 
limit of £32 a month. 

Bonus would be calculated on 
a points system according to the 
efficiency of individual plants. 
Before qualifying for payment, 
factories first would have to 
achieve tbe output and maiming 
levels set in the 1977 business 
plan. For some plants, particu- 


Jan.-Mar, Apr.-June July-Sept. OcL-Dec. - . Total 

Number of disputes 
Manhours lost 
On strike 
Laid idle 


Vehicles lost 
Manhours lost 

Vehicles lost 
























3 ,459.4 


1 1,133.4 
~7 92.908 

might offer the prospect of a 
productivity improvement. A 
management style which fluctu- 
ated between persuasion, exhor- 
tation and tbrats had met with 
little response from the work- 
force. But from the outset there 
was a gulf between the unions 
and the company on the size of 
the incentive element and how 
it should be calculated. 

For the shop stewards, there 
was a simple correlation be- 
tween the old piecework system, 

iarly Cowley and Longbridge, 
this means that labour would 
have to be shed merely to reach 
the starting line. De-manning 
exercises are already under way. 

The unions object to the use 
of the business plan as the 
measure of efficiency because 
this is drawn up through the 
worker participation machinery, 
rather than by formal negotia- 
tion. Against this, management 
regards it as fundamental to tbe 
objectivity of the scheme that it 

should not fall. foul of the old 
arguments about mutuality. 

The scheme makes clear to 
each group of workers what 
their output level would have to 
be to earn bonus; but actual 
payment would be dependent 
upon the performance of the 
plant as a whole. Thus it would 
be possible for any group, or a 
whole section of a factory, to. 
consistently beat efficiency tar- 
gets and yet receive no extra 

Shortage of a component pos- 
sibly because of a strike by an 
outside supplier, could rob the 
Whole plant — and Longbridge 
employs 20,000 — of its bonus. 

The unions argue, 'with some 
justification, that the relation- 
ship between effort and reward, 
is so remote that the incentive 
value of the scheme is. minimal. 
More seriously, the deal -could 
cause hew friction and conflict, 
with some groups of" workers 
accusing their colleagues of 
Jack of effort. . 

. Management is not blind to 
this, but argues that to award- 
bonus on anything other than a 
plant level basis- would further 
exacerbate the risk of inter- 
group .fivalry. v . 1 ....V , 

Company fears' about ,,the 
danger of a slide bade to the 
individualism^ implicit in piece- 
work are clearly, illustrated in 
a document- submitted to the 
National Enterprise Board last 
year. Leyland Cars argues that 
piecework earnings were in- 
creased not by the ■ effort ex- 
pended, but. by the industrial 
pressure applied. ‘ 

“The atmosphere or .black- 
mail and strife so created was 
totally inimical to progressive,, 
civilised concepts of what 
modern industrial life should 

Management also made men- 
tion of the “ inhumanity of the 
atmosphere surrounding the 
piecework system.” One of the 

legacies of this old system is 
the difference in efficiency 
between plants. The joint study 
undertaken by management 
and unions found that some 
Leyland UjL car factories were 
performing 50 to 150 per cent 
better than others. The dear 
implication of this is that some 
plants will ;be able to earn the 
productivity bonus with little 
extra effort; and that could be 
another important reason why 
the company imposed a £32 - 
upper iizniL 

If the key to the Leyland 
problem is productivity, then ■ 
there must deary be a major 
labour shakeout this year, if 
only to gear th ecompany to an - 
anticipated sales level of only 

819.000 vehicles compared with 
the original target of nearly 

On thi sissue, Mr. Edwardes 
must take some of the blame, 
for fuelling, the fears of trade 
unions about the. possible scale 
of redundancies. - When he 
addressed management and 
worker representatives in what 
be described, as “an historic 
meeting” on February 1, he 
talked about reductions of “ at 
least 12,500.” But that, he made 
dear, was “ at current levels o J 
productivity.” So it- 4 should 
corneas no surprise that sbof- 
stewards;, assume that the pro 
ductivity gains of the incentive 
scheme will mean additiona 

The only authoritative state 
xnent about tbe net employmen 
loss is contained in this weetf - 
report by the National Enter 
prise Board, which talks abotf^" 

10.000 jobs, excluding the effec 
of tbe Speke dosure. Confirms 
tion of that figure alone by Mi 
Edwardes would do mnch ti, 
still the fears within the ear.' 

But the result of today 1 
.ballot could mark a more fur 
elemental turning point hi th 
affairs of the State-owned cor 
cem. Whether or not the work- 
force has voted to give th 
bonus deal a trial run. Hr 
Edwardes might feel there is - 
case for a more ambitions incer 
live system. 


Shock tactic 
of closure * 

His decision to close tf 
Speke -assembly plant in ouu 
ways marked a break with t) 
philosophy of the former -ma 
agemept Under the Rydl 
Plan; the aim was to. pursi 
a polidy of : gradualism, cat' 
fully winning the confidence ai 
.support of . the workfoh 
through enlightened indtxstri 
relations: fringe . benefits at 
job security- were seen as_tl 
way to increased productivity. 

Mr. Edwardes, confront! - 
with the need to devise a da 
programme to make Leylai 
viable, may choose the she ' 
tactic of plant closure and 
more rigorous incentive schen 

"I i»: \ > ;' * 




It is odd, on the face of it, that 
a body like the United Nations 
should be concerning itself at 
all with technical accounting 
matters. The reason is that 
there has been a considerable 
amount of highly political dis- 
cussion about the role played 
by transnational corporations, 
especially with regard to their 
policies about pricing, invest- 
ment and employment As long 
ago as 1973 a special group was 
set up inside the UN to study 
the impact of multinational 
companies on development and 
international relations. In its re- 
port it noted that there was a 

Yet it is not to be denied 
either that the operations of 
multinational corporations do 
often raise political issues and 
that the standard of informa- 
tion supplied in their a counts is 
enormously varied. Partly this 
is because of differences in 
national legislation or profes- 
sional requirements, partly be- 
cause different companies vary 
greatly in the extent to which 
they are prepared to go beyond 
the minimum legally required. 
Even when they are ready to 
go considerably beyond the 
minimum — and the pressure of 
opinion has pushed many multi- 
nationals in this direction over 
the past few years — the inf nr- 
mation they provide is not 
standardised and is therefore 
often not comparable. The UN 
is clearly not the right forum 
for reform, though its sugges- 
tions have been valuable. The 
political dimension of the issue 
means that it cannot be left to 
accountants alone to decide. 
The OECD, which is to recon- 
sider its own guidelines next 
year, might be an acceptable 



With London’s diplomatic corps 
still pondering Dr. Owen’s on- 
slaught at the Mansion House 
on the Russians and Cubans for 
their behaviour in Africa, eyes 
will be on lo-day’s lunch at 
Marlborough House, head- 
quarters of the Commonwealth 
Secretariat The guest of honour 
will be- Dr. Kurt Waldheim, UN 
secretary -general, and apart 
from a plethora of top UN offi- 
cials, other guests wil include 
ambassadors and high commis- 
sioners for various countries 
caught up in the African poli- 
tical storm — including those 
of the United States, Zambia 
and Algeria. There will also be 
a sprinkling of British political 
figures, including Edward Heath, 
Jeremy Thorpe and Ministers 
Judith Hart and Frank Judd. 
Perhaps to the relief of Com- 
monwealth secretary - general 
Sonny Ramphal, the name of Dr. 
Owen is not on the guest-list. 
I was also told yesterday that 
“ speeches will be kept . very 

spent a summer vacation work- 
ing on a Yugoslav motorway, has 
created a situation in Phnom 
Penh such that “ the passers by 
during one hour in the busiest 
streets in the centre of the town 
can be counted on the fingers of 
one hand.” As for the ministries, 
these have virtually no officials 
and those that there are spend 
much of their time growing 
vegetables for %nsltors. Which, 
at least, sounds like what those 
advocating less government here 
might favour. 

The Germans and Dutch prefer 
to do their own eel-smoking, so 
that skill will be left to them. 

Burnt-out idea 

Well eeled 

Why doesn't he let nature 
take its course?” 

Pot’s gold 

Some of our readers may have 
wondering why this paper does 
not include the Cambodian riel 
in its weekly list of world 
parities. Well, the Cambodian 
Premier, Pol Pot, has just given 
the explanation: ** We have 
ceased to use money." And as 
part of this novel process, he 
points out, the wage system too 
has been suspended. 

His explanation to a rare 
Press ■ delegation— from Yugo- 
slavia — has just reached me, 
and I pass it on just in- case the 
International Monetary Fund 
was keeping a Cambodian desk 
open. “As the cooperatives fin 
the countryside) started provid- 
ing support for each other and 
bartering their produce with 
each other, the role of money 

became increasingly less -impor- 

When would Cambodia bring 
money back? “If the •_ people 
want to use money again, we 
will use money again.” The 
journalists reported that in the 
debris which used to be the 
National Bank of the Kingdom 
of Cambodia tie heavy safes and 
cashboxes which the Khmer s 
Rouges have not yet attempted 
to open. 

None of the Yugoslav 
questions seem to have dealt 
with the massacres, of which 
stories have filtered out but the 
visitors reported a Marie Celeste 
atmosphere in Phnom Penh. 
** Coffee cups are on the tables, 
clothes in the wardrobes and 
cars untouched in garages ” 
since April, 1975. Then the 
entire population of the city — 
at one point 500,000 people — 
was “asked” to live- in the 

Pot says people were moved 
because of a food problem and 
“ U.S. imperialism and its 
lackeys . - .cooked up a plan ■ . - 
(to) agitate against us in the 
capital.” But the result of these 
policies is that Pot, who once 

Gazing thoughtfully into a glass 
of whisky, one may on occasion 
see a pink elephant. But rarely 
an eel. Yet a potentially lucra- 
tive link has been devised by 
Tomatin, the Inverness-shire 
malt whisky distillers. Peter 
Wright, the company's manag- 
ing director, is leading a diversi- 
fication into the eel business 
that he expects will net £2.5m. 
profit annually, five years from 

For some time the company- 
bad been pondering on how to 
use the excess heat from its 
plant, the biggest malt whisky 
distillery in the world — as well 
as the surplus pure water it 
feeds back into a stream named 
Alt-Ma-Frith. Trout farming was 
toyed with, but there is already 
plenty of competition in those 

Tomatin suddenly caught hold 
of the fact that the Germans 
and the Dutch relish smoked 
eel and can never import 
enough. A pilot project in tbe 
distillery was a writhing suc- 
cess: eels take three years to 
reach a succulent ten-ounce size 
when reared in cold water, but 
are fit for any Frankfurt platter 
within a year wben kept in 
wann tanks. 

So this month the ‘first big 
consignment of elvers (young 
eels to the uninitiated) will be 
taken from the Severn to 
Inverness-shire; next year the 
company hopes to export 100 
tons of fish to the Continent 

There must have been some 
worried bosses in BP. Their 
Danish subsidiary has just been 
reported as exploring ‘‘a solu- 
tion for burned-out executives" 
— demotion. There is a polite 
word for it: decruitment 

The magazine. International 
Management, quotes a number 
of former Danish executives of 
other big firms saying such 
things as: “ I believe I am much 
more valuable to the company 
in my present job as a security 
guard than if 1 had remained 
a manager.” There is also some 
lough theorising, such as that 
by Laurids Hedaa, head of the 
Danish Institute for Personnel 
Management : “Companies 

should have a programme for 
demotions, just as they do for 

In case BP’s top men on the 
31st floor of Britannic House 
had not been briefed about pos- 
sible decruitment, may I 
reassure them with the results 
of my discreet enquiries. Your 
Danish subsidiary may have 
examined this scheme, but the 
firm has no plans at all for 
going ahead with it 


* ; i<rm 


i'-P, . 



Businesses have to be good at 
buying the basic tools and materials of 
their trade. Their "blind spot" is bujrtng 
anefltery products and s ervice s, and 
this (6 precisely where SETTER BUYS 
FOR BJSWESS cornea in. Each tasue- 
taddesn range of products and 
services Jhatmost businesses use: - 
practical bread-and-butter su bj&tts I ike 
copying machines, economy at travel, 
stall Incentive schemes, Boor 
coverings, dictating machines, 
executive pensions, reenritment 
agencies. The treatment te factual. 
Informative and totally objective, being, 
designed purely to help your business 
get the best possible value for iis 

Clearly, Better Buys for Busfrien 
w1lteave your company a great deai of 
time, trouble and money, So send for 
your FREE COPY noat . 

Debt collecting 

24 % 

on agency 
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£ 30 P 




54 % 

. . otttw . 
scheduled tara 

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_ tourney ^ 

Office c le a n ing 

Car leasing 



Yesterday’s news that the Irish 
bishops have withdrawn their 
opposition to the public sale of 
birth-control devices has given 
rise to sundry reactions. But 
none so gnomic and theologic- 
ally daring, I would venture, as 
the first paragraph of the leader, 
in rfie Irish Times: “Fear of the 
body — and particularly of the 
female body— underlies many 
religious attitudes to sex. Per- 
haps more than fear of God.” 

To: Better Buys for Business, Dept .BSF 
• 13 Gofdeii Square, LondonWI 

'Please send myfree copy of tiiBCurrent issue of Eietier Buys for Buanes? 

■ V-. . 

usiness : . -•* , ■ 

———3 ,fK if! 



Or telephone 01-587 7337 (24 he answering service) 




Financial Times Friday April 7 1978 


3E HISTORICAL lessoa is 
iriy clear: od the whole 
ritish Governments don’t fall 
icy might, like old soldiers, 

: 7e the impression of sfmply 
.ding away, but in the end 
' ey tend to go to the country 
* time of their own choosing. 

■ And yet it would take a bold 
r-. an to predict with certainty 

. at the Government will sur- 
: re the Budget -and the subse- 
' ent Finance BUI. Precedent 

■ d common sense suggest that 
will, but there remain one or 

' s o causes- for doubt At any 
\te, the threats have already 
. ne out, or at least the bluff 
s begun. 

The Government let it be 
.. /own at the start of this week 
. at it is ready to face the eleo 
• ' rate if the 'Liberals do not 
iy ball on the Budget legisla- 
..‘•n. The Liberals, for their 
.. rt, have said that they hope 
.' ere will be an agreed Budget 
lich they can support, “both in 
inciyle and during the debates 
.. the Finance Bill.” But they 
ve added that whether it is 
■' reed or not depends on how 
r liberal proposals are 
cepted, and have warned: "If 
f Budget is not agreed the Par- 
-V Jtnentaiy Liberal Party Will 
: 3 Finance Bill and vote for 
\ sm.” They will not, in fact, 
: ow whether they can -regard 
3 Budget as agreed until Ur. 
~ - -nis Healey delivers his state- 
; ;nt on Tuesday. 

. The Tories have said very 
Je. but it is clear lhat their 
;ference is for the same sort 
tax cuts as favoured by the 
‘ Gerais, and it is probable that 
... it there will be a good deal 
Lib.-Con. voting on - the 
. lance Bill amendments. The' 
Ties differ from the Liberals 
'■ tax only in that they have 

pawns in 

own tax game 

so far been 1 less forthcoming In 
saying how the revenue lost by 
cuts in direct taxation should be 

In these circumstances there 
seem to be .three possibilities. 
The first is that the Government 
goes some way towards meeting 
the Liberal demands— not the 
full £3brt. reflation, hut .some 
tax reduction with the 'promise 
of more to come. There would 
then be- a series of amendments, 
and probable Government de- 
feats as the Liberals and the 
Tories sought' more concessions. 
But they would be the sort of 
defeats- which the Government 
could bear with ' [ reasonably 
good grace. They would not 
exactly - stand the Budget 
strategy on its head, and there 
would be no question of 

The second possibility is that 
the Government defeats could 
be much more substantive, to 
the point where Mr. .Callaghan 
and Mr. Healey, -begin- to 
question their ability to .govern . 
and consider going to the 
country -for a new mandate. 
That was the threat being put 
about this week. It can be dis- 
missed almost out of hand for 
the simple reason that an early 
General . - Election would be 
much top likely to result in. the 
Government being beaten. Mr. 
Callaghan has no inclination at 
present to commit political 

The. third and most fascinat- 
ing prospect, however, is that 
the Government’s defeats on 
the Finance Bill should be of a 
kind whose status is difficult to 
determine. There is. -after all. 
no rule of thnxnb for saying that 
this issue is a matter of con- 
fidence, but that, .one is not. 




Effect on the tax lability of a married couple 
with no children at various levels of earned income. 






Tax Payable 

Now Proposed 





per week 


_ n/ 






















• 70 

ever 21,000 




























76,000-21 -000 







over 21,000 

The only issues of confidence, 
in fact, are those which the 
Government or the Opposition 
choose to call issues of con- 

Thus the Government could 
take a series of damaging 
defeats with every intention of 
remaining in office. Yet at 
some stage Mrs: Thatcher might 
have to say: “Enough is 
enough. Plainly a Government 
that is, in- effect, putting 
through the Opposition's 
Finance Bill cannot govern and 
ought to be thrown out.” She 
might then have to put down 
another censure motion. And 
the Liberals might support it. 

As yet, nobody knows. But 
certainly it is interesting 
that the Liberal document on 
the Budget published this week 
has all the hallmarks of an 
election manifesto and was writ- 
ten by Mr. John Pardoe over 
the Easter holidays with the 
possibility of an early General 
Election very much in mind. It 
is not that the liberals have 
suddenly decided that they want 
to kill off . the present' Govern- 
ment though there probably" 
has been a growing realisation 
that the Party is. likely to do 

equally well, or equally badly, 
whenever the election takes 
place: (any picking up of votes 
from the 7 per cent or so regu- 
larly shown in the opinion polls 
will have to depend on the cam- 
paign). It is rather that the 
liberals do now think that they 
have found an issue, namely 
cuts in direct taxation, which 
they can make identifiably 
theirs, and they can play it all 

For example. If Mr. Healey 
goes much further than any- 
body, including Mr. Pardoe, ex- 
pects in adopting Liberal ideas 
in his Budget speech, the 
Liberals can claim that their 
influence has prevailed. If. on 
the other band, the Liberals are 
forced to rely on pushing 
through amendments to the 
Finance Bill, they can claim the 
same thing, only more belli- 
cosely. And if their ideas are 
.rejected, they can at least take 
their tax-cutting programme to 
the country — not just the plan 
for £3bn. reflation in 1978-79, 
but also the longer term aim of 
cutting the standard rate of in- 
come tax to 20 per cent, by 
1980 and the highest rate on 
earned income to 50 per cent. 

My own guess is that such 
hopes will prove forlorn. Sooner 
or later the Liberals will be 
thoroughly pre-empted on tax by 
the Tories. Yet. for the moment, 
the Liberals have got in first. 
Their document is fully costed: 
the figures come from the Trea- 
sury, the telling international 
comparisons are all there, and 
the argument — put by the Gov- 
ernment — that the Liberal pro- 
posals would mean increasing 
the cost of iivinc is met by say- 
ing that this would be more than 
compensated by the rise in per- 
sona] incomes as a result of the 
cuts in direct taxation. 

But. wittingly or unwittingly, 
the Liberals have laid the basis 
for a Lib-Con alliance during 
the Finance Bill. It will be in- 
triguing to see how the Tories 
try to snare the Liberals into 
their camp on the amendments, 
and indeed it seems to be the 
Liberal . fate that while they 
might have the ideas, others 
have the troops. 

The final irony is that the one 
area where Libera! thinking 
seems likely to prevail outright 
is also the area where it is 
almost certainly wrong: that is 
on petrol tax. Since 1974 the ex- 

cise duty on petrol has risen 
by only 33 per cent, against 
333 per cent, on table wines and 
133 per cent, on tobacco. On 
revenue as well as environmen- 
tal grounds there is a dear 
case for an increase now. Yet. 
as of this week. Mr. Pardoe be- 
lieved that the Liberals had won 
their point. There will be 
no rise in petrol tax in Mr. 
Healey's Budget 

That bomb ... 

THE Atlantic Alliance is not 
exactly famed for its organisa- 
tion. Over the years there have 
been some quite remarkable 
blunders — the failure to agree 
on an airborne warning and 
control system (AWACS) des- 
pite years of talk comes to 
mind. Yet is it difficult to re- 
call any issue which has been 
quite so badly mishandled as 
that of the neutron bomb. 

For a start, there was the 
confusion about its name. The 
neutron bomb is not a bomb at 
all, but a warhead for a short- 
range missile or shell. It might 
easily have been referred to by 
its technical name of enhanced 
radiation weapon- or. just as 
accurately, as Mr. Fred Mulley, 
the British Defence Secretary, 
likes to put it, as the reduced 
blast weapon. 

Then there was President 
Carter's reluctance to recom- 
mend production. Instead he 
left it to the Europeans to come 
and ask him for it. The West 
Germans, in particular, were 
deeply offended at the lack of a 
lead from an American Presi- 
dent. This has not been helped 
by the latest reports that Mr. 
Carter is considering coming 
down against the weapon at the 
very moment when most of the 

Europeans had girded them- 
selves to accept it at the forth- 
coming meeting of the Nuclear 
Planning Group in Denmark. 

Yet there are also deeper 
reasons for disquiet which sug- 
gests That NATO's present 
strategy of deterrence and. de- 
fence is not fully understood 
by the political leadership. 
NATO already relies on tactical 
nuclear weapons. It has to be- 
cause the imbalance of conven- 
tional forces in Central Europe 
is so great that it needs the 
weapons to deter a conventional 
attack and, if necessary, to de- 
fend itself against it- . 

The neutron bomb is a 
tactical nuclear weapon. It 
differs from the weapons at 
present in place in has 
a more precise application. If 
used, it would do less damage to 
the adjacent areas, and it would 
he a formidable weapon against 
concentrations of tanks, the 
area where the Soviet Union 
has the most marked conven- 
tional superiority. As Mr. Zbig- 
niew Brzezinski, President 
Carter's National Security 
Advisor, has said, if the 
neutron bomb were already 
deployed, it would be thought 
an act of madness to replace .it 
with the sort of dirty nuclear 
weapons at present on the 
stocks. Yet it is just such a 
change towards more accurate 
and cleaner weapons that is 
now being resisted. 

It is sometimes argued that 
it is precisely because the 
weapon is more accurate, and 
therefore more usable, that it 
ought to be avoided. It would 
lower the nuclear threshhold. 
That again is to misunderstand 
deterrence. The theory of 
deterrence on which the Alli- 
ance rests is Lhat the more a 
potential adversary believes 

that weapons are likely to be 
used, the more he will be 
deterred. In that sense the 
neutron bomb actually raises 
the nuclear threshold. You can 
challenge that whole deter- 
rence theory, or understandably 
regard it as too ghastly to con- 
template. but the fact is that 
that is NATO strategy, and you 
do not do any good by denying 
the Alliance the means to put it 
into effect. Those who wish to 
stop the neutron bomb ought 
also be trying to change the 
entire NATO doctrine. I Some 
of them, of course, are). 

There is also a point about 
arms control, to which it looks 
as if a decision to deploy the 
neutron bomb might be tied. 
Mr. Callaghan has sought to link 
the weapon with the Soviet 
Union's continental range 
strategic missile, the SS-20, the 
suggestion being that NATO 

might forgo the neutron bomb 
if the Russians agree to dis- 
mantle that missile. That would 
be better than nothing, but in 
practice it would not be bargain- 
ing like for like. The neutron 
bomb is designed as a defence 
against tanks and if the Rus- 
sians want NATO not to deploy 
it, they should be asked to 
reduce their own tank armies 
in return. 

Finally, if Mr. Carter does 
come down against production, 
I do not believe that it will be 
because of Soviet pressures but 
rather because of illogical 
reasons of his own to do with 
nuclear proliferation. Yet in 
Europe — and in Moscow — the 
perception will be that the 
Americans have yielded and 
that the Russians have won. 
That could be a very dangerous 

Malcolm Rutherford 

Letters to the Editor 

Paradox of the 
ax system 

-rm Mr. M. Lutyens.. 

the courage and imag ination to 
bring about such a- state of 
affairs is another matter: 

- Like tariffs, quotas and licences 
in international trade, thebene- 
— — Tfll"'- - • • •: • ficiaries From retaining. . the 

, ,-ir. — Mr. David Freud's article Gottis c/uo as it pertains to land, 
■ • aril 3) highlights a basic para- a re : a -powerful -vested- interest. 
. : of the British tax system. What is more, they are to be 
. .Ie quotes, a senior Inland"": found in the strangest. <rf places. 
• temie official as saying tbat : A$ : an example, the nationalised 
tax avoidance industry is industries .which are effectively 

ting the Exchequer “hundreds controlled by the major trades 

millions of pounds”" -The unions, occupy "some of-i.the 
ili cation is -that the cost is potentially most valuable land iu 
enormous annual one and if U-K.-; They -have been col- 

• . , i is so. how" equate ledting ; the rent In them .pay 

V]ik"K tte (con-Mt) statement m packets, . leaving '.the rat of fihe 

• -/■II'/ WiV IUU arfirla ■thaf ■ tf>n r ■ a. - av. 

to the Exchequer ? .. It is the - rent, telling them- to use 
. excess over these rata which their .capital and labour'#) maxt- 
. majority of “l 00 ®® mise production — for fiieir own 
Mies are designed, t° benefit, as Well as- .society at 

_ in overall terms the loss to j_ e , .. 

" Exchequer is minute. N. A;Bilitch. # 

: the Government and line- g Ttiishrilme Rodd. * 

- enue adopt retrospective 

slation while maintaining ir r? tev ’ a f 

-•gtnal tax rates at their A iov Qil 
sent level, they. will merely. - im.. I-*a A VII 
jlerate the tax-payer’s with- r 

' wal of his consent to be . ldflu.;r>v 
"id. If anything, the result .^.. . *«- •• - - 

be a- reduction in total From Mr. JVf. Brady 
' enue receipts and a still Sir,— Mr. Gray (April 5) asks 

ber diversion of resources several questions to which -I 
i policing an already onerous must -briefly reply. While the 
excessively complex system- difference ‘ in . the gross rents 

- he solution must be a massive charged for identical properties 

- in the marginal rates, in. dlssfinalar locations reflects a 
' nied with simplification of differenfce in ground rents, it is 
h . not SQ easy to calculate what 

portion of the -gross payment in 
any particular location is ground 
rent. Whereas >a 95 per cent tax 
on ground rent - would leave 
landowners with an incentive to 
maximise - thpfr income, a 100 
per 1 cent, tax removes this 
... incentive' and greatly encourages 
horCFPQ " the'mis-aHocation of land. Actual 

•' xeuts charged in the past would 
in Mr. G. Denuding ; be the only data- available for 

f op how much. longer assessing the . tax. due and these 

the Inland Revermecontmua would become - Jess and less 
iaree tax paid late to ihteiest useful as time* passed". It is the 

oercent theflist.ilay.ertreme' mls-al location of land 
it is due. despite appeal? . consequent upon the introduc- 
tie base lending rate of - the tion of the single tax that would 
ks is now. 64 per eent' and reduce our standard of living 
. mostly enjoys; tax relief: so much; . 
j goes the Revenue justify -Mark "Brady, 
usurious rate of 9 per cent, s, Elmdene Court. . 

,out tax relief? ; ■ ' -.Constitution IHU, Wofetnp, 

his is something toatthe Surrey: 

ncellor should deal with m ‘ , 

forthcoming Budget ;• • 

system of reliefs. 

C. Lutyens, - - - 

*ris Graham and Partners, 
Dueen Anne's Cate, 
itminster S1H 9A. 

nland Revenue 

Yn jr orf J’ DDWding. 

/ ‘-itfftiard House. 

***$&> - 1 — : * 

gSG'f 2> /flaking use of 


Urgent airmail 

- From Mr. 3. Beymarm 

sir,— While- sympathising with 
Mr. Jaspert’s dilemma (April 5) 
1 really cannot see what he is 
complaining - about- Sorely by 
. posting the letter in central 
-London be '& saving. tone' by not 
w r pj. match. - .having to . make .a special trip 

^ r,_ d A i 1 to l be re eS*ted wiSt lCfciMfthat sorting should 
* co u%m? Tf- tte be centra Used and that it is far 
^ U rent °wS3i 0 aecSes to' more" efficient /to have the mad 

in;the centre -of a cltf 

' T? is hi!&^ e iJi W T 4 ajSr‘ rather tUan on the outskirts- 
' J eouiSTarei Is Mr. Jaspert . advocating two 

u 311 ^ m wh 0 TP land is in sorting offices, one in the centre 
femwne^^Uecting the of London and the other at the 
“gy j! - MTDOtt -or does he expect all 

the ““JP 1,6 v° slei lt th 

. .n’t leaseholder. In 'Olfcer. airport. 

where land is being put. Bernard Hermann. 

J o either for ■ - • 

re, it means that someone A Sanulf Food, N.W3. 

aying the reixt, ■ ... . -r— 

-Where all land rent/ y ; subject ■« T . i „ - 
£*2 Collection, maximum usage Of NfiW 10uS 111 
- y table land is likely to take • 

, a it will make no difference ■ AVolpC 
- le user, whether f of -business, y T 

T q or the provision of a "From f he Chairman, 

4* * ite bouse, to whom they pay Development Board 
rent The incidence of a for Rural Wole* 
tax. in tbat .it .will en- Sir,— We are most 'gratefm f or 
- ' age idle sites, being pushed the excellent and helpful article 
" ,use, will assurediy.encour' by Roi)in Reeves on M wen 31. 
potential users: to come for- I traxt you will not think 
I as. supply rises :to meet churlish if I quaiifyoneMn- 
>nd;-I-see potential, demand "fence saying that the J5 o a *‘“ 
a more: .readily satisfied- recently set itself a PI 
after, such enormities, as creating .6,000 jobs during tne 
1 control- and much neeffiess . next-five-years. ■ The only, figures 

ictive planning; regulations, in the + r j Cen t >,aT ,0 ihe 

Id be a thing ^of the past document indicated -that the 
'ther "any -government * has . Board’s " own_.. building p 

grammes outside Newtown repre- 
sented 1.700 jobs. The Board bos 
not set itself a target figure for 
the total number of new jobs, 
but reasonably expects that its 
operations, including the con- 
tinued expansion of Newtown, 
will generate further jobs in 
manufacturing, in the service 
industries and in tourism. 

All experience teaches one 
that it is dangerous to set defi- 
nite targets over five years when 
many factors are outside one’s 
control. But the progress made 
in the -first year justifies some 

Emrys Roberts, 

Devek^pment Board for Rural 

Ladywell House. 

Not diplomatic 

From the Ambassador, 

The Republic of Liberia. 

Sir,— I read with interest your 
April 3 report (Column 1. Page 
1) under the headline “Cost of 
Immunity.” The article states 
that . the Liberian Embassy 
refused to pay, and cannot be 
sued because of diplomatic im- 
munity, a hospital bill from the 
Cornwall Area Health Authority, 
issued to a. Liberian citizen, hos- 
pitalised in the United Kingdom 
in December, 1975. 

A .little research by your 
paper, which my Government 
holds in high esteem, would have 
shown that this matter involved 
the hospitalisation of Mr. George 
Martin, a Liberihn, who died at 
the 'hospital. It would have also 
shown that the arrangement For 
Mr.,; Martin’s hospitalisation was 
made " by his family and that 
neither "this Embassy nor the 
Government of Liberia was in 
any way Involved in the traos- 
acchnu.But printing this article 
referring to “immunity” with- 
out giving more information to 
show hoW the “immunity” came 
about and whether it was ever 
invoked by the Embassy or any- 
one of its officers is a little on 
the line of sensationalism, some- 
thing for which your reu owned 
paper Is. not known. 

The " British Government's 
magnanimity In admitting 
foreign ' citizens for medical 
treatment under its comprehen- 
sive national health insurance 
scheme is well known and un- 
doubtedly appreciated, and the 
fact ^ that the . Cornwall Area 
Health' Authority unilaterally 
waived, its clqim- for payment 
against" the estate of the late Mr. 
George Martin should not in our 
opinion be" construed as a claim 
of diplomatic' immunity. 

H. R. W; Brewer, 

Embassy of the Republic of 
Liberia. . 

21, Prince’s Gate, S.W.7. 

those in their home market. 
Accordingly . it has imposed a 
retrospective anti-dumping levy 
□f a minimum of S4fim. 

Are we to believe that Britain 
was excluded from this dump- 
ing policy? Who has enquired 
into it and if so what has been 
the finding? 

Michael Montague. 

Riverside House. 

Comey Road, Chisueick,' W.4. 

Get your house 

From Mr. ft. Hargreaves 

Sir,— Mr. Rennison’s article on 
rising house prices (April 1) is 
only an exercise in tabulating 
the obvious. It is not so long 
ago, however, that he was demon- 
strating that house prices could 
not be expected to move up 
substantially. Wage restraint, 
pressure on living standards, 
potential housing surplus,J 
builders selling at or below cost 
to keep out of Carey Street 
were some of the main argu- 

Well, builders have never bad 
it so bad for bankruptcies; wages 
are certainly not unrestrained; 
living standards are perhaps just 
beginning, but only jnst. to rise 
but you expect an increase in 
inflation later in the year. We 
don’t seem to hear much of the 
potential housing surplus these 
days, although with an ageing 
population it might be thought 
to be a reasonable expectation. 

Ooe can't help thinking there 
is something badly amiss in the 
pundits! calculations. New car 
registrations are booming, 
foreign holidays likewise, and 
retail sales bold up remarkably 
well as do gambling and boozing. 

I take a simplistic view. As 
the only result of any action 
taken by democratic govern- 
ments to hold votes by stimulat- 
ing the economy must lie in 
printing money when production 
is stagnant, and even declining, 
the inflation merry-go-round will 
be speeded up again. We have 
bad a lucky escape from the 
drop in metal prices, etc.— It is 
time they turned. 

So get your house bought 
R. W. Hargreaves. 

25, Elmstvay. BrwmhalU Cheshire. 





From., tile Chairman, 

The Volar Company. 

. Sir,— Unlike tb® trade nego- 
tiations, between Japan and the 
United States there has been no 
positive outcome' from pose 
between Japan and the EEC. 
The negotiating: difference was 
not one of style but of tactics. 
The-Japanese faced specific ulti- 
matums from the Americans but 
gentlemanly diplomats from the 
EEC who clearly fail to under- 
stand what causes the Japanese 
to react Now we are faced with 
a . major reduction in the TV 
indnstry by the closure of 
Thorn's two factories, neither 
lacking up to date investment 
What has happened in the 
United States this very week? 
The American Treasury has 
ruled that the Japanese have 
been “dumping” sets in 
America since 1972. that is sell- 
ing "overseas at prices below 

From Mr. TV. Whatley. 

Sir,— Ur. W. E. G. Woods 
(April 3) opposes school training 
in handicrafts as an obstacle to 
subsequent industrial training. 
This may well be true. Surely, 
however, we live in a world, in 
which the ability to do simple 
wood and metal work is essential 
to any household. Similarly 
improvised repairs to electrical 
household equipment Is to-day 
the only alternative to throwing 
away still usable items. 

Service of all kinds is fast dis- 
appearing and do-it-yourself ts 
now a way of . life. Only a 
minority of young people enter 
manufacturing industry, whereas 
the entire population needs the 
arts of a domestic bodger. The 
ability to instal a shelf in the 
kitchen, or extend the life of 
an electric iron, or do a simple 
bit of soldering is calculated to 
save an ordinary household large 
sums of money over a lifetime. 
Considerations of - safety ■ on ■ a 
domestic scale are unimportant 
in relation to the tangible 
benefits to be obtained by 
elementary instruction in artisan 
crafts- as applied to the home 
and its appliances, including the 
motor vehicle. 

Too great an emphasis qd 
safety and expertise are a recipe 
for . impoverishment and de- 
pendence on self-interested ex- 
ponents of built-in obsolescence. 
W, C, R- Whalley. 

105. High Street, 
tiungerford, Berks. 


Mr. James Callaghan. Prime 
Minister,- and Dr. David Uwen, 
Foreign Secretary, attend two-day 
summit raeetinu of European 
Council in Copenhagen. 

Mr. William While! aw. Opposi- 
tion-Spokesman on Horae Affairs, 
to announce details of Conserva- 
tive policy on immigration and 
race relations at annual meeting 
of Central Council of National 
Union of Conservative and Union- 
ist Associations, Central Hotel, 

Publication of CiviJ List in- 
creases expected. 

National elections in Philip- 

Honeywell ,. .Scottish workers 

To-day’s Events 

meet to decide on revolutionary 
lottery scheme intended to reduce 

Mr. Roy Hattersley. Prices 
Secretary, addresses Labour Party 
meeting. Royal Leamington Spa, 
7.30 p.m. 

London Chamber of Commerce 
and Industry seminar on dismis- 
sal and the law, 69, Cannon 
Street, E.C.4,. 9.30 a.m. 

Sir Peter Vanneck, Lord Mayor 
of London, attends luncheon with 
chairman and directors of Morgan 
Grenfell, 23, Great Winchester 
Street, E.C.2, I p.m. 

Queen Mother attends Royal Air 
Force Diamond Jubilee Concert, 
Royal Festival Hall, S.E.1. 8 p.m. 

British Small Animal Veterinary 
Association Congress opens at 
Cunard International Hotel. W.6. 

Annual conference of British 
Psychological Society, York. 

Professor A. Kelley, Vice-Chan- 
cellor, University of Surrey, is 
guest speaker at the Conference" 
for Independent Further Educa- 
tion, Charterhouse. Godaiming, 
Surrey, 7.30 p.m. 

Meeting of International Civil 
Aviation Association continues in 

Last day of National Union of 
Students conference. Winter Gar- 
dens, Blackpool 

Ftnal day of Conference- of 
European Sports, Ministers, Lan- 
caster House. 

House of Commons: Private 
members’ motions. 

National income and expendi- 
ture in the fourth quarter and 
year 1977. 

Adams and Gibbon. Newcastle 
upon Tyne, 11. British American 
and General Trust, 20. Fenchurch 
Street, E.C., 11.30. GRA Property 
Trust. White City Stadium. Wood. 
Lane. W.3. 

St. Stephen Walbrook, Richard 
Steele, organ, 12.30 p.m. St. Mary 
Woolnolh, Singers Workshop, 1.10 
p.m. Church of the Holy Sepul- 
chre, Holborn Viaduct, recorded 
rousi<>-Rachmamnov, 1.15 p.m. 
SL Marlins-within-Ludgate, The 
Blackfrjars Singers, 1.15 p.m. 

tt Our Nationwide Capital Bond pays 6 % worth more than % % gross 
and a regular monthly income’.’ 

It pays to decide Nationwide 

Nationwide Capital 


Hxfral" Interest ► 

A" 50 - 

.Vc>rih\ Income 


F<ho"lr , i. i 'etl * 

A 50 * 

'.Vin'r,'/ 'n:cr^.l. , 






E '•tr-r. " :" Jrrtr*-*- * * V - / W 
Monthly Income ; 



^Calr ln t ttJ tiru intend thnwihe 
prtvjihiigOrtHmrjjSun- A«ou« rat 

You can in vest from £ 500-£ 1 5,000 (up to 
£30,000 in a joint account) for fixed terms 
of 2,3 or4 vcars-Thetwovear Bond offers 
i/'extra interest above Share Account rate, 
the three and four year Bonds offer l’* 
extra inrcrest-The Share Account rate 
may fluctuate but the extra interest is 
guaranteed fur the full period. Your 
i merest can cither be compounded half- . 
. year! v; paid half-year! y by wa rra nt or 
t ran ■it erred every month to your bank. 
Nationwide Capital Bonds offer you 

a n excellent ret um with complet e 
securffy: There are now over 325 
Nationwide brandies- you 'J1 . 
find the address of your local 
branch in Yellow Riges or 
just post the coupon 

Pt<v trfiwid r ft -nlKnr Sod cty. Dept. New Oxford Haute. 

I Hl^Ha£nn,L(mit<wWClVbFW 
. l^Ve me kites chf^ui' 1- * £ 

| iabein*e»teJmN*rionMile35iniiiarcJ. 

I I, lna2-vm Capital Bund □ ^.InaNaaatwideSIart.Account O 
1 ~ In a 34-ear Capiral Bund D ImrreH lobe compounded □ 

I 3. In a 4-ueorGmHjl Band □ onaidaimdpfJniKBnd 
■ DkcOkt each tear. LI 

1 Capital Bond interw lobe paid ««»l ofeach morn h. □ 





The Building Society of a lifetime 

r i imln o tas J S-AV iw It ra 'Aiak*^ Jfot bncunrait bj ifitirti.VfcTnlin wi [hrff m l Aw»«4iqfc 

Financial 'Times 1 teiday^ April ' 7 1978 

Second half pick up for London Brick 


Date Cone- Total 


to £5.6 lm. in the first half, a 

strong growth in earnniys id tne 

closing sis months loft pro-tas 
profit of London Brick Compan? 
up from 110.33m. to £12.1 ira. in 


Turnover for the year rose from 
£7G.5Sm. to £9 1. 33m.. and profitjs 
after depreciation ot £lJWm. 
(£1.62m.), loan stock interest of 
£0.93m. (same) and investment 
income down from £1.12m. to 

^ After tax of £4.fi3m. (£3.33m.) 
net profit was £7.54m- against 
£5.2m last time. M , , 

A final dividend of 1.%02p takes 
the total for the year to 3.22 i4p 
net per 25|) share compared with 
2.9169p last year. 


Aberthaw Cement 
Berwick Timpo 
Bifurcated Eng. - 
A. and C. Black . 

Bowater Corp 

British Printing ■ 

grants released, of £112,000 2.08 

l £105,000). Tax takes £931,000 gdjnry Sehweppes - Z-W 

(£839,000) leaving net profit up cSmpS^HoWLte^' 


of spondhu; 


last 1 











Sept 14 




- L9 

May 19 





Jirt^S ' 





July 6 - 





May 31 




.. int 0.4 

May 17 


— • 



July 1 





June 45 



- 1^6 

from £838,000 to £924,000. rZSZTnZZ — ~~ 

5SS ::::::::::::::: ulr 



Trj-'io.i rmfii 



Jv. income 

lOIS .. .■ 

Profit before UB 


Ojrporjiion tax 

Dit'md tax 

Pr.or jvjr jOd oliltr 


N’t proht 

p.x'r-j-ord. loss 


p — i. il.i >i-.-niK 

On), iju itfuails 


t Credit. 

91 S.H 
3 1U7 








Cadbury Schweppes has turned in another lack-lustre 
nerforuiance, reflecting tight competition in the U.K. ana 
the little growth that has been shown was achieved overseas. 
Bo water's figures are also unexciting with an 11 per cent 
sain but the company argues that they show an improvement 
in quality over the 1976 figures. Completing a tno of thsap- 
pointing results is Taylor Woodrow, and the fishes here, 
suggest that the recession in the construction industry has 
finallv caught up with the company. Lex also takes a look 
at the approach bv Lonrho for the shares not already owned 
in Scottish and Universal Investmtnts. London Brick produced 
a much better second half than expected. In contrast Croda 
experienced a much more difficult second six months with 
profits falling by 37 per cent over the period. News Inter- 
national's share slipped 5p on the announcement of a lb 

(2123p) per 25p share and 

frnm Macfarlane Group 

J - int. 

London Brick L9S 

dividend total is raised 

6.05p to 6.7574P net, with a 4p SS^Crndble 2nd inL SL2 




Consolidated reserve has been Nero taternarionnl . 4J> 

increased by the transfer _ of o ~gy-f 

£600,000 from profit and loss Austin Jleed 

ibuw.uw i rum prone anu >»* 

account and the release of £3.fmx “JJJJ. Woodrow 

from deferred tax, following the on arsons i! 

decislon to adopt the proposal int. 

contained In ED19. 





July 3 
July l 
May IS 
May 26 
July 3 
May 27 
July 3 
May 22 

against £9 -98m. last time, in 1977. The application of SS\T* o w 
. Full -year turnover was £89BSm. increased profit by «ii H 

• compared, with £7&9om. . < Mss nnm An a , «... 

* a J 

(£438,000). After tax of Bflw, 
The directors say the unusually (£4 JWhl) net profit wa« 
good third quarter performance (fs.Qom.). and earning 

good third quarter performance CfS.Oom.), and earnings n£o 
proved to be a false dawn, and share are shown at i«p (?Jg,2 
fourth, quarter sales volumes To take advant**; of a 

quarter .*»«*» to . take advantage oP 

■were disappointing in. -most .reduction in the tax rate a • 
markets, -with the important interi mdividend of 2-204^? 
reception of the US. Sales for been declared, taking the totaL . 

far to. 527 Bd comosrpH 

Hec-ti 1 

the final three^ months^ were far to 5276p compared vrith ' 
£22.68m. (£2L74m.). Sales, volumes- *.754p total last year 

tn J&tUv turn iT.ilTftnP WHIfr DartlPH- - 


per cent. profits gain. 











News Inti, 

an overall loss of £15,000 against 
= profit of. £lSm. in 19i0. In 

ahead at 

"W" IU HOODS wu July 14 — -- 

Dividends shown pence per share net except where otherwise stated, laziy down. 

0 Equivalent after allowing for scrip issue. 1 On capital The final. 

to Eastern Europe were particu- 
quarter trading- 

D , ssue. 1 v/n c&ptai me npai. uaum*- 

increased by rights and/or acquisition issues, t Gross throughout, margin was cut from" 16.7 per cent, ' iorean __ Crucible's shortfall 

— - — ■ A v*Ai* rent • Krai* thf»T Cflv thp DfOutS in thA fills 

5 For 65 weeks. 

addition, publishing activities in pretax profits of Maynards, 
Australia are still suffering from confectionary concern, rose from 
the effects of the Liberal Govern- r , mq, t0 n27m. for the first six 

pays same 

AO 14.4 per cent, but they say the profits in ..the final ~qwmer 
profit figure was reduced J *'~ ™ — 

t ooj ujc uimu quarter ■ 

— . pront ngure was iwaced by- lower sates -volume vi-as perh; 

since d osn re was announced on currency movements of £250,000 'disappointing after the good th 
-- - ... - ■ rtrt af ouarter. fimiwc R„* tk. . 

J _ eiHTPnc nr muvcnur»iu> ui miv,uw rr — “““o me iilmhi th 1 

May 11, 1977 of £2 24m . (nil); a grid other unusual bunching oE quarter, figures. But the outco ' 
surplus arising on the.- sale -of ««« and djarges of £1501100. The » not ^really surprising becan 

remainder of — 
Marshall Cavendish 

" - «MJU UUICI uuuouoi W'V VUiCO 

. - - w ^ — ^ year end diarges of £150,000. The ^ not ^really sunjnsmg becau 
indudmg -the year trading margin was up apart from the UJS^ the and 
the holding m, from- 14.7 per cent, to 152 per level of demand has b« 
— * depressed- all year. Trad t 

of .£432,090 

the effects of the Liberal uovern- r , tQ n.B 7m. for the first six v saie ui suosiamniw o* uw,uw 

ment s anti-inflation policies and ” nt h s to December 3L 1977 on EXTERNAL SALES for 1977 of (£495,000); other profits of £22.000 _ other acdytites 
profits are 16 per cent, lower. “ — «i<>e nriM.b Printhw ^ — — j ’-*■ j - — 

(£47,000), after deferred Tax of 
£142,000; a surplus arising on the 

sale of properties of £152^)00 sd«* ■■ — 

(£40,000); a surplus, aiising .-on - 

sale of subsidiaries of £146,000 Icora 


; oio 

mild summer. 

and the picture is very much brighter, ^nl^n^ti^^during ' the absorbin 

ox- U.K. publishing results (63 per traarns CODa,uuus a benefit ^ — 

from £140.13m. to cent, of profits) confirms the perimi. ^ increased in total is being held at 3Affl5p net line with ED2L Comparative^, - 

wIWU|^ * .. _ .i j tLh AALipfarl fflf* tflKcS hom 

rn pei iroiu inu.iuu., — i — _ n vf . im oaipe navp increase u. m uilfil is hciu at. jmc wiui 

£=‘2SK ^ ?3? -- - 

i.6ftj Turnover for 1977 of 

International the “ Sun .. ; .„ r — --- - 

-News of the World " group, ox- U.K. publishing 



London Brick's turnover — - - 
second half was 14 per cent, up £.-9m : 
on the first half. 

6 per cent, rise 

deliveries, price rises — ----- ... 447330 ner 2aD snare ana u«c rise euiu i«m *«!-«> “«•*'■*•"*" - — --a 

\u^ust, and good iwriormance 1 0 44. P (« lifted from Sp the year. There was also a substan- future of the group. 

company’s orereena finM of 49p. P iiiri ^ost for financial services The Interim di^dend .s 

by its new sub- he ^j re extraordinary from much higher investment m- creased to 1.54p (Up) net 

_ . tor mu 01 (£495,000); other profits Of £22.000 other aethrtttas — . 

Printing Corporation- flosses £142,000) and deferred tax P™ 8 * 

. v ana VAi up UUUi — from £142L59m. to ^ respect of ILS (Japan) nil- ;^r=” 

the worldwide recession but tiie £lgfi _ The directors say that the £154£S6m. and pre-tax profits (credit £424,000). Acorn 

company did well to hold profits aided by a advanced from £3.16m. to £5 .TOiil, The company continues to other products — : 

News to £2.6m. Elsewhere, however, ■ 

— i-- j«u. xratt 
1978- margins came under pressure 
«££? 1116 &iml quarter, slipping back 

Sh3 mm - ^ cenL ^er 13.7perct 
Sw ™ the preceding three mom 
18,54® ufiss and the low level of demand 1 

• 4 OOT - «nl firrarMiMtAfl 4L. f. n 

profits are 16 per cent, lower. . excluding inter group sales British 
Papermaking, too, is still suffering . y, T UD from £1 5.40m. to expanded 

tVia wnrlrfliririP fWftSSlOn blit tllG _ nn.. ^ +V.nt tViA nnARAm 

. aggravated by the fafiure oT- 
Gomecon countries to come ! 

urowl > -lirilk 41% 1 * 

ade, aided t>y a advanced irom w-iom- wjoul, -jne company conunues 10 utner proaucts . 

enioved buoyant but with extraordinary items translate foreign currencies under 

ons^during the absorbing £1.49m. compared with the closing rate method bat for. 

absorbing £1.49xn. comparra wuu the closing rate memod -Dui lor - 

a benefit of £0-88mL, the dividend 1977 has brought Its treatment in. t>n«t'befara tax 

hainir VipM at S.1S25D net. Uno with 77037. ComuaratiVes Tax 

Wet profit - 

Minorities. Prof, dividends 

4 AW j . . , r ■ 

5.841 ward; wth their usual buying 
ijss the closing months of 1977 % 
«fi year the first three months * 
“» also be depressed hut the © 
l.aao' three months Was an 

i.TOj usually profitable period and 
i«7 company is talking of afr 

» Loi/vtu- UI 

Provement in the second qnai 
' -^5 Overall demand in the U„S?ts « 

m tmumir Art < Rn7«4 ««v% m ' 

4 J ■ - • L-_~ .7 — IB f 

4 , to bulling to hold up and Mores 
LBM displaying some optimism for 

.'."j. ' Sire ®- UJv. and Fiance *buT*the^ tv 
— - ■ , Profits are vea k areas of Canada and O 

less mtp«*ed to be Jower than the nental Europe are notahS 

rim -ititt cw ^ , . 1 . 

1977 IK® the exchange loss of £400,000 on reported m 1977, .with any signs of a revival in or 

£0 2® long term financing previously _for the opening month Even so some analysts 

interests and by its new sub- before “oxtraord hi ary from 'much higher investment in- creased to lJ4p (MP) net per Mmjjte treated as extraordinary. , . ^ tee ^test year comparable stai thinking' in -r v,. 

sidiary Croydex. As 0 result pre- Jroht u ^ b^ore exu surp]us come— liquid funds are standing at 25p rfiare-^ sjl i.o» With minor exceptions m gx- 

tax proiit in the second half of riems amounuDg ro a ftw* f4 .5m. (£0.9m.) whUe the over- 3 44253 p paid from record profits -7 *03 

ffi.Gm. was £lm. up on that for o “"' uuu a draft has been cut from £L2ra. to of JELoom. PobUsbtos %■ ™ 

by the 

eiws treated as extraordinary. ~ fit ^l thihM ^ 

witii that of the second half of profits m 1978 though the sn 

- . . r , ,, nno , draft has been cut from £42m. to of JELaom. Pntmsams 

the first six months, and the £i4i.ini. Murdoch, the chair- £0.1Sm. The shares are on a p/e Sales and profits of the groups toferestrtansw - 3 -^ 

pre-tax outcome for the year reSlt ran be con- of 5.7 while the 52 per cent, yield manufacturing, and co^ecdonary isi 

ma n say.- uie r« . .. ^ cm€nd more than five times, retailing divisions were both up 


The company s 
are now _ 
the management 

for the year 

most analysts expects- but the com 

. r naratri'e figures reflect the artin- 

1 ^ 0 hi’» h° because cfaM^lov. profit of last year due 
!- v hJe* 1 because restrictions of the Price 

the management continued gj^ssiom 
throughout the year to sto f kp J^ The national newspapers in 
while brick demand crept up- - Britain are trading well 
wards. Largely because of the - pite raany disruptions to pro- 
weather national - 1 " duction and distribution. In most 

the first two monthsof IB'S naie t L er sectors of British operation 
been miserable. The manage- trat j inCT results are currently 

'£1 ahead “of 1977. 
ine The publications 

trading reasonably 

is ams tially owned subsidiaries, no UJK. '■ wiuvanrs January a a t 121p, where tile p/e is s; 
m *-!5 tax other than ACT relating to.^ew that the flow of orders at the yield is 6.7 per cenL 
— “"lm dividends is likely to be paid for the beginning of U78 was. pleasing be-in for an unexciting til 


The company's^ January 5 at’l21p. wheri tiie^p/e ^Sa" 

been miserame. me ni,iii<i 0 e tmriin® 
ment's hope of cashing m on its ahead “ 
stock position is based on the 
thesis that rising house prices 

ahead to 

on the comparative period hut in £7 

the toy retailing division the jj<et profit 




me jneiu is D-i per cent, 0 
pleasing bfr in for an unexciting tihv 
the - next few months. 

tnesis in»« '•‘“.-.T are trading reasonamy well in w 

are now close to levels that will masf areas b U t profits are being Aberthaw and 

directors say that competition ”“^1 

was very Intense and profit g^^rtinanr debits — 

margins were eroded. Leaving 

Group trading profit was up Prof, dltidepdi 
from £lm. to £11 8m. and pre-tax interim onL **^ 7 

profit was struck alter an exrap- 

tlonai Credit of £89,000 (£24,000). Reserves — 

Met profit came out at £023.000 t Gains. 

(£468,000) after tax of £650,000 
in Australia FOLLOWING A £114,000 advance (£5551000). 

“ ,1 ■“ nrnfit 









Jinked to the distribution font 
minimum premium is vq* 
Income can be obtained by 
the normal withdrawal faeflifi 

n to £835.000 in 

€T . - . I _ _ 

midway profit, 
Bristol Channel 
-j — ----- runiuuu Cement Company 

tight anti-inflationary finished 1977 ahead from 

. £1,S55.000 

£18.69 m. 

make new housebuilding profit- a (Tect ed. adversely by the govern- p ort | am | 
able again. At 6Sp the shares meTUs tight anti-inflationary finished 

yield 7.5 per cent policies. £1.677.000 to a record 

In the U.S- an improved prq-fay. on turnover of 
economic climate is slow in ^3,0^ £i524m. 

in ihe short- i lAuvvtfr th^ 

materialising and 

However, the directors warn 

term, there is much to be done that” 1978 profifs are expected to 
effecting economies, particu- ^ ^ 1977 level, because 

II mii^ncn in (roc nriws 

A & C Black 
doubled to 
record £0.31m. 


Berger Jenson and Nicholson in Clie[uu . - .g-rr-T. be below tne ivn ievei. umun: , 

is proposing to repay the four ]ar|y in newspaper field, if a Ve ^. i arce increase in gas prices After being ahead from £72.000 
publicly held stocks issued by The ?roup is to have a solid base has -been incurred from the to £135.000 at nudway, A. and C. 
Berger itself and the stock Issued on which to build. The directors JJJt-JJSr of this year and the Black, publishing group, advanced 
bv its wholly-owned subsidiary pre opt j»nistlc that publication ihe nrice of cement has in the second half and more than 

Jen«nn Nicholson Group. there will prove a worthwhile insufficient to offset higher doubled taxable profits for ihe 

The terms are as follows: long-term investment costs Q j pro d action. in-hole of 1977 from £lo2,000 to 

«4 many years. In line with EDlfr was not sustained. 

.3040 and subject to a deduction for 

3^ 7* outside interests of £102,000 . the 

££ Corporation has released as a 


'f Si^eiir^ 77 m respect 0f MOVES INTO 

^4 The directors say it is too early UNIT-LINKED ~ r-;- 

693 to give a firm view abeftt the AJiNAALAiNxvnAy - .by lmkmg with the Dtetrfbi 
lfi.osi prospects for 1978, but trading Crown Life Assurance Comifany, Fund which is designed to p 
► Cains.- r activity has been well .main- a major Canadian insurance per cent, net Income withdm 

The exceptional items consist of la j ne< j so far. group, is extending its. life assur- croaching on the capital valu 

redundancy payments £106,006 ance operations in the UJC by the units . 

(£329,000). removal and reorgani- 0 comment .. •• expanding into the. unit-linked Tu'o "savings - schemes 

sation costs £45.000 (£1^.0™^.^ At the pre-tax lwd. -profits ft ' Annual Pm, 

excess of insurance claim proceeds prmthut lumped -83 per subsidiary Crown Life- Assurance Bond, linked to any ■ 

over book value Of the assets .mainly on 1 significantly Company, vrith a fully P^d-up except fjj e Distribution T ' 

destroyed, nD (£516,000). higher earrings from the print- oapda 1 af £2n > K wiU P r0V1( ^ G providing a cash sum-i' 

Extraordinary .items comprise anfl publishing divisions in a comprehensive range of unit- 10 years, and the Savings^. .. 

Hazells Offset overseas units like linked products and funds, the normal - unit-linked ea ' 

losses incurred in 

per cent. Debenture stock 1977- w TOecoSSSy 5 negotiating to a record £314,000. Turnover was 

10S2 at £101; 7J per cent. Deben- — comment corxverf 0 ™ ^oal -fir in g which is ahead from £l-_79m. to £2.04m. 

by Ofrex 

the U-K. with overseas units Jure me normal - umt-unaed i 

K. G. Bertmarks Forlag of Sweden together with low cost protection ment assurance for terms. . 
making its expected contribation benefits. • ' * years or more, investment 

making its expectea raumauuuu uvjiculo. . years or more, wvesunenr l 

in the second half. Compared to The company will manage eight linked to the- marniged; %p 
printing and publishing, the fmjds to which its plan will be property or investment 
packaging division chalked up a linked -equity, property. . fixed- funds. Both contracts quallf, 

slower rate of growth— *12 per interest, money, ■ international, tax relief. n. 

cent— -but this is less- the con- investment trust managed -and Finally, there is the proto]! 
tribution of Cross Paperwa^ jj^bQ^Qn Switching between plan, a unit-linked- whole 
which was sold early last year. ^ funds will be permitted except contract where untttagB 55 in 
The improvement ip the- TJJC for the managed and distribution ment. is in the managed 1 

«n#t miWicllimr indlistrv . T— ...Til hn Min. gnv fnn.1 niwiV 



recura *uiuw»%t ■ mw r W ■ me mniivrvu-v-i Tor Ulc xunnagcu auu uuusuuuv*i urcui,. » u . 

ro r-nai nrinn wniuu „aead from £1.79m. to £2.04m. ^ , . Mnhl |VT, printing and publishing Industry funds. Investment wfll be con- afterwardsiin any fund excepT 

ture stock 19S0-85 at £95: 8 per • v,u «^^.rJ°i»ronnmic than ^as but The interim dividend is stepped INCLUDING A firat-time contribu into the current year trolled by the Crown Life distribution fund. Addit 

cent. Debenture stock 1986-91 at News IniernationaJ s 16 percent 5ai« co aversion up to 4.9p (4^9p), the maximum tion of £507.000 from tin 3 nd the company can ttke-wi investment ' department,- advised pnrtection ran be pnnadad r 

— ‘ — ’"*■ thft ^ ™?Sted SntS at leS permitted, with a net final pay- acquired Howard WaJ- optimistic view of its ImmedfAte by Barclays Bank Trust Company plans by adding convertible 

be completed until at least ftp Tax for the year profits of the 0^ x Groupof °ffice v * ospeet However, Sun Printers, g d ^ property by De Groot Collis Surance. 

•• ... .i mm mi, wit.ii ...nniioc dtp. manufacturers ana ...i, hoc tsfcpn on the work — — — - - <n.«- niHn> unmnanv 

£90' and (he 10 nw ton, «•»- i>i»uu •» •* — j y — -- 

g ™ re a un ».oc k UMi - fe’“ d T^Vew TorlWM Sffim 

The Jenson Nicholson slock is incurring heavy losses and this 

; 9 K?i>.r‘' cure ' i stock ss arjapJSaa.Ba fflsjarssar-* assa erstm *** a 

MtnvniAted until at least permitted, with a net tinai pay- acquireo nuwa*u opnmisnc view ur its imjiuoiu-ak. to y Barclays uanic 'irust uompany plans oy j 

mnot be completed until at least Tax for the year profits of the Ofrex Groupofoffice {l ospect However, Sun Printers, g d ^ property by De Groot Collis Ssurance. 

The feU year result was struck took £163,W0 compared with Supplies, etc., manufarim^g and facb has taken the wgk foternation^. ^ - - - The' pa 

■Az e U *M7oon prs non and £107.000 (£30.000) was distributors, jumped from £2. 9 done previously by Hazells Offset, U m.. i c linn oViinrr fnnr Ljfe. has 

parent company,. 

s struck took £163,000 compared with supplies, etc., manutactimers whj - ch has taken on, the titeroatioBal. - 

.of mtm !««•«•*» - *rgg?ff&n sjsrz sssssst^ss&is ^asssyssafsjB 

of £35.43 m. against £24.9tm red and is unlikely to st^e a years with insurances in for 

half-way-profits stood al £L68m. turnround this year. The sharw The excess of £600m. It hasow. 

If your interests 

good offices 

start by 

consulting ours 







I2.6ip (o.DiP# P' e ' 

the dividend tota^ is cent 

S 9p to the maximal permm^ 
fi*>n net with a final of “.«wp- 

M?. <SoSe Drexter, the i cha£ 

mao, says that the buoyant trod 
in w conditions continued through 
Si second half and tlus co upled 
with an improved Performance 
of the - manufacturing unite 

enabled the second-haW 
profits to match the firetnau 

re Th? S 'most significant develop 

-fg.wWi™ a a 

offer document i + . for 

A1 though sales wd proBU ro^ 
the first three months of ro r 
Se whole^up -JSjnjJ-S 
with so many un ^ rt !^“5f' ts P ^ t 

ticularly in «*P 01 ^ 8h S^i make 
would he irresponsible to raane 

t detalt. forecast for the vhol, 

of 1978. says Mr Jj^er- 
directors are confident that tne 

record in sales anu profits w 
197S - 


Even excluding ■ 
tribution from Howard Hall the 
latest figures from Ofrex look 
very good. Sales have risen by 
2S.0 per rant, to £32m., thanks to 
a volume increase of around a 
fifth. Margins improved 2 points 
to 10.7 per cenL The rationalisa- 
tion measures of the .last few 
years have paid off, and although 
sales have risen sharply “'the 
last year the rise has not been 
reflected by a similar rise m work- 
ing capital. The stock turn, which 
was one of the lowest in the 
sector is now showing an improve- 
ment on the three times figure of 
the previous, year. A™ bum 
growth would have been higher 
but for exchange movements 
(around a third of group sales 
are made in overseas markets), in 
all O frex's strong performance 
does reflect some real improve- 
ment in office equipment markets. 

The shares fell back slightly from 
their high for the year to 116p. 

They stand on a p/e of 9.2, and 
yield 4.9 per cont. There could 
be some profit-taking, although 
its shares justify their premium 


Healey & ISaker 


The following mergers are not 
to be referred. to the Monopolies 
Commission: Grand Metropolitan 
and a controlling interest in 
Cantrell and Cochrane (BG): Jan 
proctor Metal Masts and Spar- 
light Gulf and Western holdings 
and Arrow Life Assurance: 
William Prym Werke KG/B and a 
substantia] minority interest in 
Newey Group. 

Established 1820 in London 

29 St George Street, Hanover Square* 
London W1A3BG 01-6299292 


Brasilvest S.A. 

Ncl asset value as of 
31st March, 1978 
per CrS Share: 0325.406 
per Depositary Share: 

per Depository Share 
(Second Series): 
Tj,$-$ 13 .000.0 

per Depositary Share 
(Third Series): 

fefson Limit! 

British Airways are now 
operatinig.6 flights a week 
from Gatwick to Zurich. 

They leave daily at 
0800 (except Sundays)., 
arriving Zurich 0930 
The return flight ■ 
leaves 2000 (except 
arriv ing home 2125. 

So now if you’ve 
business in Switzerland you 
ran fly from either Gatwick or 
Heathrow. And be there and 

Ask your Travel Agent or 
British Airways shop for details. 

i fedat hom&iK^I 


Friday April 7 -1^78 

after Taylor Woodrow 
reaches £22. 42m. 

CC: W 

S Kf| r 28 w** s frozn.i30.4ni. p^wmentLQ tte > Sntro?S^ Za£ f sh( ° p ® cIosed - rebul turnover PRE-TAX PROFITS for 1JI77 of do not show short-term gains and 
pre - tax Profits If u£ ^SS l- - *3L U J? by 1S * per «“*- w ^ ch Taylor Woodrow, the international we stilTneed to reverse the trend 

adlmry Sehweppes finished 1877 SdeSS^fnr* -— -SEalt “T?- F 01 "*** means, static volume, but encineerin 
get ahead from £4B.4ra. to molts 
hShS' hSpedu, 

£8S3 ^ m ' against £787mu penditure 

profits (which stand at mire sS)Ie~raw'mit^riaI _ Drin^ , u iA liU , r ®“ ce 2? y 9 iome E™™ d™PPed from £41 3m. to dosing down of its Belgian print 

g0.&n. compared with iSSnO U~ P Leader in that division was Harry 1382m. including fSOra. f£45m.) j n g works will reduce ovjJrseas 

« per cent. came, ftom oversea/. “ " aJ, i the ndmg wear manufac- Erom associates. losses and enable more rapid 

In their interim reoortrt^ a , . 1 ... turer. where trade was very Earnings are shown at 42p progress in this area. 

xeoort «,* A , • buoyant, particularly in exports (41Jp) per 25p share and the P - ^ese positive^ on. couoled 

which make up 60 per cent, of its dividend total is raised from G.Sp with the consiMt SmitorSae S 

5SJ- >" home to > 7.W29p net with a final of gj ° movements if ^ S ™uVi* 

demand at the retad outlets was 5.622flp. ^thin ^ gro “ D ^rWrEoard 

experienced towards the end of In the event that reduction in confidence in the^riirertrifSrtt 

1977 and this could continue into the basic rate of income lax is SScb will be #£££ 
. the current year, which should announced in the Budget, the strengthened by current rieveloa- 
compensate for a tail-off in -Board will make a corresponding coming on sLn^n within 

figwes were encouraging and fall- . 

res H Jts were expected to ’ 

show con tmued improvement. 

ED*™* ^ v «^^ coniailCfc with 

stated), fill 1-year -earamgs are 
shown at 7.84p C8B4p)Sr 25p 
share on. e net basis, and s son 

» « mi djrtScSs £e ° t -. A “ a ° Re *» ik'7^Vd“7<r^v c ''fu“^"hHi" 


Reed tip 

being, ahead -at half-time 

Croup sales 

-TratHns orofl: 

utren.' income 
Interest parable ....II" 

Share of anocs. 

Pniflt before Lfex 

rax “ 

Net profit - 

To minorlUon ...„ 

Extra-ortL. debit 

Attributable ... _ 

Pref. dlvKUdendo 
Interim Ord. .. 

Final proposed 


■ Restated. 

The year-end balance 
shows ‘ assets employed 














to profits this year. 

to was up from £3L2Sin. to £S3.06m. ienL Is finidy bSS. 
757.9 but the directors _say that figures 
5^3 are not strictly comparable due 
to the closure of seven un- 
03 economic retail branches and one 
4M shirt • factory - during the -year. 
ua Retail sales overseas declined in 

3>3 devaluation of . the, Scandinavian 
S73 currencies, they add. - 
o.i ' Earnings per .25p share 

chniazn •*+ lO An fO nn #9 










Tradinc A inv. income 

27, Mi) 





Share of assocs. 



Profit before tax 






Met profit 



To minorities 



Extra-ord. debHst ..... 











■ Comprises: U.K. fS.SSm. 1 

£8. 16m.). 


Peachey on 
way to 

overseas £3, Cm. 

companies tLlftn. i£l JUm.l. t Exchange 

losses on subsidiaries' retained profits ^_ n -.. a ~ a __ If . - 
C.I3TQ. lE.Mtn. sains', realised profits “° n , 1“ paj ^ Shadow or last 

shown at wan « 9 ni , n ri v-U jess losses on disposal of properties, fixed years battle when former chair- 

-7.s ® n own ai JA.4P ana the . „ , investments, nu. 1577.000 ix 1,3*5,000 >. man and managina director, the 

17.1 Sross dividend a‘ stepped ud to WITH SALES AHEAD from tax crudit tn.oiro. charer>». i a te Sir Eric Aliller wa* fnrcerl 
4^Sl77S9p .(3^37S8rap) with a X16.4Sm. to £18^7m. taxable profit minority lotciv«s mo, two tns.oooi, and fr0B1 {|j e Board 
sheet Coal of 2B186279p. - of Pttney-Bowes, XJ.S. owned mail- “^‘ a ‘ -V I1EL ,1S £J06 eeo 

r— * — of There was a loss of £18,013 on ine business and markinR equip- mGU ' • croons. 

snRs.4m. lB63.inO and borrow-. : currency conversion for the year merit maker; remained little 
/mo- o£ cash of £99.Sm. against a gain of £179,953 last lime changed at £l-4m. in 1977 against 
• r»« m-L v. o, ' and a deficit of £582 (£44.514) on £1^9m. previously. At half way 

19^?. the com-, property transactions. Tax takes profit was 10.72m. f£0.66m.). 

>,Tr, y r <- ™ ^yhdicated bank' £I.06m- compared 'with JH).84m. Directors say the group was 
Zvn hi P- The proceeds ■ The group : fs .a .meoswear particularly affected by a slowing 

nT?w«i plJ / as follows: (a) retafling and manufacturing con- in demand from overseas, but say 
for_ the _ proposed ceni. , the closing months of' the year 

of Peter Paul Inc., 1S77^8 . 197B-77 indicated an. encouraging increase 



b) $U.SJ225m, for the repayment^ 

See Lex 

Solicitors’ Law 
sees growth 

Solicitors 1 Lsw £5* 

Lord Mais. Peachey’s chairman, 
told shareholders that " I believe 
we are now well on the way to 
restoring Peachey Property Cor 
poration as a profitable property 
company.” And Mr. John Brown, 
the managing director, although 
he refused to be drawn into 
giving* a value of Peachey’s giaol 

* • in orders taken both in the U.K Stationery Sodety expect 1978^ to « we WO uld be do\\7i to serious 

if a medium-term currency bor- ®|™ Br -JWSWS?.- 31537 and''oveAe^“ see a ' continuance of the o-Vkinvnext 

.Rowing, and (c) the balance to oVexseM jetan"' riin.fis Profits after Joan stock interest a deai cemented within the next 

rrouiy* ?? pltal for the 4.'rSjS or fY&sloOO (same) and before tax mpnr e L ^?/BPirtai a /Trerrh V ^?ok “ , o nth *” 

chair- ^ NCt ^ . 1. j, Uujt 

nan tav, ths nn.u. i T Prooertv di-firf: sss f0-62in. (£0.63ra.). dpaHv -row+h ahoJp rh* 1Q77 negotiating the sale of the 542-fl 



S&4y , ta”5^^‘“ '5TT.T!!?...^r:-^S 281 ~*TZi£Z£r& « ^ b&« w, 

]ffi^& d ^ 0 S5Ss lE.sartasrrr:-..-® as ^*mJS^I^u w ss ssBJTwf-i- wi *SSsa 

.. „ --- — company has Pref. ^vWends 

td tiered firmly to the policies set Aitrftwabte >^7.«e I.oib. 412 been fortned'^ri'tm* honSw oriee 

>ut last year. To help build the dividends aarass msos 2.““ He says 


1 077 h p n 

for occupation by its own staff, 
pre-tax Peachey auditors. Price Water- 

msinessra NorthAmeriw ^ Ste^ SSi^” sharesil1 lts Finnlsh sub - ^ „ A I t nzajorityof proxy votes cast ** 

o improve the 'return on . assets is good. Most of- the Closure costs,' adiary - Regrettably, ail developments fore the meeting, 

n the UJC In February this year' amounting to around £200,000. 
he company announced that it were written-off in' 1976-77 so a 
/as offerir-f *U.S.S80m. for the reported pre-tax TSse of 40 per • TXI'I* 1 O 

Grampian Holdings down£1.35m. 

uvislon made . a significant con- nearer 25 per cent. cn a compar- JL O 

ribution to last year’s results, he able basis. But that is a reason- . . u 

dds. able turnout compared with mens- A SUBSTANTIAL fall in profits charge for 1976 has been restated 

" Borrowings, had been reduced wear trade as- a whote. Adjusting of the industrial services division accordingly. 

cut back total profits of Grampian ^ ^ ne 

Interim Results 

Profit before tax (unaudited) for Half Year to--. 

3 1 st December 1977 increased to :£257,000 ; 
from £207 ,000,- ; .'.v-. ;-rc 'ck ■ 
"■ •• • -:v ■".= . -iS'. . *i»i 

—i-.- J 'I . i. ■ • - 

Dividend payable increased to 4:0% from 3~5P/t. 

-)(- Turnover inerkiased to £95 mil L from. mill. 

■ • ' - : : - - — - 

h bQ 



Burns-Anderson Limited 

IndustrialHolciiii^ Gxoiip ; ’ ... • • ; , 

Rowslev Grove. Reddish. SwctpoR. SK5 7DP- ■ l -~ .*•••.. 

Telephone : 067 -432 0801. TdexflfiBt 16 j - ; . 

Subsidiaries in: motor vehicle distribution^ shop, and 
bank fitting, steel bar reinforcement, property arid 
building development, electrical appliance 
distribution. '• •- •. - 

As a consequence of these sales, 
£667397 has been released from 

with this change, the sale of the assets of NSGSU 

Holdings and the dIrectors”report £2 - 2Sm - has been released to and With the sale of Laidlaw the 
a taxable result for 1977 down reserves at December 3L 1976 out borrowings of that company from 
from £2 Sim to £ 1 4Gm_ on turn- of the deferred tax account of sources within the Grampian 

over of £64. 79m. against £59 .22m £4. 69m. at that date. 

At half-time.' profits was down 

from £L41m. to £1.14ai. and the Turnover 

directors said that a current pro- **«*»•■; 

jection of the second half eoS"* 

indicated that profits would be p^m* and pubiiitaiii; 

no greater than that of the first Ezvensest ... ..... 

period. * Share of associates 

Mri.D. C. Greig, the chairman, £?* H 

say^ that profits were significantly Net proQt--. i,4» 

affected hr downturns in certain ^j.:~ « 

sectors, but during the last six lJ* 

months, much has been done to preference dividends ...1. 69 

eliminate these problems by ordisur interim iss 

(meat and rationalisation. ord^»ry final — - 253 

group amounting at December 31. 
1977 to £212,707 will be eliminated 
from group borrowings. And the 

isrr 1978 
moo £000 

l.c? guarantee of these borrowings by 
i!b 91 Grampian will be released. There 
i-}« is an EGM on April 21 to approve 
these disposals. 

zjg • comment 

Latest full year figures from 
— n Grampian are' accompanied by 
sss formal letter to shareholders de 
lf9 ^ tailing the disposal of Robert 
ia! LauUaw and NSGSU. While the 
*47 cash proceeds will have helped 





tSs "ha* “involved substantial Ba .*^ To? f 0 " 1 "" growings, gear' 

non-recumng losses which are bank and Debenture Interest not otfaer- JS still nigh. Net short term 
fully reflected in the results, he win afloeared. } Amounts appttcatole to debt has risen from £2Jftn. to 
adds. . .. periods nnor to acqnlstUoD. and minority £5m_ — nearly 100 per cent, of the 

Trading profits of the industrial ^Th ?^ reserves at December 3L S r0up J ' 8 capitallM- 

services division slumped from SL^SSSSi .« ^on du^mamly to heavy spend- 

» *n ... i..7. l ° «“» cnange ana ia me aeierreo over the erraun still has under 

where margins are gm to° low^ tax release the restated reserves K S vSr wSk iffi 

s«s Vo "she s ™ 

i^ertor^ig ^tfsfartor^. Mr increase of ^68,000. . activity. altKh^ose 

DMbMnec omSues ? t“talr5Je The djr ? ctors ^L e 2* 1 sible for much of the setback in 

^dta^DrofitsSfwCTeflOSOW) “ mp ^. *** u a ^ eed **£ group profits over the year have 

MrS’nhn J oseph <*a'TOian of North been phased out. But Grampian 

Mmpared vith a loss of £300,000 Gas Services- and Utilities, for still has the fumitm? sideVhiS 

— J , him to buy certain assets of the turned out a loss of £250,000 last 
- 0 ft^ e d, earnings are ^° wn tp English side of NSGSU’s business year. According to Grampian 

13.36p. (21.87p) per 2op share and f 0 r £667^97— the proceeds - of there are net assets at book value 
^ ]° crea,ed R *° which have been received. after disposals of around lOOp but 

3-9^25 d T3J325p) with a net final Grampian has been offered on the present trading per- 
m 2.4925p. £24,000 for the capital of Robert formance that may not be much 

- Tax for the year of £4,000 Laidlaw together with an under- of a prop for the shares at 5lp 

(£453,000) includes a transfer to taking that group indebtedness of on a p/e of 3.8 (on a virtually nil 
deferred taxation calculated in £248.564 will be repaid over five tax charge) and yield of 12.3 per 
accordance with ED19 — the tax years. cent 

Cement- Roadstone 



£14. 8m. 






1973 1974 1975 >197(8 

1973 1974. 1975 1976 1977 

Extracts from Chalrman^ Stateirwtt: 
Michael J-Daigan 

Group Prcffibelore Tax 3^4,769.000, 
•epresenting an Increase of 26.7% owen 1976; waa . 
atisfectory. Profit otthis order is necessry to support ' 
urtrisriniffislmflnt . - ; 

Plafin CefnenLPIaitt Extension 
TTie£40 milfion PtetinaaerBlofT.hasbeen 
;ompiel9d on time and on the costfiguia determined by 
^ Board Trie aiccessyconek«icffi of a project of this - 
size is sufficienfly unusual in recent years to merit a specal 
nbutB to nTana^mentanPen^toysaa One thanks are - - 
tisoduetoa^theo^erpeopte whopa^apated. ' 

Revafuafioa . v . " ‘ « 

We have revakied.oujOaTxi andba3dira^ as a 
esuft of which ths J^uns fortentf and buftiings has. - - 
:hanged.from£253.mlI6onS)£4T.O rwfitoa Gurnet 
ssets per share now amount to 12a05p. . . 

Prendre Peddaso - 

A study tsun set up to search fora suitable 
opiaesmeraindustry fix toe Drogheda Cement Works 
1 igh- grade, magnet, us^g as key local resources the site 
nd faaltBs; high punty Smestone avafabte on company 
rKf^ssavyaMomtheBoynsestuaiyandemiicm ; 

_ Jkjited prcMSsworter&WR have as a partner in ttns£3Q. . 
/-j7illlon venturea RlStefn Limited, a 1 ' 

^ lepworth Cerairac Holdings Lto. 

% Change. 

£1 34.4m. +18.5 
£14.8m. +26.7 
17.43p. +19.7 
4.94p. +21.6 

Sales . .. ■ _ 

Profit before Tax 
Earnings per Share 
Dividend per Share 
Dividend Cover Crimes] 351 
New Investment . . - £2tm. 

Wealth Iwfto Community 

Wealth, the mainspring of economic progress, is . 
derived from pfoBt, but its-generalion often seems !o be . - 
. construed as a tonetton of the Stsia Trie Sate is seer as 

grants for industrial and agricultural development arm a 
host of other things Trie pubSc is left to assume that trie 
Sate provides the money for all this. 

Private Enterprise and Jobs 
Private enterprise is unwisely allowing a 
responsibifity to the provision of jobs, to a measure that is 
impractical, to be attributed to ft Trie feet fe that we need 
efficiency and-drive In both the private and pubfc sectors; 
" .Thelevi 

There are many impedimenta The level of income lax on 
' ttworkfetooNghandisdiscouragi 
: control operates in a manner that i 


uhit s 

1973 1974 1975 1976 1977 

capital investment Restrictive work practices and structural 
deficiencies in industrial relations causing severe failures 
are tolerated as being unalterable: 


• We should have an investment capability to 
Ireland of over £100 minion through the next five years 
This will come mainly from refeinal profits and from 
depreciation, supplemented as found necessaiy by 
borrowing. In addition, we plan to extend by growth and 
•acquisitions abroad, in order to give us Ihe spread of risks 
and opportunities essential for the long-time securihr of 
. your Company. Our existing overseas ventures in tne 
United Kingdom, HoBand, Cyprus; and now in Nigeria, 
have all prospered in 1977 and are making a significant 
contribution to our earnings 

Management and Staff .' 
for taking us so welTlh rough the years of recession in the 
construction industry. Trite was oor» through constant 
cost nsstraintand at the same time pursuit of every charca 
no matter how difficult at home or abroad, to strengthen 
■your Company. 


, . ' Jte indications are that the construction Industry 
to Ireland will be encouraged to grow and your Company 
shouo, therefore, have an opportunity to prosper. 
Assuming settled conditions in Ireland and in our other 
markets we are confident that we wfl! maintain our . 


Copies of Annual Report available on request from trie Secre&y, 19 Lower Pembroke Streep DubHn2 


"Non bisogna imbarcarsi 

(Dorit put to sea without a compass) 

What is good advice for the mariner is equally 
soundforany organization embarking on i ntemational 
trade or money transactions. In these, the guidance 
needed is that of a financial institution wi rh both the 
worldwide experience and depth of resources which 
are essential for success. 

Credito Italiano is highly qualified for this role. 

It can bring to your business the special skills, the 
experience and the resources which make it one of 
Europe’s top banks, and place it high on the world 
ranking lfst. 

AU Credito Italiano s comprehensive services are 
readily available to you, simply by calling our London 

# ,u Credito 
%i Italiano 

17Moorgritc, London EC2RbHX . 

Telephone; 0I-OQ6901 1 Telex: 883456/SSSOT5 Credit G 
HcjJ Office: Mi Inn 

Branches and representative olticei: London, New York, Los Angeles, 

Buenos Aires, Giracas, Chicago, Frank! urt, Paris, 

Sao Paulo, Tokvo.ind Zurich. 


1977 results 

Summarised group results 
(unaudited) 1 





External sales 



Trading pTOfit 



Profit before tax 



Earnings for ordinary shareholdBis 



Earnings per 10p share 






Fully diluted 



Total dividends per share 



Chairman Sir Frederick Wood comments 

After satisfactory trading in the first six months of 1977, we experienced 
slack demand coupled with severe competition in chemicals and glue 
operations, which lad to poor results in the third and fourth quarters. 
Depressed trading conditions in most areas have continued into 1978 and 
the chemicarTndustry in particular appears to be passing through a phase 
of reduced activity. 

In the long term however our prosperity is dependent on more permanent 
factors which include the wide spread of our markets and product range 
and the proven strength of the group in human, physical and financial 

Organic chemicals: hydrocarbon'^- .CfOClS 

products. Gelatin; •dddlantsrtpfiff' 
ingradientsJfirfibte and processed 
' woMsbleoas; honey. Graphic supplies; 
industrial & marine paints; printing inks; 
adhesives; private label soaps. 

Copies of report and 
after >7 May 1978. 

Crode International Ltd, 
Cowick Had, Snaith. 
Boole, North Humberside. 

United Kingdom. America. Austrfe. Australia. Brazil. Canada. France. 
Germany, i HoBand. . India. ' Ireland. Italy. Japan. Mexico. 
. New Zealand. South Africa. Spain. 

A record 6 months from 


the Confectioners 


Group interim Results for the six months to Dec. 77 


SALES (excluding Inter-Group 
sales & VAT) 

Trading Profit & other revenue 
Exceptional items 

Estimated U.K. Taxation 

Extraordinary item 
Profit after Taxation 

6 months to 

6 months to 

12 months to 

Dec. 77 

Dec. 76 

June 77 



















623 . 



- — 





Sales up 20%; Profits up 18.5%. 

+ Manufacturing: Factories produced record tonnages— 11% increase. 
Profits significantly above 1976. 

Confectionery Retailing: Healthy increase in overall sales resulting 
in a satisfactory higher level of profits. 

Toy Retailing: Sales at Christmas showed, some recovery after having 
been depressed during 1977. ' 

^ With confidence in the long-term future of the Group, we are con- 
tinuing our expansion programme for all operations. 

Dividend again increased'by maximum permissible. 



Albright & Wilson grows! 

For the year ended December 26,1977, the 
company achieved record results, and the 
momentum of the previous'year was sustained. 


Pretax profits 

Capital spending 

Major projects 
in hand 

£338m -up 18% (£194m 
earned overseas) 

£35.4m - up 12% (after charging 
a £3m currency loss against a 
£2.6m gain in 1976) 

4.61p.the maximum allowable 
£24.5m-up 76.3% 

Parbury Foods, Australia; 

Josen Chemicals, Malaysia; 
Klevas Aromer, Sweden; 

U I C-Marchon, Singapore 
(45% interest) 

UK -phosphoric add complex 
Whitehaven, Cumbria; 
phosphorus chloride and 
sulphide plants, Oldbury; 
ammonium phosphates and 
Calgon plants, Widnes 

Canada and the US- 
sodium chlorate plants 

Australia- sulphonation plant 

Italy - detergent intermediates 

The Future 

Sluggish international economy restraint 
on growth in the shortterm. 

Export margins sensitive to the strength 
of sterling. 


An accelerating Investment programme. 

Basic strength in principal fields of activity, 
e.g. phosphorus and phosphoric acid. 

Growth markets in sodium chlorate, flavours 
and fragrances, pharmaceutical intermediates . 

Continuing geographical expansion. 


& WILSON International fn chemicals 

Albright & Wilson Ltd. 1 Knightsbridge Green, London SW1X 7QD Telephone 01-589 6393 

Copies of the 1977 annual re port. Including a special supplement on flavours and fragrances, are available from the company secretary. 

The Solicitors’ 

La w Stationery Society 

Increased UK sales and profits-a difficult year overseas. 

In his annual statement to 
shareholders, Mr. R. A. Hodges, 
Chairman, says that despite the 
unchanged level of activity in many of 
the Company’s traditional markets and 
the increased pressure on margins, the 
results for the vear show an increase in 
sales over 1976 of 14.3% to £19,430.319 
and in profits by 3.5% to £1.266,597. 
Trading in the United Kingdom 
produced increased sales and profits for 
the eleventh consecutive year. Success 
has been achieved in reversing the trend 
of past years by improving the profit 
performance in the second half of 1977 
and showing an improvement on the 
comparable period in 1976- 

r Tt has been a matter 
of increasing concern that 
the relative success we 
have enjoyed in the United 
Kingdom is overshadowed 
by increasing losses from, 
our Belgian operations. 

Experience has shown 
that, due to the very 
difficult market structure 
and local purchasing 
habits, it will not be 
possible for us to realise 
our plans for the stationery 
and printing operations in 
the short term. The Oyez 
S. A. book publishing 
operation offers a very good 
potential for development . 
in the long term. 

Your Board has decided to sell 
J. Frankfort S. A. and the printing 
works, or in the latter case to close it 
down, and to concentrate resources 
and expertise into the development and 
expansion of the book publishing and 
distribution operations in Belgium and 
France. We therefore feel it prudent to 
make a provision in the Accounts for 
1977 of £300,000 against disposal or 

To ensure the liquidity 
position does not come under 
pressure, a medium term currency / 
loan is being arranged in London 
to cover the’preseat loans, 
disposal o bligations and the 
major part of overdraft 
requirements of the continuing 
operations in Belgium and France - 
OYEZ Press' showed an appreciable 
improvement. 1978 will see further 

Summary of Results 







' 16,995,368 

Profit before taxation. 


J, 223,657 




Profit after taxation 






Profit attributable to 
members before 

extraordinary items 



E xt raord i nary items 
Profit attributable to 



members after 

extraordinary items 






Earnings per ordinary share 3.37p 


development in new methods of production. 

Bradley & Son (specialist colour 
printers) : Installation, of a second four- 
colour litho press at Bradley’s has 
proved successful and the production 
capacity has been expanded. Charles 
Elsbury (Plates), a subsidiary, have 
expanded rapidly over the last year. 
OYEZ Services : Development was 
completed at the end of the year for the 
On-line computer service, a major 
investment which offers to solicitors 
immediate on-line accounting facilities. 
OYEZ Reprographics : The Machine 
Division had a disappointing year but 
it is our belief that this company will 
come into profit in 1978. The Copying 
Division, now formed into 
a separate company, has 
been highly succassfixl. 
OYEZ International 
maintained its level of 
profits and increased the 
number of conference days 
over those in 1976. 

OYEZ Stationery: Profits 
increased overall by 
13.5%. The marginally 
improved trading 
conditions apparent in the 
second half of 1977 have 
continued into early 1978. 
OYEZ Publishing' made 
substantial progress with 
an overall increase in 
sales of 28% and profit of 
33%. Further growth for both the domestic 
and international markets i s 

Overseas Operations? . 

/ During the year the Group, 

/ with Thomson Publications 
Limited, entered into a conditional 

commitment to acquire, from the 

, Thomson family interest, 50% each 
■ of Richard de Boo Limited, for a 

j considerationof GS 670,000, payable 

by each party. Richard de Boo is an old 
if. established Canadian legal publishing 
' company with a very high, reputation. 


Your Board anticipates that 1978 will see 
a continuance of the improving trend in the 
U-K. market and profitable development of 
our Belgian/French book publishing 
operations, resulting in an overall steady 
growth of profits for the Group above that 

The Solicitors’ Law Stationery Society, Limited 

Oyez House, 237 Long Lane, London SE 1 4P (J. 


Bowater 11% 
up at £87m. 

WITS A slowdown in second-half minority interests of fR 3 ai' 
eanUngs from £46 5m. to £42 .3m., (£&8m.) and extrwrdiilaiy 
Km bie profit vfBowater Corpora- of £100,000 KSmJ, profit emerge® 

. ^ i* r cent, at £302m. (£1 93m. )T Earning 

ahead from £78-3in. to £S7m. At £1 share are: shown ahead at 2) frn 
nami'ajpnifi; was nSJSm. higher against 21 .Sn last time after 
at £44.7m. adjustment for. the one-for-seven 

Directors point out, however, rights issue. . 

, 1977 year-end exchange As forecast at half-time 
ra * eppHed at midway the total dividend for the year tea 7n 
profit figure would have been with a 5.7p net final. Last vear 
reduced to £4L8 hl, giving a &3p was paid. If the tax rate is 
second-half result of £4 5.4m. reduced at the confirmation of 
Turnover for the year was up the dividend, shareholders win 
from fLaobn- to £L72bn. with receive a higher cash distribution, 
packaging sales ahead from c 

£104m. to £l32nu international ® ee 

trading and transportation up 
from £693 m. to £784 building 
products, lumber furniture and 
carpets £15m. higher at jEJUEJol 
and retail and wholesale up from 
£255 jxl to £lS4m. 

Two-thirds of the group profits 
axe earned in overseas currencies, 
predominantly in North America, a -g /***% . ■ 

and consequently the pound's + | / -%Tf| 

more than 12 per cent, apprecia- JL* / k/JUUL* 

PRE-TAX profits of teybmd Pah* 
earning In 1976 the falling ^ walloper for theflFwSte 

Paint at 

In 1976 the 
pound ‘ benefited group figures. 

converted at J.077 rates, 
crease over 1876 is £14Jhu. 

The directors say there was a m 

real benefit to the latest year 

issue of £LI4m. Ordinary 
shares and -387405 Convertible 
Preference shares of "Ward White 

0 averted at lmr rates, the m- previons 33 weeks. Turnover 

at £28.78m.. against 

earnings by the d evaluat ion Qf_the 

f to £(L98nt that 

profits for the 25 month period 

would compare favourably, with 
negUgible. In 19 « 6 stock profits ^ * 

were estimated at £L6m, - - - 
























! 5J 

' 12 


Paper, pulp 

Packaging — 

elds, prudneas. etc. ... 

Tissue products 
International tradlns . 

Berail, wholesale 



TradinK surplus 





Tradlns .... — ........ 

Retail, etc. - 

Kina Delay 

Central costs 


Profit before tax 


Net profit 


Extraordinary debus ... 

Pref. dividends 

Ord. dividends 



Interest rates also fell in the 

Sales in the opening .'■} two 
months of the current year have 
been satisfactory, they now say, 
and subject to economic . condi- 
tions, further progress is looked 
for in 1978. 

Stated earnings per 23p- share 
are up from I3-7p to 20.3p and 
the dividend is lifted to 7J)I23p 
iffi gross against 5.09985p, the : maari- 
6t9 mum allowed as forecast, with a 
9.7 final payment of 2.0123p. ; 

!*■} The directors state that fottow- 
ing the decision to write £6244)00 
s' off the goodwill in the accounts 
0.9 at October 2, 1976, they have-mow 
„--5 decided to write off the remain- 
xij'n rng balance of £577,000. As '.a re-. 
m suit of a review of the opera- 
3; -t dons in East Africa it has been 
E-3 decided to exclude -profits' from 

this source and to write down 
hu the investment. 

65- fS3 
veda weeks 
1377 1875-78 


U.K, and while this had relatively Turnover 

little impact on the cost of bor- imeerst 

rowings, it resulted in a low rate p*®-*** ■ n " ,nt - 

of return on cash funds ear- 


marked for future investment ExtnSwL 1 debits 

After tax of JE4S.4m. (£44m.), 1 erne adjusted. 

28.777 28,1884 
483 423 

1.727 iyn 

SIS 588 

U93 883 

, 815 . 537 

‘W’ Ribbons progress 

On turnover of £7 Am. against say that much will depend on 
£6.63m. pre-tax profits of “AV" the speed with which the 

Ribbons Holdings for the six measures taken in Germany can 
months to December 31- 1977, be made .to produce . adequate 
rose from £334,659 to £362,012. results. They are, however, cam- 
profit for the 1976-77 year was a fident that the steps taken in 
record £970.000 and the directors Germany are right and will en-. 
were then confident that in the able the company in due course 
absence or unforeseen circum- to make its proper contribution 
stances the company would enjoy to group profits, 
a successful year in 1977-78. 

On increased capital from last 
November's one-for-three rights 
issue earnings are shown at 2.85p 
(3.35p) per lOp share. The interim 
dividend is lifted to l.3p (0.97p) 
and the directors say they expect 
to recommend a total payment of 
5p gross for the year— last year’s 
net final was 1.275p. 

Financial Tb^^da y *A^-'f 1978 f if 


v.; ■■ .. 

,< , , . 



Mtbh ' and Conuaohw 

In an attempt to increase the 44,972 shares have twon ' 
size of its industrial f ootwear :Slohgh olmte £ • 

manufacturing activities. Want lZoSTsham no - 

White is to Bcqtwe the privatelyv Slough Estates Canada* 
owned Betts and 'Broughton; ta-. 
dostriai footwear ' company for 
about £2m- - 

.: In. addition. Ward Ylhiteis 1 fore- 
casting a 47 per cent dnddehd 

increase to- 6p gross, for. 1978, if vimmir 

the Betts deal -succeeds.- 1 Ward Shipping's 7 stake in Trieentte 
White Ss seeking to acquire 39 been reduced to' below the*' ’ 
percent, of Betts which is based cent. leveL B and Cs sub^-' 
in -Nottinghamshire. . ... Mentelth Investment Tru»-/ '* 

Betts’ last accounts showed net 400,000 Tricentrol shares on 
assets of £279,000 r -whBer^ pre-tax nesday at.151fp.per share 
profits in- the year , to Jump. ?». Shares still hddi by the 1 
1977 were- £525 000 on safe of sidiary of B and C ShjpDhH 
£2.7m. In the half-year to Decern- as follows: 'Encomia lores* > 
her 31, 1977 Betts earned pre-tax 12m.; Mentelth 100,000' -• 

profits of about £318A00 on sales Investment Trust 300,(KxC- ■ ' 
of <£1.6m. ' 1.6m. shares f432 per cenLI'^. '"' 

• The deal values Betts! shares at . . 

£5 each and is to be financed by TALBEX 


to Betts’ shareholders.. 

TALBEX, THE soap to hai' 
sing concern, is currently- -’. 
dating the punfiiase of a. ox -* ' 
light engineering compaiues 
private engineering group ' ' 
assets of £lm„ tented nTn 

-—M PiM AAll m - - r 

HOTEL LEASE- . .. . 

’ Following Lex Service' Group’s profits of £4004100. ter the ' 
£14m. sale of its leasehold oh The .to;Marcb 3L 1978. The pip ; 
‘Carlton Tower Hotel to Proteus P^ce is uhely to be in tifej - 
tife Guernsey based nominee £Llm. 
company, Edgar Investments has Artec Bank, the Bahamas 
now sold, its bead leasehold in the merchant bank with stror 
hotel. . terest in the Middle East, K 

Edger, a whoDy owned " sub- sizeable investment Ja 7 
sidiary of Prudential Assurance,. This ' was taken with the j 
announced last night that agree- develop Tslbex into ' an fod ■ 
ment has been reached to sell the holding , company 1 with subs 
head lease-held' from the' hotel's interests in the Middle East 
freeholders, the . Cadogan Estate Since teeArtoc stake was ' 
and that subject to the' comple- up Talbex has acquired l 
tion of the sale Edger intends to Warren. This move on effe 
redeem its £L17m: 6 per cent reduced Artec’s stake in J 
First Mortgage Debenture -Stock from 29 per cent, to just b 
1993/98 at par. The stock was last per cent, 
traded at £S5i. . Artoc, which intends-to A J 

"• James Warren’s insurance gl i ' 
activities. "" - 

ER3KINE HOUSE yesterday 

Ersk/ne House Investments has under way — 

acquired • the capital of PPR pany 'srsOi Bain Dawes, 
Security Services— a guarding and ° a ^™.. in ^ ran c y. foy fcmfc 1 « 
security company ftnmeriy owned fa. e activities or pt ; 

by Empress Service CHoldings). of the «xgmeerlng compaiu - 
The consideration; Is £136.000 in ““I 11 ™ 
respect of freehold properties and . are ^^cted to faff-fe ; 
£5,000 on account for the shares, iong fa™ °bie™ves of Ait 
whose eventual , price win be de- 
termined in accordance • with a mcdccv ruvvr 
formula based on the net tangible . BxtiKiC T 
asset value of PPR as at March Mersey Dorics and Hart 
31, 1978. and the . adjusted certi- combining with Liverpool ' 
fied profits of PPR for the two- commodity brokers N«i. 
rear period ending March 31, form a new transport consT - 
iggo Norco Xransport.T 

p H f 

iTuicuD luffuncqce D*' * . m 

» in tbe Middle -Eai> iM 1 « f Ij 
ay that plaits are cmfiV l[ ! M 
way to form alomV 


Under the agreement entered . West of E n g l a nd Treat 
into In connection with the offer 98.6 per cent. of-Tfndall - 
for Yorkshire and Pacific; Seeuri- not- 38.6 per ceit as sta 
ties in March 1969, a further yesterday's paper. 

ll?K« 1 



H. Sykes 
on target 
with £ 2 . 08 m. 

Tomatin prospects 

.1 1, i i 1 : ; S 

irirflers for malt whisky .at Profit last year increased 

Tomatin Distillers Co. are running, cent- to £0.73xil, and 
ahead "of those at the same time-assets rose .from .fits 
last year, 'and this should be 12.75m. There was a i 
reflected in 1978 . profits, Mr; decrease (£154,000 increase; 
R. S.H-CaBmgham, the chairman, liquid funds. \ .. 

says in his annua l statement Meeting, Mayfair Hotr.- 

He says the generally held View April 28. at 1115 pm. ■ . - 
is that exports will increase in' — 

Group results are satisfactory . . — . — 

the directors state despite a drop COMPARED with a forecast of the next few years with a conse- 
in sales volume by the German not less than £2m_, pre-tax profits qnent increased ^equirem ent_ f or. 
subsidiary Hansaliv, which con- of Henry " ^ 1 *** ““ 

tinned to experience difficult facturtag _ _ . — _ . — 

trading conditions. The directors, for 1977 compared with £L78m. . ^This: seems to be borne out 

Sykes, the pump manu- malt wWsfey above the quantities N ATTnPSllP TIT 

group, readied JS.OSm, currently being: produced. -*■ ' i.ugsa«,v xai- ; • 

traaing conaiuons. Ttte directors, tor on compared with £L78m. . ^This seems to be . borne out ^ m '• ‘V 

however, say they have identified on sales of £l9.9m. ■ against by the fact that w® are finding . Qlncp I' V llflffl 
problems and dealt with them. fioAlm. that our bonders are. showing 

Last December the group be- interest in increasing their bum- 320 woriceiy at Ra-- 
came the first company to gain ness with us in 1978,” he wys- Exploration’s Tynagh k 

ZST" »4> S 

shnre - — ■ ^ sSShSi 11 ” a 

At midway profits stood at year to see if it was possible to the 
143,085 n.l2m. compared with £0.73m. - farm eels on a commercial scale, future of the -.mine, repo 
Aftertax of £L0Sm. (BDBflm.), The-' scheme use 8 Tomatin’s Dublin correspondent 
3B^a fu u year earnings are shown to abundance of purewater -and jjorfhgate has inform:.. 
m m 2 be up from 10.4p to ll.Bp per 25p waste heat. vnrir ■cvr^an:-: * 

Pre-tax pmllt 362X12 

Tax 218,330 

Net pfvfit 142,433 

Minority interests ...... 11.8S0 

Atrlbuuble — 154J82 

iDU-rtaj dividend — . 7RS« 

Retained 84.01 B 

t Loss. 

In the U-K. all group 

aries traded satisfactorily «4UU toun. uivuienus ot o.uoip gross mcreosiue uuniui .uy, 9UUOLU1HQJ rtf mvntlnM*. 

continue to do so. The directors at the moment equal to 4p net — volumes: Indications are that the - me CUUUMU ; 

are confident of their continued have been forecast for 1978. •• project could well -produce a lynagu op e ratio ii. 

success duri eg the second half. Extraordinary .debits for 1977 worthwhile - profit, contribution The problem is thesfum' 

On the full year’s results, they absorb £137,000 (£65,000). from 1979- onwards. ^oc market, and' the fall 

price of lead. On prest 
reserves; the mine has a 


AUTHORITY INVESTMENTS — Results IE in fuff prelunioary rtatement. WxedMart* 8. Group fired sssd8CX3to. suggest con turning losses 
reported April 5. Cbolrmva states Uist assets £1.782,738 • £1.55.473 ». net current , Current assets E30J8ta. t&OSe years, 

the past year offered the opportunity for assets £814.338 >£313,8711. bank overdrafts ICU.tem.) and current liabilities £U^3m. . One possibility Open to. 
improving dw relation of assets to £2 .27, 894 1(913.8831. Net liquid funds up t££3.IUta.j. Historic^ pre-tax proflt „.„ij hA ■ s tee 

Hab [lines of tie croup and the banking . J319.S84I (down £l4&S75i. Morcaatile XS-55ai. and £7.4lm. on CCA -basis,- after '«“™ wouux «« « ^ 

sabsitUaiT. Portfter sHemflcant progress Credit holds per cent, of cqniw as at additional, depreciation CfLTBm.: cast of C105UTC* leaving fflB W! 
tuts been made iu the current rear. Pro- February IS.. 1075. Meeting. Manchester, sates adjustment £6. 4m. ahd a gearing te - exploit - the nanaunT" 
Tided tradlns conditions continue as at April 27 at noon. adjustment of Cs.W.' 'Net liquid funds. wi^o 

presem. tuo prospects are excellent for NEEULERS 1 confecti rtnery maker) — iaowsed by B-lTm. (£2. 4m.). Birectore xp “ re rrS rrin 

further Improvement In the croup's post- Results for 1977 already known. Fixed expect further significant rise in group kfit IlOp roves,'. lDe 

tlon. Meeflng. Cadopan Betel. S.W., on assets £804.331 1 £634,832), net current profits ,it» MTS. Meeting,- East Grindstead. flgTLres ; shsw ■ R loS 

April 2S. at noon. assets £723 1 £459.1351. Net Uqnld April 2S 4t 10.30 un. fUNL-hut 

BSR — Results for year to January 7, funds fL03m. incresHe t£0.73m. decrease). — — . - - - -. .more jsian ^pv.uw,. ^ 

1#78. reported on March 8 In full pro- Meeting, Hull. April 25, at noon. 

V1KIHC OB. joll .and gas «ptoraUro) qaartET Were 

llm Inary statement. Croup fixed assets W. J. PVKE (HOLDINGS) fbotchtax^^ ^ M fMO.OOO: 

Ets.8lm. tdSJStn.) and net current assets Turnover £3i4m. (£2. 09m.) for hall year JTT ’ - ' ' ' 

EK.fem. f £40.13 in, I. Net funds increased to December 31, 1077. Trading profit rSuliii nnT rw! 

by XS.GSra. (£18.74m.). Meeting, Savoy £80.789 (BS.OOOi, bank Interest sas.511 MINING BRIEFS 

<£30.000). depreciation I33.B8S f£l».000>. ^ : Jl 1 ?® tMW vnui - i 

Hotel. W.C., April 24. at 11 am. 

CARTON ENGINEERING— Results for Prc-Us profit £31.740 iffi.DOO). Tax £16.504 O mlnnao KILLINCHAUL.TIH-MjrCb p 

1977 reported JUarrti 22. Croup fixed (ndj and oet profit flfiJ 38 fSS. 000 ). Pre- afaareb^lere ^ mtoresta. tta ronnes ffbbniary ■ 

av»«s £3 .28m. tfl.SSm.i. current aiwets m earnings per 10 d share 4.15p «0.7Sp) JL _ GOLO 4 KD ; .-in! a 

f3.Wm. < £5. 15m.). current liabilities £3.5m. and 1.09p f0.^p) after. No interim dlvt- i . B . Oorpat of- c gncenm tM * 

<£3. 44m. >. Chairman saj-s dtrectora hope dead. FoUdee adopted by directors appear w* 3 - »wnns. Eoinnarg u.. Ap m 34. noon, gredo) lor ‘fwrtaryi. OT< » 

for satisfactnrj- results in current year, to be prodacinK reasonably good results PAHANG CONSOL (DATED— Omxnu of colunibiu tdL Tavaaopms raw 

Meeting. Birmingham. April 28. noon. and they remain modestly optimistic lode tin concentrates produced and sold ary 38, tin,' 47 tonnes, co mu g™ 

. COM ALCO— Results tor 1077 already about current trading. tor March US- tonnes (February 187 months ended. ™rtauy .. ®"n 

town. Fixed assets SA217_3xn, 

t8Af04J8m.t, Invcsrmenm and advances 
«atw Mm f*AH4.5im.», carrent assets 
8A2S72— m. tSA 195.21m.). currcor liabili- 
ties SAI84.41ID. (S A11S. I5m.i. Meeting. 
Atefbouroe. April 99. 

wrought metal and metal sprayingi — 
Results for the year ended December 31. 
1977. reported March 25. droop fixed 
assets 11.5m. <a.9Pm.i. Net current 

assets ft.54m. f£L2im.) — overdrafts 
£L5Stn. >n.03tn.). Chairman says that 
Immediate prospects can only be des- 
cribed as Indifferent in terms of order 
load. Meeting. Stourbridge, May 5 at 


—Results for year to January 3L ISttS. 
already known. Investments £32.97ra. 
Cto.oSm.1, n-K cnrrdnt assets £i.58xn. 
Ua.55m.). Uninvested funds increased by 
n oflm. Cia.eTnL deems? I. Afreting. 
Winchester House. E.C.. . April 25 at 
12 J 0 pm. 

— Results tor 1877 already known. Qnored 
investments ES33xn. i£7.i3m.). una noted 
£D.73m. I’D) .63m. 1 . unrealised appreciation 
Et.o&ai. 1 S3 Jim.). Chairman says 
revenue is expt-cted lo Increase. Meeting 
Feiers Port, Guernsey. April H, 
2 jo p.uu 

revenue, jrear to Febrnary 28. 1978. 

£354.041 (£345.4801. Revenue £149.873 

'£194.304 > after tax £104.089 i£ 10&S331. 
Minorities £60.651 f£71J56). Earnings per 
lOp share 3.S2p f3.3Spt and net asset 
value 47.3Sp i26Jtlp >. Second inzerim 
dividend In Ucu of final LSp mold ns 3.Sp 
S^sp) neL 

computer peripheral equipuimi, elc.J— ■ 
Rosnlts fur 1877 reported with prospects 
March 29. Group feted assets £L46tn. 
Ii-Km.). net current assets £1.47m. 
i£0.79m.). Currem cost profit £522,680- 
WrTklns capital up £945.000 teown 
3.000 1 . Meeting. Caine, Wilts, April 28. 

ECHO — 1977 results resorted March 23- 
Fixed assets flj-Slm. 1 Eli 35).l. net 
current assets £L25m. (CJUrtL), current 
cost profir £3^3m. compared with histone 
BL 2 im. Overall prospects lor. 1918 

dealer)— Results for lOif reported March 

RENTOKIL— Results for 1877 reported tonnes). 

1 : 



Slight shortage 

Bank of England Minimum 
Bending Bate fii per cent 
(since January 6, 1978) 

be in. Slightly short supply in tne exoeeuco revenue iruau:n> w «ie uwitn “■ — — r -- r a-.. 

London money market yesterday Exchequer. Banks carried forward 4fr5' per ' 

and the authorities were required a slight surplus in their balances kmChtim& to 3 *Tr .?7j|, nej.'Vv '' • 

to buy a moderate amount ot While on the other hand; there a brief flony 
Treasury bills and local authority .was a net take-up of Treasury bills closing balances pa® . ; *• 

bills all direct from the discount tio finance. All the day’s factors tn^3 pe^cem^- 

target bank balances to be carried ■per cent, ter St'- 

forward to to-day. - at the start, and rues , , 

The market was helped by a fluctuate between 
wnall fall in the note circulation per cent; before 
disbursements- per cent In 

Day-to-day credit appeared to. and government uuuuiaaucuu,. 

. =_ -- the exceeded revenue transfers to the market ovemlght jogj®-.; ^ 

houses. Indications were that thia appeared in p retty ‘small amounts. 

Apr. 6 


of dcp«HU ■ 

lolerbenk | 


AuUmrity I 
deposits, j 

Local Autli. 
, bonds 

l Futance , 
Hoi me ' | 
Deposits | 

Com (May 

2 ilajra notice„| 
7 ihiysor 

7 itaj-v notlre.. 
Ous iuv>ntb...„ 
T*»o muntirs...| 
Thr«o niuathi.! 
Six moUtlH....! 
Nino ainaUn.. 

Oneyesr- I 

Tuoyew*. .| 

| - ^ 

7Ib-7 1 

Till -7A .1 
818-7’.^ . 
8 , 1-8 


47gJl a 


Sis-f), | 

■ dv' 


. 678-71*- 

74-778 . 


9fe ' 

. SSfCSt 
fir^fiss . 

:.«lB^.l4. -j 

. 6 ia-bfie - 1 

7 >4-71* - 
7Tfl-8U' t . 
8 ia -• 

Bii ■ . 

•s '. '. 

, ;7, - 

■ . as* 

•■tna • ! 


dopcMit M- 81 **.- 

aj5i* . -rrv 

. -.a-EJ*. 




Local authorldes and finance bouses Mm to 1 wBn. seven 
Doralnally three years 1M-W4 per coni.; lour" years US-11 per 

1 aw* 1 

boring rates for prime 1 w**. Buying for Rm^moiUh^ ba ^ ^ ccnU “S . 

Approximate selUns rates ter o^manlli/freasary ' Mi la i n* g> gr ? ‘ ' 

551 s?-6 per cent. Approximate selling rale oae-mo^ iwk P Sewf' ; - 

aa per. cent: : One-month mule- bite ^-81 -PW; amB- . 

Finance Hpose Race Rates fmbilsbcd hr tbe.FlaailCe Bouses ttoxociatl gn) T Igr ^ ^^ 5355 . 4 # ,P<r - . 

Deo 03 it Rates (for small soms at seven days’ notice) Cper cent- OwrfM.BM* **"*.- v •, 

BiJb; Average render rates of discount 3JM9 per cent , ' 

.f. 4 



Fmax&al Times Friday April 7 1978 



s poor Macfarlane’s setback 

Bifurcated Eng. expands 

ijSJ . B asic eamLogsp^r IQp *are are 

--SSBi 5 ®' ©?SSaerte«c 

■s^ u ssanar *$ 

aSS^JSJSgPSP"* 2.174587P .(!«££§£ 

■«.> VC. 

. - _ *«« w fc n.nirj aim khw 

■ perations, resulting in a sre-taz 
. ^rplus for the 32 freak* to 
• Mjjuuy L i&78 down at £13.04nL, 

*JPM* n&fixL E*™ 1 *** 


in v G v 

1 Sir Frederick YTooii, the dahS pa _ i£^ 




4 ( 

Overs©#* tax .,.,. 


. ns 

" £ST0 
■ 13,D5T 
' ' 2J&L& 

i J» 






















vSi*? 58 - that depressed trading 2™^L 

'”i Ue T_„ t° iS78 and. the chemical UamUscd • ■>»*««» 

_ .... ■: idustiy m particular appears to- 

-.- v. & Passing ttmm&i a -phase of re- Available to OitL 

- -^uced activity. ' omiiiar? dMdtnds _ r 

■ 5“S • comment' : ' , . 

.larketE and product- reuse «uf'.-At ti,e half-wap stage Ccoda ta- 

■ ;• ■ s n J”‘ oven strength. . ternatlonnl, 4n. reporting a one- 

;- operations In food ingredients sixth, rise in pre-tax profits, gave 
r ' ■< ““P* little- hint . of the scale of the 

F V! ?!f v ffected by w ??m ’P 1 ****™* that were about to 

\r f »,-a eflniD ^ ^CtiritteT InSSSd'^d affect the group, beyond pointing 
v vL Kivesults in paints, inks and private out that trading conditions were 
- -JUbelsoap were very good, state* dull It turns out that although 
. > .nFredentafc . . . the group managed to keep 

_ overseas, tins group's sub- volume at roughly ' unchanged 
iOiames m Europe were ion the levels, trading margins tumbled 
- ynoJeinpre affected by adverse from roughly S per cent in 

■ onditwos .'than was . the case at Jamiazy-Jtme to 5 percent in the 
.ome. Aetavi ties in. North America second 9ix_ months. ’ Investment 
rere satisfactory and Australia dealing profits also fell, and the 

-. nowed some recovery although outcome was a. 37 per -cent drop 
be economy remains depressed, in second half profits, despite the 
The fun-year result was before inclusion of around. £lm. from 
. /-K- tax of £2 -51m. (£3 42m.) and. acquisitions, leaving the 1977 pre- 
. verseas tax £L14m. (£l-7ttm.>. In tax. total several JEm. short of 
. ccorifance- with EDI9, provision market expectations. Moreover 
- ... or deferred tax is now made only- there are few optimistic noises 
... ' vnen a liability is expected to from Croda about the current 
- iccur in the foreseeblae future year, with , the first quarter stay- 
..} nd as a result, £12. 67m. has been ing ■ depressed, apart from one 
. ' e leased to reserves from the pro- strong feature, the. UJS. opera- 
tion at January- 2, >1977. tion. So in the absence of any 

•j •-*•-. After minorities and preference, second half.- recovery . in the 
livid ends, unrealised exchange world economy Cruda's profits are 
:-.osses of £347,000 (£82,000 gains), likely to be £12m. or less In 1978. 
>rofit available to Ordinary On a - yield- -of 6 l 7 per. cent at 
-- -£■ mlders was reduced from JE9.47m. 50p; the riiaxes unexcit- 
o £S.76m_ tag in the short term. 

Berwick Timpo profit 

- " DECLINE in ' second half 
■ 1 ■ irofitabUity meant that taxable 
namings of Berwick Timpo, the 
- . .*oy and game manufacturing 
rroup, declined from £995,406 to 
... «> - r -879,850 for all 1977. Sales were 
K v ! Jugher at £1247!m. against £10470. 

• - . ... jlmost entirely due to the "inclu- 

. ion for the first time of a full, 
i/'ear's trading' for Bar butt's 

At halfway, when, reporting 
writs ahead from .■ £348*257 ■ to 
4028.S09, Mr. J. D. Oakley, the 
f * N i'm } ?hairman, said that with the' 
. -"general downturn -in consumer. 
' ^pendiag, 1077 wax Ukely to prove 
Usappointfng for the toy industry. 

‘ - Tax for the' year takes £354466 
£404435) adjusted for • ED19 
Mving-'-uet' profit of £525493 
£500,821). After-'extraordinary 
ebits and preference dividends, 
ttribu table profit lell - t from 
504411 to £30*030. ' 

Stated earnings before extra*, 
'-rdlnary items are 04p- (I0.7p) . 

add a final dividend" 

from both companies cksing the 
.current year- .- . ; ;; 

" The- group has continued - its 
policy- of introducing a. large 
range -of new produets and these 
were weU received at -the toy 
lairs. With the re-oxganlsation of 
acquisitions ■ completed, and 
assuming a reasonable trading 
climate, the chairman -looks for- 
ward to an improvement in -the 
group’s prospects during" 1978. 





- --er25p. share 

-'•f- l.3947p Efts .fhe total from 
.6Sl2p to 2.9947p net,, costing. 
184425 (£147437). 

Mr. Oakley reports that dazing 
-he .year the re-organisation of 
. ."farbutt’s was completed which 

ivolved the Closure of two Icissr. 

i airing subsidiaries. The Park 
’oys factory was also closed, and 

N *rfhc<‘- 0 further Josses wdU .arise from 
,./! liliH-his company. In addition, the 

T e structuring of the product model toys has enabled. 
. he group to discontinue the use 
. . f a satellite factory. . . .- ... 

These steps resulted in non-,. 
' 'ecurring extraordinary costs of 
- ' 124.830, compared with -a restated 
33,778 for 1976, relating- jo ; the 
- vrit e-off of Har butt’s goodwill. 

*j ' Flair Toys moved Into profit 
• .. 'Jor the first time as a result of. 
_-.- -. he acquisition of Aurora Plastics 
U.K.) and its best-selUiig model 
- ,-oad racing sets. Har butt’s also. 
• eturned a profit and the dirac- 
• ors expert a bigger contribution 1 

ALTHOUGH 357S had started on 
a depressed "level “ we remain 
hopeful lor. tho immediate. future, 
providing r|we . .. are- gwebt,, the 
stimulus ;and" encouragement we 
badly need oh- the Unltfefl King- 
do mmarket and this is'fcomhined 
with improving conditions, over- 
seas.'’ Jf those events jnaterialised, 
tbere. 4hould. be w^thwhile im- 
provements-. in 'Jthe ' trading 
position. . -dr 
' -Mrr.Boon said^ne company had 
recently' launched a major new 
'range of models and they were 
confident tMy would' add new 
momentum .4b the efforts to in- 
crease .nufiket shares, turnover 
arid profits.’ 

-. He -went -on to point out that 
.Hooyer’s investment programme 
across, the world over the next- 
two to throe years was the largest 
it had ever undertaken. 

Before, closing the meeting, Mr. 
Boon indicated that it was bis 
intention to retire as chairman 
towards -the end of the year. He 
will continue to serve as a. mem- 
ber of the Board without execu- 
tive - responsibilities after that 


. . < . jj 

- <*- 

Manufacturers of High Quality Fashionwear 
v 1977 1976 

£000 ‘ £000 
. 5-842'- 4.678 + 245% 

Group Turnover ' 
Group Profit 
(before taxation) - 
(after taxation) 
Earnings per share _' 
Final Dividend (net) 
Total Dividend (net) 

1J220 808 + 26.1% 

490 381 +28.6% 

1421 - ' 924 +53.8% 
1055'. . *85i 
J 1:56 *1.41 

252 *210 

- Issue: 

?'.• Assisted ImyorECTgygaixtsLl^ interest 

received dri snort-tetm deposits (£87,000) we show 
a group profit of £1,02 0,000 for the year ended 

. /V VfiVW UUUVIM SJIl-/ rv 

Substantial profit increases were achieved by all 
sections of tibe group. ‘ 

Exports were24J^oftiimover atdQ,421,000 and 

of the pound though we remain confident of steadily 
expanding ohr overseas markets. ' . 

The year again (f&ncaistr^ted the high quality of 
our workforce. No ^ort was spared to ensure the 
best possible sales and production performance with 
quality products and dedicated service to customers. 

O ur garmentpr oductioh isfully booked for the 
current spring/ surnmer season and whilstforecasting 
profit trends is unwise in these uncertain times, . 
we view otir future with confidence. - 

mniiii yvjLi*****- — 

final dividend of L56p per ordioary share absorbing 
£72£82J>5l A further scrip, issue Of one ordinaiy-_ 
share for every five alreawheld is also proposeom 
accord with purpoEcy of keeping issued capital m 
line with the capital employeain the business. 

This latest scrip issuennn^s our total issued capital 
above the level required fortxustee status. 

■ • - J. E A. Robson 

Chmnnafi ' ' 

A SECOND-HALF downturn from 
£412493 to £268,855 cut pre-tax 
profits of Mariaziane Group 
(dansman) from £622492 to 
£570458 for the full 3977 year on 
turnover ahead at £9 28m. agahist 
£7.69m. But the directors state 
that all companies are now 
performing well and trading 
profitably In the early months of 

The group Is benefiting from 
recent acquisitions, they add, 
which are malting a useful contri- 
bution to the current year’s 
profits. As a result pre-tax profits 
for the first three months to 
March 31 are ahead &t £245,000 
(£ 122 . 000 ). 

Earnings per 25p share for the 
year are shown to be up at 6.8p 
(5J27p) and the dividend is lifted 
to 344p (3.439p) wfth a final of 
2.025p net 

Mr. Norman Macfarlane, the 
chairman, says that results were 
adversely affected by the loss of 
the Regional Employment 
Premium amounting to £67,000; a 
decrease In Interest received of 
£30,000, and an. exceptional 

trading loss in ACW of Aberdeen 
of £69,000 against a profit of 
£53400 in 3476. 

The ACW loss was incurred, he 
gays, almost entirely because of 
substantial non-recurring costs 
involved in the development and 
promotion of new products in 
1877. The company, he adds, has 
moved back into profit this year. 

The subsidiaries Which manu- 
facture bottle closures and print- 
ing products mainly for the 
whisky industry had a further 
good year, and he adds that this 

applies particularly to Daniel 
Montgomery of Kirkintilloch. 

Midterm rise 
by Burns- 

Turnover for the half year to 
end 1977 of Burns-Anderson rose 
from £747m. to £9.5m. and pre- 
tax profits advanced from £201,000 
to £257.000. 

The directors say that ED19 

has been applied and tax ran only 
be assessed on the full year re- 

The Interim dividend is lifted 
from 0-S5p to 0.4p per 10p share 
costing £22,000 (£19,000). Last 
year's total was 1.43p and pre-tax 
profits came to £433,000. 

Mr. William Burns, the chair* 
man, states that the trading sub- 
sidiaries in motor vehicle distri- 
bution, shop and bank fitting and 
steel bar reinforcement continue 
to increase profit and the direc- 
tors are confident that manage- 
ment will hold or improve their 
share, of the market. The electri- 
cal distribntion company is still 
finding difficulty in securing busi- 
ness at reasonable margins and 
steps have been taken to vary 
the trading pattern. 


Bus Container Holdings has 
sent to holders details of a scheme 
under which the £374400 8} per 
cent. Debenture stock 1988-93 will 
be repaid at 95 per cent. 

increased demand for parts feed- 
ing and packaging equipment, 
taxable profit for Bifurcated 
Engineering expanded from 
£14.43,000 to a record £1497,000 
for 1977, with £785,000 against, 
£595,000 arising In the first half. 

The directors say that produc- 
tion levels for the second half 
were maintained, but owing to 
pressure ■ on rnargins a nd 
exchange losses, ' profit for the 
period declined against that 
earned in the opening halt 

A capital expenditure pro- 
gramme in excess' of £lm. has 
bees initiated with the principal 
aim of improving productivity 
and hence resisting the rise in. 
operating costs, but with the 
prospects of any improvement in 
world trade looking bleak, the 
directors aim is to m a i n ta in 
group profit at the 1977 level. 

From turnover of £UL2m> 
(£944m,), exports were agai na 
record at £2 .26m. (£2.Qom.). After 

tax of £725,000 (£514,000), net 
profit for the year was ahead 
from £629,000 to £572400. But .an 
extraordinary loss this time of 
£81,000 on the sale of a sub- 
sidiary, leaves attributable profit 
slightly down at - £591,000 

Earnings are given as 8J92p 
(S45p) per 25p share. On capital 
increased by a ane-for-fivc scrip 
issue, the dividend total is effec- 
tively raised from 24475p to 
24I637p net costing £212,000 
(£192,000), with a 149967p final 

Profit was struck after depre- 
ciation of £373,000 (£S56,000), 
accelerated depreciation £80,000 
(£115400) and Interest- charges 
Of £85,000 (£127,000). 

Titaghur Jute 
losses go on 

Mr. H. J. Silverstone, the chair- 
man of Titaghur Jute Factory 
Company says in his annual state- 

ment, that but for the recurring 
power cuts it would have been 
possible for group mills to have 
incurred much smaller losses in 
the current year than the £2.1m. 
loss in the year to June 30, 1977. 

The power position has, if any- 
thing, worsened during the 
current year and the mills have 
incurred substantial losses. 

The directors have decided to 
instal diesel generating sets to 
increase production to take 
advantage of the favourable 
trading conditions at present 
ruling in the gunny market 

The UK. operations have had 
.a difficult start to the current 
year with the continuing 
depression in the economy 
keeping down demand for some 
of its products. 

However, the Board is reason- 
ably confident that this year’s 
results far these operations will 
not fall far behind 1976-77, he 

Meeting, Dundee, April 28 at 








For the 52 weeks ended 37 December 1977 


As published 

Group sales 

£ million 

£ million 

£ million 




Group trading profit 




Investment income 







Interest payable 




Group profit 

Share of associated companies' 




profits less losses 




Group profit before taxation 




Taxation (note 1 ) 







Profit attributable tominority 








Extraordinary items 




Profit attributable to Cadbury 
Schweppes Limited 





Preference Stock 




. Interim on Ordinary Stock of 

0.95000p per unit (1976 0.65625p) 


2.4 . 


Final on Ordinary Stock of 2.091 4Sp 
per unit proposed (1 976 2.06675p) 




.V s . : : ■ 




■ Profit retained 




Earnings per ordinary stock unit of 25p 

. Net basis 



5.1 2p 

Nil distribution basis 

. 8.59p 







-I.Taxation charge is as follows: • 



£ million 

£ million 

Corporation tax on taxable profits of the year at 5296 



Deferred taxation 



Doubletaxation relief 





Overseas tax 





Advance corporation tax : 

On dividends for year 



Recovered — previous dividends 



Over-provision in prior years 







At31 December 1977 

Capital Employed 
Share capital of the Company 
Reserves (note 2) 

Loan capital 
Minority interests 
Deferred taxation 

Balance of investment and development grants 

Use of Capital 

Debtors and advance payments 
Short-term loans receivable 
Balance at bankers and cash 

Short-term borrowings 
Current tax 
Corporation tax 

Net Current Assets 

Land, buildings, plant and equipment 

Associated companies 

Other long-term investments and loans 

Assets Employed 
- Borrowings net of cash 




£ million 

£ million 




















































2 . Reserves of the Group are as follows: 

At beginning of year as previously published 
Prior year adjustment relating to deferred taxation 

Profit retainedfor year 
Net profit (loss) on restatement 
of currency assets and liabilities 
Surplus on revaluation of properties 
Nigerian issue to minorities. . 




£ million 

£ million 


















Provision is made for deferred taxation to the extent that tax arising is 
likely to become payable within the foreseeable future. This approach 
represents a change in poiicy from that adopted in previous years, when full 
provision for deferred taxation was made, without regard to the possibility 
that the liability could be perpetually postponed. 

♦The figures for 1976 have been re-stated to reflect the revised policy. 

3. On 31 March 1973 the Company raised a syndicated Barik loan of US- 
$90 million. The proceeds will be applied as folfows: (a) US$58.6 million for 
the proposed acquisition of Peter PauMnc.,<b) US$22.5 million for the repay- 
ment of a medium term currency borrowing and (c) the balance to provide 
working capital for the Group's United States operations. 

Sales art £883.6 m. were 12% up on 1976. 

^ International marketing investment increased by 
over £1 0 m. during 1 977- 

$£ Profit before tax rose from £46.4 m. to £4B.2 m. 

^ The Board is recommending a final dividend of 
2.091 43p per unit which, together with the interim, 
: makes the maximum permitted for the year. 

^ 48% of Group trading profit came from overseas. 

Further improvement in control of working 
capital resulted in reduced year-end borrowings. 

The U.K. Confectionery Division made a 
significant contribution to the results. 

% Our two main objectives are to build the business 

. * 

In North America and to improve the return on 
assets in the U.K. 

^ Cadbury Schweppes has offered US $58. 6m. for 
the U.S. confectionery company Peter Paul, Inc. 

We are budgeting for an increase in profits : the 
results for 1978 should be assisted by a rise in 
consumers' expenditure in the U.K. and by more 
stable raw material prices. 

A diw 

6 April 1978 


Subject to approval by the Stockholders at the Annual General Meeting the 
final dividend wifi be paid on 1 July 1978 to holders of Ordinary Stock 
registered at the close of business on.22 May 1978 . 

The /ihnuai Report and Accounts, containing the Chairman's Statement and 
a detailed analysis of the year's trading, will be posted to Stockholders on 

Cadbury Schweppes Limited, 1/10 Connaught Place, London W2 2EX 

Cadbury : Fry : Pascall Murray : Schweppes : Rose's : Kia-Ora : Typhoo : Chivers 

Kenco : Kardomah : Andre Simon : Jeyes : Babysoft : Parozona : Bloo 



This announcement appears as a matter of record only. 

Daewoo-Triad Development Co., Ltd. 

Seoul, Korea 

US $30,000,000 

Medium Term Loan 

Guaranteed by 

Korea Exchange Bank 

Managed by 

Goldman Sachs International Corp. 


Security Pacific Bank 

Asian International Acceptances & Capital Limited 
First International (Pacific) Limited 
First National Bank in Dallas 
National Bank of North America 

Funds provided by 

Asian International Acceptances & Capital Limited 
Bank of Montreal 

BNS International (Hong Kong) Limited 
First International Bancshares Limited 
First National Bank in Dallas 
First Pennsylvania Bank N A- 
Girard Bank 

J. Henry Schroder Wag g & Co. Limited 
Korea Associated Finance Limited 
The Long-Term Credit Bank of Japan, Li mi tea 
Midland Bank Limited 

The Mitsubishi Trust and Banking Corporation 
The Mitsui Trust & Banking Co., Ltd. 

MTBC & Schroder Bank S JL 
National Bank of North America 
Orion Pacific Limited 
Security Pacific Bank 
The Tokai Bank Ltd. 

UBAF Arab American Bank 
UBAN-Arab Japanese Finance Limited 
Union Bank, California 
WMS Capital Corporation Limited 


Security Pacific Bank 

March, 1978 

spending £40m. 


Albright and Wilson, one of the 
world's five leading producers of 
phosphorus-based chemicals, is 
increasing its capital expenditure 
by more than 63 per cent, this 

Most of the rapidly increasing 
investment will be shared 
between plants in the U.K, 
Canada, the XJ.S. and Australia. It 
reflects the comparative buoy- 
ancy of the major markets in 
which Albright is operating, 
which contrast sharply with some 
other areas of the chemicals in- 

Capital ' expenditure in 1978 is 
expected to be more than £4Qm. 
compared with some £24-3 m. last 
year. About 60 per cent will be 
spent in the TJJi. and some 40 per 
cent, overseas. 

With sales up IS per cent, last 
year to £338 m. and pre-tax profits 
ahead 12 per cent, to £35.4 itl, 
Albright managed better than 
most chemical comnanies to over- 
come the depressed conditions of 
world trade. 

The Investment in new plant 
suggests that Albright Is now; 
confident that it has overcome 
its desperate problems with the 
construction of two phosphorus 
Furnaces at Long Barbour, New- 

After years of difficulties, which 
brought Albright Into serious 
financial troubles, the phosphorus 
plants finally came fully on 
stream last year. Its long-term 
contract for cheap power supplies 
in Newfoundland now offers It 
advantages of reduced produc- 
tion costs over most competitors. 

Of the current investment pro- 
gramme £19. 5m. is being spent on 
new phosphoric acid capacity at 
Whitehaven. Cumbria, and £17m. 
Is going to increase phosphorus- 
based chemicals production at 
Widnes and Oldbury. Overseas 
£8 .9m. is being spent on a sodium 
chlorate plant in Louisiana, in the 
UJ5_ and £5m. Is going on a 
similar plant in Ontario, Canada. 

Mr. David Livingstone, manag- 
ing director of Albright, said 
yesterday that for 1978 no drama- 
tic change was expected in the 
company's performance. No signi- 
ficant part of the business was 
running at a loss and none were 
expected to do so. 

With the decline In sales parti- 
cularly in North America; of 
sodium tripolyphosphate, a* big 
ingredient in powder detergents, 
there will be a world over-supply 
of Industrial phosphoric acid and 
Us derivatives for the next three 
to four years. 

But the company is confident 
that overcapacity wQl be mao age- 
able. In other areas its markets 
are still growing fast, said Mr. 
Livingstone, particularly for paper 


The Mlowtng companies have notified 
dates of Board me eti ngs to die Stock 
Pfr ch a ng e. Such meetings axe 
held for the purpose of 
dividends. Official Indications are not 
available whether dividends ' concerned 
are interims or Suis and the sub- 
divisions shown below are based mainly 
oh last year's timetable. 


interi m*— Burgess Products, Walter 

Finals — Coodo p arra nt and Murray. 
RmtUzus Bros- Sbanu. Ware, Winn Indus- 



Kent CM. P-> Apr. U 


Benfonf Concrete Machinery Apt. 10 

London Adamic Invest. Trust May 24 

Monties fJohm L— Apt. 19 

Modem Engineers of Bristol Apr; H 

North (VL F.) : Apr. IS 

Pearson fS-i 

Apr. 21 

Richardsons Westgartb 
Sanrtwnan 'George) 

Apr. n 

Ape 12 

Apr. 13 

SindaQ CWm.i — Apr. 12 

and pulp chemicals, flavours and 
fragrances, and fine and pharma- 
ceutical chemicals. - 
After making losses in 1976, 
Albright’s fertiliser sector reached 
break-even last year. Price In- 
creases of l2i to 13 per cent 
were introduced in- January, but 
the company says it will have to 
raise prices again In. July, per- 
haps by as much as 10 per cenL, 
before it can achieve, a satisfac- 
tory return an investment. 

E. Upton 
turns in 


INCLUDING a special credit of 
£123,575 pre-tax profit of E. 
Upton and Sons rose from 
£36,106 to E19&316 for the 53 
weeks to January 31, 1978 on turn- 
over down slightly to £4.45 m. 
compared with £-L 52 ul for the 
previous 52 weeks. 

The directors reported an 
increased loss, at halftime of 
£112,151 against £84,647 but they 
said they expected to more than 
recover this loss in the second 

Earnings per 25p share are 
L72p (0.05p) and the dividend is 
maintained at 225p net with an 
unchanged final payment of L5p. 
After tax of £42.082 (£9.635) net 
profit emerged as £236,484 against 
£26.471. The company operates 
departmental stores and retail 

Thistle crude goes 
to Germany 

THE WEST German oil explora- 
tion group Demines Deutsche 
Erdoelversorgun&gcseUschafL has 
received permission from the 
British Energy Ministry to export. 
50 per cent, of its share of erode 
oil production from the Thistle 
field in the North Sea. 

The Ministry’s ruling makes due 
allowance for the company's 
special aim to supply the Ger- 


At the Annual General Meeting held on 
6th April, 1978 the Chairman, Mr Peter 
Boon said:— 

• Next week the Chancellor will 
announce his Budget. We must hope 
he will Heed our suggestions to inv- 
prove market conditions. We wel- 
come the implied promise that direct 
taxation will be reduced. This shouid 
give greater confidence to the public 
to buy more of our products. 

Mr. Peter Boon, Chairman, Hoover Ltd. 

Financial Summary 



Group Turnover 


£1 80m 


. £38m 


Pre-tax Profit 
before translation 
gains/losses . 

El 3.7m 




(1.47m) , 

£2. 37m 

Group earnings 


£9.1 4m 

Earnings per 



Dividends per 

• 14.82p 

1 3.27p 

We hope that the Budget will also 
be geared .to do more to motivate 
management and skilled people on 
whom we as a company, as weir as 
the country as a whole, so much rely. 
We must give them the encourage- 
ment to take the lead in helping 
Great Britain to play its full part in 
the world. 

Although 1978 has started on a 
depressed level, provided we are 
given the stimulus we badly need in 
the home market and trading condi- 
tions improve, overseas, we iare 
hopeful that the immediate future 
will show signs of much - needed 


Copies of the Report and Accounts together with the Chairman's 
circulated statement can be obtained from the Secretary, . 

. Hoover Limited, Perivale, Greenford, Middlesex. 

man market The Energy Depart- 
ment normally requires two-thirds 
of offshore ofi production to be 
refined in the U-K. 

Demines, with a stake of around 
41 per cent., is the largest share- 
holder in the Thistle field, now 
being developed by the British 
National Oil Corporation. 

Demines also announces that it 
will explore and develop an 
8,200 square metre area off the 
south-east coast of Vietnam in co- 
operation with the state oil con- 
cern Petro Vietnam. The German 
company has signed a service con- 
tract to carry out exploration 
work as well as the development 
and production of any commer- 
cially viable deposits, and has 
taken over the financing of the 

Deminex has agreed to train 
Vietnamese personnel and will 
support Petro Vietnam through the 
marketing of its share of any 
crude oil finds. Exploratory work 
in the area should begin this 
year. . 

The German company will be 
paid for Us services out of 
eventual production and will also 
have the right to acquire crude 
at market prices and export it 

* * + 

Japan 00 Sands ( JOSCQ) has 
reached agreement with a Can- 
adian oil corporation to take part 
in an estimated 8140m. oil sand 
development project in Canadas 
Alberta province. 

A letter of intent on the pro- 
ject has been signed between 
JOSCO’S subsidiary, Japan Oil 
Sands Primrose, and Petro- 
Canada, a Canadian government 
owned oil corporation. The letter 
calls for the Japanese firm to put 
UP $C75m. (£S5.3m.) In return for 
25 per cent of the concession 
rights of the Athafaaska region. 

The region's oQ sands are 
believed to contain 160bn. barrels 
of oil, but existing methods to 
extract oil frorri the tar sands 
are still expensive and inefficient 

The development cost wiH. be 
shared equally among Japan Oil 
Sands, Petro-Canada and Imperial 
Ofi and Canada City Service. 
Development will start . by the 
end of this year under a 15 year 
plan, details of which have yet 
to be worked out. 

* ■* * . 

Atlantic Richfield has dis- 
covered oil and gas in an 
exploratory well in the Java Sea 
offshore Indonesia 90 miles east 
of Jakarta and 14 miles south 
east of the nearest oil producing 
sector of the . active Ardjuna 

Further drilling will be neces- 
sary to evaluate the potential 
significance of the well, PSI FN-L 
which was drilled to a total 
depth of 4,530 feet from the 
Santa Fe Explorer in water 1S2 £L 

Atlantic Richfield Indonesia is 
the operator for a group which 
holds a production sharing con- 
tract with Pertamina. the Indone- 
sian state owned oil company. 

* 4 r 

Panarctic OH, operator for the 
Arctic Islands Exploration group 
which includes PhaUps Petroleum 
Canada and Gulf OH Canada, 
says that the Panarctic et al 
Aieg Roche Point (M3 well off- 
shore the Sabine Peninsula .of 
Melville Island produced gas and 
condensate at “ significant rates " 
on drill stem test at 9 ,000 feet 
The company did not elaborate 
on the test results. 

Financial Times April 1 7 1978 



.. nsehife 
uranium hopesp 




A&ttander Lease la uTmakl 
comeback as a. 

..uranium now. irec^re a . 
douche with the news that “V 
directors have fdl t it PtSLA 
. suspend temporarily neSS/ 
•for the Mto.of the 
. of the. mine’s projected^ nSSS 
otftpat .until talte^dth 
ment are concluded and 
eral review of the feaaif ■' 


WKLE lowering economic. doods and thus stem the -continuing study^T'^is 
metal. markets, the deterioration in our competitive since the 
Rio. Tinto-Zme .group’s - 72.6 pet -position.” - - . : A, con3 Pi« 

rent-owned Conrinc Rkrtteto <*f ?fa the groups liw5y expiora- P 

Anstralte vrarns tiat ito outlook tion. seem, a good deal nf fasdna- 

for 1978 is of - “substantially tibn surrounds, the . search Tor 
re S t diamonds in Western AuatraSa 

metal prices where CHA has raised its stake “tt 

lower" -opera „ 

desptie the wea k metal prices where CRA has raised its stake -is - a «aF, fiat" <££ , Lv If 
and the worrying trend,-«spee^fa the Ashton joint venture from ^uia SSeiSrf 
aUy for this group_ which_is 35 ‘per cent., to 52.7 per cent • SL'ofS 
d^Hsndent on growth m world Not surprisingly. Mr. Carnegie operating coste ? " 

trade — of major - countries ■ to hxdds his cards dose to the chest, Efenfficamtly hfcber * 
retreat to greater' protectionism disclosing • only / that - We . have straw fcwT A.. 1 
CRA anticipates a- very active found some diamonds in Western last week’s South amS™ ' 

Australia, but whether fa com-. of a 4 

In his statement with the mercfaJ quantities rwnafa® to be iiwhw*, ir 1 , J® 1 ' 
report MrRbd : Carnegie, seen.” comment,-. however, P- 

the Jhainnan, potato ou t feat 1 4s hardly likely to dampen recent £nS reW? vrtfSM S* 
yearis rise m net : eandngs to riiaremarket hopes. - „ . r brforfith^^r J 8 - 10 - 

AgTTJhn- (£47. 7m.) from AJBRffia . CRA will strengthen hsSofS ; 

was pnmarffy a result qf/iu- Malaysian tin interests by the: ^tlmioK wStaeGoJ 
Ti^ed rMuits from Haandtdey agreement to purchase; RTZ's- o?theprojwt and ' 

™ and CtmiMco alummrum. jftt . 4L25 per cent stake in Cbnxfnfc 4&Soh 8 taSnas-a 
year^ only the alummjum and Stotinto MaMysf*. thereby mafc- rievfew of the '■ 

lead businesses wme experiencr jn^ the latter a wiudly owned sub-. : Richaiti p ^5 

mg a satisfactory demand while shtiary. CRA has: also acquired J^SSSSuire 
the immediate outlook for mop a 80 per cent- stake in -the new the AmIo 
ore and cqal.bad become l^ss Peransaug Rfo Tlnto which hm ^ 

^ ^ iff- : 

lvh But contaes to look top- -ft Is also worth noting fiat as -Sus^orta&^m'aSb, 1 ” “ 
fier ahead and is encouraged by. part, .of . its Increased -ovmeas abte- iSntaS' 

i 5081 Wesson in. exploration efforts CRA is nego- is -rio^tobten ’ J a 

Australia. Mr. Carnegie says that tiatmg to participate; hi BraziL place." Nor have the 
the situation has been reached fa Meanwhile, work is under way in studies thrown up any 
Australia s battle against inflation Indonesia. Malaysia, the U.S-, problems with made* 1 1 
whereby the rate may fall to an Canada, Papua New Guinea and lurgv. Fallowing srnn^ 3’Pi 
annual level approaching 7 per Fiji. . CRA shares were- lj86p, weakness, AfrfirandeT ^ k 
cent by the end of tWs ye&r.” yesterday. ^ ; 'dropped 10p to. 270p jested 


Major constraint on investment is 
poor demand for metals 

, FLYING IN the face of conven- 
tional wisdom that min ta g 
investment is being held back by 
political and fiscal factors, Mr. 
Philip Crowson. the senior 
economist at Rio Tlnto-Zinc, 
yesterday argued that the - one 
overwhelming constraint is weak 
d eman d for metals. 

On the basis of a' statistical 
analysis of in vestment: trends; he 
told the Institution of Mining and 
Metallurgy in London that the 
conclusion is unsurprising, 
though unfashionable 

"Companies will invest when- 
ever and wherever the demand/ 
supply balance nrovides suitable 
opnortunities. Weak demand and 
prices, and substantia] 'over- 
capacity in many* minerals are,, 
to-day. the greatest barriers to 
investment,** he said. 

Looking at copper, zinc and 
nickel, where there are substantial 
stockpiles, he added: ** The 
wonder- is that any new invest- 
ment is going on. Yet ft is” Much 
Of the spending represented a 
continuation of projects started 
in -boom periods, but mines have 
a powerful inc e ntive to invest to 
reduce costs. Frequently this, 
involves extra capacity. 

Mr. Crowson did - not- suggest, 
that the so-called non-commercial 
risks were unimportant They did 

inhibit investment but . . they 
needed to be placed in perspec- 
tive. They may be a largely 
transitory phenomenon of -the 

" First, they are common to all 

countries, whether or hot they 
have a mining industry. Secondly 
many of the revisions in Vwtait>g 
agreements and changes m taxes 
to the less-developed countries are 
often (though not always) part of 
the painful transition from 
colonialism to independence,” he 
said. ... 

Acknowledging the. .rise in 
capital costs and. the decline in 
profitability, Ur. Crowson argued 
that the industry needed to 
shake off its nervousness- and. 
develop new Snap cine methods. 
If it does not others will step into 

the .vacuum. 

“ The ofi companies, with their 
very large cash flows, a strong 
motive for diversification, and a 
very long-term view, are -wafting 
in the wings. That their previous 
mining ventures have hot always 
been very succeaEftl. ' win not 
necessarily stop '.: f them,” Mr. 
Crowson warned.' 

in new search 

AUSTRALIA’S P*n continental 

Mintag,- the' discoverer- .-pf' :t he v 
Jautaka, uraphim deposit ' in the ■/. MTNT(V<7 
Nor (hero Territory, is to ; lii*'. ^ ' 

WTth Japen's Power. Reactor -and 
Nuclear Fuel- Development- €or*~ 
poration in a, joint venture to 
explore for uranium m Austrafia. 

The- - Joint.: venture agreement, 
now signed, is for a -five-year, 
search for nranftan in areas of - 

pre-Cambrian rocks. Panr . 
nental Will be the operator, 
equity interests in 
wffi be equal. Necessary appr , 
have been obtained from 
Austndian and Japanese Go ■ * 
meats. -? ■ 

A spokesman for Pancontib 

said in Sydney yesterday tha 

joint venture will spend f 
AfStn. (£3m.) and that ear * 
tion Is ‘scheduled, to start in . " 

If the - search leads tor a-hi ' 
operation the Australian com-*- 
wiV reimburse the Japanese*-' 
poration’s share, of the tori 
added. - 

Power Reactor and Nodear ; - 
Devdopment Corporatfoo . - 
established by ■ the Jzp.o 
Govermnent to explore r . 
uranium and to conduct res' " 
into nuclear technology, .r 7 ' ' 
presently involved Jn som 
uranium exploration - ptv - 
covering Canada, Africa, S 
East Asia and Australia. 

PahcpntinentajL. owns the' • " ' 
?uka -deposit bn a6^83 pei- - , 
basis with America's Getfr* . 
and is. still awaiting- a Go- • 
-merit go-ahead for exptoh 
of the find. Shares of Pan .... 
nental were 3 up at £10 yesti ; . . 

'nor : 

MALAYSIAN T IK— Results 1 

coded Karab 3U Tribute ore. M 
tonnes (prevloau quarter 
Wortong profit E&3S4 (£&73t). 

• MTALiae Tin— March 
tonnes (Pebnmrr 127 tonnes). 

ore for March 2s tonnes . (Fetar—— 
tonne*).- • 

• '">k 


Preliminary Results fortheyear ended-31 DecanbecWZ, . ^0 U S I 

GRAMPIAN HOLDINGS LIMITED announce profits (subject to audit) before tax ... 
year ended 31 December 1977 of £1,464, 000 (£2,811,000): ' ' 

The directors propose a final dividend of 9 .97% (2.4925 pence per share) giving with .the inffinf; i- . 

a total of J SSI % (3.9925 pence per share). ‘ ,r 'v 

: 1977. ' 

: «000 - 

- - • , - • -- H793 • • 

! V.1* 





Group Profits before Tax: 





3,891 -v 


• Parent Company Expenses including Bank and Debenture 
Interest, not otherwise allocated — < — 




Share of profits of associated companies . 




.Taxation on profics of- the year (see note). 





Amounts applicable to periods prior to acquisition, and 
Minority Interests — .. — — ; — : ; [ — ■ 



Extraordinary Items. 





Preference Paid of 4.9 

Ordinary Interim Paid of 6.0% (1976 - 6.0%l 

Ordinary Final Proposed of 957% 0976 -9.73%). 








Earned per share . 



* * — 

NOTE: The taxation charge for the year to 31 December 3 '977 includes a transfer tadeferred . r 
taxation calculated in accordance with Exposure Draft 19. As this represents a c * lcut £ cin , ,sfr ' 
accounting policy the taxation charge for the year to 31 Deceniberl976 has been restaieami^^ 
basis. Hence earnings per share for 1976 increase from the previously reported figure OJ -r \ ^ 

Inline with this change, £2279JOOQ has been released to reseryesat 31 December 1976 out of . 

the deferred taxation account of £4 j6S9 JJOO at that date; . ■ - v , ... V,. 

The reserves at 3L December 1976 have also been restated to write-off good**** anoumfS I 
£ 1,411,000 . After giving effect to this change and to the dt>f> erred taxation release therena a* : 
reserves of the group at 31 December 1976 amount- to £7,707,000, an tncrease-of :i 

The dalnnan, Nto.D.C.Greift comments: 9^7 % giving a tbtsd^ ^^for^ ^the ywronS^ A- 

“Group profits have been significantly ^dTected , - 1 1976 - 15-.73_%k The fwatf 

by downturns in certain sectors. During tile ' " tothereducuori-in:thc.i®|®™ “■ . i- .. 

last six months much has been done to -35%in 1976 to 34 %. ,n1 ?/ 7 -' : c nrnpr»si^; , _ i* 

eliminate these problems by disinvestment . • . w Tmi Industrial Services dfv^mfK^L 1 ^ '■ ... . 

and rationalisation. This has involved J ....: _welIJnu roarketwff^nwrgms are . ; v - 

substantial non-recurring losses which are • lowl The Consumer Gooas^ vis ^ a0( j; • 

fully reflected in the 1977 results. 'V -- performing _ . 

** Your directors propose a final dividend of -' Publishiogcflatm V " M - 


The Scottish-based holdingoorapany with mterasts-Jivindusmals?^ ; 

. .. coosumer^oods andprintlnaandpul^h^lr ri: y ‘ 

■V f 





Ur-34 ' 


Times Friday April 7 1978 


.V . 

financial and company news 



NEW YORK, April 6. 


tbe ?ir ist °I borundum could be sold off for 

Kenpecott copper^SmSSon S2^5S5"“Ht!?J? 1,,n l. 0 ? approximately the same 366 a 

i-vcuxiecoTt copper cornocatinn rT-u^ “^. uu **Hproxiraaieiy iae same 366 a A u -=>- reuerw appeals 

battle iueviiaSv took wfBKSUP 1 ? 11 ? han ? P“d by KennecotT. assert- bas ordered termination 

Court halts 
tax probe 

CINCINNATI. April 6. , _ 

A U.S. Federal Appeals Court national company which 

Genstar to sell development offshoot 

TORONTO. April 6, 


A DEAL that will provide the shares are held- by European company’s growth during the past jects which it can not only plan 
Censtar of_ Montreal with more residents) bas been selling some ten years, which has put it and manage, but for which it can 

short among the 25 largest corpora- supply some' of the materials and 

than SClOQm. (SU.S-87.7m.) to properties to reduce . its short among the 25 largest 

finance its capital expansion and and long term debt, which tions In Canada, employing more services as" well, 
reduce its short term debt has amounts to more than $C400m„ than 12,000 people, bas been For instance, it 
been arranged by this multi- up from SC35m. ten years ago. mainly through acquisitions, pated in some of 





is a Last year it disposed of $C150m. However, Mr. Andrew MacNaugh- hydro projects in Canada, such 

of a major force in land development worth of commercial and in- ton says that in the. past five as the Nelson River dams in 

0 f and house building in Canada dustrial development land and years, when net capital employed Manitoba and the Churchill Falls 

' has its eye on expansion of revenue properties in Canada, increased by 16 per cenL,10 per and James Bay projects in 

operations in the southern mainly those acquired when it cwt came from internal expan- Quebec. It has also been involved 

took over Abbey Glen Property s *on *3*? ony ® per-cent through in construction projects in Haiti 

...... - . An agreement in principle has Corporation in 1976, acquisitions. ^ and Sri Lanka and is an active 

Curti£s-Wright~~’ tender offer., by KChnecott for neiJ s closing remarks that Cur- Revenue Service erred in having been reached with Atco Indus- At a recent meeting of flnan- Although further direct invest- partner in specialised marine 

Mr. Berner, a rather crustv °* its outstanding stock. Uss-W right is worried about the one of its lawyers assigned to tries of Calgary, the Mercantile rial analysts, Mr. Ross Turner, ment in Canada has. slipped In ventures operating worldwide. 
67-year:olil former" about $666m.', this farm fact a “great deaf’ of Ken- the Government prosecution Bank of Canada and the Toronto- company president, said the com- priority, ' Mr. MacNaughton While anti-trust laws in the 

lawyer,- caHed a Press confereick distribution would favour oecott stock is held by bank team heading the grand jury DomiwoD Bank to turn over to pany‘s Canadian operations have expects good growth in Its exist- U -S. will probably prevent it 

here this morning to • deliver hi«: KennecottV private . rather than nominees.- Urging the banks “to probe in Detroit. them the majority equity interest matured to the point where ing businesses from resource from becoming as integrated in 

first public comments since his corporate.-, stockholders, says 30 to tiieir clients and find out The court said the appointment in Genstar s Alberta Land Deve- further significant expansion of development in the Canadian construction and materials as it 

company, launched its bid last Curtiss-Wright 'because the tax bow the stock should be voted,” of a lawyer to the prosecution lopmeut Company subsidiary existing businesses in its major north-west and construction of is in Canada, the company is 

month to unseat the entire 17- levy would probably be lighter Mr - Benie r referred specifically team, after his involvement In which holds about 13.000 acres market areas would yield lower the proposed SClObn. Alaska looking into other activities that 

member Board of Kenneent* t han on. ah alternative distribu- t0 Morgan Guaranty Trust Com- the original IRS probe o£ GM, for development. The trans- returns, and as a result it would Highway natural gas pipeline, relate to its existing expertise. 

Frequently slapping the lectern tfon- based on S20 per share to pany - whose chairman, Mr. gave “the appearance of a con- action is subject to tax rulings move more aggressively into the The areas for major involvement For instance, although recent 

to emphasise his more pungent each stockholder. Walter Pa _8 e * sits on the Kenne - diet of interest/’ and approval by regulatory United States, which he feels in this, project would be in the discussions regarding the acquisi- 

remarks he lambasted the Ken- Mr. Berner claimed' that as the 
necott cl 

and accused - outside Kennecott had 
of the copper com- any leadership within the 


. regulatory United States, which he _ . _ 

cott Board. The court, ruling in favour of authorities but Genstar epects bolds considerable potential for supply of cement and other con- tion of a savings and loan msti- 

necott chairman Sfr'*Frhnk 'R_ lareest^lTs ^roduep'r 3 *** sinsle Curtiss-Wright a GM appeal of a lower court the deal will be completed by Genstar. struct! on materials, heavy con- tution in the U.S. have been 

— - * *- * 3 fSted to omcer on the list of 17 proposed ruling, ordered the grand jury the end of this month. Strong housing markets instruction, bousing and land terminated, the company has not 

for Kennecott Board, and the probe terminated, saying that an Atco is the world’s largest California, increased land sales development and marine trans- given up its long-proclaimed 

uuvrii „„ UUHirv , r ID „ n]r „,. llT »B architect of the intrigu- IRS agent involved in a tax case manufacturer of transportable in western Canada and improved portation. Project management desire to nnter the financial, ser- 

their responsihilities^to^har^ tore wer^ Tnd^r' I ? g _, enterprise, Mr. Berner con- cannot also conduct a grand jury industrial and residential struc- results in its chemicals, ferti- for a variety of construction vices sector on a more direct 

holders. • ■ • bnmdom wmfiS i? ud S?’ "I th » challenge which probe of ^the same case. ’ tures with operations in Canada, lisers and Canadian marine work is also possible. * : basis. . ^ 

Dir ’ u. :. 0 . a has long been the favourite tac- The IRS has questioned some the U.S. and Australia and operations were responsile for Although outsiders -tend to It « expected that during the 

deductions markets its products throughout an increase of 17 per cent, in the view the company as a mixed next 12 to 18 months. Genstar 

GM in recent the world. company’s revenues last year to group of businesses, Mr. will probably acquire one or 

w acrouin ior ms steward- years, me deductions were for Genstar, whose major share- a record $Clbn. from SC88m- in MacNaughton says management more companies in this industry 

uar- smn. fib csih materials and equipment used to holder is Associated Portland 1976 and an increase of 16 per sees them as a vertically lute- with a view to eventually not 

Cement holding more than 11 cent, in profit to a record grated capability, allowing the only supplying houses but also 

per cent of the issued shares $C64.4m. from $C55.7m. company to bid on major a financial package to accompany 

(approximately 56 per cent of Some people believe that the domestic and international pro- them. 


. RICHMOND,. April 6. 
District ing an indictment against Litton, considering Litton *s claims. 

make products that were not part 
of GM’s finished products. 


Flintkote hopes 

Plintkote _ chairman and chief 
executive ' officer Mr. James D. 
Moran told the annual meeting 
that ”1978 will he an even better 

TransCanada Pipe dividend hint Amex Bank 

well ahead 


TORONTO, April 6. 


Court of Appeals has ruled that The Federal^ Appeals .Court Federal Grand Jury" began” fook- ™ than 1977” The first' 

Federal prosecutors in JUexan- decision overruled Judge Bryant ing into their .propriety. quarter “has supported our ex- 

dria. Virginia, may renew "efforts . S? 1 °fS e J? d H i!? a i^ I lL-JS ase be -fudge Bryant had ruled that pec ta tions for the year” and the DIRECTORS of TransCanada Shore, The project would cost feasibility studies now tinder By Michael Blanden 

to prosecute Litton Industries returned to h im terr trial _ a U.S. attorney acted improperly building materials company ex- Pipelines “are still very con- SCSSm. way to bring gas from the Arctic „ 

for -allegedly filing ■ false - claims - **rL. „,„P n threatened to prosecute pects operating results to be a cemed about the percentage of Studies by the company Islands in liquefied form into AMEX BANK, the London-based 

for cost overruns r in the build- ciT 1 ? i iiriT 1 Litlon unless the- company near-record for the period, net income paid out in dividends indicate that increased annual Eastern Canada, which could merchant banking subsidiary of 

ing of nuclear -submarines/ tiSi t « w .» ■ ■«.- ?i’ reed t0 ® Jve “P ,lli award. Although a moderation in and hope that another increase sales of about 200bn. cubic feet lead to a coast-tocoast gas pipe- the American Express group, re- 

us ah L j t' iM nr u s } n ^ l5 W UCI ® ar Ship- However, the Appeals Court housing demand is expected can be authorised later this of gas could develop within line network in the next decade, ports a further sharp rise in its 

V. building division. In Apnl 1976 opinion written by Judge John during the year, increases in the year,” Mr. James Kerr, the chair- Quebec over a five-year period A profits. 

dria ruled. 1 timt 31 D^iaerStore rJ>nt^?A d ° f Jr ‘ Said ^ a *J orne - v non -residential building and non- man, told the annual meeting. following completion of pro-, *L rt . 8 adiacent The consolidated pre-tax total 

ruled that ^pFOsecutors Ccmtract Appeals awarded Litton did jriot attempt to coarce Litton, building segments along with The current quarterly rate is posed expansion. Ing P° rt 311(1 an adjacent - - 

engaged in misconduct in obtain- $16m., but while the. panel was AP-DJ 

for 1977 was £5.75m., a rise of 

Retailers off 
to good start 


CHICAGO April 6. 
SEARS ROEBUCK'S sides for 
the five weeks ended April 1 

Poor start by Gestetner 

another" year^ of increased repair 25.75 cents. The next payment ' According to TransCanada’s vapourising plant that would 54 _ cent f rom the previous 

and modernisation activity is to be made April 28. calculations, the projected reconvert the fuel into gaseous year's £3.73m. 

should more than compensate for . The company has applied to increase in gas consumption form at a location near Quebec Tho v ant r *r>nrte that the rise 

the moderation, reports AP-DJ the National Energy Board to could replace about 100,000 City is now under consideration. fthSefl to «?ite of the less 

from s "- s d n ba ^ “ -s* bc ESS 

McGraw-Hill move through to Quebec City on the of payments would be improved connected to the TransCanada Hotter part^f the year 

COle^ American companies North Shore of toe SL Lawrence ^ 1 wetei fOMm. aumtlly J? ’TtffUfS to 

has' “aimed ^letter of totent“for ***** and in to toe Eastern at prevailing oil prices, 
toe purchase by McGraw-Hill of Quebec townships on the South The proposal ties in with to Montreal, 
certain assets of Edutronics Sys- 



In a performaqee.: regarded Dealers also explained their 

increased by 113 per cent to favouraHy fjy dealers. to* Gestet- favourable response by refer- tomT^inT^rirtionaT _ a _ subsidiaxy 
Sl:8bn. For the nine weeks ended ner . issue started trading yester- euce to the steepness of the 5 niiSnan American, reports 
April' 1, sales increased IS per day at a discount of 2^ points Eurosterling yield curve: by apdj from New York. Edu- 
cent. to $3biLr - - - ‘ : from, the Issue price on the bid comparison with issues in other trondcS is involved in the develop- 

Carter Hawley St ores, reports cu ^ endes - ^tterwriters and ment of training systems and em- 

from Los Angelas sales for toe * b — ” th seU, P. g sw> u f members sitting ploying audio-visual programmes 

same five weeks, were .*132&m,: - i- _ nvpr? on . the b”*®* will be able to i n data processing. Under a 

an increase of 5 per cent. Sales “S5Jt ^faprtaljoss more ^nce- ? greement t from MvGrew- ^ QUARTER profit gaIns at 

the^Alebrte-Saskatcbewan border ^ort-tem' nits5 . 

Norton sees further upsurge 

and the declining gap between 
abort- and long-term rates. 

BOSTON. April 6. 

Profits rise 
at Lanier 

NEW YORK, April 6. 

V‘\ V. fcu 


■ : ■ »- 

The market - 'had 

co&tcd fibrssives 

i97s“Xew.“‘s225toT“™ offering- period: fo< this , issue ings by borrowing 'Eurosterfing tinViP^ta^TarkeTEdfuc&oiii cl’ pro- Norton, the abrasives manufac- Mass, makes industrial abrasives business, foreign currency trans- . ___ _ . ^ ^ 

1978 were $225.9nL, ..up 12 per ca usfng toe -coupon to be raised s hoTt than they amid In other rinnt* s^daervices torouEh P its taieI > Uwiil substantially and ceramics products for toe off Iations and a drag on profits LANIER Business Products, toe 

cenL by -half- a pcSnt. Beeausemf this currencies. impmarinnal /fifirributfonSstem exceed - the 18 per cent, rate of mining and chemical process in- from two lines of business which office equipment concern reports 

Meanwhile, F. W. WOolworto adverse:: movement, the big dia- international osmo sy . posted for all 1977. dustries as well as safety pro- Norton has since sold. These a 37 per cent rise in net profit 

reported from New York con^ county-even, after dednetreg the In the dollar sector, the main « tt__ ‘.C-, according to Mr. Robert Cushman, ducts. were toe plastics components in the third quarter to 82.1m. or 

solidatpd .sales fj^r ^ ,#ve- /weeks >1|, per jfiedt. allowed embers 'Reeling Continues to be some sur- rarKer Xl annum president and chief executive The strong showing in the business and Christensen's trans- 50 cents a share from $1.5m. or 

ended March & totaned $505.4m. of toe selfing group— kirf'causal prise at toe resilience of toe Parker Hannifin Corporation, the officer. quarter just ended is based on portation safety systems business. 37 cents a share for the same 

Agencies . 1 no surpjiBe:- ; : '\f- ' •• prices. . hydraulic systems concern, _ ex; . Adjusted to reflect the “some negatives” in the first The strengths are a good period last year- Sales rose 45 

1 JJ ‘ ’ pects results for toe third February. 1977 merger with quarter of 1977 which no longer demand in the abrasives business pe r cent to 332m. 

to March 31 to be_above toe year- Christensen, Norton’s first apply while “ some strengths in both the U.S. and Brazil, and For the nine months this 

earlier net of S7.<m. or 78 cents quarter income a year ago rose remain” Mr. Cushman said. strong orders for diamond oil- brings the company 30 per cent 

a share, despite “some fairly sig- H per cent to 89m. or. $111 a He listed as negatives some re- well drilling bits, especially in ahead to S6m. or $1.40 per share, 
nifleant foreign currency losses share on a 14 per cent rise in organisation costa of toe the U.S. against $L08, on sales ahead 40 

says Mr. Fred Downeyj vice pre- sales to $199fim. Christensen merger, some prob- AP-DJ . per cent at $89m. AP-DJ 

si dent-finance AP-DJ reports : 


Consolidated ^ Plantations Limited 

The Bond of Directors tus decided -that the allotment of the bonus 
issue of three shares for every one share . held, announced by xhe company 
oh 16th- March, 1978, which is now subject only to the- approval of 
members' at an extraordinary general meeting, will be made to share- 
holders registered at the dose of business on Wednesday, 3rd May„ 1978. 
Definitive certificates will b'e.posted to shareholders on- 12th May, 1978. 
Dealings, of the new shares on the London Stock Exchange will commence 
on J5th May. 1978. r ... 

Notice is given that an' extraordinary general meeting of . the company 
will be herd on Friday* 28th April, 1978, at the Regent of Kuala Lumpur 
Hotel, Jalan Imbi, Kuala Lumpur, Malaysia, at 12JX) noon for the purpose 
of considering and, if thought fit, • passing the necessary resolutions 
authorising the Increase .in the authorised capital of the company and the 

By Order , of the Board 

Kuab Lumpur 

7th April. 1978. r . 

from Cleveland. Tbs year-earlier 
quarter does not. fefiect toe re- 
sults of EIS Automotive which 
Parker Hannifin acquired in 
March. Earnings for the fiscal 
year to June 30 should exceed 
those for fiscal 1977« 

Champion accord 

Champion Spark Plug bas 
reached a “conditional agree- 
ment” to buy a 94.4 per cent 
interest in Anderson Company, a 
major maker of windshield-wiper 
parts. The price was not disclosed, 
reports AP-DJ from Toledo 
Anderson, a closely held company 
based in Gary, Indiana, had fiscal 
1977 sales of about $5 2m. and is 
one of the two largest makers of 
windshield-wiper blades and arms 
in toe U.S. 

Foster Wheeler bny 

Foster Wheeler Corporation has 
bought a 20 per cent, interest in 
Q-Dot Corporation, a Dallas-based 
manufacturer of Heat Pipe 
thermal recovery units reports 
AP-DJ from Livingstone. It ex- 
pects Q-Dot to make a major 
contribution to applications being 
developed by Foster for toe 
chemical utility and refinery in- 

• 1 

This announcement appears asa matter of record only. 

U.S. $50,000,000 

Seven-year Term Loan. 

• ■ ;.v.. jjj fanagedby 

Ealm Loeb Lehman Broth&rs Memational - 



; S.G.Wajbnrg&, 

European American BaLknag Coiporation Mdland Bank Li m i t e d . 

and' •;■■■' ... 

The Tol^i Bank, Limited 

Provided by 

DGB 5 NE European AoaencemBaninig Corpora Midland B ank Li mi ted 

Denttrhe GenossengrAtfishank 

fb ymaw Tabnitg W HiH» 4f . 

The Cimo Trust & Banking Co. Ltd. 

TheTokai Bank, Limited 
Mitsui finance Asia Ltd. . 

The Mitsui Trust & B an ki ng Co., Ltd. 
Agent Bank : : 


3>enfadie GBnpB9e N9 c M |8^aafc 

This advertisement complies with the requirements of the Council of The Stock Exchange in London 


(incorporated in England with limited liability under the Companies Acts, 1862 to 1886) 

Issue of 

10| per cent. Sterling Foreign Currency Bonds 1990 

at 100 per cent. 

The following have agreed to subscribe or procure subscribers for the Bonds 

Kleinwort, Benson Limited 

Algemene Bank Nederland N.V.] 

Banque Nationale de Paris 

Barclays Bank International Limited. 

Commerzbank Aktiengeselischaft 
Credit Suisse White Weld Limited 
Manufacturers Hanover Limited 
Salomon Brothers International Limited 
Society Generale de Banque S.A. 

Swiss Bank Corporation (Overseas) Limited 

The 15,000 Bonds of £1,000 each constituting the above issue have been admitted to the 
Official List of The Stock Exchange in London. 

Particulars of the Bonds are available from Extel Statistical Services Limited and may be obtained 
during norma! business hours up to and including 21 st April, 1 97&from 

Kleinwort, Benson Limited 
20 Fenchurch Street 
London EC3P3DB 

dames Cape! & Co. 
Winchester House 
1 00 Old Broad Street 
London EC2N1BQ 

7th Apni 1978 


Bank lifts 

Bayer hit by slow sales 

and currency movements 

U.K. prices 
again cause 
for EOE 


FRANKFURT, April 6. 

By Charles Batchelor 

By Our Own Correspondent 

FRANKFURT. April 6. 
many's second largest commer- 
cial "hank, to-day announced a 
diivdend of DM9 per DM50 
nominal share for 1977. Share- 
holders who pay West German 
taxes will also receive a tax 
redemption coupon worth DM5.06 
which they can offset against 
personal taxes. 

For 1976 the bank paid a divi- 
dend of DM10 per share hut as 
West German corporation tax 
reform had not come Into force 
there was no tax redemption 

This year’s hefty rise in 
domestic shareholders’ real 
income to DM14.06 per share — 
foreign holders do not benefit 
from the tax coupon unless they 
pay federal income tax — follows 

a substantial increase in the 
bank’s profit. 

No 1977 figures have yet been 
announced but in December last 

year, the bank's management 

announced that profits for the 
first ten months of the 
year had risen by about 10 per 

By that time the Dresdner's 
balance sheet total had grown by 
11.6 per cent, to DMBO^bn. 
($30ta) compared with a 6.5 per 
cent Increase during the same 
period of 1976. 

BAYER— THE last of the West 
German chemicals industry “Big 
Three” to report — to-day dis- 
closed that the parent concern's 
pre-tax profits last year fell back 
bv 13.5 per cent. Group world 
pre-tax earnings dropped by 15,4 
per cent 

The setback suffered by the 
Bayer parents herefore, is a 
little greater than that of 
HoechsC which last month 
announced a 12.1 per cent, de- 
cline in pre-tax earnings, bat 
less than that at BASF which dis- 
closed a 21.1 per cent, fall in pre- 
tax earnings. Hoechst and BASF 
have yet to report group profit 

AS both BASF and. Hoechst 
have been auick to paint out, 
1977 was a very thin year lor the 

chemicals industry. Sales stag- 
nated in most areas and export 
earnings were hard hit by cur- 
rency fluctuations at a time 
when the low level of inter- 
national demand was already 
exerting a strong downward 
pressure on prices. 

Bayer hs been no exception 
to the rule. The parent's sales 
last year went up by a. nominal 
2.9 per cent- from DM9.66bn. to 
DM9j93bn. ($4An.). This com- 
pares with a 1976 sales increase 
of 21.4 per cent. Domestic sales 
rose from DM4bn. to DM4J£2bn-, 
while overseas business 
increased from DM5.65bn. to 
DM5.71bO.— With the- percentage 
of exports in' total turnover de- 
clining from 58.5 per cent to 57.5 
per cent 

Flick plans Gerling stake 

Berliner Handels -und Frankfurter 
Bank (BHF-Bank) plans a 197? 
dividend of DM9 per share. No 
profit figures were given. 


THE FLICK GROUP is making a 
further move to invest part of the 
proceeds of its sale of a share 
in Daimler-Benz— this time aim- 
ing at a controlling interest in 
the Gerling Insurance concern. 

Flick has proposed that it 
take a majority stake In 
Versicherungs - Holding der 
Deufschen Industrie (VHDI), 
which itself has a 51 per cent, 
stake in G erli ng-Ko nzern-Ver- 
sicherungs-Beteiligungs AG, the 
bolding company of the Gerling 

The Flick offer has a deadline 
of April 18. If accepted, it 
would mark an investment of at 

BONN, April 6. 

least a further DM1 00m- (349.5m.) 
from the DM2bn. Flick gained 
through sale of a 29 per cent 
share in Daimler-Benz in -1975. 

Flick stands to gain substantial 
tax benefits if the proceeds are 
invested in sectors .considered 

Part of the funds have already 
been used for capital increases 
in two Flick subsidiaries. A 
further 6 urn went to purchase a 
stake in W. R. Grace, the Ameri- 
can company chiefly active . in 
the chemical business. But there 
still appears to be at least 
DMlbn. available for further 

According to the Executive 
Board report, business in the 
fourth quarter of 1977 was at a 
relatively low level. Home turn- 
over dropped by 0.6 per cent, 
from DM980 m. to DM975m. 
Export turnover was little 
changed, de clini ng by 0.1 per 
cent-, from . DM1 .357b n. to 
DM1.3 60bn. Overall the fourth 
quarter’s turnover totalled 
DM2. 33b iu, compared with the 
previous year's DM2-S4bn. 

Pre-tax profits In 1977 dropped 
from DM867m. to DM750m. 
(8371m.) for the paretn com- 
pany, while group world pre-tax 
earnings fell from DMl-Sbn. to 
DMl.lbn. (5545m.). Group capi- 
tal investment, on the other 

hand, rose from DMJL65bn. to 

The group's executive Board. 

domestic prices and costs re- 
mained on average relatively 
stable, the group's executive 
Board said. In contrast, export- 
prices, primarily as a result of 
foreign exchange fluctuations, de- 

Production capacity in the 
indvidual sectors remained 
under-utilised, which resulted ini 
substantial short-time working. 
However, personnel costs rose I 
substantially, more than off- 
setting a small decline in raw 
material costs. 

According to to-day’s report 
the Bayer parent's payroll de- 
clined by 1.8 per cent, from 
frT336 workers to 63445 workers. 
Personnel costs, however, in- 
cluding social payments ' in- 
creased by 6.9 per cent, from 
DM2.64bn. to DM2.83bn. 

I Wessanen plans U.S expansion 

c»r\ I A 

rises as 

offtake slows 


AMSTERDAM, April 6. 

By David Buchan 

BRUSSELS. April 6. 
EBES. THE second biggest Bel- 
gian power company, has 
announced increased net profits 
of BJrs^bn. (S77m.) for 1977. 
compared to BJ‘rsJ2.16bn. in 

The announcement was made 
in a prospectus published to-day 
for the opening of its one-for- 
five rights issue. 

Sales growth last year slowed 
down to a total of BJFrs.24.6bn., 
in line with the general decrease 
in the growth of electricity con- 
sumption last year due to de- 
pressed industrial demand. 

EBES has already announced 

foodstuffs group, plans to expand 
abroad by the acquisition of a 
sizeable company,- very prohably 
in the U.S. The Dutch company 

is currently carrying out studies 
through a U.S. consultants’ office 
and hopes for a decision fairly 
soon, it said at the presentation 
of its 1977 report 
Wessanen already makes 52 per 
cent of its turnover abroad. It 
won a contract last year to act 
as consultant for the construction 
of an animal feed plant in 
Romania. It reached . licence 
agreements in 'a number of 
countries outside Europe and last 
month announced the acquisition 
of the remaining 50 per cent of 
Wessafic, previously a joint ven- 
ture with Cie Franco-Indo- 
Chinoise of Paris. The company. 

that it is maintaining the level 
of its dividend at B.Frs.177 on 
old shares and paying B .Frs.132.7 
on the new ones. 

The company is heavily 
involved in the nuclear field; last 
year a quarter , of all Belgian 
electricity was nuclear-generated. 
This has created a considerable 
need for outside financing for 
all the power companies, and 
EBES in its prospectus estimates 
that its investments from 1978- 
1980 will total BJFrsB2bn. 

* * * 

Profits higher by some 51 per 
cent, at the net level are an- 
nounced by Credit Lyonnais, the 
State-controlled French bank. On 
profits of Frs.303m. {$66m.) net, 
compared to Frs.287m., the bank 
is holding its dividend at Frs.12 
a share. Assets at the end of 
last year stood at Frs.21S.4bm, a 
rise of more than a fifth 

which produces milk substitutes, 
will be renamed Wessanen 

The company's expansion 
abroad has been brought about 
by the slowdown in the growth of 
the foodstuffs sector in Holland 
where' population growth is 
stagnant and eating habits are 
changing. An international com- 
pany can also more effectively 
overcome protectionism. Invest- 
ments in Holland will be aimed 
at maintaining its modern 
facilities for food processing. 
Total investments this year are 
expectrd to be similar to the 
Fls^Sm. (812.9m.) In 1977; 

Wessanen reported a 10 per 
cent 'increase in net profits in 
1977 to Fls.16.6m. from Fls.15.3m., 
on turnover which rose 16 per 
cent, to Fls^^bn. <Fls.l.9bn.)'. It 
proposes raising its dividend to 

Fls.4.60 per FIs .20 nominal share 
from Fls.4.40. The final dividend 
is FlsB after the Interim pay- 
ment of Fls.1.60. It may be taken 
fully in cash or in the form of 
Fls.l cash and Fls.0.80 in shares. 

The five divisions — cocoa and 
oils, animal feeds, dairy pro- 
ducts, flour and meat — all 
achieved reasonable results in 
1977. However, cocoa and choco- 
late sales were affected by the 
sharp rise in raw materials prices 
while the dairy division was 
adversely affected by the EEC’s 
attempts to reduce dairy sur- 
pluses. Wessanen’s bakery and 
meat processing operations also 
face strong competition. It 
criticised EEC policies, aimed at 
stimulating production regardless 
of demand and ' called for the 
gradual abolition of monetary 
compensation amounts (MCA’s). 

Elsevier advance brings higher payout 


AMSTERDAM, April 6. 

ELSEVIER, the Dutch publish- 
ing group, has reported a 19 per 
cent, increase in net profit for 
1977 on turnover 18 per cent, 
higher. Net profit rose to 
Fls.22.7m. (S10.5m.) from 

Fls.19.lm. in 1976 while sales 
totalled FIs. 5 93m. (Fls.504m.). 

It therefore proposes paying a 
F1S.5J50 dividend per Fls.20 
nominal share and 5 per cent in 
shares from the share premium 
reserve. It paid Fls.4.20 in cash 

In 1976 and 2.5 per cent, in 

Net profit per share rose -to 
Fls.26.9m. from FIs .22.80. 

It attributes the improvement 
in its result to an expansion of its 
scientific journal publishing and 
its book retailing. A reorganisa- 
tion of its UX and Spanish in- 
terests also showed a positive 

Elsevier, a company with a 
strong international basis. 

recently appointed a director to' 
the managing board to. oversee 
the expansion of its activities on 
the American continent. Mr. 
D. P. Van der Mere (45) was 
formeruy senior vice president 
of Magnavox, the largest U.S. 
subsidiary of tbe Philips elec- 
trical group. Elsevier already has 
scientific journal publishing oper- 
ations in New York and Mexico 
while It also publishes books in 
the U.S. 

Tins announcement appears as a matter of record only. 


Diamond Shamrock Corporation 

8 / 4 % Sinking Fund Debentures due April 1, 2008 

Lehman Brothers Kuhn Loeb 


Merrill Lynch, Pierce, Fenner & Smith 


The First Boston Corporation 

Goldman, Sachs & Co. 

Salomon Brothers 

Bache Halsey Stuart Shields Blyth Eastman Dillon & Co. 

Incorporated I n c or po r ated 

Drexel Burnham Lambert E. F. Hutton & Company Inc. Kidder, Peabody & Co. 

Incorporated Incorporated 

Lazard Freres 8s Co. ' Loeb Rhoades, Hornblower & Co. Paine, Webber, Jackson 8c Curtis 

I n corporated 

Smith Barney, Harris Upham & Co. Warburg Paribas Becker Wertheim 8s Co., Inc. 

Incorporated. Incorporated. 

White, Weld & Co. Dean Witter Reynolds Inc. Bear, Steams & Co. 

Incorp ora ted 

L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Inc. 

Dillon, Read & Co- Inc. 

ABD Securities Corporation Banca 
Berliner Handels- und Frankfurter Rank 

Banca Commerciale Italiana 

Basle Securities Corporation 
Daiwa Securities America Inc. 

EuroPartners Securities Corporation 

The Nikko Securities Co. 

International, Inc. 

Scandinavian Securities.Corporation 

Robert Fleming 


f New Court Securities Corporation 

. ' Nomura Securities International, Inc. 


SoGen- Swiss International Corporation 

UBS-DB Corporation 

A. E. Ames 8s Co. 

Incorp ora ted 

April 7, 1978 

Greenshields & Co Inc 

Wood Gundy 


Nesbitt Thomson Securities, Inc. 


Exchange (EOE) saw an 
increase in turnover on its 
second day of operation bat 
said it again experienced diffi- 
culty in getting the prices of 
the underlying UJK. stocks. 
Senior officials of the exchange 
have been assured that jobbers 
in London are co-operating 
fully in providing the prices 
and the EOE is now carrying 
out checks of the technical 
installations to see where the 
problem is. Dr. Lubbertns 
Scholten, managing director of 
the EOE. said. 

Hie Managing Board of the 
EOE is now convinced that the 
failure to receive the prices of 
UJEL stocks for the three UJC 
options traded here yesterday 
was not due to any lack of 
co-operation from London 

The prices of BP, Id and 
GEC were unchanged in the. 
first hours of trading in London 
yesterday and It was for this 
reason that no prices were 
received in Amsterdam, Dr. 
Scholten said. 

He said he had been in touch 
with the London Stock 
Exchange and had been guaran- 
teed fate prices would be pro- 
vided to-day. The Jack of prices 
of the underlying stocks meant 
trading in tbe UJK. options 
could not effectively start until 
the last hour of the EOE 
session yesterday. It was at 
first thought to be due to the 
unwillingness of London job- 
bers to provide the informa- 
tion, Dr. Scholten said. 

The EOE traded 668 
contracts to-day compared with 
531 on the first day. Philips 
was the most active option, 
trading 250 contracts (94 yes- 
terday) followed by IBM with 
107 (28) and Royal Dutch, also 
107. Royal Dutch was yester- 
day's most active option with 
126 contracts. Turnover of the 
remaining options was 
Unilever 77, ICI 32, GEC 28, 
BP 23, Eastman Kodak 23 and 
GM 2L 

Margaret Reid, in London 
writes: It was clear last night 
that chance and Ul-lnek were 
essentially responsible for the 
apparent problems over the 
EOE receiving prices of Bri- 
tish shares, which are at pre- 
sent only being relayed through 
the Telekurs service from the 
Stock Exchange's market price 
display service. 

Negotiations for the direct 
supply to Amsterdam, in the- 
longer term, of an average of 
the London jobbers’ prices In 
British shares in which the 
EOE trades are, however, still 
containing. As previously re- 
ported In the Financial Times, 
the Idea under discussion is 
that an average of the prices 
quoted fav the various British 
jobbers in the relevant shares 
should be struck and provided 
to the EOE. subject to cer- 
tain conditio"**. 

The essential aim of the co" 
dltions Is that -the EOE should 
take steps to ensure that such 
a supply -of prices would not be 
used to assLst the creation of 
any unofficial kerb market on 
the Continent In the underly- 
ing British share. 

Such an average price does 
not yet exist but will become 
available when the Loudon 
ontions market begins on April 
21 . 

It is worth noting that a 
constantly undated average 
price would show a trend more 
clearly even than would an 
individual jobber’s price, and 
so would be of great value. 
Further talks between London 
and Amsterdam on the provi- 
sion of average prices are to 
continue in the next few days. 

Pierson Heldring 

• p- ..jN 

f- 1 

S c 


the Arad and financial • group 
headed by Sir James -Goldsmith,, 
made a consolidated net profit 
of Frs-£L26m. (SXl.4m) in. the. 
first half . of its current fcwaw'n i ■ 
year. . " ■; 

No comparative data for the 
latest profit is available, since 
this is the first time -that the 
French umbrella company has 
disclosed half-year figures, -In 
the previous full 1978-77. finan- 
cial year consolidated net profit' 
including minority interests was- 
Fts.Z 6 S. 5 m. ($36 m.) extending 
minority interests of Fzs.86.4m.' 
and holding company earnings of 

It was during this latest' finan- 
cial period — from July to Dec- 
ember— that Sir James succeeded; 
in his second attempt at baring 
up the remaining . shares of 
Caven ham, the British food 

Generale Occidentale increased. 

BARIS,. April g. 

its stake from 51- per cent to group boujtiit a 45 mr 
75. .per cent. in-Me, I** 

control had. met opposition from 
minority shareholders. . Itcom^ - - 

pleted its takeover in September. Th©m*m-CSF nronosa* tnta ; 

Cavenbam is the biggest of the &%£££*%} ; _ 
group's food interests, and in ^ised^bv 5 - 

turn controls the main French issue- agSnst^ PrScS^ nHH: 

• At the end of last .'yW Sir 

holder in Generale OccWentale. of oepreeub; 

holder in Generale Occidentale, TrS 
promised an. increase of '20: per 

cent in dividend and a more.- 

cautious approach to future take^ „ 

overs. The .group is- divesting. 111 4*? * »- ae . company also ua ■ 
some of its - non-food interests;. * provision - of - FTsJMm. 
including those of . Its U.S,' sub- guarantee for after sales sen 
si diary Grand Union.-.- on equipment.- Consolidated h 

-Apart from fpod> manufacture 15. per rent ; oh-a-comp«^ 

ahd distribution; Jit - aJitmt bas te, a s m -the latest. 

two- thirds of the group’s capita] : SDlcimi SemJ-Coadncteurs , 
Is employed, .its main interests .consolidated. • 
are in the financial 1 sector. - At December 31, order W 

- Early last year. Sir James's had risen to FrsJSBfrij.' ,. > 



Philippines raises $400m. 

Schindler sale; 


The Central Bank of the : 
Philippines is raising, a ten-year 
Eurocurrency loan of at least 
8400m. at a margin over inter- 
bank rates of 1 per cent Telexes 
lovitmg banks in general , to par- 
ticipate in the loan Svere sent 
out. last night -•.'• 

Early in March a group -of five 
banks agreed to arrange, a 8250m. 
loan for tbe Philippines Central 
Bank. They did this on a 
"club” or equal basis (that, is 
without any single bank manag- 
ing the loan) and with an indi- 
vidual commitment of $20m. 
Since then 15 other banks. have 
agreed to subscribe $20m. each 
bringing the total to $400n>. 
Banking sources in London said 
yesterday that a number of 
other banks may come In. for 
■20m. but there is a ceiling on 
the loan of $500nu, the 
borrower’s 1978 needs. 

Any funds received as a result 
of the general market syndica- 
tion will be used to reduce 
managers’ commitment, with any 
increase in amount made up by 
the addition Of further banks to 
the club- . . 

A condition of the. loan, is that 
at least half must be. used for i 

purposes other than prepayment 1 
of older loans — a number ’of | 
countries, particularly' in the Far : 
East, have . recently been, 
borrowing at today's relatively 
favourable rates to. prepay loans 
contracted in previous- years 
when rates' were higher. The 
prepayment condition does not 
however include 'repayment of 
maturing loans— these may be 

paid off out of the “free?* half 
of the loan. 

Manufacturers Hanover • is 
agent and co-ordinator. 

Elsewhere in -the - market,' a 
major talking point continues to 
be the Sonatrach financing for the 

trans-Mediterranean pipeline. The 
club of eight banks which Is 
widely tipped to be given.tiie man- 
date for the deal have not as yet 
received a reply . to the proposals 
they submitted to the.Itallan com- 
pany ENT and to Sanatrach. ENT 
is tiie maim contractor for the 
pipeline project and "Will -be pay- 
ing all interest due over a rate, 
of 83. per cent T'l . 

and orders dip 

• - LUCERNE, April- " 
THE. SWISS Schindler Hold; - 
group, a . leading intematu 
man ufacturer. - reports a : 
manufacturer, reports a netrr 
of.SwiTsl2.9ia. ($U.S.6Aa.)“ 
1977. . This compares • 
SwJFrs.85m. for the prev 

nine-months - period. 
Proposed dividem 

Proposed dividends are e 
tively unchanged at SwJF: 
per bearer share and SWF: - 
per registered share and pa. 
pation certificate, .payments 
the previous- trine months h : 
Sw.Frs,45 and SwJrs.9 re 
tively.' • 

Group, sales billed / in 
were effectively- lower, at S« 
U4bn. (9607m.) comparing, 
Sw.FrsJ.J8bn. for the who 
calendar 1976. The company 
sales Would hive risen 7 
cent without the appredatb 
the Swiss franc last year: 

Incoming orders total Sv' 
lJ5bn-. against Sw.Ftsjl. 
Group orders in hand affix 
ofv; 1977' were ISwJPraL 

- In a letter to ^shareholder - 
directors state that there 
marked decline in new o : 
for railway carriages. 

Renter . ' . _ • — 

This advert/sememepmpfies with the requirements, of The Council off be Stock Expfaogg 
.'.V ' 'SfiftheUhitiBdlGnifdmandffie8^dbBGjoi.batand,^^ 

-. Vs-V 

■ • - r- I. . 

American Express International Finance 
Corporation N.V. 

{Incorporated withlimitedirabi/ityin the Netherlands Antilles) 

US. $40,000,000 

Guaranteed Floating Rate Notes Due 1982 

Extendible at the Noteholders Option to 1985 

Unconditionally and irrevocably guaranteed as to payment of principal and interest by , 

American Express 
International Banking Corporation 

Issue PricelOO per cent 

Thefollowing have agreed to subscribe' or procure subscribers forthe above Notes 

European Banking Company Limited Amcx Bank Limited 

Dresdner Bank Aktiengesellschaft 

PIERSON Heldring en Pierson 
(PHP), the Amsterdam-Rotter- 
dam Bank subsidiary, reports a 
satisfactory result for 1977 
although a sharply higher tax 
charge reduced profits at the 
net level, Charles Batchelor 
writes from Amsterdam. 

Pre-tax profit rose 46 per cent 
to Fls.14.8m. on a balance sheet 
total which rose 17.5 per cent to 
Fls-3.7bn. Net profit was 12 per 
cent lower at Fls.lL3m. follow- 
ing a change in the bank's status 
following, its acquisition by 
Amro Bank. 

Salomon Brothers Internationa! 


Morgan Stanley International 

. Limited 

- S. G. Warburg & Co. Ltd. 

The 40.000 Notes of $7 .000 each constituting the abpve issue havebeenaarntmatovye 
List of The Stock Exchange of .the United Kingdom and the RepubUc of lraland.*ni0intera»is 
payablesemi-annuallyjnAprjlhndOctober„ ... . * L" 

The particulars of the above Corporations and of the Notes are available In the Extel Statistical 
Services Ltmitad and copies maybe obtained during normal businesshoura up to and including 

Cazenove & Co. r 
12 Token house Yard, 

7th April. 1978 London EC2R7AN. . _ '-. - 





fla ® 100 P*r cent load factor and 
'V : : r : - i ' : ier ’ raise « i& net- profit by remunerative fare ""structure. 

- „‘r P® r CGht* to an estimated O y Cr the past two months, how- 

v - V: / *7=, 150m. (SSOm.) in tfie year to 5 ver > tra ® c on this sector has 
' The increase is in line faiion » on occasions, to as 

profits boost 

BOMBAY, April 6. 


a the worldwide upsurge in M 3040 percent, for- Air-lndia. prospects for 197B-79. 
r toe business. This has r0l,te no tonger be as 
. .. r ome possible, says Mr K. G -Profitable as in the past . In the 
— . • '■ .'usamy, Air-India's managing &TSt Place. seat- capacity has 

. : ' c to r » because of increased up wiUl asked Air-lndla io take a StOOm. 

- - ?. -1 factors, stable fuel nrii.» e putttas more wide-bodied jets Fnmri n ii u . ^ 

exaorfc th« TT c vvn 10 hrin t»' °bout unanimity on fare 

weUas ™ E ret3uctlons . is expected to submit 

veeetihuL^i ban ‘ 0Q frt?sh »*■ report by mld-197S. Air-lndia 
51r however, sees a silver lining in 

& of H - k toe Government's decision to 
A high liberalise 

Van Jacket 
at $ 228 m. 

The Indian Government has 

. iber of 
ig 1.02m, 

passengers flown down traffic" 
against 943,000 to The increase In cargo tonnage 

loan from the Slate 
finance its 


financial institutions. 

the foreign travel 


The pattern of traflie is also 
expected to change. More people 
are expected to visit the Con- 
tinent and the U.S. On the 
arrival of one of the three 
Jumbos on order in July, Air- 
lndia will, for the first time, 
operate three India-Paris 747 
terminators via Frankfurt, from 
August l, as a first step to open- 
ing a new route to the U.S. and 
Canada. This is also a recogni- 

'i-77 R|, t tha ♦ T v ■ • m catgu Luiiuayc — 

>Que has rSiRtpr^rf i ,e io at i° e WM onJy 2 P? r cent- but cargo load factor may not result in Canada. This is also a recogni- 

: ’.L rise to 8 ro s®br&7 percent to high proflts, for an open rate tion by Air-lndia of the possi- 

-'JOrnt ‘th* n X ^f ^^bn. R5.566.4ro., in 1977-7S. The slow situation prevails on ntosr bility of Paris becoming an 

a the miit growth; to attributed to quota sectors. A five-man LATA com- alternative 'to London as a 

profitable, with a restrictions on Indian garments mitten, set up with a mandate hopping point for North America. 

?ick’n Pay 
w xpansion 

-^L'hiQ(J|r.' Richard Rolfe 


Ordlt. 3 FOOD RETAILING Group, 

- 7 .‘i 'n Pay. which controls 40 
• V 7; '.^nnarkets throughout .South 

. : -';;ica and has led the movement 
jrds U.S. style hypermarkets, 
. -ntained Its long-running 
... " V ■ vth record over the financial 

to February 28. 

> . • . ‘ • rurnover rose from R260m. to 
'/ Ora. (SSSOm.), and pre-tax 
; - c.;5t from R7.6m. to. RI0.6m» 
" . -flowing margins a shade 
*■ tor, at 32 per cent.. against 
. . ' . \-''- ; per cent, an important factor 

■ -L.his high-volume business. 

' axed profit improved from 
, , . y.: ■ -- :»m. to R6.5m: fS7J>m:)„ and 
■ .itogs per share were up 
n 198 cents to 260 cents, 
; -r allowing for dividends on 
. group's convertible Pre- 
‘ .nee share issue last June. 

dividend has been raised 
— • i 65 cents to 86 cents, and 

- . shares at 1.S25 cents yield 

- • . -.-percent 

’ :• .'-jl. 7-ie group chairman, Mr. 

- -;..mond Ackerman, said to-day 
..;.l . the current year had started 

■ r :-ry strongly” and the growth 

. ». letween 15 and 20 per cent 

• - : . : - re-tax profits was expected: 

. ast year's figures included 

. . initial expenses of two new 
. . ; * imarkets, while a third came 
. . .-^stream right at the end of 
“financial year. 

airline revenues soar 


TOKYO, April 6. 

Rapid growth at Jusco 


TOKYO, April 6. 

JAPAN’S THREE major airlines November. 1976. The JNR's airlines said that the size- 

carried a record number of pas- rises resulted in higher fares on abl L - gain in the number of 

sengers oo domestic routes In most JNR first-class coach passengers also stemmed from 
the fiscal year to March, 1977, journeys than on ordinary fares the improvement or seat- 

according to figures out to-day. for the same air routes. occupancy rales. The load 

Three airlines, set a record of TDA domestic airlines fTDA) factor at TDA improved cun- 
32.17m. passengters, an increase carried 5.950.000 passengers, up siderably to 75.1 per cent from 
of 17 paf cell L over the previous 19.7 per cent, over fiscal 1976. 69.S per cent, in the previous 
year. _ Domestic passengers carried by year; that of ANA was 72.1 per 

The handsome gain is attri- Japan Airlines fJAL) were cent., up from 66 per cent.; and 
buted to a shift of travellers to IS.221,000, up 17.5 per cent., and JAL showed 66.6 per cent, 
the airlines away from rail those uo All Nippon Airways Matched by the increase in 
travel after Fare increases on (ANA> wer 18,004.000, up passengers, revenues also went 
the Japan National Railway in 15.3 per cenl. The three up at three airlines: TDA showed 

an increase of 21.1 per cent, 
ANA 16 per cenL, and JAL 15 
pur cent. 

After the opening of Nariiu. 
the controversial international 
airport, the carriers expect that 

w the number of landings and take- 

ONE OF Japan's leading super- and other accounting measures, offs from Haneda airport 
market chains, Jusco. showed a the nei income of Jusco for the (domestic only) will increase. 
25 per cent, rise In sales end a year was Y4.Sbn. Much of the An average 14 per cent Tare rise 
37 per' cent increase in net sales increase is ascribed to on Japan National Railway's 
profits in the year to February Jusco's takeover in August of routes this June is also expected, 
1978. The company, which began ltohan, a retail store chain 
to borrow internationally from formerly part of the Isejin group. 

1977. has therefore announced The Jusco group is expanding 
that it will boost its annual rapidly, jt opened. 15 stores in 
dividend by three per cent — the the Hsrai year to February at a 
ffirst dividend increase jsince cost of Y27bn. to the company. 

1974. In tiie meantime^ Jusco is There are plans to open another 
predicting that its sales will 19 stores in the present account- 
rise by over 18 per cent, in ing year, although the Finance 
tSTiVro to permit a 21.6 oer cent. Ministry recently turned down a 
jump to net profit for the year. Jusco request to raise funds on 
Sales. the 3977-78. year rose overseas capital markets as it had 
to. Y379bm, f$373^m.) according done in 1977 fin London). In- 
to Jusco Officers, and recurring stead, the company is reportedly 
profits increased 23— per .'cent, planning a new domestic share 
to Y9bn. (S4.1m.). After taxes offering, perhaps in late 1878. 

By Douglas Ramsey 

TOKYO. April 6. 
THE TOKYO apparel manufac- 
turer, Van Jacket Company, 
has filed bankruptcy papers 
with a district court here seek- 
ing protection from its 
creditors. The company— which 
retails Clothes for the young, 
and is a household word in 
Japan— has accumulated debts 

estimated by one credit agency 

at YSObu. ($223m.), and is 
seeking a grace period to re- 
structure its finances. 

It lx understood that several 
trading companies, including 
Marubeni Corporation, have 
lent financial support to the 
company in recent years, but it 
is unclear whether Van’s 
backers carry sufiicieut weight 
(o get a favourable decision 
rrom the court for protection 
under Japan's corporate re- 
habilitation law. 

Van’s failure is the second 
largest so far in 1978, after 
the much bigger Eidai group 
bankruptcy in February. 

Toshiba sees 
earnings rise 

TOKYO. April 6. 
Company (Toshiba) expect* a 
20 per cent, gain i.i profit to 
over YlSbn. ($59.3in.), before 
tax and special items, in the 
second half-year, ended in 
Starch, from Y10.80hn. in the 
first hair. 

Sales are expected to rise 
more than 8 per eenL lo 
Y55 Oh tu, from Y 507.96 bo. in 
the first hair. 

The company bo led from 
capital outlay for plant and 
ciinipment by electric power 
companies and increased 
Government spending for 
public works. Reuter 

Excess Insurance 

itional Finanti 



Summary of operating results 1 977 


* £000 

. i 


1976 , 

• " f f 

Group Premium Income 
(gross of commission) 





[ Life 

A* 2.603 





Investment Income , ' 



Sundry Items ' - ' '*/* 





Taxation _ . - 

2.166 . 


Operating profit' 


' 4.894 . 

Ejrtracts from the Statement by the Chairman and 
Chief Executive, Mr. W.- L Samengo-Turner 

The profit for the year 1977, before taxa- 
tion, was £B.2m, as against ; £5J2m for the 
previous year. This. increase in profit of 57% . 
represents a significant achievement by 
the management and staff of the company, 
despite the difficult period through which 
the country's economy has passed. 

The premium income of the Group in. 
respect of general business, gross of com- 
mission but after the deduction of: re- 
insurance premiums, showed an increase 
to £89m as compared with £74m in the 
previous year. Over half of the general 
business premium income is in respect of 
business emanating from the United States 
and as ail premiums are converted into, 
sterling at the year-end rate it will be 
appreciated that the real growth of pre- 
mium income has been understated dup to 
the change in' the relative values of 
sterling and the dollar. 

The underwriting loss on general business, 
after charging operating expenses, showed 
a substantial reduction from £4.6m in 1 976 
to £3.8m, which represents 4.3% of the 

' premium income for 1977 as against 6.2% 
for the previous year. Whilst this is en- 
couraging we are continuing our efforts to 
reduce these underwriting losses. 

The high interest rates which prevailed in 
1 976 continued during the first half of the 
. current year, and this factor— coupled with 
a further increase in the .funds invested in 
fixed interest securities has resulted m a 
further increase in investment income. 

Looking to the future, there are encourag- 
ing signs that The levels of inflation are 
dropping towards a more tolerable levehat 
which the business community can 
operate and produce a level of profit 
sufficient to finance future growth. During 
the past year we were able to improve the 
solvency margins of all our operating 
companies, despite the significant growth 
of premium, and we are therefore confident 
that we enter 1 978 adequate base 
forfurther controlled growth. 

Copies of the Full Report & Accounts may be ob- 
tehted from the Secretary, Excess Insurance Group 
Limited, 13 F unchurch Avenue, London EC3M 5BT 

.O' . ^ 

* - 
« . h 

Union Bank of Switzerland 

Notice to Holders of the 5% US$ 
Convertible Notes 1976/81 of 
Union Bank of Switzerland 
(Luxembourg), Luxembourg 

At the Annual General Meeting held on April 6,1978 the shareholders ;oT Union. Bank 
of Switzerland have approved to increase ibe share capital Troth bbr. 1050 miHians to 
SFr. nOOtoilHons," 

In conformity with the Terms and. Conditions of the Notes, the conversion pnee has 
therefore been reduced to 


with cffeci as of A‘pril.7, 1978- - 

Upon conversion of any Note, there will be paid to the Noteholder in respect 
of each Note "delivered -for conversion a sum i" dollars equ f h ro ?f 
between the principal amount of US$ 1,350 of such .Note and the new conversion 


Union Bank of Switzerland 

This advertisement is issued in compliance with the 
requirements of The Council of The Stock Exchange, 
it does not constitute an invitation to any person to 
subscribe for or purchase any Preference Shares. 



(Incorporated under the Companies Acts 1 862 to 1 890) 

PLACING OF 250,00011 PER CENT. (NET)* 
OF £1 EACH AT £1.0425 

The Company announces that it has placed the above- 
mentioned Preference Shares in the market at a price 
of £1.0425 per share. Such shares will rank pari passu 
in ' ail respects with the existing issued shares of tha 

The Council of the Stock Exchange has granted at 
listing for the Preference Shares. Particulars of the 
rights attaching to them are available in the Exie! 
Statistical Service. 

Arco plan to buy $A28m. 
stake in R. W. Miller 


SYDNEY, April 6. 







Ak-iia Australia sipc 1989 



BPCE 3ipC 19SS 



A1IEV Sue 7DS7 



BNDE 02PC 1936 


Au&LraUa S‘p L - 1992 

94 1 


CFE 62pc 1988 


Australian ii. & S. 91uc '92 



Denmark 32 pc 1984 ... 

Barclays Ban* S'.UV ISS'J... 


• 972 

ECS 31pc 1990 



Boirainr 91 pc 19J2 



EIB 52 pc IMS 



Can. N. Hailiray S3 pc >936 



Euralotn 32 pc 1IW7 



Crvdlt Xa-.Joual P'pc 1#S6.. 



Eorodma 5 !dc 19S6 . . 



Denmark S’, pc 1994 ... 



Finland 35pc 19fn 



ECS 9 pc 199.i 



Forsmnrks S2pc 1W0 



ECS S?pc 1997 



New Zealand 3lpe IBM ... 



E1B SJpc 1632 



Norccra 32pc l#S9 



EMI 91 pc IDS? 



Norway 42pc I9S3 



Enc-Sixm S'pr 1993 ... . 



Philippines 62 pc 1933 



Esso 8 d«? 10C» Nov 

101 i 


Sweden Spc IS®} ... 



tu. Lakes P=pi r sjpc 1DS4 



Taucmatuaboha 5 'dl 1993 



Bfamcrsley 9.’p t - . .. 



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Hydro QuctM-i- 9 pc 1992 . . 





ICF 8!pc 1D37 





ISE Canada pip- 19&J 



Macmillan B'fvdel RuC IB92 




Massey Pcrauwm 9! pc '91 





M!rhcJ1n *!Pc 1B9S 



BKCE IM4 s;pe 


Midland Ini. Pin. s?pc '92 



BNP 19«1 Slitfpc 



National Coal Rd. Sue 19K7 



CCF 19S3 Spc 


National Wmninsn-. 9 pc '96 



CGMF 19^4 7.' pc _ 

Newfoundland 9pc 19S9 



Cmlifansialt iSw ?!pc .. 



Norccs Korn. Bk. 3? pc 1992 



Credit Lyonnais IBM Spc.. 



N'orplw *:pc lt*» 



DC Barb w*:; TUispc 

B *lc 


Norsk Hydro 8.‘p: 1992 .. 


R7B 1M1 S1|. pe ... .... 



Oslo 9pe 49s» 





Pons AironoraeK 9nr 1991 




Pror. Quebec 9pc 1998 ... 



LTCE 19*1 &w>- 



Pror. S.’pc law 



Midland law Spc 



flevd Inicroa'lonal 9 dc 1937 



Midland ]9'7 Tu 16 pc 



mm Ppe 1992 



mm I9--3 t:p- 



Selection Trust Sipc 19S9 .. 



SNCF 1073 S’pt 


Skaiui. Enskiida 9pc 1991 .. 



Sid. and Ch'nl. ‘S4 71I;60c 



SKF Spc I9S7 

92 J 


Wms. and Givna '54 SMeor 



Sweden <K flora i 8lPC 19S7 



United Biscuits 9nc I9SD ... 



Volvo Spc 1937 March 




.Mln-ricall E\pn-KS Upc 'S7 



Ashland 5pc I9SS ... . 

80 J 


Ansiralia 7Jpc 1991 



Bibcock & V.'ilcoa 6! pc 'B7 



Hell Canada Tip- J9S7 . .. 



Beatrice Fomls 4'p.- 1B92... 



Br. Columbia Ityrl. 7;pc ‘S3 



Bcalriee F 00 .I 1 I 4'dc 1M2 .. 

11 r.i 


Can Pae. SJpc 1934 

995 . 


Bcerham fi;p- 1992 

97 4 


Dow Chemli-R] 8 pc 19StJ ... 



Borden 5w. 1992 



ECS 7.’ pc 1W2 



Broaduay Rale 1!pc 19S7 



ECS 8!pc 19SSI 



Carnation 4nr- 19-7 



EEC 7? pc 1 K2 



Chei-ron Sp.- 19>3 


EEC 7!pe 1B84 



Dari l"pe 1977 



Enso fliirzclt Sipc 1984 ... 



Kidman Koii.ifc i!pe 195S 



fio'sverk-n Tipc 1DS2 ..... 



Economic Latte-. 47pc 1037 



Kocfcums Spc 19W 



1 Unrsione *pi 19SS .. .... 



Mirhclin S* 0 r 19*1 



Fiird 3pe 193« .. . . 



Montreal Urban Sine 18SJ 



General Elecirir 41 dc 1987 



New Rrnnswirfc Spc 1984 . . 



G'llefle 42pc I9J7 



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r.o'iid ,ip L - 19 S 7 



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Inrhcapc f.Jne Iy92 



S. of Seal. Elec. S^dv 1HS1 



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Swt-dtefa Stale Co. 7iDC ’S3 



Kotnatsn 7' pc 1990 


1292 1 

Telnie* 0!pc 19S4 


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J. Rax in-Dermuir 47pc ’87 



Tenncuo Tine 1BS7 May 


' 941 

Mawnsblta S’i*>- 19M 



Volkswagen 7.’PC- I9S7 



Mirmrt 7! pc W90 


i: - 7i 

J P. Morcan J'pc 1957 



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Cllieorp lOpe 1883 


- 03! 

J. C Penney J 'ic 11B7 . 





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Rej-no'rfs Meials Ipe 1983 

EIB B^pc 19SX 



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EIB 91pc 19K 


- 96 J 

Sperry Rand 4 : 11 c 1987 . . .. 


Finance for Ind. fllpc 19S7 ' 

1 fl.-i : 


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972 ’ 


Union Carbide e’p.- 1992 

ISA IDpc 19S9 



Warner Lambert 4! pc 19S7 


Rountree 10]pe 1968 



Warner Latnhi-n 4 : pc 1BSS 



Xerox 5pc 19S3 _ .. 

7 Si 

Total Oil 9:oo 1934 



Source: Kidder. Peabody 



(ARCO). the U.S. oil company, 
has agreed to buy a 32 per cent 
stake in the Australian coal and 
shipping group. R. W. Miller 
(Holdings) for SA2S-25ro. 
(SUS32.4m.). The deal, which 
had been strongly rumoured for 
several weeks. Is subject to ap- 
proval by the Federal Govern- 
ment's Foreign Investment Re- 
view Board. 

If it is successful Arco will 
join an tocreasin list of nil 
majors which have bought into 
Australian coal activities. They 
include Shell taking a stake in 
the New South Wales coal pro- 
ducer. Austen and Butta. Exxon 
buying into the Hail Creek cok- 
ing coal project in Queensland 

and British Petroleum, which 
bought 50 per cent, of the U.S. 
Ludwig Group's Clutba coal 
operations and is awaiting appro- 
val to purchase 50 per cent, of 
a new coal mine planned by the 
NSW producer. Oakbridgc. 

Arco, one of the top ten oil 
companies in the U.S., has been 
active in oil and mineral ex- 
ploration in Australia for more 
than 20 years. It controls the 
mining group Anaconda, which 
has also been active in Australia. 

The Miller parcel involved is 
owned bv Bulkships. the shipping 
group, which Is 62.5 per cent, 
owned by the International 
Transport group, Thomas Nation- 

wide Transport and 37.5 per cent, 
by (he shipping company, 
Mcllwraith McEacharn. Payment 
would be SA10.25m. when the 
deal to closed and the balance 
of $AlSm. in two equal annual 
instalments with interest on the 
unpaid balance- 

Miller’s major activity to 
recent years has been the con- 
tinuing development of it* coal 
interests: it was in hotels but 
these have all been sold off to 
recent months. 

In the past year. Miller 
increased its coking coal contract 
to the Japanese steel mills and 
became the first Australian 
supplier to enter into.a lone term 
steaming coal contract, with the 
Electric Power Development 
Corporation of Japan. Coal for 
this contract is earmarked for 
development of a new mine at 
Mt. Thorely in NSW. Miller also 

joined with the U.S. group. 
Houston Oil and Minerals in 
examining a large coking coal 
deposit at Oaky Creek in Queens- 

While the proposed sale 
comes within the enuily guide- 
lines of both the Federal and 
NSW governments, the question 
of control to still to be resolved. 

Miller has been controlled 
since 1972 by Bulkships and 
Anipol Petroleum. This arose 
out of an intense takeover 

battle— which ultimately went to 
the Privy Council 

The end result was that Howard 
Smith obtained 35 per cent., but 
Ampoi and Bulkships agreed lo 
pool their 32 per cent, holdings 
and to control Miller jointly. 
This arrangement was embodied 
in a letter of intent which also 
gave Ampoi or Bulkships the 
right of first refusal if the other 
wished to sell its Miller stake. 
The Bulkships parcel, it appears, 
was offered to Ampoi, but it was 
not prepare dto pay more than 
$20m. and did not make an offer. 

If the present arrangement 
transferred to Atlantic Richfield, 
the authorities might decide that 
a U.S. group was in a position 
to exercise control. The NSW 
guidelines on foreign investment 
in mining companies give it the 
right to vary previously deter- 
mined conditions of mining 
leases where a “significant 
change in ownership” takes 

Ampoi presumably would 
prefer to retain its ability to in- 
fluence tbe management of 
Miller, but Howard Smith, which 
still only has one member on the 
eight man Miller board, is 
opposed to the possibility of 
Atlantic Richfield obtaining more 
control than the voting rights 
attaching to the 32 per cent, 
shareholding of Bulkships. 

Exchange questions Boral bid 


SYDNEY. April 6. 

Boral to-day bought another 3 
per cent, of the capital of Aust- 
ralian gypsum, lifting its holding 
to 40 per com., but disputed a 
suggestion by Sydney Stock Ex- 
change that this represented con- 

The Exchange had asked Boral 
whether it intended to make a 
full take-over offer, following Its 
disclosure on Tuesday that it held 
37.3 per cent, of Australian 
Gypsum's capital. 

The Exchange also asked 
whether Boral intended to con- 
tinue buying shares in the mar- 
ket and to what extent, and what 
Boral’s intentions were for the 
future structure, operations and 
ownership of Australian Gypsum. 

The only definite reply from 
Boral was that it intended to 
continue buying on the market, 
but the percentage target was not 

The result was that another 
lm. shares were sold in Mel- 

bourne and Sydney, with the 
price fluctuating between SA2.0S 
and SA2.00. 

This compares with toe top 
price of SA2.20 paid for the bulk 
of the sales over the previous 
three days when Boral lifted its 
stake from 6 per cent to 37 per 
cent. A number or large institu- 
tional holders managed to obtain 
the top price. 

The subsequent drop in the 
market price presumably reflects 
uncertainty by shareholders on 
the likelihood of a full hid and 
a belief that Boral now has 
control, as the share register of 
Australian Gypsum is widespread, 
apart from institutional holdings. 

The exchange asked for the 
Information to ensure a properly 
informed and orderly market. 
The Boral Board replied that 
they were considering whether lo 
make a formal takeover offer for 
remaining shares and would 

advise the exchange when they 
had made a decision. 

Boral said that events had 
moved so quickly that toe direc- 
tors bad not considered their 
intentions. The Board pointed 
out that Boral only started buy- 
ing on February 9 and at the 
start of this week held only 6.6 
per cent, of the capital. 

Substantia] quantities of 
shares were, bought by Boral 
“ and by others " on Monday, but 
on Tuesday, with the apparent 
withdrawal of the other large 
buyers. Boral purchased large 
quantities of Australian Gypsum 
stock. Boral directors, therefore, 
had to consider the position and 
would advise their future inten- 
tions “ in due course." 

While they are deciding, the 
company is apparently still 
mopping up shares. The present 
stake must already represent a 
cash outlay of around SA22m. 

TJud announcement appears as a muitcr u£. record only. 


United States Government Guaranteed 
Ship Financing Bonds 

Shipco 668 Series A 

The Builds iv ill mature on flic earlier of April 1, L'OOl or the tivruhj- fourth 
unnivcr8ury of the delivery date of tkr vessel to be financed in 
part by the proceeds of the Bonds. 

The Bonds iccrc issued by 

United States Trust Company of New York 

nut in its individual ca purity but solely vs owner trustee under the 
Owucr Trust Agreement for thv O truer Participants nantrtl therein . 

The nudcrsiirned arranged /or the placement of the 
L'llited Slates Gurernutenl Guaranteed Ship 
Financing Bonds with institutional in ocstors. 



April 7,1 07S ' 

Union Bank of Switzerland 

Notice to Holders of the 4'A% US$ 
Convertible Bonds 1977/87 of 
Union Bank of Switzerland 
(Luxembourg), Luxembourg 

At the Annual General Meeting held on April 6,1978 the shareholders of Union Bank 
of Switzerland ha\c approved lo increase Ihe share capital front Sl : r. 1050 millions to 
SFr. 1100 millions. 

In conformity with the Terms and Conditions of the Bonds, the conversion price has 
therefore been reduced to 

US$ IJ6S.77 

with effect as of April 7, 1978. 

Upon conversion of any Bond, there will be paid to the Bondholder in respect 
of each $ond delivered for conversion a sum in dollars equal to the difference 
between the principal amount of USS 1,200 of such Bond and the new conversion 

Union Bank of Switzerland 

7th April 1978. 


International future for Tata 

BY K. K. SHARMA, recently in Bombay 

Financial Times JiWay; April "T ^78* j | . 

Some of tfoe worst r 
wounds, v. 

WITH ITS expansion con- 
winded al home by Jaws check- 
ins the growth of the so-called 
•• large industrial houses." Tata 
Sons is now looking outside 
India. Since regulations that 
equity participation abroad 
should be limited to the capital 
equipment employed have been 
relaxed, Tatas might well 
become India's first major 

Tata Sons is being en- 
I'nurased by the Government to 
invest in other Third World 
countries. Some Tata concerns 
already have a flourishing busi- 
ness overseas — Tata exports 
won the award for the largest 
exports by a single firm in 19# f 
— and they are likely to go as 
■far as Guyana where a plant 
Tor assembly of trucks made by- 
Tata Engineering and Loco- 
motive Company (TELCO) is 
being discussed. Textile and 
other plants have already been 
•tot up in the Middle East and 
South Asia, a kind of expansion 
which Tatas. like other “large 
houses." are forced into since 
foreign investment is one of 
the few options still open to 

This is one reason why Tatas. 
like its other targe Indian 
counterparts, is self conscious 
Of its size. In Tndia. the 
conglomerate consists of over 
:50 companies, a large part of 
iftc shares oF which are held 
by Tata Sons and its 100 per 
cent, subsidiary. Tata In- 

dustrie:. Their total sales and 
revenues amount to more than 
rupees 13.3bn. (about £SQ0m.) 
annually and assets to around 
rupees 7-obn. The total turn- 
over works out to something 
like 1.8 per cent, of India's 
GXP. Even the turnover of the 
largest company, Tata Iron and 
Steel (TISCO). is roughly 0.4 
per cent, of the GXP. far more 
than the share of the largest 
U.S. company in that country's 
GXP and to which it would, 
otherwise, be a pygmy in 


Vet Tatas are reluctant to call 
themselves an industrial empire: 
they betray a kind of split per- 
sonality in the process. 
Conscious that in international 
business, size is respected and 
respectable. Tata Sons point to 
the diversity and range of Tata 
products, services and activities 
that now encompass steel, 
heavy-duty trucks, earthmoring 
and materials handling equip- 
ment, agricultural inputs and 
pesticides, detergents, per- 
fumes and cosmetics, shipping, 
electronics, engineering and 
consultancy services — to men- 
tion just a few-. 

But now that size has become 
a four-letter word in India with 
the new Government’s emphasis 
on small industry, the image 
that Tatas project of themselves 

in the country is that all “Tata 
promoted” companies operate 
separately and are run for the 
people's well-being by their own 
Boards and managing directors. 
This is both true and not-quite- 
rrue. It is true that 75. per cent, 
of shares of Tata Sons are 
owned by trusts which promote 
original work in many- fields. It 
is also true that the companies 
are distinct entities with their 
own Boards, balance sheets, 
staff and capital structure. 

But the composition of their 
Boards show a surprising 
recurrence of the same names 
and the directors admit that 
“in formal” consultations among 
them are common. Tata Sons, 
therefore, comes dose to being 
a holding company with an un- 
declared purpose to oversee the 
activities of what is in fact a 
powerful empire whose assets 
have grown, albeit slowly, even 
after the Monopolies and Res- 
trictive Practices (MRTP) came 
into force in 1969. 

Partly this is because, despite 
the obstacles m the way of 
large companies, only they can 
carry out vital projects. A case 
in point is the sanction given 
by the former militant trade 
union leader and now Minister 
for Industry. Mr. George 
Fernandes, to an application by 
Tata Electric Companies for a 
500 MW thermal plant. This 
had been pending for years 
while the power shortage in 

Industry Minister George 
Fernandes : pragmatic 


Maharashtra State, where the 
plant is to be located, reached 
critical point: and it says much 
for Mr. Fernandes’ pragmatism 
that he passed the Tala appli- 
cation without hesitation. It is 
also an indication of the diffi- 
culties that the biggest com- 
panies in India face, despite Air. 
Fernandes’ approval. There are 
just too many *' clearances " 
from too many bodies estab- 
lished far too many purposes 
that a “large house” of the Tata 
variety has to obtain. 

Another example of Tata's 
ability, to expand is the . sanc- 
tion given to TELCO to increase 
its capacity from 24 J )00 com- 
mercial vehicles a year to 
36.000. The Government even 
encouraged it to go up to 48,000 
but its chairman and managing 
director, Mr. S. Moogaokar, 
feels that the company must 
first overcome teething troubles 
before embarking on this. Of 
the RsJibn. needed for the 
expansion, over Rs.l.5bn. came 
from internally generated funds 
of TELCO. Finance remains the 
major problem of all companies 
of this kind since the biggest 
companies are barred from 
tapping public funds. 

Further, many Tata concerns 
are in a price-cdntrolled cate- 
gory that make operations diffi- 
cult TISCO, for instance, 
produces 2m. tonnes of Steel 
annually sold at a price that 
has meant the company effec- 
tively subsidised steel con- 
sumers — and the Government 
itself, is the main consumer 
— to the extent of Rs.lobn. over 
the last 20 years. This would 
have been sufficient to have 
doubled the capacity of the 
plant (The $400 m. modernisa- 
tion announced this week m 
pan reflects a belief that the 
Janata Government has a more 
positive approach to private 
industry. Also domestic demand 
for steel is picking up. About 
half of the- investment will be 
in foreign exchange.) 

TISCO is, actually. Tata- 
managed rather than. Tata- 
owned since Tata concerns own 
a nominal 5 j per cent oE its 
shares while public finaiy-f at 
institutions have a; hefty. 44 per 
cent chunk. This is a further 
obstacle in the way of big com- 
panies now that financial insti- 
tutions have the right to. con- 
vert Joans into equity -.after a 
period, there is a natural 
reluctance to resort to finance 
from them. 

High cost : 

Tata concerns need funds 
badly because some make Josses 
while others want to expand 
and diversify. They lack finance 
even for badly-needed moderni- 
sation and hence units matting 
textiles, air-conditioners and 
some others make losses that 
Tata Sons pick up because of 
a reluctance to see a Tata firm 
go down, although its directors 
admit the time might come 
when this difficult decision will 
be needed. Such funds are not 
readily available because Tabs 
remain, as part of their tradi- 
tion. in tile high-cost, low-profit 
areas. Recent attempts to: enter 
high-profit areas like fertilisers,* 
gynethetic textiles and- pharma- 
ceuticals have failed because 
of Government policy. Hence 
the decision to branch out into 
sophisticated technology areas 
like electronics and computers 
(permitted under MRTP) and 
to look outside the country. 

It used to be called shell-shock. NoWwe know more. Wc know that tiicn ' 
are limitations To the human mind.- - - 

Soldiers, Sailors and Airmen all risk' mental breakdown from over-esposur. 
to death and violence -whilst in the service -of our Country. Service... fr * 
keeping. the peace no less than in making war.* *1 - 

We devote our efforts solely to the. welfare or these men and women (hraf :■ 
die Service*. Men and women who have tried to' give more than they could 
Some are only 1U, a lew are nearly TO years of age. . 2— 

Wc help them at home and in hospital. We run our own Convalescent Ilona j 
For some, we provide work in a sheltered industry, so tliat thev can lq m 
. without eha rfty ; lor others, a Veterans* Home « here they can see out the 1 
daw in peace." • — 

These men and women. have given their minds to their Country, TC\ie ij : i- 
to help them, we must have funds. Do please help to repay this vast debt 

is owed by all of us. .... V'" 

“They’ve gire n more than they could — 
please give as much sis you can”. 


37 Thurioe Street, London SW7 2LL.0 1-584 8ti83. 

Published by the Financial Times Ltd. 

The UN is proposing wide ranging dis 
closure guidelines " for multinational com; 
p allies. 

This month WAR examines the proposal 
and reports on how major multinational 
around the world arc reacting aggressively ti 
what they regard as unwarranted UN intci 
ference in their affairs. 

They hope to prevent the UN Commissioi 
on transnational Corporations approving th 
guidelines in May. 

The future will beseige you with que 
.turns: World Accounting Report will arm yo 
with, the answers. 

J Please send me a tree sample copy of 
r World Accounting Report. 


I Name. 


.When the highest possible performance is required 
froma property there is no substitute for experience. 

■ • Strutt and Parker have built a strong reputation in 
the agricultural field for confidential, private nego- 
tiafions and sound investment advice. > 

• Our national network of branch offices is able to 
find the rigtrLproperty for investment, negotiate 
the purchase and handle all aspects of sub- 
sequent management 

• Our sound experience could be tile foundation of 
- your successful agricultural portfolio. 

• We arF available to discuss the advantages, of 
agricutturai investment confidentially and without 

. . commitment 

Contact: &. L Lyster, MA FRICS, or A. CL Ba)| r FRICS, 
for further inforrhation. 

13 Hill Street, London W1X8DL 01-629 7282 

Strutt 8 Parker Jr 



the best at mid-session Gold nervous 



^SgSi^c^at»a > ;caa3Hfr. back 
*i - **^t -pare,- - unchanged 
NYSE^S!^^ level The 

5S&iJ ' tto»- 

SoSi'W-c*?' ^..cents' t«v*t 

cwfS. after. Touching 
*5y-?S-aE TL -QQ ajtt- - white pi.iit 

] ; *3P«w! Prtecs -ind marker 

; c-WJWijts, vefr.jit6£ available 

f . v- ~yy tortecditio n. ' ; 

gSStfvf ^rovar-iossac by a 
samite . -Trading. 
??$£*■ mgr fpm further^ 
J&5§m.- shares ■ froto - IfijSBpi. at' 

«4'tW markrt ^- 

by a statement by the- 
^ Price 
•*£&' inflatkm-eeems 

»i5? I ^^ ,3r '’ st,vk " :at a 8 t0 : 7 
ggr «at. : T> ei;;year ;rate. : Tbfe 


Induced ■; ::' •, festJttttiims, 

sceptical of 

tbe technical taiterto^tart faking 

promts. ‘■'^iX V* ; ■' ’ 

. ^TT^e WbdJesaVWWi'indei-.for 
Marian which sfcpwe&'a. tfcS per 
.cent jrise as oppicoed:..tb'I,l per 
cent in FebrtwrR - Wiw- about as 
expected, jn^i^aMed.- . 

Curtts^Wrigh t4»W' ft . t6‘ *203 
and KetmeconVQ>i>pet halted 
yesterday- and Vdelayed * to-day, 
picked upr-l^ to • S2SI '.yesterday, 
■Curtiss-Wrigat -said' if-it: wins a 
proxy * fight* ■ dyer. ^Kennscptt it 
might - seek vf*"' rtpttrdr^e. - half 

Kennetotts shares airaround $40 

ea <■&■• -i -i ;C- * --. if. '? . - •■ • 

•Over -1ie:*ri)^a7^ T i'Debron 
advanced -If: tp- fMJ-Ibld — the 
Company basr:".aBree<J%to 1 merjre 
Into, Bristol ^Stear and iron for $28 
; kflwajre 1 ' and. bait iernddated neno- 
nations 1 ; ;to i - mergfr ; Ihto AJco 
Standard; which, lo» ; l ~ at $«}. 

-Memoriae Ramed- $1 at- *33!, 
Medtronic *1} : : -at a *21}, . and 
General:. American jQHof Texas 

... -j ""■•■•;••' =NEW YORK, April:*. J 

morning on Canadian ' Stock but NedUoyd and KNSM lost i JOHANNESBURG; Golds 

Markets. The Toronto Composite ground. . moved .off the top towards’ the 

index added 1.1 at 1,065.8 at noon. State Loans firmed in quiet .close following news of possible 
while Oils and Gas rose 10.4 to trading. Bourse sources noted ilES. Treasury gold sales 
1,421.3, Golds 6.8 to 1,277.9. good demand for NMB's 100m. 7? -although most issues were stili 
Papers 0.53 to 106.34, and Utilities . per cent. Debentures, issued at j higher on the day in line- with 
0.61 to 1ML24. 101 per cent, for which subscrip- - firmer Bullion Indications Trad- 

PARIS— Stock prices further Uoi ? s . OP® 11 to-day. They reported -rug was quiet 
advanced in another active ses- buying interest at 103 per cent ' ': hojv'g. KONG— Market onened 
sion, which was shortened by a GERMANY — Market turned ; steady' following news of tluLuro- 
bomb scare. Operators were satis- mixed in fairly quiet trading on ; p^d acquisition of Marine Mid- 
fied with the new French a slackening of follow-through laud Bank, of the US by Hone 
Government and the choice of orders combined with some Kong Bank, but subsequent profit 
Rene Monory as Economics profit-taking after recent gains. taking left prices ciosine on a 
Minister. Conti Gnmmi gained DM2.90. . weak note. 

JSSKffr W ; " n : y hll l E ? tmdl «Sg “J*? and : .-Bong Kong H i 05t 30 


Tte- AMERICAN SE Market 'Value 
Irfid^was K82.-Afeftec-;jtt ;f*0.67 
at 1 pxo. 'on ■ ’vohnmr Gf ■ 2L24m. 
scares fl.BOm.). 

MGIC investment 
Avon ’ Products • 


Marine Midland ..." 
U.S. Industries 
Soinhn. Calif. Edison 
Famtle Mac . . 

Sean Roebuck 


Asarco .. 


dosing on 
price Oar 

m - 
« -I 
m ■ +ij 

w ,+i 
« +* 
354 +4 

& +1 
S3 — 
M. -* 
m +i 


Canada liigber 

Energy Issues led a further 
gain in active trading yesterday 

SPAIN — Selling pressure was YL250. Matshoshita Electric Yll 
much reduced yesterday, with the t o Y 6P9. Honda 1 Motor Y10 to 
Madrid Index losing only 0.23 YS70, and Canon Y7 to Y480. 



Apr. Apr. 

b 4 

Mar. I Mar. Mar. 
I 31 30 28 

^inoe compdlat'a 
High Low 

LFfiH? sor 

foiiaatruu 7GS.Wj 7SSJS7 JBLMj 3S7J8i7M.G2 781.7 

jP’nmirrHi. 88 .ES 88.49 88.4ft 89J2 B 

ffnuw pcHt... WB .27 m.4S 287.1^ JSHjJB 28 

JMlittw — . nre . S1 iKjjr 104^4 IBS .68 1S5J2 10 

rrartioi. vo) . I I 

two's t 27,280 20,1Mj 2&£56j'2fl,1Hj 2&,480j 26, 

* ■ Hasi5 iu innn nOanmn rrmr 4imp |4 

781.78 817.74 742.12 W61^ 41Jt2 

■ 0/1) Ohlfli) C277/S2) 

BB. 8 S 90.88 a . 

t (4/1) (36/1) ■ 

217.78 218.77 19^.81 '22HJ4 18.23 

0/1) 0/1V (7/2/68) (8/7/321 

188 JB 110.96 102.84 188.82 10.88 

' (3/1) (22/Q (£0/4/68) (28^/42) 

more than 9 per cent. ' Volkswagen gamed 30 pfennigs- waffliu^^I/j cents to SHK445 

Cetclem. GT Marseille, BHV after news that the company's Hong' Kong Land 10 cents to 
and ME Cl all unquoted because supervisory Board was likely to JHK7.35, and Wheelock Harden 
of an imbalance of buying orders, discuss the possibility of raising g CBn ts to SHK2.275 
Among those risihg. at least 5 the sroup’s. capital at yesterday’s tokyO-Pi™ ' 
per cent, were ClT-AIcatel. Fran- meeUng. t n mm m ^ 

cal sc de Raffinage. and Podain. SWITZERLAND — Stocks moved UJf* 

BRTisgm q Mn-Ttl-ir hit+ior in narr °wly fo continued small trad- 'ilHfi 10 a 9, 

in^S E ^J*? stly hlEfaer ln ing, but with a firm bias prevail- ^ DcJ ^'S^JL J ^ Aver ^ e Teacl - 
m creased activity. ing 29.65 from the previous day^s 

Solvay, despite having a strike Schindler Bearer were bid hieh- rM°ni post-war high to close at 

4§<* eSterday ' PUt 0n 10 er iSllowing the results, but wife - 5 jf 98 ' 25 > 1 = i y o! !? me came to 360m - 
to BJVsa.495. not traded. shares (510m.). 

t> J noved Ia ■ Among Industrials. Brown Electricals. Vehicles. large- 

J^ bert ™ 24 Boveri shed 20 to Sw.Frs.1,620. but «aP^ issues and a good number 

to B.Frs. 1,430, and GB-Inno-Bm. Nestle Bearer rose 25 to SwJrs. of other stocks fell 

70 mo re to BVrsE.090. 3,300. Nippon Victor retreated Y-40 to 

AMSTERDAM— Shares closed SPAIN — Selling pressure was YL250. Matshoshita Electric Yll 

mixed after thin trading. much reduced yesterday, with the t o Y 699. Honda' Motor Y10 to 

Hoogovens firmed FL050, but Madrid Index losing only 0.23 Y570, and Canon Y7 to Y480. 

most other Dutch .Internationals .more to 90.58. FEMSA remained MILAN Market va«s «n?htiv 

eased. Royal Dutch losing ETO.fiO. an isolated good market, being higher in slack trading 60 y 

Elsewhere. Elsevier hardened over-bid and risks , another . 4 Sllia Viscosa improv^ - 6 to L527 

Fls.2 and Gist Brocades Fls.1.70, points to 90. andPtiimM rtSS. but Rat 

- • . . ; . W . | declined 8 to L1.940 and Bostogi 

4.X^»E. a i-i uQimOJI . Rises and Falls 5 to LOO. 

— — -- — Apr. 6 Apr. 4 Apr. 3 AUSTRALIA — Shares were 

Apr. Apr. Apr. Mar. I ^ J«u« l.B7 3 " “l,84 2 ' Tofli 

5 i S -31 HW) lour 1,082 BIS 375 6°?^ m5t, ^°" al support 

• • i” K*ut 430 : ago 1.084 BHP ended 2 cents harder at 

50. M) 48.66 49.44 49.85 B1.B2 48.87 Cndum-jwt ’ 421 B04 428 SA6.08, after trading as high as 

j . Vj .^. ."[..^1)4 (6/3) NawHUfha 29 31 SA6.14. - EZ Industries added 10 

New Low*. - 39 49 gents at $A2.10 and 1CI Australia 

— — — — recovered 5 cents to *A2.05. 

MORTRBAL J „ 1978 In the Minings sector, Utah 

r AP 4' r 5^ lZZ «it.20 cents to SA350 and North 

— j — Broken Holdings 4 cents to 

Induatrla 17B.EQ; 173.88 178.91 174.15 175.68 (5/4) 182.80 (16/S) SA1.09. PancontinentaJ gained 30 

Comhiimi 18IJ97] isi.68 180.94 isijB 181^7 (6/4) 170.62 00/1) cents at $A10.70 on announcing 

roaoNro liompo-iu 1BB4.6J iosz^ ia69J2 IIWSJ IOM.B (5/4) ,996.2 (30/1) venture wWl a 

MILAN— -Market was slightly 

FIs.Z and 'Gist Brocades Fls.1.70, points to 90. 

4.X.&.E. A IJ. uQUUON 

A r 


^ «.fl£ 

TD t7 A 



Rises and Falls 

Apr. 5 Apr. 4 Apr. 3 

.iHuntn-M 1.B73 .1.842 1,887 

kise» 1,022 818 375 

F*U& 430 ! 820 1.084 

Cnchan-iwl ’ 421 504 428 

Nat* Hlahe 29 31 

New J — 39 49 

Gold moved erratically in 
yesterday’s bullion market mainly 
over uncertainty surrounding’ the 
U.S. Government’s intention to. 
sell gold as a support measure 
for the dollar. At the. morning 
fix, the metal showed an improve- 
ment -of $1S2 as demand' from 
Europe echoed the general satis- 
faction after Wednesday’s IMF 
gold auction. However, reports 
suggesting a UJS. intention to sell 
gold at regular monthly intervals, 
tended to undermine confidence 
a little, and the metal closed *13 
an ounce .firmer' at S1793-180L 
having at one time seen S182J- 

Activity in the foreign exchange 
market stayed at a reasonably 
low level with little In the way 
of new factors to stimulate' much 
business. Sterling' opened at 
51. 8730-1 R745 . and 'eased to 
S2.8705-l.8715 before spending 
most of the day around *1.8750- 
With some selling . developing 
after the opening of New York, 
the pound fell 'back' to S1R715. 
However positions • reversed 

towards the close when . it 
improved to *1.8735-1 .8745. a 
slight loss of 5 points over the 
previous close. Sterling's index, 
using Bank of England figures 
remained unchanged at 62-2, hav- ‘ 
ing stoood at 62-1 for the rest 
of the day. 

The U.S. dollar seemed to lack 
direction as most people, took a 
cautious line over the economic 
situation. Initially weaker,' some 
support by central banks may. 
have ' been -employed to ' bolster' 
the rate, but by the dose the 
dollar had eased to SwJFrsX866l> 
from SwPrs. 1.8670 having been 
as low as. Sw.Frs. 1,8540. Its trade- 
weighted average depredation , 

using Morgan Guaranty rates in 
Nfew York, widened to 6.42 per 
cent from 627' per dent find 
using Bank of England figures, 
the dollar index eased to -8S.3 
against 88.5. 


^ i i 

Gold Bulltan. ■ 
(a fins ounce) 


-Opening ■ 
Homing fli’g 

Aftem'h fls’g 

Gold Co'm_. n 

N’w Sov'gng. 

Old Bor'cgne, 

S1793 4 .lBOla S178k>-179l4 
S 181 la- 1624 $176lg.l79l4 
g 182.00 - S178.65 

(£97.025) (fc95.734) 

S 181.00 • S 178.40 

(£96.487) (£95.374) 

S1861fl-1885 4 S183ifl-lBfil* 
956-58 95514.6714 

(£30-31) l £2912-3018) 

55714-8914 S574-59J4 

[£89!q-301q) (£301a-311a) 

(Internal' Uy) 

Krugerrand.. *185-187 6183 12 - 185 It 

(£9844^934) (£88-99) ' 
NntSoVtgnB S 55-57 S541 fl -56lfl 

(£2914-3014) (£28-301 
Old Sor'rgne S 57 < 4 - 59 i 4 957 ie- 5 Bi 4 

(£291 1-30 la) (£30*5-31 !s) 
880 gaglei... 529014-89314 $290-293 


| I . Mar Lei. Hat 




April 5 

Sterling — — 

-loiter „ 

Austria Beh ... 
deigwa nvn 
.Ltenlub krone. 

Dutch guilder 
■'ranch Iran. . 
Italian ua.~ 
lapanene yen: 
Xorway krone 
Spain pe-eta.. 
iwerimh krone ■ 
■wih> frsm-__ 



Unit « 
- .April 6 
















1 New Torn... 

A mate rrte in 
■ (3open bagfen 


Stockhohn „ 


Ziui -fa 

fils I.S705- 1:6770 
fell 2.1275-2. I960 1 
41s 4.1)2-4.04 /, 

61s 68.-78-69. 18 
9 I0.t8ill).45i 

2 2.182-4.78 

18 76.1u.77J0 

8 148.70- Ms'.&'j 

Ills l.po7-1.6, E 

a a. fi-io.oo 

9ia 8.602- -24* 

B 8.64- .69 
Sis 40b-41o 
6ia 27. 10-27 JUJ 

1 4.47-2.51 

1.8735- 1.B745 
58 Ji 6- be .06 
10144- 1U.46 
14 b.80-14c. 45 
t).67'-tf Jift) 


? ran sum imk . xnrET Kant 







1K.5b; T73.B8 178.911 174.1 
18U71 1M.B3 180.841 ltfU 

201.9 208.4 
204 J. i 20301 

r rant tun — I £. 1 155-65 44^2-37 

VewVorl» 49^8-75 — ' 21^7-22.03 

Paris i.b.7I-6£l| 4.546-ES6 - 

Bnissela I5J-1-A5 4L.45-50 d.90-93 

Ltimlim ^ 5.771 78* i.r785-45 aJOi Si 

Atom ' dam. i.1622-47 -7.27o5ifi 

Zurich... 4g.46^6e6j j. c 62845 4U.94-4L08 

Urumetr - faondun Aniut'd'cn Zurich 

b.40-41 4.774 784 tfi^2-62 UwTaO-B.lU 

S.I726-I800 U760-877B J6.45 66 ' 53.76 95 
K4t<M84 5^22 -6425 rll 20-70 i»4Jft88 
- 58^1-50.06 14.65-66 16.91-97 

58-95-59.06 - ‘X£j-03* 3.i9*-&0* 

. 455-8486 -.034- 0395! - 115-825-875 

5-9160- BS66 3-4927 -48G6|P6. 476-606 - 




175.58 (5/4) 
181J7 (6/4) 

10E4.B (5/4) 

162.80 (16/2) 
170.62 (50/1) 

996.2 CO/ir 

Ojs. 8 in Toronto U.S. 6=1X5.76-78 Itenadlan oenfas 
Canadian 8 in New Yorii= 87.86437 L-enta. O-S. S in Hi ten 350.60- L00 
Sterling in JKilan 1585£O-160B.OO * Satea for Apr' l b. 

218.7 (US 
814.4 (4/1.1 

195.0 (21/4) 
194.9 113/5) 


n-t. He. vielri * 

(ti e. 

nn-i C*»vt -tioo.i y iriil 



to) Closed. (d> Madrid SE 
to) Stockholm Indus (rial 1/1/53. 
Bank Cnrp in) UnavaDable 

Inv^ Prem. at *2 JO to £—1*3 1% (1011%) 
Effective rate <at L8740) 46 *% (45J%) 

NOTES: Overseas prices shown oeinw 
exclude S prem linn Held an dividends 
are after withbaldina lax 
4 DM50 dennm unless otherwise stated 
V Pt aB-500 denom. unless orbennse stared 
4 Kr.100 denom unless otherwise slated 
i) Fru.500 denom and Bearer Miares 
unless otherwise staled 1 Yen 50 denum 
unless otherwise aimed 5 Price at time 
ol suspension n Florins h Schillings 
»■ Cents d Dinoi-nd a Her pending rights 
and/or scrip issue, r Per share i Praxm 
o Gross div %. h Assumed dividend afier 
scrip and/or nubis issue k After local 
■axes, m % tax rrw a Francs- indudina 
■invlac div v Nam q Share split t Dlv 
and Field exclude special payment, t Indi- 
cated dlv u Unofficial trading v Minarior 
raiders only » Mercer penrtlne * Asked 
Hid ! Traded I Seller r Assumed 
vr Ex rights. sd Ex dividend xc Ex 
scrip Issue, xa Ex aJL a Inierim since 



fshort term 6 ) 2 - 7 . 

I .lnyir notice 654 - 7)4 

Month 7-7 3s 

Throe mouths. 7ft-7£ 
dlx months.... b4g-86s 
Une year. 6 Eg i. Tg 

t Rates given are for convertible francs. 
Financial Dane 58.90-59.10. 


8 'ntts Bates 

Argentina. 1858- 1583 ArReniim-p B00- 1400 
Aoatralla Up.c£44 i.i407 Austria 26.5-28.0 

Uculu.. r .. .il.t8-a2. 18 Beiviujn ... St 594 

Finland .... /./7-/.7B tfnni 5M0 

■Greew 5/.B16-rf .486 ^telwte.:... 2.18-2.18 

HonaKoiu: ..62.0-4 J&j 6 Denmark., 10:8-10.5 

Inn tSD-ln4 jjran. e 8.45-8.50> .... u.sufiiLDij. Gprmaa.w 6^70-5.65 

' Wxe'mn'r! i 8 95-39.05 feraece «6-72 

Matay4in_. 4.4123-4.4525 Italy 1570-1620 

N. Zealand 1. w 134-1. 5 15 Japan 405-425 

Cteodi AnUi B.40-aJri) NL-Lliurl.iwi 8^5-4.10 
Singapore . 4.3175-4.0375 a. 90 10^ 

Arr1c*...J.6188-L68iM2 fun nga ... n - 78 

U.a. .pain 1475-1B0 

Canada riwux'iaim 3.40 6.55 

C9t Uj 6. ILBti-T.BB 

U.d. cent*. fl7.86-87.B8 ViiRoetevia] 353-87 

Rate given for Argentina is a free rale. 




April, j April. 

■>uiiuin(h*<. J 46ij 

irtrettfoyraph ... 
etna Lite A (Jan 
ir I‘iodurte.-... 
" iixmAiumtiltiim 

,lle«beny LodiJ. 
ilegbeuy Power 
‘ ■ Died Chemical.. 

Ilie-i bturtw 

- in-, Cbaimeni... 

- M.VX 

merada Hera.... 
met. Airiin<u... 
--IUOJ. Bnmd»_. . 

' • mer. dn.«doaat. 

. . . inur. Can.... — . 
infer. L^vanamiii 
mer. UluC. fow. 
mer. Kxpreoa^. 
-tier. HumoProd 
mex. Medic* « 
oioi-. Motors .... 
•aiei. 2vaU On.. 
-ner. Stamiaid.. 

■cel - Sloren 

tier. Tel. A Toi. 




-upex ...... 

luiiCH -Hock ini;, 
•i heuser Hooch- 
alee i 

tuner* Oil — ™ 

a (To — - — 

bland OiL.M.a 
i. UiuhDelil...^. 

i to Data Pro-—' 

* - ■’•O- 

ou ProdueM™ 

• it Css HliA'l — 
iik America.—. 
iiUerrTr JN. 1 . 

■ i-UrrUU — 


Hixu-e Fl*x 1 „... 

.,- lift Howell 

miix — — 

ugueL Cons *b. 

'■ irk A Decker^. 

elng- — 

i m< Cascariu — . 

.• pien 

nt Warner... — 

uiiO I ui 

,uMi ‘A’ — — 
sloi .Myers — . 
,t. P«- ADU... 
yck way G tei*. . 

* ms wtch — .»• 


lovu Watrfi ~_ 
vrilngioo Nl hn 

^ romgha — ~ 

n|ihei &oo|i— 
iddOan Facidq. . 
1&. ifiuidotpb^ 

Auatii'H — 

a Genont 1 
ter Hswiey..- 
erfilnar Tracts 

uinus&i ...» 
»oa Air'.iall- 


•f unl^ni Bt.ST * 

peta^h Pond- 

js-ie Sydetu. 
raufP Bridge.- 
tinnilloy..— ~r 

T-lBf.-r' ‘ 

srama — 

r. Mitecrou... 

V '/icon'---- 

' J - Invedlrw... 

* ' a Una— ~— 

' ’ a Pa]m.„.„« 

; i j/ n AiamanM 

imbiaGtea— - 
i 1 * ■ jmbte W rt ■— 

j j.iiii-ltartAm 

. I ibustkm Rail. 

i}!:l ibuation j*d™ 

. :»* .'w'th HdJmm 
‘ , j'w*th Oli He. • 

.us. SateKtie. . 

p .j,.^;.IbL IaIo hte_ 
;il fftiteo OSJ. 

son FoelL.ia ' 

ho' Nat. Gae. 
sumer Powgr 
tloencai Grp. . 

. cinema i Ou„ 
[iaeucai Tale, 
ttqi fHi*— t- 

pB HBMK iiii *- 

wiH. InPntiona . 

o4sa <"Mti.-_.-ji • -*'«*. 

17 Oro kerNai — _ «aig' 
- uwnJie.eilia fa al7a 

an l* jS3» 

■ ion-Wnyta— 20>4 

jjgjB. !. 2314 

.a»Bp Ltert [ndustriefl„ 

imtS ’ t ** Pe •• ■ fl56 « 

Wifi i>e jUoete-^ — Ml , 

«*« Ueuu- 9U 

“i 4 * ‘Jems )*•> lnt«»._ U8I4 
¥? uetjnit itdimin... I i a 
22, Uianxnulrih > net ■ .. c4te 
“®*4 DivUphone l.Bg 

IU Uiifila J*quip.._. ,40la 
455e «Jisue> iWui).;.. -"-5lg' 

30 Dover Corpu -3914. 

.'57S<- dow Cheniic** — v3H 
24is Dtavoi — ..•...■;■■■■ a7i» 
B33# . U reseer 0764 

. AlTg Du rtmt— : 

. 877g Dymulndustnea. 175s 

815* KhKW PtehBr,„L lBSg 
484 ifenaAiiuna.. — -TSa 
4a5y Bowman Kodaks 45*g 

38U “««• ; -I 3§'. 

B.UJA — .i.. 21 

xnjl & P*4- NM. Gtes 15 
' l&JU . .88 .. 

05^ amerson Hie. trV -.8)4 
10J - OiiiiMri.Urrr’lwhl afSa 

isu “»*«»-- — »i 

' 267fl . “^O'harri aStg 

oqi-, £emnrk 87 Ig 

fi? Hthyi 19 

mwh>- AS Eg 

18*8 Pauehiut Ounen SOI4 
873a t c «i-B0pt.6tore« o*Oa 
5*58 rtrasiuoe Tife. „ ' 14lg 
StVl* . at. Nat. boston. « >8 

9, r .ma Van • IflJs 

88)4 -fiintxoie— tSte 

46ia Pidtldn fWw.... 8884 

201g- r iuor.„ 0 5 


351a - — ... *158 

877a Futd 161® 

36ia Botpiuoat Hok — 171a 

851s Pox bon>— S3I4 ‘ 

351* rnokiln Uinu... 7J4 

18 - Praeport Miners- 191g 
34*4 r ruabaol 2534 

* ‘ Paattelnda. — ii., ' ltJl« 

8OS4 „ 

Ifilj G--A-F—, 113a 

5384 . Gannett . 3J7ae- 

2ni 8 ibh. Amer, lni_. b&s 

28 Eg — 84T 8 

277g ' -Jen- Caine . Is7 a 

HBg Gen. Dynamics™ 461g 
14lg Gea-Biecinav— . 1 6)a 
Kite... .Ueueai- tjeods— , .. *8Jg 
$*“•«* Mllifc— 27 U 
Genera UiXcrs... 81 ig 
aon. PuU. L"Ui„„ 19V 
*Z|8 Uml 25U 

- ||fa .eni Tbi. Btert... 30U 

.ton. l'yre__^__ *414 

ttoneaco : 7i« 

ui, GPotEia Pvriflc^. <5 

a «*ty l8 ? 


-JdtedH jtKR=t-i '■Zfri 
S48g uod-yearTire^. 171; 

1134 lioauT — a7 

16 •(» rWJt„„Cm * Eg 

476s Ul, AltePPscTen flSg 
iSfig un-Worth Iron... sSEg 

A78g urej lKiunr 13 14 

2. fig Uulfi Wrafttp... • i*7g 
|vl9J«: - ns 

alSfl H*-it«irtcvi 5 Eg 

*87g rixana Minting. i3»4 

d85g — I 0 J 4 

22L . .a-tma tiorpn^. ‘A74g , 

29^ HJ ,J 4*4 | 

48te idaoh.rin,. *p 6 s 

Uiirita J{qu!p.._. ,40ia 
Disnet iWuD.«. '-Ska' 
Dover Corpn_..„ -391* 
■low Ctierotei- 4.314 

Dtavo— . t74i .. 

; U reseer 0 7 i 4 

Uu Pbnt— J 1 - 434 ' 

Dymu Industries. 17fig . 
■Ke«te Ptchw.™ lBSg 
Bus Ait imps.. — -75a 

Bowman Kate*- 45te 
Baton J . 35 . 

4. Ui A *1 

fa PS*. NM. Gas 15 
h-tfatrs^ — .29 . 
omersen Hio trk - . ZU 
niiwri.Urrr'Ufni */Eg 
EnJwrt— si 

-M-l_ 27g 

lUteQiharri aSlg 

Ksmorn 87 1 B 

Bthvl 19 

oxxoo — 45 Eg 

PturohiM Camera SOI 4 
Hept.eitcrM o*Oa 
Pizestune Tifa — " Z4lg 
. sc Nat. bostoo- « Eg 

r .exi Van. : - 181g 

-P lintxote — <. 2 >4 

PiUtiitri ftraw.... 89to 
/ iuor.„ s3 

3786- 37 to 

'• Z ato^ 1 6 

Mhn Miujvine... 29)0 

*ohu<ju Jufamoo 68 
(Jjjnn <w Cisitro . *©14 
JuyMiinntsrtur’f 32 

-v.Min Corp 2356 

tvai-erA-uzoniViii 29 
oai-e> iaio-tne. lto 

asi-e titee- 227 s 


•tenna tot-.... 67 b 

im McGee...—. -18 
.i'-efi ter.— . 29ia 
<vjmi«v • Cork- Ht 7 g 
.vuppe — _ uEig 

n »n 4*»to 

•- ixerCo. — Big 

evi dl Ml h...». 28Tg 
■it-bi U-w.Kooi... *734 

UgzM. Uronp... *91a 

Liny (Bll) 4 UEb 

Ultnn Indu-t i71g. 

LookoeedAircrin -9ia 

. Lone star 1 nd. j 8 >a 

Lone 1 -iand Ltd. 18 E 4 
Uxiuten- Land— 205 q 

Luhri-O' 071* 

Lucky Start*. ... L4 

L'kw'y'ung-i'wn Bit 

MaaMliaui— 1 II 4 

Mnoy It. H 381g 

jJLtr Hnncver — iHi 

A ipco Ji 6 b 

Afctnuhoo Oi— „ dOBg 
Jl-tnnc- Midland. I 8 A 4 

Al«rahrt Piem ... - 198 b 

Mbv Uent. toro» . 22 +g, 

MCA- 40to 

XcUenuctU.; 25to 

iiicUoiine-. Douv 85i*' 

AcOraw'Hi-t )91g 

Xouarex 321* 

Mercs — 49 % 

stem 1 Lynch— 15 

Ae™ Betrorum. 35 to 

Mu 81 38 

XimlliiiiiSUt . 43l{ 

Mnbt Uorp «.0?g ; 

M on s anto 471f 1 

Mot*an J. P M . — 433s 

ILsotoul. nB . 

UurpliyUii.-.— ■ 3ato 

NablMjo- <»7to 

Mai co Chemical.. 2764 
.Vatk-nai Can-....! Ifito 

Nat. JUb-tdlnro — 221 b i 

Nat. Bervu-e lnd. 146g ■ . 
NnlHvia dice).— 30 Eg I 
Niuaus— Big 

.No It— v— 4 Tb 

Nt-^tiuw Imp..... 16 ^« 

New Knu aiid-bL alSfl 
5u)>teii lul J 
Ntaxsra 8 lnhawk 14ag 
Niagara aUatv .... hi*. 
N L. innum.’tr* . l&fig- 
NomnkAWesifcra *7- 
Nunh Nai.Gas— »7Sft 
Nlhn mate* Pwi t46g 
Nib wee 1 Aim nee fe4to 1 
Nthweu uoistitlj 4 . 17 b 
N urtun oIqk-ii — . iWs ! 
.1 i iemn Mn i *1 

1 'ij?r d drift; Pa ksm t4fig. 

■ “g* 1 dijtfctevlniM '- #6to 

84 in fInn«WD»lre_— .... • -31 b 

■■jjaJ riimeiweu 4434 

J? 38 — ...i .334 

lase C&n* Amfcr. .. 875a 
-7? Hflttetnu Wftteito 24 Tg 

oAiT- Huot(PM)Uhm . ito 

JYg Huttoo tis.p .1 121ft 

t.C. lnuustidea— c2)ft 

,5iA ™r- -S 

??*•> Ingwwi Kuvt.,.. . 3to 
«*8 latend 5«ei.~— - Sbif 
Iwsii.j. — 13 

' 1 ^ivy.AIaihwr - Wij ; 

"5fV tfifisiin. — . icie 

>jveneBi>£ihl|<^— *■ lto 
JuMir-Uoniiiii:..- »71* 
i/wensilitnols.... 30 to 

pMUfif Itoa f - 

itevtoeLuihuns:.. Bblg . 
Pin. Par. Ltr.. el . 
Pan AinWorHi Air a fl 4 . 

Parkei daanibn, 3*8 

Pealndy lui ....... a i 3 a , 

Pyii-Pw.A Lu. Elfi 

Penny J.C. 6to 

Ppnnmil. • dcSs 
PenuleeDni£..,~- 7^. 

Pmiilw(ra»-V.“ 55^® 
Pemteo E6to-, 

Inieraoni fioertn 


inti. Fluvoura.-.. 
Inti Hawem®.— 

2415a 858 
207a KOto 

I'flrxin Eunei— ■ 


Phe ps Uftljie— 
I'biouie-nhls B-e. 
Pbiiip Morrie^.. 
Phi i|* Prti*’ '»■ 

pi sbury — .... 

pitnev Buwwr.-.. 


Pessey Ltd 

437a lhSLMm AChrm itHz 
20 Xuti. llnltiiloods.. Oto 

23V loco'— — — igto 

-231a IntL Paper—— 37 
39V tPG— — — ■ = k9. - 
cite Int'Bwilfler.— 

295a: lot. la. a T ri— . ' 2flto 

to invent — . • 

1554 lows Beet— — 327a 
•'26ia' : - -t.U incwtetkmji 
-43ia Jim Waita-— f »V 

Bb7g praaroi — — 

381a Potumw 
z07g PPG lomeines- 
16 ig Pro ter GsmHfcr.. 

361* Pun 'erveKlert,. 

« Pa! men — 

10 to Pinvx.~-.-~- 

285g yualier Osi*.~- 
1 " ihipl.-Amerl-vn- 
32 to »nrtb«wi....'~tL. 

n«g . 

-98 to' 'Hey»i>Ucs1e*i— - 

29to I drvniD 30 

.71g Keynrudh Meia h. .6 
. *75g tteynods U.J. — 1 

321* KU-b'rou Mend . <,2 

3Eb Kivhweii Inier... 61 

29 Uohm A Haas. afl 

l 7 * 

c3 1 toys IJuich 30 

Bi« rffK 14 

nfil* Hus* Lojrs.. 1] 

47 llydei ->y»roin.... IE 
29to aiewny ■Stores... 9 

*1^4 . ii. Joe Minenti*. .6 
nlTa heew Paper— «.C 

J 4to aants Ft- liui* ... i-i 

91b . mu lores) n 

B9to wxun lnd* 

‘7Sj icti.lir 1’ivwinp. 11 

ichiumheicei efi 

4S7 B iLil IE 

40 »ttt Pape 12 

1684 aeon Mrs al 

17 Ts <cudP Uuor Vesi 1 

>884. see Ucuuitners... xS 

sOBg beaerain x3 

87 lg strirife IG-U.) 12 

14lg -wan. Roelwk— . e.2 

hfiB ihlXXJ o2 

• llg itieh Oil 1 

sBlj abei'Xran port... .36 
SUj lignin ............. 60 

a4to atj;ni*ie0nni...~ 4 
*0 'impil il\ hi.. 13 
•4to Yincpf-. IB 

lBlg smith Kline 7 

boil Iron 2 

x27b xniLh lowu c.Q 

40 dMUhernUal. I'd. a5 

a4lg southern C'n 17 

xBto dthn. Nsu Ken... Pi 
19 ig Siutbarn Ph. in . si 
3068 southern U* 11 wsr -*5 

14)] NHiihimn no 

32£b bRnshar**. a4 

305e jpem Hmcb 16 

„3to spej-n ttetni—.— . 34 
oOto Squill. o8 

46to jumlsni bran. if eS: 

42la dfai.Oudutlornte 39 
387g PH. Oil InUlmia.. 6 

63 Pid. OU Uhl» ... 60 

47to - stand Cbtenicnl.. .8 
27to sterling Urue—.. 14 

151- dtiMeteieer. 48 

Pun Ld 39 

oa a undid mod »5 

¥5. Syntex »3 

luL-bmcotor..— 9 

a ”*8 Ldsimnix — -4 

rwedvrwv—1 -0 

£ '** -* 

15 .necn. 30 

*2^8 lemiro HetrruMJO) O 

Ipxa-a *fi 

“*8 rexiuoiTO 18 

*“to lesas In st in — — 4 

lexn* OH £ GKw . 29 
a 5. Lease Utiliric* SO 

*4to imie In — 40 

4^4 rimai Mirror -6 

-IJ2 i'imiten 4 3 

4°iB inne. -3 

*°*8 1 rtnomeri ....... 

Inna iw 16 
Iran* UntuQ...... 38 

*»‘8 yrau tvs > Int'ni 2 
'. 1 nui Win An. IB 

..Ito inive a0 

o?to iri CnnriiKfita .J 18 
Z\j _ 

e^to £' 

ijOlg lt)Vfrtluivfi4 8 

*52 AitflO 23' 

Jr - (il 211 

Jfia -ol' ‘-i 

g wM war 381 

55 wnlevm NV t — 64) 
igl, v0K« MUHOtl ... 41 

77 . uiuod Cori>idr~. 9 
55 -moo Cnnunen-c 81 

26 to l, * on 55 

jittMi Pscifii-.—.. -41 

177- uniro^ns ■! 

353, United Hmnis-.. 71 
gTto UhiMnorpu. <85 
62 UsLGvpsum— . £31 

IM. oti.Bh/ie — J- 1 . 

38 u^-Steel. <67 
BHl* U. ircb'nn unites.. 6 
jg ' uV imluxlrlps — 191 
19T« Viromtelfipl.. . Ii 

1o 78 tt''W 198 

18te ' Wirner-Coaiinn.. 331 
tVirner-LemlteM. 67 
W ud«.llan'mHii 21 

16 Mtomt-lMu&fl .— . 57 

l»3fi Western Hsn nr| 31 
JfiTg Weflion A.Anui l 1 
I3i, Wi-otom Union... If 1 
aula W st in line Bkvt 17V 



Whirlpool — , 

White Cco Jnd~ 
Wlllism Co—..m 
W lnaoPsUiMlact 

W.anwnnti 18to 1 B >4 

Wyly. A to 314 

Xerox. - -2 to Ito 

!Z*pat«_ 17 Ig I 6 J 4 

Zenith KsdUi..~. J5&g 143f 
|U.6.Tn*»n»aK: 19* to 194 to 

I us.Ttwi»4iS75/7c teito teisa 

iUjj.aODavbllteJ 6.42 1|. 5.38- 


tuiuiN Pspii>..~ 121a IS 

AgnlcoKaieie-.— . 4^5 E 

A nan-Vu minium .9to <5 

\ kuum stee ..... 16 to 15 

Asbestos.... 137 M 

bank ui MantrMi 19 to IE 

itenk Nora crate Into IE 

■tele Knnarvt.. 67g ( 

den l'eiepbone... D41g >- 

bow Vaiipr |nd- k55g eE 

oP LnimrtB 15to 1! 

ilnssn 16to 11 

Hnni- 0 ... T3.H9 13. 

urn -.'srv Power— d7 3' 

junUa Mine 13 1: 

odiu.u Cemem.. «to ! 

-ana. in MVteii 1 to 1 

wan ImphusCnm c7lg a' 

■.tinsais Ubiusi ... 1 I 6 I 4 115 

won. Pann.-..— it to l'i 

w«ij. Pte-in Inv. lBlg IE 

uMiduperOi ... 7 -t 

Carling U'Keeie . 4.10 4. 

^iraimr Aebcobm. 9 i 

-hlehain 20 to 15 

. -'oni 1 mis ............ aBto 8 < 

Coos Bathurst <S5a xl 

iJonsumei tins — 17 1' 

Jisekn Kepoaw. bto t 

'■asm Klrh 10 ' It 

Dana Devlmt. — '81a E 

•jpiiioiiu Mines.... 64 14 5* 

Uuiav UlStt.-.-. >5 .< 

dome Petroleum 64J« 6 = 

Lkuuinkm Uridce i 484 ' cA 

Liomtar I 6 I 4 IE 

Du [wm........_ .... 12 Iq li 

Falcon ’ye Kiclef. ISS 4 IE 

.■ord Motor Can.. 173 li 

Uenstar | 26 Iq BE 

Clam Vel.wluiile 12 1 ! 

Guii On Itemute.. fcSto <Fi 

HoWkerdUI. Can. G7g E 

Un niKr,....._. 3 llg 3 l 

dunrOi -A' 40 tg 4< 

diMiaon bay Mru- IGto IE 

Hudson bay — 19 to lE 

dndaouOiiAGai- 44 -»< 

1 -A.O— l'to l'l 

imsfco — dOto 3( 

imperial Oil IS to 15 

Uioo. - 18to 15 

..Ida 11 lg 11 

-11 tend Niil. I to a - tOto 1C 

1 as'jir'yPlpeLine 14' 13 

Bonier Resources. Wj IE 

Lium'l Ffaijorv 7V -g 

uutntw uom. "b. 4.0 j 4.: 

jlu'mi *□ meed . iBfig 18 

■iiatfWy Fergnmai 1 U 4 1 

■icintynr 38 £2 

Misire Cotpn .4 o3 

■vomnda Mines... -5 c'4 

vVurcen Hnor^v... 1 to 1 - 
.Vlhn. i'feiecDiJJ — -67a *6 

.VuDiac Oi. 4 lim dSlg t4 
Othwoud Peir'm. d3b 3 
PuaOc Copper M 1.75 1.1 

s lAcPetroajair. -9lg o9 

•'in. (Jan Pet'm. > 6 to ao 

•’itlno — 1 Into 16 

I'eouift Depu s~ 3 35 5.2 

■ acCa \Ol- -92 Ji 
p rcerltewopnn B .013 ds ; 

.iweTCorporal’n 12 i b 121 

.1 e — 136 b 131 

Quebec atumenii 1.2 

nattetr Oi .... 30 to 291 

deni dhair_.._.. 9 to 9! 

dio Aifiom— ;5Q -.81 

dojnuBk. at Usd. J&i Mb', 
■toy* 'ITM-,- 11)4 17) 

. ppuett’-onr p> 8 8 

iiart nmw — .. e57g <51 

fid Usnsda., — l 6 to 16 
■hemUti.UUir- i.75 v.5 

itebens O. U— ... 355s . a3 
iimiten — i.bO -r.7 
it«e- aiUonede.. hl 7 g eal 
iteepECo. it iron. '-.33 s.3 

lexAco CUmt-iB— 59 '4 39( 

loronio UaraJJli. j 7*4 ib 
liwuCen PlppLn i5 141 
(.Tuns Uoani O' t 9to 9r 

IriTO tiOto 101 

Unwn lhu.~..~ .105a 10) 

UtiLbiscoe Miner )g .1 

(Vto ker Hinuu.». 33 - ',£) 
We® Uosei Tra a3to 33) 

ITmton Gen — ... ICI 4 161 

. tBid. t Asked t Traded. 

I Hew sock. 




wholly to rents which must run ESJTs development . team has- 
up much faster to counteract a now. completed Jm. square feet 
weakness in the property yield of industrial- space. And this 
structure.” week adds a £3m. Manchester 

This need for higher rent ex- scheme to Its hooks. . .. 

pectations would he hard to fulfil ESN plans to build a 150,000 
in the current 'economic climate, square foot industrial scheme 
And even a return to the post- r a a; rp - - ' -' if- \ mm-j *— — 1 

Slide in prime yields halls 

THE expectation of a rise in the 
M inim um Lending Rate within 
the next few months has taken 
much of the heat out of the 
property investment market, and 
out of the property share sector. 

In the physical market, invest- 
ment partners of the major 
agencies and fund managers in 
most of the active institutions 
all report increased caution and 
a marked slowdown in property 
activities. There is also a tem- 
porary hiatus before next week s 

The market is not expecting 
Mr Healey to announce any 
particularity adverse measures 
for the industry in bis speech 
next Tuesday. And some hopeful 

souls look for a relaxation of 
Sofia Gains Tax. Either way, 
Sere is l^tle pressure to com- 
plete deals before the 11th. 

In the property-share sector 
Town and City s 
refinancing programme has been 
greeted with Interest But, after 
i careful look at the dilution 
effect of the proposals and at the 
scale of the group’s remaining 
problems, the_ move sparked 
little buying interest. English 
Property Corporation’s results 
last week were also too closely 
in line with the markets 
undemanding estimates to have 
any beneficial impact on prices 
(although a misprint in the pub- 
lished accounts showing overseas 
short term debts at £21.462m. 
instead of £l-2film- may have 

- 1 . ‘ war average of an annual S per 

cent rise in office rents would 
« 1 . be insufficient to justify a current 

lin I'l'C? purchase at 4J per cent, of a 

.Sti-CTi Jl IriJ property if prime yields subse- 

quently rose to, say, 51 per cent 

.. «..» fhore was Th* mathematics of that argu- 

chipped what little gut there meat are simple. At 4$ per 

from the figures). . cent, rents currently need to rise 

Even rumours of by six per cent, a year to give 
changes, and renewed talk of an equivalent return to gilts- A 
possible sale of EfS le Staris key ^ point jn yields W ould need 
26.7 Per centshareholding in ^ ^ cent ^ plus 

EPC (the first Possibl^^tte gj per cent, rise to offset 

second highly improbable), iaiieo in capital value,' adding 

to generate much interest in tne ^ jm jjnduely demanding 154 

1 Modem 
/ Anneal 

sPer Square Foot 

stock. _ „ . ■ . „ per cent in all to- keep level 

The shadow of MLR hangs too 

■ ■" ^ I 

U ^onsol. YIELDS 


w' \ 

I * LR 

! Industrial* 

The snaaow vl with grits. \ lire*- 

heavily over the sector— despite As Mr Baden-Powell believes r^Ton y£Hou£fA5 

brokers' valiant efforts to split jjj at property shares already dis- J 
and identify the limited number much of the profits boost X2-t0 

oF short term mterest-eensitive expe cted from the “ reversionary “ n ”” :it,mai sJ 

stock from the rest— to shake off eoncertina”* effect of bunched, Manchester's airoort for 

its lethagy. - ' . , historical rent reviews in the at : on s n December 1978 at 

This market sluggishness helps next few years, and as all Ihe “SfSn orS^SinewiS 
to bear out arguments put by other pointers for the companies tiuii? SSsSS 

Roger Baden-Powell, the property ^ inhis view neutral or down- . ™ of mumb mausmju 

analyst at stockbrokers Joseph ^ards, he Ik a bear of the sector. rent cnarL . 

Sebag. Mr. Baden-PoweU has weight of' money advocates ASSURANCE’S 

been svrimmiiig against a tide of may fell that he is unduely Wellgate shopping centre 

recent brokers advice to buy snnjstic, and that the . in Dundeeinfonnally opened this 

property shares. But his argu- weight of inveriable funds * jj* week when Tesco started trading, 
ment against the sector, and his provide continued bouyancy for Tesc<J British Home Stores and 
doubts about the continued both physical “d ^we lets Mothercare have helped agents 
strength of the underlying But the two mar^ have now D Wood ^ Hillier Parker 

physical property investment dearly cooled after the winter ^ Rowden t0 pre -iet 26 

market, make interesting reading, boom, and even unrepentant nulls qq per cen t_ Q f the sales 

He feels that prime commer- should heed the warning signs. a tloKy reported rents of 

rial property yields, now forced DD |-- £5 to '£6 a square foot 

down to 4} per cent, have hit HKItLI" Less cen trally. Standard Lifes 

immovable institutional resist- Electricity £3m. Nethergate centre in Dun- 

ance, a view borne out by both TWO years g WLr ^ dee ^ offering 6 months’ rent 
agents and fund managers. IF. Suppy . „ inr> i v industry’s free period to attract stores 
as he believes, the bottom has ^oension^und^ decided through local agents Graham and 

been reached, there S&asITeiSdStiial content SIbbrid, who expect an eventual 

be a reaction back to yields ©f to mwease tne inox^in ^ a square ftot 

The Church OBrnmlssTouers * 
risked a vay depressed City,- 
of London offiee market 4hree< 
years ago when they derided 
to go ahead "with their £5m. . 
restoration of Condor House 
by St Paul’s. In the event, 
they can be credited with 
faultless timing having 
brought the 110,806 square : 
foot block onto a market - 
acutely short of larger vacant 

Under existing planning 
consents only 43,000 square 
feet of the building can be 
used for offices, the rest is 
covered by a Class 10 prare^ 

- house and showroom consent - 
But it is hard to imagine' 
either the City Corporation-; 
or the Department of the 
Environment - blocking an. 
application for change of use. 
Neither authority - could' 
seriously relish the prospect, 
of an operational warehouse 
on the very door step of SL 
Paul’s CathedraL 

Gluttons, acting for the 
Commissioners, have followed 
the existing planning con- 
sents -in their renovation 

jftnancial Times Friday. ’April ? 1978 

work. They have brought thd 
office zoned floors up to- air- 
conditioned “ Standard and 
have applied a .more baste 
finish to the Class 10 spare. 

The office areas are on 
offer at £12^3 a square foot, 
and the rest is~ available at 
.£3£0 a square foot. But the 
agents are clearly hoping for. 
—and are already talking to 
at least one— a single te nant 
for the whole building to sup- 
port an application for an ex- 

tended Office Development 

•„ Assuming a successful 
alteration in the planning 
controls. Condor House and. 
Sun life Assurance's 110,060 
square foot . former head- 
quarters in Oheapslde — put 
on the market this week by 
Richard Ellis at £14 a square 
foot— would be the only two 
buildings with more than 
100,000 square foot available 
in the City. 

Battle over Neasden 

,i.. m Offices 

reartion would be sharp in ffie trials still account tor y are not yet talk mg rents for the 

aaicrw-J 1 


vSssfm ra?. as a s 

Bernard Sunley Investment 
Trust’s corporate nose is ;viribly 
out of joint over. British Rail’s 
derision to award its £L0m* . 
Neasden store and freight depot . 
contract to Kyle Stewart, English 
Property Corporation, and Tesco. 

As reported last week, Suniey’s 
consortium to develop the 46-. 
acre British Rail site near 
Wembley Stadium included 
Tesco, the French group Gara - 
nore and London and Mercan- 
tile’s' subsidiary, Co-Partnership 
Properties. "When British Rail 
decided to consider separate 
tenders for the projected 100,000 
square -foot superstore and the 
freight complex Tesco won the 
store contract, and local Wemb- 

ley "developers Kyle. Stewart 
backed by EnglisffTroperty Cor- 
poration arid Legal and General. 
Assurance, and advised by agents 
James Lewis, won the freight 

. Sunley is now discreetly calling 
«foul" over British Rail’s deci- 
sion, mining that its scheme Jor 
a £900,000 annual ground rent— 
£550,000 for the. store and 
£350.000 for the freight yard 
beats the proposals put by Kyle 
- arid Tesco separately. British 
Rail, although it admits that final 
documents have ■ not yet been 
i signed with ' the chosen 
developers, cannot understand 
the fuss. It sees no reason for 
■ re-opening the tender. 

That would seem to be tin 
end of the matter. But Brem 
Council, which is now in tiu 
throes of a local election couli 
overturn everyone's curreo' 

The Council issued a notia 
under the Community Land Ac 
earlier this year notifying it 
interest in the site and its pos 
slble future intention of buyini 
out British Rail’s holding. 

Brent could step in wit 
counter-proposals for the use c 
the land, or simply take ovt 
the store and freight schem 
itself. That could give Sunley 
consortium another shot at tl 
work, but that looks a very lot 

Property Deals appears on 
Page 36 


16-18 NewBridge Street 



10,500 SQ FT 




^K) for Industry 


I Hillier Parker 

May a Rowden 

77 Gmsvenar St. London Wl A 2BT Tel 01-629 7666 

To let 

Buckingham Street WC2 ......... I 

Hill Street Wl , 

Newton Street WC2-;- 

Pall Mall SW1 

Waterldo Place SW1 — — 

Furnished suites WZ ,....1,500 

6,000 sq.ft. 
8,445 sq.ft 
5,540 sqit. 
7,705 sq.ft 
.4,350 sq.ft. 

1-7,000 sq.ft. 

1 27 London Sl Basingstoke Tel 0256 62222 

Office Building to Let 
All enquiries to SOLE AGENTS 


^ PARTNERS £*t. '52^ 

Telephone CT- 4 S& 525 t M | 



residential building land 


to^^ac^^o r t Stereaboirts! 1 FroMage to 

1J00 fret. Foul^Tfursace water facilities on site. All 

Clients' requirements . 

West End/Knightsbridge lOrOOOsq.ft, 

Central London freehold 3^00 sq.ft 

Regent Street Wl 2,500 sq.ft, 

New Bond Street — ~2.bUU sq.n. 


54.660 sq.ft. 


Over 1 mere blind Sire. .MP« f°r 
High Density Residential Dwttegw"* 
or ’ possible 27,750 sq. ft, Offi«s. 
Tender I9di April 

44/52 Old Christchurch Raw, 
Bournemouth. Tel: 24242. 

26.000 sq. ft. 

New Warehouse . 



Attractive Warehouse and Office building ^ 

21720 sq. ft. 1 

FREEHOLD £350,000 f 


New Warehouse/Factory Development 

. 3,000/300.000 sq..ft. 



' Factory, Warehouse ^ Office building . 

85.000 .sq; ft- ; 

FREEHOLD f6 per sq*. . - t JM 


, Single Storey Factory . / . • \V ;fc 


SOUTHALL, Middx; : v ■ 

Single Storey Factory + Yard ... ...... r . . 

27A00 sq. ft on 1J acres 



Factory /Ware house 

toTet- IMMEDIATE, occupation . 


Factory/ Warehouse UnilX ... . .'.'.h ' T ' 

to be refurbished . ■- 
10/100-200.000 sq. ft. > 

TO LET . ^ 

King 8- Co 

Chartered Surveyors , ; '> 

1 Snow Hill, London, EC1 ... ;•>. 

01-236 3000 Telex 885485 • ••- 

Manchester, Leeds and Bnisseis . - 

z Va i . . 

Modem Offices 


r^- *• • 


■ - x - * ; 

Adjacent to Gants HiH 

(Central Line) 

UnchHrsvound Stn. 



U : ' together With ; 

Associated Offices 

-v ri\ 

V -■ f 

close to . 

■ . Easy access to City and West End 
■ Available in suites from 8 ( 600sq.fL 
■ Self-contained building 
Prestige entrance hall ■ Parking forllO cars 


Victoria Line Station, LoikK* 




Richard ElllS 

Apply to Box No.T4850 1 0 Cannon'street, EC4P 4BY. 

59/62, Hr^i Hofhom, London 
Ol -405 841 1 . 

"• .N}- • * 

WCTY 6®^ 

• .K-.: 

77 GrosvenorStreet London W1A 2BT 
Telephone: 01-629 7666 

Chartered Surveyors 
6-10 Bruton Street London W1X8DU 
Telephone: 01-499 7151 


'Development Coipo^v.o^t 



Ring John Case 

Br Order of Barefar* Bonk Ltd. 

LOT f Mam St, Bank- Preimi« 
tcconimdeaoon o*or in mulBpta trading 
position. M widi vgnt P«J*»?“; 
LOT II Warehouse /Store wrtfc large 
garden and direct asxesa from Martlet 
Develapmenc . potenoal. Subject to 

doting Ddte for Tendon 
17th MAY 1978 
Solo Agents: 

text House. 12 Fora Street. 
Tlvensn. Tel: 54041. 

10 Wert Country Office* 

40 acres 


^ „ Debenhom 
& Chinnocks 

y Waterloo \ 
Bridge WC2 
,3 Office Suites, 
^ ToLet A 




Sq. 31,000 Ft* 

★ with expansion 

Freehold for sale 

71-403 1161 '• 

0»u%if>l:v H jn*t>ijrq 
Sahr-tin D'lbni Tt.romc* 
New York Syd'iuv 

GL Hearn 


01-407 5321 





IL Middx 

pu Today there’sanewkeyto 
otland’s industrial property 

ency. 1 

Working with the Scottish ; f ; 

« Cj*CO 'ice, Local Government^ New . 
i# /vns and private developers, we 7 

‘ 77 C t opentinedoortd Virbjaijy every ... 
- - 1 7 history or site in Scotland ; X 

3 C 0 C Tete* ^ . ;^The Agency has up to £300 '7 
.. lion offinandal muscle behind It .. 

canhelp compute the answer- 
syg^^Bj^rour investrhentproblem. . . * ■ S 
I^^^^^Rancial aid and incentives are P, 
gj ailable including a long rent free Va 
or a tailored package of ' ■ V 

^^ Xvfimment loanand casharants. 


*]T |3 la fc n I jare feet of available factory space 
H a * w strategic sites which are attractive . 

r ndustiy.Ailfactoriesareldcatedih 

^ Qft cel ' 5 ias which are keyed to the 
rionai transport network with 
yfee access toScotland’s highly 
^ /eloped road, rail and airlinks; . 

~ ^ v f -i ightlinerandportfadiities, ; 

fl L&S ^We can offer youa flexible , 

^ .^ifTiim ilinn Build to suityour ; . 
jplW* 1 p , flfconal needs orrentyou a unit .. 

^ igingfrom500to200,000 
U^ 1 .^jare feet from existing stock. 

Above all, the SD A is hereto 
help. Not only in the initial stages, 
but as you continue to grow. We 
care for your investment as much 
as you do. 7 


Coldstream (2 at 2,500) Eyemouth (10,250) 
Galashiels ( 2,500) Hawick (2 at 2,500 & 

1 4.750) Kelso (2 at 2,500) Lauder (2,000 & 

1 .750) Selkirk (4at2,500) Tweedbank (10250 
&4at 2,500) 

Alloa (1 0.000) Alva (4 at 2,500) 

Bandeath (1 0.000) Falkirk (4 at2,500) 

Stirling (2 at 2.500) 


Dalbeattie (2,500) Gretna (2 at 3,000) 
Kirkcudbright (1 ,500) Newton Stewart (2 at 
3,000 and 2 at 2,500) Sanquhar (43,250) 
Stranraer (10,250) 


Anstruther (2 at 2,500) Cowdenbeath (4 at 
2,500) Cupar{2 at 2,500) Kirkcaldy (10,250) 

41 ,31 8 sq ft 


Location: 4 miles from Glasgow centre on M/A8 to 

Site: Recently developed new location adjacentto the 
established Queenslie Estate 
Factory: NEW: Manufacturing area 35,400 sq ft 
Offices and toilets 3,875 sq ft 
Car parking and yard space. 

100% expansion room 

CommiaMc a tion s: City facilities give excellent road, 
rail, air and sea links 

Labour: Mate and female labour readily available 
Rent: £1.30 per sqtt per annum (subject to verification) 


Refer to main SDA factory listings 
LOTHIAN Factories in: 

Broxburn Dalkeith Edinburgh Macmeny 
Musselburgh and Whitburn from 500 sqftto 
35,000 sq ft 

600 factories available throughoutthe Region 
from 1 ,000 sq ft to 300,000 sq ft 
TAYSIDE Factories in: 

Carnoustie Dundee Kinross and Perth from 
2.0Q0 sqftto 200.000 sq ft 

Factories are available at Carioway (2,000) and 
Stornoway (1 2 ,000)f V\festem Isles. Bespoke units 
can beibuiftto meet developers requirements in 
Orkney, Shetland and the Wtestem Isles. 


10,233 sqft 





Location: On the northern shore of the Firth of Fortfi, 
23 mites from Edinburgh 

- Sites Strategic posHf on to north of Kirkcaldy on main 
road to Glenrothes New Town 
Factory: NEW Manufacturing arep 7,869 sq ft 
Offices and toitete 1 ,905 sq ft 
Car parking and yard space 
Communications: Major ports within short distance- 
good road and rail rinks 

. Labour Population 50,000. Hale and female labour 
readily available 

Rent 95p per sqft per annum (subject to verification) 


Cambuslang (27,000 & 16,500 &2 all 1 ,000) 
Camtyne (5,250) Hillington (67,250 & 33.750 
& 65,750 & 1 0,750 & 1 3,000 & 1 5,750 &'6 at ' 

5.000 & 21 ,500 & 1 ,500 & 7,750 & 4,500) 
Kinning Park ( 2 at 5,500) North Cardonald 

(1 1 6.000 & 5,250) Queenslie (2 at 52,750 & 2 at 

25 .000 & 41 .500 & 52,000 & 27,000 & 1 0,500 
& 25,000) Shieldhalf (25,000 & 15250) - 
Springbum Cowlairs (17,750) Thomliebank (2 
at 1 ,500 & 2,500 & 3250 & 4 at 8,750 & 7 at 
9,500 & 19,000) 


Alyth (2 at 2,500) Blairgowrie (2 at 2,500) 
Brechin (4 at 2,500) 




Advance factories forsale or rentfrom 
nursery units of under 1 ,000 sq ftto largerunils 
of 30,000 sq ft are now available on the estates 
of the five Scottish New Towns. 


Thurso (8,000) Castletown (1 ,500) Brora 

( 2 . 500 ) Inverness (1 0,000) Dalcross(t5, 500) . . 

Smithlon (6,000) Fort William (4,000) Portree (2,500) 
Daliburgh (2,500) Tarbert (Harris) (1 ,500) Inveraray - 
(3,250 & 1 ,750) Salen ( 1 ,500) Tarbert (Argyll) 

(1.500) Islay (1,500) Campbeltown (8,000) 

'Factories in the Highlands and Islands are owned and 
administered by the Highlands & Islands Development 
Board, Inverness. 

. We’ve prepared a special 
Information pack on the sites and 
factories currently available for 
developmentthat will help in your 
■search forfactory space. 

Fill in the coupon below and 
we ? ll mail you a copy by return. 

For more urgent information, 
telephone James Gorie on 
extension267, atthe number 


..-djare feet from existing stock. 
or & “rayou plentyof roomforgrowth,^ 
’Sift* * factory unrts which can be 

. ' >jbled ortrebledasyou expand. -• 

ijfiV »!' 


• The Agency administers nearly 25'million . 
square feet of factory accommodation which 
now houses nearly 500 companies in Scotland 
■ employing aroLnd 75,000 people. 

Thefollowing economic modem steel 
framed single storey factories are available for 

oflocations. . -• •' _ M 

Aliare equipped withofiices, central heating 
and essential services. 

All sizesare approximate to square feet. 


Alford (2 at 2,500) Ballater (1 ,750) Banff (2 at . 

2.500) Buckie (1 0,509) Dufftown (2,§00) 

Ellon (2 at 2,500) Huntiy (2 a!2,500) 


Edinburgh (Peffermill>(1 0.500) 
Berth (10,250) Blantyre (70.500 & 52,000) 
Bothweflpari* (1 9,500 & 157,000) Carfin 

(26.500) Catrine (1 ,750) Chapelhall (26,000) 
Clydebank (1 9,500 &2 at 1 0,250 & 52,500) 
Dalmellington (2 at 2,500) Darvet (5 at2,500) 
Girvan (3 at2,500& 20,250) Greenock (128,500 
& 4 at 2,500) lnchinnan'(52,500 & 1 9,500) 
Kilsyth (15,750) Kilwinning (49,000) Lanark 

(2.500) Urichall (1 28,000 & 6,750) 
Lesmahagow (4 at4,50D & 6,500) Motherwell 
(4 at 2,500) Muirkirk ( 1 ,750) Newhouse (24,000 
& 53;000 & 82,000 & 67,250 & 1 5.750) 

■ Paisley (1 6.SX)) Port Glasgow (20,750 & 

31.500) Prestwick (10,000) Vale of Levan 
(25,000 & 15,000) 


Regional authorities and New Towns 
throughout Scotland have factories and/orsites- 
immediately available for new and expanding 
industries. The Agency can act as your central 
contact pointforinfbrmation on the abundance 
of development possibilities available. 
BORDERS Factories in: 

Galashiels Hawick Selkirk and Tweedbank from 
2,000 sqftto 40,000 sqft 
CENTRAL Factories in: 

Denny Falkirk Stirilng andTillicoultry from 
1 .500 sq ftto31 ,000 sq ft 
Refer to main SDA factory listing 
FIFE Factories in: 

Dunfermline Hillend Inyerkerthing Kirkcaldy and 
Lochgelly from 2,500 sq ftto 10,500 sq ft 
GRAMPIAN Factories in: 

Aberdeen City Banff and Buchan Gordon 
Kincardine and Deeside and Moray from 1 ,700 
sqft to 102,000 sqft 





Please send me a copy of | ®iOj 
yourspecia! information pack | " All 
on Sites and Factories in J ™M/ 


| Company.. 
■ Address.,*. 

H * 


Scottish Development Agency 

120 BothwellStreet, Glasgow G27JP 
Tel: 041-2482700Telex: 777600 








- r, MAJOR 

fSr?! «» NATIONAL 


attractive cocntryside 

i /// j I 

|| am 400,000 SQ.F 

(40 000m : ) 

HgP ON 30 ACRES (l2ha.) 

v"v^s, high class, single storey 


Iv Vift.-i. 



Full particulars from the Sole Agents 

May & Rowden 

77 Grosvenor Street, London W1A 2BT 01"629 7666 

and City of London -Edinburgh -Paris -Amsterdam- Sydney -Melbourne -Brisbane 




9,980 sq. ft. OFFICES 




To be sold by Tender. Closing date 9th!Mayr 1978 
For further details, plans etc. apply Sole Agents: 


23 Manchester Square, London, W.l. 01-486 1252 

Mwmt® :& :• S8 W MS; MiS C'.v SIS? 1 


A restoration by Hajkanere Estates Ltd-. 
ma mcopjoociioo with The Refuge Assurance Co., 

14 JSew Bridge St. E.C.4 

The First Building Available On The 
Historic Bridewell Site. 

A Superb Office Building Of 
6,400 sq. ft. Approx; 

For Further Details Apply Sole Agents 



paRTNtifisr ' • fsr.'vs;.'. 

TWs 01-486 5250 

><-. » r* V* - *• 

Air conditioned off ices 
dose HOLBORN, 
3.000 sq.ft jr— c-l 

to let. 

location with JfjLudj 
private coirtyard |UB 
andcarparknig munnE 


. 01-6067601 




A new dimension <ars approval for plans to-build a 

to ‘marriage 

I ■ ° cinema building facing onto St- 

vaiue • Alban’s Street, SWL Samuel will 

tTww im. ’ *. * _ tund&e scheme itself. 

LATE IN 1974 insurance brokers • _ , , ^ „ 

C. E. Heath arranged tu buy the c ?““■*■* l 5KLS* > W w 
25,000 square loot Millbourn 5®““^ “ &»ter- 

House. 151-154- Minories EC8.25Jp“, Pw ? e -? y HoI ® B gS. 
from Prudential’s subsidiary Van- lls 

brugfa for £4m. Now, the broker Str ^T^? Ul , er less 

has picked up the neighbouring E^"** 1 * aS th ® Carlu, - n aeeds 
near twin of the 151-154 build- |^s conversion— by turning ltm- 
Ing which has been renamed ® cinema. The 

(Cuthbert Heath House) for less 

thaw £3fcu. Classic canema chain is expected 

The broker, advised each time £5-? Ih 2!? L £ ^ 

by Newton Perkins and Forbes, ***?!? £ or 

has bought Prudential's leasehold re " 

on the 24884 square foot Ship- S ^?iP ) ?l‘ rhe £ ffices ' 

ping Federation House at 146- Gluttons advised the Crown 

150 Minories, as well as the City 
Corporation’s freehold on the • 

two buildings for £3.8m. And SLOUGH Estates’ first move in 
that price alio covers part of the a - programme to increase its 
reconstruction costs involved in direct investment in the U.S. 
merging the two buildings to property market is a 25 per cent, 
create one 54,000 square foot equity stake in a U.S. S60m_ 
headquarters block. (£32m.) office development in 

The broker . would seem to Chicago, 
have added a new dimension to 300,000 square foot. TT 

£? te J^ va l ue Ko block, to be built on the junction 

l°5SS; of - Monroe and Dearborn in the 
?«B ro ^. f SU ? a deal : 0r > pe ^ a ?f heart of Chicago's financial see- 
1973 prices are mmply more tion ^ ^ financed primarily by a 
rational than those of 1*4. $48m. 32 year fixed intefert 

'rmr rtir v rep mortgage from New York Life 

THE Kuwait OH Company K5C T nRn ram*p Clnueh has faL-nn a 

has taken the former head- nisarance ' &louga nas 14X611 a 
quarters of Ravenseft (Land . _ 

Securities main subsidiary) at £ r T~’ - -- • - 

80 Bond Street, Wl, on the ■ - • ... 

corner OF New Bond Street 
and Oxford Street. Ravenseft 
moved from the 14.500 square 
foot building In New Fetter Lane 
just before Christmas. Agents 
Healey and Baker bad been ask- 
ing just over £L3 a square foot 
for the space. Hlllier Parker, May 
and Bowden acted for the 


New officedevelopment 

IN the seven months since 
Douglas Chance (of Peachey 
fame) and David Gammell 
(formerly of JLW and Deben- 
hams) started the London office 
of Scottish agents Bell Ingram, 
their firm's long-standing links 
with the major Scottish institu- 
tions have ensured them the 
royal treatment from fellow 
agents reserved for potentially 
well-heeled purchasers. They 
help to justify that treatment 
this week with news of the first 
of a string of Scottish fund 
purchases, a £2fim.-plus acquisi- 
tion in Moorgate for Standard 

Ellerman Estate has sold its 
freehold offices at 19-21 and at 23 
Moorgate to Standard Life for 
rather less than the £3tn. asking 
price. All but 9,250 square feet 
of the 21,000 square foot space 
is occupied, and the Scottish 
fund will have to carry out con- 
siderable modernisation work to 
bring the buildings up to modern 
lettable standard. Jones Lang 
Wootton acted for Ellerman. 


THE Carlton. Theatre in the 
Haymarket, whidri has been used 
as a cinema since the 1930s, is to 
be redeveloped as a multi-screen 
cinema and office complex. 

Samuel Properties, has bought 
out Twentieth 'Centtiry Fox's 
short leasehold interest in the 
Carlton, and has renegotiated a 
new 99 year leasehold from the 
site freeholder, -the Crown Estate. 

quarter share of the S12m. 
equity balance along with .its 
U.S. property partners, Draper 
and Kramer, and a consortium 
of local companies and individual 

Around 15 per cent of the 
office space has already been pre- 
let at rents in line with current 
prime Chicago space costs of 
around $13 a square foot, 

Slough, which reported 1977 
pre-tax profits £913,000 ahead at 
£8.96m. earlier this week now 
has approximately 5 per cent of 
its £200m. portfolio in the U.S. 
and around IS per cent, in 
Canada. Sterling’s strength in 
2977 restricted total overseas 
rentals to £4.33m^ just under a 
third of the group's overall rent 

It is hard to envisage an 
800.000 square foot office scheme 
in Britain being built in Jess 
than four to five years. But tbe 
Chicago block, endearingly and 
temporarily named “M/D" is 
expected to take just 24 months 
from site clearance to opening. 





Outline Planning Consent for 
Residential Development 
Approximately 12.26 Acres 

Brooke House, 24 Dam Street Lichfield 
Staffordshire WS13 6AB 
Tel: Lichfield (05432 ) 51221 

Offices at: London, Carlisle. Cijrbridsc. Dnniwnon. Leybum. Llcfifleld. 
Newmartct. Newport. Pworborounh. Pitwonb. Prudhoe. Warminster. York, 
Edinburgh. Dumfries and Fochabers. 

28,000 Sq. Ft. 



A" Outline consent obtained for the erection of 'an office 
building of 28,000 sq. ft- with parking for 50 can' and 
provision of a service road. 

■A Detailed consent applied for A: No user restriction 



-5/6,Staple Inn, 

Willowcross & Co. Londo " 

Chartered Surveyors 

Tel 01-242 4321 

Harold Williams 

Bennett& Partners 


16,500 sq. ft. 



96ParkLane.Croy^on v. ' ' 




33,500 sq. ft. 

Occupying a site with in 
area of approximately 

1"72 acres 


58 Grosvenor Streec 
London W1X ODD 

01-629 8151 


41 The Broadway 

London, W25. 

01-579 9282 

Edwin Hill&Eartners 

177 Southwark Bridge Roa^ 
London SEX PEE 

a rtr. iOXs: 

■ v5*i 



A Development by the 
Church Commissioners for England 

A magnificent 
of 43,000 sq.ft 

■■■- -c- vv 

St Paul's Churchyard^ 
London EC4 - 

* Full double glazing 

:»■ • . ~r:: r-yr-'~^r" 

. * Impresave Entrance Hal 1 
; Catpeted throughout 
. ; *; PrestigeIocation 

01 491 2768 

74 Grosvenor Street, London W1X 9DD 





*fff * ’ . •: . . ‘ . 

9000 sq. ft. 

Apply:— 7 

Wamford Court, 
Throgmorton St, 
London EC2N 2AT. 
01-588 0557- 

18 Saviie Row, 
London Wl. 

01-437 0488 

freehold for sal 



. Approx. 3O.M0* 

- StaAr« UM«e.Tte 
planning eonwnoj far •>»«* 


• : Full Details: 

18 , Hjrringnffl Sontet. 
U^TTpooi L2, . 

Tel: 051-136 9lf2- 



Escni Agena. Aocoon.Site- ‘ 
inserucaonx of The 

for Oeltne*, Lurf •**“ * 

20J6 me*. 

June. W»;« - ■ 

Lincoln. 3 PJ»- 

Arrt.ctrterr ood 
from the Aeetlo«««0»« 
' S/7, Newloni UnO** 

. ret., osa met- 

a~ 7^ 



Bv Order ofthe Ibis tees of Maxylebone CncketCIub . 

L 4-14 (EveriXElm'Bree Koad, St John s WooA 
\ An Estate of 5Adjoining Houses with Large Gard 
' Eackii^oiitd Lord’s CricketGrouDa 

;holdFocSateAsOh©Ix»tB y qfender., 

at 12 noon: (unlesseoJdpreW^.^ 

On Friday l^KMay 1975 at 12 noon Cun 
: '• ildihtSdeAgeRls 

Chartered Surv^yots 

llfiKensington High Street 7 ^ U 

26 Clifton Road. W9 ISX 01-®44SU 



U;: INS I |;l i I I. '\S FIi( M BARU.WS BANK 


6,800 SQ. FT, 











SQ. FT. 




i i 

• K 



As you cross the landscaped parkland, 
your eye is drawn to a golden gleam where 
sunlight catches the bronze-tinted windows of 
Fleming House. Come nearer, and see how 
mellow brown brick adds to the distinction of 
this new two-storey pavilion. 

Fleming House has been designed to 
provide the most select type of office 
accommodation in the North West in the 
stimulating environment of Birchwood Science 

This striking hew building can be leased in 
separate suites from 6,000 square feet, or as 
a complete unit of 51,000 square feet 

Above all, Fleming House is ideally situated 
for car-borne commerce, with its own 

extensive parking facilities and easy access 
to the famous CROSSOVER point of the M6, 
M62 and M56 motorways. Excellent executive 
housing is also near at hand in Cheshire's 
delightful countryside. 

Find out more about the practical beauty of 
Fleming House. 

Telephone Tina White now on . 

Warrington (0925) 51144. 

Or write to her at: 

Warrington Development Corporation __ 

PO Box 49 Warrington WA1 2LF 
Cheshire. i. ( 


at Warrington . 



; ■'%. :>**• : 

• ^ v v*' • s • vv 


Kjon W1X % ; . 

- : : :. ' * . -r} 

4- ■ ■ . . ; ' > 

V,* ' ! i: 

■i'v • $ 

! ■ ■ •• i ^ 

I ■ . '-*< , ; i > 

•**.. “ ‘"TvO-l 
v "i i 

‘ ' ; Is 

s 65/68 Leadenhall St. 

London ECS 

Prestige Office Accommodation 

t<, 12,550 sq.ft 

apply joint sole agents 

allsop & co 

6 Poultry, London EC2R 8ET. Telephone: 01-248 1451 



•Development Corporation 



3,id0 sg. ft and 6,200 : sq. ft— 

: ... ! . office, toilets, beating; immediate: possession. 
: U’ Also previously occupied units from 

; :s /; . -- l,QQ0sq. ft to 76,000 .sq: ft . . 

.. * ; SPE(^ DmU)PM^ v AREA— 

* . maximum financial assistance 

For. farihtt particulars write to :■ 

Mike Thomson, Commercial Director, 

- Irvine Development Corporation, 
Perceton House, Irvine KA112AL, 
or telephone Irviiie (0294) 741Q0,\ExE213. 


60p,ftj 92p.ft | 95p.ft 

71521 sq.ft. 

8,100 sq/ft. I 19,997 sq. ft 


& HAROIIMG 01-493 6141 

• Changed Sunwjnws ‘ 

k4# *■ ^ 1 


Chartered Surveyors 
S/10 Fanchurcfa Street London EC3M 3BE 01623 6644 Telex 28556 



Approx. 13,000 sq. ft. 

1, Buckingham Palace Road, S.W.1-. 
Tel: 01-834 4890 


A recently built, well-located 8,000 sq. ft. factory' 
with 600 sq. ft. of centrally heated office accommodation, 
set in S of an acre in 
Suitable for manufacturing, storage, supermarket, etc. 
Regional Development Grant on Plant and Equipment 
available. . 

These - premises could be made available to an aspiring 
Industrialist or manufacturer with a project, enthusiasm, 
expertise and know-how. Finance to develop the product 
could be made available. 

All enquiries answered in strictest confidence. 

Write Box T.485B, Financial Times, 

10 Cannon Street, EC4P4BY. 



S.W Birmingham 
Gase.toM5 . 

Modem Factory/ 
^rehouse Units 

15 .000 - 30,000 sq.ft 

70.000 - 400,000 

200.000- 400,000 sq.ft 

Single 5forey - Fully Serviced 
Central Canteen-Large Yard Area 



Herring Son & Daw 

gyj Chartered Sunrvrm. 

a/28 Saritiillr Street UmfaiWIX 2UL- 

01-734 8155 


One hour from St. 
Pancras by train. ■ 
76 miles from the 
West End, in green 
and pleasant 
Within easy reach 
of the Midlands. 


An ideal area for 

For further details apply: 

First class shopping 
facilities, a unique 
leisure park (ideal for 
children) easy access 
to the countryside. 

A good selection of 

AND WE HAVE . , . 
14,500 SQ.FT. TO 
LET in a prestigious 
block adjacent to the 
new town centre. • 


23 Bwfcaiay Squat* London Wl X BAL 

Telephone 01 -629 9030 PlK* K>K*» 9 , NMBODT ' 

TAttphofw (0636) 3441, 

Kcfrarnfl Bonweh Counci. 8cwwflh Emus a Hwsiny Oepi- 

<7 Bowtatf G*** Rood. Ktttoww, NorttHMl NN15 701, Totaphmw (0636} 8S21 T 

Modern Offices 
To Be Let 

300 - 9,000 sq. ft 


Joint Letting Agents: 

Quartered Surveyors 

iOA _ • . 27 Mount Pleasant 

Tunbridge Wells, Kent. 

W1Y 6AS. Tel: 01-493 6040. T el: Tunbridge Wells 2527Z 

Telex: 2385a 

84 & 86 Borough High Street SEl 


ro LEI 










Edwin Hill & Partners 


Garage workshop/showroom 
premises for sale 

60,000 sq. ft. 

01-637 4577 


#71 i 


. Financial Times Friday-'Apnl T 1978 ' * 


i -■ j A unique prestige office 

FT and residential building overlooking 
J Hyde Park. | 

- 4 — Comprising 4,400 sq. ft. approx. - 
-i— of fine offices and Board Room.^ 
Ideal for Banking Hall. 

3 luxurious purpose built j_ 
" spacious apartments. — — 

— Long lease for sale. 

- 1 — Nominal ground rent. “ 

— For further details apply to the joint sole agents ■ 



Leases to be 
assigned either 
together or 

9th Floor 3600 sq. ft. 

18th Floor 4070 sq.ft, rent £340 per Sfl. ft 

(Premium required) 

[Ifin SCOTT! 

Charles Price & Company 

(fttp*", A Bcvrfapmsrt Consid:onlv| _ 

1 Berkeley Square. London W.L 

01-493 2222 Tr!e< 267383 

Joint agents: 

mirym Kemsky Debenham Tewson 

ItAi & Chinnocks 

to 24 R.ipcnukcr SU«l LunJon EC2Y PAI dunned Sur«>ore 

U1-62H 2S73 

B-.nai.'lt Hons: 

J'alcmusicr Square 
London tC4p4ET 
01-230 1520 Telex 883749 



Sq. 6,300 Ft. 

for institutional or diplomatic use 





01-629 9933 





EDWARD5YMM0NS Tel 01-834 8454 j 

56/62 Wilton P.oad. London SW1V 1DH 

Mr. P. C. Boon is to retire from G 
the chairmanship of HOOVER 01 
towards the end of this year, hot F 
he will remain on the Board, 
without executive responsibilities 
after that time. . ti 

Mr. David Perkins has joined T 
the Board as finance director, b 
replacing Mr. T- A- Buttner who 
has retired. Mr. Peter Clayton, 
finance controller of the overseas a 
division, has been appointed as 
associate director. . 

* d 
I Mr. Dennis 5. Greensmith, a fa 
director of Sears Holdings and a 
group managing director of the t 
LewLs’s/Selfridges Group of 
Department Stores, has been 
appointed a non-executive direo- r 
tor and chairman designate of i 

* A 

Mr. Roger GOrnour. at present ; 
managing director of GRIFFITH 1 
LABORATORIES, has . been 4 
appointed international director. < 

Mr. S. M. Gray has been 
appointed a director of < 

air. Nick Burton-Carter has 
been appointed financial director 
of TI WELDLESS (Tube Invest- 


Sir James Vernon has been 
elected chairman of C5R. Sir 
i leave of absence from Board meet- 
mgs until the : end of July, for 
health reasons. 


air. E. G. Murray and air. T. M. 
Palmer have become joi nt m anag- 
ing directors of the ELECTRONIC 


Hr. Michael Davie has been 
appointed to the Board of the 
overseas division of LOWNDES 
formerly general manager in 
Jeddah, Saudi Arabia, of the 
Nations L Insurance Company SA. 

Mr. Kelvin Hewlett has been 
appointed ' engineering director 

engineering company. 


Mr. Fred Boisson (service), Mr. 
Alan Burke (technical) and Mr. 
David HaKlday (marketing) have 
been appointed to the Board of 
TELEVISION as associate direc- 
tors Mr. John McQueston, of 
Lloyds and Scottish, is retiring 
from the Board of British Relay. 

Mr. Malcolm Lowe, until 
recently a member of the Board 
of the International Publishing 
Corporation, is joining the BENN 

changes m Hooyi^B^d 

GROUP In a part-time, capac i ty , with 'the firm' as a consultant. Mr.' general manager of. PDOCS'a [n, 
on July 1 as a director of Bern* B. C. Patient and Mr. B. V. Tyler sanation in the* USi El Dow*. 
Publications. • *• ‘ufitt be taken into partnership Terminals Corporation, and . 

★ ..ftaoL April 17. Mr. S. W. Abnond, member of tbe Board. 

Mr. B. D. Newman is to join llfr/. R £L Gunner , and Mr. . M. _. ... * 

the partnership of SPENQ2R. Paul associate, merahe^ . retire . Commodore Brian c W nn.... 
THORNTON AND OX, stock-, frimUie firm as of. April 14. .. has been, appointed director^ 

Vaabaw Art AnPll 1 ^ - t- • + nml e* * tha -w . fi™" 

inumiu/ii oiMUL^iiuui urn iua jjcvul ajJiwiiuEU uireClOt on*, 

brokers, on April 15. ' • * ’ , „ eral at the Falkland Ts&S* 

* NORDIC BANK has made Mr. office In Westminster by^5 

Mr. F. W. La cey ha s re sign ed AiHd Nerdrum i ts, regi onal FALKLAND ISLANDS 
as director of ALFRED DUNHfl J .. manager in London smh rfesponsi- SEARCH AND . DEVELOPMENT’ . 

■* : Maty -lor Norway. He succeeds ASSOCIATION. 

Mr. P. F. Hargreave s, .fin ance -Mr. Christen Sojem, who returns ★ 

director of HEAD WRIGHTSON, to Norway on July 1- - Mr. Robert Brook has 

has left the company but remains. . * . ‘ appointed deputy dmirmarv 

a consultant. He is now a partner ... The MINISTRY OF JPEKE NCT NATIONAL BUS COMPAQ 
in.. Goldson and Hargreaves: ? states that UentenanMSrae^ai Sir ^ continues as 

• * WQfiam Scatter is . to be Xbm- t^th^NBcT 

MARDON PACKAGING INTER- mander Northern Army Group • * 

NATIONAL has made the foUow- and commandw-m-Quef Brlash Mr Raymond R ihitpb 

ing appointments: Mr. Peter Army of Bl^. J* therank “WmondKBg^ develop . 

Humphrey, personnel director: of of General ^Grteber 19^. in » 

Ashton Containers: Mr. Peter succession- to General Sir Frank . 

Sanderson. .financial ^ cfirecto.Wng, who is tu «tire. 

^^dr^StonC production Dr. (Matthew) _BoU h Sui^f C It in nrS’- - 

director, Cundell^ Cartons ;;; - 

ML N. T. Dukes has become INGHAM, • ***£ 

chairman of DUCTILE STEEL: Professor of .Social ^rfc l^us is as j^presdm . 

STOCraSTS. He succeeds . Mr. the University^, tot. chair m, logistics m New York. . 

C. J, Baker, who remains on the social work and is for one tenure .. _ 

D nan i , only . Mr. Mike Prawer has been an 

Board. :. amy - * pointed director/general manace 

Mr R. F Monk, deputy chair- Mr. Quinton Haaell- has;, been ° t ? TRANSEK VI CE, a membe 

, man ’ of JiinS Finlay id Co, electeda director of the WINTER.- of the .TI Transport Equipment ' 
has joined the Board of GEERS BOTTOM TRUST. f h 

GROSS as a non - executive * . : , w • . ”°°A r®* been a; 

director. The appointment fol- Mr. K. A. Crowley has been pointed Mmor prtacipal surveyg 

lows the Bank acting as advisor appointed a- director of for Scandinavia and Finland, h 

to the company^? to recent BRITANNIA TRUST MANAGE- 
; acquisition of ManoB. Advert, MENT. # JZ Vey has resigned Mr. K. T. Maaaders has been J!? 1 ™ } 

as a director of CENTRAL AND .appointed to .the newly-created 
• chtckr -wOOD nT1 d it s Chair of Business Fina nce and- ■ ^ nlor principal surveyor fi 

- S aim its suo^uwnes. at ^ UNIVERSITY Denmark residmg m Copenhoge 

" a ^|ntcd he a (Sector to : • Two newly -created senior: a 

"nation^ PROVmENT INSTE.' finance and accounting at Lan- 

: tutiom. • s*w ■ - - -gg * ! S*SS5r l 'ir?Sl- 

5 Vr Prter J Scott w«-: : biW. Angus Sheareif has heen ftoctiopg of the Corp oration. S ; 

! MSBS? 4 

p£ t 

been pubj'^ - rejktioro March 1376. - - . -■ Sydney. Swallow, chief pi 

i SrX rtX 

3 Mr. P. J. R. Webb hAsbeeil AND COMPANY, stockbroker^ on p BROWN ^THEI«_CC^ 
f GRANGE TRUST ' reCt ° r ° f ^ceJVr°-toSSSSi^Sd wr- Stonley Gfllen has_ ^gned as'’ 

" Darns' and Mr. M. J- Monk n- ^of Onl Hr Francis (tondard. i^esuk 

] ? F e sSr^SotS- SSS^HI«0W part of the Solex Grou^^loir 

i PIDGEON DE . SMTE. Powell Dnfiryn Group; Mr. ' the Board of the ZENITH C# - 

a.ASSII : ll=D 


i>i?ci 9 i=iirr 






Q . 

1 a H E3Q 

OElQ Q: 





comprising: — 

2 Shops, Offices. Workshops 
Garages and Yard 

Vacant Possession 
Prime Position 
Auction 27th April, 1978 
details from: — 
Boulton & Cooper Lid- 
22, High Petergate, York. 

Telephone: 27777 
Austin Barks & Godwin 
6. Stonegate, York. 
Telephone: 23626 





32,000 sq. ft. 





Portfolio of good 
secondary shops 
(Southern England) 
♦Well secured with 
substantial reversions 
♦Benefit of attractive 
for full details apply 

STARWOOD ^Surveyor* 

6 CarlsS P'/3ce Lpndon WlY 6LL' v, 

Tel 01-499 6066-y 





Entire top floor 
of new building 

3)333 sq.ft. 


new freehold 

£41,950 PAX- 

RENT REVIEWS 1978, 1979 

Please apply 1 — 



F sai e west icenslnfcton Commercial 
ln»estment Two Leases on full repairing 
and insuring terms; to* 1 *}! V^god* 
rentals amounting to a total of £«. 600 . 
Price CZ 36.000 sublect to comrict- 
Farebrother Ellrs A C^.-— 01-353 9344 . 


Sale Freehold Shops <«'th Comm«lal 
and/or Resldenilal 

pb^^ububSan^shopping ' 

to™ P ?Srt. W CuyertlY pro- 
ducing a rontal income ol ^In'oDo' 
Offered for early sale at £ 110 . 000 . 
Apply.- John Churviim K ,* B f OI 2 ff , 7 ny i l fx’ 
Haves St-. Bromlov. Kent. BRZ 7 NX. 
Tel- 01-463 6237 / 819 . 

hind to Invest In * >r °“S rt l?’. 
ments sold, acquired and majMai-d hy 
Humphreys. Skltt 4 Co- £jS. ub,l 55 S l 
1793 ). Chartered Surveyors, 205 . 
Greenwich High Road. S.E.iO. 01-858 

East London 

Modem S/S plus Offices 

8,177 sq.ft. 


Michael Kalmar & Co. 

01-236 6871 
jones Lang Wootton 
01-606 4060 






1 Buckingham Palace Road, SW1 
01-834 6890 

|Hj&YARW00D - 

SCarlcs'PIact London W1V6LL 

Tel 01-499 6 O 663 / 

A genuine demand from 
Invertors who have registered 
with me continues unabated 
Owners or sound Freehold Commercial . 
Investments let to ii«Ele Tenant* on 
'FR. & I. Leases, within price bracket f 
£50.000 to £500.000. 

Pf*"*e Correct : — 


100 BlMcMneton Road, Hove 
(0273 722795) 

i Required \ 
12 y 0G0sq.ft 
^ Warehouse > 

vOMinutesbycdr 1 trom Mi/bk" 



M ■ | |1 fa il 

ini mi ir» w 1 

n A jPJl 





Lease for sale 

Offers around £18,000 for 21 
years unexpired at £6.750 p.a. 
Fixtures and Fittings included. 
Apply Sole Agents: 

Wink worth ft Co. 

48 Curzon Sl, London, W.l 
Tel. 01-499 3121 

3,800 SQ. FT. 

Fronage— 62 ft. 

Cir Psrlt— 4.65D sq. Ic. 
Offices (Lot)*— 1.855 «q. /*- 
12th APRIL. 1978 

FARR -StzR>-0 RD 

AUSTIN FRIARS, EXL2 — 6.200 SR. ft- 
mod., buil.. ur parkinfl and kitchen. 
White. Michaels & Co. 629 5882. 
OLD BAILEY, E.C4. 630 sq. (L modem 

office suite lo let. Rent £3.400 PAJt. 
viecn. 01-606 7601. 



Prime Freehold 
Office Site 


Benefit of Planning Permission 

31,700 sq. ft gross 
■with surface Parking. 



by International Co. 

25/35.000 sq. ft. approx. 

20 Mile Radius of Slough 
parking Facilities Essential 

Write Box T.4851, 
Financial Times. 

10, Cannon Street, EC4P 4BY 

37/43 St. Peter’s Road, 

Tel! (0202) 23491 





Apply: P-O. Box No. 1. 

High Wycombe, Bucks. (Ref. DEB) 

Tel: STD (0494) 21234 


with tractor know-how 

The factory is located near Zurich. The ground covers 
270,000 sq. fL half of it built on. It is well planned for 
-traffic with direct rail junction and main road lewung .o 
Zurich. The 65.000 sq. ft- production wing currently 
employs about 60 people and is equipped with the most 
up-to-date NC metal-cutting machines. 

The firm specialises in making gear units. The mtcrial 
asset value exceeds 12 million Swiss francs. Due to; sP®® a ‘ 
circumstances, the owner is willing to sell favourably for 

cash sum of SF 4-5 million. FMnhpr 

Enquiries should be addressed to the owner b> Cipher 
No. 61*179, Publlcitas, Service International, CH-SO-i 



You have complete control as to who gets 

B aar w rn 

you don’t have to waste time filling in a 
host of tax forms. CAF does it all for yn 
they’re the professionals. . 

Forintbrination about the Tslarnp' 

Charities Aid Fovmdation, the iNdiuc - 

man to contact is John Pullen, • . 

The Charities Aid Foundation, Address 

-1 8 Pemburv Road, Tonbridge, 

Kent,TN92JP. ' _ ' 

Fill in tbe-coupon for full 

d w32)3563s! hOQeTOnbndSe Ctompany(ifan^ 

$ l 





Financial Times Friday April 7 1978 

pact group 

Barley leads strong rise 
in U.K. grain markets 

U.S. tin 




GENEVA, April 6. O * * 


^. Conference on Trade and ' , . - WORLD TIN - PRODUCING 

jjevelopment ..(Unctadl has BARUSy AND WHEAT prices than was originally anticipated, facing the perils of trying to sell eonnlries ; hate agreed to make 

decided to set up a 'new prepara- f 056 strong ly_a&ain on the It Is now SjQught that U.K. into intervention. a collective appeal to the ILS. 

tory working group to continue grain futures markets exports this season could reach Latest Ministry of Agriculture over congressional proposals to 

discussions on how to curb “"By to as much as 2m. tonnes, against estimates issued this week sue- reIease . 45.000 tonnes of tin 

tungsten price fluctuations. £80.70 a tonne, nearly £10 higher only 126,000 tonnes last season, gest that total stocks on farm from ,6e stockpile. 

The Board took this action a m? 80 ' «« eal anfl latest estimate of were at a high level at the end Al end of their two-day 

after cousi flexing . . conflicting adv anced by £0.90 to £»2.90 a 1,350,000 tonnes by the Home- of January. But these figures are n ,ect * l, S here, delegates from 

views on whether to begin tonne ' 3150 nearly .£10 up com- Grown Cereals Authority. notoriously unreliable. the main producing countries 

negotiations gn a stabilisation PRretf a mTO T :a ^ 0- Dealers point out that U.K. bar- The future trend or the market claimed i hat confusion over the 

agreement, or to set up an According ta. London grain ley is still very competitively is thought to depend verv mueh implications of proposed UJ5. 

independent consultative bodv sources, the upsurge is priced in international terms, on whether producer seiHcg is legislation on the release or tin 

of producers and consumers bei ?. g 'W- W barley, which especially in view of the brought out hy the higher price had a resemble, damaging 

Most producers-— inein/Hno earIier - to -depressed generally firmer world market levels. impact on the market. 

Australia, China. Bolivia Sen lcw !» on expectations of a large recently. Despite Ihe recent surge in Information on the proposals 

and Thailand favoured neen. s ? r P* n - s *.* a result 0* the big. But the producers’- reluctance values, barley prices are still only had been, misconstrued and led. 

tiating an agreement Bntrtio poor quality, lJ-K, har- to sell has also raised doubts as about £2 above the intervention *° ^warranted speculation, a 

majority of consumer countripe vest last year. • • to whether the crop has been support level and well below statement from the group said, 

beaded by the UB advoSS However, market senttment has over-estimated at its present prices at the same time last year It said tin producers agreed 
the producer-consumer undergone a considerable change figure of 10.7m. tonnes— 3m. when stocks were low following Uiey c0ulll nghUy expecl 

JAKARTA, April 6. 
conn tries ha\c agreed to make 
a collective appeal to the U.S. 

implications of proposed U.S. 
legislation ou rhe release or tin 
had a regrettable, damaging 
impact on the market. 

information on the proposals 
had been. misconstrued and led 
to unwarranted speculation, a 

Farmers better off by 
selling cattle live 


the producer-consumer wnrtim» unuergone a coDsioerauie cnange agure of io.7m. tonnes — 3m. when stocks were low following 
group. rKmg m past few weeks. tonnes up on the previous year the drought-hit 1076 crop. 

The workine eron D win hniit .5 re u to have been and well above the previous The Home-Grown Cereals 

its first “ 01d considerable buying interest from record ounurn in 1974-75. Authority is forecasting a douh- 

; nrst mentin*. ir> Tuna wmiubiumis 1HUU15 uhwmi uviu icium outturn in 1974-75. .^uinoriry is lorecasnnir a aoun- i-mHicncusnc 

If DrodmS- snd roSL™*,. feed wniPOttnders^ and merchants. It is pointed out that the bushel ling in the end-season carry- and timely consullaUons with 
3vermhents reor^ntSivSH condng on to a market where weight could easily have been over stocks to 1.2ra. tonnes, and the Tin Council in formulating 

Authority is forecasting a douh-l 

fhe U.S.. as a member of the 
Internationa! Tin Agreement, 
“to enter into comprehensive 

Governments rporMont^ coming on to a marxei where weight could easily have been over stocks to l.2ra. tonnes, and y 6 ™ council in iormn 

that an suppliers are apparently not pre- miscalculated. Losses from even with increased exports there long-term^ disposal 
action Uncart vrilt pare< * to sell with tittle barley moisture and wastage between should, in theory, be adequate gr 2^2S es ' , 

S? to coming off ** ftzms *- harvesting and taking the grain suoplies available. Producers also stress* 

conferenroT ' Daniel* a re not qiute certain out of store now could well it is also irue that the present J [?* d *£ r upward rcvibi. 

take st»nf *1 afi a 3f cement or whether farmers are simply bold- amount to 0.5m. tonnes, it is rise has been fucJlcd by some * he , Tl " -'Ereemont I 

a pro ~ *"5 off the market hi anticipation thought. r-xlensivc speculative buying. st0 . ck “ Hnor anil “cel 

Tnhn of higher prices, or whether the' At the same time, dealers feel mainly by the trade, who were prices as presented by th. 

, u ^T a “ a ? " e * e ‘ supply situation tias been nus- that farmers could have decided Forced In close out previous ™ st iiiternaiional 

v-ihnn 1 ^ H?. 3 n ? er ’ calculated- to use much more barley for “short” sales when discovering Council (ITC) meetin 

i_ a n £JL£fr} i? ost One known fact is that the bar- their own consumption, feeding a sudden lack of farmer selling '* a "? ary ' 

co«i«W ,unrrie i t0 ' j possible ley export trade is much stronger their own livestock instead of interest. Th f- V will continue to 

setting up of a producer- con- for (he adopt io u of tbeii 

sumer forum. 1 • ■ — — price proposals at thi 

-Gordon Streeh, U.S. delegate. T - *■ IV -m m "W council meeting in L< 

SSSaffi Natural rubber losing ground “ — — 

producers’ proposal for an inter- - fT i. ■ , 

national accord .was neither BY OUR COMMODITIES STAFF UHCertaillty 

^asible nor ^s^able. NATURAL RUBBER’S share of ber production up to 20 per cent. 100.000 tonnes by 19S2 from • 

announced lnWashin^ton the worlti mar * rt is expected to of total needs by 19S0 from 15 40.000 lasL year. 1U CO CO 31 

sale of 42.251 lbs of tungsten CW eont**” 1 * to dedtee per cent, at the moment, Mr. WorW U se of thermoplastic 

content! at S13L542 per short ton f u tu re, Mr. Clayton Ku eb en sa ah Ruebensaal added. rubbers was estimated at about 

un«t W03. ex-duty. corporate pi anningr director of In the past year another senes 130.0OO tonnes for 1977. so if 

The ores and concentrates, con- ^ o^hSSE^pSSS of events has occurred which, on the world total grew at the rate B y Richard Mooney 

teined in approximately 2,664 i?f2 tute : f Synthetic Rubber tbe sur face, indicates that forecast for the U.S.. consump- Y d e,r 

short ton units— valued at meetm S m uon S ^ on S natural rubber's share of world tion of 225,000 tonnes would be DEALERS ON the London 


long-term disposal pro- 


Producers also stressed the 
need for upward revision of 
the Tin Agreement buffer 
stock “Hnor” am! “ceiling” 
prices as presented by them at 
the last International Tin 
Council (ITC) meeting in 

They will continue to press 
for the adopt iou of their new 
price proposals at the tiu 
council meeting in London 
next week. Reuter 

in cocoa 

By Richard Mooney 

S3 50. 427 — were for export, only. I ye f? erday . 

Reuter -Further gams py symnetic he said. These included con- c n ,i,,ii c. a „o«i yesterday as thev awaited the 

i rubber could trim the natural tinued escalation in the U.S. “*■ P iate £ January-Marl-h U S grtodiSI 

g-A p£ /s' commodity’s market share to average price of oil, gas fuels manager of Bayers robber divi- due l0 be ' published 

Coffee exports 27 - 9 P« cent yjsa from the and petrochemical feeds and the «“"■ told t ( l “, B 1"' £ b tonM? of The Jul - V Suotation 

ssT leTel 0,31percent - he ™bh.r 1 iL«° s"a * 4 *» «-®° a T ne 'r earlyl 

meeting At fte BMne ie. expected Producing Countries and the “J“ 4 iS^MOMO^onnei 'S S’ tonnMn the“teraoon° 

next week S!-u!’^o5w!m S^cent^ Xch m b?fught°Sear n agTeJmMt y ear 31x6 895,000 in 1970. pekk and b^th enclose Julycocoa 

cav SATVinm? AmriY K year through to the inid-19808. on a buffer stock. He said Europe's share of total was £1,938^5 a tonne up £20.75: 

QALVAyun. Apm o. Rnebensaa ] one 0 f Also, a number of large rub- world natural rubber consump-" on the day. ! 

CENTRAL AMERICAN mild greatest threats to the -natural ber producers had announced tion in I9S5 would be 24 per Market "sources said a 20 per 
coffee producers, who suspended rubber market was- the intention plans recently for substantial cent, compared with 25 per cent cent decline in U.S. cocoa bean I 

sales last month because of low of. the centrally-i>lanned econo- acreage increases to meet re- this year and about 30‘ per cent grindings, compared with the 

world market prices, provision- mies (communist • countries) quireinents of tbe 1990s. He in 1970. first quarter of 1977. was dis- 
ally agreed to a new meeting in totally to replace natural rubber noted that total world consump- Reuter counted at current levels but 

San Jose, Costa Rica, at the begin- with ^synthetic polyisoprene. tion of natural rubber had been that any figure significantly 

ning of next week, Compania These countries are rapidly ex- forecast by the Institute to rise higber or lower than this could 

Salvadorena del~ Cafe .officials panding their > .polyisoprene to 5.05m. tonnes in 1985 from ETHIOPIA f»RANTFn produce a dramatic price 
said. • capacity in 4tn attempt to ease 3.56m. in 1976. w reaction. 

They said the meeting was the foreign exchange burden im- This could lead to a 4 per cent- GRAIN CREDIT Our Lagos correspondent 

tentatively arranged fbr Monday nosed by natural rubber imports, a-year increase in natural rubber writes: More than 18m. high- 
er Tuesday, but added that it he said. consumption through to tbe mid- NAIROBI, April 6. yielding cocoa seedlings will be 

would not be deciding bn an. The USSR already has suffi- 1980s compared with synthetic’s The WorW Bank has approved distributed to farmers in 
immediate return, to the market cient capacity to fake its natural 5.7 per cent a credit to Ethiopia of S24m. to Nigeria's Oyo state this year 

It would, however, discuss rubber ratio below 10 per cent Mr. Ruebensaal said natural be used in developing grain under a massive cocoa regenera- 
ways of resuming sales .bran amLJEtempma^plans. io fojjoyr ..wo^W^lpo lose ground to thermo- marketing and storage facilities, tion scheme. Commissioner of 
orderly way 'to ensure Sustpnces, tmslead. And China is expected plastic rubbers, which were fore- Addis Ababa radio reported. Finance Dr. J. A. Atanda 
they noted. Reuter to have taken its synthetic rub- cast to increase in the U.S. to Reuter 1 announced in Ibadan. 

markets could rapidly increase. rca ched by 1980, he said. 

futures market traded nervously 

Coffee exports 
next week 





A REPORT recently released 
seems to show that in certain 
areas of tbe country, farmers who 
over a period sold their cattle 
through the livestock markets, 
received more for them than 
those sold deadweight and by 

This finding has come as some 
embarrassment to the Meat and 
Livestock Commission which 
provided the material. 

The embarrassment stems from 
the fact that the MLC is doing 
its best to further the sale of 
stock on grade and deadweight, 
as being preferable to what is 
popularly supposed to be the 
anarchy of the livestock markets. 

In theory, of course, everyone 
is in favour of grade and dead- 
weight selling, allowing the 
purchaser the opportunity of 
buying meat under a grade classi- 
fication, in much the same way 
as is used for New Zealand lamb 
or Danish bacon. 

Farmers, however, are not so 
keen. While about 90 per cent 
of pigs are sold on deadweight, 
no more than about 30 per cent, 
of cattle and sheep are so traded. 
Even fewer of them are sold at 
prices reflecting the grade. 

Bacon pigs are a special case. 
Nearly all bacon pigs are graded, 
and the contract which governs 
most of this trade specifies the 
different prices. The grading, 
based on back fat measurement, 
is an accurate one, because the 
pig is split before grading. Pork 
pigs on the other hand . are 
graded unsplit with a probe, and 
this depends on the skill of the 

I must declare an interest 
here. For several years my pork 
pigs were graded, and 1 was paid 
on the results. The grading was. 
as they say, infinitely variable. 

Last year I refused to renew 

tbe contract, and agreed a price if tbe trade is not good enough; 
with my buyer based on wbat once sold by deadweight there is 
others were offering in the no redress, 
district from week to week for Farmers are also suspicious 
ungraded pigs. For the next year that the downgraded animals are 
£ have formalised this by basing eventually sold at the same price 
it a v?^ a 1 ge , dHS? pnce as the upgraded ones. They have 

? Published weekly. akQ ] earne d: by bitter experience 
This is an important point I that in a period of strong demand 
have never believed that any g ra( jtog makes very little differ- 
system can beat the market par enc tD pr j C cs: everything sells 
ticulariy a terminal one as this a Coi Ji erselyt when is 

is. There IS n o underlying bad evervthing sells badly, 
guarantee for pigmeat, and the ... r. ", .. . 

intervention support level is set , v The P 01 , nt « ® ften made 
too low to be of any use. So by !^ e adv J nt ,^ f the supermarkets 
establishing a premium over an “ as , m .ade the grading and pre- 
average market price, as I have, sentation of the stock in large 
I am as safe as I ever could be. numbers essential. Therefore 
The reason why the majority fanners should co-operate to 
of pigs go directly to the bring this about, 
slaughterhouse is practical. But this has always been going 
Because the pig is a short-lived on. There are a substantial 
animal it is only fit for sale for number of wholesalers w r bD buy 
a very short period at the right directly from farms or through 
weight. markets. There are, in fact, at 

If it meets a bad trade at a least four within 20 miles of my 
local market it cannot he easily farm all competing for supplies 
taken home again because of ranging from the FMC to family 
various disease restrictions, businesses. 

Although my pigs are still They either sell on Meat and 
graded, the results as far as I Livestock Commission grading, 
am concerned are for jnforma- or their own standards. Tbe 
tion only. I suspect most pork insertion of yet another organi- 
pigs are sold the same wav.. sation into the pipeline can only 
In the case of sheep and add to costs without appreciably 
cattle, the deadweight grading increasing farmers’ returns, 
standards are even less of an 1 believe very strongly that 
exact assessment than with pork any move to rationalise meat 
pigs. They depend on excess fat marketing on the lines of New 
to some extent, which is almost Zealand lamb or Danish bacon 
impossible to determine in the should not be contemplated unless 
live animal. fixed prices can be guaranteed, 

In any. case the standards on which they obviously cannot be. 
which live animals have been Such a move would make life all 
judged for many generations are too easy for the chain store 
based on the amount of fat cover buyers who are as ruthless as 
which can be felt manually. they come for pushing down 
Cattle and sheep can maintain prices regardless, 
their condition over many weeks, The present mix of markets and 
and so. the period of marketing is wholesalers in competition does 
not so crucial as with pigs. They not serve the farming or food in- 
can also be brought home again d us try badly. 

U.S. option trading ban confirmed 


THE SALE of commodity options 
in tbe U.S. is to be suspended 
from June 1 by order of tbe 
Commodity Futures Trading 
Commission, it was confirmed 

However, the ban, which had 
been expected because of fraud 
and questionable selling teefa- 
niquese in the commodity 
options business, should pave 
the way for more-orderly options 
trading under new regulations 
due to be introduced next 

The suspension covers all com- 
modity options deals in tbe U.S., 


•0 41217 irrnp*T C W. ' Alt t- moon: Wj rebars, three months month* 13^00. 10, 03. £3.8011. 10. Kcrt: ICO Indicator prices fur April S OJ.S. Flrsi quotations were sUpbily above Parsnips— Per 28 l be DJW.ail. Onions— 

Jt»A3E JTUCi 1 AM-nj • H55, - ISA' 15. 15J. lfl, 15.5. Standard, three months £5500. 20. cema per Bound >: Colombian Mild Ara- Kerb levels, but later prices drifted about Per SS lbs 1J0-2JD. Swedes— Per 2S IPs 

mnni-iT i ini^. Y -- -• — Cathodes, three .-months '£V#8, Kert>: LEAD— Mover narrowly In a market buas tWJA iiai.Dfll: unwashed Arabicas 100 poims la light tradlns conditions. 0.45050. Rhubarb— Per pound, outdoor prim 

. , i rv^'vTr, . ft^PTnnjniiii!' -u'ffiiw WHiUnM. three ijremhs £715.5. 15. H.5. Jacking tresh features. In moderate two- J 70.00 <173.00 1: other mild Arabicas 374 M However, the lows vere short-lived and 0.10. Cucumbers — Per tray 12/24’* 1.40- onDB 

“*•*“ ^change after a “J* 1 ? is. is* way undine forward metal moved be- isinicr. Robust as 148.00 1140.00). Dally all the losses wore recovered by the end 240. Mushrooms— Per pound 0.40. Apples “ 

TIM— Higher with tbe market given an ’tween £315 and £317 pre-market and average 11152 H81J2). of the morning session. During the after- —Per pound Brainier* 0.154.19. Cox'* 

ill-, a na rose to gr at on snort covering ^ Mj | impenw. hy a rise in the- East between £05.5 and £318 for the rest of ARABICAS— Firm In spite of early dealer noon further email gains were recorded Orange Pippins 0.1S4J6. Laxtons D.OS- 

except those made between 
parties who have a direct and 
recognised trade business in- 
terest in a particular commodity. 

It is -aimed at stamping out 
speculative options dealing, 
which has blossomed in recent 
years and led to the investiga- 
tion of 30 option companies by 
the Commission. 

Since options trading is not 
permitted on ILS.- exchanges, 
most of the options available 
here are written in London and 
sold privately, so that the Com- 
mission has lacked information 


NEW YORK, April 6. 

of the volume of options traded 
by Americans. The Commission 
has been at pains, however, to 
avoid criticising the London 
markets, which, it says, have 
cooperated as far as possible. 

Tbe Commission is in the pro- 
cess of finalising a new set of 
regulations which would allow 
the sale of commodity options 
through U.S. exchanges. 

It had hoped to have this 
“ pilot programme ” ready by the 
suspension deadline, but the 
period of drafting had to be ex- 

unless otherwise 

way iredlng forward mcial moved be- (Kamo: Robust as 148.00 1149.00). Dally all ihc losses were recovered by tbe end 2J0. Mushrooms— Per pound 0.40. Apples stated. 

tween £315 and £317 pre-market and average 161.32 (MUZ). of (be morning session. During ihc after- —Per pound Brantley's 0.154.19. Cox'* 

between £05.5 and £318 for (be rest of ARABICAS— Firm In spite of early dealer noon further small guns were recorded Orange Pippins (MS-0.26. Laxtons D.08- 

— *■ ■ - — ^ — . - forecasts- oLa decline In warehouse slocks. *.m. 

£ £ £ . £ short covering and stoploss buying look UiAD Offtda 

j -> j 1 it.' Wlrebara forwanr' metal up from £5.740 to £5,835 — : — ■ ' ■ — 

IV. . j - 1 * (.iah | 70B-.S (-A 700-.5 -.8# before profit-raking dipped the gains arid £ 

- J mouth*..; 717-.5 — 3.5' 716.64 4-A I«i 1» s close an Ihe Kerb of £5^20. Cantu...... 311 AC 

aelsi’in'nu 703.3 1^4 i Tumr?et; : .«5 tonnes. amanita*.. 516A-.1 

* ' sets) in nu 7UZ.3 

. * w -- Cathodes. 

• \\ • Uub- ! 693-.5 — 3.B| 69D-1 

« \ \ I W - - * j mvntliH... 708-.5 -3 . 706.5- 
■"•ettl'in'nij 693.5 —3.5 — 

, _ — - - 64- 

% v Cvand buying attribored w . J 

i jT v\u**-* interests, allied to forecasts of a r 

in u'!i rehmiHA cTnpkc Rut Piwupt 

.. Turaoi!et : .«5 tonnes. 

■3.5, 69D-1 
3 . 706.5-6 




+ or p.m. | 
— L'noflictali 

1+ "or 


£ ‘ £ 



311 *4 

-.576, 41 1-2 


5 month*.. 


-.5 316A-7 




I—.25 - 

UjS.9pi>r . 

i 35 


04.30: June 1TS.75-7BJ0. +3.50. 179.00-79.00: ,r"°- 1 
Aug. 164.004S.00. +4.37. lfla.0044.00: Oct. “*“• ' 

1 50.00-52. 00. +2.50; Dec. 140.00-41.50. • 

+2.12; Feb. lM.50-37.s8. +3i»; Apnl 

Sucnr - 

Pnjf- I'.crteniay’* 



Comm. | Close 
Conn, j 



April 6 ■ + or Month 
197!) I — Uu 

£ per tonne 

17.230 kilos. 

in warehouse stocks. Bui Comex 'did not; Stant 
open as high as expected and some Cash-. 

5-6 r - -® T- — — ' 1 Morning; Cash £312. three months £317. 

.1—— High Grade' £ £ £ I £ 16 J. 17. 16.75. Kerb: Three months rDiDUC 

I — Ci3u....„ 57805 t57.6 -6765-761+55 £316.75.17. 18. 17j. 17. AJtcnJDon: Three Utfl/Vllva 

Japanese' -3 -month*. 681D-30 + 30 6805-10+4®^ months £3X7. 18.5. 18. 15.5. 15.75. 16, 16.5. „ 

dem-ase Sealem'r. 6785 +65 — Kerb: Three months 1317, 18. ^-° ND0M F . IJ l? R ^ s r 'CAFTAV- Very 

x did not Standard - ZIRC-riSteady but there was no follow- BOOd 1 _ ’ aoarl ^mand for bsrloy fueled 

U.S.SSM.B.4J 106.BD-06: 
Oil 11 1.5 1-77.051 11BJZ5- 10. 


U. BuniiiRSH SMITH FIELD (prices m pence per 1 

““"I'M" pound)— Beef: Scotch kiHeU sides 52.0 to J 

p 53.3: Eire hindatunere 08.0 to 7B.0: fore- h I 

qua ners 38.0 to 40.0. Aluminium £680 (£660 

' a i“. 1° Dntdl Free market (m«)ls9504Q 'saSOMl 

hinds and cods M.0 U> 98.B. Copuercasb W. Bare |£700.26 : — O.ZG'£65 1^5 

.80 IC4.00-0I.25 Lamb: EngUsh smaU 50.0 to 64.0: Urn ^ WlS^Ip.s i664.7o 

.86 100.75 -bfi.25 medium 48.0 to 50.0: heavy 40.0 to 31.0: c<u4i Cathorie £690 S 1 10 Itt44.5 

Metals and 
gold rise: 
grains firm 

3VEW YORK. April 5. 

45775-80 If 52J 6765-751+65 thrOUBh on the recent rise in prices. Tate and “tele ex-re Bn err price ' for 2S, 

prod-taking emerged. The price slipped & month*. 6810 SO 449.5 5805-10+55 Some groftl-tskmg came on to the market ff, 1 r *lh„ granulated basis while sugar was £242.49 MEAT COMMISSION— Average faLStnck .... 

to 1714 and dosed on the Kerb at ST15S. Smiem’t. 6780 +60 - j ....... *«, .Judina was rondne wlUt forward hL a ,on for homo U1ld * ! “ d I15S - M Prices at representative markets on _ II !^,'L~ nlJ^ c 0US, ^ S U? t 1 p 2 Ucies 01 pI ?" 

Turnover. 17.77S tonoes. ' Strait- B.. $8X487 +11 — nurtj 3 starting at £3l£-Cl. nod then coramireial turicil Ihrtinsbovt ihc lU S6.60. for expon. Apr j] p, CS— Catlle B7Jfep per kgj.w.- Ptatmum tttiy ot. £1X7.50' Cllfl.b Sugar dosed WglKT on trade 

New Yorki — ^-..*492.00 U 'tnortug ^etween^ £312 and 1316. before ;‘ it l I sternal ioual Sxigas- Agreetneitt: fndica- ,-ufli: U.K^Bheep 140 Jp per Frta Market,...— C11B.5BI+ 1.3 l£122J5 a l«* Commissroo House buying. Cocoa 

gtoftog oa the Kerb at £314. Turnover, but good eounxry demand 1 tor prices *U.S. cents per pound fob and kg.wt.d.c.w. CB-Ptg* 60-Bp per Quicksilver (7Bib.) Bl3o/ad |dl25-80 advanced, ab, did aU grains markets and 

Free Market (tfri- S 1^3 ! 91.85- 

»- equal to a 4.5 deficit. Silver rose In 
v.04 sympathy with 'gold. Cotter rallied nn 
the ennunuous tight sales policies of pro- 

Ainaigamatcd Metal Trading mwrted — — . — -j LzrrL 

‘that in the morning cash wlrebara traded Morning; ' Standard, pash 

_ r 7 I : /. a v at XTICJ. 2. three months £717.. I7j, 18, months 5.780. 90. CJ05. CJSOO, 
\ t i'te 17. 17.3. IS, 17 J, ■ IT. Cathodes, .casta. Grade, three months 5^80. i 

t* * w t«n, three months m75,4. Kerb: Wire- standard, three to Quids is&o. 

bars, three months £718, UL5, IB. 20, 165; Afternoon; Standard: cash 

l.G. Index Limited 01-351 3465. - August Sugar 107.5-J 

29 Lam out Road, London, SWI0 OHS. : 

1. Tax-free trading on .commonly futures 

2. The commodity' futures market for the; smaller Investor 

August Sugar 107.5-109.1 j jnMnjth^r 314-.5 j— 5.57 1 31X.6-2 ^6.5 

• I rPmAnr 1 S/IO K r_G R [ _ ! 

^— 8.5 


t k uv 


KPfcsl “i- 6 » I ^ 

Morning; Three months £318. 13.5. 15, 31 av 
14, IS, 14.6. Kerb: Three months 1315. Sept. 
15J, 15. • Afternoon; Throe monihs £314. Nnv. 
M, K. 16.5, 10. 12, JOJ. Kerb: Three J« n . 

sn * ar ln unlls of acc ®unt per 190 kilos, Cattle numbers up 17.0 per cent., price Zinuoasb^ 

- previous In brackets. White; 37.70. (27^0j. 67.2iii> (-0.45K Sheep down 6.01 per cent. & mnothe 

tayri + or Raw; 22.19 1— .19). price 138.4P l-A2>. Preducera I 

A8-fc0L.... i81SO-BB Sa i“= ‘-“S 1 - 
06.5 U7.0 C863.5 P . 

I Yesterday's +or Testerdayv +or Raw: 22.19 iii.19). price 138.4P 1-A2J. Preducera ...IS560 TT. bami 

l) L-liwe — .'Irrae — ^ j i . 1 + Ollii " ^ 

^ WOOL FUTURES c R .MSBY-Suppbr .mid. demmul »«l. - 1D °'5|3f 

tin |:ssi sks z£i$£ 

S“-Ix f“'S May MO.B-V4O.0. Mfl.5440.3. 14; July 345 A- ■ r 

advanced, a:, did all grains markets and 
soyabeans. Etacbe reports. 

Cocoa— May 139.75 (159.00), Jniy 154^0 
f]32JS). SepL 15L4B. Dec. 145X0. March 
142.00. May 139.40, July 137.05 settlement*. 

aiuasn^.... „|£dU6.5 1—7.0 Itlgtad.b «n«— %. Contract: May 166.00 

mnotbe _.5sS11.75l— B.6 1 164.481, July 147.50-1 4B.S0 (145.97), Sept, 

oducera IKRfin r 134.7+1S4.75, Dee. 12L08-122.00, March 

„ *- 'l- and 

, -v‘ . \ S ' w* and 

i ■ \ ~ * • . Stai 

\u.+ . , V- Etet 


. - n ; m p7 

soejete anonym e .-7 

Registered Office: 

31 rue de Naples. Ixetles-Brussets 
Commercial Register of Brussels: 

U P . 27019 4 

■rdinary General Meeting, of snareholdera 
•ill be held at the Registered Office of 
ic Company on Thursday, Z7th April. 
978. at 2-30 p.m. with the following:— 

. Reports of the Board of Directors and 
of the Auditors on the Company's 
activities during the financial year 7977. 
•'.Balance Sheet and.. Profit 'and Loss 
Account • lor the financial year 1977 

L- and Appropriation of Protte. • . 

. Discharge to be given to Ova Directors 
and Auditors. 


Tea KVcr : Books and Register of Membi 
of the above Company will be c(o» 
from ifte 28 , April. 1 978. to 8 Ml 
1978 Cbottr dates Inclusive). 

By Order of tha Board of Directors. 

R. E. ARTU5. 


' Joint Secretaries, 

30 March. 1978. 

142. Hotboro Bars. EC1N ZNH. 

mouths £312. Jlnr. ] 9id.5Q_ |+U.20| 87.15 | + 0.45 

SILVER Sales; 1U1 *133) Iols of 100 lonncs. 

Silver was fixed =.1p an n„„„ higher SMSwIfS 

for. spot delivery In the London buDloit Uarcb 92.60. Sales:' 156 lots! 

92.20 + 0J6 80.70 


2. -rw.w -ru-uu u. r UIIS.VMB 340 5-340 5 14: July 34S 0- naoaoVK II.-U-I-V.'XI. mraiuiu 

^" r - J — ku-261 _87.3.5_]+_0.4_B 375.0-3411. 6. 15: OcL 350.0J50-3, 350.3- a.Ht-fLM, best _ annB 

eas ed allghtly to 2601-281! p 1 526-337:0 . 

81LVHU Bullion [+■ or L.3I.E. +■ 
per fixing — clow — 

trey oz. pricing 

Argentine wheat unquoted. 

. Statutory re-election. 

' Election or Auditor. _■ 

... Remnneretlon ol the Audltnrc. 

Jr Shareholders , wishing to attend or to 
■ represented at the . meeting must 
imply With Article 30 Of the Company's 

V'torar* Shares must be deposited op 



Spot..^..^ 284.65p|+2.l 280. 5p WJ-Zb African White and Kenya grade three ’ ' 

i months.. 2BB.45p 1+ 1.® 885.5p — iinquoicd. LONDON The market was dull and 

-monUis.. 295.7 p M-1.SS; — . Barley: Unquoted. featureless, reports Baehe Halsey Smart. 

-Smooths,- 309 .5p +1.56] — H GCA— Location cx-farm spot prices. Sales: 0 iD> lois of 1^00 kilos. 

, nnn Oiher milling wheat nut quoted. Feed 

t *5 -T ?f aw 1 !L “i? wheat— Soul h uncnln mx>. Foed barter i, r i t / t/rr r-rwi * nT rc 

MpratoE: Three monihs .ffl.5, __s«aih Llacoin rf6£0, Wiltshire nBJtt. MEAT/ Vttj ETA BLES 

9.6,. 9.5, 9.4, 32. 89. SSLS, 8.B. BA 8.9, jlm U.K. moDClary cue£Sdent for (lie * ' 

89. Kerbs-, Three months !HJ, S6.7, B-O. wcefc tuning April 19 will to COVENT GARDEN (priresln sterling per 



+ ur 







IX' if if*-/ 










258.0-43 J> 



230.0-47 J) 



LONDON PALM OIL — Closing: April 

520 .00- 330.00, May 300. 60-320. 90. June Home 

300. 00- 520. DU. July 300.00-220.00, Aoe, jr'j, Jr 

3M.otmo.oa. SkfpL 290.00-3 ib.oo, cwl 

290.80-310.00, Kov. 280.00-303.00, Dec. a 6Ajn 

2BO.MMOO.OO. Sales: NIL 

S395» -5.9 I&4S0 

82B7s +4.0 ! : 

Olive oil pact 



GENEVA, April 6. 

..T AN UNCTAD conference began junSTT 

a three-daysessifmto-day to dis- May. *May. *Per t 0JL . 
Imported produce: Oranges— Scania: CUSS extending 3 25-nauon agree* 

Preducera. IS550 . ^opo 134.<+lS4.7a, Dee. 12L06-122.M, March 

nn. 115 50-118.00. May 115.06-116.66. July H3J6. 

na^O. Sept- 212.09-1 IS. 00. Sales: S65 lots. 

LkwouutfPhU) S6O0y _1D.0]S675 Copper— April 60.46 181.06), May 60.90 

Ci round nc.-. S75a ,£601 i6IJ0». June 61-40. July 81.96. Sept. 62.90, 

UnMCniae(i)„ S3 18 S310 Dec. 64.40. Jan. 64JD. March 05.90, May 

™ 10 Mslaynn 8561 k —8.9 16625 «.60. July 67.B0. SepL 68.90. Dec. 70.40, 

I Jan. 70.00 scnlemems- Sales: 4.000 lots. 

_ . I Colton— No. 2: May 56.00 (56.15). July 

Seedy _ 5705 isomei. on. 59£0. Dec. 66.05^8.10, 

Ltipm PtuiitL S395e —5.9 1 54 SO March 61.45-61.55, May 62.0042.15. July 

taojraboan (U_8.) — $uu7s +4.0 ! : 62.53^2.75. Sales; 323,000 hales. 

. *GoId — April 178.50 (177 330). May IJ9.48 
Grain,. I UIS.aH. June 1S0.«, Aug. 181A0, Oa. 

wrlev HBC ♦’ I • Dec. 187£0. Feb. 190.40. April 

Home Win .vi wlpfi n 1MlM ' Jaae U6 - J0 - Aus - lW M - 0ct - 

M "lieT!. ” ' * a0 ' 7 0 + 1 '® £71 - B 202.60, Dec. 285.00. Feta. 208JJ0 seUcments. 

£ltW - re ' £10 °- S loose 24 JO oo.n. (25.^1. 

fT, ^ _ New York prime steam 21.09 asked. 

® M - 7b B +0.25 £88 IMaize— May 2S8M59J i256i). July 2581- 

23«1 '=53i. Sent. 253+254. Dec. 255J.235, 

Hngtuta Mill lug.. £97.25 : |£94 Marc h -.-63. May 2B7*. 

Cow* dhipuient — ££.020 + 1.0 £1.853 ffPlatlnuin— April 2l9.3IW19.60 (219.50). 

— ■*51.959.2+80. « LM.7M.5 July 223J6-224.08 (223.401. Oct. 227.00- 
Luuee emu re.... 238.08. Jan. 23 L 70-231 .M. April 23SJI0. 

n . y . rr*.“r Si* 323 +15.0 £1.416 J 2M.OO. July 239.8fl.24O.D0. Sales: 1.064 low. 

C-owuu -A Index... BB.Soc* 67.8oo silver— April 523.70 (521.70). May 528.50 

Autaber kUo 46£Sp 48.25p (324.70), June 530.36, July 534.20, Sept. 

bugar(Haw)~.™... «9.0 +0.5 £ 99.a 542J0. Dec. 554.30. Jan. 558.40. March 

11polH>pB6*»iaio...| gggp a7 1p May 575.30, July 5S3.S0, SepL 592^0. 

Dec. 605.10. Jon. 809.40 senkmems. Sales: 
No minal- i linatKK«j. o April, s May- 13.500 lota, bandy and Harman spot 

i : 

3.70 +1,25 £71.8 

J4.7B IE100.S 

Dec. No - 4Aja LE100.E 

M ubtL, I 

Ao-IR^fipring. egq.TBj +0!S £88 

Ao2 Hard Winter ] , ; 

Kogliata Milling.. £97.25 i£94 

C«t«i dbipuiem. — |iJ2,D20 \+"lV6"i£1.853 

- i ’ V. A - — ’''rr.-f UNO UMI JHITi UfU. MHtHIUMUlU BUM*' 1 "* 

- , * ,;ntrcKc £5. rue d* Oiampa de £40. 1m. and the entire Hue was made 

r ars' and in London at the . at S»nnds%. Thorn are no other Bills 

. -r? Eanqoe Beige Ltd.. . oiltsanclInB. 

\\ { iU r Midland Bank Ltd.. «- YMOUTH COUMC,L 

\ * • , I rtorra clonal Division, CO. 2m. Bills issued 5th April. 1978, 

S 60. GraCeCfiBKh street. due. 5th JpW. 1S». at 6lir%. Total 

, -ifif.' London EC3P 3 BN. application* £5.5ro. Total Bills outstand- 

•T'" 1 ! • By 0racr * log 10,5m. : , 


Coa ti naed 
steady thru 

DITDDCD Navels 3.SM.40: Csjrra: Valencia Laics, ment On trade In Olive Oil for 

li UllaluK 1) kilos 3.49-3. bOi -JidTa: ShAlllOUti 3,io4il3; ... —up urhon it PTflitM si* thfl 

Egyptian: Vali-nd* Late* 2.80: Marnrtan: on e yf^, ". ne “ 11 ®*P ires al “ e 
STEADIER opening on ihe ■ London 2.GIKJJ0. Lemow-Itallafl; lflD/120*s 3^9- end Of 197S. 



CO. Sip. Bills issued 5th April. ipTB' 
e. 5th JpW. 1978. at 61 k%, Total 

markoL Fur demand at hjglwr 3.GD; Cj-prui: 2.40JJW: ‘Spanla: Small Nassau Adams. head of 
throughout the day. Glii and DUffua ]ev}? ctosna me,. . and Peat trays 25'50-s M .MMn: TT^M^ c a oriro,lt<,^ ^rnmnditiPS 

lYvnwA}^ + ur j liiiFLiitw* w ” 
COCOA | ■ Uloao — j Uouf 

Ho. bCutr'i! ! 

.41976.M0J1 +5.0 Z0S5.&-I&34 

V--* j, 
•: \\i* u 

. -• ■ > y H.K- 


\ l k.'* 

l w H. K«dsk 
H. Kodak 

H. Kodak 










U. D. Shell 
K. Ti. Shell 
U.P. Shell 
Unilever . 
, ‘ Cni lever 

' BP 
. ICL 

X 1CI 
y GEO 
/ GBO 


| Price Clow Vol. 

MO — — 

946 - 19» 6 

S50 - ' - 

9240 9i& 16 

9260 — . — 

8860 . ft 6 

930 - 

660 2^4 10 

5 70 - - 

F22A0 J.60 4 

I F26 1.70 55 

F27.50 0-50 74 

7120 6^0 6 

7150 2.40 "81 
‘ 7140 0.70 ‘ 16 
7110 9.40 13 

FI 20 1.60 3 

700p 65 

750p - 8ar a . 
SOOp 914 
SOOp 64 

525 p 59U 

2 SOp . 20. 
S7Sp 61 b 
BOOp 64 
285p 307 B 

2SOp 1274 
276p 4 1 


Close .Vol 


Close Vol. 

Juhr '1927.5-59.0 +20.75 lb7D.0-1Bt0 J | 

dept.— ' 90.9 +16.3 1£«0 | 

DflcV— | IBBIJ). 55.0 +19.5 lbbfl.0-17BD Max | 4B.1D-47.B0! 48JB-4BJB — 

March .—... I] 7 7D.D- 95.0 + 20.0 1796.0-1750 June. .. 47.20-48J® 4G.BU-47Ji — 

Hav. 17S5.D-70.0 +54.0 1760 Jl- lb96 Jly-Sep. 48, 10-49 48.7a-48,BD 49JH1 

Jnly H +45.75 1700.0-1600 Oi-t-tiec 5fl.»>-50.aa biUfl-hDJa 50.96-5 

leveia. crnsniB own. www am rear trays S’sl'i i. eo. erapefroit— Cyprus; TT n ,, ta ri» s aorirnltnrp rammnditiPS FINANTiai . t>ucc 

report Uiat ihc Malaysia sodown pnce 15 kiios ijiKl.tOi 3fl kilos 3.00-3^6; Jaffa: unctafl s agricuiiure commocunes nnanciaL TIMES 

WHS 202 120:1 cents a kilo (buyer, April). 20 kilos 3.0IM fS. Applet— French: Cokien branch. Said the extension WOUiU ■ lri — 

— Delicious 20 lb>. 84 's 2^0-2.70. TTs i. 79- enable EEC member States to Apr, a } Apr- < aanth a ad Versin' 

uJ ! Xi 8 S£2 v,W 'SSS 1 ^ “Sr ^mhie^pack! participate more fully in P«para- 234JB 1834.96 1 aagjia 1 273.10 

J(^.a. | I inw vtor*» Koynfe ww jaurai o.M. Golden tions for negotiating a new inter- (Bara ivdy t. iaa S i rt i> 

|“ Delicious o.n-6.14, u.s.: Red Detaciuns national olive oil agreement, 
i Mr. Adams said the present REUTER 1 ® 

&HSM4K2HS T inc** 1 ^Granny agreement, concluded in 19M, Ap Hi 6 |Aprtl s -T asbd. sm Yra M* 

j.^l4Ln£9S^£Sl4UB~' SmiLh 7^7.0* «??_ toiand: Cox'* and extended for five years in ~ i ".7.1 . 

Nu. I .YoslcnlayV- IVei-ffnir Uuiinc 
llJi.S. 1 clnoO ulnn« ill Hll? 


881*7 2 

-62 i 

291* 1 

70 2 

462* 3 

-287* Z 

16 3 

53 lj 1 

5T 3 

22 2. 

— iS61l« 

- • 728-40 1 

— - P127.40 

- . F.1 18.30 

1 Xovemtaer 
B47* 4 

65 4 

41i* 1 

68 14 4 

483b 4 

321* 1 

21 2 

601a 2 

48 4 

28% 3 

cents per pound)— Dally price April 3: . , L , i r®*?' '"S mm"' 76 tr >dao: Winiam.-- Bon Chretien “ u ■ 

M8.B7 (156.291. ■ Indicator Prices April 6: Jan;5Isr5ii-26-b».40( S7.8fi-57.9B|_BaJ!S Argentine: FackhanTs Triumph 7.50. RfiUter 

13-day 'average 153.55 (153.47); 23-day sales: 1U t3C8> lois of 15 tonnes Grape*— S. African: Waltham Cross BJ0. 

avuwo 155* .155.07). ’ Ptynical closing prices .buyer, were: . 


Snnr AS -'In isamcr M«V JOn fiSTSi- -^riL-au: uuiuru <w-w»v. w .u,u por iniiuiu 

On an exceptionally uuiot day Robusias 
opened higber. provoked by late Bhun- 
covoring In New York on Wednesday, 
Drexel Burnham Lambert reported. The 
market traded in a Ufiht ranee in feature- 
less condltinn* for the rest of ihe day 
and at the close values were np 10 £1S 
hig her .on the day. 


Grapes— S. African: Waltham Cross 5 .SO. ■ [ j 

Barlinka 5.60. Saiba 5 JO. Plums-S. a spot -,.1361.68 359.72 334.20 431.62 

African: GoWeu KbifpSoagold per pound RP A /lT. Nil Y AKKAIV Futuresl349.74 348. 16 i334.98 416.59 

0 .454.4K. Bananas— Jamatcau: Par pound ASAnrat+a^J tauaei»n. 

0.1S. Melsns— Chilean: While 4:50, Green ECTIMilTC T TCTCTt 

5.B0; Colombian' Green 3.20. Avocados — HOIliuretu JLIT IIjI/ .mnnv-e 

Israeli: Hass 16/24's 3Jfld.7D; Kenya: 
Fuurte 14,'Ul's 4.IO-4JO: S. African: Faerie 


|Yewtenf»y«-j- or Hm-inew 4JO-1.50, strawbwrt^-israeii: 9.40; mro . tj^. Agriculture Denari 

Clow — . Dune Spanish; 0.3M.(a-‘ Californian: oifl. . 4 t s*. 

1 — — . — Lettuce— Dutch: i’4’* 2.09. Pinappies— meat sfcjS it iS maintain ing lu 

IJEpmonnei I 

April jl24.50-!5,D.'.„ ili5.H0 

2 r. JM Ptopp,; meat says it is maintaining its 
ivory Coast: fMO-o-M each. Onions— forecast of the 1978 Brazilian 

soyabean crop at between 10 to 

» Apf-lkJune. a April- bullion 534.46 I5J6.10). 
x Per [on/ Soyataeans-May 682-6S3 f671J7. July 

677-fiSa Ifinn.’Aus. 06+065. SepL 6354, 
Nov. 617-sm, Jan. 633. March 63SJ. May 

ES Soyabean Heal — May 179.00-177.50 

1175.60). July 180.00-178 JO flTODi, Ang. 

— — 1S0.D0. SepL 173J0. OcL 168.50-169.00, Dec. 
1B9.oa-16S.50. Jan. 170.00-1 70.50. March 

VClAL' TIMP9 I?i. 50-172.00. May 173J0-174J0. 

Soyabean Oil— May 24.85-24.B0 (24. SO). 
iBeoiE ledVW.V July 34JM4.35 ca«si, .^ng. 23.70-23.65, 

— - ltwri,LI Sppt. 23JO-22.BO, OCL 2l.S0.2l.90. Dec. 

36 | 832 ^a I 273.10 21.55-21.40. Jan. 21.30, March 21.30. May 

(Bara iwls 1. 1KJ=ln0) ^Sugar^No. U: May 7.76-7.7S 17.67). July 

ociiTirra,^ S. 09-8.10 f7JS), SepL 6.32-9^3, Oct. SA3. 

ntUTER*® Jan giJM _j 0i March 9^3. May 9J64J3, 

April 6 (April 6 [Month anni » ii Ti July B-S7. Sopt. 9.SC-9^S. Sales: 2J73 tots, 
[ax. p |*pru Q Month age Yeara^. nn-W9.tXM85.00 asked .403.00 aikvdi. 

1489.2(1431.8 1 1366 1 17W2 "WheatMMay 321J-S22 OU», Jnly 321- 

[Raa L 322 Sept. 325J-325, Dec. 3303-230, 

(Base- septam&er lit !93i=l«> March 33^.336!. May 338. 

fVMU inuee W1NN1PEC. April 5. t+Ryb-May U5^0 

DOW JONES bid 1 114.10 hid}. Jnly 112.50 asked fllLSO 

~ bow 1 April April I aioiithTi^r Wfl 5- 0ct hd* Not - 

Jones 6 a TT' 60 ] Ml. Dec. 109.00 bid. 

1 &co | ttOsu— May 82.70 bid fSO.BO bid), Jnly 

8 559.72 554.20^31.62 »■« •« «*«■ a5 * ed, ‘ raJ0 bld - 

4548 IRlXU oniaif; so Dee. 7S.2Q .bid. 

ttBarley-ilay 8iS0 CO! BU. July S150 
w HCa&jS-JOO) (SlJOl, Oct. 8IA0. Dec. si. 50 bid. 

SPlaxsccd— May 344.00 (24100 him. July 
HDOUt S *42.50 asked i240.50 asked), Oct. 242.50 

AunJ I April iiontu Ytjir bid. Not. S2I.15 bid. Dec. 242.00 asked. 

6 4 rimieat-SCWRS 13.S per rent, protein 

— j- - content ed Sv Lawrence 167,04 (I63.57i. 

fl03JI]BO4.8 004.8944 5 All reals ner pound ex-warchouse 
5iniE ~ l iW-rw ' s ' — unless otherwise staled. "Js per troy 

1 ounces— 100 ounce lots, t Chicago loose 

— ’ — ss per IDO lbs — Dc pi. of Ag. prices pre- 

vious day. Prime Steam f.o.b. NY balk 

,_ T tank cars. J Cents per 58 lb bushel ex- 

warehouse, 5.000 bushel lots. SSs per 
troy ounce for 50 ounce units of 9BJ per 
COTTON— s Dot nod shin- »«■ delivered NY. ICeois per 

trey ounce er-warehouse. New. “B” 


~ ~ April lAprll UputU Tar 
Moody's Bit - -tifii 

?»;hb r«mmLVlfl03 JIB04.8 904.8 944.5 
(December if im=u«n 

Y^tontays j line 1 125.53-25.5— O^0;124.70-22,A0 ^Ush: 2.00: Chjlcm: Bags approx. 50 in V_ tftnn - K l— — ^ * ss per 190 lbs— Dcpi. of An. prices pro- 

Ckwe +or Bushumb August >12a.68-2i.0-O.8D \W4.7b-t2.4 1 H» Wt 3J0-5.M: Buns approx. 43 lb? 10 " ID - _ , noua day. Prime Steam f.o b. NY bulk 

— — ri 011 ® Orirdvr 118.00-T8.B 1 — 1. 26,118. 10-18 J)0 100’s 1-00. C8P*»cuin^--Kenya: Per pound Recently Caces, tlte EailCO dU rirtrmwvxT raalc cars. J Cents per 58 lb bushel ex- 

£ per tonne December ... 116.00-10^-0^115 JO MK.Cannr: 0 M- a “«3^»Mlla!L ISJff/ Brazil fOreiCT trade deoartment. .LU1 ItllV warehouse, S.OOO bushel tots. SSs per 

•" ~ '~Z- Febmarv 11BJNM7.5 — o!S‘ — OS’s 5^0-9.00- P«ate«-Oaary: 3JW.701 -_+: m _i-j nroriiiptinn at hotwoon troy ounce for 50 ounce nulls or 99J per 

— v- 1422-1424 +1 f*9 3SMJS? AmiiJ.. 115.B0-1B.5 —0.5fl! — * Egypiian: 3.RW.W. C“Wtow*w— Frendit estimated PfOoiWiion at fletween Liverpool comm— Sm» and dun. cenu purity delivered NY. jceois per 

JnS-. 1522-1824 +15.0 1558-1521 2 <’s L$0; Jursey: JLM. Cuountacra- 92 and 8.8m. tOUDSe, but USDA ™ „ 1,01 m nn ex-wanshouw. 11 New “R" 

Sejnember— 1772-1275 +0^0 1255-1271 Soles: \sa ite) tots Id m names. Dutch: lWfi caoai?: 13-MO. 0 flScialfi said snbseqnent rains M lonne8 ’ Mn8 ‘ contract in Ss a short ton ror bulk iou: 

November— 7240-1246 — 8SJ) 1258-1265 • Temaare-Canaiy: 2J0-4 jHI; Jersey; Per . . i mnTnv( .rt thp m-ott nntlnnb 0,8 wlBl i0r *** week w far 10 of joo short tons delivered f.o.b. cars 

Jammy 1216-1220 1240-1257 SUGAR P° nKl _ - - f* d * “io- 540 tomKfi ’ W - p - Tattenalls reported. Chicago, Toledo. SL tools and Alton. 

Mwah-.— T1H1- 1210 05.0 - UVVAAV ERaflsh prsduces.Putetew-Per » ]ba Last year, tbe crop totalled 12m. Bestricted operations eauhnned! with «mhr ••Ccnia per BS lb bushel Tn store. 

May ; 1170-ia» -O-B -r LONDON DAILY PR 105 for raw SUKar Whllc/Reds L«taK*-For 12-B tOPMS and Origins Hy a bigger limited nmsrt tova^r.* it cems per 24 lb bushel. ttCenis per 

(W^8) a tonne df for AprJi-May flJHMlJO. BcetraissrPlT 28 tos L30-L40. vio““ « lb bushel es-warehona-. 51 Cents per 

v 7 _ ::r ~” stopmem. with© sugar daily once d-as Sornuto-Ptr pound 0.12. Turnip^— Per output was precuciea Dei ore arou-dts. African qualities attracted most ss lb bushel ex-warehouse, i,imo bushel 

* t3JHv>. lots 0( 5 vsa*8) fixed 4l m&m mossn. =8 n« a$0j Carrot*— Per bag 0JML20. being cut back by lack of ram. attention. jots. 5'jsc per tonne. 

06 J3 — 

-27 JS 


LONDON DAILY PRICE for raw sugar 

Salen. fl.155 OW), lots ot S tamesn 


Another firm day but leaders close below the best 

Index up 1.2 at 471.4, after 474.2— Gilts higher 


Apr. -i 


OcrunnreuS Seca— — j 74.23I.- 74-061 7S.S 

nealinc Dates happening before Tuesday’s .Milbury gained 6 to 76p in a thin and Fitch Lovell 3 to 6Sp Oilier scale bid.- News of La mho's bid Overseas Traders were fins. 
Onf inn Budget were considered remote, market. gfm spots included CuJens approach and the subsequent Harrisons and Crosfleld rose 13 

•Firsr SSSSi La* Account taf Utu, tuna intend Fur invent- iffSSS 8EhUS% «“ Jfc ««» ttj “MU*.** 

dealings lions Dealings Hay ment currency more than offset tors warning; of nil profits growth In Supermarkets, William Low came well after the market close. Paterson Zoehonis 5 higher at 

yixed Interest 77.381 ; 77.31 

Indnsbrial Onllnuy.,. _471i4| 470.2 

Gold Minos. " 153.71 " 15ljc 

Ord. Dir. Yield . 0.73{ . . 8.7t 

B«nlpg»TTda(fdlI)n 17.3 

Dealings lions Dealings uay ment currency more tnan onssi tors warning of oil profits growth In Supermarkets, 
Mar. 13 Mar. 30 Mar. 31 Apr. 11 aroitrage offerings released h> j 0 the current year depressed improved 4 to 102p. 

„ 7^' . . . nF Yesterday's SB conversion factor jcr {ouc hed 368p initially 

Buoyed up by a reiival of was 0.6870 10.6898). drifted down late to finish i 

SSS' t [S °SSS ?' "^showiS L. Ryan made a lively return 3 easier at 3«2p. Hlctaou 
vesl p rria v ffowevcr' thc leaders to the market; after opening at Welch improved a to 168p. 
drifted back after an initial bout Sip the ap shares tou ched 10? P Qmith dnll 

“i and with a little and closed at IOp for a premium W- fcL OIH1U1 QuU 

IffSStaf* i« la“ « 4 over the price ruling w hen 

In Supermarkets, William Low came well after the market close, Faiecson Zoehonis 5 Ser at 
improved 4 to 102p. House of Fraser gained 4 to 150p iSOp. lofted Gty Merchants were 

Savoy Hotel A. a firm market of hi sympathy, again popular, the Ordinary rising 

late on the preliminary figures Noteworthy movements were- ? *? , 5 ? p tte 10 
and capital proposal, fell 4 to 72jp few and far between ^ Motors 1o “ ****»■ . 
in otherwise quietly firm Hotels . is>tvc Although closing on a firm arte, 

and Caterers. Queens Moot Houses ^ , ^ *L Investment Trusts^ traded ctfeifr 

were slightly harder at 331 p hardened 2 to a I9TS peak of 53p EdLnbmrgb Investment Deferred 
despite the .hid denial, while with the help of call-option were raised 4 to 20ip, -while 

Ef B’Batlo to**)(“ t) 

'Dealings masked — 

‘ Kqnity turnover Em*- 
. t otoL 

— “65.1! 

— 16,824 

157.4 158.7 
6.84 5.81 

17.17 17.07 

) 8.18 8.Z2 

4,859 5,488 
60.66 74.54 
[ 19,112) 18313 

77-3Bj 77.77 
483^1 467.7 qo&O 
198.7 ' 162.9 IlVi 
S4U 6.77 isg 
17.07 17.04 W4, 

74^4| 72*7 
^8 3l3l9J3^ U j& 38 

IB *Jn- 4742. U a.HL- 473.1. Noon 4714. -1 jun,-4g’jT ^ 

S pjn. cas. s pJn. 4KA. 

Latest- Mur OM MS. 

“ Based on BS dw cent, corpdratkm tax. tnn^S-li 7.' 

-Bads 100 Govt. Secs. fW/M/W. Fixed tot uhb. InO. Ord. inm, g-m 

u. n/s,c; es- Mt+ltr*f*r .TnNv.nfu, fan. “ 

despite the .bid denial, while with the help of call-option were raised 4 

Mines UfV/55. SE Activity JnZy-Dec. I8£L- 


W tt CrnitVi fin'll 102p - put on 2 apiece - - shown in Automotive Prodncls.3 Scottish Eastern Investment. 127k 

- LL Ouum utui Speculative activity was again better at 112p, and Dowty, 4 PQt on 3 apiece. Ringside Invest- 

Profit- taking following the un- rife among secondary miscei- higher at 177p. Lucas Industries ™eht continued firmly, rising a 

afternoon, final quotations were thc_ snares were suspenaen m inspiring annual results prompted laneous Industrials. Letraset, still ended a penny better at 287p, penny for a two-day gam of -8 
welt below the best and occa- l»»o- a fajj c f jq to 147p in W. II. on bid hopes, were particularly after 29ifl. Associated Engineer- to a 197S peak of 58p on tiie 

sionally easier on balance. Lp 4 
points at its highest of the day, 
the FT 30-share index eased to 

Ins. brokers easier 

Insurances were notable chiefly 

_ ~ ^ r A 4 »« <| M vn iHPUiaiiLcg ncic \. uiwmj 

record a net rise of 2.4 at 3 p.rm fof p ro ^ crs which gave ground 
which was reduced further to a throughout the list Matthews 

gain of only IJ I at the close of ^ g u ^ L sh ^ a 0 t o tiST^d 
471.4. Londwi Brick, up j at 66p Forbes declined 8 to 

a ,lhi]e . Alexander Bowden 

Jimioary ^sults accounted for a ^ M ^r b o^ ^apeii^ 3 to 
point _°f the index rise. ^ . respectively. 

oint of me inoex rine. if5Qn ■'inrl 177 d rcsDCclivcly 

British, Funds ^continued firmly 1 «i p n „* , r mn iVtL. ^^lianre 

in the Government Securities in- v .. , foiiavvln 0 comment on 

dex whirh improved 0.1 1 more to ^ reS uIts. 

and .•.'ido.pread mode. J»jW SggSft |S »*SSl?3 

throughout the list were reflected p l ence P more of the previous day’s 


Buying interest 

in secondary 

The major clearing banks made 
progress in thin trading. Midland 

storks broadened considerably. f ar ~ d best at 3^4 P , up s, while 
while bid speculation was again Barclays added 4 at 342p. as did 

well to the fore in the days pro- •y| a ^w'est to 276p. Australian con- 
ceedings. The more widespread cerns abja closed higher. ANZ 



were II better at 243p and Bank 

majority of risps over falls by of New south Wales 10 to the 

around 3-1 in FT-auoted 20od 3t 47pp. g. R. Dawes were 

trials. Official markings of o.9S4 n ., otwl M ih e caoital dis- 

tnats. f-ifficwi mari.ings o; *.*»* quo^ at 35p ex the capital dis- 
com pared with 4,844 on Wednes- ^ibution. d u h 0 f i at e on fears of 
“ a >’- higher interest rates. Hire Pur- 

particularly after '29id. Assoch^.ed Engineer- to a 197S peak of 58p on the 
ing eased 2 to 114p on light profit- bid approach from an unnamed 
taking following the previous party. After Wednesday's sharp 
Fterce «« 1 day’s rise of 5. Other dull spots gains. Japanese Issues . were 



IS7B.- f: 


. Lav 

Sort.-S«» — 





Taoi Iat — 



IWD . 




(6,1) . 


G<d4 Mines- 






irnca GorttpilaCwn i 
High ] -LctW -- ; 

rKd*wlJl77A 185.4 

ratriw-JaiUl 18?« 

■1274'- '49 IB — D»Uy - ... - . 

nim wim gSSffi 1 ' SB 5g5 - 

543 _g' 494 &-*jyAVrage • 

SfeUf™ .its 

UTPOi \SrVib ) : 

& M,p 111 a thia 1 ^ i w i : ^jsB4^'iaags i^iiay; 

A. and C. Black highlighted ic ^ p - 

Newspapers and kindred trades Furness Withy featured an • " - _ - " . .. 

with a jump of 16 to SSp following otherwise quietly firm Shipping International Monetary Fund. jjMnong - • London - registere 
the much better-than-expected section, dosing 9 cheaper at JSlp, auction. . ■' ... Jmaofcials ^Gold Fields rose 5 

annual results. British Printing, after 220p, on the occasional small A good deal of U.S. arid Cape toiBaffly but" eased back a 
also responding to sharply higher sale in an unwilling market. - - : 'buyins of shares was reported in «te trade to dose a-petm 
preli^a^profi^, movedup 2} ^ Dunhill returned to favour the morning but »nter^t_ waned atl^fip. 

to48 ip .New. r e^tion S how: „%££££ ^sSTlT tS* irth^Xre.ooTHs^' 

ever, reflected disappointment thj market' RAT Industries in as- a seller.- ' -r ^ ware reflecting the streogt 

rtimjeri^f late to 262 □ were^also active following”?^. The early American buying’ 

dipped a |ate to 262p of ^ launch of the companysvras -mainly centred aroubd the 

dipped 5 late to 262 of tiie Whof 
Prooerties were firm enough first cigarette brand in the DJCr heavyweights with West Drie* 
although the level of trade was the Deferred rose to a 1978 peflk E Ind Westein HoMings JuSf mi-wSSS 

small Gains were limited to a of 268p before cloamg 2 cheaper both i harder on balance atXLSj 15 h^er^ati 1978 ^ ^1^ 
penny in leaders such as Land on balance at 263p. Dawron and 127* respectively. aodEZ ihdLirJL 1 ?fzL£L. -■ 

Securities, 209. and MEPC,.U«p. Intemathmal A rose 4 to 107p in gmer > 

'Snroved > Sfon^S > orso y BeS!w lit ^ ( * ail2ed TBS±lies - ^ African FinantaaJs wlfich dosed- Coals Showed Utah - Mnh: 

Fnmrose again provided the at or around tiie day^ best levels. Australia 15 fo the good at3b 

“JhouSS OTUy noteworth y movement in Anglo American advanced -8 to and Oakbridge a better at 153 

96p, were mciuded m ^be South Af r ican Indurtnals, rising 3(®p, whSte Union Corporation London buying,:- lifted - Nor 

Gold shares c 
course. After a 
up at the start 
rise in bullion 
sharply on rev 


dosinE - ith 5W=8 b=. ? to aEn-^v--* ȣ Golds eiTatic 

uraurnm development plans. 

same amount to -&p. 

on balance. The Gold Mines index 
closed 2.1 higher at 153.7.. 

BcTOMh^pected annual «- tawmg ta **“ 2SSp and similar riaas «» After a day of«ratic movg 

'to >.*&!& S .3.,L!ve favourites were f. cc “ rd ' d ” remark, at the annual meet m^t, « farni Go* 

r . u . f. smartly ahead to c3cre at the Speculative Siebe Gorman, 388p, and Christies brought a slightly higher dosed marginaBy fi npg • on 

Gilts quietly firm . day’s best »lth a rise of l lty. "Vi l ° ° 1 ggygg In..m.Hnn,l, «p: annual results tefel for Pe.cheyT at «!p. M^ce atter bem* mmtod up 
. . , , , . El ^ where in a busier Build in ci sector Uniieil 5kafnuW siooo out , . rwmAAar c^ttipd at the un - substantially at the outset. 

A specialised demand In the ,‘ nr hSik nW Qmtnrtl ne rose with a gain of 12 to 296p in a of the last-named are due next Greencoat settled at me un . .. • • ■ ■ ■ ■' rt , n 

SSf maintained 14 m ? re t0 , 2l J a D ' r m . a T kIn .” a tY0 ' Up,ite J - aud^aiwS Wednesday ’ fSSg ^Wednesday’s share wake of the shar? rise in the 

unw the SterooS’deaS Then da ^ lean 39 - fofiowing com- advanced , to ltOp and Faiwll attracted a good demand at lilp, ^^^0^ on the assets reduction bullion price foBowing the state- 

ffawsri SsfBTS sLnjs. eafifs ss i£fs£££m S ss w . .« ** .** ***■**&£»>.■**** s*™ 


14 more to 21^0, making a ^0- 
tum which Gilt-edged maintained nf «n 

- The 'fcnowlV securities quoted In toe 
Share Information Service Yesterday England U- 6-1 
attained net* Highs and Lows for 1978. 


L. .hmif i n! r^k fibres. Taylor Woodrow, on the trust, BICC. at 112p, gave up 4 of ra 

iy about as the market took otfier hand, fell away sharply to the previous day's nse of 10 4 

an a sombre mood m front of tfjuch 3^,, in react i 0 n to annual which followed the results. t 

recorded a Press-inspired gain of deve |opraent loss. 

Morgan Crucible, however. 

the U.S. Under -Secretary of the 
Treasury, that “ there is no spe- 

" a ” ‘Vr r D n 2rr* .Jr- touch 36fln in reaction to annual which foUowed tne results. eheapened 2 to 121p, after 126p, Turn-unv trail a in RP \yZXV * L. uZSL? 

next ^week s Imi profits which came £3m._ below Henty Wigfall ran back 6 to 204p, ff? u ow | n „ jjj e ann ual results, and IwO-Way TTHuc in Ir go d b *^ ng ^ iarmed 

exnectations. before closing 12 while the lower half-yearly profits j ower profits prompted a fall of A combination of American right now." 
revived after a recent lethargic pas j er nn balanre at 370p. Aber- prompted dullness m AB Hec- 3 w ^ m Grampian. A firm selling and London buying made However, further reports stiff- 

1, v -,L ramvi ui. IAU iv Hi pivuipiw- “ . ~ n A TO 1H UTUmitUUL* A Ail ill SCIUHL: (1UU uuuugi 1 uu/uiq, umiuw huwcici, aim luoi I 

35*1^2* o?^ d af ^S * h r B , w l €>m ” t ^ 19 150d - F 0 ®!? wh . ,ch gave , up , V°.»”£ market of late on a Press sug- for a good volume of business in gesting the possibility of .montiily 

*• _I _f 1 Q/I] *.*511 rAmo * v vw « MVUIV O” ' * -r — .'j martCRT Ot I axe on a rn»> SUS* iur «X i;uuu vuiuinc Wi uit uA.MiVHiaav 

thi foIfowmE the Board's gioomy Leading issues dosed a shade ^j 0n the xjje and France British Petroleum which, after US. auctions of around 300,000 to 

h^ y kar'!S nr^i!tiv«. G l^PlT^. 8tateme ? t *9™* curretlt , for choice Iijttri Aowrng f re reviewing proposals for a new improving . marginally, reverted 400,000 ounces caused a setback 

broker's last operative level. Low- prD st>ects which accompanied the Initial gains of a few pence. 
!E n ! ? ea & r™"**™*,*™ 111 **!** Selected Engineerings a gain 

cross-Channel project, Channel finally to the overnight level of in both bullion and gold shares,] 
Tunnel encountered profit-taking 75« p: evidently, the shares are ] e ft the Gold Mines, indexj 

BANKS 15). 



FOODS (6) 




SSSfJ^o StocW ? ho 
LMi^aGo-Jff^Sg &flb 

M a tU N W t WrloMsoD 
^ . ntapmtY C3J 

Country t> N. Town ' Uw Land 

Furness WRIty 

Sent. & Mercantile' A' 


Sle'A - N.M.C. Invs. 


still being quoted com the divi- only oj higher at 153.7, a rise 
dend in the UJS. Remai n i ng Oils which also partly reflected, the 
were neglected, bur occasionally firmef investment currency . pre 

shoes n> : 

TRUSTS tl 3) 
oils Or ' 



Sh We !T ISL \'ZV ended j h i z K\A mv Md - 24 5S SSfibi a net 5 higher at 29S P . ^ pretoinary tetter wW changed- Eiebens ^ 

uL-“?5S , sf«saa ^s^SL^ss^ri ?™£&**”2 Si‘Fz 3& JSEH*. SXti. sU an« out) — I* s? 

LendJg 1 ?^? theThln^oTlhTs ft, JS!W firmer”? SS“S!hiil afj^r^astSnll Unfv^ Sv«teienU. J07p vere ^ higher at ?I8ai25 afterj^ Inu . 

F : = - -= -^"= TsSmSed still by the prospect of ^ ^ S ^Tch P stayed at their beings atthemorning^.]^ ^ ^engineering ip 

The bullion price was finally) 



Btftbft Fuads - 

a — 

arm, Dorn. . and 

• . , ra 

■ Foreign Bonds 

> 4 — • 


mn war 

Financial and Pm* ... 

2SZ. 35 


u . — 

PlwtatiM — « 

2 : T • 


-:W 10 . 

Recant Issues . 

3 -.4 


Bailey iC. HO _ 

April 6 

Week ago 

Month ago 

. £ 

. £ 



Danish A.l per ton 




British A.1 per ton 

Irish Special per ton 







Ulster AJ. per tonli 





NZ per 20 lbs 


1141/11 52 


English per cwt* 

65.69/67 J8 



Danish salted per cwtt ... 





NZ oer tonne 




English Cheddar trade per 






Horne produce: 

Size 4 

3.40 '3.90 



Size 2 




April 6 

Week ago 

Month ago 





Scottish killed sides fex- 


52.0/555 ■ 



Eire forequarters 













MUTTON — English ewes ... 




PORK — (all weights) 




POULTRY — Broiler chickens 




* London Egg Exchange 

price per. 120 eggs. 

f Delivered. 

170p, while Jones and Shipman 
were lifted 8 to I20p and James 
Austin 5 more to 112p. The chair- 
man's confidence inspired Tresh 
support of Stone-Platt, II better 
at 109p, and Henry Sykes moved 
up 4 to 96p in response to the 
increased profits. Other note- 
worthy movements Included 


DEALING DATES burst Whites, Intereuropean Pro- 


.-• u **• 

at 109p. and Henry Sykes moved first Last Last For perty. Mills and Allen. UCM, 

up 4 to 96p in response to the Deal _ DeaI . Declare- Settle- Group Lotus, P and O Deferred, 

increased profits. Other note- ^ ings lion ment Wheat sheaf Distribution, High- 

qq? (SfSmSne Sn and Ma r - 21 Apr. 10 Jun.22 July 4 land Electronics, Town and City 

SSithiiiire Sr^viS P ' ’»ains Apr. 11 Apr. 24 July 6 July 18 Properties, Guinness Peat and 

5? 1 ftSS BinSd OnDteS, MIp Apr. 25 May 9 July 20 Aug. 1 EreWne House. Puts were ar- 

and* Babcock and Wilcox. IIGd’. For rot*: indications see end of ranged in Highland Distilleries, 

were both 3 dearer. Davy Inter- Share Information Service Christopher Horan and Beech am. 

national made fresh improvement Money was given for the call while doubles were taken out in 

to 227n, up 2, 3Pd similar gains ju Rio Tinto-Zlnc, Keyser Ull- St. Piran, Adda International, \ 
were recorded in Laird, 8Sp, and man, Lourho, SL Piran, Staflex Letraset, Mills and Allen, Inter-. 
Moline, llflp. International, KCA International, european Property and Gussies 

Cadbury Schweppes stood out suvemilnes, Blirmah Oil, Mid- A. 
in Foods at 54p down 1J, on dis- 

These indices are the joint compilation ^ the .Tlnaiidal Tinies, the Institiite ot Actoarn 

and Hie Facnify oC Actnaries . ■ 



Thurs^ April 6, 1978 

Figures in parentheses show number at 
stocks per section 

II For delivery April 8-15. 

appointment with the preliminary 
figures. J. E. England eased a 
penny more to 32p on further 
consideration of the results, while 
Taverner Rutledge shaded 2 to 

101 p reflecting the chairman’s 
statement at the annual meeting. 

Spillers closed without alteration 

at 32 Jp. after 33p, following a utuomu 

reasonable trade. J. Sainsbnry Stock tion 

closed 2 up at 175p, after 178p, BP fl 

helped by a report that it is Letraset IOp 

keeping a larger share of the BATs Oefd 25p 

package grocery market, while Bunn ah Oil £1 

continuing speculative demand Bowater £1 

lifted Geo. Bassett 6 further to ICI £1 

146p. Investment support enabled Royai Insurance... 25p 
United Biscuits to rise 4 to 153p, Shell Transport ... 25p 

Barclays Bank ... £1 
Commercial Union 25p 



The Building and Civil Engineering page is published in the 
Financial Times every Monday and carries news items relating to 
contracts and Important developments in the Construction Industry. 

For details of the advertising space available on the page 
each week, and costs, you are invited to telephone 
01-248 8000, Ext 360 or write to: 

Financial Times 
10 Cannon Street 
London EC4P 4BY 

Cons. Gold Fields 25p 

P&O Defd. £1 

Reed Inti £1 

Thorn Elect 25p 

Beech am 25p 







marks price tp) 

on day 










+ 2 





- 2 









- 4 





- 3 





+ 1 



9 - 

51 S 






-f 4 





+ 2 





- 1 















+ 2 









Building Material* (Z7). 

Ckmtractiiig, Constroqtion (26) 

Electricals OS) 

Engineering Contractors tiO — — 

Mechanical Engineering 01) 

Met als and M etal Farming (171 


(DURABLE) (521. - . 

Lt Electronics. Radio TV (15) 

Household Goods 02) — — 

Motors and Distributors (25) 



Breweries (14) i 

Wines and Spirits (B) 


- 19R07 
~ 22534 

- Z53JS 



K SL- 








st 34%> 













' 839 

• _ 































. 825 

















Index . Index 
So.- So. 

30.71 315 JO I SNLU 4.^ v - 
4SL52 I 4ZL7J f 42521 .3 .. 

BA7 1S3JK 24 ID HUM f JttfT, 

187.92 284J6 1BS28 | 1M41 U' ‘ 

222« I ZtLO 1 22026 } ZaJS.I 2 4 ^ ' 

Btt iwl»» 




Telex: Editorial 886341/2, 883897 Advertisements: 885033 Telegrams: Flnanttmo. London PS4 

Telephone: OS-248 8000 

Fur Share Index and Business News Summary In London, Birmingham, 

Liverpool and Manchester. Tel: 248 8028. 



Amsterdam: P.O. Box 1298, Amsterdam-C. 

Telex 12171 Tel: 240 355 
Birmingham: George House, George Road. 

Telex 338850 TcU 021-454 0923 
Bonn: Press tiaus H/1U4 HeussaUee 2-10. 

Telex 8889542 Tel: 210039 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 Fitzwiiliam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street . 

Telex: 72484 Tel: 031-228 4)20 
Frankfurt: 1m Sachsen lager 13. 

Telex: 416X63 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: 838-7545 
Lisbon: Praca da Alegrla 58-ID, Lisbon 2. 

Telex 12533 Tel: 362 SOS 
Madrid: Esproudceda 32, Madrid 3. 

Tel: 441 6772 

Manchester: Queens House. Queen Street 
Telex 668813 Teh 061-834 9381 
Moscow: Sadovo-Samotecbnaya 12-24, Apt 15. 

Telex 7900 Tel: 294 3748 
New York: 75 Rockefeller Plaza, N.Y. 10019. 

Teles 66390 Tel: (212) 541 4625 
Paris: 36 Rue da Sentler, <5002. 

Telex 220044 Tel: 236.5743 
Rio de Janeiro: Avenfda Pres. Vargas 418-10. 
Tei: 253 4848 

Rome: Via della Hercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svens ka Dagbladet. Baalambs- 
vagen 7. Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 68Z698 
Tokyo: 8th Fluor, JVibou Keizal Shimbun 
Building. 1-9-5 OtemacfaL Chlyoda-ku. 

Telex J 27104 Tei: 241 2920 
Washington: 2nd Floor. 1325 E. Street 
JV.W_ Washington D.C. 20004 . 

Telex 440225 Tel: (202> 347 8676 

Birmingham: George House. George Road. 

Telex 338650 Tel: 021-154 0922 
Edinburgh: 37 George Street 
T e/ex 72484 Tel: 031-226 4139 
Frankfurt: 1m Sachsen lager 13- 
Telex 16363 TeL- 554667 
Leeds: Permanent House, The Head row. 
Tel: 0532 454969 

Manchester Queens House, Queens Street 
Telex 686S13 Tel: 061-834 9381 
New York: 75 RockefeUer Plaza. N-Y- 10019 
Telex 423025 Tei: (2121 489 8300 
Paris: 36 Rue du Sentler, 75002. 

Telex 220044 Tel: 23&S6.01 
Tokyo: Kasahara Building, 1-6-10 Ucbikanda, 
Chiyoda-ku. Telex J 27104 Tel: 295 4050 


Copies obtainable from newsagents and bookstalls worldwide or on regular subscription 
from Subscription Department Financial Times, London. 


=5 5 I " 

s£ = J E£| i 
< 3 HmhfLaw 



= 5 i If 

-- !i 

:■ U j St^-k ' - 

■J Hi ; -b j Lcre 

"l 3Si v p MpiAinal. Inilfc. 10.^2n>l. I'ri 1 91|.;— 1 1 

. 271- • 21 t^dek ilml*v. 10% lrt. Mon. '33--« 271 3 ! 

I 100,1 KJQp*ire»*iia.- WlutU-.\ I'M I 700«— 

I- HLipil0mpJ- , >l- .Yt'miieH 10^ Cum. Pm....'. ■ 

I IMiilMeiuiexJ.i 3% Cum. Prf. ' I04ji; 

i 102 'Uni-siim-j. Wmci t% l{«l. I*ri. I bo-’ I02l< 

I Ilm 08 lI'-airMm I.-./ W>,} Pry. i:uv. Lit. ISiJ-Jt — 9B i — 1 

' los «7 Illfil'nv. Him. Ul.TWti ioe . 

1 I0n.’ 99Sii‘Ianh»hlo \'annbiY 196o.„ - 'lOOl- 

C9«a*' P.P 
; V. I*. 
£99 IC25 , 

! tosil iw 
icu.* he 

I Ilm 08 
I 106 vV 

Paunm c.-.f W>,J Pry. i:uv. Ln. ISAJ-Jc — 98 j — 1 
T*JU*\ IU*S I’nv. Him. La. T9*3. 200 . .... 

liii’J 99>4<7anhf«iilo VsnaLie 198o._- '10Ol^| 

oi *7la! I*»- tOjJ Iffd W-5 - I 50 Ib;+>8 

i llilj Uhlii'V. S|innm PtI I17p— Is 

I liuti & |Y*rt IVjii« ll‘ IWi l9St> ; 25 ■ ...... 


P.P. 30,3 13/41 34 f 3l H '. H. In.lii-tmtl>_.. 

P.P. 29(3, l0/5( 66 j IS |Waunoupba 


Remind u boo dale usual iJ las, flay lor <a«aimB tree of stamp tuny, o naurex 
na9«j on prosivfctus esrinuno- a Assumed diyitlenrt and yit-ld. u Forecasr dividend: 
cover based on previous year’s earPmct*. p Dimrtfnd and yield nosed on prospect ns 
or oUier offimal ixlimaies for 1978 o Gnws t hi guns assumed, i Caver allows 
(or convorxian of si&rcs dot now raoking mr dlridrnd or rank ins only tor nstricteo 
dlvtdonds. 1 Placing price to pnbiic. Pi Pence unless otherwise indlcaied- 1 1ssued 
|>y ignder. || OiTemi to holders of Ordinary Share* as a ” rights ” “ RtBhts 

to way of capliabsatjon- *t Mlamunn tender price. 55 Reintroduced. 33 issoed I t RedcmpU cm jrlelit Highs ad lows record, ban dates and nw ana 

in connection with reorxantsauoa merger or tpke-over. |||| Introduction. 3 ls*iod [ bsoe*. a now flat of the const ha cuts icartnaMe ftnm the PBBfWiCrt, 

w fanner Preference boidax. ■ Allotment letters tor fliUy-paid). 0 Provisional! StreoL Load on, EC4P 4BY, price I3p, by pest On* .’ _ ■ 

or partly-paid allo tmen t letters, With warranLS. 

Financial Times . F riday April 7 1978 • 






cultural Fund 




' a. 

3f . 







J . Vo : 












*fv I 

i' 1 

■ f7 v I 







Money MHrt.Fd.__ 
Ktr. fair. Man. Frf. 

E 35 

m i 


53 ! 









U.N. Bank '64% 

;ied Irish Banks Ltd. 6}% 
iierican Express Bk, 64% 

aro Bank 64% 

Bank Ltd. 84% 

: ir>‘ Ansbacher ...... Bi% 

ico de Bilbao ...... .64% 

•ik Df Credit fit Cmce. 64% 
•;iK of Cyprus 6J% 

'64% »UU1 Samuel 5 64% 

84% C. Hoare & Co. t 64% 

84% Julian S. Hodge -7§% 

64% Hongkong Sc Shanghai '64% 

64% - Industrial Bk. of Scot 6J% 

64% ■ Keyset: Ullmann 64% 

.64% Knowsley & Co. Ltd. ... 8% 

64% Lloyds Bank - 6j% 

6|% ; London Mercantile. 64% 

<ik of N.S.W. ......... 61% ‘ ..E. Manson & Co. Ltd. 8 % 

' uque Beige Lid.. 64 % Midland S?.nk 64% 

' ique du Rhone 7 % ■ Samuel Montagu ; 64% 

vl*cl«>'s Bank - 61% ■ Morgan Grenfell- 64 % 

: retl Christie Ltd.... 84% ■ :National Westminster 6j% 
/•mar Holdings Ltd. /4% Norwich General Trust 64% 
,t. Bank of Mid. East 64% P/ S. Refeon & Co. ... : 64% 

•i\vn Shipley.. 64% Rossminster Accepfcs . 64% 

',ada Permanent AFI 6i% Royal Bfc Canada Trust 64% 

>itol C & C Fin. Ltd. 84% . Schiesinger-LImited'... 64% 

■ Ser Ltd ■ 7% E. ;S. Schwab ■. 84% 

lai Holdings ......... S % Security Trust Co. Ltd. 74% 

•■.rierhouse Japhet.. 64% Shenley Triist 94% 

• julartons ............ 64% Standard' Chartered ... 64% 

: E. Coates 7i% Trade Dev. Bank 61% 

iisolidated Credits... 64% Trustee Savings Bank 61% 

operative Bank; * 6j% Twentieth Century Bk. 7J% 

' . inthian Securities... 64% United Bank of. Kuwait 64% 

: dit Lyonnais 64% Whiteaway Laidiaw ... 7 % 

■Cyprus Popular Bk. 64% Williams & Glyax’s 64% 

.ican Lawrie :ff 64% Yorkshire Bank 64% 

.•'il Trust •••■— "54% ■ lumbers of flu Accepting Bouses 

' ',lish Trapscont 8 % cotnmltwc. • 

;t London Secs....... 64% * T-day deposits 3 %, uumuti deposits 

it Nat. Fin. Corpn. 8i% *«• ■ 

* N^.Sea Ltd. ... 8 | ■ “..'TaWi™ 

OP? Glbbj *nd over iSMM tttt- 

yhound Guaranty— 64 %* z ^ over n^» 3 %. 
id lays Bank ......... 7 64%| j n »m«ni dewstis 4 %. 

■nness Mahon 64%l j Rate ateo wpuea to sicriinc ind. 

nbros Bank 64 %■ Sees. - . 











Vanbrugh Pensions limited 

«-43M*dd«SL,Llln.WlBBLA OM04S23 
Managed — I9M 10M| +«J| - 








Prices do not indude S premium, except where Indicated *. aad ore In peace unless otherwise 
indicated. Yields % ushosrn in last eDlunm) allow for all bluing eapewes. «. O&ered prices 
include *11 espouses, b To-day's price*, c Yield based on oOerpnee.d EsUmaied.g To-day's 
: opening priee. b DUtribirtloe free of n w t»»«« ■ Periodic premiMn msnrance Manas Single 
i premium Insurance, z Offered price includes all expenses except agesi's comatisaioa. 
i y Offered price includevall mcp enBao (f fr y, phi throepn manaeerj. s Prenous day's price 
V Net of lu on realised capital puns unte&tindlc&ted by 5 Guernsey enas. t Suspended, 




m i 

1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide -as at 21st March, 1978 (Base 100 at 14.1.77.) 

Clive Fund Interest Capital 135-42 

Clive Fixed Interest Income 122.34 

CORAL INDEX: Close 467-472 


t Property Growth S% 

t Vanbrugh Guaranteed 7.50% 

t Address shown trader .Insurance and Property Bond Table. 


DTOUSXRl&li-eontiimed | INSURANCE— Continued 

5' i«-WSS \cJiSt\ m 

: ;j ” taSBiH" SJi- ’igMfIM 1* m isii : 

* m S’te&fe j? £- fig 3 H « # w 

PROPERTY— Continued 

aa?H®IBiS^IS'--=lWi=J!a=J»P? S«S3C|« |rf|SS|i?|iK?|». ftfSSSfe S?:r::ES 

« 693 679 
165 ll55 

56 .143*2 
; 70. J % 
.186. 7141 

ffFowiop 46 +i“ tii 

SHams.__l 58' 327 

Ml ?.«!«) 

Stack -I Mu. I* "I & 13® lr * 7* irf Ms rW W78 I |+ nri Div |VM . IKB I 

o«kk | met | - j Net Crr 6rt t/E nigh Low Mark • W» ) - ] Vt Cre «rt p,T. High Lw Stock' ■ | Prwr ]_ J vt CtrlGrt Pit HU6 Low ] 

■UfcS? 0 - in§ tJ* S-J* - 5-J - 347 310 Prop-HIde-ftlmr. 318 S 6.54 1.3 3.1412 66 56 (Mar tar 62 

StosS'EDR Su +1 5SL “• 24 - 109 77 Prp.Im.iFiB.II_ 108 .... *M0 OJ S.fiiJUi 131 124 On lh be. Cl 131 

tetetatef SSL, » - 0.6 - 72 64 Prop.PBrf<*ip_ 66 -2 1159 2.0 3.7 2L2 480 455 DftG»- . 465 

SEteiiwS! 1 * S5 01 JM7.J — 7.0 - 315 293 |fttip.4Rev.*A\. 302 d4.69 15 2.4 411 55 46 Charter Tra-l.... 501 

INV. TRUSTS— Continued . FINANCE, LAND-Continned ! 

J . 1 _ i |+ orf Dir I |VM| . 137B I S' |+ ari Mr | IVTdl 

ta) Stock ■ J Price |.- j Vi |cw|Grt| FfE H&i low] Stack | Wi» | - ] SA |Crr|Gr's]P/E 

303 .258' jMBfeftba. 

-I 9.0 |q2.4| 4.9|12.6 hi 

61 ..... 0.68 22 1.7 418 

50 (d ._... 45.98 U i 76 

145 243 
69 57 

M 98 

rwtaP''i9! ** ‘ Hi4ja fa£2 5512J 

GnwplOp- 243 *3,1 89 19 61 

^FrodS.^ _64 ...... M2.64 4.6 62 SO 

?& *? 1223 M 3.0 92 

EA 3 Raplan Ptttp. Sp 

15 8 Regalian ....... 

87 75 BtSiooaJ Prop. 

77 62 Da'A' 

- - - - 109 76 LM'.ap. •£],... 91 -1 

J _ _ _ 58 48*2 felly l For. Ini _ 57 .... 

25 11 6 1 23 6 62 33 Wajedhftera.1 

Q12.5 10 95 A 74 50 Marlin iHP.i5p.l 500 [._... ?J.M| UJ =17 6 

— — — — E1IS, 920 Mas*Ma4BTty m*s QS1.16 -6.3 - 

2.15 10 6.6 22.1 18* » SMCJnt&lftp 14 -% 13 0.7 14.1U5.0 

182 0 10.41* 330 200 Nippon Fa OglM 330 1+10 — 1-1-1 — 

— — — — 13ta ?% Parambe lOp . 

— — — - 32 21% Park Place lnv 

ETlO | 15| IB]. 729(100 65 jCilvfcinieroU I 91«dUl 14.07 1 1 6 W20.7 204 167* pfanniSitSn 

MOTORS, AIRCRAFT TRADES P* 77 [samel Prop?^ 79 

CLO 15 2.3,5731 1 63 62 Oyof'.-jcrd _ . 63 

t3.05 O.fl 7.3 281 £62% £43% 

U6 +1 |261 2J 3.7114.7 r 82 76% K*wh«wrf50p 78 38 10 7.4 20.4 11 10 


& is . uKr ;f a ™ « i- 

41 32 LiaibwiWias- 39 tlOl 2.1 3.911/ 

SI 128 UnttaffliM 134 I! JS'SimTS 

25 A2.0- .2.412,1 52 

3f M LtmeHoUy.lOn 35 Lm Si 52 M 

96 77 [Samuel P tofm.. . 79 .... 21 0<N 40U1.6 12 6» 
118 100 |ScotKcirop.a^i 105 +1 lhl.77 Ifl 2U46.9I 69 58 

1 I 0.91 4 0141.61 12 VI UufttffliBwIOp.. 8 .... — — J — I — _ ? 131 

.77 121 2 6(46.9 1 69 5fo Odesdalein... 66 ri 2 fl 67 1.01 3.9(411 j £51 


George 10p 

*1 2 - ■-.■ ” - Motors 2nd Cyc es n 37 SectmdCil> 10p_ 38ri n.73 19 6 91LS 69 57 Do.-B" ... 64 61 52 

tlfll 2.1 3.918.4 -27 (.20 jBxiLlerlflndSOp 22 _ _ _■ _ 129 108 SJoucb Eas llOri +1 227 » 3.1 « ?45 214 Coioaul *>«- Kd 218 .. 8.1 12 5.6 213 SJ. 7>« Stfin.Pac.HK5De T- 

+19.0 2 8 302 44 240 lK fceaJfliL Units. 235 3B L7 67 u £174 £149 DpWu'tmr.V £150 Q10% * £6.8 - 202 160 Cntilwni’lft tnd 178 *2 t5.84 1.1 5.0 283 £4a £27^ 3 emFI.t.NRD0. £44 

.-...42.0- 2.4 12.1 53 53' 37 featasCarllh.... S3 +2 — _ _ 270 224 StockOomenn- 232 h20 2.4 13 485 112 94 rootinralir.’jon. 101 72.8* 13 4 3 27 9 950 900 Trans Mb. Tit. Ip.. 950 

144 Si 52 32 7 5*1 grfi*K»r.5p__ 4 __ _ _ yjj 228 186 5onleriBilnv._ 186 -2 3.95 - 3.2 - 157 116 tVescljapaaS^.. 157 - — - 2621 28 24 WHiLSderLaft. 25 

Vf I gBS i i-K PI patatae «b.Wi 

v-i iP^iiL-a Mi.'ji.saisss,. 

m 2 Maetotoe^ H Ji 4 J 97 « » -0 «KfflCl a 13 4325 i 

: .-85 315 MoBndeRht.ifln j.c am I •><> T i-n. I o MinvHii irw.1 1 . i "i'r - 

z4 fim s ss -* i»i ?j « l* w n r=s&-“ a w w ?a um\ u 

■ tl in MflauteBbtlOp 370 +5 4.90 0 

' in « MeaecyLA — U'rtd 025 — 

: bh g***^®^ » +112 2.64 3. 

» a H® fiB0UaG ™ , P- M 270 7 A 

.'.a S^.^-M-IOP 75 +1 5.61 2 

m »tt.ShpCffl.£|_ .212 +5 1536 L 

...... 3.94 4J ^ «5 120 g |KF.mdp.L_ 110 +2 

334 « 9.7 * 63 -0 FtxtorwSOpi — 56 +1 

+5 4.90 0 20 0. 12b 9 P^lnrefls.l0p 12 +i 

025 - 34- 75 5P 2 riaxtMS 75 ...... 

+H2 2.64 3.7 6.7 63 73 55- A’liAlkaltr lOp. 58 

6K3J9 13 7iJ34 ' ' 

a- Ui t, dj *1 ■ Componeilts 

+5 1536 13 116 93 58 1 46 

YefcoKrfO S3 £9273 g g 

CMmnercial Vehicles U % 

IBB-F tnidp.1 nn 4.2 faz.17 £d aid a a 282* 242 
FodcPStSJpi — 56 +1 «2S 5.7 281(23) 
F^ttoata-iOp 12 +1 '03 29 6.r83 Z S ^ 

SSfeTo? 58 6iu j| til ll g, “ 

mCccBe — 
A City] l)p 

v* -«> u v./ i-t.i u.u 

330 +10 - - - _ 

13 - - - _ 

28 tlO 3.6 5.4 62 

186 6.19 3.7 5.0 B.O 

£62 J * +S W.4% - 4.7 - 

UDj t0.44 0.9 63 27.7 

95 -2 3.02 L7 4.818.4 

3EW4m.4nD_ £51 Q425 — 8.3 - 

-I-}- ill T52 [Smith Bm . ... 56 £4.91 2113 3 5.9 

8.1 12 5.H2331SJ. 7>« StiaPac.HKSOc V* +>» - - - 3.6 

f5.B4 1.1 5.01283 1 kS tOft ScaFb.SRD0. £44 Q22b - 6.4 - 

“ 950 W431& 1.6 * * 

25 21 L2 12? 103 

S3 +1 tL38 37 3.9103 

81 +3 139 3.B 26103 

- - - - *131 95 |Sct*-6MHt.‘A' 

59 0.82 12 2159.0 30 2* CumuJusinr — 24 0.8 1.0 5.0 30.6 g7- 

13ij +14 0.01 - _ _ 44 39 Donat- line 1 i50pi 3913 7287 1.1 110 13.1 

89 -1 73-65 14 6.416.8 4 31} Do iCap 1 Iflp 3J a - - - - 

201* 65 » Debemuret'nrp 60 c +1 h240 1.1 61225 ATTC i 

264 -1 5T7 12 3.0 43.8 216 200 Derby T«Unc.£l 216 13.43 0.9 9.4 18.6 OILS 

129 266 13 3.132.7 164 M0 Do.Cap50p.__ 147 ... - _ - - , , 

288 74.86 1 6 2.6 36.7 190 172 Dominion & Gen. 176 -1 6.95 11 6.0 24.1 148 |66 A0trt2Dp 1 66 : — — 

14 hd0.48 25 5.2 119 134 106 Drayron Corn'd.. 121 +1 4.5 U 5.6 23.6 156 U36 Bm.EomeolOp. 138 [ [+633 

261* _ _ _ _ 146 123 Da Coni 1331* +1 4.7 U 5 4 25 J 864 p20 8riL PEtroTm £1 756ai . — 2.10 



B tSU:| iM [n| +643 1 rJ ?7 |k 6 ^ 

67K6 Uwl “■* 
4.4 B2 210 H55 iKafcmRbiOc., 

MINES— Continued 

| Stack | Price | + -*| S' |crr|™ 

^ a —TO Oft. £95 .. ... Q7V* 23 £B3 - 70 56 

5 •: if Kwnards25p-_ 128 +4 -UK. 37 5.S 7,0 24 

5 « KedamstwlOp. 22 tL82 15 125 20 08 B4 

' : PM- " J2** 0.93 0.7 123 17.0 177 p52 

fc:;:g f « ^ap.p;M?Sp' 
? a Sfes iSd+r gg a l! 8 B h* 

7 4r& ^sssscA-A »jj»s?a.ra 

* >■:*£* Jh Monnmentlto_ 8 _ — - B7 H9 « 

54 d264 3i 7.4 5.4 

7? t4.47 33 9.3 4.6 

Wd .. . 72.04 3i 5J 7.9 
U4 -2 4.69 3.9 6 2 63 

112 +3 186 8.8 23 12 

M . — 3.67 26 82 64 

231* +» 4 0.06 JO 7.0 132 
£18 +S Qtl24c 3.7 3.9 92 
177 +4 74.21 3.7 3.6114 
M +1 §53 3i 9.6 4.4 
HO +4 2S9 48 3.6 10.7 

JPi 025 1® 43 38.6; 


H Vi 75 64 HaalhoniLaOp. 64 ....... - — — 1 — 227 194 

2-5 157 '130 guan Hunter El. 134 -+2 6.86 18 7.»U.1 106 • 96> 

M 181 135 Gosper 17Dd ._... 4.65 0 4.3 0 66% M 

70 ll5 295 1“ 5 |Y«now50p 27D 74.61 4.7| 26| 8.9 90 7* 

n 9 75 o3 

1.27 0 6 01 0 31% 27 DoFkrEastwn 50%+% 0.9 11 4.5 302 76» 2 721, Dn.8M9.Cl— 721* ...... 5.6%51Mdi7 _ 24 17 Rhod'nComl 

195 155 Do Premior ... 1731* +% 6.7 11 5.8 242 57 44 BuraahEl 45 ...... - . — - — 73 52 Roan Code. K4. 

65 61 Dnali-ea Uc.50p 621* 74.18 1010114.9 £62 £56% JhAbiJUB. £571* Q8%% - d6Z - 157 122 Tanganyika SO) 

22ft 163 Do. Capital £i... 202 +2 - - - - Ul% B75 tifCPStt-Seafl. 900 - - - - 80 78 DoPrefSOp. 

PATRER5! « 55 Dandeeilon..- 571 2 +% 23 10 6.1243 56 49 CealmylOp 56 . — t^.43 28 6.6 4.4 41 32 WankwlVLlO 

98 86% Edmtrarsh.lm.Ta 98 +1 11 1.4 17 64 0 30 21 ChanertalJap-. 22% - -57.8 12% 10 U ^ 

- - 88 78 DoPrefSOp 

6-6 44 41 32 A'Mjue CoL Rh I 

— 57.8 12% 10 Ztun.Cjtf.$BI»3i~ 

ronRhOOc 185d +5 Q50c 13]23.1 ' 

rd'nCorp.lPjp 19 +1 057 43 4.5 

uiOwam 70 — — — 

ganyika 50p — 126 +1 Q11.0 11 8.7 

iPrefBOp 80 09^16.4 9.0 

96% (HrtlraIns.Ta._l 100 +% 437 11 65 213 450 400 

6312 +% R145 1J 

9.9 144 116 

74 Eag.&imeniniL 81 335 1.0 661303 13% 

: Petrol £1 128 

- - - 5.9 

, 75 63 BtKY.Ttas. 69 , , _. 

74 58 ps-feSccUn.. 66 245 1 0 I 5.6j 4 

104 n ppllyrotism.. 104 +2 75.94 11^ 8.51165 

SHIPPING 115 &02 [BaDefdSOp_. IIS +2 3.96 

_ 183 170 Equity Inc. 50a_ 177 838 . 

tent. iftmSOp.. 2»- 78.42 4.1 4.ffl 7.7 2ffl 258 EsUieDuliesil. 270 Z 7761 

ComoonBn>l5lipJ 118 I.-J5JB1 - 7^ 4 44% 37 F.tC. Eurotrust 44% 035 

FubsUi — __1 130 [....□thl38| 6.U L6jl2.B 81 70 Family Inv.Ts... 7i> 3.85 

26 § S|t 36 
•45 4 I 5.6l 0 190 

[eavnorSOc— Jft U - ~ tJ ~ 12 I 10 

us me 

183 U7G 

. 287«d]+I T8J22 
GroupJOp.1 _39 +1 I b0.77 

+% 70.71 35 2jjl6i|200 118 
+f t8JH2 43 O 83 130 kl2 

^ '■ 32 12 St SSM- 3 --y. J-fa7 Hf g IK -l 399 52-5.9 39^1 ^ S&SRl m Z. 165 

M l 21 ‘”2 531 * 63 0 68 ■ 55 - iHlm^Breeda) . 65>z 723 4.S 63 4i 41% 36 Jacobs CTU3ip 39%d . 185 

. 38 32 « u? al ii M SSSffSS;’— -2| +1 th3.« 53 5.4 52 .39 30 LDn.ffSeanpSl.3l 337 

^ 34 1? H *2.06 Z7 8.9 5L7 125 98 \ZmfUAStp — 109 4.4 4 63 4 145 124 Lyie Shipping— 125 4.90 

•s •« ' J? 14 255 220 Man. Utiere 20u _ 720 5JJJ 

36 KCA 27 +% HU - 0.« - ina M 

190 134 LASMO 148 ...... - - — 1 — 77 g 

Q09>« £100 LUaomiWdB £102% Q14% — el<« - 192 148 


10 1 

52B.9 415 284 LASMO-OpTIto- 334 - - - - 72 52 

7.4 17 JZ 24 13 Magnet Metals Wc. 19 . — 95 81 

43 301 306 17B O-JEspLlOp— 210 +2 L92 33 L4 34J 17 u 

2.9 416 19 121, Pmniar Com. 5p 13% — — — — ifi 7 125 

7i « Ranger Oil. £2®ft +Vt — . — — — 23 10 

2.9 416 19 12% Premier Coos. 5p 13% ...... — - — — 

7.8 4 £20^ £19% Ranger Oil £20ft — — - — 

5.2 28.0 11, H, 1^ — — — — 

2 -S ft Ms»nGuUh)_ 63 -1 ±3.84 14 4 _ 

'J S ^U.F.lSeo. 7B iia 2^10 J 53 

a - S J6 NathAjUB.tLJ„ 48 . — 3.05 24 9.6 63 95 63 

:% ': * 5| 48 132 03 4247i 18% ft: 

C- ■ “ -V.CJ-4%fiase- £61% ...... 04% 119 f6.7 — 96 72 

* J! S*Bftti& Iambi! 86 -,1 330 26 5-8 84 "124 110 

* :S fk yolASp^CWlOp 90 +1 200 -63 3.4 62 43 34% 

P 11% SewEqnJpMp-it. 12 0.98 4 12.4 4 *4% 35% 

■‘4 -60 40- \'«rey Group £1_ 47 — — — — 4V* d) 

E 5 or 7 !S ' 1 4» 4.02 26 73 U aft 19 

"5 w » NoitbemEn*— . 98 +1% hSi . 8.7 - 111 84 

? . 03 172 Norton 4 Wrllflp. 1S3 ...... 7d3-8 29 32163 45 35' 

g S. ^wcSecalOp 21d 22 ; 4 15.9 ft 87%. 75 

yf- j -26 22% Ni+Sirift5p 24 +1% L57 * 9.9 4 78 68 

:-99 £91 OmFIoomwCt, £97%+% Q9% — 196— 49% 39 
.?? W Office* EZecr — 94 +f c4.08 36 &6 78 56 .50% 

v.4 .• -17 98 0bxx20p 116 -1 365 * 4.4 4 38 30 

■X » a% Orewt«el2%c. g — . Q3c 25 194 21 32 21' 

-a ^ ' ^ 38 PlLA-fHoWintsl- 39 — . — — - Z3.1 111 92! 

E a 101 Parker KadJ-A'. 108- 7324 6i5 45 52 89 72' 

U li» Pauls* Whites— 121 +6; §422 3.4 £3 84 126% 113- 

vr- - -36 32% PeengelOp ; 33 1 41 6,8 5.6 1 12- 88 

i2 + J KIT 7 M 3 T-2 34S 220 Fumes, Wilhy LI 221 -9 t7.43 6J 5J 3.9 <W 76% FlrdScotW" 83 +1 285 1§ 5J28 0 1J, lW! 1% — ' — — — j? 

a Si -1 3-W 5a 5.9 3.9 235 175 BrjatineQteoa. 2W — 10J9 6.7 8.1 21 152 Foreign *CoL_ 144 +2 3.77 1J 4.0 38.1 £4&% £35% RyL Dutch FlSi.. £46% .0 SW * 5.9 * 79^ 

« Z rr*M« IS H H 1i ,a IS facuteO.USDp.. Sftd . — 185 J 7.1 * 46 37. F.DULT^ROUS). 451*+% «Q5%e 12 6.9112 575 455 Sceptre Ret — 539 +5 — - n% ft 

to! 1 W 1 I 3 12 I- 2 ,!? ,15 ,S H2 M16.5(17> 39 36 Fnmtmreulnc.. 38 ”.. Wffl L0 9.615.6 533 484 Shell Trout ft*. 518at 157 * 153 11? 

109 4 - 4 * ^ ♦ Wf J 24 WeSIpPdttf. IK 4.90 t 6.1 4 89 49 Da Cap. 58% _____ M 62% Da7*PC£l 63 +% 4.9% 1144 12.0 - 37 30 

A re-t-iu * 255 220 Mfln.Un«s»p_ 220 510 .4 3.6 ♦ 118 9ft G.T. Japan 117 -1 fl.Dl 21 L3 56.7 298 226 ttSirteMiUijn. 262 +4 — _ - - no 750 

*dGn>_ S3 -1 M625 4 11.4 0 140 100 Reardon Sm. 50p 100 *1.64 3 9 *1L2 106 

n Motor. 114 17.75 24101 6.9 46 34 Do-A SOp.— 38 *1.64 3.9 ± 4.2 W 

lOP-— « -1 tt21 29 7J 52 115 97 RnncunaniW.)- 98 tB.16 2S 12.6 4.8 103 

1..- ? l P pptl S^ IS *M* 69 49 Da Cap 58% _ _ _ _ 69 62% Do.7%PC£l„._ 63 +% 4.9% 1M6 UO - 37 30 

^ P?S, K“ lU ?S ,s ,?®P- ^ 510 '* 3 6 * 118 9ft G.T. Japan 117 -1 71.01 21 L3 56.7 298 226 ttSirtenstliJUn. 262 +4 — — - , - no 750 

2 S ™ — — 0.7 138 120 Gen-tCounn'cL. 129 14.92 11 5.8 25.1 £60 £55 rMaeo4%%Oiv. £59 +% Qfl.% - IB! - 1ft 12 

84 | 67 lMiUbTdD«ka£l. g -.- 2.72 43 62 53 83 73 tka.ConsoUit<L_ 79 375 11 7.2 20.1 176 130 Tnccntro] 158 +2 L27 45 0.8 205 310 

^ +1 J, X 2T 141 125 Genera! Funds- 135 4.7 1.0 53 28.4 234 194 Lltranar 226 *- - - 7.6 m « 

).Defd.Q_ 99 15.95 2.6 91 14.9) 114 97 DaConv lOp 105 — — — — 139 120 DoTpcOnr.— 133 7% 13.0 7.6 - 50 35 

donSmSOp 100 AM 39 *112 1% 88 Cen.InTesJorj._ 94 345 0.7 5.6 373 U2 86 Weeks Nat. lOcts 132+2 

A'50p _._ 38 *1.64 3.9 ± 4.2 aft 72% Geo. Scottish _ 78 +% 73.05 b!6 5 916.2 112 86 Do Pfd Od Me_ 112 +2 Q15%c - 8.1 - 

Garages and Distribntors 2 ^ S ,= r, r, 2-2 i 38 120 flot*»«rtL 129 

. . , B4 67 Milfora Docks El. 67 272 43 62 53 gj 73 GeuCousoIdtcL- 79 

AdamSbbcn— [. 75 _1 4J5 [ 32 5.4 138 121 Ocm* T ransport 126 +1 825 6 102 0 141 125 General Funds- 135 

Ate^Mtery^— lftai -J, _ — — |22J 118 95 P.*0.nefd.o!_ 99 t5.95 26 9J (4.9) ui 97 DaConv 10p._ 105 

{ngn&M-S 1-1 Im625[ 0 ln.4j 0 140 100 Reardon Sm. 50p 100 *1.64 3 9 *112 106 88 [Gen. Investor;.. I 94 

" •'36 32% PeencelOp ; 33 ...... 1 «J 

m 26 18 Pentland 10p.... n ' 22 ...... 70.61 3J 

Z. . 84 69 PentoslOp 8® 429. 0 

--'-•£137 025 Dfl.mCLln.ER 030 Q15% * 

~ -.76 62 Petrocon 12%p._' 63 «39 If. 

H '19 15 Phillips Paloita. IS B— - 

'_52 ' 40 PbotarUmj 40 -2 fd2.48 3J 

. 00 242 Pbdo-MegBp 283 -2 3-96 6,< 

88 422 PiJkiiiftmnBr.fiL ms +2 110-56 41 

% .60 £56 Pita-y Bowes Lil. £60 +1 Q5%% 51 

~ ■: 41 30 RbIic C oast. Bp- 39 bd208 2J 

-2; 76 63 PlaanuaiM5D*. 72 +1 202. 5J 

.' L. -55% 4S Po{ya»rtJ0p — 48 +% 1248 2X 

* . '42 216 Purttla 219 -5 g7^2 2.7 

~-.;'94 149 PowdlDuS.50n. 168. +1 aOi 2.4 

~i: - 30% 17 Press tWnuSp 22 +3 rftB4 AA 

- at .62 154 PrestigBGroop.. 199 -1 558 31 

Is 34% 28 Pritchard Sv&5p 33h 1U5 2.« 

C :U% 7% jW.lamds.5j>. < . B% ;»... 0.417 - » 

ft ’ ; 98 78 PnItaanRAJ.5p 86 __ iSA5 U 

y 71% 48 RJJXGroapTOp 58 +2 7L43 71 

\3 r 21% 15% RTDGrmjpBlp- 15% 7QLQ 9J 

a - -31 25 RmfiaBlHllKpL 29 +1- 7L76 3i 

■ * • .63 49 RanddULlfi; '.62 +1 153 4J 

Z- ' SO 72 Randalls 74 +d4.7 2i 

A44 0 38 30 31«nDeWLawr_ 32 

25 194 » 32 ZT ffimpr^lOp, 28 -%"Id0.46| * 

- - 234 111 92 HmSm+TCJ- 101 t d3.72 3. 

65 45 54 89 72' Bctsdls 85 .... 

3.4 53 &4 126% 113- Hen&afOp U8 -ft 

43 68 5.6 122- 83 Heron Mtr. Grp.. 109 -1 

35 42 7i £168 £128 DalDpetiov.— £L67 

jd Group 5p_ M% 1.38 4.8 5.4 5.8 

.OirAuclOp « L98 2 3 7.0 95 

&&m .22 +1 1.42 1.7 9.8 9 2 

tynsWp. — ; 105 -2 554 24 8.4 86 S] 

«m5p — 39% dl.70 4-6 6.5 33 OJ 

lsGfltfirey- 79 -% +303 55 5.8 4.7 22 16>* 

ada — 76 rri 457 4 94 * 65 60 

IOpPrabOT> Wj +1 J2.76 2i 8i 6.8 67 60 

csffUy 53% +% 143 4J 4.1 80 104 96 

98% 84 _ _ 

86 71 Ini 82% ^ +1.66 13 3.0 40.0 - 

D LEATHER w 60% dennuimylnr 63 2 Z.. 17 LO 41376 . 

V RJAMAMAAM ^ fTd . 61 +J _ _ _ _ I 

171* *7-01 0.9 *204 lift 97 Globe Inv . .. 1031* +% U 4.1 TL24 6.0 203 m 

62 *...... §439 4.310.7 3.2 6ft 55 Covert Europe - 63% . .*. 18 15 43 24.4 3 S? ^ 

60 td3.89 2.4 9.8 65 75 65 Grange Trust.. . 68 2.1 14 4.7 269 71s • <£ 

96 . — t45 63 74 45 10ft 90 ffl.Northninv_. «i* +1 3.87 10 6.1244 ■‘if Z? 

M f 7 - 25 4 -5 5.4 75 79 67 Greenlrlarlnv. . 72 145 12 3.0 403 IL 

78 +2 690 4 10.0 4 65 56 Gresham lnr_._ 60 +% cl.82 20 4.6165 ,,n* ySi 2 

49 +1 227 3.7 7.0 4.5 55 48 Group Ini ertors.. 51 1171 12® 5.1 303 £X 

39d 347 4 12J * 82 69% Guardian Ini.TsL. 73 +% 239 10 5.0 30.6 £2 

48 280 3.0 85 5.7 92 78 Hmnbrcs _. . . 84 ...1.. t3.3 10 6 0 25 2 fSS 

n.St hldr- 12-ip 1 101 1 17 ltd 20 1D27 69 57 Woodode AaOc. - 69 +1 — — — — 

WwafWdra- 90 1 24 II 4.IH33.4 


s(F.GJ- — 1 53% +% 

4.11 60 104 96 

Law- £2 125 15 5.9 16.8 36 29 

,2? -% d0.46 4 25 4 78 64 

[TG)_ 101 td3.72 33 5i 73 60 47 

j; .. .71% 48 RJJXGroaijMto 58 +2 7L43 7i 35 53 

\3 .- -21% 15% RTDGroupMp. 15% «10 9J - 25 \rn 

^ -31 25 RatfiautlBLufiiL 29 ‘ +1 rL76 35 32 45 NE 

* .63 49 RHndrilJl.l(S; ‘.62 +1 153 4J 3.8 9i __ 

• 80 72 Randalls 74 ttM.7 25 9.6 62 ^ 

■= 55 226 RankQroan. 248 : 354 35 4.9 6.4 ^ 

7: ■■ ;45 392 ReciittCoL50p._ 430 +5. 1051 « 3.8 * g * 

b '- Z7 262 Redfeaihteass- 290 §fl£M 43 85 42 & £ 

• 49 42 ReedEieeJjp— 49 U166 2i 5^10.9 .Jg 

- 43 102 ReedlntLEJ 117 ...... 1120 IS 17.1 4.9 J 24 

■3 '76 68 RdyonPBWS — , ' 75al 4.10;. 4. 83 * ^2 m 

.'OS 145 Renown lot Y50. 2 M ...... QI5 0.7 * t . >g 

5-.- .47 35 RemrickGroniL, 4T . - - - 25.0 547 265 

85 .... 3.98 IS 7.1 73 fl 36 

l»P— - 138 -ft 659 32 85 51 48 38 

Htr.Grp._| 109 -1^ 13.23 33 45103 50 42 

367 Q10% 218 163 — 66 58 

94 +1 d5.9fi 4 9.9 4 39 33 

^ OIO% 211 __ „ 

84 4 .95 72 Hm^tOtarles)- 94 +1 d5.96 4 9.9 4 39 33 

i — 42 31 JBHDfHlIlp. 39 155 4.4 6.0 58 70 60 

IDS 73 84 65 Kroninghfer 70 4.15 3.7 9.0 4.6 55 42 

— 35 3 79 64% Ifft Service Grp.. 78 +% 3.47 42 L7 4.7 36 27% 

9.4 5 A 59 48 taken : 56«* 246 52 6.6 3J 76 66% 

21 87 87 77 tanildron — 80 46.0 22117 57 32% Z> 

33 81 *36 23 fotchtser 1%>_ 24% -3% 0.99 4 62 A 

9.5-10 5\ Netam David S>. 7 +% - _ - 155 

8J 7.7 5% 4 PBnriiift«tl5> 4 ....... _____ 

43 7.8 166 144 PemtHJHtn.- 165 +2 t4.93 86 45 72 . 

73 63 56 35 QS&(8*JJ5p -% 1.65 4 5.0 .4 „ „ 

5.4115 45% 15 ReymddsWJ.$ 4ft tfl052 4 22 4 95 W 

9.0 73 V? Rft(OBwi35p_ 7 -% - - - 214 525 420 

53 63 63 43 TBUM* Leeds.— 59 -1 053 27.9 16 23 104 83 

5J 93 40% 33- SK&aaStr.lOp 38%ad ~% t23 2.9 87184 37 28 

6.2 85 95 68 ffesternSfir 94 -1 230 4 35 63 97 65 

63 4 145 95 

9i»5) " 120 &00 

ii 53 , -. • . • • 

* \mnrcm a ncnc wtiitii 


30 24 

205 240 
55 45 

235 200 [BenuntaiSUl 
126 111 

... --- VC iQ naiwtei*. . _ m- I5.J x.U jinn m: 

45 187 Z7 63 89 31 26 Harems Jm-. lOp. 27 §tM58 1.1 3.2 451 74 « 

59n) 2.77 4 7.1 4 187 160 Hill tPhilipi 169 +1 7.01 13 63 24.0 «= ,!£ 

37 +1 fbl.92 16 73125 78 69- Hume HJds. -A'-_ 74 +3.71 13 7.615.9 3 « 

60 H24 84 10.7 6 0 76 68 Da"B" 72 - - - _ S 4 

j./i -r.rnw.i 25 2J 

» J “ tJ ” 19 .9 

43 -% 156 23 55il82 £9% £BV IcofundfS) 58% Q20c ~ 13 - 70 (A 

35d ...... 174 4 75 0 67[f 600 DaiEi 600 Q949 - 16 - 

73 rd +2 2.70 A 5iJ 4 52 42*, IndustrialA Gen. 47% +% tL45 1.1 4.7 387 2 

25 131. 2.6)80) 7.4 158 105 InLPae.Sc HXS4 . 155 -3 Q18c 13 14 553 ^ 

75% 65% Interoaillnv — 6ft 162 11 87 233*54 

- in u l_ l-n tie nan a, -.aim tM *** 



9 6 62 172 OX ASSOC News 145 +3 7533 43 5^ 63 550 445 

3il 49 64 196 165 ; Ass, Book P.SOp. 190 4.02 4 33 4 65 55 

*1 3* * 55 46 BPMHUgs.‘A'_ 53*d 2.87 84 83 66 

47^ 83 42 65 -55. BennBrtjtlwrt- 59 +2.13 2.9 55 95 

2ji 5? 19 08 70 Btaek(A.*CJ_ 88 +16 4.9 4 .87 4 

OhTl 44 U4 105. Bristol Past 114 f5.B 23 7J 83 

iWOliam- 128»d 4.68 0 55 0 

|U* 155 ,UBis “ 

305 4.4 4 22 4 M ft 

71 +1 02.5c — — — 270 225 

114a: +1 6403 4.7 55 33 150 130 

68 +2 62 11 13.9(9.4i 93 83 

291* 152 12 ROtHJi U JO 

301 +1 R654 7.0 33 5 5 73 68 

225 -1 bfl.71 33 5.9 7.4 450 450 

£60 032% 23 23 84 320 280 

375 +13 02.72 31 51 84 50 40 

74 436 81 8.7 67 58 50 

395 +3 05.0 33 53 9.7 190 165 

22 -1 Z0.66 9.2 61 49 

13% — _ _ — 61 47 

72 +2 655 22 13.8 (40) 180 140 

44 3.4 18 10.9 64 280 240 

253 13-2 0 82 0 170 134 

82 +4 h2J29 35 42 6.9 68 55 

Ufa) +5 §7.7 75 65 3.1 100 90 

17thd +5 67.7 75 6.9 29 90 74 

- .47 35 Ren wit* Group.. 42 .Li.. , - 

■: 32 114 Restmar 119 j— +434 

:5 30 56. Rramore-. ± 59 : j__. M3.91 

42 76 67 

*7 92 85 

V 72 55 

A 133 115 

-- -. jw w. Kgunore . y> . — . rtu.-ri « 

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» • 30 23 Bnwu&Boda_ 27 tL2 40 At 55 1^5 

•J3 : n - 104 Rural Wares 1238) +10 139. '4 7.5 f ,« 

_ _ 27 112 41 

L-V .. n - 104 Rural Wores 323ml +10 139, '4 

_■ _■ 57 45 Russell (AJlOp- 57 12.0* 41 

■7 3 £15% SL-GeiMM PrsffiO. £25 ' ...»; QHB% V 

. ->5 190 SaJeTiiney r . 2BBx& ...... 1024 32 

A 79 19 SwdbmailWetl 27 KL05 U 

r T2 75 SanganGrp 70 , 3X9 *£ 

£ - - * 88-’ 
C -‘-3% £43 : 
r» :1 7T 
-j 7*0 35 

5 •• i7# 85 
r i 5% 
4 M 

paCroop - 89 +1- 

larnbergcff-Jl £53% +* 
t+n’C"- 71 

L Heritable- 40 +1 
L&Un.Inra_ 307# ..... 

jm- 307# ..... 74.92 
P - 

48 86 '44 59 ' 51% 
Z1 89 '66 ^5 

40 bit 55 “5 174 

7 9 A 44 40 . 

46-5.1 L ™ iff 

M 68117 gj-gf; 
35 7i 5i 238 155 
33 42 184 Mfe. 
752 1L7 53 ^ ^ 
Zt 93 82 47 ?5% 

5.7 JMZ7i, 

31 63 M 
61 4.7 54 - 
1J 7.0 132 
LI 37148 

DD.“A’ __ 12EaJ 4i8 A 

Mh;i6a-A-S0p_ 280 +2 7IL6I V 

HJUdAffled'A' 74 13.63 4/ 

GontahAGotcta- 85 ...1.. $254 4J 

HoroeComt**- 70xri 4.5 4 

indmedml*— 120 65 21 

L-jrafifiShfa- 132n) 726 0 

Ha^anCavibp 52% 13.96 LI 

News Tnl f '. 262 -5 8.9 4 

Penwalanpaan^ 184 5.44 44 

PyrsnKdlDn 41 1d2.21 23 

&MK&SP. 168 'ft 31 

ShazpePW M2 d3J5 5i 

Itoronp 228 +3 197 qS3 
OM-Newmanen 350 ..... 13.98 0 

WflfartOBPttLiSp 31 KL22 25 

WSlaonBroiata*. 40 --% +128 3.4 

60 SeeurirwGp.^_r w L25 

56 Da-A'N-V I 94 • LS 

70 Security Senteei J 100. 20 

■18 67 La'A’N-V. 

”• -'.5 155 

J? V 74 
n - 17 40 

•4 : 'l I 

98 [..__l200 6.41 -Ml 55 

.wjmHjp - g ma tins 

m m • _• -j r - . ■ 


Sfl'fl : 57 [ 46' ftsaoc. Paper. — | 48 |-%'[2.89 I 

iheGan&u — 368 +5 .15118 
entnlgBtlflp- .81 ..._. 13J 

tondta A'afa- 40' 1827 

v-rihoraelto. .18 dL2 

S ED'A" 82 +2 3.81 
t 98 +% «2fr 

.5 ssm & z. is..«s n f.B 

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199 ScUwfiyRB. ' 258. 46 b825 44 4.110.9 S 

12 M a, . n| 

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H 28 m 

S ft 248 220 
J2 75 68 

J? 196 110 
W 76 

*.= .17 103 SpanewlG.WJfflp. 130 ™. fiiL96 83 27 47 g 

. 48 228 Spear 230. . tfL88 16.7 12 £9 ^ . 45 

:T. 58 132 Stags. Potts— __ 140 +6 +355 45 31 64 56 

' .330 £270 Da9^%QtvLn. £»». Q9M6 1SU B3 - g S. 

■?. -21 12 StaOaalnt I 16 +T *321: 61 J 52 $3 S 

J: -14 94 SU*Ftauture_ 100 t4i 43 75 54 £.1 

- w 165 Steetlw ■ 174ml +2 651 41 5J 42 ^ 

35 28 StSHlUlHEH: 33 -% W4c 35135 67 'g « 

! >8 24 StsriMtads^)_ 2S 1UJ U 7J 135 n&t Oift. 

-■ '36 66 StflfkSkT-.— - 66’ -3 257 aM 46 4J 

% >7 85 StaMhfflHJdw, 87 e6J0 17 10.4 87 ^ 

•" ' 8% 1ft Sumner (FJ 16% hO.71 33 65 44 job 

ft 26 SBnlifi&SHv.Wp.. 28 «... .1104 3J 5i 60 Z 5f ^ 

H iS 35 SotclSc Speak- 58 feJB 23 5.7 92 ,£? ^ 

15% £111* SWtM Hatch K50 05% 6l0% *. 3.9 If % 76 

•: 13% 70 Swi»PMffic06c U3%-2 tCpOe L4 L2 233 A, 

r- 'OS 93 SyHMH-.- 96 diO 41 7.4 3.4 ^ 

V. - .5% 14 I%UMx5p. 25 -% tOH 3.7 35 25 J if « 

i '5% 10% rehfattWp 13% ^ 118 S? 

- •: }7 110 Tbennal wad_ 1 14 JbJ. 2J 69 (64) „ % 

i 11 7% Ih.TimaVn.E4. 9 M059 3» 64 8JT jin 1I4 - 

f 1? » E&ses: & -.Sf M ffi i 1 

- 28% m%TroSttatKJl_ £27% Qsaj® _ 3.9 206 

:b -'0 63 [rongw riPw-- 68_ 33$_ 22 75 9.8 *86 7ft 

. % 3% Tran®o«JGp.5p 3% — ip n 11 

. s .23 180 Itarw45w.O_ 191-1 MOO 25 63 Si M . ¥ 

- 1% 9 Turner (fan. 5p 9% +% 0.72 -23 113 (4.4) . 

« 150 UKDintl 155 J802 61 7.9 61 

> -17 88 Uniceraladnsfs-l 94 +2' ^7 *■ 93 * ■ . • 

:: - U 38 Unifier 10p 38 „-.i. iE.79 35111 69 

_ ; -.18 476 Unlkror ' 510 +2 1250 I 3J * . 

55 4 Ml [130 
63 Hi 58 48 

7.4 53 59. 53 

4.7 7.7 73 - 64 

9.7 4 30 20 

62 73 35% 31% 

63 « 42 34 

% ¥ ?3 Si 

45 75 42 35% 
62 64 45 41 

33113 16 12 

3.6 73 55 40 

13 352 41 36 

62 4 31 28 

60 368 75 67 

11 1 & 
£80% £74% 
37 32 

116 99 

115 98 

70 55 

35 29 

: . J : 28 25 

II : 57 46' ttsaoe. paper — 48 -%• 689 64 93 52 110. 85 

ff £U6% £92/ DaftpeCon*- «6 Qft% M3 HOI - 89 81 

4 f 34 2? ' Anlt*wW_ 30%ri L95 * 9.7 * 1ft 11 

'H S']* Bemroa. .... M 183- 4 92 4 » 45 

f? 4ft -41 Brit Printing — 48% +2% 338 ' 4 10.4 4 64 53 

65 . 55c BronnlngGrp— .65 +1 13.46 64 83 55 56 42 

fl 65‘ 54 Da Refine, wg— M +2 13.46 W 63 S3 32 27 

UO 97 BunriPnfa 101 +2 1688 64 73 45 31 26 

“f 48 '■ 40 Capsaeliip 40nl ...... 5190 33 72 6.7 35- 28 

!■? t 2^ 15 CfiutaHSrjjl 15 3.7 54 ' 46 

Jta.V 00 ; 65 Chapman BaL5i|L. 76 j 3.98 22 7.9 66 43 38 

ffn M 57 Cto(Wdund)_ 63rd ...._ 336 « 7.0 4 16 15 

60 53 (MettiyWnlOp 6® +1: 12.97 4J 75 69 18% 13 

f-5 .22 18 CnIta-GMrtL_ 19% 1(J133 83 A3 46 34 

H .?J 22 18. DebnaOp 19 ...... — - - 70.0 64 59 

H K 329 113 DRCCZl 120 -2 1*37 23 60 62 49 42 

M 52 43' Best Lanes. Ppr- 49id 33 4 102 4 45 21 

3 « n n pgfec n h i s 

H ft 115 103 FinlasHoldfngg- 107 b7 J 15 10.9 7.4 60 46 

f-L T£ 51 « GtenQmiyto- 44 Si 2110.6 72 118 102 

68 61 Harrison 4 Start. 66 ....„ 62) 1 A 1DJ A 37 24 

•A £22% £16% IPG WCts. £22% +% tQSLBfi 3.6 OSJ Si 74 58 

n 5 S? «T i4 favereskGro.50p- 70 ...^. 436 2J105SD 15% 12 

fi fl 23.7 158 ' LftP.PosterMp Z12 1681 17 63164 10% ft 

H ft 248 220. HrConpuuWea- Z& -1 1424 21 93 63 82 56 

fS.fS 75 68 Melody (fills. __ 73 . _J. .69 62 60 60 51 41 

fl J? 196 no Mmsfc Allen 60p 171 -2. $2.0 Ifli U 7.7 82 69 

*•, 96 76 . MbreOTerr. lOp 96 +1 d3.09 12 69260 41 36 

£35% £23%gtftayftM.S2— 05%+% ttJ140c 33 72 121 25 19 

7 |^f 32 24 QEvMP.limSDp J1 . Z26 U 110 7.6 63 50 

33 2S -° 61 45 Oxley Print &pu. 61 +1 t2.47 — 6(1113 4ft 25 

t D ,ri U8 87 SaatehiHlp 1M +2 433 3.4 5.4 82 26 18 

fci-nw 94 78 SHdtbOWtDSOp. ,£ ^42 51 45 65 24 20 

M . K 2M 164 SnnufltOefiBU- 330 tQfaS2S 22 ,4,4 162 22 21 

17 43 76 67 TVan^JarentPpr *8%+% *693 3.010.9 55 99 84 

■r, — 65 57 IrittanlGnmp— g 334 24 7.8 U U 50 

Uti 55 52 CUtar Walter fop- H — *237 3.4 8.7 52 31% 20 

60 73 42 -30 »,«. Group 20p_ 40 ttt 33 64 85 5ft Z7i 2 

Ta 230 206 WadUtagtantJ )-. 2 ft +1 4.4 7.8 83 38% 19% 

t? 98 *86 7ft Wtemtauhi 84 _ 335 34 72 63 48 44 

r, T t 12 U *yn»W&tiw)5p_l 11 — — —J - 31 & 


141 d6.49 35] 7.01 62 “ 

54 3.34 2.7 9.4 6.1 ^ “g 

53 I2i2 52 75 19 ,5? ” 

64ml *690 19 116 73 ^ « 

20 -% +032 13 iOU I 78 S 

33% 26 21 118 4.4 “ 

34 246 17 110 82 

33% 26 

34 246 U M.IN M .« - Mpj- 

= = = “ 3 1 

42te 272 3.7 9.8 42 Jf. “ 

« .....ex -asioji 6.0 « 

42% +ft *559 66 i 113 ^ 4» z 

39% 210 3J 81 (45l 1?®. l 2 

28 *242 24141 53 ^ * 

74 +296 11 61 4.9 88 

Hi! A i f 

60) 7.4 158 105 tat-Pac.Sc HXS> . 155 -3 Q18c 13 LS 551 „ ^ 

75% 65% imemaiUnv — 6ft 262 1.1 5.7 231 -,7? 

165 147 Irnl.lm.Tmt_JsT£J- 165 04.0 22 24 191 +i| 

122 107 Inv. in Suece«._ 121 2.90 11 33 38.7 V? 

73% 62% Investors- Cap.- 71 +% 1.65 11 35 392 qV 

204 174 lnvestmTst-Crp.. 138 +2 t60 10 4.8 30.4 ,\| % 

127 103 lardine Japan— 1274 +1 O.B 4 1.0 0 ig 3 S 

lift 70% JandmeSec HKS5. 106 -ft tQ47c LI 5.2 18.1 ^ ^ 

132 103 IeraeyEn.Pf.lp 131 - _ _ _ 

248 228 terser Gen. £1... 239 7Q115 L2 4.817.9 L S 

49 1ft losHoldinBS — 43% Ih205 LO 7.2 20.4 c? ii 

51 46. terelnv.lac.10p 47i a 350 * 117 * M ,A 

£ 4 6 4 Do. Cap. 2p _ — 6 ...... - - - - 

Jfl 140 125 fcysiMelnr.Mp- 127 60 LI .72 193 ' 

Z S‘ 56 4ft Engsidelm — 56 +1 225 1.0 61267 mmnvina 

22 90 75 Lake View Inv. _ 81 +% 1213 10 4.0 366 RUBBERS . 

44 38 Jjmc.Ata.lijv. 42 +% L8 4 65 4 . 

101 87% Law Debenture.. 93%+% 45 11 75195 W™ ^ ' 

£11% £U% tazariStlt-Heilp- £11% 27 _ High Low ] Stack 

S a :::::: ^ “““ m U ffitt 

31 26. LeVallMfilnv.. 31 *203 15 9.9 4 H °^ 

15 6 L00A Ahdn PfdSp 6 233 S iT Kd2S8& 

701 62 82 55 Lon. Atlantic — 58 t2i7 U «HI if| ffinridita — 

n'2 If 130 103 taAustlnviAl 130 «HW * 5.0 * SSSSlifc— 

75 3.9 82 53 ta.iGan.50p- 56 t05 Lffl 0.9 M3 {X 2 II 

if fi 111 95 LndaAenlrTwd- 102 t!2S LO 4.8 3L7 ^ S SdSfflES®r 

idaii 78 61 Lon. A Lennox-. 67 t245 15 55 255 f?. F StoSdito" 

jjTa 23 1* Lan.AUv.iOp.-. 23 10.42 L4 28 395 ,^^? Grand Cent KUlOp. 

10 K m ta^ta^i- M Jr* ft 5.7255 ^ % S^vJrlT^: 

_ 3J) 103 157 ta. A Montrose. 1*7 +1 t5.25 LO 4.8 3L1 9 j. 5fi , HirhiMdiM50f_.. 

— *rt m i^ISSStiSt 2L +1 fS 55 mi » 4ft sfflSSwi. 

9.8 42 73 §4 ta. Prudential- 67% 1244 LO 55 285 ML yq nKulimMSk 

103 +2 Q8c 14 4.9 
74+1 — - — 

136 +1 QlOc 0 3.4 

95 +l" 1.45 61 2 3 

13 .... - - - 

167 +1 Q9c L7 35 
20+3 — — — 

99** +6 Q8e 15 5i0 

11 - - - 

153 +3 tVHc 1.9 45 
34+1 - - - 

£10 +% — — — 

15*2 - - - 

455 +15 Q15c 4.0 20 

107ai -rl Q6c 14 3 5 
45-5 - - - 


25 t251 3.61152 

280 Wlt7c 0.9 t 

53 3.75 23 10.7 

235 +3 tQUOc 6 * 

115 18.05 3.4 23.8 

ft - - - 

225 15.0 0.9 101 

147 - — - 

83 75 4 13.7 

11 — — — 

69 ZQ155c 0.7 4.8 

450 : 0125 0 27.8 

285 1Q95c 0.8 7.2 

49 1Q25 05 5.1 

50 65 1319.7 

172 +2 nQUigC 10.9 16 

5® +1 gl99 4.6 6.D 

50 M13 L5 125 

148 (0778c 14 113 

240s) njaUc 11 11.8 

170 - — - 

68 ZQlOc - 3.2 

90 ...... 45 4 7 6 

85 tm 16 14.4 

173 2088c 4 10.9 

75 4 13.7] 

!"I ZtjaSe 67 68 

: 0125 0 27.8 

1Q95c 0.8 7.2 

1Q25 05 5.1 

65 13 19.7 

+2 n012bcli.9 16 
+1 gL99 4.6 6.0 

MJ3 15 125 

10778c 14113 

ttflllJc 11118 

130a) +5 $7.7 75 65 3.1 100 90 

170ml +5 $7.7 75 69 29 90 74 

29 *4.43 13 * 52 180 [148 


JS> ^9 u 96 | 70 UtesruBaa | 8 S [-1 |*Q30c| 19| * 

£» +*» i7>2 ■Ul.i- to. f — 

56m) +3 th0.75110 2.0 68 ' 

56 +4 13.4 312 18.2 - MTSCEIXANEOUS 



9 9 

• 300 220 


I + er[ Ufa. | TTd 950 2 75J 

iw j Stack Price - | Net Jew Gfs 45 « 

i lAnsltvIndtmes'n— 94 254 24[ 4.1 152 l 120 

> EertamCfflis. IOpl. 76 35 15 7.0 

.% BiriLAfricaj 34 — — — 

l BifchralllOp 38% ...... hI27 10 5.0 

' ‘ lefldd lOp Z94 s28 IS 22 



255 +5 

Q30c 26 

297 +2 

196 +1 

t85 q3L 

31% +% 

_ __ 

800 -fl 



1.21 2ff 


Q7c 0 

44 23 16 

Bit: TL :::::: Si i 0 ti notes i 

Coos. Plants 10p__ 125al -1 125 12 9.6 

Gadek M»l»y SOI — 57 tQ5c — 22 Valera Mtmdse IndlcataA prices and net dividends are In 

Grand Centro) lOp 10 ... 055 A 85 peace and denonbiatfaBS are 2£f>. btiniated prieetearnlncs 

GirthrlpCl 248 tlDlS 18 67 rotfae and cavers are based on latest annual reports and accounts 

Hsnfortlfe Be Nta" 761, AIK _ 60 aad. when possible, are updated an half-yearly figures. P(E* am 

13 255 61 45 

a n ,r jm 118 87 

£2 ■ IS 94 78 

-f? ff Zlfl 164 
” 43 76 67 

pimp -65 57 

55 52 

60 71 c 30 

f? T* 230 206 
75 9 8 ^ 721, 

33 56 12 . “ 
113(64) . 

8.0 82 49 42 

102 O 45 21 

12i 21 85 73 

55 92 40 36 

10.9 7.4 60 46 

10.6 72 118 102 
1DJ *, 37 24 

Q5J 6i 74 58 

105 &1 15% 12 
63 144 io% ft 
95 65 82 56 

60 60 51 41 

K 7.7 82 69 

69 260 41 36 

| 22 121 25 19 

110 7.6 63 50 

61115 4ft 25 
5.4 8J2 26 18 

45 65 24 20 

64162 22 21 

119 55 99 84 

7.8 65 61 50 

8.7 55 3ft 20 
5-4 85 5ft 27% 

7.8 8i 38% 19% 

i8 150 UKDint) 155 7802 21 7.9 

■77 88 Utacerotadetfs-: 94 +2' mT *■ 9J * ■ . • .., 

.11 38 Uniflex lOp 38 .—. H2.79 35 111 3.9 

-.18 476 Unilever 510 +2 1250 * 18 * . 

*5% £20% Un'v3LVJU2_ £» % QC8% i U-j- 54 [45 

,1 53 Uti Carriers Mp 56 121 64 67 il 230 200 

0% 51 United Gas Inds.. 5*. +1 $353 21 9J 75 1ft 7%. 

14% U.CaaraateeSP. -31 018 128 16 7 A 75 *8 

5% 12 Unochnmm 32 __ d0.48 3.4 63 69 242 215 

Kf 32 Veter. ~2H tL91 35.7.4(51) 20 15% 

..13 25 VinenlOp 27 -1 214. 16120 71 74 60 

15 74 VlmmGrp.29pu. 104 -1 054 5J) 22 323 3% % 

'7 72 TT Ribbons 10p- 77 +1 o3 3 3.910JJ '5.9 ^ 79 

iS 20 Wade Pott*. 10p_ 34 _;.l 129 . 3.7 -SJ 71 58 47 

'5 12 Walker Hus. 5n_ M% dD.9 29 9i 41 69% 47% 

■0 52 WanenUajJfl- 70 Ah-- - — -7- 117 88, 

J. 42 WWedteil5p-L- 45 ^ <BJD A 

.7 205' Wetabam-e— — 217 . i! 

,2 48 Wasa aK.»pt. ^a +Z td215 2; 

»2 178 • Wedgwood"— i 202 . +5 *688. 3. 

j 6 57 Westn. Board lOp 61 ..— fd355 2J 

9 14 WWMmACtrf 14% .u_: ■ — 

:■ 9 14 


;« 176 
16 « 
-:,5 45 

.=.7 39 

2 163 
104 £89 
4 36 

: 9 47 

-1 66 
■\7% 3ft 

37 ._... +3 iZ 35 25 171 234 , 218 

51 +2' UJ215 14 64 98 .15% 15% 
102 +5 +680 3.9 51 58 39 . S* 
61 fd335 22 S3 DA 145, 123 

14% - -1 ■— ~ 116 92 

216 1+1 [FlLfrl 7.3 88 38^ 19% 

mute 84 __ 385 I 7^ 63 48 44 

jffiw)5pj IX |.'_4 — 1 — I — j - 31 » 

. 30 23 

g g. 


London lOp 52%-% hiss 24[ SJjllB £L §?? 

fit London- 200 .._. d3.S6 21 29 24 5 *£* ^ 

pnsedStaes. 9% +% — — — — 49 « 

imHMgs—. 75 *242 0.9 4.1348 32 34 

UpropLlOp. 220 — 35 16 24 390 |g S 

s-SeraTsp— 19% -% 0i8 12 52 233 ” * 

neCTseZOp 62 15 18 3.7 235 

taunt Pro^. 86 +1 - M3.81 13 67 198 

Ttaanop- 5W _... +d4.o 1410.9 97 

94* 265 67 63 K3 ^ W, 

nOVreyi— l«l — 1553 14 52 198 §£j S' 

to*** _ ^ .. - 1610 3.9 43 92 ^ 

m a'? 71% 59% ta. A Lomond- 64 24 11 5.7 253 M u.-j-Mltk Fn 70, qnq in mid. where poeslhle. are updated an half-yearly flentes. P/E< am 

181157 ta. A Montrose. 167 +1 15.25 10 4.8 3U & nSdiiiSDt' 87^ ”u" Jjf &. Z calculated H the baste of net tfistribnthra; kraekried Bgartm 

' _ 108 93 taAPror 99 +1 t385 IB 67328 w j! SraJ 7 to iadicale 10 per coal, or tnere dilferenee If calcnlaled»a-^Br 

98 42 73 64 ta. Prudential- 67% ...... 1244 10 55 283 S §?* n&jrimMSik ^ _% fllfS fi I7 gjteJboB*^ Coven , « berad an -^nulnH^AitrilMHn- 

nn an 4ft 34 ta.AScljtle_ 38nl . tL38 10 55 27i ,2$ 2 ' 100 ? LTTTT tt. ci Vlrids are based ea middle prices, an gross, adjoried ta ACT eT 

0.0 60 .22 r^ Td rad ISO So 12 bl 223 ^ 52 taanagyUp.. -2 4J4.0 li 52 S* per cent, and allew far value af deetared dstribatlons and 

-*-**» Am r_.i.-jTT — i 2! ,, rf r-cSTo 80 48 MfliskoriMSl 85 +1 US lie 17 28 riekta. Secnrttles iritk denomlnatlana other than stedinS an 

j 118 .52 4» z talmdlnr « 21 11 ^5 20.9 33 M Malayatani lOp — 3ft 4115 64 5.6 quoted inetusive of the investment dollar pnsaimn. 

83(65) 178 HAGtaltee-lDp 389 ™... 1135 IB 91366 3ft 30% MuarRrier ; 38i z h0.43 33 17 

.43 58 Ijifa 29 ivtfSJ&lriS; 1 qZi 1 ,en Tn rrioq T ^ 2 55 Plxntraien Hkja Mp 69 -1 $238 28 48 A Sterlin* denomiMied jacimties which include investment 

61 4.9 88 79, D *; :c l?* J . lBtlBp fS* " t5 ' 0 1J 8 8 W - 9 £2fii z £18% Snneei fcien£l— £25 758 19 45 dollar premium. . 

89 A UA DaQra.4p__- 19% +J2 — — — — ' '. • “Tep" Stock. 

9 0(53) 21% 20' Mae.fcta.5Dp- 20 698 L6 75 133 * Higtaa and Urns marked thus have been adj listed to allovr 

... ^ na 1 m* ax lociiinapla I— I— r— ...i. 

|-U dtetriboltae. Cavers are based ea "mazimani" d tatrl hrttoe. 

Tlrids are based an middle prices, ate grots, adjowad ta ACT at 
" 34 per cent, and allew far value af dec l ared Jatrib u ltaa a and 
28 ricbla. SecnrtUes wiUi d en o nd natinaa other than stcdtnf are 
5-6 quoted inetusive a the Investmeat dollar premium. 

48 A Sterling denominaied sociuides which include investment 

£74% * 07% 299)e]iil— 43 40 jMddrum lev-l. 41 185 

V OiO - 2! - 38% 33 Mercantile Inv _ 36% +% 125 

38 3 S3 H 3 ft % I SBSt 1 ?^ tiSi 

S -9 ! 2 If ^ B ^ ^ 

S 'Z' 164 18 69 96 8ft 42 MoolnratO) « ..... - 

105 b0i7 208 LO 78 92 78 Moorrateluv™. 80 +1 13.07 

K ■ Z 16« 13120 U 94 84 Mocrtida Trust.. 86 H75 

S Z"dj5 62 1W - ™ 600 NegitSA. JUS1 .. 775 ffllc 

47 279 36 98 47 2 ft 78 HewHrro4be_ 19% — FL54 

47 „„ . i/9 M p 47^ ?0 ^ n _ 

« :::: S32 isiil 7S » u oaN^wms.. i*%+i - 

29 :::::: 134 ™ 184 if. w 

387 +4 *33 

68 123 

33 198 

28 164 

105 ; ...... hOi 

82 ■ 164 

11 ...... 0.75 

47 ...... 279 

a =sa 

41 185 LfP 68 214 

36% +% 125 12 52238 

5%d +1 26 4 6 8 4 

45 +% 1142 LO 4.8 369 
4%xd 088 4 25 * 

- Z IT IT 200 [175 

07 13 58 24.7 fff ?S 

75 LO 64178 ^ ^ 

le 69 6B U2J M 

34 L0122125 |“ g 

I Z Z Z 2« 180 

If 13a 31 M 64 30 Ji-J .i.i.K 'anraw c. nw T-J1 « 

29 134 11 70 62 211 183 1928 Invest 194 +4 17.67 LO 6D2S3 Lff 

37 dZBl L5 127 79 42 Mlb. Atlantic See 84 +1% 27 13 50 269 ? 82 GfJ- 

54 h277 33 78 63 98 79% Ntta. American- 92 +1 285 LO 4.73L5 163 I 138 

« hL51 58 5j Sr 102 95% NurthenrSees- 97 +% t3.05 L4 48 227 

S dL05 28 9 9 Is U 51 Oil A Assoc. Inv_ 53 ..... tL98 10 5.7 25.9 

10 ...... 0105 2l _ 53 47 Ontwiehlmr 47 hL2B L4 43 268 1B5 i Lnnnv _r L 

4? 61 03 117% 99 Penttendlnv — 108 +1 485 10 5.7 263 185 I 125 ItanvaEL 

59 43 32116 63 72 “ ftns. Setter. 50p 72 254 13 5-3 265 

Sri — d33 * 1L7 4 26% 23% Provincial Cities 24 t!35 13 65160 

44%-% L65 64 5.6 5.8 ^ ^ ^ +I IT’L H fRSSf 500 [390 |Blantyre£] 

46 61 

59 45 

42ri d3.3 

44%-% 165 
85 +2 g.7 

39 $1.45 

48ri +2 3.49 
115 12* 

. * Higha and Lows marked thus have bees adjusted to allow 

• for rights Issues tor cash. 

r |'L' A C t Interim since increased or resomed. 

iLusij t Interim since reduced, passed or deferred. 

__ j ■ j* Tax-free to non-residents on application. 

India and Baugladesn ■ ♦ Figmtss or report awaited. • 

_ 71 Unlisted security. 

198 +931 5.9 7.3 p Price at time of suspension. 

290 ...... hl6_25 4-9 65 5 Indicated dividend after pending scrip and/or rights issues 

•106 7.0 3.7 160 eotcr relates to prevtous dividend or forecast. 

. 23 4198 16 13.0 ** Free of Stamp Duty. 

260 „.... 032.00 35 78 ♦ Merger bid or reorganisation in progress. 

pa n """ Xin'oo 61 58 0 Nh comparable. 

196 10 6 23 7 7 * Same interim: reduced final and/or reduced earnings 

«fZ $ Forecast dividend: cover on earnings updated hy latest 
rS "V man ft inn Interim statement. 

+J HJ # 3-J 10-0 i Cover allows for conversion of shares not now ranking for 

162 -1 9.0 4.71 64 dividends or ranking only for restricted dividend. 

It Cover docs not allow for shares which may also rank tor 
. Cn Tjinlrn - dividend at a future date. No PfE ratio usually provided. 

. rati i xxii no ^ Excluding a final dividend declaration. 

1 125 1. — I 55 I 151 67 « Regional price. 

.1 125 l.._.| 55 | 15[ U •■flS-JJGS" 

fci »e oo nq.»iiir.™ « JrM irSS*-i A r_'_ a Tax free, b Figures based on prospectus or other official 

a 2ft 23% Provincial Otic* 24 tl35 13 6516.0 AulCd estimate, e Cents, d Dividend rale paid or payable on part 

eg 123 104 Raeburn 113 +1 3.70 13 58 269 enn ivnn RUantvrpn I 4811 I I50D I * 117(1 ri capital: cover based on dividend on full capital 

S 41 37 ReabrookteT— 41 1106 13 3.9 348 ^ M5 *7“ gj { e ylrid. f fM]M6 > Aw^dtritedaMl 

R7 26 22 Rights A tea Gap 26ri 032 — . — — 1 1 " ■ 1 1 1 1 * 1 yield, b Assumed dividend end yield after scrip issue. 

a 171 148 River A Merc. 157 +2% 613 1.1 7.817.7 J Payment from capita) sources, k Kenya, m Interim higher 

?1 142 123 River Plate Del. 130 +3 625 1.1 7J19J than previous total, n fUgim issue pending q Eamingo 

«% toi 70 afl i® £57% £46% Roberofflr.lFI® £57% +1 Q25i% 10 5517.5 

a 2 zz:®8 63-73 lokCfe 573, LO 55 L7 

14 K)A7 2j4| 72 67 3ft RolincoNVFIfiO. £41% s — — — — 

9 " So 2/ 111 58 423 325 DnSabL&'jFEL 418 

67 469 35 108 48 88% 73 Romner Trust— 82% +% 665 13 4.9 285 

49 Z ‘tdB.94 33 1Z2 48 « S3 Ro=eduoo«IIxK. 54% +1% 438 4 116 4 

m ' — «LM 64 7 7 8 0 65 48 Do. Cap 59 - — - - 

40 " 689 -61 110 3 6 182 *59 RfflteS5dIn.S5p- 167 +3 558 12 61 253 

35% L03 12 97 59 78 87 Saleguanl fad_ 69 116 

51 2 ’ — tj as |a 1371*101 SL Andrew TsL_ 111 +1 435 

35 ;;;;;; H 60 1“ 88 7 ft scDLAaLiw.sop_ m +1 25 

26 1132 13 65 137 88 43% Scot A Coot. Inv _ 68 +1 L2 

22 Sia _ * _ 181 153 Scot. Giles 'A'_ 156 -2 60 

a L64 L9 93 90 m 314 Scot. East. In v_ 127 +3 4.05 

M ZZSfi 15 108 95 3ft 34 &0L.&nn«M- * FL5 

5M td282 4J 72 35 q 7% 82% 5cc*tidl lnv._ — 90% +1 2.56 

30 Z. 60 0 10.1 4 lift 9* Scw.Stort.ATfi. 104 +2 305 

t* V lit,* ,,a c. d ua^.l 191 j.1 4 SC 

97 59 70 67 Safeguard tod_ 69 766 LI 8.4 173 Oft 09%temdtattajte.l 

an |'a lift 101 SL Andrew TsL_ 113 +1 435 L0 5.8 S5 178 | 78% | West Band R1-. 

tn |S 86 74% SroLAa.tov.50p_ 81 +1 65 L0 4.7 313 

65 Ql 68 43% ScWACooUnv. 68 +1 L2 13 67535 

181 IS Scot, □lies 'A' — 156 -2 60 11 78176 IPAOWI 



Durban Deep Rl 211 +9 I — 

East Rand Pip. Rl- 328 +6 *Q5t 
[Randtont-n EsL R2. £36% +% lOMO 

■121 +L 

84 [ 6.02 1 

59ri) hd282 6 

30 60 0 

48 +%" _ Z _ _ 146% 119 Scot National— 131 +1 3.45 

M+2 _ _ _ 99% 86 SrnLNorUr«u_ 92% +% 684 

44 646 18 69 85 13ft 111% Scrt. Ontario __ 125 +f M.O 

26 -1 rL32 A0 7.7 .4.9 f 8 SB, 5mL Uri-Inr. — 67re +1 6L60 

( 29.8 

33 9 XI V2 1 

30 5 ,33 18 

34J 351 235 
3.J 15? 

340 391 275 
«J ,“% 35 

iRfiJUk] 38% j— 1 |lQ15c Li 
mRAateU 220 ]+* )«85 6 

ESijip, 1M. ...^ ■- SL ® BfiSSnss: SO 

KSas: uL :im»ZwZ » I * l »— 58 

ixtao Estate— 96' +2 &.91 15 3.0 (315) 

M 7101 75 53 13 87 1ft Scot. Western™ 84 +1% 620 0.9 4.0 405 2M 87 

“ = fa a gjg&A east: a. « •> a s »* % | 

H 2 +2 &5 69109 SJ W g ^.GrrolNtluL. 75 +2 +L79 LI 38 39.1 788 517 

8 ;i aft n i&s^urj Ssts: 3s « To 

OT 7606 15 104 85 *00 300^ SdeclRhkta.SCSS. 380 Q25c - 43 - 

n L83 55 52 4 9 134 118 Shires Inr.50p_ 122 +1 646 0 105 « - xxrt! 

S I?* fl 11.7 to 8ft SB SizeweH lOp 63 15 L2 3.3367 FAR WF 

0 1*7 57 40 K Uft 94 Sphere Inv IDO +1 1694 L2 45 28.6 ™ „ 

1 w 1 JgS^Sr ^ _ 1 2W J ffi w teS== 

■ ig ^ SSSt iS’ :::::: 04 is gjiM. « gSSSK- 

172 145 StoUngTfi 155 +3 53 L0 5.2 27.8 igj ItowriontemHl- 

irirtAC 92 76 ShkttStentav.- 84% +1% 255 LB 3.7 423 ^ 

ftllKS • . 93 80 Technology 86%+% 628, LB 4.0 36.7 2^ 3M Bari™ilM20e- 

ne J ii3_nilf3d A« ci 93 8ft Tan pie Bar 87 jc + 1 liA75 13 83 17.B Jj? , 

OS !_.... 13.0.1 p.9( 631 S3 -3t mi* « d. IK R C 1? d Mi £+«» H9U HarteOeefifll 


67ri -1 1Q2! 
25 +2 106 
351 +5 N25 

.a 3" a 

41ri +2 tQ3i 
78 +3 Q46 

41 r- 

43 025 

679d +7 tQ8l 
48% +2 — 




TIndl _[305 [_._— 1 13.01 

(AJ I0pJ 357 KbUm IfsUifl S. B 1 

p_ 357 +17 17.92 6J 

_ 76 ...... 5.66 2J 

p_ 50 +% e60< 9J 

P-. 58 *675 3J 

fhfixacRAageL 220 +4 34.05 66 68 59 ft % Dto 
FbJWGJLL— 3#r— i.*-*- 5 ' —■ — — ■ 17 lft Sni 
S(3iiUAK. 78 d4.4 67 55 55 94 W Sri 

9hit««fi5ap_ 178 8162 64112 A6 91 70 cSf 

fhitdcvRSAW— & — 051 • « -H B 3 98 69 Pa 

PUkesU.t ' SM ...... 3.75 4 1L4 4 J2fr' 290 3m 

PiJMnsJOWiea, 39 tdOl — 0.4 ^ 14% 10 Chw 

nrsnJftdLO: 174 +4 #37 65 73 62 270. 243 Qna 

DalOptCw.n £» ..._ ®B9t 162 QU ~ 64 52 Cttyt 

mOanaU.lL-b- 41 +1 tt7S -33 1D2 33 B 52 dari 

rabtGectgel- 56 ■ t^-41 b65 35 6.1 29% 22% Cart 

ntan Wanes On- 70 1223 23 7 J 83 173 154 Cora 

-i, S3 46% Cap.* Counties- 49% — 

68 5.9 ju % DQjWmnfc— . i -t— — — — — rjTV] 

— - 17 1ft Mtee&«P^> IMt—.. £035 33 3315.6 

5.6 SM 94 88 Cnrngton tev. - 94 607 L6 33(238) 

312 A6 91 79 Ottrorimial 20p 7J - - - 

L7 193 -90 69- DaC*p.20p 69 - — — — — — 52 50 

114 # 320 290 Ch«tertdd — 300 . +5 3.63 19 1.8 44.7 im 118 

0.4 14% 10 ChnwiSecs— - 32% • — — — — no 95% 

73 62 27^ 243 Onadlb'iyBsU 2« ...... 142 17 15 346 91 W 

HU- <4 52- CttyOfflces 55 172 4 -4.7 * 220 193 

10.2 .53 52 CStrkeNickDUi- M ...... fl-B 62 3.2 2L4 124 116 

3| 6.1 29% 22% CartnfiSec&lOp ,27 -% _ ■ — — — 170 129 

7J) 83 173 154 CoabctagelOp 173. 20 2J 18 38l6 55 

-«3 M .27 2t CttreNewT.hte- S -% 10.66 — 43 - 61% 47 

B3.M .91 75 (TntatDisLMfc 79% lflJ9 26 If 45% 3ft 

.65.64 88 l& OkSutHUgS)-. 81 . ...... *236 26 56 8.9 % J& 

43 7^ 15% 31% Dots Estates lf>- 6ft — — — — — 99 84 

S3 66 6p .47 . DomngUniep- 54 — 1261 16 7.9 32.0 50 44 

46 M 47% m Eng. bop. 90p-~ 32 «... 230 8.9 112 053) LSI 104 

. V £Lte Effl* kSScw.- aa Q ft% kj im - 44 36 

’ OHO £90 DaftwOw— ®2% 5.8 012 - 77 70 

‘ : ■« 38 Est&Wganey- « 0.« 26 15 ai 39 » 

...- ■- 20% 17 atfiAGen.20p- 0J1 ft.9 7 f»^122 106 

; ' 95 Tf Bta.Pttffl.tev.- 94 *161 3.4 16 266 131 106 

■ 200 80 ’EritofiDridl. ST - -1 )ML16 2A 22 29.4 5g 49 

. 110" 88T PtiivlewEstAlP. MW +1 1568 K 76(63) 90 69 

juznSSi '3- ™ 866 uuv S n 3 

S = S.- ESfflE: & at ib +! IS Si S' & 

.77—10- 4% Brtghwri^i — 5' -- — — “ ~ ft 6 

42 — 590 540 B am agaw**'- 568 565 12 14 946 ]67 i*ia 

43 30 22 Bn8ffW.Sttfar ?ft 06® 17 3.6 M 297 238 

^ It CU5 005 Do. fU;* Loan- £llff +3 08%% 206 17.7 — 

75 71 Tor Invest. Inc™ 72 H95 12 10.6117 282 

7JJ a9 H5 95 105 d.49 _ O.B - “f* 

167 142 Trans. Oceanic- 150 +2 50 13 53 28.4 ^. 

g ft SSSBS= 

68% +2 438 LD 9.7 156 «0 IOmmSI- 

X™ _ n «_ 03% £31 Vaal Reefs aOc— 

■-.7% 36% WiaMs.20p— 47% +% -tlM 

;-4 34 WittwCOmiWJ- 42. -% 33f 

. 8 19 WMdAffouSp. 35 

rl 24 Wood(Artiarj5p .31 ..... m. 

= 1 83 Wood 3*2- 90 +2 464 

:< 5 44% jZritaiSp.— 44% U* 


= s ' .. 1 re- ssassa-J^s t a- « n « a a 

i. .I' Mff BrihttuacSi--, 26M 936 - ft 332 Z78 

•v ;jl»9S5. ftmhhlBdM; £13% +% tQfUW - *-3 - 45 30 

> ^6 138 ComfiLDiBOti— -JSlrf +2 ■ 7.65- -r 13 — ZSr 4 

>. J /6 132 E^teStar — ^;150‘ +2 gfiJ2 -p H “ S » 

A : “A 16% SSiifaLkviipL .-aw -••• « ■- » 22 

■: .08 £107 tateWBWasL. 016 ,09% — fig - 

i* . 8 162 BqnttAUwap. 1«. £■« - 6f — ^ 

■«! .. 0 200 GCL&ent-. 218 830, — 

r . 2 a* e*f«!»tenafa»L. 226 +9.25, ~ ^ S 

■( J 2» ' ' " 

Y • :8 240. 

:-l 163 


Investment Trusts ‘ S iS 


— 332 . Z78 
'•& 45 30 


.7 .150 
; 2 89' 

«* 7 122 

t‘.:-o 132 
■'j: 5 192' 

vs in-; 

•: il 47 

-o m^. 
\ 2 m~ 

V.3 IB.'. 
5j;6 125 - 
■:* ' : 5 350 
^ - 3 310 

s ’ : 4 94 , 

Hantfmlifa - 300 -2 11533 ■ — ■ " 73 “ ; :3? 37 ' 

bSScmZS + 2 WM 53 .2.5 106 46 41 

SmL'iS -2 156' 33 4J 116 228 203 


tarifcteLtej tdArd 5.77 ■ •— 5.6 — £150 £129 

eSg tSlb bt : T m " n ™^0 2 

S K IK ^1D 18.99 15 76 8.7 93 77 

uffitaS CT -3^ tb3JB 46 26326 74. .55. 

S ^^^Sn_ '47 -2 562 - 23 1317 "52 132. 114. 

SM 1259 ^ afl U 134' 134 
teZ" ™ 1035 - 62 ^ -22 : 34 • 

agiMagtiijL' ■ iw • 7.42 . — 93 — SI' 42 

ZZ -7.« 92 — 208-. 145 

157:.' +2".' 6.65 66 '-f ^ Sfe 

TTirfn^Xv^ 2311- 86 — 95 — 64% 57- 

SStZliSmlrt IMS - 61 ™ I ®' 

fiS - »0 5« 560 ..... 565 3^ 1494516? 140 

45 -3* 30 22 BfiashUavap 27% - 066 12 f 8 ®^297 238 

B.D - 260 219 Hastaaert »P- 228 +1 .12.97 22 2.0 (DJ» 145 114 

65 — 325 87 HKtad. BEE-' 222 -3 9 37 IS. £ft £M| 

56 - 328 290 tony Property- 2W bL6 L0 06 MU *122 
62— 39 25 ; ia tanno pe an lOp. 27 +2 . 0J. — 05 — 26 22 

7J — : '39 37 i ffriff ii Invert 2. 37 L61 U 66 213 7% 6 

aiioi 2 k bSBSL. Jg*trUM 12 um *t m 

46 316 228 203 LandSectSOp- 20? +1 «B 15 3528.4 71 M 

56 96 079 055 £30 +1 3,7 S.7 -12 9? 

5.6 — £150 £129 +3 37 H.4 — UO 88 

7J 75 US +2 M T 156 14§ ■ 

7.4 - 51 40% L«wLaKi2to 4ft -1% XO * 3.8 * 146 122 

■13 8.7 ZU 172 Lead Lease B9c~ 2W , Q259t 26 3.7 D-? 97 7? 

75 17 93 77 ta?W rBoW g -- JJ 4 If S 

9 k Wfl 74 n IdiLSbfflftWr- K HH ■ 9 13*00 Oi 66 56 

17^2 132 ‘ m: I S 23 7? 2s 

as f .issEi'i a, - - - s f f 

9J z iS ISSsSSte 1W iz. M M3 L2»-«2p IM 

4fi — 42% 3ft. HMtensWhI%- g" ' -V — 71 T-i Ta JS2 im 

oi " 6fh 57- Ms*’ iwtview5p_ 59 - — . 122- 6.1 33 7 2 123 362 

H'Z' A? 103 KdtowWLEJj 112 th252 LI 3.0W2U9 110- 

3J ii4 "46 45 Sta-ZZZ- 46 20 DA 66 VU 105 87 

ai 83- 68 Peaeli»___— 7ft ft ^99 z J 20| — 113 94 

22 2D?M)14S 114 

It oJAiSw 1 . 
— 0.6 — 26 22 
U 66213 ft 6 
12 Z4 535 41 34i 2 
15 35214 71 60 

3.7 S.7 - 12 ft 
3 J H.4 - 100 88 

3.7 17.0 T 156 140. 

6 3.8 4> 146 122 
2 J 3.7 33.9 97 79 

26 L3« 4 76 66 

011,73013 66 56 

25 36 203 255 214 
L4 22 365 71% 58% 

23.9 W. 56 

_ — _ 89 75 

|43 12305 225 194 
- — - 104 90 

52 1258 

125 +ft 467 

101 1432 

84 +1 2.49 

& i£ iSTteSo +2" 50 K 

- 63% 56 Tribane Invest-. 63% jc +% hl.3 13 3J 367 “ft 

ix . bT 61 TrpletetOntMp- &ftic +% 13.99 L0 9.4163 241 ^4 W^HUtoRl. 

li. ■ 157 IU DaCapltal£l_ 137 *2 . - - - S? ‘ 

106 91 Tni5l L'nJon 94 +1 t264 L2 4.6 26.9 201 1163 IZ“<lDaiKl 

138 120 TrosewCoip— 124 +2 T4.06 LI 5.0 29.8 

62123.9 108 94 iSue-idelnv— 101 +2 3.85 1A 5-B23.9 ' 

S3 243 60 53 Dpdowu Inv___ 58 +1 L75 * 4.6 ♦ Arc 

62 M 728 10ft DtrtBnLSecu„ 113 +1 h4.03 L0 5.4 28.4 WA 

45 331 19 18 Utd. Capitals 18 10.91 0.8 7.7 24.9 nr 1 *e IcveeCint.iw ■A-l 

47 * 94 80% DS Deb. Com — 86 +1 3.52 LO 62 219 rl' VIC- ll.lwcrA+^UCIu' I 

205ml +1 720 71 53 * 94 80% liSDeb:Com^_ 86 +1 3.52 LO 62 219 ^3. frSw® 

m rr-aa UBbfcB iffssssSra « a 

153 +1 1036 - - — 750 600' USTnutFu«iSl_ 750 QlOc - 

58% +436 L3 10^ 132 99% 74 Viking Resnnres- OT 0.91 U 

59 - _ _ _ 68 59% W.CfiATalsMp. 67% 0.75 Li 

40ri|+% L35 U 53 * 1307 

39 - - - 

91+1 10 ns. 

4ft ...... 32 LO 10 

123 - - - 

3ft ft 2.61 LO 6 

72 ...... 525 10 10. 


121 +1 Qll% U 5. 
135 ...... 4.04 L0 S 

57% 05 12 1, 

79 ft 0.41 45 0, 

56 — 162 U 4. 

79 12.7 LI 5. 

53% +1 233 L0 k 

Cenjyss Inr. £1— I 284 +2 1 10.81 1 

- — 183 171 Wteferbotum 178 +1 4.6 LI 

.0 276 83 69% Allan tot 77% +1% tL93 13 

.913,4 77 65 Do. “B" 73 +3 0.06 — | — | — . 

T7 fiZn 413 32K Harmony 50c. 

17 nt 234 78 LRaSeBL- 

cn * 750 ?na. Brand 50c— 

739 582 PrcsSteya50c — 
2221883 703 SLHetenaRl. 

3.8 SIS lw 14fi Vnisd 

TciTt 302 190 WelfesnSOe— 

ifcusRl. 7312 

50c 355ri 

5 5^SB-pateBa=d« - a afsjpwa.praa 


7 5 rVorttreenlDp-, 5 ...... — — — — 

76 69 K’ooDgCo'iIiwJL 73 +335 LO 7.0 213 

57% 05 U 13 645 Finance, Land, etc. 515 424 Ang.ABLCaal50c_ 

79 ft 0.41 45 Oi 442 . 311 246 AngteAmer.lOC— 

56 .„... L62 U 4.4 3L9 242 216 AJamd Smitten 225 20.0 4.713.5 Z4 Qft £14% .toft Am. Gold Kl_ 

S -i -m 15 52 28J3 10% 5 AmoarTsLMp. 10 +1 - - - 27 700 621 An*Vm!S>t 

B%+1 233 L0 65222 39 26% tathoriwter.aDp. 38 — - - - 137 119 Charter Cons 

55 ft t057 LO Z4 6U 25 19 Briisama Antra. 22 204 166 ConsGqWPiddf- 

7% ; — — — — 17-14 OmddNkr. 35 - — — — 25 18 East Hand Con. lOp 

148 +2 1533 LO 55 275 123 103 ChaJlcngeCniil 123 0123^ 3.0 5.7 58 Oft Q4 Gen.lfimngH2.__ 

254 +2 75 13 45 30JZ 66 56 CbartertioaseCp 58 +1 336 L4 8.8 liJ £12% £11 GeUFtekbiA-Se- 

124# ...... - — - — 023* £10% Common MIL lp. £12* 025.6 U 20 4 03% OO loTwgCoos.R2.„ 

Sft QSW4 5.9,45 3,7 243- 221 Dfllgetytl-, — 243 +3 tlL76 2.0 75 i7.^im 140 Middle Wl! 25c 

5122 @21 L0 4.7 20.9 37% 27% DawnflyCWF 32xd -1 tLO. 3 7 4.7 63 146 126 Mintwo SBD1.40_ 

24 «5 15.32325 20 13% Edin-tetfU^p. 19 - - - 245 122 97 New Wit 50c 

7 +% 6.32 U 6.9 20JL 58 50 QOmUtelsgR^. 54 t0.99 65 .25 10J £H% 860 PrimoWFkS— 

38 ft L65 L0 65223 48 41 EfekineHoue.: 43 +2 L72 2i 633L7 58 51 Band London lac _ 

67 22 12 55 283 15 12 Ex Lands I BP — 32 L01 L7 125 6.9 410 375 Selection Traa_- 

ft 05 12 .93 145 26 22 EipteraiimCo.S|i. 24 tfl.49 53 3J10J210 161 SentautlOf 




124# - 

Sft QW 


24 «5 

■ 7 +% 0.32 
38 ft L65 

67 22 

ft 05 

.94 +1 3.4 

347 +1 
130 +1 535 
85 +1 355 

66 — [224 LSI 4,9|ZLB [ 34 1 25 

24.7 180 100 Ftobion&Gen.5d. 100 -2 14.49 13 68 18.0 37 29 Sthennines2%p— 

33.8 19 16 Fmaarettodlflp 17 1.0 19 8.9 83 £12% £11 rvaalConsLdJU- 

255 13 9% Rlxroytavest— ft — — ~ - 232 182 UC. Invest Rl__- 

23.7 30 17 |Grinmltawe2Dp_ 17 — — — — ' 292 238 ImianCorpiLtSc. 

2? tL64 

- s nw I 33t 35U2.4 46 45 Nn hw- '46 ...... 2.0 

va 3 IS m m* S » v ** — m 

59 L9 L2 4.9 2S5 11 7% HamptonTsLSp. 7% - - - - 

223 17.67 L2 52 23.7 29% 25 HawPar.S.n__ 2ft _ — - - 

67 1160 !L3 32 38.4 20 17 Investment Ca- 17 $0.94 3L 8.4 5/ 

65 — — •— _ us so KakurikS- Ufl +5 ist)12Dc 35 7J 51 

79 35 ' L2 65 2L2 74 44 Httb'o.TtforMP 50 L0 10.0 3.0 5.1 

200 25 J' L5 * 22 18 Enhu lOp— - 18 155 L313.9 Si 

98 +1. 1335 13 52 27.7 19% 13% UmpiffliteMf* 18 030 - 0-9 - 

115 4.0 15 53 257 33 25T LanwSea^) 25 +- 

109 — — — — 18 B Zn.Euro.Qrp._ 15 - — - — 

99 ...... 3.9 15 60 255 95 73 Lm. Merchant— 85 +1 - 1L25 42 2.0 12J 

431 53 | 40 |Vogets2%c 

j Payment from capita) source*, k Kenya, m Interim higher 
than previous total n Rights issue pending q Earuioga' 
based ou prelimlaary figures. r Australian currency, 
s Dividend and yield exclude a special payment, t Indicated 
dividend; cover relate* to previous dividend. P/E ratio based 
on latest annual earnings, n Forecast dividend: cover based 
oo previous year? earning*, v Tax free up to 30p In the £. 
w Yield allows for currency clause, y Dividend and yield 
. based on merger terms, s Dividend and yield include a 
— I — special payment; Cover does not apply to special payment.. 

16.41 1 a Net dividend and yield B Preference dividend passed or 
251 53 deferred. C Canadian. D Cover and P/E ratio exclude profits 
65] 6.4 of UJC aerospace subsidiaries; E Issue price V Dividend 
and yield based on prospectus or other official estimates for 
] 077- 78. C Arainwa dividend and yield after pending scrip 
and/or rights issue. B Dividend and yield based on 
prospectus or other official estimates for 1876-77. K Figures 
burd on prospectus nr oUmr official estimates for 1878. 

1 4179 4 N Dividend and yield based on prospectus or other official 
+5*“ estimates lor 1078 N Dividend and yield based on prospectus 
■* “ ~ or other official eaimates tor 1878. P Dividend and yield. 
” 4J based on prospectus or other official estimates (or 1877. 
L? 31b q Gross. T Figures assuaed. U No significant Corporation 
LB 5.9 Tax payable. Z Dividend total to dale, (f Yield based on 
L2 4.4 assumption Treasury Bill Rate stays unchanged until maturity 
L0 35.2 of stock. 

6 4 34 7 Abbreviation'*: fi es dividend: s ex scrip Issue; «r ex rights: a ex 
17 75 bH: «* « capital distribution. 

. “ Recent Issnes " and ** Rights w Page 40 

This service is available to every Company dealt in on 
291 e 4 Stock Exchanges throughout the United Kingdom for a 
in|. 8 9 fee of £400 per annum for each security . 


32 52 

LO 2 7 The following is a seleetion Of London quotations or shares 
25 tk previously Listed only in regional markets. Prices of Irish 
34 cj issues, most of which are not officially listed in London. 
73 L 6 * n “* on thc lrlsh exchange. 

15 8.9 Albany Inv. 20p 23 Shefi. Refrsfamt. I 51 I I 

2.7 51 Ash Spinning- 45 +2 Sindall fWmJ ._ 83 [ I , 

2.4 65 BertahL » + 5 . i 

1.0 57 Bdg"wtr. EsL50p M3 +5 1 

Clover Croft 2 Z ntioor - I 

. Craig* Rose £1 «M . 1 

Dyson fR. A.) A. 41 Com-. 0% '80/82. £9515 I 

Elite fc Me Hd>-_ 65 ...... Alliance Gas 75 j 

142 B7 CarroUfPJ.i_ 92 

27 rr Plfe Forge.— 47 ...... ciondalkln 9 U — 

pnlay Phg-5p- +} n Concrete Prods.. 128 +4 

~ T, GraifiShlp.El- 170 - 1 ® Heiton (HldgsJ 43 -1 

9 93 HigsoneBrew- 80 Ins. Corp 200 

4.0 LOJHStm.61-- lg Irish Ropes— 132 

25 8 2 BoUMSft 2f5 ...••■ Jacob——. 65 

9.9 15 NHhn. Goldsnuth 54 Sunb eam - 29ml +2 

25 88 PwucetC.H.t.- 129 T ja. C 190 +10 

- _ Peel Mills J 7 Uni dare 82 

L9 75 Steffleld Brick 46 ...... 

15 95 


io| 1+ 3-month Call Bates . 

U 60 

ladmstriate l.CT. 23 Tube Invest. -J 34 

i-f ?-g a. Brew 6 % “Imps" 7 Unilever 40 

2.6 7.9 Jtpo^Sr 18 LCJZ. 20 Utd. Drapery- 7% 

15 8-4 sir _ 9 Invtt-esk 7 VI 88 «-_ iff 

f, |4 U KCA 5 Woolwortte_ 6 

L2 55 Barclays Bank. 25 Ludbrojce — _ 17 ^ J 

22 86 38 Legal&Gen.. 14 Property 

13 95 Boots Drag If L Brit. Land ...J ft 1 

L4 45 Bowaiere. J* Lloyds Bank- 22 cap. Counties. 5 

0 6 9 J BAT .. 24 Lots 5 jjj> __ 5 

S i 2.7 Britiifi Oxygen 6 London Brick. 5 utiwopean 4 • 

Jinj Brown (Jj 20 Umrho._. 7 Land Secs. — 18 

18 65 Bu*<w p Lucas Inds..-- 25 mePC 12% 

H b? Cadbiuys 5 IgwiajJ * W Peachey IB 

* -,5t CcurtaateLs— . 10 7 Samuel Praps.. 10 

Debenhams... X0 MAf-tSpacr n Town t aty_. 2 
3.4 45 IH^rillrrs • 13 Midland Bonk 25 

32 7.9 SiSKzZ: ft Sf.E.1. a Oil* 

16 85 Eagle Star. — 71 Sta. West. Bank.. 22 Vi 

„ Glaxo, 40 JM-™ 8 ^SZZ. M 

I taHU«s.5p.i MS 

.. - - - ~ [Ur-4 925 Da-40pePtR5_- 

- 1L25 42 2Jh 123[ 74 54 L?tetergIS%e_ 
„ 3.46 Z6 5.9 ml 98 J 71 teHaLlOc 

£ 11 % 

59 ..... 
77 -I 

ft 13M 105 
7c 1.0 * 
L4j * 

A selection of Options traded is given on the 
London Stock Exchange Repen page 


. V 





Friday April 7 1978 

MPs 5 caD 
for new 
on entry 

Rhodesia to release 
hundreds of blacks 


SALISBURY, April 6. 

By Rupert Cornwell, 
Lobby Staff 


SEVERAL hundred black settlement agreement leased the largest number of 

! nationalist political detainees will Now, many of the detainees political detainees since pre-UDI 
jbe freed in the nest week as a were prepared to support a days. 

I result of Rhodesia’s settlement ceasefire and work “within the It has been estimated by 
| agreement signed five weeks ago. principles of the agreement” Amnesty International that there 
This was announced tonight by “All those released will be re- were more than 900 blacks held 
the transitional Executive Coun- t l uired t0 S ive ** undertaking in detention in Rhodesia under 
ril— composed of Mr!* Ian Smith v > u not participate in the emergency powers and law 

and the three domestic ^ subversive or other unlawful and order regulations. The un- 

nationalist leaders-in a state- acfiviI ^” 1 

men* which said that term*? of -n - . . . is that more than half — possibly 

. . the March 3 Salisbury accord Envoys Visit release^or 7 wm bftS 

flatly rejected the call from an j required the transitional Govern- Tlie announcement comes on ^Lvtwepfc nr«i ° e 1X660 m 
all party committee oF MPs for {mem to consider the release of the eve of the arrival in Sails- +>,,► t », a 

tougher curbs on imruigaUon into i detainees. bury to-morrow night of the two S 7 at ement«vs that - m an ^ 

Britain, including an annua j The statement said release' Anglo-American envoys — Mr. releild^Lro asreed^o 

quota system, a possible internal { would be phased and would be John Graham and Mr. Steven ^ the ceasS* hnolvine 

control on entrants, and u ban j made subject to essential Low— who will try to arrange a that op oonei nisof thfT sertlem ent 
on child dependents aged over security safeguards. During next full-scale all-party Rhodesian _5uDPorters of tifp Striotic 
y - 1 week the necessary orders would conference this month Front of Mr. Nkomo and Mr. 

be signed and processed for the The move suggests that after Mugabe— are among those being 
release of several hundred a long period of relative Inacb- released 

detainees. vity— the agreement was signed j t ^ thought here that this is 

In addition, there are 254 five weeks ago — 'the transitional an astute move designed to 
people who have been released Government is getting under throw off-balance some of the 

from detention subject to way. In the past 48 hours it critics of the settlement just as 

restrictive conditions relating to has established a constitutional the Patriotic Front and its sup- 
movement. All these restric- committee to draft .a detailed porters in the front-line states 
tions upon them are to be constitution for Zimbabwe, it and the U.S. and British Govern- 
witbdrawn, the statement added, has agreed on the allocation of meats are preparing a sew 
This release of detainees had Cabinet portfolios in the Minis- attempt to replace the Salisbury 
been possible by the new cir- teriai Council and now — in a agreement with the Anglo- 
cu instances brought about by the major development — it has re- American one. 

In doing so, it has pre-empted 
to-day’s presentation in Leicester 
of the Conservatives’ keenly 
awaited proposals by Mr. William 
Whitelaw, Opposition Home 
Affairs spokesman. 

The Tories, like the Select 
Committee on Race Relations and 
Immigration, backed the quota 
system. But the Government has 
also dismissed in advance 
another idea they are expected 
to put forward for a register of 
immigrants' dependants still 

Mr. Merlyn Rees, the Home 
Secretary, maintained in the 
Commons yesterday that suffi- 
cient controls already existed on 
the inflow from the Indian sub- 
continent. Mass immigration had 
ended, and no further major 
steps were now required. 

To support his case, he pointed 
to the White Paper on immigra- 
tion statistics issued simul- 
taneously by the Home Office. 
This confirmed that overall 
admissions from the . New 
Commonwealth and Pakistan 
dropped 20 per cent last year to 
44,155, and were far below the 
1972 peak of 68,519— a figure 
swollen by the mass expulsion 
of U.K. passport holders from 

Virtually the only areas of 
agreement are that major 
“ primary " immigration is over, 
that the Government cannot go 
back on previous commitments 
and that illegal immigrants and 
over-stayers must be rooted out 

The Home Secretary described 
as u inhumane " the suggestion 
that entry should be .refused for 
children over 12. To institute 
internal controls would lead to 
a system of identity cards, and 
would reach far beyond immigra- 
tion. It would therefore be 
pointless to set up an inquiry to 
examine this. 

He said the Immigration 
authorities would be sufficiently 
flexible to see that women and 
children had priority. 

Mr. Rees’ statement was 
greeted rapturously by the 
Liberals and his own back- 
benchers. most of whom had 
been astonished by the report’s 
stern tone, even though its sig- 
natories included five Labour 
MPs. But the Tories were 
furious, convinced that it had 
been carefully timed to over- 
shadow their own announcement 

Parliament, Page 14 i 

BAT to 
enter UK 


r . i : V. 





i ■ 

BRITI SH-AMERI CAN Tobacco is has all the makings of an m» 
J® ter J* 36 H.K, cigarette triguing takeover -struggle: 

1 -common - with xftiste - a ^ 
of other ITK compames'c&db 

motional campaigns ever seen by I ffira 
the indnst™ y I (there - 

is no c ash alternative^ 
which values SUITS - at £4Un. - 

the industry. 

years of test marketing, and assets ' 311(5 represents a 
comes six years after BAT’S trad- pre f? 1UD1 of 23 Per cent -rathe 
tng agreement with Imperial niarket price -and a p/e df 
Tobacco, owner of John Player maybe 15 on the basis of profits 
and W. d. and H. O. Wills, for the year- jast ended. And 

... " _ according to a majority of the 

Under that arrangement, ended i ndcocndfflt STJTX 1 *^ 1 Hiftwnpc— 

trade in rBitain, while Imperial 15 conditional— it is not enough, 
did not trade abroad. Their case is that SUITS has 

Now BAT is spending over U* 0 readily realisable assets, in {43^ 

Ethiopia, Russia 
upset by Owen 


THE RUSSIAN and Ethiopian Mr. Ayalew said the question 
embassies in London responded of Eritrea was an internal matter 
angrilly yesterday to Dr. David which would be solved by 
Owen’s strongly-worded attack measures that Ethiopia saw fit 
on Soviet policy in Africa. to take “as an independent 

The Russian Embassy said the people.” The Addis Ababa 
Foreign Secretary’s speech on Government had a nine-point 
Wednesday night, at a Mansion plan for a peaceful settlement. 
House banquet for the diploma- to which secessionists In the 
tic corps, had been expremely region had not responded. 

torted n S 7 pX a in AWc^ ^ Owen’s questioning of 

Mr. Ayalew Wolde-Giorgis, the 5 o£n * fSm^any 

Ethiopian Ambassador, said that J “j^dly country had been 

he had walked out of the ban- sSSge 7 anfSSled for. 
quet baJf-way through Dr. “ „ . ,7 

Owen’s speech to demonstrate The Russian Embassy state- 

his strong resentment over the meat said that policy in Africa 
Foreign Secretary’s effrontery was aimed at building friendly 
towards Ethiopia. relations on the basis of respect 

In one oF the bluntest attacks for the principle of the in- 
by a senior Western Minister violability of frontiers, sovereign 
on Moscow’s policy in Africa, equality, territorial integrity of 
Dr Owen gave a warning that states and non-interference in 
Soviet and Cuban military in- each other's internal affairs, 
volvement in the continent Hugh O’Sbaugbnessy adds: No 
placed a large question mark official Cuban response to the 
over the future of detente. speech is expected to be made 

The Russian Embassy yester- public before Sr. Bolafios sees 
day delivered a statement to the Foreign Secretary — but there 
the Foreign Office criticising Dr. is do doubt that Dr. Owen’s 
Owen's remarks — the Foreign words have been badly received 
Office said this did not amount by the Castro regime, 
to a formal protest — while Sr. while President Castro con- 
George Bolanos Suarez, Cuban siders his government a full 
Ambassador, arranged to see Dr. member of the Marxist-Leninist 
Owen on Monday. The Ethio- world and firmly allied to Russia, 
pian Embassy said that the state- Cubans often have said they 
ment by its Ambassador, was consider their foreign policy to 
response enough. be distinct from tha>t of Russia. 

Jamaica to host North-South talks 


KINGSTON, April 6. 

HEADS OF Government from “ An informal discussion West German officials con- 
the industrialised world and between a small group of heads firmed that talks about the meet- 
developing countries will be ol sovemment might assist in ing were underway, but were 

invited to meet here in June to 

establishing a better understand- keen to stress that a formal con- 

ing of the issues involved and, it ference was not intended. 

discuss the results of the North- j S hoped, have a positive They said the idea for the 
South dialogue. influence on the dialogue." ’ meeting went back to a discus- 

The decision to call the meet- Our Foreign Staff writes; -The sion between Mr. Manley and 
ing comes after several weeks of official reaction in Washington Herr Helmut Schmidt, West 
consultation between Mr. to the initiative was cool. The German Chancellor, earlier this 
Michael- Manley, Jamaica's Prime view was that while the U.S. year at the Socialist International 
Minister, and other heads of would be happy to take part in gathering in Hamburg, 
government. any “ fruitful discussion,” a The reaction in Whitehall was 

A Foreign Ministry statement Heads of State meeting might that while Mr. James Callaghan 
lo-day said that Mr. Manley's dis- not be the best initial forum, would in principle be in favour 
cussions bad uncovered much Such a meeting, it was argued, of any meeting that would 
concern over “ the present stale- would require considerable advance the -North-South 
mate in the international dia- preparation to be effective and dialogue, prior commitments 
logue between the developed that this could hardly be could prevent him from attend- 
and developing countries on accomplished 'in the next few ing on the dates suggested by 
economic issues. weeks. the Jamaicans. 

pay deals 

£5m. m its attempt to establish the form of its House of Fraser 

itself in tile U.K. market Apart shares, currently worth 

%° tfSSSU rf JSK exchange rates, and . on. mi sharply, durini im bm 


has had a poor second *i»i f 
the ‘appreciation of ^ 

profits..; Of tbe.fit5m. mcH' 
in trading profits, .fiAOn^ a 
. overseas.- The Canadian on . 
: ; tion moved back into theV 
,and North American profits;, 
by filEm. Continental Em - 
marked time and it .was v 
Australia and Africa to pro’ 

- -the rest of. the improvesnea 
the UJK. the confectio ner y 
did - relatively veil but 
drinks , business suffered ; 

• the poor summer and keen 

Commodity prices finch 

By Philip Bassett, Labour Staff 

ANOTHER LARGE public sector 
pay deal was all but settled yes- 
terday within Government guide- 
lines when the largest Civil Ser- 
vice union decided to recom- 
mend acceptance of a 9.5 per 
cent, offer. 

The civil servants were never 
likely to defeat the Govern- 
ment’s pay policy. But the fact 
that 500,000 primarily white- 
collar workers have settled— sub- 
ject to ballots in the two largest 
unions and final acceptance by 
the other six— confirms the 
Government’s confidence overi 
the progress of its pay policy. 

The final outcome can be ex- 
pected to encourage other white- 
collar workers to follow suit, 
and the sheer nnmbers involved 
will make the settlement an im- 
portant success for the Govern- 

The executive of the Civil and 
Public Services Association 
voted yesterday to recommend 
acceptance of the offer when it 
ballots its 190,000 members. 

The decision follows a similar 
move by the iti5,000-strong 
Society of Civil and Public 
Servants earlier this week, which 
decided “ reluctantly ” to 
recommend the offer. 

A consortium of six other 
Civil Service unions, represent- 
ing 254,000 members, has 
Indicated that the offer is 
acceptable. It is expected 
formally to accept the deal next 

The offer, which is the same 
for all the unions involved, 
consolidates the £6 and 5 per 
cent, increases of Stages One 
and Two of the pay policy, and 
gives a 9.5 per cent, increase, 
with improvements to allowances 
and incremental progression, as 
well as the elimination of some 

The Civil and Public Services 
Association originally claimed 
increases ranging from 14 to 24 
per cent., but these claims were 
dropped after the Government’s 
determined stand against the 

Mr. Ken Thomas, general 
secretary of the association, said 
after yesterday’s decision: “We 
are not in the kamikaze busi- 
ness, which is what going 
further would mean. But we do 
want it to be understood that 
there is a large debt outstanding 
which we will be calling in next 

hrands are due to be launched in and profits or over £3m. : . have been on a profitsplateau just£7m. (compared withi 

. Lonrho could presumably , for 18 months. Here again, £45m. the previous vear' 
With substantial promotional appeal directly to shareholders: however, the company insists . ^ borrowings slipped by 

m . ■ m _ , ■ " ~ m — "V ■ ■■ AOJTfwfVif I II *. WUlMtUlJ >11 . w _ 

fiftefy mate tThnld^ BOt !? e - « d U £ de f 1 £ fiS the quality of earnings has be^n However, since ihe torn 6 

Budget), BAT’S moves are likely Lonrho ’ s After ^ the exchange rates had been used folkwing a 590m. terarV. 

to renew the cigarette price war Sroup is willing to contemplate in both years. I97Ts. profits ^bwh means that’ the cu' 

which has been ’going on for two *** increase of over - a fifth in . would have been almost a. fifth gearing is not much.dlff 

years. its outstanding equity at a time ahead of those of JI976, while tonD what it was a fewm 

They threaten to put back the when its shares are selling dn‘ stock appreciation pumped More .thte 1975 right& iH- 
return to profitability in tte king- a p/e of about 2} and at.a dis- fi6m. into the 1976 figures but • ' 


ba e sai is ba ly ne underwritten, the market may stand, the main growth has come " H^ween. 1974 and 

TnvMtmonf not find the prospect, of 40m: outside North America— the , e construction reces^or 

myoumaii new lonrho shares ail that UJK. activities have put bn deepe , nin & Taylor Woot 

Although the State Express appealing. - almost £10m. at the trading profits doubled. Si 

launch ^costing M initial Snu A snccessf^ bid for SUTTS. level, with, packaging doing terda/s announcement oi 
«l e .S ra £; would, however, represent an- well. But while North American ^ profits increased by .or 

nP Blip trtrr tVn»a\ wcu. out WilUC AVUlUi ^VLlltrriUctU . . . - 

Sid yiterfly SJth? comSm/s 5 ffle T r T J 1 ’ 8 ^ & ^nlho s xusb profits represent ohiy 61 rather to £22.4^ .^-; 

. . _ , . , - _ . I. _ for 1I.TT MminPS Tt« OPt OCO>tc Winn loo in ftR' nar. mnf .aim. 

to^i^menT^ to “iSSrin"!*” ^ Mrnlngs. Its net assets a»„ , as in 19 76>: 65 per cenL ' 

the U.K. market was “tens of m 11,6 U -H- now amount to oyer of the total, tb. hold dollar profits disappointed- the^ market' ■ 
millions." £I00m„ compared to total share-- in sterling .terms has been a unexciting performance fc 

Competitors Imperial, Gallaher holders’- fupds of around good achievement, which must par ^., e fP**hie4.>. by 
and Carreras Rothmans yester- £300m. And with SUITS under reflect a strong performance ra 'Strengthening: ppund • 
day adopted a wait-and-see policy its belt Lonrho would be out- U.S. newsprint. This- year tfe t6 °* out % frea J 
until after the Budget. right owner of 29 per cent of $20 a ton rise -in the US. new&~. pr^ts. . - -,'j /• - 

It Hoose of Fraser, a buaness print •. price should underpin Overseas ordas., - 

S« a S?ar?hiS' wbicb is currently valued at North American prospects , . but accounted for mmdj 
£1S2m - . ' k elscwhere conditions are quiet profits i^tt . 

duty rise ° - (apart from a boom in cotton butjiow.jja 

Mr. Lockhart said, the UJC Bowater . trading);^ The shapes look sound J?®*®'- 

division was not expected to con- . .. ' value; however, on ;a .decently lumtea_ nature ^of the a 

tribute to group profits at least 0ne 13 mtoputable: covered yield of just over S per increased • coffipj,!. . 

for the year. BAT is already Bowater has reported pre-tax ./although profits ' from-,- 

brand leader in 38 countries, has profits of £87m. for 1977. a gain . Middle East -and West *" 

manufacturing facilities in 53 and of II per cent. Beyond that the r 0 JL: 1TO CiJimannoo ■ have held up welL hi th 
trades in over 60. . _ picture is more confusing. You LauDUry jCDnCppes ■ .the substantial' complet ' 

BAT’S campaign will include 5p might, for instance, deduce a Cadbury r Schweppes - has the Thistie field inanaj ■ 

per pack off the recominended sec ond half decline to £42.3m., turned id lacklustre, perform- contract for Bufmafr- 
OC&. actu3 ,l, ly 1 0 ^ ceqt. l ow er th^n tave wen^by 12 reduced turnov er, i 

sequent purchases. 

in the corresponding 1977 per cent^ to £884m. t -pre-tax rate inoyepients will hav> 

Coupons worth 5p will be cent Period, and also lower than profits have crept four per dent med the income from ■ 
to over 13m. homes, there will January - June. That kind of higher to £48.2m., trading- £28m. of net cash halano 
be extensive Press, poster and reasoning left the shares 4p margins have slipped to the Against this mixed ^ 
cinema advertising, as well as lower at 188p last night. But lowest level this decade, and the background the shares a. 
special campaigns usng. hot-air Bowater is quick to recalculate interest charge is up. by over a (down lip), yielding 3 
ballons and teams of girls gmng the half-year split according to fifth. - Last night, the shares cent, are like!/ to be 
aV Mr ^ke Daube director of the Iess favourab i e year-end slipped ljp to 54p, where they able in the short term,- -. 
Action on Smoking’ and Health, 

said the maitidg of coupons to 
I3m. homes was “utterly irre- 
sponsible” and urged Ministers 
to curt) the move because “it 
could only encourage children to 

News Analysis, Page • 16 



Big Fleet Means Business 

j^^elcome aboard. This is one of the magnificent 
HoJ^business jets in M c AIpine Aviation’s big fleet- - 

1 QrtJDcf nnoratnt 1 rif ovemtiw nirMuffc"** 

r •* , 

Multinationals fight UN plan 


A WORLD-WIDE campaign is 
being mounted against a United 
Nations commission's proposals to 
force multinational companies to 
disclose much more financial and 
social information in their annual 

Many companies, as well as 
accountants and business organi- 
sations, are concerned that the 
proposals will be approved at 
next month's meeting of the UN 
Commission on Transnational 
Corporations. They go far beyond 
the current requirements in many 

The commission will be con- 
sidering a report by its own group 
of experts on international 
standards of accounting and re- 
porting. Although it has no direct 
authority over such international 
standards, it could recommend' 
that member governments imple- 
ment the proposals through 
national legislation. 

The UN recommendations are - 
fashioned on U.S, reporting 
requirements hut in some 
respects go beyond them — snch 
as separate financial statements 
from parent companies, inter- 
mediate holding companies and 
individual affiliates, and details 
of transfer pricing, 

| Non-financfal requirements -to 

elude data on labour and employ- 
ment, production. Investment pro- 
grammes and environmental 

The proposals represent the 
most comprehensive disclosure 
standard to be proposed on the 
international scene. They were 
announced towards the end of 
last year, but their significance 
is only now dawning on com- 
panies around the world. 

The proposals have been 
enthusiastically endorsed by Mr. 
Kurt Waldheim, the UN Secre- 
tary General. He has made it 
wear that the intention is to seek 
enforcement by member govern- 
ments. There seems little reason 
to doubt that they will be 
adopted, if not at the May 
session, then later. 

Apart from misgivings about 
the proposals themselves, there 
is concern that once the UN 
document is approved, its pro- 
visions might quickly become 
standard In some developing 

In the U.K. the first major 
attack on the proposals has 
come from Sir Henry Benson, 
industrial adviser to the Bank of 
England since 1975 and a former 
chairman of the International 
Accounting Standards Commit- 
tee, He has criticised them as 

doctrinaire, discriminatory, and 
over-ambitious. He questions 
whether the UN is the appro- 
priate forum. 

He said he hoped the comm is-, 
sion would decline to accept the 
recommendations of the group 
of experts and invite the IASC 
to consider the problem instead. 

Elsewhere. multinationals' 
reaction to the proposals is be- 
ing co-ordinated by the Interna- 
tional Chamber of Commerce 
and the International Organisa- 
tion of Employers. In addition, 
the U JC. accounting profession 
is responding through Mr. Tom 
Watts, chairman-designate of the 
Accounting Standards Commit- 
lee and a partner in Price 
Waterhouse, who is preparing a 
submission for the British 

The ICC/TOE Joint commen- 
tary is being prepared by an 
ad hoc working party of the 
Commission on Multinational 
Enterprises under the chairman- 
ship of Mr. Graham Corbett, 
senior partner of Peat Marwick 
Mitchell In Continental Europe. 
Mr. Corbett’s US. partner, Mr. 
Joe Cummings, chairman of the 
International Accounting Stan- 
dards Committee, was a member 
of the UN. group of experts. 

The ICC and 34 ie IOE believe 
international standards are 
highly desirable,; but they are 
concerned about where to draw 
the line between “ weH-founded 
interest and . exaggerated 

“Shell” Transport and Trading, 
the British arm of Royal Dutch 
Shell, said the report was “mis- 
directed by having confined itself 
largely to disclosure issues 
before more fundamental agree- 
ment has been reached on basic 
accounting issues.” 

Id said: “We do not expect 
the commission to come to any 
firm conclusions In May and 
anticipate that the debate will go 
on for many yeara.” 

Ciba-Geigy said: “ Laying down 
obligatory standards is likely to 
be counter-productive, calling 
for a lot of time and work and 
yielding few usable results, un- 
profitable in its concept and 
wholly unrealistic in execution.” 

Nestle 53 id: “We oppose discri- 
mination against multinationals 
by putting them in a worse posi- 
tion than nationals.” 

Massey-Ferguson: “We regard 
the report as horrendous. It calls 
for information that we don’t 
bother preparing even for in- 
ternal use." 

Editorial comment. Page 22 

DRY. some sunshine. 

London, SJC. England, Channel, 
E. Anglia, Midlands, Lakes 
Dry, .with sunny periods. Max. 
11C. (52F.I. 

E„ N. England, Borders, Edin- 
burgh, Dundee, Aberdeen, Glas- 
gow, Cent Highlands, Moray 
Firth, Orkney, Shetland. 

Dry and rather cloudy at times. 
Max. 9C. (48F.). 

S.W. Scotland, Argyll. N. Ireland 
Dry with sunny periods. Max. 
10-11C. (5052F.). 

Outlook: Colder, cloudier 

weather will spread from N. 

largest operator of executive aircraft 
V- ; and detenpased to be the best’. ■ ...... 

■ ; For more' 

Marketu^M-at^Mr JoimKee 

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