Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats


bearings 


POLAND 



. No. 27,531 


& METALS LTD, fd. (07 >548 5125/6 


X- V* 


Tuesday April 11 1978 


COwlE FLEET 

Cars, Vans, Tracks, 


Contract Hire 
Finance : Nationwide 

49k.' COWl E FLEET DIVISION 

mfl £• Head Office: 

|m| MTLLF1ELD HOUSE: HYLTON ROAD 
sunderland sim7Sa _ 

TTL SU M3DJLAND 70M1. TELEX S37WS 


CONTINENTAL SSLUMQ PRICK, AUSTRIA Stfa.Ui BHfllUM Fr.ZS; PEWMAHK KrJJ; FRANCE FrJ.9: CEBMANT DM2-P; rTAir L.500; NgTHEWLAWH FL2.P; NOW WAY Kr.3.5; PORTUGAL fat-20; SPAIN PttsM: SWPEW KrJ-25; SWTT2gnAND FpAJ; DM Up 


key^s® 

iteg * arce * 
omb 
irobe: 
3 held 


BUSINESS 

Equities 
fall 3.8; 
pressure 
on dollar 

A EQUITIES lost 'ground as 


Pound’s fall leads 
to rise in cost 
of raw materials 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


Another 

Leyland 

director 

resigns 

BY ARTHUR SMITH 


Transkei cuts 
links with 
South Africa 


BY QUENTIN PEEL 


-\ f wll The cost of industry’s raw materials and fuel rose 

I field • equities grions as s j*»^ tost month, for the first tiine since last 

stock market 1 activity remained April. The increase was principally the result of 

. «“<! Tart irti-terrork, “*?“*“ ^ th<! “ SterMn S- 

ad detectives investigating fL,. 7R 7* However, the favourable trend costs fell by 7; per cent., has 

o, recent letter bomb attacks in ICU lo * D * rt *' .in outpuf/factory gate prices ended, the medium-term prices 

■ :-idon arrested three men ii a • GILTS showed further losses farced by manufacturing in- outlook is more uncertain. 

-■ies of raids yesterday. at the short end of the market, JSSSvJi® h-,! The index of manufacturins 

■■•.he rairic turtle ninoa. nn underlying rate of increase has 'industry & raw material costs 


Manufacturing 
Wholesale Prices 

- T " " IHRLs ■ WiriTN 
WATtSO* 1 CHANGE 

1 _ _ £w*tv Jcf, 1 1 1'sJa.-jr 


BRITISH LEYLAND announced TRANSKEI. the first tribal home- 
another top-level resignation land in South Africa to be 
from its car group yesterday, that granted Independence, to-day 
of Mr. David Simpson, the 43- broke off diplomatic relations 


; year-old former manufaclurinj: with its parent country and 
director. appealed, for international aid to 

{ Mr. Simpson was one of the help it join the “ struggle fox 
, members of the operating com- liberation." 

•mittee which ran Leyland Cars The announcement by Chief 
< under the management system Kaiser Matanzima, Prime Minis- 
i which Mr. Michael Edwardes. the ter ot the Transkei, to bis 
• new chairman - has n ° w ^Placed. Natl0 nal Assembly, stunned 
; J He wa ” 3 S ° managing director- observers in Pretoria 

I designate of Pressed Steel Fisher. Cape Town . 7^ ms no 

. reaction from the South African 


JOHANNESBURG, April 10. 


pfiANjE P5EE 5**76 

Bittern fontein V" 


The announcement by Chief 


;.ies of raids yesterday. at the short end of the market, -ST w The index of mamifacturlna 

VN be raids took place simul- but long-dated stocks chwed an- remained Veil doVn In rtnrie ,ndafi p5 raw “ ,ater, jl 1 «»** 

sa vrmsrz “ sms « 


npurcs ror toe rounn monin 3307 (1970= 100>. About half 
:• : “ ^ : >ht two men from'London were £2™“ ” - running the rise is explained by the fall 

i' *irged with offences under the 3 * 32 ‘ . S - U IJLJr re T- ItS in sfer5ln S and the rest is 

.-earns Act. ‘ A STERLING edsed un 20 fShort™ accounted for by higher prices 

: - 7r WerJd Sm hv points against th/dolla? to Budget st a lament by^he Chan- f^nort^d 'commoditiw Seh f S 

Two wre postmarked ‘ 

- *■ n.n J4-, Mr. Healpv ic cvnpciori tn sneak The index is calculated on the 



oviet official 
t UN defects 


Dollar eame under pressure. Mr Healey is expected to speak 
its trade-weighted depreciation [ or ™* an hour 10 an hour and 


widening to 63* iH.19% per cent. 


for only an hour to an hour and basis of an average value for 
a quarter. sterling last month and the 

The output price trend is re- |® ve ). pound so far in 


L . Arkady Shevchenko, 47, UN low of 87.461 XJ.S. cents, 
der-secretary general and the . . 


Canadian dollar reached- h new assurin a for the Chancellor and April is lower, pointing to a 

l«j .r Mici TfT C Mtifc : - , Further rice in r»ui material 


supports official hopes — likely to Further rise in raw material 
be reflected in new forecasts this C0B \ S - 


QRawMKPrMf-, j 

~m Mj nofaeturcis- 
■ HonwP'ices 


wholesale prices 

(1970=100) 


: The Government order 
authorising extra National 
i Enterprise Board contriba- 
[ lions to British Leyland was 


I government, but Mr. John 
Vorster, the Prime Minister, 
will give his response tomorrow. 
Chief Matanzima, whose deci- 


TRANSKEI f: 

ygEast Londo ^=ii^^^ 


approved by the Commons sion to accept independence in 
last night without a division. October, 1976, was condemned 


- jior Soviet official in the UN • GOLD slipped SO cents to a ft e moon thal the 12-month The index of output prices 

-Oretariat, has defected, the UN SI 78.875. South Africa is to rate of price j nflation will charged by manuFacturing 

: ported. Page 5 revalue its S^d reserves at a remain in sincle figures for the industry rose by per cent_in 

market-related price. Page 4 rest of 


ambeth meeting V ■ ‘ : 

• TIN pnees rose. sharp 

-lanned by Front ^ <, n otaiJon dosing 


lalue its sold reserves at a remain in single figures for the industry rose by \ per cent, in 

rket-related price. Page 4 resi of this year. The rise was March to 2S0.4 (1970=100). This 

- ^ 9 5 Per cent, in the 12 months follows much larger increases. 

TIN pnees rose.sfcarplyr the 10 mid-February- totalling 2.2 per cent, in the 

ih quotation dosing £260 The rise in the cost of previous two months, which may 


' big public meeting in the * . ■ '• ' ' . 

^-claJly sensitive area °f |Tqin £pcrtof|ne - ■ ■ ^ 
r ambeth Central where a by- T 

action is to be held next week. 1 

Front is barred from march- |U >PI V 

,: -r in London under the two- | 

. ,7'oiith Metropolitan Police ban roM JWf~l 
political marches. NUR and v {B|/ y I 
: "~e National Front, Page 10 .. Jf_ I 

* /rincess resumes — - — | • ; 

..7'rinces Margaret resumed her wW.f%jk 

■ -tgagements yesterday after ' 1 II WV 

- - .‘covering from red -fin. Capt ) R • Ji 

t ark Phillips, husband of ' niiiwnMiiir ' ; - ' 

.. "‘fincess Anne, was: fined £15. at \ . StiHfili f 

■■ ow Street Court for speeding: IfflHHBS flffiT 

endorsement of tils lieetico was „ -te77l 1 » i - *-m 

' '-rdered. Prince Andrew began P^dct ww na j w us'.wfl 

• - parachute, course at: .iLA-F., . _ \ - ' V’: 

. crize Norton, Oxfordshire. Mr international Tin CouheU 
;:-icbael Shea, former deputy -week wiH coneidej: 


worrying for price prospects in bunching of rises at 
1978. especially as the rate nf lb* T ear - 
increase in earnings has The underlying 


months for a rise in raw six-monthly rate, expressed on 
material costs to work through an annual basis. This has been 
fully to retail prices. But now continued on Back Page 
that the favourable trend of the , . „ _ 

April-to-February period, when Editorial comment, Page 18 



Output 

Raw 

{Home Soles) 

Materials 

1977 1st - 

24S.C 

3415 

2nd 

2S9.2 

347J 

3rd 

267.7 

3405 

4th 

272 • 

3305 

1978 1st 

278.9* 

3265* 

1977 Oct- 

271.0 

333.3 

Nov. 

272.0 

329.9 

Dee. 

273.3 

328 J) 

1978 Jan. 

277.1 

324.9 

Feb. 

279 J * 

3247“ 

March 

28C.4* 

330.7* 

* Provisional. 



1 Against Tory opposition, a internationally as a product of a ***.—&- — ■— ■ ■=>■ ■— ■ —+ 

! second order raising the “ggj Gove^men?? dor t0 Umtata sent back on the 

NEB’s borrowfng powers from « ® fi 03 n , „ j 61 !!® * same day. 

£70flm. to £lbn. was carried d Son P to inc^orate Die Chief Mataqzima's decision is 

by 279 votes to 252— a Govern- neighbouring E®t •*“«»«• «« result of other 

ment majority of 27. Griqualand into the province of ^ “ft 

Mr. James Prior. Tory Natal, and not into the Transkei. Sf J™ 

spokesman on employment, “We can no longer take it.” !Fi Ue 

pledged that a future Tor* ^“^"beratto aiortrt ffie Ss oP foreian 5 

Government would continue compelled to join tne liberation .. . - Sou , h Africa while 

the British Leviand rescue S ^ 

operation provided the com- b [ a dt S * n d whites, with blacks Afri .^" blacks, they are treated 

pany met its financial and CO ntrollina the majority. • n0 d lff erently from the rest of 

production targets. But be “To us it Is a declaration of ~~ 

warned that drastic changes war against Transkei. Knowing Dr. David Owen, Foreign 
would be made In the role of the strength of South Africa Secretary, and Mr. Cyrus 
the NEB. militarily. Transkei will bide its Vance. U.S. Secretary of State, 

Parliament, Pace 12 ^ rae f)efore taking up arms to are expected to visit Rhodesia 

recover the land that has been next week to try to persuade 

, . cynically raped from iL the intentional Government 

rM?^ rapaniesselup 

'Five of the 10 members of the a t winning imerhationaf recogni- with ^ Patriotic Front Back 
operating group have now left: ti 0D , 50 f ar denied, for the "age 

the others are Mr. Derek former homeland, rather than — ■ 

Whitlak^. managing director, forcing South Africa to back the country’s black population. 
Mr. Geoffrey Whalen, personnel down over East Griqualand, a The enforced repatriation of 
director. Mr. Keith Hopkins, sales wedge of country which divides squatters from Cape Town has 
and marketing director, and Mr. Transkei into two. It could also also soured relations. 

Je !7 y vi anry - rtirerlor Df service be a move to stop the recent The move must put Mr. 
""•SiSIft- u m. fi P ale °L defections from the Vorster in something of a 
PI ? ,s Mtile doubt that Mr ruling Transkei National In- quandary, although, if the former 
W j? n „ have . A° dependence Party to the opposi-. homeland were to win the inter- 
rw w , . , national recognition it wants, it 

Other resignations slightly lower Chief Matanzima emphasised would he a major victory for the 
m toe Hierarchy and at mrddfe t,j S country's economic depen- policy of separate development, 
management level are also de- dence on ' South Africa, which Given the degree of Inter- 
piefing the company’s mana- provides some R160xn. (£98.4m.) national hostility to the South 
sen al resources. * of a R240m. (£t47.8m.). gadget African system, such an outcome 

*iS5? it ■ Sh 2^‘ “Nobody should doitot the reac- j s highly nnlikeb Chief 


Source; Department of Industry 


OCT WW OK JW 


Europeans may bid for 
British Steel plant 


BY ROY HODf.?N 


pany met its financial and 
production targets. But be 
[ warned that drastic changes 
would be made in the role of 
: the NEB. 

Parliament, Page 12 

one of the new companies set up 
by Mr. Edwardes. 


Dr. David Owen, Foreign 
Secretary, and Mr. Cyrus 
Vance, U.S. Seeretary of State, 
are expected to visit Rhodesia 
next week to try to persuade 
the transitional Government 
to take part in a conference 
with the Patriotic Front. Back 
Page 


-4ews of Moro 


778:65; 


1 • £5- ■ 1 tin usn \ sieei v.orporauuii 5 re- ^secretary, tom tne uommiKis aow»re ummtu » huiwww* “ri-v, » wumigucw ™uau»uaic 

,1 hh • U5. TREASU^ Bill rates at I duqdanr, works, if Government yesterday be had no knowledge written-down prices correspond- Erector of us jf they withdraw financial tribal homelands into . geo- 


wh/v Maim fh#» ■ .. „ auqaauf . wariss. ir uu»wuiuc<« yesieraay ne aaa 

' ilfn^^SSer ItaUan pre. toe- weekly backing can be secured. of any proposals 

- - JdDap- w lonner uauan rre- MmX / fi.7171 oer _ ... .. . c, on i n i, nh. 


sell off ing to their current value in tound^ operations. aid from us. It will be what we graphically and economically 

ivate in- British Steel’s books. t ?J2 expected them to do Tbeyare viable units, 

tl plants The new figures for British 1 F®P abl J doing anything. They To give in would encourage all 
fut Gov- Steel's losses were given to the E b3V . e be ? D c ?P aW ® of starving the other homelands to harden 

said in Commons by Mr. Gerald Kauf- S Ls^o^e^ew^ecentr^i^d us J or “J®,®® * . . their demands for land currently 

nm Mr. man. Industry Minister, and P_ n iL?rf KJSfXv Transkei would accept aid farmed by whites. 


. -Tom oig. rouiu. 10 auu xisux uie udu» ui .v»w j--- - --- u P M a i P .wilsnn Hnnvpr- Follow an imoroveraenl in tne — from any country wxucu oucrea 

Appeal to the Government to meeting inRann to discuss ways Mar 4 * ofaboui£44Dm., ^ ro- MP for tlie m bw ‘ p orest Corporation's order boobs j n opp0sed by roai,y senior^ he sa id. Britain was 

legotiate openly with theater- of- prorobting economic growth, less than forecast in January, vative MP- for the New tore^ rerem months, partly as a result noanagCTS. particularly obliged to come to 

\ orists. Page 2 Back Page.. * One steelworks known to be Mr. Varley will t^day receive of the Davignonplan for curbing * h In the assi8tance of. what was a 

attracting attention from over- a letter from Mr. McNair-Wilson “heap s tee! imports into the EEC. hISSSttmSi former colony. 

-.Tanker rescue n mnv mirh seas is Glengarnock in Scotland, uking for cianfiraDon of the Th ^ c i osures of n id an d high He said that his ambassador 


Britain was r in New York 


ranker rescue Tflnfln mav rurh 

■ fbree casualties from fe J4JWU IU4)' LUIU 
' Siberian tanker. Tarseus, 38,912 Tt Q nn r c ql A c 

' ons, which had called for..\pwijw Ldl hdJC5 


seas is Glengarnock in Scotland, gnat cor aannraaon or uie The closare , of nld and high ^ obJectives^aWsh^ 
A West German steel company Governments posmon about the cost WQrks are a , SD starting t0 JJ 1 “L gj2y " * ““ 

has been assessing the possi- sale of old steel plants to have an impact on British Steel's b3 L , * .. p /' __ 

bllity of taking oyer the ageing private companies. finances, to every case producing Toolmakers dispute. Page 10 

plant, where open hearth steel- in answer to the same question f ar greater savings ;ban the cost . ~ ~ _ 


and consuls in South Africa 
would be withdrawn from April 


Sjn* SLKW-1S757 . BUSToOSTSO 
I mnoth D.M-OJfi prem.f. lOodU O.OZfin 
Jmnalhe 0.14^X09 din ■ 0. 13-0. 14 di« 


insist ance in the Atlantic, were. j.'.. _ ' Plant, wnere open nearui sxeyi- in answer to uie same question f ar greater savings than the cost 

-^3own to thO^Ark Royal in a heli- p JAPANESE .car makers qjaking due to end under the Sir Charles Villiers, British Steel i 0 the Corporation of redundancy 

’ooter from the- aircraft carrier. /onsidenng voluntao' r^trajnts British Steel strategy. The chairman, bad told Mr. McNair- payments and other compensa- 
‘ p - ‘ • /on their exports to. the U.S., their sleel ro i]} Dg s jde of Glengarnock, Wilson that British Steel would tioo. 

Rrncht’S dea.t1l biggest overseas market. The which makes rails and structural be ready to discuss such sales; Mr. Kaufman said yesterday 

- • • J Japanese Government has tom j S a j so seen by the Cor- although he added a warning hi» v.-.-iuld prefer to await tbe 

Baron Charle5-Viclor Bracht, tue - the industry that it wants sales po^tiQo ag having only a limited that the equipment was old aod Corporation's audited results 

. Belgian businessman whose bony to stay at about the same level, future. would oot be suitable for modern before giving a firm figure. He 

“ “"ft year -‘ B “* '**• - European stool mtetust, are economic oporattoo. 


f rubbish dump, died of ir 
'inflicted during his .fcldn; 


YKK fasteners, a •.ub-'lalso-Mnsidering other old^steej- , 


‘inflicted during tt.nm Jana^szto’ manufac- ^ng plants to tW British who are sounding out the British tin gen ties had “forrni 

nearly five weeks ago, the^ublic ®. f . "JJS® * ip tn w, steel emoire which have recently Govemmeofs attitude towards proved not to be required. 

I prosecutor sard in ^ntwerp. mrer.^Ujpm.d^np teggjtt dseto the sale ot old steehmrka calou- Parliament P^e 12 


Jnm**** 2 C fi^Pbnd its ,UJC production. 

- nr l® rae * IS ‘dig-/n* # UKF fERTKUSERS. a sub- 
~ C- L - . Israeli occupation .^forces ..ap- sidiary of the Dutch DSM chemi- 
. peared to be /consolidating cals group, will invest £25m. to 
* strategic positions ‘ to south new plant at luce on Mersey- 
^Lebanon despite 11 promises to side. Back Page 


hegin a partial withdrawal to-day. 
Israelis were reported to he dig- 


to side. Back Page 


Slacking’ row stops the Sun 


GOVERNMENT is relaxing Its 


FINANCIAL TIMES REPORTER 


W M^XrSe 0t rS PnWieaHon Urn Sun non. 


Middle East, Page 4 




j Cold snjap 


Sea oil which should be refined Ptm 
in the U.K. Until -now, .tbe Gov- paper 


suspended 


Cold weather from the' Arctic Back Page 


eminent has been seeking to 
refine two-thirds in the U.K. 


HfcjW i’P' brought blizzards, black ice and 

snow showers to Britain.. Brack-. # UNIONS wU] be urged by the. 
&-Z ? • nell Weather Centre said: “It transport workers union to fight 

could be with us for a few more against the Government if it 
W days.” Forecast Back Page > - further stage of pay 




Briefly..- 

A Belfasi scrap metal dealer and 


policy. Back Page 

COMPANIES - 


night. . The management said sinned until such 
.the paper would not reappear undertake to h 
until workers agreed to oper- agreements, to 
ate several presses “blacked™ Sun operating Un 

in a safety dispute. nominated by a 

This appears to be The latest and until the; fi 

attempt by a Fleet Street take to use t 

■ management to take a tough endeavour on all 

line with individual unions... complete the pn: 

The strongly worded state- C ofrfv fartnr 
went said that 10m. copies of gaiety iacior 
the paper had been lost The dispute eo 


themselves. 

” Publication will not be re- 
sumed until such time as they 
undertake to honour their 
agreements, to produce the 
Sun operating those machines 
nominated by the company, 
and until the; further uuder- 
tafce to use their utmost 
endeavour on all oecasious to 
complete the print order.™ 


three other Northern Ireland pre-tax Pre fit of through industrial action this 

bnsinessmea'.- are seeking to buy £4 0~-6tn (K9.4m.> in the i _ ax year, more tbau 800,000 of 

Aintree racecourse.. months to December 31. Page 21 the pre vlous three 

v • WI iisavc sitii rJnimprf lhaC it fflCPfl 


A - ground and air search was 
launched in Northern toeland lart • CADBURY SCHWEPPES faces STchicf eiem- 

TLcr, -.mi £>» .'s-at S"L de ?i S S SK, wvs 

'^ P k S ^ : f^LS coS^ Page 24 ; ,^med to have dismissed 

Brighton magistrates Issued a • ULTRAMAR could become 
fresh warrant for the arrest ot embroiled to a legal battle in . ’ . 
businessman Mr. John Gaul, now Canada if it is successful with a 

i n Malta, for the alleged murder bid for the Come By Chance' ha European news V— ^ 


days, and claimed lhat it faced 
“industrial anarchy." 

Mr. H. G Hardy, chief execu- 
tive, said: “News Group News- 
papers has told the joint 
machine chapel that they are 


The dispute concerned sevr 
eral presses, including two of 
the more modern and faster 
kind, in' discussions -'With the 
chapel the management had 
maintained that no Safely 
factor was involved, and that 
during the nine years of the 
Sun’s existence no one in the 
machine room had been hurt 
by a plaie break. 


The safety of the two 
presses over which the dis- 
pute originated was examined 
at the chapel's request by a 
factories inspector who de- 
clared himseir “ completely 
satisfied "■ "with the safely 
precautions. 

“Last week, aflcr a strin- 
gent test in the presence of 
chapel officials which re- 
vealed no safety hazard, the 
company. decided that the situa- 
tion had become intolerable." 
At (he request of union offi- 
cials (he management ' had 
agreed to wait . until last 
night's chapel meeting. 

Tbe management said It 
took its decision after a meet- 
ing or the chapel of the print 
anion NATSOPA again refused 
to operate the machines as 
requested by the company. 


of his wife. 


refinery. Page 7 


CHIEF PRICE CHANGES YESTERDAY 

fpriees in pence unless otherwise Yorks Fine Woollen.;. 41 + 4 
indicated). - - - * Hong Kong Rubber ... 1=» '+•£[ 


. RISK 

Bishop’s Stores. A ... 140 + 8 
DewhlfSt'ff- J,) -85 + 5 


Fisher (i) 
Hawthorn' Leslie, 
Home Cftana ...v 
Johnson Qeaitos. 


240 + S 
^ 70 + 6 
.. 220 + 4 
„ 88 + .4 


Letraset r : 252 + .6 

ML mdgs. 102 + .4 


Neill -LksJ' fifr + 3 

Ratcllffe (R &) Inds. 70+5 
Ratnere': ;-. 107. +■ 6 - 
Rowntree Mackintosh 393 ■+ 8- 
Scot & Unvrsl. lavs. US +. 6 
Sunpsoh-fS.il A' : 88+6. 


‘Afrikander Lease ... ^ J® 

Tasminex 70 + la 

FALLS 

Beecham WO - 9 

Glaxo 310 • T 

Goode Drrat. Murray 20 - 4 

.LiPfood }30 - 7 

Mothercare 4 

. Hartebeest fJJ L 

BekoAtfansend 447-10 

-Tara .-Explorarioa ... KB - 3& 

UC Investments 220 - i 


European news v— 

American news 3 

Overseas news { 

World trade news * 

Home news — general 

— labour 10 

—Parliament ... 12 


U.Sp economy: Looking for 
aces' up Carter’s sleeve ... 18 
Immigration, the Tories’ 

paper tiger 

India's untouchables 4 


CONTENTS QF TODAY’S ISSUE 

... 2-3 Technical page 23 Euromarkets 25-26 

■ i ft* II W.1! sir«f SO 


Technical page 23 

Management page 15 

Arts page 17 

Leader page 18 

U.K. Companies 20-24 

Mining * 22 

Inti. Companies 25-27 


FEATURES 

Split threatens Italian 

labour movement 2 

Turkey: Ecevit’s first 100 

" days 3 

Cable maker's dilemma ... 15 


Foreign Exchanges 30 

Farming* raw materials ... 31 
UJL stock market 32 


Japanese mutual banks get 

together 27 

Clouded future for Sierra 

Leone 28 

Bacon eurers protest 31 


Awrinimmu 

Appolnbrumts ASvts. 

BuslfieK Oppts. - 

. Crassvnrd 

Entertainment Guide 
FT- Actuaries liulkeii 
Leturs 



■ i ill 1 WIMl 

ANNUAL STATEMENTS 

‘ 16 

TV and Radii 

16 

ASSOC. Biscuit Mnfrs. 

21 

ts 

Unit Trusts 

35 

Boatson -CM 

21 

23 

Weather 

36 

Chamberlain Grp. ... 

22 

16 

WIib 

16 

Kush Madcay 

23 

' 8 

WDMd Vaiuo of E ... 

22 

Provincial BWs- Sac. 

21 

3MB 

Base Ludlmi Rata* 

33 

Scottish Wrav. Instn. 

22 


Lambert 

Men and Natters .- 
Menor Market 
Raring 

Saleroom . 


For latest Share Index 'phone 01-246 8026 


Toolmakers dispute. Page 10 I30. and South Africa's ambassa- t2mnotii»l lJM.iQdto 

14 places to set foot 
in France. 


CCIO AJACCIO AJACC 
RW1Z BIARRITZ BIARR 
AUX BORDEAUX BOR 
/ILLE DEAUVILLE DEAL 
AULELABAULELABA 
.LE ULLE ULLE ULLE DLL 
LYONS LYONS LYONS 
LLE5 MARSEILLES MAR 
ANTES NANTES N ANTE 
CE NICE NICE NICE NIC 
SAESNlMESNIMESNIMI 
5 PARIS PARIS PARIS P> 
RG STRASBOURG STR. 
SUSE TOULOUSE TOUL 

Air France can fly you fronri Heathrow ro 14 destinations* in'Fronce: 

Ajocoo. DJcamrz, Bordeaux, Deauville, LaBpule, Lille, Lyons. Marseilles, Nantes, 

Nice, Ntmes. Paris. Strasbourg &Toulouse. 

A Fly G Drive car con be waiting for you ar many of the airports. 

You can even rake advantage of our Spouse Fares— o reduced rate for 
your husband or wife should you want to navel a deux. Or Instant Paris, a return 
fare of just £47.50 which you should book-no earlier rhan 2.00 pm the day 
before you ffy- 

And if you’re flying from Manchester, -Air France can rake you direct ro 
both Paris and Nice. 

All of which puts France right at your fingertips. AsH your Travel Agent for 
full details. Or contact us direct. 

•Banttz. OeauviUe La Oaule and Ntmes are saved in ihe summer season only. Sendees to. 
Bofdeoux, Lyons. Mcra^les. Nice and Paris ftr w i m*mm jn jay / 

co-operofion wtrh Bmtsh Airways. . AwR vC Mt/.-.' 


J ,S6 New Band 5nw, London VI ReseNohons. Qi-499 9511. Td^ Offxu? ond Passenger Sates Depr 01-499 861 1, 
i UK Head Office and Adminiaiqrion. 01-568 441 y Manchever igsavonore. 061-652 7831 - 








EUROPEAN NEWS 


Financial Tm&i Tuesday Ajail' 11 197 : 





W. German Government 
facing test over wages 


BONN, April 10. 


Lambsdorff 

calms 

loans 

worries 


Moro’s captors reject idea of secret de 


0 

e 


BY OUR OWN CORRESPONDENT 

AS TOE ITALIAN authorities they rejected any possible, 
maintained stance an the latest deal with . thei GovSnma 
developments m the kzdnatmlne free him.'Tha 


HOME, April 1 ; - 


maintained silence an the latest deal with ■ tte M 2 ro was ^ toxa ? co»tainin« psychological duress. . 

developments in the kidnapping free him. The oSSffi^isf what to -be an appeal.. Earlier to-day, the Rom ' ' 


ET ADRIAN DICKS BONN. Aprtt 1ft YVOmeS wFSfiK SSSMSE Sw * 5535^^^ SSSSVTBSW 

__ to hold the former Christian Christian' Democrat l he ' were -J^2 Purported to he v-' !. V . 

THE WEST German Govern- tion procedure. The union has regions the job security and wage . FRANKFURT, April 10. Democrat Premier said no secret Communists and mum-natinwJ 5 t 7,^i e ^ ror o^ by Sl f‘ ^ oro . to his wife, •’ ' 

merit disappointed at what it announced that it will hold a grade protection clauses, while the p~ ATf t , h negotiations would take place for The GcmenjmSt S? , W I^SLVSr 1 ”* by .security’ ■' 

consider Mly a barely acMot- 5tTike ballot there are also minor differences ** £ e ^ ^ country’s SW. ^ ec&ve tenns * he «■*«*■ ft** ; - 

3 hli« mv rfpai fn rtu> mptai Work in the metalworking and in the size of the lump sum pSS LS??^ ex ' ^ copies of ** Communique, ing the Communists have r'^at" famMii*** rmaMim iipm 1 B*k U 2Ei not been da/..'-’ 

able pa deal m the engineering industry resumed to- payment develoDin ?!^?^ 511 . lendlI ? g l ? number 5” found in Rome, edly stated that they tntmoi top lev^V 

working industry, will have to day ^ Noith Wuertt emberg- With the general adoption of « 5 . Milan and Turin to-night, the surrender to ImrtKbS&S 9 S3 SSSSHt - af V- ' ■ ‘ 

set an example of its own m the Nort h Baden, amid strong indict 5 per cent in the sector over the W«t ^ terrorists daimed **«* Sig. More A further mSSge SS wriSSMfce Jotto-^he hid done - 

iKKTi.’satt ssasj- ^.teay. ssrss - - » *» ^ 


mg their climax in Stuttgart for ^ »ded“W U.r« and a mSS h.« broken tK " T " 3, ~ s ° * 

2 " 2m - public service employees, ^aif week strike in the region is silence on the Stuttgart settle- rowers will riS? ?? r ji<iPL.ST TMDCATEMC rtai ia«u nuiAk.' 

The negotiations, said by both going to become the national ment reached a week ago. Count chain reactiS?^ ihoui^ THREATENS ITALIAN , UNION MOVEMENT 


by PAtA'BFrrS. ROME, APRIL 10 :‘ 


auc ue|wuduoii», btuu uy uuuj gums w wtuuic iue uauuuoi mum reatcueu a wsca muni Cfiain reaction should one ^ bwi* mviMTiMi » . . „ i 

sides to have reached a decisive norm for the Industry. Otto^ ^Lambsdorff, the Economics country dpfenir m itc inane kI , - , ^ ‘ • -■ 

p^ase to-day, are being con- During mn-,t of last weelL Minister, said the 5 per cenL' in- said. ^ n &e iT 1 " a" ‘ *■ • 

ducted by a committee of employers’ federaUons in other crease was “still iust acceptable,*' . .. . . . I B|(j fi)^ tlOlltl/bQ | HQlTlTT’ ImA 

federal, state and local govern- parts of West Germany were but he warned that it must not lending by Indus- i. wC lBI fc iLUWh^ if lji B 1 Ba ft, ./f I • Bl/|| 1 W - BBiBar* 

ment officials headed by Herr publicly attacking as too expen- be allowed to set the pace for coun ^ ie f t0 developing O B 1 *®**- * la aV' Ajj 

Werner Malhofer, the Bonn sive the 5 per cent, wage other industries. w 2? ho th normal and- ... . m* 

Interior Minister. increase, plus a DM411 lump Count Lambsdorff has also U ■ BY PAtR.'BETTS, ROME, APRIL10 ' 

coSpJSi °to e S?ims 7 for' 73 *^ 2S5»iyff2nSSS th« ended Si°^*^d te |t» U ^ds e *ta bl t£ S f° toWd development ^ thr *l ep ^ e . in , a ^trart^struggle economic and social crisis.' Sig. two months of intense net^ 

cent and 65 ner cent by the the strike and lockout of some Social’ Democratic Party with recipients which lately has severely tested Lama's controversial proposals in tions, Sig. GiuHo Andreott 

fro JSn uniw inSIlved^ Pei ^ 240.000 workers in North Wuert- h^clefence of^flock^tMdS 2,?!?* P®tenpaL ^Lenduig .thm week io . avert the the fragile unity of the official January for moderate wage Prime Minister, consultet • ' 

S 0 uir a LnTo?isTSpaidYo temberg-North Baden. SawPS SVnoXwS ZS?t2B*JS? flTexS ^bour m<wem»L ^. cl«ms the acceptance of the unions on his new GoverJ: 

the unions’ demands for addi- In practice, negotiations over temberg - North Baden metal from borro^^rmmSef^S row in nart Sdirectiy^ senerated \ Pn« k P ! c «> f iabour mobility and programme 

tional holiday, with the the week-end have led to the 5 iudustry dispute and by the Xj. SBESS'iSS S the S^Se of f on^r ^? a T < * ed »» the need to reduce the overall The question now is wfc.-. 

employers arguing that each day per cent, pay rise being adopted printing industry employers a industries 8 Premier Aldo Moro between. Sic. SP ?? 5 Qi have^yet to be the union movement hat- - 

represents an additional 0.4 per in four other bargaining regions- few weeks earlier. Over the r ' . Luigi Ma carlo the secretary^ mnderntP aec .^5 ted by a ““fused and strength to exert jiutouGni • 

cent, on the wage bill. In two more, including North week-end. he once again insisted f 01 “ t Lambsdorff said that de- g^ ra i of\£e' S approach disgruntled rank-and-file, its recently acquired power 

WhSe it was not yet clear to- Rhine-Westphalia. which is the that hts defenS of the I do P “8 „ countries haw ^?Slp5ed aSL^fSeSaom^ Althou8b , tte uni - 0fl ““ft J?S5 11 *» “ *° d 
A nw hrtiv miii-h flpvihilitv Ic hpino larppst. similar terms are emninv-rc* ip« a r rioh* tn roanr-t generally shown themselves to rii'Sl P T T J ^ lsvUy . enticKed^by Sig. Giorgio anoaremly recognises that, with dent force representing the 


ilm 


day how much flexibility Is being largest, similar terms are employers 9 legal right to resort sftown themselves to 

shown on either side, both have regarded as only a matter of to the lock-out was the view of oe 80oa Borrowers, 
already declared that in the time. The employers have, bow- the entire Bonn Cabinet, and not He said that while there has 
event of deadlock, they will not ever, apparently held the line merely of his own party, the Free been a general trend towards re- 
resort to the customary arbitra- in refusing to extend to other Democrats. duction of balance of payments 

deficits, the large U.S. trade and 
current account shortfall remains 

No crisis in relations with U.S. llS£F“ /d ^ 


BY JONATHAN CARR isujnjn. April IO. aooui me strong nse or roreign rcuerauons naa enecaveiy tor- guveiumeui ior me nrai tups m •—*-* r— *.- ~‘°r f. h . — a , c_ - 

lending by Luxembourg sub- mnlated a joint policy. In a 30 years. • hers. In so doing ithas alienated \ 00 .^S ^ 

WITH THE visit to Bonn by the view to-day. suggesting that re- But it is agreed that the sidiaries of West German banks, newspaper Interview, Sig. Lama Now, with the Communists “ e ^ a t mass of jobless^ yoirng & om, . 

Soviet President, Mr. Leonid lations have reached a new low neutron bomb decision (or lack he said that such lending con- spoke unambiguously about directly supporting., fhe^ new PWpie account for about 70 ■' 

Brezhnev, now less than a month in the wake of President Jimmy of one) has not increased West tinued to expand in the first terrorism, urging the rank-and- minority Government, the. kid- P, er ^ errt - o*. ™ e J®* ijnem- Christian Democrat Par£a fn " 

away, the West German Govern- Carter's deferment of a decision Germany’s prospects of fruitful quarter of 1978. While this file to oust all extremist elements napping of Sig. Moso and the Ployed- When Sig. Lama . ^ recent asreem«tt 

mem is seeking to avoid any to produce the neutron bomb, talks with Mr. Brezhnev here at eases upward pressure on the from the official labour move- possible threat to the Com- addressed students at Rome Um- c ominun j s i£!’ whh-h V 
suggestion of a crisis in its re- Contributory factors arc said to the start of May. On these talks Mark in the short-term, he ment He condemned firmly munists from elements on the versliy last year the rally ma nth ended Italy's a* ■=’• ’ 

lations with the U.S. be the dollar's fall and problems hang hopes of an improvement warned that it could pose a union members who, while extreme left of their own party, degenerated into a riot. government nrisis. Rio T *- : 

In a week-end interview the over U.S. enriched uranium ship- in East-West German ties, Includ- danger to the entire West Ger- rejecting the Ultra-Left Red Christian Democrat union mem- Italian unions have gained the ;L-jH nT , h r l5 »* 


BONN, April 10. 


uic central economic proo- limelight by speaking on behalf should call for a radical chance eroucu u- umujiuiu# luunuan. .r""?, “ fcUU 

lem of 18 ^, and is tied to the of the labour movement as a in union policies at thelv'ery time t 5 e s ^ m ®. ^ me - 'moire- . 

undervalued dollar. whole before the C1SL. the CG1L that the Communist Party was “«? J 8 ® teade«l generally to . 

Sounding a note of concern and the smaller UIL con- seeking a direct partldpation in ? 8 M almost “cicely for the ° ' 

about the strong rise of foreign federations had effectively for- government for the -first tUpe in of its slgned-up mem- : 

lending by Llxembourg s!S mnlated a loin, policy. In a 30 years. . . ■ ■ »"■ In so doing nto aUmated joojgg.te : 


In a week-end interview the over U.S. enriched uranium ship- In East-West German ties, includ- danger to the entire West Ger- rejecting the Ultra-Left Red Christian Democrat union mem- Italian unions have gained the po-jflon mar” he" 

Foreign Minister, Herr Hans meats to Europe. ing perhaps a meeting between man banking system if one Brigade group, which claims to ^ ers claim that It was perhaps political status that goes with nictated bv Dartv rnnqiflA^i - 

Dietrich Genscher. insisted that Both German and U.S. officials Chancellor Helmit Schmidt and foreign branch were to become hold Sig. Moro. advocate setting not surprising that Sig. Lama being called the country’s m., union i Bad mhiniR An 
despite some differences, basic here suggest that in- fact both th e East German leader. Herr over-exposed. . up “a new state in Italy should take a formal stand “ seventh political party." When meet i ater ^ “ j"' 

ties between Bonn and Washing* sides are closer on both the Erich Honecker. The 21 Luxembourg unite of In effect, Sig. Macario claimed against the ultra-Left. . the mechanical workers came out indicated it intends to r«' 

l< * wSS al Sf' f rp£nM Sfl^rhPv'S?? penerail^ri^mpri - - Rlr - E r«bnev wrote a particu- West German banks comprised that the Communist union leader a 1110 e .°^ growing political on to the streets _of Rome in tfa e . threat to its unity. Bt • 
Pr^q^nwpo^tnnk 6 ? ^ geDera ^ y claimed Jar j y strong letter *o Herr 5 per cent of the total business should have consulted the other ™ience. student unrest and December,- the event was given already looks like being onl- 

Press however took a different to he. Schmidt some months ago warn- volume of the West Gennan confederations before making a mounting unemployment the unprecedented live coverage on temporary compromise at ' 

ing against German support for banking system in- 1977, Count formal statement on such a con- uni on Leadership is under In- television and forced the Com- delicate, moment for the coor 

^ i* M the neutron weapon. The Soviet Lambsdorff noted. The issue of troversial issue on behalf of the creasing pressure. The movement munist Party to demand openly Much wiU depend on the polif ' 

f 0(11 I PCPTiTlOiH Bill SB 11 S3 sC Union has recently made it clear whether to tighten control over whole union movement In prac- faces a painful dilemma follow- a greater voice in power- Sub- developments in the wake of 

^ AAiauMJia oncp more tfaat Bonn att j lu j e ^13 j,as been a point of tice, however, it is not so much ing the problems and contiradio- sequently. when a political agree- Moro’s kidnap and the econri 

by min own raBRRPnNnnjT TinvNr Anrii io tb e weapon will have a strong contention between Bonn and a personality clash as the latest tions brought on by the country's ment was reached after nearly aspects of the country's crisi • 

BY OUR OWN CORRESPONDENT BONN, April 10 . beariQg 00 Mr Brezhnev’s talks the private banking sector for • • =. ■ 


Cool reception for Husak 


BY OUR OWN CORRESPONDENT 


BONN, April 10. 


MR. GUSTAV HUSAK, the only governmental relations In the West German capital. some time. 

Czechoslovak President and "but also the development of While in favour of the bomb These branches must be 
party leader, was given a cool tbe conditions of ordinary people as a bargaining counter with the equipped with adequate capital, 

reception when he arrived here in neighbouring countries." East, the West Germans have he said, and the issue of mini- 

for an official visit to-day-— the Bonn, which hope* only for long publicly emphasised that a mum reserve requirements in 

.first by any Czechoslovak head some improvement in the climate decision on production lay solely Luxembourg must be handled 

of state to West Germany since of relations, will also raise the with President Carter. Tbe pro- with the “ greatest possible 

1918, and the first paid by Mr. long-standing irritant of exit duction itself, therefore, need caution ” 

Husak himself to the West visas for ethnic Germans, agreed not be a matter of dispute be- *h « fiorman 


Central banks 9 concern on dollar! 


BY DAVID WHITE 


BASLE, April 10. 


THE POOR health of the dollar Some hankers were entbusia- exchange markets last week, 


nusax uunseu io me west. visas ror e tunic mermans, agrera not oe a maner ot dispute oe- n. 0 ,j:.. th „ tir OC 4 norma r ^ vu “ **''“*“* «« ^ a ujwcuua- mui « 

Prazue is anDarentlv hDoine t0 ln Principle by the Czecho- tween Bonn and Moscow. . “f jjL? t Dt and the possibilities for a wider Stic a£out the possibilities of remained the bankers underly- '■ M 

maiSy 11 for positive results P on s J ovakfi when the two countries But concern at the U.S. might Lambsdorff said he expected its Eur °Pea» monetary bloc was a system which had the Euro- concern. The frading part- w 
the trade front'Se rounSyi C '™1 ref use f reduction forced fu£e n ^fypo 5 ti^^^^^^ examined by central bankers pean unit of account as its ™ lor^lne^ SteraStion P 1 

already Ihird most important ne er Bonh oyer the last week to show to continue during this year. The from the top industrialised reference base, as a . counter- hu ns_ apthnHfips to * 1 

among. West .Germany's trading S^tiked* i&^^SSS DM65bi£public sector Nations; meeting here •^^z:^ 5 ^rto..tte,dolte. .io..iv]>W> J 

partnere in Eastern Europe. ev i^S, beS^TorSd SSf - • • • 6 “ C . Brezhn ^ v borrowing requirement in 1978 The - bankers' discussions, confidence ^ been^undextntaed. AJ^ig with other jxrobleinatbe 

On the West German side, somewhat on to 1 the defensive/ Further, the Way in which Mr sh ° uld Mt «^teadfe strain. held_ under the anspicei of the The system ^^^•'aoirar's; decline has presented 

however, feelings are running and .was. accused to-day. by .oppo- - Carter- appeared- to vacfllate on v 1 ? re^tobtei however. Bank Jnternational Settle- other i^B^es outstde-thg~EEC ^ntiaf-.hanks wi tii' :fiie proKlW 
high. on the human ’rights fesue. »ti on -deputies of “badfaste’' tbe'issiie^ increased public reports fte ltrfiI,d t0wards lon J 8 er ments (BIS),- come after -the to associate themselves in a of. tosses- oii their, foreign er- ' 
President-^ Walter ScheeL. in bis and lack of instinct,- for inviting of Bonh-Washington disconl And maturities ; and ^ lower yields Copenhagen sumimt at - which i loose monetary union. »• change- holdings. v ~ ' Li-e 

speech at a state banquet .for Mr. Husak at -all in the tenth that too is seen as unhelpful to reflected sluggish demand for EEC heads of government But. the bankers appeared to The. bankers, were, however. Off 
Mr, Husak this evening, said it anniversary year' of the Russian the West German position on the capital rather than genuinely agreed in principle that the have made .no steps towards holcttng: fire in anticipation .of 

? ■ X _# n . + .. < «■ ... .. J.. . . knnl'fhir frtTTTmilYl 1 tV’c TTPAit Aatlrlff MIP. TtiftP/l PnttPTOfO nPHnACOlc f 


was understandable that the invasion of Prague 
German public should follow not brought him to power. 


which eve of the talks with the Soviet heatthy economy. 
Union. AP-DJ 


The 1980 Winter Olympics 

now have an Official Bank. 

jj jPjj jj ||||P^gjjggjjj|g ^ nicy 


community’s free-floating cur- more concrete proposals, and .president 'Carter’s speech, an- 
rencies— ■ the pound, the lira and some dearly regarded the sum- pounced for to-morrow, tn which 
the French franc— and the re- mit proposal as at best. long- he fe- expected to deal with, the 
■maining interlinked "snake” term or at worst pie-in-the-sky. dollar situation ai well as with 
| currencies should be brought The weakness of the dollar, the U.S, energy programme and 
into line. despite its recovery on foreign inflation. 


Baron Charles Braclj 


>'• V- S m : . 




. V* •*: 

■m 

■M 


’ 't*- ■ ‘ : . f- , •• . 


- maining interlinked “snake” term or at worst pie-in-the-sky. dollar situation as. well as with \2 r • J 
currencies should be brought The weakness of the dollar, the U.S. energy programme and |Vlflll£lT}f)£*l 
into line. despite its recovery on foreign inflation. 

Oslo warning on oil-spill dangers found deai 

BY FAY G JESTER OSLO, April 10. ANTWERP. ApriJ 

... ■ • BARON Charles-Vlctor Br 

THERE IS ''some likelihood ” Weather conditions are. a key The Bravo' White Paper which the Belgian millionaire busi 
of another serious offshore acci- factor. In the waters south of ba$ : tideen "almost a year to pro- man whose body was found i 
dent like last year’s blow-out on the 62od Parallel, existing mech- duc « a kev steo an the wav torday on a village rubbish d 
Platform Bravo in the Ekofisk anical equipment would be able bienion ^ters north^f^hc near Antwerp, died of inji 
Field, the Norwegian Govern- to function only between 55 and to* oil and 1 eas infficled during his kidnapi 

ment announced in a White 75 per cent, of the time in MDtofatfrm - .... nearly five weeks ago, the Pu 

Paper oh the event published at summer, and from 35 to 55 per •* • ■ -- Prosecutor said, 

the week-end. Moreover, it cent, of the time in winter. Meanwhile; Norway’s Oil and xr n -_i an H» 

states, recent research has indi- nn, e White Paner al«m B ? er ® r Ministry to-day invited . 

eared- that offshore mishaps T ° . W J , Pap r _.. , oil company applications for 15 2 “L 

could lead to far bigger oil spills reviewe d efforts to co-ordinate ■ new North Sea blocks, under the a t t 0 p !?t. ca ^ n 2 , !,, 0 j 1 ° n , l ^f, ba * 

than experts believed possible, emergency planning among the country's fourth licensing round, snowed ne had died violently. . 

The accident provided both countries around the North Sea, recently approved by Parh'a- was J 1 l t . an advawe<1 s* 
the operating companies and the and revealed that a British- ment. Applicants must be com- of recomposition, 
authorities with valuable expert- Norwegian co-operation agree- panies registered in Norway, and The -Prosecutor would ■ 
ence and much has been done ment is expected this year. It deadlines for seeking the licences specify bow the baron died I 
since to improve safety routines adds, however, that the value of is July 1. said the authorities believed 

and stockpile clean-up equip- U.K.-Norwegian co-operation is Seven of the 15 blocks will be was killed while being scit 
ment. In the event of a major diminished by the fact that the aUaca ted during the autumn, the The discovery of the 63-yc 

spill however, the gear and British intend to rely primarily Mmistry announced. Licences old baron’s. body followed ate 

methods now available would be on chemicals to disperse spills. for otherS M U be awarded phone call yesterday to his st 
JlS e ^ B SJ2JJ ni «l t whll 5 N y w,y „ Prefers contain- !ateFi when the results of drill- iTbeo, from one of hte kidmippt 

K » prwtmtt entirely, the ment and collection by mech- in g on the first batch are known. (Reuter. 

White Paper said. anical means. • 



Swiss bank secrecy plan 


BY JOHN WICKS 


ZURICH. April 10. 


|pV v'-; 

ym:y 

£ X: V *: 

£1- r ' 




It’s the Irving ThistCoinpany and die 
designation is altrigether appropriate: a •. 
worldwide bank for a worldwide event. 

Ids an honor we’re not taking lightly. 
Hans are already underway to set up three 
separate banking facilities in the Olympic 


When the Olympic parties arrive ii 1 
Lake Placid, well.be waiting to serve the r 
When the games are over and- the visitc i 
head for far-flung homelands, we want 
them to remember us. 

And to remember; also, that Irving; 


artas for the convenience of the athletes, the . is prepared to serve all their banking ne^ds 
. media and the visitors at this grand spectacle. . worldwide. 

Each will provide the sarne high standard of Thats something for you to remem* 

service that has long been an Irving hallmark, ber, too. 

■ i 

qgp Irving Trust Company. Unique. Worldwide. 

im A CHARTER NEW YORK BANK © 



nla m THE OFRCIAL BANK OF THE 1980 OIWPIC WINTER GAMES 

Offowint London Fnritfwt Tokvo Tiipei Singwam Grand Cayman Beirut BuencsAites Caracas HongKcng MsnTa MeJboiar» Paris Kd ds Janeiro Tdwan 
lnco«poraiedw8h#m«adWii^inttieSiateolNewYi*^USA - 1 


THE INSTITUTION of banking lifted only in the case of 
secrecy should be abolished in common-law crime and not for 
cases where it is used to dupe non-criminal tax avoidance, 
domestic and foreign authori- Tbe referendum would also 
ties. This is urged in a refer- call for the Government to 
endum campaign to be launched include (ax and currency ofiences 
by the Swiss Social Democratic in legal-aid agreements with 
Party. other countries in order to 

The proposals, to be an- counter the influx of ** dirty 
nounced in detail at the party's money ” from- abroad, 
congress in Basle next month. The motion would also include 
do not foresee the scrapping a bid to introduce a statutory 
of tbe basic principle of bank- obligation on the part of banks 
ing secrecy. The Social Demo- to guarantee repayment pf sav- 
crats feel, however .that there irtgs in case of a bank failure and 
should be a statutory obllga- 'for the publication of more 
tion for banks, trustee and detaits in bank reporting. The 
finance companies to disclose details' called for would include 
information to authorities and facts on non-bank participations 
to courts in connection with by; the banks, "directorates held 
fiscal and criminal proceedings, by bank officers and the use of 

This is seen as necessary to proxy votes hy banks at company 
halt the use of banking secrecy meetings. Parliament would also 
in tax avoidance and white- have to hold an annual debate on 
collar crimes. At present, the one cations of the Swiss banking 
banking secrecy rules may be network. . 

Catalan Comiimnists rift 

BY OUR OWN CORRESPONDENT BARCELONA April 10. 

A RIFT HAS developed In the Catalan Communist Party, the 
Catalan Communist Party, largest and most independent of 
«PSUC, b etr „ the Eurocom. ~ 

munists and the traditional tee t0 divisions. 

Marxist-Leninists. The Catalan Party has around 

Six central committee niem- 70,000 members and eight of the 
bers resigned after a full dele Communist Party's 21 parllamen- 
gate conference refused to ratify tary deputies. • 
the statutes of tbe Spanish Com- Similar dissension has been 
munist Party, loyal to Sr. found on a national level and 
Santiago Carrillo, the Party's them is widespread doubt about 
secretary general. the ability of 5 r. Carrillo to hold 

The central committee of the his party together. 


’ FprfirrnsL. : 

Klng^s Lynn offers manufacturers, 
Importers and exporters one of 
die most modern docks along, 
the East Coast with regular 

service to Hamburg and a cargo 
liner service to Greece, Cyprus 
and "Pie Lebanon. 

Labour retaJonsereexeeflent — 
offices and factory buddings are.. 


...forfemilies 

.King’s Lynn offers housing at 
every price level', good shopping, 
good education and hospted 
care, plenty of recreational 
facilities and a wonderful choice 
' of country and sea-side to enjoy. 
:The Royal Estate at Sandringham 
blS minutes away; beautiful 

beaches and the Norfolk Broads 


available, and land Is waiting for . .are aH immediately accessible, 
yon to build on. 



v,'. 



=*£?■/ 












F&ancisi Times -Tuestiay April IX 1975 


s e Cr 



d£E£ 




L'";. * • ' - 9Y JOHN W ICKS 


grants loans to Portugal and Turkey 


THE BANK for International 
Settlements (BIS) la Basle last 


m. the -Swiss National Bank. 
The loans, designated 
foreign currency aids, are 
backed by central banks. 

, While the total value, of the 
loans is not disclosed, the Swiss 
National Bank reports that j* 
has » share of $50m. in re- 
financing guarantees granted 
by central banks on a loan 
made to Portugal against gold ~ 
collateral. This loan is probably 
that fnentioned briefly in the 
1977 Bundesbank report a& one 


Co-ordi 


of. the multilateral loans to 
Portugal In which West 
Germany participated. 

At the end of 1976. Switzer, 
land had a total of slightly over 
$50m. on loan to- Portugal, in 
February and June of last year 
further suns of 555m. and 
S25m. were granted -to 'Portugal 
under bilateral arrangements, « 
while in November Switzerland 
took over a; • refinancing 
guarantee of 630m. as part of a 
multilateral - measure. This 
means that, together with Us 
share of the BIB loan, Switzer- 
land had'd .total of 6160m. on 
loan to Portugal at the end of 
1977. 


The National Bank also look 
O'er a refinancing guarantee 
on S25m, of a BIS loan to 
Turkey. After a partial repay- 
ment of this loan, the guaran- 
tee was reduced to $15m. by 
Ihe end of last year. 

In a first detailed breakdown 
of Us currency reserves, the 
National Bank discloses in the 
1.977 report that Sw.Frs.I5.9bn. 
of Switzerland's end-of-year 
foreign currency holdings of 
Sw.FrsJ2Q.5bn. were accounted 
for by US. Government paper 
in dollar denominations and 
other dollar assets in the US. 
A further Sw.Frs.888m. look 


the form of dollar deposits 
with foreign monetary authori- 
ties on the Euro-market, 
Sw.Frs.935.9nt. were made up 
of Special Drawing Rights 
(SDRs) and Sw.FrsJ267.6ra. 
were accounted for b.v hold- 
ings in nondollar foreign 
currencies. The remaining 
SwJFrsZSlbn. resulted from 
U.S. dollars taken over on a 
swap basis from Swiss commer- 
cial banks. 

The National Bank had to 
fall back on reserves to retain 
its previous year's net proGt 
level of 5w.Frs.7.51m. This was 
necessary due to the "marked 
deterioration’* of profitability 


ZURICH, April ID. 

in connection with the fall in 
the dollar value. 

In its remarks in Swiss 
economic development, the 
Bonk puls last year's surplus 
on current account at some 
Sw.Frs&5btL, compared with 
the record Sw.Frs.8.7bo. booked 
in 1976. The country’s Com- 
mission for Economic Studies 
had recently said that the 1977 
surplus would he at about the 
previous year's record level 
• A World Bank delegation, 
led by bank president Robert 
McNamara, to-day began a 
visit to Turkey in connection 
with loans Turkey has asked 
for, AP-DJ reports 


■V> T : 


j*3Sf 





ki 

ill 


FINANCIAL times reporter 

THE IMPORTANCE of British 
interests making their views 
fully known on proposed direc- 
tives to harmonise law In the 
European Economic Community 
was _ stressed yesterday by Mr. 
Philip -Brown* Deputy Secretary 
In the Department of Trade. He 
was- addressing the Financial 
Times, conference iff London oo 
Business and the European Com- 
munity Directors. chaired by Me. 
Tom Watts, a partner In Price 
Waterhouse and chairman desig- 
nate erf the Accounting Standards 
Committee. 

Mr. Brown said we were now 
involved in a new constitutional 
system as the directives were 
worked: out in Brussels and it 
was necessary that British bodies 
making representations should 
let Whitebait know their 
opinions and what they were 
saying.: “This. is a recipe for 
more vfork, and more expense, 
by British representative bodies; 
but it was made necessary ' by 
our having moved into a more 
complicated constitutional world. 
The time now devoted to Com- 
munity matters within Whitehall 
is immense, bnt .it cannot be as 
effective as it might be -unless 
the private interests concerned, 
seek to match and support it.” 

Mr. Brown also said:.' “What- 
ever British • representational 
bodies say and do in Brussels or. 
in other member states, they 
should, let the British Govern- 
ment .know, just as we do' our 
best, to let the domestic 
interests know what is happen- 
ing. - It can only be disastrous if 
British '-officials are saying one 
tiling in a, Working Party while 
the Commission or other mem- 
ber states are getting a differed t 
message . from other British 
sources^” • 


Mr. Brown traced the process 
by iwhi&i- the draft: .-EEC direc- 
tive' Solved and noted ' the 


stages reached on various direc- 
tives, including the major fourth 
directive on the annual accounts 
of limited. liability companies. 

The Treaty of - Rome, in 
Article Si. 3 (gl, tile basis for 
the harmonisation activity, left 
the initiative to the Commission 
to make proposals for “co- 
ordinating to the. necessary 
extent and rendering of equal 
value the guarantees- which 
member states require of com- 
panies.” The process usually 
involves the Commission identi- 
fying what it considers a rele- 
vant area — say the contents of a 
prospectus. 

In a case: where a foreign 
prospectus could pot be reliably 
understood tfcfe ' Commission, 
after some research, would 
appoint an expert to make pro- 
posals for a directive and the 
proposals would he sent to mem- 
ber states, a Commission work- 
ing party ■ being set up to 
examine them. - Mr. 'Brown then 
discussed the stage* - by which 
the draft, directives were con- 
sidered between the Commission 
and the individual countries, 
gradually assuming firmer shape 
after representations by various 
interests involved. ■ He also 
reviewed the way in which final 
conclusions wefe- reached. 

Remarking thar a .clear look 
should he taken at the method 
of selecting, and achieving future 
objectives be 'suggested three 
areas for special examination. 
The first was the subject of the 
selection of directives. Some- 
times Britain fe&that It would 
be better to Idt the Common 
Market develop farther before 
attempting hanhbnlsation in a 
particular field but this prag- 
matic approach wit ‘.not neces- 
sarily the same a § "the more 
intellectual on* ^awpired in 
some other. membewcountries. 

There was scopd\ fot /urlher 


•K. aims in the EEC 

option 

Altec- non on it could be expected by ml 4 I JCnAll 

ourth 1980 with the nrahubte AJICJMl/U 



ite.aS4-.-r ~ 






Business and 
the European 
Community 
Directives 


thought too about the processes 
for evolving directives. “ We are 
used in this country to under- 
take a wide programme of con- 
sultation before formulating 
policy on matters of company 
law and we have not found that 
the theoretic approach normally 
adopted in Brussels, combined 
with the automotive power of 
the Commission, necessarily pro- 
duces the most practicable form 
of draft.” Less detailed drafts 
might also on ooision be prefer- 
able. 

Mr. Tom Watts traced the his- 
tory of the Fourth Directive on 
company accounts from 1969 and 
noted the changes, after Britain, 
Ireland and Denmark had joined 
the Community in 1973, to intro- 
duce the requirement for a true 
and fair view to be given in 
accounts. The directive was not 
yet in final form and Mr. Watts 
commented that one main diffi- 
culty was German objection to 
the principle of inflation account- 
ing. 

If. as seemed likely, the direc- 
tive was adopted in 1978. legisla- 


tion on it could be expected hy ) 
1980. with 1982 the probable i 

date for its introduction. How- < 
ever, Mr. Watts thought that, in 
view of the inflation accounting 
problem, if the directive had not ! 
been adoptee! by the time C!er- [ 
many assumed its six months ■ 
presidency In mid-1978, the pass- ‘ 
ing of the directive might be I 
deferred until 1979.- 

Alr. P. J. Rulteman. a partner 
tn Arthur Young McClelland 
Moores discussed the proposed 
seventh directive on consolidated 
accounts. He pointed out that 
the Commission had adnpted as 
(he basis for this directive the 
German principle or a group as 
an aggregation of legally auto- 
nomous entities under a central 
and unified management as a 
single economic unit. 

Air. Stanley Clinton Davis, 
Under-Secretary for Trade, said 
that what Britain had sought to 
achieve during five years of 
negotiations had been greater 
flexibility in the draft directives. 

‘This flexibility is necessary 
first, to accommodate uur differ- 
ing legal and administrative 
structures, and. secondly, to 
enable, as far as possible, the law 
to adapt to new developments 
and changing circumstances, 
after directives had been adopted. 

Mr. Martin Gibbs, a partner in 
Phillips and Drew, the stock- 
brokers, told the conference that 
in his opinion the fourth direc- 
tive in its present watered-down 
form, was “now a paper tiger, 
containing very little that should 
worry investors in U.K. com- 
panies.” In vestment analysts 
would gain a good deal of 
valuable extra information, in- 
cluding a more detailed analysis 
of costs while the standardised 
layouts and definitions should 
facilitate intercompany corn 
parisons. 


Ecevit’s 100 days 

BY METIN MUNIR, ANKARA CORRESPONDENT 


By Our Own Correspondent 
LISBON. April 10. 

PORTUGAL'S Finance Minister, 
Dr. Victor Const ancio, to-day 
came close to admitting that 
there was nn short-term alterna- 
tive to acceptance or stringent 
International Monetary Fund 
conditions for the country's 
economy. 

The Portuguese Confederation 
of Industry, meanwhile, stressed 
that the immediate future of the 
country would be determined far 
more by the IMF’s austerity con- 
ditions than by the Government’s 
recently announced economic 
programme or by its budget pro- 
posals which are being debated. 

Dr. Constancio said no-one 
questioned the need- to reduce 
Portugal’s $1.4bn. balance of pay- 
ments deficit nor the necessity 
of following a financial policy of 
austerity. 

“What we are disputing, in our 
talks with the J&LF. is the 
severity or the stabilisation 
demanded and the degree to 
which certain economic tech- 
niques are to be implemented,” 
he said. 

He was referring to what is 
believed to be the principal 
slicking point between Portugal 
and the IMF — a demand that the 
bank lending rate be raised from 
13 to 20 per cent. 

Dr. Constancy's remarks 
indicated little optimism over 
the chances for rejecting the 
IMF conditions which will open 
the way for 5800m. of Western- 
backed'aid. 


would worsen 


and unemployment. 


MR. BULENT ECEVIT. the 
Turkish Prime Minister, com- 
pleted 100 days in power yester- 
j day during which be has 
restored a measure of interna- 
tional confidence in Turkey. It 
had all but disappeared under 
his predecessor, Mr. Suleyman 
Demirel. 

Indeed, it would not be an exag- 
geration to say that Mr. Ecevit’s 
Left-of-Centre administration is 
the first stable one which Turkey 
has had since 1971 when Mr. 
Demirel was overthrown by the 
generals. 

1 Mr. Demirel himself is not too 
impressed with Mr. Ecevit’s per- 
1 formance, saying that all the 52- 
: year-old Prime Minister has 
given the country is “poverty 
and pain.” But a fairer evalua- 
tion would be that although be 
has performed no miracles, he 
has taken many steps in the right 
direction to treat Turkey’s 
chronic economic, social and 
foreign policy problems. 

The problems which Mr. Ece- 
vit inherited were formidable. In 
1977, for the second consecutive 
year, political violence disrupted 
social life and it continues to be 
a major element of unrest. The 
economy was on the verge of 
insolvency, with the trade deficit 
in 1977 ’surpassing the S4.000ra. 
mark, unemployment reaching 20 
per cent and inflation a shatter- 
i ug 50 per eenL • In foreign 
affairs, the Cyprus problem con- 
tinued to hang like a dark cloud 
and Turkey's relations with 
Greece, the U.S. and the EEC 
were in a mess. 

Mr. Ecevit has not yet solved 
any of these problems. But 
while not even Mr. Demirel’s 
most ardent supporters sincerely 
believed that his “ Nationalist 
Front " coalition could tackle 


these ills, there is general 
optimism both at home and 
abroad that Mr. Ecevit may suc- 
ceed . 

The Social Democrat Mr. 
Ecevit has taken measures to 
stabilise the economy, crowned 
with a letter of intent signed 
with the IMF last month to enter 
into a standby agreement for a 
loan of S450m. Virtually all of 
the classic belt-tightening 
measures have been -adopted, 
including a 30 per cent, devalua- 
tion of the Turkish lira and 
stringent measures to curb con- 
sumer demand. 

In a - few days, the Turkish 
Central Bank and six major inter- 
national banks, including 
Barclay’s, will meet in Ankara 

Turkish Prime Minister 
Buleot Ecevit is. to pay an 
official visit to West Germany 
on May 10-12 for talks with 
Chancellor Helmut Schmidt, 
writes Me tin Munir. Next 
Thursday, Mr. Ecevit leaves for 
an official trip to Yugoslavia. 

to restructure the massive 
52,200m. debt Turkey owes to 
some 230 foreign banks and to 
seek fresh money. The -OECD’s 
Aid to Turkey Consortium is 
being reactivated and there are 
many state-to-state. contacts as 
well. Notable among these have 
been talks with Libya which has 
reportedly resulted in a 5450m. 
oil credit facility over five years. 

Mr. Ecevit’s economic per- 
formance will be crucial, deter- 
mining not only the fate of his 
administration but, as some 
observers believe, that of Turkish 
democracy as well. 

Mr. Ecevit has been trying to 
sweeten the bitter pill of his 
austerity measures by trying lo 
gain victories abroad and here 


he can be said to have been more 

successful. 

His dialogue with Mr. Constan- 
tine Karamanlis, the Greek Prime 
Minister, although not achieving 
substantial results, has dispersed 
some of the tension' between 
Turkey and Greece. Next week- 
end diplomats from the two 
states meet in Ankara to pre- 
pare the ground for a second 
summit between their leaders. 

President Jimmy Carter has 
moved to lift the three-year long 
Congressional embargo on arms 
supplies to Turkey. 1/ this 
succeeds, it will be a major 
coup for Mr. Ecevit. 

A more subtle change in 
Turkey's overall foreign policy 
is also in the making. This is 
aimed at making new friends out- 
side the Western bloc of which 
Turkey has historically been a 
faithful follower. It is likely that 
tiie change in this, field will be 
accompanied by one- in defence, 
reducing Turkey's- -reliance on 
NATO and thp-U,S.-The list Of 
countries which' Iffr.' Ecevit will 
visit includes thg' U.S. (for a 
NATO summit), 'the Soviet 
Union, West Germany and 
Yugoslavia. • 

The field in which Mr. Ecevit 
has been least successful is law 
and order. Political violence 
has increased and nearly 200 
people have been killed since 
Mr. Ecevit's accession to power. 

Mr. Ecevit himself has 
evaluated his 100 days by say- 
ing that he could not be ex- 
pected to turn Turkey into a . 
bed of roses in sucb a short 
time. He has, however, 
plucked many a weed and 
planted some flowers. 


I-inanci \l Timi». published dully Atom Sun- 
day, sad holiday*. TJS , wihscrlpttOn S200JM* 
■air f r?kmi s.w.iHf tali nuilt pci- innutn. 
Sei-r.nd- cfiiv. vovaac paid pr Nr* \«tk. N % . 




In the Far East our constellation 

is in the ascendant. 








Financial- Times 'Tuesday April 11 .197s ■ 



Malaysian 

businessmen 


call for 
policy shift 


S/ Wong Sulong 
KUALA LUMPUR, April 10. 


Barre must decide 


between Soviet line 


or new alignment 


BY JAMB BUXTON 


THE MALAYSIAN Chinese 
business community, which fans 
seen its power eroded by 
Government intervention in 
recent years, has called on pie 
Government to review its new 
economic, policies, ana to scrap 
Its controversial Industrial Co- 
ordination Act. 


The call was made In a reso- 
lution passed at the first Malay* 
sian Chinese economic con- 
ference held here yesterday. 
More than 1.000 of the 
country's most prominent 
Chinese businessmen and 
industrialists attended the 
conference. 


The Chinese account for a 
third of the population of 
hut dominate the 
economic life, 
by the Malay 
to undermine the 
power are at the centre of 
communal tensions. 


Malaysia 

country’s 

Attempts 

majority 


The conference said that 
while it was not opposed to 
the Government's new 
economic policy of helping the 
Malays in business, it noted 
that its implementation had 
sometimes been abused to 
cause a sense of deprivation 
and fear among non-Malay 
businessmen. 


The Industrial Coordination 
Act. enacted two years ago, 
came under continual attach 
during the conference. Various 
speakers said it had frightened 
away investors. 


Despite tbe Government's 
strong denial, it was obvious 
that the Chinese business com- 
munity view the Act with dis- 
trust, and fear that It con id 
be used to control their 
activities and force them to 
take Malay partners. 

Under the Aei, most manu- 
facturing concerns must apply 
for a licence, and abide wilh 
certain conditions. Firms have 
to reapply fur licences it they 
want to expand or change their 
lines or products. 

The conference also called 
on the Government for a fairer 
distribution of land, busing 
opportunities and jobs. 

The conference said , unem- 
ployment among the Malays 
had dropped from 8.1 per cent. 
In 197(1 to 6.9 per cent, hu 
year, while unemployment 
among the Chinese had risen 
from 7 per cent, to 7 Jt per cent. 
Unemployment among Ihe 
Malaysian Indian*: rose from 
11 per cent, to 123 per cent, 
during tbe same period. 


THE SOMALI Government 
appeared to be firmly in com- 
mand in the capital, Mogadishu, 
yesterday, after defeating an 
Soviet Union or to move towards 
hours on Sunday. 

However, the Government of 
President Siad Barre now faces 
the problem of dealing with the 
army officers and men who staged 
the abortive coup. The President 
still has to make the politically 
delicate decision of whether to 
stage a rapprochement with the 
Soviet Unio or to move towards 
a more pro-Western alignment. 

The heavy guard placed cn 
Government buildings on Sunday 
was removed yesterday. A 
Government official said that all 
rebel leaders were under arrest 
and would be brought to trial 
in accordance with the laws cf 
the country. 

All the Government would say 
about those who were behind the 
attempted coup was that they 
were young officers and troops of 
the Somali army. Neither their 
names nor their units or barracks 
have been released. 

There has been residual oppo- 
sition to -the government since 
it came to power in 19B9. based 
on latent tensions between north 
and south, on middle-class resent- 
ment of the regime's socialism, 
and on dislike of tbe repressive 
security apparatus. 

The Ogaden defeat brought 
these tensions to the surface, and 
led to questions about whether 
the Somali Government was wise 
to go ahead with the campaign 
without the approval of either 
the Soviet union. Its long-stand- 
ing ally, or the U.S- 


The Army felt humiliated at 
its defeat, for which many 
officers blamed what they saw 
as the Government's inept 
diplomacy. Some appear to 
have suspected that the order 
for withdrawal was part of a 
secret agreement reached by 
President Siad Barre with the 
Russians -through Libyan media- 
tion — -- - 

Many officers appear to have 
been critical. at the regime. But 
though they are mainly Russian 
trained, they seem to have been 
divided on the still unresolved 
question of whether the country 
ought to return to close alliance 
with the Soviet Umon. or seek a 
more pro-Western stance. The 
Government stepped up security 
precautions, and is .reported to 
have executed a number of dis- 
senting officers and tried to pre- 
vent movement of troops from 
the north to the capital. 

These precautions and tbe divi- 
sions inside the armed forces 
may have accounted for the small 
scale of Sunday's uprising — a 
fact which also tends to suggest 
that it was not organised with 
outside assistance- 
Now the Government can be 
expected to use all tbe means 
at its disposal to stay in power. 
But its position will be precarious 
unless it solves its central 
dilemma: only the Soviet Union 
can otfer the kind of face-saving 
formula that would keep intact 
the Government’s credibility on 
the central issue of pan-Somali 
nationalism but concessions 
to the Soviets appear to be 
unpalatable to most Somalis. 

CIA testimony. Page 5 


Black nationalists held 


BY QUENTIN PEEL 

THIRTY ‘MEMBERS of the Pan 
African Congress, the banned 
South African black nationalist 
movement, have been detained 
in Swaziland and will be deported 
according to sources in the Swazi 
capital. Mbabane. 

An official said to-day that 
action bad been taken because 
the emigres, classified as refugees 
in Swaziland, were nor adhering 
to the UN convention for 
refugees. If members of tbe 
PAC could sbow that they had 
abided by the convention, they 
would be allowed to remain. 

The official said the rival 
African National Congress, tbe 
other major banned nationalist 
movement in South Africa, would 
allowed lo stay. 

Observers tn Mbabane say I hat 
the PAC has been suspected of 
organising military training in 


• JOHANNESBURG,. April IQ.-: 
the south of the country! There 
has been bitter rivalry 7 between 
the PAC and ANC. and two recent 
bomb incidents were, directed at 
South African nationalists. 

O The Namibia National Front, 
a multi-racial political alliance 
embracing both black nationalist 
movements and white liberals, 
to-day became the first political 
group to back the Western pro- 
posals for an international- solu- 
tion in that territory. 

Leaders of the organisation, 
which includes the South West 
Africa National Union and the 
Federal Party, presented their 
conclusions to Judge Marthinus 
Steyn. the South African Admini- 
strator General, who is collect- 
ing responses to the proposals .in 
behalf of the South African 
Government 


Bangladesh 
election 
in December 



BY QUENTIN PEEL 

• JOHANNESBURG, April IQ. 



in Dacca Bfl nI™iI ttDOUKOD ot official pnee of. 

poll, Senator Owen Horweod. 


dwBohs to tie' roiuars'parlii j KroTtrf 1 Finmre!' amomKed »**&«. S^tSw**'' 

in Parliament to-day. closed for the first •*».« ««i*r i-*»—a *» «-»— • * u 


meal will be held In December 
this year. The parliament was 
dissolved and all political 
activities were banned in the 
country in August, 1 1975. when 
Sheikh Mujib's government was 
overthrown and Mu jib bun- 
self was assassinated. Bangladesh 
has since- heen under martial 
law. A group of civilian advisers 
help -President Ziaur Rahman 
run the country to-day. 

General Zla. . also, "announced 
last night that :be would seek 
election to the office oi President. 
He did not give a date for the 
presidential election but 
"if held, it should be before 
December." It is not yet clear 
what form of government Bangla- 
desh will have — presidential or 
parliamentary. On this President 
Zia said there were different 
views and “issues." 

The Bangladesh- President has 
been meeting leaders of the 
country's licenced political 
parties to work oat a consensus 
about the type of government 
Bangladesh sboujd have in 
future. Whatever tbe outcome 
of those discussions it would 
mean amending the constitution. 
One of the presidential advisers 
recently hinted that the govern- 
ment was thinking In terms of 
adopting a French-type con- 
stitution under which there will 
be a President, a parliament with 
a Prime Minister and a cabinet 
to be appointed by the President 

Political activities were allowed 
in Bangladesh early .asr year but 
to-day are not allowed outdoors. 
Zia declared last nig.it that open- 
political activity would be 
allowed in the country “very 
soon. r 



(Rl’9.55) an ounce, but 
market related price. 


at a of the book profits. The. losses ire i* 5 -Sold premium -could' be officials confirmed WlAttlnt-:' ' 
largely- attributable ;. to much more serious. - no alternative systemS h~!?' 

It .will also end the RlOOm. a devaluations -and depreciation of Under this agreement, a por- — -- -- “ wen ;1 

year “gold premium" paid .by .fr* rand' in recent years. -/ of the wages of Mozambican 

South Africa to ' - - '■ - MnAM- uin^bins in finnth ft fmA. 


devised to 
prentlum. 


replace the gold / 


Mozambique. The Mimster sairtthat n«^w-V ?^ nor8 vM,I ‘ kir, 8 “ 501x01 Africa - - An official said the cut-nn 

525 “ JS¥. hftrtflHSWfSSfi *fSS 5 *■*£' " 


foreign Change toXat CowremTn. * there™ of gold SSSET ta JESS' ■ 

,-Ti Mr. Uorwood . made his 
^announcement in Parliament in respect of forrigruloS^K X 5? appealedfor international-.. 

1 to^r- ”*** that 1)16 substantial public corporations denominat^ Md ieniflt f^i Z kEj ^ damase ' 


THE MIDDLE EAST 



BY 1HSAN H1JAZ1 


BEIRUT, April 10. 


P ^ AN !n^ t ^ e l , ^epat^iati0I, of by **“.I*neUa, and in three quarter of Ain Rumznaneh and 
about 200,000 Lebanese refugees, camps near the ancient port of .the Moslem quarter of Shiyab. 
who fled to the north of the v the; Four people', ware killed and 

north of the country to escape -X °f Ha l^tind several others injured before the 

the Israeli invasion of the south r'ij ei 2,^ 0 ? rv - ^ ^anisauo: n fPLOl. Jmainly Syrian peace keeping 
in the middle of last month, were *? e forte intervened and stopped the 

announced by the Government Agency (UNRWA). The PLO fighting, 
here to-day, . has 


— been encouraging , the «... 

„ Palestinians to go back to their’ ‘ ® avid Lennon adds from Tel 

The return of the refugees Is camps. It » believed that about"’ ArtT: Mr - Ezer- Wetzman. the 
to begin to-morrow and will 40.000 have returned already •'■■'■'Israeli Defence Minister, is ex- 
coincide with the start of the According to 3n International' to carry nerw instructions 

partial Israeli ; military with- Red Cross survey, S2‘ villages with him when he returns to 


drawal from the region. It will 
be supervised by a special com- 


mittee set up bv the Lebanese ^ m * s » ,ve 1 
, army command, the UN Interim dec, ared alDnalsraels southern 

(Force in Lebanon (UNIFIL) and 

r tht» intPranflnnal Rprl Pmcc ports Of fl terrorist dttHCk WHS 

tne inreroauonal Ked Gross. called off early to-day. imen- 

Of the 200,000 refugees, an slve searches along a 25 kilo- 
estimated 40 per cent.' stayed in metre .coastal bell south of Td 
the port of Sfdon and the rest Aviv failed to discover any 
came to Beirut.- signs «f terrorist activity. 

• At the ' beginning-. they moved 


Bhutto, lawyers 
want more time 


By-Simon HcujtiersoiV. 

\ ISLAMABAD, 1 April if). 
LAWYERS acting for. Pakistan's 
condemned former 


Cairo, probably this week. 

- Officials in Jerusalem said 
that they are still awaiting con- 
firmation from Cairo on the date 
of the visit which is part of the 
two countries' efforts to keep 
alive the peace intiative of Presi- 
dent Sadat. 

Though yesterday's cabinet 
session-, did. rjni. discuss. the- visit. 
It is understood ‘ that the inner 


l imn pmnrv HW’in Aft U J1 J Cabinet had- ^ -earlier worked- out ! four-year terms. Mr. Nlnagawa . - 

into empty flats in the predomi- and: towns were badly damaged new guidelines Car the Minister., u his bad the support ot most 

p srefi » ssssg-ir 2 » ; 

_ .1. f I ro nc forrori I hnm fra o_.*K ■ ft i Ann _ . . _e loraCJI llWJp 


, U ’d vt ‘ u 

Japanese ruling * c -( 1 
party helped 
by Kyoto win 





,-jw 


By Douglas Ramsey 

*TOKYO, April 10. 


JAPAN'S rultog - conservative 
Party, the Libera) Democratic 
Party (LDP), received a Blip 
on Sunday in Lbc Kyoto guber- 
natorial election when an LDP- 
backed candidate was elected 
to ilni top Kyoto Job held by 
opposition parties (or 28 yean. 

. In a test of party strengths 
before other city elections— 
notably in Yokohama this 
month and Tokyo and Osaka 
next spring, tbe LDP-backed 
Mr. Ynkio Hayashlda, a conser- 
vative independent, won in tbe 
Yyoto polL The election was 
held after the Communist- ' 
backed incumbent, Mr. Toraza 
Ninagawa. announced In 
January that be would not 
seek .re-election to the Job be 
has held for seven consecutive 


Minister. Mr. Bhutto, have aske <j | STamS ^ of whora ^ Sathern 'iSno^’Uicti^tam .'. 

for an adjoarnment of Ms appeal Mjni camps at the southern out- dvihans. . t(«iorrow as one indicator or Communist Party (JCP) sop- 

against the death sentence saying | skirts of the capital. Meanwhile, the situation tn Israel's peaceful intentions. He port. The JCP normally polls 


they do not. have time to prepare > Since tbe major fighting the south-eastern suburbs of the wiU explain to the Egyptian 

their case. They say that there I stopped two weeks ago. about capital was calm to-day with the leader that total withdrawal is 

are nearly a thousand morej 25.000 Lebanese have returned exception of occasional sniping, being delayed by the difficulty 
pages than expected of the j to their villages oF their own Rival factions fought a battle the UN is encountering In raising 

record of trial proceedings and | accord. with machine guns and rocket fa** nec ,, **ary trooos to notice’the 

other documentation. I Some 60,000 Palestinians who propelled . grenades yesterday on area occupied by Israel last 

The Supreme Court in Rawal-j were living in the areas attacked the line separating the Christian, month. 


pindi is to meet on April 15 to 
consider the petition. Mean- 
while the same lawyers are 
complaining of harassment by 
the military Government 
Mr. Bhutto's chief defence 
counsel. Mr. Yabya Baktiar. said 
that he was unable to see Mr. 
Bhutto to-day 


<’iv- 



naturally 


- 


...no vital resources squandered. No time 
wasted. No mistakes. No regrets. 

Over the past lOyears. Rand Information 
Systems has developed its own technique for 
performing* natural’ transformations forICL. 
IBM. Uni vac. Honeywell, Burroughs, and other 
large computers. 

A Rand transformation offers you the 
following distinct advantages: 




A fixed price and a fixed timescale. 
Guaranteed quality. 

Systems transformed to your standards. 
Your staff freed for systems development. 
Parallel operating costs reduced. 

Users not affected bv conversion. 


operational benefits of a custom rewrite. 
Armed with over 150 conversion software 
tools, our Transformation Managers. Analysts, 
and Programmers can either-provtde a 
complete planning/conversion service, or give 
you all the assistance you need to perform 
your own transition. 

F or full details of our natural trouble-free 
transforinations, please ring 01-940 64 1 2. 

Or write to us at the address below. 


Rand Information 

Systems Limited 


This fully-integrated approach combines 
the speed of automatic translation with the 


(a subsidiary of Brandon Applied Systems) 

Eagle House. 1 Parkshot. 

R ichmond, Surrev TW9 2RD. - 



Australian Premiers 
meet over aborigines 

By Kanneth Randall 

' CA.V»fckft£. April 10.. J 
MR * MALCOCIF.-WUSER. 'tie 
Prime Mre'lsfer. and ihe Queens- 
Jaad . ;Praniifn;.'dkto.-'. Johai>ntU 
ftjvlki*Petvi^Mt.- :; : meet- ;»n 


Canberra lo-morraw in what may 
ae iheir lasf effort tp cnrapromi&e 
in their dispute over control 
of Aboriginal communities in 
Queensland. 

Mr. Fraser said to-day thai 
Mr. Btelke-Petersen had sought 
the talks “ earnestly " following 
the Queensland government's 
action on Friday in abolishing 
the Aboriginal Reserves at 
Aurukun and Morningtnn Island. 


Election setback for 
Marcos Government 

MANILA. April 10. 

OFFICIAL 


RESULTS in the 
Philippines elections to-day 
showed Government support In 
Manila well down on previous 
polls, with indications that il 
may have Inst wars In other 
areas, aod Sr. Bemeno Aquino, 
the detained opposition leader, 
claimed a mural victory. 

Results of the country's first 
elections held under martial law 
showed leas than 70 per cent 
of votes for the Government in 
Manila, considerably below the 
90 per cent it claimed in past 
polls. 

Reuter 


Vietnamese refugees 
ask for asylum 


SINGAPORE. April 10. 
AUSTRALIA AND the US. have 
heen a>k,?d -tq give asylum , to 
ftinst jot , tbe Viptnampse who 
krriv!ad|.here.«aboard. a. hhaeked 
earRO.>riilti.ri ntocmed sources said 
to-day? / They toid only 13 of 

the 34 people aboard wanted to 
return to Communist Vietnam 
with their ship:. They included 
the Captain . .. 

The 558-tonne coaster VAM- 
C034 was seized by four crewmen 
at sea after setting out from 
the Vietnamese port of Haiphong 
For Ho Chi Mini City (formerly 
Saigon). 

Reuter. v. 


25 per cenL of the vote Jo 
Kyoto, compared with a nation- 
wide average of 10 per cent 
in recent- years. 

Hr. Hayashlda 's victory Is 
being interpreted here as a 
further show of strength for 
Mr. Yohei Kono’s New Liberal 
Club (NLC), a breakaway 
group of former LDP members 
which also supported the con- 
servative candidate. 

Standing on the Communist 
I- ticket * In.: tbe Kyoto election 
Mr. Toshimasa Sugimqra, a 
former* - professor, ■ came In 
second ahead of the Socialist 
candidate: it Is a major Mow 
to mWdtif-nf-the-road parties in 
Japan which jointly backed 
3fr. ' Yoshlbaro Yamada, a 
Socialist • member of parlia- 
ment, to win the governor's 
office. - It wfl) cause a loss of 
face. In particular, to tbe 
moderate wing of the Japan 
Socialist Party which con- 
vinced the party hierarchy In 
this election to align itself 
with other ; moderates rather 
than back tbe Communist 


INDIA’S UNTOUCHABLES 


Desai calls for an end to 



BY CHRIS SHERWELL IN NEW DELHI 


INDIA'S simmeriHg caste prob- 
lem is threatening to turn into a 
major national political Issue- 
The increasing incidence of 
atrocities nn Harijans f Untouch- 
ables) has provoked healed 
reaction in Parliament, and 
moves to reserve jobs for 44 back- 
ward castes" in Bihar have 
provoked such a violent reaction 
there that the ruling Janata 
Party in New Delhi is treating 
the matter as a serious priority. 

The Parliamentary reaction 
came tale last week in a lengthy 
Lok Sabha (Lower House) debate 
demanded by Harijan MPs. Angry 
outbursts came from all sides of 
the House demanding that the 
Government does something to 
end the atrocities or resign- 
Mr. Morarji Desai. tbe Prime 
Minister. - said the Government 
would resign and he would go 
on a hunger strike if that would 
help, but it would not. He called 
for co-operation on all sides to 
“ finish this evil " which was “ a 


blot on the whole of India." He 
also appealed tor an end to 
politics on the issue. 

Though there have been recent 
reports of atrocities elsewhere- 
the incident which undouhtediv 
helped most to spark last week's 
debate was In the troubled state 
of Ribar at the end of last 
month, when a SOQ-rtrong armed 
mob killed at least three people 
(and probably more), burned 
huts and looted the Harijan vil- 
lage gf Bishrampur in the Robtas 
district. 

The incident has been com- 
pared with a similar one in 
Bel chi. also in Bihar, in May last 
year. But its importance on this 
occasion was- reinforced by a 
background of protracted agita- 
tion over the issue of joh reser- 
vation for “backward castes” in 
state government posts. 

The Janata Party government 
of Bihar bad backed a proposal 
from the Chief Minister, Mr. 
Karpoori Thakur. setting aside 26 
per cent, nf government jobs for 


“ backward castes “ (Yadavas and 
Kurmbi) who toake up some 2© 
per cent, of the population. This 
was on top of the 24 per - cent, 
reservation . for "scheduled 
castes and tribes” fmainly Hari- 
jans and equally ** untouchable ” 
tribals), required under a 1950 
national quotas policy for educa- 
tion and employment 

The new proposal antagonised 
the hicher caste*, who felt they 
were being squeezed out. even 
though there may not be enough 
new jobs or educated “ backwani 
caste ” people available to make 
much difference- Certainly it was: 
enough ,of an issue of principle 
to provoke a violent reaction on 
a scale surprising even for tbe 
caste ridden 1 and turbulent poli- 
tics of Indio. 

The proposal resulted in the 
disruption of road and rail 
traffic, tbe burning of buses and 
houses, destruction of govern- 
ment properly, closure of schools 
and universities, clashes between 
communal Verou ps fncfnriine 


Harijans. and confrontations 
between students and police. 

il helped also to provide oppor- 
tunities to settle local scores and 
inflame caste sentiments- in the 
process it hamstrung the stale 
government and split the party. 
Trouble also spread to neigh- 
bouring Uttar Pradesh. 


The agilanon, together wilh 
appeals from the father figure nf 
Indian politics, J. P. Narayan. 
who lives in Bihar, appeared to 
have some effect, however. The 
'criteria for reservation were first 
changed to include a reference 
to income, so that well-off indivi- 
duals who stood to benefit werr 
excluded. Mr. Thakur also 
announced that implementation 
of the policy, scheduled tor 
April L would be shelved. 


Modifying tbe criteria may 
have helped temporarily to draw 
the teeth of “Casteistn” allega- 
tions, which .the former prime 
minister. Mr.Tudlra Gandhi, bad 
heen quick .to. make in public 




KINGDOM OF THAILAND 


DM 50,000,000 
6Y4% Bearer Bonds 1078/1983 


DRESDNER BANK 

-- AWIENGESELLSCHAfT- • 


MANUFACTURERS HANOVER 

. - -- LIMITED' - .. - 


V 




V 


«0 




. 1 . 




alt in ^li*** 1 , 


‘•’IT’-? " ‘ ‘ \ 
<• “ “ 


Kgasr 


ese? 


3-f - 




5^ 


i-. 


-■*; i . 

. 


:r-. 


'^kiut 


111 







res, 


Fmaiicaal ’ Times' -Tuesday April 11 1978 


AMERICAN NEWS 



l treaty threatened 
‘ insult’ to Panama 


Soviet 
official at 
UN defects 


Vance signal to Moscow on SALT 

WASHINGTON. April 10- 


BY DAVID BELL 


WASHINGTON. April 10. 


UNITED NATIONS. April 10. ?^ a y f 0r 

TI1S senior Soviet official in L for 
the UN secretarial. Under- “****?*;.' n 
Secret ary- General Arkady Shev- Limitation J 
.‘b CARTER administration, an -insult to Panama despite treaty was pretty tenuous. ..in chenko. has defected, an official the Soviet 
' ;ich last week thought that it President Carter’* assurance effect, he urged. General Torryos um statement indicated to-day. called 
; - ’ ."5 assured of victory over the that the wording, of Sector not to rock the boat The statement said, "a Mr. "f n ^J e _ reas 

bama Canal, is now seriously . Deconcinis resolution i* open, to Any statement by the “ana- Sbevehen ^ ^ informed the ffl any 
. : . - jeemed that the second canal several interpretations. mamans that would ejuuc i c m- Sefrctar y.c€neral that he is ® , 

-.c ; -aty may be defeated. It is not clear whether General or doubtra fe tends hlmself from the f? n l J°Ss not 

' . The first treaty, which laid To^os whMe Government is of U.S. Senators could very well ^ ^ this connection, |J°1 {l a tthe 

- _ ^ d ef en cea n dpn ° ri ty^pas- fjgwn the monoUtbic admtai* mentioned differences with his ^f^ined 

• W;f .S83 StSTiSK -& £™k ?%% X «&•»« * 

« & "sxst **5 a«s & te ss gs? spsa jgys rsxsE tuizssm 

;.nnis Deconeini had attached a JJ{j2 have taken 14 years to Administration reused V* "J® £ d ^ leave." _ _ 

. .-.iervation to it. wm “- . Panamanian Panamanians might not like iL consiuertu i» IV/InCPtf 

' - • The Senator’s addition gave j^ cStaSy^ouded but the feeling was that it was The statement wnttaued, lVlOSCt 

. s 2 u.S a virtually untiomed .treaty, best to play down the whole thing “ The permanent mission of n 

.... :jht to intervene & open the so as £ & some kind of treaty ^ USSR to the and p erU ] 

nal if ik should be uttilaterally l ° eP ^ through. Mr. Carter has staked authorities, have also 

' \«ed by 9 a future Panamattian n °w so much on successful passage or bcen ^ touch wllh the 

iveroment The Panamanian - In an nit e rvi e w rele ^en . the treaties that he is now ® secret ary-gcneral in this 

I ider. Gen. Omar Tortfjos, has week-end. President Canff» w»Km hosUge t0 reservations of this reRartL « 

’ Dtlllt,. w made clear to V^ashington on Panamanians to n. A kind antl ® nds himself .squeezed Shevchenko 47. was 

Ma ntSt| | at the reservation- amounts to support in the U A for the seco no between lhe p ana manians and Shevimenko^^^ 

PartV hoL _ * ~ - _ ^The^Senate appears oblivious General for political and 


BY OUR OWN CORRESPONDENT 

MR. CYRUS VANCE. Secretary “We need not be ActalnhS r^rlet^s 

of State, made a strong plea about Soviet power or He M he would be going weapon* ' “^^ sati o Q 0 f the 

Way for continuing public however, to recognise that as t0 Moscow »on In an attempt to 

support for the Strategic Arms inhabitants of the same plane narrow US. and 

Limitation Talks (SALT) with who share awe^me powe^ we "^currw^S ^ g comprehensive 

8? SS U SXS 

super-powers In ^ ^ Sgl 


STSX added that there were dear elsewhere “a world ^ttaSALT agreement 

ffalpeecb to US. newspaper limits to what S* jl is sSuommittS to the ... and a world without such a 

m om a ya&s£?u » a reductioa in stiategic l x sr s sswcit 

and that the Administration was way, it would cpnlnbute gn Vance noted that- despite less weight than for y®J re 

determined to maintain U.S canUy to reducing the prospect in relations between because of abiding doubts about 

Forces. at their present level at of M J ar- Va nce is among the the two countries, the Russians Soviet intentions. 


h.' k, "^E thiopia received $lbn- ,"J 
"“>'in Soviet arnasnCIA idan g 

J -.J. . |V 1 '*Vj ^ gy OUR OWN CORRESPONDENT WASHINGTON, P ^ 

u;:->TE SOVIET Union and Cuba 2 n 2V5K!rS3£ S ^ 

m .:\' 'J-l*! .,“Ave launched an "unprecedented ““J ! “l^iopia— thousands of sup 
-lv - ;i.rimpaign” to expand their ia- ^ engaged in £' 

- . .Anth nf +iip Rahara. and th* rrfiel fUmta) move- Sei 


the Senate. ... 

The Senate appears oblivious 
to the resentment and anger inai 
the Deconcini reservation has 


to the rescnuneni anu x™"--; — , .. 

the Deconcini reservation has April, 1?73. Before lhat, he 
caused In Panama and elsewhere, was adviser to the Soviet 
, ...nnnrtsrc nf the Cnmiim Minister. Mr. Andrei 


Moscow puts off Brazil Presidency move. Smte-aes 
Peru payments wa if™J?£ c , ondmt 

LIMA, April 10. ™ E p^G^rament Party “S timelsrip^r graduSf progress WASHINGTON, April Uk 

vian joint chiefs of staff raid on G^eral Joao BapUsta de^igu fast so that no-one 8®*® farm B iU, which President Carter 

SSS^By -£ domain, Gen. % BTStS T £ 

SVSfwS? «nS: Wa-VK sen. 


: r causea in itouou,b ----- 

|QT1 According to supporters of the 

I<Ul treaty, a future U.S. Admims- 
l nr ii in tratioo could intervene if it so 
ipn wished, but there is no need to 

There are spell this out. , „ 

in Angola Later, Sen. Frank Church, a 


,1 for polliical mid Pernvian obltawn. iio Moscow Aurellnno ^iSdo - » ** OTecteion Wedn«d W . 

S^TS^^SS. S ^^unS^underan & take oSce in J elfnrt 

BjrtsjL a?. as assr 1 

Gromyko. Gen. Pedro Richter did not dis- Arena last week, is cun^UY make pioneer investments until thmtobby ftr s P 4 , 

The UN mission of the U^ close the lere SSSA S Sf YwSS by 85 ^ attraCt St & fir. are probably 

M fer ^nvrtenlo? UO statii to to 55? rtteirt Aim. The debts ^iideS. Gen. Ernesto Geisel. e ^ftiiese should be trans- not enough v^es m the Chamber 

££« E Ssuwra - s s M d vmsa 5- j- rtswra ^ssm- - -« 
s “ g % e n« ® wffffjjjraa ski ssrasr by push - 


SOVIET Union and Cuba ^££*52. ffBJK "E£?& Frank Church a Jj “SS-fiST 
j Lp : ,;Kve launched an “unprecedented mwe of supporter of the tieaty, said ^^105,0^ 

; :;^AinpaigD" to expand their ro-. “ngaged in active combat daily > radio broadcasts of the According t0 00 e nucon- 
: .-'.Oence south of the Sahara, and against^ rebel ^ a J^J?pJnS5iantaM to feel firmed report, M,s - Sh ^ r e S? 

* USSR has already Mured ment in _ the soulhtfn.-P JJJ t ^Sl^have been “ patronised, and Iheti leeimge danghter left 




'■ . ■■ :i,ure loan wuu. w * — . — i," * ’ ; n sap-sanaran uemeaneo auu 

j . ' r ' :r -*‘:'\o Ethiopia, the Deputy . rS^Mr Carlucci said, Soviet the tolerable.” He called for 
- * r -' t. : irector of the CIA told a Con- Athc*. W- .^/Svered to “cool heads” on all sides to 
:• a®Sal committee t04lay. . jjgjf self- avert the possible collapse of the 

wlln an imusunl pubbe^nn wmnnn^cr^^ group, treaty ratitcnuon process. 

. ‘--J ^ ^ m fli?^ C ^-vrt,o, e forne3 are bring trained by I T - 


b 4#«3 ®s F'K&’Ss s^aejsa sfss lasses ss B 

liberalism is deai ms — —— — 


for the 

Ministry. 

Renter 


deficit-ridden official sector. 
AP-DJ 


) > p::l dctemined ; campaign .to expand m h opportimilytto demon- 1 

* • j. •- ,.** ^jreign influence in this troubled fZfJZ BU t i iat P Sore%b accept 
- - . /J.- ’^gion since it was. carved up hy 
N -‘-^-a. European powers in the late their JJJtSf ?ecei^8 their 

J- us--, century.”. . aSstance when it k needed,” 

- , ./ . .r =*», Mr. Carlucci said that. Soviet aKistance, wubu 

;i> Equipment has tieen flowing, into - _ id among 

j . • . ‘ “'■K -in go la and Ethiopia too quickly . ^2“°" ‘now 

■ gSSSSsiasa 

- - 1HS « w 

.r iiv-V The Soviet military commit- in Zambia, dld^rmi ppear ^ 

*• “* 5SSEl* SJ'SSJSS taW*-.“4 










» than 16,000 Cuban fim \ a 

: ^MeanwhUe-ipAngola, ? tons of further indication. of_ the vro- 

• ! Soviet hatdwMe litter the dbeks found unease with ^Ich fte 

■ - r v 'st: gs r ^ ent 

: IMFitaff in salary row ' 

L,- s B Y OUR OWN CORRESPONDENT W^HmGTO^.^q^J- 

, , :E offer by S^ed b^ere fe Xldospread 

• salaries .bv 3. P ^ ^ feeling among man^nembers of 

. . — - i-than half the rise in tne coK staff that wfe committee 

.. V Tliving in this area in the.j«st ™ ^ries chiefly 

• a - ye 4L vote-901 against and only becausesonM^- Con^mm 

"sL g ”sii? , s t d 

V. ' " :r ^ w™d B I ^em.‘Sy y ees I1 S wtot totye vjSEe U.S. regards as 

,'^they see as an “ nfa ^ rt ^ t ^ ’“^| ?"Jaon of the Fund 
■ ■:-! -'the U.S. to force botb interna- ™ re^ ta aw!l ttcd with 

••■ •••: ’ ^'tional institutions to reduce xeal-.managew^r^. ^ ^ 

• •-■ .-/.-"*>'salaries of their sta«-^ last Smg /suggestions indje the 

^ After a m 5 s ^_ ® eeti n£. o i~" fundfflat. If it is unsatisfactory. 

week, the staff held a rrf . . thgre ^ a m0 vement to call 

dura on Friday whi^^resi^m im- ind efi nite strike, which would 
in the vote which, observes said, S ft,t such an 

wa^u^cc^ entcd.^ ^ review , .^on had-occum d. 

)0iitics oa and gas reserves fall 

VoAViDuUit NBWVOBK.Aprt.1.. 

. HFSF.RVES in W 2«9B0»bn. <^e:feeUdown W 





IS 


If 





••• -M-:n- 
Vt ... 












;'."X 


National^ non-^ops t 

Heathrow-Miami-Tampa 

and MTwards 






-• PROVEN RESERVES IrW 
- U.S. Oil and gas continued to 

decline last year, but atA 

- “lower rete than before, w^» 

... :- i s being taken as an enwmifkg- 
ing sign. Also, production of 
.t- •• crude oil increased for (he first 
• time since 1972. 

According to . estimates pro- 
;-i- : pared by the America* Petro- 

. •.- lenm Institute proven recover- 

able reserves of. nude mi 
■; amounted to.29^bit tarrelsjt 
the end of 1977.- This was 
i_5bn. less than- the total of a 
. - year before, hut the drop had 
'• * „ been 1.71m. barrels: the 3«ar 
before that.- • , n „ 

v The fall in reserves in **77 
-1 ■ resulted from an increase or 
..V 1.4bn- barrels in pew rescues, 

offset by depletion of 2Jbn- 


209.000bn. cuHc.-feet. down by 
7,000bn. cubic feet from J9<6, 
compared with a drop ofj WJJJ 
cubic feet the year WJ 
The assodatlon noted that roe 
addition to natural gas reserve 
last year oflLSOObn. cubic Teet 
was the highest since lw- 
The slowing of depletion of 
oil and gas Is in Urge part due 
■ to the continuing rise in 
drilling activity, wWrii was at 
its highest level last year 
gi nce 1959. In the rase ofgas, 
producers . are also being, | 
spurred to activity hy tpe 
promise of higher gas * PjJJJJ 
SSned in President Carter’s 

: proposed Energy Bill. ■ 

y U.S. Economy Page 18... 

, ‘ U.S. COMPANY NEWS - 





* One non-stops to Tampa 
effective May 2nd 


SS^ 5^ Electric profus *•*< 

The American Gas Assocm- attacks Curtiss plan; 

tion estimates ' Hoppers buys stake in 

Cntle r-Etommer — page 


By-passing congested New York is 

only one of ttie joys of flying with the 

sunshineairline. . ' ■ ■ . 

Because only Natonal flies to Miami 
andTampa seven days a week-and 
onwards seven days a week, too. 


non esomaiw 

or last year, proven . naturad 
gas reserves amounted to 


SAN FRANCISCO 


hotel in % 

NewSrk* 

That's what visitors from abroad jW'f® 

say aboutthe Rerre. For the best of If £ r 

reasons. It's the one hotel graced . j- ; 

•with Old World-touches. Sweeping \ r - u*\-\ 

murals. Elegant decor. Airy - r-jfljk- 

suites. Service that pampers. And . ^ ^ r K-. 

architecture that meets the sky ? j; J \S. 
■where Fifth Avenue jewns the ^ ^ r.|j .J , 

■park. ThePierre. It's a rare ' ^ - r Jw 

beauty. And the world never 
has enough of that. For 

reservations and ihfonnation, f jp~p^is HbS; 3 

in the UX call London, • 

01-567-3444. • 


NEW 

ORLEANS 


LOS ANGELES 

DALLAS 

Houston! 


O ATLANTA 
4 JACKSONVILLE 

j ® _ 

J^orlaI® 


AMSTERDAM 



FRANKFtlRT 


"■•f ; P". 

sJ 


fr-ES 1 


HOUSTON 

o — ^S' ONASSAU 

MEXICO CITY / / / \ \\ 

/ f \ \ ^ CARIBBEAN 

J CENTRAL AMERICA y> JAMAICA ^QCWIACAS 

PANAMA O SOUTH AMERICA 1 

Whether it beto Houston, New Orleans 
■ or any other majority in the south and 
south-west 


National also flies non-stopsfrom 

Paris and from 2nd May, + Frankfurt and 
Amsterdam too. , 

Relax in wide-cabin DC10 comfort 

Rely on our businesslike service; 

speedy, streamlined and supremely reliable. 

(We are proud of our excellent on-time 
record across the Atlantic.) a 


ON TIME 


And appreciate our 
personal, sunny touch. 

From Miami, there 
are excellent 
connections to the 

Caribbean and Central i; jg ^ * 

and South America, ■ :.h 

tsutiecttoGaman i. 

government approval ->V«r, 

j 


Itfs little wonder three out of four of our 
passengers. have caught the sun before. 

America’s 

sunshine 

airline 







fe'-v:3V:| 


t subject lo German 
government approval 




v . y»t. ' 

..\ v , - :r. '■ 

L "V.- .' j • vjLtw 






Jll 


fcVST 


Hrnrl Manossen 
Vice Prfsdent 
& Central Staoagr 




FIFTH AVENUEATfllslSIREET 
MEWTORKaN-Y-1® 21 g* 



gasg 1 ' 1 ^ s. 


Contact your traviel agent or National Airlines, 


irUnes. 81 Piccadin^ London WIV 9HF (01-629 8272) National Airlines Inc, is incorporated in lhe state of Flonda 













l^'i 


■ v : •’ - , 

■Wsmm>0irnm-s:m&m: :m^ 




EGGD bond 
guarantees 
now total 100 

Financial Times Reporter 

The Export Credits Guarantee 
Department bas issued 100 
guarantees in support of bonds 
for export contracts since the 
scheme began three years ago. 
U-K. exports supported through 
the scheme total £1.4bn. Of the 
guarantees issued some 80 per 
cent support contracts in the 
Middle East: notably Saudi 

Arabia with 21 guarantees worth 
£I07m.; Libya. 17 worth £90m.; 
and Iran, nine worth £21 m. 


A staff 

restaurant one 
person can 
operate 

The Mofleti Mini-Dmer 
is a unique package deal designed to suit die 
tastes of management, as well as staff. 

* one person can operate ■ serves up to 80 hot meals in 
two sittings • total Boor space only 15 ft x 14ft • uses far less 
power than conventional kitchens • backed by UBM Group 
services and reputation, 

THE MINI-DINER 

A kitchen for your company that’s as 
simple as a kitchen for your home 

!■$ ‘■ar— 


Bangladesh 
railway bid 

By Paul Taylor, Industrial Staff 
MR. JOEL BARNETT. First 
Secretary to the Treasury, is 
campaigning to secure a slice 
of a £30m. Bangladesh rail order 
for the private sector of the 
British railway industry. 

The Crown Agents are to pub- 
lish lenders for wagons and other 
rail equipment wltbin the next 
Few weeks after the imminent 
signing of a tied loan aid 
package negotiated between 
Britain and Bangladesh. 

The United Kingdom Govern- 
ment approved the loan last July, 
on the understanding that 
Bangladesh would buy British, 
(t was then by no means clear 
whether the full £30m. contract 
would go to British Rail's BREL 
subsidiary or whether it would 
be split with the order-hungry 

private sector. 

Among the companies hoping 
to win part of (he order is 
the Stockport-based Standard 
Freight Wagon, which in Septem- 
ber sent a deputation to lobby 
Mr. Barnett, a local MP. • 

Mr. Barnett, MP for Heywood 
and Boylon, says he has put 
the company’s case forward to 
Overseas Development Minister 
Mrs. Judith Hart end to the 
Crown Agents and hopes 
Standard Wagon will get “a 
respectable share " of the' order. 

The final decision on who wins 
the orders rests with the Crown 1 
Agents in consultation with 
Bangladesh 


Phone or send the coupon for 
colour literature 

UBM Moflett, Caterers’ Centre, 82 Thcrmton Road 
Bradford Yorks. BD1 2DG Tel (0274) 22I01& 27868 
Please send me details of now Mini-Diner. 


Company;. 

Address— 


UPMl/IOUITT 






An airline is only as professional as the.people 
who run it, and we go out of our way to ensure 
that we have the very best. 

Our schedule to Germany can't be beaten 
either. Regular flights direct to the nine most 
important German towns: 

Bremen, Dusseldorf, Frankfurt, Hamburg, 
Hannover, Cologne/Bonn, Munich, Nuremberg, 
Stuttgart 


Consult your travel agent or your Yellow Book 
for exact details of all flights. 

Then let Lufthansa go to work for you. 


Lufthansa 

German Airlines 






WORLD TRADE NEWS 


Financial Times -.Tuesday April 11 .1978 


I ough issues tackled at 
MTN talks in Geneva 


Japanese plan launch Mercedes 
of TV data system j*" e 

BY CHARLES SMITH TOKYO. April 10. 7, 

information spend around Yl.lbn. (JiSm.) on S, ^18013 

Stem linking television sets In th« harriiuara » v ^ 


by CHARLES SMITH TOKYO, April 10. 

BY DAVID EGU GENEVA, April 10. AN ELECTRONIC information spend around Yl.lbn. {JtSm.) on 

KEY TRADE officials represent- developed and developing were doing well vis-a-vis the system Unking television sets In the hardware required to launch 

ing leading participants in the countries. almost impossible deadline they nn™£ er ? 1 . homes witi a central * e Captains system. Orders 

Tokyo round met here to-day to The meetings involved the have set for themselves, and that nhnn r on ^ nax Y tele- will be placed from next August 

provide further impetus to the European Commission vice-presi- no aspect of the negotiations was i mes “ b* launched in onwards with some or ail of the 

multilateral trade negotiations, dent. Mr. Wilhelm Haferkamp. doomed to failure. npytvpap 811 ex * Jer * ineilta * baSlS eight major Japanese electrical 

which have reached a critical the Japanese Minister for An earlier top-level meeting Th companies capable of producing 


U.K.-led group like! 
to win £75m. contrac 


BY JOHN LLOYD 


STUTTGART Anrii in A j ^°^ A F E ‘i lED Inclade s the manufacture of t 

NATTONJS ^OT^oSb STTfSta £ SJ’E “3SL 

Industries Co_ a ? £75gL C ^ ntaact . iw: ** »» *naritune satellites. n L 


provide further impetus to the European Commission vice-presi- no aspect of the negotiations was to be launched in onwards with some or ail of the ^ dustries ^ a joint venture manufacture and supply of a RiS? aSrn^, 165 '. , L 

multilateral trade negotiations dent. Mr. Wilhelm Haferkamp. doomed to failure. 80 “Perimental basis eight major Japane* electrical M-M>« and toe European 

which have reached a critical the Japanese Minister for An earlier top-level meeting £? year ; companies capable of producing Juffali, a Saudi Arabian Space Agency (ESA) 'An tor 

Phase. External Economic Affairs, Mr. S et July 15 as the date by which taoYra 515 9 a .P tains 8uch equipment. The cost of soft- ^ start pro- amwimcen£rt is expectedjjy toe sate Ufe wUdfharf * < 

The meetings were described Nobubiko Ushiba, the Australian the main outlines of the Tokyo i charBC ? r T P att «ra and informa- ware for the system will be mnch £ ae V on ^heavy . Mercedes end of the week. fut iaa 

by Mr. Robert Strauss, the US. special trade representative, Mr. round packSe were to ^ dS ? VSW ***«“>• resembles higher but the burden will prob- i 2 * ■ - The wotZis thought to- be Sr „ J* n ‘ 

special trade representative, as Alan Garland/. and Canada's ™p SelmS aW / be s 5 ared wltt wS **£ Krt 1 l£ jS?C * attem * 

“a hard series of work sessions Tokyo round co-ordinator Mr. negotiation, it has alwara been P eren .? broadcasting networks as K, in addSon to bS The comnanv m th ■ 

to keep the momentum going and Jake Warren. emphasised that the final agree- ^non rift, ble i!° transnm U P 10 well as commercial advertisers, k-,“Pftal- Aerospace, includes Mate of contecto^/!h/rf^i^l pru 

to eliminate any political They took stock of progress in meat must include trade li be rail- of^ e C ^erte^f C Jh? 9 l iniShSt S&WJ* an ^fP Tor Gently ^^^26 Fran ce. Erno of West Germany MAROTS, Se^aSdmSi 

hesitations for our negotiating the past three months and will sation in agriculture and in the r • 25 ® ^ the alphabet which will link ordinary TV sets *? UTentJ y owns 26 Per cent -of t* ~ e mannme satelL 

teams to continue full steam report back to their Governments, non-tariff barriers area as well as iJrS. * “ e , riUsl1 sysle l 1 ?’ ™ system should be 
ahead.” Expressing satisfaction, Mr. tariff reduction? for todusSial ma ? e thls ,f osslb]e *™ nd Y - 100000 (**»). 

American sources added Strauss said be anticipated that goods that were the main feature iiff® 5 rstem Wl11 use . a The Captains system is 

further that tough issues were delegations in Geneva would be 0 f the previous Kennedy round, nia** nf ♦5?fJS« r -a 8e ? ei ? t ? r -ti , i to pfoduce a better pie- 

tackled and dealt with .“forth- receiving instructions from their In addition to the meetings SpnVraii • 3 ? LiS hire than the systems tried out 

rightly.” Governments in the near future between the leading delegations, homoT Thi 2Sn ,n Jin b! f vY bl< S based on 


teams to continue full steam report back to their Governments, non-tariff barriers area as well as ^ ® nt j sh system, into the system should be * - / 3foaac ? on The contract will be for the J 

ahead.” Expressing satisfaction, Mr. tariff reduction? for todusSial m a ? e tbls .P osslb]e *™« nd (£327). S ?nnu a llv ^ t6 ’ 500 ‘bS^ <2L5Eb£ * 

American sources added Strauss said be anticipated < that goods that were the main feature SotraT ch^c^r or in JSiS tea ? 3 K 8 S3 S em is aimiJally ' ; tion/ Sateltite System, and SSStioL ^ ^ 

further that tough issues were delegations In Geneva would be 0 f the previous Kennedy round. Jiff? V -J > to produce a better pic- ■ rvwe. 

tackled and dealt with .“forth- receiving instructions from their In addition to the meetings . ISHSE tl f re - thai1 *e systems tried out tn ccvAr ^ 

rightly.” Governments in the near future between the leading delegations, homes ^ l nl wV bl< ? Y e based on lO SBCK.. ^AniCClf IVTl#! J nn l 

. It is understood that to-day's on all topics under consideration, discussions were also held with w iSobit JS? 5? ble - 11 should aIso ** Arok AonifVil - IVJlIQ , "JQj 3SI UC3l 

main discussions covered sub- In a prepared statement for a number of representatives of with thf SSS^hEE i° **9*5“ a much ATaD Capital : . . ' ■ _ w inuM 1 , rvv _ 1 

si dies and countervailing duties, the press, the American trade developing countries. Mr. Alonzo L“monr to he m *£ vieJSlS? JffS L^ tOI ^ ahon ' o. n r Zj • * * x 

agriculture, tariffs, safeguards, representative emphasised two McDonald, who heads the U.S. Thc j a nanese^ni?frv of Posts w bafi y ® 1 to decide By ° ur ^^^^r^r , ^ eSpQndH,t 1 COMSAT, the TT.S. commmuca- manufacturing caoacitv 

draft codes on non-tariff points that had emerged from negotiating team in Geneva, said ud TeSSmunStiS stortrf avai a^^ t0 1 ?’^ e * THREE-DA^SitinS” 1 tions satellite contractor, has Hawke?^M<feIey Ramies, 

measures and relations between the discussions: that delegations he was encouraged by the results, working on Capta& lift autumn JfffaJSJS?* weShe? foS Sf SSnStt' S ™ a contract worth about S20m. well placed to 

after five years of experimenta- casts nm? and rm hSiJSSf 2% iSended to (£l0 * 7m ) » desi^ a satellite contract as leader of MESH, tl 

EEC monitors shoe imports 

moiiiiorb siioe lmpuris rSS SHS 

BY DAVID BUCHAN BRUSSELS, April 10. -JJ .gg W" . on W-d-;. wr..« =±U^H.iSK^^£ “&-P» S2Z?£ JS JSSJSTi 


monitor ««. Import. «no.a* « EE' SSSiAi&S ^ WiUl “ 

- ■ n “ iti - fibre ~ $r«zr& srs ssrszssns sss £ ln sSS — — — 

May 1 for ail shoes coming into The temporary nature of the Europe. Captains Is to be tried out over The cost of a Viewdata b ankere zanders ana ^*1 v j . 1 

,hr Community trom U chief Uronru. is ^dorstood to have LK L5* ««fSK The me eUn? i, t. Wnn A^b BfaZlI PTOpOSCS Oil batter deal 


BRUSSELS. April 10. 


ana baao ot oweoen. communications system T 

Tbe contract will be for the MAROTS system Is the foi 
European Region Communica- runner of a worldwide ccr 
tions Satellite System, and munica tions service. 

Comsat Mid-East deal 

BY JOHN LLOYD 

COMSAT, the U.S. communica- manufacturing capacity 


divert Far Eastern shoes to needs of Japanese'clty dwellers, year. ^ 

iropG. Captains is to bo tnpd out over The cost of a Viewdata ^wilmir- bankers ,t 

P n 1,00 a° su - set . w ^ 1 initially he around £700, The meeting is to inform Arab 


supplying countries. The aim soothed fears by W Germany out an estimated 60m. pairs of scribers starting from August and that of a black and white participants^ toe opportutotiS 

is to get a speedier and fuller m general, and EEC External Far Eastern shoes from., tbe next year. If the system is well set between £300- WDO Th * offpriJ hv «««.» wP 

eSK? EfiS-i -a. L 0 ^ generally of adapting a «*lo^e™V°i Ste in 


BY DIANA SMITH 


before the Commission takes Wilbeim Haferkamp in particu- EEC warning to Taiwan, Hong available after that 
any other steps to help the lar, that the licences foreshadow Kong and South Korea was that The Post Office 


RIO DE JANEIRO, April IQ. ; |(j{S^ 


European footwear industry. 


towards 


pro- they should 


The licences are not intended tectiomsm for yet another EEC unload the “ overhang 


attempt 


expects 


.iiy oi aaapnng a colour set wni be investors In various sectors and!~„ ^ , . . . ;i 

around £100 and £50 for a black to explain incentiveaSsonoS? p^SOI* s National. Oil Council tonnes a month of Brazilian iro' 

to and white set ' profiles of specific investment Bt i h ® !?i Sr e,1 !!i , and -? 0,0 ®? barrels C J 

nrniaM, >n miDort 141.1m. barrels of oil and Veneznelan oil a day. # 


toe 12 countries, which 


licensing follows 


Saab may share in U.K. airliner 


BY WILLIAM DULLFORCE 

capital SAAB-SCANTA. the Swedish 


by themselves to stem imports sector. the European market. n i . . T T T «. a 

from toe 21 countries, which The licensing follows the N3_3.ll 1TI3V ^n3TG 1TI 1 ) K. HirllTlPr 

Include toe three big Far East Commission’s warning last . oo.au Uiaj 9Uai C 1U G.1Y. dllUUCl 

producers. Taiwan. Hong Kong month to Hong Kong. South Mission to USSR BY WILLIAM DULLFORCE STOCKHOLM April 10 

and South Korea, and three in Korea and Taiwan about the 

Eastern Europe, Czechoslovakia, high levels of their imports. Russian demand for capital SAAB-SCANIA. the Swedish In its loan application, Saab- 

Romania and Poland, and must South Korean shoe imports goods and industrial equipment truck, car and aircraft manufae- Scania guarantees full repayment 

be granted by national custom increased between 1975 and last will be investigated by a 17-man turer. has applied fora Kr.l65m. ^ 

offices within five days of an year from 12m. to 30m. pairs. United Kingdom trade mission ($36.6m.) state loan to enable it “ w .“/ cr , are "" L Un ^ 

importer’s applications. Taiwanese imports from 25m. to that leaves next week-end. Our to participate in building British ?*“ °t toe loan could be repaid 

The system will last only 62m. pairs, and Hong Kong Midlands Staff writes. Com- Aerospace’s new HS146 airliner. “ tbe ty P e won fewer orders, 

until October 1. when it will be imports from 26m. to 48m. pairs, panies represented include The Swedish concern hopes to If the British Government 

replaced by a more flexible EEC officials say the import Chubb Fire Security. GKN, supply parts including stabilisers, gives the go-ahead for construe- 

procedure. not involving difficulties are compounded by Corning, IMI, Simon Engineer- ailerons, elevators and roll don of the HSI46, Saab-Scania 

licences, that the Brussels recent restrictions imposed by ing. Dudley. Wickman Machine snoilers. The total order might would start delivering nart* in 


STOCKHOLM, April 10. 

In its loan application, Saab- 
Scania guarantees full repayment 
if 300 aircraft are built Only 


Taiwanese imports from 25m. to that leaves next week-end. Our to participate in building British part of the loan could be repaid SAUDI ARABIA is to build Its 
62m. pairs, and Hong Kong Midlands Staff writes. Com- Aerospace’s new HS146 airliner. “ the type won fewer orders. first electricity generating station 


projects in toe nubUc and briwi* ““P 011 141.1m. barrels of oil and Veneznelan oil a day. 

sectors will be^resenteA - oil derivatives in toe first half of Last year Brazil imported 6 . 1 „ 
sectors win pe presented . , . ^ y<jar ^ CQSt Qf cnj(Ie fot ^ faarrels 0{ oil from Venezuela. 

n j. * ■ . is calculated at S1.785bn., and The Oil Council reports tbaj 

Nailul solar $1.958bn. including freight Saudi Arabia supplied 30 pel 

- • . . charges, for the period. cent, in the first half and 33 pd 

pnprov nlDTft Brazil is completing negotia- cent in toe second half o 

|*aa.ilL ; tions with "Venezuela for an Brazilian oil imports, tons makini 
Bv lames Buchan • exchange deal of toe sort it now it toe country's main source o 

JEDDAH. April 10. StrtDf!,y faV ° UrS ’ “ TOW ” E 30000 CrUde ' 


when it will be imports from 26m. to 48m. pairs, panies represented include Hie Swedish concern hopes to If the British Government powered by solar energy, accord- 

a more flexible EEC officials say the import Chubb Fire Security. GKN, supply parts including stabilisers, gives the go-ahead for construe- ing to the Saudi PreBs Agency. •' 

not involving difficulties are compounded by Corning. IMI. Simon Engineer- ailerons, elevators and roll don of the HSI46. Saab-Scania A SR5m. ($L5in.) contract 

the Brussels recent restrictions imposed by ing, Dudley, Wickman Machine spoilers. The total order might would start delivering parts in has been signed in Riyadh by 


or v c“ Move to raise air cargo rates 


customs service is developing to toe U.S.. Canada and Australia. Tools and Lucas East West 


be worth Kr.600m. 
















a ooam. contract • r.VNEVA Ahriiin 

has been signed in Riyadh by GENEVA, April 10. 

the Industry and Electricity AIRLINES FLYING the North . . The 2B member airlines flying 
Minister, Dr. Gbazi Algosaibi, Atlantic have -agree<L; to raise between, the United States oi 
and a French company, Sofretes. cargo rates by up to 10 per cent Canada and Europe or the' 
Societe Francalse des Rechercbes tn _ GPt mnun tinv cost* and M^dle East agreed on a new 
Tbermiques et Denergie Solaire. ca ^° rate structure to start on' 

The 240-KW station will be i^tion. the International Act September 1 pending approval 
used for electricity and water Transport Association (IATA) by the Governments concerned. ' 
pumping projects. announced here to-day- - Reuter 


Reuter 


0& 


OECD shipbuilders losing 
market to Third World yards 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


SHIPBUILDING countries within 
the Organisation for Economic 
Co-operation and Development 
will see their share of world 
merchant shipping output 
decline from 94 per cent in the 
mid-1970s to between 60-80 per 
cent by the mid-1980s as yards 
in the developing world continue 
to grow, according to a study by 
H. P. Prewiy. the London con- 
sultant. 

Drewiy says that if Third 
World shipbuilders succeed in 
using half their capacity, their 
share of world output during 
the expected production trough 
of I9S1-82 will be 30 per cent., 
compared with 5-6 per cent. now. 

That would leave the OECD 
countries with output of 11.4m. 
d.w.t. or 60 per cent of toe total 
in 1981-S2. a cutback of 70 per 
cent, from 1977 production levels. 
The remaining 10 per cent 


balance f iq output would -be met 
by Cpmecpn yards. 

■ Drewo notes, however, 'that 
Third World, yards are producing 
at a quarter of their capacity, on 
average- If that is maintained, 
representing the minimum out- 
put level likely in future years, 
according to the report, toe 
developing countries' yards will 
account for 15 per cent of output 
in 1981-82. leaving the OECD 
with 75 per cent 
The authors of the report argue 
that developing countries' yards 
will, unlike OECD yards, escape 
the need to reduce capacity 
because their costs are lower and 
their national fleets still growing 
as a proportion of the whole. 
OECD fleets represent less than 
half the world fleet 
The current world orderbook 
supports that Third World yards’ 


share is 15 per cent, represent 
ing '3^ years' work at preseat 
output' levels. OECD yards will 
, have worked through their 
current orders in about 14 
months. 

That Is toe background against 
which the OECD has sought to 
bring the developing countries' 
shipbuilders, prominetly South 
Korea, -into discussion on the 
future size of toe industry. 

Drewry says toe growth curve 
of the developing world's yards 
is. unstoppable. It says the best 
path for both parties would be 
co-operation, with the OECD 
guaranteeing an orderly growth 
of the Third World market share 
in return for technical assistance. 
The Emergence of Third World 
Shipbuilding. H. P. Dreicry, 
£25/$RS. 34, Brook Street, London 
W1Y2LL. 








■Financial Times Tuesflay April .11 -1978 


HOME NEWS 




yarns 

Syto go up 
by 7:5% 

-.‘V; ty Rhys David. . 

Textiles Correspondent 

\i IS TO increase the price of 
■- ■ ’ ‘tain specialised industrial 



zips to spend 
on expansion 


• a isiis w wmi-ii nave neen semi for Industry, for Japanese re®- 

Ifi ft? a letter to trade customers.' panles^ to invest more hf Britain 

Qoa , rer nylon yarns used mainly | ^ad so become u job creators H 
Hr woven applications such asi -..h-r than -iob destroyers" 




s bart 


■: 'Y rns by ah average of 7.5 per 
. - it from May 1. The increase, 

'* tails of which have been sent 
a 

i 1 «r 

fc j. woven applications such as 
.a ted fabrics, seat belts, and 
ead. 

Industrial textiles have been 
asonahly buoyant for fibre pro- 
,cers during the present reccs- 
. v m but it has proved difficult 
; keep prices In line with 

- „ creases in cost. Pressure on 
r r\ ' e prices of non-specialisLindua- 
■ : v"ial textile yams has been 

- : ' ming in recent months from 
■j. V merican yam exports to 

--Sirope. 

.?.-The increases will be the first 
’-i industrial nylon yams since 
year last January when a 
•neral fibre price increase was 
inounced. The company said 
?sterday that Increases in the 
. --ice of polyester industrial 
%ms were not being made now 

- jt could follow. - 

More jobs 
Y created 
5 by grant 

•*.- - . . ■ r “ : :.VM. REED, the Manchester) 

?xiile group, which acquired the ; 

>ss-inaking Barwick Carpets in ■ 

'ebruary, is to - receive a 
'lir 120.000 interest-relief grant 

**»t raiynm tlie Department of Industry 

? Awards the cost of restructuring 
'^’T’.he company, writes Blys David. 
" This will help to secure the 
' I r ’ :: -nbs of the l60rrtrong labour 
• --orce at Barwick which was 
- . L- hreatened with closure by its 
-American parent before the 
••T-.L-iitcrvention of Reed. Expansion 
: r : expected to create a further 

• -it - 40 jobs. 

£lm. vermouth 
launch 

By Stuart Alexander 

INZANO is to spend more than 
lm. before the end of the year 
jn promoting a hew rosd ver- 
mouth in the U.K. 

The drink, which uses Italian 
ros£ wine, has been available 

---in Italy and Germany for Jh? 
- --iast two -years,- and was. intro* 
-. ; L :3uced;reciS^in the Benelux 
r^o^mes. retall ^ tte U-KJoi 
' ' ‘ between £L30 and £L40 a bottle. 


FINANCIAL TIMES REPORTER 

YKK FASTENERS, the Run- 
corn, Cheshire, based; subsi- 
diary of Japan's biggest zip 
manufacturer, Is to spend up 
to £5 m , on new . plant- and in- 
creased capacity- between now 
and 1980. One result will be a 
reduction In the company’s 
Imports from Japan. . 

The news comes hard on the 
heels of the weekend appeal 
by Mr Alan Williams, Minister 
for Industry, for Japanese com- 


rather than - Job destroyers 
bv competing with . imports 
against U-K companies. 

It follows, too, a specific rail 
by Mr. Williams for ' KK * 
which has about 40 per cent. 

of the £25m--a-year U-K np 
market, to cut its import levels. 

Last year, said Mr. Williams. 
YKK's Imports had not. declined 
as (he company had forecasl 
but Increased. There should be 
an Improvement in ■ the ratio 
or (be' company’s exports— a 
fifth or the British factory s 
sales -last year — to its imports. 


The Zip Fasteners Manufac- 
turers’ Association has also 
complained about YKK, claim- 
ing (hat the company’s British 
activities have been subsidised 
by un realistically priced im- 
ports, including raw materials. 

It gave a cautious welcome 
to the expansion plans which, 
it said, would put YKK on the 
same footing as other domestic 
manufacturers so far as wages 
and other costs were con- 
cerned. 

Mr. Susumu Takahashi, 
managing director of YKK, 
del ailing I he expansion plans, 
admitted that the company had 
been forced to step- up. imports 
because of problems in . meet- 
ing demand from the U.K. 
plant. The cxlra capacity would 
enable it lo reduce fastener 
shipments from Japan. 

He denied that the company 
had been bringing in cut price 
imports- Its Tokyo-based 
parent, which has about 90 per 
cent, or the Japanese market, 
exported at the same price 
levels around the world. 

Work on extensions at Run- 


corn. where only about eight 
acres of YKK's 20-acrc site 
have been developed since the 
company was established in 
1970, has already started, 
though construction problems, 
mainly over material supplies, 
have caused delays. The work 
was due to be completed next 
year. 

Lorne Barling writes: Hr. 
Williams yesterday predicted 
substantial Japanese invest- 
ments In the European Com- 
munity in the near fntnre due 

to problems facing Japan’s 
major exporters. 

He said it had become 
clear during his recent visit 
to Japan that there was in- 
creasing despondency in 
domestic industry, caused by 
intense South-East Aslan com- 
petition, the upward movement 
of the yen and increasing pro- 
tectionism In buyer countries. 

Many industrial leaders 
recognised that the problems 
could only be overcome by in- 
vesting Ln factories abroad 
and they saw entry to the EEC 
as extremely important. 


Ultramar | Phillips well gives 

good oil and gas 
production results 


faces 

Canada 

clash 


BY RAY D AFTER, ENERGY CORRESPONDENT 


Plea to buy £100m. U.S. jets 


financial times reporter 

PLANS to buy 20 U£. j^ air ' in ^ rs 
for over £1 00 m. were pyt jo M r 
Edmund DelL the Trade Secre- 
tary. yesterday by British 

A * Mr 3 ^ Frank MeFad^n.British 
Airways chairman, tokT Mr, Dell 
of his Board’s wish to jw Boeing 
737s to replace the ageing Tndent 
One and Trident Two short-haul 
aircraft in preference -to 
ine the fleet of British BAG 1*1 Js 
or biding the US. McDonnell- 
Douglas 9-40. 


The two-hour meeting covered 
other British Airways forward buy- 
ing plans, but the main topic was 
replacement for the Tridents, 
which British Airways considers a 
mailer of urgency. 

It wants to place ah order within 
two months, but ‘must wail until 
Mr. Dell has consulted his advisers. 
Neither ihc British Airways Board 
nor ihe Department of Trade 
would comment after the meeting. 

BAC said it was waiting for an 


before 



Consume*" durable stocks 
grow by 50% in decade 


official announcement 
making its views known. 

The decision to buy Boeing was 
taken at a meeting of the British 
Airways Board on Friday. The 1 
aircraft was considered belter than 
its competitors on both price and 
noise level. 

Aerospace industry unions have 
already claimed that if British Air- 
ways is allowed to buy the U.S. 
jets, the British aircraft manu- 
facturing industry would suffer 
Some politicians are also expected 
to complain bitterly. 

But British Airways is thought to 
maintain that if it is forced to buy 
British the Government would 
have to subsidise both purchase 
and running costs. 

Editorial comment. Page 18 


BY CHRISTINE MOIR 

ULTRAMAR, the ml refinery 
company with sales of more 
than £5Q0m- 3 year, may become [ 
embroiled in a fierce legal bailie 
in Canada if it is successful with 
ils bid for tb p loo.ooo-barrels-a- 
day Come By Chance oil refinery 
in Newfoundland. 

The refinery was placed in 
receivership last pring. The 
Receivers, Peat Marwick Mitchell 
of Toronto, offered it for sale last 
September. At that time it 
rejected all the offers, but yester- 
day announced that the company 
had received an offer Trom Ultra- 
mar and would make a decision 
on it to-day. 

The problem arises because the 

holding company of the refinery. I 
Shaheen Natural Resources, has 
been fighting the bankruptcy 
order. 

The date for the appeal against 
the order* has been set for April 
26. In the meantime, Mr. John 
Shaheen, chief executive of 
Shaheen, has said that bis com-, 
pany would seek ‘injunctions 
and money damages'’ from 
would-be buyers. 

This was said last summer, 
when Peat Marwick announced 
that it was offering the refinery 
at tender. Yesterday's statement 
Trom the Receiver did not refer 
to the forthcoming court case, 
nor to the damages warning by- 
Mr. Shaheen. 

Mr. Campbell Nelson, chair- 
man of Ultramar, refused yester- 
day to put a figure on his 
company’s offer because of con- 
tinuing interest from other pos- 
sible bidders. The ' refinery has 
been described as a “SC250m. 
facility, '* but ti has been in 
mothballs since the middle of 
1976. 

Ultramar’s interest in Come 
By Cbance is in transhipment 
facilities it offers, rather than 
in the refinery itself. 


PROSPECTS for the commercial 
development of the Phillips 
croup's Maureen oilfield in the 
North Sea have been enhanced 
by the results of the latest well 

lh Phillips Petroleum, operator 
for the Maureen consortium, 
said yesterday that the well 
flowed at a rate of 5.256 tarrels 
a day, and L69m. cubic feet a 
day of gas was .produced. 

It seems certain that the 


group will decide to go jjead 

with exploitation of the field- A 
decision is expected in the next 

m The field, 155 miles north-east 
of Aberdeen, contains an esti- 
mated 120m. barrels of recover- 
able oil reserves, according to a 
recent report by the. stock- 
brokers Wood, Mackenzie. On 
this basis peak production rate 

I might be about 35,000 barrels a 

da fi is thought in the Industry 
that the results of the latest well 
confirm rather than enhance 
these estimates. The well was 
drilled to a depth of 8,827 feet 
about 1-2 miles north of the dis- 
covery well and 1.5 miles east 
of the second well drilled on the 
block. 


Oil flows of 3,600 and 10,950 
barrels a day respectively were 
tested from these first two wells. 

The Maureen Field is in Block 
16/29 close to the U.K--Nor- 
wegian median line. IC 
remoteness would mean that the 
oil probably would have to be 
transported ashore by tankers, 
loading at a buoy tethered to the 
seabed, or through a new pipe- 
line, probably shared with other 
nearby field operators. 

Commercial Interests in the 
field discovered in 1973, are: 
Philiips Petroleum Exploration 
(33.78 per cent.) ; 
Exploration (28.96 per cent); 
Agip <17.26 per cent.) ; CentutT 
Power and Light (9 per cent.), 
Ultramar Exploration (6 per 
cent.); and British Electric Trac- 
tion Company (5 per cent). 

It was announced on Friday 
that the partners had a 

State participation deal with tne 
Government and the British 
National Oil Corporation. Under 
it the Corporation will have an 
option to buy at market price up 
to 51 per cent of each company s 
share of oil production from the 
field. 


Private 

company 

buys 

insolvent 

Hivent 


Radiation processing 
expansion planned 

ror. m-rs-T? NATIONAL and the world’s leading supplier of such 
^mSriS producS^v^on of plants, and of cobalts as the 
Ammir Fnern of Canada are to radioactive ingredient . 

Atomic Energy i nT<>Tes i in The company offers commercial 

|S S d ^ n ES?& J- sterilisation 

Inter- Sf vet™ and agricultural 
national subsidiary. Irradiated Products.^^ 

Sh «usra 

Authorities ’ES SSM 
The company claims to be the process. 


BY RAUL TAYLOR, 

THE HIVENT air pollution 
equipment company, declared 
insolvent last month after the 
National Enterprise Board 
refused farther financial aid. has 
been bought by a private Sunder- 
land company. 

Russell Foster Holdings, which 
takes in the Tyne Tube Service 
and Pipeguard U.K pipe com- 
panies, paid an undisclosed 
amount to Mr. D. M. Booth of 
Price Waterhouse, the liquidator, 
for the company. The latter will 
be known as Hivent Engineering. 

The decision means jobs for 

35 of the 42 sacked employees at 
Hivent's factory on the Wear 
Industrial Estate. Washington, 
which manufactures dust extrac- 
tion equipment. 

The National Enterprise Board 
also stand to recoup some of its 
losses. In September it injected 
£104.000 into the company by 
way of a £54.000 equity stake, 
giving it a 26 oer cent, share- 
holding and a £50.000 loan. 


Losses 

Last month, when Hivent was 
making losses of between £10,000 
and £15.000 a month, the Board 
refused further financial aid 
and admitted that Hivent was its 
first complete failure. 

Mr. R' Foster, managing 
director of Russell Foster, said 
that his company bad spent a 
“considerable" amount buying 
Hivent as a going concern and 
was confident that its problems 
could be solved within 12 

months. • . ^ . 

The Enterprise Board could 
expect to recoup a percentage ln 
the pound of the loan, but was 
expected to lose all its equity in- 
terest. 


arid varl 


BY DAY1D FREUD . 

the STOCK of consumer dur- 
ables held by U.K households 
grew by a little less than 50 per 
cent in real terms Jroin 1966 to 
1976. according to an article pub- 
lished to-day . fa - Ecomimic 
Trends, official magazine, of the 
Central' Statistical Office. ' ■ 

The total value of . consumer 
durables - defined ^aj) Aose 
articles bought which ; h «an J be 
used over a period . of _n®re than 
a year — was estimated at 
£42.6bn. at the end oflWffi-. 
This was eauivaVent to qust 



, 

prices; "the value Pf/thA " stock 
rose rather less ttarrF°urf(rid in 
the 10 years to ISWfT At constant 


Prices batt 
takes toll 
of 



1970 prices, this was the equiva- 
lent of a little under 50 per 
cent. 

At constant prices, the net 
stock of household appliances 
almost doubled in the 10 years, 
while the net stock of clothing 
and footwear and of furniture 
increased by about one-third. 
The net stock of motor vehicles! 
grew by about a half. 

At the end of 1976 the compo- 
sition of the net stock (at cur- 
rent prices) was. roughly: furni- 
ture 39 per. cent, household 
appliances 17 per cmL motor 
vehicles 16 . per- cent- clothing 
. and- footwear,. 4I ! - .PjF - , ce Jh 
recreational equipment .11 P«J 
cent, and miscellaneous items 
6 pen cent • 


Pay now-Live later 


: - , vV=:.V,V- V - <■ 

/ • ... , \ ‘ *; " : 





• -A i- 


J.v-V', jj..; 


David Linnell 
r Merger not defensive." 



THE GRQ^Y^buslness ^ iJ£g 

Sts* Bu? d ln P the 

months the muttenngs - ^g^SpiUeb'’ ' withdrawal from 

become persistent. brell ^ market. Both reflect 

The pnee war, problems caused by ovei^ 

&■ S ^ TS 

°The proposed merger between ^‘“^^TwholeSing 
Sfd WbeLteheaf?r°ored-t^at the has tMD.W °f t SSJ 3 Ser C °£ boa companies have recently 
rumours were right in one the forma- ex ^ d ^ er opt ]on would be to 

respect The war ry groups- ■ - me ^ e e °g a r and VG .into one 

e^y ~ JTS 

foods , and a whol^le^ all hl| pensive ^What was weT&easy abSut^e°increas- 

SapkeS °and his rtaditio^ ^ ce ntration in the ^dug. 

^fbeen effected by the price «£? a^reuSeV 00 Se S 

Since last June, when Tesco solution. Wholesalers Street, the two company would 

stamps 81111 cut SSWbKSSSr got Eg sartiS* 

the. whoieariera not fm- short of 

retained their m dependence . Tesco and Sainsbuiy, 

^bUo cMpenrang «. ceruta ™ ' the co-op, are 

"areas. Britain’s biggest food chains. 

. — - - -, Since the MSfcv 't^^gSSr Certainly some rationalisation 

— in-ian- tlons 'bave become -increasingly likelv on -the cash .and 

B ' KrfSSondent mphisticted ,od sell SSfrroit. which would account 

Consumer Affa.rs Corrmponoe v ^ of |to«ries soli jn “jryj J 40 per cent, of tte 

this country. Spar .lone v with »^»f nca sale5 . At present, Un- 

^ ui; its 4.000 members, uuoui * r H ..-pc a V anety of different 
its margins in a blaze ?£ 4 .per cenL share of Vae .marl kL for its cas h and carries 

city, there, has been J ff 5 gg r ,.witle VG with just over ^.000 names ^ mersed company seems 

**«? CB Suri W have >■ ” 10re ,,,!in “ bound to confer ..."^Ve 




If. : frt&M 

wrfL-l.. * ♦ zi* s r i/MP 


w 


\i i 








NEWS ANALYSIS 

grocery 


: : ,■ : 

’•V- 4 







^ 1 : 








"Yes. an electric truck will 
. cost more to buy t hau a 
d iesel or gas truck. But w hat 
wil 1 they be cost i ng in five or 
ten years time - voi 1 with 
the running costs anti me 
witlt my bad chest? 

"Listen -an electric truck 
comes uitii most of its fuel 
ore-paid. Its cal led a battery - 
and the nightly re-charge is 
cheap. It's vour hedge against 
fuel inflation for 5 years. And 
as vour cost experts \v ill tell you. 
electrics cost less ro maintain, 
l ive longer, and have a higher 
trade-in vaiue than engine trucks. 

"And u I lat about the blokes who work 
for \ ( ni? Thiiik what a n investmem 
on electric truck is for. us. \ : o noise, 
no noxious funiesi Pius a Chloride 
engineer on cal! to look atior the 
batteries. Conte on, boss. Pa. \ now — 
1 and we ll all! ive later 1 . Yt )U r t nicks, 
c vour money and us 

Chloride Industrial Batteries Limited 

p. O. Box 5, Cl Lfton Junction 
s Swinton, ManchesterA127 21 *R 
V Telephone*. 061-794 4611 

. Telex: 6690B7 


CHLORIDE 

PURE POWER 

A . . 

V ■ ■ - 







ME NEWS 




Society 

criticises 


Banks press ‘fiscal 





case 


loan curb 


BY MICHAEL BLANDEN 


By Michael Cassell, 
Building Correspondent 


THE GOVERNMENTS curb on 
mortgage lending was yesterday 
criticised by one of the country's 
largest building societies. 

Societies are lending about 
£70m. a month less than they had 
planned because of the curb, 
brought about by Government 
concern over sharply rising 
house prices. 

Mr. Gerald Aspell, chairman 
of the Leicester Building Society, 
told its annual meeting that the 
lending restrictions could only 
temporarily prevent house prices 
from rising to a point where new 
market levels were established. 

The Government’s move would 
discourage builders from 
initiating housing projects and 
could also prevent would-be ven- 
dors from putting their 
properties on the market 

Some societies have claimed 
that the prospect of sharply 
rising bouse prices had 
encouraged vendors to withhold 
their homes from the -market 
because of the prospect of larger 
profits. 

News of the mortgage cut they 
say. has already prompted maoy 
potential -vendors to go ahead 
and sell in case the housing mar- 
ket becomes more difficult. 

Mr. Aspeil said : “It is unfor- 
tunate that we have bad to 
accede to the 
request to cut our lending in 
the first half of this year and to 
disappoint mortgage applicants." 

There was evidence that prices 
of certain types of homes in some 
areas were rising at a greater 
rate than last year but this trend 
was "by no means univesai.” 


BANKS COULD cany out home The banks repeated their case dence. Including the London 
lendjng just as well as — if not for -considering some form of clearing banks’ written subrois- 
better than— building societies official refinancing arrangement sion. 

if they had the same tax advan- to help them to- extend the The two volumes relate to the 
^ s ’ ,. cha5 !; P r0V1Sl0 ° . medium-term first stage of the Wilson Corn- 
man of the Midland Bank, said finance for industry. mittee* work, which concentrated 

in evidence to the Wilson Com- The Bank of England showed 0 n the financing of industry and 
mittee on the financial institu- some concern about the problems trade and covered issues includ- 
J , . wh i c . h might arise from this idea, ing the availability of funds to 
Lord Armstrong, developing particularly in relation to control suport real investment and the 
the arguments presented by the of the money supply. special problems of the smaller 

banks for fiscal neutrality m In oral evidence the Bank also compand 
the treatment of the various expressed reservations about ln iL wrfttpn the 

financial institutions, said that another idea put forward by tbe Bank vfhUohSrt 

the banks would set up a subsi- London cleariSg banks. Thk was {£“ ^ Thiels 
diary or a system which would the possibility of issuing medium- arose ^ jgJJT Th “ we - e - 
enable them to undertake sub- term floating rate notes to raise ln : 19704 These were ‘ 

stantiaiiy more housing finance, funds to support the extension • ,°5. e A™* 1 !* frdtn onse * 
Mr. Anthony Tuke, chairman of their lending. “Ration at a pace not pro- 

of Barclays Bank, suggested that The evidence published to-day ^ously experienced in this 
the banks might develop special- includes the written papers and country in peace-time; 
ised industrial banking opera- the oral examination of the 0 those arising from a decline 
tions. This might provide a accepting houses, the London and in industrial profitability in real 
vehicle for taking equity stakes the Scottish clearing banks, the terms, to levels previously seen 
in industrial companies and Bank of England and the Scottish only at time of deep economic 
could help with the problem of Development Agency. It contains depression; 
finance for small companies. some previously published evi- q ^ low , 

— apparent 


Plastics working party 
chairman named 


BY KEYIN DONE. CHEMICALS CORRESPONDENT 


arising from some 
disinclination among 
banks and institutional share- 
holders to concern themselves 
with the causes of managerial 
failure in the companies in 
which they had .financial in- 
terests, or with seeking remedies 
as distinct from disposing of the 
shares; and 

• those which arose from tbe 


Chloride 
in move 
for better 
batteries 


Rnandal Times Reporter 


MR. STEPHEN GIBBS, deputy much of the work carried on by frequent unforeseen changes in 
chairman of Turner and NewalL its predecessor, the plastics Government policies, levels of 
has been appointed chairman of steering committee. This body aa ” tax reliefs, -regional 

the new sector working party has agreed that companies an “ investment incentives, price 
for the plastics processing in- should aim to double exports in and wa 6e controls, and a whole 
ia»e udu ii/ dustry, set up as part of the three years, a target that could ra pS®. of Government actions 
Government’s Government’s industrial strategy add £330m. a year to the balance affecting the industrial climate 
exercise. of payments. which at the time appeared to 

The working party holds its Plastics in Building: A Com- Moralising t0 

first meeting to-day and its chief parative Study of Attitudes and ma ° a 8® meni - 
concern will be to improve the practices in flie U.K. and Ger- The bank said in oral evidence 
industry’s weak position in world many. Polymers Engineering on the loan note proposal that 
trade compared with other EEC Directorate, Science Research these could present difficulties 
countries. Council, State House. High if they flourished when there 

The working party will inherit Holbom, London WC1R 4TA. were direct controls on credit. 


Repairs aid marine engineering 


FINANCIAL TIMES REPORTER 


to stabilise tbe threat by the State-owned 
British Shipbuilders to use its 
statistics in-house marine equipment sub 


STEADY repair work and war- boiler-making.' Simpson and future, also helped 
ship business bave helped to Lawrence, the Glasgow company order-books, 
boost results from some of with annual sales of £3£m-. and Latest turnover 

Britain's marine engineering Wilson and Kyle, of Middlesex, showed a 15 per cent recovery sidianes. 

companies during the world have produced strong trading in marine engineering business Out of the 85 companies sur- 
shipbuilding slump. . performances recently. to £9Sm. for tbe first half of last veyed. which included nine 

But the going will get tougher Sales Rains ranging from be- year. °P e J a ? ans 50 s . ub * 

in the nert two ySm s^ a new tween 20 and 36 per cent, bave But this followed a 1978 sales sidiaries of larger companies 

survey of the & companies in been accompanied by strong slump m line with the ship build- larger companies performed 

the industry margins. Yarrow margins ex- mg industry, and was only in line better than their smaller 

ceeded 25 per cent with inflation. colleagues. Only one quoted 

Already, more than a fifth of Replacement and repair bust- No Improvement in real terms company in the survey was losing 

companies surveyed are losing neas was mot e than £50m. is forecast before 1980. Until money. 

money - in 1976, or a third of the indus- then, the industry must cope Marine Engineers by Jordans 

Yarrow, the London-based try’s annual sales, while Britain's with uncertainty created by Dataquest, Jordan Mouse, 47 

marine engineer with other successful warship business, delays in the shipping Brunswick Place, London iVI; 
interests in shipbuilding and which should be maintained in nationalisation programme' and £28. 


CO-OPERATION between 
Chloride group and Porvair to 
make improved materials for 
battery separators should mean 
% big advance in batter; tech- 
nology. 

Porvair, now 80 per cent, 
owned by American-based 
Inmoat, developed Porvic syn- 
thetic porous material, still 
widely regarded as unbeatable. 

Both Porvair, which has 
been disappointed in finding 
markets for its leather substi- 
tute, and Chloride found they 
were working along parallel 
paths. 

Chloride Is confident that the 
new type, thinner separator 
components to be produced at 
King’s Lynn will give a boost 
to lead arid battery markets. 
New technology is needed to 
lessen environmental pollution 
hazards. 

Chloride expects a new high- 
energy battery to be ready 
inside 18 months. It could 
Increase the range of the Silent 
Barrier 35 cwL van now under- 
going field trials from 45 to 55 
miles or improve speed and 
acceleration. 

Advanced technology will 
also enable Chloride to pro- 
vide battery shapes better 
suited to customer needs. For 
example the National Coal 
Board wants smaller batteries 
for underground haulage. The; 
also seek to overcome prob- 
lems of providing anti-spark 
safety systems on batteries. 

New batteries could also 
make It easier to design elec- 
tric fork trucks for container 
stacking 

Porvair’s . shareholders will 
be asked to approve the agree- 
ment with Chloride Lorival, 
the Chloride subsidiary, on 
April 27. 


£619m. grant 
for universities 



Non-stop to Atlanta, 


through to 



StartirieMayl, Delta Airlines introduces the 
firstrfaily non-stop service between London's 
convenient Gatwick Airport and Atlanta, Georgia, 
the “capital” of America's Southeast .. .your best 

gateway to all the South. And Delta inaugurates the xou can t pure ti 

first through-jet service between Lon don and New fare to Atlanta. 

Orleans, withno change of planes. 

Delta’s Flight 11 leaves London every day at 
12:10pm and arrives in Atlanta at 455pm, in New 
Orleans, at 6:45pm. Coming back. Delta's Flight 10 
leaves New Orleans at 2:45pm, Atlanta at 6:30pm 
and arrives in London at 7:20am. (AH times are locaL) 


have logged millions of air miles, flown everyjetin 
the DeltafleeL You can be sure they’ll go ail out to 
give you a memorable trip. 


You can’t purchase a lower scheduled 



For example, Delta’s Budget or Standby single fare 
to Atlanta is only £76. 

To take advantage of the BudgetFare simply 
pick up your ticketatleast21 days before the week 
you plan to leave. You’ll receive confirmation of your 
travel time 7-14 days before the week of departure. 

N aturally there are special restrictions on all . 
disco unt fares, whichyou can get from Delta or your . j 
Travel Agent And the number of low-fare seats is 
limited, so we suggest you book early 


U«UC«C»MOI3 

Check in at Victoria Station. 

You may checkin at the Gatwick check-in terminal 
in VictoriaStation,selectyourseatandcheck in 
your luggage. Then board an express train to 
Gatwick and go directly to Deltas Flight IL There 
are fast trains every 15 minutes from Victoria to 
Gatwickand the fare is £170. 


Excellent Delta connections in Atlanta. 

Delta flies to 76 cities from Atlanta, with more than 
260 daily flights around the clock. You have easy 
Delta-to-Delta connections to all the UA Southeast, 
Southwest and West Coast Delta has more 
Wide-Ride supeij ets from Atlanta than other airline. 
And Delta has twice as many employees to serve you 
inAdantaas any other airline. For reservations, call 
Deltaat 01-839 3156 or Crawley 517600 (reverse the 
charges,) or see your friendly Travel Agent. 


^DSLTA 

Ihtaaiwiin B/pcftaMinia. 


London-Atlanta, New Orleans Basic 
SeasonRetum Fares 


To Atlanta ToNewGrleans 


Enjoy Delta Medallion Service 
Youfly the Atlantic on Delta’s Wide-Ride® L-1011 
TViStar with DeltaMedalUon Service. Superb dining. 
Just-released films and seven-channel stereo. 
(There’s aSd.50 charge for headsets in Economy) 


Base APEX (Advance 
Purchase Excursion) Fare* 

£2I4J)0 

£270.00 

22-45 Day Basic 
Excursion Fare t 

S25550 

£318.50 

Regular Basic 

Economy Fhn? 7 

S397.00 

£431.00 

Regular Fust Class Fare 

£735.00 

£796.00 


Fly with the Delta professionals. 

Your flight ere w in the cockpit and cabins are all 
Delta professionals with years of experience. They 


* Effective until June 30. Higher in suram er. 
t Effective until June 14- Hi "her in summer. 

Fares and schedules subject tochang^ without notice. 


Delta is ready whenyou are 


By Michael Dixon, 

Education Correspondent 

BRITISH universities are to 
share a grant of £619m. for their 
recurrent spending in 1&7S-79, 
plus £4L6m. for furniture and 
equipment. 

Announcing the grants in the 
Commons yesterday. Mrs. Shirley 
Williams, Secretary for Educa- 
tion and Science, said .that both 
figures represented cash limits. 

But if pay and prices affecting 
universities’ recurrent expendi- 
ture were to rise by ** substan- 
tial] y” more than the 6 to 10 
per cent, allowed for in the 
Government's calculations, it 
would be prepared to review the 
main grant 

To assist the universities’ long- 
term planning, Mrs. Williams 
also gave provisional figures for 
the main grant in the following 
three years. These, at 1973-79 
prices, were: £83Sm. in 1979-80; 
£643m. in 19SO-S1; and £670m. in 
1931-82. 


Avon cosmetics plans 

plant 



FINANCIAL TIMS REPORTER 


** 1959, might be expanded, 

cosmetics multinational, might . Alternatively, a completely new 
base extra European mann ^ factory could be built elsewhere, 
luring capacity in 'Englan d or No final decision about 
Ireland, Mr. Crosby. UK. mana* or the shape of the 

ing director, said yesterdij” * *»** ***■» 

rai'mS 1 ’ t^ C The US. company, which 

OToeramme a in S3 v^n^ ?e f Stnreat Just speat expanding its 
the® distribution facilities at Corby, 

S? beca H s ? or near Northampton, showed • 

-:u per cent rise last year in 
a „ European sales to £165ra. Major 

^- ct0t 7 marketing programmes were 
Northampton, in operation since • launched to boost efficiency, 1 



lends 
Coal Board £31m. 


A aim. loan fa to be made to the and improving manriding and 


National Coal Board by the Euro- coal dear a nee: As kern, fora new 
pean Coal and Steel Community.: underground emreemr untam 


. , , _ conveyor system 

for development work • at a and the construction of a new 
number of collieries. - coal preparation plant and rapid 

me loan will be paid out over rail-loading facilities; Houghton 
roe next few years in lire with. Main will get money, to increase 
me development of each project- output and to instal new prepara- 
The terms will depend on market tion facilities; Grfmethorpe and 
conditions at the time of pay- Manton, for improving the 
“sntv _ , ■ ' quality of output. 

Yesterday s announcement Thoresby will get funds to 
brings the total paid out to the improve rail loading; Harworlh 
Coal Board from the Community to increase colliery output; 
since 1973 to £280m. The. Board, Wearmouth to extend under- 
like other members of the. Com- ground roads and provide 
rnumly pays an annual levy to additional ventilation; Bagworth- 
Last year it was around £6m. Ellistown to improve rail-loading 
The 14 collieries receiving tbe facilities, 
loans are in Derbyshire, the New reserves are being 
North-East, Scotland, South developed at Lady Windsor/ 
Wales and Yorkshire. Abercynon. Lew Hall and Seafield 

Projects for which the money Frances; at Bentley and Prickley/ 
is earmarked are: Gold thorp e/ South Elmshali, new electric 
Hlghgate, for developing output winders will be installed. 


Power Board shows its 
confidence in gas turbines 


BY DAVID FBHLOCK. SCIENCE EDITOR 


Chinese 

ceramics 

fetch 

£ 114,000 


yester- 


CHINESE ceramics sold . 

day by Christie's fetched £114.154. 
Marchant and Son. London 
dealers, paid £9,500 for a famille 
verte saucer dish painted with 
peach and pomegranate branches. 

Douglas Wright. another 
London dealer, paid £15,500 for 
famille rose lemon-yeliow- 
ground dish moulded with 
chrysanthemum petals. 

Wertheim gave £4.200 for a 
glazed buff pottery figure of an 
attendant standing on a pierced 
rockwork base, Tang dynasty and 
Rare' Art, a New York dealer. 


SALEROOM 

BY ANTONY THORNCROFT 


gave £3,200 for an archaic bronze 
tripod cauldron, Li-Ting, from 
the Shang dynasty. 

Christie's bad a highly success- 
ful sale in New York on Friday 
of printed books and manuscripts 
which fetched $578,802 
(£309,519). Only 4 per cent, 
was bought in. 

Maggs. London dealer, paid 
$50,600 (£27.058) for a Book of 
Hours, an illuminated manu- 
script on vellum. Richly illumi- 
nated on 28 leaves, the work 
includes 14 large miniatures, 
painted in the late 15ih century. 

A first edition in two volumes 
of the Natural History of Caro- 
lina. Florida and the Bahama 
Islands, by Mark Catesby, went 
to Bartfield, New York book 
dealer, at S35.20O (£18.8232- 

The Birds of New Guinea and 
the Adjacent Papuan Islands, by 
John Gould and Richard Bowdler 
Sharpe, in five volumes. 1875- 
1888. realised $30,800 (£16,470). 

Kraus, New York book dealer, 
paid $35,200 (£18.823) for 

Sonnetti Lussuriosi, by Areti&o 
Pietro and illustrated with wood- 
cuts after Giulio Romano and 
three other erotic works. 

At Sothcby Parke Bemet in 
New York on Friday and Satur- 
day a sale of Oriental rugs and 
carpets realised $132,050 
(£63730). This establishes a 
new record total for any carpet 
sale, breaking the record set by 
Sotheby's London saleroom only 
two weeks ago. 

The highest price of the two 
days was 560,000 (£31.915) paid 
for a Kashan wool carpet, 
measuring 21 feet 6 inches by 14 
feet 6 inches, an auction record 
for this type of carpet. 


GAS TURBINES provided to the achieved “ significant improve- 
electricity supply industry had ments ” in starting reliability- 
proved less reliable and shorter- When its installation pro- 
lived than those used by airlines, gramme was completed, by 198 L- 
Mr. Glyn England, chairman of 1982, about 5.5 per cent, of the 
the Central Electricity General- Board's generating capacity 
ing Board, told the International would be gas turbines. 

Gas Turbine Conference at Mr. England compared tbe 
Wembley yesterday. operational requirements with 

The Board has orders for gas those of airlines. In 1976-77, the 
turbine generating sets worth Board's average ru piling time 
about £280m- placed with Rolls- per start-up was 41 minutes, com- 
Royce and GEC. pared with an average of 115 

Noisiness and high running minutes' flight time rescinding 
costs— present gas turbines were taxi-ing) for British Airways 
low in efficiency and needed a engines. 

premium fuel — were two dis- A new use for tbe gas turbine, 
advantages from which gas which the Board was studying in 
turbines still suffered, said Mr. collaboration with the UB. elec- 
England, speaking as a major tricity supply industry, was io 
customer Cor Industrial gas connection with compressed air 
turbine plant. energy storage as a way of stor- 

The Central Electricity General ing electricity, 
ing Board has 145 gas turbines Energy can be stored by cum- 
in service, totalling 230 MW pressing air in a rock cavern 


of generating capacity. 

Mr. England cited as evidence 
of the Board's confidence in the 
gas turbine’s “ability to perform 
to our onerous requirements ” 
the fact that rt bad another 
1.400 MW of generating capacity 
on order. 


Over the 
Board and 


past decade 
its suppliers 


the 

had 


By simultaneously storing the 
heat of compression (probably 
in a form of fluidised-bed) most 
of the heat can be recovered 
during the generation phase. 

Because this system needs no 
fuel to drive the gas turbine— 
‘merely hot air from the store— 


it has both environmental and 
economic advantages. 


No figures 
to justify 
high fare 
rise for 


commuters 

By Ian Hargreaves 

BRITISH RAIL has accepted tit 
it will be unable to justify hiehi 
than average fares increases a 
services in Loudon and the Soul 
.East next year. 

It has told the Government thi 
it will not be able to produce th 
kind of cost-expenditure breal 
down for South East aervict 
which the Price Commission h* 
said would be necessary to justif 
gch^a course of action befor 

This emerged yesterday whe 
the Secretaries of State for Price 
and Transport published a jolt 
response to February's Prii 
Commission report on (l 
Januaiy round of rail fai 
increases. This put up fares i 
the London area by 16 per cen 1 
compared with the nation, 
average of 14.5 per cent. 

The ministerial response hi 
little to say beyond a gener. 
expression of sympathy for tt 
grievances felt by commute) 
and a reiteration of exist in 
Government Policy towards rai 
ways: that London and Sout 
East services should play the\ 
part in reducing the railwav 
call on public funds. 

But it seems likely that i 
spite of this unbending allitud 
from Government, British Ra. 
will not single out London coir 
muters for higher fares in th 
next round of increases. 

The feeling is that the Prlc> 
Commission's point about thi 
need to justify such a policy o 
“loading - fares increases is valic 
and that as the informatioi 
needed to produce such a justifl 
cation will not be available nexr 
year, there will have to be at 
least a one year respite foi 
commuters. 


Road group 
attacks ‘low’ 
traffic forecast 


THE GOVERNMENT'S traffic 
forecasts, revised downwards 
earlier this year after criticism 
from the independent Lcitcb 
Committee, have been attacked 
by the British Road Federation. 

The federation s3ys that the 
Government's decision to base 
economic evaluation of road 
schemes on the lower end of the 
new forecast range implies “ that 
it Is responding to political 
pressures and not seeking to 
optimise the use of the nation's 
resources.” 

Looking at the “low” figures, 
support for which was reaffirmed 
in last week's Roads White Paper, 
the federation finds that the fore- 
cast for the Increase in cars 
registered in tbe four years 
1976-80 is less than half the actual 
increase in the economically 
sluggish 1972-1976 period 
in the longer period, 1976-1985, 
It notes the Government's expec- 
tation of a minimum increase of 

300.000 net ear registrations a 
year or 2.9ra. in aggregate, com- 
pared with a growth of 3.7m. or 

420.000 a year between 1967 and 
1976. 

In this earlier nine-year period 
GDP growth was 18 per cent. The 
minimum predicted growth for 
the later period is 26 per cent. 


Crown Agents hearings 
start in September 


FINANCIAL TIMES REPORTER 


THE PUBLIC hearing of the Judge Crooxn-Johnson said loan for the development of 
Tribunal of Inquiry investigating that the inquiry was not a trial Ethelhurga House, (ii) Proper; 
the £236m. losses 'ncurred by and evidence and documents pro- valuations, (ui) A loan to Mur- 
the Crown Agents on tfieir secon- duced by witnesses would not ray field Securities in 1973. 
dary banking and property be used against witnesses in any A loan from the Crown Agents 
activities between 1961 and 1974 criminal proceedings, except if in 1973. 

will start oo September 11. charged with having given false The Commission paid to them 
The three-man tribunal, beaded evidence before the tribunal or for introducing borrowers to the 
by High Court Judge Mr. Justice conspiracy to do so. Crown Agents. 

Croom-Johnson. met yesterday The matters to be investigated Acting for both sides in jrans- 
for tiie. first of two \ *eJim«nary are: 

hearings. The Crown Agents and Its 

Judge Croom Johnson, aged business associates 
63. sitting with Lord AJlen g Of ^ 6eglnnjng of 


Crown 


actions involving the 
Agents and third parties. 

Failure to register a ebarne 
own- 00 a site * n Epsom in April 1974 
0 ’ wi'htn the- dp rind allowed. 

The Ministry of Overseas 


Abbeydale, aged 65. and Sir ..JllSSjl 
William Slimmings. aged 65. acwnirt ^rations. infhrmatinn 

JST“- oi ‘ te " 

aa“ ,or ieeai &FSS5 = 


The tribunal, set up by the whether the own-account themselves nr others about the 

nuammont iwnrlap th* TriK.tnilc WIlTOKr . . . OWpSCSOUBl „ Agmu’ OWfl - aCCMJIIt 


Government under ^Tribunals 0 perattoS should haw tekn' own -account 


of inquiry (Evidence) Act 1921 
after the highly-cnlical Fay 
Committee's report on the Crown . 
Agents, has the powers, rights 
and privileges of the High Court. 

The terms of reference are to 
inquire “To what extent there 
were lapses from accepted 
standards of commercial or pro- 
fessional conduct or of public 
administration in relation to the 
operations of the Crown Agents 
as financiers on own-account in 
the years 1967-74 dnscrihed in 


tr r d ssttrtjgjsrus 

Merger of t he Fimnro Impart- WJJJJ av3 jj^ble. 


Steps taken to see that the 


Investment Account 

{S nV n^JSUS at JSS£ accounts of'the^Cro^ Agenis' 
the Crown Agents accounts. wpre promptly. 


including the transfer from the 
Office Fund to the Joint Con- 
so 1 Mated Fund in 1970. 

Use of Principals" money, 
directly or indirectly, for own- 
ar count operations. 

The allotment of shares in 
Gr-irico Management- 


£_=-> -swirsr 


Australia. 

Participation In 
and Continental 


Inquiry on the Crown Agents. 

Judge Croom-Johnson said that 
the “lapses" which would con- 
cern the tribunal would not be 
"honest mistakes," but 
worthy in the sense o i deserving 

cecsure - • Gifts received 


Response to the report of the 
Stevenson Committee — whose 
earlier report on the Agents was 
published as an - annexe to the 
Fay Report— and the Minister's 
Statement In Parliament on 
November 21, 1973. 

In- The Treasury ; . 

In Steps taken to see that full 
and proper accounts for the 
tbe English Crown Agents were produced 
group of promptly. 

'hiamoL Companies. Extent to which steps were 

owm Loans to Mr. William Stern, taken to inform officials and 

others- outside the Treasury of 

m. | *ii .. AAnnom IVUI9 icvxivcu from Mr. the Crown Agents’ own-account 

•. ^ William Stern. operations, and What action was 

Participation in First National tlkcn ontte. information wbld. 
ih*. « linitihiHnnai nnsitinn of Finance Corporation. was available, 

the Crown Agents their Transactions concerning the Action taken on warnings 

SfatioShto wltb^ GovecaSSu Manchester Central Station. received from the Bank of 

^Mriments’’ Vse of - comfort letters."" England in May and December. 

Evidence 8 will come mostly Circumstances In which 19m . 

from witness statements obtained r. SesT ? on “ t0 StfiveDS0,, 

by the Treasury Solicitor These tinned, tteralnations ot\ which committee's “W 1 

witnesses will be snbjoc, to " 

Transactions involving Davies. 

Arnold and Cooper. 

Such accounts as were kenj 
and nrepared throughout the 
period. 


and Audit 


examination and cross-examina- 
tion during the hearing. 

In addition, “interested per- 
sons.’’ defined as “ those in peril 
nf censure or adverse finding," 
may be legally represented with 
fhe permission of the tribunal 
and will In most cases have 
reasonable costs paid. The tri 


The Exchequer 
Department 

Whether there were delays in 
aiiSitfnq and, IF so, why. 
Accounts and audits generally. 
The Bank of England 
Extent to which steps wore 


Slaff appointments within the to inform Itself and others 
Crown Agents. _ _ _ „ a boul the Crown Agents' own- 


Compliance with . the Civil 


reasonaore costs para. »ne ui- c ~ n li norv mite 
buna] wit) consider requests far ®»URWr code. 


legal representation at the 
second preliminary hearing on 
July IL 


Davies, Antold and Copper 
The advice given to the Crown 
Agents In relation to: (i> The 


account operations, and what 
action was taken on the n for- 
mation which was available- 
Attitude to the Stevenson 
Committee. 


'J 


ii 


■■i 









r-'- \ 










The Financial Times 









Map by Grarge Philip and Son LuL © 1978. 


Export finance. Competitively 


efficient way of using E.CG.D. services ->ou 

really should talk with us. After all, we ve 


I] 

li 


our executive in charge of Export Hnanre 
London 606 9944 telex 88841. TEST US 

MHiaH Bank International CfR Delivers. 













LABOUR NEWS 









Put a bit of sting back into your - | 

business. With Datapak-B, the commercial f 

computer system specially designed by V entek ■„ 

Datapak-B offers a comprehensive 
set of computer programs forcning an 
integrated accounting system that can be 
implemented as it stands - to carry out 
Order Processing/Sales Accounting/Stock 
Recording, Purchase/Nominal Ledger, 
and Payroll etc - or tailored to indude 
specially required features. 

. Datapak-B is based on the famous 
Datapoint systems already supplied to 
companies like yours throughout the 
world, induding eight out of the top 
ten U.EL companies. 

So put abit of sting back into your • 
business. For all the facts ring 
Malcolm Hammond on 01-903 6261 
(or complete the coupon below). 




g 

...v . " 

v x * — ' • ? - 

• ^.vr 


Yentek Limited, Marketing Support Dept., 
17th Floor, Station House, Harrow Road, 
Wembley, Middlesex. HA9 6ER. 



Cuts sought in bakery 
shifts to save jobs 



BY PHIUP BASSETT, LABOUR STAFF 


MR. SA3S MADDOX, general 
secretary of the Bakers, Food and 
Allied Workers’ Union, is to 
recommend that bakery workers 
cut the number of shifts they 
work to try to save some of the 
7,986 jobs to be lost by Spillers* 
decision to ptril wit . of bread- 

m akin g 

Mr. Maddox said yesterday that 
the move, which he will recom- 
mend _ to tiie anion's executive 
committee next • week, would 
reduce by half the Spillers- 
French redundancy figure. ; 

. Many bakery workers do six 
12-hour shifts every week, work- 
ing through their rest days. Mr. 
Maddox said that if no worker 
in the industry worked more 
than five shifts a week, the ex- 
pected redundancy figure could, 
be cut by 50 per cent. 

He warned that bakery 
workers left to produce the 
same amount of bread with 23 
fewer bakeries would be look- 


ing-for extra pay for the extra 
work. ... / •; • ,= 

He was “deeply concerned 
and disturbed” by the closures 
and again criticised both 
Spiflers and Mr. Roy Hattersleyj. 
Secretary for Prices and . Con- 
sumer Protection, for nof.-con- 
suiting or negotiating with the 
bakery unions before the- deck 
sihn was taken. 7 . 

Mr. Maddox w31 meet Mr. 
•Alex Mackie, representing the ; 
Scottish • bakers- and Mr. ■ Joe 
Young, of the Irish Bakers’ union 
m Manchester to-day and* to- 
morrow for talks on : further 
action on the redundancies and 
closures. 

The Wales TUG has asked the 
Welsh Development Agency for 
backing to rescue SDO jobs at 
SpIUers’ . two South Wales 
bakeries and Redpath Dorman 
Long’s Trebrehy plant pdsslbfy'r 
by turning them into workers’ 
co-operatives. 

Elinor Goodman writes; Mr. 
Garry Weston, chairman 7 of 


Associated British Foods, said 
yesterday, that there -wo hid be no 
sudden clamp-down os the level, 
of discounts the bakers give the 
trade following Spitlera’ with 
-drawal from -the Industry, v ! 

The : .r e mai m ag plant -bakers 
would probably try to cut .the 
extent of “ soft selling ” andlhis 
might ■ result in increases in 
supermarket prices of ip or a Ip', 
.over the next few months: 

- - But the companies were 'still 
not in a position to &top : giving 
discounts to their larger cus- 
tomers. Associated British Foods 
would try to deal with, the prob- 
lem of “ returns "—the system 
whereby the bakers buy back 
unsold, stale bread from tbe 
shops. 

In its report on the industry, 
the Monopolies Commission 
agreed that this- was very expen- 
sive. practice for the bakers, and 
both the big groups would like 
to end it. 


afafagaair-iVj 

noon vmntmk ' 



Parliament Page 12 






Kitchen staff at Claridges, the London hotel, 
went on strike and picketed the building at 
lunchtime yesterday in a dispute over the 
dismissal last week of a trainee chef. 

The chef, Mr. Richard Elvidge, claims that 
he lost his job because of his trade union activi- 
ties after trying to recruit fellow employees 
to the General and Municipal Workers* Union. 


The hote! says he failed to carry out his duties 
in a proper manner. 

. Borne of -the strikers on picket duty out- 
side the hotel said that in addition to. the 
reinstatement of Mr. Elvidge, who- has been 
employed at Oaridges for about 18 months, 
they were demanding a five-day week, more 
money and union recognition. 


Toolmakers Taxmen may set up 

£?!%*} strike fund 


to Leyland 

Bv Arthur Smith, 

Midlands Correspondent 

LEYLAND CARS toolmakers, 
whose damaging strike took the 
company to the brink of finan- 
cial collapse last year, meet next 
week to consider renewed action. 

The executive of the unofficial 
committee met in Birmingham 
yesterday to review its position 
in the wake of the emphatic 
rejection by manual workers of 
the company's proposed incen- 
tive scheme. 

Mr. Roy Fraser, the chairman, 
made it clear that toolmakers 
were still pressing for separate 
bargaining rights as the way to 
improved differentials for skilled 1 
men. The 60-strong committee I 
would decide next week how 
best to pursue demands. ; 

Signs of further unrest by the 
toolmakers must add to Leyland 
management problems, only days 
aftejr the decision by 100,000 
employees to reject a produc- 
tivity deal offering the prospect 
of up to £3 a week bonus. Tbe 
result of tbe postal ballot has 
exposed a wide gulf between 
management and unions about 
the nature of incentives. 

Shop stewards will now claim- 
support for demands for a 
scheme negotiated at plant level 
and closely related to individual 
effort. 

Tbe company bas resisted 
such moves which would give 
greater power over earnings to 
the stewards and pose the risk 
of a drift back towards the wage 
chaos associated with piece work. 

At Chrysler, the Ryton 
assembly plant was halted yester- 
day and L200 laid off because of 
a strike by 50 production wor- 
kers'. They walked out of the 
factory on Friday in support of 
a workmate who refused to per- 
form an additional welding 
operation. 

Ceramic union 
accepts 10% 

A 10 PER CENT, pay rise for 
workers in the pottery industry 
was officially accepted yesterday 
by the Ceramic and Allied Trades 
Union. 


. BY DAVID CHURCHILL. •' j 

A STRIKE finance. apy>' 

future industrial ' action c&iised 
by Budget, overwork is likely fo 
be set up' by the traditionally 
moderate Inland Revenue Staff 
Federation at its annual' con- 
ference in Scarborough next 
month. 

The union’s national executive 
has submitted a resolution to the 
conference calling for. £35,000 to 
be transferred from reserve 
funds to establish a “disputes 
fund.” 'Union officials believe 
[that members’ feelings are run- 
ning so strongly over Budget- 
inspired work that the fund is 
certain to be approved. 

In January the union called off 
a three-month overtime ban and 
work-to-ruic which had been 
staged to protest at the extra 
work caused by several tax 
changes last year 

The disputes fund would give 
the union greater flexibility in 
calling industrial action and 
advertising its case. 


?if' ^iG^acdflor ar^wiu^s 
major; tm- changes ' requiring- 
excessive Twertime, then - the 
union may rdedde to instigate 
further industrial -action. .The 
union estimates^ that if the pro- 
posed JijyflEr. tax band L is: intro- 
duced, an extra 1^00 staff will 
be needed. •“ _ 

But the 800 extra staff agreed 
after negotiations with *: the 
Inland Revenue at the end ofJast 
year have, still to be appointed. 
This agreement included 44 100 flu: 
so ” new posts at 'senior lever^ 
The .federation, however, is. 
annoyed that this approximate 
figure has been taken as a maxi- 
mum. . 

“ This fe> Classic, esampte-.of 
tbe failure ^ of some senior civil 
servants- -to comprehend good 
industrial -relations,*' argues Mr. 
Tony Christopher, the federation 
general- secretary, “it could 
prove to be the final straw.” 


Ninian oilfield dispute settled 


CONSTRUCTION work on the 
Ninian Southern oil platform 
returned to normal yesterday 
following the settlement of a 
dispute involving craftsmen. 

More than 500 men out of 


the workforce of L100 had 
flown off (he platform lost 
week In the dispute over com- 
pletion bonus payments and 
work rosters. An airlift was 
yesterday operating to get the 
men back, on the platform. 


Front row 

' By Our Labour Editor 

MR- SID WEIGHJELL, general 
seCTetsuy of the National 
J2“5® n K^aymen, last 
MSM tried to defuse the 
controversy stirred up by his 
union’s wanting to members 
who belong to the National 
rront. 

. He said he had not wished 
10 g*ve the Impression that 
membership of the National 
ramt or any other political 
party would mean expulsion. 
But the union would look at 
cases where members were 
causing racial disruption by 
distributing leaflets, holding 
meetings or acting “contrary 
to the basic rules of the NUR.’’ 
-The- onion, was- not ont to 
punish people merely for their 
personal views, Mr. Weighed 
told a meeting of Conservatives 
at Battersea, London. 

The NUR executive, after 
considering -a resolution pot 
to ft by Its Watford district 
council; Instructed the general 
secretary to put out a circular 
registering the union’s “com- 
plete abhorrence of the anti- 
union .policies of the National 
Front,” and of its attempt to 
“divide workers on grounds of 
race, colour or creed.” 

Tbe- executive , also asked to 
be told of any cases of mem- 
bers or union officials using 
their union office to further 
racialist policies. TMs Instruc- 
tion was aimed mainly at a 
body calling itself the National 
Front BaUwayzoenV Assort** 


8,000 idle 


pay clash 

By Our Midlands Staff 

MORE THAN 8,000 Rolls-Royce 
aero-engine workers are now 
involved in the pay dispute at 
two factories in the Coventry 
area. About 1,700 more workers 
were! laid -off yesterday at the 
Ansty plant. 

This wax the result of intensw 
fied picketing at Ansty, where 
1,750 were already Idle in tbe 
engine overhaul division- Those 
laid off yesterday were at the 
adjoining industrial and marine 
engine plant 

In Coventry the . Parkslde 
works, making components for 
the RB211, which powers the 
Tri-Star, 7 the -Concorde and 
several other civil and military 
engines: „-has; rbeeo dosed since 
thpr.eod^f last month, with 2,600 
mahtiaLworfcers and 2,000 others 
idle. ’- 1 . 

■The dispute, centres on Park-* 
side, where 330 men ach resisting 
moving from .piecework to a 
measured- incentive scheme. . 


Grangemouth 
wages deal 

is approved 

By Our .labour Staff 

CRAFT AND. general- workers at 
; British Petroleum's Grangemouth 
oU 'rerminal In Scotland have 
xe-negotiateda pay settlement to 
bring It within Government wage 
'guidelines. 

A pay settlement of 11 per 
cent was reached for U50 pro- 
cess workers doing shift work, 
together with a self-financing pro- 
ductivity deal which added a 
farther 5 per cent to the 
overall bill. 

The Department of Employ- 
ment asked for the deal to be 
re-negotiated to bring it within 
the Government's 10 per cent 
limit BP said yesterday that a 
settlement had now been reached 
to the Department's satisfaction. 


Lord Camoys to join Barclays 


BY MICHAEL BLANDEN 

LORD 1 CAMOYS, executive chair- 
man of Amex Bank, is to become 
managing director of Barclays 
Merchant Bank. 

It is the second time recently 
that Barclays has gone outside 
its own ranks for a top executive 
of the merchant banking sub- 
sidiary. 

The move confirms the group’s 
intention to develop the mer- 
chant bank further as a 
specialist operation in the 
Barclays organisation. 

Last September, Mr. Charles 
Ball, brought in from Kleinwort 
Benson to spearhead tbe expan- 


sion of the merchant banking 
business of Barclays, announced 
his resignation after differences 
of opinion in the group. 

The chairmanship of Barclays 
Merchant Bank was then taken 
over by- Mr. Deryk Vander 
Weyer, former senior general 
manager of Barclays Bank. 

At the same time the functions 
of chairman and chief executive 
were separated and the bank said 
that a hew managing director 
would be appointed. 

Lord Camoys, who is 38. has 
been executive chairman of Ames 
Bank, the London-based merchant 


banking subsidiary of American 
Express - International - Banking 
Corporation, since January last 
year. 

He was managing director of 
Rothschild Intercontinental from 
1969 and remained in that por- 
tion after the company was taken 
over by American Express and 
renamed in 1975. _ 

He will loin Barclays in June 
and will be succeeded as chair* 
man of Am ex by Mr. S facto K. 
Roxas, vice-chairman of American 
Express Internationa] Banking 
and a member of the Am ex 
Board. 


APPOINTMENTS 


Bowater executives join main Board 


IN BLOCK CAPS PLEASE 


A TRW AFFILIATE COMPANY 


Mr. Geoffrey K_ Maddreli and 
Mr. Leo E. Tutt have been 

appointed additional members of 
the Board of the BOWATER 
CORPORATION. Mr. Maddreli is 
president of Bowater Europe BV 
and the chfer executive responsible 
for Bowater’s industrial subsidi- 
aries in Europe. Mr. Tutt is a 
director and chief executive of 
ESCOR. an Australian associated 
company of the Corporation. He 
is also a non-executive director of 
several other Australian com- 
panies unconnected with the 
Bowater Organisation. Mr. Arthur 
Lissenden will not be seeking re- 
election as a director of Che 
Corporation at the annual meeting 
on May 19 and will retire in early 
June. He will be succeeded by 
Mr. Tutt as chief executive, Aus- 
tralia and New Zealand. 

Mr. Way ham Moran has become 
general manager of two North of 


England Bowater operations, the 
Liquid Packaging Division and 

Bowater PKL, following the retire- 
ment of Mr. CK.L Ledger. 

*■ 

Mr. M. J. B. Todhuntcr has been 
appointed chairman of CLYDE 
SHIPPING COMPANY. 

★ 

Mr. S. M. Hornby, an executive 
director or W. H. Smith and Son, 
has been appointed a non-execu- 
tive director of S. PEARSON AND 
SON. 

★ 

Mr. -Tom Grimley, -who is 
retiring as managing director of 
ST. MARTINS PROPERTY COR- 
PORATION and its subsidiaries at 
the end of next month, is to 
remain with the group as a con- 
sultant until June 30, 19 70, 

★ 

Mr. G. W. Hatton has been 
elected deputy chairman of the 


LLOYD’S -* UNDERWRITERS’ 
ASSOCIATION for tbe remainder 

of the year, ^ 

Sir Frederick Catherwood has 

been reappointed chairman of the 
BRITISH OVERSEAS ‘ TRADE 
BOARD for 12 months from May 


Mr.. A. L. Blackman, has joined 
the aviation, division • of SMITHS 
I NDUSTRIES as divisional director 
techitical/operations. ■ 

Mr, Richard Varey has -retired 
from the Board of MATTHEWS 
HOLDINGS and those of its sub- 
sidiaries of. which he was a 
director. 

•k 

Mr. J. W. A. Ljflms, Mr ; M. E.J. 
Bone and’ 80s*.®. Brown will be 
joining the partnershipof W. L 
CARR* SONS AND CO* stock- 


brokers! from April 17- On April 
14, Mr. 2. A z Film er Wilson is 
resigning from -the partnership 
but will remain a partner of W. L 
Carr Sons and Co. (Overseas). 

. * — 

Mr. Cbander Roney bas been 
appointed to the Board of 
CAMPARI He has been with 
the company slncc 1W2, the last 
ten years as. general manager. 

Mr, David* Wilson has been 
elected president of the MAN- 
CHESTER CHAMBER . OF COM- 
MERCE AND INDUSTRY. He is 
senior superintendent Of branches 
with IVUHams and Giya'S Bank m 
Manchester and president of the 
Manchester and District Bankers 
Institute. Mr. Huminh McDonald, 
managing director of James 
Robertson and Sons, ha* beramo 
vice-president o f M anchester 
Chamber of Commerce* 




.r- 

>> 




•V> .. 









? r % 
: Ss 

.. ■ * 

•• 

’:...■ <•' . £ 

’ --H.' ■'-J' N - 

• , ?i ‘ •■- . 

•- - j* r* ' 

" I-' 1 .- 


Ffoam3al Tiine^^ ii 1978 


-■* £■■ 


.-■.; Hi; >- 




- :va 

...;• '• J 

. ,’ ’ , ' 1 -:ti« ►' 


8.000 H 
in Roll 
Pay clas 

C r» ... 

“ * «ii F_- j— ■ * ■ 




Grange* 
v. aut’s deal 
i>. appiW 






604TI 

1 d 



!«***«*'*»'• v^v«»rwii# .; ■*} 




■ * - 






.... 


V. - 


“•'•'■ — ■••■. ., 


'*•*. '’Ii'! 




.relays 


Board 


v. “ 


many tiling? in common. Poise, dignity and 
immaculat e breeding are some of them.' Speed, 
power and style are others. 

But, whilst only the privileged few can afford 
to own a racehorse, the well-priced 604 11 is in 
reach of many. Unlike the racehorse which is rather 
a delicate creature, the car is tough and reliable as 
well as . elegant Tough and reliable because if s 

i i . -Fi i r. J 


designers and engineers, first class materials, and the 
most advanced manufacturing technology all 
combine to produce this true thoroughbred. 

The oversquare 2.7 litre V6 engine is built from 
lightweight aluminium, and has twin camshafts for 
maximum flexibility. The benefit of using light- 
weight materials is reflected in the excellent fuel 
consumption figures (33 mpg at a constant 56mph*). 


advantage of the'latesf developments. The Bosch 
KJetronic fidi injection system accurately meters 
the fiiel/air mixture to increase power ana reduce 


petrol consumption. The electronic ignition system 
ensures super smooth starting, and the 5-speed 
manual gearbox means even smoothes; quieter; 
more economical driving, especially at high speeds., 
Or;, for those who prefer; there’ s the option of a 
3-speed automatic gearbox. 

Comfort is naturally of the highest level and 
the specification of the 604 TI leaves little to be 
desired; 4 electrically operated windows, subtly 
tinted glass all round, electrically operated sunroof. 


! :>ower assisrea steenng, centnmsea pneumam. uuuj 
ocking system, rear fog lamps and a super deep 
lustre metallic paint finish to the body with a final 
coat of cleat protective lacquer. The interior is as 
luxurious as you’d expect and where the 604 reallv 
scores is in its spaciousness. As Car magazine said, 
“rear leg room is almost to limousine standards? 

The 604 SL (carburettor model) has always 
been competitively priced. The 604 IT, with fuel 
injection and other refinements, represents, 
at £7582, a first class investment. 

And the 604 thoroughbred won’t cost you a 
fortune to run. Ifs frugal with petrol as we’ve 


shown, but in addition it. requires main servicing 
only once a.yeai; or 10,000 miles (with intermediate 
check and oil change every 6 months or 5,000 miles). 
The 604TI is also covered by Peugeot’s straight- 
forward 12 month, unlimited mileage guarantee, 
and first-class service is assured by our network of 
fully trained Dealers across the U.K. 

Let us tell you more about our thoroughbred - 
send now for details on the 604. 


Model Manual 1 speed gearbox , 

Fuel Constant Constant ^ Suxulaccd 

Consumption 1 * 5C’Hiph 75mp1i : -urban 

driving 


Autotruck gearbox 

Constant Constant Simulated 

5(jraph 75mpb urban 

driving 


3?.2mpg Silmpf taSmpg 27.4 mpg 214 mpg U\7mpg 

(8.51/lOUkfl]) (10.9 VIM km) (lGJl/Iuokm) (lO.ZL'lOukm) fl2.6i/10Gkm)(l6.9V100km) 


*In accordance with official government testing procedures. 
Paces CDraxtacfaeofgoing to press. 

Clothes byTcd Lapidus. 

Peugeot Automobiles (UK) Ltd. 

Peugeot House, 533 Weston Avenue, 

London W3 0RS.1H: 01-993 233L 



World famous for strength 


? i . • 

t' : .* ' r 











12 



fines a week 



timasaweek 



Twice 





Demand for seats on Libyan Arab Airlines goes on 
unabated* and the'London-Iibja service is no exception. 

We don’t like to say c sorry*to intending passengers* so, 
we’re doing the only practical thing -increasing our flights. 

From May 1 we will be flying 6. times a w^ek to Tripoli* 

7 to Benghazi and there ar^ seryices 'to Rome - a boost to 
our London service of nearly 30%! 

. And not only that We’re opening spacious new offices at 
88 Piccadilly. Now you can book your flight and make 
onward reservations amid relaxed surroundings in the centre 
of town* overlooking Green Park. 

Here is our new service from London: 

To Tripoli: Mon* Tues, Wed*Thu^ Fri* Sat 
To Benghazi: Sun* Mon* Tues* Wed* Thui; Fri, Sat 
To Rome: Tues*niut 


All departures are from London (Heathrow) and are 
conveniently timed in the early afternoon. 



Our hot offices on the comer of Piccadilly and Half Moon Stnxtjadng Great Park. 

Please contact us at 88 Piccadilly London W1V 9HD. 
Reservations and enquiries: 01-499 1016/9. 




LIBYAN ARAB AIRLINES 


♦SOCIALIST PEOPLE’S IJB’XAN ARAB JAMAH 2 KB 2 L 


! 


PARLIAMENT AND POl.l I 


; -L. ; ;^es'^y r Apztf ll 1978 



SPILLERS CRITICS TURN ON SILKIN 



angry over 



BY IVOR OWEN, PARLIAMENTARY STAFF 


RANK HD VIS McDQUGALL and 
Associated British Foods are un- 
likely to seek an increase ' in 
bread prices before “late 197S,” 
Mr. John Silkin. Minister of 
Agriculture, told the Commons 
last night in a statement on 
Spillers’ decision to pull out of 
the bread industry. - 
The Government's failure to 
refer to the Monopolies Com- 
mission the two companies* take- 
over of the- 13 bakeries to be 
kept open' was sharply criticised, 
mainly by Labour backbenchers. 

Mr. Silkm’s explanation that a 
reference might have endangered 
the 5,100 jobs, which will be 
saved by the acquisition of the 
surviving bakeries did little to 
lessen the hostile mood of the 
Government critics. 

There was also strong con- 
demnation of Spillers from the 
Labour 



. - .-Vi- 

the equivalent of over 2,6dft'ad^- 
tional employees at therr exfet- to n 
mg bakeries.- including those in. -Mi 
Liverpool, Glasgow " and foe bv> 
North-easL ^ ' 


toy John Hunt, Priioinentary 
Correspondent 


would now haye to : 

Siltera rejected .a . 

■ Mr q-if ctro rf rti ' iastn^t-L - .. 

Mr. Silkin stressed that the the main cause of the 'faaneiatf^^' Jamea Prior ’ Coiwmtvle 
companies bad also stated that difficulties encountered spokesman, that a 

tte- closure of Spillers other, 23 Spillers. Government wiUcon-v: 4 '. 

bakeries wonld not endanger w „ _ . - fofoe..- .the present rescue 

bread supplies. But i?w£Pa En ^ ®*®er (Lab., Walton)- . otJeration fof British LeyK ; . ‘ • * 

matter for serious' concern that flbintly stated that- he did not provided the company meets the - : - 
the measures taken, involved acoe P t *«?. Government’s case for objectives laid- down In the plan'-'- 
sudden large-scale redundancies. £L ot making * reference to the drawn up.- by its chairman. Mr • 4 
in a single ftm, with 5^70 firil^ 6n °P0bes Commission and Michael Edwardes - * 

time and 1,620 part-time joh6 ^ dded that the district secretary At the same tim- Mr p 

lost. - - of the Bakers Union in Liverpool made it “5L thit a 3w n 

With Labour MPs . voicing- . °n\y foscoyentf -the impend- aamtutotion^ald' dcasti^J : - - 
agreement. Mr. Silkm said that ^*8 redundancies during a visit reduce theYoW of th^N^riSlL 
the Government greatly to another factory. - . • Etoterarise g* : JjyWJ - . 

ted that it had not had toote;, The 9^ys requirement im- Imige?be aHcrwed to Tnvat 
notice of the closures. - — -poind by the Ebnplcymer* ■“-* — **- 

But having regard to the 


The 90-days 

t*ed by the Bm^oyment w profitable-, concerns but would' 

„ „ , - - _ , , .JCtion Act had not been observed become a form of “casualtv eiMr ■ ' 

stantial over-capacity in .'tfce and the workers concerned .were tag ■ station” for industries - " 

baking industry and SpIUefs being “thrown on the. streets” toklS Susl mflustnes * •= 
financial difficulties. Hinistwa, within a matter of days. Xt 


benches for fa ilin g to mMin u na . wnw a msuw u» u<u&. i* urtn ij ha . 

give 90 days notice of the im- Mr. Silkin' ... concern over ■ ?L ad concluded in the etrianm-/ Mr. Silkin agreed that the. Act 

pending redundancies as T-rin^mj-. stances that the reorganisation /had been designed to ensure that trouble . 

requlred by the Employment Pro- redundancies. proposed was probably the feast Adequate notice of redundancies * 

taction Act - ' unattractive of aU the tmattrac- #a® ^ ve n. Whether there had 

Mr. SUJsin revealed that it was discussions between the Minis- courses.of action availably - : been a breach of the , Act was a A ^™^S^J ate J°* er P nse - • ' . ■ 
Immediately before Easter that ters concerned and the major Mr- John Peyton,- shadowoMttenof law which it was: not for ““Sb regard 

the companies first approached baking companies, in the course Minister of Agriculture, clfipejtf him tti decide. - thT aturpay, chairman 

the Government in strict con- 0 f which various points were t0 see ^e fingerprints of :fflb r But he told another questioner “ e wanied : “All I 

fidence through the Bank of clarified and a number of assur- Hattersley “all over. jWs Alaei* that Snipers had taken the view 7- nZrjLr? •.“* wishes 

England, and made it clear that ances giveu able affair," which cdnld “»bat fuB consultations . wnuHi be -changed 

in order to complete the transfer ; lead to an increase . in bread fww resulted in ooen debate role in the 

loaf. - . V* 1-eHtng to a loss oF orders, which nothXHhstant future” , ? v<; ■ - 

bum* wusmii a iciBicm-c iu wc . a j mi. oiinu i«iiu«u that there mi«ht i wonarHi«vd their ..“j Prior was winding up for J]|(l ' n- j ‘~ *" 

Monopolies and Mergers Com- ' f 0 ??® were many reasons for not agrees •*rfinre«i nf finan'“ and Ted to «*ven Opposition -after a debate on &*■ 

mission would be made. if ing that an increase of 8p was morn adverse effects op employ- granting finance to the ... r - 

After following the statutory S™*™ b likely. Among them wm the mruL NEB and British Uyland. 

procedmresand m thehjht ofthe a J^asta yean fact th&t supply and demand' Mr. Max Madden' (Lab., .^'Tories opposed the order.' - . 

advice of the OffiM of Faired- iktL ove^aU theSniUpS *»““ ^ mucb nearer so. thAt,: Sowerby) contended that It was extra £300m. to the < : ' 

mg, Mr. Roy Hafteraley, Prices SJjtSriea tor wWch ^ev could umt . cost of- pro- to character for Spillers which ^Vtn^ung ^ funds from • ' 

Secretary, had^ decided on the they could duction would so down. . .. bad been contributing £5,000. a f7°0m.tp Elba, But, with Liberal. ;,.: 

information before - him, not to Hee * p™*uwe. rurare. There was alsa the ftct tbat year to British United Indus- support, the^ ^Government beat off 

make a reference to the They also expected, subject to Spillers would have a. very -large - tifalitte-L" a rabid - anti-Labour Tory attack and the order ; 


compiission. agreement with the 

This decision took account of working procedures, 


unions on amount of flour whlch previously organisation ” — to- bemoan 
to ' recruit went- to their own bakeries add financial difficulties. 


EEC unit 
of account 
proposal 
for study 



need 


By Ivor Owen 


PROPOSALS made at the EEC 
summit for lessening “turbu- 
lence” in the exchange markets 
will not of themselves promote 
economic growth' or reduce un- 
employment, the Prime Minister 
emphasised in the. Commons 
last night 

. In reporting on the week-end 
discussions in Copenhagen, he 


its *^»Pyed by a majority of 27 

-The Conservatives .did not ' 
: how»rer, oppose an order mak- 
ing a- further £150m. available to 
. Bntish : Leyland and It was 
approved without a vote. I* 
The Conservatives argued that, 
the' Government was trying to 
mislead the House by presenting 
. both orders together. They be^ 
lieved that the NEB already had 
the funds : which were necessary 
to assist' British. Leyland and. 

• accused the Government of using 
- - the order as a device to give the 

THE RESERVES of British Sir John gave three - examples Merited when it was set up in NEB an extra £800m. for general 
Nuclear Fuels, currently stand- of big commercial uncertainties 1971. It had been established investanenL 
ing at about £l9m.. needed to be facing the company, one concern- -that BNFL was responsible for Mr. Prior said that the Conser- 
much higher in the light of the ing the overseas reprocessing the wastes, but it bad not been natives were prepared to support 
substantial uncertainties facing contracts it expects to handle in decided who wonld -pay for their management and labour 'at 
the company’s activities. Sir John its new plant at Windscale. - disposal. : ' British Leyland in. order to give 

Hill, its chairman, told the finveinnumi ".*• Sir John told the committee' them the confidence they needed 

Commons Public Accounts Com- Hut it tue boveninieiK remsea. Board was aimine for to get on with the job. 

mittee yesterday. fo I™* iJlffi tfii pS - - A at Qm 


for higher cash reserves 


BY DAYID RSHLOCK, SCIENCE EDITOR 


Board was _ . 

Sir JoVn^Trined why, after Jen”^ flSwta'touLhd S£ ** 

n nav^a sM^**foePalr»a!to'?BipoSSd^or : .^^ esfiai Y n ^ "®t. was . to remain J^lancTs future provided ft 

made St clear that the ^scheme Jf^dend, its directors ha d d fecom- transferring irto another. country ■; ■ ; s^Sf ^nd^a^ tiS" 

put forward by Mr JRoy JeuWns, meQ dfid a dividend of only 1 per for reprocessing.^ v % Question^ about the proposed: NEB aom-^ve " 

S&EFJ l£"St£ Ce l L u Another exam^e was the riwt n«^>p«c&ttng Plant, he said 

Common ^!5lt of ' sa, <* v while be was: of a pI | ot plaQt fo ; r th e soIidlfiS- timt proyfdeddpprpval was forth- for ibe countrvlnd. for people 

accoSit w5 b5£ sKamined confident the company wonld be tion of highly radioactive waste the’eompany would start 0V ersMs in export markets to 

JS2JS ■•JSSiitnlSt Mammea 10 a position to pay a dividend W bich the Government had said building thd - chemical plant ra that ftere would be con-’ 

^deSs wct^Sv&s being put year, the BNFL Board the company should develop. The 1981-82.- Before them however, SSty SrLSSdgoliS 

forward ^ thtafarea, sstid Mr . been anxious to avoid the Government had not yet agreed it would be constructing storage the iHetime of the pr^ent Gov- 

SSSSSuT ^dfoey ^bnld «« b “ r ors^tteedstsald pondsto.rerefve the ^t^e rDffle nL-P ro du C ttv& had to be 

alwa^be looked at “There is ' J 1 ll gb fijtf waftf/Sy dividend ®! r Joh "’ lIth ®!^L^S 2 Si ^ also planned to spepd about unproved in the company and 

no more to i/than that at the fwc vS t0 any dividend ^ matter would be resolved this £20m.^30m^n deVeloSent and investment used efficiently. 

present time. y he s^id. BNFL 'is a wholly-owned sub- year ' design^ ^for foe, new plan^big Li^htanS^ 

The Prune Minister recalled sidiary of the U.K Atomic His third example was the cost outlay which it. would wish to retaOons, Mr. raor said Dlanuy. 
his recent meeting with Presi- Energy Authority, a Government of solidifying highly radioactive avoid if no approval were forth- jjv°ether we b lame th e unlons 




V L.* 


dent Carter in Washington, when ag eDC y 
he stated he was not aware of 
any proposal that Britain should 
re-enter the European curren- 
cies “snake.” 

He said he had told Mr. Carter 
that if at all possible it would 
be better to tackle the regulation 
of the currency markets on a 
world basis, including the dollar, 
rather than excluding it from 
consideration. 

Mr. Callaghan again under- 
lined the difficulties caused. by LABOUR'S influential 
Japan's large trading surplus and policy Committee last 
said it would make for mdre threw its weight behind a 
problems in securing stability 1 in a om 0 f Information Act 


wastes the company had in- coming. 


Labour MPs step up 
against Official Secrets Act 


or management, industrial rela- 
t fions in British Leyland over the 
•,VL.pak few. years have been 
Absolutely shocking.” 

Confidence 


4j 


BY RUPERT CORNWELL, LOBBY STAFF 


the currency markets. 


BSC loss 
estimated 
at £440m. 


replace 

Official 


much of the present Lords. 
Secrets Act. with the 


For the Government Mr. Eric 
. . Varley Industry Secretary, 

stressed the great impact of the 
NEB' and. Leyland on employ- 
. meut_. 

. “The- collapse of British Ley- 
__ ^ , v ^ would make the Midlands 

Home national executive committee, there is no chance of any legis-. industrial wasteland. We 
night which has already won approval change foe notorious nee ^ to ^ e verjrthing we can to 

Free- from Labour’s annual conference Section 2 or foe Official Secrets rg^ora confidence in British 

to for the abolition of foe House of Act before the, next general elec-. Leyland and. we cannot do this 


Stools 


]#■*< % 


ii C 


onus on civil servants to disclose 


The new plans will be sub- 


b0 5' M. a,*™ by'means of drip feeding.’ 

Meanwhile. -Mr. Anay Sevan, The company was foe heaviest 
foe n ational youth «terit de mand on foe NEB’S purse. If 


ssSkm S&jS St «rx" aa 


rather than withhold official in- mitted to fuU session of **" 

f °Se t meetLng, under foe chair- 10 “ nrer ‘ Secretary, that political activism ^“w.' He was' asklng the House 

man ship of Mr. Anthony Wedg- ence TCls aurunm - was a permanent feature of foe to ?g T Ttp the further £150m. 

wood Benn. Energy Secretary, A Freedom of Information school scene. under the Industry Act. while 

also broadly endorsed a docu- Act sought by a significant In foe wake of a row over far- w j, 0 j e . „f- the remaining 
ment calling for changes in the minority of MPs on both sides Left recruitment among pupils, £300^ would come from the 
structure of Select Committees of the House, has already Mr. Bevan told foe education jjjjg 

at the Commons placing them on featured in Labour manifestos, secretary at a sessionof the '---'maintained that foe 


But foe present Government has NEC’s . 
such a proposal- It has merely 


.organisation sub-oom- 


targets . which foe 


scarcely been keen _to implement mitteei ^There-is a movement of had^t Itself for 1978 

anger growing in foe schools.If werejSchievable. W,,T ,hp 


THE LATEST estimate of British a much sharper party political 
Steel's losses this year is £440m.. footing. 

Mr. Gerald Kaufman, Minister of These latest suggestions — — «— MtuicyawF. *»«*» *— 

State for Industry, said in foe emanate from foe machinery of promised a White Paper for you think y «i lean keep poutics, 5™^ beyond that period 
Commons yesterday. government working group of foe later this session, signalling that out. you ere living m the past. needed t0 be looked . at with 

caution. 


But the 


He added: “l would prefer to . . 

await the audited results before jr"l H g* O j 1 f : _■ J1 ’ . Hie -Goyeniment's , objective 

giving foe House a firm figare.” fl O 1 1 TAJ* XAIlT AIll ll A1* remained unfoangedL British 

Mr. Kaufman said that an esti- ’ball 1UI □ClllCiilUCl 1 Cl Cl CIII1UI1I Leyland shouid.be a viable mana- 
mate of £520m. announcrii by m facturer- .independent of public 

5t^ rte J“SS«S?“Sr SS BY RAT FIRMAN. SCOTTISH CORRESPONDENT : if «pen- 

included a £50m. allowance for PRO-DEVOLUTION campaigners But the “Yes for Scotland" The group will also press the difore for nevr plant, ficilities 
contingencies “which has for- may try to amend the Scotland group believes that foe Govern- Government to change its .mind and models, xould only -be met 
tunately proved not to be Bill in foe Lords to force the ment can overcome this difficulty over fotoueetion of State. rid ta ^ 

req * Uired ’ - . ^, n by holding the , referendum umbrelta &ganli»tions campaign- eiwlaa 8 e<i - 1116 ^yder 

ASETO sc w- a _ r , 3te referendum, probably in Septem- befflre ^ electiot i. Mr . Johtl ing for -foe reierendum. Although P“^ d ^ had to fin- 

'Yes for Scotland” group Mackintosh. Labour MP for funds were granted dun ng foe Itself by means of a loan— 

foclSdM merabeff ri Berwick and East Lothian and a European rrt^enw| 35r publte or private-this 

inc uaes meraoers or member of the campaign com- Ministers tave arid foey do pot. .. m-rei* have added to its 

said that a referendum trink money should be given to w^m^y itareawi 

in September would still leave devolution campaigner jf , on JW® 1 W g re -. ^per- 

the Government the option oF either si^e^ - . Free p o stal d eli very ... . , - -fo g - mt* of 

mi i,a-fr chance to the Bill forced by Mr. chairman Lord Kilbrandon, over foe Scottish National Party ; .*n>e Government bad condo- 

^ SThis ooUcv S e ■ r™ Daly“f; Va^ S ^ify a d«e but in th, Gan^a^Gte^w to; 

mg to tnis Pouq. Wegt Lothim which prevems wouW compel the Government election,; 

the vote being taken on foe same to hold the referendum within poll 8y Sy^P ^ree . ^ Britis h Xj ^an d to spwrme pr^ 

- - ~- Herald, published gress far Industrial manoos ! ana 

productivity bad proved unhelp- 
Ini and bod. ied to lacJr trf con- 


fcf 


^Jfagiles 


yesterday, Mr. Varlev said he ber. 
had no knowledge of anv prono- The 
sals to sell off to private industrv — which 

complete Britifo Steel plants in all main political parties— said . 

areas hit bv closures. yesterday that uncertainly over 

Mr. Patrick McNair-WUson (C... the date of foe referendum was 
New Forest) said that the chait^ hindering efforts to butid up 


"O pvipw Af nripp day as a general election or for three months of the Bill receiv- Glasgow 
JVC VIC VT vFt U1ILV three months afterwards. ing Royal Assent to-day. . 

rules Dromised TTT7 . , _ ,. . ,, , , 

U.K. seeks Lome human rights deal 


fidence. Under the new . plan, 
there would only ' be an overall 
annual jaseasmmit j of ' porforot- 
anca." ' 


BY REGINALD DALE, EUROPEAN EDITOR. 


Cost of I^feour 


THE GOVERNMENT intends lo 
review statutory instruments 
made under the Counter-Inflation 
Act. 1073, and foe Price Com- 
mission Act, 1977, before the end 

Price Cn e dP P °i^Jf Sr BRITAJN WILL piess ahead most AGP governments, but to act ^gftii^'Uganda under ,1h6.;. . 

Robin Made a nan. UndeSecre- ^ efforts to Insert human insisted that that was no reason : feata - ^ ttluUSTy 

tarj- for Prices, told the Commons rights safeguards into foe new for dropping it commiSe 'OTfobenT ’ that foe BY ittE ENU of- ApriL/Ghvern- 

last nighL Lome convention linking the Mr. Judd told foe Select Com- move me ant imptalM 'double roent rid. of 

He was replying to Mr. Hugh EE _p with 53 African, Caribbeun on Overseas Development standards so long as EEC com* been chatmeUed te 

Dykes (C. Harrow E. » who asked j^ ncl p* 21 ? 0 * cp L fi ?'! ntne3 i foat there must be a provision tries continued to trade with and try - sfa ce Labour came » 

about foe Government's plans to 2®^” ' " ' ' 

raJ.MA thn ennna nf tka **oafl»tV State, FOrEiGTl OfOCC, fold 



of for stopping aid under the new invest In South Africa— •• In IVfil.J Br- Bo b ^^yeryrjgdu^try 

reduce the scope of the “safety rore ‘sn u»uce, 1019 a convention, dne to take effect In But tl».KliilM*r agreed- that Under Secrrtair. fold -fo? . «» . 

net" provisions for allowable , I J ,ra ° n ^ Select Committee jggo > jf human rights were the Nine would have, to- be moos. yesterday, 

price increases by companies >' eslerfla J’' seriously violated, as in Uganda, extremely 

under the Price Commission He acknowledged that the The EEC had been distressed to giving foe .Impression of 

Acts, attempt would be resisted by discover that there was no way Holism or -^residual 


avoid The 
iter-'mated 


rndudMTwieg* 
fdrthe year 1977V 


1078, be said. 














r— v 


r 







w Financial Times Tuesday April .11 1978 

C|j| HIED BY ARTHUR ^ffiETT AKD TH1 SCHOETHS 







13 


COMMUNICATIONS 


rol e >ystem X 




. IE Post Office's line commu- 
tation system for the next 
; itury — dubbed “ system X ** 
1972 because little or nothing 
" s Kn.own about its actual fonn 
... :s now the concern of 1 600 
velopment engineers in the 
communications industry, 
rking on a programme likely 
reach a - total cost of £X50tn. 

■ ’. I® D i' ear s from now the Post 
*:Gce expects to be placing 

. -..tiers in the U.K. industry at 
s rate of f200m. /annum' for 
uipment that will handle all 

• 2 country’s telecommunications 
nmrements — ’phones, telex and 

■ ta and, ultimately video 
.. , mals. 

- To do this the Post Office is 
. veloping initially 16 large 

> ale integrated circuit-based 
. . -oduies which will be built into 

> ■ cal, tandem, trunk. Lnterna- 
.^■ •.rnai, data, manual and adminis- 

• alive switching centres. The 
-■ odules will allow easy expan- 
. on in areas of population 
: ‘owth and, as integrated circuit 
-V.chnology continues to push 


forward with reducing cost per 
function, easy replacement of the 
modules with improved versions 
having basically the same job 
to do. 

For 'phone subscribers the use 
of stored program control, a 
computer technique, will bring 
facilities such as 'abbreviated 
dialling of -frequently called 
numbers, holding of one Incom- 
ing call white, another ' is. made, 
multi-subscriber • conversations, 
and ultimately' the ability to 
transfer an incoming call to an- 
other number. 

But the Post Office, in intro- 
during. the new system will he 
faced with a problem never 
before experienced sinqe the 
telephone was invented— the 
welding of a. totally different 
scheme to what already exists. 

Although plans- have yet to be 
confirmed, use is likely to be 
made of the “overlay**, concept 
in which the new digital equin- 
ment would be installed at par- 
ticular centres linked by a 
Skeletal digitalnetwork. 

Such an overlay would then 
carry traffic that both orfefnati'd 
and terminated in the new net- 
work, with connections between 
the overlay and the existing 
an* logue network. . . ' 

This will enable new services 
to he provided to customers on 
System X without be*ng restric- 
ted bv limitations in the. existing 
network. On the Face of it', this 
implies an interim, period of turn 
.standards of service, differently 
charged. 


Versatile transceiver 


.:. i iTRODUCED into the Euro- 
’an market by RocRwell-ColHns 

- • •.1> J -K-l is a high-frequency txans- 
. - liter-receiver unit with 125 

- .f .atts of rf power which is able 
' » operate as a' transportable, 

. , ied-station or vehicle set- 

:: ’.'".' There are two versions, the 
- :'C<od r 'l 281 with six channels and 
'.tie 282 with 20. Frequencies are 
f st by means of a diode matrix 
; • Vthe former and a plug-in pro- 
-.’’."'rammable readonly memory in 
. le case of the 20-channel unit 
• V.. ..' In both cases the frequencies 
. .. rogrammed can lie anywhere in 
. . le 1.6 to 30.0 MHz band, subject 

- -:'nly to the 100 Hz increments 

- - : - n posed by the frequency syn- 

: -’nesis circuits. In the model 282 
• v-oare PROMs . can be - pro- 

- : rammed with future frequency 

.‘quire meats and simply plugged 
: - r. :i when a change Is necessary. 
■-■-Y.n optional internal program 
‘ .witch k it. can also be used to 
: -ilect in the field any - new fre- 


quency for channels 19 and 20. A 
small amount of manual receiver 
tuning — 150 Hz either side of the 
centre .. frequency — permits 
tuning of slightly off-frequenev 
signals to produce voice clarifi- 
cation. 

Optional features include a 
squelch and a noise blanker, and 
if desired a voice operated relay 
can be fitted . for .“hands-off " 
operation v« r 1 1_ . 

An aerial the 

radios to either a standard whip 
for vehicle or portable operation 
or a long wire for ‘fixed station 
operation. ’ The design -is com- 
patible with the new GCIR/ITU 
international communications re- 
quirements. 

" The -sets, capable of mains or 
12 volt dc operation measure 
193 x 394 x 455 mm and weigh 
about 22 kg. 

-More from the. company at 
Heathrow House. Bath Hoad. 
Hounslow TWS -9QW . (01-759 
9911). - 


O HANDLING 

Swifter 
lift-up 

A FOUR -cylinder David Brown 
engine replacing the current 
th rec-cylinder power unit is 
included in modifications to 
Bonsor Engineering's 50, 60 and 
70D gearbox and hydrostatic 
transmission industrial lift 
trucks. 

The increased power output is 
said to have improved grade- 
ability on all models; particu- 
larly those with a manual gear- 
box, where gradeability is up 
from 43 per cent, to 57 per cent, 
—an improvement in terms of 
climbing an incline from 23 
degrees to 29 degrees laden. 

(Rearrangement and simplifica- 
tion of ballast weights has 
improved stability throughout 
the range at Giltbrook. Notting- 
ham. 0602 383622. 

Light duty 

conveyor 

system 

AN OVERHEAD conveyor 
system for light duty applica- 
tions throughout industry, the 
200 L, is introduced by Stewart 
Gill, the Slough -based overhead 
conveyor specialists. 

This closed track type offers a 
maximum capacity of 30 kg. per 
load link with a safe working 
Cii2in pull of 200 kg. Being fully 
bl-plancr it can. operate buth 
horizontally and vertically. 

More from the company at 163, 
Bath Road, Slough, Berks, SLl 
4AB. 26546 or 20874. 


* INSTRUMENTS 


Finds microcircuit faults 


RESEARCH Instruments has a 
multiple unit which it claims to 
be the most accurate available 
for probing fine interconnections 
and pads on microcircuits. A 
single-control feature fur all 3 
dimensions of movement ensures 
rapid and natural operation. 

The multiprohe is designed 
specifically- for fault analysis on 
i.e.’s. and evaluation of circuits 
during design. Not only bonding 
pads, but also the narrowest in- 
terconnections can be probed or 
scribed. 

When needed less accurate 
probes or probe cards can be 
incorporated in addition lo the 
high-accuracy probes. Up to 6 of 
the accurate probes can be 
mounted on tbe anti-vibration 
base, together with a Stage, 
microscope and illumination. 
Each high-accuracy probe has a 
single control lever for com- 
plete 3-di mens tonal fine move- 
ment, and separate levers for 
coarse movement. 


Stages are avaiiahlc with ex- 
cursions of from 25 x 25 mm up 
to 102 x 102 mm. and z-move- 
ments for probing and for inter- 
changing circuits. Vacuum chucks 
are provided for wafer probing, 
and various types of socket for 
probing mounted chips. Laige- 
movement stages can have a 
micrometer-actuated fine posi- 
tion unit fitted for repetitive 
probing using a fixed probe con- 
figuration. 

Microscopes are mounted sepa- 
rately from the stages to avoid 
mechanical coupling and conse- 
quent probe disturbance during 
microscope focusing and adjust- 
ment The mounting can be fixed, 
or adjustable by means of an 
sy positioner. The positioner 
mounting is necessary for high 
magnification work on large i.e.'s 
where it is required simultane- 
ously to probe areas which are. 
remote from one another. Illum- 
ination is provided by tungsten 
stri plight arranged for specularly 
reflective lighting. 

Research Instruments. Kemick 
Road, Penryn. Cornwall. 


• ENERGY 

Heat loss 
studied 

FREE ANALYSIS to help build- 
ing owners and administrators 
evaluate their building's energy 
cost-saving potential is offered 
by Honeywell, 

The building owner or 

engineer simply fills out a one- 
page form listing the building’s 
energy consumption and . cost 
bis ton- typical of tbe previous 
vear. The form is then processed 
to relate the building’s data Jo 
local weather statistics and to 
set of formulae based on Honey- 
well’s experience in' energy man- 

• HAND TOOLS 

Engraving automated 


agempnt The output is analysed, 
tabulated and printed in an 
easily understood report 
Experts can be made available 
to assist building owners in 
gathering the required data and 
advise on the kind of investment 
needed to achieve the estimated 
energy cost savings. 

Various energy management 
software packages are offered for 
application to existing buildings. 
Energy cost savings of between 
ID and. 30 per cent, have been 
achieved in the U.S. since build- 
tog computer analysis was intro- 
duced there in 1976. 

further 1 from Commercial 
Division. Honeywell. Honeywell 
House; Bracknell, Berks, RG12 
1EB. Tel. (0344) 24555. 


Ban 

Industrial 


Nmabwe/offshobei 

I GENERAL iSDlJStRY 


1 TOWER GENERATION 


Filtration 8- Separation 

PCTRQ-CH EM (CAL 


FI 


FRAM INDUSTRIAL 

Ua n triaaraPantyriun. 

Md Glam -fet (04431 22900a 


Recorder of fast changes 


X-Y RECORDERS with a slow- 
ing speed of 1.000 mm. per 
second have been designed and 
launched by B and K Labora- 
tories. 

They provide fast and accurate 
linear dc recording of wave 
forms, frequency responses and 
the like so that rapidly changing 
voltages can be handled without 
difficulties. 

Accuracy is to 0.2 per cent. 


and there are 15 calibrated X-Y 
sensitivity ranges from 0.02 to 
1,000 millivolts per mm., while 
nine calibrated sweep rates -run 
from 05 to 100 mm./sec. 

The equipment allows zero 
deflection io be set up anywhere 
in the writing area, simplifying 
the recording of both positive 
and negative signal excursions.- 

B add K. Cross Lances Road. 
Houaslo*'. Middx. TVV3 2AE. 
01-570 7774. 


EQUIPMENT for engraving 
Identification particulars on 
materials or equipment consists 
of a newly developed card reader 
with memory storage, a control 
trait and an engraving head’ 
which can be held by an opera- 
tor and is connected to the 
control unit by two flexible 
cables. 

The operation of the equip- 
ment is entirely automatic in 
that a punch card containing 
the necessary information for 
marking on the product is fed 
into tbe card reader which can 
accept up to 200 cards. 

By then pressing a button on 
the control unit to accept the 
information and a similar 
button on the engraving bead 
when it is desired to start 
operations, the machine will 
automatically engrave up to 19 
characters in a matter of 
secapds. The shape and size of 
the characters is entirely dic- 


tated by the software incorpor- 
ated in the coatrol unit which 
can be designed to meet any 
specific application. 

The equipment is manufac- 
tured in Italy but is marketed 
and backed for after sales ser- 
vices by a U.K. company. It is 
already in use in Europe and 
has been on extended trial with 
a TJ.K. . international car manu- 
facturer which is recommending 
installation in all its European 
plants- 

Techint at 15, Lincoln's Inn 
Fields. London WC2A 3ED. 
02-242 0252. 


• By a ffreement between the 
Financial Times and the BBC, 
information from The Technical 
Page is available for use by the 
Corporation’s External Services 
or source material for its over- 
seas broadcasts. 


• SERVICES 

Conference 

guide 

LAUNCHED by Inspec, the In- 
formation services division of 
the Institution of Electrical En- 
gineers, is a new conference 
alerting service based on a data- 
base that the organisation has 
been building up for the last 
two years. 

It will cover tbe fields of 
eleorr&teehnplogy, computers 
and control engineering, infor- 
mation processing and related 
fields in materials science. 

Called “ Confer Alert,” it will 
consist of a loose-leaf binder 
with data sheets for every con- 
ference that is at present on tbe 
database. Data will range from 
meetings that are planned for 
five to ten years ahead to the 
completed details of those that 
will be taking place in the im- 
mediate future. 

Updates to existing sheets, 
and new sheets will be issued on 
a monthly basis. Automatically 
therefore .subscribers will be 
alerted to newly announced 
events. 

More from the IEE at Savoy 
Place. London \VC2 0BL (01^240 
■1871). 


jacket data to the 

-'"-■HE One-Way database dece$^ An interesting outcome ifor 
• : vfrvice -into tiie U.S. storied* by ? j operators, of a mimbe£j' of^u.K- 

-• ••Te Post’ Office 1 with Wesftriu- databases es that. pu^Sc^ success 
• Taioo iast year is to be replaced fro m the .P-5. becomes possible, 
- .■ “ y lull scale two-way packet via ITT WorkteonyTRCA .Glob- 
s'"' switched service on July L com and WesterajUnion- Inter- 
Access will be possible with a ’national. Equipndpt at the U.K. 
_ ." ride range of customers' t or- end is being xgpplied by the 
.Tiinals. operating at tbe normally Telenet Corporafion. with appro- 
. . accepted transmission rates " priately adaptafi software. 

•- :ietween HO and 1,200 bits/sec., - For dial-np/customers will be 
• except 600 bits/sec. British users charged thejrelevant Datel rates 
yill establish a connection m addition^ a single payment 
rising either the public switched charge oir£25 and an annual 
-,'ietwork or leased lines. But In rental oy 
.."I.; addition the Post . Office Use yall he charged In terns 
7-umouncemeat states that “use of data volume and -duration, the 
, " j f pr otocols disciplined by former at £4 per' kitosegment, a 
1 ':CITT recommendation X25” segment containing a maximum 
: : " A'ill enable users to operate ter- of 64 characters. Duration rate 
( - **: J, n .y; ninals at 2,400, 4,800 '*nd< 9,600 will be £6/hr^ charged to the 

^ OHi Iticilv- oits/sec. nearest minute. 


® MACHINE TOOLS ;. / 

Single turretlathe 


BY USING the same hydraulic 
indexing mechanism to operate, 
dual functions, Hydro Machine 
Tools has developed a compact 
single turret to replace the- con- 
ventional twin turret . arrange- 
ment on NC lathes. 

The single unit has a six-station 
vertical disc turret’ for external 
turning tools, and a five-station 
turret for end working tools. - 

Maximum turning diameter is 
said to be greater than on 
machines of rimilar capacity 
■ equipped with conventional twin 
turrets, which are limited by the 

9 PACKAGING 

Foam for fragiles 


distance between the two turrets 
wbCn oil stations are used. In 
addition, the programmer bas the 
problem of ensuring that the noh- 
workihg. turret does not collide 
with the* chuck or workpiece on 
a twin turret machine. 

Tool clamping on the Hydro 
turret allows pre-set (qualified) 
tools to be used on all stations. 
The design is said to be relatively 
inexpensive as it uses the same 
cross-slide as for a single turret 
-. More, from Hydro (a 600 Group 
company), Colchester Road, 
Halstead, Essex C09 2EU (07874 
5122). 


ALTHOUGH the -concept of 
foam-in -place packaging is not 
new, a foam-in-place process 
launched by Tri-Wall Containers 
— Solidifoam — offers scope in the 
art of packaging fragile and 
■‘different’' shaped products. 

Equipment for the process in- 
cludes a dispensing gun. inter- 


locking rotary pumps and a 

portable manual-automatic con- 
trol console unit. The company 
says there is no necessity to 
strip and clean the apparatus 
after each application. 

Full information from the com- 
pany at I Mount Street, London 
W1Y 5AA. 01493 4311. 


O- 


■id s” 


oil* 

i!# 




We were today's 
biggest British IBM 

bureau until 
we became 
tomorrow’s biggest 
British IBM bureau. 

There'sa strangsr wwVinRwdi our dm! IBM 37QH 53 

cumpyWi An Amdahl V6,Brtajr’5fireL One of iheirKSt ■>* 
_po»«riui computers fr/cr instiTed bya burcaa 
The name’s unusual butihc acrco’s fejr«fa r - 
BecajseDaiasoIvK^AmdaWVsBtotaByBM- 
aomprtibk it's more than doubled ourcapktyo\wrignt. 

kpuBorBMbur^n^tadieibrefrortal . 

scrracievdopmOTLge2r3d^TDd^W)^d«rano5 

lonwmw/. / 

powhehsrifxron-lr^yTwrci 
. Ab0ve^liiwreiT/Amdaft|V5enyJTTsAaidie 

sea-iteyouiw «rswn to exp«t from. Daraiotoin'he 
jxst ''W can o ped. wi!ft infemX. ipibefolum. 

The IBM Service from Datasdve- 
growing ahead- . 


BO C 
//// 


BQC Datasofve Limited 9?Si3rwsRffldVtteL 
SunbwromThames. Middesex Tritphonc (76) BS j66_ 





ETHER THE PERFECT 
USINESS PARTNERSHIP IN IRVINE. 

Alotof companies have gone into partnership with Irvine 
New Town. And the list is growing all the time. 

So there must be some powerful attractions. 



Maybe inaccessibility. With two major airports close by. 
And unrivalled shipping facilities. 


getwhenyou moveto Ervine. Like possible rent free periods and 
maximum government grants. 

Orthe availability of factory space. With plenty of room for 
expansion when you need it. 

Butoneof the main attractions is the place itself. 

With golf courses a few minutes away and three miles of 

lovely sandy beaches right on your doorstep, Irvine isa beautiful 
place to make money. 

As Beecham, Volvo and others all discovered when they went 
into partnership with the highly professional staff of Irvine 
Development Corporation. 

The team which has helped overa hundred and twenty firms 
base their business in Irvine on something more substantial than 
faith alone. 

If you’re interested in the kind of deal we can put together for 
you, get in touch with our Commercial Director, Mike Thomson. 

He’ll send you the nuts and bolts. IRVINE NEW TOWN 

you CAN CONTACT MIKE THOMSON AT PERCET0N HOUSE. IRVINE. AYRSHIRE KA11 2AL TELEPHONE: IRVINE 10294) 74100. OR’PHONETJACK BECKETT, OUR LONDON OFFICE DIRECTOR, AT 01-930 2631, 





\ x 














A>\ss\ 










*• »■• *, 


Finain^al /Ttm : ^iss^ r Ap^'il-i97a 


li^ 


•>. '■ w - - 
*1 - 
S&v '■"- 

i.V . ' u 
K^v. „ w - 

*1 W k/’-u ^ w ^ 

:5s '“'■' 


As with all Dodge Commando rigids, theG08 
offers a choice of wheelbases, drivelinecambinaQons 
and chassis options. The G08 wheelbases rangefrom 
120 inches to 159 inches. 

Standard power unit is a Perkins 3.86 litre 
4-cylinder diesel, developing an installed power of 
775 bhp at 2,800 rpm. As ah option, there’s the Perkins 
5.8 litre 6-cylinder diesel, with installed power of 
101.7 bhp at 2,800 rpm. Naturally, there’s a choice of 
gearboxes and axle ratios. 


cabs canbe Hi-line or Lo-lme,witha varietyoffeatures 
that enable you to have a cab that is light lor you and 
your drivers. " i ; 

All Dodge Commandos are backed bya , 

comprehensive warranty packagethatcovers the . 
vehicle for 12 months’ unlimited mileage. Full details 

about all Dodge Commandos are 
availablefrom your Dodge 
Truckdealer. 


Debenhams 


nadgeTiucks 


laking more car^to bring youbetter trucks and van^ 


CHRYSLER 

UNITED KINGDOM 








■ Till ainc^: r Times Tuesday April Xi : 1978 


15 


•■■‘ii 




3 



The Management Page 


Jeoffirey Owen looks at the record of Britain s largest cable manufacturer and what the future holds in store 

dilemma of a cable 


EDITED BY CHRISTOPHER LORENZ 




no 4 cash cow ’ to milk 



i 


OST * large- .indust rial- com- 
mies like to have in -their 
srtfolio one’, or ' two / solid, 
(liable businesses ■ Which, with- 
out ever setting the world, on 
re, generate .a-' steady stream 
f cash year by year. Based on 
strong and preferably dorm- 
ant position in their markets/ 
ese subsidiaries also provide . 
et badking for the parent 

mpaoy's riskier , and faster- 
rowing; activities. ' 

A company which o tight, in 
heorv, to be in this happy, posi- 
ion is BICC, one of the biggest 
British engineering ’groups, 
tables is a mature industry in 
vhich BICC is the leading U:K_ 
iruducer (and one of the 
argest in the world): the need 
or new capital is relatively 
mall: and technology;, except 
n certain types of telephone 
‘able. is advancing only 
Jowly. 

BICC is a successful exporter 
vith an impressive network of 
iverseas branches and affiliates. 
i r et the domestic cable business, 
ar from T)eing a “cash cow" 
iva liable for financing other 
;entures. has not been produt> 
ng profits on anything like the 
;cale which the company's place 
jt the market seems to calF for. 

The present management is 
determined - to improve the 
profitability of the group. This 
means, among other things, less 
ependence on cables. But can 
ICC afford to diversify in a 
eally major way until ttsVcore 
usjness in tbe U.K. is showing 
better return?. - 
The dilemma is riot new, but 
X has become.rnore acute in' the 
ast twd or three 1 , yearn. as the 
mpl ic ati 0 n s/zof ^a" “ static- dr 
ecUning ' detoaifcjT for 

b les“ w$& ini) rg. >d. ea r ly~ under- 
itnod. S'- ■ • . : v.- • 

During . the ' 50s and -fifis ; the 
owtfi.of .BlCC was bas^^on 
sing! dexQahd Tbr- cab! es. in -the 



i. 

C. H. Broughton Pipfcin 



-U.K.— from the Po&Offlce and 
the electricity 'suppjy authori- 
'tl.es^-and on th* devejppment of 


overseas . -cab 
panics mainly 
countries, 
was ,, 

Sir Konajtf Ea 
thatof LOTdlfj 
two- men; .0 
director and th 



com 
.onwealth 
market 
lily of 
overseas 
These 
managing 
7 as chair- 


man, dominated the. company 
for some 15 years; Fairfield 
retired in 1971 and McFadzean 
gave up the chairmanship two 
years later. 

Fairfield, a ’ production 
engineer with a modern 
approach to management, im- 
posed strict disciplines on the 
U.K. companies, establishing 
tight production, standards and 
detailed management accounts. 
McFadzean. an .accountant by 
training (and effectively finance 
di reel or as well as chairman)., 
was more of an entrepreneur. 

playing a prominent role in 
national campaigns to boost 
British exports while skilfully 
adding to BICC's interest in 
several key markels; 

Wiih one . exception Me- 
Fadzean’s gl otic-trotting paid 
off handsomely for BICC. In the 
last few .years, first under 
William Fraser (who ran the 
international side before taking 
over from McFadzean as chair- 
man) and now under James 
McC leery, the overseas com- 
panies have been providing over 
half the group’s pre-tax profits. 

The exception was the U.S. 
In 1970 McFadzean negotiated 
the purchase of a 20 per cent- 
stake in General Cable Corpora- 
tion, the largest independent 
cable producer. (Most American 
cable makers are owned by 
electrical groups or copper 
mining companies.) The idea 
was to form a technological link, 
especially in telecommunica- 
tions, and to establish a stake 
in the American market. 

Partly because of restrictions 
imposed by the, antitrust 
agencies, and partly because oF 
a change oF direction in General 
Cable itself, the - partnership 
;never got going. The American 
company has recently been 
lessening its stake in cables, 
selling its power cable division 


to Pirelli and acquiring two 
substantial electrical and 
electronics companies. Perhaps 
it was a mistake to have, sup- 
posed that a 20 per cent, hold- 
ing was enough 10 gain the 
presence In the U.S. which Mc- 
Fadzean wanred. 

Even if the U.S. venture had 
succeeded, ii would not, of 
course, have lessened BICC's 
dependence on cables. Most of 
its competitors in world cable 
markets are electrical groups 
like Siemens or parts of 
diversified industrial companies 
like Pirelli. That this was a 
source of some concern became 
evident during the period of the 
great electrical mergers of 
1908-69. 

When Piessey bid for English 
Electric — and before GEC made 
its counterbid — Lord Mc- 


Securities had a number of 
trouble - spots hidden away 
within it, notably the Tersons 
building subsidiary (which 
eventually had to be pul into 
liquidation) and -ome loss-mak- 
ing contracts in Balfnur Beatty. 
But now that these problems 
have been dealt with. BICC has 
no cause to regret (he acquisi- 
tion. In Balfour Beatty it has 
an internationally competitive 
engineering and contracting 
group with an nrder book of 
some £400m., only a small part 
nf which has anything directly 
to do With cables; its target is 
to increase its profits in real 
terms'by 10 per cent, each year. 

The departure nr Fairfield 
and McFadzean left something 
of a succession problem at the 
top of BICC. William Fraser 
was 62 when he took over From 


There were several non-cable 
companies which had been lan- 
guishing under the old struc- 
ture but have now been encour- 
aged to develop new products 
and new markets. Ian Hinton, 
4S-year-old chairman of Indus- 
trial Products, has his eye on 
several promising sectors; pro- 
cess control and instrumentation 
for coal mining is one example. 
In his acquisition policy he is 
going mainly for small and 
medium-sized companies in sec- 
tors related tn those that he is 
already in: Dorman Smith, the 
switchgear and fuse company 
bought last year for £I9m.. was 
probably at the top end of the 
size range. 

Profits of Industrial Products 
arc rising fast, but from a low 
base; the impact on BICC as a 
whule can only be gradual. The 



Balfour Beatty 
BICC Cables 

BiCC Industrial Products 
BICC International 


BREAKDOWN OF SALES AND PROFITS 

(figures in £m.) 

1977 7976 

Operating 

Sales profit Sales 

243.8. . 9i 213.4 

375.9 14.0 320.1 

825 5.5 63.7 

2954 26.4 30 L2 


9975 


55.5 


898.4 


Operating 

profit 

64 

123 

2.4 

31.9 

533 


Sales 

168.9 

271.1 
534 

265.1 

7S8J 


1975 

Operating 
profit 
0.7 
10.4 
13 - 
304 

434 






• - 




The Coffee Shop at the Tower JIBS 
Hove! is ihe ‘deal place for a HIUPp 
light snack ora quick meal. . 

On the edge of the Thames !|fl0 IB* 
ncr? to Tow« Bridge, open ; ^ “ ], . 

rhrouoh-ouv’th&doy until 1 err». • ^ - mcff. 


Come eat, relax with us at 
’he Coffee Shop. - ■ . 

The Tower Hotel, > - 

St. Katharine’s Way, 
mo .ondon El 9LD. 


Fadzean was attracted to the 
■idea of a three-way merger be- 
tween English Electric, BICC 
and Piessey. This would have 
provided a powerful counter- 
weight to GEC and a logical 
home for BICC in a broadly 
based electrical and electronics 
group. But GEC, backed by the 
Government and the industrial 
Reorganisation Corporation, 
moved too fast for the alterna- 
tive plan to get off the ground 

A partial change of direction 
that did take place during the 
Fairfield-McFadzean era was the 
takeover of Power Securities in 
1969. The background to the 
bid was the imminent comple- 
tion of the electricity grid, in 
which the contracting arm of 
BICC and Power Securities’ 
Balfour Beatty subsidiary had 
been deeply involved. The 
merger was seen partly as 
rationalisation, partly as an 
opportunity for gaining a big- 
ger share of the world market, 
not only in electrification pro- 
jects. hut in civil engineering 
generally. * -J‘- 

• As it turned out. Power 


McFadzean. The present chair- 
man, C- H. Broughton Pipkin, 
was 63 when he moved into the 
chairman’s office at the begin- 
ning 'of last year. These man- 
agement changes coincided 
with a growing realisation that 
BICC needed, if not a change 
of direction, a very hard look 
at Its existing operations. Re- 
turn on capital was too low and 
capacity in parts of the U.K. 
cable business was too large for 
the likely demand. 

The first result of this re- 
appraisal was Fraser’s introduc- 
tion of a new management 
structure, with effect from the 
beginning nf 1975, which div- 
ided .the group into four com- 
panies — BICC Cables, BICC In- 
ternational. BICC Industrial 
Products and Balfour Beatty. 
The main objectives were to de- 
centralise lhe group. to 
strengthen and streamline the 
U.K cable activities (for the 
first time lhe metals division 
wasJ>rought together with its 
principal customers, the cable 
factories) and -to create in In- 
dustrial Products a nucleus for 
diversification. 


progress of Hinton's companies 
in no way diminishes the 
urgency of making the U.K. 
cable bus. ness more profitable. 

The main problem there is low 
voltage power cable, represent- 
ing about a fifth of capital em- 
ployed in U.K cable-making; 
orders from the Area Boards are 
running at less than half the 
level of ten years ago. Critics say 
tbe company was far too slow to 
cut back capacity; last year's 
closure of the Renfrew plant was 
seen as a welcome sign of a more 
rigorous approach. 

The company claims that after_ 
shutting several plants and con- 
centrating low-voltage power 
cables at Wrexham (a well- 
equipped factory which exports 
nearly half its production) it 
has now achieved the necessary 
internal rationalisation. There is 
still su.-p)us capacity in the 
industry and margins are de- 
pressed. This is a matter on 
which the Monopolies Commis- 
sion, due to report on cables 
soon, may have something to 
say. " ’ 

But apart from technical prob- 


lems which have kept ft new 
electrolytic refinery at Prescot 
out of action for several months, 
BICC's -other U.K cable com- 
panies, helped by exports, are 
said to be in reasonably good 
shape. 

The results for 19<<> 
announced last week, reflect a 

further improvement in this 
part of the group, but it will 
take another two or three years 
before it produces the profits 
and the cash of which it should 
be capable. In the meantime the 
senior executives at the top of 
BICC are impatient to get 
moving. 

There is a view, expressed 
inside as well as outside the 
company, that the long history 
of the cable industry and the 
old habit of price-fixing agree- 
ments, has bred a certain defen- 
siveness. an aversion, to risk, 
among those brought up in the 
tradition; it is also said that 
BICC has been dominated by 
production men. Whether this 
is right or wrong the BICC 
Board is no longer dominated 
by cablemakers. 


Objectives 


Hinton, chairman of Indus- 
trial Products, has not worked 
in cables for 20 years. Denis 
Rooney, chairman of Balfour 
Beatty, has spent his career on 
the contracting side. Other non- 
cable mien include H. G. De 
Ville, who came from Ford in 
the mid-sixties to take charge of 
industrial relations, and Michael 
Julien. appointed, finance direc-- 
tor.last year. Even the chair- 
man. though a cable" man, has 
spent most of his time on the 
commercial side of the business. 

Broughton Pipkin . has set 
himself three main objectives 
—to improve the profitability of 
the U.K companies, to streng- 
then the senior management of 
the group, and to make further 
progress on diversification. 

It is arguable That be needs 
more support at the centre. 


Although the heads of the four 
operating companies sit on the 
chairman's committee (together 
with Julien and De Ville) they 
are too preoccupied with 
running their own businesses to 
devote much time to group 
strategy; one obvious step would 
be to appoint a group managing 
director, a post which has been 
vacant since Broughton Pipkin 
became chairman. 

The strategic question that 
has to be answered is whether, 
and if so how soon, BICC should 
attempt a change of direction. 
Should tbe group soldier on. 
improving the profitability of 
U.K cables, patiently building 
up Industrial Products, con- 
tinuing -to develop Balfour 
Beatty and the overseas com- 
panies and perhaps doing some- 
thing to sort out the U.S., so 
that in a few years’ time it 
would be in a stronger financial 
position to make a large-scale 
bid? Or would this course of 
action mean that good oppor- 
tunities which might arise in 
the next year or so would be 
ignored, to BICC’s long-term 
detriment? 

Given BICC’s profit record 
and share price, any very large 
acquisition in the near future 
would probably have to take the 
form of a merger. Ideally such 
a merger should provide both a 
fiEth leg (presumably in a field 
not too remote from BICC’s 
present operations) and an 
injection of management talent; 
it should also make use of 
BICC's undoubted strengths, 
which include its asset base and 
-its international sales and 
manufacturing organisation. But 
the merger terms might be more 
favourable if the company 
waited a few years. 

Such a merger would have to 
be extraordinarily attractive, on 
financial, management and in- 
dustrial grounds, to be seriously 
considered by BICC at the pre- 
sent time. Taking short cute can 
be dangerous; the first. priority 
. must beta exploit the.ppportuni- 
ties in BICC’s existing- business. 






It , ' 




;|j| • 


i 

f'WE CANTCONZtbER 

,'P 

1 

I 


IlM M 












. 7; 






•rK-h 






7 



Safes, •; > 



-h. 






-- ■** . f?' 






vs 






;,4vrk 



















mm 














h 



If you've gotagoodideatiiats ■ 

agenu&eteclm&bgicalto ; 

NKDC canshoulder half the 

protidinglhefinaacefoxhalfth.e 

development andlauncbing costs, 
You don’thave topay apenny ’ 

back until you start generating ' 
sales. Aadyou stay in’control 

throughput’ ' ’ . -, T . 

NRDC’s money and tecthuologicel. 

backing couldbeyouisfor the 


jsa 



some sound advice based On our 
great experience in technological 
innovation. 

J ContacttheNationalResearch 
Development Coipoiation, 
pagsgateHouse, 66-74 Victoria 
Street London SW1E 6SL. 

■ Or better still ringBrian Mann, 

now on 01-828 3400. 

NRDC 

Finance for innoiratlon 


Since 1853 our capacity has changed 
-our philosophy has not. 


A Harrison Line ship of today has many times the cargo 
carrying capacity of a vessel of 125 years ago, when our 
enterprise was found ed . 

Tcrhaps not so surprising; shipping has undergone 
extraordinary growth. In equipment and methods as 
well as size. • 

Yet the attitude to service, first projected by Thomas 
and James Harrison with their fleet of wooden ships, 
h 3 S not changed at all. 

1 he philosophy of lnoking after both client and cargo 
remains our powerful prime mover. 

"Vv'hen brandy from La Rochelle was our trade, 
methods of loading and stowingwere crude and 
cumbersome, so necessarily great attention was given at 
ever)' sta ge of the voyage. 

}sow, of course, we have the most modem vessels, 
containerisation, even computers for paper work . > * 


and a capacity that is many times larger than when'tVft 
starte£ ^- 

Rut we think our industry’s sophistication. makes it all 
themore crucial to care tor you, and care for your cargo. 
However much, - or little - of our capacity you need. 


Harrison Line 


1 


WE CARE FOR YOUR CARGO 

Thos fit Jm, Harrison lid, Mersey Chambers, Liverpool L2 BUF 
Thos &.]as, Harrison Ltd, 15 Devonshire Sq, London EC2M.4HA 






16 

LOMBARD 


Myths of the 


1970 budget 


BY PETER RIDDELL 


AN EXPERIENCED Chancellor ahcart rn r the first time since 
v * u a hi..- March 19 di and the . municipal 

faces what will probahlj- be hi.s electjon? in earlv Hay s howcd a 

last spring Budget ahead of an , harp Labour recovery. This 
early general election, after was confirmed by evidence of a 
which he hopes tn move to the significant Labour lead in the 
Foreign Office and then perhaps polls which led to the decision 
10 Number 10. He has seen the 1° "old the June election: 
country through sterling crises, 


difficult negotiations with the 
IMF, an unprecedented series of 
defiationary packages, but now 
there is a current account sur- 
plus and he faces strong pres- 


Impact 


It would be wrong to draw too 
many conclusions from this 

, narrative. But the comparisons 

sures for an expjnsioiur} Qf lhe coun ty and municipal elec- 


Budget. However, ihe rate of t j ons results, less than a month 


increase in earnings is accelerat- aparL su?se sts that the Budget at 
mg: read on . . . _ least did not. damage Labour's 


The parallels with 1970 electoral standing and may have 
cannot, of course, be taken too helped. 


Far. But the memories of 1970. Ttie contrary argument is that a 


or rather the myths which have neutra | Budget may have had a 
been built up around Mr. Boy ncu ^ ra | political impact but what 
Jenkins final Budget- and its wag required, at least electoral ly. 
influence on tbe subsequent was a more positive vote-winning 
election lost by Labour, have p ac ii a ge. On this view what Mr. 
undoubtedly been a powerful j en ki ns failed to do was to pro- 
influence on Mr. Healey s think- anything to excite Labour 
ing as he has shaped this after- su pporters and. attract back 
noon’s statement. apathetic party workers after the 

disillusioning experiences of 
1967-69. 


Handicap 


The budget did not succeed 
in this sense, as a lot of 
Mr. Healey is an ambitious man Labour workers did not turn 
"so are they all honourable men” out and the traditional Labour 
—and clearly wants to avoid the support was eroded. So while the 
damaging reputation which Mr. simplified version of the myth 
Jenkins has in Labour Folklore about the Jenkins Budget losing 
as the man who lost the election the election for Labour is mis- 
bccause of his cautious Budget, leading, the budget was not .as 
Mr. Jenkins’ failure to obtain much ° f a vote-winner as it 
the Labour leadership can be might have been. And this is 
attributed to many other factors counts in myth-making, 
but tbe 1970 Budget was an 


important initial handicap. 

But how fair is this view? Mr. 
Jenkins’ Budget was certainly 
cautious as he resisted pressures 
for large-scale expansion because 


Flexibility 


Ironically, most economists 
would now regard the Budget as 


of concern about the balance of correc t jf only because infla- 
payments and in face of Treasury ti 0 nary pressures were then 
forecasts indicating an above ' building up strongly. However, 
trend growth rate of the Mr Healey is likely to be more 
economy on existing policies. He concerned with the myths. And 
announced tax cuts producing a he h JS ra jher more flexibility 
revenue loss of less than £200m. than Mr j en kins had eight years 
in a full year, and after taking ag0 

-S- Mful propaganda 

fhfn'fp^midan'roTe 151 ’ 5 SSST li“ l5fng* to 'iStt e°x- 

than a politicians one. pectations about the size of the 

The apparent political impact Budget “handout” following 
of the Budget was the reverse of the large figures quoted in early 
what is popularly supposed. Just January. Consequently Mr. 
a week ‘before the statement Healey will try and appear 
county elections in England and “generous” by this yardstick 
Wales showed no change from and by comparisons with the 
the disastrous year for Labour in last few years, while keeping to 
1967 and psephologists translated “ responsible ” monetary and 
this into a 7 per cent poll lead other guidelines. He has however, 
for the Tories. However, two yeJL to prove that it is possible to 
weeks after the Budget an satisfy both the voters and 
opinion poll showed Labour markets at the same time. 


- ; . Fmaneial Times /Tuesday April 1 1 1978 . 



h\ VIEW OF the crisis that stock position in the Gironde, that' - the' Bordeaux trade Is in higher in the next ••= . , 

numbed the Bordeaux wine trade when the growers have the new much better shape than for some depends veS nuS ™ «;. • , at - "askable prices; for those very young, thu is- not so with' 

from 1973 to mid-way through wine , n their . cellars, as well as years, especially the small tit? and to a Zheri e S%Stt“ B for *8? ta l ° thQ - ^perior Qualities 


$ 




irum irio iu nuu-way inrougn - cellars, as wen « especially me small Uty and to a rather lone imS 5 superior qualities that 

1976. it is surprising to learn now stocks as returned at August growers who always suffer most on the quality ofthL Th ,?*l wb0 - S acke ? r ®? ,aia J to be chateau-bottled o 

— . — 31. This va ->r <u. £...» -iTT,o i„ n ^uoiuy or mis years vin- the 1975s did well financially and ship'"” 1 «- • u - Q ° r 


thai the following twelve months 
produced record figures, par- a . re ™ rn 
licuiarlv for exports. A total of also 


This year, for the first time m a. slump, and the merchants, tage. Of couVse. a i££L?t 2 e W75 £ B 1 f “a 001 ® 11 *; and shipped ..in bulk when readv f„5 

turn of merchants’ stocks is whose troubles- hav e been more in 1968 wmildbe di-SSSS? h*? who J} A not havc “«sed bottling. So tbe'successfuMBTSs 

given, but since this is an widely publicised.- Secondly, the EX * T T he Y *« aow «Pep- and 1976s. which hS £5 


SecflndTv ft* but fhe boat. They are now expen- and I97fe k ,3S 

are lfke& i? rdea S x * business.slve. but the best ace worth it. widely boaghtahroad h ^Ln?m n : ‘ 

IS u : g®nenc wines, which Aitho aame time 1876s have also thi* rnmia* kA. _ • ei, P6CJally 


jusi over 3m, 111. was despatched, en d-of-calendar year total, it is prices hai 
compared with 2.7ra. hi. during n°t 00 all Fours with the growers’ to. contim 


have risen and are likely is 


the previous “wine year.” or, as 


not on all fours with the growers’ to. continue to do so. However, account fo ^^ 1 the 3ame J t . lrae }97fe have. also the former; have nor 
figures. As might he expected. IS months ago the CIVB took tot^ AC cro^ and whif^t^ 6 J* wai f d ? g * f0r [ e ?° r *ed. nor those ig? 4 S 'tiii 

■ ^ 6; ,d s l iih^ rde ^ n - 

the^ 1974s and well shipped the relationship^ 3 ™ 


yet been 


it is known in France, 'the carry Tar less stock steps Jo reduce the wild swings FiS c rbr^^ 

” campaign year,” which runs at the properties— tn price that have so harmed deatix on the y shelves of ih^ h^h» b fh at 

from September l to August 31. S’ of AG red bordeaus gordnui i m- the past. . .They supermaSets anf Se ' £5* S& r .£ a ?o 



Fronchand foreign demand win . 


-be. clearer. 


growers* cellars, almost equiva- .“ l 
lent to the near-record 1976 nanQS - 


wards. For example, the uoner 


vintage that totalled 5.5m. hi. 

Exports rose .from a 
under lm; hi. in 1975-76 
hi. and the value increased 

the increase in value partly acco . unte d f° r b - v tbe 

reflect, priee inflation, bn. the 


Bordeaux bought for. consume Krifick 

tion- inside France. At one time -* QUUSD 061X13110 



quantity disposed of-and these . non-appellation 

b,,,,™ table wines that cannot bear any 


figures represent only amounts nn °Sh“ la h^i 

& SUrtLJS!.^ .«S 


tTon a U^maTi977 U ‘iim7geXlJ 


-far more than in pre-slump years. 


WINE 

BY EDMUND PENNING ROWSELL’ 


Stock position 


1.29m. hi. of AC red bordeaux 
was made, compared with 2.45m. 
hi. in -1976— the smallest crop 

since 1971. But the AC while .. „ . . , 

wine harvest at 6S6.Q0O hi. was ma fket this goon proved too low. Peter 


™ The weil-set^iut 

statistics give a. breakdown of from TrsMm. to Frs l ,J 6m. in 
the destinations of tbe wines of quantity we were third to Ger- 
all the important appellations, many, overwhelmingly concerned - 
divided between home ; and with cheap' white bordeaux. and 
export trade. The latest figures more . surprisingly t 0 - BeHun’ * 
show- a much bigher-tban-ever- which heads the list in- inonev - 
before -domestic demand for the terms, her imparts having 
superior ACs. from Medoc and jumped-from Frs.l54m in 197^ 

■ St. Emilion ( including classed 1976 to Frs.240m. last 


j . SicheL 

These statistics are taken from the least since 1945 Mnreover a °d for the current year the house Is best known 



and . merchants 
urea. Although 


throughout the yi« *d n {j r K nU v, 1 ‘ot happens ’at ^^^eneric ^eveYm- st ? cks 5L the sup^tor ebateaq: that’ Sis iTS^rnSneBt trend; accounts for 60 per cent of all 
tis stalistics deaj -Gironde < was only -5.4 hi., not — : — wines. “There seems to be .little one caveat must be entered. As we import. However, if Bordeaux ; 


Combined, the two sets of tables. What are the implications of crufl classes. per since camfi on the done 'hiough the geherlc wines Estuary and the English Chan" 

provide a record of the overall these figures? First, obviously. Whether prices will go much market They are good wines usually leave the Gironde .when nel. 


North Stoke injures tendon 


JOHN DUNLOP, whose Bal- young sire has already heen res- 
merino might have won ’last ponsible for Oats, Northern Trea- 
year’s Prix de J’Arcde Triomphe f 1 " -6 - Nanticious and the winners 

a‘ Longchamp if Ron Hutchinson ™ JSSf JETbSSS. S 
had not laid much too Far out f er t a j n to be - in tremendous 
of his ground behind Alleged, demand as a potential sire, 
reports that North Stoke may Tp ^ ayfl ^ cegoers and oiT . 

not race a a am. course backers have a wide 

The Northfields colt, an S20 choice for a week-day, with Hat 
gns. yearling purchase for whom racing - at Wolverhampton and 
an offer reported to be more jumping meetings at Hereford 
than £!m. was turned down-after and Plumpton.. 
his scintillating victory in Ire- 


Neither the jackpot-supported 


Se, J h°i ITms “I m E! 


PLUBXPTON 
2.4a — My Captain 

3.15 — Nam para Cove*** 

3.45 — Rough, and Tnmble 

4.15— Jack Madness** 
WOLVERHAMPTON 

2.15 — Mary’s Bazaar 

2.45— Buchanan 

3.15— Stout Fello* 

4.15 — Lq'onq Koi 
HEREFORD 

3.60 — Gentle Rose 
4.00— Merry Boy 


RACING 


ford’s bumper . programme 
appear to offer any particularly 
worthwhile prospects and backers disappointing of late, but if back 
may ^ do best to concentrate on ( n jjis best will add another to 


BY DOMINIC WIGAN 


Mr. George Sloan's tally in the 
Southover Novices'. Hurdle. 


Knott out 


the Sussex course. 

Here, both Nampara Cove in 
the afternoon's feature hurdle, 
the Playboy Bookmakers' Han- 
dicap, and Jack Madness appeal 
tendon in a mishap on the as sound bets. 

Arundel gallops. Nampara Cove should need 

Dunlop, who had hoped to lift only to reproduce the form which ENGLAND wicketkeeper Alan 
the Joe Coral Eclipse Stakes with saw him comfortably accounting a Kerry Packer plaver 

North Stoke said yesterday that for Roundtown in Fakenham's W jil not D i av for Kent this mi 
the colt “will not see a course General Refrigeration Hurdle to son [ aid SLtt said Tn 

for three months at the very take advantage of the 11 lb he a joint sla iemeni vesterday that 
least” receives from the runner-ups jjj e decision had' been agreed 

North Stoke, a rangy, good- s t ahl e companion. Staccato. mutually “in the interests of 


looking sort whose illustrious Jack Madness has been a little Kent cricket” 



t Indicates programme In 
black and while. 


BBC I 


4 on Mows - - - and Weather Tor Northern t6.46 The Cerro Tome Eniqma. R-pq« _wv«. tja Repori wai*s. uo 

sis Ths Budut: The Chancellor Ireland. 11.25 Man and Woman. VSEYWrXi, win’ 1 '' B '“* 

of the Exchequer for the England— 3.53-630 p.m. Look “^2 1 ne Andy Williams Shut^ H tv Cymni/wakw-As htv Gvoeral 
Goverament. East (Norwich); Look North > »•»'. Clqse: Oii^r^pher *:«»• «wni . i.»ls ^aawdM 

9JJ5 Pennies From Heaven. (Leeds, Manchester, Newcastle): Th^'T-T r n eada ^ ems l5y tSFlSSSi 5wi 

If. 00 To-night. - Midlands To-day (Birmingham); ... T»T £. •' - r Hi rr? Toit^ Enirann ti^ 

11.40 Parents and school. Points West ( Bristol ir* .South AU . ‘“ A . as London u4o-iZ25 a.m. Cvictmu- Squar«. 

.12.05 a.m. Weather/ Regional To-dav (Southampton): Spotlight esce Pt at the following times: htv Wwi-as htv- (kMi Service 

* News. South West i Plymouth). ANGLIA Sn« wST '' II Md ' 

6.40 a.m. Open University. 11.18 [he following limes: nnr -y rnm™ SCOTTISH 

? nn n8 pixwo° r iwiii K* Wotoo— p.m. Wales BBC Z Arntha N^ws. ioo iiou4t-i»nr £30 WwBn 'i^ H ? r v p, 1 P 

1.00 Pebble Mill. 1.4a Ragtime. To-dav fiill Heddiw 7 20 Cartoon c .»n o n non Ttniirorcitv Eniiuerdale Farm. SJ5 Survival. 6.00 Jhadr. MJO Tsraan amt The Vallry of 

2.50 Trern. 3.15 Nationwide Budget nJ! mTv ' '> hout Ana "* lM Ctallw °f ‘he CoU." u.« o.cir and Great 

CndfiSsI- Moure nnmmnni Time. 7.W-B.IO leitril r 1 IT. 1-.UB 11,00 PlaySchooi. Smc*. 7J0 Got Some In. IL25 QuIdlt. WaofciooA IJS p.m. Ncvra and Road 

2.15 p.m. Other People's 12.25 a.m. Christian to Action. Emma. The PracUce. 

Children a • 6 - w Scotljnd Today.- 6.30 Wbat'S Yoor 

•» in ' R ,K,r AT\ ProWom. 7.00 Kmmordalc Farm. 7 Jo 

X™™?' T MSa" r M P^- *'' bia ^ n «-^' 2S ^ ,e CaU ' ^ 

4JW Dastardly and Muttiey in iiuusri. uso Professor Bvithaiar. SOUTHERN 

their flying machines. PI". ATY Newsdesk. 2 JO Indoor Stum- moo -Heavenc 

Take Hart V^aue^ 5JS Lave roc and Shirley. 6.00 - ' w,p0 '- HcaTcns 


SUm ' Weather for WaTra. 

Tin IWs analysis. ScoUand-5 j5-6J0 p.m. Report- 

5^55 Nationwide f London and ' n .f 

South East only). Life. 11.40 History Ls My Witness. 

6.20 Nationwide Budget Special. Nows and VVeather [or 

6.30 The Crowded Sky. Scotland. 

7.40 It Ain't Half Hot Mum. Northern Ireland — 5.55-6.20 p.m. 
8.10 The . Standard. , Scene Around Six. 12.05 a.m. News 


F.T. CROSSWORD PUZZLE No. 3,639 



6 Early to appear outside home 
wilh sincerity (9> 

7 Sort of show always turning 
up about second of .Tune (5) 

8 Tattler is revealing and 
betraying (4-4) 


of vessel 


ACROSS 

1 Height available for chief 
chamber (S) 

5 Hidden soldiers in party < 6 1 

9 Something added or removed 
surgically (S) 

10 Rule of the road? It makes Get the measure 
nonsense! (6) from the south i4) 

12 Concise part of quarter- J5 Twist into right 

sessions (5i _ wrong (9) 

13 Instrument with which to 1" Confident when sure to be in 

perform? (9) the. red (9) 

14 Mixed gin and it with 1* Inclination to die within 

enthusiasm to start with and allowance (Si 
fire (6> 20 Time to gel up and send out 


and into 


16 Note from ancient city in 
South African province (7) 

19 Gut up to race with Oriental 
as a favour (7) 


(4) 

21 Eminent conductor or 
unusual master to love (7) 

32 Soft course for an actor (6) 


21 When socialists demonstrate 3^ Drink with a learner, that's 

and cry for help (6i what it adds up to (5i 

23 Deride to binder colliery (9) 25 Extra payment that is good in 


25 Old Saint is quite a herb (5) 

26 Turn north-east and follow 
settlement (6) 

27 Fish that may be straying 
(5-3) 

28 Money for story bonk or 
special gift (6) 

29 Tn trick partisan may be 
deliberate ( S> 

DOWN 

1 Where there may be fire and 
and gas above-ground (6) 

2 When father raised sugar 
plant (9) 

3 Get up abnut nnon initially 
and wash (5) 

4 Opening for other ranks if on 
the rocks (7) 


Paris to you and me (5) 
Solution (o Puzzle No. 3.638 



4J>0 Paddincton. 

4.55 Open University. 

7.00 News on 2 Headlines. 

7.05 On the Rocks. 

7.30 Newsdav. 

8.05 The Event Horse (docu- 
mentary). 

9.00 Rhoda. 

9J25 The Man Alive Report. 
10.15 Poem> and Pints. 

10.40 Late News on 2. 

10 j0 TheBudirei: The Chancellor 
of the Exchequer for (he 
Government. 


A TV Today. 

7-J8 Gucfcao Waltz. 


7 mi - p ,ir,- Above" siirrm« Prior Si-llurs. 1.20 p.m. 

-- 11 a^j'iblHvnip Sooth-.-™. .’lews 2.00 tliiiwoanr. ZJ8 


BORDER 


SurvivaL 5.15 Atlrrnniri-s In Rainbow 
Cuamry. 6210 Day by Day inchidliu; 

„ ,, _ _ . Snuthapon. 7JJ0 Emmerdale Farm. 7-0 

« a-m. Clue Club. 10.00 F'Im:. , 'Th^ uw Sotiu- tn. 11 JS Somtwm .Vows Extra 
Pnnce Who W« A Thl-.-f surring Tony uay Driv.j-ln. 12.95 a.m. PoUlv Sumoon. 
LurUs. 11-23 Thu Eni.namcra. U-«S r 

r '-v. Jr and lb,- UtNL Woulrroo tlJD mn. 1 I IN t 1 tto 

r Jf 1 .-, '•""^■Pa'TV- 2-0 7.ZS a.m. Thu Good Word Mtmwd by 

fn^i"arnnnH Ctf Tn^iu° U! >Sn Nnnh East News Ik-aillHH-s and Uoatbor 

ttrri t J"™!! 5?*5fiSSl , - J0 rt-O Worm Matinn-: Tm 

♦iVm n„ l 'Ln S , v 1 C U ® ®E re,,B ' Alrl * hI JaA." UJ3 Thu EtnertnlikTS. 

,1 - 20 a,m - Rnrrtrr .V-.-n-s Summary. U ^5 riscar and itw Gruai Woofuroo 

CHANNF1 La *- m - North East Now* and Look 

... , around. 2.30 Thu Brady Bunch. 5.15 

LU p.m. .hunnul Lunuhimi. News and Vnends of Man. 6.00 Konht-rn Life 

Rlufs nil Where. 139 The Efecinc 7^H Emmurdak- Farm. 7 JO G. i Somu In 
Tn'-air.- Show. 5J5 Thr- i liniilon..^,- 6 JO jjj; Point Surcuon 



CC— These theatres accept certain credttf 
cards bv telephone or at the beat ofliefe. 


OPERA & BALLET 


COLISEUM. Credit cards Q1-2JO 5258 
Reservations 01-836 3161 
ENGLISH NATIONAL OPERA 
Tonight. Sat. & Toes, next 7.00 Carmen; 
Tom or. 7.00 Force of Destiny i final oerf.'i 


Fn. 7i30 Julietta “ Haunting aunosphere' 1 
E. News. ■■ Smoothly and iweetfy- tex- 
ol gentle accessible melody.' 1 


turatf. hill . _ 

D Mall. "... a dream ... a most unusual 
and roamursble operatic evening'* Yorks. 
Post: 104 balcony seats always available-] 
day of performance. 


COVENT GARDEN. CC. 240 .1094. 
tGardenOurge credit cards 836 6903 J-' 
TMK ROYAL RALLET > 


Tonight 7.30 p.m. The Firebird A Song 
Ot the Earth. Fri. 7.30 


Romeo 


.. . PJn 

and Juliet. 

THE -Hoy AL OPERA 
Tomor. 7 JO p.m. Death In Venice. Thur. 
& Sat.- 7.30 Pan. Der FCalscbntx. 65 
Am phi seats for all peris on sale i from 
1 0 a.m. an day ol perf. 

WELLS * THEATRE. RbMberv 


SADLER'S 

A vc.. E.C . 

May SADLER 5 WELLS ROYAL HALLE 


A vc.. E.C.I. 8S7.1E7Z. 19-Aprirtp 1|. 


THEATRES 


ADELPKI THEATRE. .CC . 01-030 7611. 
Ergs. 7.30. Mats. Thun. 3.0. SkL 4:0. 

■ RENE ; 

THE BEST MUSICAL'- . 

Of 1976. 1 977 and 19701 - 

IRENE 

" LONDON'S BEST. NIGHT OUT, ,r 
. Sunday People. 

ALREADY SEEN BY NEARLY ONE 


MILLION HAPPY THEATRE-GOERS, 
CREDIT CARD BOOKINGS 036 7011. 


ALBERY 036 -3705. Party .Rates. Credit 



udNel'SSXrts . - . 
MIRACULOUS MUSt^AL." «n. Th"** 


with ROY HUOD' and JOAN TURNER. 
CONSIDER YOURSELF. LUCKY TO BE 


ABLE TO SEE IT AGAIN." Only Mirror. 


ALOWYCH. 036 6404. Infp. 836 S342. 
ROYAL SHAKESPEARE COMPANY In 
repertoire. Tom oh I 7.30— red. Wlce ! pre- 
view HENRY VI. Part 3..' "Full Ol 


iiicreaiingiy ' rich’ Rewards." With: red. 


"price ^ pre e ws . HENRY. V % itomor.3^ 


HENRY VI Part 1 (Wed. m.1. Part - 
iwed. ere -I Part 3 rrnurs.). RSC alio 
at THE WAREHOUSE isec under , Wl 
and at Piccadilly Theatre In Peter 
Nlcholv'l PRIVATES ON PA RAPE. 


ALMOST FREE. 485 6Z24. Limited 5«aK>n 
Only* Wolt Mincowltrs SAMSON « 
DELILAH. N.8. Nightly at 0 pan. Ind. 
Sum. No shows Frls. 


AMBASSADORS. CC. ’V 7 !' 

Ergs. 8.0. Mats. Tues. 3.0. Sat. 5.0. 
A Rock Revue 

LET THE GOOD STONES ROLL 


"LOU‘l SClwyn gyrate*, brilliantly as MICk 
Jaggcr " D. Tel. “Raw cxeUement.’ D.M. 
“Audience Cheered " S. Tel. 


APOLLO. 01-437 ~2663. Evenings 8.00. 
Mats. Thurs. 3.00. Sat. 5.00 and, 8.00. 
DONALD SINOEN 
Actor ol the Year. E. Sid. 

”15 SUPERB." N.d.W. 

SMUT YOUR EYES AND 
THINK OF ENGLAND 
WICKEDLY FUNNY." Times. 


ARTS THEATRE. 01-036 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

"Hilarious • . ■ lee if Sunday Times. 
Monday to Tliursaav 8.30. Friday and 
Saturday at 7.00 and 9.15. 


THEATRES 


HER MAJESTY'S- -CC. 01-930 8808. 
Evenings 8.00. Mats. Wed- and Sat, 3.00. 
BRUCE FORSYTH 
In LESLIE BHICUSSE and _ . j 

ANTHONY NEWLEY*S_ . 

- - TRAVELLING MUSIC SHOW 

with Derek Griffith* 

- Directed, bv BURT SHEVELOVE , 
-It U packed to bursting point with the 
•personality and shew energy of Beuce 
t forwrth.'* Sun. Ekpres*. "The audience 
cheered-" Sunday Telegraph. 


KING’S ROAD THEATRE . 352 7488. 

MdB. to Thur. 9.0 Fn.^ Sac ^,30, 9 JO. 


THE ROCKY M o RRO R SHOW 
NOW IN ITS stn ROCKING YEAR 
THE GREAT ROCK *N' ROLL MUSICAL 


LONDON PALLADIUM - 01 -4X7 7JH. 
April 13 and 14 af 8.0. April IS at 6.15 


and 8 4S. ~4 PERFS. ONLY- 
THE SUPREMES* MARY WILSON 


Karen 'jacksop' and Kaaren RartSnd 
Box Office open. BOOK NOW 


LONDON PALLADIUM. CC. .PV 4 ^ 7373. 


THEATRE5 


SHAFTESBURY. CC. 836 6E96. 
-Eras, at 8.00. Mats. Thurs . Sat. 3.00. 
JOHN REARDON and JOAN DIENER in 
KI5MCT 

“A SMASH HIT. THIS MUSICAL HAS 
EVERYTH INC.** S Mirror. - 


SHAW -THEATRE. 


01.388 1394. 

CHICKEN SOUP WITH BARLEY 


Era* 


by Arnold WMkCT. 
7.30. Mat NN. 


STRAND. 01-836 2660. Evening*. B DO. 
Mat. -Thurs. - 3.00 .Sail. 5. 30 and 8.30. 


NO SEX PLEASE 
WERE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER. 


57. MARYIN-SL CC. 836 1443. E»s- 800. 
Mat. Tue*. -2A5. Sots. 5 and 8. 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST- EVER RUN 
26th YEAR. 


FROM MAY 25 to AUG. 
THE TWO RONNIES 


BOOK* WITH CASE On the NEW 
EXCLUSIVE TWO RONNIES HOTLINE 


01-437 2055. 


LONDON PALLADIUM- CC. 01-43J 737*. 
:• For 2 weeks only April 17. 7-30- Toe*. 
. & Thur. 9.0. Wed.. Frl. * Sat. 6.15, 941 
LIBERACE . 


LYRIC THEATRE. CC. 01-437 3686. Ew. 
- - 8. Mata. Thurs. 3. Sat. 5.0 and B JO 
. JOAN PLOWRIGHT 
COLIN BLAKELEY 
. and PATRICIA HAYES “in 

— • FI LUMEN A --. . 
Eduardo -Filippo 


’ , . try Edtufrdo -Filippo .. 

,' DWfcleAy franco 
- “ TOTAL 1 triumCH, - o,:Mtrror., 

' "AJ^feVKNT TO TREaSOrE.'* D. Mirror. 


. . ^ F.LL THffiRI^OR 

HUNDRED. YEARS." Sundsy Time*. 


MAY FAIR. .. CC. - :629 3036. 
Men. to Frl. 84). Sat - 5.30 and 8 as. 
GORDON.- CHATER. 'Jrtmant'* E.N., n 
THE ELOCUTION OF 
BENJAMIN FRANKLIN 
- by Stem J- Spears. 

**A compass ton* to. lunny. hwcety 
eHmiient may." Gd» ; . Hlllarleus, EJtd. 


"Wickedly - asnnstno.” 6- Nort- Spell- 
binding^; OtaL j- 


MERMAID- Z48 7658- ResmurtlK 248 
2835. Tom conn.- Ja»e Asher 4a 
WHOSE LIFE '18 IT ANYWAY 7 
THE NEW SMASMjfIT ACCLAIMS© 
BY EVERY CRITIC 

Eras. 8.1 S'. Frl. anil Sat. S. 15. Until Sat. 
Re-openl April 24 

ALEC MeCOWEICS ST. MARK'S COSPR. 
April 16-23 and evert Sun. imtlf June lit 
Sun. 7.30. Eves. 8.15 (8a. April 19 
. at 7.00). 


NATIONAL THEATRE. 928 22S2 

OLIVIER (onen «agw: Frl. & Sat. 7 (roe 
or. prevs.i BRAND by Hawn m a vernon 

by Gnaffrey HI1L . _ . _ , .. _ 

LYTTELTON IprCM^^om.SWOC): Tan L 7 


TALK OF THE TOWN.' CC. 734 505*. 


8.00. Dlnrng.- Dancing. 9.30.- Super Revue 
RAZZLE DAZZLE 


and at 11 p.m. 
MADELEINE BELL 


THEATRE . UPSTAIRS. 




Tuesday- Sunday 7.30- 
SHAREO EXPERIENCE 


730' 2SS4. 


SHARE C 

In BLEAK HOUSE 
by Charles Oitkerc 
(In 4 parts. In Rnpertairei 


VAUDEVILLE. 838 9988. CC. . . 
Mar. Tun. 2.45. Sat. a and B. 


E*v at 8. 


Dinah SHERIDAN. Dulde GRAY 
canor . SUMMER FI ELD. jitnn GUO 
A MURDER IS ANNOUNCED 


THE NE W^T ^- WHODUNNIT - KIT 


\THA CHRISTIE 

" 1 - Wtth. a noth 

. .. 


who- 

kfno - 


- da nelt b. . 

the Wnt End -yet. ..again ; with -another 
flt her- Aendithrt.. 'IngcitMui murder 


fnt End 

.4»- Bendi 

mwer*f.**-:Fe«x -Barker. Eranmo News. 


VICTORIA PALA' 
STRAT 

. . SHEILA 


Stas#?! 1,17 ‘ 

ANNIE ' : • 


A NEW MUSICAL 
BROADWAY^ .BIGGEST *W.' 

Opens ‘ 


Prm- rrom- April 25. . Opens Mar .5- 


Donmar Thieetre. . Coveot 
6808. Rot 41 . Shdkttpeare 


WAREHOUSE. 

Garden;- Bie 

Company- Tonight 8.00. Paul Thompson-* 
THE LOftKNZACCIO STORY IhM Out). 
Adv. bkgfL .aald out. 


(DBcni) Tomor 7 AS PLENTY * new play 
CDTTESLO^TiioaU audltpnem): Frl. A 


Sat: S^preraJ DOW JUAN COMES SACK 
FROM TOeTwaR by-- Horvatn tram, by 
•her 5ll 


Many^SxtJtprSSd »eaK BW 
day of 1 per? Car part RtiBvrMt 928 
2033. Credit card bfcgi. 928 30S2. 


WHITEHALL. 01-930 6*92-7765 

Eras- 8-30. Frl add Sat 6.45 and B OO. 
Paul- Raymond prewfits the Sensational 
Sex Revue of the Century 
DEEP THROAT 

Doc to overwhelming public domand 

season one ruled. 

WINDMILL THEATRE. CC. 437 5312. 
Twice Nightly 8.00 and 10.00 
OPEN SUNDAYS B-OO end B-tHJ. 
PAUL RAYMOND pnrseflli 
■ RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

*' Takes lo unprecedented limits wha: u 
permlKiMe on our itagei." E* News. 
You may drink and smoke m the 
auditorium 


;v>: 

v - ' •. 




i3ss.Gr 


raz 


11.90 The Old Grey Whistle Test. A^rV a T si*x. mb r^TSSSL' « ^ rom " Epll0Klie - 

li. 40 Closedown: Jill - Balcon Charli*-'* .\nsi-ls. lS-23 Channel Uie ULoILK 


reads “ Brumana.” 
James Elroy Flecker. 


by 


LONDON 


9.30 a.m. Beany and Cecil 


K'.-ws. 10.32 Lilt 1 m France 11.55 Osrar 10JJ1 a.m. Tree Tdo Tak-i in 20 St-Knin.' 

P iTJn‘\ Coiln !- Pj "‘ Sin-vt- UJD Tbe Eniuriuiiipro. U.45 

Pr.v.?JTr, n ^ a i' m ' Comin ‘ n alreB «'*'hT. 1J0 p.m. LuiKbnnir. 2J0 Enrniii 

PrcvisJoiw MdleOrolneiQik-x. 2JB i:|„ er Nrws Headllik-h 5.L5 Frli-mlp 

GR4\TPUiV or Man. 6.00 UlilL-r Tele Vision News 

„„ .1 6.05 The Fllnisinnek. 6.30 R.-poris. 7J0 

0JS5 a.m. Finl Thins X0J» Feanire Emmrrdal.' Pann. 7 JO Gel Snm- In 


Cartoons. 9.40 Ticko 10.05 To Lni^rlain l ero. ,IV ll.« IS” K " — - T “- U * H Garden,,,s Todjy ' ll *® Bedtime. 


WESTWARD 


19JB Feaiurc- 

6.3S Cpiii'iry Fmus 7.00 Fmc-rDTc-. rjarmichaei and TerVlhonLis" 8 UJO 

Thr En'rnninrrB LLss OM-ar and ihc 


■World 


GRANADA 


The Wild Country. 10.5a Bonc>‘. Woolero. uo p.m. (Jrampinn News Head- 
11.45 Oscar. 12.00 Paperplay. )'"«• 2J0 Ernma. 5JS mine at g iW ^ m Lnofc jnd 5,.,, 

12.10 P.D1. Rainbow. 12.30 A Fair il 1 ;* Embankment- 6.00 iJromp-an-TMav Ktlm -Lucky Jim" 

Chance 1.00 Now. plus FT. indev « VZ'SoJ-^L, 

1-20 Help ■ 1.30 Crown Court- 2.00 wnhoin Shadows. 

After Noon. 2.30 To-day Mexico 
— To-morrow the World. 3.00 
Budget 

Realms. tUJS MisfOT Ed 

6.00 Thames a l 6. U-SO .\ H.-mriful ni Sunm. 1.30 pjr- Tins x.-u--.. ms i'nc.ir P>:>i-rwn presents 

fiita Crossroads. * 5 ' ,lo r- RiRhi. 2.S0 "l.i-s FiiiytWlfS de Cuum I:asi>: ,ind Joe Williams. 12-20 a.m 

7 Afl Thn Siv IVTillinn Hnllar Man JJcIsiZV." 6.00 Granada RepuTU. 6.30 Kaitli lor l.i I.-. 

„ ^ ' S r." 1 U ° ‘ r Emmonla,<? ,,BnT ’ 7.00 The Bionk VAni'Cinnr 

S.Ofl Rising Damp. Woman. 1U5 Ditto-Id. jORK SHIRE 

8.30 Armchair Thriller. MTV ,-M a-m- s, ar,u ,or i* 1 ' - Snpur. 10J5 

9.00 Wilde Alliance. „„„„ *7 1 *. - ..The i:n.lers.-a Advrnfun-s or Captain 

10.00 News 110JM a.m. ■ Th.- r.huv r.nM "Wm N.-aui. u.» stwov. UJN Tulip 


rs. 5.15 The Brody Bunch. v, \> n a 2' ‘l"' r - ma l 

_ * 10.15 Mamn. 10.43 The Suiianarf Ark 

b.4a News. UJ5 The - - 


lireai Waofurau li27 pjn. Gus Flunuy 
■’■in'*-. Birihdajs 1J0 Westward N*fws, 
lleadlmi-s. 2 JO TJn- Electric Tbi-airc 
<;j5 Th:- l-'huisiouci. 6.00 W<*si 
«-ard Diary. 7.00 Treasure Hunt. 7.30 
I'-i.irlii: s Aiut-.l'i 10J2B Wi-siwarB Lai 


HT\ 

tlDJU a.m. • The t'.hus; r,nM “Wmi" Ni-nra. 10.30 

o j. f- l „ Tbe EBler- Fiona. 11.30 Tho Elerinc Theatre Show 

10-30 The Budget: The Chancellor IjJinws. 31^ OA-ar -n.l :rve . Threat 1-20 p.m. uiiendar -Nm-s 2J0 Sian on 


of the Exchequer. Denis WonEvu-on 1.30 P.m. K.-dti Wlk j'y- *-15 Thu .Mary Tyler Moore Show 

UP f or ■ |j, e lin"-*'. 1-25 Rnpnn Wales H^jiiliiies. 2-00 6.00 Calendar 


Healey. 31 P. 

Government. 


„ , - . Eiii lev .Moor and Belmont 

lloiLrepariy. ZJO i.nhon and Strupsor -dilluris.. 7.00 Eininenlale harm. 7.30 
Playhouse. 5J5 Ten Tiin.-s Enipif. 6J» G..I Snme In. n.-’K Driv.-ln 


RADIO 1 217m JS* “!■*«?!" L0S The Ini Worldwide. Wuarher. 10.00 The World Toniqhl: Nows 

RA fS) Stereophonic broadcaa VS ? l ^®LV'?L l 2V' r I'. ! ,nn -The B.i.lsel. MJO Nol Nmr. I m Listen 


Em . s Hafl . n - 7 02 V-., ^ Hr 111 v ,Sl M* Haydn ,iu .V;.iln ILOO a B.ioh at R-dlime 

5JM a.m. Kanm . t.oz ,vm arld Mnwn Mnne 'j.ian. is ,Sl 3J5 UJ5 Th.- Miianeial World Tonlelit. 1L» 

5.15 T-Hlay m Parl>ain<-nf 12.00 a.m. News 

_ . - ^..-w •■••m.-n.iiu Bound 

* x k D 1 a . v *-' t6 - flS «■*»* rfiJO Hem. w 
w-u-.-ai.. 7JH 


' « ... ■■“ ■*" - : ~ ana .iniun sinne •j>un..-is .Sl 

.dninwls S n V?, n ,„ R:il<,9 ‘ iC 3 , 1 Vou,h Urelii-sir.il of ihe w.ini ■ S>. 

-•irn-il nt> til'll’:--! I- .10 pm Nevvlhttl. .1.177 Tiidav 1S1. 15.45 Hfirn.u ird B 
,00 Tun- niaifcburn 4J2 Dave Lee tsjjs j 6 jo flem. wur.r r':.r" J 

ravis tueluilin^ 4. 10 \eu-.ft-.-ai., 7-ffll npu,.^,. rhjn i.tioiiii, «. > 

ii n i n -n ” M ° I’ - T n P " , ■ , ,Wi 730 ‘--heruliini .hi.nh.-r ill 

•S' u -™-2 32 «.m. As Radio • a.03 c.-hhidaeh- rtuuiipre ; 

VHP Radios 1 and_2—6J>a_4.ni. With j. y. n!i. H:nd.-n:ilh iS'. a 40 
lUdUf-J. mchid!^ U. n-ia w™ «JI Edmund jii.I Fjmn .ini r,r 

-U-L 10.M with Radio 1. 1L00-1B2 a.m. oi.h.da, h.- 

Wifil Itadi.i i. ' 1-Si 1 pin 2 Prekofi- v .S', 9.45 ' 


I r. .unri f .-an. V HF— 6.156.35 a.m. Willi M-.-dlum Wave 

Ilrih-k). Hjn ... Train SJS i^evs HeadlllV-R w.-allier. paiK-rt 

•** “ «■ rs: a’s^su-ss-jr-^!? 

o ^ 4 v.7.r l aos H.irrieneiV Ouesllon Time. AJO News. 
® Otrrtnil *» Sloo- Tim.- 5.00 News 5.05 Mr. 

l.aun-1 and Mr. Hardy u iribnic. 5 JO 
News S.QU-closo: Willi M W. 



onducts the 
_ . ,.45 The Rlnii 

1.500m and vnp ^ ^^A H.n^^orpan BBC Radio London 

mo- 206m and 94J9 VHP 

5JI0 a.m. As Kudin S. 6.30 Rush Hour, 
and 9.00 News Extra. 9.20 London Live. 1L.03 
in Tuwn. 122)3 p.m. Call In. 22)3 '.HE 

Yoiiim <S> 13.15 n-m. Waauoncrs' Walk. RADIO 4 §2?' L Kl,n Louk 

ii m pp.in M irraT S 1 'aril n*iu^i" fS> ________ -WP l-lwK n 7J8 In Tnvn ifl 1 ! 11 M a.m.i 

imfludiiiB 5 Li Sports Dost. 3.02 John , u ””®‘ ‘"* S'? wiJ'!? 1 i 3 !;^ ^ W-03l.au* NiEhr Lan- 

Duim's Burtuef Smial iS' news ant - Jr*.’ .'.►‘'i'L 1 ' ^•' rn ‘ i,, K Todal ; 5" n ; “* B0 **.■ R, ' d >° 2 a.m. Ouestlun 
analysis, incladmc .145. 4.45 and 3 45 J.* 35 Lp J« , ?- e Hu,, r- .f- 53 'VHFi Rcgwnal Time (ram ihi- House of Commons. 12»- 
Sponv Desk. 6J0 IVausanorV Walk. 6.05 . 7 ' U) _ Up ’I ' BSC: *' N R:,d,a " 

SX « London BroeimHng 

Third Beai >s. 82Q Hubert C.reac at S,,;*S?2 ,V J I * 9 *“' l':** 9^5 Tue> *2film and !»7.3 VftF 

TIil- London Theaire. 92)2 Amona Your “ n Lo*J I,an ' sju am \inrmn- Husir in \w 

Desk. U.M Brian Mailheu* 
tnumi *.l'dni-*hr. meliidlne 
2.00.2.02 a.m. \en> Summary 

RAD III ■! _ _ 

R4DIO 3 484m. Stereo & VHF “r IZZT Radio 

1 Medium Wove wily Special i;ir-lnrtins 1.13 Qm-simns 16 ihe 184m and 85.8 VHP 

14JS a.m. Wealh-r 7.00 \mrs. 7J» Prime Umisier. V:n Th- ttaMKltor'* 6.00 a.m. i.rah.im ni-m-'s Dreaklnst 
over l nre 'Si. 8.B0 ,\.*ws. E.05 Murnlnu Budael Speeeh "live ' in React'Oiw Show iS>. 9.00 Mniiarl asjs*1 <Si U2M 
rniifTi i Si. 9.00 News. 9.05 Thu, Wreb's news, summaries. ! 3 vv. aiin-r. D.iv.- r:-i-.|| 3jjg p>m . trr)n,-r Scon 
Cnnip*i*i?r- M'-ndeL-Mihn <Si 10.06 i;r.immn news iVHF> lb:-|nn.,[ ^,-vs and iS> 7.00 l.niirtnn TiHiay i.c,. ?jg Adn.m 
‘leiid.ij Spixi.t! iSi. IS JO Rratmis aiirf Weaihc-r. 5 JO Just a Muuife iSi. TJM. I^ivi- s ripen Lm- •.S>.'4.00 Ymir Mother 
Havrl piano D'Cildl iSi. 105 5encs and N'rsrs. 7.05 Tie- irrh' ts 7.20 Tim* 1 l° r ’ 'VnulilnSi Like U Nli-kr Horne iS>. 
Siring Cnarf-’li 'Si. 12.00 Mntd.iy Cun- Vcrw. 7 JO KalrHmmpr p.® i>j]hKUchr 11.00 Tnnj Mvall's i.ale Show iS« 22)0 
cert, part 1: Strauss, Mendelssohn (Sn conducts the LS0 las Radio ji IS>. 5J9 a.m. Duncan Johnsnn's Nudit FUaht <S< 






ASTORIA THEATRE. Charing Cross Road. 
01-734 4291.- Nearest Tube: Tottenham 
Court Road. Mon. -Thurs. 8.00 p.m, 
Friday and Saturday 6.00 and 8.45. 
ELVIS 

Instant Credit -Card Reservations. Eat In 
our lulu -licensed Restaurant and Bullet 
Bar lunchtime and before or atter s now 
— bookable In advance. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


| oio VIC.' ' 371 76TG. 

N Mv season starts Aprtt 20. ' 

wl th Prospect's [first . comedy at 
The Old Vtc. WHi Shakespeare's 
TWELFTH NIGHT or WHAT YOU WILL 
and Eileen Atkina. u 
SAINT JOAN . 

•• a great pw tortnancc. Tbe Tlnf. 
Phonev box oOke n ow fo r details and 

Immediate bookings. 

April 10-15 The OU t Vie Yorth Theatre 
The Caucasian 1 Chalk- Circle. The Winner* 
.. mining Persons. 


WYNDHAM'S. 836- 3028. Cred.r card 
bkgs. 636 1071-2 from 9 a m.-2 pm. 
Mon.-Tbur». B. Frt. 8 hat. S.15 & E.IJ. 
' ENORMOUSLY rich. 

VERY FUNNY." Evening News 
Mary O'Malley's smash- hit Com car 
. ONCE A CATHOLIC 

Supreme comedy on sn* and ret g.on." 
Daily Telrarcph. 


Cl\i 




MAKES YOU SHAKE WITH 
LAUGHTER" Guardian 


YOUNG VlCfnear C»d Vici. 928 6363. 
Toihgtu 7.as Roy at Sblkesoeare Company 
lj* MACBETH, rfhls week sold out. Any 
returns on ooor.i No oert.. Fn. 


CAMBRIDGE. 836 60S6. Mon. to Thur. 
8.O. Fn.. Sat. ai Sds and 8.30. 

IPI TOMB I 

Exciting Black African Musical 
''Finest dancing In London. Sheer 
dynamism." Daily Mail. 

THIRD GREAT YEAR 
Dinner and Top-price scat £8.25 Inc. 


COMEDY. 01-930 2S78. 

Evenings 8.0. Thurs. 3.0 Sat. 5.30. D 30. 
MOIRA LI5TER. TONY BRITTON 
Margaret COURTENAY Opt mot WALSH 
THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
"Blackmail, armed robbery, double filuB 
and murder ” Trmes. "A goad deal of 
lun." Evening News. 


OPEN SPACE E ’ r * 6834 


Triple ACt»«. 


EU5. 


palace Credit Cards. 01-437 6834 
Mon.^TWL BD FH.. Ml. 60 Ud BAO 
JESUS CHRIST SUPERSTAR 


PHOENIX. 01-836 8611 poeos Thur. 
7.0. SuM. Eras B15._ Fri. and" Srn. 


6-0 and 8 40. 

ibrookI-taylor 


THE TRUTH 


A New Comedy by Rowe Rvton 


CINEMAS 

ABC 1 * 2. Shaftesbury Are. 836 8861 
*6ep perfs. ALL SEATS BKBLE 
1: THE 12 TASKS OF A5TERIX iUL 
and Sun. 2.30 5.30. SJO <Ust 3 


Wk. 
dam. 

St THE GOODBYE GIRL 
Sun. 2.00. 5 10. 8.10. 


iA>. Vrk. and 


CAMDEN PLAZA <opo. Camden Town 
Tube'. 46S 2443. Melville » clasxc 
ReU rtaj Ne. thriller the army in i,ie 
SHADOWS -AA>. '3.10 5 45. 8.25. 


CRITERION. CC. 01-930 3216. 

Evenmgs 8.0. 5atS- 5.30. 8.30. Thur. 3.0. 
LE5LIE PHILLIPS 

"Impeccable a master." Sun. Times, 
in SEXTET 

"HILARIOUSLY- FUNNY." N. of World. 


PICCADILLY. '437 4506 £red|f card bks. 
836 1071-2 9 a.m. -6 p.m. Evs. 8. Sals. ( 
a 45 and 8.13 wed Mai 3.00 
BEST COMEDY OF THE YEAR. ; 
EraT standard Award and 5WET Award 
bnysi Sbakespeii-e Company In 
PRIVATES ON PARADE 


try ' Peter Nicnols 


EXTRAVAGANZA." ' . Times 
RSC also al Aldwvch Theatre. 


CLASSIC 1," 2, 3. a, Oxford Sr. loop. 
Tottenham Court Rd. Tuber 636 OJlii. 
1. BerMliMCl's 1900 Part 1 <X>. Progs. 

“•I w, w- ( 5 . fl Id. 

2: Hurry. Hurry. Must finish April 19. 
THE HIDING PLACE :A.. Srp pwfs. 
2.00. 5 00. B4K>. 


3: Georg? Scgai. Jane Fonda FUN with 
OICK A JANE IAJ. 2^0. 5.45 9 10. 


Neil Simon's MURDER BY DEATH 
4 4)0. 7.25 
4: SentdoccJ-a 1900 Part 2 .X) Progt. 


- 2 30. 5.20. 8.15. 


I prince EDWARD CC- Hormerlv Casino) ! CURZON. Coma Street. W.l. 499 3737. 
! 01-437 6877. Previews from June 12.1 PARpow MON AFFAIRE 1X1. lEngiish 
l Opening June 21. gVITA. i sub*ntle*l. '■ A ■ sparkling New French 


DRURY LANE. 01-8SB 8108. Every 
night 8.00. Matinee Wed, and Sat. 3.00. 
A CHORUS LINE 

"A rare devastating, lovous astonishing 
stunner." Sunday Times. 


DUCHESS, 836 8243. Mon. lo Thurs. 
Eras. 8.0. Frl- Sat 6. is and 9.00. 
OH! CALCUTTAI 

"The Nudlty_ is stunrhnB ."^ Datly Trrt. 


Sth SENSATIONAL YEAR. 


DUKE OF YORK'S. 01-B36 5122. 

Evs. 8.00. Mat. Wed. and Sat. at S.00 
JOHN GIELGUD 
in Julian Mlichell's 

A NATIONAL THEATRE PRODUCTION 
" Brilliantly witty ... no one should 
nm it." Ha tola Hobson Drama. Instant 
rrcyiit card reserration Dinner and 
price seal £7.00. 


PRINCE OF WALES. CC. -01-930 8681. 
, Monday To Friday ’« E I »Ji. 

Sat. S 30 and 8-45. Mat. Thur. 3-00. 

'■ HILARIOUS COMEDY MUSICAL." 


Comedy. CH reeled with Imosc hy Viti 
‘ ipress. 

0.30. 


Robcrr." Sunday Express. Progs, at 1.SO 
(nos 5un.L 3.35. 


fof 


- — The Sun. 

ROBIN ASKWITH 
1 Confession! " film tame) 


id . 


V LOVE MY WIFE 

" NAUGHTY- BUT NICE VVITH A LOT 

OF LAUGHS. News of the World 
CREDIT CARD BOOKINGS 930 0846. 


LEICESTER SQUARE THEATRE 1930 S252I 
OLIVER REED. SUSAN GEORGE & many 


other stars. TOMORROW NEVER COMES 
(X). Sep progs. Mon -Fn. 1.3S. 4 50. 
8.10. seair bun* tor 8.10 progs. Lair 
two davs. 


FORTUNE. SS 6 ^ 2238 . E.vg» _§. Tfiura 3 . 


Sat 5.00 and. 8.1 

Muriel Pdvlaw as MisS MARPLE In 
MURDER AT THE VICARAGE 
Third- Great Year. 


GARRICK THEATRE. . 01-836 4601 

Evgs 8.0. Wed Mat. 3.0. Sat. 5J 5. 8.30 
JILL MARTIN. JULIA SUTTON 
ERIC FLYNN and ROBIN RAY 
In the 

" BRILLIANT MUSICAL, 
ENTERTAINMENT." People 
SIDE BY SIDE BY SONDHEIM 


" GO TWICE." S Morlry. Punch. 
GO THREE TIMES." C Barnet. NYT. 


LAST 3 WEEKS. ENDS APRIL 29. 


GLOBE THEATRE. 01-437 1 592. 

Eras BIS Wed. 3.00 Sat. 6. 8.40. 
PAUL EDDINGTON JULIA MCKENZIE 
BENJAMIN WH1TROW In 
ALAN AY.-KBnUPN'S New Comedy 
TEN TIMES TABLE, 

This mint be the happiest laughter maker 
in Loxdnn. D TN. "The master of 
comedv has done it again." Evening News 


10 91 

Mats. Wi-fi-, 2.30. Sat*. 4.30 and B OO 
INGRID BERGMAN 

WENDY HILLER 

DEREK DORIS . FRANCIS 

GODFREY HARE GUKA 


In 


WATERS OF THE MOON 
"Ingrid Bergman imm the slags radiate 
— unasuiiahie charisma " Daily Mail 
"W-nav H.llrr il suw*fb ■' Sun. Mirror. 


GREENWICH THEATRE. 01-flSH 7T5S. 
Prmr Wcij T 30 Qixn- Thur. 7 0. 5ub 
E«n 7 30 Mat. Sal 2.30 ARMS AND 
•THE MAN. A Comedy bv Georgy 
Bernard Shaw, 


QUEEN'S THEATRE. CC o 01-7M 1166 . }fT&. ^UTs ^- D ^ S * 
Evemnw^o. ^^oynd 8 30. j ZAS 6410. 9 80. All 


BEST ACTOR Of THE YEAR 


A New PTAr^hrjTp ALA.N. BENNE.rT 
Play* “and Pfirert tendon critics award 


Directed by .CLIFFORD WILLIAMS 
BEST P.LAY OF, THE YEAR. 


OOEON HATMARKET 1930 2750-2771 J. 

i anc Fonda. Vanessa Redgrave m a Fred 
innemann filoi-JULIA iA). Seo. nrogs. 

8A5- Feature D it. 

_ All seats bkble. at 

Theatre. 


RAYMOND KEVU U **■ ■ 91-734 1 W 3 . 

v 


OOEON LEICESTER SOUARE 1930 61111. 

CLOSE ENCOUNTERS OF THE THIRD 
.KIND >A). Sep. progs. Oly. Doors open 
110.00 JW Sunj. 1.05. 4,1s. 7.8S. Uto 
Pert*. Tues -Sets. Doors open 13.15 pan. 
AH seats may be booked exceor lO a m. 
prog. 


OOEON MARBLE ARCH. I723_ 20 1 1 -2). 
STAR WARS (ID. Doors ooefl W». 1-36. 
4.3b. 7.5U. All Hill ShbW. «unpt 1 JO 
oerfs. Wfcs. 


ROUND HOUSE. • • . 267 - 2564 ; : 

Ev ^ 5 ai«w I 


! PRINCE CHARLES, LNo- So. .457 8181. 


SWEPT AWAY fXI 


- I 


Sop. Pert*, nw. ’iiai.'sja.rX- , A s-r: 
A AO. LAte show Frt. A Sat. 11.5S. Seat* 


Bkble. Uc'rf. Bar. 


ROYAL COURT. ' . 2?° 1743 

Cret. 8, Sat. _s jjid. 8.30. 


SCENE 2. Uric. So. tWirdonr Sri *394470 
THE PINK PANTHER STR1KBS AGAIN 


. CLAM* ENEMY 
w NtoN PWUJI 
'Stun Ding new olay. f. Times. Blares 
wlrh '«* 


iiiT. suH. nj'itis. 1 ju, "a. *‘.L 

■and. SaL- 12.40 4 AS. 8.45. I2-4K THE 
RCTURN OF THE. PINK PANTHER fUl. 
Sm.-7hur. 3.25. 7 JO. Fn. and Sal. 
2JS. 6-40. 10.40- 


"a^T-h^SSSf SVV8G! ffi;! 

- a : 00 -l. 


1 STUDIO 5. '2i'3, 4.' Oklofd Clrcirt.' *37 


“jSlOTHERjMAilL ANOTHER 
■AA). Pni». 2 55. -5 JO. 0-10. U» Show 

*** '^MORHING FAMILY.SJ 10 W 5 
: MM'.-Sai- Comnnroirs lOJO a.m to 

' - 2 3D p>ffi. 

GULLIVER'S TRAVtUS iU« 


London'* wifirt vote 
■UBtttNG BRWml*SUGAR 


credit cards 


doo klngs acienfH 
SAVOY •' 01-856 BBSS. 

“'fflhuyl «J. «*■- 

PATRICK CARCHU 3*4 TONY AN HOLT 
sleuth’. 

'■Senlng thi^iday *?*'«- !?•-•» 

utter and toS T- 

"li win tun-^ -~ni« *9"%. 

Evenings £1 «8 «• Ma “- 4T 10 “• 


I6.J0.-I i.Sfl. LCP. 1.10. 
» ii.fl 


AiCsom 11-00 tChito and acbIO. 
a theSkhWTE GIRL -iAt. Prows- 
t2.4SV*2.45 S.2S. B.05. La« Show 

if L A' SPECIAL BAT lAAl. 1.40. 5 ; D. 
^SS.-SoHOOM MAZURKA IXJ. 3.SS. 
Y.i c. Late Show SaL 10.50. 
a. Wired r Alton Otont KertonOMib^B.” 
3LURR f*i-- 2-3*. 

ANO DEATH iAi. 1.0. 4.T0. 7-M- *441, 
Show S«t. . 




i 

. ) 



i 


rot:' 





Fiijinc^t Tim^ Tuesday April 11 1978 
r ine Art-:-' - ‘ i :'- Vj ' s T • 


IWigmore Hail 




The Sack of Warwick Castle! Peregrine Q uintet 

T Y XV by >; ICH0LAS KENYON 


By DAVID PIPER, Director, Ashmolean Museum, Oxford. 


A _ decade, ago, wondering 
farther to move .. from a- 
■ lationai -(Civil Service) museum 

B . <> ? university one. ~l sought the 

Tltli ' Jew ° f a , fellow cfvft servant 
*MSh j le ^thought that I. might find 
-1 . Qucademic red tape both more. 

-ompjex than. civil service red 
- .ape, and needful of “a much 

. tetter - footwork. 71 - In a - sense 
»as Proved -correct, but I 
/ relieve that even a University 
its Colleges would be hard 
-...• mt to.it to produce uou-deci- 
.. ' “OPs of the order that Govern- 
'sot and Civil . Service breed 
-.When confronted by the prob- 
*" -'ems of saving the - national - 

heritage.. .. 

-• ?®; October Mrs. Shirley 
... williams announced that "an 
’“ x | ra ^1®. would be available to 
help towards the preservation of 
- - „ ine national heritage. Splendid. 
F? 0 ,* of course, a penny’s 

tinkle against costs of likely 
■ -salvage operations. • But - some- 
thing positive. -Almost- hnmedi-. 
- • : ately. on November 11 , the 

• . • Reviewing Committee on the 

•- Export of Works of Art recom- 
• • mended the suspension for six 
. . • months of an export licence for 
two paintings by Canaletto of 
- - Warwick Castle, making a dead- 
^ line of May 11. Birmingham 

City Museum and Art 'Gallery. 

and the Ashmolean at Oxford, 
^xhad already registered interest 
in them: although expensive, 
"x £275.000 each; they might -be 

possible salvage if some ele- 

merit of the extra £1.000,000 
X ‘ ! ;‘^^S) werc roade available. Despite 
r ' - f:g various ureent inquiries from 

two Museums, no dear 
answer was forthcoming until a 
letter arrived from the Director 

. of the Victoria and Albert 

.^Museum, received on March 16: 
^ He had just been enabled by the' 
Government to authorise a grant 
„ of 50 per cent- from the 

i-r . . ‘ ^"5 Government - funded Purchase 

" _ Grant Fund that he administers 

'• for the benefit of provincial 

. . . ,‘v 1 museums, but equal to the cost 


jof - 'half. of one . 'only of the 
paintings. 

That left less than two months 
for the two museums, first, to 
discover which of them had the 
best chance of realising £137,500 
to match the Government offer, 
and, second, for the best-placed 
one to claim the grant and to 
realise the matching half. The 
announcement of the extra mil- 
lion, plus a refusal to say bow 
it would apply, had effectively 
stopped the two museums from 
setting up appeal campaigns for 
over four months: any . appeal 
for large sums t that palpably 
doesn’t know how much it is 
appealing for. must, both lack, 
conviction and appear ineffectual 
if not disingenuous. .! . 

By -the end of March, it was 
clear that Birmingham's poten- 
tial' -resource's: outweighed the 
possibilities open to. the Ashmo- 
tean : the Ashmolean accordingly 
but sadly abandoned both, the bid 
for the 50 per cent, grant, and 
any approaches to charitable 
trusts that could .conflict with 
those from Birmingham. Jf any- 
one -.wants to give one of the 
Canalettos outright to the Ash- 
molean, the Asmolean will be 
very grateful of course — and 
that offer is open to the Govern- 
ment too— but lesser bets should 
be put on Birmingham's success 
by May 1L 

The two. Canalettos in question 
were painted of Warwick. Castle 
and for Warwicfc'Castle. by the 
great ‘ ' Venetian view-painter 
during his English sojourn, 
about 174S :. one ofthe cast front 
of the Castle, seed from outside; 
one from inside/back and front 
almost , of the same painting. 
Canaletto was tending to over- 
production long before be came 
to England, and his level of 
quality is uneven, but these two 
paintings are among the half- 
dozen best that be did in 
England, and they j*nk on a par 
with his finest work .of any 


period. They are enchanting, 
almost bewitched m id-3 St h cen- 
tury visions of one of the great 
English monuments of medieval 
military picturesque. 

They show that tnwery, crenel- 
lated. macbicoialed silhouette 
almost as it still is to-day on 
its scarp above the Avon,- but 
under a serene summer sky that 
may owe something to Venice 
as well as to Warwickshire, and 
peopled with elegantly costumed, 
delicately gesturing, characters 
as if from some comic opera of 
genius— splashes of vivid colour 
against the green grass, the 
greyish walls under that blue 
sky.- 

Warwick is of course one of 
the major picturesque sites in 
England — it's been rated, as 
castle, even above Windsor by 
some, its handsome guidebook 
on sale there tells you that, for 
example, it was sacked by $unon 
dc Montfort in ISM: the buofc 
reproduces some handsome 
objects, too, including a painting 
of Elizabeth l in coronation 
robes: a fine lowering Italian 
portrait by Moroni; and of course 
the great Heilenisiic white 
marble vase (seven tons of it) 
that belonged to Sir William 
Hamilton and hus been in the 
Conservatory since 1774, the 
focal point of the Warwick 
gardens. None of these three 
are in fact there anymore, any- 
more than are the Canalettos, 
for a sack of Warwick Castle, 
other in kind than de Mont fori 
is in progress. Its owners arc 
selling out the works of art. 
Instruments of torture appear on 
the other hand to have increased 
in recent years. The owners 
may calculate (and perhaps 
rightly) that the lure .of the rack 
is more attractive to most coach- 
loads of trippers than a hurried 
gUmpse or a Canaletto. One 
hopes that some at least of the 
proceeds of the sales is being 
ploughed hack into upkeep of 


the fabric, which must be end- 
less and expensive, bn I fhe 
family (living abroad) isn't say- 
ing. 

The National Portrait Gallery 
has happily been able- to salvage! 
the Elizabeth 1 — at a cost. 

The two Canalettos have been 
bought by Paul Mellon for Yale. I 
and there they will go unless by f 
May 11 the price he has paid 
(£275.000 each) can be matched 
by un English institution. They 
would have a very ^ood home 
at Yale, but if the dispersal of 
national heirloom:?— for that is 

what these objects should be — 
proceeds aL this pace, it looks 
as though much of the substance 
of our history will be finding 
homes, good or bad. in alien 
lands. 

It may well be that we can no 
longer afford our history (even 
though it is a major if unquanti- 
fiable factor in our invisible 

exports via tourism), and lhat 
wc. must decide how much .we 
can keep. Fnr that some kind 
of policy is needed, and a poln-y 
to embrace the needs and 
interest not only of the national, 
metropolitan centres, but those 
of the great provincial collec- 
tions. 

Ministers of the Crown, and 
top civil servants, are not 
ninnies. They cannot but stand 
high in the country’s elite of 
ability. Their wit is not to be 
sniffed af. and it could no! have 
been beyond that wit to devise, 
in rather less than nearly five 
months, means of indicating bow 
Mrs. Williams's promised Elm. 
of last October would be applied. 
How about, for example, a 
bridging loan from that legen- 
dary “Land Fund"? That, having 
the ability, they did not use 
their proven administrative 
skills, can only indicate a failure 
of true and committed concern. 
Always say yes of course, if 
humanly possible, and say it 
hut please if j yes is not possible. I 
at least say so. 


“it" I* the enigmatic title of 
Michael Fi (missy's piece For an 
ensemble of up to four players 
which was given its British 
premiere (in a realisation for 
flute, oboe, clarinet and horn) 
during the Peregrine Quintet’s 
concert at the Wicmore Hall last 
night. (To b-? precise, this was 
the premiere of the “1873 
version,’* a previous version hav- 
ing - been first h-»ard in Britain. 
somewhat confusingly, in 3974 — 
we have always lagged far be- 
hind the continent In performing 
this coniDo-er’s music.) 

if the programme note had 
ant told us that "although they- 
all begin at the same time their 
music is not otherwise "co- 
ordinated - ' ! would have praised 
the precision with which the 
interweaving of the four instru- 
ments, placed at opposite corners 
of the hall, was controlled. 
Melismatic flourishes of sound 
from one instrument always 
seemed to emerge over a suitable 
background from the others : 
usually single notes or, rarest ol 
delights in such pieces, a major 
third “«*” showed the same 
pleasure in sheer sound and the 


same acute ear for timbre as the 
larger works of Finnissy which 
we've heard here : whether there 
was any more to it (or indeed j 
whether there was meant to be 
any more to it) 1 doubL 

For the remainder of the 
concert the Peregrine Quintet 
struggled manfully against the 
limitations of the wind quintet j 
repertoire. They were joined j 
by Ant'in Weinberg's bass 
clarinet in Junucek's sprightly 
.Wadi. but this was the only 
work given that could honestly 
be called first-rate. The other 
Czech piece, Foerster’s D major 
Quintet pp- S5, had a bumpy 
ride at the start, of the evening, 
with plenty of good humour in 
the playing but not much match- 
ing or phrasing or care ■ for 
balance. Villa-Lobos’ Chdros 
No. 2 revealed Lenore Smith, 
the flautist, os the most polished 
member tf an otherwise uneven 
ensemble. Jean Fran&aix's 
Quintet breathes an air of 
sophisticated, delicately naughty 
refinement which to this quintet 
was us foreign as the bird front 
whom they quite unaccountably 
draw their name. 



Ileana Cotmbas 


Pizza Express, Dean St., W.l. 


Covent Garden 


Wilber/McKenna Ileana Cotrubas 


by KEVIN HENRIQUES 





Continuing bis enlightened 
but financially risky policy of 
introducing less renowned but 
top quality American jazz 
artists. Pizza Express proprietor 
Peter. Boizol is at present offer- 
ing a three-layered, spicy, but 
not stodgy, dish which should 
satisfy- aJi palates. 

Of the three mily Boh Wilber 
is widely known in this country, 
mainly for his association with 
The World’s Greatest Jazz Band 
and Soprano Summit. Equally 
assured on clarinet, alto-sax and 
bis unusual, curved soprano-sax, 
all of which he plays during the 
evening’s generous throe sets. 
Wilber is fluent and clear-toned 
on each. For me bis soprano 
playing is his most compelling 
talent. He has a tone both 
romantic and full but inevitable 
not as full as that of his 
mentor and inspiration. Sidney 
Bechet On clarinet he is more 
technically avcompl’shed than 
emotionally profound, his nho 
work is bubbling and swinging. 
Playing “Warm Valley." a halted 
tribute to aUoist Johnny Hodges, 
he carefully avoids mawkish 
imitation, so easy a trap to fall 
into. 

For most ears, though, the 
revelation of the evening is 
pianist Dave McKenna, making 
his first appearance in Europe. 
An assertively two-handed player 
he does not really come into full 
flower until his featured solo 
spots. To “ Time on my hands ’* 
and “As lime goes by" he 


brings a forceful spirit, tempered 
with full dynamic control. 

H is his strutting, bounding: 
left-hand stride style, especially 
in up-tempo tunes, which is his 
glury. It is allied with a pro- 1 
pulsive right hand, pumping 
energetic boogie lines. Yet, like 
every* outstanding pianist, he 
listens all the while in the 
ensembles, always adding the ; 
right comments, underlining in 
the correct places. He and Boh 
Wilber also indulge in some neat 
exchanges and adept counterpoint 
work. 

The third visitor, singer Pug 
Horton, actually originates from 
England, though she has been a 
U.S. resident since the early 
1960s. Her repertoire encom - 1 
passes Bessie Smith blues and. 
good-quality popular songs all 
of which she delivers in a I 
pleasant but unremarkable, 
fashion. Derek Hogg (drums) 
and Ron Rubin (bass) are the 
two local musicians completing 
the team. Last Saturday extra 
sparkle was given to the final 
set by another familiar and 
worthy local player, trumpeter 
Digby Fair-weather, fast becom- 
ing one of the best ail-round 
players on the British jazz scene. 

There are just four more 
nighLs — to-night, to-morrow. 
Thursday and Friday— to catch 
this unpretentious, much- 
pleasure-giving musical package. 


by RONALD CRICHTON 


J Sunday’s recital at Covent 
{Garden was to have been given 
Jby Rfegine Crespin. Because of 
illness, the French soprano was 
replaced by Ileana Cotrubas, 
rapidly establishing herself as 
one of the most distinctive 
recitalists of the time. Unlike 
those Sunday stars at the Opera 
House who seem mainly con- 
cerned to provide old-time fun 
evenings for opera buffs, she 
offered, as Mme. Crespin bad 
also promised to do, a choice 
programme interestingly and 
intelligently composed. 

What a treat to be allowed a 
whole group of Glinka, usually 
the sole preserve of Russian 
singers and too rarely explored 
by them. Glinka’s position as 
an important historical figure 
has obscured the fact that his 
music, the songs included, is 
greatly enjoyable. Miss 
Cotrubas included two — A dele 
and Song of Travel — that 
might have served as models 
for Stravinsky's Mavra ; the 
latter has a bubbling vivacity 
that almost qualifies it for the 
first act of Offenbach's La Vie 
Parisienne. Glinka's lyrical side 
was finely represented by the 
“ Cradle Song.” 


In the Faurc group (mostly 
early) it became clear that all 
was not well with the voice- 
later in the evening Miss Cot- 
rubas explained that she was 
recovering from bronchitis. The 
occasional tug-- on the line and 
patches of dry i«ie did not pre- 
vent the singer from salting with 
her wit songs often treated 
merely as charming vignettes. In 
spite of passing vocal difficulties 
she drew rich expression out of 
the gorgeous Au bord de I'eau. 
Three of Debussy's Fetes galantes 
brought inflexions recalling this 
artist's incomparable Melisande 
at Glyndebourne. Another time 
Miss Cotrubas must turn the 
tables and couple early Debussy 
with late Faure. 

In neither Lia's scene from 
Debussy's L’ Enfant prodigue nor 
in Britten’s Auden cycle On This 
Island did the tone come freely. 
Yet the quick section of the 
Debussy aria, and Britten’s 
Nocturne (a reminder that be 
knew and appreciated FaurS 
before many English musicians 
did) brought ample' rewards. 
When the voice is not responding 
ideally well it must be doubly 
consoling to have at the piano 
such a sympathetic partner as 
Geoffrey Parsons. 


5841 BENATH GR *. 

25325 BENLON G 

ATHENS, MR ARGHYROU • . ■ f . 

• • • «* 

URGENT - BOOM IMMINENT ’- BUY UNITED L AT UP TO $ 2. JO 


ettoV view of the East Front of Warwick Castle (e. 1742) 






Opera Hpiise* Graz 


The Rising of the Moon 


RONALD CRICHTON 


BENBEL BRU B 
25323 BENLON G 

BRUSSELS » MR LEVERNE 




URGENT - BOOM IMMINENT - BUY Um^D j&TL AT rUP^JO & 2. JO 

’ - : v-.'* 


1 ■■ -S-.O, 


Nicholas Maw’s The Rising of 
the Moon, the only opera so far 
written specially for GJynde-. 
bourne, was produced therewith, 
success in 1970 and repeated tWe 
following summer. One visitor 
who took a fancy to the work, 
was Dr. Carl Nemeth^ Jntendant 
of the Opera House a l Graz, im 
Austria. He bided his time -and 
finally, at the beginning of this 
month, brought The flisinp to 
the Austrian public in his own 
theatre. Quite independently, his 
initiative .was followed three, or 
four days later by another pro- 
duction in ' Bremen, at the 
diametrically opposite corner-of 
German-speaking Europe.’ 

Concerning the Graz.perfotm- 
jn» e. I must declare a certain 
interest, having been sent by the 
British Council to give an Intro- 
ductory talk, on the work. The 
opportunity of attending the 
final rehearsals . and of . more 
contact with performers SPd 

administrators than usually 
comes a visiting critic’s way, 
gavp. me some Insight into the 
multiple effort which the mount- 
ing of a full-scale modem opera 
involves for even a large perma- 
nent company. Graz, as a provin- 
cial capital, has an opera house 
.»{ the kind inconceivable here 
—an imposing -building oa the 
best site in the city, a splendid- 
auditorium seating 1.400, yet 
intimate in feeling,- the sinuous 
Jugcitdstil curves of boxes and 
balconies betraying, in spite. of 
the rococo-style decorations, -that 
the dale of construction was the 
end of the 18th century. 

Possibly the opera house is 
now too large for a public split 
between conventionally-minded 
regular subscribers ; and ; the 
enterprising ones- less concerned 
with opera tban with the annual 
Styrian Autumn Festivals, now 
among the liveliest multi-media 
events in Europe. When The 
Rising was first done, Andrew. 
Porter noted, that it had -been' 
"composed as if for a house 
much larger than . Glynde- 
bourne’s.” . Indeed, the . opera 
“ sat ” comfortably '• in, . the 
roomier surroundings, at Graz. 
There was air round the notes— ; 
Maw’s invention is copious, and 
his orchestration was. a YGlyn de- 
bourne. generally judged over 
fierce. *' 

There are two ways in. which 


in spite of. its merits The Rising 
is in danger of falling between 
two stools. Maw’s style is ad- 
-vanced for the' conservative end 
of the public but too firmly and- 
soundiy attached to traditlon:for 
the. 'avant-garde. His subject 
matter— a salacious Tory, with 
serious undercurrents, of the 
English occupation of Ireland in 
mid-Victoria n times — has become 
accidentally controversial, chosen 
and embarked upon before the 
present trouble In Ulster blew 
up,' finally produced at a less 
fortunate moment. ; 

The Graz programme riiitor 
stressed the -political and geo-: 
graphical Implications (somp top- 
nection between past and present 
there undoubtedly is. but close 
parallels between County .Mayo 
in 1875 and Belfast or London- 
derry to-day: are hard to maintain 
on a. serious level) with anti- 
military and anti -Britisb material 
likely to confuse those who 
actually don’t think in tabloid 
terms but [actually listen to text 
and music. . Even the lilie of 
Manfred VpgeTs German trans-. 
lalioo — Der Mrmd gchi ottf. fiber 

. Irfottd— stresses the Irish Conner 
. lion, yet religious questions apart 
‘ (he events .could surely flaw 
taken place during suy. the 
Austrian occupation of Istria, the 
„ Veneto, or. Lombardy. _ 

. The production by Wolfgang 
Weber, perhaps significantly was ■ 
most successful with the Irish, 
locals who turn (he rabies oir the 
occupying officers and their 
ladies. Good character singing, 
mostly . dear- words. With (he 
Ehglisb, his direction went 
wrong; The officers looked top 
old— Such senile dodderers as 
this -.Colonel and Adjutant 
(country cousins ol Gbtz 
Friedrich's Einp gods at . 

Garden) must! have considerably 
lessened the menace of occupa- 
tion. The ladies were turned 
into operetta stereotypes- Fortu- 
nately the main couple. Cornet 
Beaumont, the green young 
officer . who is put through a 
' barbarous ' initiation test, and 
. CaUiJeen the Irish girl ^ho fails 
in. love with him, fared better. ..• 

William- Ingle‘5 Beaumont, .a 
gentle, bespectacled character 
' hopelessly out of place in 'mili- 
tary surroundings, was sensitive 
and precise in phrase and diction. 
.The Cathleen, Edita Gruber, 


sang her lyrical music almost as 
well as Anne Howells in the 
same role aj Glyndebourne, In 
more animated passages the 
voice was slackly controlled, with 
dire effect on line and words. 
The equivocal character of the 
Prussian Major von 2 as trow was 
intelligently taken by David 
Pittman-Jennings, a a American 
high baritone of distinct promise, 
who made 1 his points . without 
forcing and without resort to 
caricature. 

The conductor, Wolfgang 
Boric, kept Maw's pugnacious 
orchestral commentary under 
control while' maintaining a 
reasonable level of vitality. 
Though the internal balance 
between wind and strings was 
definitely in Cavour of the former, 
the playing was as good as local 
conditions, meaning the deputy 
system in its damaging wasteful- 
ness,' would allow. The score, 
heard for the first time for seven 
or eight years, holds up well- 
plenty of dramatic and lyrical 
invention, sure characterisation, 
. a feeling . for. pace and forward 
movement The first-night 
audience thinned out. during the 
' second interval, but the reception 
at the end was sympathetic. 

.More people stumped out of 
the Vienna Volksnper during a 
performance of Boris Bluchers 
Preuisisches Mfirchen which l 
.caught a few nights earlier (pro- 
duced and designer. Wolfgang 
.Weber and Peter Heyduck, were 
- the same as for the Maw opera 
in Graz). This “ballet-opera” 
on the episode ;of the bogus Cap- 
tain of Koepenick belongs to 
more or less the same vintage 


of Henze's Boulevard Solitude. 
The ballet element has dated, 
and the vocal ensembles, already 
frayed at the edges although the 
production was new earlier this 
season, supported the view that 
audibility of words in opera ulti- 
mately depends on the singers, 
however much they may like to 
blame composers and conductors. 
In the ensembles hardly a word 
of Heinz von Cramer's ingenious 
satirical verse came across, yet 
Blacher scores with fanatical 
transparency. 

These scenes (though the work 
was completed before Blacher 
cnuJd have beard The Rake's 
Progress) are written in Stra- 
vinskyao sin all-change which 
needs crisper treatment than the 
conductor, Ernst Mfirzendorfer. 
secured on this occasion. The 
surprise of the evening was the 
sequence of arias (half solilo- 
quies. half “songs" in the 
Brecht-Weill sense) in which the 
principal characters in this 
“ Prussian Fairytale " bare their 
thoughts, hopes and fears in 
atmospheric music of a haunt- 
ing urban melancholy of which 
I did not realise this usually 
dry and spry composer was 
capable. Sigrid Martikke and 
Hany Steffek were both excel- 
lent. Ernst Gustein. veteran 
baritone and exemplary stylist, 
and the much younger Heinz 
Zednik, the brilliant Mime of 
the new Bayreuth fling, were 
outstanding. To see Berlin for 
once through the eyes of Vienna 
(the opposite-is more usual) was 
an interesting, often rewarding 
experience. 




BENAUS AA 20208 ' 

25323 BENLON G 

CANBERRA, MR MACDONALD 


. ■ ■ . 
- I ; - ■ ■ 

. i v.*a: ; ?v. 

' • . • ■ . 

‘ ’ •. : : 

: ■ M:.: *- 


URGENT - BOOM IMMINENT - BOY UNljEO-^iL AT - 

■T*’ Avf . ■ Ihl r>. !> ' A Jfc ** ■* . y 


UP TO S 2.70 


Literary appointments 


The Greater London Arts 
Association, in co-operation with 
the London Borough of Suttun, 
bus appointed "Meri-yn Jones to 
be C. Day Lewis Fellow at Sutton 
Central Library:, 

Mervyn Jones will be spending 
two days a week at the library, 
working to encourage an. interest 
in contemporary literature and 
creative, writing in the com- 
munity. His fellowship starts on 
April 20 and will continue for 
nine months. 

This is the -third fellowship at 
Sutton, the previous holders 





-TV* 

f 

■ : 3* . 

I 




n 


^ . 


By the time it gets to NewVbik 

they!! he sold out. 


being David Benedicts and 
Alexis Lykiard. 

* 

One of this country's young 
poets and critics, Roger Garfitt, 
is to edit Poetry Review for the 
next three years. He was eleeted 
to this position at a recent 
meeting of The Poetry Society's 
general council. His appoint- 
ment will now mean: a 
lone period of continuity in 
which the positive development 
of Poetry Review, probably 
England’s longest-lived poetry 
magazine, can now take place. 


You might just do it in time-given a 
battery of telex machines or phones, some 
luck with the lines and lots of perseverance. 

No ; far better to use a system specially 
designed for the job. The remarkable ITT 
6100 ADX message switching system. 

Type in a message: the ADX both stores 
it-on magnetic disc in’ a micro-computer- 
and rushes it automatically to all points in 
your network. 

' Virtually simultaneously. 

And if any ones busy, it keeps trying 
regularly till it finally gets through. 

It will even sort out your messages in 
onier-of urgency. . ' 

' With private ]ines,the ADX can transmit 


or receive across the globe in seconds.lt works 
almost as quickly with the public telex system. 

Banks and brokers use it. of course.- 
But so do car. paper and chemical companies, 
to keep track of their scattered networks. 

Finally, recent technology has brought 
this sopliisticated device within the means of 
a far wider market. 

AH the same, it still doesn't come cheap. 

■ - But without it. United Oil and the like 
will never come cheap either. 

Sales information Dept.. Hollingbury, 
Brighton BN1 SAN. 0273-307111. 

ITT Business SystemsXTI 







18 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4 BY 
Telegrams: Finantimo. London PS4. Trlcx: 886341/2, 883897 
Telephone: 01-248 *0iM) 


Tuesday April 11 1978 


Moderate tax 


cuts 


THERE IS no doubt that the markets like. Third, it can by 
country's economic situation has no means be taken For granted 
greatly improved in several that lasting control over 
ways over the past 12 months, inflation has been achieved. The 
The balance of payments, thanks growth of the money supply 
Lo the growing contribution of apart, it is by no means clear 
North Sea oil, is much stronger, how pay claims will develop in 
That strengthening has worked the next round: while the 2 


THEU.S. ECONOMY 


Financial Times Tuesday April .11 1978 






Carter’s 



By JUREK MARTIN, U,S, Editor 


P RESIDENT Jimmy Carter whose reputation for wisdom short-term figures exaggerate a percentage point on the con* 
to-day will give what is and consistency is sinking fast the underlying trend. Yet it is sumer price index and rein-'-'' 
being billed in advance as and whose inclination to play true that inflation is tending to forces a widespread feeling that 1 
a major speech on economic to special interests in an elec- rise in the U.S. whereas in much special interest groups are can-"’ 
policy in general and inflation tion year is rising in proportion, of the rest of the industrialised able of working their wffi*" ' 
and the decline of the dollar It matters not because Mr. world it is moving down, and through Congress Irrespective of 
in particular. There is a general Carter steadfastly declines to that the current 6-7 per cent the Administration's attitudes; ’ 

orMi<t9Hnn that h* will identify the flnncrrocc ac the rflnffA ic tnn hioh fni» nnm fnrt ^ 


expectation that he 
announce some new 


together wdth the weakness of P er cent, increase announced . initiatives. 


will identify the Congress as the range is too high for comfort Opinions vary on the inflationary 
policy villain of the piece. In taking and does nothing for the impact of the decline of the -liJ 


the dollar to bring about a very >'^ te f rday ,n fn du*tiy s monthly 
sharp increase in the size of the bll] J or m ”f«?rials (the first 
official reserve r,F fni-Pien surh increase for a year) is a 
change. The 
been brou 


That may not in fact prove 


the burdens 
shoulders, he 


on his own strength of the dollar. 


leaves himself 


_ The 


dollar, but politicians suspect 

s .lm .... t - . _ more recent figures, that, it is of measurable , 

to be the case, but it is at least ■ Ci 5 ra l » which ' have considerable consequence and therefore 

® influence on political opinion, places a responsibility oh the 
* ~ poor. Consumer Administration to correct . 

an annual rate The Administration's 


in tut oir.u ui . • | i u me uaou. uui it m bl rp. . . - , , _ .. uorc 

serve nf foreign ex- 5Urh . , J lcrease , foi l ® .year) is a ] helievable. Although, over the r “ ost 3 u 9 5 ified 15 ^ at Mr ; influence on ] 
ic rate of inflation has * e h "2! d *'J in slerhne 1 last few days, the President’s a ?°“* hav ^ been p 

ght hack into single m ? re co ™‘ I economic advisers have been 2 ®«£* of T do £! Prices rose at 


neen oruugni nactv imu single - . .. icnniuinii aunaei* ua»c .. . ic «*»*«-» «i*uuai Tne Administrations own' 

figures and is likely to continue ^ ,ve ah>0 raises drtrnest,c i d 'scree tiy sugeesting that no nrZ ° f 8 l Per cent, in the first two Council on Wage and Price.. 


falling for some months longer, 
while tighter control of public 


The Government is committed 


[economic blockbuster is in the 


voluntary, consultative 


expenditure has helped lo keep cutt 'ng direct taxation, even 
the public sector borrowing thou 8 h Il s scope for doing so 
requirement well below the ? ay n ° w seem more restricted, 
original estimate. “ D * eds t0 take P“P*e out at 

the bottom and relieve the very 

But these improvements have heavy burden on those at the 
been achieved at the cost of top. as well as reducing the 
stagnant output, high unem- standard rate. The extent to 
ployment. and a fairly sharp which it can do so will depend 
drop >in average living on Mr. Healey’s ability to 
standards. Both from an ecn- resist increases in public 
nomic and a political point of expenditure — the Treasury has 
view, to-day's Budget looks like already won 3 partial victory! 
an excellent opportunity for over the use nf the contingency 
cutting taxes, stimulating busi- fund — and his readiness tn 
ness activity and encouraging increase indirect taxes, the level 
the recovery in living standards which has fallen welt behind 
which higher earnings and a the senerai increase in prices, 
lower rate of inflation will them- 
selves bring about. Money target 

Tax cuts there will certainly But the monetary aspect of 
be. But the mood, inside the his proposals wil] also he 
Government and outside it, is watched closely, both here and 
not nearly so ebullient as it was abroad. Last year he succeeded 
a few months ago when foreign in keeping the PSBR well below 
exchange was pouring into the estimate and selling large quan- 
eo un-try. Three considerations, titles of stock to the public, yet 
in particular, suggest that the the growth of the money supply 
Chancellor should go about his over the year wil! probably 
tax-cutting circumspectly. exceed his target range. This 

year he should have no difficulty 
in announcing a PSBR within 
the limit mentioned to the Inter- 

First, the balance of pay- national Monetary Fund: but 
merits outlook' is unclear, conditions for selling Gnveim- 
Despite sharp fluctuations in ment stock will not be so favour- 
recent trade figures, it is clear able and companies may be 
that manufacturers are much making more use of the banks 
less optimistic about export The markets will therefore be 
sales and that our propensity to particularly interested in the 
import manufactured goods has target he sets for growth of the 
remained high throughout the money supolv and arrangements 
recession. IE a sizeable pay- for revising it. The Governor 
ments surplus can no longer be of the Bank has suggested that 
taken so easily for granted, nor a monetary reassessment might 
can the persistence of a very be made along with a reasses s- 
large foreign exchange reserve, ment of fiscal nollry, for.- 
Second— though the influence instance “at the Budget antitrade 
nf special factors must be again in the autumn.” Which 
allowed for— the money supply is itself a reminder, in turn, 
has recently been growing that this is not necessarily Mr. 
faster than the financial Healey’s last Budget for 1978. 


I ctunumn. ui^nuuaici w «.**«- .g-g-ps « Q e last summpr an A ^his ? onths the 7 ear » jnainly Stability summed it all up last 
offing, it was Mr. Carter himself J! have'S^ been rai* because food P. rjc « have been week, when it reported that 



President Carter — baek on the defensive. 


who substantially contributed to up at twice that rate. In 1nfl4tion seemed stuck in u5 '££££” "“SSiS* 


the sense of urgency by promis- view of the Agriculture Depart- 6.7 D er cent range and was - — , , , - 

ing. while on his recent taIk ? b h ment, which has sharply raised more P like!v to go up than down e 3 Cp !L c j ed 6 £ er cent - plus ex : whereby the proceeds of the 

economic Virtue nas =«_ . r J ■ . . * _ _ nM>tart- nnchiM miiPh Vir rHpl- nrnnncprl miila ml T.v ... — , J 



as he got home. He is thus 
under a constraint of his own 
making which requires him “ to 
Jo something.” 


Imports 


Consolations 
to savour 



sector (medical care 
tion in particular) 
contributing its share. 


“VXS! “ -* he “ - Such U momS! 

1 is also , . up; and resisting’ vigorously it is likely to give Mr. Long, 

' ao DvonncoH rnmfirlTQp ewo nnf in • £1. n j.i .... J 9 


Two weeks ago. the pressures 
for action were apnreciablv less 
strong: when Mr. Carter left for 
South America and Africa, he 
even had a few much-needed 
consolations to savour — the first 
Panama Canal treaty had passed 
rhe Senate: the coal strike had 
been ended (at some cost); 
there were glimmerings nf a 
onrtial Energy Bill compromise: 
the economy appeared to have 
survived both the winter and 
the miners in tolerable condi- 
tion. with unemployment still 
heading down: and the dollar 
apDeared more stable in the 
foreign exchange markets pxeent 
against the yen. Mr. Carter 
even had a victory of sorts to 

eniny when U.S. Steel, in his P°sed * distinctly modest 2 per 
absence, halved an announced c® 131, spending increase. Mr. 
nrice increase following Admini- Carter is nobody s idea of a 
strati on criticism that it was traditional liberal big spender 
seeking to recoup far more than — 35 his l atest urban policy 
was justified by the miners’ programme demonstrated— but, 
settlement in the eyes of his critics, he has 

■ taken an insufficiently firm 

61 v se j] stand against inflationary poli- 

backs these days: one month’s ronjrrpcc^^Sl^ac £, pin! ^ at jt wants as much. This is 
L P “I infl , a i!, 0 A and Social m ”” ’ h “” 


Proposed remedies are notin inflationary protectionist fits. Even though Mr. Ullman’s 

t short supply. Broadly, they fall measures. Some -of his ideas scheme • possesses a certain 
The miners pay settlement, ,- nt0 two categones: varieties of ^such as that on Federal pay_bastc appeal, it makes more 
■ pe J". ove [" “J® years, incomes policies offered from , --have already been adopted by difficult the imposition by the 
was high and the Teamsters both Left and Centre-Right but the Administration and his Administration of a tax on oil 
union, which has a nabit of which are philosophically and general approach seems in -tune imports— a measure which is 
muscling its way to satisfying on practical grounds opposed with president Carter’s own being heavily canvassed, by Mr. 
its demands, has served notice by President Carter, and a known inclination for complex, Miller among others. It is now 

whole series - of micro-actions targeted policies.- . 51 weeks ago that President 

whereby the Government would . ^ Miller’s advice is broadly Carter declared **tbe moral 
use its power over various similar, though it leans more equivalent of war ” on excessive 
aspects of what is, contrary to -heavily on- the need for re- American energy consumption, 
popular political belief, a fairly sp0 nsible fiscal policies. The and Congress has failed to 
heavily regulated private aew Fed chairman appears . disgorge a ‘single legislative 


Michael Blumenthal 
. no rolling back social 
security levies. 



sector. 


Making their 
points 


to-bave taken many a leaf from word on the subject 
the -book of his predecessor 
where inflation is concerned, 
though he has not gone as far 
as, the valedictory remarks of 
. 7 ."Dr Burns in advocating that 
: , the President, the Congress .and 
anti-tnfla- the bureaucracy all take a 10 


Elections 


^ coining 

Meanwhile the American 
trade deficit heavily but not ex- 
clusively influenced by oil im- 


But 
board shows 


G. William Miller 
. taking leaves out of 
Borns’ book. 


Two principal 

tionary advocates have emerged c ? nt ; pay cuL . , . 

over- the past few weeks-Mr. ^“*^3 abroad? toTnfla" refuses to contract (a 

Barry Bosworth. head of the inherent In any system Brookings study out last week 
Council on 'Wage, and Price where the executive’s power is suggested that it could widen by 
Stability, and Mr. G. William matched by that of the Iegisla- a further SSbn. this year, largely 
Miller, the new Fed chair- The soc i a i security tax because of deteriorating Ameri- 

man. Both Mr. Michael dilemma illustrates this can competitiveness on world 
Blumenthal, the Treasury p^^tiy .Last week, the House markets brought on by^ ^the rise 
Secretary, and Mr, . Charles Democratic Party caucus, which of the dollar in 1075-76). There. 
Schultze,- chairman of the.^d received an earfiil from its is little Mr. Carter can do that 
Council of Economic Advisers;, constituents over the Easter will have much immediate effect 
have been making their points, recess, voted by three-to-one in on the Imbalance (including 
but generally more privately f^u,- 0 f rolling back social even that imposition of an oil 
than Messrs. Bosworth and security levies. The Adminlstra- import tax) but recognising that 
Mll,er - tion. , particularly Mr. requires a degree of sophis-' 

Mr. Bosworth’s prescription .Blumenthal;: opposes , ibis tication which 


s 


i! 


Dilemmas in 


aerospace 


, — 7 rr ■- T~ ' ■ — uMiMwia .■ >mimw 4 a it - not uni- 

not a heavy year for industrial is multi-faceted and runs' to beqauser it ' would inevitably versal among politicians in 
trade deficit in February wage bargaining, but precedents many pages. Broadly, he wants repercuss ’on the S243bn. tax Washington. With elections 

(freakish though it may have L““ LJJJ; „^ n L,Sin S ’ nonetheless are disturbing. The to defer at least part of next cut and reform package which seven months off. they are more 

been): renewed pressure on the the iitflatiomuy cyde ■ 8 recent increases xn social year’s social security increase the Treasury Secretary laboured interested in short-term action 


dollar: the proposal from Dr. 
Arthur Burns that the gold 
stock be mobilised in defence 
oF the currency: Congressional 
pushes to roll back social 
security taxes in defiance of 
the Administration; sudden un- 
certainties over the second 


■ long-term 


Too high for 
comfort 


security taxes are widely per- and to hold the line on the so hard to produce last January. important 

ceived as inflationary, even budget- deficit projected at just So. it happens.' do two major p^des 

thniKth lha omo t no r t n F thnea. aaaa CCnkn ■"'At a miarn lauet Mimmlttna nhnirman • ViiccbII - . - r 1 , , , 

These are merely some of the 
lie behind Mr. 


not 


though the great part of those- over S60bn. -'At a .micro level, committee chairmen. Russell ^ 

which took effect at the start of his specific' targeted policies Long .of the Senate Finance 

this year were caused by legis- include such items as increasing Committee and. Al Ullman of aAAv**** rTvon^th^n’ 

lation passed between 1972 and timber harvesting on Federal Ways and Means in the House, --fL nkl ' rt . # nr ' 

1976. Next year’s increases will lands so as to check the rising who are not unaware of the fact - ve ^, 77 oarance oi power 

become very hardly relieve. the pressure. price of lumber, streamlining that Congress rejected Adznini- “ wasuington io-oa>. ana 


ONE MIGHT have supposed seek to persuade the Govern- 
that with a nationalised aircraft ment that, for employment and 
industry, a nationalised aero- other reasons, the British 
engine company and a state air- entrant should be preferred. In 
line the Government would this particular case it is hard to 
have no difficulty in formuiat- see any good reason why the air- 
ing a coherent strategy for line should be prevented from 
aerospace. Yet the strategic exercising its own commercial 
decisions are prnving extremely judgment. Although the pur- 
difficult. not least because nf chase of the 737 might seem to 
the conflicts of interest among commit British Airways more 
the three state-owned organisa- firmly to the Boeing camp, it 
lions. is to some extent a stopgap 

The central problem is the purchase, just as the stretched 
shortage of work in British One-Eleven would be, and 

Aerospace. It badly needs new J-Bfeets only ■ i Pan t of the air- „ , snmr . Mown mid ..fter- 

civil airliner projects. At the lines total replacement pro - 1 
bottom end of the market it is gramme over the next few 
seeking the Government’s years. 

approval to revive the HS-148 One of the arguments against 
feeder-liner. But even if a Eurqpean collaboration bas 
permission is granted — and this been the extreme difficulty of 
must depend, not on the breaking Into the U.S. market 
number of jobs the project will without a direct link with a 
create, but on a strict com- U.S. manufacturer. A partner- 
raercial appraisal — it leaves ship with Boeing, the dominant 
open the much bigger question U.S. supplier, has seemed a 
of how British Aerospace is to more certain guarantee of 
compete in 


Panama Canal treaty; confusion much worse, it must be stressed. Either aa Energy Bill or Federal bureaucratic and stration- proposals last year to f JV ® n own disinclination 
over the neutron bomb— all The underlying rate of inflation presidential imposition of a tax environmental standards that use general revenues and be , u 1 ? -® ort ° f uommeenns 
combined to put the President of about 6 per cent last year on oil imports is bound to have add to costs, requiring ail thereby reduce the additional President that the country sup- 

on the defensive again. It may be in the process of edging a one-off effect on the cost nf Federal programmes to have a tax paid by Individuals, and now posedly does pot want but still 

matters not that many of the up closer to 7 per cent, but living. The emergency Farm built-in '‘inflationary impact” finds itself under pressure to apparently craves for, he might 

“problems" can he indisputably economists both in and out of Aid Bill passed by the Senate factor, giving the 3.5m. Federal turn turtle ‘ la less than six have been better advised not to 

laid at the door of a Congress government agree that the (but not by the House) implies and military employees no more months. _ • ’raise expectations "ho high. 


r !■ . 


MEN AND MAHERS 


Garscadden 
belongs to whom? 


noon when Donald ' Dewar, 
hoping to hold Garscadden for 
Labour on Thursday, set out 
yesterday to canvass the nearby 
Temple housing estate. At his 
first stop I beard some children 
chanting “SNP. SNP." They 
stopped for him. but went on 
playing football. At the second. 


_ as he bravely spoke without an 

shorMo-medium orders than collaboration with j °J^coat, one household with 


range airliners which will the French* ’But this argument 
represent the most important bas been weakened by the 
part of the world market in the success of Airbus Industrie (a 
coming decade. Franco-German consortium, 

with Hawker Siddelpy building 
Political risk tbe wings), in selling 23 of its 

A-300 airliners to Eastern Air- 
Unlike the HS-E46. these lines: . interestingly, the airline 
larger aircraft cannot be under- has also placed options on 25 
taken by British Aerospace on 0 f the smaller B-IO ' version, 
its own. It. or rather the w hich is still ct the design 
Government, has to decide stage. The order has given a 
whether to enter into partner- great boost to the case which 
ship with the Americans, in the the French, the European Corn- 
form of Boeing or possibly m i ss [ on and others have been 
McDonnell Douglas, or to do a making for several years— that 
deal with the French. Both jf only the European aircraft 
courses of action involve com- makers, including the British, 
mercial and political risks. Both wnuld group themselves around 
impinge directly on the interests the Airbus project, a viable 
of British Airways and Rolls- rival to the Americans could be 
Royce. None of the prospective created. 1 
partners are likely to be inter- 
ested in co-operating with the Independence 
British unless the deal leads to . 

orders from British Airways. , w ^ arguments m 

Rolls-Royce, eager to develop its ??,™ ur ^ ,iS n !E e are Dbvious - 
relationships with U.S. aircraft w ^ at “ ie V /^ ov ®rmnent has 
manufacturers and U.S. airlines. 10 a 5 , 5 ® 55 IS whether the corn- 
might be damaged if British mercial prospects for the pro- 
Aernspace and British Airways Posed .European family of air- 
opt for a European solution. liners and the terms of the part- 
As a kind of curtain-raiser airship match up to what 
tn the main strategic decision, Boei “ g 15 , ms * There is not 

British Airways told the Govern- mu ^ scope for Procrastination 
ment yesterday that it wants to or forj compromise. Whichever 
buy up to 20 Boeing 737 short- way deci * 10n goes, there 
range airliners to replace its mus t be a real commitment to 
Trident Ones and Twos. British making the new arrangements 
Aerospace had offered a work; the days of an indepen- 
stretched version of the BAC dent British aircraft industry 
One-Eleven and will no doubt are coming to an end. 


its windows 


SNP posters on 
listened politely. 

“ We have saved the ship- 
yards and brought them 12.400 
man-years of work." Dewar 
proclaims. But down on Clyde- 
side — which forms the border of 
the constituency— -I found very 
mixed feelings towards Labour. 
At Yarrow, one fitter told me 



misrepresented, to the benefit nf for a while said: " Sorry, sir, it’s 


the Tories and the SNP. 

Will abortion be remembered 
on Thursday? The Labour faith 


all in code. 

Curiosity stirred by the 
subtleties of railway price-cut- 


will. Th* unemployment rate have bM = 0 ^„ atipg {or 


in Garscadden is around one 
aod a-haif times the national 


several months on approxj- 
.. . , , « raately six trains a day between 

average. Most of those I talked and Scothmi *. rt is 


to at the Unemployment Bene- doing quite weI , « x was to)ri 


“ Get a move on. mate, 
you're wasting my \ al liable 
time ! " 


fits office were aged between 18 caut |oiisly — although It was hard 
and 30. Could they not look For discover the philosophv 
jobs elsewhere — particularly behind this innovation, which 
as more factories in the area nnw makes it almost as cbpap 
seemed threatened? j 0 to Glasgow and back <800 

“Impossible.” one 37-year-old miles) as it is to go to Stafford 
building labourer told me. "How and hack (280 miles), 
can I hope to house a wife and BR is very candid, however, 
five children elsewhere? Any- about the reasons behind Its 
way. I have just written to a " selective pricing." which has 
friend in London. She says been used for ten years. Fa res 
there are no jobs down there are based on 1 what the market 
either. She should know. She will bear." Mile for mile, by 


is a friend of Tony Benn.” 


Tuppence off 


that the shipyard has long had looks remarkably like a hang- 
good order bonks — now, he says, man’s noose. 

It is making a frigate for the woman I stopped told 

Royal Navy and six support me tha * traditional Labour sup- .. 
vessels for the Iranians. porters felt deceived over hous- 

Another plus claimed by ing conditions - herself Pause a moment to envy train 

Dewar is that the Government * urn ® d ou * 1,6 a moneylender, travellers between London and 

has saved jobs at the British !E? V Glasgow. Nol only can they 

L^and. -MO.* on Clyd* ^ Sa '^ 15 


far the most expensive route is 
Londnn-Manchester — ■ “because 
it. is used by a lot of business- 
men.” The hapless businessmen 
do not even h 3 ve the delights 
of the cut-price coffee experi- 
ment. Prnducinc with some 
pleasure an (irqumenlum ad 
hominem, a BR spokesman told 
m.e: “Our guiding principle is 
tn make money:’* 


Lifeboat drill? 

the Drnnosed m-ortit P Qrt for their policy of selling L, ^ ti.tJlS the London options market this 


the proposed £450ra. credit 
“That’s for England.” he said. 


off council houses. « 

Labour has been making an 1 Tans P° n 


breath-taking boldness British ^ g firm of jobbers has 
yesterday been mflVed f rQm under the 


Hotels 


*"■*— ?« cent of Gars- | SS Te^ « tb. tm MM in- sfock Exchange: 

cadden housing is council- Hanendence. but in all thp earn- cup . s 0f coffee at ■ rae i e 15 P waitino stand has been 




the waiting stand has been 


• . ... - Uoa 1IUI UWU a pu. Bnul o«..IV ; DUUOCU UJ 

are well laid out, but north in whisner on iramieratinn Glas ® ow * ***« Southern Region . ^ Titanic.’ 1 

Drum chapel, lhe situation is ^main chf S and P art of thc «^ion stand on 

appalling. That estate, a post- ^ - will be tested for 


... . UEG „ about abortion. 

* ar ^™U. 1S n 2.? e CathoUc Church. 


The 


in Europe, and manv nf the P Bture ’ S P eakin S BTH - 1 All God COI1. 

houses are in virtual slum con- cburches fil I a le had the impression that tears CO 

ditions — broken windows, the Glas S 0VV telephone book, has Qf gratitude would be in order; Card in a Shropshire shop win- 

boarded dnors, not a flower in been P recise but not militaJDi a f ter s \ x mon ths the 15p coffee dow: "To let furnished' for 

sight. It is in these windows 0,1 issue: hut SPUC, the duJd become nationwide. A April, 4-ronmed converted 
that the main posters -to be seen Society for the Protection of the buffet-car attendant yesterday chapel. All main services.” 

are the fluorescent ereen ones Unborn Child, has been attack- offered to tell me the trains _ _ 

with the name nf the SNP ran- in? Dewar. His belief in "con- favoured fur the experiment, ' _ ./Jftgaynfla 

didate, Keith Bovey, and what trolled abortion " tends to be but after puzzling over a chart 


reaction ” to the 


consumer 

tuppenny 



Hek trained. 
He’s 

blind. 


You're looking at Mike Brace. Age 26, 
and a winner. Judo green belt. Hot at skiing. 
; fencing, canoeing, football, ice-skating, fife 
saving. A cross-country. skiing contestant for 
Britain in the 1976 Winter Olympics for the 
Disabled. And blind since he was ten. 

Ho w.do you ge t to be that good when 

.youYeblind? . - ’ 

Largely it's your own drive and 
determination. And partly it's training. Mlkels 
the living proof thatrehabilitation and 
training for the blind really works. „ 

• . Training the blind to litre and work 'like 
you and me’ is the lifework of the RNIB. 
Please help us to carry on with it through 
your legacies and donations. • 



R0WHNATONAL INSTITUTE 
F0RTHEBLWD 

224 GREAT PORTLAND STREET LONDON WIN 6AA 


r> 



Under the Finance Act, 5975, tequrabt lo chariCw up to a totki of- 
.' ■ £ 100,000 dre exempt (ram Gapital Tran tier. Tax, .- 

j'riamdlfl accordance Withlhs National AsastoriceAriTS48. .[ 




■ ■ k . 

.1 S’ • 

..’V ’ 


C' 


J - 


• V, 1 ’. 



L 






'I^nes c .Tties{Jay ;Aprl! It 197? 


-'..-A' 




19 


SOCIETY TO-DAY 


P the 

‘™tive. spokesman on 
affaire- speaks loudly hut 
i a.. avail stickLHjspro- 
nn- immigration, put lor- 
^ .Leicester - last Friday, 
widely reported ' as. 
3? btit : If they 7 were 
mooted in full- the likely, 
rioh 1 in - the -non-wldte. 
ition of this - country • in' 
:ax 2,00ft would be of the 
df 2 to 5 per cent.. 

higher., figure has been 
»usly provided. by Mr. 
Howell, ;who said on the 
This Weekend ” radio 
he- oh Sunday that he 
there would be a reduc- 
at : most 200,000, on- an 
. expected total of 4m. 
-bottom ^figure has been 
ed by Ur. Peter Walker, 
puts the cut by 1990 ~at 
: --r.l on 3.15m. The best esti- 
- ... T can offer, extrapolating 
3 the work of Professor W. 
•. Director of the Centre for 
- lation Studies -of the 
;; ?rsity of London, -is a 
30 fall on 3.2m.. or about 
’ . . Per cent, reduction. 

• ■ : len these figures are re- 
■■l to the. total- expected 
: ; e lation, white and black, at 
••• - :urn of the cenfury .it Is 

' - : that what Mr. .■White Law 

.. waving at the end of last 

— ■ _ was not a big stick but 

fj>e splinter. To the care- 
.' - ye, his hand was empty, 
-‘nsider. If you take the 
_"'5nt central projection of 
•' Office of Population Cen- 
. . J and Surveys, the total 
. ser of people in Great 
- in will be 55.9m. in the 

- ./ 2001. For the non-white 

•; latiori, let us take Mr. 
ill's 4m., and his presumed 
ri Cnf . Of 200,000. 

quick flick of the pocket 
, rlator shows that on un- 



the 



changed existing r- policies the 
“ coloured '* population could 
he 7.15 per cent of tbe: total 
population in 23 yeans 1 time- If 
Mr. White Law's proposals are 
implemented in full this could 
falL to 8.79 per cent. — a Cut of 
0:38 per cent. ; Taking the more 
likely lower levels of the non- 
white population; predicted by 
Professor Brass, with the more 
probable smaller cm involved, 
the fraction becomes - .'even 
lower. . But to be kind to the 
Conservative spokesman on 
home affairs, let us stick to that 
0.38 per cent. 


The cost 


com® 


Two questions must be.-isked 
about it The first is: how Is it 
proposed to achieve this statis- 
tically insignificant result? The 
second is: what will be the cost? 
.We have the answer to the first 
in the Conservative spokesman's 
“ tough " speech, and if , is worth 
running down the list to see just 
where the “toughnejss" is. 

One can identity 18 specific 
Items of policy in .the Leicester 
statement, although some of 
these are amplification^ or' sub- 
sections of principal proposals. 
Of these 18 there are only four 
of which' it can be said that 
there is something truly distinc- 
tive about the proposed Tory 
policy. 

Thus the promise to Introduce 
a new Nationality Act Is .not 
much more than on election- 
year u improvement *- on; the 
Labour Government’s present 
policy, which has been 'tp pro- 
duce a Green Paper and await 
comments in advance of putting 
forward their own BUI. 

The various hard-sounding 
clauses about tightening the 
rules or- parents, grandparents 
and children over-18 flad re- 


stricting future immigration in 
such categories to "genuine 
compassionate cases " and “ poli- 
tical asylum '' are in fact a near- 

perfect description of what is 
done right now. Last year some 
3,000 women over 60 and men 
over 65 were admitted from the 
non-white Commonwealth and 
Pakistan; if you screwed this 
down to the meanest conceivable 
definition of compassion, the 
resulting cut would be a small 
fraction of an already insignifi- 
cant figure. 

Both parties agree that there 
shall be no retrospective 
removal <rf rights of entry, and 
that .the commitment to East 
Africans holding British pass- 
ports will .stick. 

Again, the proposed restric- 
tion or classification of jobs that 
foreigners may hold without a 
work penntt is a mere make- 
weight to the Leicester speech. 
Visitors who can work here 
without a permit range from 
nvi misters of religion, through 
people employed by inter- 
national organisations to the 
operational staff of overseas- 
owned airlines. 

Likewise the promise to 
reduce jhe issue of work per- 
mits to " an absolute minimum " 
is no more .than a repetition of 
present Government policy. The 
number of work permit holders 
and dependants from all coun- 
tries. black and white, admitted 
in 1973 was 27,439. Last year it 
was 17.208. Of that only 2,459 
were Commonwealth citizens. 

Most work permit holders 
come in for a year or less, but 
those who manage to stay in 
“ approved employment *’ for 
four years or more can apply for 
permanent residence. Last year 
some 700 such people from non- 
white Commonwealth- countries 


paper 



FALLING IMMIGRATION 

’000 ADMISSIONS FROM ‘NEW COMMONWEALTH WP PA KISTAN 

70 



ON ARRIVAL 




ON REMOVAL OF TIME LIMIT / 

V / 


K»»r erfic f 


1§S? -69 IQ "n 12 73 '74 '75 7b 77 


and Pakistan were given permis- 
sion -to stay: the figure for 
people from other countries was 
nearly nine times as high. 

The hotel and catering trade 
is already threatened by the 
restrictive rules on work per- 
mits. In practice, a Tory Gov- 
ernment is more likely to 
reverse them than extend them. 

And so the list goes on. The 
Conservatives say they will take 
firm action against illegal immi- 
grants. So docs the Labour 
Government. The Tories say 
no compulsory repatriation, but 
imply perhaps a few more 
pounds towards assisted pas- 
sages for those who really want 
to go. The Labour Govern- 
ment is always putting up wel- 
fare payments; it is unlikely 
to allow itself to be outbid by 
the Conservatives. 

Serious differences between 
the two major parties do exist, 
however. Mr. White Law has 
indicated that there will be a 


committee of inquiry into 
“internal control ’• uf immigra- 
tion, wbich Labour rcasonably 
enough interprets as meaning 
some kind of national identity 
card, on the French pattern. 

On "internal control" Labour 
does edge towards the intention 
of Conservative poliry by speak- 
ing of a new scheme to control 
employment of persons who 
have no legal right to be in the 
country. This v.-ill be devised 
on the colTJorate CBI-TUC net- 
work; we must await the details 
to see whether it is as objec- 
tionable as identity cards. 

The Conservatives want to 
revoke .the existing rules 
whereby husbands and fiances 
of women accepted as British 
citizens may come to selile. On 
husbands, Labour has already 
introduced a delaying clause. 
As for fiances, a Conservative 
government might find that the 
European Court would tell 
Britain that it was in contraven- 


tion of its international 
obligations on human rights. 

In modern Western condi- 
tions, any British Government 
trying this loses either way. If 
it legislates for, say, Indians 
only it is sure to be found guilty 
of race discrimination. If it 
says that British men may 
marry who they please and 
bring their wives home, it 
cannot deny the same right to 
women .accepted as British 
citizens without contravening 
current notions of sex equality. 

A practical way of reducing 
the already low number of male 
fiances (2,100 from the relevant 
countries last year) might be 
the imposition of a rule that the 
necessary documents must be 
Sled here by the prospective 
bride herself. This might 
accelerate the rare of which 
young British-Indian women 
decline to accept their parents' 
arrangements for marriage to 
someone from abroad. 

The proposals most openly 
associated with racial discrimi- 
nation are the most contentious 
in Mr. White Law's list. These 
would have all Indians, Paki- 
stanis and Bangladeshis living 
here register the dependants 
they may wish to bring over in 
the future. Those dependants 
would then come in on a strict 
quota system, the effect of 
which might he to spread their 
arrival over a greater number 
of years. 

This proposal would not 
result in a cut in the likely 
non-white population at the turn 
of the century— it leaves the 
0.36 per cent, fall in the 
" coloured ” share of the whole 
population unchanged. It would 
probably not end uncertainty 
about future numbers, and it 
might very well be vetoed by 
an international court, under 


the European Convention for 
the Protection of Human Rights 
and Fundamental Freedoms. Its 
basic impracticality is shown in 
last year’s report by the Franks 
Committee on “A Register of 
Dependants” (Cmmnd. 609S); 
its essential racialism speaks' for 
itself. 


WE COME, therefore, to the 
second question — what is the 
cost of achieving that 0.36 per 
cent cut? Perhaps fortunately, 
this side of the equation 
cannot be .expressed by 
statistics. There is no mathema- 
raatlcaJ accuracy here. As Mr. 
Edward Heath told . the 
Federation of Conservative 
Students in Loughborough at 
the week-end: 

“ Let us always remember 
that we are dealing not only 
with statistics . . . but with 
people, with. human beings who 
have families and who have 
lives to live and problems just 
like everybody else." 

The first part of the cost of 
the Leicester statement will 
almost certainly be an increase 
in the problems of these people. 
Their lives will be made that 
much more difficult Ask any- 
one whose skin is not white. 
Over the past 10 years, as both 
major parties have trimmed 
their sails to the wind of racial 
ill-feeling the everyday life of 
many non-whites in Britain has 
deteriorated. The willingness 
of an employer to refuse a job. 
or a landlord a tenant has been 
strengthened by the apparent 
acquiescence of respected 
political leaders. Now that the 
Conservative spokesman has 
effectively split his own name 
into " White Law," following 
his leader's intemperate 
remarks on television at the end 
of January, one major party 


appears to such people to have 
endorsed such attitudes. 

Yet this is not the only cost. 
Whenever politicians stir up ill- 
feeling in one community, the 
rest also have to pay. The 
Thatcher Conservatives may 
tell themselves that they are 
not "stirring it up." but even 
so they are. Racial ill-feeling 
works both ways, as the Ameri- 
cans have learned to their cost 
If there is future strife in parts 
of our cities, the current Tory 
attempt to follow their pollsters 
on selected social policies will 
have contributed to it 

There is a greater cost, which 
the Conservatives themselves 
may have to meet. Calculations 
about the net increase in the 
white Conservative vote after 
allowing for a general swing 
to Labour by non-whites are 
too fine to- assess: what is 
beyond doubt is that the big- 
gest threat to a future Tory 
government's ability to govern 
— the "bate factor" — will have 
been magnified. On the Left 
this personal ill-feeling for Mrs. 
Margaret Thatcher is probably 
already beyond curbing. 

As one moves towards the 
centre of the political spectrum, 
liberal-minded or consciously 
anti-racialist whites may also be 
affected by dislike for a Govern- 
ment that had campaigned for 
office in such a manner, not 
to mention disdain for "men 
of principle" who affect to he 
spreading goodwill when in fact 
they are pandering to the 
immigrant-bashers. 

That 0.36 per cent, may yet 
turn out to be the most expen- 
sive sop a politician has ever 
offered on the altar of party 
unity. 


Joe Rogaly 


Letters to the Editor 


lanning for 
: roductivity 

Vi the Director,- 
'-ontiel and Industrial 
-iions Division 
y P-E Consulting Group 
“ Anyone 
^ties knows 


conceptions about index funds. 
The U.S. bank to which be 
referred established art. index 
. fund by buying most of the con- 
stituents of Standard, and Poors 
500 Share Index but ■ screened 
out 19 issues: this is. common 
practice in the face of a possible 
■law suit on the grounds -that a 
in touch . with prudent man would: not have 
that there are bought the low quality issues -in 

- s self-financing productivity question: On grounds of perhaps 
raes about. To think other- balance sheet - structure, or the 

" would be a massive self- industries concerned, ' they’ wefp 
ption. - r considered to be investments 

;rt of the problem has been bearing too high a risk: It is hot 
ed by the very meaning of therefore surprising thaf in the 
. vord “productivity? being so. these discarded shane&tpui 

• -cbed as to create -funda- “P a better performance ticih the- 

• . tal misconceptions., about Index, . High risk is correlated 
. Actives and criteria. But the with high reward. TtaenJSults are 

i impetus behind otherwise therefore completely upline with 
management condoning the efficient market jjneory, and 
ious arrangements was are not a contrary infEance. - 
ted at national level in the - It a reasonable opinion, in 

...mer of 1977. fact, to maintain t|it investors in 

■ ational horse-trading between the States wouiyhave a better 
; Eminent. CBI and TUC was defence, •againarfa possible suit. 

ale to come up With consen- on the grounds that they had 
• views early enough to allow token «P * structured portfolio 
irent planning for a policy rep resen tinar the Index, rather 
e war ding systematic produo than m skids any share selection 
. .“y improvement. Instead, par- *t alL This matter has not yet 
lariv for those ■ whose been , tested in the courts and 

■gaining dates came hot on limited screening out of the most 

- heels of the Phase HI guide- risky shares continues in many 
s, “deals" were ' hurried instances. . 

- iugb as expedient; even panic, This.question of risk is relevant 
. -isures to meet people's pent- to Dr. Southworth’s .reference to 

' aspirations for earnings technical analysis. I would argue 
-eases above the 16 per cent that quite a number of chartists 
'•l. This in turn immediately techniques are In fact a kind of 
ame the “floor" rather ‘than ^analysis and therefore 
ceiling" figure. perfectly valid even in the light 

bis was not seen by profes- of the efficient market theory, 
ials as planned policy; it was Bnt the tendency of chartists to 
'ier a tragi-comedy giving P ,c * volatile shares (because of 
nee to tampering with pay— tbe scope for a movement or an 



anaerous thing, at. the best of energetic pattern) ' may be one 

“ *• • ° reaSOn wily vnslvciii hae 

won less th 


technical analysis has 
an universal support. 


es- reason wh 

eputable firms . of manage^ . _ - - . 

nt consultants refused to have food managers have an aversion 
truck with this. Many a « sk - and ; therefore to many 

- - . nt management has been * he shares wUcted by tech- 

.*«/] suaded not to take the bogus hical analysis. The failure of 

i option but to turn a problem managers to use 

5-1 a real opportunity and to technical analysis may of course 

I* linn, rch (usually successfully} for ®^ h b ,S r /, ath ,f 

jui« =ri<e^ capable of Wilb. fbLn 

Snce^ problems of .tbe future 

Thar wui t0 fi nd -‘ It “ay he perfectly 

'> a h i s m s 

e ^rt tb LJ,« number of toeferiencies are 

jnged. Bogus schemes ^erode discovered.- But this approach 

l, become gravy trams, have. QOt 0 __ m anaeer in 

be bought out or consolidated. a po^^pj, ^ fiduciary re6pon- 

J SO on. ' ' cimlltv wlifl wind 'maintain 

The post-Phase HI 


ence in the definition of final 
pensionable earnings. 

Furthermore, many unions 
may not bave served their 
members well, when to contract- 
in to the new state scheme plus 
a suitable topping-up arrange- 
ment, could provide better 
overall benefits. 

R. K. Sloan 

(Director and regional -actuary), 
Martin Paterson Associates, 

9, Albyn Place, Edinburgh. 

Uninformed 

wpmen 

From the Pensions Manager, 
Pfizer. 

Sir,— In his article on tbe new 
State pension scheme (April 6) 
Eric Short details the position of 
married vfroinen paying reduced 
rate National Insurance contri- 
butions. and states "indications 
are thai the majority are still 
content to pay the reduced rate 
and get their pensions from tbeir 
husband’s records." 

One wonders what the statis- 
tics of . understanding and con- 
tentment are from wbich he 
derives bis "indications.” Tbe 
truth is that the great majority 
of such women, if contracted 
intd' the new State scheme, have 
□ever bad the alternative dearly 
explained to them. Certainly the 
staff of Department of Health 
and Social Security offices appear 
to have been instructed not lo 
advise women on what they 
should do. 

Our. own calculations— con- 
firmed by DHSS inspectors— 
Indicate that women aged 57 or 
imder, currently earning not less 
than £30 per week, and expecting 
to ptay In their employment with 
normal -cost of living wage in- 
creases until age 60. could, by 
switching to full rate contribu- 
tions. receive an inflation-proofed 
pension infinitely superior to 
anything they could obtain from 
a comparable premium ‘payment 
to apy insurance office. 

But how many of them know 
that? . 

John L. Hardimah, 

Pfizer,. 

Sandwich, Kent. 


month the only persons author- 
ised to act as auditors of com- 
panies will be: — (a) individuals 
authorised before April 18 under 
Section 161 (1) (b) of the Com- 
panies Act 1948; (b) members of 
tbe Institute of Chartered 
Accountants in England and 
Wales; (c) members of the 
Institute of chartered Accoun- 
tants of Scotland; (d) members 
of the Association of Certified 
Accountants; (e) members of the 
Institute of Chartered .Accoun- 
tants in Ireland. 

Those authorised under head- 
ings (b) to (e) are already repre- 
sented by ibelr institutes or 
association, but those authorised 
under (a) acras individuals and 
apparently are not represented 
in any way. 

As the total of those authorised 
has reached the not negligible 
number of 1.118 surely , st4ps 
should how be taken for them 
lo be represented in tbe same 
way as those under the other 
categories either by becoming 
members of an organised body 
which would be recognised under 
the Companies Act 1976. Section 
13 (2) (a), or by being admitted 
as members of one of the bodies 
wbich are already recognised? 

R. W. Wensley. 

“ Snngro 

438. Liverpool Road, 

Southport. Lancs. 


sibllity who must maintain an 
adequate spread of risk. For 



n* must have Rowing l^h pomoli^the risk/rclire 
frediMte : ftere s^W be no offercd by indes funds is overw 
jrm unless St is expressed rs whelm inslv attractive 
•ro." which is. the most togic*l £ ue ‘™ ; 

Q or- in a more free collective - . , . „ 

rgaiuing environment; com- ? ll R ouiF iSSSJjf ^ 

nfes and trade unions should L Royal Eijchttnfle Apwwe, E.G.3. 

ally and responsibly negotiate _ — r . 

er what is affordable and'prafi- Tl 
-• al; action should be taken, M 301131 ^ WOrKCrS 
■ ' »ferabty in a . participative ■ ■ • T 

Jde. to reduce the disarray- in ipeflSlOnS - 
• yment structures; effort must *r. 

rewarded to increase labour From Mr. R. Sloan 
oduetivity — in blue and white ' sir,— la his article (April 6} 
liar areas — and to encourage on the new State' pension scheme, 
liability of output ; the criteria Eric Short rightly commented on 
n only be stable unit costs and. the potential difference between 
erall control, of wages- and "final salary” and “average 
jary bills. revalued earnings." for manual 

But this time, above all, man- workers, 
ement of our industry and He notes the fact that most 
ose of us who ' work to help negotiated works pension 

, licy implementation must be schemes are “based on final 

de to plan and see a' good deal salary, rather than average re- 
trther ahead than the four- valued .. earnings, even though 
... ort months of Phase Ill’s re- the latter could provide a much 
aining provisions. The longer higher pension, 'there must be 
e delay in promulgating what a lack of. communications seme- 
mes next the poorer our prdr where." 

This point is one that has been 
made, frequently in recent 
months and which highlights 

: .the~ potential financial folly on 

. the part of an employer who 
contraets-out with a minimum 
bare-bones. scheme. By this, I 
mean, one gjving l/80ths of final 
salary less, basic- state pension, 
which it win be seen is the same 
formula as the additional state 
ram Mr, D. DOmnrit pension for ! all workers within 

• Sir,— Dri ' Soutbworth’s ' letter 20- years of .retirement, Out 
, : vpril 8) reveals a series of mis- subject to the important differ- 


ictivity will become. 

C. Coke Wallis, ~ : , 
ie P-E Consulting Group, 
irk House, Bgham, Surrey. 

The question 
of risk 


Denizens of 
the deep 

From ‘itfr. ff. Norton 
Sir,— I refer lo . that short 
length- of underground railway 
between. -Bank and Waterloo 
-stations In London known to its 
habitufes as Tbe Drain. 

Conditions on this route have 
always been bad; of late how- 
ever; they have grown worse, 
with long delays and passengers 
waiting on the ramps leading 
down, to the platforms almost as 
Tar back as tbe main line exits. 

■It is not a question of’ pack- 
ing' the trains any tighter with, 
passengers as this ^as always 
been impossible, indeed, it is 
safe to say that if the passengers 
wens horses for export there 
would have, been a worldwide 
protest by now. 

In view of the delays, bad rid- 
ing of the rolling stock, and tight 
packing, Is it not about time that, 1 
either, something was done to 
improve conditions, or a 'rebate 
given to the long-suffering folk 
who have taken out annual 
membership? 

R. E. Norton. 

$5 Speer Road, . 

Thames Ditton, 

Surrey. 


Compensation 

payments 

From the Secretary, 

Royal Commission on Civil 
Liability and Compensation 
for Personal Injury. 

Sir, — In your issue of April 3, 
your insurance correspondent 
quoted from this ' commission's 
report apparently conflicting 
figures for tbe value of tort 
compensation payments to per- 
sons injured by defective pro- 
ducts. 

Tbe average payment quoted 
in paragraph 12 01 of volume 
one of the report was £500, not 
£50 as given by your corre- 
spondent. He is, however, right 
in saying that there is an incon- 
sistency between this paragraph 
and paragraph 1278, which 
should have stated that the 
number and value of tort pay 
mehts stand at about 1.700 and 
£0-9ni. (not 1,700 and £1.6m.). 
A correction will be made if tbe 
report is reprinted. 

(Mrs.) M. E. Parsons. 

22, Kingsway. W.C.2. 


Authorised 

auditors 

From Mr. R. Wensley. 

. Sitrr-'Wiib reference to the 
current endeavours of accoun- 
tants to regulate a dosed and 
ethical profession within the 
British isles it'is understood, that 
with effect from the 18th. of this 


Reduced 
rates , 

From the Chief Executive, 

City of Winchester. 

Sir.— The survey by the 
Rating and Valuation Associa- 
tion (reported on April 4) 
indicates that only one non- 
metropolitan district (Newark) 
reduced its rates this year. Tbe 
survey seems to have missed 
some of the better news for 
ratepayers. 

Is Hampshire alone, East- 
leigh, Southampton and Win- 
chester have all reduced their 
rates this year. Winchester is 
perhaps the best example of 
what a council can achieve when 
it really sets its mind to .it. 
Even three years ago, its rate 
levy was comparatively low. 
Since then it has gone down by 
18 per cent, while the retail 
price index has gone up by 
around 48 per cent - 

I still regard your newspaper 
as excellent value al 15p, but at 
41 p daily T suggest that Win- 
chester City Council's services 
give the average householder an 
even- better bargain. . 

Martin White, . . 

City Offices. 

Col ebraok Street, Winchester* - 


To-day’s Events 

GENERAL 

Chancellor’s BiiUsct speech and 
the Oppositions reply will be 
broadcast live by both BBC Radio 
4 and Independent Radio News 
from 3-30 p.m. 

UN Economic Commission for 
Europe begins its rd session in 
New York (until April 22). 

European Central Bankers end 
two-day meeting. Basle. 

European Parliament in session, 
Luxembourg. 

Law of the Sea Conference con- 
tinues. Geneva 

International Civil Aviation Or- 
ganisation meeting continues. 
Montreal.- 

TUC Steel Committee meets 
local unirib representatives to dis- 


cuss their conditions for closure 
of Ebbw Vale steelworkers a year 
earlier than planned. 

Second and final day of Finan- 
cial Times conference on 
Business and the European Com- 
munity Directives, Grosvenor 
House, \VX 

Mr. William Whhelaw, deputy 
Opposition leader, addresses 
Federation of Conservative 
Students' conference, ■ Lough- 
. bo rough University. 

Sir John Methven. CBI director^ 
general, is guest speaker at Bel- 
gian Chamber of Commerce in 
Great Britain lunch, 6, Belgrave 
Square. S.W.l. 

Mrs.- Shirley "Williams, Educa- 
tion Secretary .speaks in Car- 
scadden by-election campaign. 

• -National Council for Civil Liber- 


ties lobby Parliament against 
London marches ban. 

London Chamber of Commerce 
Council meets. 

Scottish Building and Public 
Works Exhibition opens, Glas- 
gow (until April 15). 

London Fashion Exhibition 
begins, Earls Court (until April 
14). 

PARLIAMENTARY BUSINESS 

House of Commons: Chancellor 
presents bis Budget. From 7 
p.m., opposed private business is 
followed by motion on EEC docu- 
ments on Community, textile 
policy. 

House . of Lords: Export 

Guarantees -and Overseas Invest- 
ment BID, and Oaths BUI, second 
readings. Scotland BUI, commit- 
tee. Motion to approve Housing 
(Homeless Persons) Order. 


Select Committee: European 

Legislation t sub-commit tee 1). 
Subject: Electrical and machine 
tool standards; safety at work. 
Witnesses: Officials of Department 
of Employment's Health and 
Safety Executive (Room 15. 10.34 
a.ro.). 

OFFICIAL STATISTICS 
Vehicle production | March, 
provisional). 

COMPANY RESULTS 
Rio Tirrto-Zinc Corporation 
(full year). Smiths Industries 
(half-year). 

COMPANY MEETINGS 
Anglo International Invest- 
ment Trust, 20 .Cannon Street, 
E.C., 12. Imperial Metal Indus- 
tries. Birmingham. 12. Paw son 
(W. L.), Halifax, 12. Westwood 
Dawes. Stourbridge, 12.30. 




87169 FRESALD G 
25323- FRESFRUT G 

ALDERSHOT DEPOT ‘ 

REFRIGERATED DELIVERY R1 PE AVOCADOS PLEASE .ACCEPT-. 

NNN •. ' ' ? " 

336196 - FRESBIR G 'V. . ‘ ' 

25323 FRESFRUT G • • 7-s l . 

BIRMINGHAM DEPOT ' 

"i* ?•' . 

REFRIGERATED DELIVERY RIPE . AVOCADQS PLEASE . ACCEPT - V " ' 


NNN 

L49260 FRESBR IS G 
25523 ' FRESFRUT G 





tim e v 
iheyll have g 


To tell every depot in time, you'd need 
a battery of telex machines or phones, 
luck with the lines and lots of perseverance. 

No, far better to use a system specially 
designed for the job. The remarkable ITT 
61()0 ADX message switching system. 


or receive across the globe in seconds.lt works 
almost as quickly with the public telex system. 

Banks and brokers use it. of course. 

But so do car, paper and chemical companies, 
to keep track of their scattered networks. 
Finally, recent technology has brought 


Type in a message: the AQX both stores - this sophisticated device within the means of 

a far wider market. 

All the same, it still doesn't come cheap. 
But neither does a shipment of 
avocados 3 ^ou cant sell. 

Sales Information Dept, Hollingbury, . 
Brighton BNl 8AN 0273-507111. 

ITT Business Systems ITT 


it-on magnetic disc in a micro-computer- 
and rushes it automatically to all points in 
your network. 

Virtually simultaneously. 

And if any one’s busy, it keeps trying 
regularly till it finally gets through. ■ 

It will even sort out your messages in 
order of urgency 

With private lines, the AQX can transmit 




Associated Biscuit reaches f 10.59m. 


n\ TOTAL .sales of £lP8.19m. 
compared with £l?3.3fim.. pre-tax 
in'riiiLs or Associated Biseuit Manu- 
facturers advanced from £H.49m. 
to IlO-iSm. for 1977 with £fl.:Env. 
against £6.3Jra., coming in the 
lir>! 3H weeks. 


INDEX TO G085PANY HIGHLIGHTS 


stock and the exercise 
standing share options. 


for a maximum permitted 

3.19p 

(253p) tola!. 



IW77 

I'm; 


LOOM 

rnuH 

u x. saw ... - . 

12T.IHU 

MR.art 

BlSfUltS. etc. 

LS.«5 

!».VI1 

Pj-.-tcaGins jnd li=m ena. 

a.151 

!I'jj7 

Canada biscuits, etc 

2S.U4 

20.;h 

Inriia. biscuits. cU 

3H.4W 

:: 

h ranw 

9.254 

7.SI3 

Re st of u-ortd 

in 

Stffl 

Associate ... 

sot: 

4.«r 

T oial sales 

19S.1B8 

173,559 

Tradins prntir . . 

It.s-V 

111.294 

U.K. hiscuits. c-tc 

h 56S 

3.111 

U K. uadi inc , li^lu cnc. 

Xc: 

"IX! 

Canada .. . 

i. nr 

1 'nfi 

India . . .. 

2.'»r2 

2 7* 

F ranee 

332 

931 

Best of irorld 

.« 

60 

niii.-r ni-i income 

:r:u 

"A 

iV-i imcn.-si pjyabl>- 

I JBS 

90S 

Share of associaii- toss . . 

ti 

v i 

Profit before tax 

10. 590 

9,e79 

Tds 

■| 1131 

2.902 

Nri protil . . 

r.w 

h on 

'.ln>urUiM and preference 

721 

7*>1 

Kxch^. n HiiraonV debus 

sor. 

21a 

Mrnnuidblt- io Ordinary 

5.975 

5.59s 

Ir.i.Tini Ordinary' 

VH 

.«A* 

fropos-d final 

741 


To rvsL-rus . .. 

4,bU0 

4299 


Company 

Page 

Col. 

Company 

Page 

Col. 

Assd. Biscuits 

20 

1 

Edinburgh Inv. 

21 

4 

Eeatson Clark 

23 

A 

Expanded Metal 

20 

1 

Benford Concrete 

20 

4 

Fairdough Construct. 

20 

2 

Burgess Products 

21 

3 

Glaxo Holdings 

21 

1 

Cartwright (R.) 

23 

3 

Harvey (Alien ) Ross 

27 

4 

Chamberlain. Group 

20 

7 

Hewden-Stuart 

23 

1 

City & Commercial 

23 

4 

Hundeigh Group 

20 

3 

Cory (Horace) 

23 

3 

IBM (U.K.) 

21 

4 

Crossiey Bldgs. 

20 

4 

Morgan Edwards' 

20 

8 

Dew (G.)' 

20 

4 

Triplevest 

23 

2 

Dewhirst (1. J.) 

20 

3 

Winding-up Orders 

23 

4 


year in the clothing industry and 
has been able to show an increase 
in trading profit In spite of in- 


( [iicsaui« 

of higher volume. Pre-tax profits 
have not received the snbslanlial 
boost from interest receivable 
enjoyed last year due to much 
lower interest tales although sub- 
stantial cash balances have been 
mam tamed throughout the year. 


show a further increase although 
margins are still under pressure. 


risen in price more rapidly Lhan current year, further improvc- 
the uvrrall index. It is hoped ment by Canadian and French 


Benford 
slows in 
second half 


~ in consumer 


spending as welt as in the U.K. could provide ABM o\ TURNOVER of £18 4m. corn- 
raw materials prices, with another satisfactory profits pared with £l 5.35 m. previously. 
Prosperity in 1978 will be affected rise. The shares fell 2p to <4p taxable profit of Benford Concrete 
by the overall economy in the yesterday to yield 6.7 per cent. Machinery improved from £3.43m. 
L'_K. and North America. but re- and a p/e of 4.5. 
suits in 1578 also depend on 


to 


iCtivlly. the speed of 
the changing condT- 


com merit 

strong upturn 


Best ever 
£1.05m. by 


in the second 


to £3.8407. in 1977, following a 
jump from n.65m. to £3. 02m. in 
the first half. 

At halfway' the directors 
reported that the home market 
for machinery was continuing at 
a low ebb with no improvement 
in sight, but that orders in hand 
and reasonably anticipated would 
keep the group fully employed for 
the year. 

Exports for the full year were 



. Financial Times ^esday. vAptil il i97& 



peak £2.01m. 



■ 


-i EXTERNAL turnover for 1577 at 3nd.net current assets of r? ' 
Chamberlain Group »»»' fmm' «*«» i *' *** 


rose ‘ from (£S.75m.L 
£18j8m. to £21.61in. and pre-tax 
:-profits advanced from- £lS6ni.:to :-9 COIHRIeiTt 
-.-a record £2.01 ul after. £807,223. After helnp , 

(£728,532) for the first -half. - ■ , 3 U 

On capital increased by last year^les 1 

■ July's one.for : five rights issue. 

full year earnUtgs are shown, te profits are oSy tnarmnauS v- ’ 
be up from an adjusted 8.65p to fthfl* tte 
fl.95p per 2op share and, - with crease in volume salK 
• Treasury Miisent, the final diri- a tenth, the difficult UK^SS’ 

■ deml is l.S33p net for a 2.,?,p tions la both the 
, (L87893p) total. 


*** stnictural ? 

■ and hydraulic eiwineerine " . 

25 

iS. 

SJ.T4 7428 aace ntarpos hy a Mint 1( 
I3.«g 10.438- per cent. Exports rewesen 
; ™ only erowth JPSSS 
™ -tt SMJV 2? per tent to 1 
vm.- Mss withhydraulics contributini 
i.on i,m thirds of the total. South 
*£ beei l 8 useful market f 

_ company's hydraulic motors 
su. mining industry there 

WJ| a re-equipment pro^r: 

a and so have the conn 
countries, which are t ni 
853 boost output. At 4Sn the ■ 

. . . . are on a p/e of 4 6 and a yi 
" Head office activities, consist of 9 P er cen ^- Until the U.K. u 
interest earned on .funds not recovers. ine company must 
•employed in trading companies , n , on 5* b 2 rts (30 per cei 
and net rentals received on s ? ,es ' < w™ first-quarter lur 
properties owned but not a ™Jump jump of yr 


Tnnwrcr 

Hydraulic enalneenns ... 
Structural eugns- .... ... 
Property derdopmeot ... 

Trading .BieHt 

■Net Interest — 

Pre-tax profit — 

HydraoUf enstacerlns — 

Structural ensna. — 

. Property dev, loss 
Head office - 

Tax . _ — 

Net profit — ...... 

Esi-aard. debts .... — 

Available ... — li......... 

nirlienda 

Retained — 

» Restated. 


.185 

587 

1.412 

no 

ue 

426 

STS 


currently occupied by Group com- ? T* 10 princ, ' nal snw 

expected to come from the 


.usonaini Jiiscuii ,-ir ic<n iuoiixu iivui niw.ww iv - - - *• 

to offset a. shortfall in the first £505.000 in the Grst half, pre-tax }*je Profit is subject to tax of 


Freddie Maatfield 

Mr. Austin Bide, chairman of Glaxo, who reports little change 
• in first-half profits. 


177 and the 1976 confectionery were up 22.7 per year to January 13. 1978. ahead •? poss dmdend or 
rotated. cent. with volume increase from £914.306 to a record £1. 05m. takes the total to 2./atp compared 

r the chairman accounting for only 2.5 per cent, on turnover of £11. 79m. against 'Y ltb 2.a01p last time, adjusted for 


for the treatment of deferred tax lax prolita by 12 per cent In the clothing manufacturing and 
and exchange differences have Ihe U.K..; sales of biscuits and wholesaling group, finished the 
been adopted in 1977 
Sgures have been re 

Mr. G. W. Palmer, the chairman, accounting for only 2.5 per 
•.ays that based on the experience and Huntley Boorne and Stevens, £9.n7m. 
of the last few years of high in- the packaging and light engineer- After tax on the ED19 basis or 
fialion in this country and on the ing company featuring a sharp £94.609 i£156,2QO) earnings are 
rather static market in which the lurnraund — from a loss of EO.lom. shown to be up from lO.iMp to 
group operates, l ho directors have to a profit of £0.58m. Huntley's 12. Clip per Jfip share. Un the 


i7.48p). 

A final gross dividend of 1.93 Ip 


the one-for-two scrip issue. 

© comment 

Bedford's first half profits £ i® n . c c n 

growth of more than a fifth has 


DIVIDENDS ANNOUNCED 

Date 


Corre- 


Assoc. Biscuit 


f i niwwi. s [«rr ccnu in tnc secomi six ~ ~ — - 

The final dividend is l.lBp net months. This Is due to a sharp ” or * c / ? c “7 



7-7S 1376-7 « 


acquisition of' the Salerno- some volume growth while its a one--for-15 scrip for £1 Cumula- mediate requirements for capital 

Megowen Biscuit Company, and Canadian and French operations live Preference shares^ _ goods. 

has acquired two smaller con- managed to arrest the first half 
rectionery businesses in Europe, slide. David Biscuits of Mon- Tumnvir . 

The chairman rcixtrl.s that in treal. in particular, has resolved Traamp orufii 

e U.K:. and in Canada, the last the poor sales- mix anti production Nl-i tniumtrvtid. 


Current 

oF sp on ding 

for' '. 

last 

payment 

payment 

div. 

yeac... 

year 

. . . 

1.69 • 

July 3 

LSI 

3J18;.\ : 

2^3 


1.83 

May 19 

1.74* 

2.75- 

2.5* 


1 

— 

nil 

imtf. •" 

233 


■ LS3t 

July 3 

1.37 -• 

2.76t *• 

liW- 

3rdint. 

0.6 

May 31 

0.53 

-i. 

2.4 


0.34 

May 24 

6.39 

Q.67 

0.6 


2.13 

— 

2.13 

4.13 

4.1.T 


nilt 

— 

1.13* 

0.54* .- 

1.87* 


1.16 

June 16 

1.04*. 

L76 • 

7^8* 


4.5 

June 23 

4 

— • ^ . • 

1021 


0.87 

— 

0.75* - 

129 - 

1.15* 

rk 

10.92 

May -3 

9.93 

'HUB 

9.03 


1.18 

— 

1.06 

2^5 

2.11 


22 

July 3 

LSI 

J.70f- 

2.81- 


2.08 

Apr. 30 

L9 

4^9 .. 

3.93 


The tax charge reflects a change imJrove Tn Addition ChSn 
m accounting policy whereby ]aill has sufficient liq, fid fund- 
- defeiTed tax is now only provided acquisition so the stares t 
; for in respect of stock relief ample support at this level 
received by the structural 
' engineering companies, and timing 
differences not arising from - the 
excess of allowances claimed over 
i. depreciation charged on ' the 
relevant assets. 

•The comparative figures for 
. 1976 have been restated to reflect 
this change. 

Extraordinary items represent, 
the terminal activities of the. 
mechanical services division and. 


Morgan 

Edwards 

warning 


ihe 


•*s.s66 equipment and a rough terrain 


year or" two have seen difficult problems, which plagued its first » ,rofU 

market conditions with -some fall half operations, and is continuing pront 
in demand and very competitive to improve. With the U.K. and mviti.-nds 

trading activity and the squeeze Canadian markets having proved Retained . _ ... 

on personal spending has affected to be difficult. ABM rs looking The directors say the sroup has forklift. There has evidently been 

food sales more than expected to Europe for future growth continued to expand sales volume some interest i mainly from loc.il 

because manufactured foods have through acquisitions. For the in spite of a particularly difficult authorities) in spite of the 

depressed conditions in the build- 
ing and civil engineering indus- 
tries. but they can only start to 
make an impact when the War- 
wick factory comes on stream 
later this year. The covi here is 


£ surplus equipment, especially in ^Jir^f 1 ^ h ^ roup 
ll,7S#"«He s.077.119 the construction industry, and Alhert.Maroa — 
tiTT.-crr • sw.i'12 demand for concrete mixers and JL. ™ . _ . . . 

7:i. its ins irn jssocL-ited machinery has tem- Dividends shown pence per share net except where otherwise atrte d. 

M.6M 
P.^.W5 
ia-i.ba.t 
RS.un 


4 . Morgan Edwards, the >ui 

m I9fi. the costs incurred in market chain which has bi 
terminating the activities of the tipped as a likely vehicle for 
housebuilding companies which James Gulliver— should he v 
are no longer trading:' No future, to make a return to food retail 
material costs relating to these at the end of this year— has s 
discontinued ' activities are -that its management accounts 
anticipated. the last six months we 

-The directors .say. that in the encouraging and it was _ 
hydraulics division profits of the that a final dividend would 
principal company. Chamberlain commended. ' 

Industries, were higher than 1976 Mr. Gulliver's. name was linl 
despite reduced sales in U.S. "^th Morgan Edwards after l 
Orders taken in the first quarter h‘ s dose associates and 
of 1978 exceed those of 1977. directors of Alpine Holdings 
The U.K. construction market w ' uc " , Mr. Gulliver is chairm; 





5H5 oo rarTly fa lien" off. To offset thTs. . •Equivalent after fallowing for scrip -tP 11 _C«Pt“l was depressed in 1977^ ^ resulting In prpposed to acquire 

•tsTus th 1 ? company is widenina its pro- increased by rights and/or acquisition issues, t Because offer -for a reduction in Drofl is for th** ®S Pc r cent, stake in Mor: 
lioisto duct range with new ccmiparting company now unconditional. § Gross throughout. - •- 


a reduction in profits for the .. - . 

structural division. The U.K. mar- • th *!®U8 h a new company, Av 


ket remains depressed but over- 


miles. 


Expamet investment to go 



directors of the Expanded Metal borrow bated on a strong balance- 

Company state that they intend sheet and an all equity capital b ** t ^ r performance and returns in 


V.IIIU|JCliJJ Lt l"Ol IIICJ Ultvuu <4IIU \ L flit it r* 

to press ahead strongly with structure, places the group in a tne tuture tha , murh 

various forward-looking projects sood position to make a subs tan- hin soS on h oJe^ens 

.^l»T,j»».pm _ to Sib- ‘ W . <? r , Skhouah "h.* «S5ct “ - T°ni.cm 


hCl iriliPIlip U4.U1 kJU L r* — M- r m 

seas markets are proving more 

• : miprpHsful and 1978 first nitArfpf pxcciilivc of Oric?l Foods jnd F 

perhaps swimwear— Will open up L“, J Fare, was not involved with t 

new areas of selling to M & S. or J f e il^. ah 5 r a D d f ? r A 9 ' ‘ deal as he is prevented fr 

However the main feautre-of 1978 . Members are told fliat- it is ^ interest in a food 

could be an acquisition— perhaps intended to expand and improve w ning company by an agreemi 
boosting the dividend at the same the quality and stability of group w | t j, RCA which took over Or 

lime. After the £530.000 rights earnings by acquisition. It has Foods m 1974 However. V 

issue last summer net debt fell not been possible. so far to reach agreement expires at the end 

from £920.000 to £140,000’ despite a satisfactory conclusion with a t hbr year, 

over £700.000 of capital expend i- candidate, but this policy “will Morgan Edwards .said veslcrd 
ture and a 22 per cent Increase be pursued vigorously in 1978.” that a hoped-for improvement 

A JUMP of over £300,000- in in working capital requirements. At the same lime existing busi- trading had still not matcriall- 

second half profits have given The yield is 6.7 per cent and the nesses will continue to be and- that it was not possible 

Albert Martin Holdings a total of p/e only 3.6 on reported earnings, improved. make a reliable forecast for r 

£1.69m. for 1977. This represents or 6 fully taxed, a fair rating The balance sheet shows total outcome of results for the yc 
a 50 per cent, advance over 1976. against other M & S suppliers. net assets of £ll-89ra. f £11. 07m.) which ended March 31. 1978. 
from tu pa over that rose 38 per 


50% surge 
for Albert 
Martin 


stantial tnveslmcnt in the group’s consequent benefit to earnings ^ jramediale _ A joim com 

fU,Ure - . ,n .Hp «rn»in'ti nnom P an i’ has been ft,rtned in Saudi 

This is especially true of if.p ^Hirp^r' Arabia with Mr. Midant called 

Explosafe, and in North America, JJ®" J ,a th A f 11 “jS-nlw Faircloush-al Mid ant. 

where the program me Tor Hie "P* 1 " 1 L hat h „ 'VJJ Tht group's future in Saudi 
enlargement of Lbc mamifaciurina bjm- inor^ ^Jh Arabia will provide an mipmtant 

facility is being accelerated. The *■ A *. d j| 0, |^ U rml!l le3tl ,n its othcr t,verseHS activi ' 

objective here is that by the \ pJiJLn mlrST ,,es and the f,ir ^' tor5 aro conH .: 

middle of 1979 the modern factory • Vn l e r‘ ca a ” d , J . 'h!. " sources d cn t that activities there w 


uildinf " 

AFTER A special provision ot 
£420.0011, Cmsdcy Bl 
ducts incurred a pre 
the benefit £34,119 for 1977 compared with a 


cent 

The - company, which manu- 
factures clothes, reports that the 
result has been -achieved despite 
comparatively poor retail demand 
in the U.K. and illustrates parti- 
cularly the success in overseas 
markets. There has been further 


tot your Hobs' to get together wltH 
my boss to sort out the_datall65 

C?cSb 


PiiiHin.' >i*nificant expansion or produc- 

fe SToss of and ca P itaI wpen* 11 - 

tun- re^uhed , record. 


l.n ns term plans are to continue 


at At la nta, Georgia, will be able ?" d n continue to expand for 

io offer an extensive range of uon in late 19rarearl> 19/9. of the joint company, 

expanded metal and related pro- r .^ s . r h re „,'J A» reported on Man 

omeslic con, uiues in line with plans and { ax profits rose from 
very much a.l the rate forecast £7.05m. in 1977 on u 

*ei Ihal Jf he " the P r °J ec t was Marled. £i7riU4m. (f 163.47m.). -.m — ,, „.<■ a ., u .iu.uu^.h . , - .. - - fh _ 

will be Furlhor development work has funds were £254.000 lower (£4.41m to the failure of roofing tiles reasonable trading conditions inc 

lemand been successfully completed and higher) at the year end. made during 1976. The. director;. - r0l, P wi, > achieve further pro- 


eA M «u»uvu iiicidi n„« .c.a»-u ,«m- , ... ■ , iv|io. iru March 15. pre- P The special' provision has been r ro ' vlh th^^nu! 1 

ducts in the largest domestic con,inues J n line with plans and { HX profits rose from £3.95m. to made to cover actual and antici- l “’ 100 r ^ arl X, . . l „ n e P the 
market in the world. 1 Vf ! ry ra “ eh al ,he rale fnreca ! 1 17.03m. in 1977 on turnover of paled claims which hare arisen g*®* r ? r 

At home the directors feel that ^ he project was started. £ 17004m. (f 163.47m.). Liquid in 1978 and which are attributable l - s confident that given 

it is unlikely that there 

from e *ocal 'authorities tor^ihe 3 wide ran " e oF nrototypes satis- Meeting, Midland Hotel, Man- say they are now satisfied from ? rcss> 

r — . — si Chester, on May 3 at 11-30 a.ra. 


group's specialised building pro- ^ctorijy produced, 
ducts but longer terra prospects ^ 

are reasonable. In steel stock- a 5'? u "] IT lh- ^ j d,rectors state 
holding also there is no near * r ? 

irospect of an increase in demand s f* ' subject of much discus- 


but^there 'are ‘strong indTcations * hey do not consider any 
of some relief from the severe 
downward pressure of the recent pr ^.l n, ' n " > V C) 


Huntleigh 

finisties 


served 
a statement. 

p ai<l The group's net asset value at 

Within the group's ba<ic bust- Dece, P be r 3J £16.S2m.— 76.74p 

ness of expanded metal and , . s , . If 

related products the directors ^ nu HoleJ. E., .May AFTER A dou nlurn^ln sewuid-haff 


internal investigations and quality In line with the forecast 
control procedures as well as by continued in the June 1977 rights 
tests carried out by independent issue, the final dividend is 2.i96p 
bodies that tiles subsequently pro- nor 20p share for a net total of | 
duced are sound and durable. 3.K96n. This compares with 
They beliere that a'-' steady 2.Sl-*Hp paid in 1976 or with 
iniprovetneni in tradihg con- 2.iM75p adjusting for the rights, 
dilions- will take place during the Earnings per shore are shown 
remainder or 1978 and estimate at 23.45o. compared with 23.71 p 
that pre-tax profits for year will after »ta rights and romnlvlne 
be In creeps of tlm. . >' • with ED19 in regard to deferred 

The loss per 25p share'is given tax. 


report that demand from Ihe 18 Jt 1-30 , n - 
industrial sector continues to be 
strong. They feel that it is 3lso 
reasonable ro expecl that by the 
second half of the year the 
increase already evident in some 
areas of consumer spending will 
have spread to the building 
industry. 

In 1977 group pre-tax profits fell 
by 31 per cent, to £2_22m. Reflect- 


FaircSough 
sees some 
real growth 


«o,705 t» £262.432. « ««JL «^I>1 lh - 

ffl^arsassrs 

G. Dev. 


profits from £46 
pre-tax profits 
dipped from £0 
1977 on turnover up from £5.Hlm. 
to £6.76m. 

At half-time when profit was 
ahead Trom £403.000 to £455,000, 
directors said they expected 


o comment 

Albert Martin’s figures arc| 
right in line with market exoec- 
l Mien* so even a 50 per cent, 
inmn in profits left the shares 
"/"i An Die offer from Ihe Adrian only Ip higher at Sfip. At home 
the Vnlker Group tU.K.) bas now Martin has been increasing its 



A boss - secretary team, as in every successful 
partnership, needs to be carefully maichedby 
experts. 

•' Tiiatis why we! atSembrSecreiaiies, would nev^ 
dreamof sending youan applicantwiihoutharvir.g 
first met you and taken stock both of your 
individual personality and the particular needs 
of the job.That way we manage to keep round 
pegs well away from square holes. 

If you want a secretary who's right for you, 
we’ie the people you need to contact. 

We also pride ourselves cm having the best 
temps in the City. 

Telephone Bridget CBrien-lWohig, 

Joanna Dyson or Elizabeth Belton on 01-606 161L 





A perfect match for every boss. 

Senior Secretaries, 3/ 6 Tramp Street, London EC2V 8DD. 



In his annual statement, 

rnc the June 1977 £3-> m riahLs S*? 1 ! 1 -,. I ? l, ’ ias - the chairman of net profit was iofiU.S»S f£49-i.73tJ), Adjusting for a recent Two-fur- ijjppetl slightly lo 41 per ., 

issue ho fall in eais wr Fairc, . 0 1 , ugii Construction Group, before extraordinary debits of one scrip issue, therefore, the pay- Export growth has been buoyant. 

Sha»«alt6 i»r »m " ** the £ e are ?«c n s- albeit not £11^51 ( £333.846 ) . ment for the year ended October and ihe Hong Kong subsidiary has 

The dfrertoro nofnt out that this ‘ ;an , llt,e 1 ? ce is A final dividend of !.18p net SI. 1977. was 0 542p net per 25p al tm made a material enntribu- 

i Jifwi in il f P a f Ih3 mg to the groups Clients and that per lOp share takes the total lo share, asainsr a Iniai oM.66p for linn to profits amnunlinp to 

issue was, made in the belief that some real growth may be in 2.35p t2.11p). the previous year. I40.WJ0 This operation is not 

Earnings per share of the As indicated in the offer terms, only selling back to the U.K. but 


Ihe group would shortly complete prospect, 
the acquisition of a substantial Tt 
private concern for cash. This with 


the acquisition of a substantial The company is well advanced engineering and electronics group Dew's 'profits “for iti76-H~rome'"to oppriing" "up “markets 'Tn ' Europe 


tts tienetrallon of 'new are shown at 172p (15.2p). 


deal Tell through in November for markets and has, without $acrilic- The decline in profit was owing E 
reasons solely connected with the ing profitability, maintained a to an unsatisfactory result from < 
vend or n. ..." good workload from its existing its subsidiary, Hymatic Engineer- 1 


On the basis of existing opera- and traditional markets. The ing. 


£1.5tni> an increj\t: o£ £125.000 and spear-hcading the group's 
Earnings are shown at 15.73p involvement with the growing 
(19.5p) alter a higher tax charge. Mnlhercarc operation in the U.S. 
The^group is involved ia.the civil Further organic growth is exnec- 
engmeering contracting industry, ted this year while new lines— 


Our performance in 1977 
reflects the extent to which the 
public is finding increasing 
favour with the customer services 
offered by this building society*’ 


^5 * 




some circuits 
at Oman's newsports stadium - 
before if even opened. 


' ’ The new Royal Oman Police Sports Stadium at Watiiya, in Oman, ,q:ot its 
£lm complete electrical and mechanical engineering services less than a year after 
installation was begun by Crown House Engineering. 

Hence the ‘lap of honour' in our picture; 

Crown House are winning similar contracts all over Britain and in the 
Middle East, Australia and Africa. Outstanding developments here at home with CHE- 
installed engineering services include the NatWest Tower, Brent Cross Shopping Centre 
. and the new J umbo Jet passenger lounges at- Heath row. 

Our track record is good in other fields, too. ThosAVebb* and ‘Edinburgh 
Crystal' combine to make us the leading British manufacturer 
of finest quality hand cut crystal glass. At Duma Glass, we 
distribute annually more than 100 million assorted 
glasses over half of which go for cxpoit.To find out more 
about this anti other Crown House activities and 
achievements con tact ow- Chairman. 

Patrick Edge-Partington at 2 Lygon Place, London 
SW1W OJT. Teleohone 01-730 9287. 



Dennis Hoivnoyd . i 

Chairmans Statement Prxni rwidi Building 
‘As a Soriety we are disinclined to dwell upon the 
theoretical problems ot the day withoutmaking a 
positive attempt to find solutions! 

The following key poinrs from the Chairman’s 
Report give a dear indication of the, practical 
nature of the- Society's services and the .way in 
which they hare found favourable response 
amongst its customers. 



INVESTMENTS 

* 146,000 new investors accounts were opened- 
the total number of investors accounts jiicreased 

to 653,000- ' . *■ 

* Over 100,000 investors obtained the-h^ter 
rates oftnterest paid for fixed term investment- 

* Investment receipts, totalled £462 MHJion. 

* Investors balances increased b^' £2 15 Million to 

£1,01 5 Million- V •: 

* Provincial pioneered the introduce onofa 
Holiday Savings Account. 

* Monthly Income Shares, a Provincial 
innovation, increased from 1*500- 

29,000 during 1977- • ' 


MORTGAGES 

* 23,030 new mortgages totalling £206 Million 
were completed during 19/7-of these 9,200 were 
advanced to first time purchasers. 

* Of the new mortgages completed £10! Million 
was a Jv.mced to existing investors and previous 
borrowers and reflects die practical benefit 
acucliing to membership- A further _£ 1 0 Million . . 
was provided bv- way of additional advances for 

. improvements io the .homes of existing .borrower*. 

* Over 50 per cent of new borrowers chose to 
repay their loans by the Low Cost Endowment 
mcthi.nl firstintroduced byPrurinciaL ■ 

AS5ETS,RESERV'E5 AND UCJUIDITY 

* During 1 977 .Provincial became die first cvef 
Society to attain £1,000 Milium in tntal assets with, 
a reserve ratio in excess of 4 per ccnr- 

* This reserve ratio enables Provincial to continue 
to improve its customer services. 

* Liquid funds increascdfrnm£l 7 1 Million (19.*^ :) 

at the end of 1976 to £265' Million (24-56‘V) at the 
end ot" 1977- , 

* local assets increased by 26" to £1,056 Million. - . 

BRANCH OF3FipK_ " ; 

* Eigluecn new branches wen: .opened in 1977 
bringing the total number of offices to. 1 72. 

* Provindarsre^misanch dereJapment . . 

programme has considerably improved the 
accessibility to Provincial's wider range of 
customer senicesand'reflccts a continuing 
demand for new offices'-parncularly m suburban . 




, 


\%t 


* ■! ,, i 

\S : - 

'■ L ‘.i » 


areas. 


You may not see us, but we’re there 



PROVINCIAL 


" ■ . 




PROVINCIAL BUILDING SOCI^Ty 

Bringing you a better service 


4 : - 


- f' -. •?' 



C'' \ 


r~ 


1 1 




21 


er W 


* jV Fiti ancia Tfiises Tuesday April i& 1918 ^ 

Mil, ^ittle change at Glaxo 


• .. ^^ 1 ., ahead from £233.8m.' 

. .■ i»2.4m:. pre-tax profit of 
. .; -.-.Holdings rose from £3D4m 

- . , in ihe_s« months Jo 

. • voer 81. 1977. ■ - 

' 7 Pn>fij indudes investment 
e PP«t income— less loan 
• . . and bank - interest — of 

* compared with a 1330.000 
rom this source time. 

. • ■’ ‘tora say demand in -the 

..'i; -year coni in tied .to ruw 
a'thanjjh trfidmft conditions 
-'■>« markets were difficult, 

' / ' „ 1 increases have not 

‘ . _ ny kept pace with .rising 

. '. December 31 however zJhe 
* ■ ■ W has increased the Prices 
'• • e pharmaceutical . products 

irectors are seeding more 

. - . • ■&&. . ' 

• . • Y also say that the streneth- 
... '• »und affected results. both 
...rowing export margins and 
'• iR the sterling value of 
•..'f overseas subsidiaries by 
ind their profits and net ■ 
. -.t assets by £3.5m. Differ- 

■ irising on the conversion of 
assets WilJ be taken. - to 
■®* . - 
. seas sales For the jar wrrn 
...... a 3 per cent, .'icreasc 

'-..U-lv sales, excluding. whole- 
7 l*r cent, higher at 
' V.K. wholesale turnover of 
" as 20 per ccnL - ip t* 

irts to customers -net sub- ■ 
•- . and associated compares 
• as were up U per cent, to 

1 I. dors' say the new anti- 
-v ifmi 4 ensiv e preparation. Tran- 
WiSvas introduced in the U.K. 
r J 'than a year ago -•jd its 
flT. V ss has been encouraging. . 
-—Ul) product has also been well 
'tied . in those overseas markets 


BOARD MEETINGS 

The. tallowing roBtoaBtes have' nonflud' 
dam ol - (Kurd twettrait » zb*' Sloth 
Kti-tanga - sujih mtvfitusi an* usually 
n«M lor |h<> .ptirposv' .ot cenndenns 
tiimdcntei- t'fflnal tnmntim *rv noi 
5i-a(2ghjc w&rtJier OIWeBOs tsuxxmrd 
are. - uHi-nnw or finals and Ihe'.sdb- 
dtalStons Rhown bchrv arc based malnb 
«n on! war's rtmctaBle. 

loterim*— Smith Industrie '• - 
' ' nuto-Guam. Lyon and Ifon. -Wn 
Tiwft-Zjtte. Senior Erawerms, G. w. 

St»mw 

FUTURE DATex 

interims— 

BrttWl MSsels Trust " April 14 

'Bowdene Inmtmcnte AsfUM 

Ransome Boffnttaitt Pollard u» M 

Spedcer Heats April 26 

®anw Estate trap n 

Finals— 

P^hrorh-and Wilcox ....... — *«M 13 

Ctevtdo .: April 2 ® 

CKvt Discount . ........ April 20 

Ewt Rand rionaolMau-d . .—..April 13 
Flrttrlrai and Indnstriaf Secsr April U 

Hotyrood Bobber • — wAfiriin 

Hon ok one iSetoamrl Ruhbw Arril SO 

Himklosoos ! . April m 

.llnrmm Midlands - — April 10 

Kuala Sr-lanun* Rtthtw^- Anli'll 

lxmnmt I'nueit tnsiHontrau Aprffl? 

M-mhsU-* i:m versa! . — Ilsv. S- 

Miner Ifftanw. April W 

. P-nilnnrf tndiw*ni-« April 1A 

Pern- < Harold t Motors- - April 20 

A w*}jmc*en Miiortta Ann) »i 
Stawhy t A. ri.t - April 13 

Vnritrirtre Fine Woollen Simmer*- April 13 


from 4p net 
Uisi year a 

on record 
£H7.Q2m. 


Eati-mal sa|»M 
Tradinu orutu 
•bvesi dcpiHii 
Prnlh before 
Tas 

Nei Drum 
Tp nunonni-* 
Atinhuiable . 
•“ 1^‘>« loan 
* Dehji. 


' per , 10 p -.hare In 4.3p. 
i 6.21 p final was paid 
pre-tax prod’/ of 

Hjll-ii'ir 
1K7-TS 1976-TJ 
lono [MO 

:2c 4«i 

n«.uea 39 . 75 s 

i mronie* 3,«a -MO 

ia» tojbo 39 .m 

2njfliD ai.ioa 

- IB.4H0 19.m 

7$a Ij» 

IS 700 1IUBI 

sloe* and bach imprest. 


Msv. » 
-April M 
April 3i 
ABril 20 


\y f | ll .i il has been intrndnred 
’ : company's new 


cephalosporin antibiotic. ba«" iuvr 
been nut on the market In Wesi 
Taeririanv and Italy and . is 
expected to be on the U.K. market 
shortly. 

- Murphy Chemical was sjJd In 
December, and in January,' the 
group acquired the American 
pharmaceutical rpmpany Meyer 
. Laboratories Inc. The - figures 
. riven include the .results, . of 
Murphy Chemical pp id the date 
of sale but dr not Include those 
of the American subsidiary 
The inierim.- dividend is.Wted 


Burgess 
Prods, first 
half profit 

TUB MOVER FOR the half vear 
to January 28. 1978. of Burgess 

Products Com puny (Holdings! 

expanded from £7rilm. to £8M5m, 
and »hi* group marie pre-tax proHtR 
of £347J0.> compared with a loss 
or fiu.roi. 

Th p directors say that although 
il is antirtpated that results for 
the year will be an improvement 
on 1076-17 when profits came to 
F5.i7 470. thpre is the possibiluy 
of the second half not shotting 
ihe improvemeni registered In 
same period last year. 

After tax Of riU^IW (£23.918) 
first half at trihutahlc profit is 
I2...;.53C compared wilh a Joss of 
£46.361. 

Shareholders are to receive an 
interim dividend of Ip net per 
25p share. I,asl year a single 
final payment of 2.3275p was 
made. 

The group operates as acousti- 
cal and electrical engineers and 
manufacturers. 




abm 


JTLEY & PALMERS 


JACOB 


PEEK -FREAM * 0 P CHOCOLATE 


; refiminary Announcement for the year ended 31 st December 1977 


as - United Kingdom 

Biscuits; wafer and confectionery 
Packaging and light engineering - 

Overseas biscuits a rid other food : 
Canada ■' //.’ • . m ; 

India . 

France - . . * ' • • . 

Rest of world . • . - 

Associate. . •' 

al sales . ‘ ; . 

:ding prof it- United Kingdom: 




Biscuits, wafer and confectionery ,-, y. 
-V'. Packaging and light engineering 

' ' 1 \ .- 0. • ' • ~s-7'.* 

• . ... OverseasUisctiHs. arid other food : *. **■*__;■ 

-Canada ■ 

’ .7. * - -India • . ' - '$ 

France-'; m ' 

■ ■ ' Rest of worlcT -• f 

. .tal trading profit . . - I 

’7" ter income less charges... -A 

;;.;t interest payable ./ 

. . are of profit (loss) of .associate • / - . 

J. of it before taxation^e^chahge differences. 

-^'and extraordinary items v . 

< -j ^ cation ^ --Y' • 

^ /jJJ /W of It after taxatiohliut before 'exchange differences 
and extraordinary.iterns. - : • 


/V L 
OzoW l 


i ^nority interests and preference (tivjdends ...- 
I^hange differences snd extraoidinary items 
pfit attributabfe fo Ordinary Shareholders 


1977 

£000's 

122,495 

5.151 
127.646 

25,374 

30,464 

9.254 

433 

5.017 

198,188 

6.568 - 
583 

7.151 

C 1.117 
2,972 
582 
36 
11.B58 
329 
12,187 
• 1,566 
10,621 
(31) 

10,590 

3,091 

7.499. 
721 
803 
. 5,975 


1976 

£000's 

99,811 

3,757 

103.568 

29,364 
27.31 6 
7,815 
869 
4,427 
173359 

5,136. 

(^53 ) 

4.983 

" 1,562 
2.769 
920 
60 
10,294 
54 

10,348, 
„ 908 

9.44Q, 
3S 

9,479 

2,902 

.6,577 

763 

218 

5,596 


^ -- .'.^dinary dividends: . ' *. 

' _Yj^>7.50% interim paid 

’ ~ " ' “ — 8.43% proposed final payable 3rd July 1978 

iceinlw 

% i 1 jmount added to reserves 

. town" irnings per Ordinary Sharabefore exchange differences 
-Jl»land extrv-t-'lihar- 'ems-on capital at 31 st December 1 977 
^ *4* qliB v-on capital on full conversion of k ' 

J i- , •• Unsecured Loan Stock and 

. . exeicise of outstanding share'options 15.3p 13.3p 

: The -latest acojur ting standards for the treatment of deferred taxation and exchange 
* -T -rti differences have been adopted^ 1977 and the 1 976 figures-have been restated 

f/llftff accordingly. . . ; ,• . '/>; - 

Extracts from Stafement-by the Chairman The Hon^Gordon W. M Palmer . 




1 .375 
4^600 

16.0p 


1,197 

_4,399 

13.8p 


RESULTS Salerno- Megowen Biscuit Company 

• ‘ roup turnover at £1 98m increased .. of Chicago, as announced in December, 
■y 1 4%. Pre-tax profits were up and have acquired two smaller 

-. l.lmonthepreviousyear.Aftertwo • confectionery businesses in Europe. 

- oor years, particularly good results - u ._ 1T1 , R F 

: re reported by the Packagmgand • ■ . 

jqjrt Engineering Division. Earnings • In the UK, and in .Canada,, the last year 
. • er Ordinary share have improved to or two haveseen difficult market 

g On conditions with some fail in demand 

p ' DIVIDEND ! and very competitive trading activity. 

’.■’tsssisssssjs? lss8a»»«sB» 
•jgssz ssag ?? “'sassssteffiasssa 


GROUP DEVELOPMENT 

- 5ased on the experience of tile last - 
1 : ew years of high inflation in this . .. . 

country and on the rather'static 

- narket in whlch we operate, we have 
:ome to the view thatit would de ' * 


have risen in price more rapidly than 
the overall index. We must hope that 
1 978 will bring some increase in 
consumer spending'as well as more 
stable raw materials prices. Our 
prosperity in 1978 l will obviously be 
affected by .theoverall economy in the 
"UKand North America: Irrespective, 

- V - ‘ mir 


mji 


• geographical spread. We believe this results mt^a undoubtedMe^nd 

'■ will benefit shareholders and- .-to a terae extent ori P^n^ment 

. * employees alike an r d will add stability p our ability to Ji][)P™VWoductLvi^, our 
- and strength to the business. lt is in-’ ' speed of reaction to the -cf^PS 3 
■ pursuit of this policy that we are irr conditions in vyhich we operate, and 

i^q^onfoSe3i^isitioh of the ; our success in expanding overseas. 

KMj • ■ ’ mayte had <?n request from the Secretary, „ nc 

P? i; Vie Associated BgcuttManvtacturers United. l2TlCmffs Food, ffeadmg 


Optimism 
at Allen 
Harvey 

FOLLOWING THE v'xt'Cpllnnal 
flJJni. profir In 1:177-78. Mr. 
M. E. R. Allsopp. ehairman or 
Allvn Harvey and Rnsh. the I>*11 
broking «nri murehani banking 
group, jays that he does noi 
expect Ihe curronl year's rodl* 
to be as high but at the moment 
he sees no reason why it shoulri 
be unsatisfactory. 

The. group look Tull advantagr 
or lust year's favourable con 
dilions and ils success allows it 
(o show its sirongest-ever balance- 
. sheet. AH inner reserves have 
been improved and Ihe rax 
equalisation account has moved 
into credit. Total published 
resources reached a record 
£5. 93m. compared with £4.05m. 

Sills discounted showed a rise 
from £H3.t»ro- to £122.74m. and 
negotiable certificates of deposit 
were up from £41.07na. lo E7 1.3.1m 
Quoted investments were down 
from £5fim. to r 5027m. refiectine 
a reduction from £2fi.44m. tn 
£8.79 m. in local authority did 
public board securities. 

Mr. Allsopp mentions in deiad 
the diversity of instruments In 
which ihe company now deal* 
“ whirh increases the number of 
customers whose short-term finan 
cia] needs we can satisfy either 
as buyer or seller.’* 

He noies n growing tendency to 

rund shorter and an tncreasin!? 

awareness of the atiractions of 
slrnicht debt financing as opposed 
1 « equity financing, which will 
give further area fop growth for 
the business. 

'rite record 1977-78 profit com 
pared with 1696.668- The dividend 
total is Increased Trom 27.op to 
■10.71 6p at*! a thnee-fnr-five scrip 
issue is also proposed. 

Meeting. 43. r.omhill, E.C., 
May 8, at 120 p.m. 

IBM U.K. 
advances 
to £110m. 

On sales 17 per cent, ahead 
from £4',Mm. to £379 in., pre-tax 
profit of IBM United Kingdom 
Holdings rose £!3m lo £110m. in 
1977. After tax or £53m. (I4Gra.) 
net pro ill was £57m. f£4]na.). 

Mr. E. R Nixon, ihe managing 
director, says the increase cantr 
ax a result of increased produc- 
tivity, a higher rale of instnlla 
tions and a high proportion of 
outright sales. Outright sales 
have Ihp effpcf of realising in 
rome eurrently. which on a rent a 1 
basis would be realised in fulurr 
periods. 

He so vs that while profits were 
again affected by inflation. Ibi- 
rprent downward trend in profit 
abitltv has been reversed 
K snorts were no from ESbJm 
ro f?64m . and fixed asset invest 
ment was £I7m higher at £S0m 

Kdinbureh 
Inv. Trust 
advances 

From gross revenue of jL4.14m. 
against £3.G3m. net attributable 
profit of Edinburgh Investment 
Trust climbed from £1.6m. to 
£i.A6m. In the year to March 31. 
1078 ' • j • 

As already announced a 3.aap 
net per £1 share second interim 
dividend takes the total to 6-75p 
(5.55P1. 

Dividends ' absorb- £I.87m. 
fn.54m.l. and net assets at 
market value are given at £S5.47zn 
(£80 39m,). After deducting nrior 
charges at nominal value, attribut- 
able assets are shown at 265.9p 
(243.5p) per £1 share. 


IN BRIEF 

SANDERSON. MURRAY AND ELDER 
f MOLDINGS) (woolrnmbliDc. to n- made 
fibre procenlna. topmatriog aait mcr* 
-bai«lnc*--S»irs for ball rear »i> Decem 
brr 31. J»77. n.21m cX2lHrn.* and 
orofli Ett.WO i FO.BOB i afior donredaHon 
X38 60P <£43.000 1 . banfc imreret oil 

■ fTJWfi). tntrrcsi on srcurwl loan £8.000 
< 17.000 1 and tnvcamvmt Uicom* £21-000 
cnioom Ahor tax E7.UM 'samel and 
mlnor'ilos £500 isanu-i. atirlhniahte oroflt 
rno.aOO t £35-500). Earn inn- per 3 Op share 
S.2p il 9S) Dtreriora intend 'o pap die)- 
dead not lew Unn last year's a.tosp net 
Compared wtib correspond Inn half, yi-ar. 
ilnllvOT TOtumr was similar at slightly 
barter margins brn new sates were tower 
and stare November margins on process 
plant Have deteriorated. Unless burner 
volnme can be achieved in all sections, 
rale of profit of first batt is not expected 
to he maintained up to June. 

5TU.FONTEIN COLDMINING COM- 
PANY — Reaiitts for 1077 already known. 
Fixed a aw is Rtt.Mm. < RS62«m I 

Current assets RJ.4Rm « R9 43m » snd 
liabuitles R9m tRS.flTm.i. Meeting. 
InVtanoesbpm. May. 1. 

ST. , - KITTS (LONDON) SUGAR 
FACTORY— Regntrs for 1077 as known 
Short term depo«l>s £778 000 t£SMM0i 
bsl nitres with bankers and cash Cl sao 
• HO 8034 . dpi currem assets fl tOm. 
in. 14m i, shareholders funds £803 81.1 
<rrj3,ll«i. Sperlal resotuilmt at EC.M 
to 'voluntarily wind up company and ro 
appoint Uantdaior. to be held at Wtp>. 
dii-ow Konsc. E (1 A"ril 58. 11 13 a m 

SINGLO HOLDINGS— Saleable cron 
.TIHIJMB kK*. 13.059 Deo« Sold to March 11 
3.418.TK3 kKS t2.SSl.0S3' at MaOp tfl>^R0l 
per tg. Marker coodfrtooa were com- 
paratively favourable tip to the enti of 
last year, but industry has been beset 
by a number of problem* over which If 
had no control and Immediate future o t 
London market elouded b* declared pOUcr 
or the Prtrej Commission which, if 
implemented, could force the sale price 
tn below comparative world levels. 
Subject ip London, marker betas allowed 
lo return to normal; directors expect a 
further increase In profits on the Indian 
sJfle. Malawi tea business will make a 
sumifiriim romrihuttop to results. Useful 
initial contribution expected from kin- 
ware division and food and drink division 
Full Impact Of these three new pans of 
buslncis will appear in lrnt-TB when a 
tall r car’s profit* will be OBOMidaled. 

GEORGE SPENCER— .Results tar 1S7I 
reported. Marrit 17. firnup fixed a<re»ts 
Li asm tCI Tim ». rorrwir assets fi Dim 
> r 413m.i. llahlliilc* CSIrn. (Sllm.l. 
Working. ranital un £*tA,9B7t down PS.;*#, 

Clwtrrnan says forward ardor position 1 
is reasonable in alt areas other than ! 
cm and sewo ladles* knitw-^r where 
-haflRtag fsRftfoos haw creafptf consider. , 
ihlc owr-raoaclry and future Is lugu- 
brious Directors propose f. o in m- a sc 
orerejil borrevrmu powers from n 75m 
to J5.1L (bn. Meeting. Baaford. Nottingham. 1 
^nril M. noon. 

THURGAS BARDEX 'plastic PTOdPCMi 1 
-*-Rl*sh 3 i« for 1977 reported March a. , 
Ftxcfd assets Cl.dSm, i£1.38m. >. Bank . 
owrrlrefi n^R.728 (£303.718), Term load ! 
of nOO.Mfl repayable by eqoal annual 1 
instalments aver scran rears, oraplrd 1 
with Improvement In net' cash Bow 1 
resulted In net current assets- £420.839 
< £53. nil ' llabilhlast. Net . cash boreowtas 1 
down ESS 964 tup £340.002) Chairman 
says current Indications are that first halt 1 
results will show Itaprovcmcm over Iasi 
war Medina. Katterhut. May 3. at 
U.39 ajn. 

ALFRED WALKER AND SON OwUrt- 
tap and. property ^Turnover for six 
month! to Ortobar 21. 1977. f2.ras.occ 
<£2 .599.0001. - Pre-tax loss £43.900 (profit 
£25-500), la* nil (J12JM). AttribuTabk 
Ion He. «W (pro fit CiaJW) after mtaerttin 
is.boo inBJHW) and extraordinary credit 
H4.500 last lime. Board Mate .that prevent 
indications are that a break-even situa- 
tion will be shown In thfc fun 12-montt 
ocrlod. 

JOHN WILKES FOOTWEAR (HOLD- 
INGS) (footwear, transom and shipping- 
— Turnover rnr 1977 S Tim !JS 7to,> and 
pre-tax profit £354.275 f (239,099). The 
company U priviiely^nfiied. 




The year af a glance 


SALES 

Home 

Export 


1977 1976 

{52 weeks) {53 weeks) 
COOP COOP 

13478 10947 

4311 3605 

" 17 789 14552 


1.625p 

2.991p 


PROFIT 

Trading profit before 

depreciatio n and bank interest 3 1 61 2 604 

Depreciation 775 648 

Net bank interest 29 180 

profit belore iax 7357 1 776 

Taxation 753 847 

Profit after tax 1604 929 

Additional final dividend }976 2 — 

Interim dividend alreao,- paid 85 ES 

Proposed final dividend 134 127 

Profit retained in ihe business 1 383 733 

Earnings per share 37.8p 21. Sp 

Dividends per share 

Additional Final - 1976 0.046p 

Interim 2.000p 1 .625p 

Proposed Final 3/156p 2.991p 

Note: 

The figures for 1976 have been revised lo reflect the change in the 
deferred taxation accounting policy referred to in the Directors* 
Report. The calculation of earnings per share is based on eatnmgs 
of Cl 604 000 <£93? 000) and 4 248 320 14 248 320) Ordinary shares 
in issue throughout ihe year. 


The year's Trading 

During 1977 we have continued to make glass hollies and jars 
principally for the pharmaceutical, food and cosmetic industries as 
well as merchant! ng caps, fittings and plastic containers. 

In our Interim Report vwe said that we regarded our financial 
results for the first half of 1977 as betng satisfactory and that we 
would expect the results for the second half to he not less than 
Those lor the corresponding period Iasi year. We are pleased to 
report that we have achieved this expectation as the profit before 
taxation is E2. 357 .000. for the 52 week period compared with 
CT, 776,000 for the 53 week period. 

Accordingly we recommend once again the maximum 
permissible distribution for the year, which, taking account of the 
increased interim payment already made, means a final dividend of 
3. 156p !2.991p) per share which we intend to declare payable on 
12th May. 

Shareholders' Funds Increased 

This healthy improvement is matched by a very large increase in 
the shareholders' funds which now amount to £10.568,000. This is 
due to the addition io our reserves of a substantia! transfer from 
deferred taxation and a surplus on revaluation. 


Production & Sales 

During the first half of 1977 demand from the home market 
increased dramatically and we were able to increase our sales la 
record levels subject to ihe constraints o! Ihe stock which we had . 
available at the beginning of the year and our manufacturing 
capacity. In order to overcome these limitations and satisfy prior 
customer requirements, we decided in the second half of die year 
to import a limited number of pharmaceutical bottles. 

t)ur export sales reached a new peak of £4,31 1 .000, an 
appreciable increase over the previous year's record figure of 
£3,605.000, and we are nowrecognised as the leading manufacturer 
of pharmaceutical bonles in Europe. 

The £2,500;000 modernisation of our Rotherham plant which 
we noted in our fntenm Statement, will increase overall output 
some 15% by 1979. 



Export Soles 



Home Sales 


Plot it before lax 




Profit retained in tfv business 

Future Prospects 

We are confident about the future for glass containers although 
we recognise that the loss of production during modernisation of 
our Rotherham works and the competitive position of the glass 
container industry will make it difficult for us to improve on our 
record 1977 results during the current year. The 
benefit of the new production will become 
f" _J available principally in 1979 and it will be in that 

I | year when we will realise the ('.ill benefit of our 
. | j y. present substantial investment 


BEATSON CLARK 


To: The Secretary. Beaisoh, Clark 8 Company Limned, 
23 Moorgate Road. Rotherham. Yorkshire. S602AA. 
Please send me a copy of the 1978 Repon & Accounts. 


Company . 
Address _ 


"PRES8AN' TH 28 i l- ’ 

.25323 PRESLON G V V 

BANGKOK P.RESS SYNDICATE .-*■ 

r . . • . . ; • 

■ 5EAT0 SITUATION EXPLOSIVE: EXPECT. TE^RORliSW JN UNKNOWN CAPITAL. 


PRESMAL MA PG256 > . - »' Av 

gBB '2^323 PRESLON G . - ‘ 

SM PENANG PftESS- SYNDICATE - - V '' ;•/ vSV 

^^g SEATO SITUATION EXPLOSIVE:; EXPECT :TE1^0^I^4N UNKNCWN'CaPITAL.' 

.PRES.MAL MA KLU39 ‘ ‘ '■ • 

mm 25323 PRESLON G . " •,./ • - - “‘r . ; - 

i • "■ f* , . ;‘ 

KUALA .LUMPUR PRESS SYND1 CATE 

SEATO SITUATION EXPLOSIVE:- EXPECT TERROR UNKNOWN -CAPITAL. 




PENANG PRESS SYNDICATE 


m&m 

N 


Ip; 


By the time it gets to Hong Kong 
it'll have blown up anyway. 


To keep up with the news, you'd need 
a battery- of telex machines or phones, 
luck with the lines and lots of perseverance. 

No, far better to use a system specially 
designed for the job. The remarkable ITT 
6100 AUX message switching system. 

Type in a message: the ADX both stores 
it-on magnetic disc in a micro-computer- 
and rushes it automatically to all points in 
your network: 

Virtually simultaneously. 


or receive across the globe ihseconds.lt works 
almost as* quickly with the public telex system. 

• Banks and brokers use i t of course. 

But so do car, paper and chemical companies, 
to keep track of their scattered networks. 

Finally, recent, technology has brought 
this sophisticated device within the means of 
a far wider market. 

All the same, it still doesn't come cheap. 

. But you’ll never get rich selling yester- 
day’s papers. 


And if any ones busy, it keeps trying • 

regularly till it finally gets through. • ■ Sales Information Dept, Hollingbun; 

It will even sort out your messages in -Brighton BNl SAN- 0273-507111. 

~UHit ITT Business SystsmsITI 












Preliminary Restdts for the year 
ended 31 st December 1977 


INVfllNlflMWHHVtllli 


Turnover 

Pretax Profits.— — 

Dividend per share * 

Earnings per share 


1977 

1976 

£000 

£000 

21,612 

.18,580 

2,009 

1,958 

2.757p 

1.827p 

9.95p 

8.65p 


— Total dividend for the year increased from 1.827p to 
2.757p per share, covered three times by earnings. 

tv At the year end cash balances exceeded bank borrowings. 

The acquisition of businesses involving a reasonably 
high degree of precision and technology is being actiyely 
pursued. 

4f The response to the hew range of S tafia hydraulic motors 
is encouraging and further additions to tire range will be made 
in 197S. 


-vv No sign of a significant upturn in the UK construction 
industry but our overseas markets have proved more 
successful. 


CHAMBERIA 1 N GROUP LIMITED 

Hydraulic & Structural Engineers 

Copies of the "Report and Accounts wi ll he posted 
to shareholders on 19th April 1978. 

130 Buckingham Palace Road, London SW1W 9SF . 



Flnancial^'n^ies Tuesday- April ix 1978 f'". 


MINING NEWS 



liaison 


improves 


EXECUTIVES FROM the national' 
U>ea oil companies of Organisation 
of Petroleum Export ins Countries 
(OPEC) yesterday started their 
nrst joint meeting on technical 
resources. ’ v . 

Mr. Ali JaVdah, the OPEC secre- 
tary general, told the meeting In 
Vienna ‘that he hoped the 
companies could Cud a format for 
broadening 'co-operation particu- 
larly in the fields of management 
and technical cooperation. 


another carrying crude ou from 
Oman's major oil fields - in the 
north. 

PDO’s main foreign partner is 
Royal Dutch Shell 


* * * 
Continental Oil Company and 
the U.S. Department of Energy 
are embarking on a nine years-i 
project to test a chemical process 


ror Increasing nil, production. The 
cost will be $35.5 m. (£i8.9m.). The 


There are also expected to be ' vor ^ will .iake_ place in Wyoming 


informal discussions about the 
erosion of oil revenues caused by 
the weakness of the dollar. OPEC 
figures have suRgerted that the 
exporters are losing between 
Sl2bn. and 817bn. a year because 
of currency movements. 

* Hr H 


and the idea is to use a water- 
based hydrocarbon and chemical 
fluid to wash the oil out of under- 
ground rock formations.- 


Mitsui Oil Exploration of Japan 
has acquired 10 per cent, of the. 


THE United A„b Entires have ~E Sff 


prepared proposals for pricing -oil 
on a new basket of currencies. 
The aits is to maintain the pur- 
chasing power of oil revenues 
without replacing the U.S. dollar 
as the unit in which prices are 
expressed, Mr. Man a Al-Oteiba, 
the UAE Oil Minister. said in a 
newspaper interview. 

Earlier Mr. Oteiba had stated 
the basket should be in three 
tiers. The first, representing 70 
per cent, of the total, would be 
n bard currencies like the 
dollar, deutschemark, sterling and 
the Swiss and French francs. 

The second tier, representing 20 
per cent., would be made 
currencies of oil exporters and 
the third fier, of 10 per cent., 
would be in gold.' 

Last year, the UAE lost between 
and 9 per cent, of revenue 
because of dollar fluctuations, and 
this year the losses have risen to 
11.5 per cent., Mr. Oteiba said. 

★ H- * 

Petroleum Development of 
Oman (PD01. 


Central Oil of Indonesia. -A group 
led by Petromer Trend Coro of 
the li.S. is producing 71.000 
barrels a day of low sulphur' 
crude at the field. 




BY ICENNETH MARSTOft, MjJjUNG EDITOR 


WHILE Canada's gold, . mi nes * are 
not yet enjoying., the . buoyant 
conditions experienced . «tn . ..the 


leave the authorised 


;The Australian Government- S20m. divided . 

has introduced a' legislative -Wbl shares aTao cents. 

1974 bullion price boom thejCare ' package in ' Patfiamenb -atawta at 
reporting healthy..-. - ' earnings uranium mining under 

increases over 1978, repoirtS r John ^ in t * 1 £, NorttoraTemtory 
Soganlch from Tonmto. ■"'/ ' .. *7 r ear - T" e legislation, m six 

- _, „ - Bills, covers environment* safe- 

Camflo Mines, , for ■ example,, guards, protection of Aboriginals, 

which ■" — 

district 

“ V ,«Miv»uei»a payments later this y 

and Resources Monster, a The company omitted a 15 «, 

reportedly urging quick, actum. tfpl dividend Jor th“flrst qita- 
Development of uranium a . owing to lower prices for zin 
needed to start soon in the dry • ,_Cyprus Anvil said iho sh'- 
season ’rf overseas contracts^ are — 
to be met, he said. ' • ' 


Cyprus Anvttito- 
dividend paua-; 

. . ■ _• . guar us, p mutu on »■ hhwienud. r*i% m a na n V „ . - 

'hich operates in -the. -Mahwic and regulation of. miniiig ; and .- 


achieved an 81 per cent. jump Jh 
1977 net income to .v*CSr.7m. 
Cfl.73m.), or $Cl.oS ( p«r share, 
from just over SQm/'tn. lfi^t • 

Apart from the substeiiQajly ' 
higher bullion prices, the carapahy 
enjoyed increased income ..from 
oil and' sas operations' which 
contributed JCt.Sm. -toe the 
total revenue of SClfim. 


-ROUND-UP 


term outlook for the lead-?- 
industry is unchanged with 
, ttnulng strong demand for l', 
.but a surplus of supplies and 
prices for zinc. However, sc\: 
improvement ‘ is expected at". 
1978. - ■ 

New long-term 


Australian oil imports will 
triple to 600,000 barrels a day by 
19S5 and the cost will quintuple 
to SA4bn.. f£2.1bn.). Sir James 
McNeill the chairman of Broken 
HiQ Proprietary told the Austra- 
lian Petroleum Exploration 
Association. He urged the 

Government to quadruple 
“H. domestic crude prices to give them 
parity with itnnorts as soon as 
possible after 19S1. . . 

★ Hr . it 


■ French oil imports declined in 
the first two months of this year 
to 19.73m. tons from 21.1Sm. tons 
in the same period of 1977. 
according to Bulletin de {Industrie 
Petrollere. The overall value of 
the imports in January and 
was Frs.9.6Sbn. 


which is r.O per February 
cent, owned by the Government, /si igtn \ 

has made what it calls a “most ' 

encouraging" oil find in Dhofar DTD 
Province. It plans to build a 500 

km pipeline to link production The American operations of DTK 
fields in the province to an oil have been further expanded by 
terminal near Muscat. adding to the manufacturing 

Plans to cary Dhofar oil to a capacity of its subsidiary Permall 
new terminal in the province have Inc of Mount Pleasant, Pennsyl- 
been scrapped in' favour nf the vania. Total value of the Lnvest- 
new pipeline which will link wiib mem Is around 82.25in. 


Iron ore operations at the -Rio . 

Queenston Gold Mines, one of Tinto-Zfnc group’s Hamersley JP^erra lead-r.lnc s',, 

the smaller Canadiam Yntaing operation In -Western .Australia SSJF 3 -^,. J*'! , M been "*6“*U - 
exploration companies. : plans to . were halted on Friday following ^ 

■ - strike by members of the ot Jau 


take a working option on the -gnTd a 


prospect holdings of LCateford AustraUaT1 Workers _Umon.The ^“^ Me ^gcseUschaff of 
Mines in the Kirkjand Lake area “ Uon stemmed^ from thejieath ©V iS planned 


of north-east Ontario. 


nuhirduitii mungis uuiuh. - liic r* . r 

action stemmed from, the 4eath J.- 

of a man from pneumonia in planned production t ■. 

January. Four more iron ore yrar- 


« or i^gB,o f industry unions have joined., the ^ re Pwi . . ; - 

the -Golden Gate and. Crescent strike and others are considering work on P* k ’ 

properties from . which- Inter, joining in. Hamersley has. asked company’s An 1 .. 

mittent production . was obtained for the State Industrial . Comrals- X uho,u fc "P,-'' 

during the iMOs and- 1940 sl sion to hold a compulsory con- SJ? tJ^SSSSi 
Crescent is on ..the reputed, site leronce of the parties today. - • In the An 

of the onglnai gold discovery in- . + <U ™* C V . - . 

the Kirkland Lake camp in im . The Consolidated Gold Fields en^uhwred stSio “ of JO S'* ' • 
Queenston. which already -has group’s -Australian Associated feet of greater than- ll nerri-'-- 
extensive prospect holdings iii the Minerals Consolidated . ip I taking combined lead-xtac. 'The to 
area, is understood to' be planning with Consolidated Rutile to continuous assay section 
additional acquisitions. Meanwhile, jointly mine and process rtitile 84 feet of 6.37 ner oenLt*' 
Canadian Nickel, the exploration and rircon orebodres along ,'a. u^gper ml zinc end 115 ■ 

arm of fnco, has a -work; -pro- common lease boundary on the per metric ton of silver Arf 
gramme under wav on Queehston eastern side of North Stradbroke .tional drilling is planned this w 
cround which includes areas with Island. The joint • venture_ Is t b further delinea rethe depn'- 


from 


indicated ore tonnages 
previous operations. - 

Elsewhere in the area, Mr. Paul 
Penny’s Sudbury Contact Mines 
reports that “ in view of '.the 
current strength -in gold/ 1 It 
intends, -to resume exploration 
work on its .properties -In the 
Larder Lake section of -the 
Kirkland Lake camp. Mr. Tenna 


favonrak'- 
in-tl- 


expected to start in the first and to 'lest another 
quarter of the next financial year 
and run for an Initial period of SS secUon 
three years. - , J . _ 

Rond Corporation"* acquisition. WINING BRIEFS 
of a 25 per cent- stake, in crevott tim-. M arch rnous: its 
Endeavour Resources, the Mel- IS* 0 ?-- ®* at wl .n wh*** w rnnnr* bu 


bourne mineral and oil explorer. & ^ ‘ 

has received 9o per cent, approval & inmni. 0 












i(W . . . y- - ^ a poll -at Endeavour's extra- saint- niuii-PraiurtfM of de-W 

» .r®?- ov ‘? 1 . on t " ls of the ordinary annual - iheetme. - a: <I SI? , ni,es ror March: u.k. mi m ■ 

Atlantic for his successful Agnico- capital reconstruction ■ of the S - 

Eagle operations. - . ; . Endeavour,’ also approved, " wlU /SSS5,vc5^'^ r ' 


W orld Value of the Pound 


r- 


■ 






f^£ 










The table below gives -the latest available 
rates bf exchange for the pound against various 
currencies on April 10, 1978. In some 
cases rates are nominal: 'Market rates: are the 
average of buying and selling rates except where 
they are shown to be otherwise. In some cases 
market rates have been calculated from tho«e of 
foreign currencies to which they are tied. 

Exchange in the U.K. and most of the 
countries listed is officially. dontro Med and the 
! rates shown should not be taken as bein'; 

I applicable to any particular transaction without 
! reference to an authorised- dealer. 

Abbreviations: (SI member of the sterling 
I area other than Schedule Territories,- fk) 


Scheduled Territory; (a) official rate; fF) ft® '., 
rate; . (T) tourist ^rate; (h.c.) non-commercia 
rate; (n.a.) not available: fA) approximate rati ” 
nddfrect quotation available; (sg) selling rate' ' 
(bgV .buying rate; (nom.) nominal; (exC" 
Exchange certificates rate; (P) based on U.S' 
dollar, parities and going sterling dollar rate^ 
(Bk) bankers’ rate; (Bas) basic rate; (cm’" 
commercial rate; (cn) convertible rate; (fn 
financial rate. . . 


Sharp, flu creations ‘have been seen liRet. 
In the foreign exchange market Rates hi 4h_ 
-- table below are not. in all cases dosing rates 
.on the .dales shown., 



.a 


'■ V-'“ '■'■'i 

i -7> vr 

mv i 




hbpfio, 


AfcJl 


ivh'Stat^ . _■ ire nd wt 


Place and Local Unit 


| Afghanistan Afghani 
Albania Jjuk 


VaJde ot 

£ Starling 


ames A.Lu: 


In c 






| Algeria Dinar 

«"*> — 

| Anjpta. Kwvi» 

tnilgin E.Cinbt>emi 8 


15.80 

018,1886 

t-5788 


B.B4M 

149.40 

n.a. 

5.0712 


d -L,LLB: 


SSBSSSfii S. 


mess 






ar\' 


i ' 


contra 


1ual tofeassi! Utn inc °me in ^ 

«s inrj* U r?Ke and! '". res Pect of 


^ L 2 ased byV&yp 

f.!! ur a nehLc«tl er iodlnv ( 


h ls inreresf,v! ma,ris m 
$199 million j u ■ ,J n ? Co note 

1 cc 

Wc a ~Z'*P ec t8 


\rKentjrui... Ar. few i>ee K» ;te 

\iHlnlla (S). Auairalian 8 

bwrrh s4>-billlntr | 

Pumijt. Eicwtn.; 

Sana mas Ua. Dollar 
| rfanuliulei-b IS Tali* 

Bahrain (Hi... Dinar 

I dnleari" l«.... .S|«u I'ewla 
darlwIiHCjl LSartailcoSM . 


1.570 


1.8587 

27.15 

77.00 

1.0785 

28.70 

0.726 

148.40 

5.7W 




jS 


The™ --- - _ j- 1 ? raised 


He'd! ii m B. Franc 

IWIse. Bg 

UmiB C.P.A. Franc 

Bennnila IS).. Bttn- 8 

. dbulan In-iinii Kil|<H< 

Bi-livla Bullvlaii J'eao 




Previous trienn^ 6 rareS decarZZ^ ^'sh 
Sottish pZiT^^^dhZf tor ^ a 
° f ^t S tr°no t s ^ 3 ncialZ y - S ?y c ^t th 
prospects that 0ur is one 


Bnlmna fS). Full 

Brazil L’nirelno [I 

HrVIryin MS) fjj.S 

Brunei it) Brunei 8 

Bulgaria. Lt> 


Burma.. 


Kyat 


Bunmrti Uurantll Franc 


Camoron Rp f.F.A. Fmn.- 

(Jauaila. Canazilan S 

I -’aiiari'N S|anl-lil'iM(i 


ffcmi 58.80 
lirni >58.80 


5.755 

426 

1-3766 

15.674 

57.53 


1.56484 

31.67 

1.B7E5 

4.5275 

1.71 


12.858 


160.676 


M7I* 

2.1450 

140.40 


s °urce o^ ' UCed *-5' i» 

Bonus ye ar “"w 

fc °nus«M Ve % n aW e to^ i 
^ e c/ared’on ? amcu ^n the mt' a % re cord 
Policies forrh^^^Profit- 6 °^Qnus 

£? Onnz trie trienr,;.. assirm*. 


p n »V; v c:wa, «nt 0Ur ^ h °nu s 


c'a|ie Vfnlc l.-L'apr V Kwrylo 
| . Jay iin H I -.(Si Cay. I. S 
■Jeiu. Al. Kii .. C.F.A. Frani- 
k'hari I'.f.A. Fmnc 


Ome. L'.Pem 

fCliina Itannilnlu Yuan 




fnT - -'out 
fo twenty" 


mi 




' mnliia C. Hp^i 

I Ci'iimnii r.lh. C.K. \. Fmnt 

I L-iu-jellTile).. C.F.-.\. Kranr 
• "irii» Idi-a Ci iion 

I CiiIm Cnhan Pew 

Cviim- |S|...„ C.vtub a 


nji. 

1.53675 

427i j 

4271. 


lUhi 61.35 


5.1534 
(Ki 71.60 
427 1 B 
4271. 


L'zM'lirMlnrah. Koruna 


16.1579 

1.4165 

0.7075 

10.30 




years 


lVl 'tnesserf‘ n ' enin P P^rinTu thr <* ye- 

Markets J n c / lan ^ as cert am/y 




> ^amount 


Co 




Productivity if of mp^ude 

rea, PcohlenJor 'j al, r impend ^ /oi V 

r f cognised an Jrf. mdusti 1 ' ^houlTu ^ at the 

should not l d Aat the LZZ he fnmklv 

S^^SSS^ 

pitied th e rn!c, ? ce mdustn i c °P^de 

■ssagr^'^SS:'- 


Denmark Dan mb Krone 

Dill-«U Fr. \ 

DuiiiliiU'aiSi.. K. Caribbean S I 
Di.ru in. Ke(i... Unmlnluiil PesuJ 


. .nr 120.60 
7 iT.17.5B 
10.411 b 

Kb'— ri 

5.0712 

I.B7B5 


I Eanador Sult« 

■ Kayplian £ 


Sbivi* 


i Kllnnpla Elblojilau Birr 

I Fil'd (iiunea P«*»a 


(10148.75 
l(Fr 46.64 

l.OiD.iQj 
UTi l.it 

iP'3.8886 

149.40 


Falkland I'. L 


r t 


-.5 


i Falkland Za- 

,Sl • , 

, /at" l- l*aiiUb Knme 

lj«1- Fiji S 

Kmianil Markka 

Fiuti.v .. ..k. Krwnull Franc 
Fr. i.“i viiiAI* C.K.A, Fnmc 
! Fr. (in Inna..,. b«*l Franc 
Kr. i5o-. I-.... C.P.P. Franc 


1.0 

10.411; 

I.GOJ06 

7.80 

B.54i« 

4271a 

8.54 U 

155.318 




Plane and. Local Unit 


Uormanj^f^ » 

RhanriSi-.... 

(iibraltar (Ki. 01i>raltar£' 

litlliert la„ Aum. Dnliar' 

Greece... Dradum 
OreexiUnrt Danb.li Kroner 
Grenails fSl... K. Camltean g 
llimiiainupe^. Ur. a Franc 

L'JiiS 

Cuaieniala„. Quetzal 
(iulnoa Kcp„. ally 
fiiilneaWsHOU 
tiuiana (S) u .. Cuvancee S 

Haiti.... - One trie 

HuKlnrnaHeii Lem (lira 
H'lUjrKicc ftj) U.K-8 


-VaHtaef 

CSterliajf 




3.77 


Hun^ary._j_-. Fortm 


Iceland 1S)...'L Krona 
Iraila lal.T..— 1ml. Kupee 
I m Innesh. ...... Niiptab 

Iiwi ..•ui.'... Htal 
lraq....J.i.uI n . Iraq Dinar 

Iruli Ke|Hk|.. irlab £ 
luael Imvci £ 

Italy Lira 

Ivurv Count. ~ C.F.A. Franc 

Jamaica is>- JamawalWlar 

Ji|ait..„.„.. Ten 

J uni an IS) Juntas Dinar 

Kiuoparliea. Riel 

Keaia Kenya Stallllna 

Korea (Kfh)._ Wut» 

Kmn (Sthj... Won 
Kuwait tSth). Kuwait (Mw 

Laos....:. Kip Pur |Sii 

betnivrn ....... Lrlwnme £ 

beam bn; >. African Knnri 

1. Iberia Lllwtan 8 1 

Ul.ja Lilian Dinar . I 

Llei4n1utn>. Franc -J 
Luwrnbourn . Franc- > 


1.00 
1.8387 
GB.86066 
10.411s 
G.D712 * 
8A4U 
T.07B6 ' 
1.B766 
69.510 
77.124 
4J851 
; - 9.3825 
■■ 3.78 

; 8.652S 

j Inilhi 72.06 
i.ifiinc)58J5 
474J0 
15.67* . 
778.7475 
(A 1 152 
0.6454 
L00 
30.8886 
.1,59613. 

4271b 
2-B551 
- 415 

-0-5S5(agJ' 
226 1 J 
14.8148. 
.'L7B55(J) 
801.33 
0AM 
575.5 
6^4906 
1.626119 
1.8735 
(L103S66 
3.48 - 
58JBT 


Flaot and Local Unit 


Value ot 
£ Sterling 


i’VJi.i* £ 


n 

ii 


Pura^iiay OuanUi 

FldV JJ. Hjr 
of Teinro (ja^Yemen Dinar 


PhmpplMB-^Eb.pew 
Poland zioty 


Pbrnnra I ....... Pfcre. Broudo 

Pnn Timor.... Tlmnr KtoimIo 
P rmci|a* Iri*. I'erc. titcutkr 
Puerto Ricn... U.S. S 
Q"Ur .(.i) Qatar gyaJ 

Kmn im] 

lie ile-la PmcC Frana 
Khodena ltbudeMan 8 


Mnnan Pataca 

Umletn^.^.-.. l*utujj'aeB«wlra 


JlaJaaaay B(a. JiD Franc 

Uaaiwl (Ml.... Kwat-ba 
Ma-ai-aia nyi.. RidckII 
Jl»l Jive la.(£| Uar'Knpre 


Hull. Rp..l.». Mali Franc 
Ha'mcS)__. 


Mailw £ 
Mtrtlnlqnr ... Izcti Franc 
Mauntania^— Unsaiya 1 
UaurlltmfSi. M. Rupee 

Mtakn... Mexican Few 

ViqiMkHi .... t.'.F.A. Franc 
Munaca.....^. French Franc 

UnrtKQiVa .... TnanV 
U.wreerat K; Cumbean 9 

Mrnnxa. .' Dirham 

UoanilHqiie. Hw. Kauudo . 


9.5375 •• 
77.00 
4271s 
.1-67 
4.425 
7.575 
8.5414 
0.73 
0.541b 
85 SB 12 
11-6856 
! 42.65 

427 'B 
8J4U 
(OlSJJMkH 
I , S.67I2 
j 7J0(*B)' 
60-508 


Namfn.Ii — Anal. Dollar 

\-i«| Rupee | 

N.tlirrliDiii-. tiiuiilci 
N'tii-Aialet. AnUlluiirtSuild 
Nik 


Wo Uebrldea 


Aimi. Dollar 


Gabon C. P.A. Franc 

i/aiilhw Wl.... I'abuu 


Uatmark 


427 i n 
4.01 14 


3.77 


.V. Zealand '(S> Nj!. DvHar 
Nimruut'.-- CiwWa 
>iaer Rp...... L.P.A. Fronv 

Maetik nsL... .Naira 
NiaTn»r".'-rr ? ’ rw B- Krone 


Umanrti^nan- » BuJ Omani 
ale o» .{S>t- * 


1.6567' 
22.618 
4.0278 
5-6589 : 
1S8.06 1 
1.8587 
1-02385 
15.17 
427i> 
1.181(6 
9.8511 


pliKnanJa ... — Lav 

Rwanda Ilaindi Franc 

St. Christo- .. 

piker (SL... K. Canlibnn S 
3 t.itoana„... SL Helena £ 
SL UiniS).. LUrtliiiain S 
SL Pierre. — L-K-A. Franc 
St.VLmsnMi B. Caribbean S 
Saivartu Rl... Ctiluu 
■samua iAzn)„ L'Ji. S 
san MirifKi.„ I Lallan Lire 

San Tnme I'*.*. E-codn 

daruDAraWa. Kynl- 

seiwiCM UFA. Franc 

'ei'die'iee.—.S. ]|ii|<ee 
4»err l^'netS) 1-e«w 
si(Wipnre(*'l. 1rnp.piwc S 
ju'onwi l-dS) Au-lnltan S 
^tatnxil Rep... raun Sblilln( 
Hi. A(rlotlis) Maud 
’.W. Airman 
Teminrier fSj S. A. Uaud 


^wln-'.’. Poaeia 

*>raa.Fon«tq. 

Virllj Alma. Peseta 
sil Lanka lS.1 M.X Rupee 

suitan Kfl. Sudan £ 

Siirtnjun S-plaler ' 

Swaziland (S. 1 fJ^liKCnl 

Swtfclen. S. Krona. . 

.■swtfreriaud .. S*l» mine 

: Ttyrta £- 

Taiwan. >'cw Taiwan .1 CP|71^07 

hnmnla (S.L Taiu Sbllllng ; 14-SV 

Dnibin-I Bata 



Tofiir Ha. UP-A-THuSe 

Fimca U. RJ.I iVitnna " 


Trinblari ibj.Trln.A Tobago , 
Tuniata ...... _,Tiu»Wan Dinar \ 

Turkey Turklab Ura 

TuHiii J.-*a_ 

TiiPt'u Aostn'lanX 

Unnda <S.1. tig. Shilling' 

CM. Slate*'.~ L'JS, Dmiar 


I 0.647 


Pakurton --- ““!■« 

fttnaraji.,— Balboa 


Paj.iraIl j9.1R Kin* 


IB. 50 
1-8766 


13420&. 


frupBT ...... t'lugwy Peao 

CifLATiEmla. L'.A.U. Dirham 
L'.&SJt. Rouble 
Ijper Vidia.. UV.A. Franc 

Vatiran — l*™ 

Veiteruet*..... Bwlf«r 


Vienumi-Mbi Ding 



to 


CO' 


Hs* 

* * t e 


■ JC 

'^'VASAC 


VieTiMmrSthi Fiartre „ 
Vlrainl-.C^ OuHw 

rS) SMW»n Tala 


, |DI4.8» 

!■ <Ti 4.5711 li 
i 3.4716 
i 1.8755 


V**; 


Yemen ... Hr»' . 

Yucuaiena u.'Sew V Dinar 
Aura Ea-i— Zaire. 

7S*mMn ... ....'. Kwwha 


1.1291 




fljflFr »» 
55.8RS 
.U1D8H 
\JU& 






Thar part nf the French cnmnnmltv In Africa formerly 
nan of French West Africa or French Equatorial Africa. 
Kiiucv-. per pound. 

The Au^uiya has replaced me CFA franc. Tbe exchange 
wa« made ai a rale of CFA Krsa hi one unit of UM 
new currency. 


6 General rates of dl and Iron exports TSflU- 
D Based on crnrrateii.Maiiut Bwnuz rouble. , 

** Rate is the Transfer rijartcet teontroUed). 
ti- Rale Is Mir basedofl^ Barbados £ to tke dollar. 
t: Now one official rare. 








Thomas 


Bankers 


% 


Thomas Cook Travellers Cheques 








J 




1 



V 

I 


V r. : ,..v" , 

V 



-J 

* 

- ^F^aiiciai' Times Tuesday April 11 1978 

er to over £4.§m. 



ahead 



• -*S. 


• ? 


THOUGH MARGINS have not 
tenaiiy .. improved, profits, 
ore -last, of Hewden-Stnart 
- «.08m. to 

tow 01 ttC! year “ded January 
,* 1978. 

C , Sporting on the first half the 

ectors said that trading ooadl- 
J w 5 re ^terioratiog in some 
A\ “WJL improving zaode- 

i*. U|Virl ^* 0thers * «^ nd havl °S re- 
— • midway, re- 

‘ y ‘ considered that profits 

• f. tnp tflrnnrl rill I . 


2? iTS? JMtOU^-eQiu] The final dividend is 2.0S2p net 

per 50p income share for a 4.3 Wp 
(3.92Sp) total. 

The net asset value per £1 
capita] share stood at ZSljp 
(2232p) at the year-end. 


to 2&23p<l&28p) per /-share. 
Capital expenditure, exceeded 


iv . . 


4 . “ -—-~-n.ll.UMI U1UUW 

* r -' j i* cond six months would 

• ; 2*3 , ose of the same 1975-77 

“■ . the event- they, ex- 

: ; wed from £L85tiL .to £2 Jam. 

•- m the basis of turnover at 
" . m. against £52En„ the directors 

• -nt out that margins' are less 
- •» one third of the level 
. /“Cd appropriate by the Prices 

• . ard. 

.-Warnings per lOp share are 

• S? Is. *$, ?P fr °W '8-21P to 

22p The dividend is effectively 
sed from 1.145B7P to LP8839p 

• • fu a *V fraal of 0£6839p. A 
. “ner scrip issue, thiB time on a 

*• /ffor-five basis Is also proposed, 
i'"'- ■ j ny . „ changes jirisinar from 

- -i.. day’s Budget will be focor-. 

■ . 'reted m the final dividend. 

. rhe directors say tbar the 
seess of the group stems from 
spread of inter-con necled 
‘ (.1 vi ties and geographical loca- 

. ns. These have been augmented 
• ; ienrty by expansion into quarry- 
f. transport and Modern a king 
•i . Shetland and pipe fabrication 

• Glasgow. 

• These new ventures . should 
• ntribute to profits in the 

. rreni year; meanwhile the 

• ■ tial setting up costs and losses 
' ve been written off. All other 
. .’erational divisions improved 

■- ofils including the earthmoving 
. re division, although In this 
-" .-tor heavy plant, suffered 
"v ' .verely from a .shortage or work 
d “ suicidal rates," and incurred 
. bsianMal losses. 

. As regards the current year 
tprnaj figures available indicate 
at despite appalling weather 
. fee re has been a small overall 

'-‘-'tprovement compared with last 
i ■’ ' ar • - 

.The contracts division has 
. ’ cerrtly seen an upltzrn in 
* 'Anders and work obtained, and 
ibis moperience Is in line with 
e rest of Industry the .hire 

- • visions should benefit in due 
urse. The - unmanned .plant 
v-cion also shows a better level 

* activity. 

The crane hire division In wHtch 
group has invested heavily 
e 1980s experienced severe 
competition -in- Hie second, 
f last year and these xsens-' 
x _ lions continue. 

: . .The directors believe that the 
-oup is uniquely placed to benefit 
. .'om any upturn in national' 
..tivity, but even faffing this- is - 
." : HI in a good position to mainf 
■ ....to the progress of recent yearn 
Cash flow during the year was 


- asm. bringing the total invested 
in gxe last three years to. more 
than £83m. Borrowings Increased 
by some £6m. but gearing remains 
low and la adequately . supported 
-by. .the large cash flow, ihe 
directors state. 

As a. result of low profit 
margins and capital -expenditure, 
no material provision 'for tax is 
necessary and £7,131.338 is being 
transferred to reserves from the 
amount set aside for deferred ux 
In previous years. ; 

The results have hot been re- 
cast in accordance with the Hyde 
'guidelines. 2n the opinion of the 
directors, who are lolly aware of 
the- implications- of. linfiation, 
•** management is better employed 
managing than in . calcination of 
theoretical accounting fpnnulae 
the results of which are meaning- 
less to the Board, ipewaprehen- 
sible to management^ employees 
and most investors; and- useless in 
comparing companies -within the 
same Industry.** 


H. Cory 

meets 

forecast 


.V/Vvs 



• comment TV 

It has not been an easy year 
for plant hire, but even sa 
Hewden-SIuart has increased pro- 
fits by 31 per cent with -a small 
gain in profit margins to 7 per 
cent Plant utalifiatJon is still 
down to around the 60-55 per 
cent range, compared with a peak 
level of around SO per cent., 
though this could show a 10 point 
improvement in 1978. Plant sales 
can distort -the profits, picture, but 
H-S reckons that the cost of extra 
depredation (over flm. last year) 
from, new plant investment more 
than offsets the profits from plant 
sales. So the overall picture is 
fairly representative of the year's 
trading. Apart from the extra 
utilisation anticipated this year, 
a . small increase in' demand 
counted with a reduction in the 
amount of plant available (some 
of the smaller firms dosed down 
last year) should !«** the way 
opened Cor increased hire charges 
and improved profit margins. 
Crone hire may still be .slack in 
1978 but Hewden sees an increase 
in demand for. . «trfft-znoving 
equipment which should return 
that side to the black Jhls year. 
Overall, profits cbuld reach £6m. 
this year, which . should sdve fu o* 
port to the currenr ^Sld of Si 
ner cent, and p/e bf:af at 57p. 
Meantime net borrowings are 
J13*nr. -romreuref!"- '. vfffll? "share- 
holders 1 funds of £2 6m. 

• * . 


TRADING PROFITS for 1977 of 
Horace Cory and Co., the chemical 
colour manufacturing group, 
advanced from £405,918 to 
£334.437 and after interest 
receivable of £37,093, against 

£34,480, pre-tax profits were up 
from £440.398 to £801,930. Turn- 
over expanded from £1.80ra. lo 
£2.58m. 

in August, reporting first hulf 
pre-tax profits ahead from £170.000 
to £319,1100. the directors said that 
full year trading profits would 
not be less than £0.53m. 

Full year earnings are shown 

at 3.81 p t2.9lpi per 5p share and 
the dividend total is raised from 
O.SSSOp to 0.674Sp net with a final 
of 0.3375P. 


Tumovt-r 

Trading profit ... . 

Intcn-st rvct-ivflblc 
ProtU before tax . 

Tax 

Net profit 

Dividends 

Retained 

An unount or CISSJSS lias been traru- 
fem-d froin deferred tax to resi-rvi-s. 
bi-tnfj that pari V t de/erred ((ability whurh 
U unlibi-lj- lo haw 10 be mol In rorcsi-o- 
ablc future. 


1977 19TE 

£ £ 

2J7S.406 J.S5R.WC 
5M.«T IDj.WS 
3T.IN3 34.4X6 
SVX.U 0 
S3d,000 
353^30 

s5.no 
5S7.7M 


170.0011 

57D.3BH 

57.064 

aii.iM 


Beatson 

Clark 

drawback 


Owmg to an expeCLcd two 
month loss or production at its 
Rotherham works, 1978 pro/it of 
Beatson Clark is not anticipated 
to be above last year's record 
i2.36m.. Mr. .V W. Clark, chair- 
man, says in his annua! statement 

However, directors are confident 
about the future demand for its 
glass containers. 

The loss of production, expected 
in August and September, stems 
from the group's £2.3m. modern! 
sation of the older production 
shop at Rotherham. 

The expenditure will lift over 
all output by 15 per cent., but 
production will be lost as the uld 
furnace is demolished and a new 
one built in Its place. 

The benefit of the new produc- 
tion capacity will become avail 
able principally in 197U. 

To meet customer requirements 
in 1977 Beatson supplemented its 
own production with imports of 
pharmaceutical bottles. 

Export sales also increased from 
gl.Blm. to £4illxn^ with a subxlan 
tial incrvvsi' in sales lo conii 
nental Europe. 

During the year a revaluation 
of freehold properties produced a 
total value of £5.9Bm. — £3.2Km. 
above bone value. The surplus 
was transferred to reserves. 

There was an overall nef inflow 
of funds of £0J28m. (£l.06m.> in 
ihe year, which was put lo the 
repayment of a medium term loan 
of £D.75m. and a £68,000 reduction 
in bank borrowings. Beatson has 
arranged n £lm. medium term 
loan for the current year. 

Meeting. Sheffield. May 11, at 
12.30 p.m. 


Prospects mixed at 
R. Cartwright 


Increase 
Trinlevest 

Revenue for ' thi year to 
February ‘28, 1978, ' at Triple vest 
advanced from £942,960 tfiJUSm. 
after 'fax of £6101462- compared 
with £579.541. . ‘ . . 


Mr. J. C. Northam, the chair- 
man or R. Cartwright (Holdings) 
says that future prospects of its 
engineering operations look good, 
while those for the hardware 
companies are somewhat less 
certain. 

In his annual statement he says 
that while the indications are that 
the building industry is picking 
up, ■ no- one is s are ot the scope 
of the improvement If the 
recovery does come, he is sure 
Cartwright is in a good position 
to benefit 

The re-appraisal of its hard- 
ware production has continued 
and the results are now coming 
through in improved output 
figures. The lock company has 
also made a significant advance. 

During the year one of its 
engineering subsidiaries was 
moved to a larger factory and 


larger premises are being soughi 
for the other engineering com- 
pany. 

Pre-tax profit Iasi year climbed 
from £0.42m. to £0.67m.. with 
liquid funds increasing £0.44m. 
(£52.503 decrease). 

After additional depreciation 
of £-40,000, a cost of safes adjust- 
ment of £98,500 and a gearing 
adjustment of £25,000. current 
cos) profit is shown at £555, SS3. 

Meeting, Birmingham, May 3 at 
noon. 




MONEY MARKET 


v - K V^'T- 





Bank of England Minimum 
r Lending Rate 61 per cent 
(since January 6, 1978) : ‘ 
Conditions remained rather 
srvous In the .London money 
arket yesterday, with discount 
a uses keen to sell longer dated 
reasury bills on fears of a 
gnificant rise in Bank . of 
n gland Minimum Lentllhs Rate 
i the near future. The houses 
uying rates for three-month 
reasury bills remained above the 
’■igeer point, for a rise In MLR, 
hile longer-term fixed-period 


approach 


gates, were firm on 
of to-day’s Budget. 

. Day-to-day credl#was in short 
supply and . the jalhorities gave 
assistance by Mying an excep- 
tionally large amount of Treasury 
Mils from thdr discount hoi 
and a smaUr number of local 
authority 

Banks brought forward run 
down balances, and the market 
was also -faced with a substantial 
net take-op of Treasury bills, and 
the monthly adjustment of special 
deposits. On the other hand 
fairly large Government disburse- 
ments: exceeded ■ revenue pay- 


ments to the Exchequer, and 
there was a very slight fall in the 
note circulation. 

Discount bouses paid 5-5 £ per 
cent, for secured call loans in 
the early part, but closing 
balances were taken at 2i-8 per 
cent, indicating that the amount 
of help given to the market was 
probably overdone. 

In the interbank market over 
night loans opened at 5-51 per 
cent, and touched 5J-5 J per cem„ 
before falling to 3-31 per cent, at 
■luncb. Rates rose to 4-4* per 
cent, in the afternoon, and closed 
at 8-34 per cent 




Sterling 
Carrtficato 
of deporip 


Imsrfcwifc 


Local. 
Anti 


verniphC 

notice-; 
-itav- or j 
- .<*>'* aadce.. 
nr month.,...! 
mi munch!... 
IIW fiti/Dtbr 
ix m.intli ... 
ine innnUtH. 
ntr Itwr— .... 
iro i"e«r....... 


: {Local Autb. .Finance | . 

• { nenocteble . Hou*e ( Company 
‘ borxlr ’ Pepo»i!- 1 Dopo-te* 


Wv6t V 
6*4 -Ma 
7^-7 
7*4 -7 19 

B,irK 


3-** I ■■ rt 


wr 

7*4-e 


Wi^lTe 

•*a j 

7 i 

788-?^ 

9u-ai« 


! 078-610 

! 7*8-078 

I.. 8H-7TB 
. S*I-fl38 


578-614 

6*a-6fia 

6*4-7 

7i B -7it 

B-8) a 

8W 


4*4 


554 

7 

7lz 


- - I - 


Olflcvunt I Blijdbie 

ntnrk« Tree jury ( Dank 
rii-poalt BlllM- Bill* ■ 


FtneTnut, 
Bill- 


aia-SJf 


418-0*6 
618-5*4 ; 67x^^ 
6-618 ) S!A 6 

61| i 


61, 

6 it 

7 

7k-7ft 


7 

7»4 

7*8 

7*4 




Local BUdiorlUetr-antJ Gmutee - ftdoaev. seren dors' notice, others srwn dars’ flved. LOBg-ipno I oca} aulhorirr morvani' me 
imtnaUy three Sears iM-lti per m: four years lM-il per cept.: yesrs Hi-Ui per umt, *6 B*nX bin rates In table are 

iHnnc rates foe prime paper 1 Aqrta's raiia £or fhor-montlj hank bills 73jd-71 per eenL: foor-iuonUi trade bills 7J per cent. 

■ Approximate "seUlnB rale*- lor irnwnonUi TVwisuit WUs 5M l*u per cvijl; tvo-mtnAb 5»s> Per cent.; and Ihree-iunuh 
1132-s per cent- Appnmtmate'«niiw rale fttr. one-month bankJUBs B per cent.: mo-mo nth per cent.: a»i 'hn-v-momh 
< per cent. OOc- month trade bills 81 per cent.; two- month 7| per cent.; and also three- month 71 per cent. ■ 

Finance Hew SiM Rates- ran Ulshed by the. Finance Booses Association r 7 per ceaL Tram Aprtf 1, IPTS. Clearing Bank 
epesft Rous (for small stuns at seven days' uotloet 3 per. cent. CUiartM Bank Vasa Rata for lending G| per cent. Treasury 
.Ills; Averpjw rendei rates of diaeotmt 5JW1 per cent 



©ney**" 





AND GXDMPANY LIMITED I 

Manufacturers of 'Durham' Carpets 

MU JOHN IWACKAY REPORTS 

TRADING PROFIT WAS ACHIEVED IN DIFFICULT CONDITIONS 

"Redeployment and hew methods of working introduced into our 
factories are indicating greater productivity together with flexibility - 
essential ingredients when one must beversatile.in meeting customer 
demands. • 

it does not seem to be fully understood that profits are the lifeblood of 
industry. Profits essential for investment in plant or to keep pace with 

the increasing cost^of financing debtors and stocks. ' 

Perhaps one is .permitted a small degree of optimismas we see diminishing 
inflation. coupled with greater cost and price stability. Together these may 
release at least.a-part of the potential demand pent up by recent financial 
limitations and thus permit a greater use of our available production 
capacity for high quality carpets.'' 

1 In 1 977 we did not receive the 
benefits of regional employment - 
preraiplii (about £67,000) and t 
we hadto pay the' payroll tax 
(some £?8,000). * J y. ■ : . ■ ' 

i Ex'ports^ Increased particularly in 
Europefahd U^A, arid reached a 
-new record level. 



1377 

1976 



■ -£Q0fl's 

. Sal^s-Hiy5t)!n iiX ; T-;,yr 



7 hs'Qwt&fe’f \ 

z - 

'1/318 


^ ; 7,843; 

-6,349 

Praft btfors tac : ; 

: - ! 

- .382- 

f rofftsfferait 


. .'-187.. 

" Dfvfifiindfersiiarfe 1 - - 

. -azsp - ■ 

3.25p 


Freemaitfs Pkce, Durham City, DHllSH, England 

Annual General-Meeting will ^e /?e/d ar 7/)e ffoya/ County Hotel; 
Durham, on 3rd May 1978, at 12 noon 


City and 
Commercial 

Mr. R. P. Bleichroeder, chairman 
of Cl tv and Commercial Invest, 
ment Tru<st, tells members tha’ 
while revenue in the current ypaf 
is not expected to increTse bv 
as much as in 1977-78. a furthc 
rise in dlridond is expected. 

In the year ended January Si 
lflTC net tar.nd revenue irnre fror 
£372. J OS tn £ 4 2!>S5n. The d’viden 
ivns increased from 1 5?5p t- 
net. 

At the year-end investmen 
trosts accounted for SI rwr ren* 
(77 per r»n« ) of the (‘ompnirv* 11 
total inre«t-nen*s. .‘ Tho shav- 
prices of '♦hese have nBrfr>rrn n ' 
less w*U than iJic -tl.K muirkf 
fi« a whole, largely mPocri-tor t,tf 
hitb orerseas enn^nn! •In 
nsrets of in'-nsim-nt tru-ts. It i“ 
"T.ipriVd «hnt 23 ner rent, n* 
»hes“ atxets -ire iove^or! |n Nortl 
America. *ri»h 13 "«*r ceoL ir 
other overseas markets. 

In view of the uncertain ou* 
look the '■omnnnv's liqiiid^y wa- 
re ise'i to 7 oer cent. r»f total ass«* 
bv the yeat^end cnnrna«*d with 
3.9 per cent, a vear earlier. 

It Is proposed that the director 
receive by way of fees a Furthe r 
«nm not pvrpedine • £9.000 oe 
annum in tpial. Present ‘ ratp* 
a-a fii.300 fnr *h p chairman and 
£75(1 for each of the directors. 

"Meet mg. 117 Olrf Rrnpri Street 

E.c. WSy 4 at 12.15 p.m. 

8U co*»*T>anies. 

wound-up 

Orders for the compulsory wind- 
ing up of 82 companies were made 
by Air. Justice Oliver In the High 
Court yesterday. They were; 
Central ' Garage (Felpham). 
Waste rbolL. Cox Bros. (Mechanical 
Engineers), Henry Stone and Son 
(Furniture), P. and H. Transport 
and Pictographie Industrial Safety 
Signs. 

Express Staff Agency, Express 
Computing Personnel, Caleb Lee 
and Sons, Gowbrook, Heattoss 
Control and Hind Shield Guest 
House. 

Hubert Jones (Trawlers), 
R. Frith, W. Tomlin and Son, 
A£3. Guest Vision, Bar kin _ 
Marina .and Engineering Company 
and Bury Rood ng Contractors. 

Directors' Chauffeur Drive, 
Doweld (Pudsey), Hawkwtod. 
Teowroft Builders and Moyle and 
Moyle and Sons. . 

Mandonbrook, Camden 

Fashions, E. N. Oldfield Security, 
Pneumatic Tool Service, Proximity 
Switches and Rfcga Construction 
Company. 

Sturico Security . ' Geminiscan, 
WiUesden Plant. -Hixe, Groatlan 
Properties,. V,, apd A. Coopei 
(Nottingham), Modem Quilting 
Company and BrooWands Garages 
(Nonfood). 

. Triui and Co^ Venesta Inter- 
national, Commfrrcreft, Bluestee) 
Productions; Naside Propertiee 
and Bhaivmark Properties. 

Jarrold and Gvomhe, Tentair, 
Thames Valley Stainless Steels, 
Baiham Steel Protection Ser- 
vices^ KE.B. International Leisure 
Goods, ' Tally-Ho Electric and 
Mentage^ 

Gwent Meat Products, Veteran 
Tours, Roby and John,. Search' 
worth, Centremill and. Dane! 
Models. • : 

Martin (toel Associates. Planet 
Fumitnre, Penge Pbsiics, 
W. Meldram (Haulage), West 
Qacton Laundry, W, V. Taylor 
and Son (1909) and Keane and 
Gore. 

Alan D um ble ton, Riney 

(Civil Engineering), ' Gerald 
Vending Services. Road Machines 
(Drayton), Corehunt Properties,' 
Burdett Motors and Face Builders.* 

Advance Window and General 
Cleaning Company, Main Builders, 
Valcast Properties, Suede Style, 
World Reporting and Datmiroor. 

Eurospace Marketing Services. 
Vingt Trois, South Hants Auto- 
matic Transmissions. La VaMiere, 
Day Brothers Developments. 
TfUiome and Castle Design and 
Engineering Company (Swansea). 



{( you are a smaH user, you probably felt 
that you could never afford a Plain Paper 
Copier. You saved money, but. had to be 
content with less than perfect copies. 

Now, practically everyone can afford a 
genuine Rain Paper Copier. The Toshibafax 
BD-6CI reduces your initial outlay by 
approximately 30%. Thanks to a novel copy- 
ing technology from Toshiba It has u short 
warm-up time, and takes up little space. 

Technical Data: 

Dry process 

copying speed: 8 copies/min. 

.Multiple copying; 1-20 

Dimensions (w x b x h) 730 x 510 x 320 mm 


UON OFFICE EQUIPMENT LTD. 
Clarity House, Albert Road 
South Norwood 
London, SE 254 LQ 
Tel:: 01-6548122 

Please send by return 
complete Information about, 
the advantages of Toshiba 
technology: 

□ Plain Paper Copiers • 

□ Electrostatic Copiers 


TO 



Toshibafax BO 25S. The proven standard copier 
. — * — -Tor the srhaHer or average user. Eco- 
; nomical copies, using roilfeed paper 


. Toshibafax BO 704. The versatile plain paper 
- . copier for the average to larger user. 

Sheet by-pass provides double-sided 
W *L;, copying; will also produce overhead 
”“ r ’“ J " projection transparencies. 

Toshibafax BD 909. The plain paper copier for 
the larger user. Produces overhead 
projection transparencies. The sheet 
by-pass provides double-sided copy- 
ing Copy sizes range from A3 to BS. 
Optional reduction by 50%. 




B 7.\69 • alebur g • 

•25553 ALELON G 
BURTON DEPOT - - 


|; BEER DROUGHT CRITICAL - PLEASE DIVERT '-.ALL SUPPL.f ES. LONDON « ' v - 

t.-'NNN - • ■ • ’* '• - r 


I. " 557561 : ALECOL. G • 
• 25525 =-.- ALEtON G 


. ; ' V V 

• ■ • -I • ; l. 

, -I . • ■ . . v " . 

.;. ■■ :> ‘ ! v : V^-f 

■ % .-V- -y. 

1 EER VDROUGHT.’ . .CR 1 T 1 CAll -. PLEASE ' D \ VERT SUPPLIES 


aCOALV.I lleoepot 

; ; ;'beer : -i 

^NN(S 

'8MA6-1 ALEL'EK-G:- 


: •'H'Y-X"*.' 

< m'iw.'V'C - 1 


■ 25523 ALELON G • ■ ■ '. :< v' '.V f I 

‘ , .•./■ ■ v *’ -" • ■ • . • • 

XEEK DEPOT.; .. V ; ! * : : * •••=.,•- •-• s * 

DROUGHT- 


SEER. 




m 


Vy: 


X 


XS 








■■ :'s; : 




u 




By the ti me relief gets to London, 
theyll have died of thirst. 


You could be selling more beer-given 
a battery of telex machines or phones, 
luck with the lines and lots of perseverance. 

No, far better to use a system specially 
designed for the job. The remarkable ITT 
6100 ADX message switching system. 

Type in a message: the ADX both stores 
it-on magnetic disc in a micro-computer- - 
and rushes it automatically to all points in 
your network.; 

Virtually simultaneously. - * • ; 

Afrc| if any one's busy, it keeps trjing- 
regularly till it finally gets through. 

It' will : ’even sort out your messages in 
order of urgency. 

With private lines. the ADX can transmit ' 


or receive across the globe in seconds.lt works 
almost as quickly with the public teles system. 

Banks and brokers use it, of course. 

But so do car, paper and chemical companies, 
to keep track of their scattered networks. 

Finally, recent technology has brought 
this sophisticated device within the means of 
a farwader. market. 

... ... All the ^same, it still doesn’t come cheap. 

Neither dbes lost business for that 
matter. ^ *’ ' . 

Sales Information Dept.. Hollingbury, 
Brighton BNl RAN. 0273-507111. 

ITT Business SystemsITI 


v. 









APPOINTMENTS 


BIDS AND DEALS 


Financial .Tiihes $ 


Member Pacific Stock. Exchange 


Cadbury U.S. inquiry 



. !£> 


for Mi 


■f 

Mill 


Rowe & Pitman Inc. 


could be rigorous 


BY STEWART FLEMING 


A SWED^. aj^culmral needs The salary of Mr. PMim mil 
1 ..... . company Hilhafcog .AB poised the managing director 

• -to make a fulL scale- bid j^forth from £28000 ta-mm \ 

t -- • .mart, for Mito Ml*--, thi Lk? 

■ Norfolk based seeds .and- flant Me Watters, from SskjW' - 

breeding group. £3L000 •**wjou ..... 

NEW YORK, April 10. Hilleshog, which concluded a ‘ . 

• major trade agreement, with Miln ”2?2 ver ? b«b men are r : J [ 
j • 1 three Tears aao. already owiu 2S 4 entitled to commissions and . 


A vacancy has arisen on the London Sales Desk of Rowe & Pitman fnc. This company, which is 
based in San Francisco, prorides an increasingly effective research-based coverage of Western 
United States Equities mainly for institutional clients in the U.K. and Europe but also for oriier 
institutional clients both in the United States and. through the parent firm's -other overseas 
offices, elsewhere in the world. 


■ ci j » iHwouiu^ ,»»um iuv vase, ii was mem - i — . — — * 

by Federal anti trust authorities, able to establish, partly because The m.iKi cent shateholdmfr This I™*”®’ 1 ** profits, exceeded:.' V 

Federal trade • commission staff it lacked any signifiraatU.S. base! «Snoo nta?*?*!22i 0a 13 Would take *ts stake -above, the cent of -group -net tangl'- 


Applicants should be aged 25-35 and should have at least five years experience of the American 
market. As indicated above, most of the work will involve dealing with institutional clients and 


it is important that applicants should be aware of the needs of such clients and have die 
necessary personal qualities to enable them to represent the company ar a senior level. 

We are offering an attractive remuneration package of salary and profit sharing bonus wirh non 
contributory pension scheme incorporating good life cover. Subsidised luncheon facilities. 

Apply with full CM. to: 


P. N. 5mrth, Esq, 

Messrs. Rowe & Pitman, Hurst-Brown. 

1st Root, City-Gate House. 39-45 Finsbury Square, London EC2A TjA 


potential competition case against 
the merger. 

FTC sources wfll not comment 
In detail on the case following 
last week's announcement from 
Peter Paul that an investigation 
is undefr way. But there are 
grounds for believing that the 
FTC's interest goes' beyond the 
“routine inquiry " which the 


Federal trade - commission staff it lacked any significant U S base, ssonnn nb.-T*^»T “ wouW taKe , Its «*• cenv of -group -ret- tangf- 

will be inquiring into the pro- that it vrasnoti pctenUal enS 30 T> er cent, level at Which,- under a^ets. - .. 

posed $US.58in. f£3lm.) deal to into the UJS. market for industrial n City Take-overPanelrules, it must - Wow ^ the. threshold for com*; '•*. 

see whether they will be able to gases. .J^™*\* a< ; h ?i„P^2. dta make a full bid for the renaming rions has been raised- to. 20.& ■' • 

mount either an actual or in ® aggregate of £425,00Q for three shares. " . 1 ■ .;.,cent 'of net tangible assets f : -' 

on case against ^ t0 Jafl “ a ry 31, 1981 with * Hilleshog intends, provided ft rate dropped to 2 per « • 

\T!?R ronnixmo max i mum payment of £300.000. gets the necessary Exchange <Sm- Mr. UcWatter* and J«c.. Birch h?.V ” 

ii not comment FCCCiVcS _ F °r the year to July 31, 1877 trol consents, to bid 200p hash for also waived their enticement* 


case against ^ , ****? t0 31, 1981 with * HiUeshog intends, provided It £>* rate dropped to 2 per « ■ 

AITT'D nm i mam payment of £300.000. gets the necessary Exchange “Con- Mr. UcWatter* and J«c.. Birch h?.V 

at comment IclClVcS ; For the year to July 31, 1877 trol consents, to bid 200p hash for aLso waived their entitlements 1 ! T 

e followin'* pi wm o-c Links sales are £1,008,000- and pre- the- outstanding holdings — under year to commteslons result 

•ment from dLZ. /IT 1- OlTPr *“ ^54,000. compared with the same terms it agreed to from the acquisition. • 

nvestigation 7 “ £1.262,000 and £248.000 in the -pre- -acquire its further 14.8 percent 

there are fnr rhamnnhu’c rious year. Net tangible : assets stake in the group. The bid would ^ ' •- 

» that the V^UdHipilCy S stood at £591, OCX) as at July 31, ^ue Miln at more than JZ&m. GRE SOUTH C • 

beyond the A single bid of some £2.7m. 1977 a“j *“« that date the. The Mijf ^^^^than^rte upi. r4 «. ni! . T 
which the appears to have been made for capital has been increased .by t* 0 . Hdleshog representatives Ar.ClCAlY DEAL r..-- > 


gre south 

AFRICAN DEAL 


Are you on a 
salary plateau? 


If you are. could you manage on a start salary of 
£6.000 p.a. whilst learning a new career ? 

At the end at two years, perhaps before, your annual 
income should be about double and will continue to 


We are seeking 1 or 2 addition 1 : to our sales staff in the 
undermentioned areas; no overnight or away ham home 
travel Is involved. 

- Career-minded oersons aged between 25 and 45 
-seeking permanent interesting and financially 
rewarding employment should tele phone the Area 
Manager nearest your present home or business address. 


EAST ANGLIA 

Brian Harries. Ipswich 58509 
WEST END 

Emil Lowenstein or Stanly Leibovitch. 01 -636 6628 
WEST LONDON 
Barry Marsh. 01 -992 7732 
ESSEX & EAST LONDON 
Sidney Singer. Brentwood 211511. 

NORTH LONDON & HERTS 
Mike Hudson of Malcolm Gordon. 01 -445 3643 


Confederation Ufa Insurance Company 
(of Canada) 

Established 1871 

960 High Road. Finchley N129RY. 

Assets exceed £800m. 


Ponfederation Life 

^ *■ i- iniXUBxMec enwtxiii, * 


Our Companies 

ALSAR S.p-A. and ALUMETAL S-pJL, 
both belonging to the Italian State Group EFIM, are the leading 
Italian producers of about 260,000 tons of primary aluminium 
annually, particularly billets and properzi rods, with a total of 3 
smelters on the Continent plus I smelter in Sardinia. For the 
purpose of penetrating the U.K. market we are now seeking a 
suitable candidate to act as our agents in the U.K. and invite 
the interested parties to submit their applications with full details 
of their activities in writing to: 

ALSAR S-p-A. — ALUMETAL S.pA. 


Attenton Mr. G. Gable 

Via Alserio, 22.— 20159 MILANO (Italy) 


LEGAL APPOINTMENTS 


GROUP 

SOLICITOR 


THE WEIR GROUP LTD 


The Weir Group Limited, the holding company 
of an international group of. companies whose 
activities include, engineering, steel casting and 
desalination, invites applications from admitted 
solicitors for the post of Group Solicitor. 
Located at the Head Office in Cathcart, Glasgow, 
the Group Solicitor will report direetjy to the 
Group Secretary and the duties will involve a 
wide range of challenging company and commer- 
cial work in the various fields of activity of this 
expanding organisation and will undoubtedly 
appeal to those with a genuine interest in 
making a career in industry. 

Salary and benefits will be commensurate with 
the successful candidate's experience and will 
reflect the responsibility of the position. 

Written applications, together with curricula 
vitae, should be submitted to: — 


A. H. Howie 
Staff Manager 

THE WEIR GROUP LIMITED 
149 Newfands Road 
Cathcart 

Glasgow G44 4EX 


HONG KONG 


World-wide Federation in the music industry 
seeks experienced lawyer (Barrister, Solicitor or 
equivalent) and administrator as Director of its Hong 
Kong office covering South East Asia. 


The work involves litigation and advising on 
legislation in the intellectual property field. 
Experien.ce in this field or in international law 
helpful but not essential. Extensive travel in the 
area will be necessary. Knowledge of Chinese an 
advantage. Salary according to age and experience: 
approximately HK$ 180,000 plus local allowance is 
envisaged. 


Written applications, with curriculum vitae, to 
IFPL 123 Pall. Mall,. London,. SW1Y 5EA, or from 
outside Europe to IFPI, 2603 Connaught Centre, Hong 
Kong,' envelopes in both cases being marked 
“ Private HK.” 


PUBLIC NOTICES 


SUFFOLK COUNTY COUNCIL 


DEVON COUNTY COUNCIL SILLS 


6i,%. AfMUutlant totalled £8.750.000 April, T 978, maturing 11th July 1378. 

£1.0004100 BUN P^nd- «•£%,« ^-.^apgH.g , w 


WANTED 


NON -EXECUTIVE DIRECTOR: Dl-eclo- 

ln early 40s. with several years of 
board 100 m expei icnce at the iop ol 

8 major Industrial public company, 
seeks further non-exeeutlva director. 

ship, /consultancies. Write Box A.6315. 


Financial Times, 10. Cannon Street. 
EC4P 4 BY. 


COMPANY 

NOTICES 


Cadbury Schweppes finance ‘Champney’s health farm and the Injections of a fiirther £1504)00 appointed ^at the time of the trade Guardian Assurance Holritn- -' 
director. -Mr. James Forbes, said oj^erUJC private health business “sh- : to rB raiS :0 ^ 0 ^l2l n8 tbe - 66 -l’®*' -cent-owned So/ - 

last week was under way. of Allied Investments, the nurses n ^ a n ^ Hon African subsidiary of GnartL''- 

Peter Paul, although a re la- homes and medical exports group t-rr V nrv TAiimvir . pendln an Royal Exchange, is to raU^;' : - 

tlvely small corporation In terms wtirch is bein" taken ov?r for Kt LLU CK TALKING *„ Th ™I a zf allows M ite stake in Liberty Life from 65 4 

of the corporate giants of the , by the State-owned WITH BELGRAVE- g Bnt ' *° 77 Per cent .at a cob? ; ' 

U.S., had . sales revenues of National Enterprise Board. The K . „ . 55^ s ®,^ in RllAn. .... 

5100m. last year and is. never- many other parties which had lSl^/^ d r B ^ ?Tave - The deal is being effected^ '; 1 ' 

thelesk. a significant force in the shown interest in buying parts of ® ^ Cas ' ■J ari eties'-- The Guardian purchasing- the Lz”l • 

UJS. candy and confectionary the business being sold are conse- f p -R _ ri ul . for a ° shares in Liberty owned l^Mu ‘ 

market. quenily being given a chance to *2} a fa « ur ers Ufe of Toronto: *! : 

Asked this morning to identify make a higher offer before a cor> . UDd £^ 5?- t i erm . 1 ?f ^ evenI 9f a The consideration . values *'?■- - 

its main competitors. Hershey elusion is reached on the single 111311 oWing at roughly 900c per sh»,. ; 

Foods, the industry leader with bid. .-° f „ aU - Ti ^ e 23 P® r ceaL stake the .group. - against Liberty's current prieS i 

sales of 5670m. last year, named It has all along been intended T A - - 1,073c. Guardian Assurance isii.W 

Nestle, the Swiss concern. Cad- that the private U.K. medical SjffS 3 r a i rtiblc Loan 1VARF> t VHI I'F • ••* - '. 'finance, .the . acquisition . by r’ 1 

bury. Mars Inc. and Peter .Paul, interests of Allied should be. sold TSZLSLEKfc ^ue oZ Jk. .BMerane.. 


a’ mereerbenveen Cadbury; off asjt M wiUbe '^ de “ 

hich mamifarfiiroc in thu lis suitable for them in he held hv a course. agreed bid by the Ward While issued ar iflfle amt uriii 


NOTICE 


which manufactures in the U.S., suitable for them to be held by a 
and Peter Paid, would therefore State-owned body. 


te course. agreea our oy xne waru wnne issued at 100c and wi I - • 

It was stated in December'tKat group for Betts and Broughton, a coupon “ not^rSter ftaifS ■ ' 
shock already held some 441 private industrial -footwear com- nerVont- 


ANNUAL REPORT OF 
SANDVIK AKTIEBOLAG, 
SWEDEN 


Notice ii hereby given dux copies of 
Che Annual Report of Sandvik 
Ahdeboleg covering die 197? auivioei 
wrll be anJfiMe — from Mi y 10. 
1978 — at dw offices of: 


CREDIT SUISSE WHITE WELD LTD. 
122 LexdenhaM Street 
London EC2V 4QH 
SANDVIK AKTEIBOLAG 


ZAMBIA COPPER INVESTMENTS 
LIMITED 

(Ihcornoreiee In Bermuda) 


NOTICE OF SPECIAL GENERAL 
MEETING 


Notice Is accordingly nerebv given that 
a special general meeting, ol the members 


ol Zambia Copper Investments Limited 
will be held at the Bank of Bermuda 
Building. Front Street. Hamilton. Bermuda 
on 2nd May, 137B. at 10-00 a.m. for 
the purpose of consider [no and. If deemed 


in Cadbury's U.S. operations by the NKB — has put in an offer, staKB - - • i . 

already, the proposed deal could jointly with others, for Ghamp- $0 

also raise issues under the ney*s itself. But it is believed that ‘ TTTPlVPn ATMT) T> 1 j ■ ■ ■ ' i V- 

potentiaJ competition category. he has not bid for all the interests | tolO’AfV^ AYTIilllnC III 

Here the argument would be offered for sale. INfcWALL M-J V'JVLf dJLlUi^ JIJLa 

that if Cadbury did not acquire There is thought to be a good- Turner and NcwaJ] and S. A. 

Peter Paul itself, it would spend deal of pressure for a quick dcri- Du Ferodo o£ France, have in- X.T 1 ■ j * ' 

the money expanding its own sion on the sale to remove the creased their stakes in Bureau l\ PW /jPJ ll£)TTff '• * 

operations In order to compete rlsk of staff being unsettled by Technique International SA (BTD J- ^ V/ TT AJVtuaUU 

directly with Peter Paul. The Prolonged uncertainty. Sale of ,>f Belgium. 1 v i 

acquisition of Peter Paul by a «J me ^terestt ; to one purchaser The British company, vrtrich has Dalgety New Zealand, a eub- Kay, which will be repaid over 

Cadbury would' therefore tend to w °uW resolve the matter quickly. 8 i 0 per i ntCTe8 t ^ Ferodo, «diaiy of Dalgety, has contracted next six years: 

diminish potential competition. increased its stake in BTI from to acquire the capital , of C B. The contribution of Kay. i 

The pofentip] • competition GDOWTH enp TTTT% 31.8 to 68 per cent, and Ferodo Norwood, the leading' New Zea- Rowa ter pre-tax profiti; for lflL, 

argument was used most recently from 14.9 to 32 per cent. land distributor of agricultural was £3.8 ol, reduced to £Lra aflP 1 

m the context of a foreign take- tlNOLfNhfcKIIND BTI is a malar dktrihntor «f machinery.. Consideration for the tax and mfnorifes • 


Dalgety expands in 
New Zealand 


tnai com pen non. _ increased its stake in BTI from to acquire me capnffl.qi U b. The contribution of Kay. j 

itipl - competition GRAWTH priR Tim 31.9 to 68 per cent, and Ferodo Norwood, the leading ' New Zea- Bowa ter pre-tax profiti; for 1K-, 

used most recently r-^r r4~n rivT^ UAU * from 14.9 to 32 percent. land distributor, of agricultural was £3.8 ul, reduced to £Lm afTp' 

of a foreign take- tlNDUM ttKIIND BTI is a major distributor of machinery.- Consideration for the tax and mfnbrites ' ■ • 


in the manner required Hv the laws ol 
Bermuda, the following resolution as ao 


ordinary resolution, namely: 
" THAT the actions of 


the actions ot the directors 


111 in enter l no Into an agreement with 
Minerals and Resources Ccrna ration 


Limited (a true copy of which, signed 
lor identification oy the Chairman 01 
IMS meeting, has been laid before Mils 
meeting! ana til) In arranging for ZCI 
to co-operate In and assist the restruc- 
turing of the finances of Botswana RST 
Limited and 8CL Limited as described 
In the recitals to the said agree- 
ment and In tne circular containing me 


notice convening this meeting, be and 
the same are hereby approved and con- 


firmed." 

The undermentioned documents are 
available fat Inspection during normal 
business hours on any weekoav except 


over by the FTC in a suit brought United Engineering Industries auto components and manufac- Norwood Ordinary wiH 7* the ' Net assets of Kay at end tfo - ' 
against BOC International follow- is acquiring Link Electronics, a tures water pumps.' issue of 3.75m. new SI Ordinary totalled £41 .1m. before bomnriifir ■" 

• . shares of Dalgety New Zealand of £2ft£m. Kay is- an imernaiitm- 

-w-w . _ _ _ _ _ , ' ^ ' plus *187^90 in cash. Based on trading company which owns ta' .' 

C. E. Heath acquires 80% of . ^ 

* Net assets of Norwood at March has acquired from Aromatic 

lH • i 81, 1977, were 510.3m. 'and the International the. name, busines 

VAVft ABU 31Vtl1AI , lXri*1T , AV l profits after tax for the two years and assets of De Monchv An 

IF I SUCIB Ifliltlcrwria Cr Man * 3 1 * and 1977, mattes which is a merchant an 

JiL J*. uUIIJLBvff.lL/ A. f T A ts-vl were 5926.000 and 51,583.000 res- dealer in offs, aromatic chemire 

• pectively. In addition DNZ will and aBIed raw materials. Th 
C E. Heath, the British- allotted 1,803,932 Ordinary shares, beneficial holding of 82,956 shares acquire the 500.000 51. redeemable purchase price was somethin 


Saturdays and public holidays up to and 
Including the date of tins meeting at the 


including the date of this meeting at the 
registered office ol the Company and at 
40. Hoibore viaduct. London ECU’ 1AJ. 


England, and 44. Main Street. Johannes- 
burg. 200f South Africa:— 


(a] the agreement between ZCI and 


based insurance brokers and representing a holding in excess in the company. However, Preference shares of Norwood at over £200.000. 
underwriters, has agreed to of 5 per cent following the death on Man* 16 Par for cash.. •" Mr. John Duffln will continu 

acquire an 80 per cent stake in British Electric Traction Com- of British Vita’s chairman. Mr. The capital of DNZ will be as managing director of the eon 

a French underwriting agency pany: Mr. C. J. Cbataway. a Norman Grimshaw, Mr. Connelly increased from 20.976.488 shares parry. He wfll be joined on th 

Group* S prinks SA in a deal director, has acquired 1,000 has been named as a trustee in to 24.726.488 shares, as a result Board by Mr. Antonie van Ekr 

worth more than £4,7m. Defered Ordinary shares. the will. As a result, he is' now of which Dalgety s holding of 14m. nn d Mr. Arie Niurteren. preside! 


Minorca referred to above and copies 
cf documents setting out the original 


Indemnity arrangements between 
Mi no reo and TCI. 

ibi the Incorporating Acts ana Bve-Laws 
o> ZCI. . ’■ , ■ 


Heath is paying around £1.6m. Halma: Mr. P. G. Wells, a non-beoeficially Interested in shares wtll fall from 67 per cent. ? nt j vice president respectively.! 
in cash and the remainder in director, who was allotted 17.000 4050,678 shares <12.5 per cent). »*> 3* of the total. Kay. 

shares— whtch last night dosed shares under the share option Based' on a consolidation of the 

•T.aaap. Payment is to be Staged scheme on April 5. has sold 1 1,000 BLAKEY’S DPVrDEND earnings of Norwood and DNZ or - r T 0 

over .two years. The deal is shares, retaining 6.000. Mr. C Q. Rf<SF IN nnilRT r&r the,r fi^owal years ending FERGUSON SFLLS — 

subject to all necessary consents Summerhayes a director has LIUUU 1 in JS77 rlle earnmgs per share ttt r mr ctat/t: 

being granted by the French and. been allotted a further *17000 Th® pleasure of shareholders of DNZ would be imnroved from IILL.lnHj aiAKt 

British authorities. shares under the scheme of Blakey’s Mafieahle Castings 30.7 cents to 324 cents. Ferguson Industrial Holding 

The group said last night that Together with 16000 shares ovxer the ^croa 3 ® in the offer Norwood holds the franchise has sold its. entire holding l 
it was seeking to strengthen its aJI Q rted on ADril 5 ' he has now price now that Allied Insulators throughout New Zealand for the Thomas Tilling, which it receive 
European operations which It had pvercKed in full his* cations over ,s tIw? bidder, must be tempered distribution of Massey Ferguson -Jn exchange for its holding i 
regarded as - being rather weak. 3 , q^. shares Mr Qummerhaves by the news that the big dividend tractora.- It also distributes a Liner Concrete Machinery. 

It did not rule out the possibility h ' . d ig onn chares and^ is increase promised at the time of wide range of other agricultural The proceeds of sale, net of a! 
of further acquisitions in Europe. ■ 17 n nn Following fhp th e Centreway bid, is now un- and horticultural equipment, in- expenses, are £lm. cash, whiel 

Sprinks acts as underwriters pr ,7^ *„ ifr Ukcly. eluding Ransomes and Farmhand wfll be used immediately * 

for a number of leading insurance (5 lim _.' h , u „ nanitai In the official offer document products. It operates 12 whole- reduce bank borrowing, and ii 


Icj tho annuli report, ana accounts ol 
ZCI for the two financial voai-s ended 
.. 3Uth June. 1*76. and 1977. 


(d> letter dated 7th April. 1978. from 
KMnwort Benson Limited confirm- 
ing its consent referred to In this 
circular. 

(ej coov ol the agreement dealing with 
services to he provided tor BCL hv 
AAC as more particularly desreibed , 
In Paragraph 2. ol the Appendix i 
hereto. 

An announcement regarding the out- 
come or the- special general meeting will 


FPRGUSON SFLLS 
TILLING STAKE ' 

■Fei^rasbn Industrial Holding 


be published In the press on 3rd Mav. 
1978. 


A member entitled to attend and vote 
at the meeting Is entitled to appoint 
another member as his proxy, to attend 
and. on a poll, to vote In his stead. 


Sprinks acts as 


In the case of lolnt holders of a snare 
the vote ot the senior who tenders a vote. 


for a number of leading insurance o.,_ m ™ ‘."*j In the official offer document products. It operates 12 whole- reduce bank borrowing, and ii 

companies in Europe and places . . ^ y 1 p ^ sent to shareholders yesterday, sale and retail outlets and has the longer term to finano 

a large part of its business with ® ul c re a-'*a 10 6.ao0^»o snares. Wr pj pj Kay ^ c p a j rmant says gj • sub-dtstributo rship .arrange- expansion plans. : 


wtietlMtr In person or by proxy, will be 
accented to the exclusion of the votes 
of the other joint holders and lor this 
purpose senior Kv shall bo determined bv 
the order in which the' names stand in 
the register of members in respect ol 
the lolnt holding. 

A form ot proxy to enable sham- 
holders lo vote for or against the resoln- 
tton Is enclosed for those members who 
wish to be represented at the meeting 
nut whn am unable to attend in person 
Proxy forms must be returned to th# 
company ! registered office or to th# 
Offices of the local share renl«iT*rs in 
the United Kingdom or the Reoublk ol 
south Africa so as to arrive at least 48 
hours before the time appointed for the 
holding, of this meeting. 

Bv Order of the Board. 

_ . D. F. ELLIS. Secretary. 

“UrnonjaC* 

Bermuda. 

10th April. 1978. 


MINERALS AND RESOURCES 
CORPORATION LIMITED 
(Incorporated In Bermuda) 


a large part of its business with " uwra. Wr pj pj Kayi chrinnan. says 51 • sub-distributorship > arrange- expansion plans. ; 

London "brokers, including C. E. cmpcTfiMP cm f that the E6 P er rent - increase in ments with- dealers throughout The cost, of ll>e Fennison hold 
Heath— which is mow hoping to ,J^rnr»Ti^rii.rr the dividend is now “impossible New Zealand. - - Ing in Liner was £454.971: caplia 

increase its share of this business IINDtPciNDENT to predict” because future divi- • . gains lax of some £163.500 wil 

as a result of the deaJL Morthern Foods has failed in dendpollcywill be inthehands mDPnDATimu become payable, in January 19S0. 

Sprinks currently controls a iM hitieriv ennte<fti»d tikenvpr hid ° 7 Allied Insulators if the bid KAY' CUKrUKA HOIV 

A 0f *n O ££5n lor l^S^SS^SS^S. through.. ^ Bowater Corporation r rF nONG INV 

thPt Sn?£ks^ad ham-based brewer-worth around Ai CRFD I flTIf Hart announces that its U5. subsidiary, GEDO D IN . 
tor Heath said that bprmks naa £|g m After receiving acceptances ALrKcU LUL KHAKl Kay. Corporation, has exercised Its Shareholders at Gedong lows' 
a good prom record mu wou r^prpspnting only 4 per rent, of The offer by Irish Ropes for option to purchase for approxi- meats AGM yesterday decide 
aM consiaerabiy to oevmopineni s^lpstone’s equity, the offer has Alfr-ed Lockhart has been mately Sum, the remaining not .to approve a resolution t 
2* th e European mieresis oi me nQW i apse< j accepted in respect of a total of 1.192J92 shares of Kay common dedare a final dividend in a mor 

C. t. neatn group. 742.648 shares (97.71 per cent.), stock bfeld by Bowater Holdings designed to facilitate the acre^ 

SHAKE STAKES BRITISH VITA The cash offer has now closed; Inc. 7 ’ bid; for the group from Consol 

Ware Group— Following direc- The auditor of British Vita. Mr. the share offer is now uncondi- Bowater Holdings Inc. continues dated Plantations, which is a sul 

tors acquired shares on April 3 C. Conn elly, has sold his entire tiona! nnd remains open. to hold S9.4m. preferred stock of sidiary oF Sime Darby Holriin-:s. 

at 33p as follows: N. H. Castle. p . - ~ 


GEDONG INV. 

Shareholders at Gedong Inves 


NOTICE OF SPECIAL GENERAL 
.. , MEETING 

Notice If accordingly hereby given 
that a special qcncral meeting of the 
members of Minerals and Resources 
ConxwaMon Limited will be held at the 
Bant: ot Bermuda Building. Front Street. 
Hamilton. Bermuda, on 2nd May. 197B. 
at 9.30 ajn. tor the purpa r .e of coicider- 
Ififl and. If tleemoa fit. passing with or 
without modification. In the manner 
reoulred bv the laws of Bermuda, ttie 
following resolution as an ordinary resolu- 
tion.- namelv: 

..“THAT the actions of the directors 


45.000 (4.06 per rent).; G. J. 
O'Keefe 25,000 ( 2.26 per cent.); 
J. B. Robertshaw 17,500 (L5S per 
cent): I. W. Hewson 10,000 ( 0.9 
per cent.); R. Ordoyno 10.000 (0.9 
per cent.). Ail are held person- 
ally by the directors and they 
have no beneficial interest in 
other shares. ... * 

BPB Industries: Prudential Ass. 
Co„ as a result of recent sales, 
now holds less than 5 per rent of 


LONDON SUMATRA SHAREHOLDERS 


a In entering Into an agreement with 
mbla Cooper Investments Limited fa 
true copy of which, signed for identl- 


cation by the Chairman erf thK mev- 
Ing. has been laid before nils meeting' 
and fill In arranging tor the corpora- 
tion to co-operate in and assist the 
restructuring of the finances af Botswana 
. S 57 . Limited and BCL Limited as 
described In the recitals to the said 
agreement -and In the circular con. 


talninp the notice convening this meet- 
ing. be and the same are hereby 


approved and confirmed." 

The following documents are 'gvallnhlr 
far Inspection miring normal business 
hoars on anv weefcdav except Saturdays 


I and aubTic holidays up to and Inciudlna 
th# date of thK meeting at the registered 


office of the Corporation and at 40. 
Hotborn -viaduct. London EC1P TAJ. and 
44, Main Street. Johannesburg. 2001. 
South Africa ; 

(a) the agreement between ZCI and 
Minorca referred to above and 
copies .of documents settlnq out the 
original Indemnity arrangements 
.. between Minorca and XCI: 
fbl tty 1 nr oroo rating Act and Bve-Laws 
of Minorca; 

(c) the annual report and accounts of 
fifflnoreo and ZCI far the two finan- 
cial wm— ended SOth June. 1976 


fd> letter dated -7th April. 197B. from 
Me r >«n Grenfell and Comaamr 
Limited confirming Its ednsenf 
referred to i« thw circular: and 
(e) a roov of the aareetnont deaiina 
with w-vices to be nrevided to- nci 
h* AAC as more nartlcula’lv 

dMcrlhnd In oaragraoh 7 of the 
Apnenrflv hereto. 

An annguneement reoardlna the out- 
come of the sneeial general meeting will 
he eubllsheri In the press on 3rd Mj> 
1978. 

A mem her entitled to attend and m»» 
at Hie meeting It entitled to aoonfn 4 

another member as ftfv pnorv to attend 


In Hie case of lolnt holders of > share 
the vote of the senior who tenders a 
vote, whether In person o r hv prosy, will 
he accepted to Hie euriiwlon of the vote* 
ol the other lolnt holder* and tor lhl» 
miroo-e senlorffv shall be determined bv 
*he order in which the names stand In 
the register of members lo respect of 
the lo»"r holding- 

A form . of proxy to enable share- 
holders to vote tv or against the resolu- 
tion b enclosed lor those members who 
wish to be represented at the meeting 
but who are unable to attend in person 
Prow Forms must be returned to the 
corporations registered office or to the 
offices or the local share registrars in 
th# unt'M Kingdom or the Republic of 
South afrka so as to arrive at least , 
48 hours bo torn the time appointed tor i 
the hold ling of this meeting. 

Holders ot share warrants lo bearer ] 
who wj*h to attend in person w by 
prow or to vote ot anv general meeting ; 

o 1 the Corporation mu** re-mf* with th- ■ 

regulations ot the Corporation under \ 
which share warrants to cent* are Issued. ; 

Bv Order ot the Board- | 

D. F. ELLIS. Secretary, j 

Pembroke. 

Bermuda. 

fPth April, 1978. 


GRATTAN WAREHOUSES LIMITED 


I NOTICE 18 HEREBY GIVEN that the 
Register of ordinary sroctboMere will be : 
.Closed, from 2Blh April to Sth Mav. 1978. 
both dales inclusive lor tne purposes oi 
preparing Dividend Warrants payaWe on 
1 3th June. 1978. _ „ , 

Bv Order of tho Board, 

K. M. GRAY, f C A.. 

Secretary. 

Anchor House. 

tnglcbv Rood. 

Bradford BOSS 2XO. 


the equity. _ _ . . 

J. BL Fenner and Co. (Bfidgs.). 
Morgan GrenfeM Trustee Services 
as a trustee of David Brown 
Holdings, is interested to 2 ,456. 00 □ 
Ordinary shares. 

Peachey Property Corporation: 
Lord Mais, a director, Ibas pur- 
chased a beneficial interest in 

10.000 Ordinary shares at ap sod 
his wife, Lady Mais. has P. ur ™®JL° 
a beneficial interest to “.00° 
Ordinary shares at 75p. 

United Biscuit Holdings: Sir 

Hector La ing, the chairman* nas 
reduced his- holding by- the fouow- 
ing: beneficial holding 

glares and trustee holding 192.000 

United Spring and Steel Group: 
Britannic Ass. Co., bas purchased 
a further 250.000 Ordinary shares 
bringing its holding to 1,250,000 
(9.04 per cent.) shares. , , . 

Eucalyptus Pulp Mills: Island 
and South American ' Merchants 
has sold 39,146 Urdinary -shares. 

Esperanxa Trade and Transport: 
Rothschild investment Trust has 
increased its holding by 24,790 
shares to 2,024.856 (17.26 per 
cent.) shares and Guinness Peat 
Group has increased its holding 
by 24.790 shares to 2,515.475 (21.44 
per cent.) shares. 

Janies Austin Steel Holdings: 
Trumans Steel Group holds 

2111.000 l7 per cent.j shares. 

Brown and Jackson; Presstamp 

Engineering Company has pur- 
chased a further 20,000 Ordinary 
shares. 

Vosper: In consequence of a 
transfer on March 3T, 1078. ol 
certain shares m David Brown 
Holdings, Morgan Grenfell 

Trustee Sen-ices became 

infere-ited as trustees in 2,403.000 
Ordinary share*' of Vosper. Vosper 
has received further notification 
from Morgan Grenfell Trustee 
Services that in consequence of a 
subsequent chance of ownership 
of the above mentioned shares in 
David Brown on April 5- that ii 
ceased to be intcreMed in those 
shares, at that dale. 

Rainers (Jewellers): Mr. J. M. 
Rattier, a director, has disposed 
of 10.000 Ordinary shares. 

Aurora fluidities: Hudson- 

Niesper. a subsidiary of Johnson 
and Firth Brown* has been 


MESSAGE FROM YOUR BOARD 


You are recommended to reject the offer from McLeod- 
Sipef because:- 


Increased remittances from Indonesia anticipated 
in the Board's circulars will allow increased dividends for 
you. 


Acceptance of the offer could involve many of you 
in a substantial liability for capital gains tax. 


The offer is equivalent to only 56% of your 
Company's stated assets. 


Why should your shares -not be worth as much to 
you as they are to McLeodSipef? 


YOU ARE ADVISED TO 


REJECT THE McLEOD-SIPEF OFFER 


Issued by Robert Fleming 8- Co. Limited on beha/f of London Sumatra Plantations Limited. 
The Directors of London Sumatra Plantations Limited have taken all reasonable care to 
ensure that the facts stated and opinions expressed herein are fair and accurate. At! the 
Directors of London Sumatra Plantations Limited jointly and severalty accept responsibility 
accordingly. ' ‘ 










ish 




A& Tuesday April ; 11 ; 

tiln 

iTH AMERICAN NEWS 

General Electric turns in 
- good first quarter results 


John Wyies ' ' 

. A- tW STANTON, April. 10- 
'■ •■ ; ;TLY AFTER 11 ajn. Otis 
V-^S *- gleaming Rab- 

• = >Hea.oa.an assembly line 
•". to mark the eftniBx of a 

, i* project by Volkswagen ^>f 
.. -/■ Germany to recapture the 

- V.=« one spot in the- U.S, 
.. x.;*ted car market from 

■ •• v u‘.ese producers. 

■..-.'i VW Rabbit, known in 
• . as the Golf, Is the first 
fa manufacturers' car to be 
' iced In the U.S. for more 
r . 40 years. To-day's vehicle 

‘ ^1,4*? wheel5 just IS months 
.{Jr y™ acquired an assembly 
_ J>r jh Westmoreland County 
a.- . h bad been started and left 

■ JJ s fi e d in '2970 by Chrysler. 
. / r Westmoreland is expected 

■ Jduce around 60,000 Rabbits 
year, , rising to 200,000 »o 

r is now the third largest 
. tier of foreign cars into, the 
after Toyota and Datsun, 
'■> its present position is cur- 
being challenged by an- 
Japanese company, Honda, 
o plans to build a motor- 
: '' -assembly plant in Ohio, 
by many as a prelude to 
: ; J.S. assembly of Honda ears. 

■ nda Tand deal 

Motors, has bon®ht 20 
of Government-owned land 
irth-ea st Toronto for SG2ra„ 
J Claud® Bennett. Onmrio 
. }' ■' ster of Housing, said, reports 
' ->J from Toronto. Honda will 
the land for its Canadian 
quarters. 

S|j|rtz Mountain 

7. Mountain, a distributor of 
aroducts, filed counterclaims 
U.S. District Court sujt in 
h it is a defendant again* 
trust suits brought by A. H. 
•'--■-i.ins and the Miller-Morton 
'K-. of Robins, which distributes 
- products, AP-DJ reports 
•■-v4 Richmond. < • 

'.'-.irner Comm. . 

.'amer Communications said 
.•/ /erday that it would issuer a 
’ment later following ; the 
enpion of trading in - the 

• "l. rpany’s “ C ■* stock on the 

. Jrican Stock Exchange during 
Jay. 

own Cork merger.; 

_vn Cork and Seal plans to 
_'_se with its Crown Cork 
lings Inc. parent and nine 1 
: lly-owned units, reports 
. •-■-3J from Toronto. Minority 
—■...•eholders will receive pre- 
' - erf shares of the amalgam- 
H.'.. • company wWch' will be 

— - -seined shortly after the 
._..lger at SC280 a share. 


BY DAVID LASCSAES 

GENERAL ELECTRIC, the 
largest UJS. manufacturer of 
electrical . equipment, ■ reported 
sales .of. $4.44bn. in . the first 
quarter of tiris year.up' from 
$4.06bn. in the same period last 
year. Net earnings were S847£m. 
equivalent ' to $1.09 a - share, 
against $215.4m_, - or 95 cents 
previously. 

Hr. Reginald H. Jones, GE's 
chairman, attributed modi of the 
rise to earnings from consumer 
products and services which were 
substantially ahead of last year’s 
filer quarter, as were earnings 
from die Industrial products and 
components division, . 


Earnings from sales of power 
systems were about the same as 
those for the first quarter of 2977, 
he indicated, while those from 
the sale of technical systems and 
materials showed gains well over 
those for a year ago. 

Mr. Jones also said that GE’s 
revenues from operations abroad 
had risen, and that exports from 
the U.S. were higher than last 
year. 

. But though GE last year 
joined the select list of U.S. 
companies with earnings of more 
than sibn., and began 1978 on 
an optimistic note, Mr. Jones felt 


New move likely in IBM suit 


THE GOVERNMENTS ride of 
the monopoly suit against Inter- 
national Business Machines has 
been grinding along, in. a New 
York Federal Conn' far nearly 
three years. Except for tbe 
Department of Justice ,on one 
side and IBM attorneys on the 
other, this phase of the Jxafl h as 
not produced many, dramatic 
developments. 

However, the calm that has 
marked the Dial may "be . shat- 
tered for Followers of lBM's stock 
market fortunes, when-' the 
Government finishes presenting 
its case, if opinions expressed by 
Mri Calvert Crazy of - Bache, 

Advance in 
CDC profits 

By fames Scott- - 

TORONTO, April 10. 
THE Canada Development Cor- 
poration (CDC), a iotppany 
formed six years ago 1 oy the 
Canadian Government to_,w?den 
investment . opportunities for 
Canadians, had a profit of 
SC23fiin. <SUS20-9m.) txK 1977, 
compared with SC21.7m. in 1976. 

The CDC. with assets now 
exceeding SCSbn^ derivesJncnme 
from two streams. One Is con- 
solidated revenues from tbe sales 
and services by underlying' com- 
panies in the petrochemical, 
health care and oil and ' gas 
industries in' which CB0 has 
more than a 5b per cent inftirest. 
These revenues rose to SC7^4m. 

The other income, stream is 
frpm the. company's equity share 
in tbe earnings of companies in 
which C DC has less than a 50 per 
cent, stake. 

— : • - ; '-'r 


Halsey Stuart Shields, are proved 
accurate. He believes that Justice 
Department lawyers may spring 
an unusual, possibly unprece- 
dented, request at tbe end of 
their presentation and before 
IBM begins its defence. 

“We believe the Government 
is almost certain to ask for 
interim relief." says Mr. Crary. 
“ We have heard that three items 
to be sought will be increased 
disclosure (by IBM) of interface 
information (to competitors), 
obligatory maintenance by IBM 
of competitors' equipment, and 
elimination of so-called tie-in 
sales.” 

Mr. Jobn Shenefleld, Assistant 


NEW YORK, April 10. 

Attorney General for Antitrust, 
indicated recently to a computer 
industry conference that the 
interim relief question has been 
under consideration within the 
Department. 

Mr. Shenefield could oot be 
reached for comment last week, 
hut a Justice Department aide 
said that Mr. Shenefield had 
testified before a Senate Com- 
mittee on Wednesday that a 
decision on seeking interim relief 
has not yet been made but 
remains under active considera- 
tion. 

Mr. Crary believes the Govern- 
ment's case could be completed 
within several weeks. AP-DJ 


Challenge to Sun Life 


BY ROBERT GIBBENS 

QUEBEC FINANCE Minister Mr. 
Jacques Parbeau has challenged 
figures given by Sun Life Assur- 
ance of Canada to the effect that 
it has SCTOOm. invested In 
Quebec, and has offered to turn 
aver his own version to tbe 
Canadian Life Insurance Associa- 
tion for analysis. 

He said that after the Quebec 
Superintendent of Insurance told 
the Sun Life this figure included 
SClOOm. that should be excluded, 
the company changed its public 
news re.lease. Mr. Parizeau 
accused the company oF “juggHng 
with figures” and said he still 
stands by the SC400m. “under- 
investment” figure be first 
brought up last January. 

However, he admitted the 
problem of the Sun Life’s 
“ underinvestment ” in the 
Province had been mitigated 


MONTREAL, April 10. 

in recent months because “the 
company has lost a great deal 
of business to competitors who 
do invest in Quebec.” 

The company has just set up 
a separate regional organisation 
under a newly appointed vice- 
president. This will take over 
certain functions now curried out 
by Head Office Ln Montreal. Thia 
area of operations will comply 
with the French Language 
Charter rules over francisatmn 
of business organisations, it says. 

Sun Life participating policy- 
holders are due to vote on 
April 25 in Toronto on a resolu- 
tion put by the directors to move 
Head Office from Montreal to 
Toronto. Montreal lawyer Mr. 
Richard Holden has launched an 
action in Ontario Supreme Court 
to try to get an injunction post- 
poning the meeting. 




EUROBONDS 


NEW YORK, April 10. 

it necessary to inject a note \oI 
caution into to-duy's report. 

“While we anticipate results 
for the total year will show 
improvement over 1977.’* he 
said. “The rate of gain un- 
doubtedly will be affected buy 
the future direction of the U.S. 
economy.” ln 1977, the company 
earned Sl.GObn, nr $4.79 a share, 
on sales of $l".Sbn. 

GE la-day also reported earn- 
ings from it; wholly-owned sub- 
sidiaries. Utah international's 
first quarter earnings were up 
6 per cent, to S4Sm n and those 
of General Electric Credit rose 
17 per cent, to SI 6.2m. 


Kennecott 
attacks 
Curtiss plan 

NEW YORK April 10. 
KENNECOTT Copper Corpora- 
tion’s management, trying lo 
stave off a proxy fight 
challenge from Curt iss-W right 
Corporation,' has issued its 
second special letter to share- 
holders in ns many weeks. 

The critical tone or tbe 
feiter — which included attacks 
on the qualifications of Curtiss- 
Wright's 17-member insurgent 
directors list and on the 
Curtiss-Wright chairman Mr. 
T. Roland Berner — indicated 
that Kennecott can b** expected 
to voice some luugb criticisms 
between now and tbe com- 
pany's May 2 annual meeting. 

Kennecott notes ihat tbe 
programme Sir- Berner is pro- 
posing to Implement at Kenne- 
cofl if his nominees topple the 
Kennecott Board is remark- 
ably similar to une he proposed 
III a proxy fight against 
Curtiss-Wright exactly three 
decades ago. While the 
challenge at that time failed, 
Mr. Berner was brought onto 
Curtlss-Wright's Board the next 
year, in W49. 

In that campaign, a dissident 
shareholders’ committee led by 
Mr. Berner declared an Intent 
to make a special cash distribu- 
tion of 67 a share to Curtiss- 
Wright holders, or else to call 
for tenders of half the stock 
outstanding at $14 a share, 
financed out of assets. 

The Curtiss-Wright list now 
assembled by Mr. Berner pro- 
poses to sell the copper con- 
cern's Carborundum Company 
abrasives. unit (recently 
acquired Tor $567m. cash) and 
use the proceeds and other 
Kennecott assets to fuud a S40 
a share offer by Kennecott for 
half of its own stock. (An 
alternative considered earlier, 
and apparently dismissed, was 
a $20 a share special distribu- 
tion on all shares.) 

AP-DJ 

Exxon unit to 
sue Gulf Oil 

By Our Own Correspondent 
NEW YORK April 10. 

THE EXXON Nuclear Division 
of Exxon Corporation is filing 
a suit against Gulf Oil because 
Of Golf's alleged “ unlawful ” 
activities in connection with 
the international uranium 
cartel. 

The suit will be filed in a 
San Diego coart to-morrow 
and follows discussions 
between Gulf and Exxon 
during which F.troxt said that 
it believed a 1973 conlracl to 
be noli and void jiecanse of 
Guir* alleged participation in 
the cartel. 


Koppers buys stake Copenhagen 
in Cutler-Hammer postpones 


KOPPERS the engineering con- 
cern has concluded the purchase 
of the entire offering of 65WKJ0 
shares of series “A" Convertible 
voting Preferred stock issued by 
control systems maker 'Cutler- 
Hammer. 

The Preferred issue is con- 
vertible into 650,000 shares of 
Cutler-Hammer common stock 
equal to about 10 per cent, of 
the common shares that would 
be outstanding after conversion. 

Koppers reported the purchase 
at $45 a share with a minimum 
annua! dividend of $1.40 a share 
or “ such higher annual dividend 
rate as may be declared by 
Cutler-Hammer on ils common 
slock during 1978.** 

The Koppers invesmtent totals 
about S30m. Tbe company added 
that with the purchase it owns 
about 10 per cent of Cutler- 
Hanuner common shares out- 


PITTSBURGH, April 10. 
standing upon conversion. 

Koppers 1 chairman Mr. JT. L. 
Byrom said: “We expect that 
Koppers will reach th.e 20 per 
cent level of ownership as 
market and ether conditions 
permit" 

Meanwhile in Milwaukee, 
Cutler-Hammer said it had filed 
suit against Tyco Laboratories In 
U.S. District Court there alleging 
violation of Federal and state 
securities laws as to the manner 
of Tyco's acquisition of Cutler- 
Hammer shares. 

' Cutler-Hammer said it. was 
notified by Tyco Laboratories 
this morning that the Exeter, 
New Hampshire-based elec- 
tronics concern had acquired 
225,400 additional shares of 
Cutler-Hammer common stock 
last Friday. 

AP-DJ 


Gulf & Western expands 

BY OUR OWN CORRESPONDENT NEW YORK April 10. 


GULF and Western Industries 
the U5. conglomerate is expand- 
ing its financial interests with 
the proposed acquisition of half 
the assets of Talcott National 
Corporation for S274m. in notes 
and cash, the bulk of which 
would be paid to Talcott's 
lenders. 

- Under the deal Associates Cor- 
poration of North America a fin- 
ance subsidiary of G. and W. 
would acquire the receivables of 
Janies Talcott's factoring divi- 


sion and certain receivables of: 
its business finance division. ! 

The parent company of James 
Talcott is Talcott National, 53 1 
per cent of whose shares are 
owned by Uintah National Cor- 
poration 

Uintah is in turn 90 per cent, 
owned by Mr. Brooke Grant a 
Utah businessman. Several years 
ago Uintah acquired the holdings 
in Talcott, once controlled by 
Mr. Michele Sindona. the 
Italian entrepreneur. 


INA plans take-over of HMO 


INA CORPORATION, the insur- 
ance holding company, and HMO 
International have agreed in 
principle for INA to acquire 
HMO. 

The companies did not give any 
approximate value of the pro- 
posed transaction, under which 
HMO International will become a 
wholly owned subsidiary of INA 


LOS ANGELES, April 10. 

The agreement provides for the 
merger of HMO International and 
a subsidiary of INA with HMO 
shareholders exchanging their 
stock for a new S3.80 cumulative 
convertible Preferred stock of 
INA on the basis of one share of 
the INA Preferred for each 4.5 
shares of HMO Internationa] 
AP-DJ 


AMERICAN QUARTERLIES 

ab bott Laboratories interpool 

FWtt Quarter 197* 1977 Pint Qa arlcr 


Hm Quarter \97t 

1 

Revenue 332Rm. 

Net profits 

Net per share .. 1.07 

hammebmill paper" 

First Ouaner 191* 

S 

Revenue 199.3m. 

Net profits 4.3m. 

Net per share... 0 56 


1977 First Quarter 
$ 

2R3 4m. Revenue 

25.2m Net profits 

0.85 Net per share... 


197* 

5 

13.2m. 

2.25m. 

1.16 


new issue 

By Francis Ghiles and 

Maty Campbell 

THE POSTPONEMENT of the 
25m. unit of account issue for 
tbe City of Copenhagen, and the 
first day of trading of the Whit- 
bread issue were the two salient 
features of the market yesterday. 

The lead manager of the new 
sterling issue, Weinwort Benson 
quoted the issue at 96f-97j 
throughout the day but some 
market quotes were lower. 
Trading was thin. • reportedly 
because the lead manager was 
bidding for the bonds only on 
the basis of guaranteed delivery. 

The Deutscfaemaric sector was 
very quiet yesterday, with no 
movement either way. The 
DM100 led by Dresdner Bank 
launched yesterday is for 
P. K. Banken. The maturity of 
this bullet issue is ten years and 
the indicated coupon is 5} per 
cent. 

Algemeue Bank Nederland is 
arranging a Euroguilder place- 
ment of five-year notes up to a 
maximum of FI. 75 in. on its own 
j^ebalf. Indicated coupon is 
6} per cent, and the notes Hill 
he issued at 99 J. 

Kredietbank Luxerabourgeoise. 
the lead manager for tbe Copen- 
hagen issue, said yesterday that 
the subscriptions for the unit of 
account 25m. issue had amounted 
to over 100m. units of account. 
It postponed the issue pending 
clarification first of the impact 
of recent announcements by the 
International Monetary Fund 
and second of tbe measures 
which could be taken by the 
EEC Council of Ministers— for 
example on wbat currencies will 
be in the snake and on what 
basis. 

The issue was due for signa- 
ture to-day but the value of the 
unit of account which is a 
standard of value based on those 
EEC currencies which are in 
the snake 'and is not to be con- 
fused with the EEC’s own unit 
of account, could be radically 
altered by any moves to change 
tbe composition of the snake. 


NCNB 

First Quarter 


MACMILLAN INC. 

1977 First Quarter 197* 

S 5 

173.1m. Revenue 102.1m. 

4.3m. Net profits 72,000 

055 Net per share... — 


1.56m. 

0.81 

Net profits 

Net per share-- 

7.4m. 

0.44 

5.7m. 

0.33 


WHIRLPOOL corp. 

19T7 

S 

98.3m. 

345.000 

First Quarter 

Revenue 

1 Net profits 

197* 

S 

485.2m. 
25 Jim. 

1*77 

5 

440.5m. 

24.9m. 


— 0.02 1 Net per share. .. 



How jzan you te 
processing will work for you? 




With two major fadories in 
Southeasi Asia, ive rediice commun- 
ications costs by linking the Penang . 
plant with our Singapore facility. Here 
data is consolidated far tnuisralssiaiL 
lolheUS. Accounting, payroll and 
inventory is handled tocaByrby HP - 
computere. AsimiiarsitiiatiOT 
Japan.In Australia and Nhw Zealand. 
HP sales offices are equipped both for 
localdats praoessizig and long distance 
commnmrations. 




iSkifi 


■ ■ Hewlett-Packard’s 

. Distributed Systems Network 
AllNorih American manufacturing 
plants and sales offices tew computerised 
communications links with HP headquarters 
in California. In.sm^offices, they're also 
used for processing orders, keeping customer 
files, etc. The larger plants and regional 
offices use.HFSOOO systems far local data 

processing. - ' . 

In Brazil. our Campmasmanmacturing 
plant is linked by' computer to the main sales 
- rtffinft in Sao PauJo-This in lyim communicates 
with company headquarters. Offices in • - 
Venezuela and Meric© have computerised 
communications systems that handle local 
accounting management as well. 



Most dafa/rom Europe is 
funnelled to the U5. through our 
European headquarters in Geneva, 
although every safes office can com- 
municate directly, loo. Manufacturing 
facilities fa France, Germany and 
Scotland also use HP computers far 
accounting, order processing, 
management information and (he like. 


At Ha vlett-Packaxd, we began 
distributing the computer workload 
around our factories in 1967. Then, in 
1971, we instituted a worldwide 
systems network that has helped us 
grow to more than £750 million in 
shipments, with 43 per cent of our 
business in computational products. 

Today we make 4000 different 
products at 40 divisions around the 
world and have offices in 65 countries. 
This rapid financial and geographical 
expansion in a highly technical field 
made the distribution of our data 
processing an absolute necessity. 

Wfe began with the basics. 

Small systems went to work in our 
factories, automating various tests. The next 
step was linking these minicomputens with 
other factoiy systems so they could relay 
data and programs. Then we tied these 
computers together so that local manage- 
ment could make derisions based on 
accurate, up'to-the-minute data. 

As we continued to grow, we connected 
our widespread sales offices with the 
factories. Today we have 130 high-speed 
communications ^sterns in 94 locations, 

. sending compressed data via satellite and 
phone lines. About 12 milKon words a da\ r 
come into our company headquarters. Vet 
the cost is phenomenally low. For example. 


we can send a fen thousand word message 
internationally, in one minute for45p. On a 
teleprinter, it would lake-16 hours and. cost 
about £400. 

Wfe need a system that can change. 

So do you. 

You don’t have to choose between a star 
network, or a circle, or a string. Our way. you 
can have any or alt of them, linked together 
either as a small, local system or as a world- 
wide network. And you can. hook up an HP 
system for as little as £3,250. So companies 
of all sizes can take advantage of our flexible 
approach to distributed processing. You 
won’t have to throw out your old equipment, 
either, We're still getting good service from 
some non-HP computers and peripherals. 
There’s no reason why you shouldn't. 

The keystone of our system is the 
HP 3000, a powerful general business system. 
An inexpensive software package lets it 
communicate with the HP 1000. a computer 
generally dedicated to design, test and. 
control applications in the factory. (Both can 
also link directly with an IBM mainframe.) 

Most long-distance communications 
are handled by the HP 2026, which also has 
plenty of power for local data processing. 

New HP 3000 software makes it an even . 
more powerful management information, 
tool You can. for instance, sit down at your . 
computer in Paris and use ail the processing 
power and data base of your Milan computer 
-or any other HP 3000 in your network. 


Protecting tbe biggest 
investment of afl- 

Vfe spent hundreds of man years 
developing the operating software for the 
HP 3000- So we know all about programming 
costs, and want lo keep them down as much 
as you do. We do it by designing ournew 
systems to use existing software. They'll run 
ycrur programs faster and more efficiently- 
Otherwise, you'll hardly notice the difference. 
We also save you a lot of headaches by 
■making our own printers, video terminals, 
discs and tape drives and other add-on 
memories, data entry devices and the like. 

If any part of the system does need servicing, 
we can fix il.With so many HP offices around, 
we can usually be at your door within hours 
■of your call. 

The moral of our story. 

Its simply this. If you need to distribute 
your computer workload across oceans or in 
your plant. you don't have to gamble.The 
Hewlett-Packard system has a brigjhi future 
as well as an impressive post. You can find 
out all about it by filling in the coupon or 
writing to the address below. 

[HP 3000 j 

■ ToiHrwidl-Pnckord Ud^Winncrsh, ™ 

| IVokiogltonj. Berks RGU 5AR. | 

■ jH pit** Fen*! nit further Iaformalioti on Ihe I 

■ HP3000 System. 5 

I Ohvncl n salts rc preset alive to contact me, I 


HEWLETT M PACKARD 

Winnersh, Wokingham, Berks RG11 5AR.Tet Waking ham 784774. 


| Nairn- 
| Position 
| Gxtn puny 
I Addrw* 


Pbsfoxte 







26 


INTERNATIONAL FINANCIAL AM) COMPANY NEWS 


. Financial Times . Tuesday April H 1978 


Metallgesellschaft short of target 


by gut hawtin 

FRANKF U RT-based metals, engi- 
neering and transport concern 
Metallgesellschaft has seen turn- 
over rise by about 1.7 per cent, 
during the first five months of 
1977-78, but earnings have 
dropped by about a third 
more than forecast 
The area in which Metall- 
geseliscbaft (MG) operates is 
surely one of the most difficult 
in West Germany. Much of its 
business is conducted in sterling 
or dollars, but it must account 
to its shareholders in Deutsche- 
marks. 


According to MG'S finance 
chief. Dr. Jakobus Graven, the 
prime cause of the unexpectedly 
sharp fall in the group's earn- 
ings was the decline of the 
dollar. But another vital factor 
had been the weak state of the 
zinc market— a metal erf which 
Metallgesellschaft is an import 
tant producer. 

MG’s executive Board feels it 
is facing a more uncertain busi- 
ness year than in 1976-77. Not 
only is there uncertainty in the 
general economic situation, par- 
ticularly concerning the future 


FRANKFURT, April 10- 


of the dollar, but the future of 
the vitally important zinc market 
during the course of the current 
year is also hard to assess. 

it is felt that results will be 
good In the plant construction 
sector — MG owns the highly 
successful Lurgi group. On the 
other hand, in the metal sector 
further declines are expected, 
where the zinc market situation 
will play a decisive role in the 
losses of the group’s smelting 
and mining activities. • 

In the processing sector, 
Metallgesellschaft is expecting 


Dresdner Bank off to good start 


BY OUR OWN CORRESPONDENT 


FRANKFURT, April 10. 


Dresdner Bank, West Germany’s 
second largest commercial bank, 
is again expecting “satisfactory" 
profits for 1978. This follows the 
bank’s second best business year 
for over 30 years with operating 
profits up by about 10 per cent 

According to Herr Helmut 
Haeusgeo, spokesman for the 
bank's executive Board, business 
during the first three months of 
the year has been promisine. 
interest rate margins have 
altered only a little, while 
interest earnings have increased 
further with higher business 
volume. 


Last year Dresdner's commer- 
cial business contributed greatly 
to the 10 per cent increase in 


operating profits. Despite a 
siigbt decline in interest mar- 
gins. interest earnings also rose, 
by 7.2 per cent, to just under 
DM1. 41 bn. 

During the first quarter of 
1978. the parent bank’s balance 
sheet total fell back slightly to 
about DHfiObo. (S29.7bn.). 
mainly due to seasonal reduc- 
tions in customers' time deposits. 
Credit business since the end of 
1977 had changed little, being, 
as ever, dictated bv the state of 
tbe economy as a whole, said 
Herr Haeusgen. 

There were no surprises on 
the earnings front during the 
first quarter, he - said. The 
balance sheet total averaged 
some 7 per cent, above the 


average for the same period of 
1977. Business in tbe services 
sector received a substantial 
boost from the securities side, 
prompted by a boom in 
Deutscbemark external loans. 

For 1977. tbe group’s balance 
sheet total increased 14.9 per 
cent, to DM97.7bn. <$4S.4bn.), 
while that of the parent bank 
rose by 15.1 per cent, to 
DM62.07bn. The parent bank's 
credit volume grew from 
DM40R3bn. to DM44.2Sbn. and 
deposits went up from 
DM36.73bn. to DM40. 12bn. 

Net profits dropped from 
DM218m. in 1976 to DM203m^ 
but this was a result of West 
Germany’s corporation tax 
reform. 


further losses, while profits in 
the fabrication branch are un- 
likely to offset losses in the semi- 
finished product sector. Against 
this earnings from the group’s 
chemical production, as well as 
its transport operations are 
likely to be “ positive within tbe 
realms of normal fluctuations.” 

Herr Karj Gnstaf Ratjen, the 
group’s chief executive, said 
that there could .well be positive 
developments in the metal 
sector, perhaps in the domestic 
market 

For 1976-77, the group reported 
a substantial increase in net 
earnings — from the previous 
business year’s DM18.3m. to 
DM4l.3m. (520.7m.). Share- 
holders are again betng recom- 
mended a dividend of DM5 per 
DM50 nominal share. 

The management hopes that a 
further DU5 a share dividend 
will be possible this year, 
although it was still nol certain. 

Total external turnover last 
year increased from DM6.83bo. 
to DM7 .S2bn. <S3.9bn.). while the 
group's sales advaoced from 
DM6.23bn. to DM6.93bn. The* 
parent company's turnover 
advanced from DM4.B9bn. to 
DM5.45bn. Group overseas sales 
as a proportion of turnover 
advanced from -39 per cent to 
44 per cent 

Capital investment during 
1976-77 totalled DM 196m. com- 
pared with DM153m. At the 
same time depredation went up 
from DM155m. to DM161m. 



KemaNobel 
sees rise 


m earnings 

By William Dullforce 

STOCKHOLM. April 10. 


IHC Holland reorganisation to cost $145m. 


BY CHARLES BATCHELOR 


AMSTERDAM. April 10. 


The reorganisation of ibe 
specialised Dutch shipbuilder, 
IHC Holland is expected to cost 
a total of Fls.312.5m- (S145m.). 
Most of this amount Fls.232.5m.. 
will be provided by the Govern- 
ment as part of its Fls.900m. 
restructuring of the shipbuilding 
and heavy engineering indus- 
tries. while IHC will put up 
FIs. 80m. of its nwn money. 

To raise its share of tbe re- 
structuring costs. IHC will call 
upon Fls.55ra. from THC Inc- of 
Fvjhoura in Switzerland, which 


acts as a holding company for 
IHC's foreign activities. The 
remaining Fls25m. will come 
from existing provisions to cover 
the cost of the restructuring. 

IHC will transfer 60 per cent 
of its bolding in IHC Inc to a 
new holding company to be set 
up in Holland called IHC Inter, 
the aim being to maintain the 
independence of the inter- 
national holding company and to 
allow the further expansion of 
IHC's activities abroad. 

The restructuring of IHC in- 


volves the closure of thb 
Schiedam shipyard of its IHC 
Gusto subsidiary with- the loss 
of 700 jobs. 

IHC reported a net profit of 
Fls.15.9m. in 1977. slightly up on 
the Fls.15.3in. in 1976. Jt pro- 
poses a dividend of 10 per cent 
In the form of share rr ,r tifi<v>tes 
in the new company IHC Inter. 
It paid a 10 per cent cash divi- 
dend in 1976 of Fls.l per Fls.10 
nominal share. 

The State is withdrawing a 
guarantee of Fls.l00m given to 


cover the completion of an oil 
boring ship which was cancelled 
by the Norwegian purchaser This 
means IHC faces extra costs of 
FIs 25m. in connection with this 
ship bringing its total invest- 
ment to FIs 25m. 

★ ★ 

ROYAL Adriaan Volker. tbe 
Dutch construction company 
which is to be listed oo the 
Amsterdam Stock Exchange this 
month, is to make a rights issue 
of 265.000 F)s20 nominal shares 
at Fls.RO per share. 


IN ITS final report to shares 
holders for 1977 KemaNobel, the 
Swedish chemicals company, 
forecasts an improvement in 
earnings this year despite the 
structural transformations now 
being effected in several 
branches of Swedish industry 
“ which could offer grounds for 
pessimism.” 

The KemaNobel board's hopes 
are pinned to the big effort tbe 
group has put in recent years 
into expanding Its product range; 
internationalising its operations 
and reducing its dependence on 
tbe Swedish market 

Pre-tax earnings fell last vear 
by Kr.l4m. to Kr.UJlm. (S26.8m.) 
despite a 27 per cent, growth in 
turnover to Kr2.26bn. f 5500m.). 

Last year KemaNord took over 
Nitro Nobel, the explosives com- 
pany in which it already beld a 
majority share, changing the 
group name to KemaNobeL 
Nitro Nobel turned in a Kr.59m. 
operating profit on a Kr_38Sm. 
turnover and is to be the major 
springboard for the group’s 
further expansion abroad. Last 
year it set up trading, financing 
and leasing subsidiaries in 
Geneva. 

Tbe final report gives an 
example of Nitro Nobel’s expan- 
sion technique from the Saudi 
.Chemical Company, in which the 
Swedish company holds 40 per 
cent, of the stock and a majority 
of the voting rights. The Saudi 
company increased sales from 
Kr.47m. to Kr.llOm. last year and 
reports “ very good " profit 
growth, it is starting a new ex- 
plosives factory at Drfhran and 
a third is planned for Jeddah. 

As indicated in the 1977 pre- 
liminary report the board recom- 
mends an unchanged dividend of 
Kr.10 a share. It also proposes 
to make a one-for-flve bonus 
issue, increasing the share 
capital bv Kr.49.4m. This would 
be accompanied by a stack split, 
halving the nominal share value 
to Kr.50. and would leave the 
concern with an equity to debt 
ratio nf 40 per cent. 



BY DAVID CURRY* 

M. AMBROISE ROUX, the chair- 
man of the Compagnle Generate 
d’EJectricite which takes ia 
heavy electrical engineering, 
ship-building, .public / worta 
telecommunications, and coif 
sumer electrical goods; sees 
cautious hope for a return to 
more satisfactory levels -, 0 f 
growth in sales and orders. - 
He indicated that 1978 results 
were likely to represent r a 


significant improvement. Parent 
non%onsolidated profits 


Company uvmvuaiuuucu p rom s 
were Frs.137.8m. (330.4m.) for 
current operations and Frs_377m 
net taking into account capital 
gains. The payout is Frs21 per 
action (Frs.31.50 together -with 
tax bonus) to which Is being 
added Frs.1.60 (Frs.2.40F;£rom- 


the 1976 year whose fruits 
could not be fully distributed, 

H. Roux laid heavy stress on 
the changes hr structure of :lhe 
group. He noted that in ‘ 1973 
the turnover for the controlled 
companies only had been 
Frs.12.85bn. Last year turnover 
reached Frs22fi7bn. ■ which 
included FrsJ.427bzL Tor 
affiliated companies. Overseas 
sales had passed from 
FrsJ.02bn. in 1976 to Eis.12.lbn. 
and the company was investing 
around Frs.l50m. on average 

overseas. 

&L Roux also noted that tbe 
telecommunications business 
was well placed to weather, tbe 
decline in orders from the 
French post office as the heavy 


PARIS, April 10, . 

investment programme in v'. - ‘ 
telephone system went beyo-^ ■ 
its first great surge. - The uL- ' 
office .provided the main te-jv . 
communications subsidiary C->: 
with . less than 46 per cent of 1 ?* * 
business and the CTT-Alo# ^ 
group has a growth rate starr »v : 
better than the parent compare-'. ■■ 
The public building 
engineering sector - 
weathered the crisis in ga'-v.: 
shape. M. Roux said, l/'.., 
Generale (TEutreprise, the XD.i‘ y y 
Public works and civil engine^ ' 
ing company in the group, B 
pushed up sales by 87 per cz 
in two years (to Frs227bi 
thanks to a high level of 
tise in France and a ^ 
increase in overseas projects^) 



nta 


Growth at Empain-Schneider 


BY OUR OWN CORRESPONDENT 

THE EMPAEN -Schneider Group, Ers.5-5bn. to top 29 per cent -of 
tbe main industrial- constellation activity. 

In the empire controlled by the As expected, the gloomiest 
Belgian Baron Edouard-Jean results were In the metals sec- 
Empain who was released over tion, where the group has 
Easter after being imprisoned important sleet interests. Sales 
for two months by kidnappers, stagnated at FTs52bm, the- 
has reported substantial gains: in 

both turnover and orders for • 

1977. 


PARIS, April lft. 

only sector to- fail to record af 
improvement . The hanking ac : 
vities of the group put -C 
FrtSOOm. to* arrive at FrsJJB 
though these represent a ref : 
tively modest 7 2 per cent . 
total sales. L* 


Sales reached Frs26.5bn. 
(552bn.) last year against 
Frs.22.5bn. while orders received 
were Frs.42.3bo. against 
Frs.30.9bn. 


STE raises net dividend f 

BRUSSELS. April 10^; . •' 


\e« 


BY DAVID BUCHAN 


Of the main branches of 
activity mechanical engineering, 
naval construction and metal 
construction advanced from 
Frs.4.8bn. to FrefiRbn. repre- 
senting just under 22 per cent, 
of activity. Electrical engineer- 
ing advanced by 11 per cent, in 
sales but slipped back as a con- 
tributor to total turnover while 
the civil engineering, public 
works and consultancy sides oF 
the business showed the most 
important growth. Taken to- 
gether these contributed 
Frs.7.6bn. to sales instead of 


S OCTE TS d e Traction* et Elec- 
tricite (STE), the Industrial hold- 
ing company which also carries 
out engineering work on its own 
account, bas raised its net divi- 
dend for 1977 to BFrs.170 from 
BFrs.162 the previous year. Net 
profits rose to BFrs-B&ttn. 
(521.8m.) from - BFrs.G46m.. 
though, with a carry over: of 
BFrs.l32m^ the total distri- 
butable profit was BFx&816m. 
(S25.9m.). 

STE’g own engineering and 
consultancy work bas grown con- 
siderably with the demand in 
third world countries for tarn 


key. plants, so that last year ■ : : ’ 
was involved in a wide vane-'--- : 
of work ranging from a ptar-*'~ 
pfaate plant hi Iraq, a steel m 
in Algeria, and. through Svbeb 
a large zinc refinery in Peru. 

But the bulk of the 

profits comes from Its in_ 
holdings, which are sth) 


ttheson 


much concentrated in the enert 
field. It bas Important stakes W 


the second and third _ 
Belgian electricity produce] ; .- 
ERES and Unerg respective! 
which continue to form part 1 !'.’ , 
the most expansionary and,p$i;~ ’ 
Stable sector of Belgian industr;- 


This announcement is neither an offer 
to sell nor a solicitation of an offer 
to buy these securities. 

The offer Is made only by 
the parish) prospectus. 



THE EAST ASIATIC COMPANY, LIMITED 
(AKTIESELSKABET DET 0STASIAT1SKE KOMPAGNI) 
Head Office: 2 Holbergsgade, DK-1099 Copenhagen K 

invite the shareholders to subscribe to rDKr. 125 ,000,000.- 
new shares in the Company at a price or DKr.SLSO per 
share of DKr.50--agamst the surrender of Coupon No. 10 
and/or subscription right certificates Issued on the basis 
of registered share certificates. 

The subscription will take place from Thursday, 20th 
April, to Thursday, 11th May, 1978. both dates included, 
through DEN DANSKE BANK af. 1871 Aktieselskab, 
Emissionsafdellngen, 12 Holmens Kanal, DK-1092 Copen- 
hagen K, and Credit Lyonnais, IB Boulevard des Italiens, 
Paris. Both banks will on application send Subscription 
Lists to shareholders. 

From Thursday. 20th April, 1978, the same two banks 
will issue scrip or registered share certificates to ex- 
isting shareholders for a bonus issue of DKr.1 25,000,000.- 
shares against the surrender of Coupon No. 9 and/or 
bonus right certificates issued on the basis of registered 
share certificates. 

The new shares and the bonus shares rank fully for 
dividend. for the financial year 1978 and subsequent 
years and shall in all other respects rank pari passu 
with the old shares. 

The scrip for new shares and bonus shares will later be 
exchanged for shares according to a separate announce- 
ment 

The Board of Directors 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Alcan Australia 8}pc 1SS9 

AifEV Spc 1887 

Australia aipc 1882 . 

Australian MSS 8»pc TO 
Barclays Rank RJpc 1882... 
Bowater 9|pc 1992 ... . 

Can. N Railway o*pc 1888 
Credit National 81 pc 1888 .. 

Denmark f»*pe 1984 

ECS 8 pc 1895 

ECS 8ipc 1997 

BIB Mpc 1992 

EM[ 91 pc 1889 

Ericsson 81 pc 1988 

Esso Spc 1998 Nov 

Ct Lakes Paper ffoc 1894 

Hamorsley Wpc I0K 

Hydro Quebec 9pc 1982 ... 

IC1 84 pe 18*7 

ISE Canada 9}pc 19S6 ... 
Macmfllnn Bloedel 9pc 1992 
Massey Pernuson 9}pc *91 
Mirbelln 9‘pc 1998 
Midland im. Pm. Sioc TO 
National Coal Rrt. 8rv 19S7 
National Wrtmnsrr. 8pr TO 
Newfoundland 8 pc 19*9 
Nonces Kom Bk pc 1992 

Norpipe *4 pc 1990 

Norsk Hvrlro JUpc 1982 .. 

r *yfo Ope lira 

Pons Aafonomes 9 dc 1991 
Prov. Quebec Spc 1995 ... 
Prov. Saskatch SI pc 1998 
Reed Tnterrta'kmal Spc 1887 

RHM 9dc 199* 

Selection Trust Slue 1998 . 
Skand Bnskllda Spc 1981 .. 
SKF 9pc 19*7 
Sweden ncdoml 84nc 1387 
United Biscuits Spc 1888 ... 

Volvo Spc 1987 March 

NOTES 

\ostraha 74pc 1984 

BeU Canada 7lpc 1987 ... 

Br. Colombia Hyd 7!pc *85 
Can Pac 8fpc 1984 . . 
Dow Chemical 8pc 1988 ... 

ECS 74pc 1B« 

ECS 9!pc 18*9 

EEC 7? pc 1992 

EEC 7Jpc 19S4 

Eoso Gfflzelf Mpc 1984 ... 
Goiarertcen 71 PC 1985 ..... 

Kodmms Spc 1983 

Micholln 34 pc 1983 . 
Montreal Urban 8Jpc 1981 

New Brmwirli Cnr 19<U 


Bid 

991 

Ki 

SH* 

974 

97 
974 
97| 
974 

100 

984 

954 

98 


9H 

1914 

98 

(W) 

984 

97» 

1034 

9*4 

98 

101 r 

98 

944 

181 

1904 

984 

8*4 

9* 

19T4 

994 

9*4 

991 

924 

93 

9»» 

994 

9-’i 

9-*5 

981 

934 


Offer 

M4 

97 

95 

934 

971 

984 

984 

88 

1001 

Ml 

9*4 

98! 

asj 

884 

vr; 

991 

1094 

97 

98 
1044 
97 
97 

I0J4 
88} 
954 
101 i 
1014 
97J 
974 
9*! 
1074 
801 
97 
1004 
944 
WJ 
914 
IDA 
93J 
9*4 
99! 
93} 


New Bruni Prov. sine TO 
New Zealand 94pc 1908 .. 
Nordtr inv. Bk 7»pe 1984 
Norsk Hydra 7]pc 1982 .. . 

Nonray 7}pc 1982 

Ontario Hydro Spc 1997 ... 
Sincer 9}pc 1932 
S of Scoi Elec. Sioc 1181 
Sweden i FTrtoro) 7} DC 1982 
Swedish State Co. 7]pc *82 
Telmex 94PC 1**4 
Teonrco 7tpc 1W May ... 
▼nlkawaseo 71 pc 1937 ..._. 


Bid 

1i»+ 

■84 

P’1 

974 

9* 

96J 

1004 

100* 

971 

974 

994 

931 

84] 


Offer 

101 

98 

8*4 

98 

964 

97 
VI 
1014 

98 
981 

1001 

944 

954 


Bid 


CGMP 1984 7fpc 984 


Creditanstalt 1984 71 pc ._ 
Credit Lyunnais 1932 Spc... 
DC Bank 1982 7U|6PC ... .. 

Cl ZB 1981 *h 6 pc 

IrttL WstmnsTT. '84 715 l6 pc 

Lloyds 1383 71 pc 

LTCB 1993 Spc 

Midland 1BR2 Spc 

Midland 19S7 7Ui6PC ...... 

n»-R 1988 7Jpf! 


994 

991 

100 

100 } 

99} 

1004 

991 

1011 

904 

»i 


931 

95 

941 

99! 

974 

964 

934 
9*4 

935 
964 
97] 
9*4 
*91 
101 
Ml 


964 

931 

954 

1004 

98 
974 
96} 
97 
964 
97} 
MS 

99 

loot 
101 1 
* 7 * 


STERLING BONDS 
Allied Breweries I01DC TO 

Citicorp 19pc 1993 

Courraulds 9lpc 1989 

ECS 9tpc lira 

EIB 9fpc 1M8 

EJB 9 Spc 1992 

Finance for Hid. 9foc 1987 
Finance for ind lOso 1989 

Fi*ons i(H pc iM7 : 

Gestetner llpc 1988 

INA lOpc 19SS 

Rowmiee 104 pc 1988 

Spars it}pr 

Total Oil Olpc 1984 

DN BONDS 

BPCE 3 4 pc 1989 

BNDE (Npc 1938 

CFE *|pc 19W 

Denmark 5Jpc 1984 

PCS 54 oc 199* 

Ftp !Wp- lira 

Elect robras filpc 19S0 

Euraiom 3 Jpc 1987 

Eorofima »Jpc 1988 

Finland 51pc 1980 ........... 

Foramarks JJpc 1990 

Jlexico Upc 19V 

New Zealand 31 pc 19S6 ... 

Noncem 5}pc 199 

Noncay 4Jpc I0S3 
Philippines Slpc 19*3 .. .. 
Raoiar Unkkl 3?pc 19SS ... 

Sweden Rpc '989 

Taocmaotobabn 5'p.- 1993 

Trondheim 5fpc 198S 

TVO Power Co. «oc 19SS .. 

Venerocla *pc 198S 

World Bank 5?pc 1990 


9*1 

9.1 

04 * 

964 

97i 

939 

>54 

95« 

984 

974 

944 

Ml 

94* 

941 


934 

951 

951 

97 
M* 
961 
96 
Mi 
99} 

98 
954 
951 
954 
934 


SNCP 1985 8ipc 994 

Std. and Ch'rd. *S4 7Uupc 904 
Wms. and Glyns *84 8lispc 991 

Snmv** Wblie Weld Securities: 

CONVERTIBLES 


Offer 
994 
1004 
1084 
1904 
1014 
loot 
1094 
190} 
101 i 
994 
1001 
994 
1004 
1004 


1004 

99 

98 

181 

93 


1014 


os 


101 ] 

9SJ 


98 

180 

1W1 

99 

934 

074 

ini 

1034 

joi; 

97 

93 

1011 


994 


Ml 
1061 
1002 
994 
1004 
9*1 
1011 
mi* 
1025 
97} 
S Si 
1024 
lDOi 
98} 
994 
Ml 
1004 


FLOATING RATE NOTES 
Bank of Tokyo 1981 7U|«pc 

BFCE 1984 SJpc 

BNP 19S3 3hcPC 

CCF 1083 Spc 


99# 

994 

992 

99* 


99J 

991 

1004 

INI 


All of these securities having been sold, this announcement appears as a matter of record only. 


New Issue / April, 1978 



$ 100 , 000,000 
Ryder System, Inc. 


954% Collateral Trust Debentures, Series F, due April 1, 1998 

Interest payable October 1 and April 1 


Salomon Brothers 


Bache Halsey Stuart Shields The First Boston Corporation 

incorporated 

Dillon, Read & Co. Inc. Donaldson, Lufkin & Jenrette 

Securities Corporation 

Goldman, Sachs & Co. E. F. Hutton & Company Inc. 


Lazard Freres & Co. 


Lehman Brothers Kuhn Loeb 

Incorporated 

Merrill Lynch, Pierce, Fenner & Smith 

Incorporated 

Smith Barney, Harris Upham & Co. 

Incorporated Incorporated 

White, Weld & Co. Dean Witter Reynolds Inc. 

Incorporated 

L. F. Rothschild, Unterberg, Towbin 


Blyth Eastman Dillon & Co. 

Incorporated 

Drexel Burnham Lambert 

Incorporated 

Kidder, Peabody & Co. 

Incorporated 

Loeb Rhoades, Hornbiower & Co. 


Paine, Webber, Jackson & Curtis 

Incorporated 

Warburg Paribas Becker Wertheim & Co., Inc. 


Bear, Steams & Co. 
Shearson Hayden Stone Inc. 
ABD Securities Corporation Basle Securities Corporation Daiwa Securities America Inc. 
EuroPartners Securities Corporation 
New Court Securities Corporation 


Robert Fleming 

Incorporated 


Nomura Securities International, Inc. 

SoGen-Swiss International Corporation 

Yamaichi International (America), Inc. 


Kleinwort, Benson 

Incorporated 

The Nikko Securities Co. 

international, Inc. 

Scandinavian Securities Corporation 


UBS-DB Corporation 


American Expn-*i» 41 pc 17 

S3 

84} 

AEilaod Spc 1983 

86} 

88 

Babcock ft Wllcos 64 pc *97 

941 

934 

Beatrice Foods 4’oc 1P92... 

931 

95 

Beatrice Foods J«oc 1992 .. 

103 

105 

Beecbani 6|pc 1992 

97 

VS 

Borden 5 BC 199; 

971 

98 

Broadway Hale 4fpc 1987... 

78} 

80 

Carnation 4pc 1987 ... 

784 

78 

CbnvTun 5pc 1988 

123} 

125 

narr 4!pc 1987 

78} 

SO 

Eastman Kodak 44 dc 19SR 

81} 

S3 

Erotwtnlc Lab*;. Itpc 1987 

77. 

781 

Firestone 5 t- jflSS 

SO 

81} 

Ford jpe 19SS 

88} 

90 

General E>ctr*c 44pc 1687 

78 

73} 

OfUetie 4;pe 19*7 

78 

79} 

Gould 3pc 18*7 .. 

1891 

HI 

Gulf and Weprern Spc 1388 

85. 

87 

Ranis ape 1932 

149 

151 

Honeywell fipc 1986 

89 

90} 

ici 6jpc lira 

9 «* 

874 

TKA fine- 1967 

96 

* 974 

In-bcnne fitpr 1992 — 

1124 

1134 

TTT 4 .'pc 19«7 

M 

51} 

Jnw-o flpc J9»2 

120 

121 

Komatsu 71 pc 1*90 

1271 

131 

J Ray Mr-DenruHt ••’oc "87 

1SJ 

15S 

Ma rstishit a r.’oc 1990 

Id} 

IKli 

Mitsui Tlpc I9M 

1.104 

131} 

J P. Moivan J'nc 19S7 .. 

93 

941 

Xahfroo 5|nc 1*88 ... 

100 

101} 

Owens Illinois 4lpc 19*7 ... 

1M 

107} 

J. T Pcpiwy Jlnc 19*7 .. 

77} 

73 

Rcvlmi 4, pr 19fG 

103 

196} 

Rernolds Mctnft eDC 19S9 

S3 

84} 

Kantfelk nip.: 195K 

less 

110} 

Sperry Hand *'nc 1987 

87 

881 

Snnthh J'pc m<t7 

79} 

81 

Tcxaro 4'nr 1P*« 

79 

801 

Tiwhiba klpc 1997 . .. 

1334 

1343 

Union Cartilde -Cpc 19S? 

M 

94} 

Warner Lamtewi J'pc lira 

*2 

63} 

Warner Lambert 41 pc 19SK 

78 

7»i 

Source: Kidder. Peabody 

Securities. 


This advertisement appears as a matter of record only. 


US $13,000,000 

Medium term loan to 

Hammadan Glass Company 

Incorporated iniran 


V'.n 


ft- 2. 


jGuaranteedby •. 

Industrial Credit Bank 


J 


arrangedby 

FIRST NATIONAL BOSTON LIMITED 










and provided by 

THE FIRST NATIONAL BANK OF BOSTON 
CANADIAN IMPERIAL BANK OF COMMERCE 
IRVINGTRUSTCOMPANY • 
SHAWMUT BANK OF BOSTON NA 


Agent 



THE FIRST NATIONAL BANK OF BOSTON 

. UA8CH1975 


ians se 


SINOTiCES 






April 4, 1978 


J. Ray McDermott & Co.> Inc 


lias acquired 


The Babcock & Wilcox Company 


Tbe undersigned initiated this transaction and acted as 
financial advisor to J. Ray McDermott & Co.j Inc . 


Smith Barney, HamsUpham & Co. 

Incorporated. 


"i , ' ; T = i : . % ^ 



fora 


cion 




v.. 


■ . ’ m. 


' q ^R 


J 


I 





t- j.™. • _ 


Jin^nciai Times Tuesday April it 1978 


b >n 


NTERNATfONAL FINANCIAE AND ;COMPANY NEWS 



over 


'-JAMES FORTH 

• -rr ’ the UJK. and the problems affect- 

! : -2L *?3£F er and Polish- ins both the . industrial and 

ra^gwu^profit 26 trading conditions’ inNw York. 
-*'?:£ JJ? 1, *&$& L-JjW®- -to- The group acquired the New 
V.A2: , ^p s i2.4m.) ia the York Post and the New York 
' -« ear ' '**■ & 31 P® Magazine Company early last 

t : V n 2Sft “ S* 088 TO®*®- **■*• ^he directors said that con- 
:■: to -$Al07m. siderable losses . were being 

: that resnita incurred in New York, but they 
- ’six months werepleasing, remained hopeful that the : New 
^ JJSHJ 1 ** ' difficult York Post could be .built into a 
^ ^ c 5?diuons experienced viable newspaper. ■ 

-V i Christmas bre ^5 would They pointed out that the US. 
• ‘ ’“•v^ j., 55??? 1 * 11 ^ Qn results were again affected 

.. v! &. ^5^5, second half, favourably by a substantial tax 

v : 4p pr^ts,- 3ndudmg equity credit available under US. tax 
- .ji., i uthe second bait were laws, 
i. ed. to reflect unfavourably News International, the UK 
a ' \-c ere industrial problems in arm which, includes the Sim and 


s cast a 
advance 


SYDNEY, April 10. 

the News of the World, recently 
reported an increase in pretax 
for 1977 from £ 15.6m. to 
ai&l5ai. The interim dividend 
has already been declared at 4 
cents a share. 

★ * * 

JOHN LYSAGHT (Australia), 
the steel and coil producer, more 
*h*o halved its profit, from 
SA9.9m to $A4.6m. ($US5.3m.) 
« l 97 ^* writes James Forth from 
Sydney. The company is equally 
owned by Britain’s GKN group 
and Australia's only steel maker. 
Broken Hill Proprietary. Lysaght 
directors attributed the result to 
depressed conditions in the 
Australian market 


-SehnJnited Plantations profits soar 


" WONG SULONG 

.... "•■'AX profits at United 
soared by 140 per 
■■■' : i4 "-‘<.;last year to 26S in. ringgits 
:r.* -j- ■;.';1.4ni.) . - as a - Tesult of 
=• v. ■.•'able prices hnd higher pro- 

v*vjVn volumes of the company's 

■ ■'- V.>nain crops— oil palm’ and 

— ______ Teak down of the .financial 

^v.s, however, showed that 
a * during the second half, at 

1 1 Pi filrii ringgits, did dot maten up 
1 UlyllP performance, during the 
%alf year’s 14.6m.; ringgits, 
^ting the lower prices of the 
....... commodities . during the 

:. v ’/.5 i part of the -year. 

..V.-V'j: ■ agreement. 1 was reached last 
"*• ' .z- ■ r^-y to sell the group's furni- 

• • - :. taking subsidiary Scanlock, 
Malaysian Rattan and 

* • w * t*. 


Wood Industries. A provision of 
3m. ringgits has been, made Tor 
lasses in Scanlock and ibis has 
been Incorporated in' the 1977 
account of the parent company.' 

United Plantations has recently 
embarked on a major cocoa 
diversification and future cocoa 
prices will have a strong bearing 
on the company’s results. 

A final dividend of 125 cents 
is declared, raising total divi- 
dends for the year from/ 15 to 
17.5 cents. A one-foMejf scrip 
issue is also proposed. 

■ ■ . t- 

New Straits Times 

The New Straits Times Press, 
the biggest- newspaper- group in 
Malaysia, .staged a- strong 


KUALA LUMPUR, April 10. 

recovery during the first half of 
the current financial year, in- 
creasing its pre-tax profit by 39 
per cent, to $M6.64m. ($M2.8ro.), 
writes Wong Sulong from Kuala 
Lumpur. 

The company reported an all- 
round improvement in its 
activities. Advertising revenue 
was up, and Josses in its sub- 
sidiaries were trimmed. The 
parent company which published 
the country’s major English and 
Malay newspapers, reported a 14 
per cent increase in- sales while 
profits rose by 22 per cent, to 
SM6.8m. The subsidiary, Berita 
publications converted a loss into 
a small profit, while Business 
Times, managed to cut losses 
substantially. A 15 per cent 
dividend is declared. 


irdine Matheson offshoot lifts earnings 


,000 

tun to 

i Company 


jit Bank 


e":VF.HLEE S-?-'.':. 

...?3lNE MATHESON and Co. servicing interests. However, its 
;.'^'-h East Asia),-,a subsidiary manufacturing, sector performed 
Hofig Kon& trading house, disappointingly. Vj . ■ • 

'.;V i eported a 10,6 per nent in- . Tbe_ . group ' . has - forest a 
_ _ a in group- after-tax profit modest . increase- in earnings in 
for J.977. . - . ... the current year.“- ' ' V. - "• 

^~^ er extraordinary Jtems^. . The- dividend payment for 1977 
ngs ' attributable to share-~has been maintainefi at*2fr Hong 
ra rose by 17 per cent to Koxig cents per share. •; 
t»m. ... ...... - .: 

dine attributed " the " iiri- a « 9n' : m urnWfll 
;d performance to the con- ASlan g^O Wm 
d growth of its engineering. Since the Aslan dollar certificates 
le construction and oil of deposit market started at the 


SINGAPORE, April 10. 

beginning of this year 20 banks 
have issued a total of about 
$U.S.450m. of fixed rate CDs 
for periods of up .to 12 months, 
N g Kok Song, deputy manager 
of the monetary authority of 
Singapore’s international depart- 
ment said, reports Reuter from 
Hong Kong. At the first Asian 
foreign exchange and money 
dealers congress, he said seven 
banks have raised a total 
SU.S.120m. in the form of three- 
year floating rate CDs. 


ireatermans sells lossmaking stores 


f RICHARD ROLFE .. 

STORE group Greatermans, 
s profits have ' declined 
-ly in recent reporting 
ds, has moved to restore 
ability by the proposed sale 
ts largest lo6smakef. -Re- 
stores chain. This chn- 
of 18 discount stores and 
accumulated losses - of 
n. (S4.9m.) at the last full 


,v, : . ^ ' ■ JOHANNESBURG, April 10. ■ 

year to June 30 with ir -further Discount Centres at reputedly 
undisclosed loss over the six huge remuneration tied to per- 
months to December L forma nee. But Dion Discount, 

Greatermans’ policy _ recently which ironically sold Rave to 
has been* io-tiy -to. retake Rave Greatermans in 19 68, has now 
byitS'-own efforts * The stores* bought it back for approximately 
pufled : ^oat Of hire , } i^9hxse R4jaL-R5m. with the exact price 
business 'in" Septemberjlna^ fe- to be determined after stock- 
duced prices. A mfffith ago. taking this week. The inlUal 
Rave hired two key Jexecntives approach for the sale was made 
from the” rival 'ajroup Dion by Greatermans. 


Sharp gain 
forecast 
by Isuzu 
Motors 

TOKYO, April 10. 
ISUZU MOTORS expects a 
rise of about 80 per cent, in 
afler-tax profit in the first-half 
year ending April 30 to about 
Y5bn. (822.7m.) from Y2,79bn., 
on a sales rise of about 16 per 
cent, to Y265bn. ($L2bn.) from 
Y227.64bm 

Isuzu attributes the expected 
sharp rise in after-tax profit to 
brisk exports and increased 
domestic demand for high- 
grade passenger cars and large 
trucks. 

Vehicle sales in the Novcra- 
ber-Aprll period are expected 
to total 195,000, including 

49.000 passenger cars, com- 
pared with 258,000, including i 

38.000 passenger cars, In the i 
same period of last year. 

Exports will rise lo 110,000 
from 79,000, increasing Isuzu's 
export ratio to 56 per cent, 
from 50 per cent, according to 
the company. 

The steep yen appreciation 
against the U.S. dollar Is said 
not to have a major impact on 
the company, because most of 
its exports are made on a yen- 
denominated basis. 

Vehicle sales in tlxe second- 
half, ending November 30, are 
expected to rise further, to 

203.000 as an Increase in 
demand for large trucks is 
looked for following increased 
Government spending for 
public works. 

The company plans to 
declare an unchanged dividend 
of Y4 for the current year. 
Reuter 

Taiyo Fishery advance 

TaJyo Fishery Company’s net 
profit for the year to January 
31, was unchanged at Yl.lbn. 

on sales np to 
; Y519.3bn. ($2.4bn.) From 

! Y48l.4bn., reports AP-DJ from 
Tokyo. The company foreeasts 
net profit again unchanged at 
YLlbn. on sales of Y550bn. 

Tokyu Store ahead 

Increased earnings are 
. announced by Tokyu Depart- 
ment - Store, reports AP-DJ 
I from Tokyo. Net profit 
advanced from Y1.42hn. to 
Y1.69bn. (S76m.) in the year 
1 ended January 31 last on sales 
np from Y1735bn. lo 
: Y183.17hn. ($82 5m.). The com- 
pany forecasts a net of 
Yl.Tftbn. on sales or Y193bn. 
_forthe current year. 

Japanese bankruptcies 

Japanese bankruptcies rose 
from 1,212 in February to 
1,517 in March, bnt were down 
from a record monthly high of 
1,705 in March. 1977, the Tokyo 
Commerce and Industry Re- 
1 search company said. Renter 
reports from Tokyo.- - The com- . 
pany, whose figures are used 
by the" Bank of Japan' for' Its 
bankruptcy statistics, said 
debts Involved in March fell to 
I Y244bn. from a record monthly 
I high of Y493bn. in February, 

| and Y264bn. In March last year. 


5TON LIMiI'-ompany notices 


I.U. OVERSEAS FINAN WN.V. 

U.S. $35,000,000 8| per cent;. Guaranteed 
Bonds aue 1987 

Holders of the . above inentioned Bonds 
are hereby notified' that; pl&suant to the 
applicable provisions of the Trust Deed con- 
stituting the Bonds, the exchange date for this 
issue has been determined to be^26tir April, 
1978. The bearer of a Tempcfrary Bdnd.shall 
be entitled, upon the surrender thereof on or 
at any time after the said exchange date- and 
upon compliance with $he provisions set forth 
in the said Trust Deed,’ indudiing completion 
of a certificate of ncm-U.S. henefirial owner- 
ship, to exchange such Temporary Bon d f or a 
definitive Bond With Coupons’ attached 
thereto free of charge at the office of Morgan 
Guaranty Trust Company of New York, 33 
Lombard Street, London EC3P 3BN, England. 

. I.U. Overseas Finance N.V. 


The Bank of Tokyo, Ltd. 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Series C Maturity date 
14 October 1980 


In accordance-with the provisions of the Certificates 
of Deposit notice is hereby given that for the 
six month interest period from 11 April 1978 
, to ll October 1978 the Certificates will carry an 
Interest Rate of 814% per annum. 

- Agent Bank 

Xhe Chase Manhattan Bank, N-A-i 
London 


This announcement appears as a matter of record only. 


,, ^ 


,aflf 


U.S. $62,000,000 
Notes 

■ .‘V - GuaranteedBy . 

the Republic of Ecuador 

Private placement of these Notes has been arranged by the undersigned. 

Loeb Rhoades, HoniHower International Limited 
SSGrosvenor Streefclondon VWX9DB 


[LENDING COMPETITION IN JAPAN 


Mutual banks get together 


BY YOKO SHIBATA IN TOKYO 


THE SHAPE of Japan's banking 
industry is changing rapidly as a 
result of pressures from Govern- 
ment and industry on the smaller 
banks to become more efficient 
Last month, Japan's second 
largest mutual bank, Yogo 
Mutual, announced that it was 
negotiating to merge with the 
fourth-ranked Kinki Mutual Bank 
to become the largest mutual 
bank in Japan. It would be the 
first major merger among the 
country's 71 mutual banks or its 
468 smaller credit associa- 
tions. but financial analysts anti- 
cipate a rush oF mergers and 
takeovers now that the stronger 
banks are fighting lor business 
among the traditional clients of 
the smaller financial institutions- 

The • Ministry of Finance 
(MOF) has encouraged the 
smaller institutions to regroup. 
The MOF maintains a list of 
banking Institutions “requiring 
special supervision." and most of 
the 20 names on that list at the 
end of January were mutual 
banks. Typically, the banks listed 
for supervision have accumulated 
a large amount of bad loans, 
but mosit mutual banks have 
suffered setbacks to profits for 
several consecutive terms, in toe 
6 months to September, com- 
bined recurring profits for the 71 
mutual banks declined by 15.2 
per cent, from the previous half- 
year. Only 14 of the mutual 
banks reported gains in recurr- 
ing profits, compared with 47 in 
the previous March term. 

The mutual banks have been 
hit by the protracted recession 
in corporate demand for funds. 


They rely on smaller companies 
to borrow at interest rates higher 
than the big banks are able tD 
charge large corporations, and 
the excess of liquidity in 
Japanese banking has sometimes 
led big and smaller banks into 
cat-throat competition over small 
business loans. 

The Ministry of Finance main- 
tains “guidance” on big bank 
activities in order to protect 
smaller institutions, but an 


stiffer competition by loosening, 
restrictions on the opening of 
new branches or relaxing the 
“window guidance" on the 
amounts of cash banks can lend 
in any given quarter. The BOJ 
recently announced 12 per cent 
increase on a year ago in -the 
lending ceiling for City banks to 
roughly Yl,000bn. during the 
ApriWune quarter. 

According to one analyst, small 
business loans now account for 


A rash of mergers and takeovers among the 71 
Japanese mutual banks and 468 smaller credit 
associations is being looked for in the face of com- 
petition from the larger City hanks 


official of the mutual banks 
association says: “Medium 

and small banking institutions 
are being suffocated by the City 
banks’ cutting of interest rates 
on loans, and the City banks are 
invading our own field of busi- 
ness.” The City and regional 
banks can lend at relatively low 
rates these days because of 
interest earned on big accounts 
and the huge size of their 
internal reserves and foreign 
exchange income. Thus, in a 
borrower’s market, the mutual 
banks face stiff competition 
which the MOF has not 
wholly banished. Indeed, the 
mutual banks now fear that the 
MOF and Bank of Japan (BOJ) 
may be preparing them for even 


nearly half toe increase In out- 
standing loan balances at toe big 
City banks, and the demand for 
cash in small and medium-sized 
corporations (notably retail and 
food companies) is one of toe few 
bright spots on an otherwise grey 
company lending horizon. 

Competition tor lending funds 
with City banks has therefore 
cut the mutual banks' interest 
rate differentials substantially. 
In September, 2977, the margin 
on procured funds at toe mutual 
banks had fallen to 0.26 per cent 
from the 0.51 per cent pertaining 
in March of last year. At credit 
associations the margins have 
been slashed by 0.10 per cent to 
0.35 per cent 

Corporate bankruptcies, more- 


over, have put the mutual banks 
into a more precarious position* 
The 17,926 companies which 
failed last year with Y2£00ba. 
in bad debts were generally small 
or medium-sized businesses which 
depended largely on small finan- 
cial institutions for support As 
a result, mutual financing banks 
have seen their ratio of bad debts 
to outstanding lending increase 
to per cent (compared with 
1.5 per cent at City banks and 
3.3 per cent at Credit associa- 
tions), according to Tokyo Shoko 
Research which analyses Japan's 
bankruptcy figures. 

Given the relatively poor show- 
ing of mutual banks and their 
relatively Inefficient procurement 
of funds, toe MOF is keen to 
engineer what it calls “manage- 
ment efficiency" among smaller 
institutions. “ Inefficient banks 
of any size should solve 
their problems by reorganising 
through business tie-ups and 
mergers," according. to Mr. Itaru 
Ishikawa of the MOP'S banking 
bureau, writing in the MOF’s 
house magazine. The MOF has 
not yet issued any ** atoninistra- 
tive guidance " on reorganising 
the mutual banks, but the MOF 
will “ welcome " voluntary efforts 
in this direction, MOF*s 
banking bureau - says. The 
nearing of an agreement by 
two of Japan's largest mutual 
banks to merge is an indication 
that more will come as soon as 
the MOF’s seal of approval 
trldties down to the less 
sophisticated members of Japan's 
banking fraternity. 


Tokyo test for Midland’s overseas plans 


MIDLAND BANK to-day opened 
in Tokyo Its only overseas branch 
in a major financial centre. 
Although the present depressed 
state of corporate demand 
for yen and dollar funds 
which may keep the office an 
unprofitable proposition for at 
least the next year. Midland’s 
push ' into Japan is seen as an 
attempt to gain a foothold in 
toe Japanese financial market- 
place, and as a test case for 
future direct expansion abroad, 
writes Douglas Ramsey from 
Tokyo. 

Until now. Midland bas con- 
centrated its presence overseas 
inside consortium banks, notably 
in New York where it is a 
member of the European Ameri- 


can Banking Group, an offshoot 
of the EB1C co-operative organi- 
sation — though it previously 
had a branch there. In 
Tokyo, three of the EB1C 
members — Deutsche Bank. 
Societe Generale, of France, and 
Banca Commerciale Italiana — 
have been operating independent 
branches for some time — Mid- 
land. which bas no branching 
network elsewhere overseas, is 
keen to determine whether it is 
worth revising its overseas lend- 
ing strategy more closely on the 
line taken by other British 
clearing banks. 

It has probably cost Midland 
at least £lm. to set up the 
branch office which will initially 
employ between 22 and 25, “a 


fairly modest operation,” one 
executive admits. 

Although Midland will 
initially run up against toe 
same wall of over-liquidity in 
Japanese business which thwarts 
lending by all foreign branches 
in Japan, the XJ.K. clearing bank 
is . further handicapped by the 
confines of Its overseas opera- 
tions. Vther British banks 
provide a strong source of 
information to Japanese com- 
panies on third markets (take 
Barclays in Africa and Lloyds 
in South America). Midland’s 
interest in consortium banks in 
key financial markets is parallel 
to what Japanese banks — or even 
Midland’s EBIC partners — can 
offer out of their Tokyo offices. 

Despite toe downturn in cor- 


porate demand for foreign 
funds, Midland believes that it 
can garner a respectable number 
of loan clients. AU branches are 
allowed to swap foreign cur- 
rency into yen for domestic lend- 
ing up to ceilings administered 
by the Finance Ministry, Govern- 
ment sources say that Midland’s 
ceiling, at $22m^ is fairly high 
compared with that of at least 
one other U.K. clearing bank 
(which set up after the oil 
crisis) which now has a ceiling 
of $28m. The main constraint on 
lending, of course, may be from 
within Midland itself, which is 
keeD not to extend itself in the 
Japanese market until it has 
acquired the necessary credit 
appraisal experience. 


All of these Securities have been sold. This announcement appeal's as a matter of record only. 


$750,000:000 

Canada 

$250,000,000 8% Bonds Due April 1, 1983 
$250,000,000 8.20% Bonds Due October 1, 1985 
$250,000,000 8Vs% Bonds Due April 1, 1998 


Interest payable April 1 and October 1 


MORGAN STANLEY & CO. 

Incorporated 

WOOD GUNDY 

Incorporated 


SALOMON BROTHERS 
A* E. AMES & CO. 

Incorporated 


THEFIRSTBOSTONCORPORATION DOMINION SECURITIES INC- GOLDMAN, SACHS & CO. 
McLEOD, YOUNG, WEIR, INCORPORATED e MERRILL LYNCH, PIERCE. FENNER & SMITH 
BAG HE HALSEY STUART SHIELDS BELL , GOUINLOCK & COMPANY 

Incorporated - Incorporated 

B LYTH EASTMAN DILLON & CO. BURNS FRY AND TIMMINS INC. DILLON, READ & CO. IN C. 

Incorporated. • 

DONALDSON, LUFKIN & JENRETTE DREXEL BURNHAM LAMBERT CREENSHIELDS & CO INC 

Securities Corporation incorporated 

E. F. HUTTON & COMPANY INC. KIDDER, PEABODY & CO. LAZARD FRERES & CO. 

Incorporated 

LEHMAN BROTHERS KUHN LOEB LOEB RHOADES, HORN BLOWER & CO. 

Incorporated 

MIDLAND DOHERTY INC. NESBITT THOMSON SECURITIES, INC. 


PAINE, WEBBER, JACKSON & CURTIS 

Incorporated 

RICHARDSON SECURITIES, INC. 
WARBURG PARI B. AS BECKER 

Incorporated 

WHITE, WELD &CO. 

Incorporated. 

ABD SECURITIES CORPORATION 


NESBITT THOMSON SECURITIES, INC. 

PITFIELD, MAC KAY & CO., INC. 
SMITH BARNEY, HARRIS UPHAM& CO. 

Incorporated 

WERTHEW <fi CO., INC. 
DEAN WITTER REYNOLDS INC. 
BASLE SECURITIES CORPORATION 


EUROPARTNERS SECURITIES CORPORATION ^ JjEIN ^^J ! ^ ENS0N 

NEW COURT SECURITIES CORPORATION NOMURA SECURITIES INTERNATIONAL, INC . 
SCANDINAVIAN SECURITIES CORPORATION SOGEN-SWISS INTERNATIONAL CORPORATION 
DAIWA SECURITIES AMERICA INC. THE NIKKO SECURITIES CO. 

International, Inc. 

TAMA1CHI INTERN ATIONAL(AMERICA),INC. BAER SECURITIES CORPORATION 

CAZENOVE INCORPORATED ULTRAFIN INTERNATIONAL CORPORATION 


BANQUE NATION ALE DE PARIS CAISSE DES DEPOTS ET CONSIGNATIONS 

CREDITANSTALT-BANKVEREIN SOCIETE GENERALE WESTDEUTSCHE LANDESBANK 

GIROZENTRALE 

Apriie,1978 ' 


. Si O 


March 1S78 


l 




Nearing a political and economic watershed 

A clouded future 


SIBRfiA 

LEONE 


FflfC 


for Sierra Leone 


BY MARTIN DICKSON 


• i 5i&w*‘ * f* 

gbihh j / 

FrwtownjBpr ) r jvqw 

"Y cwsr ^ 


President Siaka Stevens 

. . . one-party system soon. 


“ SOMEONE up there loves me," 
declares the message daubed on 
the mini-bus jolting along the 
deeply rutted road outside 
Keneraa, centre for Sierra 
Leone's declining diamond in- 
dustry. But whatever gods are 
smiling on Sierra Leone they 
are not those of economic good 
fortune. 

The economy is going through 
tough times and there is no easy 
or immediate way out of them. 
Politically, too, this is a time of 
uncertainty. President Siaka 
Stevens is expected to move 
shortly— possibly this month— to 
replace the two-party system 
inherited from the British at 
independence by a one-party 
State. 

There is a sleepy air about 
Freetown, the capital, and the 
same can be said of the Sierra 
Leone economy. Real GDP is 
estimated to hare risen on 
average by only about 2 per cent 1 
a year between 1970-71 and 
1976-77. With a similar rale of 
population increase, there can 
have been little improvement in 
living standards for the mass of 
the country’s 3m. people. 

Sierra Leone's financial situa- 
tion deteriorated sharply be- 
tween 1974 and 1976 as export 
production flagged amid rising 
import costs, a stagnation in 
Government revenues. and 
rapidly expanding Government 
expenditure. Although there 
was some improvement last year, 
fhp short and medium-term out- 
look is not bright. 

Central to the country's 
problems Is the rapid fall in the 
production of diamonds, long a 
mainstay of the economy, 
accounting for pome fln per cent, 
nf expnrt earnings. The country 
has also stopped mining iron ore, 
which used to provide some in 


per cent of export revenue. The mid-1076 and the middle of this national comnanlai in the FmrtnumiWP-' J v "' 
steep rise in the world price of year. Relief was given on 80 present depressed *ate of the Free ^3r Ngg , 
coffee and cocoa over the past per cent of the interest and market. FallinE diamond pro- ' > WJ * ST / 

two years has temporarily helped principal, which will now be duetion will only be partly com- \ 

offset this shrinking export base, repaid over 10 years with a 30- pensated for by increased baux- * f “”" 

but there has been no sustained month grace period. ite production (there are plans ,s, “ a 'lli" 

growth in the output of either Sierra Leone's economic diffl- for an alumina plant) and re- - ■» « — 

commodity. culties may not be nearly as newed output of rutile (used m «. ‘ ^ 

At a time of mounting foreign as those of some other paint pigments). “reals. ™ seal* of three other 

debt— much of it in expensive African countries and the But while these difficulties may * 1 2 ei1 ba?e been declared 
short-term suppliers’ credits— Government cannot be blamed produce an undercurrent of -2? 11 * because they have been 
there has been a sharp deteriora- {P r dwindling diamond reserves, economic discontent in a poor ?^ 6ent ffomj sittings of the House 


threats. The seats of three other 
5LPP men have been declared 


Lilt. * U4i u uvexi a oiiai k ubiunui a w ft* - - , UXPMjlUcilL a uuui » , 

tion in the balance of payments. f ut crinca argue that conniry where wealth is concen- { ar ra 9. re , £0 days— having 

with a projected deficit this year Cadmii-tedly with limited finan- trated in the hands o£ a small been 4 **““4 by the Govern- 


fi IVM u wjvliLV U, Ul |iv i l ioj ■ j j v UA • — _ _ . uiC nyii yj JUInll . — ■ 

of about £20m.. and a trade gap ha .£ eht ^ the Political impact-on since the election, 

of about £17m., due in part to lX U *KSS^iE2f *?5,, XE £he surface, at least— appears to by tije 


more than months’ worth of leaQ > ears student, S ftefosmte of ring hollow, 

imports. ah ®. ad * T r Bay CoUege set on a mountain Nevertheless, some argue that, 

p Sienra Leone s small manufac- above Freetown, demonstrated in however it is achieved, a one- 

T orrrn taring sector is all but sta gnat- support of economic and social part ? J? 5 *™ could benefit the 

Large aencit ,n S- O* top of the problems of changes andearly general elec- country. 

, ® a small market with Limited pur- tions. There w?n> muttered President - Stevens maintains it 

At the same time, the Govern- chasing power, local entxepre- allegatiOM o?oifef” condom l 8 n ec“sary if the country is 

merit has been running a large neurs grumble about insufficient K “not to disintegrate into tribal 

fiscal deficit— estimated at about incentives for the foreign in- J factions, with aU that would 

£26m. for the 1976-77 financial vestor. And while the Govern- t^3UQlpUS - UlVaflCU imply.” Certainly tribalism is 

year, about 30 per cent of total ment is - trying to increase *" an important element m politics, 

expenditure. Although the IMF agricultural production, notably They got the early elections— W ith ^ SLPP drawing f te 
last year demanded a reduction through regional development called last May, a .year earLMiut porl from ^ Hend * of ° 

in the deficit in return for an projects, it wilt be some years also a violent invasion of the south. The AFC is Woneet 

SDR 9.02m. (£5.6m.) standby before .this makes any appre- campus by auggsh the northern tribes but 

credit, the overall deficit is ciable 1111 pact on cash crop ®S- «ding All Peoples Congress does have a sjgmficjntiy broadei 
expected to widen slightly this P°^- . , (APC), some of them armed. base. 

year. . on d output, meantime, Nor were the elections a lesson This appears due in no small 

Sierra Leone is thought likely J** & ® e " 1 ?J ! ‘5* J&" 01 PJ®.?? in Peaceful. multi-party deraoc- measure to President Stevens 
to approach the IMF shortly for ^ ' ISiere was considerable himself, whose father was a 

a second credit tranche but it can 5? , A ® violence during the campaign by northener and mother a 

expect tough negotiation. The su P porters of both 1116 APC and southerner. More than any other 

IMF is thought to be unhappy £2*^ across eSSra d SiS ? e , o P p 0“ ti0n Sie £ a ^oue P°htician. he can speak for the 
not only about the budget deficit lSirair SwaS People s (SLPPl ' country a nd maintain balance, 

but also over some £S-5m. worth m end ^ SLPP “an aged to secure Although in good health be is 

of new extra-budgetary expend!- P n?55nco“ onlv 15 seats in 100-seat parUa- “ 9 ^ 72. and a one party state 

ture financed largely by short- laree-scale producer acwnintiuz “ent. but it may now be heading tjjgjrt hl ®JP c ?” ta,n batUe for 

term foreign borrowing. fThe 'L 1 S for oblivion. Ever since the elec- P™er after h ls death 

Government has been relying J or s ° m . e p ® r **"*■ of h natJ ° I1 “ 1 tion. President Stevens has been ni A ““Iti^arty system has not 
heavily on contracmr finance and saying that the time is now ripe d T partlcula,,l >' effective in 

supplier credit, which, at £33m.. ft?* for introduction of & one- * ho *' n 9y the 

accounted for 3S per cent, of j^berlite pipes. L ntess there partJ . system and f t se ems likely °^ bo, . h 5 | de5 ^L.? c ,a . s . r 

lotal external debt at the end or f vl7„^hi«" rhat will want to bring this StS, 10 " m tbc 1367 po1 ’- 

thp list finanpial mr i n,Qnd P r,ce * (0n f0fJ va » l,able in this v»ar lrt,en 3 miI itary coup prevented 

Kl * PS a 15 and 17 per cent, increases last ,n . thls the APC lakinq office after it had 


ivhen a military coup prevented 
the APC taking office after it had 


nnli^nn Seri0 | U ^h year). Diminco officials believe According to one Minister, a defeated the then ruling SLPP 

position, anu the plight of the , bal production wilt no longer process of “osmosis" will take Set asaimst all this ih^re arr 
economy generally, is under- be viable in five years, at the place whereby the remaining other Sierra Leoneans who a r<*uc 


lined by an agreement last CU Lside. SLPP Parliamentarians will he :h*». whatever its defects’ a 

September between the Ciovern- Tron ore mining ceased in 1975 absorbed into the. APC. This multi-party system should ' he 
ment and the Paris Club nf when Ihe country's sole pro- would appear to boil down to a kept alive* since in the long-term 

Western creditor nations For the d uver. Dclco, went into liquids- combination of blandishments it might prove itself and Jn thp 

rescheduling nf Sierra Leone's lion, and there seems no hnpe (one opposition member has short term it would provide a 

dehi repayments due lie tween of resumed production hy inter already crossed the flnnri and check on Government excesses. 


!l 

f '■ 



to 5as*--& ■ 

-iZs-r 


|*=V w .'JrT t’-, --A r — 

'> f / .... 

m 












Before...and after. 



Martini mixed with gin or vodka. One 
of the world's classical aperitifs. 

And after dinner, you can stay with it 
all night. Served on the rocks, or. with ice 
and soda. 

Some people have even been known - 
to have it before and after lunch. Before 
and alter sailing, golf, riding. 

Before and after.. .just about anything. 



Financial Tiines . Tue^y April H1978 


‘ ‘ 1 1 “ i RXAau»rfe*MJ*Sb*»1nd»ix • . 1/ • ' I / 





■ v 








_ : - 's 

v- ■ _ ■ 




; 




s\ 

r«w 

v\ ... 

A 


v»* 

Zi 





\.J VT 


• •f 

S’" : ’ 

w 

■ 



- ' K 



■ 



J 


; s ,/V v 'l 



.*w wrt m 


„.u =-.. F ? rthe P ast8 V ears FriendsT Pravidenfsinvestmentteam has 

achieved an outstandinn rvirfnrmsinr»fnr Prion He' — *. i 


showiThn tfTe°^r^b C * in9 ^ or bends' Provident UnitTrust, as 

hi 2.?^ lor i 9er expertise end know-how has 

ouiu upand mamtatned our record and reputation of being a leadina 
with-profits mutual Life Office. ^ 

, ^owthesame winning team ^managing the investmentsfortha 
clients of our neyv Managed Pension Fund. 

c- ^^^^ d ^^ fweto -^investmentfunds--OrdinarY,Share. 

Fixed Interest; Property arid Cash, plus a Mixed Fund-a Friends' Provident 
Managed Pension Fund can be tailored to ‘ - 


meet the specific requirements of your 
Pension Scheme. : 


It also offers you a flexible 
system of administrative services 
if required. 

So whether you're looking 
for a Managed Fund or more 
traditional arrangements for a 
smaller scheme, contact Friends' 
Provident first and see how easily 
we can shape our.expert services 
around the needs of your Pension 
Scheme. 



FRIENDS’ PROVIDENT MANAGED FUNDS LIMITED 

DORKING, SURREY RH4 JQA. TELEPHONE DORKING 10306) 5055. 


A HNANC1ALTIM l-S SURVEY 





The Financial Times is planning to publish a Surrey on the Channel 
Islands on Friday June 16. The provisional editorial synopsis is set out 
below. 


INTRODUCTION Potential strains- on the economy have arisen as a 
result of pay settlements above those in the U.K. Can the level of 
stability be maintained in the face of this potentially inflationary 
pressure? ' 

FINANCE The Island's role as an off-shore financial centre is expanding. 
That role is becoming increasingly international as the number of foreign 
banks _ increase. 

INVESTMENT There has been a big growth In the number of Islands 
based trusts, which has enabled non-U.K. residents to consider new 
investment fields. 

COMPANY LAW Professional opinion continues to be opposed to radical 
change in the proposals for a new commercial code in Jersey. Debate 
nn the mailer continues despite the initial adverse reaction. 
HORTICULTURE Tomatoes and flowers continue to provide the 
backbone of Hie export market. Modernisation and rationalisation have 
helped keep the Islands economic and efficient. 

TOURISM To develop the trade the Islands are developing their 
conference facilities and sporting activities. Some lm. visitors are 
expected this year and their contribution to the economy will be highly 
important. There is some concern about the effect of dearer air fares 
on the number of arrivals. 

INDUSTRY The Islands may-not be famous as an industrial centre but 
there are some small-scale, activities, such as boat building, and they heip 
to sustain a diversified economy. 


For further information please contact: 

Steve Nevitt 

Financial Times. Bracken House. 10 Cannon Street. London EC4P 4BY. 
Tel: 01-248 4886 (Direct Line) Telex. 885033 FJNTIM G. 


FINANCIALTIMES 

EUROPE'S BUSINESS NEWSPAPER 


Tlw content and publication dates of Surveys in Uie PinandaO Time* 
are subject to change at the discretion of the Editor. 


I \n> I Qn.y Cju'-^Y selected vunvc 
..A;' A; and ii* 4: good enough for ?f 

a - 0 . j' S ! , ,f jS t beautiful drink . 


Anyway, "martini 

EXTRA DRY 


ART GALLERIES 


riCLDaORNC GALLERIES. El. OumiH- 
Drove. N.W 8 ART IN RELIGION. 


FOX GALLERIES. Exhibition of kip mint- 
ingi nr British *nO Euroonxn Artists 
from 1700- 1965. 5-6. Cork Srr-*t. 

London. W 1. Trt. 01.73* 2646. 

Wnkdan 10-6. Sat. 10-1. 


ABCRACH WE ART LONDON. 17. , GILBERT FARR GALLERY. 2tt 
SavlW Row. W.L. 01^19 6666. TONY J Road, Ch*f**a S W.3. GLVN MORGAN. 
TURNER— Sunxili-.t works, ami EUAN 1 LUwoomh OtDBms AMW * 

DUFF — Photoaraohs of Platn arte Plants. I oaiotfnw *"8 drawlm* until Apfll '*• 
Until 29 April. Mon.-fri .10-5.30. Sad. I Oobh Tuts.-SaL 9.30-5.30. 

10-12.30. 


AGNEW GALLERIES, *3. Oltl Bond St . 
W.l 629 C176. THREE CENTURIES 
OF BRITISH PAINTINGS. Until 28 April. 
Mon.-Frl, 9.30-5.30. Thun, until 7. 


RICHARD GREEN GALLERY, 44. Dpvar 
Sirert. W.1: 01-491-3277. BRITISH 

LANDSCAPE PAINTINGS Oa I tv 10-6. 
Sat*. 10-12.30. OMl April 12. 


OMEU-- GALLERIES. Firw> Brimii and 
Froneii MODERN PAINTINGS and 
Modern BfiUUi MARITIME PICTURES. 
*0. AOwmario StrecL Pmadlllr. W.1. 


CQLNAGHI. 14 . Old Bond St.. PARKP* GA^ERY. jt. Afcmwrlj 

01-101 7406 - INDIAN PAINTINGS— ( Strrjrfc 

MuDhti and Rilout 1 500-1850. Until ' erlMf am* Bildtlnpi and Ihltt 

■ May. Mon.-Fri. B. 30 - 5 . 30 . sat 10 - 1 , 














^m^Fties&ay April . 11 • 1978 




- Ce -, 


AND INVESTMENT OPPORTUNITIES 

KMERS^AK MCOmEHOED TO T ME APPROPRIATE PR OFBSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Better investment return 
through a mufti-million 
commodities group 


FULL DEVElOPMEtiT AREA’ GRANTS AND FINE C0MICAT1QNS. 

. ■. J.‘ 1*.^ i . . * ....’• 

BOTHJJX AND EUROPE j^STOP + NEW FACTORIES READY Tl: 

OCCUPATION + STOP + HY VIEW HULL EASILY BEST OFTIWI * 


J STOP * RECOMMEND MEETING WITO IAN HOLDEN DIRECTOR ! - ■ 
' •• ..j 

■ INDUSTRIAL DEVELOPMENT 77 LQWGATE HULL PHONE 223111 

v >. 

* TELEX 52531 ' ...• . • - ■ • : ■ “ ■ 



CCMPi^EH 
TS5TEC 

^ PQRTfOliC 
-fc| VANsGEMEST 


■ «1— ^ h i >1 \ k* j * Vi f- 1 ► ji \ 
i'it'Mm**] m 1 * i \ 




•i Investing in medium size companies as 
minority shareholders has been our exclusive • 
business for over forty years. W? are prepared to„<. 
invest inboth<]uotedand unquotedoompames 
^ currentiy m^dng over^ 50,000 per annum . • 
n pretax profits.; 

I CHARTERHOUSE 


Dunn & Hargitt offer you a new 
way to invest by participating in 
a muffimiilion % doilar group of 
* WfiBKiTT commodity investors. Proven 
nMf5“5i I B record of success. 

All participants receive detailed account records 
monthly. Minimum investment $20,000. 

To investigate this profit opportunity, write tor 
the “Dunn & Hargitt Opportunity 
Brochure 1 ' or call Dunn & Hargitt 
Brussels 640.32.80. 

When writing: Dunn & Hargitt 
J, Research, Dept 12a Bta6 
18 rue J. Jordaens 
1050 Brussels. 


Chart erb Ouse Devd 



Row,St.Pank, 

K. Telephone 01-248 3999. 



"\ RcariaedinedahunantJUK. 


FIRE PROTECTION COMPANY 
50% HOLDING FOR SALE 

Company has rapid growth and high profitability. M*raclng 
Director will continue. A suitable purchaser may appoint two 
directors end draw substantial earned income. £150.000 repaired. 
~ . Tel: (0892) 27?$0. V ' 


^DRJIVOSU 


If I S si RU 


BUSINESS TRAVEL „ , 

OF INTEREST TO COMPANIES WITH: 
LARGE TRAVEL ACCOUNTS • . 

Travel Group with offices in main centres offers *de of 
part equity in return for travel account to produce profitable 
return on your expenditure.-- ....... - '■* 

Write Box G. 1674, Financial Times, 10, Cannon Street, 
EC4P 4BY. • 


OVERSEAS COMPANY REGISTRATIONS FOR SALE 

Wesslanal advtsen in fnsfnwed to Oiopeoe ot a number el flack y 
jdvatitaceou* nnustH' ' muUm ud Umswot company nslBritaii Hmtcd 
n th e offshore Sterling Am ud ago b lADena, iba Cayman Mwd i ud 
lane Kang. Heine apply in Mricfoa confluence tv— 

MICHAEL TORRES! k PARTNERS. .'L • 

V- : (OitammlAccoamiDtiJ, 

•p.O. Box 734. Bqnlty .k Law Boose, La Hone Street^ V 

St. Heitor. Jhmta, Chgmjti Muds. >•- T; , 




JERSEY 

COMPANY 

Small general wholesjfi& ; 
ad distribution corner 


eglstered and trading -in Jersey ' 
ut of 10,000 sq. ft- of leasehold 1 
iroperty for sale as going 
oncem. Well equipped ware- 
house. Existing management. 

Box G.1739, Financial Times, 
tO, Cannon Street, EC4P 4BY. ■ 


LIECHTENSTEIN 

Companies formed with .. 
Professional Management 
Offshore Business Sendees 
. - 175 Piccadilly, London, W.l. 
Tel: 01*491 455?. 


IN 1975 . 

■e star EM a ahlprtnn company with 
pitted capital. W« raised money mod 
££ht Tnu* whlcn.- we now own 

ive seek* ad^tjSSi' H uan*a from an. 
dtmorentur to fu nd a. BHmr aj MU^g? 
'■.Todernlsttioo ind atqqla i tlon of ow*f 

hS ef 5nll mtnlralM nninJna command 
chlove great. rtitafrURvjwHb . wwt wn 
-amul sarinas attaint the cost el new 
tullE YC3Kl5 

-jntreprencuri please write. H |tBWM «Btl 
•o Box G.17A5. Financial nmas, : TO, 
Unnon Street. LCAP apr. 


COMPANIES FORMED 
■> Expertly. speedily. throughout the, 
world. Compare oof- prion. 
ENGLAND - U9 

ISLE OF MAN - -OB.44 
■ GUERNSEY . QSQ 

- LIBERIA UAS870 

. SELECT COMPANY FORMATION. 
Te4; Douglas (0A241 2371*. ■ 
I, Athol Street, Douglas. Lo.M. 
Telex: S23S54. 


Company. Involved fn 
INDUSTRIALISED BUILDING 
SYSTEMS FOR HOUSING 
MAINLY FOR EXPORT 
Requires Finance for Expansion 

‘Enormous' potential. 

Capital i eq id red about £50.000 ; 

For details Write Box £;172f. 
Financial Times. . 

TO, Conoon Street. EC4P OT. 

A WEEK FOR EC2 sOOreM or Mona 
Excftanee- Me*J#ge Mlntun latte- 
neunm. Combined rata + Max under 
£3 t week. Presdoe office* near Stock 
national 01-620 0B98. .TtfW H11725. 


SAUDI ARABIA, 
KUWAIT AK£v 
UNITEDARW 
EMIRATES > 


hoing yWtad May bt 
PEE, wUHog to consider 
don/pnanoona - for I 
-mncMnenf and oansumar 
this nanM-gmwJi m 

y ■ : A«>b* 

, PAH EMIRATES EX 

. P.O. BoK'4Pg 
. ' 54/42 MXSBnfi 
LONDON. W» 


SHretnor ef 


READ(NG-£*dHoHt» 


REQUIRED FOR SAUDI ARABIA 

Road Construction Equipment Maintenance Company 
Sale and Purchase and Plant Hire Company 
By First Class Saudi Civil Construction Company 
Those interested should write in first instance to: 

BRIAN JONES, MANAGING DIRECTOR 
MEKCAPRO (MIDDLE EAST) LTD. 

London WL Tel: 01-734 8539. Telex: 262 236. 


RETAIL OUTLETS 

We are a household name in soft furnishings with 150 
retail outlets, including stores-within-stores, and wish 
to expand our trading base by the introduction of 
complementary products and/or services. All replies 
will be treated in the strictest confidence and should 
be addressed to: 

The Chairman, Box G.1706. 

Financial Times, 10, Cannon Street EC4P 4BY. 


SELLING TO CHEMISTS 

Tfw U.K. Subsidiary of a major European Company wbha* n wntnd d m 
distribution of an alraady successful branded product into U.K. Chemise 
Stores. The product Is already established in Boot*, Woo’worthi and 
several other multiple chain*, and has 40% Chemist distribution via 
Wholesalers. 

They would Ilka to add this product to the Inventory of a Company with 
a well etablbhed retail Chemist SaJo force. 

They are willing to. buy sailing time only— or selling time, administration 
end delivery. .... 

AH interested portle* write, with full detnffs j6>- 
Box C.J732. Financial Times. fO. Cannon Street. EC4P 4 BY. 




Leisure Centre Jtom prising Ucenaed j 
. Chib • prwjises/Wwi ‘-marine -bade*. I 
Prominent iejusd position with club. | 
workshops, dhowmom. (hring aoooei- . 
modaclon and mooring foelMe*. Out I 
to Director retiring, an opportunity 
to purchase outright or by parddpa- 
don an ttmblitbed burinen with 
enormoas ponnool. 

Write Box C.f724. Fhiaeefo| Time*. 

. ,_ V>, Comon Street. ,£C4P 4BY. 

fraSce^ 

CoHsutonj. in mergers, parti- 
cipations * or associations 
between French and foreign 
companies. . . 

. R-KJ4X (Mrs. M. F. Sahuc) 
5, xue Jobb6-Dtrval — . 

75015 PARIS 
. , Tel 250.7739 

LIMITED COMPANIES 

. FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
I v COMPANY SEARCHES 

I EXP WESS tO. REGISTRATIONS LTD. 
30. C3ty Road. E.C.1. 

■ 01-62# 5434/5/7341. 9934. 

EXPANDING FINANCE 
HOUSE 

with profits currently approach- 
jng £ 100.000 per annum seeks 
additional, funds.* Equity avail- 
. able. Prindpalr only.- Reply to 
Managing Direoeor, Box G.1720-, 
Financial Times, 

. 10, Cannon Street, EC4P 4 BY. 

SUCCESSFUL EXPORTING 
...... • ENTREPRENEUR 

Require* idMood product* and 
ntrvfcaa to ivprwane. If yon want to - 
■all .your products and services, send - 
- Met detail « In oonfldance toi 
Boa Q.173B,' FlnmaH Timet, 

' 10. Cwmon Street. EC4P 4BY. 

■ (edsdng cooeaots know ol this ad.) 

jrarejllM 

|s^sr , LaiLJa':'' M aii 

flail ror discussion. 


STEEL FABRICATION 
SUB-CONTRACT 

A respected, progressive, expanding Steel Fabricator seeks farther repetitive 
work, unit weight up On live tonnes. We have good fscllltles and labour 
and wish to link with a Sales orientated Company who need ourmanirfecT/r- 
ine capability or would consider manufacture under licence. Facilities Include 
place rolling i in.. CD2 -welding, shot Muting and spraying. 

Write Box G-1707, Financial Times, 10. Connon Street. EC4P 4 AY. 


FINANCE COMPANY 
FOR SALE 

Specialising in 
Personal Loans 

Profits £250,000 p.a. 

Mo Liabilities 

. Write Box G1 735, 
Financial Times, 1 0 Cannon 
Street. EC4P 4BY. 


Opportunities 

Every TuesdayandlliursdaY 

Rata £16 persingtecGlumn centimetmMlnimum 
3 centimetres. l^fuittoinfonTiat^ 

Francis Phillips, Firraicte! Times,10 Cannon Street 
EC4P48Y.TeleX: 885G33. 

01*248 4782 & 01-248 5161 


High Quality 
AUDIO EQUIPMENT 
MANUFACTURERS 
. Designers and manufacturers of 
high performance tuner/ampH- 
fier mainly for overseas market. 
Folly equipped factory. Good 
potential. 

Principals only write: 

■ Box 6.1737, Financial Times, 
10, Cannon Street, EC4P 4&Y. 


. THE ANSWER TO 
YOUR PROBLEMS? 

1. Raising Finance? 

2. Resigning a directorship? 

3. Cash flow problems? 
Effective and streamlined advice 

available throughout U.K. 
Telephone; BRIGHTON 696247 


FOR SALE— EXPORT ONLY 

100.000 cases Scotch WWsky from £5 
Pares* ex bond; 200,000 tens sugar: 

300.000 tons rice: -400.000 eon* 
cement; tone puaiwWti of J.F.l. 
U.SJL and' Europe. Performance bond 

gtoen and required. 

EXPORT DRIVE UNITED 
4'OW Band Street. London WIX 3TA. 
Tel: 01-629 B5B7. 

Telex: 262350 1HPLDN. 


RANCH FOR SALE 
near 

-SUN VALLEY, IDAHO 
fbr. S50D.OOQ. 400 vtex m East Fork 
of Big Wood khrer. 

For detail* eofftaet: 

Dr. Dongle* Campbell, Lari ! Angeles, 
California. Tel: 213-5710. 


DIRECT IMPORTER 
has 200.000 quality Wank csswom to 
-eeti. C-40 low nolf#. tor l*Jay- 
~back of speeches, lecture* and mutic. 
Bey any quantity at 3Dp «seh. Extra 
krp l,p. 

Phcns or write to: 

. NAPALM LTD. 

42-45 New Broad Street. 

' London EC2. 01-428 0890. 



for tWf searing 


profitable product. CeMKB Nmnawre. 
Sc. Albans Hem. HireWlls Lane. 
Leeds *. Tefc f0532) 48l«*5. 


WANTED 

TO PURCHASE ESTABLISHED 

Import/Export 

Business 


CENTRAL LONDON 
Full details to: 

Box G.1747, Financial Times, 
10, Cannon Street, E.C4P 4BY. 


5UB-CONTRACTING 
MECHANICAL ENGINEERING 
COMPANY 

in the Wtu Midlands with suryloi 
capsefiy mk* enquirlu for gsneral 
precision machiwng incloding turning , 
C lKm and centre lam: iuhhm; 
planing: cylindrical and tHdeway grind- 
ing: Jig boring: horizontal boring: and 
heat treatment., .... . 

Competicivy price* and delivery for 
bashes 12-50 off. . . 

WIH a bo undertake mb usemWy and 
special machine*. ' 

Write Boa G.1742. FlnoneW Ttoie*. 
10. Cannon Street, EC4P <St. 


IBM ELECTRIC 
TYPEWRITERS 

Factory rtoondicioned and guarameed 
by IBM. Buy. save up o> 40 p.e. 
Lease 3 year* from £3.70 weekly. 
Rent from £29 per month. 

■Phone: 01-641 2365 


FINANCE 

We arrange all types of business 
fins no*, including investment mort- 
gages, remortgages, bridging hcUictes. 
equity finance, venture capital, 
business purchase apical. Invoke 
discounting etc. 

Phone or write: 

Curran Fi n a nc ia l Consultants 
24 Curxon Street. London W1Y 7AE. 
Tel: 01-499-7726. 


FUNDING. 

Do you facte the funds to 
buy out your partner or 
. shareholder. 

For private ccnfldentieJ discussions 

Write Box Gl 688. Financial Timet 
10 Cannon J treat, BCtP 46V 


ESTABLISHED 

Modern mushroom harm serving 
GottwoHs, West - Midlands, London. 
Thriving c oncent *rhb expansion 
prospect*. Established outlets. Offer* 
on Guide of £250.000 invited, 
freehold with planning. etc. 
Write Box G.172S, Financial Tines. 
10, Cannon Street. EC4P 4BY. 


A- at; 


; ; " ’ : . J; ! . V ‘«| 

+ + + MANAGER F0RKARD PLAffilING- 5'. -3 




dollar investments 

International Companies can now Jnvesr In AAA dollar investments 
with 100 per cent, gearing. The programme produces a significant 
net return and complete liquidity. Minimum 510 million. 

Principals only should write to: 

Curator AG 

Freigustrasse 27,8039 Zurich, Switzerfand 


PRODUCING OIL LEASES 

We are offering for sale 100% interest in producing oil leases 
in .Oklahoma and Kansas (U^JL), currently producing 
approximately 50 barrels per day at an average price per 
barrel of SI 5. Recoverable reserves are in excess of 250,000 
barrels. Engineering and production histories available on 
request 

AMERICAN ENERGY CORPORATION 
660 Newport Center Drive, Suite 250 
Newport Beach, California 92660 


INVESTMENT IN LONDON 
ESTATES BUSINESS 

Our Clients are an active subsidiary of a major well known public 
company. They wish to reduce the burden of their growing 
property workload through an investment in an established 
London-based firm of Surveyors and Estate Agents. Capital is avail- 
able for the acquisition of existing premises* if required. 

Raffles In the strictest confidence to: 

Michsvi Brecbermn. Managing Director. 

NEW BUSINESS ENTERPRISES. 

5, St. Jamcs'i Flic. London SWIA INP. T*l: 01-491 4737. 


BUSINESS ABROAD? 

Swiss Management Consultants can help you , . . 

1. Mitigate taxation on foreign earnings. 

2. Establish foreign trading concerns. 

3. Provide sales and marketing assistance world wide. 
Applications for advice should Indicate your particular interest 

EXECUTIVE MANAGEMENT SERVICES AG 
Hanibuh! 3, 6300 Zug, Switzerland 


TOYS 


A public company which is * major 
fore* in the toy field is seeking co 
expand by acquiring a Toy Manufac- 
turing Company or by tba purchasa 
uf asses rotating do tfw manufacture 
of existing products. 

All replies In confidence tot 
The Chairman. 

SHARNA WARE CMFG.) LTD.. 
Lurab MW. Dnoyfeden, 
Manctwmr M35 7LD. 


PUBLICLY 


quoted Company withes so purchase 
medium szed Jteel Fabrication 
buaineit- Mirumum workshop area 
10,000 tq. ft. plus up to two acre* 
of outtlde uorage. Work force 
between 20 and 40. Mutt be siuuad 
in or dose to East Anglia. 
'Write flor <*.1741, Financier Times, 
10, Cannon Street, EC4P 487. 


ENGINEERING BUSINESS 
FOR SALE 

WEST COUNTRY 

Tfw two director* and sole shareholder! 
of a small precision engineering com- 
pany w*H to dispose of tfw share* in 
ctwlr company. The company has a 
turnover of approximately £I0 l . 
per annum. 

Write Box G.1725. Financial Timet, 
10. Cannon Street. EC4P 4BT. 


TAX LOSS 
COMPANY 

With agreed Capicai Losses 
sought. Deoils In confidence to: 
Box G.1731, Financial Times. 
10, Cannon Street, EC4P 4BY. 


FOR EXPORT 

UNIVERSITY ENGLISH 
DICTIONARY 

Piperbouitd over 4S0 page* and 30,000 
•ncrias. Marked toUing price £1.20 
Mr copy. 40.000 copies available 
pocked In thirdas. Clearance price 34p 
Per copy. F.O.B. London. 

Write flex G.1733, Financial Times, 
10. Cannon Street. BC4 P 4BY. 


DEVELOPMENT 
finance REQUIRED 

£4m required towards develop- 
ment cost of large Central 
London Office Block. Ample 
security Available. Write Box 
G.1734, Finandol Times, ID, 
Cannon Street, EC4P 4BY. 


PARIS - FOR SALE 

IMPORT — EXPORT S-A. 
Capital 100/) 00 French francs 
Central Offices, Telex, 
Telephone 3 lines. 

Write to: 

Casella SPI 7/C . 
37100 Verona (Italy) 


Investment Opportunity in 
Sports Equipment 

A U.K. manufacturing company with 
csoWbhed products in a Mgb growth 
area requires investment capital to 
expand and penetrate international 
market*. Equity sharing nr ocher 
par-'cipKian possible. Write in 
confidence to: 

Bar C.1740, Financial Times. 

10. Cannon Street. EC4P 4SY. 


ELECTRICAL TECHNICAL 
SERVICES 

Experienced building service* Electrical 
Engineer has spare capacity for dw 
take-off of labour and mauriri* fr om 
drawings and specifications. Light, and 
Power design and write up ot speet- 
te w iM. Preparation of B of O'* for 
Horae and Oversea* Project*. Rapid 
International Service. 

Write Box G.1 726, FlrxmeW Times, 
•10. Cannon Street, EC4P 4BY. 


CHEMICAL PROCESS 
ENGINEERING/POLLUTION 
AND EFFLUENT CONTROL 

Public Company wish to acquire manu- 
facturing companies in this and/or 
aMlad field*. Profits of ac least £25,000 
with continuing management preferred. 
Write Company Secretary. 

Box 6.1 743, Financial Times , 

10, Connoe Street, EC4P 4BY. 


WOODWORKING/ 
METALWORK BUS1NES5 

Capital arailaWe to purchase as a 
going concern or might lease or buy 
premises 6/7,000 sq- ft. area. 
Managing Director. 

EUSTACE GROUP, 

Maw Road, Newhaven, Sussex. 
Phone: 07912 7711. 



Of m ocher wards 
ARABIC TRANSLATION 
aha 

Interpreters, Typesetting, 
Legal, Technical A Genera] 
Contact: ANGLO-ORBAN 
8, Portland Road. London, W.l }, 


or 01-221 7466. 


PLANT AND 
MACHINERY 


CAPSfSHACH UR In Varhsulre Town. 
Comoieta monooahr aver torpe area- 
Enormous rumover. Property on long 
leese. Offen over EflO.OOO. Retail 
trader*. WtfltW 563614. 

LOAN oP ronulraa tor 2 years 

secured asetost 2nd efurpe and personal 
guarantee .gl.wl «a» property (current 
value £75.000). Csrajai hoi repayment 
Orel erred- 0732 51400. 

citE«ntrf imraiow. rocub erne a ran. 
Office*. Boardroom*. Shoos, dub*. 
Hotels. Reataitrant*. Design conieltinev) 
turnkey j**«bu »nd eonttractfon. 
B urid ev exnwa *n m mw LtaVtcd. 


GENERATORS 

Over 400 sets in stock 
JkVA-700kVA 

Buy whehr from the manufaeturen 
with fall after-dales sarvlea 

CLARKE GROUP 
01-985 7587/0019 
Telex 897784 


Sub - Contract Engineering 
Company in the Midlands 

wishes ta acquire 

a similar Company empioying ; : 30)8iS 
personnel with spare, floor space" and 
capacity available; in Birmingham or 
West Midlands area. 

Terms : Negotiable, 

Principals only. . ■ • ' 

Write Box G1 729, Financial Times, 10 -Cannon 
Street EC4P 4BY. . 


FINANCE COMPANY 

For sale 

Specialising in personal loans 
Profits £250,000 p.a. 

No' liabilities 

Write Box G.I735. Financial Times, . 
10, Cannon Street EC4P 4BY 


WANTED 
STAINLESS STEEL 
WELDED TUBE BUSINESS 

A large Australian public company is interested in 
purchasing: an established tube business in the UJC. 
The ideal size would have annual sales of between 
flm. to £3m. 

Reply 01-235 9924, or write Sutton, 2 Hobart Place, 
London S.W.l. 


ASSEMBLY AND Q.C. FACILITIES 

We specialise in the assembly, q.c. testing and servicing of all 
electrical, electronic and mechanical equipment for some of the 
leading Importers and manufacturers in the UX. Full technical 
staff on site. We can also undertake full Guarantee responsibility 
for your products. 

Tech-Semco Ltd, 176-184 Acre Lane, Loneon, SW2 SUL. 
Phone 01-737 3677. 


LIGHT ENGINEERING COMPANY 

SUBSTANTIAL TAX LOSS 

Based Midlands dose to M.l and M.6 junction. Turnover exceeds 
£1 Dm. p.a. — low profit but very good potential — production 
capacity for £1 3m. turnover p-a. Modernised freehold single storey 
factory. 

Write Box G.I723, Financial Times, 

10, Cannon Street. EC4P 4BY. 


DEMOLITION COMPANY 


LONDON SUBURBS 
ExoaUunt reputation. turnover 
£500.000 p.a. requires Injection of 
capfeaL First dais personnel, contact* 
and protpects. Large tone hold yard, 
with spare capacity, mkable for ocher 
purpe-es. Willing to jell proportion of 
equity, or controlling iittarcat if 
desired. 

■ Write Box G.1714. Financial Times, 
10. Cannon Street. EC4P 4BY. 


£500,000 TO 
INVEST 

Have you a busmen that doei not fit 
in with your mainstream activity! Fait 
expanding private group seeka area* 
for expansion and diversification. All 
propositions will be dealt with in 
confidence. 

Write Box G.1 744. Financial Times. 
10, Cannon Street. EC4P 4BY. 


INVESTMENTS SOUGHT 
IN KENYA 

Those anxious to sell industries, 
businataes. properties, farms, etc- in 
Kenya should rnn e act the following 
who have been instructed to set on 
behalf of Kenya businessmen: 
FI5ALCOM (LONDON) LIMITS, 
P.O. Box 138. 

London. WCIB 3RW. 


PLANT AND MACHINERY 


GOURATORS 2-3.000 KVA new and used 
immediately available, Kedn competitive 
Drios. Gunartex Ltd. 1072522 3033, 
Tctox 840537. 


Upon instructions from the Principals ol 

•SWANCLEAN SERVICES 

ROSANS AUCTIONS 

AN IMPORTANT SALE BY PUBLIC AUCTION 
ON THE PREMISES OF 
SWAN LAUNDRY (NORWICH) LIMITED 
HeJghajn Street, Norwich, Norfolk 
ON THURSDAY APRIL 20TH 1978 
Sale Commences 11.30 am 
Viewing April 17/18/19 from 2-4 pm 
and morning of Sale from 9.30 am 
POWER LAUNDRY AND DRY CLEANING Plant and 
Machinery and related equipment, canteen & office 
furniture, etc.. Including a Dale Viking Range Generator 
powered by Scania. Vabis DS11 Water Cooled Industrial 
diesel engine, Isolator & Dale control box. A Cochran 
Chieftain Package Oil Fired Boiler with Ham worthy 
Burner, 7 Brecknell Dolman & Rogers marking machines 
(Polymark), 2 Spencer dry cleaning machines senior and 
major, Speneer Washer Hydro complete with auto control, 
7 Tornado 50-lb. dryers, 7 Broad bent Hydros, Weston 
Moltlmaster Coat Unit, Baker, Perkins & Jaxon sleeve coat 
b collar pressers, 3 Man loves, 3 roller irons models B.531 
and 324, 2 conveyor belts, large Clarifier and pomp, Bradley 
oil fired boiler,’ 9,000 gal. cap. oil storage tank, stainless 
steel washers, boiling machines, workshop equipment, 
2 Atlas Copco compressors, 4-ton trolley jack, water 
softening plant, linen trollies, bins, barrows, benches, 
packing tables, etc. etc. 

Catalogues anti details from Auctioneers: 

144/150 LONDON ROAD, CROYDON, SURREY 
Tel: 01-6SR 1123/4/5 


SWEDISH HYDRAULIC 
HAND PALLET TRUCKS 

For Immediate Sale 

Introduction price 60% less than market prices I 
Our price £78 each FOB Gothenburg , Sweden 


Technical details: 

• Capacity 300 lbs. 

• Forfclength 45 in. 


• Overall width 20$ in. 

• Weight 135 lbs. 


Container and quantity prices negotiable. Contact in London 
until Saturday. 22 April. 

Ring Mr. Hanson 

Tel: 01-935 9M1 Ext. 113 

or write to The Swedish Trade Commissioners Office 

73, Welbeck Street 
LONDON W1M 8 AN 


4 


























WALL STRUT + OVERSEAS MARKETS 


+ FOREIGN 


: April 11 1978 



gain ahead of inflation speech Dollar eases 



mm 

ilfl 


3Y OUR WALL STREET CORRESPONDENT 


NEW YORK, April 10, 


AFTER OVERCOMING some 
mid-day profit-taking, the Wall 
Street stock market firmed to 
score its filth consecutive sain 
following another active trading 
session. 

The day's improvement, how- 
ever. was modest, with investor 
enthusiasm restrained somewhat 
awaiting President Carter’s anti- 
infiatinn address, scheduled for 
tomorrow. 

The Dow Jon*>s Industrial 
A-crnae closed 4.07 higher at 
77*05. after earlier easing to 
TliBll. while the NYSE AH 
Common Indev whs finally 17 
cents firmer at S-IOafi and gains 
led losses bv 75S-W *fiSfi. Turnover 
came to 2374m. stv>rr-« compared 
with last Friday's H-i.Ifim. 

Some support came in the final 
hour from a Government report 
showing a 1ST per ci'nL n«e in 
U S retail sales during March, 
analysts added. 

Marshall Field. however. 
1 -ptrpnfed II to S22!— c.amble 
Skngmn stated that it is not 
interested in taking over or 


merging with Marshall Field. 

pu Pont shed 2 to S104J— ihe 
Federal Trade Commission has 
issued a complaint charging that 
Du Font dominated the U.S. 
titanium dioxide pigment business 
through unfair means. 

THE AMERICAN S.E. Market 
Value Index recorded a fresh rise 
of (1.46 at 132.27 after busy 
trading. Volume 3.82m. shares 
(3.S6m.). 


OTHER MARKETS 


MONDAY’S ACTIVE STOCKS 

Change 



SlUCkB 

C 1 a«lng 

on 


Trdde.d 

price 

day 

Sntiv. 

1 04T.I00 

8 

-^1 

Inter. Tel. A Tel. 

2S0.S00 

J9I 

—1 

J. Bay McDermott 


I'i 

+: 

Occidental Peirlni. 

i4«K00 

21/ 

— 

Marshall Field 

219 700 

Hi 

-14 

KWinecoti Copper 

IS4 BOO 

271 

— ; 

Conrlnenra] Oil 

1T7.I00 

26 

— 1 

U»d. Technolocl.-a 

in 5oo 

.77 

+ i 

V.winghnuoe Elec 

170.200 

is: 

+ 1 

Bnral Onleh 

1M.300 

385 

-4 


Canada strong 

Canadian -Stock Markets streng- 
thened further yesterday across a 
broad front in an active business. 
The Toronto Composite Index 
finished 6.7 higher at a new 1978 
peak of 1.081.9. while Oils and 
Gas advanced afresh by 12.1 to 
1 471.3. Metals and Minerals 
gained 3.5 at 900.6. Banks 3.67 at 
254.51. and Papers 0.33 at 10S.20. 

PARIS — Shares mostly reacted 
in a very busy session interrupted 
bv a bomb hoax, the dullness 
reflecting profit-taking induced by 
worries about the increasing 
alienation of the Gaullist party 
from the Giscardian Centre in 
the ruling coalition Government. 

Banks. Electricals and Con- 
structions were the hardest-hit 
sectors. Cie Bancaire fell 18-S to 
Frs.337. Rouygues 25 to Frs.650, 
and Lafarge 7 to Frs.lfil. while 
Cimcnts Francois were unquoted 
after heaw selling orders. 


Carre four, Michclin. Club 
Medlterrane Perrier, Prialemps 
and La Red out e were other lead- 
ing stocks to lose ground. 

CGE retreated 82 to Frs.337 
despite forecast higher profits. 
Creusot-Lolrc, however, were in 
strong demand and rose 3.6 to 
Fre.71.fi. 

BRUSSEI.S — Local issues made 
further progress in increased 
activity. 

Vlellle Montague advanced 90 
to B.FrsA.450 and Hoboken 303 
to B.Frs.2,405 despite extended 
strikes at their plants. Traction 
Electric put on 25 to B.Frs.2.670 
after announcing higher 1977 
dividend and profits. 

Ganqae Lambert added 26 at 
B.Frs. 1.498, but La Royalc JBelgc 
shed 20 to B.Frs.5,650. 

AMSTERDAM — Generally 
firmer, buoyed by the favourable 
OECD report on Dutch economic 
prospects. 

Ahold and Pakhoed rose Fls.2 
apiece, while Burhmeister 
Telterode put on FIs. 1.70, but 
Elsevier were FJs-4.10 cheaper. 

Hoogovens, up Fl.l. led Dutch 
Internationals modestly higher, 
but Royal Dutch eased a shade. 

GERMANY — Market opened the 
week on a quiet and mixed note 
in the absence of new factors. 

Leading Banks, Chemicals and 
Electricals were up to DM1 firmer, 
except AEG, which slipped 70 
pfennigs. Mercedes led Motors 
lower with a loss of DM 1.50. KHD 
rose DM2.90 among Engineerings, 


but Denrag were down DM3. 

MetalfgeseUschart shed DMi on 
announcing- lower earnings for 
the first five months of its year 
to Mid-September. 

Public Authority Bonds 
recorded movements extending to 
20 pfennigs m both directions, 
While the Regulating Authorities 
made no net intervention after 
buying- just under DAl3m. nominal, 
or stock last- Friday. Mark 
Fore ign Loans were steady, 

SWITZERLAND — Prices were 
mixed with an easier bias in 
quiet trading, affected by the 
current restrictions against 
foreign investors and domestic 
investor caution. 

Among leading Banks, Union 
Bank Bearer lost 30 to 
Sw.Fr&£,025i influenced by Credit 
Suisse, at Sw\Frs.2.'IS5, being 
traded ex-rights on the capital 
increase. Credit Suisse Bearer 
new were traded at Sw.Frs.132 
and the - Registered ' new at 
Sw.Frs.25. 

Among Industrials, Nestle 
Bearer lost 40 to Sw.Frs.3.275, but 
Merkur rose. 

MILAN-—- Mainly lower levels 
prevailed after thin trading, but 
ANIC gained 1.25 to L99.50. 

Generate Immobiliare and 
Flashier became steadier in 
miv«*H Financials. 

JOHANNESBURG — Golds 
tended to go modestly lower on 
a further decline in Bullion prices, 
with trading very quiet ahead of 
President Carter's inflation 
measures announcement. 


Financial Minings were mixed 
in light trading. De Beers fluc- 
tuated between R5.3Q and R5.33 
before ending a cent harder on 
balance at R5J33. 


HONG KONG ■“ Softer • for 
choice after fairly quiet trading, 
with sentiment affected by con- 
tinued local and overseas selling 
of Hong Kong Bonk on its planned 
acquisition of 51 per cent of 
Marine Midland Banks, of the 
U.S. 

Hong Kong Bank .receded 30 
cents more to SHKI4.90, while 

Hutchison Whampoa, ahead of to- 
day's results, lost 7.5 cents’ to 
SHK4.425. Hong Kong Land shed 
5 cents to SHK7.30. 

However, Jardine Matbeson and 
Swire Pacific were both steady 


TOKYO — Market remained 
easier-inclined; with Pharma- 
ceuticals, Foods and large-capital 
issues particularly dull. The 
Nikkei-Dow Jones Average lost 
7.19 to 5,46L83, with volume 
amounting to 2 I(hn. shares. 

Many Public Works shares 
drifted down on liquidations hi 
the absence of - fresh market 
stimuli. . . 

Kaken Chemical fell Y93 to 
Y695, Fujrewa Pharmaceutical 
Y30 to YSBO, • Qonen Off Y29 to 
Y4S1 and Heiwa Beal Estate Y9 
to Y6S5. 


Indices 


M.Y.S3. ALL OOMJBOJS 


Riam and Falls 


NEW YORK DOW JONES 


I | - i | 1 

Alar. | Apr. i Apr. j Apr. 

10 i 7 ; 6 1 6 i Hlteb 


Apr. 10 Apr. 7 J 
Issues traded 1,836 ■ 1.841 ' 


; A p*r. ' Apr. ' Apr. , Apr. I Apr. j Apr. - 
i 10 1 I 6 6 j 4 I 3 ; 


Mnw v"iiipilal'u 


50.60 60.41 GO. IS 50.09) 51.8? 

vi(l> 


ItKw 

Palm 

('n-hurufrl ;. 

Nwv Hlcli* 

■Vu w Loin, 


758 868 

636 > 523 

469 I 446 
87 I 75 
i3 : ii 


High j U>v High | L*'tv 


MONTREAL 


In.lu-trtnl ...i 77S.85 769.58 763.85! 78a.D8| 765.57, 751-04, 
B'iiicB'u-J-).*! 88.55. 69.35' 69.49’ BB.SOi 69.49' 88.461 


4 7.74 742.12 I 105 1.701 41.22 


(3/i) I (20/2) (11/1/73; (2/7/32) 
90.88 ■ 69-33 — — 


Tmuspirt.... ' 208.80 208.02 206.B6 208.27. 205.48 296.40 


|4,lj • (36/1 i 1 

215.77 | 198.(1 | 279.88 { 13.23 


trinities j 105.92 105.95 105.56 106.51) 105.04 104.74j 


i j; 1 1 I (All ■ (7/2/89/ ; (BfiliZi 
110.99 I 102.84 IBS. 52 10.58 


Trading vnl.I ■ - | I ! " 

010'- f 1 25.740 25.1601 27,8Hz 27.2G0j 20.130 20.260 


■All j (2Z'2i <20/4/09)' (28/4/421 


-Apr. Apr. , Apr. I Apr. |— — . 

10 } 7 | fi j 6 [ High Lou- 

Inliotris 178.561 177.71; 175.91) 175. W 178.96 (10(41 ! 162.90 (16*2) 

Combined 184 Jl/ 185-911 1B5.0Z IBUTj 184.81 ( 10|«1 | 170.82 (SO/li 

TORONTO Umifl-iioj 1081.9, lOTB.sj 1089.9, 10G4 .bJ 108U (10)41 j 988.2 (30/ 1 1 


jOHANNESBURU 

(lOI* 
In in in*" 


“ 'j ''I 

9.5 199.61 189.91 218.7 


AUSTRALIA— Shares dosed on 
a mixed note. 

BHP retreated to 6A6.04 before 
recovering to end a net 4 cents 
down at SA6.12- after a large turn- 
over. David Jones receded 5 cents 
to $ At .07, but Jennings, ?AL13, 
and ANI, j A 1.38. put on 3 cents 
apiece. Among Banks, BNS Wales 
declined 6 cents to 8A5.24+ and 
ANZ 3 cents to SA2.72. 

Australia a Gypsum gained 2 
cents to SA2. 12 ,on further con- 
sideration of Boral's offer. Central 
Pacific advanced 30 cents to 
$A3.0O in Oils. 

- In the Mining sector, Oakbridge 
fell 9 cents to SA1.66 and 
Bougainville shed 3 cents to 
SAl.io, but Renison Tin gained 6 
cents to SA5.90 and Panconti- 
nental 10 cents at SA10.70.' 


Although i dosing' above Friday’s 
levels, tiie. U.S. dollar lost ground 
from . the .-outset in yesterday's 
foreign ..exchange . raart&t to t 
finish almost at its - weakest level ■ 
of the day. Coming under 
pressure from - the start, the 
dollar suffered some sizeable -sell- 
ing in addition to market bars 
over to-day’s announcement by' 
President Carter on - anti-inSatlon 
measures. Against the West' 
German mark it fell to nv* ryypi 
from DM2.Q160, ■ having been as 
low as DM2.0055 at one point 

The. Swiss franc also benefited 
to SwJrs.lJSoSO against SwJTrs. 
1.8675 - on Friday. . Morgan : 
Guaranty’s calculation . . of the 
dollar's trade-weighted' average 
depreciation, using noon' i ties ra- 
New York; widened :to- 628 -per 
cent. Using Bank ofi England 
figures, the dollar index stayed un- 
changed at 88.4. 

Pre-budget tension kept- deal- 
ings in sterling at a pretty low 
level Trading within , a narrow 
range of $1 j8I75-i^ 780, it opened 
at 12750-1 2760 before Improving 
slightly to close at $l.ffi6<^L8770,' 
a gain of 20 points from the 
previous close. The pound’s trade 
weighted index on Bazik- of Eng- 
land. figures remained iutohahged 
throughout at 622. . 

"Elsewhere the Canadian: dollar 
sank to a new low against -the 
U.S. dollar to close at 37:46} from 
87.66}. Gold traded very quietly, 
finishing 9} an ounce weaker at 
S17Si-179L The Krugerrand's 1 
premium over its gold content 
widened to 3.56 per cent domes- 
tically and 32S per cent, in Inter- 


national dealings over the 
previous common close of 3J3 per 
cent 


GOLD MARKET f 

| ^ . | ~*p5n jg|l 

Gold Balboa. r r , ,< 


Gold BalUrn. 
tefinaownn 


gk** 617Sift-179l4 8179-I7ft 

’ l£SQ,256) kOSMB 


CANADIAN 

DOLLAR 


. GoW Coin..... 


]1£B6.256| 


— i 



















■ 


~ 

r_ 







ObU Cobm j 
. (rotectnt'Ilylj' 
Krogerrand JSl 


Arogen«iri^M833».1855* 81W-IB6 .* 

.Vewfiov*tgJ^M6’_ ■ 

Old V • 


CURRENCY RATES 


FOREIGN EXCHANGES , 

V • 


Dn-wing 


Eonmean 

•Bhaor" 

Aommnt _ 

Aprti 10 


ApriUO- ! 


I. Spread 


UJi. dollar .. 
Canadian «... 
iunttba/D.. 
Uatgun mui>- 
Uanldi krane. 

Ueut#-iKHi]'rk 
Uutrfa tfulklor 
Kreocfa fraiii-. 
Kaiinn ■||»... 

yen. 

Norway krone 
Spam peseta.. 1 
ttoeriirlikrotir ] 
Sfri— Iran'-.- 


0.661605 

1.24044 

1.41740 

17.9HZ3 

38.9290 

6.90067' 

2.49480 

2.66767 

6.64090 

1066.68 

273.207 

6.59294 

98.7986 

5.68705 

2410538 


0.675310 
1.26669 
144633 
18.3090 
•39.7487 
7 JO 3726 
2.54614 
2.72272 
5.75739 
1077.33 
277.750 
6.78137 
100.770 
5.7B733 
2.38254 


New YoriL- 
UmbUwJ.'J, 
Anntcntun 

Bmwelel.... 
Capra hairni 
Frankfurt. _ 
Llflbna 
Uadrtd»:... 

Mban 

Oafo... ^ 

fitackholnu. 

Tokyo 

Vleitn*,. 

Zaricb, 


6I9 U716-1A7B0 1.8780-1 J.'" 
•»« V. 1409-2.1456 2.K4M.1 .V- 
4i« 4JI1M.08 4.02^ • 

619 56.70-53^3 58.75-^.''. 

8 10.48*10.47 tO.41.M3" 

S 5.7W«» 8.78tS:.- 

« 76.60-77^0 78.M.nl- .. 

8 |143.2S*10.75S49Ji.1d"' 


tils 1^94-1,500 


* 9-81-10.01 

Bit O.SU-8A74 
8 8.55-8.68 BAiiJS 

81j 488-418 412*4 H.;:'-' 


6*0 27*iH ? -“ ».1M»4 


Zart<a>.„.....| 1 \ 5.47*8.50 | 8.47H .4 _• 

* Bales cfpen are for convertible txtai': '" 
Financial franc ss^mss.m. “ . - 


EXCHANGE CROSS-RATES 


OTHER MARKETS 


ftnnkfurt — ' 

.New York 4A.84 87 

HkrU 

Druareia...,. 13.9944 


2.0060-75 44.15-20 fl. UO-41 | 3.(65 776 ) 84.60-60 

— 2LB8-22XGS3.1900 I960,lk£747 K7671 70 

4^415-5636 . ' ■ ‘14^468^02 a J>18frf3S& 21L3B-86 

'31^8-43 .JBgMB -\ ■- £fc .78-93 [ 14^83 


bind no. 3.7P1 77j 1 >760-70 | 66.76-S5 , ■ - 

4mM'rtam-ll «.H7bi!25 2.1482-16171 47JO& H.847Mto2S'4jQ285 03 
Znrtcll J 92.229-3731 LE515 30 140^63-770 pJ04O-»lZK3-«738-47 


WS-SM>5 
33^054.00 
244.71-6^1 
- it>.a7-*a 


4J32I-03i iAU-ASi 
- 116 .87b- 925 


U-tv 8 in Toronto d.S- S= 118.20 24 t'anailian cents 
I'anmlbiir S in New Yflrtt =87^4-56 r-onlu. U Js. S In Milan 860.70- LOO 
Sterling’ Ijn Milan 1697.00- 1C97.WX 


EURO-CURRENCY INTEREST RATES* 


Argentina. 

Australia .j 

Brazil 

Finland .... 

Snaoce 

HiiugEfaiK 
Iran ......... 

Kuwait..... 

Uuniih’n; 
Malaysia.. . 
X. Zealand 

Saudi int 
Singapore. 
3. Africa... 

CdK 

Canada:.™. 

C9L 

U.S. cenfc. 


Sun Bates r"' ’ 
1368-1372 ■ AnrentiaaJlHfft-U' 1 
1.6286-1.0445 Ai^trtaZl MJ& 

n n u n n.i .- TTl" . 


ri.l7-M.I7 Belgi[un.., :• 

7.79-7.81 |Brarll bS' : ". 

37J88^.E47iUaiuiiB.,„. 
8.E47&-a.GG7&|Ileninark.. 1 tLX.u.,- 
13D-1S4 {France 8.45-4/ 
AS09-0J519 iGcnnany.. i.ffijr.--' 
St7538.86 liwitl 1 66 fl 

4.415-4.456 jiialy 157WL: 

I.8J4fl-t.Bd26w«(«n 495-3 , 

5.404LU [Nedieri’iid JJ6-4. " 
4.3 1 75-4.38751 N.i i-any^„ 9J8.it"' 
LBin-UBBEPhriiisal , 72.71- 
, giaun...^.. U 1 fc\ 

I fc>wttr lanrl 3 .«M, - 


fcjS. Jli6*-K 

07.4537.48 {Yuguslavlaf Sfy-iK- 


195.0 iZ 1 ii* 


Rate riven for ArsenUm te a free rar ' 


■m-.vi 4.10,1 I1UI 1 I33.U 1C I fair 

205.71 205.6 | 2050)1 204.81 214.4 (4,1, { 194.1 (13/d) 


Ba-i*. of index cnanuen from Ansusl 24. 

• Apr. 7 > Mar. 31 • 


Ind. ilir. yield % 


Mar. 24 ■ Year agn (appn-s.) 


April , Fn?v- 1 197a 1 197B 
10 | Ion- 1 High j La«r 


AnrH i'Fre- 1875 I 197> 

10 Iviuiie HU/li 1 Low 


AnaCntliaili). 


STANDARD AND POORS 


siLnitj Loiripilar "□ 


Apr. '. Apr. Apr. 
10 I 7 6 

6 1 

Apr, Apr. ■- 

4 | 5 . 

Hish i 

Low 

1 filRb | 

1 Lrfiw 

tlreiiL-trialfi 33.54 93.17- 93.72 

38.56! 

97.65; 27.20 

104.22 . 

95.52 

144.64 

kU/l/73i! 

5.52 

1 


(3/lt 

(6/3» 

i30|fi/32» 

jCnmpo-ite j 90.49 90.17 99.79 

89.84-' 

89.96, 99.46 

94.92 ; 

86.90 

[ 126.96 1 

4.40 



(o; li ! 

i 6 pi 

(11/1/73, 

il/6/321 


Bet^itun <H>; 
'Denmark 11 * | 
Franco <tf>! 
German vtiiij 
Holla nil 


Ind. dlv. yield % 


IndL P/E Ratio 


one Govi. Bon -1 yield 


5.39 

5.46 

6.46 

8.48 

8.4B 

8.48 


Mar. ££ | fear ago (approx.) 


Hong Kon| 

Italy mv 


Japan '»■ 


Singapore 

(5) 1 


460.14 ! 47fl.«A . 

(3rli : 
96.68 1 98.16 1 
(10,4) 1 
9SJK ' rid. 13 ! 

I (9/1/1 i 

I 64.6' r4_6 | 

1 I (Ii*/ 1 

1 m.i eij.7 1 

I (U>/2i ■ 
; i7.0 BE.l I 

I ' llOftl ' 

447.17 451.67 j 
; - (4/4| I 

■ 60.34 ' 65. bb ■ 

: 1 ib/3i 1 

408 M | 410.62 : 

1 ! (5.4) 

295.86 1 196.77 
1 ' (10 4i 


Spain Id) — 90.75 ift.MOi e'/.oc 

I 1 10/Li j (17,5/ 

Sweden Mil 37230 37LB) 372.60 ! 3R-. 7* 
I 4 10. 4 1 I (3/1) 

8wiC er<W- 296.6 .2953! 3i3.i , 2W3.« 

1 I il-W'i : «10i4. 


Indices and base dates (all base values 
100 except NYSE! All. Common — 30 
Standards and Poor® - la and Toronto 
'*»>, the last-named based on 19... 

* Excluding bunds. 1 400 Indusirlals 
! 400 Kids., 40 UtlUtira, 48 Finance and 
20 Transport tf) Sydney All Ord. 
(!(' Belgian SE S1.T2/S3. t“*i Cnpenbagen 
SB 1/1/73. <lt) Parts Bourse 1961. 
<«i Commerzbank Dec.. 1953. css > .Amster- 
dam. Industrial 1KD Hang Seng 

Bank 31/7/64. (M|> Milan 5.1 .-fa. >a. Tokyo 
New SE 4/1/68. <b) Straits Times 1066. 
fn aosL-d. <d) Madrid SE 50/12/77 
>ei Stockholm Industrial l/l/SS. ift Swiss 
Baofe Corp. tul. Unavailable. 


NOTES ; Overseas prices shown below 
exclude 8 premium. Belgian dividends 
are after withholding lax. 

4 DM50 denotn. unless otherwise stated 
4 Ptas.500 denom. unless otherwise stated. 

Kr.lflO denom. unless otherwise staled. 

FrsSOO denom. and Bearer* shares 
unless otherwise stated. I Yen B0 denom 
unless otherwise slated. 5 Price hi lime 
of snspenslon. a Florins. 6 Schillings. 
l* Cents d Dividend after pending rights 
add/or scrip Issue, e Per share. 1 Francs, 
o Cross, dlv. %. h Assumed dividend after 
scrip and/or rights Issue, k After local 
taxes, m */, (ax free. « Francs: Indudlna 
Unitac div. p Nom. 0 Share split. • a Div 
and yield exclude special payment. 1 Indi- 
cated div. k Unofficial trading, v Minority 
holders only, u Merger pending. * Asked. 
f Bid 5 Traded- i Seller. eAssomed 
a Ex rights, xd Ex dividend, sc Ex 
scrip issue, xa Ex all. a Interim since 
Increased. 


I * I I Dutch 

April 10 I tkerling Uoliar -lUlL Uouari UuUdera 


(bburc term ._ 6 ig-GT B 
(■lays notice" Bls-Tlg 

Uooih .... 7-7 M 

Lhroe month*. 7tf*77s 
hia momha. ... bVB&g 
line )twi BiVcfg- 


6*4 -78* 
65, 7S, " 
7A-7tt 


7. Uenun 
mark 


FORWARD RATES 

7 j One month pTbree maniip' 
New York. 1.02- 0.12 r.dla IdTs-OAB c. lTO , 


8 iV 8 ffi . I 7Tg .8lg | Bi g *&4e 


Montreal .10.05-0 J 6 r. dUlo’ 20-0. 30^)1 
Amat'damjt c. pm-par - 13-2 e. pm ! ’ 
finoMb..ilD c. pm - par 35 25c. pm ' 
L'np'nbgn. 65,-73, ore iUa 161- 18^ an 


Euro- French deposit rates; two-day U-Si per cert.; seven-day 81-8* per oenu 
one-numb 81-8 per cert.: three-montb Ml per cent.: six-month. W4i per "cent.; 
one-year 10M0I per cent. ' i* 


Frankfurt 15, -5^ pf. pm 

Usiwn 60-170 c. dim- ASO-SBt&dii 

Madrid. ... par-80 r. dla 120- 200c. dia" 

HiluL.. ... 7-13 lire dia j 19*26 lire dll'. - - 
Oak>~.„... 714 * 8 14 ore dls 163-18J me *'■.'■ 

Paris. 1-2 v. dla ■ Me. db 

Jjt'ckholin llg -3>a ore di, i4*,-65, nredli: 
Vienna .— 3«n>p<i>-7grodli par- 10 gro di*-. 
Znrk*h^.„t 2 i 4 . 1 i, r. pm l6Sa-95e e.fau.'^ 

- Six-month forward dollar 0JM.46C w 
15mooth 1.15-1. 95c pm. - - 


Long-twin Eurodollar deposhx: two years 81(6 -83 m per cenL; three yean-8f-8S per" 
cent.: four yean 81-83 per cent/ Bve yean per cent. 

The roUawlng nominal rates were -quoted for London dollar certificates of deposit: 
one -month 7.95*705 per cent; three- month 7 JO-7, 80 per cent.; abc-month 7 .50-7-60 per 
cent.; one-year 7/88-7.90 per- cenL ‘ 

■Hates are nominal calling rate*. 

Sbon-tenn rates are caD for sterling, U.S. dollars and Canadian- dollars, two 
dan' notice for guilders and Swiss bancs. 


41*31* pf.AnJP" 
330-5 edcLdi, 
120-200C. dia” 
19-26 lire dla'. - " 


GERMANY ♦ 


TOKYO 11 


AUSTRALIA 


OVERSEAS SHARE INFORMATION 

NEW YORK 


April | April 


Inv. $ Prem. at $2.60 to £—102}% <103* %> 
Effective rate (1.8765) . 46J % (461%) 

Tin i-vi.-'r 





■Prtow 
April 10 Yen 


At-hiiix Lain- 

AM wosrapb ... 
Aetna Lite Ala** 

All P 'xltKds 



AiuLnAliiminiumi 

Aid# I 

Allegheny LlhII.. 
Alleslieny F«wei 
Alliol Chemical.. 
A I lie I store* 

\ilc ClMlmern... 

AM AX 

A menu la Hew....; 
Amv- Airline..... I 
Amer. Uraml* ... 
Ainer. HinedcaU.j 

Amet- '-^n- i 

Amer- Cyanamlrt. 
Amer. Mleu. Fow.| 
Auie<- Lxprei»...i 
Amer. H> nne Pmli 
Amer. Me>lu*' ...1 
Amer. Motors ...J 

Amer. [Sat. OnsJ 
A dint . 2 >taniln<ri..! 

A Kiel - Stolon 

Ainer. Tel. £ Teu 

Auietck I 

A. UK 

A VI K....- • 

AtupC-X 

Aucbur llockiog.- 
Aniieukcr U. •sell .. 1 

Arm" Steel ' 

A.v..\ 

A-jiiiiL-ra Oil 


■Jrane- 

Liit-ker A'au. 861 * 

oiownZeiieriaul. 531 b 
C ummin* bnuiriei 36 I 4 
Uurt-tYricfai 205* 



861* r 

sai a 1 52 

3614 36>4 


Hftnn™ 

Onrt Indiietne*.. 

L'een* 

Del Unnle...._.— 
Ueilona 


Ueoisply Inter- 

L»e4 mil Ednnn... 


I'lntnond ShirmrC 

Dictaphone 

U 131 M .1 Equip..... 
U'snev (VVatti.... 

Dover Cnrpn 

Uiinr i.'hemicni 

Dntri 

Urereer 

Ou Pceil 

Uymn iikiiistner 

Kagie Pichei 

Keel An-irnes..... 
Uanlman K-xlnk . 
Lnlon 


lohnn Mnnvilie... 
Jnimeon Jufin-nm 

luiio-riii (A mini . 

■I "V Man irl set u r'*, 
iv. U m C‘oT|v 

hni-erAiuininl'mj 
hm-Hei la.lictne-l 

Kni-ei Steer ! 

Km ' 

hemierntt....^....; 

nr- re MHiee , 

n id.iv Waller • 

hlmheri.x Clark.., 

C'pMn*..... 

Kraft 

«v«wet C<'._ 

leret Sl rau-a 

Ow.Fiawt... 


K**vlnn_i 

Keynolda Metals. 
Keynoltia B. J..... 
tticb'wm Morrell.! 
Rockwell Inter...! 
Knhm A Haas.—.l 


Royal DuU-h 1 


Wisuwnno 
Wyly. 

Xmi,... *9i| 

<tai*ta.,.-.._ j 16la 

■iemth Radio 1 147* 

U.»".Tmi«4i 18-t t94S# 
US.*iVMj4«75/7l:i taiSa 
U.S. 90 Day hills. 6.33; 


Russ iMgB— 

Kyder System.... 
Safe way Stores... 
Si. Jiv Minerals. 
SL Itefri* 

Santa Fe (nds 

Saul lmnd 

Ssxon Inds 

Sell Utx Brewing.^ 

.Schlnmherger | 

sc.M .! 

-Sentt Paper .] 

Siwril Mrg I 

SciuLr'-Uuul YeM, 


Ligeeu Umip.^.l 

Lilly thiii 

tdit'iui I n.i 11-4 

U<L-kliee<f A iter'll 
leneahu Inti-.... 
Lung I -ian-1 litd. 
h>ii-Uni laikl... 

Lubri 01 1 

Lucky Si ore- [ 


CANADA 


tLO. Ati I 

K‘ Paai Nu. Uml 

Knieram Kie.tri-| 
KniervAirKr'ieht! 

Kmhitrt ", ' 

h. 31.1 

Kikce'lutnl- — ' 

Ksnnirk —I 

BthTl 

Kx.\,m • 

l-'aln-bikl Cameral 
i-'etl. Uepi.Siitnrel 
rlfiwtttfie Tire.— ' 
r"tl. Xat. Mo-loo. I 

1'iC’ti Van 1 

Flint hole I 

Flonila Power.—' 
r Innr \ 


Awtrctt I 

AshWmK'il | 

Ati. Itlclihel'l 

Auto Uara Pn*...- 

A VC • 

Am I 

Avon Products.... 1 
Balt Gas Kleet. ... 

Bank A men -a ! 

Ban ken Tr .K.Y.; 

HartarrOu 1 

Baxter Travenni.., 
Beatrice Frast.....' 
Uectisi L)u;k euson i 
Bell it Hwvell — , 

Ueil.lt x ! 

Jleilgiiet '(].■ 
Belli tvhein Steel .j 
Black A Decker... 

lbieing ' 

lloiie v.'n«.si1e—. 

Ikmlffl 

Uiirj* Waruer 

Branid lut 

Ilnwan '.V • 

JirMni Myers. 

Brit. PA. ADR.. • 
Brock way Glass..; 

Bmnswicli 

Bitcyru-s Krie 

Bu*lrt — ! 

Uuiov'a Watch....! 
liurllnuluit tV Lilli; 

ltiirn/iiglis • 

(.'ainplieti Soil l*... 
Canadian Vaevfu.-.' 
l.nnai Kaiiitmi^i.., 
I H.rnnluni 

farrier* Cieuers j 
farter Haw lev,..: 

f aterplirarTiai.-t - ; 

flW 

falaiumt.-fiil |*ll...i 
•.eiitrai i ». W...| 

IVrUintrel 

foi'iia Air* -rail.. 
f lB-4.*Maiilutllan 1 
t’liiMMl ml Ilk. XV - 
flurieiwjtli P««i- 1 . 1 
( lie<sl’J S.V'lem.. . 
Clnraiffi Bridge — 1 

flin.ni at liny ■ 

UiiY*l?r. ! 

t. inert ina - 

I -III-.-. M lliv njti... 



1 . «!»■ Benin.... 
fitv investing... 

(..-efiUA - 

fnigt i^» lm.. ....... 

Culm- Aiktuan..' 
Oriumbla Gas.... 1 

cvdtnniilH l'i'T .... 

flint. I n-fsMifA in- 
Cuitilmiumn KnuJ, 
C<nn 0 pktn.in Kq... 
fni'w'ch Kiix-sin. 
fnlllVlIiOll Un. 
f i-iii in. ^aiviiiiv.; 
f* mi jailepS ■len «*' 
f-mut. J*ife In'*...' 

C«,i ini _ I 

f«rn. liiison A.l.J 
C'iubo Fiitrlt....,.! 
( ■Hiisi' Nit ■ Coin 
fi ■□sinner Powerl 
Ciiiltnentai Cirp.l 
C- *nr men lut Oil.. 1 
l.'oiiitnenial Tele., 

C-'ntro' Data 

Loo per Indus, 


L'ke- l’uua-i'wn 

MaeAIniaa 

iliutv 11 . H 


51«n> 11. H \ 

•Utr- Hanover I 

Uapoi 

Msralhnii Oi* J 

litriiie .it 1-1 bind .[ 
■lUr-tuii FieM...I 


F.M.f 22 - 21i, 

t'unl Mo i..r. 46/e 46 

FntviRiM Met.... IBis 18 

F*i>1hini 33 32 " J 4 

• mnkitD Mini .— 1 7m 8 

f r"ri*vi«iri Miiiera | 20'e 19', 

r'ruviuiit 26. 25>, 

Fnqim i lids ! 95: 9*"0 


, »la> Dert.-iotv*' 

IlfA " 

! UcDeniuMt ; 

j UeUjuiirli Dons- 

! IMIbis Hill 

! Memnrcx 

; Men.* 

■Vlernli Lynch.... 
•We*a Petro'etini 
AlliU 

M inn Minn* 

; vliiliii Corp 

1 Miinmuio • 

Morgan 4. P ; 

.Moiomia 

VLir(diY till 

Xihi-ro 

Nairn Clieniical- 
i XatiMMi fan 


Sea Containers....: 

Seurain I 

SwrldG-ll.l ' 

Sears Rue1iui*k 

SKOfl 

Midi nil 

Shell Trolrilt.rl ... . 

• s iBii»i 

Signrali* 

■Siuiplii'ii.v Hhi .... 

I Sinner 

j Smith Klim.* 

j Siuitlhlvm'ti 

1 Southern I'al. lil 

Suit hern fn 

• Slim- -Nat. Jtei....- 
i Smitlicrii ParllH*.. 
1 Shi them Kail wav 


\\t» ib 1 i'apri .....j 
Agnuu Lac-e I 

, AiianiA'inninlnni. 

! A'anpia sure' i 

Vshw-iu* j 

dam, ni Mom res 
Bank Ni.ea ra .|lai 
Mask Keviiin-es 
Lien ieiephnne...- 
dnw Valiei Ind .. 


| G.A.F I 

I ii'anneli , 

'•eit. Amor. I 111 ... 

I i.A.'f .A 

' 1 eu. ( able 

lieu. Uviuuiilrs...: 
'ien.KlMriw — ..- 
Ge/ivmi r,rtds„..: 
I ienenn MiIIh— 
ft Atier&l Uotocx— ; 
lien. l*ut>. L"til_..; 

Gen. Signal 1 

1 ion I Tel. Bluet— ! 

Hen. Tyre ! 

fiejievn I 

tiitagoi tVidHe-^ 

Geu.v « Jli ; 

1 illicit r ^..1 

■ oHsIrn-ii F.F J 

■ ■•slymrTire.^.-. 

Ill 41 111 ' 

• ,m.fW.il 

Hi. Alton iSeTe*! 
1 lrl..\.Hll: Iron.,. 1 
(. rev 1 Hi m. 1 ......... 

I "ill* IV ekiern..." 

tiuil Chi 

II l■tl■ll^loll 

Hanna .VI mini; 

Ilamr l'irpn.«... 
Hein* 

HenViiein > 


j Nat. Di-rlilere... • 
Nat. Sure iii.* Ind.' 

| .Natiouai Sled....," 

1 .Naluwiu- 

-.Nf II 

Nt*taiine Imp..... 
■New Kiigiand El. I 
New h'ligbnui'Jci: 
■Vildan Mohawk 1, 
MiHsant Sliare ....; 
S. L. Inrturfrie, .. 
Xoriutki Western. 
N-inli Nai.ftm*...' 
•Nthn Slates I'wi 
NthwvH Airline - 1 
.NihMeal Han iiq.i 
N «tun Sinn<n ... 1 
w<-l*1enia I'ctroi. 
iijlilvy Mather...' 

Unto SIlMin 

oiin 


Suitlilami. 1 

S’u-’t Banslmrea.; 
S|<>ny Hindi .... \ 

I 8 |«tj- Rand .... 

1 S|uil* • 

I Stan* lard Blamla.l 
■ Sid.ltilCalllmmal 
J Stil. 1 *il I □•liana..; 
1 Mil- Oil Ohio... . 

| -Snuff f heniHwi.; 

, SuTlinc Urnt 

I Sliiilehaker. " 

, s "» c« • 

; Siiuii- trend ! 

. -yule* 

I Tcchninilur ‘ 


UP Cana. la 

Uraa-an • 

onn 

.*• -nn I'onrei .. . 
amtVi* Mnu- 

.411-0, a t ciiiHii, 
.aiucia MV Lai, , 
van iiii|il'ithfi'R>( 
J-UMiia I ii- ■ iihi .. 

•ail. Pa- In 

wrill. Paelll ii" • 
.<u. sii|<er 1 ■! ; 

-jmlnn u'Kre-if : 

•.'ahaiar .\**Uidir., 
•.tllAtlNIII 

uninin,*- 

Uaiiiursi 

--oosumei iia«... ! 
■Andia ReM*m-f • 
.'onlaiii Rich 

Danp Dei lint 

i/ema«!i Miner... 

Oi'me Minus 

Dome Prinveun- 

DomlnUm lirlric* 

Ihmitai 

(hi\«ni 

Faicun'ct* Ai>-ki*i , 
*-,ini Motor can. . 


1 *• 1 in, or Uetu 

Uekurea 

lVmag 

UeuLrcbc bank....[ 
Dreriluer bank.... 
Ovckerhoff Zemi . 
GtiiehuRnunu ... 

Hapae Llovd 

Harpener 

Hcodi-l 

Hoe-cb 

Hurt an — 

•kali und Sals — 
4a ratal! ■ 

Kanilmi 

Blocknet Urn IOC. 

KHU 

hiu !7' — 

Lin.ie 

Lnvenbrau I0O.... 

Uiithan-a 

MAN 

•Lnimu-nmnn— .. 

>lutall|>u 

•Iiiucheiiet Ruck. 
Mecku, maun 

■ a reu-MKi DM 10b. 
■;be>nWe~i_K>reH . 
4-hennc 

■fiueti- 

Slid /llCket 

1 nrK-on A.G 

• aria 

• NBA 

V'erem-A 

'"■■>lk*WTyen 1 


.61 + 0.8 

.5—1.0 
.51+0.8 
3 

0.7 
0.S 
2 


198.51 + 1.01 
114 1 — 0.5 
298 +2 
132.8+1X1 , 
45 +0.3 
127,8-0.2 

138 - 

311 +0.8 

810 — U.S 

92.5 

179.51+2.9 

97.2! 

245 

l,635| + 5 
109 !— 0-1 
L9Q (-8 I 
170.8J+0.5 



And. S j — 


VC'MILfi* cent}.™™ .... 

Vcrow Ausrraiia... 

Vi'krt Mnt'Xpla. Indu-81 


BRAZIL 

1 Price - 

Apr. 10 j Cnu 



19 3.1 

17 3.! 

14 4.: 

Iff 2.1 

18 3.1 

4 1.1 

12 3.0 

,12 I 6.2 


10 4.2 
18 8.7 


9 3.C 
16 , - 


4 4/ 
10 3A 


9 S.i 
20 SS 


811 1—1 I 
520 1 1 


520 

116*5 

114 [ + 0.9; 

187.7; | 

24 .'.5 — 2.U 1 
283.7, + UJI * 
246 i-3 , 
128.5. + 0.8 I 

180 ! 

107.S +0.4 | 

307 ! 

208.7-1.3 l 


16 3.3 

16 10.4 
/ j 5.5 
U 1 3.2 
14 J 4.1 
111 2.«t 

18 1.7 


fvUlWtB. 

h vniiuCeramK- — ! 
.VltfluunbiLS Itol... 
UiumbiablBaDli.. 
Ulintldabt Heavy 
B llauiushi Carp- 

Ultra, A Co. 

Mitmiknafai 

N"('i*m Uenao ! 

-Nippon Shmpan.. 
v issrii Motors..... 

1 ‘a amer ] 

taiiyi 1 Elect tic.... 
remaul Pre/ah .... 
Vlnad-to i 

wny 1 

laisiiu Marine — 
i a km I* Chemical. 

• Dh i 


15 I 2.6 
36 0.6 


12 4.2 

13 1.4 


14 2.0 1 
JO 15 


15 0.6 

12 0.8 


20 0.9 
40 ! 1.1 


16 : 4.3 
<s>. 4.2 


lb ; 2.8 
IV 3.5 


11 ' 4.3 
14 | 3.9 

12 I 9.7 
16 ! 2.9 
10 2.4 


- 

Iwkio Marl Ur 

mklo lilscl Pnw'i 

• i«*V«» 

inkyoShlliaure.. 

i,h«> 

'rirata Mm nr 


1U [ 4.2 
11 1.1 


1.140 

-20 

8 | 3.5 

342 

-5 

lb 1 1.7 

101 

-1 

10 [ 3.3 

122 

— 1 

io ; 4.i 

910 

+ 18 

20 i l.l 


Source Nlkho Sc curt lies. Tokyo 


BRUSSELS/LUXEMBOURG 


AMSTERDAM 


1 Priire | + or 1 

i ri'* I - 


DfivYM. 
% & 


AjaHI 10 i Prkio +or Pn*. ,Yld. 

Fite — Net j* 


] Tekinmi*-. ■ 

Tefedyue ! 


Tei«n 

[ Tunew 


Hewlett Padoml| 

Unliilay Inna. : 

Hninektske.. 

Himeyn'ell- ; 

Hunter 

H>iap Corp Ainer-! 

I : li-'HiMun Naufttbl 

LltiniiPh.AtCliin- 

Hmi.m (K.F.i 1 

I.C. IndiiklriPk...-'- 

I l.\ \ ! 

Ingennl Karel [ 

; Inland Mud 

1 IntdlatL 


I 1 hvrw- Slil|i 1 

u huh* I 'online...' 

" IvieilK HIliMria....! 

iVicli'B* Ua.-* • 

PiuaricUfililiii!*..: 
I'm*. I*»i . A la....: 
I'aiiAliiWnr+l Air 
Parker Haimilin.|' 

Pnlaaly'lnt ’ 

Peti.lMt.A Li 

1 1 'eiuivJ.C 

i'ejtfunll ■ 

| Pn>ptef> Unlit 

[ Pcoiriesfifla, • 

; 


Tenon, Petrol™ nil 

Texaco : 

Touuciill 

Texas Inst. in 1 

Teia* fill It Ras.J 
Trui L'tilitiua ,.J 

Time I lie. I 

Tunes Mirror 

Timken 

[Titinc- ; 

Tmnanienoa. ’■ 

! rranaii ■ 

! Train- L'ninn • 

; I'ran nar IiitrV 
Trans WnrM Air. 

I Timelier-, 

j Trl fun I ilium a I ..- 


j T.R.VV" ; 

20<li Century F<« 

l-.X-L. ! 

; CARGO 

I.R.I.- ! 

; 

[.F'nilerur 

J TslVeVia XV I 

j l 'ninn Uaiinirp,..: 
| I nlm I ari+iu...., 
l'ninn (.Htinnien-e' 
I L'ninn Oil Calif..; 
j l'ninn I’kritic J 


! lni«*nTati Knresvl 

1 IHM ! ' 

ini L. FUTimta..—! 
liitl. ilarvc^tur...; 

I UN. MniACliem. 1 
lull. MiillliuoiI».{ 

Inflj 

I inti. Paper. 1 

1 hi : 

int Beet nier. J 

In 1 . W. A Tm— y 

Invent j 

luuii Beet 

111 liiiernnihinal.J 
Jim Waller.™— 1 


I Perkin Blnier — . .1 

1 V* 

Hirei 

Pheijw Ltodfte — | 
PiiiHuleiptaia Kte . 

Philip Morris ' 

Philip* i'etaiM'ii : 
Pi iMbiirv ............. 

Flinty Bon 

Piitid«,n.„ : 

P'OMiey Lbl ADR 1 


[ t : nlmynl 1 

1 V'nhutl Brands....) 


I*ul» *rerve Ble-l 


KCA 


'I I s j 

15l|, 

. 261* 

261* 

76 lg 

761* 

• 221e f 

M24fl 

■i 29 | 

265a 

17ia 

r/s» 

.; 21 1 

21’s 

at* • 

8>* 

, 37:„ 

56'* 

I as* 1 

25 'a 

■J 34J* j 

S45fl 


! I S Banuorp. ; 

[ I'Snypanm 1 

! L'5? Sw. : 

1 1 : S Steel 

! I,‘. Wllinliljlfa..' 

| I V lnilustnea,... 

] Virginia Kin A. ..'• 

[ IVirnirt' Cmitmit.i 
j Haninr-Laniik'il J 
j lV«m|o* Vlaii'nienl,' 

j "'el la- Katyn : 

1 IViratetn Baneo^ij 
l VV'vwein X. Amur 
j Western Cninti . 1 
] M'ndnytue Elect: 


■ ieiiMai 

. liiaul lci.ithnih 
I 1 ■ 111 LO 1 , fniiaile ■ 
I Hun ker ssi. l'km . 

j tlonniijur 

HuiticOii ’A'...,.. 
Uuilatai Day Mm* 

Hudknii Ba> 1 

Hudson l.m A r.a-, 

I.A.C. 

Imam. 1 

Imperial tjn • 

1 nco 

Inda ; 

inland Aai. tnu..., 
l"H , ) , r’yPii**Lio. 

KPHHIO-f..^ 

Ixiirin't Flni „rj. 
Lnbian Cum. - l'. 1 
Me' mi. i'u ti u m| . 
V[ah«ey Kerunma,- 

•li t ill ( n 

.M-airu >.4a|,li 

Aorailfik Mllii-.. 
Vnn-ull l-.llul^l . 

I > 71,11. Iou.1111.,..' 

\ hum, • Mi ,v ,.u- 
ilisn.aal Pf-ir'in 

I'u-llli- vl .11 ' 

r"a»-ilv Pet n.i-iini- 
Paii. fau P.-fni , 

Pal ilk...... 

I'eofrier 1H*(4.&... 

1*191! C'h X III 

Placer Ue vein), nil 

P, ■ WUrC. W|.vh fm 

4**1 f ; 

Ijlielvc Slurajur.i'' 

iiaruer U 11 : 

I Head (Shan 

I n in .\ 12 mu ; 

KnvRlBk. iri ( him 
tfnva* 1 ni^ ; 


280.71—4.1 
137.0 +0.6 

62 

34.6-0.5 
96.5' +0.7 
25-ff + l.o 
aa.71 


AlR.hHKi.20) : 105 +8 

vawi(FI^0) I .25.6+0.4 

Algem BnktF _l0»r 346.5. + 1.0 

\M BV IKI.10) I 81.51 + 0.6 

linmlraife (Fl.Shii 74.514+0.2 

-lijenknrl ■ 84.0+0.5 

tkiaaWmi'iiuf.lO 108.0+1.5 
.inrhrinT'edetnrtt-, 67 .01 + 1 .7 

KlreneriFLoh....! 280.71-4.1 
Snnia X. V.lk/areti 137.0 +0.6 
Kurof nin Tsl FI. 1C, 62 

liikl MnawteaiFUj 34.6 —0.5 

ilelncLunlF Jjri.. 96.51+0.7 

ri«*Hjnveni*[PiAi'| 25-ff + l.o 

Htiittur U.i.Fi.lUm 22.71—.... 

h.l-M. tFi.lULfi...; 128.6 + 1.3 
ini Millie r< liOl.-.J 42.61 + 1.7 

A innleii fPi.lOl... 34.5+0.6 

'aiXe*l liiM.fPi.lL'i 1U9.41 + 0.4 
AolffwIBliFIJa;* 64.2 -0.3 

Ned MHlHktKI^C.i IBO.lril 

H-efFim.. 165 I | 

Van Uiiiinbren 132 1 + 1 

I'aLbned fFi-SO).- 37 J+2 

PWllfk, (Fi.lOt 26.7|+0.2 

KjiiSi-hVertFi.l'X 70.5 

Kni«n>(Fl.b0) 1 160.6m! + 0.1 I 

iMtucniFi.aOV 116.8' I 

Knreniu (FcWI.... 131.4; I 

+>vaiDntc«i(P 21 127. 1 1 .— 0.1 1 

■>*avenrmpg 246.9)+0.2 

'lorln Grj-.(K..rU)( 148,01—0.6 

■••H>olN«c.U,i 1 k.£i 106.2 

'/almn IF'.IM... 1 1 18.4 +0.4 , 
MMn*:Kca.liit{Si; 47.31—0.9 

iVuarlan'dii. Ham. I 424.91 + 3.4 


>23.5 fl.B 
I.V344 3.4 
. 23.5 6.U 
I 83 5.5 
• 70 6.5 
25 7.5 
I 27.5 2.0 
I 42.K 4Je 
! 94.? 9.6 
22 63 
I 14 ! 5.6 

raa 


Arbeit 2.230 + B0 — | 

Uy. Brx. Lamb.... 1.496 + 86 60 j 

dexert-B-^. 1,790 -10 112 

u.B.f,*. (Sdnoni-.j 1.454 100 

Jwikpri 1 .. dB4 +3 — I 

BUKS 2.565 1+5 177 1 

+BO >50 

KalKidLieMK 2.400 +26 17U I 

•-H. liiiKv.Um-j2.180 +70 150 ( 

ievnurt .11.393 +100.05 

Hubokun ! 2 .406 + 306 1 7o 

in tun -"in (1,986 (142 | 

aredleliaiDk. (6.500 ,+ 30 [265 | 


Loorine Bintlntn.., 

Contain Australia 

Ounlou Kwttoert&i) — 

6SCOK.— 

bkier Smith — . 

EX. IwluwrVaa 

Uen. ProparlrTrost- 

tixaierrh>y„ — . 

Hunker. .... — 

I.U.I. Auatndta 

I IH44- Cuppef — 
ieimiretk Indbatrire— 

iniieh (UnvkH — Ji. 

Lefinant (ill — 

'I rials Kxpiomllon — . 

MIM Uotillng* 1 

Midi tlniniiiini.— 

.1 ewk— — — • 

ii liiHM Internal Inna I J 

Niath Broken U* lings (9t‘ 

OaXhrbiye — . — 1 

J 11 -"earefj. — ^ — .. • 

JiEcr Kxptcmckxi : 

Kuuoer Con -rete..— ....- 

•ta.kiu &-OdnMn..— —A 

d. C. ^leiRb... I 

Kmtliwn • Minina——.. 

Spaiyoi Explorathm 

1 uui a — ...... ..j 

W iitcan— — 

iVearere.uidinx t60r*eni»i.l 
Wiadwreths— 


Vale Kiri DwPI 


VoL Cr.9a.lm. Shun ttJSm. 
Some: Bio de J+ndni SB. 


April 10 


Ureyan Bank. 

<*on«Ruxd— 


KotPO*.......^. 

iCmUtkaura 


Kroner 

— 

91 

+ 1 

54 

-1 

10? JW 


277 S 
106 

+ 1 

200.00 

— 1.75 


Bnnuv 


8 9J 

4 7.4 • i.1 •' ” 

11 lyprc--.-. 

20 7Jt-=- 
11 1b.4- • 


67. 51— SJ I 6 1103 ^- .* - 


JOHANNESBURG 



MIRES 



April 19 

Rand 


Anglo American Corpn. _ 

5.00 



East Driefonitln 

UJM 


Eluburc 

1.83 

-BJK 

Harmony 

5.45 



ts.w 


Khraf 

7J9 


(usn-nburfc Platinum ..... 

1.17 

-oe 

Si. Helena 

12.60 


Sdmhvxal . 

T.C. 


Gold Fields SA 

W.ffl 


Union Corporation 

4.65 

-U2 ■ 

De Beers Deferred — 

5.33 

+ll« s 

Bbranoreitzkdit 

5.10 

-Wk'iT* 

Ea»r Rand Ply. 

5.29 

+au,7,~,.. 

Free Stale Geduig 

3658 

-Ww ' 

PwBdffli Brand wroiMNiN 

PrwWem B xcsn 

13.S 



IU.65 | ftflfortein 3.73 

fO- 17 0.01 1 WeBcopi - MAS 

tO.XB- • J wriF Drieforrteln ?M.B 0 

11.70 '-4U11 1 Western Holdings +S.M 

tO.02 ! +0 j 0I I Wemcrn Deep 111.70 




-DAO 


■ raraj iti^ jr0.in - WOUSTBIALS 

\ ti »i« AfiCl * 

Anglo- Amer. iodnsiriai TT S.SSxd 

PARIS Bartow Hand . — — 3 4D 

AIM » rre. . — , Fre. * . — -' iS.flS 

ZXZZZZ 2H ^BnmSS^T lnr - «3 

yriqoeOj'+'tV 1 390 )-5 3.4 KvutRc*!, sA jj.k 

Ml Uould J»1 -4 Ib.h 3.7 Federal c ValksbeteApUss l.«l 

Iquiutne— -i — 404.9,-2.6 20 .23 b.7 Croat ornwCri S fores LH3 

.'If-... r ; 465 j-. S j... 1 .Is. 5.8 -ninliu Assurance (SA1 1.75 

nt^radM. — — 650 .—25 ; 3IJ6i 4.9 *tntarT9 1 1W 

Gervmre-. 450! + 5 ‘MU m J.K3 

ArreRxir— ™ .1.688 I— 47 ; 75 i 4.6 vrGutfay Rod way 0.«7 

-G -8. 357 ',-8.2127^7.7 NedBmuf “ 2-» 

•-.r.T.'Alretel- — 1.145 .-54ja8 2oJ OR Bazaars .... — S.B 


■ai Hi, vale Uelge.JS.b50 '—20 506 
ttui HoNliuc .[2.400 j M2.26 1 


draw * 4 + 

VlriqmUiriitV « 

111 Uoalrt— 

iquiutne— «+— 

.'If ; 


54.5+0.6 
1U9.41 + 0.4 
64.1'— 0.2 


132 1 + 1 
57 1+2 
26.7! +0.2 
70.5 


I 18 i 8.5 
1 10 I 2.9 
,46.2 4.2 
2l] 7.8 

I 22 | 6.1 

36 1 4.7 

. 18 ! 6.0 

17 J ff 7 
16 ! — 
A5L6G &0 


FerinDiu - 4,156 +20 174 [ 

?<■* Gun Utu H(ue.. 2.035 +5 204, 

w Beil Belulduu 1.930x1 +10 140 

•uDint 5,286 +10 215 ' 

Hi-niy 2.486 + 18 A2S0j 

fraction BUM— 2.670 + 25 162 

UCU 962 +52 - : 

Un Mui.rl/ 101 — . 726 +16 60 | 

* Wile Mimagne 1,450 -t 90 100 / 


.v-w. ra 

— - fi? 

*•- <V. 4 - ■ ■ 1 


Aivekxjr— 1.688 

-Ji.B. 357 

I 1.3V A b-a let- -J 1.145 
I Jle Bahcwrij— .1 337 


L : reUant Uire-w. „ 71.6: + 3. 

Jtirmw .—--.I 700 - 1 — 2 

O. PetroiBA. 1 122 I — , 

Uen.-O w ii t o m te'vl • 18S.5-— 1 


*Z“ Bazaars .... a-u 

532 ?? • *- D P>wmer nniiruc - i3.» 


■nio ' 

'V/“ • . 

. • >p. ! , . 

44B }XiVr : 

-«w Vi--;. S 


*Jlnb Uertltec— —| 435 [+14.9.11^6, 2.6 Pretoria Cement — 

Lrartit Com Fr - >4 126 J — 1 | 12 10 D Protea HoMtn« 

fmiant Uire— .. 71.6:+3.6i — . — —4 Mines Properti 


SWITZERLAND ® 


131.4; 

127.1 -U.i 
246. 9, +0.2 


■ Price +nt Div.jYri. 
April 10 Fra. — % j £ 


14 5.3 
95.76 8 .' 

19 7.8 
971 4.«- 
50 1 0.7 

43.8 I 7.2 

20 I l.Z 
33 3.8 


COPENHAGEN * 


1 Price | + or j lliv. lYI i. 

jKmnm • — , i , 


k niternlm nketi._. | I 46 I 4 , + 14 

Hinn'air W. a«.. 433 ' + B | 

7anaku UBph„....[ 127 4 ! 

itst AaUtl Vo...' 3114**1 ! 


itst AaUtl Co...' 2L14*id| ! 

irwnai-mkcu— j 129 -m +1^* | 
'■rr. Hrmenur .. 340 l ..i 


'■ir, Hjmenur .. • 340 [ 

r or. iVi|5r...M«»— 81 — ij 

UtMettbunii • 128*, ril + k* 


f 

■R*uVPrha«Ai jer «... j 


j Whirlpool 

1 While C*wi. Ind—. 


I i-ejiiieK'-aii.-er. 

j eagtnnir 

I hel. Lanadn .... 

| liwrnil ft. Mine, 

j 7ldo!MV U. (t 

7l|||pK4l 

atue, i 0 Camilla., i 
ilrei* lit. x Inm, 
I'rrei- tniMiiH.. 
I'., i mil.. Dmu.ltk., 
; imiiMAui |'i|a>Ln> 
I'rana Mnnru I li-v 

| I'rt/o ; 

i.minn Uh» ' 

lUM.nijiniu Min*-.. 
ftVker Hirem.^.i 
VVeai Lix'l Tra*.. 
VVeatiin lipn ] 


■‘.KYJrjiHjKrtlCil 260 +2 
‘rad Kabul. ! 25912:+! 


Bieiai»rik..,_ -78 j+21* 

'nvatlaroh 133*1;+ U , 

'rorinalatak ,l39-i«xt — 1 * [ 

iojiii. Herertrtwn I 3769*1—1* j 

uperivta \ 165 1—1" 1 


11 7.6 
IS | 3.4 

12 9.4 

12 5.6 

13 KU 

12 3.5 

8 9.8 

12 B.6 

12 j 4.1 

12 4.0 


.ViiMiniitm — - 1 

,!HC -A' — 

Ih (iei|iv'tFr*iO | J| 
lAi. 17. Curt*...; 

!>*•. Itej; I 

. redn ■nl'»i’ 1 

:+«+in,«atL I 

Kirvliei (<J«rt 3 l+-. 
rinn man Ptfe»T 
tin. (Sina-iL.... 

Inlerfuai U 

letimill (Fr.lCB)... 
Vi*tle (Fr. Ilk))... 

Do. Keg; 

lentlton U.(PJ4».' 

(■IrdUilPu.lOh 
samioz fFr.aWJ... 

Un. Pari Ceita. 
*ihio,llcrCtar 4M 
SulrerUaflUOO) 
'maaaii (P^&O). . 

• wl*a Honk (T.lOO 
itrlaa (KS.FJS0).. 

LJuhia Bank 

'iiiri^h ini.'—. ..... 


Jauquw Boro* 1 

Lnhrrjro— 1 

L'OtobLm- ' 


71.6:+3.6 I — . — — 4 Mines Pr o pcr U ea ... 

700 -1—21 I 7.5 l 1.1 Rerabrudr Group 

122 I 14. 10 11-7 Ret co „ 

166.5;— 1 B.fti 4-t, Sxm* Bdjfflnga - — — — ; 

l“ e :+2"'[ 5 ^ - 

ill !-? c Jf-JI’S'S iTsn 






! uxtriuhi^. 1.715 5l» L.9 uatec 


1*250 +10 6 I 2A 

1.6X0 -10 lO j 3.u 
1.186 —13 22 l 1.0 

b 70 -10 22 2.6 

667 +1 22 1 3.3 

Z.lBfcir 1 — ISO 16 ! 5.6 
I l.ta 10 -15 10 3.1 

I h7d —10 b 3.7 
|79.750 -250 550 i 0,7 
7,925 —76 : 66 0.7 
5,750 + 7o 20 | 2.7 

1.450 21 j 1.0 

3.276 —40 Uee.a 2.6 

2,360 uBS.%1 5.7! 

2.180 +5 I CIS [17.0 

5.600 -50 26 l.Bi 

465 -II 26 2.9 

300 12 4.0 

dG3 +7 14 3.9 

816 +3 10 4.3 

560 —2 10 2 .e 

4.80U - 40 2.2 

3.026x1—30 20 3.3 

10.350 40 1.9 


•iaJnooa Pbaflix.-1 1.028 |—34 39-ff 3.3 


MtCbMln “B" 1.391 

J*kS« 9esmea:«y-.| 467 
Uuuitnex 187 

I'aribxa 187 

<7wflhiCiy..~« | 85. 

itnrewwJ JUInx nl • J ]W7 


83.7-0.8 

t'omort-Hkxrd +..! 267 —2 

■^ajttax-CURira..; 566 —9 

riidalD— * 189.9, +2.9 

■utUoleehDKiw.j 446 r— 17. 

d*» Ionia .,..7— • 693 0 

Rhone Pmnare i-T 72.8 —1.1 

M_ Gribilib. .! 146.9,-4.1 

rkii- KMrixmx — 1.725;— 10 

270 7 

Ifremeretnlqiwc.- 795 f— 11 
lluimm BnMdi. IBS '—6 
C*uior^.^ 22 J— 0.7 


—to S2JS& a.3 oenm 

+ i.i ia.6 2J7 m 

—4.5 3 1.6 

-3.5 23.96 10.6 

iS- 8 l ?3 IS spain * 

— 0 15*4.0 7 


Securities Rand SU.R.0.77J 
(Disfount of 32.4?T.) 


12 4.0 
14 3.9 


10 4.3 

10 2.8 


40 2.2 
20 3.3 


11 8.3 

1\ I 8.0 

12 5.2 

12 1 6.6 

\ 


MILAN 


Prieu 4* or Div. [Y-. 

Ure - Lire f 


VIENNA 


J Wiiium Vu 1 

I WjBortUtd BIeLc.1 


: v*tc7 ! Iran tat. 
{New stock. 



j Prkw 


ou 

April 16 

4 

- 

< 


350 

1 

10 

^ftlmtowi. ...... 

969 

1 

# 


581 

r— 1 

40 

■’rimpritrf 

94 

F» 


Hero- DtHm'ei ... 
Veil lliutieell.. 

181 

240 

*7 

14 


IfJKJ 

ioalnsJ .....— 

'bU 

Un. 1Viv. M ., 
'iuaider ...... 

Isk-eraeni ... 

uilahler 

Jcdkifaa/ura , 

1pu wil Imoii „ 

Jift-etil Priv 
‘itellt 1 It/. 
*tt«*IIl 

inta V w* 


99.60 +1^H - 

412 - - 

1,917 +16 150 7.8 

1.623 [-12 IsO 9.3 
75.251 +05£j - 
10,640 -130 20U 1.9 

1^6.5 - - 

52.701/ —100] i.20fl! 3.7 


AUAAUlKrJO).. ’ 187 ..... 
■VbilAV* B<Ki*l 157 +1 
A+KA^Kr.aOU-J ' 87a — 1 
Alisa CnpofKi®' 118 +1 
BlUenri.^uu-— . W —3 . 

rtotora— ■ 120 |— 2 

Can In.,.— 176*d+2 > 
L'eilutowu.. 837 +3 [ 
die: t'hix ‘B’iKhq 142 +8 
■vrtcsoa 'B^KriiCi 155 


189^ +2.9 — I - Ajdsnd in 

446 17. 16.5 S.7 BlteM — M 

693 i—6 24! 4.1 Bawd AilaoUar. fhDH'i 213 

72.8 — 1.1 -9 ,12.0 fianro Central 303 

14659,-4.1 145S 9.6 Ban » Exterior . 274 

1/725—10 Afl! fl Banco General — — _ 271 
270 -7 26.5’ M BS»« Crmudj fUflfll 154 

795 r 11 2175' » 7 BhOCft HfSMJM m--.-.. 2 BS 

iff Li 1 Snail s 

22 j; o.7 — 1 - S 

- Banco Samandcr «S0J 32V 
. . Banco UnmUo IUB0> T05 
Banco V bears Ttt 

ESS +or SfW m 

ftreie — at. [ S Rannfi AndslneiQ 221 

liT— ffTiK sr*„!?izz: S 


h 2 ' *- 



STOCKHOLM 

. “ 1 Prirtt 1 + orlDlv.|7l- 

' - April' 10 Krone - Kr. I S' 


0£ 2.9 
6 3.1 
B* 5.7 


naaelre “B"— — J MS j*-,.,.*-, 
Pai^rSs .^.— .uh til r-1 - 
•inngea Cfreai — -J 64.0 ».»«.*{ 
nhefl— j - 


I - I S'l K - *■ Arwmsas .. — SI. . 

I J ^*2 Rspaiula Zinc Ul 

! .J* i f.3 E«M Rla Tllllp 74.75 

j 10 i 6.7 fecn — M.B 

10 1 4.3 Fetton ri«0> W 

! 6 -3 j .4.4 OaL PiwiaOw 1* 

• a ' 4.7 nnraa . Vdazota* f«0l us 

I 8 1 5.4 jS - 25 

4 I 3.4 SES 8 * 2 


jDuip* i "j-"--, 

HubuMbwiheft— 4 ®05®] *<- 

Jlwmw- ^—j i—jr 

Hu o-'ti Uonwtnj '73 ,+ 2 
auntvik AJL— ... ^35 1 + 3 
*.K.K. 'iTKre — h 75.5—0, 


8 15 4 flhlPalB 7MS 

A | /« ftkTtniem ^ 

_ I “ ftbrn - — ® . 

«' Paneleraa Rtimidas g. 

‘g i S'? Petrol Iber •• 

Rdlflq P«rol«» ^ 

« 79 '-15 Saprifi .Panalera' ...— 

S *7“ l “*4 <nLa ee _ c - 


+ 1 

■ ji 

saf 

' ^ l: 

+ 7 ■ 

'!» 

' t' i' 

+2», 

' 1;! *.i 
’ A 

+ 1 



-.K.F. 'tT Kn+-J W.B- -0*3^ I 1» 

ihiual Knskildx-J 142*4... 8 I P.6 felrtMlea + - ■ 


Tanriotik ‘B'KtW 

U Meltulin 

FnlvotKr. Wt^“* 


83.5—1.0) Si 0.9 fajras Rosicnrti. 
6S.5pL0 1 1 — , *~ ftiijim . 
843+20' 6 I 7,1 onjon occ. — 


./• 




IL 















V? . 777" ... - ----- - - . 



April 1X1978 


•l*. 


■ iv, ■' 


*\ ! 
t ) 


FARMING AND RAW MATERIALS 


JL lamb 
ampaign 
y butchers 




31 


v 


' . 7g ?*nci»l Time* Reporter 

" ’ ^dependent butchers 
net a. campaign yesterday 
i at preventing EEC inter- 

- ce with imports • of New 
_ .- : V >nd Iamb. At its annual -con- 

■ > ce at Cheltenham " the 
^v.nal Federation of Meat 
■■ ' irs voted to join forces with 
•v imer. organisations in their 

. to assure future .supplies. 
T '^> 3 butchers warned that Com- 

■’ U- proposals now 

- *i-e the Council of Ministers 

■ lead to rocketing prices 
;• * i would make lamb a luxury 

. Ted Edwards, a London 
*°ld the conference: 
. EEC wants to establish a 
• ' level midway between the 
'.pean and the British prices. 

have promised they will not 
: ase the levy of New Zealand 
above the present 20 per 
.■ — but they say if enough 
*’ Zealand Iamb comes in to 
<■ ■ 2SS these price levels they 

... ' put a quota on it 
' 'his would be a disaster for 

■ e wives. Lamb will become a 
: - ry article in the UJC as it Is 

ie continent" 

.. ’porting a suggestion that the 
J ^ary’s 27,000 small butchers 
id link up with housewives 
. organisations, Mr. Edwards 
*'d: “The Minister is 'on our 
. Now we must make the 
. ic aware of what might 
. ien," 

*- Dick Baker, a Birmingham 
. : : •• her, said: **We are getting 
the position where the life-' 

- . d of our trade is being taken 
■•/ from us- 

. ' , -ZNe need New Zealand lamb 
' ' ufficient quantities for our 
s. and the housewife wants 
' id needs it too.” 

’ ie conference unanimously 
• . ed a resolution pressing for 
"23 wd supplies of New Zea- 
r C?a.*— . meat and for the reduction 
s i^?movaI of the Present 20 per 
Common Market- tariff on 

— i. 




■ Cotton team 
;■ isits China 

• S. COTTON trade delegation 
visit China from May 15 to 
2L The National Cotton 
- '■ icil said the seven-member 
‘ :j would meet executives of 
'••• ia‘s raw cotton buying 
jcy. 

would also talk to officials 
'eking and Shanghai. 

Oam members represent the 
irlcan Cotton Shippers' Asso- 
ron, the Cotton Council Inter- 
U 7jnaL and the NCC's producer 

.ring committee. 

-ter 


Coffee producers may lift 
ban on exports 


BY RICHARD MOONEY . 

THE CENTRAL American 
44 other -wilds" coffee producer 
group began discussions in “San 
Jose, Costa Rica, yesterday on 
scaling down its price support 
policy: 

The Central American coun- 
tries— Guatemala. El Salvador, 
Nicaragua, Costa Rica - aod 
Panama— plus' Mexico, the Domi- 
nican Republic and Venezuela, 
imposed a total ban -on exports 
a month ago in an attempt to 
reverse - the steady downward 
trend in world prices. 

However, the ban appears to 
have failed in Its main objective 
as world market prices have 
since, fallen from about £1,400 a 
tonne (London Ro busta futures) 
to little more than £1,300. 

This week's discussions . are 
aimed at arranging “ a return 
to the international market in 
an orderly manner.” in’ the 
words of Sr. Alvaro Amines, exe- 
cutive director of the Costa Rica 
coffee- institute. -The meeting, 
which is expected to. consider 
export quotas as an alternative 
to the total ban, could - last two 
or three days. 

Doubts have been raised on 
Integrity with which the export 
ban has been adhered to,, par- 
ticularly by El Salvador and 
Guatemala. But reports that 
coffee from botti these countries 


was on its way to the U.S. were 
denied by Sr. Ricardo Fall 
Caceres. director of Compania 
Salvadorena del Cafe and Sr. 
Eduardo Gonzalez, president of 
the Guatemalan Coffee exporters 
Association, at the weekend. 
London trade sources said they 
doubted that Guatemala had 
much coffee left to sell but 
thought El Salvador might well 
be exporting coffee. 

Both countries have attributed 
the reports to consumer attempts 
to push down coffee prices. 

In Bogota meanwhile Colom- 
bian coffee industry sources said 
they expect the 1977-78 Colom- 
bian crop to total 9.1m. bags (60 
kilos each). Local Press reports 
have put the harvest at 10m. 
bags but the trade sources said 
it was too early to make such a 
high forecast because of the pos- 
sibility that rain and/or drought 
wiH reduce die harvest. Last 
year's Colombian crop totalled 
9.04m. baj$, according to the 
National Coffee Growers’ Federa- 
tion. In 1975-76 the total was 
8.5m. bags. ' 

Sue Branford writes from Sao 
Paulo: Coffee growers consider 
the measures announced by the 
Brazilian Government at the 
end of last week as a “cold 
shower" on their hopes. The only 
measure to be considered in any 


way a concession to their lobby 
was the bringing forward of the 
end of the quota system for 
exports from July 1 to May L 

The growers complain that, by 
summoning three state governors 
and two Ministers to the meeting 
of the national monetary council 
that approved the new measures, 
the Government was taking 
maximum political advantage of 
the situation, hut in fact did 
little to help the sector. 

Farmers are threatening to 
organise soother “march on 
Brasilia” to demand real con- 
cessions. 

The farmers are particularly 
annoyed that their main demand 
— an immediate increase in the 
guaranteed prices to 3.000 
cruzeiros per 60 kg. bag — was dis- 
missed out of baud. Instead, the 
Government announced, as was 
expected, that from July 1 it 
would double the present 
guaranteed price from 1,250 
cruzeiros to 2,500 cruzeiros. 

To add insult to Injury, it 
reduced the proportion of the 
price available in financing from 
80 to 50 per cent Although this 
measure is in line with the 
Government's strict anti-infla- 
tionary policy, the farmers feel 
that they are being called upon 
to make loo heavy a contribution 
to this strategy. 


Sudden surge in tin market 


BY JOHN EDWARDS, COMMODITIES EDITOR 


TIN PRICES rose sharply on the 
London Metal Exchange .yester- 
day with the cash quotation clon- 
ing £260 higher at £6,055 a 
tonne. The rise was triggered by 
higher prices in the Penang 
market over the week-end, and 
a much bigger than expected 
decline in t.mf. warehouse stocks 
of tin, • 

The stocks fell by 486-tonnes, 
cutting total ware household tags 
to 3,355 tonnes— the lowest level 
this year. ... 

Fears of a nearby shortage or 
supplies developing narrowed the 
cash price discount to the. three 
months .quotation from $40 to £10 
by the dose of dealings, and 
other nearby dates have moved to 
a premium over the , forward 
months. 

Once Die market started to 
move hp stop-loss buying against 
previous . sales, especially from 
chartists, accelerated the upward 
trend. ' 

The sadden surge in prices 
comes just as Die International 
Tin Council meeting in London 
this week considers, renewed 
demands from the producing 


countries for a substantial rise 
in the “floor” and “ceiling" 
price range established under the 
International Tin Agreement 

Last week the Straits tin price 
in Penang fell below the Agree- 
ment “ceiling” of SMI, 500 a 
picul for tbe first time since 
January 1977. But after falling to 
a low point of $111,476, the 
Malaysian market has now 
picked up to SM 1.541 with a rise 
of SM28 over the week-end. 

The recovery in tbe market 
came after a statement by tin- 
producing countries meeting in 
Jakarta last week demanded 
assurances from the US. on pro- 
posed stockpile releases and 
affirmed that they would press 
for a higher price range at the 
Tin Council. 

Malaysian miners are believed 
to be holding back offerings with 
the intention of forcing prices up 
in advance of this week’s Tin 
Council meeting, since it would 
be more difficult to justify an 
increase if prices were below the 
present “ceiling." 

Producers argue that a higher 
price range, especially from the 


present “floor” level of SM1.200 
under the Agreement, is essential 
if investment in new production 
of tin is to be stimulated suffi- 
ciently to avoid future supply 
shortages. In January, a bid to 
raise tbe price to $M1,400 to 
$M 1.600 was blocked by con- 
sumers. but producers vowed at 
the time that they would repeat 
the demand even more strongly 
at the April meeting. 

It was hoped that by this time 
more definite news about the pro- 
posed U.S. stockpile sales of tin 
would be known. But for the 
moment differing proposals are 
still subject to behind-the-scenes 
negotiations in Congress. This 
has persuaded some traders that 
no stockpile sales will be made 
for some time to come. 

.However, consumers are 
expected to be reluctant to 
accede to the demand for a 
higher price range unless pro- 
ducers can prove conclusively 
that output costs have risen since 
the last increase in July last year. 

The tl.S. delegate should also 
be able to give an up-to-date 
assessment on stockpile sales. 


U.S. warned 
on metal 
import curbs 

FRANKFURT. April 10. 

A U.S; DECISION to restrict 
copper and zinc imports could 
lead to other countries intro- 
ducing similar protectionist 
measures. Mr. Walter Sies, 
head of Jtfetallgesellschaff AG's 
economic research department, 
warned here, reports Reuter. 

He told a Press conference 
tbe applications made by UJS. 
copper and zinc nroducers for 
controls were “deeply regret- 
table." 

Support of the applications 
by the Trade Commission 
would contradict all previous 
viewy and practices of the U5. 
administration, he said, 

Tbe world’s excessively high 
copper stocks arc beginning io 
Tall, largely due to the pro- 
duction cuts by important pro- 
ducer countries such as 
Zambia, Zaire and Peru, Hr. 
Sies added.; 

He hoped Chile would also 
deride to adjust its future 
supplies better to the demand 
situation In the world market. 

Meanwhile production cuts 

in the zinc market are 
beginning to work, as pro- 
ducers in North America, 
Japan and Europe adjust to 
economic necessity and recent 
extraordinarily low prices, be 
stated. 

• On the London sfefat 
Exchange yesterday copper 
prices rose encouraged by a 
firmer trend in New York and 
a bigger than expected fall 
In warehouse stocks. The 
stocks were down by 1.875 
tonnes reducing total holdings 
to 573,350 tonnes. 

The rise in copper, and 
strikes in Belgium, brought 
higher prices for lead and 
zinc too. Lead stocks rell by 
50 to 63.225 tonnes, but zinc 
rose by 300 to 60,650 tonnes. 
LME sliver holdings rose by 
60,000 to 19,250.000 ounces. 


'iJ*M£ik£b 


U.K. BACON INDUSTRY 


Curers refuse to 
handle hoar meat 


BY CHRISTOPHER PARKS 

LEADING BRITISH bacon 
curers and retailing interests 
have warned farmers that 
despite growing pressure they 
are not prepared to process or 
sell bacon made from uncas- 
trated male pigs. They say it 
would be “foolhardy” for the 
industry to attempt to market 
such meat. 

Pig farmers can make greater 
profits from “entire" boars 
which reach slaughter weight 
more rapidly while eating less 
food than the traditional cas- 
trated animals. 

There is now evidence that 
many producers are fattening 
boars in the hope of pressuring 
factories into accepting them. 
Reports suggest that up to 15 
per cent of all male pigs are 

being left uncastrated. 

The curers argue that if they 
were to sell boar bacon they 
might put at risk the improve- 
ments won for tbe reputation of 
British bacon in recent years. 

Bacon Quality Services, which 
represents 24 U.K. curers. says 
that trials have been run using 
boar meat in the bacon manufac- 
turing process. These have shown 
several quality defects. 


“It is our declared policy to 
produce consistently high-quality 
bacon, and we do not intend to 
prejudice that policy by market- 
ing as yet unproven bacon from 
entire, male pigs,” BQS says In 
a statement. 

BQS, a technical and scientific 
service company, also represents 
the interests of British Home 
Stores and Rank Hovis Mae- 
Dougal, British Home Stores 
sells only British bacon and 
claims a 6 per cent share of total 

sales in Britain. 

The company’s .food-buying 
controller, Mr. John Alexander, 
said last week that his company 
had too much at stake to risk 
losing customers because of 
resistance to bacon made from 
boars. 

-The main concern appears to 
be the possibility of “boar 
taint " in the meat— a fishy taste 
or smell sometimes detected in 
meat from uncastrated pigs. But, 
Mr. Alexander added, boar bacon 
sliced badly and had softer, 
flabbier fat than conventional 
bacon. 

Tbe Meat and Livestock Com- 
mission has also reported a ten- 
dency for the meat to separate 
from the fat, wide variations in 


tenderness, and excessive hone in 
the carcase. 

Ur. George Brayley, chairman 
of BQS, said some factories had 
accepted boar carcases for ex- 
perimental curing, but he felt 
that farmers had over-reacted to 
some reports of favourable find- 
ings. 

“The main problem is that 
while boars produce very lean 
carcases, other quality features 
are sacrificed. The hams are not 
so good, shoulders are over-large 
and bellies (the source of streaky 
bacon) are thin," he said. 

Considering the delicate condi- 
tion of the industry and its 
recent crisis, Mr. Brayley thought 
that now whs a bad time for any \ 
experiments with public tastes 
and preferences, 

u Many of our customers in 
the bacon trade do not want ( 
bacon cured from boars and we 
must respect their viewpoint,” 
says a statement from BQS. 

“Vety significant improve- 
ments have been made in the 
quality of British bacon in recent 
years and we believe it would be 
entirely foolhardy at this time 
to put on the market bacon cured 
from boars.” 


London tea 
market easier 

By Our Commodities Editor 
TEA PRICES eaied again at tbe 
London auctions yesterday as 
blenders continued to stay in tbe 
background. In quiet trading 
average quality tea prices fell to 
135p a kilo against 140p last 
week; medium quality grades 
were 124p against 128p pre- 
viously and plain teas also lost 
4p, to 88p. 

Demand was described as “fair 
but. selective.’* U.K. blenders, who 
were absent as buyers from tbe 
market for a period of four 
weeks after the controversial 
Price Commission report recom- 
mended a cut in retail prices, are 
apparently still reasonably well 
stocked and concentrating their 
interest mainly on the cheaper 
price teas. 


Lower U.S. wheat crop forecast 


THE 1978 U-S- winter wheat 
crop is estimated at lustra, 
bushels compared with L53bn. 
last year by crop forecaster 
Conrad Leslie. The lower total 
reflects a reduction in planted 
acreage to 47.7m. from 55.98ra. 

Record U.S. winter wheat pro- 
duction was in 1975 when the 
crop totalled 1.64 bn. bushels. 

This year’s yield is estimated 
at 34 bushels an acre compared 
with last season's 31J> bushels. 
The five-year average is also 31.5 
bushels per acre. The record 
yield was 35.4 bushels per acre 
in 1971. 

Several leading exporters 
believe negotiations are under 
way to sell wheat to Cbina for 
shipment in the second half of 
this year, bnt they expressed 
serious doubt that any sizeable 
sales had been concluded. 

The exporters and other 
market analysts generally agreed 
that China will need to buy more 
wheat — most likely between lm. 
and 2m. tonnes — to fulfill its 
second half needs. 

Rumours have circulated on 
the Chicago Board of Trade for 
the past week that China has 
bought wheat, with some trader 


estimates ax high as 6m. to 8m. 
tonnes. Some brokers even see 
possible feedgrain and soyabean 
sales to China. 

The speculation was encour- 
aged by a report that 
Continental Grain Company 
senior vice-president, Mr. James 
Good is in China as part of a 
two-week trip. 

India, meanwhile, has predicted 
a record 1978 wheat harvest of 
31m. tonnes, according to Mr. 
Sam Tyler, chairman of Western 
Wheat Associates, from New 
Delhi. 

Tbe new estimate compares to 
1977 harvest of 29m. tonnes. 

Conrad Leslie also “guessti- 
mated” that U.S. maize acreage 
for tbe coming season could be 
about 77.2m. acres and soyabean 
acreage about 64m. acres. 

Last season's maize acreage was 
82.7m. and the soyabean acreage 
was 59.1m. The Leslie maize 
figure compares with USDA Jan- 
uary estimate of 80.5QJ. acres but 
the soyabean estimate Is similar 
to that made by USDA in 
January. 

Leslie warned that the figures 
should be considered as the result 


CHICAGO. April 10. 

of an opinion poll rather than a 
statistical forecast. 

The American Soyabean Associ- 
ation forecasts tbe 1U7S-79 U.S. 
Soyabean stock carryover between 
98m. and 215m. bushels. 

Total supply in the 1978-79 
market year could reach 1,960m. 
bushels if the 1978 carryover is 
200m. bushels. 

US. soyabean demand in 197S 
is 905m. bushels for domestic 
crushing, 840m. bushels for export 
and 80m. bushels for seed, feed 
and residual uses. 

U.S. soyabean plantings this 
year should rise 7.3 per cent, 
above last year's 59.1m. acres, 
to 63.4m. acres, the Association 
said. 

In Rio de Janeiro, the Brazilian 
Ministry of Agriculture's Com- 
mission for Financing Production 
(CFP) lowered its soyabean crop 
estimate to 9-3m.-9.7m. tonnes 
from 10.3m.-10.8m. estimated on 
March 10, CFP director, Paulo 
Vianna, announced. 

This compares with the current 
estimate of 9 -2m. tonnes on which 
CACEX (Bank of Brazil Foreign 
Trade Department) is basing its 
marketing policy. 


ASE METALS 


■j*P|H Gained groaad on the London 

- Exchange vith Un fmoenur coining 
■- rW trading when forward moral wont 

- <nn £733 (o £735- after a Ann Comes 
nuance on Friday and a larger than 
■ted «oel» decline. ' Bnt trade selling 

Into tbe market. Although Comer 
-d higher Cjan expected a slighUy 
■ trading range prevailed and. the 

- on (be Kerb way £751.5. Turnover 
I tonnes. 

! alganuued Metal Trading reported 
iin the morning cash wlrebare traded 
Its. M-5. three month* £753. 33, XI. 
- -23, 31. SB, 28.5. SB. Cathodes; cash 
three months £7li. Kerbs: wire- 
three months £720, 19-5. Afternoon: 
'mts, three months £72U. 22, ' 33, 
35, 34.5- Kerbs; Wlrebara. three 
b« £K4, 24A, 24, 33. 22.5. 2Z, 21A. 2L 


TT 

larger than expected stocks decline. Ttfl 
round of . International, meeting*; raped 
(he firmer trend. Forward metpf suited 
gt £3,330 and moved up to E5JBS- with a 
narrowing of the contango? and the 
emergence or a backwardation on further 


month*. Although the 
on The mor ning Kerb 
afternoon to IS.QM. 
moved hr chanter, 
short-eoveihig- The 
was JMSB. Tnrnovw 
Morning: Standard , 
W. 95. M. 85. flft- 



badr 
in tbe 
market was 
buying and 
on the Kart 
tonnes. 

mouth* £5.068. 
70. Kerbs: 


£320. dosing on the Kerb at 019.5. Turn- lower on the day. Dreael Burnham 
over 4-130 tonnes. , • Lambert reported. ■ 

‘ Morning: Cash OU.-U.15. ttree months Prices tin order borer, seller, change. 
£320. IB, 10. 195. IB. 1B.5, U, 184, IB. business)— Ajffil 1M.0B-1M40, -84W. 

Kerbs: three months £3l&5. IS. Afternoon: 204-00-203. 75; June 178.75-179 i*. — 1 XT, 
three month* £319, 10-5. 38. Kerbs, three 171 -00.177-50: August 167.M-1S&SS. -BUS. 
months ca ff. — : Oct. 152JS-155.B0, -1.37. Dec 

U9.M-142.7B. -1.0. — J Feb- 135-50-139.00, 


Standard, three month* £5,963. 7B. After- 
noon: Standard, -three months SSfiBO. M, 
flSw- iMOO. 30, 40. 50. 55. 60. Kerbs: 
Standard, three months SB, MO, 50, 40, 50. 


LBAD 

o-m. | 
Offida* 

+ ar\ 

p-m. 

Unofficial 

+_« 

Cash. 

dmonths- 

tsett'im'nt 

lS.tL8vae. 

£ 

3W*4 | 
S1B.&-0 
. 814 

£ 

+a.5, 
+2 i 

+ 2J! 

£ 

525-6 

3I8^2DA 

SS 

£ 

+8.25 

!+ 8 


Sales 31 (33) lots of 17,350 kflos. 


RUBBER 


TIN 


>1NSS: 


,'FBrJ ornSil 

4* or 

[ p-m- • 
Unofficial 

tjr; 

. 1 £ 

£ 

£ . 

£ 

’^”l 704.5-3 


1 7D9-.9 

+ M 

irh*.. , ,7 1D.6-20 +4 J| 


+KLB 

'm'ncj 70o 

l+r j 

j — 

— -■ 


f+S.ZB 

698 J-ftJ) 

+ai 

nthn..l 711-.5 

1+6 ; 

j 714 -J& 

+BJJ. 


+5 ] 

[ — 

taMP- 

SiplJ ~ 

— 

. 64.. 

-r 


Grade £ 

" S953-65 
6 inTOibsJ&Sfi w7u 


-gflKlem’l. 
Standard 
Ca*h_^.™ 
d month* - 
SettlemT. 
SuainrTL. 

New XoriS 


•M5S 

3935-65 

6960-70 

0966 

263641 


+ cr 

p.m- 

(InoffltHB' 

t+or 

* 

£ 

£ 

+155 

6050-64 

+2H) 

+98 

6060-70. +220 

+ 118 

— 


+122 

6010-60 

+260 

+02-5* 

606O-7C 

.+228 

+ 1U 


•reaav 

+28 

— 

, 





ZINC— Higher, moved by the same 
factors at lead and following the same 
trading pattern. Pre-market forward 
metal moved from £314 u> Q10. and after 
' due traded between £314 J and BIS. The 
dose on (he Kerb was £M4.75. Turnover 
3.073 tonnes. 

Morning: Three months £518. 17. 10, 
115. 11 15. 14-75. Kerbs, three months 
ms. 15.5. Afternoon: Three months 
£3115. 18. 16.1 Keros, three monih* 
£315.5. 15. 115. 


UNCHANGED opening on the London 
physical marker. Fair interest through- 
out the day, do sin g quietly Ready. Lewis 
and Peat report that the Malaysia godovn 
price was 504 (same) cents a Hio (buyer, 
April*. 


No.1 

Yertentey 1 * 

hwiaw 

Burina*- 

iUrf.S. 

• .-io>w 

close 

Hone 


W— straw following higher Kns t em 
.3 on 1 Kh Penang turnover and a 


— ,, Influenced by copper 

and prompted by strikes in Belgium, bnt 
ctoeftig below the high point after profit- 
taking.. Forward metal moved from £318 
to OU pre-market hut traded oarrowly 
for the rest of the day between £3l*_ and 


ZINC 

1 ».m. 
Official 

+• or 

p.m. 

Unofficial 

+ or 

0uh_ 

2mcmttaa_ 

Sbaem 

Prm.'West 

£ 

50B.B-9.6 
814J5-6 
509.8 1 

+ 1 
+ 1 
+ 1 

£ 

309.B-1DJ. 

315.9-6 

29 

+SJS 

+6.6 


May — 
June.... 
Jiy-dep. 
Oct- Do.' 
Jan- Ur. 
Apr-4 no) 
Jlv-dep. 
O-t- Dor 
Jan -M at* 


47.«(W8.fl01 
47.5iMB.4d 
4».ifr49.«tf 
bl-MWlJiN 
B2.NL6ifid 
55.9Ch64.flEj 
56.4>66.55j 
5840.57 JM 
SB.46-Se.Bfl! 



49.2M5L20 

6140-50.76 

5f.5flBt.4l 


6BJW 


•Cetits per pound. t On previous 
unofficial close, t W per meal. 


Index Limited 01-351 3466. Three month Tin 6035-6090 
Lam out Read, London, StVIO OHS. 

1. Tax-free trading on commodity futures 
* 2. The comm odit y futures market for the smaller investor 


XGAL NOTICES 

- • OTICE IS HEREBY GIVEN that a 
ion (or the WIMIno-Up ot thn .soove 
pom- or bw NJpft Court of Justice 
on the 20U! <j*y oJ_ March. 1978. 
anted to the' said .Court by Lug J* 
-.In A Company. « Usa Howe, 36137. 

. nes Street. Windsor. BertsWre. 

>c said Petition is directed, to be 
d before the Courts sIRlns at 


jl Courts of Justice, 
'ion. W.CA on the 7AU 


The Stand. 

2*tt day of April. 


9. and any Creditor .or Contrib u tory 
;he said Company desirous to support 
' ' sopose the miking or ip Order OP 
said Petition may appear at tbe time 
raring In person or by bis Counsel 
that purpose: and a cony of tbe. 


PMWop win be foRfefted by_tt>e 
sin«J to, any Creditor or Contributor; 
o” the Company reoaMna joe* copy 
on paym e nt ot the regulated charge for 

*** t Meairx. Lewis Raskin 8> Co., 

Lisa House, 

• 36/37. Thames. Street. . 

Windsor, Berkshire SL4 1 FT. 

Pcrmoetm Creditor. 1 

NOTE: Any person who intends to appear 
on the heartoo. of the veld Petition must 
serve on- or send by pom to the appro 
named notice fn writing df hk Intention 
to do so. The notice must State the 
name and address of the person or. n 
a trm. the name ami addws of the 
-hem and mus t be signed by the pe rson 
or Arm or bl* or their SoftcKor (" 
and must be served or H posted must be 
cent or domz la suOcfoot time to /eari? 
-the above-named n^. laser than a 
io »e afternoon of Friday the 21st April. 
1976. 


LONDON COMMODITY CHARTS 
- Monthly range charts back to 1967 fust published. 


On their own, single copies, 
£5 for current edition . 


□ 


Name 

Address 


v • • 

Annual subscription, plus I | 

^ weekly range charts, £37 | ( / _ • 

. 28, Panton Street. Cambridge CB21DHX0223) 56251 


EUROPEAN OPTIONS EXCHANGE 


I OpCion 

Price 

Glow 


Close 

VoL 

Oteaa 

■ Vol. 

J.Korfak 

8M- 

— 

' ' — 

M* 

•5 • - 


— 

7t. Kvimb 

S45 

1* 

3 • 

2A 

6. • 

— 

. — “ 

S. Kodak 

580 


— 

• 

— 

— 

“ p 

:ibm 

«aw 

— . 

— - 

1 ax* 

1 

T 

. — 

XBM 

8260 


. — - 

— - 

— ” 

- “ 


IfBIL 

8280 

— 

— . 

ru 

IS 

— 

— 

-1M 

8S0 

XlSa 

. 5 ' 

UT S 

5 

— 

— 

3 SI 

560 

— 

— 

— 

— • 

— 

“ - 

jU 

870 

— 

— 

H 

2 


— 

•Philips 

F2Z30 

— - 

— ■ 

4A0 

B 

.— ■ - 

— 

■Philips 

T26.00 

- L70 

SS 

8.20 

42 . 


— 

iphtllpa 

P27.50 

0.50 

60 

1.10 

81 

— * 


tt. D. Shell 

F120 

' BJK) 

5 

8.80 

25 


— 

iff. D. Jbeil 

FI 30 

2.90 

• 

3.70 

16 

— 


TL D. Shall 

FI 40 

O.SQ 

60- 

1.80 

83 - 

— 


,Cntle«* 

FI 10 

9^0 

20 

9.60 

16 

— 

— 

■Unilever 

F120 

— 

— 

'3-SO 

14 

— 



lUmtever . 

F130 

Q.50 

15 

LlO 

20 

■ 


* 


May 

August 

Kovc 

HDh AT 

;BP 

700p 

— 

— 

— 

— 

— • 


BP 

750p 

— 

— - 

— 

• 


~~~ 

•BP 

eoop 

— 

•— 

— 

— 


' 

iici 

300p 

- 

— 

1 — ■ 

- 


— ‘ 

jci Tf; 

325p 


— ’ 

"■ 




,’U.T 

3 SOp 

ratal , 

— 

— 




: ICI ** 

S76p 

— 

— 

“ 

— 



■GBC 

200p 


— 


— ' 

■ 


•GBC 

22 5n 


— 

■52 

2 

— 


:GBC 

250p 


* ~ 

.14 

■ -2’ 



; GEC 

M8p 








Oct: 


Jm. 


Equity' 


54514 

*24031 

*« 

*• 

F25.70 

F197-10 

F.UB.40 


854p 


244p 


SILVER 


Store r was Osod O.OSo a a qaw* tower 
for spot delivery in tbe London buHioo 
market yesterday at 388.1®. U.S. cent 
eqatvaleots of the firing levels were: 
spot MSJc. up 0.5c: three-moMh 5S4.0c, 
up (Lie; abc-momh 544.Sc, up 0J« and 
12-mooth SflflJJc. up 9.5c. The moral 
opened at 379:wsa.2p iS3M344c) and 
dosed at 2UM81P (SSSHStiO. 


Sales-. 83 (178) lota or 15 tonne* 49JBp 
(49.0): 

Physical Closing prices (buyer) were: 
Spot 47p (40J8): May 49.25 b (48.6); 
June 48-50 (41! .25). 

SOYABEAN MEAL 




Ywlenlayrih ot 
Close | — 

mudoee* 

Done 

April 

June 

August — ... 
Oct bar _... 
December ... 
February—. 
April 

finertonnel 
120.08-18.6+2.5 
H4JO-b42 + 1.48 
1M.1U44.I + 1.86 

1 19.80- 20 J +0JB 
115.29- 1BJ +0.M 

11 8.80- 18.9 +0.76 
116.00- 38 J) +OJO 

TM.B8 
125.80-24.DD 
1x6 JO-24. uO 

120.00 

116.00 


Sates: 94 183) lots Of 108 t 


SUGAR 


. 144 E— Turnover 134 (117) lots Of 10.000 
ounces. Morning: Three mnmlte 385. SJ, 
bS. Kerbs; Throe months MB.S, 49. 
Afternoon: Three months 385.4. 5J. 5 J. 
5 A, «. Kerbs: Three month 385.4, 5J. 


LONDON DAILY PRICE rot raw sugar 
nOfl.M 1 same) a tonne df Tor April- 14 ay 
shipment. White sugar daily price was 
fired at £103.00 (H04.S0). 

In a market lacking Incentive prices 
remained locked within narrow limit* far 
the entire day, C. Czarnlkew reportsd- 


COCOA 


. Prices remained within n nartow raw 
throughout a Quiet -day, CIU and Wia 

reported. 

at* Burim 



I 



Pref. 

Yesterday 1 

Prerioua 

JbualneaB 

Comm. 1 

Conn. 

Ctrae 

Cloee 

Dcnu 


nil 1 78 04, nil, ml. mil. Grain sorghum— 
.77.40, nil, nfi. oil 1*7997, 0.64. 0.64. 0.64). 
Floor Levies— wheat or mixed wheat and 
rye floor: 1301 il33.ni. Rye Flour- 
134 03 (134.03). _ 

MARK LANE— The market was firm 
although volume ol activity relatively 
quiet. There were difficulties still in 
obtalntng farm CTrrx. 

Millies wheat delivered Louden: April 
07 -HI. May £100.00, June £101.50. De- 
natarabte quality Wheat delivered East 
AnpHa: April £33.00, May 04.00. June 
£85 A0. Barley delivered East Anglia: 
April £83.50. May 04.06. June £85.M. 

IMPORTE D Wheat: CWRS No. 1 TO 
per cent Aorfl-May £85.09. U-S. Dark 
Northern Spring No. 3 14 per cent. April- 
first hair Mar OSSO. May CtSSS. June 
£86.00 transhipment East Coast U-S. Bard 
Winter 13! per cent, unquoted. Australian 
wheat unquoted. EKC wheat unquoted. 
Argentine wheat unquoted. Soviet wheat 
unquoted. 

Mata: U.S. /French April £105-75, May 
n05-75. June £106.40. S. African Yellow 
May £76.50 quoted. 

Barley: unquoted. 

HCCA— Location ex-farm spot prices. 
Feed wheat— East Suffolk £88.00. Feed 
bar icy — East Suffolk £7836. N.E. Scotland 
£74.30. 

The U.K. monetary co-efficient ror 
the week beginning April 17 Is expected 
to remain unchanged. 

HCCA — Regional and UJC. average ex- 
farm spot prices for week ending April Bz 
Feed wheat— S. Bast KUO. S. West B6J*. 
Eastern SS.tO. E. Midlands STM. w. Mid- 
lands 8S.90, N. Bast 88.80, N. West 9190. 
Scotland S5.M. UJC. 96.40. change: +350. 
Tonnage: 7.554. Other miffing wheat— 
S. Bast 90.20. Eastern 90.79, E. Midlands 
Bl.M. N. East 9L3B, U.K.: 9050, change: 
—100. Tonnage: L4T8. 

Feed barley— S. East 74J0, S. West 
75 ao. Eastern 7X00. E. Midlands 75.40. 
W. Midlands 75.80, N. East 74.90. N. Wear 
78.88. Scotland 75.28. U.K. 95.40. change 
4-330. tonnage 2MB9. Mailing barley— 
S. East 78 00. Eastern 7124. E. Midlands 
78.40. N. East 51.80, Scotland R4.60. UJC. 
8120, ebanar* +310. tonnage 1.0S8. 

EEC IMPORT LEVIES— Effective for 
AprO U us order current levy plus May. 
June and July premiums, with previous 
In bmekc'v < All In units of account per 
tcmnei. Common wheat — 8527, 0J6. 0.16. 
022 186.56. 0. 10. fl.IO, 022). Do rvm wheat 
—13825, 0-84. 024. 8.64 (130.64. rest (fit. 
Rye— 79.56. nil. nil, 024 (79.56. 0.64. 0.64, 
0.64). 

WOOL FUTURES 

LONDON— The spot month was Nightly 
firmer, otherwise the market was 
unchanged ui light trading, reports Bacbe 
Halsey Stuart. 

(Pence per kilo) 


COCOA Oiooe 



3 840.0-582 
1b15.B-1L0 
18842-58-0 

U 96 2-70.0 
i72o2*40.0 


— Done. 


-14.6 3591.0-252 
—2.0 11521.0-1*87 
+ 125 l»ofl.B-U47 
+D.5 J !„»2-)736 
+82 |37foJM740 
-t-M^nU-u-1718 


3U.V.-! 
Aug — 
Dec.. .. 

U«j 1 

March 
Mir... 
Aik 


£ per uvrne 
102.88-02. fltk I0820-U3.4B 
1a7.80-b7.75 IU7.7o-4l7.: 0 
1 1B.86-I1.10ll 1 v.70-11, 1 
1 14.10- 14^(114.80- 14. 
I3D.8 j- 28.7E 189.78-20.' 
124.Bfl-M.16j 148. 6 J-24. 
127.29-27.B5l 1 !(7.bfl-2t» J 



loJB.IMn5.0i-Iffl.5 - 


S3B n.UBi lots of lO'tnnnM. 
IfficrsatfanM Cocoa omaaltatiM (US. 
Lents per pound)— Daily P ncc 
T»frl a«.0B). . indicator pnw ApM W- 
B-day average 15822 (158.82)* 2j-day 
average Iff? 33 (15628). 


Salem " 1,184 (956i lout of N tonnes. 

Tate and Lyte ea -rc fincT7 price [or 
granulated bards white sugar w#g £24320 
isame) a inn for home trade and £18029 
(same) (hr export. 

International Sugar Agreement: Indica- 
tor prices’ (US. emus per poaad tab aod 
Mowed Caribbean portj for April 7: 
Doily 7.61 !?.$!); 15-day average 727 
£7.66). 


Australian 

Greasy Won 

YestertTyal 

Close 


Duel nee*’ 
Done 

May 

223. 0-25 JJ 

+1.0 

223.0 

July — 

October 

December - 
March 

230 fl- 52.0 
252-0-56.0 

244 .0- 57 A 
258A41A 

233.0- 42-D 

— 

231.0 

July mu- ttfl 

Oetcber .245.IM7J 

-0.05 

+8.U 



MEAT COMMISSION— Average lawoek 
prices at representative markets on 
April 8- GB cattle ST.SBp per kS.Lw. 
t+0.12): U.K- sheep 139.8P per ka.esr: 
d-c-w. f— 82). C« pigs 6l2p per ksJ.w. 
(-0.1). England and Wales-Cattle 
numbers no 3L5 per cent., average price 
67.51p ( — 0.46 1 : Sheep np 33-0 per Cent, 
average price lffi.Op (-1.01: Pigs up 
13 9 per cem.. average price CLfiP 1-0.1). 
Scodand—CatUe numbers tip 62 per cent, 
average price G82Bp c+1.7£i: Sheep down 
0.7 per cent., average price I372p (-0.4). 
Pias np 63 per cent., avenge price 642p 
(-HL4). 

COVENT GARDEN (Prices in sterling 
per package except where otherwise 
staled) — Imported Produce: Oranges— 

Spanlaz Bloods 32M.30: Cyprnj: Valencia 
Lates.15 kilo*. 3223.40: Jaffa: Sbamontl 
3.75-4.05: Egyptian: Valencia Laies 2.40; 
Moroccan; 3.43-220. Lemons— ICaUau: 
100/138* 320; cyprns: 2.0M.46: Spanla: 
Small trays 35'SOs LOO. Grapefruit— 
Cyorns: la kilos 2.50-2.60; 20 kilos 220- 
320; Jaffa: 30 kilos 3-06-3.75; U2.: Kntoy 
Red 15 kilos 420. Ortairiquev— Jamaican: 
62+220. Apples — French: Golden 

Dchciona JWb 84s 320-L78. 72a 3.70-3.00: 
46-0) 5.40-620. Golden Delicious. Jumble 
oaefc. ocr pound 0.12-0.13; Italian: Rome 
Beauty, per pound 0J4, Golden Delirious 
0.11-0.14: U2.:Red Debcious 7268.00, 

Macintosh 720-7.68; S. African: Dunn’s 
620, Jonathan 620-720, Stalking Delirious 
7.30-720: Chilean: Cranny Smith 73&.7.T0; 
New Zealand: Cox’s Orange Pippins 163/ 
234 8.40-820. Pears— S. African: William* 
Bon ChroOen 7. 60-8. W), Be«me Hardy 
7.00-720: Italian: Passacrassane trays 
u/i«-Q> 1.60-1.70; Dutch: Conference per 
pound 0J4; Belgian; aiOMUZ Grapes— 
S. African: Waltham Cron 5.00. Baillnka 
S.10; Chilean; Thompson Seedless 5 kilos 
520. Plums- S. African: Golden King/ 
Soogold per poond 0254.4B. Bananas— 
Jamaican: Per pound 0.17. Melons— 
Chilean: White 420. Green 520; 

Colombian: Green 3.60. Avocados— 

Israeli: Hass 16/34* 320-3.70; Kenya; 
Fucrre 14/Zls 420-4.50; ff. A/ricjn; Puerto 
420-4.50. Strawberries— Israeli: 0.40: 

Spanish: 020-0.40. Le ttu c e -Botch: 24s 
3.60. HinnIu Ivory Coast: 0.40-020 
each. Oniow-— Dutch: Large 220-2.69, 
medium 126*128: Chilean: Bags appro*. 
5IWb 3 '5s 5.06; Boxes appro*. 43-lb 180s 
6.06. Ca pri co rns - Kenya: Per pound 6.40: 
Canary: 028. Celery— Spanish: 15s/ 3«s 

5.5W.00. Potatoes— Canary: 3.70-320: 

Egyptian: 4. 99-420. Caullftewers— Prench; 
34s 5.20. enc umb ers- D utch: 14/16* 1.60: 
Canary: 120. Tonret nes— Canary: 3-66- 
4.50: Jersey: Per pound 8.58. 

English Produce: Potatoes— Per 5Mb, 
Whites/ Red* 120-2.40. Lettocs— Per 13s 
L 00-120. Beemwts— Per 28-0) 120. 

Sprouts— Per pound 8.15. Tarnlpt — Per 
284b 029. Carrots— Per bag 020-120. 
Parsnips — Per 28-lb 620-LOO. Onions— 
Per 56-Ih 220-3.40. S we d e s Per 284b 
0.50. Rhubarb— Per pound, outdoor 0.08- 
0.16 Cncmnh a ra P er tray 12/34* 1.40-2-90. 


PRICE CHANGES 

2 

Prices per tonne unless otherwise 
stated. 




Metals 

A l.nviinlnm 

Free market (era)] 
Coppereaah W.Bbis] 

5 month* da do. 
Cash (tethods— . 

6 month* dot da 

Gold .Troy ok.] 

Uul Ck*h 

5 month* 

Nickel 

Free Marked (eft)— 1 


11 KM 


MOT-60 
te7092i 
p7842B] 

1)78271 

j£3152 

IfiSSO 

Stiff 
-2.051 


bUo. 


Platlniim Gray 
Free Market— 
Quicksilver (76itu 
Silver Way ox- 

& months--— — -|88fi 

Tin Cash 

b months... 
WoUr&m&MUkdf) 

glftf cuh „„ 
b months.., 
Producer*— 


W17.50L 
£116-SS|— 8, 
8130/d 

isao.iop 
. 885 p 
. 116,055 
£6,065 
.5144-49 
.-£310 
.— £515.75] 
.—19550 


Oils 

Coconut (Phil). 

Graundnu— , 

Linseed Crade(ri— 
Palm Malayan— 


8BOO* 

15732 

5323 

5564a 


Copra Philip. 

Soyabean (u J}.}.. 


lS3BOn 

9K94v 


Groin* 

Harley BBC.... 

Home Pnnuea..! 
Muse 


UneJ£B7 


Preach So. b Am 
IVhaat. 

Nai tttdsniiu. 
NoZU anlTT 
Kngliah MU 
Coeoa shipment.; 

future July 

Coffee £iunre._. 

July 

Cotton ‘A’ Index . 
Knhber kilo. 

Sugar (Raw) 
Wooltopedte kilo... 


C802 

£1QB.7e| 

. £95y 

£ 

’.a 

.)Cl ,990 
C1279.6 


£1,SS42| 

te9J)6c»| 

47p 

£100 

274p 


+ «■ 


+ 10.0! 
+ 18.! 
+B.5 
+9-! 

.6 
+a. 

+ 5.0 


i£680 
,S9OT-8fl 
(£659.26 
72.76 
|£649 
662.75 
8)87.675 

’HfifllO.ZS 

ti 

—2.84 


zstei 


26^1 


ML05I 

+8.1 

+260 

+230 


+62B| 
+ 6.6 


+ 6.0 

—2.0 


+5.0 


U.S. Markets 


Month 

oro 


(£114.6 
£12028 
U 22330 
281.3u 
S6-Sp 
'.002.6 
,976. 
IS 150-56 
(£261.5 
^Z62J5 
|$S50 


|5 2 | 

i.O £6] 
12 £ 6 . 


8660 

j£621 

8310 

8690 


Bonn 

8266.18 



’NominaL l Unquoted. a May -June. 

» June. oAptfl-June. vAprO-Uay. *May. 

x Per inn. 


Per 


Per Pound 0.40430. Apples— 
pound Bramley'a 0.13-0.19, Cox's 


Orange Pippins 0.184)25. Laxtons 0.87- 
0.12. Pears— Per pound Conference 8.11- 
0.LS. T— Mi— Par pound EngUah 020. 
Greens— Per crate. Kent i20. 


COFFEE 


GRAINS 


; In the absence of incentive Lon- 
don moved in a desultory fashion through 
(ho morning aod most of fio ananooo, 
Drexel Burnham LambCH wptir^ The 
reluctance oT .May and Wpwettdc 
1,450 and respectively fbtnd ! ttnfl 

short covering a; I U» dose and Tato 
HnMud at the day's highs 93^ np to £25 

down on frafrm ce. 

Sistenlay'i 


LONDON FUTURES (GA?TA>— The 
market osriKd 25 lower oa oh) crops bnt 
with no physical Offerings. Good country 
buying forced value* to move ateadlly 
higher and despite profit-uung at 45 
higher the market RfS dosed firm 3538 
higher. New crop* saw good short-cover- 
tag and closed steady between 535 higher 
with more emphasis On wheat than 
barley. Adi reported. 


COWBJC 


kl&y — 

July ........ 

jqKomlmr.- 

November... 

January— 

Much — 

May 


Clone 


£ per tonne 


+ *■ 


-4.5 
+3.5 
+2 A) 


1425-100 
1434-1528 
1288-1270 

1288- ItS (-4-0 
1218.1220 i— IWl 
1178-1*29 
117M230 


-25.01 

-28.0 


Doahute 

Done 


1425-1488 
IM4-JM8 
1278-1248 
12*8- 1220 
1206-1208 


WHEAT 


BARLEY 


[YettertteyS 

+ nr 

VestredAy't 

+ or 

M’nrb 

ulose 

— 

i-loeq 

— 

May 

93 DO 

+0.M 

80 DO 

+ 0.26 

tiepL 

04 Dfl 

+Ofll 

79.85 

+<ua 


37 .SB 

+ 0-26 

U2.15 

+OflD 


89.96 

+ 1J8 

84.75 

+0.1B 


92.40 

+0.06} 87.80 

+ 0.1B 


Sates: L738 (14«> 10“ « 5 „ 

ICO tndladar Pffce tar mM ' * fOjS. 
rem* per pound): Colombian MBd Auahi- 
csg 1*3.00 . inari: nnwasbed Araucao 
170.00 (same); other mBd Arabia* 178.« 
(17592); Roba»t«« 1*7.00 (147 JO). Dally 
average 161.64 (tti.TZt. 

ARAB I CAS— In quiet condidnns London 
yin — * eieady put marginalty 


Business done: Whaat— May 8S.154L45, 
Sepr. 84.8S-S43C, Nor. W.6B-S7J5, Jan. 
00.0848-75. March nil. Sates; 115 lots. 
Bwfay— Way 8Ul§-S®.«. Sept. 7935-79 AO, 
Ksv. CJML38. Jan. 84AM 4.76, Warri) 
ML Sales: 112 tela. 

Bartey— J7.86. nlL nil, nO *77,65, nil. Dll. 
nD). Oata— 77.74. aU, nfl, nil (19.71, DU. 
nlL nlD. Maize (other than hybrid lor 
seeding)— 89.B8. nD. nlL LM iTLW, aft 
nil, LSI). BodcwhoM— sQ. niL nfl, nfl 
052, nil, nfl. nil). Mlltet— 78.04, to, all. 


Sales: 7 tl) lo» of l.SOO Wtos. 

SYDNEY GREASY (in order buyer, 
seller . business, saiesi— Wtowa Contract: 
May mO-Ml-5. 3U.H4D.9, «: July 

340.04403. M43-S4S5. 13; OcL 550.6-351.0, 
350.5-35S.&. 3; Dec. 358.0-356.5. 358.0-338.0, 
5: March 36434833. SS5JKS64.0. 18; May 
asSSSSBO. 3SS.3S6S.0, 7: July 3723-373,0, 
nil: OcL 374^376:0, ML Total sales; 95. 

BRADFORD — Pnees were almost 
entirety unchanged despite a firm to 
dearer trend at the Invercargill sale os 
Friday. Several totaBakere did find sane 
imrovemem in the asHMSt of trade and 
taraifT circulating however, and with 
deliveries srfi going MB well there Is no 
deterioration hi use. 

VEGETABLE OILS 

LONDON PALM Oll^-dostag, April 
3S0.8O-338.M, Mu 3M.Ofl.530M. Jnno 
SOt.mH.M, July 3U>M*UJ». Aim. 3W.W- 
330 00 Sept. 290.88^30.88. OcL 2M.B0- 
330,00 Nov. 250.0^515.00, Dec. 288.60- 
Sifl.Ool Saiea: 

MEAT/VEGETABLES 

5 MITHPI£LD i pence per peundi: Bbef— 
Scotti sh kilted side* S3Jt to 58.5, Ulster 
hindquarters 08.0 » 78.0. forequarters 38.0 
u 4&.0, Eire UBdoua nere B.C in joji, 
farequartera 38.0 *0 4B.B. VfM— j English 
fats 88 B to 74-9. Dutch hind* and ends 
ggjj m 188.8- Lamb: Englteb small 59.0 
to 5*o, medium 50.0 to M-l, heavy 38.0 to 
9.8, gconish m ed l u n] 56 .6 to 59JI. heavy 
ss.o to 50-0. ImpMted frown: New 
Zetland PL 45^ to 45ff, PM 4*J to 45.0. 
PB 4XO to 44.0. Paries English, under 
1600) 35.0 to 42.0, 100-1280) 34,0 to 42.8, 
120-1800) 3M to 4L8, 


RUBBER PACT 
MEETING 

COLOMBO. April 10. 
The executive committee of the 
Association of Natural Rubber 
Producing Countries (ANRPC) 
will meet lu Kuala Lumpur be- 
tween April 19 and 22 to agree 
its proposals for an international 
rubber agreement 
The association said a draft 
should be drawn up urgently. 
Members are India, Indonesia, 
Malaysia, Papua New Guinea, 
Singapore, Sri Lanka and Thai- 
land. 

Reuter 

OLIVE OIL PACT 
EXTENDED 

A 12-month extension of the 
current international agreement 
regulating trade In olive oil, 
which is due to expire at the end 
of the year, has been approved 
by a UN conference in Geneva. 

The protocol legalising the 
extension will enter into force 
when it has been signed by at 
least six nations which together 
account for SO per cent of world 
oil production and three main 
consumer countries. 

Reuter 


FINANCIAL TIMES 


Apr. 10} Apr. 7 

Mouth sqcj 

Tear ago 

839.44 1 337^6 

836.78 

878.67 


REUTER’S 


April lOjApril'1 

Atoutb ago 

Year ago 

1436^ [1431.0 

1S8SD 

1738.8 


DOW JONES 


Dow 

Junta 

V 

April 

7 

Month. 

ago 

ago 


36 IDS 
352.12 

36083 

543.18 

360.40 

343J6I 

436.52 

487-10 


(Average NHMte a N) 
MOODY'S 


Moody" i 


d pie Cwamtypio. 



904.1982.1 


(December SL 1801=280) 


GRIMSBY FISH — Sqppjy ftfe-. ffimumd 
and. Prices per none (unprocessed) at 
ship’s side: Shelf cod i&5fr£Ufl. codlings 
a.m-£3M; large Uddoefc £4J8-«-80. 
medium RBwaso. small ggfl.i3.aa. 
large plaice H7B. medium a.Sfl-tf-U): 
ben small S8MSSM; lam sfcfcmed dos> 
fish £9.90. medhua £7.88: racfcfah fioo- 
12.48; reds J7.78-ELM: aaitbe £1.884138. 

* " 

Liverpool Cotton — Spot and Ship- 
ment sales amounted rq 344 manes. 
Re owed interest In a wide variety of 
Amerfe*B-tn» nyles was evident- 
Although buying was erratic tone naen 
wanted Increased quantf*** of Latin 
American and Midnia Tram™ descrip- 
tion*. 


J 


Cocoa and 
coffee up; 
copper dips 

NEW YORK, April 10. 
COCOA doted nightly higher on mans, 
lecturers’ burin*. Precious metal* closed 
a bide higher in very quiet. duU condi- 
tions- Copper ended fie day sitebuy 
lower on speculative profit-taking. Sugar 
finished steady on local sfton -covering 
and light trade buying. Coffee closed 
Usher in anticipation of tightening of 
exports by Central and Sooth America, 
Bache resorts. 

C acoa May 156.70 (156.50). July lfiS.75 
1131-95), Sept- 148.65, Dec 144J5. March 
MOJO. May 137^0. July 1*5.10. Salea: 
458. 

Coffee— " C " Contract: May 173.78 

1 170.501. July 154.00-J54.40 050.64), Sept. 
135.30-BS.7D, Dec. 122.50- 123,00. March 
11S.00-U8.D0. May U0.00-U4JW, July 
U4.0fl-118.00, SepL UOJKKU4.00. Sates? 
•485 Iocs. 

Copper— Aped 61-50 (63.00), May 61.80 
f 62-001. June B&40, July 63 .M. Sept. 6380. 
Dee. 65+0. Jan. «SJo. March 68.90, May 
57 JO, July 68 JO, Sept 89J8. Dec. 71.40, 
Jan. 71.00. Sales: 2,060 lots. 

Critoo— No. !: May 56.30 (56J2), July 
S7.60-S7.67 (57.58). Oct. 59.49SBJ7. Dec. 
B0.404D.H, March KL75+US0, May B8J0- 
62.45. July 68.7fl4S.90. Sates: 125,000 
bales. 

*C»W— April 178.70 (177.70), May 179.50 

( 173 . 50 ) , June 1HU», Aug. lOCflO. OCL 
185.46. Dec. 187 JO, Feb. 190.50, April 
18320, Jane 18620, Aug. 199.18, OcL 
202J0, Dec. 105.00. Feb. 268.00. Sates; 
5^00 lots. 

ttard— Chicago loose SUM 024.37). New 
York prime steam 25JS asked (25.50 
asked i25JS asked). 

JMatee-May 266485} 12031). July 2634- 
263 1 29] 1, SepL 2582459], Dec. 2504480/ 
March 3661-2867, May 260]. 

flPladnum— I April 219.00 (217 JO), July 
22430-320.00. OcL S3SJ0426.70, Jan. 330.60* 
230 JO, April 234.90435.10, July 238 JO- 
239.10. Sates: 949 lots. 

(Sftvcr— April 534.10 (52a. 00), May 536.40 

(506.50) , June 300.30, July 534J!ft SCPL 
54040, Dec. 554-50, Jan. 59.70, March 
587 JM. May 573-80. JnJy 594 JO. SepL 588.50. 
Dec. S06M. Jan. SIOM. Sales : 5^00 lots. 

Seya he, any -May 708-708 (700*1. July 694* 
086 (680). Aug. 07-677). SepL M3444. 
Nov. 622423, Jan. 838-827. March 633L 
May 636). 

Soyabean Meal — May 180JUS1.M 
(179 JO/, Jiffy 183.00-18340 UBI-50J. An& 
181.58. SepL 175.50-176-50, OcL 160.00- 
178.00. Dee. 188.50-170. Jan. 173.80. March 
174-175.00. May 1TBJJ0-177.O0. 

Sayaheaa Oil-May 26.8045JO (26.06)/ 
July 35.05-25.00 (05.3fll. Aug. S4JD-23J0, 
SepL 33. 30-23.35. OcL S3. SO. Dec. 23J35- 
2245, Jan. 22.05, March 23.05-23.10, May 
».N-S3J6. 

Sugar— No. U: May 7J8 (7-83-7.8SI, 
July 8.28428 t8.124.131, SenL 84S4J4. 
Oct. 8.65, JatL 8B54J5. March fl.40-fl.4L 
May 9.55-9.68. July 9.924J3, SepL 10.05- 
18.15. Sales: 3.130. 

Tin— aauN-531 asked (685.00418.00 
askedi, 

**Wbcafr-May 3324311 (33611. July 333}- 
332 (3361), SepL 338, Dec. 3384391, March 
345. May 3451. 

WlNJTIFEG, AprB 1ft TtRim-May 118.00 
bid ua7jo bMi, Jfiy 113.70 (lu^tKuxsei. 
On. HE. 60. Nov. 111.70 Md. Dec. 111.50 

ttoats— May 81 JO bid (8L3Q), July 
79 J0 asked (79.50 bM). OcL 77.69 asked, 
Dec. 76.00 sated. 

itBariey— May BLOB (82.76). July SL28 
bid (8140 asked), OcL 80.00 Wtf. De a 
SB.OO asked. 

SFIaxsecd— Miy 252.00 bid (254.00), 
July 253.06 asked (252 JO asked). OcL 
25100 asked. Nov. 258.00 asked. Dee. 
mflO asked. 

IfWhoat— SCWRS 135 per cent, protein 
content df St. Lawrence 188.62 (167,88). 

All cents per pound cx-warc bouse 
unless otherwise stated. *fa per trey 
nances— iW ounce lots, t Chicaco loose 
8s per IBB Uu-DepL of As. prices pre- 
vious dv- Prime Steam f-0-b. NY hoik 
lank cars. : Cents per 5d lb bushel ex- 
warebouse, 5.080 bushel lots. 5 Se per 
tray ounce for 58 ounce units of 9SJ per 
cent purity delivered NY. H Cents Per 
troy ounce ex-warehouse. II New “ B " 
contract In fe a short ion for bulk lots 
or 1DD short loos delivered f.o.b. cars 
cadcaeo, Toledo, sl Louis and Alton. 
** Cents Per 68 lb bushel la store, 
ft Cents per 34 fl) bnstwL tt Cents per 
48 B) bushel ex-worohouse. IB Cents per 
SB lb bushel ex-wa rehouse. 1.000 bushel 
lots. 18 $C per tonne. 





STOCK EXCHANGE REPORT 


f wam a< u , 4. 4uiea Ay essay npm-11 j.y/s T 




drift in leaders awaiting to-day’s 

3.8 lower at 463.3— Glaxo disappoint 



Account Dealing Dales 
Option 

"First Declare- Last Aecount 
Pea Hn as lions Dealings Day 
Mar. 13 Mar. 30 Mar. .31 Apr. 11 
Apr. 3 Apr. 13 Apr. 14 Apr. 25 
Apr. 17 Apr. 27 Apr. 28 May It) 

* “ New time " dealings mar lake place 
from 930 a.m. two business dan oarller. 

Quiet and subdued conditions 
persisted in stock markets yester- 
day. potential investors showed a 
marked reluctance to take UP 
positions in front oT to-day's 
Budget Underlying sentiment was 
also unsotiled by (he CBI's sur- 
vey of industrial trends which 
showed no signs or any significant 
improvement in the depressed 
levels of output in British indus* 
try and modest losses pre- 
dominated in the equity sector. 

Selling of the leaders was 
modest, but the late tone was not 
helped by disappointing interim 
results from Glaxo, which closed 
12 lower at Slop. In sympathy. 
Beecham ended 9 cheaper at 640p. 
Elsewhere in the leaders, the 
majority of falls were limited to 
a couple of pence and the FT 
30-share Index closed with a loss 
of 3.8 at 463.3. Continuing fears of 
a rise in short-term interest rates 
in the near future prompted fresh 
dullness in short-dated Gilts 
which recorded further losses of 
i, but the long* Hosed without 
alteration after showing losses 
ranging to J earlier in the day. 
The Government securities index 
eased 0.04 more to 73.02. 

Apart from occasional bright 
spots in response to week-end 
Press comment and the odd flurry 
on company news and bid specu- 
lation, there was little worthy of 
note tn secondary issues. The 
low Ie\el of trade was reflected 
in official markings of only 4,662. 
Falls led rises by 5-4 in FT-quoled 
Industrials. 

Gold shares were inclined easier 
in sympathy with a reaction in 
the price of bullion and the Gold 
Mines index gave up 2 3 to 150.7. 

Gilts await Budget 

Pre-Budget trading hr British 
Funds was extremely small. Occa- 
sional selling From nervous holders 
caused values to ease in the early 
business but art ■ equally light 
demand later restored quotations 
almost io Friday's list levels before 
a subsequent and Anal softening. 
Announcement of the March 
wholesale prices indices made no 
impression on the general dis- 
position to await to-day's Budget 
proposals so the summing up of 
the market as ** hardly tested ” was 
adequate. Corporations shed same 
ground, often by {. but Amal- 
gamated Industrials' 10.6 per cent. 
Preference, in recently-issued 
Fixed Interests, were supported 
and rose 3 to !Wp. Brittains 9 per 
cent. Convertible Preference made 
a ruier debut at IQlJp. 

The dual influences of sterling's 
early firmness and arbitrage sell- 
ing of investment currency 
lowered rales and the premium 
slipped to 102J per cent, in a 
relatively small trade before 


steadying 1 to close a net } down at 
102} per cent. Yesterday’s SE 
conversion factor was 0.6S39 
(0.8819). 


Insurances lower 


The volume of business in 
Insurances was small and prices 
drifted lower. Commercial Union 
cheapened 3 to I47p and Sun 
Alliance receded 2 to 54$p as did 
Guardian Royal Exchange to 222p; 
Die preliminary results of the last 
named are due to-morrow. Eagle 
Star, which also report annual 
figures to-morrow, eased the turn 
to 149p. News of the major 
French acquisition failed to excite 
C. E. Heath which gave up 3 to 
2G2p. while losses of 4 and 3 
respectively were recorded in 
Legal and General, 150 p, and 
Hambro Life. 297p. 

Goode D arrant and Murray pro- 
vided the biggest movement in 
Banks with a fall of 4 to 20p, 
after ISip. in reaction to news of 
the £4.64m. loss and the reduced 
final dividend. Guinness Peal 
cheapened 3 to 217p but Klefnmort 
Benson, following the chairman's 
encouraging statement, edged 
forward 2 to 9Bp. Manson Finance 
gained 3 to 48p and Schroders 
moved up 10 to 370p in a thin 
market. The major clearing banks 
made eood earlier small losses In 
lale trading to close without 
aleration. 

Drink shares eased again an 
Budget considerations. Distillers 
shed 2 to . I75p. while Allied 
Breweries. B$p. and Whitbread A. 
87*i. shnrf a penny apiece. 

Tn subdued trading. Contract- 
ing and Construction Issues 
encountered smalt selling and 
closed marginally lower. R. 
Cos*ain were notably vulnerable 
pa^ine. 6 to 2S2p. Tti contrast, 
SGB finned 2 to lS2p following 
Press comment, and Cement 
Road4lone added a penny to I28p 
for the same reason. Crossley 
closed 2 better at 64p following 
the expected pre-tax loss and the 
accnmpanylnc steady improve- 
ment in trading conditions was 
pxnecleij in the current year. 
Following increased annua! nrnfife 
Benfnrd Concrete Machinery 
eased a nennv to 55n. after S7n. 
and Hcwden-Shiarf rase a similar 
amount tn S7p. A forecast of 
further nrofits progress failed to 
stimulate WWconcrefe which 
etcpd «iiehtlv to «0p. and 
Jnhoson-Riehards TUcs drifted 
hark tn lUjp ponding develop, 
mcnr in the Hepworih Ceramic 
bid situation. 

In a Thin fra^e. iri drlftofl 
d»»wn to dose K off at 333 •v while 
Ffarme gat*p iid 8 to Mfip on 
snorsdip selling. P'^cden and 
Nonkes firmed 3 to 229p. 

Ratners good 

Ratners continued to push 
forward in Stores and gained 6 to 
I07p. still on bid hopes generated 
by last week's disclosure from H. 
Samuel that it has increased its 
stake in the company to over 19 
per cent.; HR also closed 6 to the 
good, at 262p. Press-inspired 
improvements of 3 and 4 respec- 
tively were seen in Time Products. 


12Sp. and Home Charm, 116p. while 
1. J. Dewhlrsf rose 5 to 65p In 
response to the higher annual 
earnings. The leaders traded 
quietly in front of to-day's Budget 
and closed easier in places. Mother- 
care Shed 4 to 154p and W. EL 
Smith “A” softened 2 to J43p. 

Few movements worthy of note 
emerged in tbe Electrical sector. 
Among the leaders, GEC drifted 
off to close 3 cheaper at 244p along 
with Flessey, which gave up 2 to 
Bflp. Elsewhere, occasional support 
left Forward Technology 3 firmer 
at IMp, but falls of 2 were 
marked! against Ever Read, l45p, 
and CaMeform, 62p. 

Engineerings ■ were not alto- 
gether dull although the leaders 


in Spillers which touched a 1978 
low of 28p before closing a penny 
easier on balance at 261 P for a 
two-day loss of 6. Associated 
British Foods, 6lp. and RHM, 52p, 
held Friday’s gains which 
followed news of their proposed 
baJcery purchases from Spillers. 
Rowntrec Mackintosh rose 3 to 
393p In anticipation of Thursday’s 
preliminary figures, while 
renewed speculative interest left 


Avana tarder _ at 33ip and 


Bishop’s Stores 8 to the good at 
14Qp. Louis' C. Edwards, at lip, 
gave up Friday's gain of a penny 
which followed the results, while 
Associated Biscuit eased 2 to ?4p 
on disappointment with the pre- 
liminary figures. Following 


f680r r ™ C9 



500 


JUL AUG SEP OCT NOV DEC JAN FEB MAR A 


lost a penny or iwti. Tubes Invest- 
ments slipped to a fresh low 
for the year of 3G0p before clos- 
ing a net 2 off at 362p, while 
Hawker were similarly cheaper at 
196p and John Brown the turn 
easier at 300p, after 297p. Con- 
versley, several stocks attained 
1978 peaks including James Neill, 
3 up at 96p — the results are 
usually announced end-April or 
ear]y-May — and Taylor PoJUster, 
a penny higher at 85p ahead of 
tomorrow's preliminary figures. 
Clayton Son, full-year figures due 
on Thursday week, rose 3 to 66p, 
but Babcock and Wilcox, ll5p, 
eased a shade awaiting Wednes- 
day's annual statement. Press 
mention caused Weeks Associ- 
ates to harden to 36p. F. S. Rat- 
cliffe Industries were raised 5 to 
70p and Ductile Steels improved 
3 to Hop, while revived specula- 
tive inquiries took Ml, Holdings 
up 4 to I02p. T. IV. Ward. 65 p. 
Startrile, 71 p, and Victor 
Products. I00p, all made highs for 
the year, but Braflfa waite gave up 
3 at 136p along with Wolseley- 
Hoghes, at LS7p. The effects of 
the much improved first-half 
profits were annulled by the 
second-half caution in Burgess 
Products, which shed a penny 
to 40p. Elsewhere demand in a 
restricted market lifted Hawthorn 
Leslie 6 to 70p. 

Publicity given to the company’s 
planned withdrawal from the 
bakery business and the sharp 
reduction in profits and dividend 
creared a fair amount of interest 


Friday's jump of 26 on the agreed 
bid Wheatsheaf Distribution eased 
back 4 to 190p in sympathy with 
a reaction .of 7 to 130p in bidders 
Llnlood. in Hotels and Caterers. 
Trust Houses Forte eased initially 
to 193p on criticism of its motor- 
way catering before closing 3 
easier on balance at 105p following 
the company's answering state-' 
ment. 


Standing around 7 easier Imme- 
diately in front of the interim 
announcement, Glaxo lost further 
ground on it and closed 12 lower 
at 515p following disappointment 
with first-half profits nearly £3m. 
short of expectations; Beecham 
came back 9 to 640p in sympathy. 
Other miscellaneous Industrial 
leader; were not helped by a 
pessimistic CBI survey and 
generally closed with small falls. 
Boots gave up 3 at 214p. while 
PilldngtoD Bros, declined 5 to 
478p. Reckitt and Col man. how- 
ever, hardened 3 to 435p in 
response to Press comment 
Lonrho's decision to relay its bid 
direct to ' the shareholders of 
Scottish and Universal Invest- 
ments prompted demand for the 
latter whicb Improved steadily to 
finish 6 better at IlSp*. with 
Lonrho closing a penny dearer at 
70p. the bid for “SUITS" is 
currently worth Just over 128p 
per share. In sympathy. House 
of Fraser improved 3 to 148p. 
Elsewhere. Letraset continued to 
be bought on bid hopes and rose 
6 further to 15 Ip, after I52p, 


while demand also of a specula- 
tive nature prompted improve- 
ments Of 4 and 6 respectively in 
Johnson Cleaners, SSp, and Sale 
Tflney, 2I8p. S. Simpson “A" 
gained 6 to SSp in a thin market 
and Hays Wharf added 4 at i40p. 
Press-inspired improvements of 
around -2 to 3 occurred in Hoskins 
and Horton, 158p, MLY. Dart, 70p 
and Lesney, 86p, while further 
consideration of the record profits 
helped Shams Ware put on 3 
more to 83p. Chamberlain Group 
hardened a penny to 4Sp hi reply 
to the higher profits but Wilson 
Walton declined 4 to 66p, after 
85p, following adverse comment 
on possible repercussions from 
the North Sea rig dispute. Deal- 
ings In Mflu Marsters, I63p, were 
suspended at the company’s 
request pending an. announce- 
ment; news of the intended cash 
offer of 200p per share from 
Rilleshog AB came after market 
hours. 

Apart from British Ley land, 2 
harder at 24p reflecting the 
better-than-expccted March sales 
performance. Motors and Dls-' 
tributors were generally easier 
where changed. Dowty, a firm 
market of late, fell 3 to 178p, 
while losses of a like nature 
occurred tn Jonas Wood head, 93p, 
and Zenith Carburetter A, 106p. 
Lyon and Lyon eased 2 to 78p 
In . front of today’s preliminary 
figures, but small buying in a thm 
market lifted Nelson David If to 
8!n. 

Modest Irregular price move- 
ments were tbe order of the day 
In Newsnapers and kindred 
trades. Thomson cheapened 3 to 
223p and W. N. Sharpe relin- 
quished 4 to l39p. McCorquodale 
put on 4 to 236p. 

Fears of Increased interest 
rates In the near future con- 
tinued to unsettle Properties. In 
a continuation of Friday’s thin 
trading, leading shares conse- 
quently closed lower. English 
Property eased a penny to Sip 
while the 1998-2003 Convertible 
fell 44 points to £764. MEPC, 
114p, and Land Securities, 206 p, 
gave up 2 and S respectively, 
while Stock Conversion, 228p, and 
Great Portland, 276p, lost 4 
apiece. Losses of 3 were recorded 
in Beltway, 66 p, and Berkeley 
Hamhro, 90p. along with Scottish 
Metropolitan, 102p. Adverse 
Press comment lowered Mclner- 
ney by a similar amount, to 40p. 
but Midhurst Whites, a good 
market of late, firmed a penny 
more to 431 p. 


U.K, 254p, softened 4. 


Siebens 
apiece. 

Overseas Traders had .contrast-' 
mg movements in G fir and Dufies. 
4 off at 224p, and. Harrisons and. 
CrosfieM, 25 higher at 4I2p. 

Interest In Investment ‘ Trusts 
was at a low level and share prices 
dosed little changed. 

Investments hardened 2 to- 202p 
following a Press mention, while 
similar gains were recorded in GT 
Japan. IlSp, and Yorkshire and 
Lancashire Investment,' - '2gn- 
Arraonr Trust came to the fore n 
Financials, rising to a 1978 peak 
of I2p in response to Press com- 
ment before closing without 
alteration at 10|p. y 

Shippings spent a quiet : session 
with Furness Withy finishing 2 
better at 222p. In a thin market, 
James Fisher rose 8 . to 140p, on 
small buying in front ,of Thurs- 
day’s results. 

Awaiting to-morrow’s results. 
Carpets International hardened 2 £ 
to 444 p. Other Textiles W attract 
attention included Blackwood 


FINANCIA L TIMES STOCK INDICES 



Gevenuneoi Saw—.*] 
Fixed Interest 


Zodmtriil OnUnxry— 

GWdMloe*... , 

OnL DIt. Yield I 

BwclngeY-MWIiilIjnl 

P/U Katie (Mt)(*D 

DetHngs marked 
.Bqnjty turnover £iq„ 
Bquity bar g ains to tal j 



. , 78.15) .65.11* -76^&j 60.5fif- «■/" ,sl ' ‘ 
lL52ai6fBMi 1633%’ 88,523 19, XI 2! x 3tfl Ji P , ' 

IB »JO. n turn. Au “Noon T T, 

.2 D.TS. 3 pjb. iflA- - ■■■ . f K 


Lxtut Mex (D-W-aOL 
-■ . DW oem. .wporfttion lax. t«n= «iw 

Basis IW Gow. Seeijsnom. Fixed Isa. IBS. Ind. okl V7/a. 
UJnes lfl/B/55. SB AcOMiy JOlr^Dec. JAO. - - ^ 33- 


HIGHS AND LOWS 


* 


- 

1978 



High 

Low 

; High’’ 

'-Low 

Govt. $#08— 

7838 

6/1) 

75^4 

(4ffl 

137 A 

tikWi 

-46.1b 

lA'liV* 

Ptxed Int — 

81.27 

77 M 
0N2) 

150 A 
(ZSrllAT) 

■60 JOi- 
14.V&J 

IntL Ort 

497.8 

(8/D 

433-A 

(&3J 

049:2 

(14/8/77) 

■ 49.4 
(BbdiiOln 

GoW Mine*. 

168.6 

(8fi) 

-130J 

(6/1) 

442-0 1. 4 SJb 
(2&fifP')Vf*.ip'7l. 


S.E, ACTIVIT 



-Apr, 

10 

Glto&Led.„ 

Ip^UnTflVji 

HpeculwJve^. 

Totals 

MayAv’mm 

Indunrikla... 
Speeulaxlve... 
Tutal_ 

18SL6 

1603) 

2935 

106.1 

17331 
177 3 
38 JL 
111* 




169 Ji* 

11*4*: 

■' I p' 

MMT- 




hwhep TOO amone other AustraHkra. A Irich 


Some speculative act iv it y but Consolidated Gold' 


fid l- 


at 41n. A Martm finiehMt a amon S other Australians. A Irish Canadians had Tare’’ ’' 

UP at - 86o strike at rts Pflbara mh» helped lower at 825p, reflecting thiSe* 

Tobacco Hamersley to lose 5 -to 175p. ' In Toronto, but Angle 

Taking a lead from the UJC th-.- 

Industrial, market. WIX among 




Taking a lead from .-the UJC- continued their reoenTrise'S^ 
the only significant 'move- , u,d f tr ^L. mark f’ TOX among, a ©tin 6f 3 to 89p. - 

meat iT 4 ^Despite higher metal 


% 


untested and 


trials. “ r ,—~T in front of jo-day’s figures. Selec- Tins were . 

Hongkong Robber featured Plan- f*®? S 115 * were 4 harder at _396p ments among-Coppers, Piatlnd V 
tations with a rise of 10 to I55p Charter were up 1 at 130p, and Rhodesians were minimal] * 

• 1 ■ c - .; 


Oils quiet 

Leading Oils remained steady, 
marking time in front of the 
Budget A little two-way trade 
In British Petroleum left the 
price unaltered at 760p. while 
Shell were marginally better at 
51Sp. Lasmo eased 6 to 142p 
reflecting possible repercussions 
in the Ninian Field rig dispute; 
the ’ Ops ’ dipped 14 to 320p. Else- 
where. investment dollar premium 
influences had Royal Dutch 
slightly easier at £45J and of the 
North Sea-orientated stocks. 
Sceptre Rciwnrees, 528 p. and 


response to Press comment 
London Sumatra became erratic, 
falling to 120p on growing doubts 
about tbe outcome of the McLeod- 
Sipef bid before rallying to dose 
without alteration at I28p. 

Subdued Golds . 

South African Golds moved lir a 
narrow range, with no fresh 
features to stimulate the market, 
reflecting the general tone of the 
mining sector where business 'was 
at a low ebb. . . • 

Prices were gener&Hy marked 
easier In the light of tfie lower 
bullion price which dosed down 
50 cents at *178.875 an outice. The 
Gold Mines Index was down 2J 
at 150.7. 

But fotts were confined to- a 
maximum of 25p among the heavy- 
weights with Harfeebeest at £11, 
Vaal Reefs at £13, FS Geduld at 
£16 and -Western Holdings at £17i 
all down by that amount ; . 

South - African Financials 
showed a similar trend; helped ;by 
the easier Investment dollar 
premium. The main . feature ‘was 
UC Investments which moved- 7 
lower to 220p on Cape selling. 

Afrikander Lease, however, 
firmed 20 to 185p in a technical 
reaction to the sharp fall at the 
end of last week when the 
decision was taken not to develop 
immediately a uranium mine. 

There was no response among 
Australian uraniums to tbe 
legislative package presented lit 
Canberra to speed . uranium 
mining. Pancontmental remained' 
at 950p. while Feko-WaUsend fefi 
10 to 447p after being linked to 
a takeover bid for Sims the, metal 
merchants. 




NEW HIGHS AND LOWS FOR 197* '^ 


_ The tallowing Mcm-Mef oootad In the 
Share Information Sorvlc* veatenday 
attained new Highs and Lows for 1978. 


NEW HIGHS (90) 

AMERICANS CIS) 

Samoa Groan - I. U. IntemotloHi - 
CBS Nortao Sbnon - 

Colgate PalntoUoa Owcm llUnofs 

Catfcn-Himmor Reliance 

Eaton Carp- Saul <H. F.) 

First CnlcJHO TRW 

Ford Motor United TechnoMv 

Hatton IE. FJ Xerox Carp. 

CANADIANS m 
Bank Nova Scotia HolUnaer 

Bow Valley Hudsoa’s Bov OP Gas 

Can. Imperial Bank Rio AJgom 

Gull Off Canada Seagram 

BANKS O) 

Dim (G. R.) 

BUILDINGS O) 

Bontbrd Concrete M. Minders 

Hc ^ 5tU9n 7 ^ c t^L s <n 
HoocMt 
STORES «*J 
Allied Retailers - Mend es-CJ.I. 

Bentalls Midland Educational 

'DowMrst (I. J.1 Time Products ' 

ELECTRICALS O) 


_ .OILS II) 

Rangar Oil 

Harrtaom^a 1 CraMNd ^tac£a^ ® 
RUB8e « «> 

North Broken HID 


_ i- . . 

NEW LOWS m) l - 6 .r-r* 

_ BRITISH FUNDS Ml . ,’l0 , 

Treasory 1 0*ipc I STB TImiiivI^k TfcBT - * 
t979 TroBimr . . 


-r, 
t-. 


\y 


t— 


Alan 


■Jib 
y- r- 


Phil tax' Lamp S ony 

bnoinecring nov 

Ratcftn (G.BJ 


Carton Eng. 
Lev’s Foundries 
M. L. Holdings 
Neill IJM.) 
Osborn IS.) 


Park Farms 
Bard ci-> 


SCsrtrlte- 
• ’ TavtorPal lister 
victor Products 
Ward CT. w.) - 
FOODS CQ ' 

. SompartM 
HOTELS Cl) 


BTR 
Crosby Spring 
Diamond Stylus 
Dobson Park 
Dover Can>. 
Drake and Seal) 
Emhart Corn. 
Franklin Mint 
Gibbons Dudley 


INDUSTRIALS 07) 
Letraset 


M. Y. Dart 

N. CJL. 4 pc 1flSS-9S 
Pitney Bowes Ln. 
Russell (A.) • 

Scot. A Uni*. Inis. 
Sitarna ware 
Simpsoo <K) ”A 


C.Pac«c4Pc^ D,AMS 4U 

WT hrtW W,lWN<a » 

owuim. ■"«««» 

■ ENGINEERING 13) 

Dsofea GowvrtDiv .. Tube liwa. 

FOODS (4) 

Barker and Dobson SpUlen 

Lennons Group Tateand Lyle 

INDUSTRIALS 0) 

Elblel Lawtejr 

Glaxo - Wiboa WaKM 

Goldman IHJ 

■ , ■ PROPERTY (») 

Brlttoti Land Law Land — , , 

EnsQsb Property- - Mclaemey .h ’ 

Do. 6 Wdc Conv. Skmoh Estates 'J.'T, 
Do. 12pc Con*. IOpc-Couv. iggg 
Great Portland Ests. Svntev <BJ 

TRUSTS 11} 

BrlUsb Empire Secs.. ... ..... 

- ■ ■ OILS Cl) M 

BP Boc Pref. . - • 

J ■ . • mines m v ■( . 

Rand London -jf 


- t 


r 


■ . >-■ - <. 

'S !■ 

r -ii «! 


-}$i 




• • . 1 • , ?R- J 

RISES AND PAlLSl l 


Volvo 


MOTORS W- . ■ 

Heron Mtr. 1 OpcChv. 
papers -rt) . . 

SMtthUndSaattb^tY^i - 
Ftthcr^) W>>tt ” IIP? *" a 4,1 • ' 

Foster U-> Fine Woof 

Martin tA.) « ' 

•TRUSTS IS) _ . 

Crescent Jana nr" ' Armour Trust 

Edinburgh AnruTtt. Common Market 
Jersey External Pref- Prataball'SIcoml . 
Throgmorton- 8 i-DcLn Suez Franca 


YESTERDAY . ... 

Up Dana •iaaa^'. ' ^ 

British Funds 2 » K . 

Corns. . Dan. snd . ^3 , ** 

Foreign Bands 2 D; •' JE t-. 

TndastrfaJs 

FlsancM and Prop. _ SB . 

OBl ---4 - 

Plantations T‘ Hi - 

Mines XL H' 

Weeant Hum — 2 .4'. 


im « 


Totals 


SB 




LEGAL NOTICES 


NO. 001037 or 19TS 

In lh< HIGH COURT OP JUSTICB 
Chjnt-vry Division Companies Court. In 
tlm Ma’irr ol UNISPAN TRADING 
COMPANY LIMITED and la tbe Matter 
of ihe Companies Ad IW8. 

NOTICE IS HEREBY GIVEN lhal a 
PuULion ror the wuidlnB-up or the above- 
named Company by Ibe High Conn 
of Justice was on tbe 3rd day of April 
19TV pivgemed rn ibe said Coun by 
BANCO DE BILBAO la Company wllb 
limited liability incorporated in Spain* 
trh’He OR.ihlishnd place of business In ibo 
Unilcd Kingdom Is ar Bilbao House. 16. 
New Broad Sth»i. London EC2M LNU. 
and that rhf* said Petition Is directed to 
he heart before the Court sUtinE at the 
Rural Conns m Justice. Strand. London 
WC2A 2LL. on the Mb day of May 19TS. 
and any creditor or romrlbtrory or the 
said Comnany desirous To support or 
oppose the making ol an Order on rbe 
said Penilon may appear. at the rime of 
bearing in person or by hJs Counsel -ror 
ihai purpose: and a enpy of The Petition 
will be runushed by rbe undersigned ra 
any crcdlior or ronrriburnry of rbe said 
Company requiring such copy on payment 
of tbe regulated charge for the same. 

M. L SPECTOR. 

38. Salisbury noose. 

London Wall. 

London. EC3M 5QJ. 

Solicitor for tbe Petitioner. 

NOTE— Any person who Intends to 
appear on rhe hearing of the said Petition 
mum serve on or send by post to the 
above-named, notice In witting of his 
intention so io dn. The nonce must stale 
the name and address oS The person, or. 
If a Arm. ihe name and address of the 
Brm, and must be signed by rhe person 
or Arm. or tils or ihelr solicitor (If any), 
and must be served or. If posted, must be 
Bent by post in miffl'.leru rime ro reach 
the above -named not larer than four 
o'clock In rhe afternoon of tbe 5th day 
of MU 1878. 


No. of 1978 

In tbe HIGH COURT OF JUSTICE 
Chancery Division Companies Court In 
ibe waiter of SCHEin.vman FUR 
FASHIONS LIMITED and In ihc Matter 
of The Companies Act. UM8. 


NOTICE IS- HEREBY GIVEN, that a 
PeilriOR for the Wlnding-np of the above- 
named Company by the High Court oT 
Justice was on (he !»th day of March 
1978. presented to tbe said Court by 
ANTHONY ARNOLD trading as T. 
ARNOLD 4 SON (A Flrmi Hardware 
Merchants of Virginia. County Cavan. 
Republic of Ireland, and that the said 
Petition Is -directed to be beard before 
the Court anting u tbe Royal Courts 
of Justice. Strand. London. WC2A 2LL 
on the 241b day of April 1978. and any 
creditor or eonirthutory of the said Com- 
pany desirous io support or oppose the 
making of an Order on tbe said Petition 
may appear at the time of hearing- In 
person or by Ms counsel, for that pur- 
pose: and a copy of the Petition win be 
tarnished by the undersigned to any 
creditor ' or contributory of tbe said 
Company requiring such copy on payment 
of tbe regulated charge ror the same. 
SHERWOOD ft CO.. 

Queen Anne's Chambers, 

41 Tallin Street, 

Westminster. 

London. SW1H 9LG. 

Sc ltd fora for tbe Petitioner. 

NOTE.— Any person who Intends to 
appear on tbe hearing of the said Petition 
must serve on. or send by post to. tbe 
above-named notice In writing of bis 
Intention bo to do. The notice most stale 
the name and address of tbe person, or. 
If a Arm. tbe name and address of tbe 
Brm and must be signed try tbe person 
or Brm, or his or their solicitor itf any) 
and must be served, or. If posted, must 
be sent by post in sufficient time ro 
reach the above-named not later than 
four o'clock In the afternoon -of the 21 st 
day of APril 1978. 


No. M1OI0 or 1973 
In Ibe HIGH COURT OF JUSTICE 
Chancery Division Companies Court In 
the Matter of P ft J (LONDON! PRO 
DUCTIONS LIMITED and in the Matter 
of the Companies Act. IMS. 

NOTICE IS HEREBY GIVEN that a 
Petition Tor tbe winding-up of the above 
named Company by tbe High Court at 
Justice was. on tbe 3rd day of April 
1B7B. presented fo tbe said Court by ih* 
Consmiastoneni of Customs and Excise ol 
King's Beam House. 39-41 Marie Lane 
London, EC3R THE. and that the said 
Petition la directed to be heard before 
tbe Court silting ar tbe Royal Courts of 
Justice. Strand. London. WC2A !LL on 
tbe 8th day of May 1978. and any creduor 
or contributory of the said Company de- 
sirous to support or oppose the making 
of an Order on the said Petition mar 
appear at tbe time of bearing in person 
or by his Counsel for that purpose: and 
a copy of the Petition will be furnished 
by tile undersigned to any creditor or 
caatribotary of the said Company re 
qmring such copy on Daymen! of (be 
regulated charge FOr the same. 

C. F. CLOAK, 

King's Beam House. 

SMI Mark Lane. 

London, EC3R THE. 

Solicitor to the Petitioners. 
NOTE.— Any person who intends to 
appear oo tbe hearing of the said Peti- 
tion must serve on. or send by post to. 
tbe above-named notice ln writing of his 
intention so to do. The notice must state 
the name and address of tbe person, or- 
if a Arm, the name and address of tin. 
firm, and must be signed by the person 
or firm, or his or their Solicitor (if any), 
and most be served, or. if posted, must 
be sent by post In sufficient lime to 
reach tbe above-named not later than 
4 o’clock in ibe afternoon of the 5tit day 
Of May. 1978- 


FINANCIAL TIMES 


BRACKEN 11UUSE, Uf, CANNON STREET, LONDON BC4P 4BY 

Telex: Editorial 886341/2, S83897 Advertisements: S85033 Telegrams: Finantimo, London PS4 

Telephone: 01-248 8000 

For Share Index and Business News Summary to London, Birmingham, 

Liverpool and Manchester. Tel: 246 8026. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: F.O. Box 1236, Amsterdam-C. 

Telex 13171 Tel: 240 S55 
Birmingham: Genre e IIohm*. G^nrge Road. 

Telex 338630 Tel: 021-454 0922 
Bonn: Presshaus 1 1/104 lleussaliee MO. 

_ Telex 8863512 Tel: 210039 
Brussels: 39 Rue Dueale. 

Telex 23283 Tel: 513-9037 
Cairo: P.O. Box 2040. 

TeL- 938510 

Dublin; 8 Fltzw3Ham Square. 

Tele* 5414 Tel; 785331 
Edinburgh: 3? George Street 
Telex: 73484 Tel: 031-226 4121 
Frankfurt: lm Sacbsenlager IX 
Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6357 Tel: 838-7545 
Lisbon: Praca da Alegrla 58-ID," Lisbon 1 
Telex 12S33 Tel: 362 508 
Madrid; Esprondceda 33, Madrid X 
Tel: 441 6772 


Manchester: Queens House, Queen Street. 

Telex 666813 Tel: 061-834 9381 
Moscow: Sadovo-Samotecimaya 12-24, Apt. IX 
Telex 7900 Tel: 234 3748 
New York: 75 Rockefeller Plaza. N.T. 10019L 
Telex 66390 Tel: (212) 541 4635 
Paris: 36 Rue du Sender, 75002. 

Telex 220044 Tel: 236.5743 
Rio de- Janeiro: Avenlda Pres. Vargas 418-20. 
Tel: 75 3 4848 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svenska DagWadet. Raakunhs* 
vagen 7. Telex 17003 Tel: 50 60 8S 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682698 
Tokyo: $tb Floor, Nihon Kebaf Shim bun 
Bonding, 1-9-5 Otemaebi, Chiyoda-ko. 

Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor, 1325 E. Street;. 

N.W, Washington D.G 20004 
Telex 440325 Tel: (202) 347 3676 


ADVERTISEMENT OFFICES 


Birmingham: George House. George Road. 

Telex 338650 Tel: 021-154 0022 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031-226 4139 
Frankfurt: im Sachsen lager 13. 

Telex 16263 Tel: 554667 
Leeds: Permanent House, The Head row. 
Tel: 0532 454969 


Manchester: Queens Haase. Queens Street, 
Telex 666813 Tel: 0614C4 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: (213) 489 8300 
Paris; 36 Rue du Sender, 750(12. 

_ Telex 220044 Tel: 236.86.01 
Tokyo: Kasahara Building. I -6-10 Uchlkanda, 
Chiyoda-kn. Telex J 27104 Tel: 295 4056 


SUBSCRIPTIONS 

Copies obtainable from nruwgents and bookstalls worldwide or on regular mbccriptioa 
from Subscription Department. Financial Times, I^ndou. 


OPTIONS TRADED 


DEALING' DATES 
Last Last For 

Deal- Declare- Sell Ic- 
ings lion tnent 

Apr. 24 July .6 July 18 
May 9 July 20 Aur. 1 

May 22 Aug. 3 Aug. 17 

For rate rndicaiians see end of 
Share Information Service 
Money was given for the call 
id KCA International, John 


First 
Deal- 
ings 
Apr. 1J 
Apr. 25 
May 10 


Selinconrt, Lelraset 
Lonrho. Erskine House, Spillers, 
Trafalgar House, Yule Catto and 
Mills and Allen. Puts were taken 
out in Racal Electronics, Imps. 
New Throgmorton Capital, and 
NatWest Warrants, while doubles 
were arranged in Lelraset, KCA 
International, Imps. Beecham 
New Throgmorton Capital and 
Wiliam Press. 


ACTIVE STOCKS 

No. 


Denomina- 

of 

Closing 

.Change 

1978 

1978 

Stock 

tion 

marks price (p) 

■ on day 

high 

low 

Grand Met 

30p 

9 

105 

+ § 

10!) 

87 

Spillers 

25p 

S 

2ff| 

- 1 

33 

20 

ICI 

£1 

8 

3-53 

- 5 

365 

328 

Shell Transport . . 

25p 

8 

518 

+ 1 

533 

484 

BATs DeM 

25p 

7 

2-i8 

- 2 

2GB 

227 

Commercial Union 

25p 

7 

M7 

- 3 

156 

138 

GUS “A” 

25p 

7 

280 

- 2 

312 

256 

RTZ 

2Jp 

7 

102 

- 4 

202 

164 

GEC 

25 p 

6 

244 

- 3 

278 

237 

Glaxo 

50p 

6 

515 

-12 

GJ0 

515 

Imperial Group ... 

SSp 

6 

74 

- 1 

81 

71* 

Lelraset 

lOp 

'6 

151 

+ 6 

152 

98 

Lonrho 

2Hp 

6 

70 

+ 1 

78 

67 

Unilever 

25p 

6 

512 

- 4 

548 

476 

Burnish Oil 

£1 

5 

45 

— 

57 

44 


RECENT ISSUES 


EQUITIES 


l«VIIP 

I’rkw 
n : 


f? Si 


£ = a-, 

all:’ 


lata 


- A 1 liiiri, 


Lu» 


106 F.P. 26 m ; 121 ; 1 18 Holiday* 


Stock 


S £ 

§E“ 


120 


+ or. 


a- I 


6.76 


a.z (a^la.i 


FIXED INTEREST -STOCKS 


5 i 

\ - !i 15 

i W.j 0 

£7 

ii 

• 


Hisli i Li»» j ‘ 






94 p 

+ S 

100 

too 

p.l’. - 

Y.V. 1 - 
MSI t — 

S&9: j S9SU*|Amcr. Bxfmra fnt Pin. Vnriable 82 

101 1-n 1 01 >s aHrittiuna l‘,>nv. Cum. Kcd. 2nd Prof..... 

•WtS 





99 jj 

-i ' 

■Hr 

K.l\ 23'4 

i'lip loliat-l'Jenk- -t Cntirn 1D| Ciim. Prut 

A"? 

97 

-i 

*i 

at 

K.H. ,2H f / 
V.Y. XB.-4 

luiil. 10B *"iiluLWi»M - .\ VVnin 1% lb.-l. l*rl. 1 «jS 

I'M 1 <fl IftHivniS,! 10>s{ Ity.Cnv. Ln. IWMb... 

is 



£ 7 " 


no !U35 I 6.-6 

teu 2a [Vrirk W»i« 11“ Uni laift 



-‘RIGHTS” OFFERS 


I Mill? I - 

I’ncel £5 


n — I Utar i 

7 B I Heuuoiu I 1973 


Dirts 


v\ ' < 5. 1 9 ' r- Hv:b } l*w 


Slock 


Uwaiu : 
Fnw 
Pi 


34 | F.l*. * JO*3 li;b' M \ B9 . H. 1 ii.lu- 1 mil 

02 ; b'.f. ! 29 S. lu/b, fcbl*' « .Wuiinuuijli* ....... 


32 -Mj, 
65 Is +Hs 


Renunrlatlon date maaHS last day far dealing free Of at amp duly, b Figures 
tiawd tin crospecins e-Mima’C. 9 Assumed dividend and yield- u Forecast dividend 
cover based an previous year's eanticQS. r Dividend and yield btued on prospecius 
or otbar official eidiniqi^ for 1070 q Crass T Figures aasmned. (Cover allows 
(or conversion or share*, not now ranKiru; for dividend or ranking only for restricted 
dividends. 9 Placing price to public. Pi Pence unless olberwue indicated. I Lsancrt 
Di tender. || oncr-rt to holders of Ordinary snares as a “ rtSMs.” ** Rights 
by way of cabhaUsatinn ft MWtmum lender price, IS Reintroduced. H towed 

In connection aim reorgattisatioa merger or take-over. HI Introduction. Q Issoed 
to tormer Preference holder*- ■ Altouaem letters (or tully-widJ, 6 Provisions] 
gc Dutbr-gsUl ■uoMWHff tettazi. it With wairuH, 


FT— ACTUAEIES SHAKE INDICES 


These indices are the joint compilation o£.the financial T!me% the Institute of Actuaries J* 

and the Faculty & Actuaries 



EQUITY GROUPS 

Mwl, April 10,1378 : 

m 

Thm*. 

: T 

Wed 

Tom. 
. Apr- 
il 


- • ■ 

IT : 

GROUPS & SUBJECTIONS 

Figures In parentheses show number of 
stocks per section 

Index 

No. 

Day’s 

Change 

* 

EsL 
SMbi» 
Yield % 
(Max.) 
Carp,. 
TuSZV 

Gras*. 
Hv.. 
YieldS 
(ACT 
at 34%) 

~Ekfc.' 
•WE 
. Ratio 
(Net) 
Corp. 
Db« 

Index 

No. 

todn 

No, 

Index 

Nol 

Index 

No. 


■ ; *;■ 

• - • • 



202.88 

—0.6 

17.42 

5.78 

831 




ivr 

mm 

a.- - 



18330 

mt l 

1772 

5.71 

838 

JK34 

28332 


■rrtr^ 

I35LSH 

‘ 

3 

Contracting, Construction (26) 

323.21 

-95 

-10 

-03 

37.82 

X6l26 

1771 

4.05 

4ja 

6.94 

835 

831 

7.97 

32458 

428.90 

29257 

32430 

43503 

29235 

324.77 

43645 

289.72 

p- 

I 

** - »a 



291124 




161.76 

-03 

1923 

'637 

707 

16259 

162.79 

16150 



5 

8 


164.41 

-OJL 

15.96 

836 

8.68 

16457 

364^9 



13639 si 
~p 

^ :: 

H 


187.96 

-03 

17.94 

508 

835 

905 

28551 

18136 

5*rzn 

186.76 

142JS.2 


12 


!»m 

-03 

1553 

3.84 


22437 



E33, 

rum 

13 


170.07 

+0.1 

16.80 

721 

BOB 

1W.90 

169 36 

168.78 

169.02 

MU83 

4; 

14 


11786 

-05 

2191- 

6.48 

657' 

118.42 

21813 

11734 

11658 

«37^ 

•’■<4 

f 

21 

■SMio A ij =IT:* K m! 1 U wHBBnRi 

195.89 

-05 

16.27 

5-92 

-8.48 

196.90 

19837 

197.78 

196.61 

155»- 

Si 

22 


757 in- 

-05 

-11 

14.76 

6.01 

1036 



1 


DW5 : 


23 


247.96 

76 81 

5.81 

930 



254.20 


17157 

|| - 

24 


2035 

-0J. 

1377 

6.81 

1055 

250.71 


249.97 


19157 _ 

i '• 

25 


189.74 

-0.7 

EE1 

5.66 

659 

190.99 

ES 

18887 


1KBT.1S • 

26 


192.76 

-11 

I486 

4.74 

1002 

194.93 

ES 

19331 

19107 

163® .1$ 

32 

yfrSl'n 

341.12 

-0.8 

1157 

375 

1233 

34430 

•IkVi-. 

342.69 

34051 

BUS-’ 

1z> 

33 


tttt: 

+01 

20.47 

90S 

7.04 

128.02 


12952 



34 



-0.4 

18,70. 

437 

13.71 

183.93 


18535 


13250 


35 

Textiles f251 

Trfe 

—08 

2149 

753 

• 5J6 

moo 

XrC’ 


172.72 

15119-*- 

\l b l 

36 


TTTr 


23.94 

&U 

4.96 




233.91 

8273^ V-. 

37 

41 

42 


% 

-0:7 

-0.9 

-12 

iii'K-.-l 

537 

6.01 

6.81 

659 

754 

6.95 


i'iVi 


100.95 

18628 

25936- 



22198 -i 

i -. ■ 

43 



-L2 

1154 

4-15 

10.96 


24603 

24533 

088 


44 


tSTz 

-10 

18.96 

437 

609 



13039 

12&92 

9104? 


45 




23.40 

7.20 

536 





.493.9) “I 

Sis- 

46 

Miscellaneous (55) — 


Btl 

17.40 

637 

734 

w 



13171 

36275 

h'' •- 

gr-i. 

■ tCl HiH ¥ JrsM:,A'h lll.-nWVm 


eh 

■ran 


M&M 


E5IS 

Wyhi 

IMJ 


P\kT/ 

ryj 


r. l lumrmWf Mm mm mmi minimi 


SL: 

1 ..j 

M- V| 1 1 f. v ^ -*1 \ i j j i 1 . JB— — 


EH 

po 

WEESi 

MUM 

W"V-M 

W'ry-rn 

WZSA 

W'‘VM 



rT» 



—05 


■riTi 

— 

16437 

164.77 

163.79 

16436 

127.74 


62 

63 

64 


19L10 

190.73 

146.72 

— 

25.01 


6.05 

19X00 

lw.'n 


| ylyll 

199.44 

19051 

14855 
178.42 - 



'-0JL 

7354 




E33; 

14630 

12320 

V 

65 


134.09 

-17 

Rxta 


33855 

13737 

13864 

102.41 


6S 


13AH7 

-10 


RttJ 


128.10 

129.09 i 

228.07 

129.53 

10165 - 


67 


3323% 

-0 2 

1457 

439 

9.94 

33338 

C33 

33752 

337.96. 

26968 


68 


76.87 
22a 73 

+01 


626 


76.81 

76.81 

76.81 

76.46 

6327 

v . . 11 



-1.0 

2.97 

3.08 

64.83 

B*/vB i 

22779 

22695 

22681 

166J5' ^ 

B 

70 


10633 

+0J. 

2457 

7.47 

553 

UA24 

10450 

FTFil 

10409 

84 J8 

< . 

71 


19173 

w— 

3.42 

4.97 

29.28 

19L79 

19124 


28812 

mu 


S! 

91 

Mining Finance (4) 

Overseas Traders 1 19) — 

91.07 
288 JA 

-12 

+0.9 

17.12 

1653 

6.43 

6.61 

630 

753 

trft 


H&i 

92.49 

28157 

rttq 


m 

BA 1 

SSI 

mi 

— r~ 

53S 

m 

ESI 

sa 

Bi it 

s m 


: ‘n - ■ 


■ L 


FIXED INTEREST PRICE INDICES 


British G ovens merit | 

K<m. 

Apr. 

10 

■DftS’s | 
change 

% « j 

xd' id{. 
Tb-day 

td adj. 
. 1078 
to date 

I 

Under S years-.— 

107.83 

-0.04 

0.03 

280 

o 

5-15 years 

11991 

— 

'V 

107 

3 

Ch er 15 ye are 

125.48 

+0D6 

8.99 

422 

4 

Irredeemables 

140.65 

— 

— ' 

178 

5 

All flocks. 

117 JO 

+0.01 

' 059 

1.19 


FIXED INTEREST' 
YIELDS.-' 

Br. Govt Av. Grom Bed. 


Low 5 roars.-... 

Coupona 15 yean - 

25 years..... 


Medium- . 5 yeara 

Coupons 15yeara. — 

25 yeais. M ... 


High n 5 years. — 

Coapona 15 years.’— 

^years..... 


Inrdremablci . 


Mod. 

Apr. 

10 


7.99 

HIM 

10.75 


9.92 

12.42 

1172 


10.41 

12.04 

ZZJ2 


1056 


Prf. 
Apr. 
. 7 - 


797 

UZ3 

■10.75 


9.90 

1143 

117 2 


1038 

12IS 

1233 


10 56 


Year 
• Ho 

‘BWWJ 


7.46. 

UU2 

U» 




9J9 

1165 

1236 


1058 

32.87 

13.12 

3214 




Mpndny. April 10 

Friday : Than. 

Index -J YleW 

1 , * 

.w | . a 



Wed.- Tueedej:.1Jrtnd»y] fOtla 
April' April ■ April Mercl 
b 4 . j . A . , 4* 


Frtiiay 

March 


i . 


J 


Thai*, j Tear'! 
March I a)tv 
S3 ilapvrt*) 


15 ;20-yr. Red. Deb. & Loans (15) 
is Investment Trust Profs. (15) 
17 Comi. and IndL Profs. (20). 


60A4 

66-16 

72.9J 


112-Xf 

19.63 

lfl.93 


aoAi 

60.37 

60.73 

80.73 60.72 j- 60.88 

61J)1 

34.76 

B6JS7 

35J7 

66.11 

*6.11 66,07 j 63 JS 

33.79 

49.81 

78.09 

73.13 

78.79- 

73.76 73.73 1 73.-98 

74.12 

66.66 



• t. - - 




f RedamptlM yteffi. Htato and lows record, ban dria* awd raMHu iwd emthorat 
fntiea. A new list of the Corutll acuta is avatlabk fnm Ibe PuWlahcea, the Plaobdri 
Straw, London, ECU* 40V, prfcg Up, by new 22a-- • 


it 


M . vCa¥ 


r-’ 






































ancial Times TtiesdEay April IX 1978 



, PROPERTY, 
BONDS 



33 


' iftt Aamuance Co. ltd 
^'aQrarchyaMLEGl - OI-2499111 

:Wt—_ **“ “ ' ‘ 




. 153.8 

, ■'nad__- M.f 
. • e-Fond - 121.1 

• ■■ W«d 171,0 

5 14&6 

5w.4_-. 121.7 
. LSer.*_ 32.9 . 

S*T.4_. 1503 
(.Scr.4-.afe3 

April 4. VAlpotloQ^oomially 

•' Ufc Assurance Co. ltd." ‘ ' 

itngton St. w.L (M-Q75MB 


TqcJ. 





tai_Arc..| 

i*e Assurance Ltd? 

Alma Rd_ Reigato. Rci gate 4010L 

rfctt: ' 


Gaunt Portfolio life Ins. C. ltd? 

WBarthfdojww,^ Crow, Wflfoffl 

ftBSEab=|a*. , "J£Jc 

Gresham Life Ass. See. Ud. 

2 Prince of wiles B£L JETmoallj. 020X 787839 
GLOubruati (95 6 2 OBAi - 

Skk&ru wl- -- 

C.L Inti Ftod 10L9 107.5 .. . — 

G XiPjay. Fund — . [956 UCtfj •_;... 

Growth A See. Life Aas. Soc. Ud? 

War Bank. Brc-an-'nmmv*. Berio Tel M3M 
Flexible Finance. " 

I jndhmk seca 
LmdbsakSca. n 
C as. Super Fd. 

Guardian- Royal Ri chmp i 

Royal Ewfaange. EC* . 01-2837107 

Property Bppds — fOT.I 17B*J : ,.V..( .— ' 

Buotrro Life Assurance limited V 

T Old P*j\ Unc.LondOu.Wl 01-000031 

FowdlaLDep R2U 

EqalW— . g*43 

Qwiim , , ."““T His i 


NTl Pensions Management Lid 

ACrarechnrchfiUEC3P3HH 01-623 4200 

MMaertFuM IM5.1 152 « | .. 

Pfites April 3 Neal drafioc May I 

New Zealand 1 m. Co. (U.K.) Ltd.? 

MalUemi Houw. Southend SSI Ub 07028355 

ESfete. 1 *" ft * 6 gji * 


ar-ea-lteBies. Bcriu Tel MM 

S?r MM cdt 


SmUICo'iFU. .. 913 
Technology Fit ...100 7 
E*na Iiu- is-rf 177 
American Fd Mi 

FarKauVd . mag 
frill Edged Fri . ' 1022 
Cm Deposit Fd _ (lS5 


I860 . 

1821 
941 

Stt : 

iooJh . ... 



215.2 

-02f 

SO* 

317 7 

-01 

1237 

U82 


1544 

162* 

>Q* 

104.7 

U0.2 


191* 

. ... 



.'.'■We Assurance 
. ge Road, w ji ' 

' ■-• '. Cn.UnL.U.7 

*• .'JCtnu-Ra 181 ; 

Sgd. Fd. . 1X155 111.1 


Gill Edg'd:. ms 

PrtX-FXDepXap„. 124.7 
P*«3.FX»bKa«^ l«4.fc 
Fen. Prop. Cm.. 200-5 
Peri- Prep ACC. ._ J54.I 

- PcD.Mtt.Cip.. 200.4 

- - Ptt.Jlm.Att.-.,. Sti 278J 

- Pen.CiteBdg.Ctp.. 1230 . . 1293 

- Fea.GUtEdg.Aec.. QB5 1353 

- PM.RS.CHL-—. 1229 129.3 

Fen. K5 . Act. .___ DU ‘ M 5J 

- Pen. tULF.cap. 1MJ 

- Pen. ttAJP-Acc. . Ml* 



Norwich Union Imoirurr Group 
PO Box 4. Norwich NR1SSG. orttt 22300 

Managed Fuad .. . [2043 
Equity Fund. . 1 

EwnwtyFonil . . 

FuedlnLFujjif... 

Depoeli Fund . . 

Nor- Unit. Mar IS. 

Phoenix Assurance Co. Ltd. 

M.XlnC William St. EC4P41TR 01-8280876 

aV.Ph.Eq.E — 178.5 741] . ..| - 

Prop- Equity & Life Asa, Co.? 
lift Crawford Strrei,WiH2A&. OHMOgVT 

aw-, m 

Mnj Bd FdJ 


Da Fi 


151.7 


61.7490111 


and 


LOWS 


0L-534S544 

125. n ... 

1M.4 -4.2 f 
117.< -02 
107.7 +0jJ 

ttS-5 -°3 

102 .' 

1017 
loot 
1014 
lit 
1045 
1023 


:”9 Life Ass or. Co. Ltd 

?-lt»Rd,E.7. 

•iiBOt- U1B7 

. - loss 

; U20 

:• 1B23 

— 1M.9 

- • .>97.7 

4ecum._ 94.4 

„ '■tJE p5 

^OJiTaccT" « 8 
... f»9 ..... 

* -i Jrrvnt unit value Stern 20. 

'• Ufe Assur. Co. Ltd.? 

r.i^nJSL. EC3. 01-8231288 

v ^wapt.I.I 130.42 |-.J — 

Life Assurance Co. 

N?V i, ft- Potters Bar. Rota PJter 51132 

R.'..,Fd3ter.l| 57.7 I 1 - 

: -4 • . . : ; _ h’f - Apr.d_i 109A l - 

■ - 'i;: Aeanrauce Ltd?. - 

' - J -- r - Wy, Wembley HA80NB 01-902 8B7B 

” - -1- v J* l «tdiEiiec>kio.91 113d +0.01] 

». £• i'Btee__K2E S33 . _T> 

i * -^■'N^«/Un«.gJ277 13^+dUl 

J.. 

- i«- -— MteJOiM — 

(LM1 _ 

9 *- T, , VJ5» iS; 

led- mi i« 

■ - 1S 2JV1 fe.9 101J 

l -,. . • 943] *03] 

__ns.Acc. ,.ll03* 18941 > .4 

• ■ . __ 'P9 , Pen»A«f96A 1023 *03i — 

S.-; jJena/Acc.WSJI 1*2- 

: .^T 1 ■‘oMiAcck.9 97J 

TWO 39 

Current .value April 

’ ' Life Assurance? 

-r :3 louM>.CbapelAM.«rton 0022011 
mf.Pd | 9628 |.._|. — 

* ' -f rineJ'lL.I ,UUS f | — 

pinnae Magna Gp.? 

n Sq- Dxbndgc UB81NE - 52Ud 

RISBtfei |= 

8- -o (-1 Neatminster Assur. Co. Ltd. 

• *— h Homs. 6 Whitehorse Bead. __ 

"R02M. <71-884 DWi. 


Bearts of Oak Benefit Society 

U-17. Tav Mock Plan. WClBOStr 01 -3879020 
Haicts of Oak pi2 ..:-4 *- 

SOU Samuel Life Asnxr. Ltif 
XIA TWr> Addlicombe KcUCrar. ,01-4804195 

UMBOSrdVniu 

Manned SerleaA- 
ManagcdSerlnC- 
Mtocj L’nrts — 

M™*7 Series A 

FUedljd.Ser.A.. . 

PttB.Wgd.Cap. „ _> 

Ptu.Mgd.Acc.. 

fts®. CM. Cap. 

Pus GULAcc.-— . 


-11 

-11 



ntoGnlMtenL . 'TUB 

f£±B! ga:.dr 

trmt tiSuMi pwt&iHg . . 


Property Growth Assnr. Co. I4d? 

l£8n Honw. Ciwrdcn, CRB 1LU 01-680 0608 

■ 177 0 

1756 
7344 

mo. 

1513 
3513 
M6 
U4 
1455 
162.9 
mi 
137.* 

110.7 

1772 

ms 

* Annul lira Ud. 

1 1X6« 

128.0 
143 1 
1301 
1«U 
1330 
HU 
Z3L4 

S 3 


Property Funa...._ . 
PntpenyFWrAi 
Agricultural Fond 

-Akhc FnndiAi. . 
Abbey Nk. Fond 
Abbey Nat. Pd. kAi 
iBVestnseatFiind-. 
TnveatinentFd IA). 

Equity Fund. 

Equity Fund (A 1 .. 
Money Fund 

Money Fund (A) .. 

Artmuial Fond .._. 

^ESWxr. 

♦’Rpilrr Annuity _ 
♦Immtd. Ann'ty. 

^^N?Tac. L Ut« 

Penn 00 Fd. UtB._. 
Conv. Pent. Fd 

Man. Pens. Cap. Ul 
Prop. Pena. Fd 


Soe. pen. Ul] 
Bdg. Soc- Cap. tft... 


Provincial Life Assurance Co, Ltd 

222. Blxhopxgate. E.H2. 01-2476538 

‘ ^ -isl = 


Al 

1 4 

Imperial life An. Co. of Casuiiii 

Imperial Uaos<i.Galld<onl. TOSS 

Unit 

Muin>l Fowl I9M . 91 

Fixed lot. Fd.____fel 1M 
SecaroCap.PdH.W3 1M 

Equity FUod. /33i4 2M, . 

Irish Life Axsnrance Co. Ud : ■ 

11. Finsbury Square. EC3. 0M M B B 

Pwbt l lfirl Atw 

ihSuSSeK 

Xing it Shakson Ltd ' 

52.Cornhm.ECX W235433 

Bond Fd. Exempt _JH1.14 lT3 Mj-C321 — 

Neal oielinl 1 date AWH 1*- ' 

Gort.Sec.Bd. ^6J0 UMBJ .....J - , 

Tjenff+tnm jjfc Assuranoe Co. lid BothscWId Asset Management 

UadmnHsBdaibnMkDtSlii 01-4D3SI11 St, Swithlm Lane, London. EC4 01-82843S6 

..'JM , "“■"•“"“-I - -1 - 

Wiap ISPI Man Fd[7X4 ' 7?J( .,.4. Royal Insurance Group 

IM ^ ; „»"???* 

KlDgLmMHf _ QOBHL 


Prudential Penstona Limited? 

Holborn Bars, EC1NZNK. 01-40382S 

gqiiit. FdJtar. 15...1EZ2W 2X 

Fid. let Mar. 15 K29.44 29. 

Prop. F. Mar. 15 £2459 25. 

ReUance Mutual 

Tunbridge Welle. EeoL 069222271 

RfcL Prop. Bds 1 1955 I...4 - 


t ... ^ 1 

- c-, . - Fnnd._ 

- .r ^ t-T 'U04U - 

■ - «•* "a • id..— 

— Fond. 

a — . ■4-- 


i» — py Cap. ^ 


Surrey KT208EU 

CsabbUdal , 

Do. Aocnm. 

Equity Initial -.- 
Do. Accum. — 

. Fixed twIWal - 

DaAcmuL- IU6A 

Managed Initial — lm.9 
Do. Accum — _~ 
Property initials 
Do. Accum. ._ 

Legal A General 

Exempt {Mu lnlL -{945 
Do.Accnm. __ I6J 

Excropt Eqiy. lott. - 107.7 

no «Mie : _ HU~ 

. Exoupt Fixed Init 180 
Dol Attorn. r . MSA 

Exempt MngdftSt W5 

PaAecnm. 1085 

Erompt Prop. Inlt . B4 
Do. Accum. 195-9 



§7j -0.' 

125.4 

285.4 

UL! 

2ZL2 
4«.fi 
1822 





5 t,Siw & Prosper Group? 

4. Gt-St. Helen e, Lodn. EC3P SEP 01-BS4 8880 

BaLlnv.FU 1122.7 129? 

- Property Fd- 149.0 

GUlFd.- 1293 

Deposit POT- ..._ 1219 
Comp5tau.Fd.T- — 197.9 

"Eqo/tyPfnx Fd 2719 

Prop. Pena. FVL- X09.5 

GIB Pens. Fd. 93.6 

DcpoaPens.Fri.T — (w!* 

Prices on •Mntb 28. 
fWeefcly 

Schroder life Group? 

'Enterprlae Hotw. Portsmouth. 0706 27733 

BquigApr.4 1 J . 

Equity 2 Apr. 4 2885 2395^ . .. 

Eqolw 3 Apr. 4 1135 1 

Purdlnl- Apr. 4 ... 13X4 
Fixed bd- Apr. 14H.6 

Legal it General Pw. Fd Mgra lid ^ srattApr 


1L Queen Victoria St,TDMN 4TP D 1-2*8 0«7lf K AS S^Apf ’4. r - ^2 


■Hid - 


(ARE ixraL^.^^^ 

r016M 8684 

T.rL*^ :;e 

rial Union Group 

, 1, Undersboft. ECX 01-3837500 

— WE±| WU=-‘ 

-■» v s ration life Insurance Co. 
i“ JT ry Lane. WC2A IKE. 01-3420282 
i ! rod. B «3 14MI 

l Fund._ 

Pen-Fd. 



119.1 

1453 

1 S«l' ... 

uSj :::: 

5f« ::: 

147.7 
UU ... 
1223 
1151 .... 
159J ... 
1SU 


«a:w 


•5CS 



,f. -gagi 

Life Assur.-Ca: ri Pennsylvania • ’-ggafAwd” 

2BH2N«»Bd&dA,«nTiUIQ. / 

LACOPUnlUL, — -ftOOt 1057].^ -- 

Lfeyds-BlL Unit Tirt- MngraitfC - Aro^.C _ 1256 

Lloyds Life Assurance 

20. C311UM St. BC2A 4 MX 

Oj*. 5Mtt Apr.8„ 1425 

Oft5Der?_ Apr- «- PM5 .. --•) - Solar Ufe Assurance Limited 

London Imtenmlty Sc fit Ins. Co. Ltd nnCheapaid«.EC2V8DU. OI60S0471 

1520. Tiro Ftadjurr.RoadlaflieSSll 

ftwifffifczpj ttj| io.i! — Solar FjS^&l.S-_(ll75 



Widows* Group 

PO Bax 802. Edinburgh I3U8 salt. 0316536000 

InVJfySprlrM l_mHL3 100 

to*. Pfr. Serial X-.W-S _!? 

Mgd. Pee. April 5— 



Solar Cadis. 




The London A Jfanchester Ass. Gp-? ShUrtoas.^~m.7 


-. s ? 


ta».Fd.J 
~ ■en.Fd.- 
V I la PoE 

Insurance Co. Ltd 

.Rex. : 01 

— Tlter.15-.im5 
r-iar. 15—. (465 
^ t Mar. 2Q.PM.B 

r ,-h Commerce Insurance • 
' (1 rSt-LoodaoW]B3FE. . DI-4ML30BL 
:.F<L B225 M25J......I - 


— TtroLeaa, Folkestone. Kent. 


; 016203410 

mr 


- ' ih Assurance Co. Ltd,? 

• Hae.. Wo king. CU2I LXW M882SU3 
i- sd Are... 1952 


- 


L Incm ^ W3 
... tlnit. — g-1 
r i Aw. . - IS 0 


—1 In cm. ... f?5S 
-J lnit. ...Wi 





530 




V*. -'tL Ace . . 95.0 
~Z. ’’d.tocm.. » 0 
-1'd.UUt... gfl 
1 Arc™ g.S 

,-d.Iana.* g-5 

S i Intt, — W.6 
JdL Att.. W3 
id lncm. . 95.0 
V.’icc .v — 

tax V B.0 

.Are go 

■r“ - Incm... - 953 

" hem. 947 

, Inr.'A' .. (1563 

>;!r Insurance Co. Lid. 

'raise. Tmccr PL, EQ. 0149 
April 4—J7I7 * W? _] 

tar Insur/Midlaud Ass. '. 

needle SL. DCS. 01-588 1212 

T-c 3 Units - (*9J 511] -OH 509 

4 Low life Ass; Soc: Ud? 

a Road. High Wycombe 0«K3£OT 

— OL' 

t\ ««/ - W* 

1 it -0 


^ ; i« 

Property Fund— . 01* 

M * G Group? 

Thiee Qoajf. Tbwir HHI «3» 68Q 0165*4588 
»«. Penman 1 ***. — 6073 

ks£BP=ZW 

GIKBoud*** tt53 

luernatnl Bowf- WS 
Managed 1252 

S ^ Fg-Bd?: gj 1 
BmmiTiUBd.'. 582 
American FABd.'. 165 


_ SoUr Managed P — IS5 

030357333 Solar Property P — 1102 
Solar KquHyP-, — 1533 
Solar Fount. P — 1175 
Solar Cast P__-_ 912 
Solar IntLP — ; N7 


mi -031 

KOI 
1322 -O.Zf 
1162 ... 
1612 -0.1 
123J -02] 
106.4 




ST-* April d"* April 7. 

Merchant Investors Asguniace? 

123.10«>i Btrorl. Croydon. . 016808171 


Gun Alliance Bond Mangwl. Ltd. 

Son Alliance Hmua, Hormham. 040304 Ml 

ez - 

Sun Alliance Linked Life Ins. Ltd. 

Sun Alliance Boose. Horrirom 040304141 

Deptnlt Fund 952 

Managed Fluid — , p025 

Sun Life ef Canada (V.X) Ltd 

IXACockaparSUSWIY SBH 01-8305400 

MapteuS^d-lj iSi 1+0 

»wied w u 



Dl-KMnai 

♦0 71 - 
*0.4 - 


Couv.Dep.P- _ . 


B= 


SfifSi:' 


- SKSEter 1 


18031 



127.6 

1435 

•1032 

w 

1555 

iSl 

sa 


NEL Pensions Lid 
Milton Court, Derfda*. Sarroj- 
Mato* Sq.Cto — ^-|76.t 
N+lexEq. Accum. - 1076 
N+dexMoueyCatv- M2 
Netaa Men. ACC. 632 
NdexGthlncAre. *7.0 
Ntdex G* Tnc Cap }4, 6 
Noct 


081 -i-ij 

1132 -Ofl 
632 
662 

4914 

4*8 


Nested. FdCap_-|472 ? 50 Oj I — 

- WrtMxriFd.Arr.-WJ J» S . I - 


Per New Cettn Property lee under 
HathewriM. Aaect Rttagement 


- Target life Assurance Co. Ltd 

E i 

- gHiHg m- 

- Prop. Fa. Inc. 1C55 1127 . 

- Prop. Fd. Acc. -1355 . 

- Prop. Fd Inv i. I860 184.1 . 

- Fd Inc UJXZ 11*4 

Dep. Fid. Are. top— 97.7 102J . 

Rel Pitt Ac. Pen _ 642 75.7 -0^ 

«II 52^5®^“-^ JJJ 

1222 

1420 

126J 


Translnfeauatiimal Life las. Co. Ltd. 

aprmroi BMgs. EC41NV. 01-40M4W 

-- u 1424 +0.7] - 

7* UJ«+04 - 

SaSSrf Wffll 


BASE LENDING RATES 


61^' 


■ ii'X Banli -' 

\ -:T Innh BanKs Ltd. 

: ’i -<:-rican Express Bk. 

s i id Bank 

V- - Bank Ltd 

-.t 'ry Ansbarher ...... 

rif/ro de BObaO . 

\ of Credit & Crnee. . _ 

•:'< k of Cyprus 

:■ 'n of N.S-W. 6?^ 

• <*t|ue Seine Ltd, S'Sf 

' ?, /liif du Rhnae ...... * ®* 

■]ay> B3hk 
*'icfl C.br'.Mie Ud ■ 

■nar Holdings Ud. 

. Bank of Mid. East 

yjix\ Shipley .. 

; s , ,-,da Permanent AFX 
'itol C & C Fin. tld. 

' .':er Ltd. 7 % 

8% 


6J% *Hill Samuel ... v 5 


C. Hoar* St On. ...... .:.f 


- Julian S. Hodge 

Hongkong & Shanghai 

. Industrial Bk. of Scot. 

Keyser Ullniano 

KDOWSlfy Sc Co. Ltd. ... 

Lloyds Bank.. — 

London Mercantile 

E. lira sou -& -Co: -Lid. 

Midland Vank — 

. ■ Samuel Montagu .... 

6 i % ■ Morgan Grenfell ...... 


Si‘?i 

'7k% 

81% 


National Westminster 


71% 

Bi% 

8!% 

9 % 
Bi-% 
Gi% 
■8 % 
RA% 
6;% 
Bl% 
6-i% 


•“ir lioldiuss .... 

; Ter house JapheL--. 

;ulartons .... B4% 

■^S. Coates 7J% 

Jiolidated Credits... SJ% 

operative Bank * 6}% 

. nthian Securities... 61% 

'lit L>unnais 6iV 

Cyprus Popular Bk. 6* % 

can Lawrie t 61% 

6?% 


Norwich Genenfl Trust "6 1% 
P.. S. Refspn & Co. .... 61% 
Rossunnster Accgpt'cs 6i% 
Royal Bk. Canada Trust 61% 
Bchlesinger- Limited- 61 % 

E S. Schwab ....: Sl% 

Security Trust Co, Ltd.,- 74% 

Shentey Trust 9 l % 

Standard Chartered ... 6i% 

T^ade^Dev. Bank 64% 

Trustee Savings Bank 6+% 
Twentieth Century -Bk. 7i% 
United Bank of Kuwait 6J% 
Whiteaway. Laidlaw ... 7 % 
WiJifams & CPyn’s...... 6*% 

Yorkshire Bank U. 64% 


■1 Trust ; 6?% M Members of the Accntetu House* 

... fish TWO^eont. 8 % comarinee.- 

t London Secs 64% * 7-d*y deposit* 5%,-Vawoft depMH* 

1 NaL. Fin. Corpn. ..S4% «*'•■ • . 

■ !3-,4 e f m ■■■ 1,1 T 

:)ny Cfths 6i% a* w EZW#>; 4*51. 

/hound Guaranty... 6j% : cxu dopaain over fit ,000 t%- 
. <; # ! idlays. Bank. t 6f% i Demtu fepeoiw *x. 

■ Mahon 64% S am an mthi' n awrtaf-ito. 

tbros Bank 6J% sec*. 


tTrident life Assurance Co. Ltd.? 

]Rca*Ud«H<niae. GJooeroter M6238MI 

JMsaxttd — L-.CU92 

ItJliSed™ 147.6 

y 1465 

_ Anierimi ._ 789 

&«£!=!= SB 

r§fe.-^r;ig| 

.imenuttooii m 

|FIbh 2.— 124.4 

iCromjh Csr—-_^ 1252 
i Are.- 1232 

|P9DR.SS&Ato"" 1167 
ProfildlmCip. . 1023 
Pm. dd. Dap Are.. 104.6 

Pnj* ftAy.dto U23 

.Praj rivTAev 3160 

|TrtlL Boon 352 , 

"Ml.GJL.1nd .. V „UM . 

. *c«ih Value far £100 premium. 

jTyndall AsouranCe/PraslOBS? 
W.C*8Hi*e BMd, Bn art 0573 3224 1 

(arbiter jo,,.., - 



Equity U0 is. .- 

Hood Mar. 16 

Property iter Id... 
Dcpottuiu Ifl. .. . 
S-w«r PWJter 18, 
CTrevbtov. Mar. 16- 
Mn.- ;i -i"WApr.3 .. 
Do EqnUyApr 3 
DpBtodApr.3 ., 
Do.PropApr.3 i 


1212 
1518 
168.2 
1838 
1260 
1434 
64 6 
166.0 
2468 

1771 

84# 


E ibtitgb Life AMuruce 

IMKWniSt. M». W1RSLA 

W&— 1 H! * " 

IntAl Fund 

FixcdlmmlTU,,.. 
lft»p8riyFd.-H^.-.- 
Icmb Fund — 


01^804928 

148.91 -DJI 

tua a 2».< -ia - 

fH2 971 -03 - 

U67i mi -d| 

Ml 1461 +0.1 

axis. ia= 


I Vtobnigk-I'enaiteUs U tot led 

41-43 UaddM SL. Ldn. W1 R 01 A 014004823 

nap— -Bl )S 

Flxrfl latemrt W-l .2 

Proprel? — ^.„|9S5 -MO 

Guana feed rev ‘In B*« RM“' •*«» 
Jwetfero Insurance Co. lid.? 

fThe Utt Folkorttul*, Kent- OaWfflOT 

iMonryznaker Pvl. __ | 99.1 J — 

tottdi, pi we i^*r to^ Toe Louse A 

, . KanrbcHcr Group. 

Iwindnor X4fe jUsar. Co. Ltd. 

Wall Street. Wladtor . WodsorSMOO 



Abbr>- I'nit Tst. Mgrv. Lid. 101 irt 

72*0. Mb-tduw R 1 1 . Aj lr,tmri ICSM ;m i 

Ahhevi Upildl . 1312 

Ah fiev Inru oiT 137 5 

Abbrylnr Tra ko pa a 
Abbey (<rn. TM . -W.4 

Allied Ham hr o Group laHR)? 

HamMtM lire*. Ilutiun. Brontwoori. twrt 
01-388 2851 or Bav-mwood UKTTi 2|!4U 

Babncrd Fend* 

Allied lit .. 

Brit Inds Fond 
Urth. It lnr 
Kfeci 8 Ind. Dev 

Allied CUUMI 

llambro Fund 
Hambrn Ul Fd .. 

Imar nidi 
High Yield Fd- . 

Hirh inrotae - . 

Am Cqlnr.-. .. 
lalrnwliaaal FUMb 
Iniernniitmal 
Sere of America 
Firtflc Fund .... 

Special I at Fundi 

SanllerG0.'sFd.„. .. 

SudSmlr Co-iFd. .hi 9 
BncronryAiti . ,WJ 
Met. Min &Cdt> . 07 5 
O'-ei’ieoA Eimlnn HI 1 
Sept Sadr Ca'» . «po9 1 

Anderson Unit Trust Managers Lid. 
138 Feochiucb 62 EX^M 6 aX 023931 

Anderson U.T ]45 2 482u| \ 4 28 

Ansbacber f nil Mgmt- Co. Lid. 

1 Noble SUGC2V7JA OI4Q3Cra. 

Inc. Houihl}' Fund .DM 1700). 8.9 


«>niTr.wliiv “-Iiare- 
<z>F>rCiuil Tryst- 
IliKblnromaTst - 
Inrnlun Fund .. - . 
In* .Ascreini . ... 
lull Esmnpt Fd - 
lilnil T>4 lACf 1. 


Mfll-oS i 20 
Mil -o: 34J 

12M-0 1 0.73 

MU-3 21. 901 



Gartmore Fund WUnagers 9 iaugi 

2 M MJO Axe S3* w. 

• r'tnerirtuiT* ...£J7 
ItnlisnT'f -Aec ■ 

»a 

554 

697 

1272 

S3 2 90 8h1 -6 21 fa 31 

Mil ! it; 

Gibbs l An tone | L'nit Tsi. Mgs. Ltd. 

•23 KlnmlieldSt.EC2M7Sr- r 

• n- \i. Incocne’ [M* 2d - 9 -i 

laiAfi niwthrt .. 05* -«4 


48 Kan >i I Imlex on Tlumc* 
76bi-0 1i 0 73 P-yewaU-.p GUi . .085 *1 OJ 


73 0) J 713 
-152! i B1 


Perpetual Unit Tnj« MngmL? lal 

uuusBsn 

.) 158 

Piccadilly Unit T. Mprs. Ltd.? taltbl' 
Wurdsfc H*e . 50a LnndaD Wall CCS B3B0W1 
Evtra income - l»7 SS" 

SmaK tu's Fd - ... f40 * 9J£i 


i aniial Fund 
In: EmitAo**- 1 
Prnato Fund 
Arcumltr Fund.. 
Trcpiwloft Fund 

_ , n Far B4 Fd 

J™ .\cienran Fund .-.. f 



taxVt; FarEaM- W6 24:1 -.Jfa’, ojo Practical Invest Co. LuL? tyXri 

nroiiw -Tue» »»"*-* «. pioontvbury Sq WC|.\ 2R.\ 0I-K38393 

tiovelt (JohftJ? PruUulAff S.-IDjI VUd . I JH 

77 l.wdon U'ail.&Cd SBMSft Arrwa l'nit*.— 2068) 1. 4J* 

Sfcldr AIM- 7 *»n I Provincial Ufe Inv. Co. lML¥ 

Do Areum /“ft., ! 22S 

Proliflrl niu W* J >W ~0.3 328 

lligblnMiae . . - 11063 113? -03] 763 


Neat deaTnis day April :i ' 

Grieveson Management Co. I. id. 


sgureshMiSi.. EC2P2DS- 
nar'ciu. Aprils ■ ■ B??S 
Anwn I'flitci 712-2 
mpi nv Apr. 1 169« 
lAcnaa unibi — f” / 
Endrax. Apr 4. - JS5 

lAHkA t’aitil.. 1782 

linu-hetr. April? H* 
i Wun I'nilf.', - "J J 
laiAIU-klsApr.A W7 
lArtum Units i 1725 


205 l: 
2222 
127 4 
3039 
1606 
1866 
asr 

S3J 

as 


Arbuthnot Secnrities 
37. l)urej>.Sl London Et'4fl ]BV 
Extra laconic Fd 
Hi chine Fund. .. 

Vi tecum. I'nllar _ . 
liOiAi Wd rgl.Ul o. 

FtWorcnce Ibid - 
lAcciira. Units) — 

CipUil Fund- 

Commodity Fund 
lAtttffll Unltsi 

ilO?n Wdrwl.lf l . 

Ptai4rnp.Fd - . . 

Glooa Fund 

iwt*n Unltsi .... 

Crowlii Fund- 

[Aceuro. Unltsi ... 


FofdraFd 


Ltd. laifcl 

01 -236 sent 
M55 
945 
945 
945 
1A« 
1191 

5*90 
590 
5.90 
352 
ill 
310 
351 
306 
475 
170 
170 
187 
LOO 


Archway t'nit Tst. Mgs. Ltd.? taKc) 

317. High Holhom, WCI V 7NL 01-831 6233. 

Arrhvny Fund ...075 B25| . [ S 96 

Prim at Mar 9. Next tub. day April 12. 

Barclays Unicorn Ltd. (aKgt?fc> 

Unicorn Ho SC Romford Rri E7 01-534 3544 


(1064 

117 8 


S97 

«® 

-01 

535 

574 

-01 

ns 

57^ 

-01 

tsi 

27* 


383 

41.2 


17* 

193 

-03 

527 

561 


744 

803 


(75 

so 


165 

17.1 


38J 

415 

-0 2 

444 

480 

-02 

53* 

351 

-04 

391 

423 

-03 

26.0 

283 

-0 3 

21.7 

Z3.4U 

*04 

17* 

10 5d 

+03 

B2 0 

no 


271 

29J| 

+01 


Prndl. Portfolio Mugn. Ltd.? taMbHcl 

all Hoi horn DgTS. BC1N2NH 01-4»nCS! 

7 68 PrudenUal 0173 VU4-0M *» 

1 “ Quiller Management Co. Ltd.? 

121 The Silt Exchange. EC2N 1HP 014D04177 
i* Quadraw Gen Fd .000.5 10J7rf-l^ ««0 

L fiiarirtia lafamf. 01U 322 9J -*3Af >U 

2 bo Reliance Unit Mgrs. Ltd.? 

Guardian Royal E*. Unit Mgrs. Ltd. KellBnrellsc .TunbndceWeUx 1C- 0883SC71 

Hro a IK*eitaare.E«P3DN "J-63SB>21 gS.aal |5 

ifad.GMiilh.llTB IN J V 31 4 57 41*9 33 ' 1% 

Henderson AdxninistraUoniaMcHRl? Ltd. 

aassff iSSTiSJaTas 

Ridgefield InL t^T-KS 1 2x2 

3 5^ aidfirtirM Income |9* £> MO.? i 9L5 

IS Rothschild Asset Managetnent (g) 
6J * 72-80. CMebcuse ltd.. Ayleabary- 0306 5041 

8 21 VC.ttauiyFund.. 11600 iroo^-LH 

a nn SO Siy Boa T«L 97 6 UQ«-06j IB 

N C. income Fund . 140 ISJS -o3 708 
VC (nil Fd. ltocjrt.9 f3.fl -03 2*7 
?Ti SC.MhFd I.U4.1 IB9 93.91-021 XM7 

2)7 S C. Smllr Cor* Fd|l44J 153 H -0 M 
2 97 Rothschild & Lowndes MgnX. fa> 
ig St S*ithixaLane.Ldn-.EC4 01-ffi84S8 

52 Vow CT Exempt - 0153 1220*0 . 1 332 

Price on March 13 NeaR dealros April 17. 


I Mi. FDUb 
Cap Growth lnr — 
rap. Growth am 
I ncrouv *i A.xycfs •• 

High luecme 
llicn Income 
Calwl Extra lnr 

Nre-tor Fangs . 

FUwncial * ITU — Ek6 
UlldcNM.RM- -t».7 

iDbmuiional 

C»h« - 
fnf<- marianal . - - 
,Wrld Wide April 7. 
Orrnm Foods 
AUTArolun.. . 

European- 

FarEau . — gf-4 
Norih .American - -Pj-l. 
ON Am.Gna Apr I ,.|Ufl 1 



243 


4J5 

7.4* 

.74* 

450 

4.00 


1ST SI -111 5 36 Rwn.!4rnApr3 

37 21 - 0 ll 2 83 < Accum Unit.- ■ . . 

in a :u Royal TsL Can. Fd. Mgrs. Ltd. 

93 8.3-0 71 4 79 54. Jcnayn Street. S.W I 014208252 

.28 2] -OS! 773 rapiui FiL. |U7 67-^ 

llaratNe 


S25d -041 

30 a -oil 


. rapiui FiL 
5JB imorneFd. 
8 19 Prim at 


3.B9 

. .. , 7 75 

Next dealing April 14. 


32 7] -0 2] 2.04 
662| — O.li 2.02 
52.« -Oil 


67J 
109.7 -05 
299 


77 to . 
JL7« -o.: , 
41.7 -O.'H 
853 -0.M 
140.7 


61.9] -04) 519 

6J* 
435 
644 
454 


M 202 
-0.5) 4.70 
625 
843 


Unlcurn Amorim. pO 4 
Do. Auat.Ace . - . U5 
Do. A list Inc-.- . . U5 
Do. Capital.. - - 62-1. 

Do. Exempt Tst - . 185i 
Do. Extra Income .. 27.7 

Do. Financial 57 J 

Do- 500. 713 

Do. General — 293 

Do. Growth Ace.. -- 58.6 

Do- Income Txl 786 

•Do. rtf. A*ns. Tst. 134.1 - 

Prices at March 3 1/ Next sub dny April 28. 

Do. Recovery [39 4 4Z6J -oJ S66 

rw.Tm -tee Fund.. 105 7 lib 5-0 4 5 20 

Do W’ldwldc Truffl <5 5 443 1 67 

ITULto.Kd.lfic. ... 18 4 611 -0.3 558 

Do. Accum. - |U0 70*1-0.4] S5S 

Raring Brothers & Co. Ltd.? (auxi 

88. Dcadenhall SU F.C3 01-5882830 

Stratum TSL 1167 8 1743 d...) 3 64 

Do. Accum. Q08.fi 216*3 I 364 

Non sub. day April 12 

Blshop6g*te Progressive Mgmt Co.? 
O.Bl5bopsEDto.E(’j> 01-5886280 

B-cawPr.— Mar^S-11741 186 31 . . 351 

Acc.Uu.-Mar.ai ...hofej 220 3 .... 351 

B , satoIirt.Apr.4..E7 5 1*73 . in 

(Accum } Apr. 4. — 0737 184 Jf 172 

Noxt tub. day ‘April 18 “April 1 

Bridge Fund Managers¥(B)tcl 

Kin* William 5L. BC4II PAR IU-0234BA1 

'6.94 
3*2 
3*2 
536 
3.96 
3.96 


4 73 Rowan Unit Trust )bu(t Ltd. 

1M Fit) -Gale Hse.FirubutF5R.EC2 OI«W10flB 
21* Ilou-anAm. Apr 8 f61J5_ W B1 . .1 1-12 

Hill Samuel Unit TsL Mgrs.t (a) S!5SS»EVto «V. §6 ^ 

45 brecli SL.EC2P2LX uMcaWlU I lArcum. Unllal - .. 72.2 W. 

ibi BntufaTruyi — BJ?s® S3fc 

««toi*lTniM 34 7 373-011 saa lAnrum LniL- . . -IB69 

ik> Dollar Trust — M J 
ibiTapiial Trust — 780 
'hi Financial Trust J7 7 
ih>lncome Trust— “3 
ibi Security Trust- ??4 
• bi High Yield ibL-BU-S 

ImeLV (a Kg) Save & Prosper. Group 

15. Christopher Street. E.C2 n;o4T7243 *. Great SL Helena. London EC3P 3EP 

Intel Inv. Fund ■ , |8M 93 21 -0 5] 6 70 (%. 73 Queen SL. Edinburgh EH2 4NX 

Key Fund Managers Ltd, laugi Deahma 10 oi-sm aaaa or 031-220 7351 

SS-MHkSLBCZVaJE. 

Key EncTcy to-Fd— J6J-5 

KevEoult7iGen.-|632 . 675( -0J] aim capital. 

6*? ITU 

iS'ii tiniv. Growth 

Increasing tocoUc Fuad 
Hleh-Tlald .—1531 

Hflh Inromtir I Wl* 

20.FcnehurehSt-E.C2 01 -ctwmo HlchRcron^ 

KB. Unit Fd. tat -W0.S g* | «.« tom ST^ 

*KA L'uilFd-Ac -.11002 108 4| | 4.79 




Ksty Equity ic GOO-.— 

«Kev Exempt Fd >0368 
Key income Fund— p6-0 
Koj Fixed InL Fd. . B9 4 
Key Small Co’s Fd-PBA 

We In wort Benton Unit Managers? 


ni-6087070 Save & Prosper Secnrities Ltd.? 

73 91-Q2| 332 Imcrnatfanal Fuads 

5?4 capital 043 


67 M 
1455} 

817] 

63 V 

90 8t -01 


67J 


9.07 

*12 

236 


57 JM -0 3] 711 


KJB Fd.lnv.Tst4.-H9 5 


'—z9 1 


a« 


850 

*54 


54 11 


422 U.K. Funds' 

L & C Unit Trust Kana R emem Ltd.? ^ 

Tile Stock Echange. EC2N nil- 01 563 2200 Europe.... .--... 18 3.6 

LiC lac Fd 0320 136 1| | 7*3 Japan H2* 

L4 h Mnd & Gen f 9 -BO 6 93 5l | 2JS LA...... . - 1*7.9 

8aas_- mi 


448} -0J] 4J4 


Lil 

l+M 


35* 

36 5) 

693 

40* 

<3 2 

6 98 

563 

bio] -i : 

383 

61* 

fco3 -19 

3*5 

35.7 

3GM 

1*6 


714'S 

1.70 


22<-4 

17D 


U6[ 

10.70 

UJLD _ 

72 5 ... 

10.67 


Bridge Inc . 

Bridge Cup. toc.T — 
Bridge Cap Acc-T- 
Bridpc ExenapLT — . 
Bridge Inti. Intt — (W-3 
BridgeJntI.Acc.t-. “ 
Bridge Amcr. Gen., 


Bio 1373 ■ 
55.7 

259 


tRaw. Material*-. 
giAreum- Unrtsfc— 

-Orourth Fund- — _- a 

lAreum. Ltotts) — ■ H12 

TTGilt BudWnrranL 
t American Fd. — - 

rtAceum Unltsi 

-High Yield : 

~i Accum. Unlw)--„ — _ . _ . .... 

Deal 2 Moo. 'Tuts. ttWerl *Thur*. — 1-Ti. 

Legal A General T>udaJl Fund? 

IB. Canynse Read. Bristol CS72323U 

:i 


6 99 Financial Secs ... |6B4 


73.<M • 

TL2ri[-0JI 
(A.V -01 
735] -Oil 

aa^i 


2*2 

4.64 

290 

3.10 

26* 

754 


Prien April <U5. Deal! eg *Taea- twed . tThun. 
Britannia Trust M anagemen HaF") 


SrMblts ]J7J 40 « -OJ] 372 

IS&rzJn « 

lcoLaLYl2!rei'.ljSL* lM5rt[ ..."! Ite 

•Prices si March 28. Noxt sob. day April 12. 

5 In Schlesinger Trust Xngra. Lid. OX*) 
itorerporsnng Trident Trusts! 

140, Sooth Street Dorkhig. (030*188*41 

Z Duke SL. London W1M8JP. 0M862»1 

LeoDlsL 1739 77 J| -oa 5.12 Exemp* High YM.-S.B 

LeoAreum. fWJS *25| -03 ' 


Ws. Mar^lB ,— 57 Bf .1 5 JO 


lArciTOLUbiUl-— -JW9 710| 

Next ami. day Apni 12 

Leonine Administration Lid. 


a Londoo Wall Buildings. London Wall. 


London EC2M3QL 

Assets JIM 

Capital Aec. 47.6 

Coinin A Ind - SU 

Commodity kfc.9 

Domestic g-9 

Exempt - 79-7 

Extra Income SU 

Far East. . Ui 

Financial Fees.... _. 625 

GtddbGenere] 152 

Growth — 74.1 

toe. A Growth.- 719 

lntlGrowtb — 56* 

InvetLTiLS hares _ 415 

Minerals 33-2 

NaL High Inc 737 

New Issue g « 

North American— 279 

Baltinlaul — 4M.7 

Fte p e uy Shanas 129 

Shield. .. . 43.1 

Status Change Si 

UnlvEuargvi. 009 


45* 

453 

594 

420 

775 

9.68 

3*1 

443 


01408 047MN78 
7M) -0J 593 
53-2 -05 ^ 

555 -07 
7L1 .... 

38* -0.4 
3M.7 -03 
43.2 -OJl 
20-tha -02 
ms -0.4 ._ 

fi.6 -19 344 

79* -0.4 454 
36J —0.4 
60J -04 
44* . . . 

35 7a -06 
79to -0.4 
35.9 -0J2 
29J *04 
479J -04 
23.9a . 

*6 to -03 

307a ... . 

32 A +0.1 


Exempt Mkt. Ldrs.* 24.1 

Lloyd* Bk. Unit TsL Mngrs. Ltd.? (a) gSgfep-y- — gj 

Beglsmu's Dept, Gormg-hy-Sea. to&KMWdnrt. . 589 

Wamdng. Wut Suarox- 01B231288 Intel. Growth— _ 0.9 


Flrrt (BalncdJ- 
Do.fAcciua.l_—. 
Second (Cap.>._ 

Do. 1 Accum.) 

Third (TacvmeK,- 
DaiAreunu — 
Fourth fExInc.l.n. 
Do . 1 Ac cum. 1 — 


4*2 

65.4 

1*5 

604 

790 

1060 

57.9 

644 


5U -0.4 
705 -05 
519 —05 
64* -05 
94.9 -D2 
113 9 -05 
622 -0 2 
6*9 -05 


452 Inv, TSL Units-. 
452 Market Leaders. - 

34* *Nfl Yield" 

348 Pref. A Gilt Trust 
*38 PropenySharce- 


658 Special SlL Tit B4.4 

795 iflCGrth. AccublE 0 6 2 ES _ 

7* U.K. Grib. DM. — DB6 MOj-OJ] 

•Next rob. March 22. 


239 

27.7 

269 

200 

2*9 


205 

259a 704 
2*4 .... 
Z5< 

ao.-s 

423 -04 
32* 

474 

253 _ 

Ml -05^ 

Ml „-7 

255 

26.1 -04} 
26 to -05 

“ • -02 


3.62 

258 

Ul 

4.45 

10.00 

955 

483 

AM 

0.03 

U94 

‘ 238 

US 

594 


704 

2*2 

397 

3.65 

858 

4.67 

2.02 

390 

Is 

4.70 

4.93 

2.73 


Lloyd's. Life Unit TsL Mngrs. Lid. „ L J 

72^0. Gatehouse Bri.Ayle.hury ffi»*(W« J- H*auy Schroder Wagg & Co. Ltd.? 

‘ 01-7403434 


The British Ufe Office Ltd.? fa> 

Reliance Hue .Tunbridge Well*. Kl 008222331 

BL Dividend* .fat 4J*J ... .J T.U 

•Prices April 5. Next dealing day April 12. 


Ltd.? 


ot-dnoosai 

.—J 4.70 
..-.4 4.78 



Brawn Shipley A Co. 

Mmprs; Founders CL. EC2 
BS Units Mar Zl„.g0.1 
Do. (acc.) Mur. 21 ..E» 

Oceanic Trtuns M 

Financial- 

General 

Growth Accum. 

Growth Income . 

Hl^ Income .... 

Index .J — 

Overseas ... — - 
Performance™ . 

Recovery-'- 

ExmpL April 10 | 

Canada Ufe Unit TsL Mngrs. Ud.? 

24 High SL. Potters Bnr.Merta I* Bar 61 122 

Can. Gen Di^L 06J 3BJ( -0^ 458 

DO Gen. Accum.. _ TOLB 463-0^ *98 

Do Inc. DIB D4.0 35? -0M 797 

Dri Inc. Accent — K>3 45*1-09] 757 

Capel (Junes) HngL LUL? 

100 Did Broad SL.EC2N IHQ 01-9880010 

Capital 

tocome 
PH 

Carllol Unit Fd.'Mgra. Ud? ujtO 

MUburn 1 louse. Newe*«0c-upon-T>n* 211*8 

Carllol . |U2 6S7n| ...I 475 

Do accum Urdu _ 755 7*JI .. . J *75 

Da High Yield. »9 4L& ...J 8.91 

Do Areum Units... Cl.4 5M ...J 8*1 
Next dealing dale April 1* 

Charterhouse Japhet? 

2, Patcroowgr Row. Era.- 


Equity Accum. -.1145.4 153.01 . i 4X4 ian.CbrepsidaE.Ci, 

M AG Grqu3>?JyXcHt) .SESSSuL^ifr 

Three -Quip; Tower HU1. ^C3R 6RQ. me# 4588 income Apr 4 (173 a 

See also Stock Exchange Dealings. (Areum Lulls) [252.4 

una ' at b 409] LW General Apr 5 178.0 

) 474 *0.4 LOt (Accum. Unltai |96J 

4 72 +05] 

41.0 *05l 
695 *03 
74 6 *0 

102.7 
560 *a< 

600 -OJ 
J19.7 -as 
2220 -09 

49.1 -0.4 
50* -04 

855a -0 2 
U3.C -0J 


American — 439 

(Areum Units). . . 44 S 
Australasian — . . 45 3 
(Accum. I ■nils ). ... (6.0 
Commodity..... ... 645 
f Areum. Units) . . 69.4 

Compound Growth 955 
Conversion Growth 52* 
Conversion Inc. .. 56J 

Dividends. U2.4 

(Accum. UniUi - [2085 

European — ... 

(Accum. Units) 

Extra Yield. 

(Areum. Units) 

Far Eastern — ... 

(Accum Units) M9.D 

Fund of lav. -tots .|57.2 
(Accum Units) _ 

I Ac cum limuj 
High tocome . .. 

(Areum Units] - . 

Japan Income — 

(Accum UnJui... 

Moffnnitl 
(Accum Unit*) 
fc lrfl.TlH „ 

(Areum. I'niLi 


J46B 
fe 75 
1795 
1X861 
144.7 


(Areum. U nibs 1 .. - 

Second Cen 

1 Areum Unit-ii.... 

Spcciol . . 

(Accum Uml'i 
Specialised Fund* 
Trustee - 
(Areum. Ui 
Charibond 
Chart! d. A| 


68.7 

15*1 

241.4 

970 

1579 

3460 

1463 

IBS* 

ZSL2 

1597 

ZSB9 

74J 

749 

1567 

2342 

1454 

13*2.9 


73M-r04 

170.3 


3*95 —05 
U8J -0.11 
1562 +0^ 
1565 +09] 
1975 

2463 _ 

170.1 -0.6] 
275.7 +l3 
79.4 -05| 
T9* -oa 
ITO.fl -Olj 
2545 -Oil 
15*4 +aif 
194 8 •+05] 


253 BUrope-Apr B9.9 

213 tAreum. Uuu) B3.1 

4JJ -P’n - ChyMarch21-&Ml 
4 JO •SoectEx.MlirehT P06D 
5.91 'RreereryM a.-. 7 . _ (167 J 


557 





tax exempt funds only 


256 

236 

687 

617 

144 

3.44 

1.19 

154 

45* 

439 

5.48 


ajo Scottish Equitable Pud. Mgrs- I*d? 

8*8 28 St Andrews Sq- Edinburgh (01*588101 

2*0 income Vans , — -J47* 50.9J .1 rig 

Accum. Units — — 1545 5601 .... | 533 

*47 Dealing day Wedncaday. 



OraUSL.f^Niro O1-0SBBUIV 

r—-M S 5 a.-J» 

t on April 5. Next dealing Apnl 18. 


47*1 2S Sebag Unit Tat. managers Ltd.? (a) 

J*2 + S-a 2^ PO Box 511, Seta lay Usc^K-CA. 01-2385000 

33,53 g awaiadK 

I” Security Selection Ltd. 

■ 72 15- IB. Lincoln'* ton Fields. WCI .0193108884 

L12 UnvlGthTrtAre_mi 24.61 J 3K 

U2 Uovl GthTsttoc — ZU| ... .J 3.82 

| * Stewart Unit TsL Managers Ltd. (a) 

6.9b 46. Charlotte Sq- Edinburgh. 001-2383211 

Stewart American Fund 

a?. SUndardUntts 15*5 622] ■ -1 1*4 

S « Areum. Unit*. W lJ 1 — 

505 Wltbdrswal Units ..{4*2 513] ..—4 — 

a.4b Stewart BriUah Capital Fund 

4 46 •Standard I122L2 135.71 J 3 53 

Areum. Unit* |l43A 15S*| 4 3*3 

667 Sun Alliance Fund HngL Ltd. 

7n?Z Sun Alliance Use. Horeham. 04020*1*1 

la JWWSW- J»* "WaJ ss 

5 * Target Tst. Plngrs. LUL? (aMg) 

31. Gresham St_ ECS. Dealing*: 00885043 


(Areum. 

Peus-Ex. April 

ManuLife Management Lid, 

St Georpe'a Wsj . Stevenage. 043850101 Tarm Commudliy BLfc 

Growth Uulta - 1501 5271. .. | 396 Tareet Ftoandal-. 57.® 

Mayflower Managemenl Co. Lid. Target Ex. Aprsi” ZQ3. 7 
lVIBGmhiuTi S3 EC2V7AU. OI9MB080 *Do Aec.USti.--_ 270.1 

tocome March 21 f 103* 396M I >25 I^X^GiJtFund .. Ut3 

General March 21 1*35 7LM . I ril3 T^SgCrowth Z7J 

Mercury Fund Managers Ltd. Do fSnv Units -I *67 

ML Grextuun SI . El 2T2EB. 019004555 I“U« Inv p*5 


01-2(8 3900 

CJ. Internet 7 C06 22 M ■ -4 2<B 

Areum Unils Jj* 25 to ... 2 01 

CJ.Inconm — US 3fc.0« 7.10 

CJ.fiuro Flu .... 264 28.2a ..-., 336 

Accum Units - M« BJ .... 3 to 

CJ. Fd Inv. TW . ..Mb 262n 381 

Areum Units . . — . 27.8 M6u . 391 

Price April 5 Next.dealhw April 12. 

Chieftain Trust Managers Lld.?(aHg> 

aaui Queen St.ECARi HR ni-3483832 

American Krii®* ♦OJI IJU 

HighlngMhe.i, -I** 43? -O.a 9*1 

totenwdimmlta . M>£t7 244« *03 345 

Basic Resrce. Tnt-BSJ 25. Ud -OJ4 49S 

Confederation Funds MgL Ltd.? ia) 

.50 Chancery Lane. WC2A1 HE 01-2420282 

Growth Fund- tWd 40? ... J 466 

Cosmopolitan Fund Managers. 

3a itont. Street, London SffT X DEI. 01.235 8S2S 
ruMnopc.lniith.Fd (169 Mtof . f 5 87 

Crescent Unit TsL Mgrs. Ltd. (aXgl 

4 MelriUeCres. Edinburgh 3. 031-22D4831 

L-roscenl iVrawth - (262 28*1 -Q Jij 4 27 

Crwi. Inlcniatl KJ.P 56* +02 050 

Cm. High Dirt ... fa3 *5Jt{ -0.IJ 1 09 



Merc.Gen.Apr 5 
Are. Ut*. Apr 5 . 

Merc. tot. Apr 5 
Arem. UU- Apr S. 

McretouJlarM 
Accum Ute. Mar 

Midland Bank Group 
Unit- Trust Managers Ltd.? (al 
Court wood Home. Silver Snot Heari 
Sheffield. SI 3P.D 
('ornmndity A (Ten 
Do Areum. 

Growth — 

Du Areum. . 

Capital., 

Do Areum. — — 

Income 

Do. Areum. - . 

Internal! cm3 1 — . 

Do. Accum. ... . 

High Yield 

Do Areum . - 
Equity Exempt* 

Do. Accum.*. . . 


'4 88 J arm Pr. Apr. ri_. ML0 

am Tgt Inc 28* 

Tgt Pret 14.7 

17* Covae Growth Fd. -Ill* 


34.0 -o.d 

62.3 —0.4 

39.4 -*03^ 

2XU 

2794 .. „ 
itoj -o« 
29g-0| 

S7 -or 

30.6 

M7 -0i| 
162 

144 -0J| 


496 
4.48 
5.96 
606 
696 
3.0 
492 
295 
295 
375 
4.45 
• 39 
1090 
447 


Target TsL Mgrs. (Scotland) (a Kb) 


Target Amer .Eagle 24 1 

Target Thuds 386 

Extra Income Fd .. (58* 


MM 


U6 

rite 

19.46 



Tei.a7U7aMS (juion Unit Tsi. Managers? 


5 73 100 Wood Street. ECU 01-0288011 

334 TUVTApriia.. - |4B4 5X50| ... \ 532 

370 Transatlantic and Gen. Secs. Co? 

3 70 SI-89 New London Bd L-helmsfoni 02465101 


OttResene* ... 


4*1 


D l sc ret U) nan Unit Fund Managers 
22. Rlomfield St.. BnW TAL 01-0384485 

Disc lore roe -P5S4 ‘ 1659] ...'4 S3* 

G. F. Winchester Fund Mngt. Ltd. 

■ >ld Jrwrv. EC2 016002187 

Great WlneliHUr 117 0 US . .4 6 60 
r.LWmeh'er O-reaajU.fl 1961 J 590 

Km son A Dudley Tst. Wngmut. Ud. 

20. Arlington st.,!i.W I. ' 01*807531 

Emtoo DudlcxTa [647 - 696sf 4 380 

Kquilas Secs. UdL?iaKX> 

41 Bidhoptpite.ECa • 01-58S28S1 

Progrreww — ...{63-2 667] -0 3) 427 

Equity & I jw On. Tr. M? (a)fbMcl 
Ammnaia ruL, Hlph Wvwrobe. O40« XUff} 
Equity a law J62.0 tfito) -0 5] 4J6 

Frunllttglou Unit MgL Lid. UU' 

6-7. 1 refund Yard. hX'< Banff. 0IS45(T7l 
Capital To. ;ix«9 114 8d I 424 

income Tw N98 uSS J 616 

Iw. Growth Fd. m 4 194?. -.4 3.46 

Do AcrUm. pw* 187*1 j 246 

Friends' Provdt. Unit Tr. Mgrs.? 

Mxhara End. Uorklng. (008 5053 

Fr/ewL fYov lift. .(489 43 71-0.11 4 40 

DeAHtiftL — S2.0 B.61-011 4 4fl 

G.T. Unit Managers Ltd? 

IS, FiwMivr? Orms ET2JH 7Dn 0I4ESBUI 

G.T. Cap I tx- 1719 83*1 . — 390 

De-Are- M9 MOJ 390 

r,.T. Inc. Fd. Un^M, 153.0 162.7 8*9 

G.T.UA* Gen -...1325 MM 239 

G.T. Japan * Gw-., ao* 2%.on — LSD 
•GL Pm3j£x,W1 — 134* 148.9 490 

O.T. tort. Fund — Ul * - M8J — „22 
G.T.ItairYifeFd— WJ 65.71 »2fl 

VG. A fL Trust (a> fa. _ 

9. Raylalgb Rri. B i c ut weed corminaou 

Ut A. |tL8 . 2M“<Ul 418 


f-JJ Barhicco April 6 _ 731 
t*g (Areum. Units. 1 — 1101 
Barb JExpL Mar 9B- BO 

J52 Burlan. April 6 IS* 

*50 (Areum. Unltsi BO 

*» Celemco Apr 7 _.. . UJ5 
J® lArewm. I'nihi.-. . 1442 

... — -- , — . 5.^2 C4imitL Apr 5 51-6 

-TYlc«* ai Hnr 31 Nnrt dMHni April 2ft. factum. Cnit5i - 552 

Minster Fund Managers Ltd. S^^futdiki '“'Si 

Ml drier Hue.. Arthur M.E.C4 010231050 Muriboru Apr 4.. .. 97.0 

Uisicter Apr. 3. . [33.7 KjJ,... J S.22 iAcrum.Unilx.--.--S6 

Escmpt. Uar- 31- S79 93*1 • - I 530 VBAGwib ( Apr *.- J63 

MLA Unit Trust MgemnL Ltd. %£5i*iS?A~~ *« 

OM Queen Srim. S* I H ftKi. fii-SOOTB* v»r Tee.JjH- 5.. U 1 

MLa U nits. ■ • 13*5 384| ... | 443 (Areum Units g 8 

Mutual Unit Trust Managers? lal(g) ^SS^KSfcrT- W? 

lriCoMhall ave.EC2R7*U. 01-0004801 WIckDiv Apr. 7.— 662 
MulUBlSre.Pluc. KS4 njf-ja 697 Po_ Areum . .1730 

SK t« Tyndall Managers Ltd? 

Vhinal High Ylu. p* 7 5*fl .— | ■? oO iai v umi**R»4d-P , ' ! ^ D i- 


779] 

U72 

87* 

80.0 

17.4 

1261 

1532 

541 

5*5 

534 

673 

413 

561 

<82 

59.1 

71l 

«5to 

451 

613 
727 

614 
76fl 


National and Comraereial t P ni£."‘ ' 

31, St. Andrew' square. Edinburgh 03] -S5fi Blfi] CapiUl Ayr. 5 . 
Income Apr r,.. |1~6| ^21 ...J 69* i Areum Uiuisi-. 

(AreutuUniLM --1*528 2j .... 1 694 Exempt Mnreh 38 ... 

Cept.Apr.a. • lH2? 5Sa • L J|* lArram bnib>. • 

.Areum. Unltsi ]U62 lSlfe ..—4 351 ( Ujviy- Apr !V - 


1 694 ia 
6 94 E* 

3M CV„ .. . 

National Pravidenl Inv. MngTS.Ud? V^SSn^Aw's 

48. Gnere hlto'li -**> FCSPWIII Ul«dl4to0 , Areum Itahsi - 


48. Groerehun'li 
SMMGth.Vn.Ti4. fa 1 . 
iAccuM-Uethr 153-7 
VPItlsea*. TniK 


3 a Son. Cep Apr. 5 
3H ( Areum. I'uUsi - - 
3 05 " 


992 
175.4 
U*4 
1652 
106.8 
1480 
13 J 
116 4 
230.0 
256 0 
1300 
1520 
1524 


_ _ Sew lnr Apr h 

'Accum Unibe- 1129* *03 - I 3g Loorfon W*LI L.roup 

“Prices mi March ** Next dealmi* April capital umih. .175 9 

- *■ - — ^ Do Areum - - - 

Extra Inc Growth 
Da .Accum-. 

Financial PrYtJ 


■Pnres on April 5 Next dealing April 18. 

National West m i nStfi?tai 


i8i. chen p«dc. ersymi. oifoa son. 


Capital 'Acr um.> 
Extra inc.. 


1*53 


Fliuncial.-r 


Growth Inv- 
Income ......... .-- 

ftwtloliolnv. FU 
tlulverMl Fd ih> 


IW* 

.345 

k72 


6591-04 
702 -04 
361 -d 4 
901 -09 
371b -0 3 
Til -0.6 
572 -02 


NEL Trust Manasers Lbd? fate*) 


! 55 Do Areum. 
l-f* High lnr Prtarihr- 
JnternatiAhal • 
gfj Special SAx . - 

532 TSB Unit Trusts (yi 

252 2I.'.1iartrr Waj - , Aivkwr. Hanu 


1033 . 

1842 - . 
1244E 

173* 

1122 . -. 

155* 

9*6 . ... 
1224 . . . 
24U 
268J -. 

1366 

159* 

1694 


542 
542 
39* 
437 
4.17 
5 71 
5.91 
6*4 
6*4 
521 
5.2* 
XOB 
5*3 
379 
370 

1 a 

661 
6*1 
539 
539 
IH 
• 84 


0272 32W1 
766 
7*6 
4.81 
4.08 
7*7 
70 
563 
562 
526 
5.26 
530 
539 
900 


773 

362 

903 

158 

19.1 

S93 

280 

297 


VL21 

829 -03] 
38.9 

*33 . 

169 -OJ] 
205 -OJ] 
637 *01 
301a 
31.7 


6*4 
63* 
tai* 
1013 
4.73 
4.73 
819 

•J iu 


OEM 82188 


heallno to 0B84 SMS 3 


Milton Conn, rjorkin^.^rrey. 

. [Mg |2i >h/ TSB IruumeT. -|58 3 

Nelrtar High Inc .9'* •• I ** ibi Im \rciun._ ... 595 

for NVw CoBri Fund ifeMgers ud. 75 4 

•ee Rothsrhild Asset Management ipjno Areum.-..' Soo 


jail (biTSB'lwerai j®-* 

541 ,b i to Mnia — [537 
*96 


4541 -0 3 5.79 
57 J -03 379 

621 -05 7JA 
633 -05 73* 

802 _... 1» 
853 2*9 


Norwich Union Insurance Uroop Ibt Ulster Bank? tat 

P.D Box 1. Norwich. N't' 3SG 06032220* Wa-to-Snee*. 02323823! 

Group Tri-Kd . _ |R3 3 34034-01] MS .bAUtor Growth- 136 2 38 H -02] 521 

Pearl Timst Managers Lid. (akgkz) Unit Trust Account, d: Mgmt. Ltd. 
232 HI eh Hoi bom. WGI V7EB ^ _ f 014058*41 jy^ ^yiton, Si. EC4R0AR 014294851 


Pearl Growth Fd. 


122* 


Areum Units —'-el 


Tcarilnr..., 

Pearl UnliTW.. — 
(Areum. Units)- 


m 


ia ks.iT*w.i 

Uol 7D wietorGrtteFnd..-t 

lUra. s id TV*. Areum. 1: 

lh meter Growth Fnnd 


Pelican. Units Adtoln. Ud. IgH*) Kina William ELEC*]* 9 AR 
81FouidalBSt..K»Mb««f r _ O^-^S^ Iacoma Unltai. W* -~i *» 

fWi ^n.ua [77* _ 8ri04 -0J| LZ7 Areum. Uaia„ pu ^1U|*4 « 


Dies *851 


OFFSHOREAND 
OVERSEAS FUNDS 


ArhathDPt Secmlties (C.L) Limited • JReysrltt Mngt. Jersey Ltd. 

P.O. BoxZfrt Si. Heitor, Icr»«r 0534 ■SUTT P0 Box 98. St. Heller. Jersey. (EnqOl-flOOTFW) 


1 


Cap.T».(Jen»l— JUM 1230] ..] 356 

w NirttSeaiW date ApnT ll. 

ikll i 3*6 

Neat nub, April 13 


FDuarlre trvlJM 

Kcyarinx Ini'll— £5.94 
K«wrlra Europe... E3L77 
Japan Glh Fund—. JT2*U 
Rnaelex Japan — 02*0 
Ccnt-AsHUCap — £131.93 

- King A Sbajcson Mgrs. 



310 

450 

39# 


Australian Selection Fnnd NT 
Market Opportnitftio. efo Irish Yount A 
ucCiwalte. 127, KtoJ.St-' 

U SSI Snare* 915149 -8ffil . .1 1 ChartncCross. St HoUen Jersey. ri»34! TSWf 

Net auet ndue April 8. Valley me. SL Peter Fori, Grasp. (09811 21708 

Bank of America International SA. “Vnri .13^® 


M Boulerard Roy al. Lm reabnuni G D 
WUinvmJ Income (75218.99 ,UliS . 1 650 

Prices at April 8. Next sub. day April li 

Bnk. of Lndn. A S. America Ltd. 

4MB,Qoeen Victoria St, EC4. 01-930 3D 

Alexander Fond — 9TS5W — 1 ... J — 

Net asset value April a 


Gilt Tra rifLo5I.'_U136 
Gilt En<L GuerwwjtfMi 
IbQ. Govt Sera To. 

FlntStcrliM .JIB. 89 18.94) .. _J — 

FlnttotL - (5189.64 1S9.96I ( — 

KJdnwort Benson Urol tad 

20. Ftenrhlirch St- EC3 01*08800(1 


EuiimHt Lnr. F, _ 

Guernsey Inc. @5 

Do Areum. 


KR Far East Ftf. — 
KBIsiif fbng — . 


Basque Brnxclltt Lambert 
Z Rue De Is Refieoee B IBM Brusrek 

ReunFuadLF — IL964 2.025] »I| 642 

Barclays Unicorn InL (Ch. Is.! lid. KB J !P?l£l Xfh~ 

I. Oaring Cross. St Heller, J«7 0534T7?«1 §ittrtB<™uda a 1 riwiag I+nnil 

useax tocome .-@3 „ g? - ...J 10.44 »4oi _ 

uSttftST-Iir ^ O'sSI ■.V.'.'.i *fS .*»»**“ LreJS^fag agents on?. 

■Subject tefee and withholding U*i-s - Lfeyds Bk. (CXJ U/T MgTB. 

Barclays Unicorn InL CL O. Man) Ltd. PO- Box ISS. St, Hdler. Jersey. 05M27581 
I Thomas SU Douglas. toOL 0824485# 


LOS 

■HrauP 3 

Sl'SUjt 
SUS38.93 
SIB 24 
SU&9.48 _ 
“ 1M« 


342 

464 

464 

146 

2.40 

852 

L7B 

.076 


L'nkwilAiUt.ExL.ie.0 

Do. Aust. M-o 262 

Do. Grtr. Paettir. — 37.6 

Do. Inll. income to* 

Eml ofMauTst-.— ILZ . 
Do. Manx Mutual - .|23J 


48.4 

28* 

62* 

■<L2B 

.a 


1*0 

2.U 

Zto 

EM 

1*8 


Next deahuK date April 11 

Lloyds International MgxnnL SLA. 


7 Rue du Rhone. P.O. Bax 178. J2II Geneva II 

&5£i 




Blshmsgate Commodity Ser. Ltd. . MAC Groop 

PO.Box42.Douclha.LoLU. PS24-239U . three Qnayx, Tottr HU1 «3R 8BQ. 014BS «H 

ARUAC- Mar.fl — . _ — 

CAXRHO“Apr 3- 
COUVT-Apr.3. - ^ , 
issued al *S10 

Bridge Management Ltd. 

PO. Bex SOB; Grand Cayman, Cayman I*. 

N«aaltLMar 914*9* 1-1 — 



-0.11 


13.78 
13 70 


GP.O. Box 500. Hong Kong 
NIppooFCL Apr 5_j^5U21 , IkSfl ... | 0.73 
Ex-Sqek Split. 

Britannia TsL MngmL (Cl) Ltd. 

30 Bath St. Sc. Helier, Jeney. 068173114 

400 
LOO 
150 

us 

17. 


Growth Invest B0.S 33.3 

totaLFd. > 696 75i ... 

Jersey EBeiTp- Tst. 137.7 1489) ... . 

Vnn-A. Dir. Tst SCSMS UU 

Unrrxl.ST«t SIS- - Gt» 2^ . _ 

Value April 7 Next dealing April 

Butterfield Management Co. Ltd..' 
PO. Box IBS. Hamilton. Bermuda 
Buttrexs Equity — 12.06 1.99) . I 1.98 

Buttress toeome — |U0 L93) | 7 AS 

Prices at Xter. 13. Next anb. day April 10 

Capital International SJV. 

37 roe Notara-Dame. Loxemboiug. 

Capital 1st Fund-- 1 SUSUk27 J«0JH) — 
Charter house Japhet 
1. Paternooier Row. EC1 01-298: 

SS^Si^iz:® £ 



Fmdok Mm.» 

Fixadii. tftOSjfl 

Emperor Fund SCS267 

aismno— BC5G29 


Hurt 


5*1 

597 

607 

199 


CHme Investments (Jersey) Ltd. 

P.O Bra 320. SL Heller. Jersey 0534 3730. OCEqFr Uar.31- 


(Areum Units'— I 

Samuel Montagu Ldn. Agts. 

114 Old Broad St, ECS. 

Apollo I'd. Mar. 3 L pF44 2» 47.9 

Japfest Mar. 31 — _ f 

117Gfp.Apr.3L 1 __ 

117 Jersey Mar. 23..H468 
117 Jnywa Mar.S6..v 

Hurray, Johnstone (Inv. Adviser) 

183. Hope SU Glasgow. C2. 041-221 Mol 

•Hope Si Fd 1 *:S32» I .. 

■Hurray Fuad-- ..I SUS9A5 | .. 

■NAV March 3L 

Negit SLA. 

10a Boulevard Royal. Lmcembonrc 
NAV April 7 i St'SU.83 h0571 — 

Negit Ltd. 

Bank of Bermoda Blrf*s, Sanditen, Bnncfe. 

NAV Mar. 31 |£5J0 — I — .1 — 

Phoenix International 
PS Box 77. St Pnf tr Pe te. Guernsey. 
Inter-Dollar Fund- HHSU1 2JI| ( — 

Property Growth Overseas Ltd. 

28 Irish Town. G3brmltar (Gib) (U 00 

1)5 Dollar Fond— 1 SUS86Z7 ! [ — 

Sterling Fund 1 - 02886 ] | — 

Rothschild Asset Management (C.I.) 

P. (X Bm 58, SL JuUbcs CL Gnenuey. OUT 2S33I 


13 


mm 

1L80 


CUroGfttFd.iCJD.ri91 
dive Gilt Fd. (Jiy.)-t9.91 

Conthill Ins. (Guernsey) Ltd. 

P.O. Bax 1ST, SL Ptter Port. Guernwr 
total Mm.Fd..— -(X640 179*1 .. J — 

Delta Group 

PO Box 3012. Nassau. Bahamas. 

Delta Inv. Apr 4 KX.42 149j . J — 

Dentscber In veslmra t-TraW 

postlach 2085 Btebergamr ft-10 8000 Franldart. 

C do centra (DM1140 3701*0X09 — 

lot Rent re load* . ttoOIM 71M| - I — 

Dreyfus Intereontuie&tal Inv. FiL 

PO Box N3712. Nassau. Bahamas 

NAY Apr. 4 Wrai72 US] , | — 

Kmsou A Dudley TsLMgLJrsyXtd. 
PO. Box 73LSL Heller. Jersey 088920301 

EDJ.C.T. (113* 130.91 ..] — 

F. A C. MgmL Ltd- Inv. Adviser* 

1 -ft. Laurence Poontaey Hill. EC4R0BA- 
01-C3 48B0 

Cent Fd. AprlI3-..| 3DS475 1*0.02] — 
Fidelity Mgmt- A Res. (Rdo l Ltd. 

P.O. Box 870. Hamilton. Bermuda. 


B08. 



387 

7*7 


344 

487 


S-AGJL 

GUtFU. 


Fidelity Am Ast,.— SUS2L87 
Flddity InL Find- SUSI9.41 I...I — K a it 
FSdeh&-Pae.Fa_ SVSMJM . J 
Fidelity Wfld Pd_ 5LS1283 l-0fl2i 

Fiddliy Stter. Fds— £7.46 

Series A QatnU — £3-38 

Senes B{Parfflc'_ E7.46 

Series D CadlAbM 04.73 

First Viking Commodity Trusts 
B.SLOeoree‘sSL.Douriaa.leX 
DcC4 4883 Ldn. Asto Dnnhor ft Co, ltd. 

S3. Pall Hall. London SW175JH. 01-0007057 

Fit.VULCa.Tst .| 

Ftt,V3cDbtOp.®il 


O.CJnc-Fit Apr. 3- Q5Z 0 
O CJniLFtL Apr.6 -M3 
Or ^mCoFclM«r3 J . 037 9 

O. C.Ctnmnodity* _|1246 

Ui- Dir Coadty.t— JS2539 27* 

‘Plica on Mar. 3L Next dealin£ April 14. 
r Price oo April 7. Next dealing April 31. 

Royal Trust (CD Fd. MgL Ltd. 

P. a Boy 104. Royal Tst Hsu. Jersey. 053927441 

RT.ton.Fd. teDSUS 123. [ 300 

BT.totLiJsTjFtl.fo M ... .1 .321 

Prices a March 15 Next draUas April 14. 

5ave A Prosper International 

Dealinc to- 

37 Broad SL. a HeUar, Jersey 0534-2DSM 
UJL DolUr^eatmtlMted Ponds 

DlrFidtor*Apr* _ |4 48 10.0M 697 

iDternu. Gr.-f 16.45 6.9J1 — 

Far Eostern't 13652 39 — 

North American** .11.43 3.7u — | 

Sepro~t &£54 1447| — 

Channel Ci|taKi-| 

Channel Islandsd- f 

BJTJM 
Prices on ‘April 4. "April 5. “•March 30. 
Weekly Dealings. 

Schlesiuger Intentafional BlugL Ltd. 
ALLaUcttcSLSLHelMttJenCT. 08M735HL 



is 


Fleming Japan Fund 5*. 

37. rue NOUr-Dame. LoxetnbmuC . 

Flmg. Apr. 4 | SUS47.07 1 ( - 

Free World Fluid Ltd. , 

Butterfield Bldg. Harm Hoc. Bermuda. 

NAV March 31. —I SCS17SL64 | „ | - 

G.T. Management Ltd. Ldn. Agts. 
Part Hit. ]8 Finsbury Cirrus, London ECX 
Tel : 01-628 8131. TLX. 888100 

G.T.PartficFd. 1 SUS13J6 Mte] 117 

Management tolre n atta aa l Ltd_ 

cito Bk. of Bermuda Front SL. Hamftn. Bmtto 

Anchor ‘S' Units —jsttia JO 

Anchor Inc. Fd.. — fsUSUW 4jj[ | L96 

G.T. Bernmda Ltd. 

Bk of Bermuda. PrtaOSL, Handto, Bind*. 

RerrePneF. 5U&0.96 (Tl-i 0.® 

C.T.iFtt SUS6*4 1 J 0.75 


IntL Fd-Jmt)-.. boo 

tomLPdXxmbrg. .-19.89 
•Far EastPund-__ 1955 — 

•Next sod. day April 

Schroder Life Group • 
Enterprise Konse, Port sm o u th. 
i m s iiunJ oaxl Fnada 

J|g| 

CFlxetf Interest— . 1345 
S Fixed Interest-.— 103.9 

(Mmugfd : P25J 

SManagcd— 



070527733 


1109.7 


= i 


J. Henry Schrader Wagg A Co. Ltd. 

120.Chespride.EC2. 01-5884000 




2169 


330 

5.00 

8*4 


G.T. MgL (Asia) Ud. 

Htttchfeon Hse- Hsrcoort Rd. Hang gong 

G.T. Asia F BH MJ3 Uhd .....J LTO 

G.T. Bond Fund — (51783266^-01111 5*0 

G.T. Management (Jeney) Ltd. 

Royal Tst. Hsa.Cnlombreie.SL Heller. Jersey 
G.T. AstoSHerlllW... 10273 3355]-.-.] 148 

Bank at Benada iGomsry) Ud. 

31-33. Le Pullet. Coerosey. Maa ‘ 

AM^WRE&eTT. _ 

Anchor luJ*y.Tst_ 123.3 24 

Gartmore Invest, Ltd. Ldn. Agts. 

2 SL Mao' .Vra Lon den, ECS. 01^83 3531 

Gartmore Fund Bad. (Far East) Ud. 

1303 Hutchison Hso. 10 Harcoun Rd, HJtoac 

HKAPac. U.Ttt— .BHEHS • 2«+o!l« 2M 

Japan Fit BESI2JSS D15B ...J] 058 

N. American 7M..,.|6 B 9 *B U4M ... .1 250 

IntL Bond Fund |H5U2U BMq-. | 620 

Garemere hwrtaral MagL Ui 
P.O Box 32. DraicIasJoM. 

Interoalloaal toe. EU • 225 
Do Growth. |99l • 621 


+5.a 4.91 

Hambrs Pacific Fund MgmL Ltd. 
2110. CaeatmagOt Centre. Hang Song 

Far East An. 8 UDOITl U36d _. ; | _ 

Japan Fond &L5720 759} | — 

Hambros (Guernsey) IAAJ 
Hatnbro Fond Mgrs..(CX) Xtd. 

P.O. Box 86. Guernsey ■ 

CL FUud ...^[137.1 . _ . .... 

Into!. Bond SJigl0479 10*- irt 840 

lor Eqafly STSflO 01 1034 J 2Jt 

tot. >'S* '.V SL'shjn LH ... J 8 so 

im. Svgs. -B- susp-Oi loaj . ...j 250 

Prices on Apr, S. Next dealing Apr. 12. 
Henderson Baring Fund Mgra. Ltd. 
P 0. Box N4T2S. Nassau. Bahamas 

Japan Fd. W317* HTg ] - 

Prices on April 6 Next dcelinf dale April 11. 

HiU-teamcJ A Co. (Oacnucj) Ud. 

8 LeFehvre SU Trier Port Goemu?. C.I 

GoernseyTri p*75 157? -ia] 354 

Hill Samuel Overseas Fund SA 
37, Rue Notre- Dame, Luxembourg 

117*1 1779HU4L - 


Trafalgar ?W 28- SUSU7-S2_ 

AwanfU APT. 3 — JCSOMi Big 

DarUng FtaT SAL 76 LOT 

Japan Fd- Apr. 8 — [SC5657 7461 

Sentry Assurance Inte rn ationa l Ltd. 

PO. Bos 33d Hamilton 6. Bermuda 

Managed Fn iid — ■ ..I WS mi ff UQ*| I — 

Singer A Frie d la nder Ldn. Agents 

20. Cannon SUEC9. 01-3WBM8 

lasisteKmj'i.'d s 

Stronghold Management Limited 

P.0. Box 315 St Heller. Jersey. OKM-TKflO 

CounnodityTrort -|94*8 9958] I - 

Surinvest (Jersey) Ltd. (x) 

P O. Box 98. St. Helier, Jaraey. -063973873 

American Ind.TK— ID.ll J.TTf+MJf 129 
Copper TTu tt — UJB+W — . 

Jap. Index Ttt.. — |£U.07 11581-012] — 

Surinveat Trust Managers Ltd (xl 

48. Athol Street. Doofijaa. lo.M. 0639 33814 

The Silver Trutt — IMWO 1M.9] -02\ — 

Richmond Bond BT.IlMJ 19M -0*| 10 28 

Do PlattoimBcL— 009.7 USS -0? — 

Do. GoftfBiL-...— 1W.6 u&.fj r03j - < 

DC. Em. B7/0KBd.„.]mj 186 $ .. 4 10.95 

TSB Unit Trust Managers (CL) Ltd 
J3«ria«J]eRdSL5ivioBL Jewry 053473*9* 

Jersey Fund \**A 46.7] .1 50*4 

Gocrneey Fund — 1«4.4 .4&7| _....] 5LM9 

Prices on April 3. Next anb. day April 13. 

88EH 339>i Tokyo Pacific Holdings N.V. 

J 1 of Inti mis Management Co. N.V, Curacao. 


NAV per share March 3L SUSSO 88 

Tokyo Pacific BUjs. (Seaboard) N.V. 

totusis Management Co. N.V, Curaca o. 

NAV per share March 30, SGS37QS 

Tyndall Group 

_ P.O. Bk 1256 lUadhom \ Bermuda. Z83t0 

SSSWSSi. 5 -® ■ jS .: “l “■ 

— 1 JS 8-Vay InL Mar. ISl-RCSZM 2«f . I - 

ZJStwSL StBelire. Jeropr BSMp^TOl 


TOFSL Aprils — .*|IU5. 
(Areum. Sharto' 


710 

1858 


08*8 

TASOFApriI5 rt.B 

(Areum Sharrei .... 17* 

Jersey Fd. April 5- Jwfc 
fNoo 4 ah. Lis. i-.. 258* . 

(-.lit Fund April 5_ 1114 
lAccum Shares 1 — D 
Victory Snore Saagtos. We ef Man. BSM ZSSZS 
Managed Mar 18. „ [127 6 134.4] — 

Utd Iutnl- Mngnmt. <CJJ Ud 

14. Muleaster Street, SL HeUar, Jersey. 

VIA Fund.. ^IWSUUI U1*H ] 80S 

United States Tst. IntL Adv. Co. 


International Pacific Inv.' Mngt. Ltd it Roe Aldrioger. Luxembourg. 


PO Box R237. 56. PiB SL Sydney. AnaL 
Javelin Equity T*L .|SL91 Httf . .. .[ — 
JJE.T. Managers (Jersey) Ltd 
PO Box IM. Royal Tat Hue, JmoyOSH 27441 
Jersey Enrol Tht_ 0438 ia«[ - 

A* u Mar 31. Next .tub. day Apr 28. 

Jardise Fleming A Co. Ltd. . 

4Ah Floor. Counaucht Centro. Hoag Kent 

Jardine Ettn. Tsl . I SHK 229*8 1 | 3.1D 

JartUueJ'pp Fd.** SHK31752 I I 05a 

JaidlneS.fiA..— ... [ SLS1192 1 ' - 

Jardi&e FIhb tot T ( 5KK936 
NAV Mar 31 -Eqanxlenl St 
Nrtl wi> April 17 

Kemp-Gec Management Jersey Ltd 
l.rharingCrWASu fielitr. Jerws. 6534 7374 1 
Kcmp-tVr Capital |83J M9| ... 


US Tjl Im: FDA- 1 
Net axe* 


505931 ' 1*0031 
value April .. 


897 


240 


Kemp Gee Income |653 


67> 


835 


S. G. Warburg A Co. Ltd 

30. Croshan Street. BC2. 01-0004955 

CnvAUFlL Apr 7_j WSM4 j ...J - 

- 

MrJSur.Aprb — ..ffiain BJ2J 4 — 

Warburg Invest. Mngt Jrsy. Ltd 
I. Chan n£t>oM.SL Seller. Jar. Cl 058473741 
CMFUd. March 30. IRSitt ,n« . 

CMlUd March30..M30« I3J01 

MuJaTsLMarld 1L7H 

TMT Mar. B — PCSMt , 1*$ 

TalTUd WB. _.p»38 NS 

World Wide Growth Management? 

10a Boulevard RnyaL Luxcrabouit 
Worldwide Glh Fd| SC51316 1*0161 — 


notes 



CUVE INVESTMENTS UMITED 
I Royal Exchange Avc h U-ndnn BC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as a( 2lsi March, 1078 (Base 100 at 14.1.77.) 

Ciive Fixed Interest Capital 135.42 

Clive Fixed Interest income 122JJ4 . 


INSURANCE RASE RATES 

t Property GrouU 

t Vanbrugh Guaranteed 7 -50 l, n 

* ^idklrefs sbbvn mwlpr fnsuraltc* ■t rf Fr»o«T9 Brorf T«Mr. 


CORAL INDEX: Close 459-4W 


^ <r‘ 




> 


































































































































































































































































































































































REDIFON 


cut computing costs 

n 



Weathera[I 
Green &Smit 


KEtVtN WAYGRAWLET SISSEX (OI9353L2TI 


Tuesday April 11 1978 


Chartered Surveyors -Estate Age n 

London Leeds Paris Nice Frankf:= 



N. Sea 
crude oU 
export 


policies 

changed 


Japan may curb car 


exports to U.S. 


BY TERRY DODSWORTH AND STEWART FLEMING 


B y Ray Dafter, 

Energy Correspondent 


THE GOVERNMENT is amend- 
ing its ail refinery 
take advantage 
crude's premium value. 


JAPANESE car manufacturers and Da tsun registrations- rose by In the U.K„ the first full 
i are considering voluntary well over 40 per cent. month of operating *be new 

; restraints on their exports to the The Ministry's instructions to system of administrative guid- 
i U.S.. by far their biggest over- the industry on U.S. sales ance has resulted in a drop in 
[ seas market, after indications appears to have fallen short of the Japanese market share to 
| that their Government wants to the system of “strong adminis- about 10 per cent-, compared 
isee sales staying at about the trative guidance" adopted with 13 per cent, in the first two 

same k*vel as last year. recently with regard to the UJK. months. 

Toyota, uie largest Japanese with a similar objective of some competitors claim that 

car exporter to ihe U.S. with pegging shipments to the pre- this fall is n'artJv attributable to 
493.000 . sales last year, said vious year's level. the fact lS and 

yesterday that it is. considering Nevertheless, a more detailed Chrysler have been able to make 


%NT is amend- s ] 0W jng its shipments in April method of scrutinising exports a comeback with stran° oro- 
J 7 P ol ‘ c '%i°|and May to last year's level of has been adopted by the Ministry mohonal camiSSis ^ackedTv 
of North Sea about oO.OQO units a month, com- with an implied threat of inter- good stocks ^ 


ude’s premium value. ! pared with an average of 56.000 ventioo if shipments show signs 

The Department of Energy has; in jh e first quarter of this vear. 0 f '•rowing too rapidly • Offlc 1 *!* representing leading 

started to negotiate refining | other Japanese exporters are .According to Toyota, this P«ticlpanU in the Tokyo round 

to suit. * • ^ans that the company prob- ®rfL In fl ^fJ a y ^ rday ^° ft 0 ’ 

pani&s after concerted pressure I deciKion rpflpetj; nartlv ablv will slow down its shin- ^ impetus to the 

sk \&s £ - ssunss 

° g 'year and the increase in Japanese lift its exports to beat the threat p _, h ’ . 

car prices after the hardening in of a west coast dock strike. hl . o f* s w ®* e descn T ~®“ 

the value of the yen against the If the Japanese do moderate , * Robert Strauss. U.S. 
dollar. their -shipments to the U.S. in ?. pec ^ a L, trad ? representative, as 

The Japanese Ministry of line with Toyota's predictions, it . «.»?.? nes . wor ^ sessions 
International Trade and Industry will indicate a significant con- momentum going and 

has made it known to the in- cession to the western motor ;? * l £Ji. n ft e any P°^J. lca * h e sita- 
dustry that it does not want to industry's view that Japan has 

see Japanese sales in the U.S. been over-aggressive m world t0 contlTlue full steam ahead, 
surge like last year when Toyota markets. Trade ‘talks. Page 6 


Dutch to 
invest 
£25m. on 


Mersey 


IHE LEX COLUMN 


.T p^ 1 


By Kevin Done, Chemicals 
Correspondent 



U.K. crude oil exporta by more 
than £100m. a year. 

Details of the deal are only 
now becoming known, it con- 
cerns the proportion of North 
Sea crude oil bandied by U.K. 
refineries. In the past year 58 
per cent, of U.K. oil has been 
refined in British plants. 

Mr. Anthony Wedgwood Benn. 
Energy Secretary, has said the, 
Government is seeking to refine i 
two-thirds in the U.K. He has I 
been supported in this aim by oil 
■industry trade unions, which are 
anxious to see secondary indus : 
tries developed on the strength 
of North Sea oil production. : 

But oil companies have argued i 
that an inflexible two- thirds rule 
could result in an economic 
penalty for Britain. 

They have stressed that U.K. 
refineries do not need such a 
high proportion or North Sea all ( 
to produce the range of products 
which is in demand, and that 
British oil. which is fairly light 
and low in sulphur, could lose 
its premium rating if it were 
merely substituted for . heavy, 
low-quality Middle East crude. 


Transport workers pledge 
to fight any Phase Four 


A LEADING West European 
chemicals group Is to invest 
£25 m. in new fertiliser plant, at 
Luce, on Merseyside. 

. The expansion will create 
300 jobs during the peak con- 
struction period, and 100 
permanent jobs, when the plant 
opens at the beginning of 1981. 

The development, by UKF 
Fertilisers, a subsidiary of 
DSM, the Dutch state chemicals 
group, brings some small relief 
to the Merseyside region, 
which has suffered a series of 
big closures this year and the 
loss of 7,000 jobs from com- 
panies such as British Leyland, 
GEC and Lucas. 

UKF first announced plans to 
expand Its nitrogen fertiliser 
capacity in 1975, bat the move 
was postponed because of un- 
certainty over natural gas feed- 
stock prices. Natural gas is 
used to make ammonia, tbe 


mam raw material for nitrogen 
fertilisers. 


BY RAY PERMAN AND CHRI5TIAN TYLER 


on 


Premium 

A recent report by Petroleum 


TRADE UNIONS are being asked The union's executive has including an agreement 
not only to dissociate themselves meanwhile written to Mr. Len incomes. But he stressed that 
from any further pay policy but Murray. TUC general secretary, the agreement on incomes should 
actively to fight the Government demanding that the TUC's posi- be about the “ sharing of wealth ” 
if it introduces a Phase Four, tion be made quite clear. It and not a repeat of the wage 
The campaign is being mounted ? oul ? K “ ake “■ drnj J ec,ara ; restraint of the past in response 
bv the bi°EMt union the Trans- t,on 11181 ar, y farther phase of to a crisis, 
port h and * General WwkeJs. in ° PP0S€d by Pa S P ? eakin8 t t0 a - ^uservative 

sDite of tbe promise of fax cuts in trade unions- Party meeting in Battersea, 

today’s Budget and the pos- T The l , etter b y Mr - Jack London, Mr. Weigbell criticised 

sibilitv of a General Election this Jones - former general secretary those politicians of both Left and 
Intelligence Weekly showed that! war* * Ueneral t,ecuon 0115 goes on to say that the Govern- Right, and some trade union 
North Sea* oil SduS - . »i k cent’s chances in the coming leaders, who believed that market 

w*e about fSmJn of i Tht L u . mon s , campaignwill be General Election will be helped if forces should determine pay 

lose aoout t_am. on the value of \ launched next week at the con- it listens to tbe union’s warning, settlements. 

ference in Aberdeen of the Ministers have hinted that they The Transport Workers’ Union 
Scottish TUC, which marks the would like to see a continuation is likely to win the support of 
start of the union conference 0 f th e “voluntary” incomes the train drivers of ASLEF. civil 
season and gives the first mdica- policy, and the Chancellor will servants and firemen (who went 
Don of union attitudes. / to-day be hoping for some trade- on strike against the present 
Many of the resolutions off between his tax cuts and next policy). Others, like the Union 
tabled for debate include the autumn's wage demands. of Post Office Workers, do oot 

ritual ' denunciation of formal The Transport Workers de- rule out a “ flexible voluntary 
pay policy. The Transport fiance will be challenged by some incomes policy” for -the next 
Workers’ motion also attacks other unions. Last night. Mr. Sid round. 

“the denial of free collective Weighell, general secretary of the Unemployment is likely to be 
bargaining implicit in the National Union of Railwaymen. another major topic this year, 
enforcement of any norm by the said that a generous Budget with calls for a 35-hour week 
Government in the public or should be the signal for another and further job creation mea- 
private sector." phase in the social contract, sures from the Government. 


of a rigid “refine-at-home" 
policy. 

Stockbrokers Wood Mackenzie 
estimated that as North Sea pro- 
duction builds up, the loss could 
be more than £100m. next year 
and about £163m. io 1980. 

The British National Oil Cor- 
poration. which is developing as 
a substantial oil trader, has seen 
in some of its early deals with 
U.K. refiners how the premium 
for North Sea crude Is weaken- 
ing. Consequently it has been 
supporting the private oil com- 
panies in their call for a more 
flexible refinery policy. This has 
been a crucial factor in the 
Government's considerations. 

The question of where and how 
oil will be landed and refined 
will be handled largely on an 
individual basis. This will be 
done through the State partici- 
pation agreements concluded 
with most of the North Sea oil 
producers. 

It is understood that negotia- 
tions have started with at least 
two of the major oil producers 
which have refinery interests in 
the U.K. ami overseas. 

In tbe meantime the Govern- 
ment is still considering its 
position regarding EEC refinery 
policies. The European Commis- 
sion is seeking a co-ordinated 
reduction of Community refinery 
capacity and a strict limit on new 
developments. 

Mr. Bcnn has opposed the 
move, saying that it 'fails to 
recognise Britain’s special posi- 
tion as a substantial crude oil 
producer. The plans have met 
with a mixed response from oil 
companies. 

Trade unions in the U.K. con- 
tinue to oppose the proposals. 
Yesterday the newly-formed 
Chemical Unions’ Council mel 
for the first time to discuss the 
issue. 

The council is composed of 
national officers of six major 
unions: the Transport and 

General Workers: the General 
and Municipal Workers; the 
Association of Scientific, Tech- 
nical and Managerial Staffs; the 
Electrical and Plumbing Trades; 
the Amalgamated Union of Engi- 
neering Workers; and the Shop, 
Distributive and Allied Workers. 


Long-term 

For many months UKF bad 
to live with tbe uncertainty of 
an interim price for its feed- 
stock supply from British Gas, 
while the Corporation carried 
out a series of tortuous nego- 
tiations with ICL the main 
U.K. manufacturer of 
ammonia. 

1C!- agreed a long-term 
supply contract with British 
Gas in 1959— doe to expire in 
1984 — which contained only 
minimal price escalation 
clauses. 

After the Arab oil embargo 
and the fourfold Increase in 
oil prices, the contract gave 
IC1 unrivalled access to cheap 
supplies of gas and ammonia, 
and allowed it to gain a strong 
grip on the nitrogen fertiliser 
market, of which it controls 
about 50 per cent. 

Fertiliser manufacturers, 
which were buying ammonia 
at world market prices, or who, 
like UKF,. had only uncertain 
gas supplies, found It almost 
impossible to compete with 
1C1. Now both 1CI and UKF 
have negotiated new prices for 
their existing gas supplies and 
UKF has revived expansion 
plans. 


The financial markets may. be 
forgiven a sense of deja vn as 
Mr. Denis Healey stands up- tibia 
afternoon to delayer his 1 . 3 th 
economic package in just'over 
four years. In tbe early days, 
share .prices tended io he ,wol> 7 
bling before, during and after 
his speeches. Even how, the 
instant reaction in the City as - 
of ten as not is a swifit .thumbs 
down. But the atmosphere -is 
much more relaxed than it, used 
to be. 

As : .an' iIlijsti^{ra T :; .the" , :5?T ■ 
Industrial Index >as been steady 
to firm In the month leading tip 
to all of tbe past half dozen 
packages. The same has Semi 
i true in tbe past four- weeks, if 
Che market is going to follow 
the pattern set in r es p o nse to 
Mr. Healey’s major budget state- 
ments (as opposed: . to' his 
minis," autumn specials, and 
the rest), then -the Index could, 
go up to-day, down over the' next 
week — and m a hicwtii’s feue, 
it will ail have been forgotten. 
Unless, of course, the Chancellor 
has ' something special'. in. mind 
I Eor his 13th . . . ■ 


Index feH 3.8 to 4633 



Glaxo 


Bonn summit on economic 
growth fixed for July 


BONN, April 10. 


BY JONATHAN CARR 

LEADERS of seven major non- munity countries — in Bremen, at rate of 4.5 per cent proposed at 
Communist industrialised nations which preparations for the Bonn the European Community meet- 
will meet in Bonn on July 16 talks will be a key issue. mg for tbe middle of next year, 

and 17 to seek ways of promot- The. announcement noted that compared with the 1.9 per cent, 
ing economic growth through co- tbe world faced serious economic achieved last year, 
ordi Dated action. problems which should not be In bis report on the Copen- 

The exact date and manifold treated in isolation. These were bagen summit. Mr, Callagnan 
tooiS For discusrion were the achievement of faster, world- emphasised tbe development of 

nffiriallv disclosed in an w »de economic growth, with a common Community strategy. 

•iSSnLnent Sued here further progress to reduce irifla- but was notably cool on the 

announcement issued here ^ % n * rsy Trade. ^er- initiative from Mr. Roy Jenkins 

~f m . national monetary questions and for greater use to be made of 

The gathering will bring to- co-operation between the the EEC unit of account in 

gether -leaders or the U.S., developed and developing world settlements between member 

Canada, Japan, West Germany, wou id feature in the talks. central banks, and an extension 
Britain, France and Italy, at the Rj c bard Evans, Lobby Editor, of Common Market facilities to 
invitation of Chancellor Helmut UT jtes: The British Government's allow stabilisation of currencies. 
Schmidt. view is that introduction of any Mr. 9 a V a ^^ an reminded MPs 

It has also been agreed that part of the co-ordinated economic thal Britain was now the second 

the chairman of the European package need not wait until the largest net contributor to EEC 

Community Council of Ministers July summit. funds after west Germany and 

and Mr.. Roy Jenkins, the presi- Any reflationary measures con- this was not a satisfactory posi- 
dent of the Brussels Commission, tained in to-day's Budget will be llon : Particular, tiie Common 

will take part in those sessions regarded by Ministers as part of Agricultural Policy was neither in 
devoted to problems of Com- the Government’s efforts to aid “J® Interests of Britain nor of 
munity interest. The possibility the recovery of world trade. Community as a whole and 

of such participation has brought In the Commons, MPs were sriDUia oe reformed, 
objections in the past, notably clearly sceptical at the growth Parliament. Page 12 

from France. ' 


Contractors 


It is building a 200,000 
tonnes-a-year nitric aqld plant, 
bringing total capacity up to 
some 470,000 tonnes a year, 
along with a 250,000 tonnes-a- 
year ammonium nitrate plant, 
whicb will boost ammonium 
nitrate capacity at Ince to 
570,000 tonnes-a-year. 

Work on the new unit should 
begin in the autumn and the 
main contractors will be 
appointed soon. Also included 
in Ihe project is a fertiliser 
packing plant and new effluent 
units for treating discharge 
into the Manchester Ship 
Canal. 

Mr. Anthony van Kleef. UKF 
managing director In (he UJu 
said yesterday that the time 
was right to build up produc- 
tion capacity to meet growing 
demand. Nitrogen fertilisers 
are the main, growth seder of 
the industry in the U.1L, 
because of their increasing 
intensive use on grasslands. 


Glaxo was expected to suffer 
from the rise In -sterling during 
the' Anal months of 1977 but in 
the event a nominal advance in 
pre-tax profits to £40.3 m. was 
disappointing and the shares 
slipped 12p to a new 1978 low 
of 515p. where they continue to 
be held back by a yield of only 
3 per cent 

The rising pound depressed 
overseas subsidiaries’ profits by 
£3.5 ul and probably knocked 
£2m., or so, off UJC export 
profits since margins were 
under pressure Fortunately, 
Glaxo still had aij its 1975 rights 
Issue money salted away in. the 
gilt-edged market and profits 
from this source transformed a 
7 per cent decline In trading 
profits into a 2 per cent, increase 
at the pre-tax level. .Given that 
sterling has been sliding down- 
hill since the turn of the year 
Glaxo should be able to recoup 
some of its exchange rate 
losses in the second half and 
full-year profits of £90m.-£95m. 
look possible. - 1 
However, exchange rate 
movements apart Glaxo ’s under- 
lying trading performance has 
not been particularly impressive 
in its first half. Overseas sales 
were 3 per cent, higher and as 
there were no price increases, 
this reflected straight volume 
gains. Meaowhile U.K. sales 


(aside from the Vestric pharma- 
ceutical wholesaling side) rose 
by 7 per cenL and again there 
were no notable price increases. 
Since the -turn of the year Glaxo 
has increased its- U.K- prices and 
this couid .add £5 dl, -say, to 
profits in a full year. 

Overseas Glaxo has found 
trading conditions difficult in 
its South American -and Middle 
Eastern markets’ but' Europe 
appears to have held up well. 
However, the real interest now 
lies in Glaxo’s ambitions In tbe 
all-important U.S. market wbieh 
accounts for around a quarter 
of free world pharmaceutical 
sales. Last November’s acquisi- 
tion of Meyer Laboratories was 
smaller than expected — -given 
the length of time Glaxo has 
been looking— and the company 
still has to prove that it can 
establish itself ixi this mar ket 

The other question surrounds 
Glaxo’s new products. It intro- 
duced Traodate, an anti-byper- 
tensive preparation, in the U.K 
a year, ago and Cefurmdme (an 
antibiotic) this year. With. many 
of Glaxo’s established products 
moving, into a more mature 
growth phase it is still unclear 
whether the new products are 
goiug to. be major successes. 
Although it is spending £20m. a 
year on R .and D this only 
accounts for 5.7; per cent of 
sales compared with a figure of 
8 per cent, plus for the big UJS. 
pharmaceutical companies. 


Inflation 

Industry has been relaxing 
for many months now in a very 
comfortable financial climate, 
but the sharp upturn in the 
index of wholesale input prices 


in March— the rise was in# 

2 per cent after 
monthly decUnes— -carries IS- : 
it a hint o£ greater 
pressures in the months' 
Falling raw'iha^nfial-pfj/ 
to- the strength of 
the weakness of was 
modity markets^ ^rop 
enced the cash .flori 
pany sector lastly* 
Industrial and comspei 
panies staying in-j^ad 
dal surplus in thif'Sm 
on a seasonally a d few* 

That made a surp3ae?t 
for the second 
dramatic, improves^ 
near £2bh: deficit, 
January-June. ■ 

This change wasi&c: 
the drop in stock. ^ 
from £2.45bn, td : 
fil.lbn. between the i 
years, a developmed 
contributed to the.pqof 
reported company a&g 
of course, did no hash 
profitability. Aceoi 
official statistics, 
of industrial and 
companies, net of stoci 
ciatfon, rose by more-tis 
between the first half: 
second, although, the ptf 
bad ebbed away by fj 
quarter, of the.yean : t 

The position now is 1$ 
sterling nearly 5 
lower on a trade-weight 
than at the end of De 
higher raw material cfl 
beginning to have an-1 
upon company finances.’! 
take a number of month 
ever, before these cost ini 
travel through the mantf 
ing pipeline; output prtj 
still behaving satisfactorij 
a rise of only about j 
in .March. 

As for retail prices, 
except an improbable si 
indirect tax increases fro| 
Chancellor to-day— can no^ 
the year-on-year growth cm 
RH from easing to around \ 
cent by the time of the Mq 
June calculations, and holl 
that level through the sum^ 
Beyond that however, prospj 
are worsening. A good deal 
the recent weakness of sterj 
is likely to be feeding throt 
to retail prices by the end 
the year, and the money sup 
has been buoyant enou 
recently to finance a renew 
acceleration of inflation. Ecoi 
mists in the City are now ta 
ing of 9 per cent, inflation 
December, and a return 
double digit levels early 
1979. 


‘COMPUTERS 


EAT MONEY* 


The meeting will be the fourth 
of its kind, folio win j gateerin^s 
in RambouilleL Puerto Rico and 
London lust year. It will come 
less than a fortnight after a 
meeting of the European Council 
— leaders of the European Com- 


Owen and Vance to urge 
talks with Nkomo 


Weather 


U.K. TO-DAY 


COLD, night frost and snow 
showers.' 

London, 5.E. and Southern Eng- 
land, E. Anglia, the Midlands. 

Night frost and snow showers. 
Sunny intervals. Wind fresh. 
Max. 5C (41FJ. 

England. N.W. England. 


East 


BUSINESS CENTRES 


Amsirtlm. 

Atbims 

Bahrain 

Barcelona 

Belfast' 


Mld-daj | 

“C *F| 

R & 43 Madrid f 

F 17 ® Mandwr. F 

S 33 81 Melbourne R 


14 57 
“ 3fl 


Milan 
Montreal 


Y'daj 
MfiMay 
"C -F 
11 5 2 
0 32 
IX M 
M 57 
-5 U 


Lakes, Northern and N.E. Eng- 
land 

Night frost. Snow showers- 
Sunny intervals and fresh wind 
Max. 3C (37F). 

S-W. England,. S. Wales 
Sunny intervals, becoming 
cloudy with rain, sleet or snow. 
Wind fresh. Max. 7C (45F). 

N. Wales, Isle of Man, S.W. 

Scotland, N- Ireland 
Cloudy with rain, degt or 
snow.' Wind moderate or fresh. 
Max. 3C (37F). 

Outlook: Cold, frosty and 

cloudy, with some winlry 
showers. 


HOLIDAY RESORTS 


Belgrade S 

u 

37 

MOSCOW 

F 

G 

43 



Vdas l 


Y’riav 

Rfrltn S 

16 

6L 

Munich 

C 

14 

n7 


Mid -da v 

MUI-dnv 

Bimizhm. Sn— 1 

30 

Newcastle 

F 

2 

'Jti 



"C 

"Fj 


*C 

•K 

Bristol C 

3 

ai.Ni-w York 

S 

14 

57 

Ajaccio 

s 

15 

SB; Jersey 



39 

Rruusvls C 

7 

« : Oslo 

R 

.1 

37 

Al&icri . . 

F , 

. 19 

■ Plrnst-S- 

■ M 

- 

F.qdaposi S 

14 

37' 

ram 

r. 

n 

4S 

BiarnU 

R 

P 

4B Locarno 

R 

10 

j(l 

R. Aires s 

'fi 

«l 

;Ponh 

i: 

18 

« 

Blackpool 

-F 

J 

rfl ; Majorca 

F 

17 

A3 

Cairn ' S 

38’ 

8=: 

Prague 

s 

13 

59. DordeKiix 

c 

11 

i2‘ Malaga 

S 

19 

44 

Cardiff 'F 

.1 

77ine}KjaviK 

c 

3 

41 

Casblnm: 

7 

17 

H Walla 

s 

17 

A3 

Chicago R 

IS 

fii-iiuo dn J’o S 

W 

ss 

Cape Jn. 

C 

13 

16 Ndtrnht 

c 

2D 

fiS 

Colonne - C 

ID 


Rome 

r 

IS 

81 

Corfu 

r 

IS 

59 .Naples 

V 

14 

57 

GotiiHiagii- S 

8 

«| 

Singapore 

S 

31 

88 

Duhnmilk 

s 

14 

57 Niw 

F 

13 

59 

Edlnborgii.F 

; 

37 |SiockHolm 

F 

to 

5a 

Faro . 

R 

13 

■15 1 Nicosia 

f 

11 

86 

Frankfurt c 

11 

SI Sira so re- 

C 

11 

53 

Florence 

C 

12 

14 "Oporto 

c 

12 

it 

Geneva S . 

13 

rilSsdney 

5 

=6 

78 

G't.raliar 

F 

IP. 

81 • Rhodes 

s 

is 

E4 

Glasgow F 

' 3 

37 Tehran 

C 

SB 

78- Guernsey 

F 

5 

41 1 Salzh nr? 

F 

15 

59 

Helsinki , c 

« 

43 Tokyo 

C 

IS 

fil 

innabrnrii. 

c 

IS 

3S [Tangier 

C 

16 

61 

H. Kong c 

SI 

70 {Toronto 

c 

4_ 

*» 

Inverness 

T 

1 

■■MlTerwrire 

r 

In 

70 

.In' boni ' R 

IK 

72 1 Vienna 

s 

15 

59 

is. of Man Sn 

I 

■74 i Valencia 

a 

18 

81 

T.isbffir ' Ft 


4Si 

Warsaw 

s 

rt 

54 

isannul 

s 

10 

50 Venice 

C 

12 

.74 

lilgsnjii 

London F 

8 

a Zurich 

c 

10 

30 

S— fiamy. 

F— Fair, c— Cloudy. 

R — Rain 

Lmiemins- k- 

I 

41 i 







Sn— Snow. 



1 


BY TONY HAWKINS 


SALISBURY. April 10. 


DR. DAVID OWEN, Foreign 
Secretary, and Mr. Cyrus Vance, 
U.S. Secretary of State, are ex- 
pected to visit Rhodesia next 
week to try to persuade the 
Rhodesian Government to take 
part in talks with the Patriotic 
Front. 

Dr. Oweu and Mr. Vance are 
expected here on Monday after 
talks in Dar es Salaam this week- 
end with Mr. Joshua Nkomo and 
Mr. Robert Mugabe, Patriotic 
Front leaders. 

While their proposed visit has 
been welcomed here, there seems 
little chance that Dr. Owen and 
Mr. Vance will persuade the four- 
man Executive Council either to 
participate in the proposed con- 
ference or to abandon the inter- 
nal settlement agreement. 

The council — composed of 
Mr. Ian Smith, Bishop Muzorewa, 
the Rev. Sithole and Chief 
Chiraii "■=“ said tonight that its 
most important task was to pro- 
ceed with the full implemen- 
tation of the Salisbury agree- 
ment. “ it is Therefore not in 
favour of reopening negotiations 
through the proposed all-party 
conference.” 

The statement foMowed four . 
hours of talks to-day between 
Mr. John Graham, ' Britain's 
envoy, and Mr. Steven Low. of 
the U.S., and the deputy leaders 


of the four parties in the Rho- 
desian Government. 

it was emphasised that it was 
the black leaders in particular 
who hud dug in their toes on 
the question of reopening talks. 

The three black parties are 
reported to be most reluctant to 
see any big changes in the March 
3 agreement, although they have 
said on several occasions that 
they are willing to alter the 
transitional structure in such a 
way as to bring in Mr. Nkomo 
and Mr. Mugabe — if the latter 
agree to a ceasefire and to coo- 
lest free elections at the end of 
this year. 

The transitional government is 
believed to favour the proposed 
Owen-Vance visit because this 
would give the two western 


Mersey dock 
near surplus 


PRODUCTIVITY is improving at I 
ihe specialised coniainer termi- 
nal in the £50m. Royal Sea forth 
Dock, at Crosby, on tbe Mersey, 
due to faster movement between 
storage areas and the quays. 

A £lm- trading loss in 1976 at 
Royal Seaforth was reduced to 
£100.000 last year and the Mersey 
Docks and Harbour Company 
aims for a 1978 surplus. 


'Ours only eat work* 
say KIENZLE 


High Speed Invoicing, Sales/ Pur chase 
and Nominal Ledgers, Payroll, 
Automatic Stock Control, 
Management Figures. 


Continued from Page 1 

Costs rise 


All so simple on the 

KIENZLE 


around 81 per cent, for the last , 
four months, the lowest level 
since 1973. This trend is in line 
with the evidence of price rises 
notified to tbe Price Commis- 
sion. 

There is still, however, a wide 
gap between the 4| per cent, fail 
in industry's raw material costs 
in the last 12 months and the 
IIS per cenL rise in its output 
prices in this period. Higher 
labour costs explain some of the 
difference, though industry has 
also been attempting to widen 
its profit margins. 

Tbe increase in prices charged I 



Office Computer 
Are you making a meal of your 
accounts! Are you late with invoicing, 
statements and monthly summaries? - 
Remember - increase the staff and 
you increase the overheads. 

More problems, more costs to nibble 

at the profits! ^ 

Kienzle have the answer J “ package. The system is developed to sint-yoar 

Switch over now to the Kim:h 2000 Office Computer, company and actuaf programmes are demonstrated 
TUiN »ir con mined, desk size model eats worik.Tt will to you before youpface your order! 


I J J ■ I liUV IIIVI VHUV !U l Ivvu LUU I j-C-U 

leaders an opportunity to discuss jjj y manufacturing coni- 

in .detail the Salisbury agree - 1 pan j e5 was limited lo only 1 per 
ment which, it »s felt here, they C eni. in March, partly because 
have made no great effort lo| 0 f i ower prices For tea. This 
understand. index has increased by U per 

In particular, it is felt that— cent j n t jj e i ast three months, 
as apparently was the case to-da.v ^ r < se jn thg rosI of materials 
•—the white politicians m Sans- bought by food manufacturing 
bury will seize the opportunity companies was also below average 
to allow black Nationalist leaders a t j per cent, last month as higher 
to make the running and express prices Tor cocoa, oils and oilseeds 
their viewpoints in the hope that were partially offset by lower 
this might convince Loudon and prices for coffee. 

Washington that the 'moderate Outside the food sector, manu- 
Nafionalist leaders ate genuinely factoring raw material costs In- 
satisfied with the deal and creased by 2 i per cent. last month, 
anxious to make it work and largely reflecting the fall ui 
achieve majority rule by the sterling. Prices charged by non- 
end Of the year. food companies rose by j per cent 


Thi* MilfconUiincd, desk size model eats wodf.Tl will 
earn its keep and help keep you solvent. Yours could 
be running in your office two months from today! 
Low cost Kienzle - under £10,000 
At £55 n week on rental this Kienzle costs less than a 
clerk, ft takes no holidays,' doesn't need lunch or 
(cabrcuks, is dean, quiet, absolutely trustworthy and 
has no relations to bury during Lest matches. Ifyou . 
buy. it's under £10,000. Very reasonable. 

Free Systems 

The Kienzle come* complete with your program - 


Easy to use ... 

We'll train your present staff how to push the keys 
and make it work. 


Kienzle Data Systems, 224 Bath Rd„ Slough SLMDS 
Tel Slough 33355 Telex 948S35 KIENZLG' 


KIENZLE 



NOW 30% FASTER! 



See for yourself , 

Visit some Kienzle users in your area. Ask 
questions, get aniwers-allwiihout obligation. 
Read the Menu! . 

Get yoor teeth into our brochures, they 
ore full of nourishing facts, ideas and 
seasoned experience. Call us now J 
or send in the coupon. JV 

■Jr 


Branches also at 
Birmingham* Bristol. 

BurySt- Edmunds, Manchester. 
Tonbridge. Washington, 
and Dublin. 


Reaimemt at rite Post otfka.' Printed W Sl Cement's Peens tot aad-etftogwt . 
be ihe Financial Time# Ltd., Bracken House, Cannon Street,- London BCfF < BV. ■ 
V “ . - O’Tlle Financial Times. Uifc. .»». 









r-' y