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. No.; 27,533 

Thursday April 13 1978 



V- " 





b peace-keeping forces 
erdly bombarded a Beirut 
" :•• tetlan saboib adjacent to a 
vienrdirfrict where Right and 
" . twingr ' factioas have been 
'. "‘iiog fiw'ftwr days. Shelling 
•r ' racket ire -intensified after 
_.- ;• Y.atR0U V^- •*•'•• 

».,j e Vank' and.Tocket attack by 
' ' - Syfian-doD2i»ated force killed 
• ' people -and -wounded 60 

'» •.■..retting to" Right-wing 
*-?: .’ Anates. Twelve Syrians were 
r.'-sto have .bdeiiTuUed. 

'iaeB troops built new fortifi- 
’ ons roiiad'i!h& south Lebanon 
-- 7; -age v -of Abassiyeb as 
. -i ‘ jstinian-guerillas dug road- 
- tranches two miles away. 

• Respite M Kurt Waldheim, 

T)7f - seer etary-genera I 's 

• .iaids..(5r: a :i fuU-sca!e with- 
•■: ."’waii ihere v^re no signs that 

Israefo were preparing to 

• aiAte- ibis -sector outside the 
; VJpt'JB^er r “ . 

‘-rtetj disclosed that another of 
oilers had/died in a clash on 
■ r - Owesrem. sector of the front 
• : flr$t of. 600 Nepalese troops, 

’• si - « ard ...ta join the UN force, 
-..--'red in Israel, Earlier story, 

- 3rite Rhodesian 
Ministers picked 

■;. ..'J^pklfcng Monday’s visit- by 
I r^syid pwen. Foreign Secre- 
"^Ipd-Mr. Cyrus Vance. U.S.- 
'■ • -J ’ : pary of State, Mr. Ian Smith 
the nine white Ministers 
.'. Jtne to he paired with black 
.• ,-^pialists in Rhodesia's tran- 
^ -rhal Government. The whites, 
"From Mr. Smith’s' former 
•toet, complete -the .Govero- 

• i Mr.. Desmond' tardner- 

• '• a hardliner, and a lormer. 

• 7-dee. Minister 'was:; not in-- 

'■eii, Meanwhile 461 political 
- . -fiwes aTfe to be released to 

new low 

• FURTHER weakening of the 
Canadian dollar resulted in a 
record low in terms of the UlS. 
dollar to 87.301 UJS. easts., 
compared with Tuesday’s eTose 



Bonn summit could allow the Government to placate the Liberals 

Ministers hint at new 

, , T . tumble amid 

package in July market fears 


l WJJ^SOHD J-f M Aj 

of 87.53{ u.S. cents. This was 
in spite of what was seen as a 
fairly restrained Budget earlier 
this week. 

9 STERLING opened stronger 
and reached $LS86ti befiire slip- 
ping to close at $L87B0, aloss 
of 20 points. Its trade-weirded 
index was unchanged at 62.2. 
Dollar's trade-weighted depreci- 
ation narrowed to 6.17 (6,27) 
per cent. 

• GOLD lost $i to dose at 
S179.372. - 

• EQUITY leaders encountered 
selling in- an unwitting market 
FT 30-Sbare Index dosed at 
460JS, down 10.2. 

• GILTS- recorded losses . ex- 

tending: to li. Government 
Securities. Index fell 9.85 to 
72.75. - ; _ . .. H ■' 

• WALL STREET was dpwn< 
0.69 at' 769:^3 near the close. * . 

THE PROSPECT of another eco- 
nomic package after the world 
summit in Bonn in mid-July was 
held out cautiously to MPs yes- 
terday by senior economic 
Ministers at Westminster. 

Labour MPs. puzzled at how 
the Government can meet the 
increasing challenge to the 
Budget strategy being presented 
by the Liberals, believe that a 
mini-budget later in the session 
could provide the necessary 

U the Government’s hopes on 
an agreed package of measures 
to stimulate world trade are 
realised by the summit on July 
16 and 17. Ministers believe it 
might be possible to meet Lib- 
eral demands for further sub- 
stantial cuts in income tax. 

The scope for a further stimu- 
lus to the economy looks ex- 
tremely limited in view of the 
already tight borrowing and 
monetary constraints, unless 
there is a major revision of the 
forecasts published on Tuesday. 

Some City analysts yesterday 
recognised that the Government's 
borrowing estimates aright be too 
hi B h. as in the last two years. 
They argued thata any leeway 
would probably be very much 

less than in 1977-78. and that the 
position might not become clear 
until the lale summer. 

Even a more optimistic 
Treasury projection based on an 
international agreement to boost 
the growth of world trade would 


Other posl-Budget news and 
reaction, Page 10 : first day of 
the Commons debate on the 
Budget. Page 11;- Editorial 
comment. Page 22; Economic 
Viewpoint, Page 23; $&50m. 
New York bond. Page 30; Lex 
and TXJC economic commit- 
tee meeting. Back Page 

leave public sector borrowing un- 
changed in 1978-79. 

Moreover, dropping the borrow- 
ing ceiling agreed with the 'mer- 
nationaJ Monetary Fond would 
make no difference to the scope 
available since the monetary 
constraint would remain. 

Consequently, the references 
to a fresh package in July were 
seen in Whitebait last night as 
being mainly aimed at dealing 

with the Parliament a rr position 
posed by the Liberal challenge, 
rather than implying any major 
new stimulus. 

Any proposals in July could 
be similar to -those introduced 
at the same time list year when 
Commons defeats on the Finance 
Bill Committee stage forced the 
Government to change the 
balance of its tax measures 
hut resulted in only small-scale 
new stimulus to the economy. 

The Liberal challenge became 
apparent is a Commons speech 
yesterday by Mr. David Steel, 
the party's leader, who accused 
the Government of losing its 
nerve and of failing to live up 
to the terms of the Lib-Lab pact, 
which had stressed the necessity 
of reducing the burden of tax on 

Mr. Steel said lhat during the 
Passage of the Finance Bill in 
the summer, the Liberals would 
support moves either to reduce 
the standard rate of income tax 
now at 34p, or to widen the new 
lower rate band introduced in 
the Budget. 

Either move could prove ex- 
tremely costly in revenue loss to 
the Exchequer. 

The stage is now set for a con- 
frontation between the Govern- 
ment and the Liberals. Last year, 
the 13 Liberals forced Mr. Healey 
to abandon bis proposal to 
increase petrol duty by 5p a 

The Liberals are now doing 
detailed costings of amendments 
they propose to table to the 
Finance Bill, and the signs are 
that they are divided on tactics. 

Mr. Steel’s inclination is to 
push for a widening of the lower 
rate band to take in substantially 
more workers, but Mr. Cyril 
Smith and some others favour 
the psychological impact of lp or 
more off the standard rate tax. 

The hints of further economic 
measures came first from Mr. 
Denis Healey, at a Parliamentary 
Labour Party meeting to discuss 
the Budget 

The Chancellor, in buoyant 
mood, told MPs: *‘l hope to intro- 
duce another package and that 
it will be a nice one. This 
depends on other factors like 
employment and world trade." 

He added that the Prime 
Minister and the Government 
intended to persuade other coun- 
tries to take action which would 
Continued on Back Page 

U.S. Treasury chief rejects 
Fed call to delay tax cuts 


THE stock market fell heavily 
yesterday in an initial adverse 
reaction to the Budget. 

Investors were concerned 
about the inflationary outlook 
and the size of the Government 
borrowing requirement Both 
gill-edged stocks and share 
prices suffered from steady 

The gilt-edged market led the 
way with investors holding off 
and persistent seUing pressure 
probably tending to exaggerate 
the extent of the depression. 

Long-dated stocks were down 
by up to points at the close, 
and falls extended to 1} in late 
dealings, while short stocks 
lost up to $. 

The Financial Tunes Govern- 
ment securities index lost 0.85 
to. 72. 75. The pressure extended 
into the equity market, where 
the Financial Times Ordinary 
share index closed almost at its 
lowest of tile day at 460.2 with 
a fall or 10.2. 

The big banks have so far 
made no response to the sur- 
prise Budget Increase in the 
Bank of England’s minimum 
lending rate from 6J to 7$ per 
cent. They said yesterday that 
they would wait until condi- 
tions had settled down in 'the 
money market before deciding 
on any increase in their base 

In the money market, the 
level of short-term interest 
rates has already moved up in 
line with the new MLR. On 

yesterday’s prices for Treasury 
bills it appeared, likely that 
the Bank would he able to 
re-aetivaie the normal market- 
related formula for determin- 
ing MLR, which was suspended 
on Wednesday, at to-morrow's 
weekly bill tender. 

The pound showed an Initial 
improvement, partly reflecting 
the weakness of the UJS. dollar 
on diKappouitment over Presi- 
dent Jimmy Carter’s speech on 
anti -inflation measures. 

Later, however, sterling 
slipped back against the dollar, 
ft dosed with a loss of 20 
points at SL8760, after touch- 
ing $1.8860 earlier in the day. 
The index of the pound's value 
against a basket of currencies 
slipped to 62.2 against 62.3. 


WASHINGTON. April 12. 

Inflation on target 


. THE INFLATION rate Is on month running, the rate o£ Sn- 

CARTER Administration incentives for business and a tax enough on its own. But by economist of Salomon Brothers. 

tJu • BAfcCOCK and Wilcox is' to 
1= |ttes arfe to be released to pu j, of housebuilding-' and 

k;*; . ( - home, improvement work/ after 

. ... ■ .. heavy losses by its:.Hafdstock 

jjrodllC Hope subsidiary. Page 8 . < 

" ■san police, encouraged by the • £ IMPERIAL may puli out of 
_riies of a teenage ?ir) and the market for tobacco substi- 
thy builder from kidnappers, tutes . after the' absence in the 
r d by;to interview a wounded Budget of any measure to help 
guerilla who, they nope stimulate -tiaggin gsales of these 
-. assist their hunt for Sig. brands. Page 10 
■'••-O'. Morn, the former Prune 

■%ter. : 'In '-Buenos Aires, the • NATIONAL Enterprise Board 
. .riBjaero guerilla group bought a 28 per cent, holding in 
■-' teed.: responsibility for The Computer and Systems Engineer- 
'-?iar o£ Sr. Miguel Padilla, an jn gl a smaD company which 
."^nemy- -. Ministry under- makes and markets comm uni ca- 

'.^lary. West Berlin guerilla tions and electronic equipment 
'~U»3igfr2 Page 9 

• NATIONAL Enterprise Board 
bought a 28 per cent, holding in 
Computer and Systems Engineer- 
ing, a small company which 
makes and markets communica- 
tions and electronic equipment 
Page 9 , 

''teds gas blast 

>Be£r8 experts were last night 
etfigating the cause of an 
itisidh. winch ripped through 
■Rutland Hotel, a Leeds City, 
tee : pub, injuring 24 people 
lunchtime^ Eight people, in- 
ding:" a Gas Board service 
pneer^whd'was investigating 
»k, wore detained in hospital 
sr the blast . 


res : Britons - were helping 
&OBis ^officers-: .with inquiries 
lowing the seizure of £208,000 
rth of cocaine at Heathrow 
■pprL . ; ; . 

/indscafe inquest 

young. seieptlst-' died at the 
ndscafei _ atomic plant in 
mbiia after "sniffing laughing 
* - * Whitehaven -inquest was 
d- A jury decided that he had 
laled- it '"for Jacks." •" 

■* - <e people died wheD a coach 
.- 'Tying; more than 50 elderly 
?ple . overturned . ai Haworth, 
2stYorksbire.r / 

V ,' investigating the 
- '"^n.-Smtt affair: interviewed 
•. George Deakin, a 35-year-oM 

sfnesstuan,- who . left Bristol 
. headquarters after less 

in two; hours;. -. 

jreh JfoispfcZjV 47. the Sunday 
- pes reporter Who has described 
. " ^ ite-Jielpetl-hix critically ill 
• - i®'~R:nersefCia to be inter- 
3wed-by th© police about her 

• GOVERNMENT has negotiated 

tight terms in its planned AAA- 
rated ' 8350m. New York bond 
offering. Yield on the seven-year 
tranche is expected to be S.375 
per cent, and S.S75 per cent on 
the 15-year. Even no, Jt appears 
to be paying about half a point, 
more than a U.S. AAA borrower j 
such as General Electric. Page 30; j 
Lex j 

Plowden hits 
White Pajper 

• Recent White Paper on the 
structure of the electricity sup- 
ply industry was strongly criti- 
cised by Lord Plowden, chairman 
of the committee which produced 
a report more than two years 
ago. Back Page; Editorial com- 
ment, Page 22 

• TOYOTA and Nissan said that 
motor vehicle production and 
exports in the year ended March 
31 rose to all-time highs. Page « 

• CITICORP wants to make a 
Yen-denominated bond issue on 
the Tokyo capital markets pos- 
sibly as large as Y25bu. (about 
£60m.). Back; Page 21 


• GUARDIAN Royal Exchange 
Assurance pre-tax profit was 
£58.Sm. (£81.1m.L Page 24 

• CARPETS International pre- 
tax profit was £L32m« (£2.39m.). 
Page 24 

• THORN Electrical is buying 

two U.S. companies at a cost of 
£6.6m. Page 28 j 

l wtl liderai, Reserve Board, that sress but Congressman Al the certainty that it would get circumstances. saia yesternay. mis was aespue oasis, in January, roe inaex was 

it- should delay its new tax cut Ullmann. the chairman of the fresh incentives to expand. r allure to act on this has left the fact that the ComnmsKm s' showing an increase of 5.9 per 

proposals as part of the fight House Ways and Means Commit- However, the Secretary warned many on Wall Street as con- own index of price rises not*-- cent. This increased to 7.3 per 

agditist - inflation announced tee, assured Mr. Carter today that that the administration still vmced os they .were before the fled t0 j t showed a small in- cent In February, and in March 

yesterday by the President. that hi s committee would have wants Congress to Pass the re- speech that the President has month. was up again to 7.5 per cent 

- Mr. Miller said this morning o0 lt by tbe end of ^ “f Sll aflow roro illiut" war oS inflatioi ” Mr. Charles WUliams. the The increase Is due largely to 

that in spite of the President's next wwk. . tix f ur busmess lunches ^Reaction in^ Boardrooms Commission’s chairman, said the the way six-month moving aver- 

rtSf *?%£hn h? e w ^ S ^n ^Pr^eSerdav^toaUhe admito are expected to raise appeared more favourable. Mr. underlying trend in the index ages are calculated. The level 

w?5 3StoT?d1rt ' nn?want to Stifle the some S®h n - in new revenue if Thomas Murphy, president of remained stable and that, on the of notifications was exception- 

3 d 1V ’ OT-TraoItfM i adapted. General Motors commended the ba sS s of tbe evidence available, ally low last August and Sep- 

toohigk SEX and Mr Bh?menuISl He said thal Mr. Carter would President for bis speech and be w . ou]d ^pert ^at Mr. tember. immediately after the 

FrfVrafiendig^ «"»«! '»» iSSeSW Z S™llT?i. “ SSS“ to WS frtl« b J met “bv’ tte “ nlI0,S 

the Administration’s tax reform He also underlined the promise need for voluntary restraint in deceleration of costs and prices nat * Dn r *t e “ De uiet Dy roe uuieu. 

plan which is scheduled to go Mr. Carter made yesterday to use keeping down wage and price in line with tbe President's pro- summer. . . 

into effect, for the mosr part, on bis veto power to ensure that the increases. The initial reaction to gramme.” The Commission's index Is 

October 1. Budget deficit does not creep the President’s plans had been ..One immediate consequence of based on price rises notified to £ in New York 

But Mr. Michael Blumenthal, above SBObn. He said that the favourable, hut this reception the decision not to cut the deficit jt by Britain’s larger companies. 1 | ’ J * 

Treasury Secretary, rejected this administration remained deter- WSjS accompanied -by. a consider- is that much of the front line ^ usuaJlv gives about three ■*“ i April I* ( FrenVuw 

suggestion later and said that mined to reduce the deficit signi able degree of scepticism about work in the fight against infla- mon ths’ advance wamine of I 

the $24.5bn. net .tax cut . was fi-cantiy in coming years. the Administration's ability to Jon vnll have to be done by Mr. movement s in the Retail Price s p°* si.esio4&o | »L87«7 -kw 

essential particularly because it Mr. Blumenrhal said the pre- make much of a dent in the Miller, who has repeatedly noted ,u c * VBUU1 inmoth j Q-0MW.-o.wpm OMOJ&pnm, 

would encourage industry to sent situation is not comparable inflation statistics. that the Fed cannot on its own ■ u, ” ex * - 9-S* Jr 5*2 : 'flu's *’* 

invest In new plant and equip- to that of a year ago when the The belief that the Adrainis- make much impact on inflation. ut March, tor the second 

meat at a point in the economic administration summarily with- trafion must move to reduce the[“ _ ____ _____ 

cycle when the current recovery drew a S50 a person tax rebate Budget deficit is now widely OU A DET DC/'IOTD ATIHM 

could be in danger of running when it appeared that the held on Wall Sheet and else- OlirMiC- ltUlVjllO I r\r\I IwIM 

out of steam. economy no longer neded It where and was reflected in com- m 

The tax package, which is a At that time, he said, the ment about Mr. Carter's speech, 
mixture of tax reform, new economy was growing well Mr. Henry Kaufman, the chief 

£660m. nuclear deal for France 


is it tumvigyoiff business 
into an archive? 


WEST GERMANY has opted to 
have its spent nuclear fuel in 
the early 1980s reprocessed in 
France, This significantly 
increases France’s lead over 
Britain in the reprocessing 

The flea I. which is worth about 
£660m., is the largest of its kind. 
Tt comes as Britain's plans for 
nuclear fuel reprocessing at 
Windscale are awaiting final 
clearance after approval by 
Parliament last month. 

The CEA French nuclear 
energy' commission announced 
to-day that it had concluded a' 
contract worth DM2.5bn. with a 
consortium of West German 
electricity companies. 

Under the contract 1,705 
tonnes of spent fuel from West 
German nuclear reactors— the 
total expected between 1980 and 
1184 — will be reprocessed by 
tbe GEA's nuclear fuel sub- 
sidiary, Compagnie Generate 

des Matieres Nucleaires 
(CQGEMA), at La Hague near 
Cherbourg on tbe Normandy 
coast. Cogema is tbe French 
equivalent of British Nuclear 
Fuels and its only direct com- 
petitor for export contracts. 

The West German contract 
covers a five-year period and is 
likely to end in 1990, when West 
Germany expects to have its own 
nuclear reprocessing facilities. 

The deal is not considered to 
be connected with the row over 
U.S. supplies of enriched uran- 
ium to Europe, in which France 
is opposing the U.S. proposal to 
renegotiate terms. 

But in the context of U.S: 
opposition to the spread of 
nuclear reprocessing technology, 
the deal might cause friction, 
since the fuel to be reprocessed 
was enriched in the U.S. 

The deal will give France the 
necessary impetus to expand its 
La Hague reprocessing plant. 

PARIS, April 12. 

The twn units In use are ex- 
pected to be fully extended in 
the mid-1980s. A third unit is 
planned for completion in 1BS5 
This extra unit with a capacity 
of SQO tonnes a year to be ex- 
panded to l.fiOO tonnes, is ex- 
pected to he reserved for export 

Last autumn France con- 
tracted to reprocess 1,600 tonnes 
of fuel for Japan In a deal worth 
about Frs.3bn. (£360m.) and 
representing half of Japan's 
overseas reprocessing needs. 
Japan has been negotiating with 
Britain for the remainder of its 
reprocessing needs. A contract 
is expected to be concluded when 
the Windscale project gets past 
final Parliamentary procedures 
next month. 

Japan approached Britain with 
a view to all its spent nuclear 
fuel being reprocessed in the 
U.K., but British capacity was 
too small. 


#>’ r 


Wees in penteunless otherWise Danish Bacon A ? 

- - Distillers J 

1 ' ^Kve - Finlan (J-> J* _ L 

*&■ . -146 + 17 SEC gjj - f, 

^Holdings ......... 114 + 7 Glaxo — 79 — 5 

& i l % : U 

; • ■ Scf 

a®. wpcasii^.jioej - s jg*g„ S-» 

S' ter-r-S : l g»-' S z U 

- 14 Od Exploration 

fejmss-gj : ? SfrikaSder uase ... Ig = 

i - 1 ! ^ 

gmty fE;l : . .......... -146 + 17 

^ -Holdings ......... ii4 + 7 

imrose 95 + 7 

ne Parig-.y .;:-..,....- 139 + 6 

irtnte-. 75 + 4 

90 + 20 

European news 2-3 

American news 6 

Overseas news 4 

World trade news. 7 

Home news— general 8-9 

— labour 12 

—Parliament ... 11 

GKN-Saebs: Implications 
for motor components ... 22 
A Chancellor too busy to 

find a role 23 

Commonwealth Ministers: 
The -Common Fund 4 

Technical page 15 

Management page 19 

Arts page 21 

Leader page 22 

U*K. Companies 24-26, 28 

Mining 27 


West Germany: Edging 

towards security 3 

Soviet timber trade 2 

The Sbetlands all at sea ... 20 
Burmetster and Wain: A 
Danish triumph 32 

Inti. Companies 29-31 

Euromarkets 29,30,31 

Wall Street 33 

Foreign Exchanges 33 

Farming, raw materials ... 39 
UJL slock market ............ 40 

Why Mr. Healey turned to 
New Vork 30 


The Borders Region ... 16 & 17 

- ' . . •-"•."FALLS: ' 

' ms. - S, 

Cheq.T3tpei91W..J105k - U 

it Loanilpe. ■ £35 — 

frfrov A - 79 r- 5 

Breweries ... 85 -r 4 

U* scd. Dairies '„ 218 — 7 

VTs; X>fd. - 255 - 7 

310 - 6, 

,vi-; ^rneis InfcnL. 41 — 3J 

'..riKtjes' Thtbl, ^ - 8 



Bnsimcs Ad vis 


Ecwumic Imflutnrs 
Botert ainmeot Collie 

Jobs- Cat nan 


Lor ........... 



Man awl Matters ... 



ChckenbRi. & Glouc. 



Racing — 



Geo. Armltaje Sam 


suiftfins s«iety 

Church hod Co. 




Share litformatian . 


Essie Star tenre «. 




Stack Each. Report 
TMhur'e Events ...... 




Empire Stores 

Federated Land and 



TV and Radio ...... 


Abbey Nad. pids. 







E. Fogarty - 





Alliance Treat 


Guardian Reyid 


Base Lending Rotes 


Ann Find. Services 


Exchange Assur. 



Carveu Istentalnl. 


Scottish Amicable 


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When it comes to 
investing overse,s, 
one name could be 
better than two. 

in Italian 

Cl 1 

Bjr Paul Bttts 

ROUE, April 12. 

I AN URBAN guer illa charged 
! with kidnapping leading con* 
^semtfvepolitieiatt Herr Peter 
Lorenz, was excluded from his 
r- mwia trial here ' to-day after 
calling the Judge a pig. 

Half Refadere, one of six 
defendants, was taken hack to 
' his cell and told he would not 
be allowed to attend the rest 
of to-day’s hearing. Presiding 
Judge Friedrich Gens made the 

leading members of '.the Xefi- 
vdng “Second of June Move- 
ment.*’ -*■ ■ - 

The Carter Breed Group and Norton Warburg Group have 
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THERE ARE now tentative, ' ruling on the second day of the 
albeit disputed, signs 'of some re* trial after Retaders, 29, 

coveay in .Italy's industrial pro*: „ shouted at hint “Xbafre a pig." j . 

d action following the general ■ The six self-styled urban measures (mmnihdb 
decline since last spring. guerillas ' axe accused of kid- the most importai 

Despite fte latest monthly re- happing Herr - Lorenz in hearing in Germans 
port of -toe official statistics February. 1975, and murdering - hard-core - leaders 
bureau, Istat. showing a 6 per Berlin’s Chief Judge Guenter Baader-Melnhof gi 
cent decline in output in Feb- von Drenkmann in November, Jailed for. life In ! 
ruary :compafed to .the same 1OT4. They have been des- year agp. ,~ - 
month toe year before, the Bahca- .cribed by. the. prosecution as Judge GeW ovej 
Commerciale Italians (Comit) in- * - ' 

dex effectively points to a-emall r - •-.■■■ J 

jX^aS', ", per “ nL 00 WEST GERMANY AND TERROR 

J The OonRiefing figures are pro^ : -• V. ... /-. 

votdng a fierce -controversy here • rW-W . • - 

over the present state of the - ■ : ml •'* ♦ 

country’s economic performance. - ■ “ fl ■ II ■ nlli ■ m ] 

However, according to the B ■ B ■ B,Wj 

official institute for - economic .' 

affairs, Isoo, there as now the 

“premises of a fragile economic \ . BY J 

V[®ir Lorenz; duOrmaS^r 0j e 
Christian ' Democratic"" Parfv 
(CDU) in West Mfe *5 
held in a cellar for rix-d&ya 
before, being released: in 
exchange for the freedom rf 
five German radicals who were' 
flown to Sonth Yemeru v,. , 

- Yesterday^ opening session 
was Interrupted twice 
court considered defeqee objec- 
tions . to. heavy.:: 8«sinfty- 
measures surrounding fartrihL 
the most; important' gnerffta 

hearing in Germany sbce tiie ' 

■ hard-core - leaden of ty 
Baader-Melnhof group - were 
Jailed " for. lUe In $tattgarC a • 
year ago.. ~ - _v. ' . ^ . 

Judge. Gena- ^TOHcd6&?th*/ 

To: Carter Breed & Warburg Limited, 8 Queensway House, Queen Street, St, Heier, Jersey, C.l. 
Telephone: 0534 71696 Telex: 41673 
I would like to know more about your services. 

Name. — , 


WEST BCTLIN, April 12. ; 

objections, which Included edm- 
. plaints tout armed, police 
patrolled the courtroom "and 
that warders wore posted to 
eavesdrop ' on conversations 
between the defendants. . and 
their attorneys. , 

■ At the start of-' today’s 
' hearing, the Judge: rejected 
• applications from three court- 
appointed defence counsel to 
■be relieved of their duties. The 
^lawyers said they had been; 
.'unable' to prepare t&fr- case* 
. properly became their clients, 
Reinders and .Ronald FritzsCh, 

. had as&auKedthem in their. 

cells. ' \ 

More than 680 witnesses have 
been called to give evidence tn 
the trial, which is expected to 
last for more ' than' a year.. 


Herr Schleyer 

- ; . 

_ -'*• I"* 

. .*±2* ***** . - 
, 3jSfct^4 


turnaround.” The institute claims .< 

&*££££ SUSS ta A J* M0S £ r **"?*■* ** ***** «“«* on'j^faoe la Stottgart-Stammbelxa JaO and prospects In the World (W 

part imSST fa ^ rard ^ of toe band, suggest that the federal' the murder of Dr. Schleyer.' He it hardly adds up to a m2- 

penri^SvSfr ? K r - Martin .RepubMc is a repressive Society is also shown ejecting a visitor in a state of fearT TheseaS 

^Tbe recoveS^mld be further «!“• n0t 

New measures face final hurdle 

Summary of Balance Sheet as at December 31st, 1977 from accounts submitted to the 
shareholders' meeting, to be held today,. April I3ih, 1978. •• 


Du* from banks, money 
. markeL treasury bills and 
other short term assets ... 

Advances to customers 

Customers’ acceptances 

Other assets inc. accruals, 
sundry debtors — . 


Fixed assets 


FF. '000 


FF '. ’000/ 


4,880 989 

Liability for acceptances ... 

Other liabilities inc. accruals, 
sundry creditors 





Long term debt 





Reserves and retained 

h 205^68 


j 187,915 


Net profit for the year after . 
taxation - > 

^ 71,151 




Head OBIce: 45. Boulevard Haussmann, 75427 Paris. Cedes 09 

U.K. Subsidiary: Worms (UHL) Limited, 61, Queen Street, London EC4R 1AU 

consolidated to toe middle of toe 252 ?» fa ^fP c L®5S£i? catthin « tS^Ssts. afraid he might be 'accused of life which hardly emerge *; . 

year if there are no increases in Sensltrvi ^ r 10 harbouring a terrorist or Ter- political debate or, indeed, Pm.' - - 

w. Ism - 11 l0 °ks like being a cliff- argument over cer^Stsad vorlst “ svmDatUnr. 1 * commentary. v ^ . 

provoke a dro^ 3 in 114 internal Wthorily are* of cours^^^Sn The element of compassion Is But for the vast majority 

demand At 5K P time a new «*«»«**» « Gertt^pfe. there too. The Mayor of Stutt- Germans . they are what nuSfeL- 

inlSL .I 0,1 ? e E are too Tue fect }s . tbat desi^SSi^n^ gart. Dr. Manfred Rommel, is most-compared wth whichd ' - 

m a tt^Gore“^t ddl to? ning debate defending M» a«Mm to D^Sdfleyer wg 

general restocking by industry that they might undermine basic . ~ - a ^ orra ^ on * * 

and wholesalers. freedoms. But it is generally ex- - T - « it wonid be vtuie to 

'N e W measures face final huidte.;: • £^sjA£|-,v 

contmuing fall of invespnents be no further obstacle to the THE Anti-terrorism h measures Government SPD-FDP coalition might be. Over the past d.‘ 

SodSSiSS” 11 ° W rate ° f phUJt measures becomjn£ Iaw ‘ facing the final hnidl^ fa the a ^estag majori^ of^lO momfeUn particular. tnnilSfc '' 

productivity. will the West German popula- fn . 31r . m ^K . n , against the opposition CDU-CSU, articles, and^speeches haveb» '' 

818113 of f) a tion therefore feel markedly Bund ® s ^f to-day ^ but 011 occasion some SPD ae^oted to the topic.- : Sra*.- ' 

reduction in inflation currently j t seems doubtfuL Passed there m Februsry.hy 245 deputies voted against the suggest that a moral vacuum i 

increasing at a monthly rate of u D d er the new measures police votes to 244. In theojy,- ; the measures. - r the core of the consumer scad 

^h« aCC h «o 8 . 10 r receive somewhat widened pow- ~ - 1 : i : — Is .to blame. Some say that, da 

official statistics bureau. Last ers 0 f search: Further, a- glass * ' .-••• ;• .. . .. „ v pite the big turn-out at elMkunrt 1 

mouth's 1 per qpnt increase over harrier may be erected between “«rtal oiuseg. of Jmqsnu see that the three Who com- time, tbe Gennans have notS# ! 

toe previous month means that a Iawyer ^ a ja i Ied cflent sUs- German life has larg^y returned nutted suicide jat Stemmheite gvei 0 5Sl a te3y de momfr , 

toe in nation rate on an annual pecte d of terrorism to prevent to normal after the feverish received a proper burial— despite iMtincnmd that terrorism^ -il 

basis amounted to 12.5 per cent them exchanging objects (such weeks, of last September ■ and local suggestions that the bodies : Mample^^f 

as against the .oflHclai target or ^ weapons). And contact be- October. . . • - shoifld he thrown, into * sewage. asocial latitude Jta# 1 

13 per cent in the year to mid- tween them may be refused al- A reminder of ju$fc*bow far works. And there are scenes of there is.a “ fatal'tosi'^ 

Mareh last together if they are suspected of the atmosphere has changed, is scuffles - near the graveside, of ^ ^ German. character of whf# ... 

.The new minority government criminal ' collaboration. These given by a strikteg^ew -film sp®?? 1 . 0 /® hiding their faces to torwn ^ CTW is . one concrete ! 

of Sig Giulio;Andreotti has now hardly represent a- big leap foi^ currently playi^ In teafo^Ger- a *oj“ identaficafa on, .of m ounted Natation— though less has bie: : ' 
Indicated that it intends to see ward- to greater security nor, man cities. Called ^JDeritsch- Police in the background their of thls" since the spoOfo, . 

the country’s growth rate increase with all respect for the honest land Im Herbst” (“ G^raapy in uniforms - blendmg - with . the on tfl e activitieTolX ' 

by 4.5 pOr cent by the last reservations of some deputies, do Autumn ") it is a ha&ddcmnen- antu “ n colourB of the saTrwmd “ terrorist “ Rgd Brigade w in Ha{. 
quarter of \h\a year, after having they appear to mark a move back tary. half-satirical chktnide of 1Dg ,orest . - ". . • _ Whatever the trutb^-an^..'.. 

successfully brought back Italy’s towards repression. , life at the time of the^Mapping The contrast could hardly be one theory seems wholly im- 
balance of payments' on current Qj Cre he public pressure of Dr. Schleyer, put tfeether by stronger between the. events vlncing — the point is that- u- --. 

account m equilibrium. for ygj tougher action— as the some of the countrjgT leading filmed, and the normal life of debate is . now going on. IS’' 

However,- there -s still con- opposition demands' — against film producers and waters. It the cities in which the film is more . relaxed ataosifoere^ TL • 

siderable concern over the con- th 0se w ho have declared war on captures well the ofteBhysterical being shown. The packed res- mood : of Germany in SpriBg{,- 

tinuing increase in unemploy- g^efy? - A new terrorist attack and finally exhaustin® taood of taurasts and shops which always hot that of Germany in Au&4k:. . 

ment and the acute financial and wou [^ no doubt- change the pic- the time. One fllnwafter shows seem to give the lie to the And toe relatively zestzaina:' 

structural problems of several ture, but al present there is little how his private workferound to statistical fact of .the generally anti-terrorist measures no* ‘SC . 

major private, but pnncipally gj-n 0 f such pressure. The pub- a halt under the passure of reluctant German consumer, the fore the Bandesta^-whelha^V. ■ 

state sector industries. like y c has already 'been given a public events— -the Luihansa jet young queuing tn get into disco- accident or design— appear tee'll" . 

chemicals add steel. These pipb- da^c demonstration that new hijacking, the terrorim soicides iheques, the talk about German the mood; V . 

lems effectivtiy- over-shadow the, ^ themselves may, not be--. - . . L 

current and r disputed signs of a of muc h ^p. ■ Jailed terrorists- - — - — • i il 1 - 3 ■ " • ' . i.,' ‘ '&p 

possible recoVery'in outpuL’" late last year were dearly able .- •* fcjiiy; .*•' . ; 

for U’5 

documen- w** 21 * 1 * 1 eowuxs of the stum terrorist- - Red Brigade "! in.flaf. . 
pnicle of ing forest - Whatever the truth^-aiidtSI . . 

Snapping The contrast could hardly be one theory seems wholly tn 
gather by stronger between the. events vlndng — the point is that 'fli- -- 
I leading filmed, and the normal life of debate is . now going on;. 1u, ; ' 
iters. It the cities is which the film is more . relaxed atmos^ie^ TL. 
hysterical being shown. The packed res- mnod : of Germany in Sprteg ( 
tnood of taurasts and shops which always hot that of Germany in Aub^tc. 
cer shows seem to give the lie ; tp. the And toe relatively restnina:' 

K 1 to statistical fact of .the generally anti-terrorist measures now SC 
. of reluctant German consumer, the fore the Bundesta^-whethri^k. 
jftansa jet young queuing to get -into disco- accident or design— appear tell" 

L aoicides theques, the talk, about German the mood; V . 

Italy deputies 
debate freer 
abortion laws 

iatelast year were dearly able .- . 

tomaintate contact with the out- SOVIET INDUSTRY 

side world despite a, hastily-, . , . . ri , •/ 1 s .,.’7^ ' V 
.passed law .Intended to stop them ... u .■ - 

lading precisely ■ that. •' - / • 

J Since then it has emerged that I 11 

shortly after ,?r- SjJw s T Cl JU11£, 

caoture. the police received a T ,• 

ITALY’S CHAFER’ ot Deputies ^ U *h e ^spdt Serfhe 

was still discussing to-day a _BU1 t£J ftrited to 

•Since then it has emerged that 
shortly after Dr. Schleyer s 
capture, the police received a 
tip off which, had they followed 


sfti . '*£■ — s*tsa, TH ® in DE 

by n to«r*rS2S l aSiSS ‘iST OTdhxzry confusion, of compe- stripped 1 



FENING noise of bines .textile wor^jfl . 'and a model area and the third In the UrgdI 
[chines transforming of large-scale Siberian, develop- industrial region in the Far Eg 
!S into thousands of ment It alsb provides a graphic As matters stand, 20 per m 
ips Is the visitor’s example or how Soviet planners of Soviet cellulose production i 

rratotn him*k thfi nrouosed tence between local. Land and wooden chips Is the visitor’s example or how Soviet' planners, of Soviet cellulose prod 

legislation. Federal authorities. It is cur- introduction to the Bratsk wood- intend to organise exploitation of now located in Siberia. 

a motion bv the Christian nnder investigation and processing complex, where 7m.. toe Soviet Union’s rast timber large pulp mills built 

Democrats to halt all debate on the result could have political cubic metres of Siberian forest reseives-^an estimated .75b el in the Irkutsk region, where ft 

the Bill, which would give women consequences. a year' is turned into cellulose, cubic metres — now add in the -Bratsk complex is iocated,^ 

^ ■ — ■ - * — *“■ — ■** — “* * — *•— -i"- ’ **♦"«• t .. dude the Baikalsk pulp mill.o 

IsYrich In the southern shore of Uk 

the result could have political cubic metres of Siberian forest reserves-^an estimated 75b n. m the Irkutsk region, wht 

the Bill which would give women consequences. a year' is turned into cellulose, dibic metres— now ari^ . in the Bratsk complex is iocata 

the right to abortion within the The lessons - emerging arc: cardboard, turpentine, plywood future. . ‘ \ . .. dude the Baikalsk purp t 

first three mouths of pregnancy. First, that existing laws should and resin. The Soviet Union is \ rich ln toe southern shore of 

was thrown out to an alliance be properly applied before con- Hemmed in by forest and a forests but traditionary the Baikal and the Chunsky 

. i ic tn na<sdmi lna^hntiul fmm n ritntr fhn wfind-TifnrpssinF indnstrv was work in p comulp.TL A newca 

of Communists Baalists and sideratiou Is given to. passing log-choked frozen river, the woodrprecesiiing indnstry was working complex. A new ceiM 

three smaller oarties farther-reaching legislation: 1,000 hectare Bratsk complex concentrated in the Eqrepean complex;, stouter to the on* 

The Bill is now expected to be Second, that there. is much scope employs 15,000 people to ten part of toe country where ember Bratsk, is being built at 

passed by the Chamber of for better co-ordination between plants, 7 and is stocked with stocks have declined steadily. IU^ m the wtiderness «r 

L „ . .... .11.. ...*, Id IT- f.. .VI. .-J With AMnnac far t>oA tn Wk'rtnrth nf Rratet -anth the hPlT 

childbirth could seriously en- Nazi era in mind, worry about of sulphur longest such distance for any operate efficiently, - nojra 

danger a woman’s health or that constantly. Meanwhile there is The Bratsk complex is one of mass consumption material In Siberian production must, 

of the unborn child. . Reuter widespread irritation- with toe largest wood-processing com- the USSR. finite p tocreas^be cause- 

n . Cellulose and paper production Hons of cubic metres of Site 

of the unborn child. 

to Frankfurt 

and DUssddorf 

You know bur evening Airbus service to 
Frankfurt. Well, now you can fly Lufthansa 
wide-bodied jets to Frankfurt in the 
morning too, plus a flight to Dusseldorf. 
The same comfortable, wide open space 
inside; the same friendly, efficient service; 
the same short check-in times. And you 
can enjoy the same comfort and 
convenience flying home to Heathrow with 
two daily flights from Frankfurt andonefrorri 

Is a growing industry -in the timber are . still' being sffi Pftj 
Soviet Union and there has been thousands pf- ; mfles to the tej 
extensive modernisation but, des- putting a severe strain on. ^ 
pite this ' production for the five- transport.' In the last two ye*fl 
year plan period 1971-75 failed 4m. cubic metres of raw materia 
to meet ’ targets, necessitating never went into production. Vm 
costly imports. Growth fa toe of. it was consigned to fireww 
present 1976-80 plan period is because of transporation botwj 
. therefore »im<ng to relieve a necks, and the amount of tuobd 
• • deficit -CeRulase production :1s to jHling railroad warehouse 
... reach 00m. tonnes, a 34 per cent is enormous mid increasing. I 
- increase, over 1975. paper pro- estimated third of tW 
daetten is tor' reach- 5. 7 bl toimea, worlds, .timber -resource, 
an-iherease. of 14 per cent oyer Russians- are ; in a portion 
1975 jand cardboard production become jreemtoent producers 

- te toreach S.4m. tonnes, a" 31 per wood products and toppuers 

■ - twit increase over 1975. ; . these producte and. tinjbw to 

' v - Constnictfon of toe Brafsfc com- worJd ma v cet: ,, , n - 

iitex.. which b e gan in 1W8 and paper, .and - cellulose acco 

: ; j* .. still ' not completed, was esI *Be 

tatended to spur productiMLto 

_ SppuS Cl ^in t0 c 1 ^ 

- Ypulp -mills each of which has two 

production lines. The tines pro- SPfLS* 

a paper imln. Kffdboard. - ^ now, HUdepw? 

-• rayon- pulp, which Is -used for 
high quality' paper j and cord 

i.» ( 


" -v . 


j: London. 

LH 033 

11 05 


Frankfurt * 


.LH 037 




Frankfurt ; : 

"LH 030 


10 * 15 . 



LH 034 


’ 18-10 



LH 050 




Lufthansa^ wide open spaces -3 of the 
17 flights to Germany every day. 


German AirSnes 

a total, output of lm- tonnes of 
pedpra yaar or 45 per-cent of 
1977 Soviet production. - 
X 13xo Bratsk' complex avoids 
transportation: bottlenecks 

b'ecanse it is fed 1 with : wood— - 
mostly larch and pine— from a 
5 hectare startd of fore$L 
located Soo to 400,.kJ16meta«a 
away. . The .forest, renews itself 
every aft 1 years, about iba time Jt 
takes lb probes one generation of 
groarth-.. Three-quarters o^ the 
wood used in; production;^ floated 
downThe' Angara riyer.ffttrigg the 
14ff day. navigation . seasqu^.with 
only. '25. per cent, transported 

• .The , Soviet ■' wood'procesifag 
IndUSfry Ss 'expected .to • expen- 
enc^ jt? next major* cajjanslMf 
with the completion in. the 1980's_ 
Of- the Baikal Amur raflway and 
toe Bratsk example of an inter- 
dependent industrial complex 
close tb raw. material supplies is 
the mcKlel for the establishment 
of the three major wood process- 
ing bases envisaged for the BAM 
route, one at UST -Kut at.- the 
•festferei'end Of BAM. the second 
fa . the Smith - Yakutia, industrial 


To rent a car in London. 
Bristol, Southampton, 
Manchester, Glasgow, 
Edinburgh, Birmingham, 
Gatwick, Heathrow, 
Brighton. . 

01-348 3031 

Or your travel agent, 

- (—v '*•«». v ■ j 




* *"'----i f. ■ ■. M .- .... 

cor 4.5% rise 

is* .. 




,tope$.-of holding fols 
-tocrease in earning down 
may just be borne 
rfoyovnng the- conclusion 
' .this doming of a new pay 
‘ jtlftt'SJiif: workers & the 
. ^ctor — the - group over 
neb it has the greatest direct 
pitrot ' 

After a m arataioa negotiating 
ssion ' ifl Stuttgart, the com- 
rttee of federal, State and local 
weramfejrt officials Jed by Herr 
emer Maihof er, the Interior 
inisttr,.. agreed , to a 4^ per 
Jot- increase, ia- wages atfd 
larie^, - plus two extra days' 
>Uday for the two lowest la- 
me categories in the public 
- : “j . , ryice. ** '* 

tJ’lhM figure Jed Herr Maibofer 
" describe the deal as being 
v -mfortably . below the 5 per 
■-“nt now' accepted in: most of 
. e bargaining regions of the 
*' efalfWOrtdhx and engineering 
* . dustry.' However, only a few 
• .’sets. ago Herr Maihofer had 
V ' :-‘ sensed theFeost of each extra 
y's holiday at ah ' additional 0.4 
% cen/L'cn the w?ge bill. So 
<o . extrd tfcys would, by this 
’ ■ .ckbrang; put- the true cost of 
-•..e settlement •close; to 5.3 per 
-• “■■-■nt ’ ' 

V. ; t^hen the Economics Ministry 
T : s st Janriary set 5.5 per cent as 
*.-.e desirable upper limit for 
.. . w-.rnings fo rise in 1078. it care- 
- 'o-lly pointed out that because of 
‘ V-'ertimevaud other factors, new 

BONN, April 12. 

.contracts on. nominal wage-rates 
.ought to be • well.’ below this 
figure-- In. keeping with . the 

.Government^ tradition' of not 
interfering with bargaining, how- 
ever, no precise target , for wage 
increases was named.' . - ‘ . 

Count Otto Lambsdorff, . the 
Economics ’• Minister,' . « '-who 
described the metal industry deaJ 
as " barely acceptable." has also 
warned that higher settlements 
in some industries .would mean 
that others would have to -make 
do with less. .■ - 

Although the public service 
and metal contracts normally set 
the pace for the rest of xhe^state 
and private sectors respectively, 
the management of West German 
railways (the Baiidesbahn) 
appeared to-day to - be taking 
Count LambsdorfTs warning 
literally when it refused to adopt 
last night’s deal for the 175,000 
railway workers and staff; Nego- 
tiations for the industry :were 
officially declared to be blocked 
this afternoon, .- after. the 
Bundesbabn bad described the 
4.5 per cent, figure as too* high 
for an organisation . straggling 
against heavy losses. ■ 
Such has also been the reaction 
of many private employers to 
the norms set this year.' The 
Government, for its part, sttdngly 
emphasised in its economic fore- 
casts in January that' too tiTgh a 
rate qf wage increases would be 
more likely than any other single 
factor to endanger the prospect 
of 3.5 per cent, growth in' Gross 
National Product which, it -hopes 
to see in 1978. - ’ 

- F. 

Support for Left eroded 
in French union elections 

>enan t 


- SCENT ■ ELECTIONS for wor- 
• : ira’ etfljbcilr In r French com- 
inles bave .'shown a significant 
osion 6f support for the mili- 
' 'mt .Comniunist'ted CGT union. 
. :ncrally to the advantage of 
“-•re most .moderate of the bigger 
riio'ns^ .the" Force Ouvriere 

• :-qh . ... 

In the Lorraine coal-fields, for 
■ -“Bjmpltv the CGT vote dropped 
' rr; S»4 ppr cent while the FO 
' veked up an. additional 4.3 per 
■ :. zjiit:. In the motor industry the 

• .-,-GTs losses run. from .between 

5 per cent, to 14 per cent 
Slle on average the FO has 
— — jstfid gains of 3-4 per cent In 
e 'service industries the CGT 
1 back in the Printemps Store 
aup and the Drouot Insurance 
mpany again to the profit of 
? FO. . 

The trend .is an enconrage- 
>nt .io- ,tiie . Government which 
■nts to move cautiously back 
vards -collective- bargaining 
thin the context of continued 
ge restraint. - . > 

It is particularly interesting 
—cause the FO was the one 
--•ion 'which refused . to break 

- all relations with the Barre 
■verrunent in the pre-eleetoral 

•i'riod and settled down, to get 
.? best it; could. for Its workers 
^ibe circumstances. • - 
It afc& refused to . join the 
,T . add the Socialist-leaning 

- T>T .. in ^ a series of one-day 
jppage£ last yeaT arid its 

. • tder-; « r . Andre Bergeron,' is 

- dedicated anti-Communist who 
2 pt - his ‘distance from the Ul- 
7 v«d Union of the Left' 

PARIS, April >12. 

The OGTs set-backifs&ouM not 
be exaggerated sincif they . do 
not threaten its position i&ti /the 
leading union with .more, .than 
2m. members, whereas FO is'well 
below half that size. But CGT’s 
relative decline is -now* more 
than a decade old and evidence 

of a Quickening desertion" rate 

will intensify the debate within 
-the union about the wikdons of 
mixing traditional. . -uflian 
interests with political'ideology. 

The latest ’ drain dates 'from 
the break-up of the Unhmof thf 
Left when- the CGT, whose! jead 
M. Georges Seguy is a memb 
- of the Communist Party Cento 
CottiniffieeT iaentifi l&T finKr*** 
fully with, the Communist 
attacks on their y erswmlle 1 
Socialist Sillies. . . ii 

Since' half the CGT nfemher- 
sbip does not vote Communist 
this: put severe straln/on Teia- 
tions within the union /The t-GT 
and the CFDT have afeo become 
involved yi^n increasingly bitter 
row, iii which' the CFDT- has 
blamed the recent election de- 
feat df the Left, Communists and 
the CGT. '■* 

The FO— which is a break-away 
mqrvehient from -the CGT — has 
beep the lehder in signing agree- 
ments with employers covering 
.wages, conditions, lay-off and 
redundancy payments and pen- 
sion rights. It was the only union 
to sign the pay agreements in die 
public’ sector last year during 
the Period - of wage :restroint. 
These actions have earned it- the 
label of “treasonable” from the 
moire militant unions- 

Owen praises U.S. deferral of neutron bomb 


DR. DAVID OWEN, the British 
Foreign Secretary, yesterday 
praised President Carter's 
controversial decision to defer 
production of the neutron 
bomb as a responsible and 
understandable move that 
should lead to significant pro- 
gress in East-West disarma- 
ment negotiations before the 
end of the.. year. 

In an optimistic statement to 
a meeting of noo-Govemmental 
organisations al the Foreign 
Office, Dr. Oweu said he tvas 
confident that Washington and 
Moscow would soon finalise a 

- new,, improved startegic arms 
limitation agreement (SALT 
II). There were good prospects 
for the conclusion of a com- 
prehensive nuelear test ban 
treaty between the UJL, the 
USSR and the UJK. and a 
possibility that serious negotia- 
tions would at last start at the 
long-stalled East-West force 
reduction talks in Vienna 

If progress could be achieved 
in all three fields, H would 
have to be seen in. the light of 
President Carter's derision on 
the neutron bomb, Dr. Owen 

said. He hoped that the Soviet 
Union would now look 
seriously at some of the West's 
major cMeenSi ’particularly 
the Warsaw Pact's tank 
superiority, in central Europe. 

Dr. Owen said it was not true 
that U-Sr-Soviet relations had 
reached a crisis point There 
were differences of perception 
and view, but they were clearly 

The prospects for disarma- 
ment la . ' the light of the 

neutron bomb decision are 

likely W be discussed daring 
the forthcoming visit to London 

by Mr. Harold Brown, the US. 
Defence Secretary. Df. Brown, 
who arrives in London from 
Bonn to-morrow, is to. meet Mr. 
James Callaghan, the Prime 
Minister, and Mr. Fred Mnlley, 
the Minister of Defence, on 
Monday, before leaving for the 
NATO Nuclear Planning Group 
meeting in Denmark. 

Mr. Mnlley’s main intention, 
however, wlR he to discuss 
options for future British 
equipment purchases, most 
notably replacements for the 
Chieftain tank and the Jaguar 
and Barrier aircraft Mr. 

■ Mnlley-also hopes to he brfrfed 
by ' Mr. "Brown on the latest, 
technical conclusions the UA 
..have drawn from tests on their 
-Cruise missile..: I ; ; s - 
• 'The- annual fttinfeterial 
Connell of the Central Treaty 

Organisation. (CENTO) be- PROPOSED new law which 

held 'in. London on AjuS'lS 
and 20. The visit to MOSCOW 
planned by Mr. Cyrus Vance, 
U.S. Secretary of State, has 
led to the meeting being re- 
located from Washington. The 
Foreign Ministers of Britain,, 
-the UJS^- • Turkey. Iran ~sAd~ 
Pakistan are due to be present 

Schmidt spells out Boiin’s terms 


BONN, April 12. 

Dr. David Owen 

CHANCELLOR SCHMIDT has Harold Brown, and of a Govern- for eventual deployment clear to 
spelt out publicly for the first ment declaration by Herr the President, even if the fulL 
tim e the conditions under which Schmidt ' covering NATO and position had not hen made pub-- 
West Germany would be pre- European Com m un i ty affairs. lie. 

pared to have the neutron bomb The strength of -the Bonn- Herr Schmidt repeated ‘Bono's 
deployed on' its' territory. Washington alliance has been known stance: that the decision 

The conditions are that the de- widely questioned here, in par- on production was one for the 
cision on deployment should be ticular since the apparent vacil- Americans alone. Herr Schmidt . 
takes by the Atlantic Alliance lation of President Carter over added that West Germany was 
as a whole and that the bomb whether or not to produce the not a nuclear weapons State and 
should not be' placed on West neutron bomb. It has been sug- did not want to become one by- 
German territory alone. Herr gested that the President felt the back door. 

Schmidt stressed to the Piartia- that too little support was forth- The neutron bomb is likely to 
inentary group of his Sociai coming from Europe on the issue he discussed to-morrow by Mr. 
Democratic Party that this posi- and that be was expected to go Brown and the West German 
Iron had not changed since ahead with production without Defence Minister, Herr Hans 
January. agreement from the Europeans Apel. Another key issue will be 

Deails of the Chancellor's re- on- eventual deployment. the American airborne warning 

marks were released here on the But Herr Schmidt's reference and control system (AWACSl, 
eve of a visit to Bonn by the to January implies that Bonn, which is intended to give earlier 
U.S. Defence Secretary, Mr. at least, had' made its readiness signal of enemy attack. 


By* Robert Graham 

MADRID. April 12. 

Herr Helmnt Schmidt 

on deficit 

By David Buchan* 

BRUSSELS, April 12. 

mans to-day promised Parlia- 
ment that the 1978 current bud- 
get deficit would not rise above 
B-Ffs.65bn. (just over £lbn.) 
and pledged that nest year pnb- 
li espending would increase at a 
slower rate than the estimated 
rise in gross national product. 

Mr. Tindemans sai dhe would 
also be presenting to Parliament 
major proposals for the reform 
of state finance by the end of 

Belgium, as the Prime 
Minister reminded MPs. still has 
a falling inflation rate (below 6 
per cent.)- and a strong currency. 
But Mr Tindemans made it clear 
to-day Jbat concern over bur- 
eoning state borrowing ruled 
specific -Belgians -refla- 
measures of the kind 
tfSi h£VbJ:&is fellow heads of 
Government had collectively 


Nine united on need to take action 


THE EEC b as entered a “ new and that much intensive work a major reason for the EEC’s riding preoccupation with ex- 
period of opportunity” for find- would be needed if the EEC failure to match the growth rates change rate proWems. 
im? solutions to its most Dress- * ere t0 I frodttfie concrete results of the U.S. and Japan has been This is likely to prove -a-sensi* 
ami mbn^tSv dX “ time for the seven-nation its affliction with internal ex- tive task, depending at least as 
pms^lki^ne last week-emfs Western economic summit to be change rate turbulence, and has much on the two .leaders’ 
talks of S nin hel<f “ Btmn lB n,idJu !y- UIked of * e need 10 establish personal relations as on the 

Co mn on Market erome ntsi n vrhiJe detaJls of * e a ^mmunity currency * ««e." nature of concrete proposals put 

Copenhagen Mr 8 Roy Jenkins! hagen talks remain secret, there Mr - J 3mes Callaghan, the U.K. to (hem. There is a risk, as one 
PrSdenf of the European Com- are growing indications that Prime Munster, has remained senior official put it. that “this 
SSion L?d'Sdav ^ C Chancellor .Helmut Schmidt, of decidedly sceptical in the face could be a case of ships passing 
u 1 Portia West Germany, took an unex- of this entente however. This j D the night.” 

hSISS whSh Pectedly active part in encourag- may be partly because be went 0ne point on which all nine 
E rS nm nantk on wavs mg ***■• coUeagues to undertake lo Copenhagen expecting to dis- !ea{ jers appear (o agree is that 

focu^d predonunantly on ways a fundamental re-examination of cuss ways of boosting economic the currency snake should remain 

w factors underlying the growth and was unprepared for intaCt in any fu1urc ’EEC ex- 

la ry cl>o oera ti on acf ^set ° ^ P r * sent currency malaise. su ch a far-reaching debate on c j, a nge rate arrangements, and 

could . allow works councils a 
greater say in the running of fac- 
tories has aroused a storm of 
protest among Industrialists and 
bankers here. The proposals are 
regarded by the Confederation 
of .Spanish Industry as little 
short '-'of introducing Marxist 
principles to the shop floor. 

Controversy centres round 
Article Nine of the proposed law. 
If. approved^ it would allow works 
councils the right to regular, in- 
formation on company activities, 
permit : monitoring of all wage 
and work agreements, and would 
confer rights over control of 
health and work safely and levels 

of employment. - 

. The new -rights were proposed 
by . Socialist members of -the 
drafting committee but were 
approved by members from 'the 
ruling Union de Centro I) em tv- 
era tic o (UDC), apparently with- 
out objection. It was accepted 
that Spanish laws on the rights 
and representation of labour 'had 
to be brought into line with .the 
rest of Europe and the Socialist 
proposals were modelled on 
practice in the European Com- 

...The Confederation o (^Spanish 
Industry argues that the 
measures would mean an end to 
free enterprise .iD Spain. The 
UCD has also been embarrassed 
by the opposition from -the main- 
stream of its supporters. 

The unions complain that 
opposition to the proposals is a 
propaganda exercise by the 
employers to inhibit the develop- 
ment of union rights. 

Most observers do not believe 
that the proposals will be passed 
by Parliament in the present 
form. Clearly the Government 
has seriously misjudged the mood 
of management over trade union 

The predominant management 
view appears to be that even if 
unions elsewhere enjoy such 
rights as are now proposed, the 
Spanish unions are too immature 
to move direct to such a position 
of strength. 

Management as a whole in 
Spain is in no mood to let trade 
union power increase. Uninn 
activity was only legalised a year 
ago and mosl managements are 
unfamiliar with the concept of 
union rights. 


>reai lmeueciuai ^j ca | about foe feasibility of Mr. But has aisi 
movement in the log-jam from j ftnk j ns . s bold DroDosals for full he believes foe 

intniiootnai Though apparently still seep- currency questions. ^ that it is not practical at present 

motion a great intellectual -hmrf »Ji» ra-,cih!iihr r.r u. But he has also made clear that ^ enlarge its membership to 

iut anl» 
rial hTi 

endorsed at last week's Cop< 
hagen EEC, summit. -. 

Mr. Tinderu Ais said that there 
were now about 85.000 un- 
employed or double the number 
at the same time last year, who 
are in special Government work 
programmes. .Bui by and large 
the Government seems to be 
relying on lower interest rates 
following the recent cut in the 
national bank discount rate to 
5.5 per cent.— the lowest level 
for several years— to do foe trick 
in reviving investment and creat- 
ing jobs. . 

This year’s current deficit— to 
which must be added a ranch 
larger; capital account deficit to 
finance BJFrs-205bn. - worth of 
public investment — has been 
kept at’ B-Frs:65bn. by cuts in 
Government expenditure. 

Swedish probe 
info industry 

By William Dultforce 

STOCKHOLM. April 12. 

. , . , Jenkins's bold proposals for full he believes foe root causes of , nc i u Jj e ‘'freely floating EEC 

” *^ ff0red f ° S ° * monetary union, he is believed mirreocy instability can only be ^ trends like sterling and the 
time past ready to consider seriously steps dealt with effectively in foe French franc, 

r His optimistic tone was shared which .the EEC might take, on its wider framework of the Inter- Q - d whi ch appears to 
by Mr. K. B, Andersen, Danish own » -restore a more stable national monetary Fund, and ha ve auracted considerable in- 
Foreign Minister and current exchange ^rate system, whether must involve U.S. co-operation. « in Cone nha^en would be 

president of foe EEC Council of or poi foe.U.S. agrees to tackle It appears clear that if the EEC the European unit of j MR thorbjqrn 1 TKLufi* 

Ministers, who said- that the t he problej&is caused, hy foe «s to make much progres? towards l ccoun t vvh'jelf Is defined in JilhcJGfS? c 

! Nine had never before been so, dollars steep decline. . a “common strategy” before foe t e ™ so f a“ basket "of EEC 

fully in agreement oh foe need • Hero Schmidt appears to have Bonn summit . a way must be Currencies— as a means of settle-' 

to action. moV^'si^fifaflny cfoser_t& foe found to bridge foe gap between me it between European central j ^dish i^dufto ^It hoped 

Roth men 'cautioned, howeyer. views of President Giscard Mr. Callaghans insistence that banks ‘ < ihat hv thp end "of the vear it 

; that no conclusive decisions had d’Estaing. -The French Presi- reflation be given the first Such a system would creallyl^",, nuf forward ideas onflow 
j been reached in Copenhagen dent has argued recently that priority and Herr Schmidt s over- re duce the use of dollars as the ! comp3r] y activity can be stimu- 

main medium for central bank|j ate( j f re sh markets opened Up, 
repayments. At a later staae, an( j new p rn ducts developed, 
units of account might also be| The background to the move 
used io intervene on foreicn ex- : is , he decline in Swedish indus- 
change markets, thouen tnisi tn - s share of export markets 
would imply their acceptr/.ce as ( ov " er t he past two years and the 

Waldheim to be given Cyprus proposals 


VIENNA. April 12. 

a reserve asset by countries out 
side foe EEC. 

An underlying assumption in 
any new currency arrangements 

A TURKISH DELEGATION is first time concrete proposals on Reuter reports from Ankara : 
arriving here to-night with fresh both the territorial and coristitu- Turkey to-day described as un- 
proposals but little hope for a tional aspects of foe dispute. justified Greece’s decision yester- is that there would have to be 
settlement of foe dispute In It also understood that a day to postpone foe talks that concerted action to control ex- 
Cyprus between the island's complete constitution has been were to begin on Friday on foe change rate movements. But, so 
Greek and Turkish communities: drafted to establish a federation issues dividing foe two countries, far. there appears to be no agree- 
Details of the plan, which will between the communities and A Foreign Ministry statement ment on how strictly the ourgins 
be banded to UN Secretary- that a new demarcation line .will said: “As far as the Turkish of fluctuation of EEC currencies 
General Kurt Waldheim to- be proposed under which some side is concerned, there has been should be defined, nor on the 
morrow, have not been released land would be returned - to the no recent developments in techniques for financing of the 
but it is known that foe TurJdsh Greek side from the Turkish- Turkish-C.reek relations to justify market intervention which would 
side will put forward for the occupied north of the island. . the postponement” be needed to maintain them. 

retrenchment which has been 
forced on once flourishing sec- 
tors like steel and shipbuilding. 

The committee has been given 
a very broad brief and a free 
hand to decide for itself which 
problems to examine first. 

Meanwhile. ■ Mr. FaUdin has 
arrived in Warsaw on a four-day 
official visit, his first outside the 
Nordic bloc since be took office 
ia 1976. He is expected to sign 
a new trade agreement with 

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Cambodia claims to have Damascus ^o-wealth m.n.sters wet T o. D ay 

repulsed Vie tnam invasion israeuor Broker oil the Conunon Fund 

BY RICHARD NATIONS road deaths j ^ • '.BY'DAvip HOUSEGO 



claimed a major new invasion, by 
“several” Vietnamese divisions 
backed by artillery and armour 
was launched last Friday. Radio 
Pbnom Penh said that the Khmer 
forces repelled . the -invaders, 
killing 560 Vietnamese troops 
and destroying 20 tanks. 

been reports of air alerts recently Phnom Penh is unl»kely-« affect! * f*** ? , ! ^MmS^I^ndS™ 

which one weH informed Wash- the power structure there as ; SYRIA yesterday accused Israel j at a ^ th ere ^ 
ington diplomatic source claims long as no significant divisions ; of having planted a listening 1 been. a marked improvement in 
**0101081 .invariably proceeds a appear in the Cambodian ranks. ; device near the Damaseus-Deraa ' tjj e -prospects for setting ud the 
major military move by Viet- A fuIL-scale drive on Phnom; road lea 4jng to Jordan, which : proposed Common Fund tostabl 
nam.” Some Washington Indo- Penh, however, would place thc! Qafl exploded on April l H 'h® n Mise commodity prices. ' 

China observers have been Vietnamese in a bad light j ariem pled lo d is- j Since the breakdown in heno- 

anticipating a Vietnamese push diplomatically throughout .'the! a * 112^ wdSStfle DatScte ! Uattons in -Geneva in Novemter 
would begm on or about thj» rest of the region. ■ h.5 P C S j between developing and indns- 

Cambodian new year which (Otopeen given off in we ex 'triaiised nations oh «hann nt 

begins tomorrow; Moreover, for the moment. ; plosion. _ ■ theFund Gamani Corea^the 

rh, Hanoi appears to be occupied i Nine soldier and three civil- ; J* <££*■• 

£2X2 d ^ b i 1«h « campaign I ians .were wxnM rn ban ta ; J£?'82£?'2L'Si 

; oue claimed radioactive particles ' «ovemoer 

! had been Etnm-nff in We ex- ?* l ^ een . developing and indus- 

Although there have been dear 
signs recently of a significant 
Vietnamese military build-up the 
length of the Cambodian border, 
observers contacted by telephone 
in Bangkok vuewed some of the 
Cambodian claims with consider- 
able scepticism. - 
Western diplomatic sources 
say that fresh Vietnamese units 
have been mobilised thus raising 
Hanoi’s troop strength to over 
100.000 along dts common border 
wdth Cambodia. There have also 

si di me fEKiuii. haf i ug.. e*.| uei v" n Developing ana mans- 

Moreover, for the tnomem. I SSuS" **“ ° ff " 

— i “ cooperanves ana siaie stares. wawascus -naaro on .ipm 11 vaepri fmm ”jr.i „ 

raids into Vietnam's sensitive . . ■ iwas noticeable that no less than* frorn tbe wreckage- His 

southern, provinces continue to Although the campaign is un- tfaeree colonels were among tbei^? ■ ^ sue8 ?$ t 11191 a 
irritate Hanoi, observers doubt likely to lead to abrupt economic | soldiers killed. The Govern- I 1 ”™®* 5 * « -posable. ‘ \ - . 

whether the Vietnamese are yet dislocation, some observers feci j menr-run radio'ai the time spoke I The Commonwealth Ministers, 
fully prepared for, or committed Hanoi. would like to get the first; 0 f "booby-trapped mines and Tepcesenting as broad -spectrum 
to, an all out drive to bring phases of what is bound io be) high explosive materials ** and ?* international opinion, now 
down the Phnom Penh leader- a delicate transition out of the I said Syria had complained to the hope to play the part of honest 
ship. . way before opening a new | command oF the UN Disengage- 0P0 * e r and nudge the two .sides 

Anything short of a drive on military drive. 




Nimairi signs peace 
deal with right-wing 

FORMER Prime Minister Mrs. 
Indira Gandhi's breakaway 
faction of tbe long-time ruling 
Congress Party has been recog- 
nised as the official opposition 
in India, Reuter reports from 
New Delhi. 

Hie Lok Sab ha. lower house 
of Parliament, accorded her 
party official status as the main 
opposition. The Rojya Sabha 
(Upper House) had already 
recognised the Indira Congress 
Party as the official apposition. 


ment Observation Force together. Their meeting 

(UNDOFi about Isarel having been scheduled for earlier 
violated the 1074 agreement and “P® J* ar hut was postponed 
having penetrated the disengage- wnen there seemed no way oat . . 

ment zone to plant these mines'. the deadlock. The fact that it their., bargain mg power" and 
A spokesman of the Israeli iSJ? 0 " taking place is itself a secure for them a transfer-; of 
armed forces denied these a ecu- of advance. resources. This approach was 

sations *h e apparent consensus that incorporated into the Integrated 

Yesterday's official communi- ,™ e gathering suggests, none the Programme for ■ Commodities 
que in Damascus 'aid that the 1,es? ^hceals a great deal of bit- (IPC) put forward .by developing 
2Srois e of SrAmprican-mad^* er ? ess “ Third World. They countries in 1975 to cover 18 
K?« °devicp had been ^ .^f^ that thetype of Fun* ***'■**» 

monitor telephone comniunlca- llk , ely tD emerge— almost the included proposals for .- epm- 
; tTm^s between Syria and Jordan 1 tangible achievement of the 

Mr. Edmund Dell' Secretary 
for Trade. Is likely to preside 
over the Commonwealth 
Ministers two-day. meeting. 
Government sources Indicated 
yesterday that Britain -would 
support a second -window for 
the fund to aid the .poorest 
countries If the buffer stock- 
ing facility could be estab- 
lished on lines acceptable to 
the West. 

arms and equipment 
Sudanese army. 

of political prisoners and the j keeping force to-day used rocket I of developing coun- demands strapped .to the plank 

. u:— „r j iaimi'hon tank*; and ii#>awl _ more j£ oil is included, in an effort to reconcile' .the 

The nn r. A citi n „„„„ tho holding in February of freer i launchers. 

The opposition group, the o) „_ ri __ c u-j h»*»n ■ machine ; 

Nationaf Front, announced in bSM^unite^^dent^hiSn I Christian ^and ^Mmlem^iUtfe [fif s of H trade hefween cominodi- Latin 'Americans, " the African^ 
London yesterday Lbat it will bc ' ore " ™ , who have been fighting for the i 1 ® “ nd manufacture goods;. the Asians and the--. OPEC 

dissolve itself after reaching a But_ substantial components of f , our |n lwo have been moving against com- countries. There was no chance 

public agreement with President the National Front, led by Mr. I h j. modities by about 2 per cent, a that the West could swallow it 

Jaafar Mohammed Nimairi's Shenf el Hindi, a former j Th fQ ld l0 sfr rl year on average since the boom whole. ' 

Government. Finance Minister, did not accept ; " '■ affpr a mice ; Korean war and are likely 

heavyl)”^^ 11101 ^. oil is included, in an effort to reconcile -the 
rival | h as i s of U.N. figures the' often conflicting interests 6f the 

Polisario claims 

little catalytic effect in promot- 
ing new commodity agreement*. 
It is unlikely to embrace more 
than a handful of commodities 
—tin. rubber, coffee, cocoa, jute, 
tea and possibly copper . 

400 enemy dead 

POUSARIO Front guerillas 
fighting for an Independent 
western Sahara against Morocco 
and Maaritania said they killed 
more than 400 enemy troops last 
month, Reuter reports fhom 

A communique carried by the 
Algerie Presse Service news 
agency said the Front also freed 
some 400 local people beld by 
“the occupation troop**" and 
took the village of Sir Lahlou. 

The .greemen. i, a major,, ep Jh *15^1 Mo SSSjSiM:.?.*? 1 " ^ 

! MVKS VEEteX. af.or seven ^ i ™--"S iSSHi VT^SSSS 

i seeking reconciliation with the intensive secret negouauons in The Syrians had brought in-JJS? a 5 0 a»3 ri P Sr Sn. „! economfc losses through a ratdliet' 
i Right-wing groups which have London, a formal agreement was | reinforcements «.•««. *??_. ana **. P er ceni. on „„ 

tried to overthrow him. 

Last September, one of the two 

, _ , . lAnril ]W« iwA>harn This i* effect on pncsB- -and employ- 

announced It codifies ‘ n PH?! i posted along a half-mile road 1 SlSinfcuJ il fall a on ramt. Thus the main dbndisalon 
many of the issues on which Mr. d j viding lhe predominantly j "J. 1^!^* made by the West so far,; to an 

u.,1 our ui Lin “'“y . V. , — V V oiviaiHK tne Mteuumiiwim* , £ ripvplnnin® mun-' u * "wi •»« iar,.in:«n 

leaders of the National Front, Sadiq el Mahdi may only have Christian quarters Ain Rtitn-:,-;*, “ . o/rticularlv for ihose atie™Pt to secure mow : sfeWe 

Mr Ca^in ol Mohrli n fnrmar cArnrprl understand inflS fmm u J II.. tr,es aJ1 0 PaniCU lariy I or loose . _ »,___ ,k.„ .-Cu,. 

The main Items for- discussion 
among the . Comm on wealth 
minsters, are the topics that 
would figure high io resumed 
negotiations between developing 
and industralised countries which 
could occur in July or later this 
year. They- are: . 

1 — Deposit, ratios. _The West is 

^ backing down from its original 
losition that commodity orlani. 
ations would have to olacTS 
•er cent, of their cash With th l 

und. Producer nations are ap'ul 

ng for 3a per cent, saying tL 
/ould require less capitJat th! 

utseL . 

2— Other measures. Develonhw 
lations are pressing bard tar 1 
econd window to help ikT 
morest nations. - The West u 
rilling partially to concede th ; 
f its framework fee tbe fundi, 
ccepted. 15 

2— Capital structure. DeveW 
ng nations, want the fund to ha» 
i seed capital of direct contrlBul 
ions from governments to nre 
■erve its character as a m ii h ' 
aterai institution. The west u 
mly willmg to consider coniri. 
iutiog to M office expenses ” 

Britain has taken tbe lead > n 
formulating, the EEC’s posittoJ 
over the Fund and has gS 
the reputation of being Q ae 
the “hardline” countries. Thns 
the Commonwealth meeting 
seen by British officials £s 1 
chance to present their case it 
could also prove an embarrass, 
ment if some of the more mu,, 
tant African states demonstrated 
their hostility to the compromise 
pow being worked out 

The apparent readiness or the 
South-East Asian nations and 
the Latin American states (par- 
ticularly the tin and rubber pm- 
diicers) to accept the revised 
model' of the Fund indicates both 
more flexibility among de- 
veloping states and a shift tfr 
wards recognising that they hate 
divergent interests. 

On. the West's side, the 
dilemma now is that haviir 
played tough over commodiij' 
Trade, it will be harder to keep 
out developing country etfparis 
of manufactured goods without! 
underin into? their ability ju- 
re pay their debts which bulk' 
large in the bodies of the major 
international banks. Tbe relaied 
issue of trade and monetary flows : 
is now the crucial point in the 
dialogue between North and 

Mr. Sadiq el Mahdi. a former secured understandings from maneh 3 n d u* predominantly : Mnicu iariy^ ror prlces ^ ^ tfae r fa t 

[Prime Minister, returned ta President Nimain. Moslem neighbourhood of ! r„- consumer nations. -should : share 

Moslem n 


IEA meeting 

THE International Energy 
Agency (EEA) opened a two-day 
Board meeting here yesterday 
to review energy conservation 
policies and new energy 
development projects, according 
to Reuter in Tokyo. . . 

Prime Munster, returned to President Nimain. Moslem neighbourhood °f: for- example amon? Common- consumer nations vhoald : share 

Cliiyah. . 'weaith^ ^ members-hishly depen- wito producers the. cost of flnanc- 

Apartmem. buildings in deni oft a single product li're in " buffer stocks, m -mutually 
Hifn^nnrnmn Chiyah. and Ain Rummaneh ! SUBar 0r rnpoer- In the present acceptable commodity, agree- 

URCKinS tor lvlatanzima ^here snipers ; were believed to : depressed SJiditlons of world mvnp Rut apari Worn riqptf and 

*5 i be hiding, - took direct hits. ] Trade there is little hope of male- rubber there his twsn s^ 

BY QUENTIN PEEL JOHANNESBURG. April 12. : according to eye-witnesses. \ j ng U p short fail' in com-^ ’areas in petting over 4he first 

CHIEF KAISER Matanzima, the National Assembly, including 16 Police sources put casualties j modily earnings by increased hurdles in negodatlito- ' .such 
Transkei Prime Minister, won members who recently defected I at 23 killed and about a 100 in- 1 exports of manufactured goods, agreements, 
some grudging support to-day' for from his own Transkei National jured. Two Syrian soldiers and i n the light of the importance The shape of -the ;£omihon 
his break in diplomatic relations Independence Party. Another three Sudanese were among the of commodity earnings In their Fund now under discussion is a 

with South Africa, as Mr. John homeland leader. Dr. Cedric dead, the sources said. economic planning, the Third limited financial rfactHty- that 

Vorster. his South African Phatudi, the Chief Minister of Meanwhile, an Israeli soldier World nations had hoped that would offer some capital savings 

counterpart, was criticised for Lebowa. said be believed that was killed in a clash with a the Common Fund would be a to individual -- cmpmodlty 

not reacting forcefully enough. Chief Matanzima had the right Palestinian guerilla band in the new international institution— organisations (ICOs\ fa '.their 

Support for Chief Matanzima to demand the land he was owed western sector bf south Lebanon, a sister organisation to tbe World buffer stocking operatiws. Thl* 


CHIEF KAISER Matanzima, the National Assembly, including 16 

\ - ‘ 

Go to China with Thomson 

came from members of the oppo- by tbe South African Govern- the military Command said tth Bank or the IMF — to oversee the would be achieved pa rrlyfb rough 
aition groups in the Transkei ment. day in Tel AVt . : . commodity markets, strengthen offsetting arra 0 Rements;*tL:ridhiJ: 

I out ’cyclical swings., tbrftrtgh-.the 

• Last year Thomson Holidays was the first company to 
■ Offer holidays ‘ to the People's Republic on a rogular 
basis.- ; ''' ■ ■ 

What’s the TD Bank doing in Europe today? 

Fund buying, corntflodities whotee 
prices had fallen wltfi the dasli' 
realised by sales o| ? those whose 
price was risingr'.^mi p«rtly too 
through the Fund's capability 
to borrow more cheaply in Inter- 
national market* - 
As envisaged* by the indus- 
trialised nations it would obtain 
most of its finance from deposits 
made with it lay Individual com- 
modity organisations. It would 

. 'Thh year we’re pfeased to announce an' even, wider 
!.V.chdk»' Of ormital “toors. weekly departures 

i. -'starting mid-Mar,...' r . ■ 


■ .ts -Jitayi to Moos Kona and CiB con. Prices from L5S9 par 


\ IS dirs' to Hew *•»*»*. Omen end Peking. Prices from 
, y£74S per Derson. r 


■•tea 'to Binskok . Hon* -Kong. .Canton )ftd Delhi. Prices 
rt "£775- pe*. BtWi. - ~ . 

not be able /to intervene in the 
mmmnrflfv imsrkefs nnri would 

-frort 'i/<5- peh sirwi. 


commodity /markets and would 
respect the autonomy of com- 
modity associations. To the die- 
appointmhnt of developing 
nations it would in oractice have 

IB days n Baneltok. Hong Kong, .Canton. Pekinc *nd Delhi. 
Pnc** From £B9S e#r person 

for hill' deaih abau Thomson Chine holxlevs. Me voor crivel 

agent or ring n on 01-3M OMI. 01-387 5254. 021-234 3(24 

TniES. punliwird dmly c.-^ept bun- 
ifav» end luiUrtkyv U.S. S-r>e> >u, 

fBlr irrljli" 1*1 «*lr mull - Mr annu-n 
bev-onJ ,o»Muse ro|o ei *>rw \.w*. M > 

1-. >T<y.i?:SC 


Why doesa 

in Puerto Rico 


r K ; 

in U.S.A7? 

(Manufacturing in Puerto Rico is manufacturing in the CL S. A.) 

Toronto Dominion Is a: Canadian 
bank' which has been bnijdirig' its -repu- 
tation in Europe for oyer ^.60, years. A 
reputation that is based on biiF ability to 
interpret the current business environ- 
ment and our experience in arranging 
major sophisticated financial transactions 
for a wide variety of customers." 

Through our global network of over 
980 branches, we can arrange Euro- 
currencyfinancing, term loans for capital 
expansion or consortium- financing for 

. large scale projects. 

Regardless of the size or nature of 
your requirement?,, hc have the stability 
and resources required to act effectively. 
And to every customer we bring the 
• experience gained in 120 -years of suc- 
cessful banking. 

Discuss your financial plans u,iih us 
. and put our reputation to the test. 
Toronto Dominion. Financial partner 
with corporations, governments and 

The Commoirueakh or Puerto 
Rfco is $n integral pan ot the I rmed 
Stales. That's «*v a computer, golf 
halL pair of blue Karrs or pair of 
^hoes. manufiiufured in Pueno Kko 
is u> "Made in I . S A." a* ihe niihc 
product rrudr in C. S. \ni pt>>. 
duct rrunufaMurcd in Pueno Rim 
can enter ihe I S, market u,th<iut 
paving custom duties tit surcharges. 

But it » more profitable. 

1'tn-no Uu-o s nmk fiircc 
is Bbundant (a million strona. 

•with 3I°S under 33 years of 
ase>. skilled of '««ml«-. 

H. 7 years or schooling an ri .'Puenn Rio? is a tropica] para- 
. more nrorinctivp freft'irn nf dwells weuiher » vunr.v and plea- 
S4.ft3 nn ihe dollar v.s. R3.3ij sam. Its tlebwws heachcs u» be 
for Mainland U.S. worker? l. - enfoed afl ;car round, .\nd as 
Average hnuriy u-ase i< W On * . 
v.s. 53 73 for Mainland L'S 
workers. _ ■ ■■ 

people are friendly, educared and 

Mdmil'rfduiing in Pueno Riro 
offers nuns more adv^nUges. To 
get knuun thrm ull. jusl null ihe 
a i lacked coupon. 


Toronto Dominion bank 


| Pur* lr> pjrts Mii'l'ia! \W\ tivp‘ 
I mrnl 

I C tit if \urtr.~ i it Boihtta. 
i MaJrtd-i. Srai’t Tri. 2 V ** 

| PMW r/U\kFt SHM/V 
J Ft Jr r a! firpuHtc otUtmtany. 

1 Zrinrh-Haui ■ Pfl, iltfn. 

I l "til'll In find iitl Shf 

I a! nursling ,n Purr in Ruu. 


where people make the difference 

Vfpritj-widfl assets exceed CA-'y S’ > -bi:!ieo. Head off xe-thronto-Oomnio-^Ceo:^ Toro- > 9 . Canada. 

. Regicnal Office-, .Vlirtriig East and Atrira £t Helen'i. * Llnnershifi, Lohflon EC 3^. SH-J 7 “ifo>-QneO‘-v 33 . 0 Pi 1 


Frankfuit Houston Singapore Bangkok Mexico City Beirut- Teheran 

New .York. Los Angela*. Hong Kong Taipei Panama Abu Dhabi 

San Francisco . Chicago,- 2 Jakarta -Tokyo. San Paulo Dubai 


'Ihe Cinivnimcni nf Puerto 
Rico gfdiiLs ne^K (Mj W ishing in- 
du-irnr> up io Ini '> tav c\rti|pt|„n 
1 ut pernxfs hctuwn Kl\r.irs. 
|l ab.i> itssisis iil-w Indus! no. wnh 
ihe ci mst n 11.1 uni ur leasing •>] it. m- 
dusirml building. And it luvilu.iis 
rcpaiiuiion of profits. 

{ Cnmpmy - 

{ AJJrn — 

r ftis/dii' / in.yn >;r./ in »■»*»- 

1 farts ring ur Fuen.t Nit a — 

I nn 

It is time you found out all the advantages of Investing in Puerto Rico/U. S. A 



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"' . 40 Xm** -•***» •*> »*" - 





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fif * :•>•; >£■*.?' ■ . : -fX&rv&r. 

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=1 Ms/tfKS? 

Another company uses the 

portable U-Matic to record the Sales ; 
Director giving training advice. So _ 
that even if a salesman is working the ■ 
Scottish region he can still get a 
refresher course from the best seies* 

man in the company. 

Of course, one of the reasons _ 
the portable U-Matic is being used in 
so many different ways is because you. 
don’t have to be Cecil B. DeMille to 

USe 1 The camera is sophisticated but 

simple. -■ , ..... 

It has a 6-1 zoom lens, a built-in 

mike and filters for varying artificial 
and natural light conditions. (So even 
if the boardroom is oak-panelled you II 
still be able to see who voted for and 
who voted against.) 

The recorder uses special 20 
minute cassettes. (They can be played 
back on a Sony U-Matic or our new 

edit machine.) , , 

On playback, the recorder has a 

Still Frame’ facility enabling you to 
freeze at anytime. (Perfectfor when 
you want to show figures ora compli- 
cated chart.) . 

You can dub on extra sound or 
And everything you shoot is in 

glorious colour 

If you think the portable U-Matic 
could help your business, fill in the 

coupon below. ; 

Who knows, you may end up 
as Executive Producer of the most 
popular board meeting in the country 

r * ] 


It V 

vision programmes? \ r £ \y 
It’s not a glimpse into the future. 
Nor is it one or two trendy companies 
practising 'open management 
. It’s an idea used regularly by _ 
one of the la rgest corporations in the 

middle management wndigueb ui 

.behind the closed doors of the ■ 

boardroom. rl ... r , . . 

- Ten years ago, the idea would 

have turned the boardroom into a 

television studio. (Which is obviously 

Today, all it takes is one man 
■and his Sony U-Matic portable video 

Basically a small colour video 
camera with a video recordei; the port 
able U-Matic is being used increasir 
in industry to help communications 
between management and workers. 

And vice versa. . . , 

One international medicine and 

toiletries company uses the | 
U-Matic to demonstrate its \ 
new products and processes. 

After they’ve got them on tape -:: 
they put them on U-Matic cassettes 
and send them all round the world. 

So that staff and customers, in. 
say Nairobi, can learn about a break- 
through made in London in a matter 

of days.- , A ■ . 

It’s good for morale. And sales. 


r To: Pieter Glas, 

Sony (UK) Ltd. 

Pyrene House, 

I Sunbury Cross, Sunbury^on-Thames. 

Tel: Sunb.ury-on-Thames 89581. 

I Please tell me more aboutthe portable U-Matic. 

j Name^ = — 

| Company- ■ 

^ Address- — SQNl 



Boeing seeks U.K. 
ruling on 737 

order by next week 


in Carter’s 
skill eroded 


SEATTLE, April 12. By David Bell 

like British Airways to state by 
next week whether or not it 
'intends to buy 20 Boeing 737 
short-range jet airliners, worth 
about £120m. ($24Qm.). 

This is not an ultimatum by 
' Boeing but stems from the com- 
pany's desire to establish as far 
in advance as possible its likely 
future work programme so that 
it can ensure smooth production 
flows from sub-contractors to the 
'assembly line at Renton near 
Seattle. _ QI1 

Demand for the Boeing 737 
short-range jet airliner is now 
so Sreai that Boeing's output for 
'the rest of this year and 1979 is 
sold out. The company is now 
planning its production for 1980. 

To meet the demand for the 
737, Boeing is planning to raise 
its output from three aircraft a 
month to four a month by June 
of this year, to five a month by 
November and to seven a month 
by next March. Production could 
go even higher, perhaps to 10 
aircraft a month, by early 1980 
depending upon the extent of 
airline demand. 

The British Airways order, if 
approved by the U.K. Govern- 
ment. would account for such a 
large part of total Boeing 737 
production in 1980 that the manu- 
facturer wants to earmark slots 
on the production line at its 
Renton factory well in advance. 

If British Airways for political 
reasons cannot meet the Boeing 
date for a “ preliminary notifica- 
. tion of intention to proceed." it 
risks losing those production 
slots to other Boeing 737 custo- 
mers and delaying delivery of Us 
aircraft until later in 1980. 

This Is important since early 
availability of the aircraft is one 
of the prime factors behind 
British Airways desire to buy 
the Boeing 737 as opposed to the 
other contenders— the British 
Aerospace One-Eleven and the 
McDoonel Douglas DC-940. 

Boeing sees the aircraft re- 
maining in quantity production 
through to the end of the 1980s 
and perhaps even Weyond; be- 
cause of a major programme of 
“product improvement" de- 
signed to enable the aircraft to 
keep pace with rising fuel costs 
and stringent noise regulations 
being introduced world wide. 

Boeing is well aware of the 
political problems underlying any 
possible British Airways purchase 
of the 737 and is anxious not to 
be seen to be trying to influence 
the deaL. 

Boeing is not tying any British 
Airways 737 purchase with its 
already much publicised desire 
to see a British participation on 
one of its new family of jets, the 
757, even though British Airways 
sees the 757 as a logical follow- 
on t# the 737. 

Boeing's view Is that its recent 
offer to the U.K. of participation 
in the development and produc- 
tion of the proposed 757 will still 
be open, even if the U.K. Gov- 
ernment makes British Airways 
reject the 737 and buy the 
British Aerospace One Eleven. 

0 British Airways said yester- 
day it had “ no idea " whether it 
would we able to confirm the 
Boeing 737 order within the 
week. The company said that dis- 
cussions were still going on with 
the Government 

NY death penalty vetoed 


NEW YORK, April 12. 

New York yesterday bravely 
confronted his state legislature 
and a sizeable body of public 
opinion by vetoing a Bill to re- 
store the death penalty. 

This move would create some 
political storm at any time but 
the fallout could be even 
greater now since this is a 
gubernatorial election year In 
New York and public sentiment 
has been inflamed by the murder 
last week of ' two New York 

The two Republicans who are 
seeking their party's nomination 
to challenge Governor Carey in 
the autumn. State Senator 
Warren Anderson and Assembly- 

man Perry Duryea, have cam- 
paigned for death penalty legis- 
lation and will be leading 
attempts in both Houses of the 
State assembly to secure the 
two-thirds maporities necessary 
to override the Governor’s veto. 

New York Stale's existing 
legislation was declared uncon- 
stitutional last November and 
the controversial new legisla- 
tion was sent to the Governor 
ten days ago. In his message to 
the legislature .Governor Carey 
took his stand on moral grounds. 
“I do not believe that the state 
should take life because ' the 
criminal has done so” — and on 
the argument that there is no 
evidence that the death penalty 
is an effective deterrent. 

WASHINGTON, April 12. 

President Carter’s ability to 
deal with the economic prob- 
lems of the U.S. has eroded 
rapidly according to a new 
poll which indicates that most 
Americans expect the situation 
to worsen. 

According to a CBS-New 
York Times poll, only 32 per 
cent, of the people approve of 
Hr. Carter’s handling of the 
economy. Even among those 
who voted for him in 1976 a 
small but clear majority dis- 
approve of his approach to 
economic problems. 

The poll shows that for most 
Americans the economic situa- 
tion Is, as always, the major 
villain and 48 per cent, of 
those polled said that they 
expected It to get worse. The 
poll was taken before Mr- 
Carter’s anti- inflation speech 
yesterday but it is unlikely 
that this will have made much 
difference to the public per- 

Only 5 per cent of those 
polled say that unemployment 
is a major problem and Mr. 
Carter thus gets little or no 
credit for a year in which the 
unemployment rale has fallen 
by nearly two percentage 
points. Sixty-three per cent, 
of those questioned say that, 
not only Is inflation the major 
issue but that it will worsen 

Unless the Administration 
can change this pessimistic view 
of events, Mr. Carter faces 
trouble on at least two fronts. 
Politically It can do him noth- 
ing but harm especially since 
he made a particular issue of 
the need to Improve the econo- 
mic situation In his election 
campaign and it Is the Issue on 
wh<eh most elections tarn. 

Bat the perception that infla- 
tion will get worse— one-third 
of those questioned predicted 
double digit inflation within a 
yearalso poses severe economic 
problems. The belief that 
prices are going to rise can all 
too easily feed on itself en- 
couraging unions to press for 
higher wages and companies to 
pnsfa np prices in a self-defeat 
ing cycle. 

IT WAS. one of the largest 
political demonstrations- ever 
■staged it£ ISanto Domingo and 
the * streets of Christopher 
Columbus's old city were blocked 
with a crowd of 200.000 for 
hours. .The reason at first .glance 
was bttarre. The people turning 
out in: the . capital of the 
Dominican Republic last month 
were greeting the Prime Minister 
of Portugal; The event however 
had much more significance 
than the celebration --of the 
rather . tenuous concept, - of 
Domlnlcan-Portuguese relations. 
Sr Mario, Soares, the Portuguese 
leader,- was in fact heading a 
PoliticaL-nus&m of great impor- 
tance: the -first high-level 
embassy sent to Latin America 
by the -Socialist International,' 
the ■ grouping of the world's 
labour, and social democratic- 
parties.. • 

The Socialist International has 
existed in different forms since 
it was first founded by Karl 
Marx in 1884, but has long since 
put aside any exclusive commit- 
ment to Marxism. Its members 
include such disparate bodies as 
the British, Irish and Israeli 
Labour Parties and the French, 
Italian. Portuguese and Japanese 
Socialist Parties. 

Its purpose is not to set out 
policies for member parties to 
follow, like some latter day 
Comintern. .but rather in its own 
words, “ to strengthen relations 
between affiliated parties and to 
co-ordinatC. their political atti- 
tudes by. consent” 

From its- inception the SI 
tended to be' European oriented. 
From its headquarters over a 
shop in St... .John's Wood High 
Street in London it concentrated 
the bulk of its effort for years on 



tionally jjuffers from the draw, 
bacfctb^t itTtoes'nat.yet ihdndg 
in'; its ranks any major partiw 
from the Arato world to. balance Ail 1 3 
the influence ;oLthe Israelis ThJ/ifl” * 
Arab cause is one which 
•-.popular iq- Latin Ame * 

-4he-desceudapts>.of Arab' .W 
■ migrants- arernihr numbered 

. millions. \= ■ 


fostering relations among the. 
.social democratic' parlies of 
Western Europe. At the last >SI 
congress, in November. 1976, in' 
Geneva, the decision was taken 
to place much greater' emphasis 
on the Third World and break' 
out of the. " European ghetto.” 

- The mao- rbosen. to - push 
through this change -was -Herr 
Willy Brandt, the former West 
German Ohancetfor, whose in- 
terest in the problems of world 
development was underlined Vast 
year by Ins selection to head, a 
co mmissi on to -examine the 
*titure of Nortix-Soifth relations. 

. Since 1976, the SI has tried in 
demonstrate its-. commitment to 
the Thdrd World and to extra- 
European problems. Last year, a 
party leaders' : conference was 
held in Tokyo and Mr. Otof 
Palme, the-' former Swedish 
Prime Minister," led a mission to 
Southern Africa. In May the SI 
bureau meets in Dakar for the 
first time outside Europe. All tins 
non-European activity enhances 
the importance of the overseas 
members of the SI who, besides 
those already named, include 
parties from Argentina. Chile. 
Malaysia. Mauritius. Senegal 
and half a dozen other Third 
World countries. 

.. The Soares mission to Latin 
Aimerira and the Caribbean last 
month, visiting as It did Mexico, 
the Dominican Republic, 

Jamaica, Costa Bica land 
Venezuela, complemented' the 
activities in Africa and Asia: 1 
' 'The mass' turnout' tfbr.-tjie 
Soares m i s sion was a irfltahpii 
not only— or perhaps^ hot even 
prtmarid^p-fbr the . Portuguese 
Premier. It was also: a timr-dt: 
force for the Partido Ttevolticid-' 
pario Domini cano, the Dhmlhuban 
affiliate of the SI.virichiB con- 
testing country-wide elections in 
a . few weeks’ time ahd which; 
ballot rigging notowthstanding, 
hopes to challenge the iron rule 
o t President Joaquin Balaguer 
who has maintained himself- 'in . 
power one way or the other .since 
the US. invasion . of 1965. The 
mixture of pomp, nervousness 
and impatience With, which 
President Baiaguer himself 
received Soares — whom, lie in- 
sisted on treating '.as - the 
Portuguese Premier ratter than 
as - a ricoipresident . of - the 
Socialist International— indicated 
the importance the event had in 
the Dominican context 
But the stay in Santo Domingo, 
like the . other high point In the 
visit, Che long discussions the SI 
team had with Premier Mlcihael 
Manley and his People's National 
Baity, the Jamaican affiliate of 
the -International, also empha- 
sised; the difficulties that 
surround the Si’s task in Latin 
America. - 

Sr. Soares himself, t. for in- 

stance, stands well to thfe righl 
of the SI ; - political spectnimrKii 
view of socialism and the, Euro-; 
communists, very, different 
ffrohi that of, say, M. -fVancois 
Mitterrand. It was no: secret 
that Hr. Manley and Sr. Sows 
disagreed on the rote.'M Cuba 
in the' Caribbean: and 1 world. ^ 
By sending Sr. Soares -to ’• -lead: 
the misrion the SI i&e 

ultra-conservatives wild h&id thfe 
reins of power-in many MEti^ries 
of the region- of the idrince iff 
portraying the- International as 
an extreme Left-wing movement 
in hock to the Kremlin.: No ode 
could accuse. Srr. Soares of being 
soft on Communism. : . 

-But the Soares, mission: ralfio 
.pointed to the ideolqgical differ, 
ences which. will make it difficult 
for the International- todecJde 
a concerted ' attitude to ^Liatin 
America and its development 7 
problems. As- a result of these 
difficulties , it. will .-be an -uphill 
task for. .the International to ! set 
up the sort; Of organisation in 
the area ' that ..the " Communists 
and the'- Christian Democrats 
have - had for many years past. 

At the, same - time, from the 
Latte' -. American -end there are 
oftenTdbubts in the minds -of 
local .political parties about the 
wisdom of maintaining any inter- 
national -links' and .thus running' 
the risk of appearing. -to -be 
someone’s puppet The SI add fc. 

Some Latin -Americans are ' •" 

|w»Pised about apparS-’i" 1 

dominance. of German -interest 

by Heir Braridfs preadencyTiS^ - ' 

some quarters in Latin Amerier*-' ir • • 

there is a feeling that *’;■ 
■telittle- inore than , a cover fir A ' 

"■fh of ' : fin'rrn n 'SaMSI 

Party- (SFD). -;The SPD ' fc> r W : .. 
-extremely active ;• in 

America through its' Friedridc’.r'.:-- : 
Eben Foundation, which offi® ; ' 

COUrseS ^schol^hTps and -tfinf/ 1 '-' 

•to : Europe :for the regianyj'^ - ' 
ptfentha and' actual leaders:" ; : V- 
te the. SF just 'another dugoU/V : 

■ far the foundation, and i« SV, . ■ . ' 
SPD, thhikiug of the Interest n* v ' 
its^voter* and just openln*': ' 
Latm- America to German -saK'> 
men..-UBfrar as these" questing V- : ' ' 
may be, they are likely- to persiitf 
while the. International. lacks^ ]-• 
specific and detailed policy. iar' ! * 
wards the development needs -in**. r- 
the re^on. ' Conscious of thw -c -■ . 
doubts and difficulties and con-" ^ - 
scions, too-, of the Increasing fo.' : '■ ' ‘ 
portance of- Latin- America, pog- ■ ■ 
tidans active within the SI for#'.*' 1 - 
cast that -much more attention far ' 
future wia. be given to LatS-. . 
America ^and the wedung out el-' 
common, .^ppsttioas among : jg : 
members .- which reflect ' flu' - 
economic and political realities 
of the region. . 

The Soares mission last month ' 
looks like being the first pf manr 
.such journeys- ..- - 

New Panama treaty talks Demonstratipiis 


criticises Perez record 

;; CARACAS, April 12.; . 

PRESIDENT CARTER was due have the effect of spelling out in K S1C I II CISCO' I VI Ca I CkUl It 

to confer today with Senator greater detail the limitations UYC1 UUa JUULCb. - . ' . 

Dennis DeConcini, the Arizona inherent in his first proposal. Violent demonstrations and street - . BY JOSEPH MANN CARACAS, April 12.'. . 

which gives the U^. a unilateral fighting have continued in^-the . . ■ •-' ■ ■. 

“etoered-a iLml, amiable 

the first Panama Cai 
has infuriated Panama 

uioi'e proolemaucal. reservation bul 

Supporters of the treaty are remains unclear, 
hoping to persuade Mr. But the mat 
DeConcini, a first-term Senator, balanced In the 

joined an “empty saucepan" tne current aoimm?uau«i, rmea ggvenimeut »uice pnees u.. v 
content ^ arch throu ^ h thestree^of charging that it has implemented petroleum exports, rose in 1973.- 

Quito and there Were 1 several an uncoordinated and * absurd The former President aJa *.'. 

TJn+ ,hn viuuu (uiu mere went ■■ oeveiai ““ — — . ■ — - . — . . 

but tne matter is . niceiy wounded w hen poOco broke'-, up economic policy," and that lt.has- mtleised .the current regime tat 
- - balanced in the Senate, which the demonstration. Schools; have failed to continue a number of using economic statistics in ways - 

to introduce a second reservation has scheduled its crucial vote for been temporarily dosed, and;two important pro^ammes; begun by. that were -“not always exaet"^ .. 
to the second treat; which would April IS. - radio stations were . shut : down, the previous administration. and -implied that- Sr.. Perez' -up*-' 

i ' • i -.I '. Sr. Caldera, leader of -ihe main tQ d actively Involved in can* . .. 

- * . , Venezuelan Oil output oppositibn party,'^ -Sob; . Burial palming-, for- the . presiitonttil'-; ; • 

AM ff r n :_f noniliritiTa rsf tVko Ml Tiff - 

~ ^ . 1 . v n • 1 I WI Wiuvuui uu uuiuui UW3, . auutti r—o— O . — « r- 

Sacked Iteed chief sues in Canada crudeoa production invenewmla ChristianCope[,handedr.overthe °L ^*2 

kJALACU AVLtU L1ULL JUW tax v^uuuuu ^ ^ ft0If ^ 2m. bar- presidency to the; current in- cratic Action .party. Copel and " 


TORONTO, April 12. 


MR. ROBERT BiUingriey, who notice. short recession in prod 

was sacked last May as presl- His suit also names as a de- been overcome, the 
dent and chief executive of Reed fendant Reed International of Energy Ministry atati 
Paper of Toronto, is seeking London. Reed International and .Mann ynrites from Cara 
damages of SCLlm. from his for- its Canadian unit have denied 

mer employer for breach of con- the allegations and have filed a ?^ d 0 u f c ^ n «JeS^c 

New products boost Bur- 
roughs; Major banks report 
first-qnarter profits well 
ahead; Control Data well set 
. Page 29 

tract and wrongful dismissal. counter-claim for SClm. in. dam- those^budE^edtothoriti^ 

In a suit filed in tte Supreme eges trom Mr BiUingdey, all^- 
Court of Ontario, -Mr. Billingsley mg that Mr. Billingsley “failed i 978 government expenatures of 
claimed that'he was wrongfully to provide faithful, responsible more than $460m. HosSver. the 
dismissed because an employ- and efficient management to Reed Ministry now states that Although 
ment agreement required that he Paper and' Its ■subsidiaries'." Mr. average crude, producti® «j- far 
be given. not-fesfrthan- 34 months- 1 . -BiUingsIey.lias.denied.that claim. te.i978 averaged abdut|^itt--b-d 

rels per day, and oil exports have ciunbent Sr. Carlos Andres Democratic Action are compel. 
Improved to the point .where “tee Perez, in March, ; 1974, \ Tbe mg to win control of the Preel-j 
short recession in production” has forraer president, who rontinues dency.ior a _flve-year term, w* 1 - 
been overcome, the VtaiezeuLan to enjoy great popularity among hew President and CangreaS.-trili 
Energy Ministry stated^ .Joseph Venezuelans, was addressing the be. elected by. popular, is-:. 
Mann writes from Caraqg During senate. His speech was the December. _ . _ ,- : 

the first two months ocrais year, opposition party’s ‘ formal - re- Sr. Caldera also pointed . 

production feiron^^r^. Fear- spon se to Ptesidehtf Perez’s state unprecedented- govetinttnK - 

woi™ of the nation address a ' month expenditures .in a. wide varidyi.”'-- •" ■ 

ago. -*• ' , • of areas and -asked, where . - ' 

19ra^verSien?^n|^ of u Sr - Caldeja called For- a real results could be. foa^ 

more than $460 m. Hov«ver. the change - Jn policy in. order to Venezuelans now ask themsetra 

Ministry now states thatllthbuch avoid ,r the tremendous sin of with * ' increasing frequen^‘1. . 
average crude product! Arofar exhausting a unexceptional oppor- "where .Js' all the money? “'.birr 
l in. 1978. averaged. about . b UtuhigC before ..the .country can said.. ' ", -C 

It n 



-A* .''-V J 

\ ' i 

f 5 



inviting tKe of allocations they can deal with 

i i 

[ggei _ 

locatiorL Following tEs, it keeps 
track of whether or not the 
suggestion tfas accepted. If it 
■wasn’t; family and flat go back to . 
be matched again. 

Sometimes two families 

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1 ; . m : 1 3 :V \ : | 

... . . 

■> w*' * - \ ts 't rr ~ i '- : 'v- ” 1 , . . r * * ' 'i' .**. . '£'% j 

I ; 1 * •• ; ^ -,/p 4 

House hunting is always a 
headache, but the Greater 
London Council has a bigger job 
than most Its Housing Scheme 
involves allocating council 
houses and flats as fairly as pos- 
sible amongst thousands or 

system- And since the computer 
provides a more scientific 
matching process, there is now a 


a* % * s v I 

. ’ B. * « 

higher acceptance rate of the 
allocations made. 

seeking help are ideal for each 
others’ houses. The computer is 

People like teadiers or transport 
workers, essential to the capitaL 

as well as others whose growing 
families, illness, change of work 
or adaptation problems oblige 
them to move. The council 
currently receives about 1500 
requests a week for urgent accoi 

The fact that the council 
can cope, is largely due to an 
IBM computer system, installed 

this, ana print letters making the 
suggestion for a mutual exchange. 
The GLC says the number 

allocations made. 

Plans are in hand to extend 
the system for lettings enquiries 
to ten more districts. And lust 
recently; the system won the 
British Computer Society’s 
award for the UK system of the 
“Greatest benefit to Society*. 



headquarters in Central London, 
the computer is connected by . 

:T- ■■■-■: 

\ Ww kffil 

8 distria offices. Into the com- . 
puter are fed details and personal 
needs of families seeking re- 
location. This data is stored by 

the computer; and updated 
regularly. Based on the GL(7s 
allocation policy and each 
family's situation, the computer 
helps establish a priority order It 

i ) y 


Antwerp is one of the 
busiest ports m Europe. When 

the Antwerp council acquired an 
IBM comnuten the port became 

IBM computer; the port became 
one of the system’s main areas 
of activity. • 

The computer is used for 
the entire port administration. 
This indudes the rantrol of 18 
warehouses containing equip- 
ment and spare parts needed to 
keep the port in operatioa The 
computer produces invoices for 

all the houses and flats available, 
matching families!’ requirements 
to property characteristic in 
accordance with the priority 
scheme. The computer even 
helps communicate the solution 

.all port services, such as the use - 
of tugs and cranes; and the ; t r ... . 
renting of space in the ware*; \ r 
houses. It also checks email inr 
coming and outgoing ships' to - 
simplify loading ana dpcltiiig 
; Back on qry l^nd, the same 
systefr is helpirigto keg? the". - 
tpwnof Antwap. In smooth- 
Tunning order Tne computer .. 

: Calculates the salaries^ taxes aiid 
^ pdiaons of all counal wofkera,’. 

- ^)OUt 12^00 people. It computes 
tfe private pensionsofover ' 

Financial Times- Th ursflay April-. 13 1973 : 

jD trade news 

export credit for China to send trade 

C nn o nnwpr rnn tr a pt missions to Europe 



\ «390m. EXPORT credit _to 
. .• nance the contract, awarded to 
..'•'EC Turbine Generators for 
■•ip plying turbine generators 
od associated equipment for' the 
' • \ reposed 700mw Hong Kong 
Vawer . station was signed in 
ondoD yesterday by Kowloon 
fectricliy -Supply Company 
■’f* KESCO) and J. Heaxy Schroder 
Vjagg as lead managers 
’■ ..'-The loan is the largest to be 
• . aaranteed by Britain’s Export 
' - redits Guarantee Department 
. ECGD). Financed in IJ.S. 

oJIars, the loan brings the total 
‘.-f- ECGD-backed foreign cur- 
. .racy buyer credits to more than 
. -ibn., the target that the depart- 
.. lent had originally set for the 
>;s*r as a whole. . 

’=■• The actual contract between 
. . ESCO and GEC Turbine 
■ . •; en era tors was signed last week 
; rtbr a letter of intent was 
sued to GEC in January.. GKC 
ill supply two 350mw turbine 
. inerators and associated dual- 
red boilers; for which Babcock 
id Wilcox will act as subcon- 
Vactors. GEC will also nrovidu 
. l.the mechanical ind an '-ill ary 
.'ants for the new power station. 

• The contract represents one of 
. it rare occasions on which 
ri tain's Department of Industry 
' as been actively engaged in 

'-'■sJe negotioliins, with 
■ 'ting as the department's 

financial advisers. It is now 
hoped that further stages of the 
overall power project, such as 
the transmission line, which are 
potentially worth, as much as the 
current contract will also come 
to Britain. '7 

It is also understood, that 
KESCO has..' been. involved .in 

negotiations for . "obtaining coal 
supplies for the dual-fired power 
station from China, with <a pos- 
sible tie-up whereby - British 
manufacturers will supply the 
mining equipment that China 
would need to exploit- Its coal 
reserves to meet the power 
station’s requirements. 

Schroders claims that the 
terms of the loan comply with 
those set by the Gentlemen’s 
Agreement . on export, credits, 
classifying Hong Kong' -as an 
“ intermediate ** country: The 
rate of interest is understood to 
be 7.75 per cent, with a repay- 
ment period of 8| years from 
commissioning, scheduled for 
March 1983. 

The loan, negotiated within 
the overall terms agreed last 
December by ECGD and KESCO. 
a new company set up for the 
project by the Esso affiliate 
Eastern Energy (with 60. per 
cent.) and China light and 
Power (with 40 per cent) is 
being provided by a syndicate of 

16 Hong Kong. U.S. and U.K. 

Schroders maintains that the 
flexibility of the financial pack- 
age helped to secure the contract 
for GEC- In particular it empha- 
sises (he security package agreed 
with KESCO and accepted by 
ECGD in lieu of recourse to 
KESCO shareholders should the 
final costs exceed the initial 
financial commitment 

This includes a scheme of con- 
trol by the Hons Kona Govern- 
ment whereby KESCO's tariffs 
are both fixed and adjusted 
annually to provide a guaranteed 
return on net fixed assets. That 
means that an allowance la made 
in fixing the level of tariffs to 
cover loan repayments should 
there be cash flow problems. 

Provisions have also been built 
in for deferment of loan repay- 
ments and for pre-payment with- 
out penalty. In addition there is 
allowance for cancellation of part 
of the loan, amounting to some 
to SlOOm- should addi- 
tional contracts for site super- 
vision, technical advisory ser- 
vices and fhe supply of eas tur- 
bines not be placed within 18 

All three contracts are in fact 
expected to be placed shortly 
with respectively. L. G. Mouchel 
and Partners. British Electricity’ 
Internationa] and GEC Gas 

CHINA will send three major 
economic missions to Western 
Europe on Inspection tours in 
the next few weeks, diplomatic 
sources here said. 

An agricultural delegation 
headed by Hsiang Nan, vice- 
minister of the First Ministry of 
Machine Buildios dealing with 
agricultural machinery, is due to 

leave here later this month under 
the present schedule. The delega- 
tion will visit Italy. France. 
Britain and Denmark. 

The sources said the mission 
i expressed interest in seeing farm 
mechanisation, industrial farm- 
ing and management techniques 
for big farms. 

i The second delegation will be 
(led by Ku Ming, vice-minister of 
jthe State Planning Commission, 
and is due to arrive in Britain 
! on May 6 for a three-week visit. 
[It will then spend three weeks 
in France the sources said. 

PEKING, April 12. 

They said this delegation is 
particularly interested in seeing 
modern industrial enterprises 
and how they are run. 

Ttie third delegation will be 
led by the Minister of the metal- 
lurgical industry. Tang Ko. and 
is expected to visit West Ger 
many. Austria, Denmark. Luxem- 
bourg and Bntajn. 

• A group of 12 leading indus- 
trial companies who will take 
part in the first regional trade 
mission from the United King- 
dom to visit China were 
named by the North of 
England Development Council 

They include Coles Cranes, 
Cable and; Wireless. Whessoe 
Heavy Engineering, Dunlop (oil 
and marine division i, Davy Ash- 
more International, A. and P. 
Appledore (London) and 
Albright and Wilson. 




- QYQTA MOTOR and Nissan 
otor to-day announced that 

-io tor vehicle production and 
-tports in the fiscal year ended 
larch 31 .rose to all time record 

Toyota Motor Sales, the sales 
'nit of Japan's largest motor 
lamifaclurer, said Toyota out- 
;.ur of motor vehicles in March 
cached "a record of 274,153 units, 
p 22.8 per cent, tram February 
-id up 3.9 per cent, from a year 

- Exports also marked a new 
igh level for any March at 

133,074 units, up 4.0 per cent 
from the previous month and 
up 8.3 per cent from a year 

Domestic sales registrations 
were brisk at 172.575 units, up 
sharply by 72B per cent, from 
the previous month, and up 10.5 
per cent, from the same month 
last year. 

Toyota's production for fiscal 
1977 also reached an all time 
high of 2,767,397 units, up 7.2 
per cent, from the previous 
record high of 2,581,403. units in 
fiscal 1976. . 

TOKYO, April 12. 

Exports in the fiscal year 
totalled a new record of 1.46ni. 
units, up 17.6 per cent, from 
l-24ro. units in the previous 
fiscal year. Domestic sales in 
the year, however, fell by 0.9 per 
cent, from the previous fiscal 
year to total 1,319.314 units. 

Nissan Motor announced its 
March production totalled the 
second highest for a month at 
219,593 units, up 17.3 pe- cent, 
from February, and up 19.9 per 
cent, from the same month last 


India and Pakistan agree 
on hydro-electric project 


j INDIA and Pakistan tcnlay Mr. Agha Shahi said the agree- 
' reached an agreement in prin- ment “ hopefully will lead to 

ciple oo the design and con- JgggS- held * at* Govern- 
struction of Salal hydro electric m4 f nta] level since the project 
project which has been a matter was first proposed by India in 
of dispute between the two 1970." 

countries for a long time. . In a statement he made before 
Making the announcement. Mr. answering the questions at the 
Agha Shahi, foreign affairs Press conference, Mr. Agha Shahi 
adviser to (he Chief Marshal expressed his satisfaction at bis 
Law Administrator of Pakistan, talks with the Indian leaders 
said the agreement was “ one of which._ be said, had been held in 
1 the most important ’’ between the “a friendly and relaxed atmo- 
two countries. sphere." 

He told a Press conference: w I He said be was reluming to 
very much hope the two sides Pakistan with the* confidence 
will be able to sign the agree- that, like Mr. Vajpayee’s visit 
ment before I leave for Pakistan to Pakistan, his visit to India 
to-morrow." “ has been a' step forward in the 

Experts on the two sides are process of normalisation of Indo- 
evolving the text which will Pakistani relations " to which the 
embody the agreement in prin- two Governments are fully com- 
ciple. It was hammered out after mitted under the Simla agree- 
two days of talks Mr. Agha Shahi ment. - 

had here with the Indian Prime The Salal hydro-electric project 
Minister. Mr. Morarji Desai, and is being constructed by India on 
the External Affairs Minister. Mr. the river Chenab in Jammu and 
Atal Behari Vajpayee. Kashmir. 

£2m. consultancy in Iran for U.K. Racal gets £3m. in patent suit 

HE NATIONAL Freight Cor- 
oration has won a third large 
mauitancy contract in Iran. Its 
ihie to the state-owned trans- 
art company could be around 
.’2 m. 

’- The project is to advise Che 
rani an Government on a £100m. 
■.heme to develop freight ter- 

minals at four Southern Iranian the Iranian government to set up / 
ports. - a Tehran office three years ago; 

NFC (International’s) contract and slt *" then has won three wi- 
has been won in conjunction with P consultancy contracts 
Tt i n t B ™ri nnn i snoinw. These are for a cold storage 
the Iran International Engl L.®£ complex, believed to be the larg- 
ing Company against competition es , in lhe MiddH? East. outside 
from eight other- internationaTTehran. and a further cold-store/ 
consultancy groups. _i ^warehouse development near lhe' 

National Freight was invited by . |>Prt of .Rhornimstiahr. 


RACAL-MILGO, the MS. sub- 
sidiary of Racai. has been 
awarded $3m. damages against 
United Business Communications 
in an action for infringement of 

The damages were awarded by 
the U.S. district court of Kansas 
for infringement of three data 

communication patents. 

The judge said that ia view of 
the defendant's “deliberate 
infringement and the unusual 
lengths to which the defendant 
went in copying Milgo’s in- 
ventions". he would treble 
damages, costs, expenses and 
attorneys’ fees. 

Polish order 

Stone Will work Internationa], 
part of the marine division of 
Stone-Platt Industries, has con- 
cluded contracts worth BIbl with. 
Mecalexport, Poland. I 

It is to supply complete core- 
making facilities for a new| 
foundry to be erected at Lublin 
and an extension to the existing 
foundry at Ursus. Tbe new facili- 
ties will provide grey and nodular 
iron castings for Massey 
Ferguson tractors and Perkins 
engines being licence-built in 

The Lublin foundry contract is 
for five separate "ore lines, each' 
; designed for particular tractor or 
engine core assemblies, and 39! 
Eurocor coreblowing machines,] 
tooling, sand mixing equipment, ; 
raw material and finished core 1 
conveyors. The Ureus extension! 
involves a further 23 Euroeors 
and a fully automatic . moulding , 
unit. The equipment will be pro-! 
duce d in the company’s Green- j 
wich, Glasgow and Bognnr Works; 
and the Dulken, West Germany, 
works of Roperwerk. 

U.S.-Swedish engine 

The Garrett Corporation of the. 
United States and Volvo Flyg-| 
motor of Sweden have agreed to 
develop jointly a new low-bypass j 
ratio military turbofan engine. 
Development will be based on 
an existing Garrett engine and 
will meet expected demand dur- 
ing the 1980s. Work will be 
carried out in both countries. 

£2m. boiler export 

NEl International Combustion 
has won a £2m. contract for 
Fletcher and Stewart to manu- 
facture and supply two water 
tube boilers for a sugar factor)' 
in Somalia. 

USSR buys plant 

tfetallurgimport of the USSR 
has ordered two Raymond Milling 
Plant three- roller and two five- 
roller milling plants, with spares, 
together worth nearly £500.000. 
The deal was secured by NEI 
International Combustion. 


j Kuwait factory deal 

The Danish timber industry 
company Kriiger and Company 
i has signed a contract with tbe 
Gulf International group. 
Kuwait, to build and equip 
Kuwait’s first furniture factory. 
Hilary Barnes writes from 
Copenhagen. The contract is 
worth about Kr.25m. to Kr.30m. 
(£2.3ro. to £2.8m.). 

U.K. phone contract 

The Hong Kong Telephone Com-; 
pany has ordered coin box tele- 
phones worth approximately 
£200.000 from GEC Telecom- 
munications. Most will have a 
heavy steel plate case and hand- 
sets and cords designed to pre- 
vent pilfering and damage. 

Soviet-Swiss science 
exchange pact starts 


A TEN-YEAR cooperation agree- 
ment started this month between 
Switzerland and the Soviet Union 
aimed at developing scientific, 
-industrial and technological links 
between the two countries. 

The agreement foresees 
exchanges of goods and services, 
joint construction of industrial 
installations and expansion and 
modernisation of existing plants, 
as well as cooperation in indus- 
trial and agricultural production 
and the exchange of expertise, 
licences and technologies. 

There will also be an exchange 
of experts under the terras of 
the agreement, partly intended 
to enable joint research and 
development projects to take 

Swiss Government liabilities 
under the country’s export risk 
guarantee scheme rose sharply, 
by some Sw.Frs^.Sbu^ ia 1977 
to some Sw.Frs.16.2ba. Since 
tbe end of last year there has 

ZURICH, April 12. 

been an even greater aceelen* 
tion, federal commitments going 
up by SwJrs-2-2bn. In the first 
quarter of 1978 alone to Sw.Frs. 

Despite the sharp Increase -In 
coverage, due largely to the 
further appreciation of the Swiss 
Franc, claims continued to be 
exceeded by premiums in 1977: 
that allowed reserves, formed 
from premiums and from the 
payment into the scheme by 
the National Bank of proceeds 
from the negative-interest ruling, 
to reach Sw.Frs.456.7m. by the 
end of December. 

For last year, the share of 
total Swiss goods exports covered 
by export risk guarantee, 
averaging just over 85 per cent, 
of billing coverage, was some 
18-9 per cent 

There was a particularly 
sharp increase last year in netv 
coverage for foreign sales of the 
machine-building industry. 

Renault launches new car 


RENAULT, THE nationalised 
French vehicle manufacturer, to- 
day launches a new competitor 
in the medium-size saloon car 
market as part of its programme 
of annual new model introduc- 
tions up to 1980. 

The R18 goes on sale in 
France immediately and will be 
progressively introduced in the 
rest of Europe during the 
gunfmer to reach Britain next 

It is designed to fit into tbe 
sector of the market between the 
RI2 aod R16 and has an overall 
length of a little over 14 feet It 
will compete with vehicles such 
as the Ford Cortina and Fiat 131. 

Tbe car is to be made at the 
company’s Flins plant with out- 
put planned at an initial rate of 
220 vehicles a day. That will 
build up to 800 a day by 
November, increasing steadily 
after that. 

There have been suggestions 
that it will also eventually be 

assembled in the U.S. under the 
co-operative deal Renault is nego- 
tiating with American Motors. 
Rumours that the car might -also 
be assembled in Britain have 
been strongly denied. 

The R18, like the R12. has been 
designed with a conventional 
boot rather than the more 
familiar Renault hatchback con- 
figuration. It is a front-wheel- 
drive car, using in-line engines 
rated at 1.397cc (derived from 
the R12) and l,647cc (derived 
from the R16). 

World-wide production of 
Renault last year rose by 4.2 per 
cent, compared with 1976 to reach 
1.7m. cars and light vans. The 
company also produced 54,000 

• Honda, the Japanese motor 
manufacturer, which has been 
diversifying rapidly from motor- 
cycle to car production in the 
past few years, is to introduce a 
new car later this year. 

Britain in £6m. Dubai venture 


joint-venture partner Galadari, 
has won a contract valued at 
£5 Em. to build a big private shop, 
flat and amenity complex in 

Called Deira Bazaar, the eight- 
storey building, owned by Sheikh 
Mohammed Bin Khalifah AI 
Maktoum, chairman of tbe Lands 
Department of Dubai. Is Dubai's 

DUBAI, April 12. 

first large construction contract 
to be signed for a year. 

The consultants for Deira 
Bazaar are an Arab-German con- 
sulting . and engineering com- 
pany, Emirates Consulting 
Architects/Klein and Partners. 
Emirates Real Estate, with the 
National Bank of Abu Dhabi, has 
arranged financing, management 
and marketing. 

IBM Reports. 

' y Since the nuisery staff of ' The change came about calculating of fees, the billing and 

the municipality of Taby have because Taby municipality asked record keeping Practically me 

beeri jelievedlbf inost of their ad- IBM to help improve their 
miniBtratl^^ more administrative routines. Now the 

tiihe tospetid with the children. IBM Datacentre deals with the 

■ • v- ' V 

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only administrative work left for 
the nursery staff is to fill out and 
send in a simple attendance 

Everyone seems to be 
content with the new system. 
Parents pay to the municipality 
through the post so their rela- 
tionship with nursery staff is 
happily free of money problems. 
The staff themselves say they are 
more relaxed and have more 
time for the children, who in 
their turn get more and better 
. care. The tystem also gives the 
municapakty a clearer picture of 
expenses and attendance at the 

In other words, grown-ups 
and children alike benefit from 

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— — — j— 

IBM UK and the future 

IBM UK is growing. And 14,000 people, nearly all of whor 
so are its headquarters. Opened are British. Their activities have 

the nursery administration. 

JU u. 

Luxembourg s water 
problem cleaned up. 

A new computerized water 
resource system in Luxembourg 
helped significandy in 197 6 5 s 
severe summer drought The 

Sure dam instead of Luxem- 
bourg^ traditional underground 
source. This allowed the region 
to cope with the extra demands • 
the weHs couldn’t meet 

the treatment stations, the five 
treatment phases, pumping to the 
receiving reservoir; ana distribu- 
tion of the water; which provides 
over half of Luxembourg’s daily 
needs.|It also has built-in alarms 
to control reservoir levels and 
water quality It keeps day to day 
data on consumption in different 
areas and produces graphs to 
illustrate these. 

Luxembourg’ s Water Re- 

The IBM computer controls sources Management say the 
water feeding from the dam to system means that they can now 

answer the differing demands of 
every area with water of consis- 
tently high quality 

so are its headquarters. Opened 
in 1976 at Norm Harbour; 
Portsmouth, these occupy a 125- 
acre site on land reclaimed from 
the sea by IBM as a major part 
of the Portsmouth Harbour 
reclamation scheme. Already a 
second major office building is 
planned which will double the 
space available. 

North Harbour is Just one 
example ofIBlVfs rapidly expand- 
ing investment in Bri tain. There 
have been large extensions to 
the manufacturing plant at 
Greenock, Scotland, and to the 
development laboratory at 
Huisley, near Winchester The 
first phase of a new marketing 
centre at Warwick has been 
completed, and the second phase 
is well underway. W)ikhas 
begun on extensions to the 
manufacturing plant at Havant 
in Hampshire. And a technical 
centre is under development at 
Greenford Green in West 

Since 1951, IBM United 
Kingdom has grown from one 
office with less than 100 em- 
ployees, to an employer of over 

14,000 people, nearly all of whom 
are British Their activities have 
introduced new technology and 
associated skills into the United 
Bhigdom. Among £be 48 loca- 
tions they work at is the largest 
IBM development laboratory 
outside the united States. 

In 1977, IBM UK’s tax pro- 
vision was 53 million pounds. ■ 
Profit after to was 57 million 
pounds, and capital investment 
was 89 mOHon pounds. 

IBM is working in the 
United Kingdom to provide data 
processing systems, office eauip- 
ment ana related services which 
offer commerce, industry and. 
government new, more effective 
ways to increase their produc- 

« M 


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councils bid 

to attract industry 


THE COUNTY ■ authorities on 
Merseyside, where more than 
8,000 jobs have been lost over 
the past three months in a series 
of closures, are to establish a 
new organisation aimed at stimu- 
lating industrial investment in 
the area. 

The Prime Minister has agreed 
to meet an all-party delegation 
from Liverpool to discuss the 
area’s unemployment problems. - 

Merseyside county council has 
agreed to the creation of' a new 
Economic Development Commit- 
tee which will have under it an 
expanded development team — the 
Merseyside Industrial Develop- 
ment Office (Mercedo) — in place 
of the Merseyside Industrial De- 
velopment Office (Mido). 

Plans for the new organisation 
to spend £3.5m. on various in- 
dustrial promotion and environ- 
mental" measures were unveiled 
recently in the annual budget 
for the county by the chairman, 
Sir Kenneth Thompson. 

The committee will have 11 
members drawn on an alLparty 
basis from the county council, 
plu£ one member from each of 

the five Merseyside districts. ■ 

Its executive arm, Mercedo' 
will continue with the work-bT- 
industrial promotion previously 
undertaken by Mido. but. will : 
also take over repsonsibiltiy, for 
construction and development of 
industrial sites, derelict land 
clearance, and acquisition .of 
property required for develop- 
ment. ' 

It is hoped this will reduce to 1 
a minimum the time taken to get 
projects off the ground; The 
organisation will have powers 
to set up in business fbr itself, 
with committee approval - - 

The move is an attempt by 
Merseyside to help itself -hr ’the 
wake of continuing job losses. 
.On .top of the loss of 7,000- jobs 
announced in the:period immedi- 
ately before Easter by British 
Leyland. GEC and Lucas, this 
month has seen the announce- 
ment. of a, further 650 redun- 
dancies at Western Ship 
Repairers in Birkenhead and job 
losses as a result of Spi tiers’ ' 
withdrawal from breadmaking.' - 

Unemployment on Merseyside 
has now reached more than. 
90,00(1, or 12 per cent of the- 

lahour force, with much higher 
'rates recorded in some pockets 
within the area. 

Mr. Callaghan’s decision, 
received yesterday rather 
defused an extraordinary meet- 
ing of Liverpool city council 
called to consider unemploy- 
ment and the apparent- recent 
decline in the economy base. 

•Previously Mr. Callaghan had 
declined an invitation to come 
to Merseyside to see the posi- 
tion for himself. The council 
leader. Councillor. John Hamil- 
ton said the all-party delegation 
would also include represents-, 
fives of industry and the trade! 
unions. ' • ; 

After a two-hour debate the | 
council called on the Prime 
Minister and bis colleagues to! 
Introduce at the earliest posible | 
date such additional and special i 
measures as would lead to an 
uplift in the economy and an ! 
increase in employment and job i 
opportunities. I 

- The council pledged full co- j 
operation in support of any such \ 
measures and urged employers 1 
and trade unions to do likewise. 


to end 



By Michael Cassell, 
Building Correspondent 

pull out of house building ■ 
borne improvement work. The ■ 
decision, announced yesterday -■ 
follows heavy losses by its Hu* "• 
stock subsidiary. 

The group, which yesterday 
also announced pre-tax profits for ’ 
1977 of £32.2ra.. said that losses * 
on . its housing and home im. : 
provement . operations bad .. ! 
amounted to £4m. and the - 
“ appropriate time ” bad arrived 
to withdraw from tins type of 

Hardstock employs about 80Q | 
people, although Babcock hopes 
that many workers will be trans- : J 
f erred to other contractors who - 
may be taking on some of the i 
unfinished work. Redundancies 
could be confined to fewer than 
150 office staff. " - 

Hardstock has work through- ' 
out the country and its activities - 1 
have been mainly centred on tfce-J- 
lo cal authority sector. 



to keep 

DJB Engineering, of Peterlee, “The response of companies 
1in A Co. Durham, yesterday became since December, and the speed 

the first British company to with which it has proved pos- 
* receive a loan from the European sible to arrange this loan, sup- 

investment Bank under its ports our view that this will 
By Michael Dixon, scheme to assist small and be a valuable addition to our 

Education Correspondent medium-sired concerns- in • de- regional incentives,” he said.- ■ 

velopment areas' • Although.- not- announced 

**»/-** v. Mr. Alan Williams. Minister of .yesterday, it is understood that 

MECHANICAL engineers should Siate for i n fl UStry signed *he the ELB approved- a seeond alio- 
be required to keep their know- E o ra _ agreement with E1B cation during the day, to a com- 
ledge up-to-daie through continu- officials in London. -pany in South Wales, and that a 

mg education as a condition of The scheme. he‘_ said. 'was third, for a concern in 'Swansea, 
keeping their professional status, intended to make' loans of is nearing completion, 
the Institution of Mechanical hetween £30,000 and -£2.-6m. The EIB loan scheme was 
Engineers' qualifications hoard available. As EIB loans -were launched last December with a 
■suggested yesterday. considered private * resources, capital of £20m. for an expen-. 

■' Statistic, would s«m . to <« f l«n.1 S™<s P*U ™|" S we °d IV'toMd of 

sv^r'x 1 ui:: s 

si as* “is b 1 mSSU. ■*- 

expedience sainerl than their interest relief grants payable hy dumper trucks and 95 per cent. 
counterparts 5 in the UK" the the Government mean that. the JF 5 sale s are overseas. . Us 

boa rd’reported after an ISenonth ttross interest rate of U. per g]Jjf ■«“ «• *}“»- 

study headed hy Mr. .1. 0. cent from tb. L™. ^ 

Peterlee company 
wins Euroloan 

Wa rning 


By Michael Dixon, 
Education Correspondent 

Turnover for. the company has d 
fluctuated, between £12m. and -i 
£16m. a year since it was taken i 
over by Babcock as 1 part of the 
acquisition of Wood all-Duck ham 
in 1973. In 1976 the company, .3*1 
which bad a record of reasonable-. flj'P ji 
profits, warned that its perform- ■ ' 
ance would be affected by the-' 
reduction in local authority Lv£ii 

- Mr. John King, chairman of 
Babcock, said the Hardstock 
losses were the result of 1 ' 

** inadequate site control, exten- 
sive remedial work, failure of 
sub-contractors and worsening • 
delays beyond contract terminal ■ * - 
dates.” •- 

'A Hu 

ttof 3 ^- ° f: Zenith tnan^ffiectiverate of lustier ^ 
iG^burettor. “ ■■ Five years.. ago” Mr.-Wfl-. £7 «»-v the BIB :lom v 

He added that house building ' * 
and improvement work formed J 
no part of the group's long-term 
policy and that operations would- 1 
continue only to the extent- ‘ 
necessary to complete existing 
contracts. No new work was ' 
being taken on. 

It is thought that Hardstodc i. 
■has about £8m. worth of con- L- 
tracts outstanding, many of. 
which will be finished by. the-, 
middle of Ute year. It is et'i' 
pected-that Babcock's disengage* |- 
ment from housing work will be. .] ; 
completed by early 1979 at the j 
latest J 

aj-our 1. . ."Five vears. ahn” Mr- 'Wfl- £7wu ‘ocluding the 

The report also urged i .. y'® L Sd "Mr Di wfd BrSnt ' expanding facilities. nf dem-ee fourses in Mr - uav,a A 1 ™* 11 *-. _ 

Babcock results. Page 25 


SraiTmtimiiaih foTpro- ? oin B *° Canada to set up his big market open to us but we 
fSmimtal %tSSS *Wany mon* operation aptf If only rtuv-catmot. %elop it - without 
KfJpJ * nu ipJ maT ^future fail backing . of fhe Dejlartment of meamA^ei^i borrowing; This 
ui* mpef the ' institution’* Industry, which ?uacsted that if loan\iyes us^the additional re- 

" Mr Dawson declared he onened- at Pete/ee he would source* we n«4 - 

standards. Mr. Dawson declared. ve grant, /hat sot him “Without the ‘doan we should 

Recom inundations. -t 

.From J9S5. professional 

receive a grant, Rhat got him Without the ’loan we should 
off the ground.: / . - hkve beei^ able tq increase our 

“This is an e/citing develop- workforce -to around 500. With 
ment in stimulating growth in iti we shair be able-: to put- the 
the development areas. ’ - number to'-.850.” < 

^ loos nt-nfoccirinfli ment in stimulating growth in it; we snail ‘-^e able-; to put- the 

.From JW5. professional j eve}omei I a reas^ - number -op to 850.” a . 
acceptance should be refused to a,tra3 - . ' ■ 

courses which failed to provide ■ A ■ — ; . ’ — *- 

teaching on the engineer's role ■»• *•/ , « ’ d : "tt n 

in society, including relevant AiflniaC! OBiB" T^TAC TO I 
aspects of raanagement accoun- •LJ* 

tancy and law. * • 

Courses which fell short could LOW-FARE London-Texas flights official opening. The delay was 
be adapted to suit— along with were announced yesterday by caused .by industrial problem?, 
developments at the level of Braniff International, only hours - _ — . 

Higher National Diploma— the before British Caledonian put ReCOCtf. prOllt _ 
educational needs of technician forward its new six-tier price British JUidlaiiia Airways yester- 
engineers. strurture whmb starW*at £B9. announced a record^ ^profit of 

This sub-professional group f^ an d 'L f l fr0ID £7S fDr just underflinu The pre-tax 
should he ca«ered for by a new 5iana oy tr,ps ' profit of£L.472,0Q0 compares with 

institution, said the repori. and ^rvntiflll refit £9O;QO0 UM year. . ’ 

as% technician ^glneer Should Vosper Thoroycroft has begun BeSt' ^Ot forward . 
be given close study. tii° r A^ustf 5 lK : 6? 0, lo Ta rcfit ,B fite BRITISH FOOTWEAR manufac- 

Amnng its 44 main rccommen- Egyptian Navy Octoher-class turers' deiivenes in December 
dations, the Dawson Report alsn boats nt its Portsmouth shipyard. ytytr, a? IZ.Sm. pairs, were 
proposes that would-be profes- ' down-,. 7.9 per cent, compared 

sional mechanical engineers Factory replaced with December, 1^6. But total, 

should in future have to The u s . electronics company, deiivenes for 1977. at 163Am. 

undergo a period of practical Nationa i Semiconductor, yester- P«n. cent, higher 

training between leaving school ope ncd a £&m. wafer circuit 111811 ia P reviwl s year, 
and starting iheir degree course. f act0 ry at Greenock, Scotland, ■ . 

•‘The Board believes that this almost exactly a year after the ti COMS 
greater insistence on pre- original plant was destroyed by The Isle of ' Man, which still 

academic training will also help . issues 50p. banknotes, is expected i 

solve the increasing problem of UOCK opens to issue Britain's first £1 coin, 

persuading trades unions' to Bristol's £ 3 8m. Portbury Dock. The island's Parliament will be 1 
allow realistic shop-floor train- opened to commercial shipping askediiext week to authorise the j 
iDg.” yesterday, eight months alter its Manx Treasury to issue the coins.: 

of safety 

By Our Building Correspondent 

Frans Post landscape fails 
to find buyer at £38,000 

FURTHER HARSH criticism of ■. 
the high accident rate in the con-- 
struction industry came yester- 
day from the Health and Safety 
Executive. I 

In an analysis of 100 deaths , 
recorded in- the construction 1 
sector over six years up to 1975. j 
the Executive claims that manane- j 
ment was primarily responsibv ; 
in two-thirds of the cases. j 

The report follows the release 4 
last month of another Health and i 
Safety Executive document in I 
which the construction industry | 
was criticised for failing tn im- ; 
prove safety slandardi It fore- ( 
cast that as many as 2.000 . 
workers in the industry could be 1 
killed in the next decade unlew 
standards were improved In } 
1976. 154 workers employed nn-j 
construction work -were killed- • 
against 181 in 1975. 

Yesterday’s report says that..: 
of the 100 fatalities examined j 
jfiR Involved “a readily foresee- \ 
able event which oueht to have • 
been seen by managemnt as a • 
risk”. > 

It also concludes, however. 
that 18 of the accidents hap- | 
npnert because the dead worker • 
failed lo take reasonably prae- : 
tleahle precautions. 

The most common type ej 
accident responsible for 44 
deaths, involved a fall hy the ■ 
victim. A further 26 were ; 
caused by falling materials. 

One at a time 

THERE WAS a big disappoint- 
ment in Sothchy's sale of Old 
Matter paintings yesterday — 
which totalled £512.100 in the 
morning session — when a land- 
scape by Frans Pott depicting 
a river scene in Brazil in 1667 
failed to find a buyer and was 
bought in at £38.000. about half 
its estimate. Probably the fact 
that there have been many simi- 
lar pictures by Post on the 
market in recent years caused 
the failure. 

The best price was £25.000 

1 plus the 10 per cent, buyer’s 
premium) from the Bred Gallery 
for “Still Life of Strawberries” 
by Adriaen Oorte. Another still 
life of flowers and fruit by 
Ambrosius Bosschaert • the 
Younger went for £22.000 arid 
yet another, this tune of sea 
shells and seaweed hy Anne 
Vallayer-Cnster. realised £21.000. 

A view of London with a fair 
on the frozen Thames, .painied 
in the late 17th century by Jan 
Griffier ihe Elder, sold for 
£17.000, and “Country Folk out- 
side an Inn” hy Jan van Goyen 
made the same price. The 
National Portrait Gallery, bid- 
ding throuch Lergati. paid £4.500 
for a 1628 portrait nf James Hay. 
firtt Earl of Carlisle, by George 

A medals and decorations 
auction at Sotheby's totalled 
£51,405. Hayward paid £3,000 
for a Boor War group of three 
medals and the . presentation 
it word awarded to Cnionel 
Lumsden of Lumsden's Horse. 
Klcinen. a Swiss dealer, bought 
a Vatican Equestrian Order of 
the Holy Sepulchre for £2.900. 

A Sotheby’s. Belgravia, sale of 
English furniture and bronzes 
totalled £30.862. A bronze, a flee 
Lord Leighton, entitled "The 


Sluggard “ sold for £1,200 to the 
Fine Art Society. 

The National Museum of 
Antiquities. Edinburgh, paid 
£23.000 at Christie’s yesterday tn 
acquire a pair of Scottish alk 
steel snaphaunce pistols of 
exceptional size. Measuring 26 
inches in length, they dated 
From 1660. 

They probably were made for 
Sir John D.ilrymple f 1648-17071. 
the first Earl of Stair, who 
obtained from King William ill 

the decree which led to the mas- 
sacre of the Macdonalds at 
Glencoe in 1692. 

The pistols were one of 39 
lots in yesterday's sale, con- 
signed by the present Earl of 
Stair and which, of themselves, 
totalled £48,340. The sale itself 
rea lised^£133 ,588. 

Two' late 16th Century Saxon 
wheel-lock pistols, with contem- 
porary . • - accoutrements, sold 
anonymously for £12,000. They 
are' believed to have been in the 
collection of William Randolph 
Hearst- The Tower of London 
was also active in the sale room, 
huying three lots. It paid £2,600 
for-a Hint-lock sporting gun with 
Spanish two*ttage barrel, mid- 
ISth Century. 

A pair of Flemish flint-lock 
coat pistols, again m»d-18th 
Ontu6v were acquired for 
£2 500. and a silver-nilted back- 
sword, with slightly curved 
blade, late 18th Century al £1,000. 

A sale of jewellery by 
Christie's in New York on Tues- 
day totalled £1554,572 
{S2.25&230) with 90 per cent, of 
the Items sold. A diamond rine. 
set with a square emerald-cut 
diamond, weighing approxi- 
mately 26.95 carats, realised 
£397,222 ($715,000). 

The report comments: 41 The 
men involved were construction 
workers eoing about their nor- 
mal work. 

"They were not wnrkins 3t the 
frontiers of fochnnlnqv. they 
were simply picked off one at a. 

“The vast majority of ihese 
accidents can be prevented by 
the competent exercise of nor- 
mal professional skills, by ade- 
quate trainins and supervision 
and by the establishment nf safe 
systems of work." 

The report does, however, con- 
cede that many construction 
projects are undertaken in diffi- 
cult and chancing condition* 5 , 
and that many factors make the 
construction process potential!^ 
dangerous. The Federation n> 
Civil Engineering Contractors 
last night welcomed the report 
as." a very useful document, 
but said that the repnrt il-<ci' 
emphasised the problems nf con 
trolling the behaviour and mnti 
vation of individual workmen 

It was extremely difficult, a 
spokesman said, to ensure trial 
all safety procedures, many of 
which were not mandatory, were 
! being followed at all times by ail 
i personnel. 

j One Hundred Fntnl Accident* 
[m Construction SO 90p. 




SI 13-1978 



. -'/V National Enterprise 
-Vrd bas bought a 28 per cent. 
je-iQ. Computer and Systems 
ioeering, a small company. 
•V' ch makes- and markets t»m- 
- ■* lications . .. and . . electronic 
'ipmcnt. - 

■he move could, form. part of 
''-rtern-of. acquisitions by ..the 
- rd-in this field. It wishes to 
cP-operative - efforts in 
: rseas marketing and possibly 
research and development 
• veen -small companies in the 
equipment and electronics 

he hoard is paying £922,000 
' . • jjs equity stake and is pro- 
■ *. -. ng, "in a'ddition, a loan of 

Building societies attack 
mortgage restrictions 

peter Burton. Joint manag- 
director of the company, said 
- v /as hoped to use the money 
accelerate the company.s 
. ’ *:vtb through product develop- 
it and overseas marketing. 

We have realised that in -the 
tronics field, where products 
changing rapidly, a heavy ex- 
* ? :->ilture on research and 
•■•"iMopment is necessary. The 
■ ,s way we can afford this is 
- oave a higher sales volume 

of perhaps two or three times 
the present level ... . 

last year, the company had 
&' profit of about £5OO,00B on a 
turnover of nearly £?mv But ex- 
ports represented .only" I® per 
cent of turnover. : ' 

Mr, Burton said the he*t - stage 
would-be to Increase penetration 
overseas,- starting with the -Vr®- 
and. Germany. It' was not yet 
decided whether to set u p • sy b- 
sidiaries or to enter partnersptP 
with overseas companies... - 
It .is hoped that the. injection 
■ of enterprise board funds will 
help the setting up of these hew 

When the company was- 
founded in 1970 with a.- capital 
of £250.000. its main purpose was 
to market imported products in 
the UJC Three 
started manufacturing. io Rich- 
mansworth with designs which- u 
acquired from a former suppher 
that went out of business. Now 
it makes tho- thirds of the value 
of. its total sales and employs 
250 people. - 

Its main products are.ine$sa«e 
' switches, multiplexers , 
trators, and high spbed modems. 

CRITICISM of the Government's chairman of the Building 
,o restrict ntertgege Gove^me^ 

lending because of fears about move wa5 u panicularl y deplor- 
rising house prices came jester- a i a time when societies 

day from two of tho country's had ample funds to lend, 
largest building societies. Mr. Jessop said that many 

When the societies announced would he b . 01 P r we " The 

tact month that they were cot- f' nd “l« k .‘ ,e Hc ’ Ml US 
ting their monthly lending quota ^gpj was •* no real evidence that 
to -about £650 m. instead of the tlie availability of mortgage 
scheduled £720ni.. as. a direct money^has any effect on house 
result of Government pressure P™**-" ^ f ^ Cheltenham 

SiticisT 111116 lmmedl3t&PUbUC and^GlonceBterroreby more than 

Now. however, several societies ^^S^iudi^s^e^chieF 
appear to be criticising Lord Hni of Lllton< chairman of 
Ministers' intervention and seem lhe Abbey National, said yester- 
anxious to ensure that the artifi- d3V ‘ jn L^ n Jj on that an artificial 
cial mortgage reduction is not dampening down of house prices 
maintained beyond the end of hv pesu-jetinq mortgages "mav 
June when the two sides will be'lieralded as successful housing 
examine the impact of the lower pQjiey j n the short-term whereas 
level of loans on house prices. it CO uj d prepare the ground for 
Earlier this week, the Leicester an escalation of prices in the 
Building Society criticised the future.” . 

lending reduction and the Chel- Lord Hill said thau in tne 
ten ham and Gloucester yesler- meantime, the renewal of con- 
day. made similar complaints, fidence which was beeinntne to 
Mr Charles Je'ssop. chairman appear within the house miumna 
of tbe Cheltenham and industry would be lost. 
Gloucester, whose managing “ If prices are to ?hl»re 

director, Mr Ralph Stow, is steadiness which is sought, there 

Evidence ‘not nonsense’ 
-Bank ease witness 

V ■ . “ 1 

Financial times reporter - 

• : ' FORMER solicitor’s clerk 
-r Med at the Old "Bailey yester- 

that his evidence involving 
Johti Martin Wales, a. sus- 
- - *:ded Bank of England offimal, 

: ~ a scheme to write , a letter 
- the- Bank on b.ebalf of a 

.tious client was nonsense. _• 

:-: r . Patrick Walsh had alleged 
rb e Investment currency trial 
he had been asked to write 
. jie Bank in order to recover 
.. V dollar premium entitlement 

• .- - - foreign securities. - . 

..V e told the court that by 
~T mgement. he met Mr. Wales 
: : Waldorf HoteL London, m 

~-ch 1976, to discuss any 
-ihlems which might arise over 

Ir^obert Harman, QC for; 
Wales, suggested that Mr. 
es’s only involvement m the 
-ter was to give general guid- 
5 on foreign currency m 

reply to some questions by^Wr. 
Walsh and . the meeting took 
place in the Waldorf Hotel only 
because it was a.':* convenient 
stopping-off point- on his way 

home. . j : S. 

During cross-examination _Mr. 
Walsh agreed that another doen- 
dant In the trial had told. Turn 
there- was never any intention 
to. defraud the Bank, and the 
dollar premium operation, was 
merely contrived as a. "front, 
to get. money, from -two busipes&- 
men who were not ■ connected 
with the Bank in anyway. *. 

Mr *- Wales, -of . Chi^ehurst; 
Kent and five- others.? -deny 
conspiring between 
1976 to- get money mshonwy 
from authorised dealers^ld 
investment currency. The -trial, 
which - opened . last .'. is. 

expected to last- nearly two 

must be a restoration or house 
building to the level which meels 

^ C “The hard feet * s Ihat to deny 
funds when demand is already 
seemingly- insatiable will leave 
Iten more people unsatisfied. 
This demand wIH no1 so away, 
it 's simply likely to build up 

and, sooner, or laler. lead to “ 
price explosion. 

“The restriction in lending 

will at its best, be a shnrt-tenn 
palliative and no* 3 solution, he 

Sa “ d Building •: -societies have 
reluctantly agreed to the reduc- 
tion, not because they believe 
that it is the right solution, but 
because the movement does not 
want again to be accused of pre- 
cipitating^ * house price 

eX £ord°Htil said thai loans for 
modernisation, and repair were 
not being restricted. 

Members of the Wolverhamp- 
ton and Mercia and the Alidshires 
building societies yesterday gave 
overwhelming approval to the 
proposal to merge the two 
societies. The new society, to 
be known as the Midshires, will 
have assets of £220m. and more 
than 50 branches. 

Jobs created 
for 70 in steel 
closure town 

MORE THAN 70 new jobs will 
be created in Hartlepool, Cleve- 
land. one of the towns most 
seriously affected by British 
Steel's closures, in a packaging 
factory to be established by a 
Midlands group. 

Norm id Packaging of Smeffl- 
wick is to rent British Steel s 
former tonnage oxygen plant 
which was last used in 1969. BSC 
(Industry), the steel corpora- 
tion's subsidiary formed to 
attract new industry to steel- 
closure areas, is spending 
£200.000 to convert the building 
for Normid's use. . 

The company hopes to occupy 
the building in July and at the 
start will employ 20 people. The 
total of 72 which it plans to em- 
ploy eventually will include 
about 60 men. 

Normld specialises in export 
packing and claims the move will 
enable it to offer an improved 
service to customers 
r Unemployment among men in 
Hartlepool is running at about 
uf per cent In recent years 
Bgdtisb Steel’s labour force there 
dropped by about 3,000 in- 
ae the loss at the end of 
year /of about 1,500 jobs 
witH -the closure of steelmakmg 
in the, town. : 

Textile traders’ sales 
down in most sectors 

SALES IN most areas of the 
wholesale textile trade were down 
in February this year compared 
with February, 1977. according 
to figures published to-day by tbe 
Textile Distributors Association- 
The association’s monthly sta- 
tistics of sales and stocks show 
sales increases in only four sec- 
tors: women’s coats, costumes, 
furs and raincoats went up by 63.5 
per cent, compared with Feb- 
ruary, 1977, men’s and boys 
shirts, pyjamas and outfitting 
went up by 5.1 per cent, gloves 
went up by 0.9 per cent, and 
floorcoverings, furniture and 

hardware went up by 11.6 per 

Eight other sectors, including 
children's wear, hoot* and shoes, 
women’s knitted outerwear, 
blouses and skirts showed a drop 
in sales compared with last year. 

Sales for January and Feb- 
ruary of jhifi year also increased 
in only four sectors compared 
with the same period for 1977. 

All but two of the 12 sectors 
covered by the association’s 
figures showed a drop in stock 
at the end of February, 1978, 
compared with February. 1977. 1 

Big brewery groups attacked 

break up Britain’s sax big 
breweries was demanded yester- 
day by CAMRA, the Campaign 
for Reel Ale, which published its 

1978 Good Beer Guide. 

Mr. Roger Protz, -the editor, 
said the takeovers and mergers 
that had produced the Big 
Six ” brewers should be un- 
scrambled to -restore genuine 
choice for -beer drinkers and 

competition in the brewing] 
industry. , 

The guide lists Britain s | 
breweries and shows the strength 
of the beer they sell. More than 
5,000 of the estimated 25,000 
pubs serving draught beer are in 
the guide. 

Mr. Protz also attacked tne 
emphasis being placed by the big 
breweries oh draught lager; 
which he said was more profit- 1 
able than normal ales. 


The Lord Hill 

T here are a number of criteria by 
which the success of a building 
society can be measured. 

One can judge it by the number of 

families becoming home-owners or 

acquiring fresh homes. In the case of 
Abbey National the figure in 1977 was 

^Or by the size of its Total Assete, 
which in our case stood,atthe end of 
lastyear, at no less than £5,413 mdbon, 
an increase of £1,067 million or 24.5 /o. 

Then again, one can measure it 
by its netreceipts from Shareholders 
and Depositors, which in 1977, 
including interest credited to accounts, 
were £999 million, an increase of £41b 

m ^To softentihe effect of falling, 
interest rates for our investing 
Members and Depositors wehave 
twice in the last six months held toe 
rate on existingbalances above that 
applying to newmoney. 

So one could go on. 

For example,850,000 new invest- 
ment accounts were opened during toe 
year, representing nearly 3,000 every 
working day.. .By all these 
tests, as by others, 

Ahhev National has had 
a most successful year. 

Total advances £1J04 nuffiotuan • 

million over 1976. Average advance was £9.467 (£9,039 

m 19 £227 million was lent on new houses. The amount lent 
on houses buflt before 1919 went up to £255 million. . ^ 

A quarter of new advances was made to peop'eeamng 1 ms ta£80 a 
wppk. Nearly 54% of all new advances went to first-hme 

Atyear end Liquid Assets were £1426 miDion-Reserves £200 mfflioiL 
Total number of Brandies was 457. 

Abbey National Building Sodety, Abbey House,Baker StreeOondonNWl 6XL. 

o! safety 1 

This cassette is part of an audio-visual training 
programme we caUBEST-Boiler Efficiency and Safety 
Training. It is an aid for supervisors and boiler _ 

operators on the safe and efficient use of automatic 
packaged steam boilers. Its aim is to save energy and 

cut operating costs. . 

The scheme was developed by Esso for use in 
boilers in our own distribution plants. 

It has produced some dramatic results: 

Savings of over £50,000 in a year have been 
achieved on steam generation - excluding 
additional savings from reduced unplanned boiler 

maintenance. , 

Improvements in the use of steam generated 
have produced further savings of £150,000 in a year 
at these plants- 

It has made asignificant contribution to 
Esso’s high standards of safety. 

We now offer this programme to industry. 

It is estimatedthat if each of the 60,000 or so 
packaged automatic boilers in industry made only half 
the savings achieved by Esso, the fuel saving alone 
would be worth £60 million a year 

The BEST programme is just one example of 
ways in which Esso can help industry make substantial 
cost savings. In other fuel applications and in the whole 
field of lubrication, similar opportunities exist . 

We will be pleased to discuss with you BEST or 
any other Esso cost saving programme. Make the first 
move by fining in the cguponbelow. 


The world's leading 
oil company 

increased Small businesses study 

expected 8 *° em Ph as i se investment 


tax eased by 
avoidance and 




By Peter Riddell, Economies 

the GOVERNMENTS six- Crjer. ibe Department of In- ness man to compete for savings with leading bankers, would con- 
month-old study of ways of dustry junior Minister respon- loo. If he can get risk capital, sider whether the clearing banks 
helping small businesses cope sible for small firms. "Mr. Lever his loan require men is will be and institutions could do more 
with financial and other problems said: “This is not a once-anddor- easier to solve" - 'to support, small businesses. But 

15 io continue into the summer all package but a continuing Mr. Lever said he wanted to he was not convinced yet that 
with special emphasis on ways nf attempt to meet the needs ol “add magnetic attraction to these Government-backed guarantee 
encouraging private investors to small businessmen." small firms- to attract the cash facilities for bank loans neces- 

tak-' stakes in such companies. The objective was to create an from the small investors sarily would be the “most cost- 

This was announced v-esterday “atmosphere of increased Linked with this Mr. Lever, effective'' way of helping small 
bv Mr. Harold Lever. Chancellor enthusiasm*’ in small companies who has had a meeting recently firms, 
of the Duchv of Lancaster, who and the Primp Minister was "in . . 

. r- . . .■ . . 4 u a .. e _ :• • = 


By David- Freud 


THE TWO- major credit card Norinally about a thhfi ef » • 
organisations, Barclay card and card customers take extwui • 

• Access, yesterday offered their credit regularly, a simifcw'' • 

last September was given the job the forefront" of encouraging the 
BORROWING by central Govern- by the Primp MLiister of co- new policies, 
nient last month was higher tbaD ordinatine the Government's Mr. Lever also made it clear 
a year earlier. 3nd is expected to small businesses policies. Ihat the main reason for the 

rise sharply during the coming The announcement followed Prime Minister's interest was 
12 months, principally as a Tuesday ‘s Budget which included that the Government was eon- 
result of higher publie spending, taxation and other measures to vinced that small rather than 
Tho nf thp 1977-78 help small companies. It is esti- large companies were better 

nimurn for d centraf f fi^ V eromem *at these will cost about equipped to expand their labour 

fiSal CQOra. a year. forces and cut unemploy- 

They included some changes to nient. 

as an ’Mon ’ 

iished by the Treasury yesteiday, ,. nrf «nitsl*nj,in« OF his future work, Mr. Lever 

in Tiiowfav's ***** which were first announced said: How can we encourage 
non . mc, “ d ” "j in la.-t October’s economic pack- the private investor to invest in 

Financial Statement and Budg t ^ ^ weJ| as n<?w items sut . h . small firms? At present the 
Report (the nea BDOKt. 3S an j ncreaSe f roin £7.500 to system tends to push savings into 

This shows that the central no.UQO in the registration limit insurance companies and pension 
government borrowed £1.33 bn. f or VAT. funds which cannot be expected 

last month, compared with Reporting on the work he has to provide the risk capital rc- 
£l.I9bn. in March. 19i 1. The d if- done over the past six months quired by countless small firms, 
ference is mainly explained by jn conjunction with Mr. Bob - "I would like the small busi- 
higher expenditure, notably on 


tion against an artificial «jt 

avoidance scheme announced 
in - the Budget vlll hit an 
estimated 200-300 people who 
used it over the. last 4wo. years 
on incomes totalling flam, 

A smaller number of com- 
panies will also be affected.' 

The legislation, which, will 
make arrangements .based on 
the “ commodity carry* scheme 
invalid from April* T&76, will 
destroy the. rationale of the 
tax avoidance industry. t . 

If -the Industry survives at 
alL U is likely to be in -a very 
different guise. ■ 

However, the retrospective 

holders easier repayment terras portion might use it occadmS ■ 
alter the removal of . controls , a ad the rest pay up theirSv ’ r - 
in the BudgeL each month.- ’Hie card gnji',. J ' 

As a result of the change are expecting a steady inertT 
nearly 4m. Bare lay card holders in the amount of credit ..- 

4 Via Q *>ni nannlo ivhft hnva- Vldpd. * ' . 

and the 3.2m. people who have; vxded- _ : 

Access cards will ba required to The rise in interest rates r- • 
pav a minimum of £5 a month lowing the' 1 per cent laaa : < 
or’ 5 per cenL of their outstand- > n the Bank of -England’s ml’ 
ing debt, whichever is ' the mum lending rate 4o 71 t ■' - 

greater- cent, is not expected to brt'.i . • - 

This is a- substantial- casing any .immediate changes -ia ■!’••• 
from the previous requirement rates charged by the era’ 
of a minimum repayment of £6 car ds. -At present Ara i 
nr 15 per cent, imposed -by .the charges -lj. per cent, a mod ■■ 
Government- The change is ex- compared with 11 per cent •••:• 
pected to lead to a significant Barclay card. 
rise in the average length of- .The card groups also 
credit provided by the credit ndunced that -cash advance 
card organisations and to make until now limited to SZ6-'- 
ihem more competitive with Government -regulation, win 

aspect of this direct attack on alternative forms of borrowing subject only to a cardhoijj? 

Terry Ktrk 

Mr. Lever : wants to create an “ atmosphere of increased 
enthusiasm in small firms. 

debt interest. 

For 1977-78 as a whole, the 
central government borrowing 
requirement was £4.49bn~ com- 
pared with a forecast level of 
£fi.86bn. in the Budget a year 

A detailed “xam* nation of the 
Red Book shows that the much 
lower level of borrowing is 
mainly explained by a hiah level 
of renavments of deht hy 

nationalised industries — £695m 
against a forecast rise in ne* 
borrowing of £84m. — which more 
than offset a rise of £304m. In 
lending to local and harbour 

Revenue was also more 
buoyant than expected, notably 
Corporation Tax which was 
£3.35hn. compared with an 
adjusted Budget projection of 

Corporation tax receipts are 
expected to rise to £4.17bn. in 
the coming financial year. 

Overall Consolidated Fund 
revenue is projected to rise by 
10i per cent, between the past 
financial year and 1978-79. 

Higher Social Security benefits 



Retirement and widows* pensions 

Single person* 

Married couple* 

Unemployed ami sickness 

Single person 

Married couple 

"Widows’ allowance 4 ' 

Maternity allowance 

Weekly rates 

















Services, when he disclosed to solely on prices, 
the Commons complete details of The Government is anticipating 
improvements in all social an 3J.4 per cent, rise in earnings 
security benefits costing 8670m. in the 12 months from last 
in 1978-79 and £l.8hn. in a full November, when benefits were 

tax avoidance makes a Pariia 
mentary row oyer the issue 
Inevitable, and it is - not 
altogether certain that . the 
Chancellor will be able to carry 
the measure on to the Statute 
Book. • ~ 

Estimates in the* tax 
avoidance industry — which - is 
dominated by six main com- 
panies — put the number or 
individuals who . used the 
- commodity carry" scheme at 
200-300. The average income 
each individual .put through 
the scheme was about £504)00. 

Because the cost of using the 
scheme was high— rhetween 20 
and 30 per cenL of die income 

year. The new rates will come previously increased, but only a — many people will find .that 

u 25p is added if aged SO or over. 

T Payable for first 20 weeks of widowhood. 

into effect from the week begin- 7 percent, increase in prices, 
ning November 13. Thus pensions are to have their 

Pension and other long-term' real value improved, in accord- 
benefit rises were given in Tues- ance with Government policy, 
day’s Budget speech by the but unemployment and sickness 
Chanrellor of the Exchequer. benefits only have their value 
Pensions are being improved by maintained- 
11.4 per cent to £19.50 per week The real value of pensions has 
for a single person and £31-20 increased by 20 per cent since 
for a married couple. 1974. 

Unemployment and sickness Mr. Ennals also amplified the 
benefits are thus being Increased proposed increases in child bene- 
by only 7 per cent. — a much fit payments, also announced in 
lower rise than for pensions. The. the Budget. He pointed out that 
Social Security Act 1975 sets out the major increases announced 
the basis upon which social to £3 per week from November 
security benefits arc to be re- and to £4 per week per child 
va'ued by the Secretary of State, from' next April demonstrated 

However, this is expected to SICKNESS and unemployment compared with the present rates Increases in pensions 'and other the Goverment’s determination to 
be more than offset by a 16.8 per benefits are being increased as of £14.70 and £2350 respectively, long-term benefits are to be based give direct help to .families who 
cent, increase in Consolidated f rom November to £15.75 a week These rises were announced on the higher of earnings or had bad their living standards 
Fund expenditure and higher f or a single person and £25.50 yesterday by Mr. David Ennals, prices changes, but short-term held down duriog a difficult 
payment on the National Loans p er week for a married couple. Secretary of State for Social benefit rises are to be based period. 

Fund, notably reflecting higher 

deht interest payments. 

The central Government bor- 
rowing requirement is projected 
to rise to £7.94bn. in the current 
financial year. 

The RCd Boob also notes that 
unrtersoending by both central 

North Sea divers win tax-free year 

when the rctospective legisla- 
tion catches up — presenting tax 
demands with marginal rates 
of up to 98 per. cent— they 
will be heavily out of pocket 
on -the whole exercise. 

The- “commodity, carry” 
scheme worked through indi- 
viduals going Into partnership 
with -a company . to • obtain 
technical losses in-ai series of 
commodities futures transac- 
tions. . 

Before the corresponding 
profits were realised the Indi- 
viduals sold out for a capital 

Mr. Roy Tucker^ the avoid- 
ance expert who marketed the 
scheme in association, with 
another . tax company— the 
Rossmlnster Group— %alfl yes- 
terday that it woufd;be virtu- 
ally impossible to arrange to 
repay the costs of using the 
scheme. V* 

“The money disappears in 
all sorts of financial: transac- 
tions to ten different- places. 

such as hire purchase. personal credit limit 

It could bring an increase in The Budget has again: be :• 
the average amount of credit a disappointment to the hat \ 
provided. It wjjl certainly help ment credit companies, wfer ' , . 

to improve the profitability of have been arguing repeats* . ' 

the credit card operations for for a relaxation of the contn 

their hanking owners. on car purchase. 

The previous controls were T -V; • 
imposed in the December 1973 Lending 
Budget, and had an immediate Mr. Ronald Barnes, the da. 

impact on credit card opera- man ' of the Finance Hma 

lions. As a result the average Association, said yesterday j ■ 
period for which credit was pro- statment credit was now -y * 
vided fell sharply from up to' only forai of lending singled 0 \ 
about nine months to about four for specific controls. 
mon1h5. -' The terms cob trots on c 

This in turn hit the banks' purchase have . been in fin ■■ 
profits from -credit cards, al-' since December 1973. The FI) ■ = 
though last year both groups re- has been pressing the Gora -• 
ported that they had moved into ment for the repayment peri ~ ' 
a significant profit." to .be extended from 24 meat - 

The easing of terms rep-. to *36 .months. 
resents a return' to the position -. Mr. Barnes • repeated -ti • 
before, the restrictions were im- finance house- point that- 
posed. allowing for the effects of appeared the controls were on * - 

inflation. The card organisations ing not as a restriction on fa ,« S 

hope it will bring a similar ex- ing but, on imports, because L * 
tension of the amount of credit official concern about the tbnr ’ 1 
they provide to customers. of foreign car manufacturers. 

Stockbrokers pessimistic 
about market prospects 

rfiflVl l n 




and local government is likely THE 1^00 divers onerating in the catch up with them, and over employ their wives as secretaries. Robert Sheldon FinancialSecre- 

to have been larger in 1977-78 North Sea will pay pn income-tax the 12 months they will have to Their outlay ; in- tax will be tary. said jt was in • recognition 

than estimated in last January’s at "all in the current financial pay Schedule D tax on two years’ much reduced. Some of the best of the distinctive features of 

MOST CITY stockbrokers are pitx&ed high for y the psychofy - : 
pessimistic about- the effect of cal reason that an improved* 
the Budget measureslon financial on a pessimistic forecast is bett 
markets. The general view is- received than' an undershoot r 
that interest. rates will- have to an optimistic forecast. "-v . 

rise further and that the prices Lalng and Ciulckshank agi*:' 
of gilt-edged slock Will weaken, that the PSBR forecast -will t 
Phillips and Drew says the undershot although it says 
gilt-edged .'market is likely to be undershooting will be Hinted. 

„ , „ . . disappointed by the £85bn. fore- Most brokers say that the flu.:-' 

One simply could mit get it casts for the public sector bor-* celior has been overoptimialfc~ 
back," he said. rowing requirement fPSBR) his forecast of inflation of tz . 

In Ms Budget spetek,. 4h^*;intf'by the potential conflict this more rfbaa. S per cent, tytl- 
Chancellor said; *Tne time bas - *- - -- 1 -' : mMJu ,•«> « a .» . ... 1 

expenditure White Paper. 

year. ._ 

School meal 
subsidy will 
cost £377m. 

earnings. divers earn as much as £20,000 divers' work. “ the danger which 

Tho lav hr.liHav uilt <-nsi the The Inla °d Revenue is known a year gross although average it entails, their vulnerability to 

Government £9m ‘in lost revenue to he unha PP- v wilh ^ove. earnings are nearer £10.000 a long-term health hazards, the 

thp Treasury ,l has been succeeding in Us year. The divers claimed thaL exceptional travelling difficulties 

fSriSnn to °oive thp divers back efforts J?, niake as Wing tax employees, they involved and Uic shortness of 

decision to give the divers back ag pQSSibie pay t1x U oder PAYE lost as muc.i as 50 per cent of their working life.” 

and it feels that legislating their net earnings. In the Finance Bill, diving 

their self-employed status. 

In announcing outlines of the supervisors, as well as the divers, 
tax change earlier this year, Mr. will be excluded from PAYE. 

By Michael Dixon, 
Education Correspondent 

Imperial might abandon 
tobacco substitute 


The unprecedented legislative specifically to take a -group of 
move will be included in the workers out of the net is creat- 
Finance Bill, to be published ins an uncomfortable 'precedent, 
later this month. For the divers, however, the 

In the financial statement move is a vindication of their 
accompanying Mr. Healey's Bud- vociferous campaign last year -for 
THE TAKP AYERS’ subside to S et speech. Lhe Government says a return to self-employed status, 
the school meals service will be * at lt P reposes 10 “introduce It also shows that the Govern- 
about £377m. — or about two provisions for taxing certain ment is unwilling to jeopardise 

thirds of the total cost — as a persons engaged in diving opera- the diving industry's contribution 

result of the Government’s under Schedule D instead to the development of off-shore 

Budget decision to withhold a of Schedule E." oil and gas reserves, 

projected addition of about lOp The Treasury said yesterday The industry has argued that 

to the 25p price of a school din- that the tax change will cos! the move 10 place them under . , 

ner from next September £lm. in a full year. During PAYE— implemented 12 months IMPERIAL Tobacco, which last them a price advantage over 

Mrs. Shirley Williams. Secre- 1978-79. however, the cost will ago — was forcing the most experi- year destroyed- 45ra. unsold ordinary brands. Imperial knew 

tary for Education and Science, he £9m. as the divers will pay enced diver*. to leave the North cigarettes containing new for some time that a differential 
announced in London yesterday no tax. Sea for jobs in other exploration smoking material, might with- tax might cause problems with 

that none of the cost of with- The return to Schedule D and areas around the world. draw from the market for the EEC, but it does not appear 

bolding the price increase would self-employed tax status means Some companies were moving tobacco substitute because of the to have given up hope until 

fall on local education authority that the divers will pay income their bases abroad and the safety absence in the Budget of any Tuesday. 

rates. tax for the first year in arrears, of North Sea operations was measure to stimulate the flagging Imperial’s options seem to be 

Local councils would be reim- submitting their accounts after being endangered. sales of the>e brands. either to withdraw altogether 

bursed in full from central the end of the financial year in Under Schedule D the divers The company hoped the Chan- an( j c i oae t h e n5m. plant at 
funds both for the extra meal April 1979. will again be able to claim fur celior might find a way of Ardeer, or to reduce the num- 

expenditure and for restoring In I979/S0, however, the expenses such as travel, tele- reducing the duty on cigarettes ber of N'SM brands it sells, 

milk allocations effects nf the tax holiday will phone and equipment, and can containing substitutes to give All tobacco companies have 

Summary of our Annual Report 1977 


DM 2,653 mfflion 
DM2,451 million 
DM2,226 million 
DM 1,329 million 
DM 110 million 
DM 7,213 million 

Business Volume 
Total Assets 

Bills and Advances 

Consolidated Total Assets 


DM 2,864 million 
DM 2,642 million 
DM 2.362 million 
DM 1,509 million 
DM 110 million 
DM 7*861 million 

been extremely disappointed by 
the sales of cigarettes contain 
ing substitutes since they were 
introduced last year. The trial 
rale was far lower than expected 
and the share of market taken 
by these brands is only 2-3 per 

Sales of NSM cigarettes were 
not helped by the campaign 
against them launched by (he 
Government financial anti, 
smoking organisation. ASH. 
This campaign, coupled with the 
fact that the Government 
encouraged the companies to 
invest heavily in the develop- 
ment of a safer cigarette, lead 
Lhe companies to accuse the 
Government of adopting an 
ambivalent attitude to the new 

The tobacco companies are 
believed to be considering ask- 
ing the Government to delay 
the implementation of the 7p a 
packet “health tax" on high 
tar brands announced In the 

presente with the maintenance middle of next year, 
of growth of M3 within the S-12 ; Both Wood, Mackenzie % 

. cent, target range. Phillips and Drew expect tM;-. . 

■ rovter. the longer term, an up; come of earnings . "rowth in 
Turn iffy bank loan demand on next pay round' to be about f 
the back\pf strengthening con- per cenL . _ .. 

singers' expenditure is likely to According to Wood. 
put pressure 'on monetary guide- this would put. the yearam. 
"lines-V \ ; rate of increase in the retail pnfl 

“Thth will probably be fe- index at over 10 per cent. ISHr 

solved, in due course, by a rise first half of 1979. 
nroaqd long-term . 

in both sbortteriitaTid long-term . Phillips and Drew expect aa! 
interest rates.” sayij the firm. crease of 11-lLfi per cent hi Jl 
Wood . Mackenzie says the fourth quarter of 1979. 
money supply target represents HedderwicK Sterling Gram 
' a tou^h objective wit&an expand- notes tbat.tbe ChanceUotMw 
ing economy and the increase in admitted that the RPI would n '■*« vUM iVj f f T 
forecast BSBR. \ in the new financial year, eret 

“PSBR. forecasts -Vare in- personal earnings arff npuHSg 
evitably subject to large margins half last year's leveC . 

■of-errerT -bur -at present We be- Phillips and. Drew ft 
lieve that the 1978-79 out-turn current account surplus of®* 
is as likely to exceed £S3bn.,as this year, compared with 1 _ 
to Fall short of that figure.” Treasury estimate of £750fli,«| •>.*: 

Panmurc Gordon disputes that virtual balance next year, insp 
view, believing that the £S.5bn. of the favourable impact of X# 
forecast has been deliberately Sea orL " T 

Home insulation scheme 
includes private sector 

.iiiiifo /t'-’iicood 

Ao cost repayment 

come uot only to stop the par- 
ticular schemes we know about, 
but to ensure that no schemes 
of a similar nature can be 
marketed in future” 

One way the industry could 
survive would bn by market- 
ing individual schemes on a Far 
smaller scale, so that it would 
riot be worth the Government's 
while to go through the op- 


HOUSE OWNERS and. tenants necessary legislation woald j 
are to receive substantial presented this summer ta W 
Government aid to" reduce the scheme in force before - bu| 
domestic waste heat. New winter. 

measures, forecast in the Chan- 0 n the face of it. the annotH* 
ceRor’s" Budget speech, could- ment" marks a change iirt® 
cost the Government £1 5m. jn S f»j-?ation policy. In Deccnft* 
jhe first year of operation and Anthony Wedgwood Bw 
£240m. over ten years. Energy Secretary, launched 

The scheme was outlined £320 m. energy-saving paefcat 
yesterday by the Prime Minister aj m ed at assisting the 
who said at a conference of sector. Mr. Benn said then th 
women's organisations that a • the Government expected * 
Government programme aimed dustry and private home owt® 
at encouraging insulation in t0 recognise the econo® 
public buildings and council benefits of conservation and * 
houses was to be extended to niake the necessary investor 
the. private sector. in insulation unaided, 

will be able to 

popular process of retrospec- .apply . to their local authority j U nfo/°MuSaer. Ivaroed <M 
live legislation to curb a small for a grant of 66 per cent to- J U e] “^ts would \ continue 
abas? in each instance. wards the cost of loft insulation, prcssure on household bud?5 . 

“This is one option we are pipe and tank lagging in Ih ® Energy prices could double/ 
considering.” Mr. Tucker said, roof space, and hot water tank . e, / enas by the end of ® ' - 
*•“ industry lagging. The maximum^ grant y : 

will **“ rE!n - 1 hn,,CB '* < c - 

Elsewhere ill the 
another option being 


Prof Michael Posner, 

o ?■:&'» 

Affiliates in Iran^ Luxembourg and Switzerland 

Budget The industry says it sidered is an Increased use of expected that 500^)TO homes will Advisory Council for EnST.:,. 
wants more time to consider rumpanies as vehicles for be covered in the first year. Conservation,' said that over '4k 

how to react to this move. avoidance. -Mr. Callaghan said that the nexl decade energy prices- dj®-.-. 

rise by half in real terms. ’ • " ' 
Sir Monty Finn es ton, a - .. 
tor of . Sears Holdings • 

mer chairman of British 5*® 
Corporation, felt that restncoj’i 
^ in supplies of . fossil fuel tf 


Uncluttered road to success 

WITH THE Budget behind it will, buoy up car sales for the Plaslow, 

and three good munihs of sales rest of the year. or. Motor ( 

alreadj completed this year, the This is just the sort of Budget Traders, as 

British motor industry believes which is favoured by the indus- 15 “ rst *iJ Te ' 
that sales this year could be the try. For years, it has been tell- rememwr the haou offering 
third best on record, approaching ing the Chancellor that it wants cheer of this sort • 

the totals achieved in 1972 and as few fiscal changes as possible. There is some difference^ 01 

1973. so that it can plan on a long- opinion among the manuiae- 

The industry started the year term basis. Shifts in the taxation turew- however, as -to - the 

with a forecast that registrations system in the past, it argues, ultimate impact of the measures, 

would be a little over l.4m. But have destroyed effective planning Some feel that the personal tax 
sales last month, at 179.000. were hy inducing sudden changes in cuts have already been -dis* 
the bfejt ever achieved jn March, demand- . counted in the car buying spree 

and soiin.' manufacturers now The Chancellor's decision aot of the past three 
believe thai the market could in raise taxation on fuel will March figure at 179.000 regls- 
reaeh i.6ni. for the year. help the motorist. The real cost tfations. was the highest for toe 

This would compare «ith ihe yf petrol to-day. taking inflation month on record— while -others 

l.ftjni. achieved in 1973. and the into account, is no higher than argue that the present trend will 

t.lHm. in 1972. it was before the oil crisis in continue. . 

The Budget will certainly do 1073. There was therefore a case The main, new incentive to 
nothing to damage this target, for increasing taxes. buv will probably be in -the small 

The Chancellor has left the The extent of the industry's business area, where the Chancel- 

industry entirely alone, while, it enthusiasm for thp Budget can .lor’* proposals should, make -it 

heljpvp*. creatine a" slight iv be radeed From the f^ct that ti easier, for managers to change 

better business climate which was described by Mr. David their cars. . 

UHHIpcru ™iu ttuuumi. a-- jo 

. president of the Society 


\'. s Per 


Mn oar imlucW*. Keith l^rr 

p«rdet With lux *17 

viewing and private bar an* “r] 
fadlitiet. fully etearwf »: 

TRIOHPHE and many 


2J300 GUINEAS AT ,N*r 
MARKET MAY 4 and 6.J-/ 

. Far oar IV78 racing leortu**-, 

- r fwrtaUBM oaf fall 
tM Uktriamt: 01-S81 « « 
or mite t#:. 

KftTH paowse SPORTS. ^ 

74 -OVf tpntfon. 


* e nt 

v Ai 

. I -Times'; Thursday April 13 1978 




Barnett hints at mini-budget 
after Bonn economic summit 

Liberals want bigger 
cuts in income tax 

BY johnhunt, parliamentary correspondent 


LIBERAL MPs will vote for 

.A STRONG bint that the Chan- - From the Government front concerned that for the future the in grave danger of being over- bigger J7 hTiSJr 
• 'teller of the Exchequer intends to bench, afr. Barnett arened that game is just not worth the risk.’’ looked. Tuesday's increase in those proposcau> me ^nanceiior, 
. introduce s mlatbudget after the Tuesday’s Budget wonia make a be declared. Minimum Lending Rale was like Mr. David ate**- i-toeraJ -leader, 

world economic summit in Bonn contribution to world trade , ex- He proposed that the Govern- a shopkeeper putting bis goods assured ^ t-ommons last night 

^ UVHU WUU1UUUOU IU HU11U uc pi UfJuacu Ulfll MIC H ullu, S **«« RUUUS- ; - - ,__ lirnp j rfnh-il ' 

in July Was given tu the Ctomiiioiis panaion. There were, . however, mem should legislate in each case on disptay at the same lime as me re6U qaie °P * ne 
. yesterday, by Mr. Joel Barnett, very strict limits to whatcpuld be as It came to its attention jn such setting off ihe alarm bell. ^ , 

.’Chief Secretary to the Treasury, -achieved against a slow back- a way as to remove ai! tax "The time has come to re cor- Bui toe ^parv>na^ . j et ro dec: ide 
A Speaking in the opening stages Eround in world trade. . . advantages of a scheme from the nise that we need an entirely ^therto snppo^na reduction m the fl>re*4ay debate on “1 am hoooFut that the world outset. This should be done fresh approach to those prob- n* 'id Tlfr- ppnt nr illamnl 

...of the t*re*day debSte on “I am hopeful thafthe world outset. This should be done fresh approach to these p rob- — or «,«nnt 

^.Tuesday’s Budget, he made a summit In July will make irpos- ^ ,h out harming those who J * e f 0 widen the new 25 per cent. 

' harsh attack on . artificial tax eible to do more." he added, genuinely engaged m any com- haven t got. The Budget is un- , 0T1 first £750 rf 

avoidance schemes and gave full This brought shouts from the mercial transactions to which the likely to make a significant tax _ hi & income 

-. baeking to Mr.ffealeys proposals Tories, who demanded further artificial arrangement might be change ^ihceconomy- Capi- Swe , accused rhe Chflnccl . 

"foe mtroducang retrospective elucidation. But "Mr." Barnett attached. tal was lying idle in the u.K. vve . . bavins been “rather 

legislation' & eleminate some of merely taunted them with Wats He explained that in the years 01 ^xchanoe^contnil l ?o Drovfde timid" and chided him for fail- 

them. of further budgetary measures W3-76 tax avoidance from such c _ 0 v n e 1 " 0 ' 5 t0 f mg .to give the psychological 

■ He also told the House that In to come later this year. „ was , of ,he - 2* de * °1 SKE ° SrS f tfia stimulus particularly in relation 

-■future .the Government woald try .“Getting worried by 'what we j-;"®™- last yeaj. there had o_ ey ' tion tll higher rate taxpayers, which 

. to legislate against objections! might do at the end of July? been a real escalation. Inl976-ii . ' j n _ in D b _ would have been produced hBd 

avoidance schemes in order to toWed. .. . V... 7. SSZ& **! H? Sine followed the. more, expan. 

avoidance scueunsu in aroer 10 ne jeerea. ; ... _ .v A . Ii>- snendine if we were to have 4 " 0 tonoweu we mure expan- 

3tamp them out immediately they On tax avoidance, he empha- “00m. and now the Government p . manoeuvre in eetiino sionist strategy advocated by the 
start. -. sised that he was" referring to knew 0 ■ a aogle da.m which [*® w £T n r h 3 nR e d Je Liberals in pre-Budgei consults- 

'i«T - M, Totally artifl- w as seeking to establish a loss lDe l3 r oura ®n rnangea. tye . Treasury Mini«»rc 

-. in addition,. Mr. Barnett said schemes that were to tally artifi- X r a ciA« e ^' n ® t0 es * at>, * s ^ 3 l°&s 
. that the Government would; at ciaL with no real financial or a m * 

must be prepared t o sh i f l ihe X*™ 

hurHpn frftm rm ini-nmp In The pressure? Ullhin the 

..that tne viovemment would; at euu, wun no reat nnanaiu ui burden from taxes on income lo ine '"imn uie 

‘ . Bame date, like to extend the new commercial results other than We owe ft to the ordinary . snendine. Liberal ranks for ending the Lib- 

lower band of 25 per cent, in- a fee to tbe orgajnser and a large "^ Da y ers to stop it. he said. , . .. . Lah .part were highlighted by an 

. come-tax rate in order to embrace reduction in tax to the detriment ”• in the process, those who Tax inrcsholdb snouid intervention from Mr. Cyril 
1 more workers.. of all other taxpayers. Those who o'ay with fire in this way get raised well bejond jne level nr /Bochdalei wbn called on 

ja er Whitelaw 


LX assurance 

on migrants 

reduction in the burden at *x ^P«rt Corowril, U 6 by Satt 
income-tax at tb e upper level. MR. WILLIAM WHITELAW. the 
It was intolerable that Britain Conservative Deputy Leader, 
should have such swiftly risinfi yesterday withdrew as grace- 
rates of income-tax. culminating fully as possible his bitterly 


In S3 per cent. 

contested allegation 

He recalled that the Liberals Goverament hid deliberate 
had suggested a 1 per cenL or r jgged a drop in immigration in 
H per ce nt increase in, the tfc e run-up to a general election. 

S E I onaI Insurant* This ]atest statement from the 
contribution as a means of meet- Tory Home Affairs spokesman 

n .^, u ^ should close this particular 
toe mener rate and claimed that chapter in the dispute over Jmmi* 

Sows 0 ,? h°,d Tee^^rauy ^ ‘ W ° 

nppoSte.’ 7 the Ind »an sub-continent should 

Mr. Steel commented that em- 
ployers sbould not blame the 

the Indian sub-continent should 
be processed -with deliberate 
slowness. He had demanded a 

Mr. David Steel 

He was replying to Sir Geoffrey 

- Howe, shadow Chancellor, who ready on the sh 
'■'attacked ; the -Budget - proposals was countered. 

sold the schemes had others ‘be-r fineers hurned. \ hope we "f , B L h nd ^ his leader to make u clear that it earlier described as - particularly Budget, if provided a taste of 

ready on the shelf as soon. as one sf M a few- tears for them. J»P ra'e *** „? <m d n pr in 30 amendment were moved disappointing." V what Liberal influence could 

- Turnin'? to the reduced ia\ down at least to 80 per ieni. to dur i n{ , the comnmiee stage of , r* , 

Chancel! or but their own spokes- re II! action - . „ . 

men for failing to accept a T™ controversy stems from 
modest increase in the em- [Sported remarks by Mr. White- 
ploycrs' National Insurance con- \ a * a private meeting of Tory 
tribution to finance the cut in "?. Ps . 10 hear details of the -new 
income tax which the vsought. Shadow Cabinet programme to 
While it was not a Liberal curt* immigration when the Con- 

servatives regain office. 

«ntu uiuciai miiuriice vuuiu « . 

achieve, an influence which they C-OniUSlOn 

In the past he said/tbe'House of » rement. announced restore the real value of the Finance Bill to reduce iTs clear that he did make 

id been reluSSt to .approve n the Rndeet. he recalled that higher rale bands. standard rate. " members of this P"!™ LJS *** SBfiL 1 »«* general election. . s „c h ? n iSrttaL- tat ftS ta 

•and called, for an entirely fresh In the past, he said.tbe" House o* an per cent, announcer 

-/approach. Sir Geoffrey, saw a had been reluctant to- . approve JJ’ the Rnoepf. he recalled trra, 
arave risk; that if the Chancellor retrospective legislation, bid had "•o‘* , d a not v to 4m. nenolc 

■ reverted. -to deficit financing to done so back to the date.^hen f »» *h« .a* a rfa»t on Hr* rnad 
- ‘create Jobs, it would give a new the. scheme was first detected- 10 171:1 kin / 11 h * • ratP ™ 

■ ... . ' . _ d..i i_-_j Ko&n 9 f*rtii«-c« (nr Tnillmn« mnrt nP 

Sir Geoffrey did not think that partv will vote for that amend- final decision should await the re- 
• * - • c - _ costing of the party s budgetary 

f ««** *h«« a* a start on thf rnad the help for small businesses in mcnL" 

to m.ik-in« it th« haric rate in'd**** the Budget went far enough to Mr. Steel replied that this was proposals. 

But there tod always*. been a cou-c« for millions more," he compensate 

. : 'imiw*tns to inflation^ .. . But there tod always been a p , e " f 

- promising that a Tory Govern- period of secrecy.' during which dec area. 
; -'menf would reduce the. level of the marketers of the schemes For 

damage one option open to Liberals MPs 


p re _ general election. such an accusation,, but there is 

>tary .Wr-.Steel also underlmeri his still some confusion over the 
view that the Lib-Lab pact must seriousness with which it was 
be of limited duration. The jpvelled, and how explicitly the 
that time must come when we put PriTOc Minister was named as 

already inflicted on them by ihe while another would be to seek to there had been a failure of nerve our different views on these responsible. 

Opposition. Sir Government. He also thought widen the new lower rate band, by the Chancellor when he shied deeper issues to the electorate 

v ' income-tax to, or betow, that pre- and their customers benefited Geoffrey attacked the Chancel- that the profit sharing scheme the narrowness of which he bad away from roakina a substantia! and invite them to judge. 
' vailine When, the'lasr Conserv- before the legislation could take lor ' a “ astonishing" economic proposed for employees was only 

: -'ative Government left 'office. Sir effect They knew the. situation record. Gross Domestic Product a modest step in the rignt oirec- 1 • •HI 1 

Geoffrey said: “The Budget is and planned accordingly. • was well below the level of five Don- 
nothing more than a short-term “I hope the House will- agree years aao. living standards were 
response to pressures of short- that this is wholly unsatisfactory down, the pound had halved its 
'term inflaeaees. H - and that we can shew those value and unemployment • bad 

' a^nst trebled. 

• •• • . Money supplv was turning out 

- Shore expects mortgage ■ 

c . ■■ Vff ; 0 er: Tories look no comfort from the 

. ^ - -fact that next year's monetary 

i rate to remain stable ; ; ssw? on,y s ' i8, "' y bc,ow 

1 ; t * * Next year public exnenditure 

r t-rt 

» Ai 

Shore expects mortgage 
pessi® rate to remain stable / 


r* INCREASE - ia MSoSmum aWe.” The interest- of first-dme 

* Antlivifv .Doto rVtnriM fini lo«f 1 tn httuoMi tooh \ A Ro HlflPP. 

Freeson offers 
help to find 
building land 

By Our Parliamentary Staff 

GOVERNMENT offered security benefits 

Higher pensions will keep pace 
with earnings increase— Ennals 


WHILE THE u prating of social The earnings estimate of 114 reached settlements had settled 

An embarrassed Mr. Whitelaw 
said yesterday: “ T thought I had 
made it clear that 1 was not mak- 
ing any charge. 

. “However, for the avoidance 
of any doubt, I naturally accept 
your assurance that the Govern- 
ment has not deliberately and 
artificially held down the rate at 
which applications are pro- 

Although this climbdown 
should end the incident, the 
episode is ample proof of the 
explosiveness of the whale 
immigration issue and of bow 

was coin" to increase bv 6 per yesterday to help bouse builders se0Pra l welcome in i 
ppm o- r 3 F>hn. overcome local shortages of yesterday, a Governr 

** a Hm ■ min ltmn III y • (.pen nfi In _ • . . _ _ ; 1 1 1 

given a per cent, in the 12 months to within 10. per cent., and the easj i v ° it c0 ,.i d vita] Dart 

Commons .November was described by Mr. average increase was expected to f n ‘ foustine hefnrp the 1 next 

,, r n »»cl P,prlAA aa - F»a«L-l„ ■■ aKm.t If! ,r ? lr * P JOUSDOg oerure UJB HeXI 

The Budcet contained massive building lanf Mr. Reginald lhat eamiags will only rise by 

Government forecast Pardoe as ** frankly astonishina." be something about ltf per cent. e | ec ^j an 

l only rise by It seemed to conflict with an He was confident that the ■•—•j 

luring the 12 AugusMo-August estimate of 14 pension increase of 11.4 per cent. «-*t | . . . 

November was per cent. and. therefore, implied would cover the rise in earnings W OTK StSrtS OD 

d hy Mr. John that the Government’s Incomes from November, .1977 to Novem- 

spokesman on poiiey would lead to "a very ber. 197S. f/Sm PATltrP 

touch phase fonr indeed." Mr. Ennals pointed out that <*'*'•-’***• incline; 

is given bv Mr. Mr. Ennals recalled that when changes in national insurance BUILDING WORK on the £25m. 

Ccwrniarv atsnred thp 107 ? skill, to ioh«. lo enterprise, to T, “ - * — — * " ^ rarnoe, iaocrai spokesman on puucj wuum irau iu a very wi. xmo. -5- / -^Tfi ppnTrP 

- Hon Rnn yt ■ isle nf inh anrt wealth creators and to are able, specific areas where econom j c affairs. * touch phase four Indeed/' Mr. Ennals pointed out that . LtTllllc 

jyOnunonS yesterday. ■ Stephen RosMLvjgfcrt ® prJrv there were problems. . The estimate tva* given bv Mr. Mr. Ennals recalled that when changes in national insurance BUILDING WORK on the £25m. 

' “1 do not see any need for a JESi 2? SlSSJe- The total tax changes pro- " 1 will be glad to pursue these Enoa i s . Social Services he announced the last general contributions Tor 1979-80 result- Queensgale Centre, the largest 

- dtange In building society lend- ■> posed in the Budget wnitld. be problems and to advise local secretary, when he stressed that nnrating of benefits a year acn Ing from the improvements he single project in Peterborough’s 

-ng rates as a.. result of the Chan- ^ f w said mean that a man earning authorities to buy land under toe , he ^ glie f benefits— effective the estimate he then cave for the had announced would be deter- expansion programme; began 

\i. -tenor's, movement In MLR.” be ddence-i m iwuse pnoes. our ne ah nve £45 a week would find the Community Land Act powers froai , he . Wee u beginning Novem- rise in earnings for the period in mined in a review to be con- yesterday. 

: declared- ’ urged MOgf, not ue red(ic} ,- nn a ] mns t entirely offset where there are local shortages bcr 23 — will not only improve nwstion was challenged from difted in the autumn. Qupensgate will be a covered 

• - “ The MLR and' building extended beyond July::. ' hy the increase in National In- made evident to me by bouse- the reiJ n i w pen5 j 0Tls bn*h sides of Un* House. Certain ■’hanges would have to shopping centre providing stores 

' ’todety rates do bear an- Inexact Sbore replied: “T beliewfc ^ prance contributions. It would builders." QveP 4 per cont but grea uy -In the event that estimate had h*> mad- then to take account of for the John Lewis Partnership, 

r -*fi)aQonShiD to eat* other. We the measures we have jakep will, , on iv mean an increase of 14p a Mr. Freeson said that in tne j ncrpase jj, e br)p provided for turned out to he almost evartlv th** differential between those British Home Stores. Littlewoods, 
’ ~tave had inanv more movements' ^ have, a steadying effect It is iv V pi>k on the average, pay packet county as a whole there was famUies wjth t bildren. rorrect and he expected that the who were participating in the Boots and C & A. -There will ha 

4? we -have had in moderate cutback J ajj<J we will >; The person on £120 a week enough land with planning per- Hp ' saris fi ed , ha , t he in- forecast which he had now made n/»w pension scheme and those 80 other shops, offices, parking 

■ -iilSnt wwtore interS rSi to xevie ^ the .situation again Tritb.^iould fin fact be considerably mission. for six years housebuild- crease , involving expenditure of vn,, ’ d ho no ,ess correct. . who had contracted out. but he for 2.000 cars and a bus station, 

• r - - ; _the ;bolldltig socletiesf .toWdrds.^ree* Off - at < a result nf the tax log at current rates. But there uow^ of n TSm next Sar W r - Eennals pointed out that did not foresee increases in con- The centre, being built by John 

- • ffie end of the second quahur." changes and, the increase in were local problems about land- . - ; af .‘ n . r oo U lre-‘ >n the current pay round 95 per trOmllmw which would he either Laing Construction, will open in 

•;-Mr.ShorevigorousIydeteiided- m Reginald . LFreesoD^National Insurance contribu- supply. S i i iffi S cent, of the employees who bad “ significant- or disturbing.". 1981. 

. Government s recent deosion f 0 r Housing W Coa- -Uons • \ • The Minister disclosed that he mLp, . rm ;■ „ - - ■ ; - — 

- --- n AStl fAr n In mnrttfnffP ^ V . j v.« peilblOnS and Other long-term 1 . ■ - - — f 

Work starts on 
£25m. centre 

l will be glad to pursue these Ennals. Social Services he announced the last general contributions for 1979-80 result- Queensgale Centre, the largest 

° ^ for a «°W ta ’ “»rigage JSSon/ 1 ^Tte' thought \t was more like would be having talks with local gJJJjjJJ* 0lher n 

^ b z\ c sas^a*«!i S52ra S£ 

_Tee) said that the first casualty public. expenditure. Investment strongly influenced by the building programmes. JJJL 1 ' 

■ f the restraint was the first-time Lw lives for hotels end agri- Lihertt Party. He Joieed with Labour MPs tn S n ^S*“ fflusl r,se m 

-;uyer. “There are now targe culture would generate further At the Labour Party con- criticising some Tory-controlled thal fh . 

_ umbers unaJWe to get the mort- WO rk. ference Uie Prime Minister had authorities for cutting back on "J* * n “‘* „ r V or „r 

•‘. age they would tike.” he-saiff., - The Industry 'would also bene- said that we could not «nepd our council house programmes Jn '•'peases v ere or ine oroer 01 

: : ; Mr. Shore said he found Mt. fit from changes in the tax way out of 3 recession. But in areas where there was a need for about ” * V * T 1 * LSJIJJj 

— Jewton'a rtatement ^remark- arrangements for small firms. Sir Geoffrey's view this was now public sector housing. prizes to tisc byonly 7 per rent 

The Minister disclosed that he 

t imposed in 1975 that , 
fobs and other long-term j 

Dersuade oc “ en(S rise in uric wiin I 

cil house “Wings or prices, whichever | 
was the greater, and that short: 


; WhitehalFs losing fight revealed 

C\b 9 ' 


grant ‘is 

{/HITEHALL'B ' ‘SECRETIVE committee's standing might he bers on even of Parliament, as ing to the gallery-, and if we fell i>fEW A1D P jj Dne d for owner- 
■'istincts have been graphically, diminished hy selective— and a whole, .1 hope- that members this was happening, l think we oCt . U pi e r to help them insulate 
lustrated by a report published possibly unbalanced and unfair would choose the former." would rescind the decision to go j^cir homes was criticised as 

ce <** 


#-i«\n VlW^ siMwiw mum. -. 'ComDUCatl005 WOUlQ'atSO arise •'•‘'J- ....... mr. .mcnac-i Lduncm aiei- 

| ] I Jv^ccountB Committee of hack w v en sensitive military or com- tt** MPs Mr. Albert Contain and apart from tts dele mu nation not ton) sa id that a grant of up to 

* ^ Aniih IfDo hnfi^infl- ffc Fia«Wttac . . .1 Xfp * Dnhort ■ Tavinr flip ' PAf*! fn ha hf if?” r(7fl!. fhf* reo >L_ 

esterday which chronicles the —reporting by newspapers, eager 
nyleldlng .opposition of leading Tor quick sensation. 

The resistance was to no public." 
avail. By six votes, to two. -the The committee's desire 


Public Complications would also arise only, dissenters being Cooserrs- make its proceedings publii 

kmlr _ • . . . • .... t t Hp AIKapI rrictnlrt onH anari frnm ttc npfprmjnahnn 1 

inadequate by Tory MPs in the 
10 Commons y esterday. 

Mr. Michael Lathcm <C Mel- 


ench MPs holding its bearings merciai matters meant that the Mr.' Robert Taylor, the PAC to be upstaged by its rival, the £50 announced in the Budget 

1 public. . -p A c would nave ahrupfiy to so _ _ Expenditure Committee, which wou j^ not insulate “ even a quar- 

t The PAC; Parliament’s top- back off the retord. Even where ^ ,opli s ? me . 5tep “J 11 * ^’1* ter of a loft." It was a “piffling" 

unco wrs uuiULUK uwiwp mercial matters meant that tne UAl - -nywu r 

j public. '.I'.'-. • PAC would have abruptly to so — ^ 1 ; 

(I The PAC; Parliaments top- back off the retord. Even where ™ Ac . oon . s commit- 

Snkmg select commtttee de- confidentiatity was less of a con- £ 7 ^ rtumlmT a m bUte on 

ided las month to allow Pto witnesJes might be less ^ of fte^ffimSrteSetS 

£,z bl |K «' ‘"Airt^dS 1 .1 s* “ wSSK&i 

frious Departments are -S-oi b ey 8a,d '? uld be dlstorted by Social Security, which almost 
anous ueparnnems are cross p resfi reporters. xrar k rrifScupd for 

^ixMyws^mMiey 8 UMment'^An 'Sir Douglas, like Sir An.hony Sw and 

reSiJt of thl ^ Rawlfnwn. Second Permanent for^fcor reporting, 

larch 8 reveals how 'Whitehall 10 ti* c Treasury, who The MPs are planning an 

ought th? move-rr g hrto lto was also questioned on March 8 early visit to the rite of the 
ery end. ° mixed the warnings with lavisn new Liverpool Teaching Hospi- 

The formal case for Vpeoina P 1 * 1 * for the committee’s effec- uL whose costs have risen 

ne hearings sSret to to tiveness under the previous froin £Hm. to more than £50m. 

ne oeanags- secret,. 10 oe_ toi *» t«niin« the 

ago — reflects its aim of jmprov- sum 

ing awareness of its watchdog 

Mr. Peter Shore, Environment 
Secretary- •'Hid that the aid — 66 

' iwed several months later - by a ar ^r S \mhonv however implied 
• ‘-eta. was pu? hyEir DonSS ml S ht tem P ted t0 use “P en 

!enerai. COmPlTOUerand “T™ SU'rnlE? 

sloppy financial control and 
for poor reporting. 

The MPs are planning an 
early visit to the rite of the 
new Liverpool Teaching 'Hospi- 
tal whose costs have risen 
from £IIm. to more than £50m. 
and which was “tending to the 
category ot a major scandal * 
in Mr. dtx Cann's words, yester- 

One of its biggest problems is per CPn {, 0 f reriified expenditure 
the delay between the mis- u p i 0 a maximum gram nf L50 — 
spending offence by a depart- WO uUj he admiinstered by local 
ment and the appearance of a author iiies and kept as simple as 
critical BAC report Even when p^cjhie. 

the report contains strong enough jhe gran! would cover insula- 
launguage to gain wide Tress f- lnn 0 f ro<l f spaces and lagging 
attention, the subsequent debate tanf!S and pipes . It was « basic 
m the Commons never attracts insolation of the kind most 

IIP v 



more than a handful of MPs. people thir 
In his evidence. Sir Anthony be added, 
dismissed his fear. Whatever 
impact, or lack of it. in the House 
itself, a guilty Whitehall depart- r., n , 
ment would, he claimed, be A til 11 
galvanised long before the 

people think is well worth doing.” 

• Sir 'Douglas. ' whose ' office tag of MPs depends on having chose : to 8 ° Pu b he f or the rest report’s publication ^by what be 
• -arries out detailed monitoring * headline 10 the morning. I ^ n . tbl6 fa r ’l aiTy S f ^ raed » a sorl of bow waT « ,n 

- ■; f Government departments and ^ve that t'kZnZJ'J?? iSm Press 

•'rovides the bulk of the raw concerned 

Fund allocates 
£85m. to U.K. 

the toll's worries over lurid Press 

Ivance THE European Social Fund made ' 

He insisted lhat public interest allocations totalling £S5.1m. to| 

t-£76.3m. had been 
Government train- 
OF this, the train- 

■ Tess coverage mjgbt actually Sir Amnony aaaea: '■““r"' ,. ippnnni ui im connnw « 111 repiy. 

• 'eakeh the financial control that what the committee is about- If chairman, yesterday added his task. This risk would be all the He said rhat-£76.3m. had been 
a rite ment can exert over' the it were a choice between action word Of caution. greater if— as was highly prob- allocated »o Government train- 

brecutive which niaiutained -its effective- He declared: “I do not -want able — civil servants consulted ing schemes. OF this, the train- 

■ One risk was that instant pub- ness in the task of striving for to turn the PAC into an adver* closely with thetr Minister before ing opportunities scheme in 

city might reduce the Impact of Improved - administration and rising agency’s dream, we have appearing t 0 answer for their assisted areas received £35ra. and 

' 'ie final report- More serioua. greater efficiency, and helping our work to do. I do not want department’s handling of some the Government’s special mea- 

aough, was. the danger that the fa prestige of individual mem- members of ihe committee play- items of expenditure. sures to alleviate unemployment , 

' -- . 9 Britain’s allocation from the; 

M E?\ i-ZJ ■_.— MAn/vr/vn 1 social fund in 1976 was £44.1 m. 

£145m. spent on scrapped reactor project 


' tie FTOAT mrt nV fltoMnninc simificantlv less in light of the The Atomic Energy Authority advanced gas-cooled reactors 
‘ ooltev fledsio^ takei." bad been diverting staff from the (AGS), the Government had 

: ‘eartSShr^aSei ^stem P sS» tae 1974 decision, a project. since 1876. he said, and agreed with the generating 
abandoned earlier riris ye^-was further £35m. had been spent on the . decision to abandon the Boards to accept all development 

^OanUOUM earner LOIS year T . ^. nt ,U r*,tza nn mamr mne nn m Anri « Thamftar 

Working party 
on town halls 
pay award 

By Our Labour Staff 

- > ecretary at^e DepaSnent of went abandoned tae reactor, no ^ aId Developing ^ ‘heavy ning the 33 MW Windscale AGR SSlS? '“"c 

" ' • ; 5 lnerEy in Teply ttoquestions decision had been reached on wa te r reaclor had resulted in the —put at X5m. a year at present, ^ 1nff 
■* • ■ J! PiihnE! AM^iints Ham- apportioning launching costs Aut!jorit y i eara j n y a } ot about falling to £4m. a year by 1975-SO. 

strative. technical 

* -C^rora^the Public Accounts Com- JiTVhe ’ ‘ between the AutbQTi & leading a Jot about falling to £4m a year by J979-S0. ^pjoyers were presented 
yesterday. cJveSLnt and - the e SS-nlSe , w n ?*T rMclors - So »" 15 . Sir. John Hill comraemed ttol yMcrd^wnt. s dmte .II 1 

7 . 4 . * He said' that the total figure Boards 1oS a t, j •* v . R was ver >' satisfactory to gel the unions involved for substan- 

aSut as small as anyone But Sir John H.H. chairman of t ^ed if he were confident that this agreement so soon after Ute tia , rises . a shorter working 

- -7'': ’ Tlfould tove expeeled for develop- th f UK Atomic Energy the Central Electricity Lenerat: Governments reactor decision, week and improvements in boll, 

^iig a reactor system at a- time Authority, stressed to the com- in S Board would support the On Uie impending reorgantsa- da.vs and fringe benefits. 

‘-then, there was considerable mi . fee that tbe n45m. spent nuclear decision announced by tion of the nuclear industry, he The Nationa* and Local Gov- 
; J ...incertaiitty about the way tech- should not be seen as wasted, the Government in January, Sir believed that they were "very eminent Officer?:' Association. 

J ‘ olosrv would develop. The 100 MW prototype 31 Wm * J^ck said, the decision was close to having the correct in- highest among the staff unions, 

•i :■ to insurance nremium frith earned "most of its costs” " broadly speaking what- the coo dust rial structure for the sue- is hnlrtina a Rectal pay confer- 

l "’ . '- nd if wal^“Scirit ta P s^hoS as an efecrricity producer supply- sumer has asked for. - cessful^ development of nuclear enre on June 2 The settlement 

Howto miss 

Every department of every business 
needs the FinandalTimes-daily. 

Because they all need up-to-the-minute 
business intelligence. 

Circulating one or two copies just 
isn’t enough.That s why all depart- 
mental heads and key employees 
should have their own copies of the 
Financial Times. 

In these competitive times 
everyone in business needs the 



; ; Je expenditure could have been ing tbe national grid. 

, On the decision to order more power." 

is due from 1. 


Notice of Redemption 

Monsanto International N.V. 

S»45t Guaranteed Sinking: Fond Debenture* Due May IS, 1985 

NOTICE IS HEREBY GIVEN that pursuant to the provisions 0 f the Indenture dried as of May 1, 
1970 under which the above described Debentures were issued, Citibank. X.A. (formerly First National 
City Bank 11 , as Trustee, ha; drawn tor redemption on May 15, 1978. tbroueb the operation of the 
Sinking Fund, provided for ir. si;-i Indenture. S 2 .SOO.WO principal amount of Debentures of the said 
fcsue f SI .400.000 principal ar.-.^ur.'- rt f the Debentures representing the mandatory Sinking Fund 
Payment, the remaimnffSl.40Q.000 principal amount represen Lins the Optional Sinking Fund Payment j, 
bearing the following distinctive numbers: 































3£ 3 1293 2382 3811 4887 6036 719 . 8274 

9 J236 2401 3617 4896 6037 7203 829Q 

10 1297 2405 8629 4915 6039 720 * 8293 

16 129S 2488 3842 4918 6047 7213 WOT 

19 1311 2410 3693 4920- §049 *M* g£5 

20 1316 2418 3656 4932 W5I ^ jg 27 

25 1352 2436 3672 4934 6067 TOO 8331 

27 1359 2430 3676 4957 6064 7232 f3« 

28 1366 2442 3681 4960 6005 7238 8252 

32 1386 3464 3696 4966 6135 7240 W56 

33 1389 2473 3702 4974 6150 7243 8368 

34 1418 2490 3706 4982 6175 72« jg7« 

35 1419 2491 3708 4995 6180 728 » 8380 

41 1430 2494 3709 4996 6181 7269 8383 

44 1437 2503 3710 5001 6182 7278 8384 

47 1446 2504 3715 5003 8187 7284 838B 

48 1465 2512 8722 5004 6193 7285 8393 

62 1470 2620 3724 5011 8194 7299 MI 

84 1476 2529 3725 5015 6195 7311 §412 

90 1478 Z533 3727 B0l7 6211 7K5 8414 

91 1479 2534 3738 5018 6212 7327 8417 

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129 1512 2592 3836 3048 §278 7353 3449 

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175 1546 2624 3907 5131 6329 7404 5484 

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180 1553 2629 3913 5154 6354 7412 6482 

182 1554 2640 3914 5168 6353 7412 8300 

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190 1573 2849 3B26 5187 6387 7442 8527 

199 1575 2679 3S37 5188 6394 7445 8543 

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380 1844 2967 4228 3484 6885 7782 8818 

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003 1874 2996 4258 3523 6701 7799 8833 

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810 1925 3018 4265 3531 6710 7844 8843 

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617 1039 3033 4280 5935 6730 7853 8852 

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639 1963 8042 4303 5951 6758 7862 8907 

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653 1082 2061 4320 5564 6761 7863 8917 

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663 1984 3076 4410 5389 6788 7874 B925 

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12B2 2374 3803 4884 0023 7190 8262 9208 10396 11552 12737 13824 15011 16100 17442.18606 

The Debentures specified above arc to be redeemed for the said Sinking Fund at the WCG-Corporate 
Bond Services Department of the Trustee, lit Wall Street— Jnd Floor, New York. New York 100^3, 
and the main offices of Citibank, XA. in Amsterdam. Frankfurt/Main. London. Milan, Paris, Rome, 
or Citibank r Belgium » S.A.. Brussels, or Citibank r Luxembourg) 5.A., Luxembourg, as the Com- 
pany's paying asenu. and will become due and payable on May 15. 1973 at the redemption price 
of 100 percent uf the prindpal amount thereof plus accrued interest on said principal amount to 
such date. On and after such date, interest on the said Debentures will cease to accrue. 

The said Debentures should be presented and surrendered at the offices set forth in the preceding 
paragraph on the said date with all interest coupons maturing subsequent to the- redemption date. 

Coupons due May 15, 197S should be detached and presented for payment in the usual maimer. 



April 1.". 10 18 Trustee. 


Financial Times Tlnixsda^ April 13 1978 

jobs aid 


award above 10% rise 


Bjr Robin Reeves. 

Waie$ Correspondent 
AN EXTRA £9m. to help attract 

: S R * SE 5 “?”**»*« still are to be paid to all grades of nurses as a special case because 
get a special payment in place nurses and midwivea,.. rhev feel they cannot win pro- 

produc ^y it y rise after Agreement bias been reached ductility payments. They will 
iS? for a 10 per cent, wage on a reduction in .working h QU rs approach the Secretary of State 
, increase and an agreement fora to 37 J hours a week byi88L for Social Services to secure a 
37£-bour working week by 1981. Negotiations ’Witt be set: up id special award in plaee of a pro- 
! Tbe deal has been agreed by vy to get the reduedoo earlier: r diictivity payment -by Jude L 
jail the unions involved except The nurses' staff tfde has told a K nnk«woman for the Royal 
the National . Union of Public management side that it will Nm-sine said that the 

Employees, which represents VP* 55 for renewed negotiations if ColIege of Nurs “ e tha ^ the 
about 20 per cenL of Britain's 1116 Pay award is. eroded by into- agreement was the best package 
420.000 nurses and midwives. non - . - the nurses could have gat in the 

NOTE’S rejection of the offer Ancilliaiy staff and ambulance- circumstances. 

men both have " re-opener ”. NOTE rejected the pay pack- 

new inhs tn h« rLiff Jim snd ' — though NOTE members will i ^ . re-opener". NOTE rejected the pay. pack- 

offset tt? ■tF'SEi sfeellstfll receive the ioereuN^'n • (£"Sk ttSUfeftSS** B* on Tuesday, claiming that 

offset the East Moors steel 
works closure, was announced 
yesterdav by Mr. John Morris, 
Secretary of State for Wales. 

This will be in addition to the 
£4m. given to the Welsh Develop- 
ment Agency to build advance 
factories during this financial 

Mr. Morris told a conference 
called to consider the conse- 

SLdbK r'SkSS'KEtC ■WSarjS’BffS-. n»*wf «•>--— y®** 

give rises ranging ttiTa to Mr P«i4J™nams. assisbmt 

sst is .?irr3l s?s»iSTrss?JE 

Phase On?sunnlSSit? f ® /“Sf* m ' for deal, said vesterd&y ■ that be 

Seta! tt!, L nuraes ^ *7? for . ward deplored NOTE’S calculated 

™ uiuMaec me j . R . . P®VTnents are to sisters. . . 'attempt to divide the profession 

quences of the closure that the jjjgjj iXs implication that a better 

standby and on-call allowances sides have also agreed to treat agreement was available. 

additional money, which will be 
made available - between 1979 
and 1981, was intended to main- 
tain the momentum of the 
Government's effert to replace 
the jobs lost 

Earlier the Wales TUC had 
attacked the BSC management 
and appealed to workers in 
Wales to fight to keep their jobs. 

Tbe attack was made as talks 
were held between BSC manage- (bread 
ment and the TUC steel com- 
mittee. aimed at agreeing redun- 
dancy terms for the early shut- 

Unions seek talks on Spillcrs 


TALKS WITH the Government and give workers a bigger say. in ignoring appeals from the unions 
to discuss new controls over policy, and for a Hew code 'of for intervention to bring about 

^ -K lce «J Iis 5 0llll S Ilg . ^ ere br ^. d « u *! , S r * , greater stability, and for con- 

demanded yesterday by leaders The bakers’ union • and tributiiie to a worsening of the 
of the main bakery unions, meet- US DAW’S Scottish bakers sec- situation by loosening controls. 
----- . me id Manchester. Following the tion said consultations would be Mr Alex Marine, national 

down of steel-making at Ebbw | decision by Spillers-French to held with members with a view officer for USDAW (Scottish 
Vale, with the loss of 2.250 jobs. 1 withdraw from breadmaking. to taking any appropriate action bakers section) said there must 

workers to stand and fight fori The unions, angered by the in defence of members’ Interests now be a standstill on discount- 

their jobs. jlack of consultation over the The main blame, for , the ing so that a fresh, system conld 

Unemployment in Wales is 8.5; closures which will cost 8,000 Spiilers closure' is being placed be devised in consultation with 
per tent. — n earlv 90.000 people jobs, want a Government review by the unions on the bread price the unions and other interested 
—and is being increased con- 1 °f the decision. Calls were also discounting system, resulting in parties. 

sidearbly by steel closures. ! made for planning agreements" to the sale of bread, at below manu-. He criticised the big bakers for 

“ Financial inducements are \ mv ^ J* 10 ba Jp n £ industry to factoring costs. -The meeting devaluing the quality of bread 
nothing more than a thin sugary j av0ld the creation of monopolies condemned the GovenUneht for over recent years, 
coating ori a- very bitter pill. Once 

these jobs have gone from Waies.j 
they will never reiurn.” 

Referring . to the Financial 
Times report that European in- 
terests have explored the pos- 
sibility of taking over one or 
more oF the BSC's redundant 
works. Mr. Wright said: “This 
confirms everything that Wale:, 
TUC has been saying For the last 
five years about tbe folloy of 
closing steel plants without fully 

Staff at other hotels to 
back Claridge’s strikers 


THE UNION involved in the Pickets outside Claridge’s 
Claridge’s dispute said yesterday claimed that Transport, and 
that staff at the Savoy, Connaught General Workers’ Unimf~m£in- 

eva Ida ting their futuer poten-! an d Berkeley hotels— alMn the bers were not crossing the .picket 




Wales TUC statement, 
by Mr. George Wright. 

same group as Claridge’s were line and some deliveries bad 
prepared to support the strikers been stopped- r .. 

if called on. Around 100 chefs, chamber- 

. .. .. , Any action, however, would be maids and floor waiters xre now 
?( CU dc!' ■> ^1,1 ! suspended until the outcome of on strike in protest against tbe 
men ar the top of BSC of i talks which began yesterday. Mr. sacking of a trainee riief. .The 

Jerry Tilston, London regional union is asking for reinstatement 
organiser of the General and and union recognition: r 
Municipal Workers’ Union, said Claridge's yesterday:: Accused 
if the meeting failed to produce the union of using the dismissal 
agreement further action would as a pretext to force oniftuTecog- 
be considered. nition. It claimed i , 

forcing through a “kamikazee” 
programme of accelerated 
closures at Clyde. Hartlepool, 
East Moors, and Ebbw Vale. 

" We have never heard a word 
attributed to them of tbe .concept 
uf a nationalised steel industry. 

“As a result of this lack of 
commitment they,, have succeeded 
in producing - both the mess tbe 
industry is.cnrrentiy in and in 
enforcing tsn Trork force to pay 
for the consequences,” he said. 

Mr. Bill Sirs, general secretary 
of -the Iron and Steel Trades 
Confederation and leader of the 
TUC team, was due to put the 
outcome of the talks on redun 
dancy terms to the plant’s works 
council yesterday evening. 

The Wales TUC was disturbed 
to hear, the statement continued, 
that the £50m. contingency allow- 
ance which BSC had budgeted to 
finance M its kamikazee pro- 
gramme of accelerated closures ” 
had not been touched. 

'We demand that this money 
be spent either on setting up 
new industry, owned by the 
people in the closure areas, or 
on refurbishing the old steel 
plants,” it said. 

One-day strike 
planned over 
Thom cuts 

WORKERS • AT factories of 
Thom Consumer Electronics 
throughout the country are to 
be asked to take part In a one- 
day stoppage next week. 

It is being organised by the 
Association of Scientific. Tech- 
nical and Managerial staffs and 
follows proposals tiy Thorn to 
close two television set factories 
in the Bradford area. 

The jobs of about 2^00 
workers are threatened, includ- 
ing 350 members of the union. 
The stoppage, on April 21, is 
proposed to show support ior 
Bradford workers 

Pilots’ pay 

deal gives 
5% for 

By Our Labour Staff 

have settled, a pay deal 
10 percent drifts per ^7 
productivity payments. • 

- Only tiie MOO eabiu 'e»l 
out of British Airways’ u? 
staff of more *h»" 4 Qjmm - **' 
.still, to settle In the 
wage round. 

signed an agreement on 

J ^ ^eX 

provided commitments ,k_. 
there will be no impcdfanS 
on British Airways ibSS 
dew .aircraft, including 
new versions ef the BAC iW 
Eteveu, Boeing 737 
Star 500s, .this year. 

British Airways said vest- 
day that the deal did m 
I nclude any changes tn ihp 
Plots’ working practices » 

lobby MPs on 
jobs dispersal 

THE TWO largest Civil Smi c 
onions yesterday asked moi 
than 50 MPs to try to stop t! 
“ misconceived” dispersal , 
5,000 civil. service jobs to Gla 
gow at a cost of £200m. 

The Society of Civil a 
Public Servants and the c» 
and Public Services An 
ciation, representing 295JK 
staff, are the unions -prunani 
affected by the proposal. Thr 
have be err trying to persuade tt 
Departments Involved uot to r 
ahead. ' . . * 

Part of the Govermneofs pa 
gramme for Civil Service ffl 
persal - includes the moving i 
Glasgow of 5,000 computer jd 
mainly ■connected with pajti 
the armed services and Minin 
of- Defence civilians. The large 
move would be L135 jobs fro 
RAF Innsworth at Gloucester. 

Mr. Campbell Christie and II 
Alistair Graham, deputy gener 
secretaries of the SOPS and t! 
CPSA respectively, said in 
joint statement before the met 
in; at the House of Comma 
to enlist the MPs 1 support tb 
the proposals were misconceive 

They said tbe proposals did i 
reflect tbe spirit or original 
tendons of dispersal, and wa 
a threat to civi] servants, thd 
families and their community 


Senior changes jut Kelvin Construction 

ring director. 

Talks held on 
Sun dispute 

Jy Our Labour Editor 

TALKS TOOK place last night! 

Mr. J. Beck, managing director Mr. van Vee 
COMPANY, a Hawker Slddeley 
company, has been appointed r 

deputy chairman. Mr. D. Lawson, £jTSIK toe KT of month 

assi5timt man - SSoSi SSmrnSSUlt 

afiin„ director. Company) procurement direc- 

tor and pei 

.was previously recently managing director of. continues as chairman of 

and Mr. D. J. 

Avimo 'Singapore . (Pte),' will be property division of Britad 
appoint^ to toe. Board on his Arrow Holdings, 
return to ‘the UJCat the end of • * 


Mr. A. Chambers and Mr. ,; VP i v 

n r ... uvely. 

* V of SP Industries, has hudooh 

uucw -JRu?lSfiJSS? lta » TWDEMT toe following senior appn 
, nQ i director res Dec- TELEVISION as sales controller mentor Pres r cold Ltd.— Techn 
Halfyard has been on June l fro™ Border-Television, director Mr. R. J. L. McLai 

T. G. C. Thomas have become non- procurement manager of Sim- B ernar d Bennett is Searle Manufacturing Compw 

executive directors of HOVER- r-»,em Tinee 1975 Mr Close, who appointe d marketing manager. Man xifacturin gdi rector Mr. 
INGHAM GROUP. Mr. Chambers, joined Shnon-Carves in 1974 as ***• ® enn8K comes from Southern F. DeUssen; Prestcold S« 

a management consultant, was director of personnel, was Television where he has been International-y-SaJes director 

formerly with Urwick Orr and appointed to the Board of Simon kead of L marketing services since B. S JL Cousins. 

Partners. Mr. Thomas Is maxjag.- Process Contracting in 1976. . * . 

ing director of Needier Develop- * - * Mr. A. L. Blackman has jol 

merits. __ _ 0 „ .. . _ . Mr. Roger Leach has been the aviation division of SMT 

+ Mr : G- BeHak has been appointed marketing and sales INDUSTRIES as divisional d 

Mr. A. D. Schofield has been »P P 0 '" Jed deputy managing d i rec- director of PERMANJTE, pan of tor, technical/operations, 
made a director of the LILIES- tor of KUYA LDUULTUN TABLE- the Tarmac Group’s building pro- advise on product strategy 
MANAGEMENT. "™“‘ . ducts division. He was previously applications of the latest I 

* * the division's financial controller, nolgy to both civil and mil 

Mr. G. W. Jatmdrell has been Dr. D. W. Cowan and Mr. S. P. * aircraft Mr. Blackman wi 

madea director of ihe LILLE S- Cowan have retired from toe . Mr. John W. Hackman has pilot in the RAF from I94&-5G 

HALL COMPANY. Ho continues Board of UNITED SCIENTIFIC resign ed as managing director of then joined HSA at Wood 
as director and general manager HOLDINGS. Mr. D. S. Fraser, until KEITH AND HENDERSON and bec oming chief test pilot in 
of LjliPshalJ Steel. 

Mr. F.. 


A. Smith has been 
over the Sun newspaper dispute j appointed vice-president fcom- 
whlch stopped publication on'merrialj of ASSOCIATED CON- 
Tuesday and yt-tjrdsy. STAINER TRANSPORTATION^ 

Machine room union officials! He will be respon- 

mei the manjuement. but rnr marketing, 

,!v , * Mr J'SJS® I vice to Australia and New Zea- 
W o rid. said there was little sign i , anr | jw r . Smith was previous* 

of progress. 

The company has said it will 
not resume publication until the 
machine room men, members of 
the National Society of Operative 
Printers, Graphical and Media 
Personnel, lift their blacking of 
two presses which they claim are 

The Sun says a factories in- 
spector has declared himself 
completely satisfied” with the 
safety precautions. 



manager of ACT 

is basic to 


Asarco s metals and minerals are essential to the nation's 
cars, trucks, buses, trains, ships and airplanes. Copper 
tor wiring, radiators, condensertubes and plates. Zinc for 
die-cast parts and trim, and to protect the steel in cars 
and ships against corrosion. Lead for batteries. Zinc 
oxide for tires. Asbestos for brake linings. ASARCO 
Incorporated. 120 Broadway, New York, N.Y. 10005. 

Metals & Minerals 



When Lobster 
becomes too rich 
for your palate, 
perhaps you should forget 

Shouldymilweuia^tiie price? 

Mr. K. C Farthing has been 
appointed a director of CELE- 


From Mflv i Mr. John M. Pugh. Mr. 
Jeremy P. Marriage, Mr. J. W. 
Anthony Carw and Mr. Richard 
C Bailey Will berome partners. 


Mr. J. A- Stubbs has been 

Notice of Redemption 

Nippon Electric Company, Limited 

~Vz % G n « renter H Sinking Fund Dobentnrei Dae 1981 . 

_ NOTICE p HEREBY GIVES? fbat pursuant to tbe provisions of tbe Ltafatfare as of 
May is, 1969, under which the above described Debentures -were issued. Citibank. NJL. as Truster, 
has drawn by lot, for redemption on May IS. 1978, thro ugh the operation of^he smiting fund pr&- 
2 sSSJs JP ;^^^ ldenlure> S 733 * 000 Principal amount of Debentures of said issue of file Moving 

appointed a director of two com 

pahies in the CLARKE HOUSING 
GROUP. Clarke Homes and Need- 
wood Homes. He was previously 
production manager for both 


Mr. Gerald Reddington Is to be 
come senior partner of SCOTT 
stockbroker's from April 14. He 
will succeed Mr. Q. Itt. Horner, 
who is retiring from the partner- 
ship hut who is remaining a 


Mr. R. A. Williamson has been 
made financial director and joint 
chief executive of PELICAN ATft 
TRANSPORT, a subsidiary of Hill 
and Dplamain. He was previously 
financial director of Samuel 
O:bom and Co. 


Mrs. Fay Coakley who has been 
appointed a director of C. SAXON, 
has been the company's shoxvroom 
manageress for more than XO 


OF TEXTRON has announced the 
following appointments: Mr.. Mike 
Haddock as work director of the 
Bridllntrton plant. Sir. Harry 
Puckmanton as group purchasing 

Mr. Han van Veen has been 
appointed area director, U.K.. 
Middle East and Africa, for 
PRODUCTS. He succeeds Mr. Alan 
Sanders, who has moved to Bel- 
sivm ro take up an international 
appointment with the , company. 


2437 «70 8083 G245 6928 7784 8720 

32-1278 2431 4088 5095 6258 6943 7803 8726 

H * 132 . «« 6288 6858 7813 6732 

45 1283 2815 4169 Q189 6270 6072 7833 8737 

5193 6296 Wto 78M 

SSS2 § 2U C*a 7018 7840 8765 

4286 6220 6373 7033 7940 8781 

iSI SS 4340 54 6378 7042 7942 8784 

=30 1337 2809 4374 5432 6385 7053 7963 8788 

234 1341 2813 4415 3440 G30S 7WW 7958 8794 

247 1343 2817 4416 5455 6399 7064 7962 6796 

259 1380 2823 443 L 5476 Kill 7166 7977 Mil 

324 3501 ISo 8841 

255 6588 8528 73X0 6004 8856 

313 1366 3000 4499 5619 6551 7236 8016 8872 

318 1391 3005 4546 5G21 6593 S3& 6018 8015 

3^ 1393 3009 450 6635 S 734 T 80=0 ffi>17 

502 1426 3013 4570 6640 6633 7271 8036 8932 

503 1429 3076 4574 5673 6636 7334 8050 8936 

5675 fiM WX MSO 

628 1436 3107 4594 5789 6656 7366 8072 8956 

■gf UOOO 21807 12166 22891 13604 Ml« 

IruS fSoJ JJ 839 12189 2391*. 33618- 2*10 

net fiyW? 11640 . 1239* 12922 Z3S19 .14178 

22® “g 1 11043 11647 13398 12933 13531 MMJ 
11651 12318 '32938 "I3S54 14388 
0^5 110 53 U638 .1=326 329*7 13558 14284 

own 3^ J 3695 12337 12M9 33568 14265 

«£?? 12 555 lliSi 11638 32368 12966 13569 1430* 

JJf 35 11699 12368 12975 13878 

nil ?£H2 11707 1Z37T 22990 13606 14OT0 

oSf 11JS5 11711 124=9 13002 1360® 14389. 

10178 31164 11747 12466 0300* 33633 14392 

ocS H 175 llm * 22457,13018 13821 7 

2S2 JUSS 11756. 32474 13031.13634 1«09 

11191 11759 12477 13034. 13661 14^0 

333 s 4716 58 04 0885 7387 8077 8961 

_ 807s 8373 

747 1470 3338 4722 5805 6681 

222 5814 6686 7400 8098 8976 

Jgg 1X765 12484. U086< 3306»M| 

l«S ?£S5 ?i212 11766 . 12492 13073 33667 14®° 

9759 10576 11217 11799 12507 13087 13689 • 1*768 

9793 105CB 11242 11810 jS J» l^TT 14770 

9799 10601 11812 125M 13095 33088 14723 

9803 20603 11267 11816- 12535 13106 -32712 147©® 

9805 10619 11268 uSt ^38 lMto llnS 14789 

9838 JggS'MSK 19849- '-13131 13720 14790 

HI 0 10629 11286 11301 12561- 13143 13736 14B7S 

lift iso! S2ri Isi llll fit® Inil 33981 32688 23173 ' 13780 MWg 

}®yS x22 7 ? Co 5670 6729 7463 6199 9018 9982 10716 1X339 11384 22&A& 13 m 14993 - 

■>£§2 il ? S743 7479 8S49 9(M8 9987 107M UTO mis SS|:-“- s 

?I?o 228° 6757 780 S 8 S° 9052 10015 10742 uosv JaoS xasn Jom'-iSix- 

107 ® 1619 sjg B998 6765.7646 6gt. 9149 10040 1OT60 11411 12033 1M89 mS mu . 

4232 37.84 4970 60G4 6770 7561 8587 915® JffiMl 10771. 11417 12037 1269* 13337 13824; 

1077 1TC| 3775 4380 6065 6777 7864 85» 9160. 10074 10788 11427 12043 12638 X3238 12864 ‘ ' 

1078 JM5 3782 49M 6078 CV79 TCKI 8605 9178 10077 10835 11430 19046 tOTU 13246 

?I5S SSJ 6108 6792 ZBS 9 H E0 10078 10833 u*43 12054 1274s msbhs ' - 

f2?S 6105 8808 7689 8653 9185 20080 10837 11640 12084 12771 33264 13906 

11 S 4 1984 3000 finqS S123 Si? SS? tiS 1S22I ^ ^ 120 SO ITOto ■ . 

Ss£ 2 6844 771I -8C84 9269 10038 10871 11654 12091 12795- a345L'-439» 

J15J I®® 32?5 SH 1 S® 6893 7723 8671 9271 1013 2 10878 X2097 12B38 13*34- 13B44' 

2 SS 2 6197 8807 7741 8676 9273 10133 iomt usee moi ijSjai uSS 139B& 

^2=° 3^0 SM7 6201 8910 7748 8679 9292 10153 10953 1158S 12143-19868 13487 ISKWt 

1223 2112 4047 5074 6203 6913 7749 8684 9293 10158 10983 11594 13144 12880 13469 lMOn 

1227 2329 4056 5079 8243 8928 7780 8709 9306 10189 109*7 11598 12150 12885 

The Debentures specified above are to he redeemed for said ami ring fend at toe WCG Baal 
Win«W*-2ad Floor of Cit£bank, N^, 0,11 Wadi Str««t, ja the Borougli of MuIwUan# 
The City of New York, State of Now Yori^ the main offices of CSfibaufc, NJL in Amsterdam* ' 
^ j i*r nds and Mitan. Italy; 33ie Chase Ma nh a tt an Bank (National Association) in Pane, France 
and ffankfert/Main. Germany; TheBapkoE Tokyo, Lt4, Lonckm, Ep^and and Brussels, Brigiom; 
and at Kredietoank S A. Luxcmbootseoise, Luxembourg^ as tbe Company’s paying- agents, and will 
berome duo and payable UPON PRESENTATION AND SURRENDER THEREOF on Slay If, 
I97S, _at the redemption price of ICO percent- of tbe prindpsi atoount thereof plus accrued interest 
on raid principal amount to such dale. On and alter such, date, interest on said Defacntares trill 
cease to accrue. -. 

Said Dtoentures should be presenbtil and surrendered at fhe offices set forth m the precedhig jws- 
paph on said date with all interest coupons maturing subsequent to the redemption date appertaining 
thereto. Coupons due May 15, 1978 should be detached and presented for payment in the usual manner. 

CniBAHKyKA, Trasks 

April 13, 1978 ..V . 





-« 1 

t V 








. i)' 

■". ilW'i*. . ’•-•* 


W ! - 

•^"'. '-ife 






a &* rrz 

. f TT- . . - 

v..-;.;..'. - .ITT':/.- 


zr & 


services -you 
ter all, we’ve 

London 606 9944 telex 888401. TEST US 

MMIand Bank International 

Midland Bank Limited, International Division, 60 Graceehurch Street, London EC3P 3BN. Tel : 01-606 9944. 




Our business is 
merging your business, 


Energy saving is a growing industry — 
Government backed 


Highly cost-effective patent protected system puts this 
much needed facility within reach of a whole section of - 
the i mmuni ty who up to now wanted genuine double- 
glazing— but couldn't afford it— Including the business 
community. . . 

Tremendous track record in extreme climatic conditions 
in the U.S.A. and Western Europe-very favourable 
comparisons with epoxy polysulphides. System allows for 
on-site or factory made units to cover existing or new 

Regional Licences for Distribution fl astallation throughout 
the United Kingdom are now being issued — in-going £5,000. 
Enquiries are Invited from substantial companies with a 
progressive marketing outlook and capability who seek 
to remain in the forefront of this growth industry. This 
is a well-proven product which will sell heavily against 
systems presently available. 

Full product/installation training provided — national 
marketing back-up. No curiosity seekers please— Principals 
only from companies as described to: 

National Director of Ma rketin g, 


P.O. Box W1A 4LY, London, W.l. 

Public Company Clients 




within 50 miles London 
Turnover £1m. to £5m. p.a. 

Details J^miidence ta : 

Fuller Horsey 

Sons & Cassell 

52 Bow Lane, London EC4M9ET 
Tel. 01-248 7954 

Engineering Works for Sale -NrGlasgow 

An old established Engineering Company in Paisley is for 
sale as a going concern. Annual turnover approximately 
£300,000 and total site area 1.08 acres. 

Manufacturers of mechanical handling equipment, specialist 
engineers to the fertiliser and provender industries, including 
pallathsers and maintenance. 

Good office accommodation; highly experienced staff. 
Considerable scope for expansion. 

Enquiries invited from principals only to W. F. Gcmmfll, 
Thornton Baker & Co-, Chartered Accountants 
1 12, West George Street, Glasgow G2 1QF. 


Manufacturers wish to appoint a reputable company. Ideally suited 
for organisation already well connected with builders' suppliers. 
Warehousing facilities and delivery service essential 
Write Box G1711 

Financial Times, 10 Cannon Street, E C4P 4BY 



Small general 
wholesale and 
distribution company 

registered and trading in Jersey 
out of 10,000 sq. ft. of leasehold 
property for sale as going 
concern. Well equipped ware- 
house. Existing management. 

BOX G1739 




f reepo rt h new Development Ana 
Marine Concessions 
Casslno Concern! om 
Joint venture and equity participation 
In Letsure/Hollday Village* 
Concession! to andUary operation* 
Write Box G1760, Financial Times 
IQ Cannon Street, EOF 4BY 

Heavy Engineering Company 


Turnover 197B expected to reach 
£(00,000 increasing next year to 
CB50.Q00. Buoyant Order Books, 
skilled labour force and existing 
Management if required. Subatandal 
Tax iovws available. Modern Plant in 
neW~ building, cited West- Midland*. 
Stourbridge /Halesowen area. 

Write Box G1753, Financial Timet 
tO Cannon Street, FC4P 4BY 
. Prforipris only 


Based North England. Large 
fleet of tractor units and 
trailers- EEC Hcence and 
permits. Principals only 1 
Write Bax, G.f 7(2. Financial Times, 

•JO Cannon Street, EC4P 4BY 



We are interested in 
purchasing a trading 
company which has well 
established links with the 
Far East. Initial contact, 
which will be treated 
with complete confiden- 
tiality, should be sent to 

Box G1750, 

Financial Times, 
10, Cannon Street, 
EC4P 4BY. 

import/export house 

_ landing 

■tom »nd existing contract! in die 
rirfom Earn and throughout the world, 
» be swoc i ared with company 
haring liinUar qu«n Radons due to 
hiving bo nan existing offices owing 
*> rede valoprn one. 

R*Nrt«;Bo* G1754. Flmmdal Times 
10 Cannon $tre*t, EC4P 4BY 



root wear Manufacturing Co. 

_ . N.W. Enrlond 

C*p*cxy \,p M 15,000 poire of no- 
footwear per week. 180 
Tax losses. 

In confidence to: 
Chartered Accountant* 

Cemral Buildings, Richmond Ta 
Blackburn . Lanes. 


Art you represented in America? 
We have a Trading Office in 
Houston headed by one of our 
British Executives. Enquiries 
•from companies requiring repre- 
sentation in the - U.SA are 

Write Bo* GI644, Financial Unas 
10 Cana on Street, EC4P 4BT 


Oucamndtng ffuage business on main 
rou Position, Brteub . Leytand Iran- 
«*?*»• '*77 - Cam £550.000: 

Ptrel £250.000: Sank* £300,000. 

Pnmpals only please 
Write Bex GJ7J5, Financial Times 
10 Cannon Street, EC4P 4BY 






















We understand the build-up of pressure which change imposes, 
on an expanding business — and the firm action which must be 
taken if profitability is. to be safeguarded. We also understand 
the decisions which must be taken in the face of advene 
trading and financial conditions. 

Let us examine your needs in detail. We will obtain use of 
ail available funds and then work with you aijd your manage- 
ment to generate profitability throughout the' production/sales 
cycle. If appropriate, we will also advise you on the acquisition 
or sale of assets. 

Em ess Securities is an independent company with a proven 
record of successfully developing private and public companies 
to achieve optimum profitability and growth potential. 

For further information, entirely without obligation, contact: 
Mervyn E. Smith, CA 

21, Devonshire Street, London WIN TFN 
Telephone: 01-935 2457 Telex: 22472 




Bahnhofstrasse 28a (Paradeplatz) 

GH - 8001, ZURICH TeL 01-211 42 69 
Formation and administration of Swiss and foreign 
FIDUCIARY SERVICES for banks, financial * 
institutions, industrialists, trade as well as for 
International TAX PLANNING and 
FINANCIAL advisers. ASSET management 



Travel Grotip with offided in main centres -niters sale of 
part equity an return for travel account to produ& profitable 
return on your expenditure. • 

Write Box GJ.674! Financial Times, 10, Cannon Street, 
EC4P 4BY. 


si/b-co ntract 

A respoatsd, progressive, expanding Steel Fabricator leeki Further repetitive 
weight up pi live tonnes. 

work, unit weight up to five tonnes. We have good facilities and labour 
and wish to link with a - Sales orientated Company who need our manufactur- 
ing capability or would consider manufacture under licence. Facilities include 
plate rolling } In., COS welding, shot Wasting and spraying. 

Write Box 

. 032 « 

Financial Timas. 10 Cannon Street, EC4F 4BY 


Swiss Management Consultants can help you . . . 

1. Mitigate taxation on foreign earnings. 

2. Establish foreign trading concerns. 

3. Provide sables and marketing assistance world wide. 
Applications for advice shou/d indicate your particular interest 

Hantbuhl 8, 6300 Zug, Switzerland 

The magnificent and successful 
freehold leisure centre enjoying 
in excess of a 32 week season. 

In a beautiful setting and com- 
prising: 44 Acre Park, Georgian 
Manor House, 24 Letting. Units, 
Country Club, Indoor Pool and 
detailed planning consent for 56 
Detached Houses— Mains 

The Estate Office 
Cftacombe, Banbury 
Oxon. 0X17 2JN 
Telephone: 0295 710019 


Midlands based Electronic 
Components Manufacturer 

WM sties appro re ti ln g £2 mllKon 
Principals only 

Write Bax G17St, Financial Than 
10 Cannon Street, EC4P 4BY 


Retiring Man. Dir. wMi marketing and 
axpenc expertise (not consumer goods) 
has £10,000-41 5,000 available. Wishes 
to invent in young or growing com- 
pany with ooriw parttime participa- 

Write Box 0758, Financial T7mes. 
10 Cannon Street. E C4P 4BY 



30 Gey Road. EG 
01-620 5434/5/7361. *936 


1. Raising Finance? 

>. Resigning a directorship? 
3. Cash flow problems? 

Effective and atnamlined ad vice 
available throughout U.K. 
Telephone: BRIGHTON 606247 






Full details to; 

Box G1747, Financial Times 
10 Cannon Street, EC4P 4BY 


Phone* vc fits benexdi individual 
phones. Ic compute, and displays caU 
costs os you ipeek and cm be supplied 
to your customers for Iks titan £1 
weekly. Distributors required through- 
out U.K. for this exoWng and 
profitable product. Contact: 


St Albans House, Harehtih Lane 
Leeds 9 . Tel: (0532 ) 401685 


Factory reconditioned and guaranteed 
by IBM. Buy, tare up » 40 p.e. 
Lease 3 yean from £3.70 weekly. 
Rent from £29 per month 
Phone: 01 -MI 2365 


Those anxious to *11 induatries, 
businesses, properties!, farms, ok. in 
Kenya should eonacc the following 
who have been interacted u» act on 
bahaff of Kenya businessmen: 
P.O. BOX 138 


Grasp the oooominitles J" *■* 

area. We specialise m the formation 

area. We specialise m. — — 

of companies including nominee 
appointmenb. secretarial services, 
general agency war*, telex and general 
consultancy including commercial 

Full details from P. A. Brown. BROWN 
Pro* peet Hill, DmjI**. Ufa et Man. 
Td-- 0624 25881. Tetexs 020241 

Sub-Contract Engineeriiig 
Company in the Midland^ 

wishes to acquire 

a similar Company employing 3(7/80 
personneJ with spare floor space and 
-capacity available, in Birmingham or. 
West Midlands airea; 

Terms : Negotiable. 
Principals only 

Write Box G1 729, . . ; 

Financial Times, tp Cannon Street EG4P 4BY 


Contrary located factory (freehold), in the Middle Eart 
Ideal for direct supply by road to all areas in the Middle' East. ,wrdi 
an average temperature of 50*F winter. 90"F summer and' riutfalT 
of 24" per annum. Well located for sea port etc. 

Fenced ske area 256, UK) sq. ft.; Covered area (new building) 40,000 
sq- ft. Height to eaves 20 ft4 Mains water; Electrical suppN .Ir? 
Lister generator — 120Kva; with standby generator; with 
night security generator 12}Kva, All electrical and pneumai?'c 
systems installed; complete woodwork mill Installed; . complete' 
sheetmotal workshop installed: complete welding workshop installed 
(gas and electric). 

Also included: Full furnished and air-con tfitioned a ccomin option 
for three. married families arid two single persons: Late mode? AjEC - 
32-ton articulated tractor, two 40 ft. trailers, one' long^wheetbase' 
Land-Rover, diesel, one Coventry Climax 3-ton lift forklift; 'tine ' 
diesel cement mbeer,'7 cu. ft.', one diesel ''Rob' Roy dumper. Proa 
many accessories. All complete ready to start - £500,000 Sterttkg'. ■ 
Write Boa G17S7, Financial Times, 10 Cannon Street, ,EC4f 4BT'" "-*’• * 


Manufacturer of original equipment, principal 
customers in Commercial Vehicles, Trailer aad.C3.vil 
Engineering Plant Industries with considerable scope 
for expansion into other areas. Also wholesalers of - 
expendable allied products. . ■ . 

Substantial cash balance. Freehold factory 50 miles 
north of London. Pre-tax profits £80,000: . 

Write The Company Secretary, Box G.1759; Financial 
Times, 10, Cannon Street, EC4P 4BY.' • ■ v 1 ; T . • 


Company has rapid growth and high profitability; Managing 
Director wHi continue. A suitable purchaser may appoln^iwa 
directors and draw substantial earned income. £150,000 required. 

TEL: (0892) 27960 


■fg. ‘ 1 


Takphcwe: Al Khoftir 4-052 ' .. 

W* an a well oxtablnhad Saudi AnUan company wishing to expand oar bodhos 
in CMnottcshM, products. and aurvioe iadustriet-wMi jhu joiat-ttfaoenra a pa-ftf. 

' U.K. csniwilH wishing to enter the Saudi marks t. We can offhr yM the 
benefits of a namgemcnc tnn willing to assist you. - • ■; . 

If you are lm«r«s«vd In Joining up with an active, go-ahead qstnpenp, connect 
Mr. J. N. Paul, sale* manager at die above addrawor 
Mr. W. Metcalf, managing director of our London office at 
7 OLD PARK LANE, LONDON. W.l. Telephone 5894/5 ' ; - 



Large international mining comj 
purchase companies operating in a| 

sand and gravel Any size considered. 

iy wishes to 
regates and/or 

In first instance send details to the Finance. Director, 
Box G. 1 748, ‘ Financial Times, 10, Cannon Street, 
EC4P 4BY. 


Old established Arab banking group wishing to expand European 
business seek U.K. partners for joint funding of a .new British, 
bank. Please write in strictest confidence to our correspondents^' 
Write Box G1749' 

10 Cannon Street, EC4P 4BY 


with large and well equipped factory seeks -an end product/ 
agency/manufacture under licence agreement. Either to manufac- 
ture for a company with its own sales force- or to- take over from 
a company that has derided to terminate its own production. 

Write Box G1761 

Financial Times, 10 Cannon Street, EC4P 4BY 

- VITAL - 

Currently nrvke a until number of 
car pro toed on faoBhy centres in the 
U.K. and Ausoaliz. We are keen to 
develop our organisation it a eon- 
ensWei f raw. bo« at hoata and over- 
seas. We would like eo discuss the 
growth pofwbUides with the Prinoipiis 
of interested pernios. Contact: 


Telephone: 021-429 2351 


Are you obtaining the best price for 
your low-nrifeagi prestige motor -car? 
We urgently require RoMi.Royee. 
Mercedes. Daimler, Jaguar, Vanden 
Phs, BMW, Porsche, Ferrer*, Meserati. 
Lamborghini, Jensen Convertible. 
Rover, Triumph and Volvo Cart. 
Open 7 dm a week 
Collection anywhere hi U.K. Cash or 
Ranke rt’ draft available. Telephone m 

for x Arm price or oar buyer will eoB 


Brookwood (04167) 4567 


teqidrt* up tt> £30.000 genuine Land- 
rover and Bedford engines, new or 
reconditioned, end general spares for 
these vehicles. Cash payment. 'Write 
Box <T.f763, Financial Times, 10 
Cannon Street. EC4P 4HY. 

ground work, brickwork, drains, craxy- 
MVlng. pointing, etc. 5S4 3125. 

£1 A WEEK lor 'BC2 address or PhOM 
meSMoes. Com 

_ blned rates + telex under 

E3 a week. Prestige offices near Stock 
Exchange- Menage Mlndera Inter- 
national. OT-MB 0898. Telex 8811725. 

FINANCIAL BACKER wanted for antreue 
exporting Comwitv. — WrKe Box G.1GS2, 
Fteenda^Ttmea, 10, Cannon Street. 

No caniUl required. Esubllsned over 
30 rears. Clients In G2 countries. 5c no 

large s^a.e. — W ade. DeoLF.. P.O. Box 

9, Marlborough. Wilts, 

LOAN OF E9O.0P9 required for 2 yean 
secured against 2 nd charge and personal 
guarantees on private prooertr (currant 
value £75,000). Capital sum repayment 
preferred. 0732 S1 100. 


specialising in 


Urgently sacks facilities based on U5. 
Dollars at prime race (nor Euro- 
DoUirs) for transaarions from ill parts 
of (he world for which suppliers are 
quoting U.S. Dollar prices and for 
which Australasian importers writ pay 
in UJ. DoHera. 

Write Box Gf75f, Financial Timas ' 
10 Cannon Street, EC4P 4BT 

IN ' 


Exeeilenc ropuaoon, turnover 
£500.000 pJL requires Injection of 
capital. First class personnel. • c o ntacts 
and pmpeoK. Large leasehold yard, 
with opare capacity. auimMe for ocher 
purposes. WUKng to ttil proportion of 
equity, or controWng Intoresr if 

Write Box G17U. Financial Timet 
tO Cannon Street. EC4P 4BT 

Pure spring water for Middle Em 
100.000 cases per month 12 X 11 litre - 
blue ptexcic booties 3 U5. dollars per! 


U.S.A. mfrd. csgareaes. 
brands, 100.000 oases X 
arriving EEC co-day. 

Urge quantities rice , sugar, 



_ _ . whisky, ' 

cement and JP1 areiieble for hnmcnl- 

ate shipment and .long- term contract. 
Export Drive Limited. 6 Old 'Bond Sti, 
London W1A3TA; T el: 0T.629 85871 
Telex: 262350 t tepid n G . . 

YOU SEEK business associates in ZURICH, 

SWISS FINANCIAL Turntable. We oiler 
sharing of administrative and office 
facilities. Formation and management of 
companies. Write Aruler Associates, 
PBox SZ4 CH-S04E. Zurich. Phone 
01 54 SS 08- 

£50.000, NO FEES. Palmer. Banka 
Associates. 402 8fiB1. 

Offices, Boaramnw, Shops. ' Clubs. 
Hotels. • Restaurants. Dealgn eanauttaneyf ; 

turnkey design and construction. Buckle* 

BariKs Associates Limited, oi-bds 9404 


reached, by mall, ... The Education) 

Addressing and Mailing Service, Derby 
ihJJL Surrey. RH1 3 DM. 



Financial Tiies T3iui!si&y April lB 1578 


'A British Comptiny's Dutch subsidlaiy which . 
has sales o££L5 million, is looking for new • -. 
opportunities to ertend its sales activities. 

The Sales force is well established with Heating 
pnd Ve ntilating specifiers. Distributors and Stockists, 

Adequate funds are available to promote hew 
products. There are excellent storage facilities . 
sear Scfaipol Airport for Goods,.ahd a limited amount 
of Electrical Assembly could be. Undertaken, 

Management la enthusiaBtlcailY committed to promqta 
British Goods and the current pioduets eujoy a , 
high reputation -for quality, 

Write Box G.1666, Financial Times, 
10, Caunon Street EC4P 4BY, 




A Swedish maBUfacturer of opto-electronic moyem^^' ^ 
monitoring systems requires an agent to handle XJ^ ’V . • • 
sales. Systenis already widely used -by industiSl" ;- -' 
and research organisations throughout the worldj^'- v-: • ; 

For further inforxuation please conlact. in confidence^ ^ :■ 

. Tony Prout, 

73 Welbeck Street, Londraj WJ.V 

Tel: 01-935 9601 







Are you in a service industry? ... 

South of London? 

With, a strong xnarketinK. position? 

And sound management? •_...- 
But needing more capital? 

H so, you may be- interested in linking up with otu 
client who ; is : .prepared' to .invest 'up' to flOO.OW 
in. the right ■ company. Please 'write in absoltrtf 
confidence- to 

- A*;E. Strickland, Bindfer Hamlyu Fry & Co, 
227/228 Strand, London WC2A 1LT. 


wish to expand their business from local to national 
We are therefore available for constructional work, 
labour supply* machining and design' work -at very 
competitive. rates, .distance no object. _ 

Interested parties please -ring 0272 838509. ' 


Well-established manufacturing 
. anfLjnaricoting onit .of a UrgBr 
LvGroup. Ttimover£im. pJui.jPr»-_' 
i^tax profits O04W0 plus.; tfJ ” 
•'Division'' Wvotve<T -iri 3i«irlce*tg 

k of re 

-based filling compounds 
"thnbugffinetwork of established 
.^—jts'p^iWfl pally in the engin- 
eeteig and Ujl.Y. sectors. , 
'Write to: The Chairman 
cfotS^ Reeves^ Partners- Ltif. • 
Street . 



-copywritinoj ransi3tI3n and 

Typesetting for advertisements; 

sale. Brochures, 
.Toiitafctpavw MeaimW. ■ 
' ^.pan^b publication? Llratted 

DM39 3303 

- give Floors a smooth 


POLAFLOOR is a liquid pfude that 
quickly forms a Jtard hygienic surface 
that win .erica., (be xoagbefc- treat- 
ment, k's siso unaffected by oil and 
maw cbemfcilC '••• •- •• 

Send -far details to: 


\,.a aeehod Road, WoireAs m pton 
■WV2 1BU - Phone: QMS S3215 



ConQ>riitlve Rates- 
BQgh PereaitageReeBTHj 
No collection — No Char# 

Daily reporting system 

Our Cheats include well-known mM 
companies la- many Industries. 
Please write or phone for 
Aococmt CoBecdon Services UL 
JH-Nortb Street. Ashford. JCffltt 
• .^Ebooer Affirford-.f(tt83i.aOSl/5 



. RECESSION . , . 

In certain 'sertlow of aw sttmM 
Industry, sound long-term lnwst«g 
opportunities stfl [exist. OU 
operating subsidiary of molar 

mmvj p qjss. 

UTOBstmentL • pnMtai cdibpivr 
jiumiyofncnC pf will mwHf wj 
vessels on world-yvlfle basts WJ 
care ana thought w entrusted to ** 

'■ own Bom. 

.-Write Bom G.1Z7S. Financial JW* 
• in. Cannon Steert, ?C4P 497' 



Long lease on shop In prim 
r . ■ . - Q ty- Centre 
■ Write Box G1752, Flnandoi Tinn 
10 Cannon Street, EC4P 4B7 



; For Immediate Sale 

Introduction price 60 % teas them' 1 market prices t 
Our price £78 each fOB Gothenburg, Sweden 

• Technical details: 

48 -Capodty. 3,000- lbs •. .-OvertH widdi.214 

.♦ '.Forkfength 45 in:_ 9 Weight 135 lbs. 

Xoniainer and quantity prices, negotiable. Contact in London 
/aritU Saturday, 22 April. 

Ring .. 

or write to 

Mr. Hanson 

Tel: 01-935 9601 Ext 11.3 '• 

. The Swedish Trade Commissioner's Office 
73 Welbeck Street ♦ . - 

LONDON W1M4AN : • . : 


• | ea .1000 KVA, iteer sees from- manafteaurer complete r~~ 

nan »kW mourued/wuier fall control panel stm 'safety maim 

b a*rerif«- enoamres rated ct O.Bpf. SOta (scandby- raring 1 lO .peretiK. 

kVA Win) ■_■■ ■■■ 

















T erm s' P ayment bcFore-dekivefy no middle Man end aw* edf- 'V». 
Mr, Swart. Rasex Lad.,- {3rcte House South, 6S/67 Wembrey Hill 
Worn Way. MfcfaHnesx KA9 8 DP. Tekphone: 01-903 6455. Triwc 92J.«I 

NT495G .'£58(17 
NTA855G £11500 

VTA2300G £25466 

KTA2300G £36622 

KTA3067G £58478 

.. . ; TO CASH . 

tii rough 'an ad in this' O&Iuftln. 
This *P»w would cost : you -Just- 
£42 per day- 

Thone Frantis Phillips - on 01-248 
,4782 for furthec details. • 


Over 400. sets Jn sto<* . 

. lkVA-700fcVA 
Buy wisely from tha. msmdstOd! in 
wirii MU afwr-seles .serrio* 

. 01-985 7581/0019. 

Telex 897?M. : 




-Fuss^^ April 13. : 1978. 


l y^Jx\y}S^> 


I Circuits by the jniUibn 

. ■j.S. ELECTRONIC drcuit giaot 

National Semiconductor has 
ormaRy . . re-opened, its " silicon 
■’ .' i #afer fabrication.' plant - at 

Jreenock, Scotland, having re- 
‘".'iirilt it. in an -astonishing -eight 
souths after- a fire Hast year. 

: Costing £3$nL, it has been 

‘-v»!iuitt exclusively to. make four- 
-•- „ : nch diameter wafers which are 
irocessed' to the point where 
hey are ready for scribing, 
lieing, assembly and encapsu la- 
ion in Singapore. The finished 
product returns to Scotland for 
eeting. In all, Greenock con- 
— v. >. ributes about 00 per cent of 
1 p .. device value. 

* cf vl Since the early 1980s the pro- 

'1 i fressiou . from one-inch, to two- 

i r[i ,>1 ... md three-inch, and now four- 
' •(_ sV;^ nch wafers, brought about by. 
*J|Nhe ability to grow larger and 
larger single .crystal silicon, has 
neant Increasing efficiency of 
. •Production. For example, the 
Vnoye from three to four inches 
‘ ' ~ : neans 1,780 circuits per wafer 
.nstead of 1,000. The Improved 

■ - : jerizneter to area ratio also in- 

creases the yield of good circuits 
from a wafer because most of the 
defective circuits are nearer to 
"> > the edge. 

National is producing circuits 


^^rJProducts are 

! J ^ THAT an article number' 

lf , V ng system as been agreed aDd 
i number bank set up by the 

■ I.'- Article Numbering Association, 

t can be expected that as the 
nonths go by an incrraslhg 
■ lumber of firms in the food, 
nanafacturing business: . will 
umounce that they are printing 
-j he codes on their products at 
muree — a necessary prerequisite 
full scale point of sale elec- 
* .Tonies investment by stores td 
make commercial 'sense— - . 

A starter is- Fine Fare,' which 
las begun to redesign its own 
- ’ v • - irand packaging to incorporate 
(. I' - .: trhe eode in numerals and bar 

'-:£:ode. • 

"■ — — It has also decided to instal 30 

— _ ~ /NCR 255 . check-out terminals at 

^!ts store at Hyde near -Man- 

‘ N 1 LKiNCrma-W-Sfl! JBKL9SH 

in bipolar technology from four 
inch wafers — it claims to he the 
first to do so— -and has success- 
fully overcome warpage prob- 
lems at the higher processing 
temperature involved..- . .. 

Much of the Greenock produc- 
tion, of which 75: per cent, is 
exported, is for' the European -tele- 
vision get makers,- currently 

struggling, with . new. innovations 
to keep sales buoyant - Signifi- 
cantly, they axe using; up to five 
times more value' in integrated 
circuits .than their U.S. counter- 
parts, ’ mainly attributable to 
innovations such as on, 'screen 
channel number indication and 
time display. 

At Greenock, design work has 
started on a -number of circuits 
for the interface of digital systems 
with TV receivers, stimulated by 
the development of Teletext, View- 
data. electronic games, and - the 
prospect of using the domestic 
receiver as a VDU In. a’ home com- 
puter. Many of these will be 
coming into production for general 
consumer use around 1980— they 
will be low cost standard products 
for a high volume market 

German set makers are said to 
be interested in the micro- 
processor control of TV- sets. One, 
it Is rumoured, will involve a diary 
device that will program viewing 
for a fortnight in advance. 

; v L8iNG0>i 

w ’ ■-'.'•feet of space is being redesigned 
. . ;o enable food and non-food 
_j- terns to be paid for at the same 
“-‘- 'jheckout The terminals will he 
- - inked to an. NCR 728 ih-store 



In May the store plah*. to use 
price look-up on 70 of the fast- 
moving food items and . ZOO .other 
lines. After year-end, . this will 
be extended section by section 
to ultimately Include 5,000. food 
and 10.000 other Sbefc . . 

However, the company’s own 
product labels account- for only 
22 per cent, of sales volume, so 
that there is the prospect that 
the company's plans could, be 
held up by major- food manu- 
facturers dragging their feet 

But financial director David 
■Barret points out that studies in 
the U.S. and Europe have indi- 
cated that these systems “can 
■combat rising costs, maintain 
i better slock levels, react to 
: customers* needs. faster_ and 
maintain and improve. service to 


- As these benefits become more 
i and more obvious to an-' Intreas-. 
' toe number of - medium-sized 
i chains it is likely that pressure 
i will be put on food packers and 
canners to make the changp. - 

1 TELEX COSTS £30 P.A. : J 

. q> If your business does not warrant a .Telex Insiallationrol a . . 
' g your own then .you should consider joining nur-Tofix a : 
«■ Sharing Service, £30 p.a. You will: then be able to send A • 
and receive tele* messages by asiogyov phone. - - ' • - •'A 
• tf 20 Teleprinters are at your disposals onr operators ‘ 

t* avaltahle SJO »jn.-9 pjn^ saner days- to I tpum 4 We provide 3* 
b* file -copies ofvotigcsVKow Is the thnO; to tnly tuu^overty* t 
.«* . hea4 costs, reduce. letter-wrltiug and speed upyonr aostaeM^'* . 
" V "Wax wtf rend mr brochure? .#* J ■ 

C Write: Or phone:* 

=•« . . 01-405 ton 5 

V BM — TELEX nfUil'rni^ A 


lokdon wav #xx - OT-404 5014 J 

Established H2S bar vreNgenwiai «vttf> 8«e C.P.O ^ 


in London 

THE AIM of the 2nd Storage 
Handling and Distribution 
Exhibition at Olympia (April IS- 
211 Is to show how to get maxi- 
mum efficiency and cost effective- 
ness out of storage, internal 
materials handling, loading areas 
and distribution services. 

One of the highlights of 
SRD 78— the only major storage 
and handling equipment show to 
take place this year In the U-K. 
— will be the U.K. launching of 
a new range of fork-lift trucks 
and the introduction of a fork 
Truck for attaching to lorry tail- 
boards so that they can unload 
themselves at destination. 

The French will show a range 
of stacker cranes, a Swedish 
pedestrian truck made specially 
for use in supermarkets will be 
featured and the Canadians will 
exhibit scissor lifts and dock 


Keeps data 
lines clean 

DATA LINE analyser of a new 
design from Hewlett-Packard 
measures both steady-state para- 
meters and transients, simul- 

Model 3771A data line analyser, 
is compatible with CC1TT stand- 
ards and is for “ troubleshooting ” 
measurements on high-srpeed data 

It can be used either as a stand- 
alone test instrument or as part 
of an automatic test system. An 
option, to be available in August, 
will allow the 3771A to be con- 
trolled via the Hewlett-Packard 
interface bus. 

H-P at King Street Lane, Win- 
nersh, Wokingham, Berks. KG 11 
5AR. Wokingham 784779. 


Makes holes 
Id paper 

AMONG THE latest additions to 
the range of pritat finishing 
equipment- manufactured by 
Worsley-Brehmer is a multiple 
punching machine for producing 
various sizes of round or 
irregularly shaped holes in 
sheets of paper. 

The machine Is controlled by a 
. pedal and any number of holes 
can be produced simultaneously 
up to the' full 32-inch width'of 
the sheets. Maximum thickness 
of sheet stack for punching in 
One operation is i Inch. 

Details of this machine can be 
obtained direct from the com- 
pany at Charnock Road, Liver- 
goal L9 7EO-. 

• i ■■ « - - ■ 

m By agreement between Oie 
Financial Times and the BBC, 
information frdrn The Technical 
Page is available for use by the 
Corporation's External Services 
as source material for its over- 
seas broadcasts. 

\ 'sfi't** TvWST w "’. "®7 

- r ' »-r; -fv ; -w.w: " „*?■ ■- 


. -i ■ v t : r <; ■ ; Vr ■ ;->T 



i K-s — >- ‘ 

sintfSmwr'J.-jA '..-&><* - 

This 1,150-tonne structure, seen here being 
loaded on to a pontoon near Southampton, is 
now resting, on the seabed in Christchurch Bay 
in the English Channel. It has been devised 
to provide wave measurement data to the 
National Maritime Institute at CalshoL Launch- 
ing was carried out by Mears Construction using 
a Dutch submersible pontoon system in con- 
junction with multi-wheeled bogeys, both of 
which were supplied by Mamnxoet Goedkoop. 
Once aboard the pontoon, the 20 metres high 
steel tower was towed into Southampton Water, 
where it was floated off. To provide buoyancy, 
four steel caissons were bolted oh to fixing 
plates cast into the concrete base of the tower. 

* V v-; 

' . i. y 

■ f * ■ m W 

^ o /.J- 1 
'■ ' •*#* ' v - 


,v. . > ■ 

fg ' «* i. ifi * i 

which was then towed out to its permanent 
location and sunk fn 7 metres of water. The 
tower, which will contain computing equipment 
and instruments, will be used initially for 
securing and recording data relating to forces 
and pressures acting on vertical cylinders 
and thus provide useful information for the 
designers and builders of offshore structures 
such as oil platforms. The tower is unmanned 
and data will reach the shore via cables. It is 
understood that as soon as the Initial Depart- 
ment of Energy funded programme is completed 
tbe tower will be available to Industry for other 
research projects, pinsuiting engineers for this 
project are Sir William Hal crow and Partners. 


at Beil and 

ALTHOUGH the company 
already has -limited manufactur- 
ing facilities ixl the ‘U.IC— and 
Germany, Bell and Bowen has 
recently taken tbe decision to set 
up a major plant for its Business. 
Equipment Division in Dublin. 

The plant, occupying 35,000 
square feet of floor space and 
capable- of extension to 90.000 
square feet, will come on Stream 
is July and will be making.mtcro 
film equipment for the European 
market. The company’s decision 
to set it up springs largely from 
the mounting costs of bringing 
the U.S.-made products into 
Europe.- .Items such as micro- 
film readers for example, selling 
for perhaps $200. have cost $40 
to bring in. There have appai^ 
entiy also been some problems 
Id ; manufacturing to European 
standards in the U.S. 

To date about Sim. have been 
Invested in the Dublin operation, 
a figure expected to rise to S4m. 
by 1983. 

Tbe company bas also an- 
nounced a pair of new products 
In the microfilm area, a camera 
and a reader. 

The camera takes a new 
approach to the filming of docu- 
ments by combining flat bed and 
rotary techniques. It is essenti- 

The big new 
name in 



ally a flat bed unir with position 
of camera and bed reversed, 
coupled with paper feed arrange- 
ments normally associated with 
copying machines. 

Documents are fed through at 
up to 270O/br, face down on the 
glass bed and are. held stationary 
white tbe exposure /which is 
automatically controlled) takes 
place. .There are arrangements 
to stop the unit automatically to 
deal with double-sided docu- 
ments, and the machine is con; 
tr oiled by a microprocessor. ' 

Film gauge is 16mm. and a 
cassette peculiar to the machine 
Is employed. Main appeal of the 
camera is that ft afters the 
recording quality of the fiat bed 
or planetary machine, at about 
three times the speed. 

The company has also put a 
new reader-printer on. . the 
market that will accept rail film 
and standard cartridges. .It. has 
a DC motor that provides very 
slow bi-directional “ inching ” 
drive and also speeds up to about 

More from the company at SB- 
35 Wondthorpe Road, Asbford, 
Middlesex TWJ5 2RJ (Ashford 




H hydra®* 

MU! W 


isce S* 

market The Scottish Development Agency. 
We have over 3 million square feet of 
available factory space strategically 
sited throughout Scotland, and the 
financial musde to help solve your 
investment problem. Here is. just a 
selection. (AH sizes are in square 



Coldstream (2 at 2,500) 

Eyemouth (14250) ' 

Galashiels (2 at 2.500) 

Hawick (2 at 2,500 & 

14.7501 Kelso (2 3T £500) 

Lauder (2,000 & 1,750) 

Selkirk (4 at 2500). 

at 2,500) 


JJafas^lStkfirraiaSti® Bandpath (1MMP) 


Dalbeattie (2£00) Gretna (2 at 3,000) Kirkcudbright (1,500) 
Newton Stawarr (2 at 3000 and 2 at 2^0p) Sanquhar 
(43^250) Stranraer (10,250) 

FIFE REGION ' - . _ ... 

Anstruther (2 Cowdenbeath (4 at 2,500) Cupar . 
(2 at 2,500) tarkcslcfy (10.250) Leven (2 at £500) 


Alford (2 at £500) BaJlaier (1.750) Banff f2 at SLSOQ) Buckie 

B uffiown (2^00) Eton (2at2^00) HuntJy 


Edinburgh (PPRerrnni} (10^00) 

Berth (10.250) Blantyre (70,500 & 52.000) 
Bolhweilpatk P1500 & 19,750 & 157.000) 

Catfin (26^00) Catrine (1.750) Chapel hall 

(26.000) Clydebank (19.500 & 2 at 10,250 & 
52.500) Oatmellington (2 ai 2.500) Carvel 
(5 at 2^00) Glrvao (3 at 2^00 & 20250) 

Greenock (t2&500 &4at 2^001 Irichinran 
(52,500 & 19£00) Kilsyth (15,750) Kilwinning 

(49.000) Lanark (Z500) Larkhail (128.000 & 

6,750) Lesmahagow (4 at 4^00 & 6^00) 
Motherwell (4 at 2,500) Mulridrk (1,750) 

Newhouse (24.000 & 53,000 & 82,000 & 67^50 & 15,750) 
Paisley (16.500) Port Qamaw (20.750 8.31,500) Prestwick 
(10,000) Vale of Levan (25X100 & 17,000) 


SEStonf&Ilsb & 33,750 S 65.750 & 10.750 & 12000 Si 

Kkming Park (2at 5^00) North Cardonakl (11 6,000 & 5^0) 
Queenalie (2 at 52,750 &2ut25X»0 & 41^00 &52.000& 
27,000 &10500 &25.0G0) Shiekihall (25X100 &15^J> 
Spdngfxan Cowtairs (l7750)Thoml(ebank (2 at 1 .500 
&&500 & 3,250 &4atB,750 & 7 8t 9,500 &19XXXI) 


. AlyUi(2at2^O0)BteirgOiinie(2at25£XJ)Bnsohift(4atESD0) 




157,1 20 sq ft 



raasgowon matnM74 roadto Cartsla 
SjtailnvnadbB)y r a(4accntlDU74 
Factory: Manutacturing area 134 h28«h 

Offices: 10^0 sq ft 

. Extensively modarTHMd .. 

BafdOvie (2 at 2,500) 


- Tfiurao (8,000) Casitelown ff^OOJ Btob (2,500) inremess 
(10,000) Dal cross (15,500) Smittuon (6,000) Fort William 

- (4,000) Portree (2.500) Dalfcumh (2500) Tarbert (Harris) 

. (1 500) Inveraray (2250 &1.75Q Sal an (1^00) Tarbert 

(Argylfl (1^00) Islay (I^OOjCamphe/tovvn (3.000) 



Full details from James Gone, 

Head of Information, on extension 267 
' at the number below. 

and «asy»ccMa » mxpr porta wdalipoils 

Udboi«t(^ and female 

, Bant: 90p per sqltper annum (sut>|act to vetllkail ml) 

g^ 5 

; « l** » . 


Scottish Development Agency 

1 20 Bdthwe» Street G)3sgowG27JR 

Tel: 041-248 2700. Telex: 777600. . 



filling of 

AN AUTOMATIC shut off device 
is the essential component of an 
overspill prevention unit for road 
tankers, developed in concert by 
Total Oil and Joba Davis 

With the majority of to-day’s 
product tankers comprising a 
number of compartments with top 
filler openings, there is a con- 
stant risk in filling. Petrol and 
other chemical products are now 
pumped into the tankers in huge 
quantities and accidental spillage 
cam create fire hazards arising 
from build-up of static charges. 

The Davis Fill-Safe unit, whieh 
is installed' on the terminal 
gantry and mounted on the load- 
ing arm it controls, consists of a 
body designed to fit over the rim 
of the tank hatch, with a micro 
switch only activated when the 
body of the unit is correctly 
positioned on the rim and 
securely held there by spring 
operated holding clamps. 

From the main body of the 
unit., protruding into the tanker 
compartment, is n short tube 
containing ? float switch which 
activitates only when the product 
within the tank exceeds the 
allowed level. 

More from Davis at 20 Alfretort 
Road. Derby DE2 4AB. 0332 





THE FIRST commercial installa- 
tion of Star Subsea Main- 
tenance’s method of underwater 
pipeline coupling known as the 
Starcoupie System, . has - been 

Installation was carried out on 
a fractured 2jf-mch diameter 
methanol line in Conoco's Viking 
field. The couplings have no 
mechanical systems and no rub- 
ber seals. Instead, the tempera- 
ture-sensitive properties of a 
nickel-titanium alloy are ex- 
ploited to shrink a metal sleeve 
on to the pipe ends. 

Teeth, machined into the 
sleeve, bite into the pipe to form 
a permanent raetal-to-metai seal 
which will remain effective up to 
pressures that would burst the 

Couplings for pipes up to 8 
inches in diameter are soon to 
become available and the ■ com- 
pany says that over the next 12 
months it is intended to develop 
the coupling for pipes of 15 
inches diameter, or even larger. 


storage unit 

OF PARTICULAR interest to the 
security -conscious rn Industry is 
the Transgard steel security unit 
from Transline Engineering. 

Based on a modular construc- 
tion the units come in a range 
from SfL to 32ft. in length with 
a standard Internal width just 
over 8ft 

Valuable tools and spares, 
chemicals or documents, are 
shielded by double doors at the 
front of the unit, each fitted with 
an lngersoll lock, approved to 

Standard floors are oF water- 
proof plywood underdrawn with 
galvanised steel with the options 
of a floor faced with galvanised 
steel sheet, or steel chequer 
plate floor. 

Howe ^ 

The right weigh 
the World over 


Hbwa Richardson Scale Co. Ltd. ; 
.TefcBOSl&L J 


Contactless follower 


Fiche gets right tint 

A PRECISE and responsive 
device has been produced by Dr. 
John Flower and Dr. Graham 
Knott of the University of 
Sussex for following or measur- 
ing a movement without touching 
the moving object. 

Logic embodied in the device 
starts off a “ seeking routine.’’ 
Tbe surface is then automatically 
“ captured " while it is in motion. 
“ Protection " locic limits the 
travel and prevents contact 

An example of tbe device is at 
present In use on a hydraulic 
test tank in the School of En- 
gineering add Applied Sciences 
at the university. In this appli- 
cation •• the device serves as an 
instrument Tor measuring the 
surface waves passed along the 

The device has proved capable 
of follbwins, a) a nominal 
distance of 0.5 mm. the periphery 
of a 5 cm diampier disc that is 
rotating at 2.000 revolutions a 
minute with an eccentricity of 
5 mm. The measurement range 
is plus or minus 15 cm. When 
further developed, the system is 
expected to reach an accuracy of 
3 microns over the 3 cm range 
of ..mea§urranent. .with, a resolu- 
tion of a03 microns. 

The. probe keepis its tip at 
virtually a . constant .distance 
from the surface being followed! 
so other devices (for example 
for inspection or monitoring) 
may be mourned on the probe 
carrier to follow the same 
surface. Uses foreseen by the 

inventors Include gauging of pro- 
ducts during or after manufac- 
ture, following cams or patterns, 
measuring the level of liquids or 
the vibration of structures, and 
aliening or positioning objects 
— all of course without touching. 

The active parts or the contact- 
less followers are a linear dl&r 
placement transducer, a proxU 
mitv transducer and a servn- 
actuator for positioning the 
mechanical linkage between the 
two transducers. 

Tbe principal measuring 
element Is the displacement 
transducer. This is kept at the 
set (constant) distance from the 
followed surface by the servo- 
actuator, which is signalled by 
the proximity transducer. The 
latter is a capacitive device in 
the instrument now in use at the 
university, - but acoustic, pneu- 
matic or photo-electric devices 
could be employed on surfaces 
not responsive to capacitive 

Other features of the present 
model are linear rack and pinion 
drive with maximum velocity 
t.2 metres a second and maxi- 
mum aw'eratinn RO metres per 
per second per second and a 
printed-circuit dc motor with an 
11-millisecond time •. constant 
The displacement transducer is 
Inductive. ... . 

Dr. John Flower, School of 
Engineering and Applied 
Sciences, University of Sussex. 
Falmer, Brighton, Sn-ssex B 1 'n 
9QT. Brighton (0273) 66755. 
extension 90. 

IN THE IC1 weight mixing The speed, ease of distribution 
system used by many vehicle re* and simplicity of up-dating via 
finishers in the U.K. the mixing the computer means that the ICI 
formulae of S£00 paint colours paints division are able to issue 
axe now beiog held on micro completely new sets of records 
fiche instead of cards. every month, on six fiche. 

The original system had Users simply select the appro- 
involved the re-issue of -up to priate fiche (there is an eye- 
200 cards each month to each 1C! legible index along its top edge) 
user. Now six fiche — postcard- and- put it into the reader to 
sized pieces of Sim each holding obtain an enlarged illuminated 
1.500 formulae — are pasted image: tbe fiche carrier is then 
instead. moved to show the wanted for- 

Fiche are automancalL pro- mula. Flame-proofed readers are 
duced direct from computer tapes used and a typical machine, from 
using computer output microfilm Bell and Howell for example 
techniques provided by Hicrogen costs £180. More on Slough 
on a bureau basis. 31151. 


Carries out a variety 
of transactions 

FOLLOWING four years of grammed to carr 
experience with self-service fin- variety of transac 
ancia) terminals for public use also operate on o 
during which some 246 of The central computer, 
model 776 were sold to Barclays the' terminal eapti 
and NatibnaPWestminster. NCR cassette of tape fo 
has announced the second gener- ing. ; 
ation mactrine. the 1780. Mounted throng 

Developed -^andvjhan uf actured a < bank for exan 
in S^e^^^inSfl^^mpat- tfjft iallow custoi 
ible wltlT the older machine and appropriate mag 
will carry out the same Jrans- card to withdraw 
actions— but .it . . is smaller, carry . out a 
lighter - and- •easier-'to install, banking routines s 
Barclays; has ordered 100. inquiry- cheque 

Tbe terminal now has a micro- bill payment by ac 
computer with up to 128k of or cash deposit Se 
memory enabling it to he include an in-term 
tailored to the needs of each or stolen cards. 1 
bank or branch; it can be pro* 7070. 

grammed to carry out a wide 
variety of transactions, and will 
also operate on or off line to a 
central computer. Standing alone 
the' terminal captures data on a 
cassette of tape for later process- 
ing. ; 

Counted through, the wall of 
a « bank - .for example, the 1780 
i*|ll -fallow customers ■•wth an 
appropriate magnetic striped 
card to withdraw cash and also 
carry . out a number of 
banking routines sneb as account 
inquiry, cheque book request, 
bill payment by account transfer, 
or cash deposit Security features 
include an in-terminal file of lost 
or stolen cards. More on 01-723 

It isn't always cheaper 

■ to do-it-yourself 

, ..... .. 


W:WM r 

m- Si m, 

it .tta 




door to door 

Have y&u looked at the economics of your delivery fleet 
lately? Things have changed fast-fuel, maintenance, 
replacement and other costs are now 
costs a fortune to keep even a 2-tonneron the road. 

And when you are down to the odd packages your costs 

go sky high- 

Make your life easier 

Why not do yo.ursums again. Have another look at 
those figures that decided you to go ‘do-it-yourself. Then 

call fn Raff Express Parrels and compare prices and services. 

Rail Express Parceiscan give you a nationwide, reliable 
and economical collection and delivery parcels service. 
We’ll take over the worries and may be able to help you 
make an impressive saving. 

For more Information about Rail Express Parcels 
collection and delivery services please write to Rail Express 
Parcels, Room 4a..Melbury House, Melbury Terrace, 
London NVV1 6JU. 

■, • • 
v ■ 






The Scottish Tourist Board 
5 Pall Mall East, London. 
Telephone 01-930 8661/2/3. 

We are pleased to support the Scottish Borders 

We are a long established local firm and are the 
largest builder of factory space in the Borders 

To date we have completed almost a quarter 
million square feet of factory space using the 
Butler Pre -engineered Building System. 

GALASHIELS Phone (0896-2364/5) 

HcKttvd House. High Street. Hounsiow, Mkkfiesex.TV/3 ITA 
T.e.ep one . tu ti/U e ex 3„uou i 



Financial Times (Thursday .April /L3 1978 

Thursday April 13 1978 

ele £ 

- -iVilt.- . 

y > 

Dependence on farming, fishing and , textiles has limife$be potential for growth in 
the Borders Region. But a declining population has meant that unemployment has 
remained low and now efforts to attract new industrf afe having some; success.-" 

/y ;V 


increasing ■„ number of people- 
choosing; the- area for holidays, 
the scale of economic develop' 
ment has-been maintained. 

^ If. anything, the Borders is 

X now a mare tranquil place than . 

I f J. I • it was a century ago. The aver-- 

V-/ JL age factory size is small and. 

new manufacturing processes • 
brought in from outside have 
been from among the cleaner 
and less - obtrusive industrial 
activities. Even the clatter of 
looms — hardly - to be ranked 
among the most irritating of 
modern noise pollutants — is not 
what it once was. 

The economic prosnerity of 
TU‘ the area was founded on the 

This Report was written pillars of primary food 

production (fishing and farm- 
,, . iiHTl and textiles (tweed and 

Scottish Correspondent knitwear). Since the height of 

the industrial revolution both 
bave continued to play a large 
parr in Borders life, but as em- 
TRAVEL FROM Newcastle to plovment in both has steadily 

Edinburgh by rail via the east- and inexorably declined, so in others, hit the small towns 
coast main line, or by road population has also fallen. ’ hard. 



aiuug the A1 or A68 trunk 


routes; or journey by road along t^fs^SStaH^matSedTn’ 5? ve , reiBai ^S lo ^ ** , the In „ Britain. Insufflcient^nhmbers Wit h the rest of Scotland. the potion Jeadto/^ 


A7 from 
Edinburgh, and 

Carlisle to 
you pass 


3C '-- haoa nu 

is particularly marked 
the centres 

through the Borders Region of 

Most people do just thati pass 

through on their way to some- pectively of flie 'manufacturing 
where else, pausing only to £ bs . li, Kelso a quarter of all sra ting from the 
admire the lush gentie country- employment is in farming, _ - . 

side. Uie delightful towns or the ^fje in Eyemouth a slightly iHSUIIlCieilt 

imnrpssivf* Rp.rwinkshirp coast- i „e -i 

of less than 1.5CMJ people. -- -companies' or new brandhesV : 

The cost of prqvicirng' basic existing firms have.establisbe.-'' 1 - 
services for this, dwindling, but themselves in the Borders, man 'L -■ 
dispersed population, is high to factories provided by tb- : . 
and the burdenfaUs Beavdy on developinent associations. - Tr ^'V'- 
domestic ratepayers.^ ..V gether theyTbave brought 4,40 
Before .this : year's / rating' j hew jobs. • = : - 

revaluation in Scotland, little. 'Many-bf these. new places bavi> : - 
more than 20 per .cent, of the been - -filled by workers mad-- 
total rateable value of the area redundant' by "the textile ah--- 
was represented by- coipmercial agricultural industries, butther 
or. industrial premises,., com- is firm evidence that fresh Mao <-• 
pared to a figure of more ; than -bes moved., in. . For the fin. ■ 
33 per cent fOr. Scotland as a time -.In more than 100 year' - - 
whole. Domestic ratepayers tiiere has been an increase 
made up 58 per cent, compared population. sustained aye'/ r ■ 
to 49 per cent, for Scotland^ several- consecutive years. Hi’- .- 
There was only one Way .out interim census, figures, .release'/ - 
je of this cycle of decline, -New last year, showed' that the tott .'.- 
§§ industry had to be attracts -number -of people living in tir ! 

M 11110 - 1110 region to provide Borders i s now above 100;000 ’I- 
m. alternative employment to the 

still dominant textile and farm- -rj - ' 

ing industries and bring people J" rCSSUTC 1 
back. In this objective '.the- ••••.'.- 4 . . 

Borders was competing With However^ the imperative t- ^ ' 

-. every other, depressed area ' of keep' up. the pressure remaini 

The result has been (o make -Britain, with connderably -fewer Altiibu^ the population is agaiL -':: : 
the Borders one of the smallest resources at its cominand'- than' grtwingrihe imbalance - in : age .- 

levels and narrowest local- economies most of Its rivals., ‘'v.i • . remains -add: any halt -in iinmi;/ - 

TrwmLrt™ w«Ai gional council's action plan for of working men and -women re ri 0 n was made :a development Natural decline since deaths 
icn «exui eS ^^nreof^te^ in development ** have to support a higher pro- area in 1968, making available outomnbet births. - 

he ^s ofTa^Shiels , t0 recognise, how- portion of retired people than . wide r^e^T^vertupent 

and ’ vSHm £7 tiiev consist to a city any other region in' Scotland grants and other- incentives to 

f) ‘A nn „ situation those threatened by and incomes are kmr Tweekly -fnenminz firms. A tittle later 

The' regional ' council’s' plan/ 

irs : have . calculated ' that- f 

Iweekiy -£coming firms. A little later figure. of 125,000 rhave to ^ 

unemployment react? by emi- earnings at £39.40 in 1974 were Bairold Wilson’s Labour Admin- reached before any atabiUty ii 
Borders.” some £8 less than the UJK. istration set up the. Highlands the population can be achieve^ 


and Islands Development Board Population projections show hov 
The region is a big (1,800 to take a positive role In pro- far. off that target is away, 
impressive Berwickshire coast- larger proportion of rhe work- square miles), largely empty moting another area qf Scofiand Assuming continued inflow ol 

line. The four counties that , D? population works either in This has been the crux of the area. Although there has been with very similar problems. employers to encourage more 

make up the present local gov- f anTI j ns or fishing. region’s problems. The lack an internal, migration frepi the Without outside help on such young jM^le to wme into tM 

ernmem unit are an easily over- Reliance on a single indmrtry of alternative sources of em- inxal areas to the towns, only a scale. the old local authorities tegioiy 10^500 wui ne 

looked comer of Britain— and to this extent has made Borders ployment forced a substantial two of them, Hawick and Gala- (now reorganised into the region omy in 1981 ana iw,900 m 

that Has been both -a strength communities fiarTicnilarJy vul- proportion of each generation shiels— respectively centres of and districts) formed themselves. 198B. ■ • 

and a weakness. nerable to economic trends. The of young people to leave. In the knitwear and tweed Indus- into two, development- associa- Overthe five yeare to 1881 tne 

Despite the good cdmmunica- -recebt recession irf tfie woollen 1890, for example', the popular trie&^have-.oveir- 10,800- inhabi-^tions and. began the task.- - . .. .coqnfnl s. FegiaDa] Report, sub- 


I IVtU k 111 lllfc IITOIKII *«“»! “■>* r-r-™ — — r — ■■ 1 — _ I ~ - , ■ . _ • .--i -f Cl.l. 

tious through the region and its Industry leading 'to closures of tion was around 128,000, but by tants,- while 40 pe/cent. of the v Success has- been slow_ but the Secretary of Sto 

central position between the many mills and labour shedding 1972 it had fallen to 97,000... population lives ^ communities- a^ady. \ Since 1908^86 . sew 

conurbations ofthe Scottish low- 
lands and those of the North- 
East of England, the Borders 
has remained remarkably un- 
spoilt by either industry or 
tourism. Although the local 
authority has had considerable 
success in attracting new em- 
ployers, and every yfear sees an 

r jfea 

make a move 
to the development area 
with fresh air and elbow room 


Come and see us at the 


APRIL 17th -21st 1978 

Open during these hours 
Monday 2-6 p.m. 

Tuesday, Wednesday, Thursday— 11 a,m.-7 pjn. 
Friday— 11-3 p.m. 

at The . Scottish, Council 

(Development and Industry) 

5 Pall Mall East,. . . 

(entrance of Whitcomb Street) 




Or send for the facts to 
The Development Department 
Borders Region Council 
Newtown St. Boswells 
Roxburghshire TD6 OSA 
Tel: 08352 3301 

in the districts 

a - natuiaf loss in population of; 

3J500, meaning that nearly 5,000 
new; people wilL bare to J>e / 
attracted into the Borders. Tto ' 
in' tom. means that 1 the rate of r " : - " 

. job. creatioh will have to.te -' r; • 
stepped up../ ... 

The report. esthMted 
somewhere. betWeen 3OQ and 50Q — "... 
jobs a year would bare to 
added to the .reebtfs emplw- 
ment total. As the development ... . 
jjlaii makes ' dear, most of tiiese ^ . - / 
would come from . bringing new 
Jndustries into, the Borders, hot : . 
/soiile would also be creat^;b?>- -- _ 
exploiting the natural r^aronM; ; .- _ .. 
of the area. c../--? " 

It is believed that the-level nf 

ALTHOUGH THEY share a social work deparunents and By the end of 1977 the number . • Peebles, the largest 1 cbm- v .. 

common enm-ern with the services caring fur the elderly, of homes built by the Associa- munity in the district- with a agricultural employment • .-f - ' 
Regional Cutim-ij to attract nnw In order to improve the local linn had fallen short oF its- population of 6,000, is also close s lpwert practical 

workers hack into the burders. economy, the District Council original projection by 400 and to TSdinbufgh'and attracts day and is ..unlikely to nse sunstaa- 
the four districts which com- wan is to see more advance It has been estimated rhat this' visitors: A quiet and attractive tiany^. But ti 1 ® . “-r; ' - ; 

the area have different .factories built in the main towns deficiency will have risen to 550 town, it is also seen by many as forestry _ has alrwdy previaeft ; *;g- . 

the ideal .place to retire to, and some new opportunities a®r > . 
the district has the highest pro- there will be more in the future- ' .:-- 




and have drawn up to encourage the diversification by the end of this year, 
priorities in their nf industry and the upgrading - 



approach. of Eyemouth to an all-tide, all- 

Berwicksbir«\ an area of 338 weather harbour, to boost the 
square miles on the east coast fishing industry. Tourism, it Roxhurch District 

rS-^SiH SEs-arsaS 

i population ^ S local an l/ av T 1Dg , a Potation of m serve the needs of those cessing. Fish and other seafmirl^.;- 

economv k ihHrpfore based nn I^Vi h av ‘/ on faelp frora 35.000. It also has the largest to retire and the com- caught at Eyemouth on the Ber- 

S product ^ more "T" 31 . asencies ' . . . _. wlddWrir coast-f ff .also beinS 

• portion of people over pension-. More than 200 jobs -have aiffl 
able .age in the region (23 per been created in processing food 
ceiiL). -' • produced in the area. This hw ;'c ./ 

The provision of lard for started, modestly- with fruit and 

but could be 

r^npntlv nn foorl nroCeSSine. """ - — - aoB jui ucw iuuiuu/ uiu me IIW‘» «m«i ymwMfcu, OK 

Sth the °rnwth of new com- tricl ' which at 524 s 9 uar e miles industry - and twu other towns deT iabpment of tourism are also io the economic benefit accruiDfi 

*- frerains r s eg r. ia ^ : ■ ■ : — ■ 

Ettrick and Lauderdale Dis- (16.000). centre of the knittiug new industry and the froaen and processed, so addin.: 

Like Galashiels, Hawick has 

an ’nin a ri*iit l Tiot jiffare trnm thp lation at 32,000. Although il 
The district differs from the sparselv populated suffered from being dominated 

rest nf the region in hat only nearjIf f^AliirSs of fts b >‘ 0 °e industry. Tbe town has 

a third of if s - population nf areas, neany iwo-imros or its remar - 

17 000 live? in thp four towns inhabitants live in the large cnauj ea remar 
of' more 'tiian 0 ! 000 inhabitants main Galashiels (12B00). h ind f tr ; al revolution and 

--Eyemnmh rn^niam Duns Selkirk (5.600) and Melrose “«* ot A l * •*, ol i 

c.yemouui comsrream. uuns {O ., fj01 fashioned and sub-standard. It 

and Chimside. The remainder has been estimated that there 

is spread widely in small vil- Transport and industrial are 500 homes below acceptable 

laces and farms and there is a diversification are again big standards. 

hish proportion (22 per cent.) local concerns, but so also is 

nf retired people, many of them housing. Galashiels, a centre 

occupiers to apply for housing 
improvement grants in an effort 
to improve the housing stock. 

Transport is also a local 
problem, with two main trunJvj 

As in Ettrick and Lauderdale 

Jivinz ainnz the coastal strip. ■ for the tweed industry, still 
Not surprisingly, transport has many old buildings dating Uunci1 1S encouraging owner- 
and the mnvement of traffic from its industrial past and it 
between settlements is a major was estimated that in 1978 there 
concern .in the county. Recent were 700 houses below a toler- 
squeezes mi public spending standard. 

have hit bus services to rural The provision of new housing mutes — the A 68 from Fdin. 

>e ,hai iS One of tl,e t mijQr p ‘ rts ? f tte to Scotch Corner ond the 

J aDd re gion s package to attract new a? from Edinburgh to the M8 

r w d tp enrl on subsidies workers, but recent cuts in — passing throurfi the district 

rrom the Regional Council. public spending have hindered and through the centre of the 

development. old towns. As in Berwickshire, 

£ rauspori In 1970-77 Ihe four district there is potential for tourist 

that councils, which are the housing development, particularly in 

u)£ 5 v r» ices inai «ii ns . 


are left i s obvjously > local huttwltto lor the r wHw-.a ll "»?^i a ™»'Jhc district 

crTorihr * .Lk «.v«»iruvn nr completed more than sufficient is looking to national agencies 

h »“T, to erowth io ^ he,p - ■ ■ ■ 

in additional volume of private P°P“l a po°* but there was a Tweeddale, an area ' of 350 
traffic on Berwickshire roads, reduction m housing pro- sq ua ra miles with the smallest. 
The high ratio of miles nf road s ^!!l es . for 19,<_< 8 by a total population (13,500), makes up 
•« ponulatin:i makes the upkeep home5 as a result nf i he western edge of the Borders 

nf these highways a heavy sP®P«»ng restrictions. Even sn. Region. The geography of the 

the Regional Council estimates district and its' main lines of 
that there is still a sufficient communication, which ' rim 
.stock of new accommodation to along a NE-SW axis, give it a 
meet the needs of incoming close connection with Edin- 
industry. burgh. West Linton, qn the 

But the Scottish Special Hous- A702. a route to Carlisle and the 
ing Association, which also has M6 from Edinburgh, is within 
a building programme in the 29 miles of the capital and its 
Bnrdprs. particularly ai the now pleasant appearance and sur-‘ 
>»Hlpmen; of Twcedhank. ha- rounding countryside make it a 

financial burden. The District 
Council is urging the Scnttish 
Dcvelnpmeni Department to 
improve the Al trunk route, 
-vhieh runs throuah thp county, 
and v/rih the Regional Council 
is planning rraffic scheme?, tn 

ease rnngestmn in the principal 

The small and scattered P"pu- 

lation also places strains on also bad to trim its activities, popular commuter town- 

Today is the 

we dreamed 
about yesterda 

wtiir ers 

J* 'o tin 

.fledj-oroeihov* cornea long woy line* lh««orty p!oo**nogdoirw - 
Way, &oeta Ci^lti UtLm fieBleadm of pnot^emairtboonJ 
r monuf oCTiire and dfcvdopfnent.Tbroreb ywif wtfhoV* bvtftupan 
irrtprw»iv*i%torti inih* industry. 

1965 . ’ FfotcMl iftuBpij^vf^lalraanSs 

1967 ; Exocropkin design XYCtwri 

1970 . Mulfili^rfcoortls . 

/ / J974 '/ ’"Flsfltui^idlwoids/ _ / '. 

.. -1976^ „ • 

Were locking f ocwfl nl tetf»‘80ti . 

Circuits Ltd..SbawtoroFftrt0^ 

* A*ob»«C»ryofSTc/ABHt^C«<^i»r*fITT;--' r 

S -L 


• Titties TBuisctey .April 13 1978 



Electronics leads the 


• ». 


; ^TBABS.-aga%thexe was i» 
ecCromcs'- iudUstiyf, is Vflhe 
rders, saw-there ate. 13 com- 
uui&»} s «to>I^iSiff • . over; £000. 

‘ varia .',njaldag:- a wide 
. tf-prodactfi: In-particular 
the region -has become a centre 
for the iaannfacttoe: of printed 
circuit' boards, with-two - of the 
four major UJC producers. 

The growth of the electronics 
Industry is the region’s major 
success story and. one of which 
it is understandably proud. It is 
exactly the sort of modern in- 
dustrial process which suits 
the area, being dean and easily 
1 oca table in small uhit&XdghU 
high value products are easily 
transported along the ancon- 
gested local roads and the in- 
dustry manages to combine the 
happy advantages of a rela- 
tively high level of employment 
\ with high value added. 

.‘ r . It is easy to see why, once 
- the precedent was -established, 

' electronics firms hare shown 
themselves keen to in to 
the Borders. As a- development 
'"larea the region automatically 
attracts grants and other aid to 
" subsidise tiie cost of new plant 
■ and machinery, and- there are 
ample, sites available for £ac-_ 
tones. •- • • 

•*. ‘ Borders*' : people ' have also 
' - proved themselves easily adapt- 
. --/able to new - skills and many of 
s those .who previously worked in 
- : ->the local textile mills have a 
: manual dexterity which proves 
useful' in small scale assembly 
.work. Labour costs are also low 
(a fact which the Regional 
Council accepts, although it 
would prefer to see earnings 
rise to nearer : the national 
.'average) and labour relations 
.are generally very 'good. 

~ Precision drilling at Tweedbank Surgical's factory in Galashiels. 

_ But. if those are tiie reasons 
-for the .growth of the' industry, 
•the initial impetus came from 
'- inside the region and the- story 
-is one- of entrepreneurship 
- which would 'do- credit to any. 
more industrially conscious 

; The- story hegan with the 

setting up hi Galashiels of a 
company called Cutiy and Mill, 
which had little mere than the 
energies and ambctiops o£ its 
two founders, neither of- whom 
had any experience- in ’elec- 
tronics. They began fo- manu- 
facture printed orcuit boards 
and the firm grew, until -a few 
years later the original partner- 
ship broke up and the two 
members went their separate 
ways running competing ^com- 
panies. ! 

Those two organisations, how 
named ' Exacta Circuits and 
BEPI (Electronics), .are still in 
existence, although ' consider- 
ably larger 'and how owned by 
international electronics groups. 
Exacta is part of STCt which 
in turn is owned by ITT, and 
BEPI is- owned by -Pye, part of 
the Philips group; 

BEPI, which made' i - pie?tax 

profit of £235,000 in 3975, but 
moved into loss (£35,000) in 
the following year, has recently 
undergone a £lm. investment 
Programme involving extending 
its factory at Galashiels and 
trebling its plating capacity. 
Pye also bought a BEPI off- 
shoot, BEPI (Engineering; and 
has renamed it pye Borders 
Electronics. -It has two plants 
at Kelso and Galashiels under- 
taking electronic assembly 


Exacta has now expanded 
and has its main manufacturing 
plant at Selkirk. The original 
Galashiels factory has been 
extensively re-equipped to 
undertake work oa the TXE4 
electronic switching system for 
the Post Office, and the com- 

«L- ' V 

. ^rrrr w.. 

■ — r-si . OC; fit-. 

-■ ' ,i-‘ , f 

■ v res ?sc, 

:■? SMALL IS 1 Beafitifal "is sack 
,;a_ catchy phrase-in an era ' when 
■.big is often proving to. be 
' uneconomic, that it , is ih danger 
j>f becoming a cliche that has 
Tost Its meaning. Much Zip 
’’service is currently being paid 
' to small business, bert when it 
pomes to industrial develop- 
ment it is still tiie attraction of 
i large employer that .is most 
highly prized. The arrival of a 
Jbmpany offering only limited 
23mpldyment is usually .regarded 
"is amateur league stuff. 

; But with large mobile invest- 
ment — on the scale say of the 
-Ford engine’ plant destined for 
South Wales, or the ^Shell-Esso 
. proposal for a petrochemical 
.. works in Fife — so scarce and 
.the competition to guide it to 
one or other - depressed area, 
few authorities can afford to- be 
. choosy. Many, however, still 
refuse to lower their sights. 

The Borders has no such 
inhibitions. In the- last ten. 
years the average! size -of new 

factories opening in the region 
was little more than 50 
employees, * Under the Bolton 
Committee definition small 
businesses have *200 employees 
of less. On -that basis we have 
only sir companies in the 
Borders which are not small 
businesses,” says Mr. Alastair 
Bflton, the region's develop- 
ment officer. 

** Small is a way of life to us 
here, so I prefer my own 
definition of small business— - 
one employing less than. 20 


. Small scale industry fits veiy 
well with the Borders’ way of 
life, but in Tact the region has 
no choice but to opt out of the 
competition to induce large 
employers- to set up shop : The 
region- has neither the popula- 
tion nor thu infrastructure to 
support . ^ . bag industrial 

MtiduftiCturersof quality 
Knitwear to the world’s 

stores - 

-Riesr Office 


1 CO. TTD- 

cAESLm v 
INtofilJlITHEN f. 
SCOTL^iS ^ . , •- 
089683 ^2 ; c 

4-6- WILE ROW 
0I-T34 2S61 

With no settlement of more 
than 20,000 inhabitants, it would 
be impossible to provide a large 
labour force from the existing 
population of any of the Border 
towns. Housing a large 
immigrant workforce in one go 
would strain local authority 
resources, and would anyway 
introduce the danger of creating 
a new community dependent .on 
a. single Industry— the very -evil 
the council is now seeking to 
escape from. 

Communications are also un- 
fitted to heavy traffic. The 
region has only one railway line 
and no major station, no motor- 
ways and practically no dual 
carriageways. What it does have 
is virtually empty roads: 
although private car ownership 
is higher than in the rest of 
Scotland, traffic densities are 
low. Light vehicles can get 
quickly and easily to any part 
of the region or to she large 
cities that surround -it — New- 
castle, Edinburgh and Glasgow — 
all Of which have air and sea 

The region, thus. lends itself 
to. 3 small industry producing 
light, Tugh value products which 
are easily transported, either 
directly by road, or by road and 
then air freight or rail. Elec- 
tronics, precision engineering, 
high quality clothing, specialist 
paper and craft goods are 
acnong the items which fill this 
bill and are currently being 
made in the Borders. 

The. council’s industrial 
strategy has included the pro- 
vision of small units— up to 
around 1,250 square feet— where 
small companies can test their 
operations without the burden 
of excessive overheads before 
deciding whether they want to 
expand into larger premises. 

“I think that a lot of our 
success to. date is due to this 
policy,’* comments Mr. Bilton. 
“ Embryo enterprises have been 
able, to get a roof over their 
heads and see whether they 
were going to make a go of it 
before moving into something 
bigger.” * 

. The cost of providing these 
units was kept down by con- 
verting two oid mill buildings 
in ; Selkirk and Hawick to pro- 
vide modem factory units. 
Lingle Mill, Selkirk, for ex- 
ample, is being converted to ten 
units at a cost of around £4 per 
square foot— a fraction of the 
cost of building a new factory- . 
All units have been let before 
the work is complete and 
around HO people vrill be em- 
ployed by the various firms 
using .the mill, compared to 2a 
employed by the mill's previous 
single owner. 

Larger units , are being pro- 
vided by the Scottish Develop- 
ment* Agency; which took over 

agriculture and fishing indus- 
tries are now employed in a 
new range of food -processing 
plants, which by freezing, pack- 
ing or otherwise ■ processing 
the produce of regional indus- 
tries add. to the benefit derived 
by the local economy. They 
include Elba Growers (Eye- 
mouth), one of the largest pro- 
ducer farm co-operatives in 
Scotland and the first to be 
granted aid by the EEC Agricul- 
tural Guarantee and Guidance 

But despite these new activi- 
ties, the biggest regional em- 
ployer remains the woollen tex- 
tile industries. Both branches, 
knitwear and tweed, have been 
undergoing contraction and 
rationalisation in recent years, 
involving redundancies and 

Under the pressure of the 
general world recession, the 
fluctuating value of the pound 
and the competition from cheap 
imported textiles, which 
although inferior in quality to 
the natural wool, garments made 
in Borders factories took, away 
a large slice of traditional 
markets, significant changes 
have been forced on both in- 
pany’s own product develop- other firms make a wide variety dustries. Perhaps the most.not- 
ment unit — an important part of of products. . Sprague Electric a ble has been the gradual dis- 
the operation since it makes (U.K.) -—again American owned appearance of many family com- 
Exacta self-sufficient in keeping — produces capacitors, a number panies and the growth of large 
up with the fast pace of printed of small firms undertake groups, able to afford the high 
circuit technology — rs housed assembly. . Fedelitone Inter- cost of' n * w machinery and 
nearby. national manufactures stylij and aggressive marketing. 

„ n „ „ __ , there are two companies mak- The Scottish group. Dawson 

Mr. Peter Breen, general ing audio equipment— Neve International, now owns four 
manager of Exacta, estimates Electee production making knitwear companies in the 
that more than £lm. has been am j Tweed Audio, region and a major tweed 

invested in the company since n^pc jjj.g company, and other groups 

STC acquired it. Sales have w represented include Courtauids 

more than tripled and the com- Like evep other industry, . coats Paton. 
pany has progressed steadily in electronics has had its difficult 
the complexity of the work it tunes during the recession, but ~ • .• 

is able to undertake. Although it has given a much-welcomed ^SUlltiOllS 
it made a loss of £88,000 in stability to employment 1D the 

1975 (pre-tax), its 1976 proSt borders, which was traditionally The future for both industries 
was £179.000. Figures for 1977 bedevilled by the cyclical looks brighter than in the past 
are not yet available for either demand for labour in textiles In the year to last September 
BEPI or Exacta. and agriculture. the knitwear industry, based in 

.... . „ ■ . . It has also injected a fresh Hawick, achieved a 36.9 per 

m ^!f» U h.Hncr Pn ^« C element of skilled employment, cent increase in export sales 

manufacturing o essential to a region fighting to and a 44.4 per cent increase in 

ttie . employment in a bi e young people receipts from the home market 

electronics m the Borders, aga j n st the pull of the cities. Mr. A. C. Purves, Secretary to 

' Besides its internal training, the industry’s, trade association, 

Exacta, for example, sponsors expresses cautious optimism 
a course for technicians at a about 1978. The flow of orders 
local technical college. already this year indicates that 

In .the., eastern part of the it could be a period of full 
region other new industries employment 
have also been able to use local In tweed, the increase of 15 
..skills. G. H. Dexter, an Amen- per cent in production last year 
ran firm, .. specialising in non- was the highest level recorded 
woven fibpe paper-making, took since the late 1960s with turn- 
over. an oW paper mill at Chira- over up by around. 40 per cent 
- Sid?,- invested i4m. in .new and -exports maintained at just 
machinery and other improve- less than - two-thirds • of total 
ments and now employs 230 output, 
people, many of them with long Mr. A. B. Crawford. Secretary 
experience in paper-making of the National Association of 
the factory building responsi- woriti;Q 2 for the mill’s former Scottish Woollen Manufacturers, 
bilities of the former Scottish owners. The plant supplies m hopeful that the GATT multi- 
industrial Estates Corporation, specialist papers - including fibre agreement will help to 
The SDA is extremely active in %ax made for tea bags - to reduce unfau competition from 
the reeinn and has either built European markets. dumped textiles and that the 

or is cuS-eotly building more . Nearly 1,000 people many of Budget tax cuts will stimulate 
than 20 units of up to 14.000 whom previously worked m the domestic demand. 
square feet. These are either ~ 
speculative Advance Factories 
(although some are let before 
completion) or bespoke fac- 
tories for specific firms. 

The council’s development 
plan called for around 330,000 
square feet of new factory 
space a year between 1976 and 
1981. although it also estimated 
that 20,000 square feet would 
be provided by existing com- 
panies constructing their own 

A priority system for allocat 
ing this space around the 
region was worked out on the 
basis of the need for jobs. 

Immediate attention was de- 
manded for those towns hit by 
the recession in the textile in- 
dustries: Hawick. Selkirk, 

Galashiels and Peebles. Nearly 
90 per cent, of the total spend- 
ing on new factory space was 
directed to these towns "and to 
the new village of Tweedbank 
during the first two years of 
the plan. 




Ghirnside, DunsTDII 3JU BerwickshiFe/-''' 
Tel. Chirnside 303 . 

UK. Subsidiary of The Dexter Corporation, 

1 Elm Street, Windsor Locks, Connecticut. 


17-22 April 1978 
at the new 

5 Pall Mall East, 

London S;W.l 

(Close to Trafalgar Square) * 

Information and advice on: 

Accomodation — self-catering and serviced 
Places of interest 
Route planning , 

Off-peak holidays 
Events and Activities 

Come and see us, or write to: 

The Tourist Officer, Borders Regional HQ, 
Newtown St Boswells, Roxburghshire TD60SA. 
Tel. (08352)3301. 



Tweedbank is an area of 240 
acres alongside the river Tweed 
arid between Galashiels and the 
village of Melrose. A third of 
this land is being used to build 
1.000 houses (mostly provided 
by the Scottish Special Housing 
Association). 30 . acres is being 
devoted to an industrial area 
and the remainder— half the 
Site — will be kept as open space, 
mainly for recreation. . 

The purpose of Tweedbank is 
to meet the region’s housing 
needs without imposing strains 
on the existing towns and vil- 
lages. Much of the housing and 
Industrial development is now 
complete and occupied and there 
have been modifications to the 
original plan, but the ultimate 
size of the community is limited 
by geography, ft will be a "New 
Village" rather than a “New 

Outside these priority areas, 
another group of six towns has 
been identified as being places 
where industrial development 
plans are already in progress, 
but may need strengthening to 
stimulate growth. They are Jed- 
burgh, Eyemouth, Kelso, puns. 
Coldstream and Innerleithen. 

A third group consists of the 
rural settlements where craft 
and other appropriate small in- 
dustries are being directed into 
existing and new workshops pro- 
vided with the help, of the SDA 
and the Small Industries Coun- 

Ifyour business has the potential for growth, 
the Royal Banuk can help make it happen. 

By arranging the finance that can pot your 
ideas into action, speedily ^ and effectively. I u ' 

So come and tell us about your goals. 

We’ll consider financing them by t erm loan, 
overdraft, export finance or 
and hire purchase facilities— 
whatever^ most appropriate. 

In the first instance, 
get in touch with your local Royal 
Bank Manager. 

He can advise you on 
all the services we offer 


The Roll! Bank 

Registered in ScodandNamber 4640. 

-I'manaal T intes TJiuRday :' Aprjl. ; 15 1978 

Feast or : famine 1 


are richer than their counter- spokesman are usually more eon- ‘ 

Fiction and the Fiction Industry parts in the Soviet Union and formist than they think. Real) ' 

by J. A. Sutherland. Athlone can do more with their money, independence, like real insight 1 ' 

Press £6.95 231 pages although the more successful is very rare. If that were not so 

— soviet writers are probably [he literary fashion wouldn’t have its 

literary Gent by David Higbam. neiiest citizens in the country, own distinctly ludicrous history. ; 
Cape. £7.95. 334 pages That topmost layer of success The general effect of Suther-i 

"T apart Soviet writers are better land’s book is to make for i 

Dr. Sutherlands Fiction and rewar ded and more materially gloom about the literary future, 
the Fiction Industry is a well- secure than Western ones. Books That may be justified, though 1 
informed and intelligent study are cheap, editions -are enor- should have a good many re- 
of the present state oF fiction mous 3 hundred thousand for a serves. Sutherland has taken 
publishing in this country and vo i ume of poems and so on. The care about his factual inquiries: 
the United States. Sutherland is gnomics of the whole opera- hut there are irritating minor 
almost certainly right in thinking are rather puzzling. Hov:- slips in scholarly accuracy as. 

that American publishing struc- ever writers receive substantial well as in copy-editing. j 

tures and methods will before for each hook, and an jt is good to see the Athlone 

long dominate our own. In fact, established writer can reckon on press of London University pro- 
they are already beginning to do a jj kinds of reissues over the during a work as interesting as 
so. There is nothing mysterious years. The ironic result is that this (there is room for another ! 
in all this. Technology and the soviet writers tend to be much good university press) and it' 
modes of what we Cali private i es5 productive than persons would be worth everyone’s while 
enterprise impose their own ^ ere struggling to make a living, to attend to these pedantic 
styles, those styles usually origt- \ 0 one knows what, in our quibbles. Our predecessors 
nate in America, apd become society, we can do to help more wouldn't have allowed it. old- 
intemational. writers to make a decent living, fashioned scholars would be ©ut- 

il you want anything radically innovations such as book clubs raged, and there is no reason 
different from to-day's American will be useful for the already why we should let such elemen- 
publishing. you will have to look fortunate. In the West writing tary standards fall, 
at the procedures in the Soviet increasingly becomes, in the Literarp Gent, by David 
Union and Eastern Europe. It American phrase, either a feast Higham, is a more informal 
Is a defect in Sutherland's nook or a famine. Paperbacks may do sketch of modem English 
that he seems to know nothing something, but again they will merarv life, told as the major 
about other publishing indus- ( en d to help the alreadv fortu- part of David Higham's biog- 
tries. Bright as he Is, he suffers nate state help is very difficult raphv. He has been a literary 
from the ingrained parochialism t0 administer, as we already agent for 50 years. He is cleariv 
of too many Eng.Lit practl- k n0 w. American universities an unusual character, with a fund 
tinners. For them. England .is jjave done a great deal, and the 0 f miscellaneous energy and iin- 
the centre, even though it is a stricture- on campus writers can realised ambitions. He would 
shaky centre. America has to be overdone. have liked to be a creative 

be recognised, half admired Sutherland makes the original writer, and on the evidence of! RY mabtin 

(often for the wrong reasons), point that the comm°f'al this book he would probably; Junu ' wutninv 
and half despised (also often for libraries of the Victorian period have made it. He has some of 
the wrong reasons). Geroiany have become the book clubs of the faults of an irrepressible 
exists only because it originated ro-day. That is nice and sharp, writer. He is appallingly face- 
arid developed book clubs. France ijfc e the best of bis writing. But tious. and cannot resist a sexual 
only because it resists the spread he is often distastefully patron- reference in any context what- 
of paperbacks. The Socialist j S jng. He appears to believe that soever. This effervesenee may 
world does not exist at all. This people who choose to live at have helped him to have an 
is a pity, for it means that Gerrards Cross are demonstrat- unusually interesting life, and 
Sutherland hasn't much to com- j Q g themselves to be baboons this book shows him radiantly 
pare our position with. He has W jth no aptitude for the higher content with it. 
a deep and human interest in HEe, Why shouldn't people live S*nce this review was written, 
the financial problems of English a t ‘Gerrards Cross, for God's news has come through of David 
writers, and it would have heloed sake, and why if they do so Higham's death at 82. I think 
him if he knew how other shouldn’t they have indenendent it is best to leave what I wrote 
writers survived. - The practical .literary taste? To Sutherland, untouched. He wa* a haoDV 
life of writers in Eastern Europe that is unthinkable. On the man. and he would have taken* 
can teach certain lesson’s. It has whole, the small sector of the these comments as cheerfully as 
considerable disadvantages com- pooulation for whom he is a he took everything else, 
pared with our own, and con- 



11' . ■ " " • r"' : - ■ “.iriiis the approval of tos-widowed 

fdes pit ® . 

if "*?' 

; • -M 

► •£? . *' i,v+ 

■F: .t ££># 

and has .a face 
s^ir f apple -smooth. 

which, seems- 
apple:- small. 

Thig soveL 'The Fro/essOr *id£- apple-shiny, ^ppie-pialn, (Uftlo- ; .1 
Desire,' is the “prequel^.- .. ” i * 4 

useful new Americas. 

lowed ■by- Time Magazine . Roth inclined to c^eate^av': 

Philip Roth’s earlier "romantic atmosphere- for : sfe . J 

Dvomf . T* ‘rtToiTr'liMi, Darhana . jje : ; . 

* : 

Phffip Roth: back in time 

Breast, It provides -‘the body hero* . Perhaps .... .. 

behind the breast. We learn reader may - otherwise . .lose 
iu detail how David Alan Kfcpesh^ sympathy for s o mu cly egoeenme ; 
a successful Jewish mteH ecmaf seif-Plty. Unfortunately it also.: 
in his thirties, passed rihrmmh' means that Mr. Roths great gjft- 
the various erotic stimuli ora -: Aw satirical comedy goto largely 
vided -by- the women in hsritfb unexploited- It is .oply when 
until, alter M a massive hdriumaL the story moves off the quest 
Influx,” he became, a breast. - and centres briefly on his. rela- 
This is not to say .tionship with his parents -or his ' ■ : . . - . . 

Professor of Desire -canaot aa™* university colleagues that we are “i 

on its own merits; Indeed: Jet off gently trony allowed ■ sp — 1 ‘ - by ^ . . 

its -relationship to The ' fir az«' some good old-fashioned comedy, sexual urgiags:' - • f - • 
is nowhere mentioned ia vHe Thus, one of the "best scenes. - ■ ~ t. can only -compare the: 

book or on the jacket we are' (and quite untypical of .the body’s utter singlemindednesa*' - 

presumably expected tb iidre 'book) is a description of the.- its cold, -indifference and , \ 
it as a new and independent father’s concern over . a homo-, absolute contempt for the . “• 

work.- ' . . . sexual caller at his son’s- New = well-being of the -spirit to 

- It is a full, if episodic; aoauni York Bat’s -intercom.- V. You’re some unyielding, authoritarian 
\ of a man's attempt to .come to hot involved" — he clears his regime.” 

1 terms with his sexual : nittnxe: As, throat — " with something ’ you. - Mr. Roth has net made it easy ' ■ 
a young man in London,- Ur --'want to tell me about ‘ - to. .take ‘him -seriously: Perhaps* . 
Kepesh shares aflat wlth-not one Generally, the book not only ■ he.doesn't want that. Why, after - . 
but two sexually abandoned' calls on us to - believe^ in- Mr- all should such a professional,: . 
Swedish girls. One; toe hureh Kepesh as a romantic bat also, cbeose obvious stereotypes for 
in love with him -to enjoy tSeijr as- a deeply serious person- - An the . objems-'.'.of. his v -desire?.-., 
threesomes tries to commit intellectual, moreever,-who r turiis Rlr^rta, the sexually voracious - V. 
suicide but the other stays- mi out 40,000 publishable words Oft Swedish idlchd. .Helen, the 
until he has tired, of-her^toven- Chekhov and uses- it to: raise the neurotic man-eating 'all-American; ■ ' 
tiveness. Retumina to America- tone of sagging dialogues about cliche, Claire, the placid, cow- • 

. he -fails for and marries * bril- eroticism with his colleagues; his . like ideal :. Yet if. we are not- 
th _ 'liant and beautiful. American analysts and himself. Eveiythlng. to- take- tiiem seriously. If all the . ' 

The Ends of Power bv H. R. Its inaccuraries are le£ion.^arS wilo is a destroyer, 'v is grist to Mr. Kepesh's sexual talk of Chekhov and. Kafka is. ‘ 
Haldeman Sidrvrick andJack- fna hi i Their marriage, ends .-with -our mill. fantasy; what are we left with? 

son £6 95 326 S oa"es thp bero (now. a - professor of. He travels to Prague where he A moral tale? But where i»- ; • 

son, io.Ba. 326 pa^es SJfjiEnglish) impotent and -in: the- meets a Czech professor -re^-Ue -moral? A parody? Of what? , - 

Watergate which was to house : u.„j_ *r __ c tA.p-Kin.* •**«». *i. A n~+L ™«. _ 

Haldeman tells 

But what 

Of all the watereate books. Ti«»nir.o i hands of atl analyst; " He is tired" from teaching after the Despite, the Roth way with ^ 

The Emin nf hv h R we ‘ rescued from tit is predicament Russian invasion. During a -diir words, the "Our Gang” irony amt :- 

a woman who appears aTfiist.'cussion- about. Kalka and tmati : the occasional glorious scene, the . • 

HnMpman Rirharrf Virnnc riohf nett « ■* i*u(j « not CU»ion- duuui. wu w«“* Lue giunuua xue - • 

U__ J Tn» .n.i- vain ic -m.;* 1 W “V UJC WML . V.UULLC - l>UEa karjauiiiu uc uia»cs <1 pttiaua Ul iiw: i;ru]CMin J 

So““)s fte woS ThTS,n TmS L c “ dJes on Klrto^. between the ensI^ment M tie Is indisputably The Breast. 

siderable advantages. A writer 
in the East cannot be actively 
hostile to his own state system; 
otherwise he will soon cease to 
be a writer <or at least a pub- 
lished writer) at all. So he can’t 
go in for political polemic, even 
If he wants to. With a little 
literary tact he can say most 

Out of confession 


jumping off a. bridge in Minne- 

nthpr f-hinvc n» rsn't cav everv- jusuyuig wu a. iu amine- 

tttog blrthe has/th, benefit it D ^. b / r *>ta is 1972. the other of a heart 

an audience passionately inter- F^er ana Faber, x3.95. lie attach i as t September There 

ested in what he does say. Here pages was a certain similarity in their 

any of us can say anything, at n enrT » 5 Fate and Other Poems, development and ambition, too. 

tfjsa in°r, ie , n h c .? "s- 1 ™ sysst gg. ™ <°j^t 

anything is. Introduction by John Haffen- each otherts shoulders — depute 

On tiie- material sidb, the \^ e °r . Faber ( Pa P^' Berryman’s tongue-in-cheek pro- 
writers in socialist societioS are "‘back), Ei-To.; pages ■ testat i on ; that all '.poets are 

much better provided -for- than . , T , „ members of ' a self-pro tectine 

the general run of western T - ftWo11 an * Jnhn Rerrv - ^ ^ 

me general mu or we»ieiu Robert Lowell and John Berry- 
writers Some western writers man were of an age: one died by “»“• 

' After 

who. next to the former Presi- only be put do wo to the speed 
dent, is in a position to tell all with which it was compiled. ( 

ends up by revealing next to More disturbing' is the fact! M At . ■ 

nothing and does so In a sloppy, that Mr. Haldeman is forever; more TiCtlOIl 

self-serving, .titillating and hedging what he says on the 

deeply suspect manner. really Important issues of fact 

It is difficult to blame Halde- such as what was on the 

man from trying to cash in on notorious taped conversation 
Watergate. For-' a while, the between Nixon and Haldeman 
stern former advertising execu- three days after the Watergate 
tive who ran . the White House break-in from which 18i minutes 
Prussian Guard that protected were erased; who erased it: what 

Richard Nixon had acquired were the details' of Richard 

almost a perverse aura of nobility Nixon’s involvement both before 
in declining to walk the lucrative and after the burglary, 
roads . trodden .by the likes of Haldeman retreats into the In- 
Magrnder, Colson, Dean and furiating device of the use of 
Ehrlichman, his' one-time fellow such phrasing as “it is my belief 
villains. But so the story goes, that " or " my perception is " or 
when his boss went public with “ my theory is. “ 


• - q • 

■ / 


- :i 

there. Empty earth ^nd shopping flair; like -Ken RusfieD’s on • 

Success by Martin without payment f the. Mono .Liso. good day.- 

Jonathan Cape, ££95. ? 524 hung on the sitting room wall. Yesterday is about suburban*; 
pages - - : ; Marie Antoinette’s jewels worn life and marriage in- the- early/ 

for a family party), -as in most sixties, the -waning of a mart v 

when his boss went public with “ my tiieory is ” Easily the ‘ Ralkl by Gore Vidal Heinamanii doom-stories, follow.. As Jimmy riage. the establiSimetit of a4 ' 
David Frost for a fat fee and plaus-ble explanation for tbis.t^ 4 K *^ y ^ re Vjt f J - Kelly the destroyer is wanted by new one in Chestnut Closer 

msled the public into the bar- coming, of coarse, not from the' 
gain, Haldeman . could contain author but from other, close ob-i 


ECONOMIC ACDYITY-^Indices of indnSfrial production, manu- 
facturing output, engineering orders; retail sales volume (1970- 
100): retail sales value (1971=100); registered unemployment 
(excluding school leavers) -and unfilled- -vacancies (000s). All 
seasonally adjusted. .. „ „ __ 

Indl. Mfg. Eng. Retail Retail Unem- 

prod. output order vol. value ployed Vacs 

1st qtr. 
2nd qlr. 
3rd qtr. 
4th qtr. 



101- 9 

102- 3 

















234 J! 














102.9 103.0 











OUTPUT — By market sector: consumer goods, investment goods, 
intermediate goods tmaterials and fuels): engineering output, 
metal manufacture, textiles, leather and clothing (1970—100); 















1st qtr. 








2nd qtr. 








3rd qtr. 








4th qtr. 



























102 J) 










‘ 994) ' 






EXTERNAL TRADE — Indices of export and Import volume 
(1975 = 100): visible balance; current balance: oil balance; terms 
of trade (1975 = 100): exchange reserves-. 

Export Import Visible Current Oil Terms Resv. 
'volume volume balance balance balance trade US$bn* 



1st qtr. 

115 7 





- 99.0 


2nd qtr. 








3rd qtr. 



+ 54 





4th qtr. 



+- 45 






' 119.4 

101 A 

+ 33 

+ 155 







+ 68 



■ 102.4 






— 76 

+ 26 









— 236 







+ 84 

+ 184 





FINANCIAL — -Money supply Ml and sterling M3,, bank advances 
in sterling tp the private sector (three months' growth at annual 
rate): domestic credit expansion (£m.>; building societies’. net 
inflow; HP, new credit: all seasonally adjusted. Minimum 
lending rate (end period). 




M3 advances 
% % 



BS . 






1st qtr. 


- 8.8 

5.3 -1A57 




2nd qtr. 


15 Jt, 






3rd qtr. 



20 JS 





4th qtr. 








Oct. . 






















. 411 









425 - 



• 21.8 








INFLATION— Indices of 

earnings (Jun. 1976 

= 1001. 


materials and fuels, wholesale prices of manufactured products 
11970 = 100): retail prices' and food prices (1974=100): FT 
commodity index (July 1952=100); trade weighted value of 
sterling (Dec. 1971=100). 






ings ¥ 




Foods* com dty. 



1st qtr. 
















3rd qtr. 








4th qtr. 







63-3 a 








62 5 








63-6 j 

















66 -0 ] 







66.0 1 






•■riot seasonally 



yet comparatively conventional 
beginnings;- both poets developed 
highly personal styles, labelled in 
the sixties “ confessional.” Both 
delight with the sharp edge of 
their impressions yet hide ui^aer 
their surface ease a wealth of 
erudite reference and connota- 
tion. Lowell is the y /more 
solemn: indeed, it would ,hot be 
unFair to say that he to/Sk him- 
self more seriously. 

Let* us take Lowell 
that— without being 
what be would have 
how. to do him ju 
will probably view Win. He set 
his heart on being a major 
figure, and of all the post- 
Second World War poets he 
comes nearest to being con- 
sidered as such. * Dan by Day . 
which appeared in . the United 
States only a few weeks before 
his death, is a great advance 

himself no longer. . servers of * s - T,r -» f «ria^e scandal. 

So an experienced co-author i-= that if Haldeman were more 
was dispatched to .the California direct in bis book be would run 
penitentiary that is now Ms the' risk of incurring perjury 
temporary residence, the recol- charges. Whatever the truth, the 
lections were tape recorded and reader is. left Singularly 4horfe 
tprtureff, ] hurriedly translated into book changed. 

Yesterday by - ,- S'fln 
Collins, £4.25. 193 page?'-' 

ind — is 
bed and 

form- The publishing industry It is also patently obvious that 
fell over backwards bidding for Haldeman draws heavily for; hi? 
the manuscript with, of all narrative on other previously 
people. The New York Times's published Watergate memoirs— 
publishing subsidiary winning including that of Woodward 
the prime contract The 311 ^ t Bernstein, the Washington 
country was then subject to . the H 0 ^' 5 investigative reporters, 
inevitable media “ hype ‘’—much the new material ur The 
was written about the conditions £ ; Power is. . confined 

of inordinate secrecy and the odd vignette-^ 

security under which the book g* “ ? hr £*““ I ! H S a,t Sf ot ° f 
was being printed— which The zr . "I th 

Washington Post.- in a much of starlets the latter 

needed throwback to - Us old was supposedly dating— plus 
glorious Watergate days, ele- largely unprovable asser- 

aantlv nipped in the bvd by «™» °J. d ^ lo ^ t,C SSHSHi? 
cunningly removing a copy from , en _ Presiaent, 

the fartress-like printing plant 

The most notable of these are 

and putting it all over the front .Prevention of a Russhm 

page ahead of the carefully 

Planned serialisation and publi- J r h,n „ a ?23«JSL, de J5S5f 

cation release dates. 

oF a second potential Cuban 

Dreaming of Babylon by Rtthard 
Brautigan. Jonathan Eape, 
£?.95T220agte" *r m ' m 

- • : the American police- Jor drug- Bromley, where residents' asso*;-? - 

"iT-V .- . -s«; datlons and barbeques, coffet4- 

James. — jnoraings .and large dogs ahd ' 

innumerable small children am';-' 
■ kept Jn trim by armies of.airtj- 
pair ’girls- and the odd -visitipr-'?. 
mother-in-law. The banalities- of •> 

Success is Martin Atois’s third 
novel and oh dear tW weak jokes 
its title will probably call forth: 

-Because it's so muA better than 
Dead Babies or pen that first 
firecracker pokedr down the re- 
viewers wellies/ The Rachel 
Papers, that onfi's tempted. otr 

dear again, to overstate its effect— , . ■ ■ ums m .. 

^let me be 900 1 and, at first ) T - Y .. 

In form it's like a Moebius 
strip. The action goes round in 
a circle of. sorts but its telling, 
tike the pencil that marks both 
sides of tbe strip as you twiddle 
it round, while standing 
mysteriously still in midpoint. 

Martin Amo: winner and loser 

middling-bourgeois liff arraeir * 
■not quite straight and riot quite 
sidelong, not quite humorously 
either, though with a certaia 
irony. : ■ 

Why does the marriage of a 
perfedly matched pair go , 
askew ? .When it does, there's 
.room and scope for another, is- 
/the simple psychological me* . 
-sage- But the effect isn’t simple- .. 
■There ore both layers of feel- 
ing, and zones of feeling. *n*v 
g ested: layers under which 
others lurk, zones- outside which 
all’s darkness. 

This^ is Si&n James's second 
novel, an lexereise in 'the skilful 
use of small-scale doings. I^t 
rro one say the housewife's story 
csm’t-.Lbe used seriously and 

This Ston- is in fart much more SSf r Ir 3S ,l f ' ,ta 
interesting thsn the book itself s Is pj, lble l main . 

iii.ain tuuai/ skin in iulu|juij4U - viu.^ jii iucu ocuuusij _ — — 

runs round both sides of the -peddJdng, As Kalki, thc lncarna- deftlfe, -In a week of fictional 
same facts, twists and reversals tkm ’w^Vishnu. Siva - and ofher fireworks, this one burns in 
flowing into one another without testations-: ef”the Hindu- deity, [steady, domesticity: a coal fire 
a break, lies and deceptions -he is QodbttP riot quite, as things' jh- -v's - Satisfactory small grate: 
gradually exposed as the strip turn jQut^jilmigMy. ■■.‘^enclosed, controlled, effective, 

moves on: Terry on one side (airir- -Th& BWk is a re?ordvby bis -[ Richard Brautigan is for his 

iPelT* ^ irid?d° e inte *th££ ! ^ merican h \ tor - " cial awly In^he^pockrt o^the^rin- 

spei 1 .) is divided into three | interests- An assistant at my cjpa| - heavy\^Richard Nixon 

UUtpr A t h ^^!T*v l rI n c C Snn"- S 'i ,ocal bnofc?ho P a r, mnd the corner himself. His memoirs, already 

fhi-timr -.flint 1 V frm,, i froni ,he hore in Washfn 5‘ being hyped to tbe hilt, are due 

this time^the first adapted from | , on toJd me , hat S p TCRll people 0 uf soon. Even without the 

had demanded to he given a copy evidence of - last year's Frost 

of the Haldeman book free of interviews, the suspicion rein- 
charge. something which, she forced by the Haldeman . book, 

asserted, had no precedent in persists that something less than 

her experience. . the full story will be told. 

La Fontaipe, tbe second from 
Sberwin’s life of Sheridan, the 
third from Propertius. Part 1 
contains tbe memorable ** Ulys- 
ses and Circe ” which might well 
— although it is longer — be com- 
pared with Wallace Stevens’s 
"The World as Meditation." Part 
JtL like Notebook, contains poems 
addressed to former wives, poets 
and critics. There is even one 
to Berryman himself, reminis- 
cent in style of "For Delmore” 
iScbwartz) in Life Studies. 

It is as if. for a long time. 
Loweti wondered . about the _ 
validity of the free stylo to which j 
he. had committed himself in, 
tbe euphoria of the late 1950s.. 
but then got his courage back. In \ 
Part Ilf there is a lot of Caroline 
his third wife — and all is etched 
deep with experience and 

Story in pictures 


— — ■■■ ■ - — r- Egyptian hieroglyphs without so 

The Pencuin Shorter Atlas of much as a mention nf the 

the Bible by Luc H. Grollen- Rosetta stone. Nevertheless, the 
berg. Allen Lane,’ £5.95. Pen- Shorter .4tloa provides a fasclnat- 
guin £1.75. 265 pages 

looks and above all in sell- donsly vulgar yot amusingly morgue, roonritns house, cheerful 
esieem) on tbe other. fast and flip, it fizzes along at pebury. anrl 1942 Tiny cliao- 

Both live their fantasy lives, the start and finish but sags ters chop an already rery read- 
Terry at the grovel, self-hatinc badly, midway while; everyone able text into agreeable hitHp 
repetitive, what used to be called including reader is am Id be read. 1 think, like s oai e j 

foul-mouthed (which meant decided about the role, rightness Favourite nonsense - vfirse 
mostly tbe use of 3 single till and fictional effectiveness of dredged up from . memories . « 
recently unprintable word as Kalki and company -i : long . ago. mainly for the 

noun verb*, adjective, expletive. Upmarket SF? • Downmarket pleasure" of meeting the mind 
past and present participle, in Vidal? Reliptwocial comment? behind it: behind, in this case, 
the nominative vocative, accusa- Albany and some' more It isft’t the drooning Brautienn whiskers, 
tive genitive, dative, ablative and satisfying or even.- satisfactory slouch- ha I and familiar, quiz* 
any other case or cause you ran but shows a certain ’show-frizzy zicaL pouchy eyes, 
think, nf). Gregory preening hi* 
fanciful feathers till he sets his 

psychological comeuppance and 
role-s. as one long suspected they 
would be, are gradually re- 

Tbeir ferocious overstatements 
build up to a toppling commen- 
tary on what I can only call, for 
lack oF inventiveness, our 

ing and well-written insight 4ntn r nresent-dav world. Moscow Road. 
.... ... .... . TnV ,_ the conditions that enabled j Bayvwator. and what it reflects 

U ^L‘L a !? ng £' 2 Ut ?fJE.£iw Ju ^ 1Rm 10 BUr 7 lv ** w I and contains, provides so intense 
Gnbbln. Cambridge University The impact of climatic change an j mage 0 f the dirty, enticing. 
Press, hardback £17.50, paper- on hitman affairs has also been I violent/ threatening. * challen 0 - 

back £6.50. 280 pages ^ substantial. One of the most I j n3i limitless yet restricted world 

dramatic examples in historic j we glimnoe and guess at even if 

artistry, each phrase startling the 

af^hf woro-hoan| OWeHS raaalery i Elusive Treasure by Brian times was the changeover from 

But what about Berryman's a ” d v ? e .? t t } ier I of J' 000 '^ 

word-hoard, more limited but ! £7 95 - 369 AD to the Little Ice Age which 

equally a delight? Comparing' — - -- - - n.-u. lasted until I80O — and may not 

sense, like comparing Heming- 
way with Faulkner, those arche- 
types of the American literary 
artist One reined himself in; 
the other let himself go. Lowell, 
for all his adoption of the new 
freer manner, still has his pro- 
sodic links with the organ-note 
of the Shakes pea re-Mil ton -Keats 
line of English poets. Berryman 
is the quintessential American, 
not exactly tough like Heming- 
way,. but tough-isb.' In Henry’s 
Fate and Other Poems. John 
Haffendeu. who contributes an 
introduction and is working on 
Berryman's biography, has dis- 
covered forty-five more “Dream 

short poems and some 

we happen to live in pastoral 
surroundings that 1 can't help 
recalling those extraordinary nar 
rative passasTcs in the film of A 
^ . Clociacark Orange, not the par 

r---.. ^ The Little Ice Age put an end ! ticularly riotous ones but the 

and tne Middle East to me oy f {j e Viking colony m Green- [ linking bits where Kuhrlrk had 

Berryman with Lowell Is-, in some ; h Jl 1 ^ ^hT^h^sto^n? ?ate?t?ne be -° ver yet * 

»>nJ ilk- mmnarinn Homing i brings the _ h Story of .Palestine 

his peoole walkin? about with 
such menacing, explosive, reful- 
gent effect. 

Bad taste, bad jokes, snobbery 

It was Alfred .Alvarez who 

showing where the events took i ond despite" the fact that, at 
place. The maps an “, Photo- tj mt; n f naming. Greenland 
graphs— there are 199 plates in y;j, s probably not an inappro- 
all— are not embellishments to priate ii t | e . ironically Iceland. 

r^ e *L?i re »S nC rtn5 r0 hv fin ^ ^ l,led in , lhe eariinr cold j a nd souroess. palii. regret, nov- 
enouRh to tell the story oy p PniJ d, was also appropriately i taieia for what wasn't, physical 
themselves. named at the time. [disgust -f and occasional physical 

Some quibbles however, toc Ctimuiic Change is a col lee-! sweetness, pleasure, admiration), 
.shorter .4ilo« was first published (j on n f p a p crs . f rom experts »re churned together into a rich 
in 1959 and is now beginning to summarising thp state of pre-j mixture that contains. 1 suppase. 
show its age. No attempt has S ent-day research in a number 
been made to insert information of specialist areas thai make up 
or pictures dealing with material ijj e R e id. 

that has come to light in the ncsigued far the scientifically 
past in years. Perfrapji the worst iterate, some of the conclusions 
omission is Masada, whose n contains will be- of interest to 
stark excavated mins merit a f ar wider audience. -Among the 
, picture treatment far more than more ominous findings is that 
1 some of the photographs wnich climate tends to change rapidly 

arc still included. 
Occasionally the 

rather than 
author's does change. 

gradually when 

tentative statements at least on 
things in general, life in particu 
lar. Above all there’s the writ- 
ing. 1 found myself reading pas- 
sages to anyone who'd listen. 

Gore Vidal, who?e “brilliance'’ 
is an article of faith to soma, 
specialises In virtuosity, perform- 
ances. a smooth, laconic manner, 
it'; a wisecracking style. His plots 
grow ciiriouser. and sexual antics 

Quite how easily the evidence I more bizarre: he has to cap 

Atl that matters is the achieve- 

To which one ! trude. . The dogmatic assertion destroyed is emphasised in 'stories, and' Knife* teeters, on. the 

Ginsberg, too. : that Christ's burial place is Elusive Treasure, which tells ledge of the apocalyptic, which 

under the Church of the Holy the story of lhe early archaeo-'is stretching his talent I think a 

Sepulchre is inexcusable when a legists in North and Latin ' f “- 

more likely — though Protestant- America. It is an unpleasant 
sponsored — site exists, just out- tale, whose entwined elements 
side the walls of Jerusalem. include disdain for the “in- 
Other lapses include an Tenor'’ Indian culture, treasure-'nam War sergeant who' learned 

account oi the elucidation of hunting and wilful destruction. 1 a lot about wholesale destruction 

that the English 

the English talent, the 

tittle too far. 

Tbe end of the world is 
brought about— r won’t -say how 
— with some ingenuity by a -Viet- 

A P O L L O 

Edited by Denys Sultan 

the world^s feading 

magazine of 

^Published Monthly price £2.00 Anneil SutlcripfiOn £25.00 ( IntindV 
'jpverfeiii- Snijcription £28fi0. USA & Canada Air: asuited' S56 
.Magazine, Bracken . Hduie/jliQ-" Cannon Streei. . London, 

EC4P 4BY. Tel: 0T-I48 8000 






Financial Times- Thursday April 13. 1978 


tting the 

g Scene 




In the mood for expansion 

plill - • THE MARKET RESEARCH in* 

■ ’ ~ y • . ‘ •- " ' •• atul to celebrate, research com- 

RX34LCHAEL THOHFSON-NOel pa qy executives and their clients 

, are gathering to-day in unpre- 
ECTBiNG' WHETHER to spend the techniques -which employ a uedented numbers for the Market 
oat fr.!es6'.oo.;adY.eiiwng. and mode! or standardised computer Research Society conference in 
'emotion. among/ the toore program based on variable ftetors Brighton. The orosoerity of the 
[htle.^na : elu?tve L ques^^. a relevant to ^ past two. years has encouraged 

because These Include the Vidalf and marke! research to took outwards 
adec: ^odie v ctmartSoffiT ', yr few: Wolfe methods th* ~ Heodio again, and the conference- is the 
ttrasand more w* few; thousand Graphics method arid- ttaxMAP most expansion.-minded for years, 
ss <m- the- advertising .budget method, though lhe. iaulhors , IS main lheme is how research 
in transform .or sabotage the observe that foe app)Kat«u* of ^ hefD ^ Br{tijjh economy 

The business 
Press booms 

•tth some or the biggest com- considerable Sir John Melhveu scheduled to 

anies. is often more a matter of tgi- ®e w^-.pejore jti r things up. 1 

• onvictioD than of science. marketing directors,- id :S1 om __ , . . 

. ; 3U7ICU0D man OI staeuce. ^ ^ ^ expected Market research, in line with 

Small wonder, then^ihat a new to understand their complicities advertising. has benefited from 
. ooklet prepared for the.IPA by or summon up enough confidence *e rac-r that industry is a Uttle 
. ' {cCann-Erirksotu Setting Aaver- t 0 use t {,em on anything other more optimistic and consequenlly 
./sing Appropriations, concludes than a limited scale,- : needs research to plan its new 

.. : iat if thercvis no “right” Chapter five is demoted to UJ ^vestments. in additiod. the 
' nsvuer -to Vthe oueslion. How .. iT=_ s > j \r,i!irn n Ctovernmenl s wace controls 

research is so competitive {over the television /udiem^ measure- sciemific-aseessment of a market, JL J| VOjj.'' UUvHllJ 
150 active companies) that it Is men! contract, iviliito a couple or a jew P^uct, or a fresh 
no easy. way in make a fortune, of years. advertising approach. 

It [s also labour intensive. Sta/f continuous surveys, which' ' Although the market research - „ nnp K imnu 

wapes remain the biggesi direct clients come to rely on for mar- consultancies worry about their «Y penny hopkinson 

cost. -accounting for around two- keiina decisions, protect research ,m . ase ; and the facl ,h “J ®» n y 

thirds of expenditure, and if the companies in recessions and quite arge companies still prefer the Sixth World Industrial the most comparable print media 

Government should lose its grip U nder-pin tbeiT viability. The to follow their noses rather than Advert j S j n g Congress, sponsored --consumer magazines. The 

on incomes the current prosperity nap- between the large com- research, the basic concept of.- to tAndnn S1.2bn_ represents almost 55 per 

could quickly disappear. p a n le s, with successful on-going using an ouiside spenaJist now JJ* ‘“"Jr "dwhil mth „i2 whs of the $23ba. total spent 

k , s - afirs,ys ht ass sw- in us - c— 

'cSSSE ! 1 * :b S.pb' IST "SS- S” *08 an B&ftro £& re*Trch w t h”i? ^ there were a mimberOt 
heceuee 1. is the W Publicly Sow offer, through airec, wire Sff Jg- 

— — men” wTth'outsideTp^dalSr"' optimlsn. " i isSS P Scciinf 

a Tn *. 12 ' Even the research companies iff business publishing and in '- advertising versus 

Market Research: the Top their turn are putting mSr.e work <*«stry. . r other media. 

. ...... out to Independent Held torces Paul Mf-Phorcnn ava m,rnH> Based on comparisons of 

Market Research: the Top- 12 


: rigfl! . quesuw. jnar K cis vary, credo of the advert Isino business: ouusi ineir mar * «ibs 

- roducis differ tactics alter and namely, that although the, re- budgets. 

- ■ irategies.uodergo review, to say moval or reduction of advertising Jn bam statistics it means that 

othing of the choice of medium pressure seldom produces a pw- !■ - s r members of the Assucia- 

r message or the skill with ticularty dramatic or fast-work- l | on ° r Marhei Survey Orgamsa- 

■•’hich each is deployed. ing decline in sales share, it is *‘ on *!: VV 'J ,D in aether account far 

.. According to the authors, a nonetheless the Brat downwani Lf/ ** 

■ “ eview of the published work on step-in the erosion of- a brands J h ‘^ Ht 1 ?- 
.iudget setting- (the Marketing franchise. , .. , -1“, 

• . - ommunlcations Research Centre “ Inertia and brand, loyaltj will ff ahead of inflat/on PP ° 
i C ran field alone has published carry the product on for.posably of mnation. 

.. line 2.000 papers- on the sub- >ear s after advertising has been f e rence P iJf ract 

. . ict) reveals two things; first, cut,” say the authors, “ but those sjJJJJl, iy V:nJlio? ciJmion. 

... :iere is no. simple formula or charged with long-term, account- 3rc , U p^ n jh a r rag,* W!)S 9Dent on 

waftwi-thitJM beappHed ab ^ b “V P»™'ni«i h nnef r «jarch iSt ycar 

■ ■XZSSFJSZL Si? .53£jS2f°tf,JSL t SS2 And there <« no immediate 



Research Bureau 
(Inc. Holland) 

Research Services 

Mar plan 










» (77) 

(W 77) 

ment with specialists. opt misw on .issues atfeetipk -J5S! 

= . 12 • Even the research companies iff business publishmg and lB ‘- ad wr ™ ^ versus . 

r their turn are putting more work dustry. - r other media. 

out to Independent Held forces Paul McPherson executive Based on comparisons of 

. Pre-tax % turnover and computer bureaux, and tit? vice-president of McGraw-Hill r ^ ve "“. e received from European - 

profit increase shortage or good interviewers is Publications, set the stage by advertisers. Mr. ueraerson said ; r 

.. 670 17 becoming a restriction on growth tracing the ' real and inflated compaay estimated [har n - 

377 40 Perhaps tbe time has come growth of world -business from European business publications _ 

255 20 When the very words •* market the past decade to the present as had firown af an even faster rate 

research ” are inadequale “to a springboard Eor projecting over the last decade and were 
133 29 describe the service provided economic futures He revealed stil1 °n a .strong upward curve. ;. 

122 U The papers at this year's con-- the results of a recent survey h was obvious that the sum - 

66 30 ference, with their emphasis on by his company which measured Manila! gams of 1876 and W77 _ 

N/A ' 17 trade unions. - local authorities the attitudes and confidence ' of had had a btgmy tavourame 
31 34 and the EEC, are far removed businessmen by selected impact on Profit ma rains; ftusf- . 

24 2) from marketing. They are ahout j countries, and dealt with adver-. "pss ntiblicat inns, particularly tne . 

69 ' 39 gathering adequate information Using and its relationship to leaders, were to-aav In the ; 

nirrn S69 n 7 on which to make planning and business i-rowtb in ihe U.S. flnano L a ‘ - 

”" TC i i 17 12 investment decisions. ■ iheir history, and the good times 

STATS MR (3/77) B27 ir 12 There has been considerable . Confidence iq the use of shnuM continue. desmte 

This list of the top 12 AMSO members .does not Include the AGB group. growl h j n reoenl years in finan- 1 M«O n * ip reach numeroUg problems or rising 

but does cover its leading ad hoc company, RSGB. The NOP and Research c j r j research, opinion research 

Services figures are before profit sharing, and * e ^ s ® '" d “ de * overseas research and social On a different tack. Hans - 

dividend but not turnover from its minority sharehold i ne m MORI. research. The problem has been ,s S" owin . s al a Johnsson. director of communi- . 

— tha 1 clients in these areas do not ^ rat J- “ 0 /e i«Porttot n ^ ali(ms at At i as Copco, turned 

- - have marketing depart- Sth fewer terae? mis'in^s his aW . ention to . ThW World • 

quoted research company in the links, over-night audience figures publications ' prospering through JS^ihes^oSw? Mbutae ?o : 

Hit. * I",?, annual cSf.rS ifthSttthere £ wSm' fS2%S-: 

= ns* r* -s,™ !s:™br 5 r e /rij s 

■ s=°- ,0DS ' ,erm Sr’srrK.nWijJS 

fronl ti,u r. t n.iiDh'lif hovs »as> <IM-rler Of 1977. mow 

quoted research cunipany in the links. oveMiieht audience figures ° T -L- r 3 Th n 

UK., is reckoning to increase for television programmes. Once a S frs -, T ^f ho P° 

k..,i. .iwrf nPiiAi (hie an.n. onoin' »hp H/»i7f*inrjmpni :<nit mam. annual conference is that there 

both revenue and profit this year again the development and main- “ ,1' enoJeh oro-ioeef ve i^ vivai °f 
by over a- quarter, even though tenanee of such computerised P' r °"^' UThB 

i, ii- ei.witnri fmm •. ulto' htuh hantuiaiv is bevund ihe umhi- formed purchasers for the new. 

.L_ , Uir I 1 CTIBSII UHP 1 UVOO « l«a 

me miesi being paid by societies that did 

business Press," said Mr. not possess comparable publics- 


na I7ieinau5 aavancea from 101S ... nnarlor nf 1077 onmnnrpri 

- jrner or From that A couple of naughty hoys [‘a? 1 quarter or I5fi7. coniparefl 

jrnerjjr rrom mai. identified bv ihe authors are .£be« w| h the previous year, and 19iS 

- On the other hand. -what hap- n . , j- j orange" squash has started just as well Only a 

** ‘ Jm SSS& maTkelJ rhe for^^rS ***** or rrained personnel, 
uches rrpm a familiar ^ va i ued conservatively at JE60m. the cnnsequcnce nf shedding 
-ajectory to an unfamiliar one- f^RSP though dioite foe pre- staff during the 1974-75 slump 
hen an approach to budgeting ence of bSsehofd names like Jnd failing to train new gradu- 
; suddeniy swept Into the dust- Libby and Del Monte, TV and ««• restrirline even Faster 
id because of upheavals m ^ Pres g advertising (per- MEAL), growth in desperatton. com- 
ic markeHonartz wnsi-watches, in * yie l*' months to last Juiie panles are using external con- 
-TeJ and Ronco. skaleboardsl jj id nol exceed 1154.000— >-n- "“Hiiius or chargine exorbitant 
7d tbe need to -be .replaced SSaSnSSiSsSiSR^ rst f For lhe *$• Undercutting 

y potentially high-risk • and. ' ra r]o of around 0^:100.» ^ for now - a -thing of the past, 

srtain^ expensive responses to It is a similar stdty irT orange Rather surprisingly, although 
smpletely new situations ? squash, where the ad-fo-sajes staff levels have not rreenTnuch 
As the authors say, there is no ratio, say the authors, is -approfci- — supgesling improved produc- 
ngle answer to a question tike matelv 1:100 and where the oro- tivity — profits are still low com- 
iat But it Is also their belief motional effort . has "largely pared with moat industries 
• ,iat such is the . extensive use degenerated to the price level, (alihuugh not advertising). The 
-f arbitrary, _-nrte-oF-thumb- On the other hand,; tbg authors average net profit before tax Is 

. lethods of budget setting that are delighted to.-Ti&port' Vital 3round 8 per cent. There are 

; "te majority of advertisers could whereas- the market. for. squashes historical reasons for this — an 
•'nprove . the. quality . of their «nd cordials as a whole appears inclination on the pan of the 
oproach, and it is the purpdse to be under-supported. in .terms smaller icsearch companies to 
"f the booklet, to review alter- of media inflatioff4inlred adver- earn a good, llvine for the 
; ative methods and provide tisins expenditure, 'tine of the directors raiher than to enrich 
Ui dance on how unprovemeriLs leading brands.-. reveals a. very the Inland Revenue or. for thp 
'• m be made.. - different picture Sn that over a research comoanies owned by 

7 First. it -reviews 15 established six-year period advertising, ex 1 -! advertising agencies; a threw- 

•chniques for budget setting, to- pendifur^had increst^d fenrfold, .back to the days when the 

7 ethcr with their strengths and. leading fo (or at any rate accom-^mearch was n«f fully cosled for 
eaknesses, hefore setting off off panied-by), * .300. jwy v bent,: iff, rim p« ri :< nl advertising; clients. 

- brief, examination of -some of -crease fo. jsale?- v- : - - lhc fact-- remains that 

lirT&n enntract .fniipc .in fnr nave arriVPO — nnancea. II nius nivreaseu UU1II a^ooiii. m uni iu resuiarvy revciveu. uauaiuicu. » 

if' H the i f" rinJiTa! C eS UP * be said, bv Ihe continuous sup Sl^hn. In 1977. hut to put this abstracted or reproduced in full 

rJl! Ch wvi * U ! .. »w L port of the tnidilional product into proper perspective, the ti»77 and distributed on a massive . 

raurkeling sq^yi. Wl ^°ul d be compared w .n S , 


AGB mainline operation -is neck; 

'V.' - J 

r : -v-r'.: 

v- V = 

y v v 

r ^ 

Bui chairman Bernarq And lev and neck, with X’ielsen as the 
sees AG8 as an information ser- largest research company in the 
vices operation and magazines as U.K. Both have turnovers of 
or-e leg of a tripod which In- around £5.5m. Nielsen managed 
etudes research and computer a 17 per cent, sales growlh Iasi 
services so mieMinked these year and looks sei to repeat the 
day* with research. With profits performance in 1977-78. Its re- 
approaching £14m.. AGB can venue is still centred on retail 
afford its investment m over- auditing, hut Sabine, which gives 
seas companies in Italy and more flexible interpretations of 
Hmg Kong and m new cunt inu- the basic data, and the Prices 
mis services to confirm its domi- Service, a quick check on shop 
nant position. prices, have hepn successfully 

Ir June. Index, a panel which launched, and a new retail 
covers financial transactions and census is in hand, 
discretionary spending by the - The companies that have 
public, goes national with 11.500 marketed succesful continuous 
people recording every expendi- surveys plus those that dominate 
fore they make above £3. Ser- the omnibus survey field such as 
tmg un Index has cosl AGB over N ? OP. MAS, RSGB. BMRB and 
■ £500.000. a sum hardly any other Gallup, have this built in pro- 
research company could get to- tection in bad times, but these 
gefher. bur its potential is as days everyone seems fo be doing 
grea' as the TCA. and in profit' well, as the tahlo shows. . Some 
terms I 1 should overtake .7 ICTAR. of the improvement is the illu- 

"" — - — ^ — -slon of inflation; 'and in real 

- ' - -terms' 1973 was a better yean yet 
A witb/mdre inquiries- from both 

AnnthPr - new and old clients it is hard to 

x auvuiVA ■ , convince, the companies or this 

jK I IT| _ Even the Government and local 

* ' authorities are buying again, ac- 

^ j i p counting for abound ten per cent. 

worm ril of tr,tal expenditure. The 

* r biggest contract pul out last year 

XI 'n • was an aurtit ° r lhe national 

K|\ nlKinPCC housing stock for the Dcparr- 
a# UJIUWoo men j of tbe Environment with 
ii RSGB. \ T OP and SCPR sharing a 

nn fhP Imp £lm; contract between them. 

CUV. UUC/ About the only sector which is 

BRITISH RAIU planning to loosening Us links with market 
spend up to £3.5m. this year on research is the advertising ' in- 
advertising. may move its £lm ? uslrs ' 

plus Sealink account from Londs- fo , r . arour1 ^ ! 3 . c 5, nt JiLjJlt 
dale Osborne in a postcript to assignments a» against a quart .r 

last year’s re-routing when it a ,.nn 

switched its £2.5m. Inter-City arol * n “ two-thirds of the Lon- 

business to D'Arcy-MacManus lrM j* W1 C °i!^ni ie J 

and Masius - and shunted its ? onds companies who want a 

£500.000 South-East account tot — 

Saatchi and Saaichi Garland 

As well as Lonsdale Osborne 

British Rail will see Sealink pre- JmJt &T 1 - 

5e mat ions by Boase Massimi 

-Pollitt Univas, Allen. Brady and ITU Jl]{ RpttSsVriV 

Marsh, and McCann-Erickson lO’l A vnuind? ,VtVr< usu 

Collett Dickenson Pearce was . ^"Unae^ffgn-a.U 

invited to jom-lti. but declined £*Sfl WiM CXtW personal 

A decision is expected in five cJJ bnuhJuSt vhotie 

weeks. ‘ • • MB Joseph ian&r. our 

• EDEN VALE'S Ski, which restauratrt itiatuwer, 

holds 44 per cent of the £52m. lU .7 k ■ * “:/. j , 

real fruit yogurt market, will be pjfl Am ibKmmTPviihtit 
backed by a £750.000 TV cam- rtl i epijeffte ntemt 

paign starting this month. Ml to utur home or office. 

ITT made 


\rn ^ va . 



A broket, 




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JotenMti 0 nal“a£ 90 St Vincent Street, 

rrn.:- rti rakes its oka 

international trade. 

Michael Braces oar Glasgow Manama; 
and his staff are there to belp you "with - 
every kind of international corporate 
business-with export finance, foreign 
currency invoicing, documentation, in fact 
with all aspects of interaationaJ trade and 
■ comruerce. -■ 

Glasgow and our other two Scottish 
branches now offer your company the full 
resources of the unique Barclays • 
International branch network in over 
70 countries throughout the world. • 

Get in touch with Michael Brace now; 
or contact our International Division at 
168 Fenchurch Street, London EC3P 3HP, 
telephone 01*283 8989 extension 3413. 



-. Media plan? Totally devised 
in London via JDM-tne largest . 
independent overseas media 
brokers in the UK. 

-- l 

xm r 

the worldwide media consultancy 

9-10ttn*i*t , nVfio-±r.:v.7 Cio2- 

The JuJi tkserie 
Aonmnde offers you 
that extra personal 
bnteh Just phone 
Joseph La nser. our 
restaurant mannyer, 
a tkl ask him to send a 
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to your home or office. 
This my you'll he 
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Specialises in La 
totally nahi rat Style of 
cooking that is 
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\ Whilst Ihe dishes are 
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fashioned candlelight. 
j-Uivc aneoenina to 
m ustnber at London's 
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i Jhe open Sundays!. 

Awareness of ITT rose dramatically after their 1977 corporate 
campaign on Southern Television. 

iff took 81 spots on Southern during their 1977 corporate 
campaign. The 60-second commercials were designed to snow the 
company's wide range of- activities. The message was one of quality, 
reliability and responsibility. The audience wos liferally everybody, from 
consumers and employees to trade unions, shareholders ana even 
Government. Results were both immediate and dramatic. Awareness and 
attitudes improved considerably, and the number of people who hod 
never heard of ITT fell by two-thirds. * Further proof of the power of 
television for corporate advertising. * Research Services 1977 


For further information contact Brian Henry, Marketing & Safes Director, 

Southern Television limited, Glen House, Stag Place, London SW1E 5AX, 

Telephone: 01-834 4404. 

* -.o'* 


11m. RotMcrie ^Cormandr 

j» ihe Pmn nn Hose! 
in I'omnufi Syiuw, 



Barcli)’sBankInt«rarional,90 St. Vincent St r eer.Gbsa|owG2 5Ua. 
Telephone: Glasgow (oil) 221 9585. Telex: 7772BG. Cables BARGLAS. 

If youVe baying or selling 

top advertising talent 

/ . ' 

Top career jobs fbrmen andwomsn in account management, 
markefeig, media, art, ropy, design, production, traffic, promotion, PR, 
contact Peter Holmes or executive secretaries and PAs - 
.Linnette Boniface on 493 6456, 71 New Bond Sireei London Wl. 


Staff toisultants 

s cO<?< 



Se^d.lpr AD EXPO Brocbtire and Space Order Form to: 

AD EXPO 551 Fifth Avenue New York, New York 10017 



U.K.’s chance in 
Latin America 

All at sea in the Shetlands 

Financial Times; Thursday . April 1&1978 

By -RAY PERM AN, Scottish Correspondent 

1 Tin A raiLE T HE constitutional set up to consider what happens land 'when .it has digests the ready receive from the 

1 1 |U i \J |lvX future of Scotland and Wales next And,. a$ a report compiled Nevis repeat;. the UJ5L' ; -■ ,.?f . ; j 

- remains,’ to say the leas t, un- the council^s-own consultants Oft^lfacfc.-itfieir ^ihey coiii^deir'i ' 

RY HUGH O'SHAUGHNESSY decided, there is one area of *)??•, 1 ^ 1W 1 ‘^ el - v .. t0 yhat they.shmiid tell thecom- ■ v .4 1 i e i,: J . nht*fTiVn:Vn5 

BY HUGH O SHAUGHNE5SY . Britain tlia t is even more un- J^^e deither east* nor .mission, the islanders W skip 

THE MAINTENANCE of the ^acks that we have certain as to what its fate is to Q T^Nevi^Vsmute a new S' ■ in ^ dev ohino'7S' the STi. 
flnurishinn British exports to m ««5w r £-£ s be. It is ironic that althoush hnriv Scotland as. the easiest \iferrf 

L k U "» America— -they unounl I to * ome llf ' the peas wii , sTick t0 lhe they set out to remove w 

pea" Sft ‘ a* knife with you? * nife * oub * abflUt * 

neighbour joggins your elbow. Lei us now move on from the in store for Shetla 
Just when you think you've got hopeful self congratulation and i s j ands * Jeaders have 
some well balanced on the side suggest a little constructive . 

of the blade they fall back on to forward planning. Peru, as the added to the confusion. 

jogging * your elbow. Let us now move on from the in store for Shetland, the ^**1 -receive from Shetland for- independent, nor are; either of 
vou think you’ve got hopeful self congratulation and islailds i j-aders have merely Its .three-volume report, has ex- those in' immediate prospect-. So 

I 4 v. _ ...J- BMCTTIACI a littla nnnatrnratitia lsl “ uus - uwuera nuclei; anilTlPli nrnd' nn „,kla Antinnc r _s j . But this Kltmtln 

a mined . nine' possible options. Options four, six mid seven -can - tiiis simple fesMi 
They are: 1— the status quo: 3— be fcft on the shelf fdrthe ttaa. hardly *?® ms P«tfW«£;Sh ox 

the plate splashing gravy on to world banking fraternity knows; Provided the first of the tile rest of Scotland becomes being. .Options. o^e and erne’ 1 ^^ 

your ahirtfront. And even when is desperately - strapped for cash ^ocerhment’s two devolution devolved, but hot Shetland: 5— /can be dismissed wiQi .a cur- aa ^ ed for, councillors' .wifi*. 

5 ? u " v ? «?,? in/^^tionafMonetarv^F^d completes its; parliainen- Shetland becomes part of a spreading. If Scotland rotes- recommend'/ -the. v® 

?ou"n S cu W vour Ills ‘n the » SU Wa?b“Son iboat taiy stages without further, mis- devolved Scotland; 4 -Seotland against devolution there will be 

. 0 U 11 CUl . P V e _r-- _ «nit a hnn ' Hih Spots will PPh s chanfY* becomes ITldenendent: 3 — Shet- rm. Sherlnnri mmmicrinn- iUtlOn. And the.- ninfe-tf 


you’ll cut your ups in u« pr»- ETJXA STOE = ha^Scots will get a chance becomes independent: 5-Shet- na..Shetland ^T^n; a^J M 

mni rari? for n ea5 by credit. Ohr 'the outcome to- vote:ifi a referendum on land - gets, devolved powers tfiere is little- evidence that ^T, or ^ I i nt 
nw! l onmmprp[ai romDetitors dependlosns for a much larger whether :tiwy want a hew.Jegis- separately from Scotland: 6 — islanders want to eo tt alone. Fp-J n loeai n3e^[ 

th'!. r npiwhhours at the Lable amount from a number. of com- lative assembly to be set up with Shetland becomes a state in a w. _ . - " month suggestas ^Ksp. 

Sd l ?o e u hS^a filr ptefure if merdal banks.. It also happens domestic powers. MPs opposed federal UJC| T^Shetland. as a ^L d lf mu q c ¥ S ^“ advlce ^ be follow^ 

the difficulties Facing British ex- that the milUary. jpvennoent of to devolution. have introduced a condominium. of separate states 2g?™f : : . . 

le ''- Like the -i'xest. of * 

Lord Kiibrandon 

j.- thrbuglf W-give him.. this pow r : : 

^ Shetland' would ; to pr ' he wbiiia^“continualIy ha‘.^ :: 

tun a' n MP tn W M i&tVipr ^irnw^ita i enonUl Ck'nt).. 

return an MP to .WMtmi^er,'.'to;.'aiJp^ speciaL Shetla .’. - 
jSw but it . would '"have no ■ in' OM&sViqfrr the* Bouse 

the difficulties facing British ex- Ib al Ibe tnilUaiy^. ,->-1 ui acvumuua. nave Jiiuvuureu a 11 Ul ai ®i» tj,™ »ii. 

porters in the Latin American ^ ene ^fi- r - Vf 3railt ^ co f .^ rt> ” l i e ! few jfedTiemngs along, the way, of England^ an d Scotland: 8 — hjj , h 
market. No sooner has trade got -i/f * Ttasfcally the choice is then Shetland with special status, 22? /fn 

I , • tbe assembly which wifl^be re- Commons. z: 

r'-: - tnr Rrntfinh 7 iiwfi nd 

hut "basically the choice is then Shetland with special status. 

goinr than a poHUra. o? X5^nS?eSiliS?3 Probably ^ ^ ofVhe ^ ^ h ^ v ^on, what 

economic change takes place in tbe go ament to ha ds. a ^ em))]y they o^have it; Faroes; Complete indepen- l*at-_.The best that the isla£fcc*» ■ oTtheffigMaridsTind Sbetiand’and/for islanders:;- - 

one country or another and care- . . t h« do not. thi^wiU sta^ dence. • - V . m . ake . the least rttange to-hope for in this mainland services such. “.:' - 

fully laid plans and bids fall to mnl-hWthev'are ^' ” ^ wmas as -«W are now? they could make some Mtedal “ IB ^ a higher- education- ^oflegei'-i 5 -* r 

the ground. L\DOltS •• .... '■ , Particularly, the islanders, want arrangement with the^ swbiali'st medical se^vic^ T- ; ‘ ' • 

Import restrictions In Brazil _ . ; . In Shetland, however^ life J)3T0 h^t' to- .safeguard iheir angle tier of State for ^interest to tite islands.;..' - •; ' Ij rr ,s_j ety - f j 0 _ h , " 

SSJfSSS iSSSsES sSSS^jsatftfaasis SSS‘s ! WF^ ! « !i §i^ 

hazards mean that those in sugar, most of which, through a Jin®:, 10 * 1 ?? stetiinta ^rcoWuni'tvTfl^lhan jWi 1 ? P , 0wers f hey J - a ^ e ^ on ; and:h,ope "tbat‘ to -Shetland withthe^approvaipyerco me.-- There might e*.--. 

charge of British exports promo- combination of freak circum- d ivnlSti^n^i1f7hP ' *»0 000 havp ?iwn «sn °I er 0lf development and the depleted civil semce:,d«^ijt- of the Secretary of jStaJe; but have to be some form of, inter!' 

tion have to be extremely quick stances have not been providing ° “*-. rest ^ Ul have S'y® 11 revenues from oit and ensure ment would be -able.tBF-i^uit presumably either 7 another hdministifatlon. for..- Shetlu’* 

wilted and to have more than the export, income- that they of Scotland votes Yes a con-- much, thought .to what Lhe that they do not lose any of. the Scottish Assembly iegisfartitf^fo ; atnendment to the ScoOandrBili while ^ the tom bliss Ion . delift.: 
their fair share of good luck- should. There can tie no doubt stitutional commission ha® tin be future might hold as wilf Shet- considerable subsidy they al- Shetland’s needs • - won iH have to be oushed ates - - - ' 

Hanoiic it that Good that Pei?x's ; foreign -income will -■ ; S.-' 

Happily it seems mat gooa . . . . ■ ' -■ ' - : r 'S. ' ; ■ — 

• if they do not, thins*?* will stay aence. - - 

l^YTJOri'C--* ’ much as’ they are. 

, FUU3 In Shetland, however, life' Safe Het 

Peru has one of the most varied -w-jll be much more complicated^ 

vmi maice me. least cnange to- hope for in this mainland services such. “'.;' 

^ey «mld m*,: some ^ 5HSCL higher ; cducatihh^one & e^ *.■. 

have to be ..pushed ates. • 

*i rri i n o an rj „„i 7 k wit have both «“»« ^bner or later. Whether 
i'^3 ■5i3 u ji V} S”J5“ it Will t&sooner or later wilt to 

played their part in improving “ 

British relations with Mexico. some exl ?P c depend on ivhether 
The Queen's visit to Mexico in the f un d^Aw a harde r 
1975 was notably successful and ]!?* Morales 

Pemex last week raised Slbn.. S° v ernmenL 

with British banks prominently It seems to me- that there are 
involved. Mexico is in the middle good precedents for a Labour 
of an oil boom with the stuff Government -in a country like 

Midnight Court gives Winter 
few worries in Gold Cup 

Circuit judge 

BBC editor for Thames 

**rl ,vlulc '*; , ; i ANOTHER SENIOR- JKBC/- tele- Mr. Townson, who ‘joined RK .. 

\jr TEWTC HAWCPB nr -L. visipn JouroallaU. is' . tO’ .join . ;M -years , ago, a>- ‘ : 

h-p' n _ „r Thames TelevTsion. Mr. Mic hael worked on 2i hours, and pf - 

been appointed a circuit judge. nnev* Jl- ' 

IUVUIVCU. IHCAILV IS m Ult w iuuio gUU« IVi a lmiwwi* i — - - - - - " — — ' ^ ^ " V Kaam 3 nnOirttpH 3 HlYWirf ■' J * mutvw vm .Mvws y ' llf #1 * H 

of an oil boom with the stuff Government -in a country like * ' ■*■ „ . circuit juage. <p ownsoUi editor -of ■ the /Fbuighi duced -the BBCs. election ma - ' 

gushing out of the ground and Britain which prides itself on its FRED WINTER, who since he for the DaHy Express Triumph perienc^d opponents-showmc Jlu Lzl S ”-! 1 - t ? ; programme, will produce ■ a for tiie last two geoei 

from under the sea almost every- democratic traditions to take the started training has always con- Hurdle, proved onlv just wide prominently until after half-wiy *“5^ Thames weekly curreat. affairs el ^ ctions - . .. - ySafl 

where that Pemex, toe state on lead i 0 urging the Fund to be sidered the Cheltenham Gold Cup of the mark, when the Uplands —and to-day’s race looks set to OmciaURefer^Sif -busi- programme in the autumn. His purogramme for Thames Tf 

company cares to push flown a accommodating to General to be something of a bogy race, gelding failed narrowly to hold provide hint with some valuable ness in. London. J . Thames announced hwlay. . be developed from This Week, p 

steer his country back to demo- day when Midnight Court won Ranger. Peterhof. who wan the event 

FvLUiifmn cracy. The action of the Over- the prize for him for the first Attempting to make all the a. year ago with a ten-length 

JlL A lll OH lUU seas Developraeat Ministry last time. running on Rodman. Francome success over Itsu,.- is preferred 

_ , , . year in refusing a grant to the Always travelling smoothly in appeared to have the race sewn to Roller Coaster. 

Pemex moreover wants to get military Government in Bolivia the hands of John Francome, who up as the field swung down the At to-day's sole Flat 'meeting. 

together with the Bn Osh was a very limp(>rtaill milestone face a Jockey Club inquiry into hill half-a-mile From home. How- Hamilton, l- believe it could 

iniSISSS? JSpiIIi w» the process of Bolivia's iro- allcgaiion or bribery and corrup- ever, Connaught -Ranger. Poller- pay backers to couple Mick 

sphere of mternalional market- pending rfiturn , 0 dv[liai] rule uon. Midnight Court was on the ton and Within the Law all Easterly's Royal Prerogative filly. 

tS'up with masterfvToresiebt ^ >' Mr - u M«- Judith Hart's — ^gan to close up,; and it was podzola. among the runners for 

has srhf»riiiipd a hia^^Rritish ministr y could last year help to Connaught Ranger s turn of , t he Dolphin ton Stakes, and :the 

SSwll" ® rtt |Srt« Bollvi. back lo d.n.ocncy . ' RACING provtd tJie O"** ■«&« ****< * »& 

prnml«ei“lo b^Tg^at eaplhfvVty ot Ite Fore°g"n art BY DOMINIC WIGAN Turnin*. to today, the moat makes his Flat racing debut in 

(Ttm great 0 and good^msnd^rins Ceramonweatth Tree- 2“ie%2S? SL.HT VS J't!^ 




. . .THEATRES. . 


U”»“sSS "SBK h eel of the feader aod favourit e SusSl WJrSJSS ' M "~“ *.*"»*~ 

refrain from taking credit for the smootih thfe. path of a nnhtary Knrt n - vnn „ n tii Fram-nm- ennt-nA * r Kvhn CHELTENHAM 

rerrain irom taKiog creoii ror me ^ Fort Devon, until Francome set Hurdle contender. Kybo. meets CHELTENHAM 

good timing. The churlish among. Governmmt whii* haa already Uni aJlgM on downhiU bend the year-old Peterhof on level 2.00-Ten Dollars More 
“? JSJI modesty ^en the road towards “Lilian Fr that point it was simply terms, and at the same time 2JW—-Star Dyker . 

about their efforts in Mexico is Government. In doing so London Question of hv how far the bids to aive weicht to boih 3.05— Kybo“* 

hfLSwS'l Si h m l onntiIJ?S C ° U !| d ’S” **1 ? k ° f 7-^ear-oId would win, and who Roller Coaster and Castell 3.40— Spartan Missile 

to avoid cc n s ure for m o un ti ne a good will which could be very would |oJIow ^m home. Leng- Memories. 4.10-Just Revenge 

£2f.MKi JhS “•[" Whet i l0 J . thening his stride, MidnighJ Although Kybo's final position 4 Afi-Fourth Son 

thra U R-nlifStn ^mnnmo^w»nt major contracts are being court forged clear to run out of third from last in the 13- 5.10 — Isottp 

I2J Jin 118 economy went off Planned in Lima. A few sup- one of the easiest winners ever runner Waterford Crystal 5.40— Great Brig 
“ e D0Ul portave words for-Peru from-Dr. se en of the piper Heidsieck sup- Champion Hurdle may look, on HAMILTON 

All therefore points to the pos- Owen— or even from Mr. Healey, ported prize. ' paper, a far-from-inspiring 2.15— Our Foxbar . .. theatres 

sibUity that Britain will do good Mr. Dell, would not -cost much Earlier a major gamble on effort, the Findon five-year-old, ; 2.45— Podzola* ... ' Aanji, ^-nw"cc 

business with Mexico in the near and the -might- prove a- sound Midnight Court's -stable-maie, did, in fact, run a respectable* X 3.15-^WatKhaw Minnie " - : pw* %-w. mu . Tim s. sa>r^l 

future, thereby compensating for investment. Rodman, the long-time favourite race against his more ex-.- j -' 5.15-^Sharpferbeds**> ■ the' bc^musical ^ 

§20 Nationwide. ■ Heddiw. 7.10-720 Tom. and Jerry. Cazeiufve reads poems by" Scnnce • eicmx: isu-'mC “ L 0 ^ D0 ^«K s p t w!f. H ^ r ° h 

§25 Tomorrow-'s, World. . 8.05 Rygbi: West Wales Gup ...Thom Gunn. ' Wn T S« 

SSL.?/ ^ K 0PS - FinRj ' 8 - 30 - 9 '® 0 Ha PPy Ever After. .Ml IBA Regions as London , ffl t ^ gi? credit 0 CAif^oiWss’lss 

-. 8M Wildlife on One. 12.46 am. News and Weather Tor except at the Allowing times:—, mv wfe m ceS sSSta! 

820 Happy Ever After. Wales. * ANGLIA . except: IJMJO Report We»t Head- 

BBC I 9.00 News. Scotland— 525-620 p.ra. Report- nJS «.m. phihk FA? •• lo Harm s' bncs ' * JM -» 5poru West. 

.... , . 925 Ronnie Corbett's Thursday ing Scotland. 820-9.00 Current w«»." aiartina John Wayne ans Kirk.- SCOTTISH 

Tlndicates programmes in Special. Account. 12.46 a.m. News and Douglas. i2S p.m. Anglia xews. 2.M ■ 93 a-rn . tie Funkr Ehaniom. "uic 

black and while 10.10 The Prince of Wales, .Weather for Scotland. 0n b': Rocket Rohin Hooc. The Sumonarr Ark. ibjb TpH Me win. 

Ewinpa 8.00. Mats. Wed. and Sal. 3.00. 
vriUv. .Derek Gtl 

Directed Jar BURT..S__ 

It Hi stdtW to burStMe- potrtt- with - the 
nofunty - and sheer encrar of-. Bruce 
orsvth." "Sun. Exptess. ."'fThe audience’ 
Cheered.": SimdayTWeflraWrr-- ' ' . 





^ »trx. TW77 and 1978 1 

620 Nationwlde.- 
§25 Tomorrow'^ World. 

720 Top or the Pops. 
8 05 Wildlife on One. 

> Sunday P 


*nwC^ t' 

tk. -another wta-t 

wtiu. ChrMia la stNMa 

S* JX?* fcJlSLt!?* MoSSr 

_inflenloua pan* 
Felix Barker, n — Imr Mm 

Felix Barker. Eyenlns Nns^ 


tlndicates programmes in Special. 

black and while 10.10 The Prince 

6.40-725 a.m. Open University. Patron of l 

10A5 For Schools Collets Anthropological Institute KZttl**ET*Z 773 *S ^ ^ 

1225 p.m. On the Move 12.4a Presents Face Values. Scene Around Six! ll.OVThe Hong «■ The n» M.iuon DeUar mb.. MJB.&. tis ”aome^?te*. mb oSE 

News. 1.00 Pebble Mill. 1.4a 11.00 Weather. Kong Beat. 1121 Mining for An a“«l'vnre wlih Jaspw.Cairwt. »J» road*. 8.M Scotland Today. *J0 Caraock 

Chigley. 3.00 Children's Ward- 1121 Tonight: By -Election Materials. 11.51 Neivs-* and i*^^orf Br ' E ^ '• Way> 7 -“ Emmeniaie Firm. 7J9 

robe 323 Regional News for Special from the count at Weather for Northenft IrSarid “ ■* ^ Wf, Worf - • . i2 *T £Z 

England (except London). 3.a5 Glasgow Garscadden. t ^\ 1 V nani- iua Late caiL ius 

a y H“a B »“‘S e nSss jra southern 

La ff-a-Lympics. 5.00 John Craven's Wales— 1.45-2 QO pjn. Mr, Benn. p"S?^Vest Sonth sas ' Happs ’ DAy *- A" atv Today. SJ^Sna Nevn. ummSSm oSSy sS 

Newsround. 5.05 Blue Peter. 525 4.40 Crystal Tipps and AUstair. ( Sou th am£on\°- S do tSz IS D y n<ra “ r t Dos wonder, ffie The 

Ludwig.- - - ■--•-■ 4.45-SAB Tren Sgrechr 525 Wales iS/pSSSJI, £i S| potu 8 ht 2 *Sm l “ th* tSS **«“ 5J* Crtwaroada. LM 

*20 News. Today. 620 The Students' Prince: bouth West- (Plymouth). u.w Pou« wmna^ lzw^The Tanan par by Day bjb umverriir auflense. 

5.55 Nationwide (_^nd^ and The i- Prince ; of Wai« visits • BBC 2 BORDER l&ttgVTSi. 

i- Account. 12.46 a.m. . - rMWJ rummmiI 

The Prince of Wales, .Weather Tor Scotland. Women cmhr. «■ Rocket Raun Hood, .-me siauantir Ark. hub Toll Me Why. 

ft'ffi-iL.I'-oJSal §5, srwss a»*ss 

ts and Douslaa iJS F.m. ABjlia Ncwa. IM '■ 9JB a-rn . The Fnnkr Ehaniom. • lbi« 

:^r^s i ass: ar . 5 srai 

. oas oaOB. Roval Sbalwaw. 
T-.JoRjfft 7.oo ant oiJ m raa 
S5> th*. LOREixzAcao srair- 


5.55 Nationwide (London and The - Prince of Wales visits 
South-East only). Atlantic College, St Donats. 6.45 


6.40-725 a.m. Open University. 
11.00 Play School. 

425 Open Univeraity. 

7.00 News on 2 Headlines 

7.05 Choices For Tomorrow. 
720 Newsday. 

8.05 Gardeners' World. 

820 Living in the Past. 

9.00 Law and Order. 

U.flO Pollee Woman. 12.00 The Tarun by Day. BJO Unlvcrslry ChaOewre. 

Tom: Corscaddcn br^fecUoa. 7.90 Ermru-rdalc Farm.. 7Jf Hawaii 

BORDER FivM). 1038 Bl^sa this House. ULSO 

9.® a. ra. Hue club. . 19.00 A Box of ’^2? le J5 u ! e L Soo,h J ni Ne ?? B F 3 57- 
Islands. 10.« T-ll Me Why? U.B5 d>e P«P*rs Say. 1ZBB The 

Frank Evans and Friends. 1U5 Oscar Tartan Te at. lei 

and the Creat Woorcroo. 112 » p-m. TYN E TEES '.'iSSL 5 

»«£« JiSu.rtJf' *2S "-hi. Hm Good Word MHowinI by S Tel' .. __ _ 

Farm. . 7 JO Bwnk;' Woman. MJ8 {^'’osasr apollcj. m .A37 20B3. ewHoos » Og- l-lQ3X c. 

Police Woman. 11J9 Man and Woman. ?^T S.Jffi*®" Tb “ , SsirS?x : and S00 *foLD VIC. 

t cyr I fi 6' *.* > | 6ia -fr'*6 

CSold <ym. AtUf. bkfts. AMwfffi. ■ 

. 01-930 6692 - 7763 . 

m«*saj» : a»«ia‘ - 

. S« Rjro* ot me OnWrr • 

: Dno werwhetmi^ 0 pSblfcr' dcouM 

- season exteiwvo: r r ^ 

WU '* 1 ^ €C- 437 £ 312 . 

■■■ JJS l iS ¥ B -°° »"d 10-00. 

• -• - *A 0, -i .R aymond presents - 

'LTmUfiJ- “""rowSwitnr nmtu **im %. f 

PWnlssmie on out stases." fv. N»w.- . 
•--Yob may- 0r1iik and 'Smoke In tt* 
auditorium. • 

I tnna bv Ctuistophar KamutDit. 

Muy *x£dl«JTt Cheap Seats aU 3 theatre* 

_= -i. — -1 pay of pcrf. ; Car parte. Reslaorant 92 A 

APOLLO. 01.837 2663. E*eHno5 B. 00- !■- 8033.. CrPQlB. card Mcg».-»28 WM. 

Moo-Thun. S. PrL a Sat. s.lS* IJn. ■ •* 
sucre in* comedy on sex and rellflion. "--i.-.. *. 

.. Daily Telegraph. 


, LAUGHTYR,” Guardian. UFOlT ! V HV 

i Y ® ur J,G -VIC inear Old Virt. «8 83M. : Gi«.. 1 * »• * * * V 

Mat Sat 2 pm. Np perf 7 WJ-,, . 

I 2 SSI ?*i«*»eare Cdmoanv In MAC - 1 * 

I JWTH- 'pits week sold out. m ntcw> K ' '. 
i on npor.) ‘ , • • 

8.05 Gardeners' World tiy * ^ Pbflhamionlc. hub a Box of '""odnald simden olu ’ nw msm wm Aarii 20 " 

820 Livin® in the Past tlMB bjo. Bonier S^w SimmaiT. islands. M .40 71 ie Stationary AiJ U.« Actor of We Year E Std, . ^^SSSSf .“S 5 e 5 M > 

SSSrSnfoS^ ii, Ne« “•TM'JBSt ^Si 0 p”: -.TWiC^^rw^^^iLL 

10.15 Table _ Tennis. Nanvich ^“wbaTi ^ v,^ L,m ^ci,S EaK News and Lookaroun* ioo - wickedly^ “fuWLh. joan “ 

Union Trophy. New*. 6 -lfl Flrphant Boy. 789 The ’*“ nifln 431 Clue Club.. . A* 7 m miutrl bi-B 3~6 2132 - “ * BjeaL perfonnance." The Time*,. nuT ^, oRHKrsaeare comun* In MAE- 

10.45 .Men Of Ideas. Six Million Dollar Man. 19 JI Channel ,S, 0U *Tff fLK'f.™ ^TOM STOPPARD'S Phono, baa- ottce now Iter dtwiii and | WTH- .-niN week so^out”aity rrto-m> ' '* ' 

tt tn t r.t a va,..- «• 1 ale \cw% iq x? i n cnofch nf U.OQ Northern Eire. T-fm Emvnf raale Farm. dirty LINCN .a .. 5 ? *n E? 4 "-*. ». ■ . t on door.) * • * 

1 L4W !fj C | o.sed°wn A Jili Balcon *”wS«ia*? n wTSSEt * 2 ‘" S- TufSS STSe«r M^n. m”" dT ™ wJS - ^ rh * SZ&J*'* w !™ ” . ^ nemAs . R - * 

. reads The Strong are rbatroiiV *■ ,,, ■ Tfie T!,rtiin ™*- EpOogue. Saturday at 7.00 aim 9 . 15 . — — — . uncmas . 53 . . . 

Saying Nothing ” bv Robert — uKAMrIAii - tit cttr astoria theatre, charinp cm noad. Ev *' 6K ^' *•&.».*■ *■ shaftesbury avi. bm 

lSVnct " y 1 eJS Am. Firm TtiB*. 10.09 A Box UL 31 LK 01-734 4291 . Nearest Tube. Tottenham . Tpaf Actions ORPHEUS. . - S 8 C 1 . Sep. NUl'Tll SEATS BKf IE. 

rrwsL of Islands. 1 Q.BJ Tell Me- Why? 11.05 1 M» h-m. A Bax Irf Islands. MMO Court Road. Mon.-Thur*. Boo p.m. fALACfL Credft 01-437 6 B 34 . V ?•* 1 ? Tasks l°F A 5 TERIX IU). Wkv , 

I nNnnN F, vnk Evans and Frlenda. UL« Oscar Ten Me Why. IUS Frank Evans and Friday and Saturtav 6.00 and BA 5 . -d^n..rhurs.To. fn.. Sat. - 6 .n-and MM 3 . coSbBY 3 * 0 a-fi?°,iMuZ , 

LUIXDUn and the Gre.r Wnnfero. UB P.m; Frtenils. UJS Oscar. US» p.p.. Lllocb- r «S v JS .,» •« - JESUS' CHRIST SUPERSTAR. ?*>• 4 »* lf ‘ "1 

New*. tJB Flaphant Boy. 789 The .J. e — U . . ARTS THEATRE. oi-B 3~6 2132 - “ * Ojeat- performance." The Time*,. 

Six Million Dollar Man. MOI Channel J**™**. I 0U * T fi? TOM STOPPARD'S ’»*"■ "* 

Ijue \cwx 10 J 2 in Search of. U -00 NmTheni Lire. W Emmerdale Fann. DIRTY linen • a-h, in-ss^S Old vie Youth Tb«iw 

The Sireew of San Francisco. 0.00 T>3 * T *''’ Blnnlc Woman. 1 BJ 0 Double --Hilarious ... see It." Sunday Times. rSTr cirri*. The vvinjwn 

r;e« MdWmsTaFnSd T“P- Man. Poor Man. _ 12 JIS MNfcfiSWJ-M. •*» . n *. C *' KIU *'&W V ^ T *- 

rnurniisT . a.m. The Tanan Test 1240 EpHosroe. Saturday at 7.00 and 9 . 15 . — — : : 


ASTORIA THEATRE. Charing Cross Road. lpPaj - 6 FAg. O't^ 5 f |7 8BM ' *»C I * Z' SHAFTESBURY AVB- 8 J» 

01-734 4291 . Nearest Tube. Tottenham F- Actions. ORPHEUS, , - I SBB 1 . Sep. Perfs. .ALL SEATS BKBLE. 


Inslant Credit Card Reservations. Eat In] 

I nivnniv Frank Evans and Frienda. II^B Oscar Tell Me Why. 1 XB 5 Frank Evans and Friday and Saturday 6.00 and s-* 5 . Mon.-Thurs. 8 . 0 . Fr+.. Sa t. - 6 . 0 - and ^-*0 

LONDON and the Greai Woolhna. 0 J 1 ,^f^a Instant Credit Cart^ 'nSserva Hons. Eat In ^ JESUS' CHRIST superstar 

92 fl am Dav Rehim fn nvforrl 1 -raimiLan News Headline*. 9 J 9 Grampian Ume. All Ulster News Headlines. 4 -AJ i 0 |ty-necnsed Restaurant and Bullet phoenix. Ot-BSS 2294 . Opens tonfpbt 7.0 

m m ^n»t « y 4 r? a «i* ° m Tod " 7 MJ ® Benrrthxu. 19 J 5 Mnalc Dynomnn lhe Dw Wonder *.« unto Bar lunchtime and twiore or alter show. 8 . 15 . W. *Tw. H a, 40 . 

10.00 Animated Classics. 10.45 in camera. ILK siara on Ice. UJO Hm»e on (be Prairie. MO Ulster Tde- — bookable /n adwnce. ■ . . .. THd BROOKE-TAYLOR 

Canada — Five Portraits. 1125 Underaround Mo* fNFaSci. vi^on Ne««i *J» Cnwsroads. K* “^eni^I^nd^rd^wISS" THE^ARN^ofratrni ^ 

Spiderman. 12.00 Charlie's Climb- GRiVAm Report*. 7 j» Emmerdaie Farm. 7 jb EV . ^ N 1 N AN 0 f- - R - p AWARD — t • imiL^awEDTRu™ 

in* 'rVee IS 16 n m Ralnhnw .» ^ Sbt £oBir Man. 19 J 0 Coonior- CAMBRIDGE- 836 6056 . Mon. t0 Thur. A gg - SfiSSgZ SZ -Bgg£-BgSg: 

!.L . nainDOR. 9 JB. lri. The Lone Ranger Show, point. . 1 LO 0 Honan's Heroes. 1 U 0 a.o. Fri.. Sat. at S .45 and UO. mccaDILlY. *37 4 S 06 . Credit card Mu. 

'2DO. S.10. '8.10. 

— bookable In advance. 


in* Tm*. 12 10 nm Rainhnu . „ . Six Ullhon DMlar Man. IOJO Coonior- j CAMBRIDGE. 816 6056. Mon. to Thur. 

!”«• ‘I”' nhinDO". JJJO. lm. The [.one Ranger Show. pomi. . UJ» Hogan's Heroes. HJ0I a.o. Fri.. Sat. at s.45 and bjo. 

ba. Evos. 8 . 15 . Fri. A -S«t. BAB 
A New Comedy by Hoyce Ryioil 

CAMDEN „ PLAiA ropp. Camden Topi 
TOhel. 485 2443. MeNlllo's dM* 

SEittSEat ttF‘ u * r ™* ARMY IN THI, 

‘J™* "“'“uww. ojp Am. The Lone Ranger Show, poinu • 1LO0 Hogan's Heroes. UJO a.o. Frt.. Sil at s.45 and sjo. 

|!220 The Child Wants a Home. 959 Last of the Wild. 1DJ5 Cartoontime, wedding Day. ii.« Bedtime. m tombi 

1-00 News, plus PT index. 120 jW-* HgWay Mannee: “Earth v. The WFSTWARD - nmst^iiancma In^Lwrdmu^sbJLr 

Help! 120 Crown Court. 2^0 S'« ^ M«o «m A Ixlaods 10 « TUSS& ' DiSTSSii. SbMr 

1 r, ,. Fra... mam p.m. THIS t* \ niry Right- 5JB Dflt* A pvx «, jux/iaa. -* ,w TMmn eataT yc A D 

«fA®r 2."?® >? YtJUT RUthi 5 15 Crossroads- 6.DD TeU Me Y n ' , ‘ — “■* Frank Evans Dinner and Tdd- price seat £8.25 Inc. 

Quick on the Draw. 320 The Cra nada Reports. 8.30 Emmerdaie Farm, and Frteads. U.C Oscar and the = ==== 577nT n iv i* 

1 S£i& 5 !i£ StluyrTHE army in th* 
SHADOWS. tAAl. . 3,1 q 5 .JS. 8 , 25 . ' - J 

jCLAKIC 1 , 2, 3 . «. Oxford St. Ioba 

h:>-. !s . 


PICCADILLY. *37 4 SOB. Credit card Mu - 1 T?* 2 S 5 SJ 3 ,^. b ^q^- g?I°* . 

036 1 071-2 9 a.Ri .-6 pan. Bn. 8 , Satj . , j - BerUHiKci 1 . 1900 ran 1 ($)■ P*Hh. 
■45 and B. 1 S., WnL Mat. 3.00 YT-liir im.iwr 5 'n. L .?. rt P* r '* 5 


Standard Award ami 5 WET Award Lr^mS,' 00 ,', KS • 

Rpyal Shakespeare -Company in nlSn r ^J™ 5 *.S ra T. 5 . T 25 ' 


bv PMer Ntcrtofj • •- “OCS BUNNY-SHOW fUr. - 

• (Not yu I table lor children] &£>■!' fSh? - P*f 5 * 'S 1 ??' 

“HUGELY ENTERTAINING P}F K * J***E_.CA 1 . 2 ^ 0 . 5 - 45 . 9 . 1 ^ .« 


l Rush to directors for instru- 
ment panel (8) 

6 Instrument for holding a heap 
of pulaloes 1 5 > 

5 Pleasure thar Is siveet from 
Turkey (7) 

■fi Snug and ii could be over tea 

7 A party soldiers love (5) 

6.00 Thames at 6. 

625 Crossroads. 

7.00 Charlie's Ansels. 

8.00 Get Some In 

820 Armchair Thriller. 
920 What’s on Nest? 

920 This Week. 

10.00 News. 

1020 Mavis 

11.00 Drive-In. 

11.30 What the Papers Say. 
11.45 The Tartan Test. 

tjty/ ' Tnc six Million uouar Man. iv.di 

-<iwy> . ■? 1 V. • Westward Late Nat I9J0 Westward 

■r "'HU. A ? oy ** Lttaiid*. 19^0 Report, lua The Streets of San 
Te I Me Why. ILK Frank Evans and Francisco. 12.90 a.m. Faith For Lire, 
rrlends. ILK Oscar and the Great Vf\DL 7 CU¥DC 

wooferoo. 1-20 p.m. Report Wes: Read- T UKIVMllKL 

bv Peter Shchofs 
tNoi TO I table lor children] 

RSC also at Aldovcb Theatre. 

IOJO Westward - HiarJnMU 1 D fSn«r fl 2£M™ R, 5S!. l K. ki.,ir PRINCE EDWARD. CC tlormeriy Casino) ] Ji BenoludO's" 1! 
wts of San g, 1 ^ ^ J “"* 12 j e ! 5 

Ilin." Evynlnjr, News. 

CRITERION. CC. *M 3116 .‘ 2 nd Year. 


ir IZF IW ® ; 

Late shew T 2.30 p.m. Ndl shims’* , ' 
MURDER BY. DEATH £A). 4 . 00 . 723 . 
L«te show 10-45 p.m. 

4| Benotuco's 1900 Part 2 fX!. IW 
8 . 30 . S. 20 . 8 . IS. Late show 11.10 \ 

CURZOftt Carsoa Stpert. w.i. 499 3737 - 

«° V 9 ^ 0 m SSB, • ! PARDON MON AFP A IRE 'I XI tinBMJ 
.. T^?; m Vfwv l A. sparidins New Fre^ 

jvooteroo. ijo p.m. Report west Man- » J Evenings a.o. Saft. S.M 8.30. Thur. 5,0. «... T I ort &.7s - sii Tw incv. ■. go-nras-L; “A. spariefme. New frrttu 

lines. L2S Report Wales HeadUnr**. 1J9 a.m. Superxpy. 1R25 The Under- LESLIE PHILLIPS ^tMiLisiouc coMEDywus?c4F K, ‘ DireeTod with nnesse by Y*«1 

289 Women nn|r. J.S8 Ben'I'r Lot. 4J9 sea Adventures of Captain Nemo. 1033 "Impeccable . . • «, m»Her. Sun. Timas - nwhious wmebt musical. Robert. Smwidv Emni. Props st '-4*.- 

289 Women onlr. JJSS Beirl'x Lot 9-29 w» Adventurea of Captain 
Return to the Planet of the Apes. AOS Showcase. 1 LOO Stnrcival. U .30 The .. HILARIOUS i y iuvny" n «i uimM 
RreakUme 5 J 0 Crnssroads- Report Elvrtrte Theatre Show -profile of TUchart — hilarious lt^puhnT; — n . 0 i W orld. 

West. ux Rr pjrr Wales- MS Best Burton. 1 1.20 p.m. Calendar News. ®"JK V _ “ T f 29 8 i.. |*S|? 

In the Wext. 7.05 Compass Salmon «20 Lassie. 8.05 Nanny and the Pro- n ‘ Bht a 00 ' 4 chorus une 5 ** 3 ' 00 ' 

Fish I ns— Hie mn nr rtrinond and Edwards, fi-wor. 9.00 Calendar lEmler Moor and I - a rare devastating lavouv istonishlno ! CREDIT CARD BOOKINGS V 30 
735 Danxcr in Pandiae. 1035 Ti*n Reimom editions'. 7.00 Fmmertlalel stunner." Sunday Times. — CC- 01-734 

; «Tm ■ Robert. Sunday Emeu. Prom at : 

robTn a&kwith I Bat £g± 3 3S 6 ,0 6 30 

W1 ._ ‘t-EigaTER SQUARE THEATRE t 930 S 253 I ; 

•• uaiieuTv L Srr uirt wtm a lot I S' ,uiey Madame. Anne Bancroft MiWgJ;. 
^SJ^^^ITH^LOTI atry^ in L HRHi, fm, . 

CREDIT CARD BOOKINGS 930 0 B 46 ] pypgs. wf. LOS™ 30 . 8 ?lS" 5 » \ 

IUE£N*S THEATRE. CC- 01-734 1166 . f 7 . 45 . Late show Prl. & Lit. 11 . 45 * 2 ; 

OF LAUGHS." Mew* of (M World 

11.35 Cannontlme. " Dancer in Paradise. 1 L 30 Man and Evas. 8 . 0 . FrL. Sat. 6.15 'and 9 . 00 . 

H7V CYMRU WALES - A« HTV Wortian. 1289 The Tartan Trot - T1> , vi uu ,?v H D „, y . T H. - 


. , . ... , . , 3. " . “ P'ano roi’iiai «s. 17 ia pjrr. Linu-ntini#* worm at •mr. ijp 1 nr Aivnnrs. i.«a - nr-liiar 

16 firing Itp to date with fashion Haul Burnell I Uk-Mlni I2.a» p.m News. PronL part 1: w-bef. Mozart. Raydu Wonun r Hour Inrtodlnp 2.09-2.IH News, miss it" 
._ and riae about ooon- initially , , J j RlacWiMro SJl Dave. ,S«. l.W Nt-wv. 1.15 Lunebilme Prom. 2.4S Liaieii With Mother. 389 News, eredn ca 

,e 1Q1 TMiKlndmliiis *ao Netv*beat. 7J0 pnrt 5;- Hand.-l «s. 1.95 N’w Music J.IO Questions 10 tb* Prime MinWer 

-I , • . , . • _ V I l . H11 ra ' S ‘ivl(i?t2« r,,<l10 *' 10182 frnra Contiany iS- 225 Schubert and • hi-" froni the House pf CMnmreis J.35 fortune 

miss *t" Harold Hobson f Drama 1 . Instant 
eredn card' reservation. Dinner and mp- 
price seat £ 7 . 00 . 

... r'---.— -» . R Ca« rinn „ u__i. . 1 cannoRMme. uanKT in raraoiKC. man ana o.u. rru. sai. ejs and 9.00. 

9 Principle involving people 8 *or a hack writer 12.40 a.m. Close. Christopher htv cymru wales — a« htv woman. 12.68 The Tartan Test wu-Si 1 , r* c thSJmi* « 

leaving tenement (5) 4' , ' | b, ■ w r j . . . ; ' 1 • ■ ■■- — — — - — — — ■ _;«h_ sensattonal' year " 

10 Extracts money- from the 13 * Bl * s }| ,an WI .t h r °°« RADIO 1 M7m Cw«n m. 9.eo %<« 9.0s This w«*'s News. 12JI2 p.m. You and Yours. W« eg ▼owil. -Mf L «3g. 

whole of France for a drink “< l lu * supplied again tlO) rv-kLy.w . Comiwser: Mendeiawho f§>. MM 12^ just a Minute .s. mss Weather. E «- 80 ■ M j& M N e SieI. n d l uD at ' 11 50 °' 

<4 51 14 Dresver agreed about a pig . , „ . , K, , da F Soeelal isi. UUP Spanish Bones prmtrtnirae new* VHF 1 except London in Julian Mitchells' 

11 d L, . . , . (9i B ' m ' ** Radio - 7A2 Noel iSi. 11.05 naydn. Joubert and GemenM and SEi Regional News. 1.90 The HALF-l ipe 

11 Record how old we arc and __ )*’ J ...... S an ? 0 "' , ‘ 1 .. W0 , * ,n,on . . ® al « p'ano re.-llal .S., 1UJ pjn- Lun.hllme World at One. 139 The Archer*. l.M - .Hfili?,, A ^^ EATRE „; r S“UCTION 

remove the incentive HO) Bnn^ lip to date with fashion Fain Burnett incllirtlngl.. .Ill Srw- PronL part l: W.-ber, Mozart. Haydn Womans' Hour lurtodlng 2.W-2.IH News, miss H " Hiroldl Hobson fD?smJf n!»?m 

12 Fomalp'c aWArfinn fnr a hnve anl ! r lae about DOOD- initially f*" 1 '- “- 51 ,s *- 10fl News. 1.95 Lunebilme Prom. 2.4S Listen Wiih Mother. 389 News, credit card- reservation. Dinner inatov- 

l£ females affection tor a Drove 3 If? Tramlndud.ns .*69 .inrotw at. 7J0 n „rf 5:' Hand-i .«5. 1.45 Nw Musk- J.IO Quealiotl» 10 the Prime Mmutwr one# seat_£7.oo. 

(■*) ,d p ..... 1 . , ..• Ra,Sl0 ** ,rim Cennany is. 225 Sriinbrn and ■■Hv" from the House of Ctmmoris 3-35 'Ortune. b »6 2238. Eros. h. Thurs. j. 

14 Landed and paid up (7) f?l ,fdC . e s second favourite <71 John Pwl *_§■ LL8M.B2 un. A« Radio Rrltten. ohamher music concert rsr 3.2S Wildlife. 4JM News «JK Jack He Mllr ,. JjM fnd a oo 

“ x™..'*] - 19 SSSTgr^T 13 ° #,p: “ e b “ “ BnasrA i^ss^si-Jsyr is 

‘ SSVut riT? has ; XI' Arrived wilt, learner follow- SSS^I'' SSVSSU S S^rTTvST , rtT*»K WSTOTBl '.7S! ; TE 5 |5 

19 Barrister with sort head f7l "' in S b eaal of burden i5j - A,,h Radln - lennimnwn. h,jo ufclirmv The wider of Fnimn i^s. 7.oo New*. 7.« The j»ll mmitim. Julia suttoh 

■ Commcm money°for^an animal . 23 cover round old city RADIO 2 and VHF «*„ ^ M JlfSt - ™ JsSWl' ■" 

(4) . . .15. snastly (5) ' s J9 a.m. New* Summary. 5.B2 Ras Human Pnlse rtfae P9W Edwin the BBC Sound Archives. 8.45 Analyri* Entertainment." raSi# 

Moore with n * Early Show <Sj. Indud- Artlntnon. Robinson i. 8J5 Concert, parf wlrH lhe Prime Mmjsfer or TUrimr . HK 97.SI9E BY SONDheim 

ng 6.13 Pause for Thought. 732 Ten? 2: aiartlnu ‘S» 930 Mariinu and Kaleidoscope. U* Weather. 1089 The '«» twice.-- s. Money. Punch. ' 

ivobbh iS« including 8 27 Racing Bui lent! "Jnltena" qalfc by Brian Large). 9JB World TomghL 1938- Any OuMtioiW* lasts fmm a».. n XI' 

and 8.45 Pause for Thought. 10 JO Jimmy Handel; Coronation Anthem fSi. HUM World TonlgbL 10.30 Any AnweraV — - 05 APR,L 

Vow On-lBJl .Dr." Price 1800-1593 Farm. 738 The Piomc Woman l°-3* I OUCHES*. #16 8243. ,Mwi. t^~ThS?C j ** Ul eS 5 ^”bd' 

11.3S Cannontlme Dsncer In Paradise 1L30 Man and | Eros. 8.0. _frL. _Sat... B.l5 and 9.00.1 . : ALEC GUINNESS f °P®° N e -^JAYNIA»K8T t9S0 ^I718(277ijn., 

J»“ rOOOl, VUw4U MfOQQVf trt MT'2? '-!■ 

Ztmemanp -elm JULIA *A). S*o PNJB 'ft , : 
D'y_ 2 _SO. SAS 8 : 43 . Featore Dlv. 2 fS- ‘»|. 

Evas. a.o. Fri. Sat. 6.15 and 9 . 00 . .' ALEC GUINNESS u “' u " * 1 A V MARKET 1930 ■> 273 BwrVi. t -- 

„ OH I CALCUTTA! BEST ACTOR OF THE YEAR j ane F oooa.Varaesta Redgrave m * . 

"Ti»* Nudity t* jiunnlno." Dally T«l. *■ ' Variety Club of GB Award Z t nbwn a np - 61 m JULIA *A). SCO Ii , : • . 


HIKE OF - YORK S ni.nta' A Hrv, Play by ALAN BENNETT B OO- 9 . 00 . Late Show .fri * &at- ^Vn- r,, ' 

Eys. X. VS ^ ^ ' 

in Julian MIMiellv H*vt and Players Lpngon erttlcx ODEON. LEICESTER SOU A RE flJO .1 


KffiSSSS&SS 7 Vr&sr£sstf m '* ti sra fe«m rr* 9 xi *:• 

cred.t EROTICA* - 5 . ^ ■- . . •' 

- f,0 °- 'gaily Air CoMttiooau. rod may k ra. arao. TVy.-,. • • 

ORTUNE. 83 b 2238 . Evsfc. h. Thurs. J. -Brink and smelre in the auditorium. _ ri~ • — - — " — — ...JT s ; . . 

Sal 5 M and 8.00 1 

Third fireai Year. 

PAUL RAYMOND orewatw tlO 00 Not Sun.t T. OS. A.IS. 7 . 45 . L*ri. •' 

_' THE fvsyjval oe ; ■. - wn». Tu»t..aata Ooor* ooeh* ii.iljfik- -t. 

Erotica . An seals maY be booked exteot T 0-®8 <:, - . . 

•Bally Air CoMttJooatL Too may bra. woo. _J.vy. • 

-drink and smoke in the auditorium. " _ — — -.7 •. ; - . 

RIVERSIDE STUDIOS. «T 48 gL.lg i RMWMd' %f. 

Suns. » A-*". ' N P **** « 4 35 7^0. -Late UrowTr'. 4 5aL ’2 95yV. , •'• •■' 

-• j midoNht Afl uan bkbJ*. enceoT tJ®^ •,’s* ' 

. , Teolqu) k< Jh-ytre Co in - • | beef. Wit*. " • .* • 

DIRECTIONS TO SERVANTS '"ni« eu*»« iw e. re» MBI.-.t. 

beef, wkf. '•; 

PRINCE CHARLES. Lek. So. 437 8T81-';- , . 

32 Having three sides later in 

lest (10) 

25 The price of confession (9) . 

2fi Pipe putting air back .in rail- 
ways (5) 

27 Hinder the Spanish in a day 

28 Where a' tombstone is erected 
In Kentish seaport (9) 

ts ghastly ( 5 ) 

24 'Discover eastern agent f4) • 
. Solution to Puzzle No. 3 .H 0 . 

In the 


ROUND HOUSE. »7 2564 
Tom or. 8. l.»*t Peris. 


praadirt oie leHP*n nrrtni 


t Made an appointment with 
vicar and dined inside (5) 

2 Inflammation that's in us 7 It 
is! (9j 

3 Type of pit_which is hell 

4 Tot going -round marsh 

be esteemed (7) U| 



■ell/ UYmG 



ng 6.13 Pause fmp Thought. 732 Ten? 2; Martlnu <S- 930 Mariiim and Kaleidoscope. W» Weather. liMN The ■.. MRriey. Punth, ' roval COURT. 

W«pui ISI iiwl tiding 8 27 Racing Bulleon “ Jttliena " ijalk b y Brian Large). 9L4S World TorngbL 1938- An? OuMtions" last 3 weeks ' END 5 a lB*ii N »' • 
and 8« Pause for Thought. IOJO Jimmy Handel: Coronation AUrtera fSi. HUM World TonlgW. 19.38 Any AnwerxV — ■ — - 05 A ^" IL ■ 2R| -Cl; 

Young i$i. 1235 gjn. Waggoners' Walk. The National Studenf Prams Fmtal. 1U0 A Book at Bedtime. 11 J5 The globe theatre. 01-437 1 592. ^ 

U34 Pole Murray’s Open House rSi M-45 Israel Piano Quartet fS'. ms Financial World Tonight. P-» Today paul eddington. julia MfkeNzfE ' wT 

9554 Tort, d -SWEPT AWAY..X) : . . 

YS64 _»ora. » **> pyrit. D!y tine- Sooj 2 10-. 3 tt <£?.•;. * ' , * . 

’KATU * 8 40- L*tt ShbN fr*. « Sat- 11- *>•.$)."•. ; * . . 

of • Srag-BkWe. He'd Bar. . 

j£*i— .- , 4-' SCBXE I. fc 2. -Late. SO. fWarooor '<&■ ’.-.W- 

-■-•■'ir. -~: y 1SCTNE.1. A- Z, -Laic. -So. -twarooor- wfif’. . 
8.»?- ,T4 - 5 'j i?^WoS&‘ Atom iiypiy™iwg_ _yo£.-^'; t • 


including 1.43 Sport* Desk. 238 David Sm**- U-SO-lus And Tonhrhrs Schubert hi Parliament. 12JB Newt. 

KanuUon iS» indodlns 2.IJ and 3 45 Sonet on rocord. VHF— 43S8JS un. With MWave. *3S 

•iporta Desk. 430 Waggoners’ Walk. RADIO 3 VHF Mily—UO-T.N aum. and News. HeadHre.a: Papers: Sport 8.45 
4.45 Sports Desk. 4.47 John Dtnm (S' 5AS-7J0 p.m. Opcu University. The Glams. 938-33 B B.rl With MrtVire 

.Deluding 5.-45 Sports Desk. M5 Sports n a nrn * 5 - 05 Afternoon Theatre. aJBO-cjqj* with 

Drak. 7.82 Cornmy Cnb (SI. 0.82 KALIIU 4 M-Wave. 

Foik-urare <si. sport* Desk. 4Mm. a3Bm»285in and VHF RRr Radio London 

Funny You Shnnld .V*. U30 Star kl5 ,. m . N ,^- v UT Fannin* Tod-y. KWUQ % - V „ F 

-tound Extra. U82 Sports Desk 11-84 fcjs up to ihe Hour 5-5* *VHFi Rc- Zlmiuanawjiur 

Brian Mailbor mlroduc*-* Round Mlrf- monal News. 788 NcHS TJO Tod*r 5.00 a.m. Ax Radio 3. 638 Rush 

rfahi. birti reanlr and mooni from the 7jg t»p tn the Hour itwillmted*. 7S2 Hour 1JQ Catr* 1 on ConnctUor, 9J8 

nVas-oow nararaddL-n. Rv-EIwilon. In- ivhfi Nmrii. 8-80 Nnu-K 8U Ijmdnn IJw. ILQ3 In Town. 1233 P.m. 

-Iiirtina 12.00. News. 2.00-2.02 a.m. Mews Today 1.35 Yesterday in Parliament. Call In. 2.83 296 Showcase. 44B Howe 
jSuinpiMrv 8,99 Nrvj. s.85 These Vou Have Liwrf Run (38 L'aoV. SMB. I-l8t»R 7J9 

• nm 3 4<Llm qtAron X> VHF iSv 19.80 Nft-.ra UMS From flur Ou-n m Tnwn. 9.38 Sou) f8. * W33 l3fe WlBhr 
Atilti -i - ' r<irr«ipnnd*ni l« 30 flail" Screw* 10.4S ijmtan 12.98 . \« -R»d<ra 2 12K a m. 

ti SS a. m . Wp^iher. 7.00 New* 7 99 Mnrninu Story. J1.00 >'ew» U-*9 w Hh Oiimiiwi Timr from the Hmnw of Com 

vertim (SI. 938 New*. 131 Morning Grate PImoum. 1131 Total Tam. 1239 tnooA L38 -CImb: Ax Radio 2. 

*01. 815. Wed. 3.00. Sat. 6 ffdo Stuw»l»i9 



Sat. 12L40. 4-45.L 8.45. 

Ma “ S « 'YATRlCk SaRGILL. MN? TONY ANHOLTf |g-p -1^ « **■*?'%< - ‘ - 

Godfrey do h°&e \ ..>'jBsS 5 ^ 2 S!sr- l: -- 

WATERS of" 1 TNC MOON ’ - "■ ^r'lilJi 11 * 1 ' ’ '** ~ 0 ° ' - 

eb tme ■ -x'drsrM!».%i-T 6 fe 35 i' ’ k- ■■ 

"Wwuty Millar la mm*," Sun. Mirror. iroafcipi *1 » *4- Mata,. *1 to *3. - UM SH4 W sm. tons. >. 

*. .T&urSjday :Ap*U : X3IS78 

Rhrei^jfe Studio* j . •. .. ' : - . 

r«¥ _ 

1 • ■■ ■ ■ ‘±12 • ; . , ■_ 

t • . J Ulis ls fiaitJ by S^uJi Terayajn*. 
V* its. author and director, to. be 
insured by Dean Swift’s essay 
*. of . the. same title, and it may well 
■ lie so .'though as I tack 'any Word 
' of. ; Japanese but “ sayonara ” I 
found - it hard to • decide .how. 
closely he has relied oa the 
^original. Even with the text, 
‘‘■.which 'Jsi available In English.' 
Swift's. essay . ; included, .. the 


rRecorcf Review 

to Servants 


hrmwenl js not, exactly dear, 

if. The 

tj r tor 

W ords and Music 


•theme is .- that .whoever 
ears the- master’s . shoes be- 
_ es the' master^ There is- no 
^’master.present, but his shoes are,. 

and they-, are swapped, around 
• among the servants- to chaotic 

■ effect . The production is full of 

■ wild invention; there are several 
: ubueaque machines for such pur- 
' poses as beating recalcitrant ser- 
vants, arid ; every, variety . or 

=. .theatrical-' resource is- brought 
• ! into piay. 

Some scenes are simple 
enough— the -servants who be- 
come dogs; the lessons in ser- 
vants* etiquette, delivered in 
■■■ English and then tttimed by the 
T i company; the subservience to 

- - the talking tape-recorder. It is 
* .'. easy to follow the. exploits of 
■ 1 Dahlia (Keiko Niitaka) the girl 

- -who .wants to go on being, master 
whether she has her shoes on 
or not Other matters proved so 

' far beyond my understanding 
> that I gave up the attempt and 
sought consolation in the -move- 

Consolation is hard to find. I 
looked in vain for. the grace, of 
3 tithe Kabuki or the dignity of the 
H| $Nob. -I found only restlessness 

and lack of concentration^ There , ... _ 

may be business 'going on centre- is going on. .' I felt as some athletic beyond lbe call of duly, of rotting meat, certainly ’ sug- 
.stage;' and at the same time African villager most 'have felt Their deafening music, a kind gests tbe disorder that is sup- 
otber, .irrelevant movements are when he was invited to Watch a 6f Japanese hard rock, spurs posed to arise from the absence 
to be seen all over the rigging play put on by Peter Brook’s them on to tremendous feats, yet of a master. Unfortunately it 
•at the back. ■ touring company. T wdtild like they never seem out of breath, is not the Anal scene as des- 

I think one must - have .more to have some insight -into the At least the final scene, where cribed in the text 

Festival Kail 

I Jessye Non nan. Songs by Duparc, 
j Poulenc. Ravel. Satie/Baldwin. 
Philips. 9500 35$. £3.&& 

! Elena Obraztsova. Arias by Bizet, 
Ole a, Mascagni. Saim-Saens, 
Verdi / Pb ilbajiB on ia / Patand/ 
Stapleton. HMV ASD 3459. 

Peler Anders. Arias by Flotow, 
Lortring, Mo2arr, Nicolai, 

Weber Teie/unken. A J 8.42232. 

The Art Of Jnssi Bjfirtlng. HMV 
RLS 715 (3 discs). £7.50 

Jos€ Carreras. Arias by 'Donizetti, 
Puccini, Rossini, Verdi. Philips 
6598 533. £2-45 

Nicolai Gedda. Arias by Adam. 
Gounod, LaJo, Massenet, 

Thomas/Freneh National Radio 
Orchestra — side 6 of Massenet 
"Werther/Orchestre de Paris / 
prttre. : iBMV SLS 5105. <3 

discs).' £8.95 

Sutherland and Pavarotti. Duets 
by Bellini, Donizetti, Verdi/ 
National Philharmonic/Bon- 
ynge. Decca SXL 082S. £3.99 

Keiko Niitaka 

Leonard Bun 

devoted pianst scores highest 
marks in Poulenc and Satie. 

Elena Obraztsova’s operatic 
recital from HMV should help to 
alleviate the disappointment that 
the cancellation of her appear- 
ances at Covent Garden has 
caused. Though here diction is 
not always clear, her dramatic 
involvement cannot be doubted 
for a second. As the Princess in 
Adriana Lecouorevr, as Santuzza, 

is equally admirable. ' On the 
other side, lighter pieces front 
Lortzing's Undine and Bar laid 
Zimm e r tnann , sentimental effu- 
sions from Martha and - Die 
lustigen Wetber von Windsor 
-give much pleasure, while Max’s 
“Durch die Wfilder" from Dor 
Freischutz underlines the extent 
of our loss. 

The Art of Jussi Bjffrling 
covers two-thirds of his career. 

“I never learn woTds except 
in combination with notes. For 
me. words and music make up a 
single entity.” So wrote Jussi 
Bjtirllng in his autobiography, 
and this heterogeneous collection 
of recital records charts the 
degree to which various singers 
follow the great Swedish tenor’s 
example in fusing words and 

familiarity with the conventions proceedings, for the Tenjosajiki the whole company wriggles on ■ music into one structure. Jessye 
employed in order io know' what company are versatile and the stage tike maggots on a piece Norman, in ner recital or rrem-D 



.. . jr“ . ' ' “ B ’ - _-'*.*’* 

The, secohd- .of Sergiu impression of g'-new. version. 
Celibidache's two London pro- Some of the phrases that occur 
grammes with the London Sym- in the opera is the vbice parts 
phony Orchestra brought a large languished a little, butina way 
-5 audience to the Festival Hall on not inconsistent- with' dramatic 
^'Tuesday. Wwd had evidently singers’ phrasing. ’• ■ 

’•..j/got round— but if memories in . Hindemith’s Malta's. Sym 
.v .needed jogging,^ the conductor p hD2 jyn, e - Concert 'of! Angels - 
_ j .|mns e U cannot be held entirely m0V enjent. which can seem to 3 
: - innocent r ;dMhning as he does to put the following Q&es .iir the 
: ■:' ® iak ® recordings (buf Willing to gbad&i did not dp : this simply 

: • a ?!X because the ** Entombment” and 

/from London for so Jong. One .. Tpm p Iafif , n 0 f Antbony“ were 

-• .-'. can hardly conceive that he will ^ superbly and surely' outlined, 

^4^T n :f°r mother* ^tSo^dSr dSs. in the 

: _ aecaae. . . balance of timbres. There was a 

. The playing, in an evening ‘of hair -r aisin g moment In - the 

. Verdi. Hindemith and Prokofiev, ‘“Temptation ** when * violin 
C Tremaricable for total responsive- trill was prolonged after- a^harji 
. • .“-ness and brilliance was memor- dim ax- — suddenly 'Hindemoth 
-fable for many things, bx^t most stretched out a hand to Berlioz.- l- 
'Llif all for constant luminosity of . , Wli - „ . h - ■ ■ ■* 

- ’rone and for range of dynamic 

• - ^hading. 1 . Tt happened -that -fSE ? 1 

. -:.r':iast orchestral concert I had 

■* hpard a fpw davQ earlier was USJHS fivg.. • tiuQXu6rs tU? 

rin A V lenh » d Muaikverein. .an guaW FirStSuile : andjtwq from 
-historic, acoustically-resplendent Ihe Second; His viewVas some- j 
—ball. The players then were times {not always) stow-, but the 
.'V: ’Visitors from Prague, the Speeds were proudly sustained— 
"..'^National Radio Orchestra, con- the young maidens with tilies 
.ducted by Kromhholc: They did became Delvaux figures in a 
’ : _ not lack, warmth (in -Dvorak’s lunar -dream-landscape, Romeo 
— W'ater^oblm nor rhythmic ex- agonised atrJulietTs tomb in slow 
.citement (in Janacek’s .Taros motion. Throughout there were 
.:..;BuIha> yet their sturdy but marvels of clarity and beauty 

• _ Jeathery performance . hardly- obtained ,4>y. carefully prepared 

'.'ever descended below mezzo- balance— Celibidache has uncom- 
- forte. . ‘ ■ ■ ; moo aural imagiitation and per- 

The LSO under Celibidache ception. The chance of a vulgar 
' ::on Tuesday inhabited a different triumph ’ wth “The Death of 
world. In the Overture to La TybaR^ at the end was resisted: 
form del destino- the texture was the_wel^t of tone was certainly 
■ so dear, with- cellos stroking impressive but It was incisive. 

• ’.^.phrases more often buzzed than not blockbusting. Everything, 
really played, that one had ' the everywhere; ' breathed. 

songs- for Philips, occasionally 
sacrifices verbal clarity to sump- 
tuous tone, but in two settings 
by Duparc of Baudelaire poc-ras. 
“La vie anterieure” and 
“L'irivitation an voyage, ■* she 
achieves an excellent balance be- 
tween the rival demands of poet 
and composer 

Ravel’s Deu.r melodies heb- 
raiques introduce an appropriate 
touch of harshness to the 
singer's timbre without disturb- 
ing the vocal line, while in 
Poulenc’s settings of Apollinaire 
she points the texts with just the 
right mixture of irony and senti- 
ment; “Montparnasse" and 
“La Grenouillieie ” evoke the 
Paris pictured by so many 
writers and painters with 
especial felicity. The Satie 
songs lack something in subtlety, 
though “Le chapelier”— Alice's 
Mad Hatter— 'has the proper air 
of inconsequence and **Je te 
veux,” with its haunting Waltz 
tune, . is beautifully shaped. 
Dalton- Baldwin. Jessye Norman's 

Traverse, Edinburgh 

Joan Sutherland and Luciano Pavarotti 

Azucena and Eboli. she projects 
such fierce emotion that one ex- 
pects the record to disintegrate 
from spontaneous combustion. 
But the excerpts from Carmen 
and, in particular, those from 
Samson et Dolilo, are even more 
exciting, perhaps because they 
are better controlled. With such 
a smouldering, passionate Car- 
men. such a provocative Dalila, 
all stylistic reservations are 
swept away. 

The motor accident that killed 
Peter Anders in 1954 deprived 
the world of a potential Tristan, 
but the Telefunken disc of his 
early recordings (dating from 
the late 1930s) shows the tenor 
in lyric vein. One side! devoted 
to Mozart, includes Ottavio's 
arias from Don Giovanni which, 
though sung in German, are 
models of style. Tamino's.** Dies 
Bikinis ” from Die Zauberflote 

from 1929. a year before his 
debut, to 1950, a decade before 
his death. Tbe early Swedish 
recordings, which include some 
arias — from Rigoletlo, Tosco and 
Pagliat-ci — later duplicated in 
Italian, already, display the 
smooth emission of tone, the 
■perfect legato line, the ideal 
marriage of words and music, 
typical of the tenor. These quali- 
ties were innate, as was his feel- 
ing for style; later, temperament 
and dramatic conviction begin to 
colour the beautiful voice, and 
in the operatic selections. Man- 
rico and Radames are' as indivi- 
dually characterised as Turiddu 
and Canio, or Rodolfo and 
Cavaradossi. But the finest 
interpretations are of Swedish, 
Russian and French music: 
SjOberg’s “Tonerna,” Vladimir's 
cavatina from Prince Ipor and 
" Ahl Leve-toi, soleil " from 

Gounod's Homdo et JuUetCe— 
Romeo was his favourite stage 

The five good-sized chunks in 
Josfe Carreras’s operatic recital 
derive from complete Philips 
sets; taken together ’ they . pro* 
vide a good idea of the Spanish 
tenor’s enviable gifts .and 
abilities. Leicester’s aria from 
Rossini's Elisabetta, repina 
dTnghUterra illustrates the 
flexibility of bis voice; Edgardq'* 
final scene from Lucia di 
Lammermoor serves as an 
example of expressive pathos. On 
tbe Verdi/Puccini side of the 
disc. Con-ado’s outbursts from 
li corsaro are really too heavy 
for a lyric tenor, but Jacopo's 
“ Non maledinni ” from I due 
Foscori and Cavaradossi’s " E 
lucevan le stelle” are both 
stylishly sung. 

The re-issue of HMVs nine- 
year-old Weriher. wiito Nicolai 
Gedda in tbe title role, now has 
the added attraction of a French 
opera-tic recital on the last Side- 
Recorded in 1963, these arias find 
the Swedish-Russian tenor in his 
freshest voice. He dispatches 
Chappekm’s show-piece from Le 
Postilion de Lonjumeau with ex- 
hilarating ease and fills Wilhelm 
Meisteris melancholy utterances 
from Micmon with gentle tender- 
ness. Tbe excerpts from Mireille 
and Le Roi d*Y s are also vividly 
sung. In view of the varied ex- 
pression with which he manages 
to colour Werther’s exquisitely 
gloomy meditations kn the com- 
plete set, it is hardly surprising 
that his elegant account of Des 
Grieux’s arias from Monon 
should breathe a similar sensi- 

Joan Sutherland, though she 
cannot be said to subscribe to the 
dictum that “words and music 
make up a single entity.” is in 
good voice on the Decca disc of 
operatic duets which she shares 
with Luciano Pavarotti. The 
three Traoiata excerpts lack ten- 
sion, but in the love scene from 
Otello Miss Sutherland reminds 
us that she was once a fine 
Desdemona. Tbe final scene from 
Aida is effective, while- the 
tenor’s reedy tone and neat 
phrasing impart distinction to 
the duet from Bellini’s Sonnam- 
hula. The excerpt £rom the : first 
act of Linda di Chamounix, with 
both singers at their best, illus- 
trates the reason why Donizetti's 
shares are standing so high at 
present in tbe operatic stock 

The Slab Boys 


Mark Jacoby, Mary Wilkinson and Richard Harrell in the Manhattan 
j* . School of Music production of * Italian Straw Hat* 

New York Opera 

Campus and Concert! 


Association _of the Holders of 1977-1983 Bonds of a nominal 
value of U.S. SlfiOO icitfc Jfoafmp interest rates issued bp 


Registered Office; 4, rue Ancelie, 92202 NEUHJLY SUR SEINE 


Limited Company with a. Capital of - FFS3?.$90.fKHl 
•Registered Office; 18, me de la Republique — 69002 LYON 
Central Offirei 19, Bd des Hatiens— 75002 PARIS 
- Trade Register. LYON & 954-509 741 
Financial Publications: SjfREr 954 509 741 ,90011 
. .. A.PJ2. 8902 ..... . 


’ VALUE OF U.S. Si.flOO . . 

As the Ordinary General Meeting of the Holders nf 
1977-1983 Bonds .of a nominal value of 51.000 with floating 
interest- xaies, which 'bad been called for 3rd ApriL 1978 
with hereafter detailed Agenda, could .not hold any valid 
deliberations far nob-gathering of a quarter of the Capital 
likely to be represented, the Bondholders, are being called 
anew by the Committee of Directors of the Association to a 
General Meeting..(secpn<L Meeting) to be held on Stb May 
at 4.00 pjn^.lO.'Boiilevard des Itiliens-^75002 PARIS. 

The General. Meeting (-second Meeting), will be considered 
as holding, valid detiberations ^irrespective of the number of 
Bonds possessed by Holders either present in person or 
represented. . -. ; 

. 'AGENDA _ \ - 

—Approval of the Appointment of the Asaac! a t i io n 's 
Directors in compliance with-articie 7 of their Articles 
of the Association. 

• -Bondholders will have, iit view of. either their admission 
in person to the Meeting or the appointment of a proxy, to 
deposit their warrants five, days before the Meeting date with 
one of the following ^Banks or institutions: 


BANCO DI ROMA . • ' ' ■ ' . 












• where proxy forms will be held at their disposal- 
■ The proxy forms lodged on the - occasion of the First 
' General Meting remain valid for the second one. 

- . ' The Committee of Directors 

of the. Association of the Holders of 

Bonds of a. nominal value of U^. SLOW with 
floating interest rates issued by 


"& Is rare Tor a new 'playwright 
! lO'-'-follow an iniual success with 
'a second play of rich and con- 
jtrastiog accomplishment. Yet 
this is precisely the achievement 
of John Byrne, a Scottish artist 
and writer whose Writer's Cramp 
was the hit of last year s Edin- 
burgh Festival fringe; That piece, 
an inspired revue documenting 
the rise to failure of an obscure 
roan or letters, combined the 
, deflat ionap- sarcasm of Alan 
i Bennett with the Celtic zaainess 
Flann O'Brien. It was bril- 
liantly performed and extremely 
i funny. It was- also, quite 
j obviously no flash in the pan. 
j The Slab Boys, too. is violently 
. , i funny. But tt shows Mr. Byrne 
New York, witnout a BBC, York debut as Reiza but she was : mining an area of experience 
without a Camden Festival, ill; Betty Jones filled tbe role new to lbe stage and building 
without an Opera Rara, without ably, with very seeure if not I upon that beautifully delineated 
an Oxford, Cambridge. Reading very appealing tones. Gedda was; area a nilidly savage comedy of 
and Bristol within easy reach, a confident Huon. The loveliest Jcome-uppa nce-shlp... The slab 
is a poorer place for opera than singing came from Carmen : boys mix powdered paint and 

is London. But the music Bajthrop (who made her nameUum for the designers in a 

colleges do do something. At on Broadway in the Houston ' Glasgow carpet factory. The year 
the Juiliiard last month Martin Opera's production of Si-ottiis 1957: they smoke Woodbines. 
Iseppv. director of its opera. -Joplin's Treemonisha J as first — i wear thick-soled sho » and brown 
department, conducted a pretty and second — mermaid. [overalls spattered with paint. A 

and touching performance of the Oberon was an enchantment. : poster of Janies Dean supervises 
Cavaili-Leppard lo. Calisto. and This bewitching score — bow can i their activates which amount to 
at • -the Manhattan School of Cuvent Harden so long have) doing as little work as possible 

Music there was a sparkling per- resisted reviving a score which (and playfully insulting the 

formance’ of Nino Rota's The was composed for 1 hem"— was; stream D ? intruders from the 
Italian Strutr Bat. shaped with the feeling for, design room. The intruders »^- 

John Crosby is both president colour, emotion, and expression ; elude a jumped-up softer hidios 
of . the. Manhattan School and which marks all Miss Quelers j behind a smokescreen of bogus 
director of the Santa Fe Opera performances. It was done in'.Krihtary credentials; a skimpy, 
(perhaps the nearest thing to German translation (which was ; se *>' Tamale sseteber who may or 
(Byndebourne that America pity), and all the spoken 
has). Costumes and production dialogue was omitted (which 
f.o.r the Rota came from Santa makes sense in a concert per- 
Fe. • Crosbv himself conducted; formance;. A bilingual libretto 
Lou Galterio, one of America’s provided as much of Planch* as 
ablest opera producers, put the was needed to set the magical 
students through deft accom- musical numbers In context 

plished paces. The opera is a Queler'» second offering was ; television is part of a special 
romp and musically quite und is- Rossini's Timcredi. in Philip J international. " u Dance Month '' 

tisguished; while t '“ — * ** ■--■—< --*>-* -• - •- - 

more adventurou 
Bizet, Offenbach. 

Ferrari remain unrevived there role. In these pages I havei Humphrey Bnrton. head of 
is no need for any regular com- already reviewed it from Hous- , BBC TV Music and Arts pro- 
pany to contemplate it. But it ton. and William Weaver has grammes, said yesterday; ** There 
makes a good student , exercise, from Route. Once again. Miss ' has never been such a concen- 
barring many effective small Horne sang the closing arioso-) (rated richness of dance pro- 
roles., and it provided a merry recitative far. too slowly and j grammes on television.” 
evening. made it seem doll, and she; The live relay comes direct 

Tbe Juiliiard maintains a decorated her lines to an extent jtrom the Royal Theatre, Copen- 
deliherateiy " professional ” where scarcely a bar was left as ; hagen. on Wednesday, May 31 
atmosphere; the Manhattan has Rossini wrote it. Too much: thejand shows -the Royal Danish 
more of the exhilarating feel of now of the opera was held up by -Ballet pcrfortmng works by 
a. music school, and 1 have scalic or roulade bravura at ‘ Flemming Flindt, Bournonville. 
enjoyed many shows there: pver V. passing cadence, even if J and Harald Lander.. 
Konigskinder, Paul Bunpon. lbe singer herself was astound- 1 Other highlights 6f the ” Dance 
I qwtltro rusteglii. The building, tog in i ber virtuosity. I Month” include the world 

uptown near Columbia Univer- Katia Ricciareih sang Amen- j premiere of a specially com- 
sfty and Riverside Church, used aide. I had never seen her in missioned ballet from Lynn 
to -house the Juiliiard before it concert before? she seemed to be f Sevmour. and the smash-hit 
moved to Lincoln Center, and in Alire-jn-Wonderland wearing her jKoyal Ballet double bill of Sir 

' * “ Frederick Ashton’s The Dream. 

and. to be shown for the first 
time on TV, A Mcmtit l« The 
Country. starring! Anthony 
Dowell and Lynn Seymour. 

Later in t&e month, Leonard 
Bernstein conducts ■ Stravinsky’s 
-Les iYoccs in a filmed perform- 
ance by the Royai Ballet, and 
there are also works from the 

may not go with one ofTEem to 
the staff dance (or ” staffle ” ) ; 
and a bulky. acne-ridden 
graduate from their own ranks 
who has “been given a desk” 
and is therefore caught uneasily 
Between their scorn and his new 
responsibility. . 

The three slab boys are splen- 
didly differentiated, and it is 
fascinating to see how Mr. Byrne 
manages to present them as 
fully -rounded characters while 
maintaining his individualistic 
style of astringent, critical 
humour. Phil (Billy McCoIl) is 
the leader of the pack, an ani- 
mated nihilist with a ' lunatic 
mother and ideas of going to art 

cSrTegefSpankjP OTrrTByars) is for the dance. Grant Hicks has 
a lumbering dolt with a credu- designed what tbd person behind 
lous smirk and large sreasy quiff me described ah “a. beautiful 
or hair; and Hector (Pat Doyle) mess” for the slab room, and 
is a small, bespectacled worm David Hayman has directed the 
who turns, after being subjected play with a fine regard for Mr. 
In same hilarious humiliation in Byrne's blend of period feel and 
which he loses his clothes and truculent realism. The resuV- 
haif an ear. into the manage- taut evening is as enjoyable as 
meat's candidate for success. any I have spent in a theatre in 
There is also a new boy. Alan, a long while. The conventional 
who arrives , to soak up the stage formula of . hierarchical 
atmosphere in a blazer before tensions in an enclosed society 
progressing to higher things in has been reset m a vivacious and 
the firm. As played by the irresistible manner and it is only 
excellent Freddie Boardley, Alan after you emerge from the 
is the kind of - person who theatre that you reflect on the 
apologises before he sneezes, awfulness of some people's jobs. 
Needless to say, he gets the girl The dominant tone is exultant. 

First live ballet 

relay from Europe 

The first Itve ballet relay from 
Europe to be shown on British 

those days it became celebrated first long dress, and there is 
for such things as j enuja and something about , her — sincerity. 

Elegy for Yiouns Looera, directed of pretension, determination 
by . Christopher West Maanes, to do the.yery best she can— that 
another music college, put on is very winningl In Amenai tie's 
a very pretty Iolanta last season, romantically straightforward; 
when Rise. Stevens was its presi- preghiera she was excellent; with 
deni.. But now Miss Stevens Awd music she must struggle, 
has" resigned, and. tbe opera The Arion recording of Tan 

department has contracted. cred* made with young British , — . - . — 

Concert opera also helps to fill singers — Patricia Price, Hannah; repertoires of tile Bolshoi Ballet, 
the gaps, and the chief provider Francis, Keith ■ Lewis— and j the New York _City Ballet, the 
Is Eve -Queler. conductor of the simply, accurately, and limpidly 
Opera Orchestra of New York, sung leaves one with tbe feeling: 
which performs in CarnejJte Hall. ** What a beautiful opera 1 How 
Thanks to her, I have heard, with one would like to hear someone 
grand international casts', such, like Horne do it.” But . when 
things as Francesca da Rimini Horne and company do do it one 
(Kabaiwanska. Domingo), Le Cid feels: “Whar a lot of diddJe- 

( Bumbry, Domingo), Edgar diddle !” The critic who is satis- .. 

(Scolto.' Bergonzi >, Gemma di Bed, Shaw oace said, is lost So [from BBC TV archives of her 
Vergy -(Caballe), and I lombardt I’ll remain unsatisfied until I [ballet Checkmate, recorded in 
(Scotto. Carreras). This season hear a Tancredi performance j 1963. with Beryl Grey and Sir 
she began with Oberon., Roberta that unites tbe Arion accuracy Robert Helpmann in the leading 
Knie was to have made her New with the Horae flash and fire, j roles. 

Stuttgart State Ballet and Ballet 

“Dance Month" also includes 
a tribute to the founder of the 
Royal Ballet. Dame Ninette de 
Valois. The programme, which 
marks Dame- Ninette’s SOtb 
birthday, features a performance 

. To the Holders o£ 

The Broken Hill Proprietary Company Limited 

10 c /o Debentures Due 1990 
Issued under Indenture dated as of May 1, 1975 

NOTICE IS HEREBY GIVEN that pursuant to the provisions of the above-mentioned Indenture* 
lo. 5825JKI0 prim-ipaJ amount ol the above described' Dei ^miUHS have been' selected for redemption, 
on May 1, l'Ctt, through operation of the Sinking Fund, at the principal amount (hereof, together with 
accrued interest to said dale, as follows: 



















ID 63 

1323 2412 
2351 2449 
2*01 2466 
2431 2523 
1468 2526 
149* 25b6 
151* 2679 
1623 2612 
1526 2639 
1532 2080 
1S80 2682 
1684 2703 
1636 2719 
1648 272* 
1660 2729 
1664 2769 
1703 2793 
1716 2796 
1726 2802 
1753 2827 
1758 2850 
1803 2906 
1814 2920 
1884 2946 
1888 2969 
191 1 2981 
1986 3005 
2017 3011 
2021 3044 
2051 3050 
2068 3208 
2081 3109 
2092 3115 
2098 3142 
2118 3184 
2153 3197 
2166 3206 
2190 3224 
2197 3237 
2226 3272 
2240 3296 
2277 3302 
2288 3331 
2300 3350 
2311 3351 
2340 3366 
2350 338* 
2 3K 3438 
2395 3458 

3466 4415 
2490 443.! 
3491 4433 
3515 4491 
.3521 4511 
3540 4512 
3580 4514 
3583 4532 
35*9 4548 
3621 4562 
3630 4618 
3659 4623 
3662 4625 
3btt6 4653 
3060 4658 
3699 4 687 
3743 4708 
3765 4734 
3778 47G5 
3795 4800 
3809 4811 
3843 4820 
3860 4856 
3865 4896 
3886 4U0* 

3920 4918 

3044 4961 
3950 4983 
3973 4989 
3993 5050 
*C24 5071 

4051 5095 
4057 5100 
4070 6120 
4120 5144 
4125 5197 
4147 5201 
4178 5232 
4183 52M 
4221 52tf7 
4233 5291 
4247 5312 
4249 5337 

4265 5341 
4271 5347 
4282 5364 
4340 5365 
4350 5371 
4383 5380 







559 1 







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589 C 







6291 7364 

6309 7361 

6364 7372 
6372 7*72 
b374 7473 
6427 7489 
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6517 1523 
6541 7581 
6546 7587 
6558 7615 
6564 768B 
6580 7714 
66Sr *1780 
66G1 7815 

6668 7872 

6669 7886 

6700. 7071 
blO 2 . 7982 

6754 8023 

67K2 8035 
6716 8036 
6190 8076 

6822 8090 

6827 814G 
6861 8173 
6899 8205 
6901 8245 
6965 8255 

6969 8301 

6981 8341 
6992 8393 
8997 8438 
6999 8475 
7017 8430 
1045 8505 
70B2 8514 
7121 8573 
7134 8590 
7183 B674 

7189 8692 

7228 8731 
7238 8742 
7269 6783 
7292 8788 
7303 8800 



















































10201 ’ 


























































11! 26 
- 11962 
































13 852 






















































































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2 6368 























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2 9293 





On Mny 1,-1978, die Debentures designated above will become due and payable as aforesaid in 
snch coin or currency of the United States of America as at the time of payment shall he legal tender 
for the payment. of public and private debts. .Said Debentures wiU be paid, upon surrender thereof 
with all coupons appertaining thereto main rin;- after the redemption date, at tbe option of the holder 
either (a) at the Corporate Trust Office «f Morgan Guaranty Trust Company of New York, 
IS Broad Street, New York, - New York 10015. or (b) subject to nny laws or regulations ap- 
plicable thereto, at the main offices of Morgan Guaranty Trust Company of New York in Brussels, 
FranHurt (Main), London, Pane hnd Tokyo, of Banca Vomvdler & C. S.pA in M3an and Borne, 
of Bank Mees & Hope NY in Amsterdam and <if Kredielbank 5 JL Luxembourgeoiee in Luxembourg. 
Payments at the office*: referred to In tb) stave stall, be. made by check drawn on, or transfer to a 
dollar account niriinlniued by the Holder v:ith,-a-bank in The Gly of New York. 

Coupons due May 1. toTfi -Jtould 1*» detached and coUected in the u^nal manner. 

On and after May 1, 1978 interest fbalb ccase u> accrue on the Dcbenlures herein designated for 
redemption. - 


Dated; March 28, 1978 ’ . . 


The following Debentures previously caUedTor redemption have not as yet been presented for payments 

. * 1*15 7U7 9004 15618 17121 



Telegrams: Flnantlmo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-Z4S SOW 

Thursday April 13 1978 



A sceptical 

THE GILT-EDGED market has of expectations. The outcome 
been thin and uneasy for some may turn out to be lower than 
time past, and its first reaction the estimate, though the main 
yesterday to the monetary im- factors that made for last year's 
plications of Mr. Healey's latest considerable undershooting will 
Budget proposals was not not be at work this year. Tbe 
favourable: long-dated stocks Government may "fee able to 
closed at the bottom, 1HS borrow more from companies 
points lower on the day. This on tax certificates and from per- 
flrst reaction is not necessarily sons on the new savings certifi- 
sigm'ficant. but it reflects a cate — the terms of which may 
fairly widespread scepticism cause a rush to buy the issue it 
about one particular sentence in will replace. There is unlikely 
the Budget speech, namely that to be pressure, on the money 
“I see no difficulty in financing supply from an influx of foreign 
the PSBR for 1978-79 consist- funds but, on the other hand, 
ently with the new monetary companies are likely to be 
guideline of 8 to 12 per cent.” making larger demands on the 
This new guideline itself. banks and oti,er financial insti- 

tutions. Even if the Chancellor 
is right in reckoning that gilt 
sales will have to be on* much 
the same scale as last year, con- 
ditions will be considerably Jess 

slightly below that for the year 
just ended, is acceptable enough 
if it is observed. The fact that 
the 1977-73 guideline was not 
quite observed may have had 
some influence on financial 
opinion, but the failure was Imported goods 

largely due to the Influx of . __ . , , 

foreign funds and the figures h *i- shovr P J 10 * 

for recent months— especially d ‘ fflcu ’ ! .? s m 5611,118 stock to 
tile last-have been much th ® P ubl * ^acerbate them- 
better. Setting a target for 12 selv “- ™ey are also easily 
months ahead, moreover, is an wpable of shaking confidence 
operation that asks for trouble, in Governments intentions 
and the new system of re- {especially In an election run- 
assessment every six months is and m pushing down the 
much to be preferred; the sterling exchange rate. The 
change, according to the sreatly reduced official estimate 
Treasury, “in no way alters the th * balance of payments sur- 
Govemraent's determination to Pl l,s f° r tb is year, difficulties 
maintain firm control over the *be TUC and the CBI over 
money supply." wage and price restraint and 

r . . any recovery in the dollar may 

financing work in the same direction, 

Mr. Healey may have gone since the Government's fore- 
rather far in suggesting that, if casts assume that the exchange 
the struggle against inflation rate is determined “primarily" 
went as he hoped, it would be by market forces, 
appropriate to consider redue- Any marked fall, in the 
ing tbe target in the autumn, exchange rate will put up the 
He made it clear in- his speech price of imported goods, 
that the main influence on the whether raw materials or manu 
rate of Inflation in the coming factures, and feed gradually 
year would be the size of pay through into domestic costs and 
settlements, which he is hoping the demand for pay increases, 
to reduce by half; and even jf he And these risks will become 
gets more co-operation from the more serious if. as the result 
TUC and union leaders than of ' some agreement on joint 
yesterday's statement suggests,' action in July to stimulate world 
the results will certainly not be trade, Mr. Healey decides that 
apparent by the autumn. In the another mini-Budget is in order, 
same way, the hope that He was prudent to let the Bank 
interest rates would fall later of England raise MLR on Tues- 
in the year as progress in the day and avoid the danger that 
struggle against inflation be- a market-induced rise on Friday 
comes apparent probably seems -would seew.tO'Sftnbolise a-Jaefr, 
to the market ft be too vague ,of faith irrbis proposals, But it 
to be really encouraging. . ’ is not surprising that the- mar. 

But the real problem is that ket is wondering whether a one- 
• of financing a PSBR which at point rise will turn out to be 
£84bn. was at the very top end enough. 



IT IS ironic that the Commons should be under a statutory 
select committee bearings on .duty to devolve maximum 
the Bill to reorganise the elec- 

tricity supply industry— which 
began yesterday and are the 
first of this kind to have been 
held on draft government legis- 
Jation— should have come about 
by chance rather than as a 
result of a considered change 
in Parliamentary procedure. 
The question of giving similar 
treatment to all draft Bills is 
currently being discussed by a 
Parliamentary committe on pro- 
cedure. But the initiative for 
the present hearings was taken 
by the select committee for the 
nationalised industries, fresh 
from its investigations of 
British Steel. It did so when 
Mr. Wedgwood Benn, the 
Energy Secretary, decided to 

authority to line management 
and that organisational changes 
should be subject to Ministerial 
appr. vai 

These proposed safegurrds 
faile dto statisfy all the critics, 
including apparently Mr. Benn 
himself since, in his draft’ Bill, 
he has retained the power of 
appointing the chairmen and 
members of the corporation’s 
subsidiary I hut non-statutory) 

boards for generation and local 
distribution. This proposal has 
in turn been heavily criticised 
for making the task of the 
corporation's main board diffi- 
cult, If not wholl yimpossible. 


The issues that are involved 
here have recurred constantly 

F OB SEVERAL years, Euro- 
pean motor manufao 
turers have been 
talking about the need for a* 
more rationalised components 
industry- In France, Renault 
has prompted the Government 
to encourage tbe creation of 
larger groups. In Italy. Fiat" 
has begtin to urge Che EEC to 
follow a similar: strategy on a 
Continental scale. In Britain, 
the authorities have allowed a' 
series of mergers and U.S.- 
dominated takeovers to change 
the face of the industry m the 
last 15 years. Yet one ofthe most 
far-reaching moves towards . a 
more integrated strorere for 
the industry,, tbe ®oposed 
merger between - GKN. ..of 
Britain and Sachs of Germany, 
has been turned down by the 
German Supreme Court 
GKN, which already -fias .two 
years of bickering in the 
German courts behind it/is now 

i'. .based multinationals. The UA V; ■ 
’-coapanieff- are already jnore ■ 
fujly-fledged : multinationals -V- ' 
■than their' Eurepeai.-.counter- 
»• Parts in. tbe sense that they • 
string.,; manufacturing.^..- 
v. Mtaties iop.Vboth sides of the K 
Atlantic. They are now using ;■ 
these resources to transfer 
-^htojpean- technology back to iV 
..theib American-base and assist . ' - • 
• • the switch towards smaller cars. .’> * 
Tbs,-. European .component 
- toanufacflarers-Iiave noted this- 
trend and. are 'now' going , after,; :• ' 
the ILS.. business. themselves. •• 
But . as the names of the com- ; ' 
panics" that.-: are" investing in L -.?-' -J 
America imply — Bosch, Lucas, : ' 
GKN, Teves, Associated Engle ' .' ■' 
eering. Automotive Products— 
only the larger groups", that can v r 
afford ’it : These are the busi- . . 

; nesses , which " have weil-estab- -- 
Ushed relationships with the"big:-“.i: 
three .American, vehicle manu--*- 
facturers through their active, - 

seeking to reverse titis’ decision CotuU Lambsdorff, German Economics Minister, has the last word on the agreement tof Gfyrs purchase of control oyer Jjf also ** V *T " : ' 

with an appeal to the West $***&* signed with a flourish in 19 16 by Mr. Barrie Heath, GKN Group chairman, behind the flags, and Herr Gunter Sachs. . . the overall ftaanei&l muscle to;-;, 

_ ... . . - . ■ .• . • taae on one of the most competi-;-' 

German Economics Minister. tire markets in the world. - 

The text of the Supreme Court with very little interference Europe, where vehicle produc- be loosened by the estab- the component manufacturers as. • Qn e the issues for the i- = ' 
judgment has not yet been pub- from the authorities. tion in the early 1960s— with lishment - of larger, - . • flan- well. . German "Economics Minister 

lished. But it has sent a tremor j n both Britain and Germany, We «t Germany already well European- companies. In the At the back; of their minds; count Otto IAmbsdorff, in 'the^' 
through the British and Con- a large number of companies ahead of Britain—^ was begin- GKN-Sachs case .for example; -all the European producers fear ; gkn appeal, is this issue of] 
tinental components industries,, have been taken -over by the Qin S to catch up in France and the British company would have- the competitive threat vof competition with the hig u&V 1 
where it is suspected that the American component groups, Ita, y as well. been in a good position to attain America, with its: enormous -mi^rintrhnnau it could be '' - ' ” 

court was swayed by GKN's posi- among them two of the biggest GEN’S bid for Sachs was the AP’s base in the UJL wtth'tiiq vehicle market and its highly aiziied that Sachs would be in a-- / 

tion as a major force in that j n the world, TRW and ITT. latest significant move in this injection of Sachs’ technology rationalised industry grouped much better position to compete 

industry, rather than by fears There has been virtually no process of building integrated into its own- clutch-making around three main vehicle' in the US. I* it were part of the 1 , , 

of product monopoly. That nnnasition to these takeovers in Mn.r.umnMn mmnaniec The sldiary. Lavcock. Similarly, manufacturers. These factors GEN stood. If this- were so the’-*-' 

business in West Germany. decision, the West German transaxles for front-wheel drive a new dlrtrlbution tie-up with techniques - of _ standardise-. Against this, he has to weigh. ! i 

In the short term, this clearly authorities seemed to be C ars. But by taking over Sachs Quinton Hazell, has undoubtedly^ tion to such a degree, especially-: the question of the overall^.-, 

creates a major strategic operating a policy of at least it would also have moved into been encouraged by. its- ifiaks in its latest of sm^ler health of the German and Euro-/ 

problem for GKN, which for the benign heglec. • Alfred Teves, t^e German clutch and shock with ITT. 
last two years has concentrated for example, the German brake absorber markets in a big way: 

its major expansionary thrust manufacturers, fell into the Sachs is reckoned to supply 
on West Germany and the hands of ITT ten years age, al- about 76 per cent, of all the 
Sachs takeover. The British though it is a larger company German vehicle manufacturers’ 
company, though already repre- than Sachs. and has an equally dutch requirements, 
sented in West Germany by dominant position in its own par- It is on this question of size 

Uni-Cardqp, bad been aiming to ticular sector. 

that many motor companies m 

consolidate its position in the British component companies company "with the 

biggest producing- zone in could lose particularly heavily decision. They believe 

cars, that it has interchangeable pieah components , industry! / ‘ 
■parts between different model’ There is a strong argument' for'!-.:, 
lines, even down to sheet metaL saying that the best approach/ 
The creation of larger corp^ would be to allow Sachs to / 
poneot companies would, - go develop/ as , an independent 
:gome way towante ^i ttgrefe in g German-based company with its 
standardisation in Europe- They * niultinational businwsl 
would have more capacity- to This solution could prevent 8i« ; 

If these kind of development* produce at the greater volume* creation 0 f another-large powers 
continue, the real mdiWpoly required; and they would also ; block . in the German comjwfl 



Europe (tm. vehlelei In 1877 at ET>» /better 

aoainet i Tm ir. hnr. y 1 * 1 mere u a BreBl Iur particular company’s positloE in ireinn suitable deoifms frn- » siomty of increasing compete 

against 1.7m. in Britain), and merger policy because they have 1 "com none nt V ~'ctouds P articulai company’s poslti^ in ve iop suitable designs .for a ri it mv* ^ 

- ’ - - -■ larser «o m P° nent S™“Pf Europeas a whoifi, rather Hum range of vehicle manufacturer. E on ^ ^“d J™! ■ SP* 

,1 s ! by £ “ operating on . Europe-wide in ^ 0M muntr> . 

These requirements demand. 

for - increasing competition.. 

, .. „ - . t- vdthin the rest of Europe. ‘f j 

In the meantime, most motor jn turn, component, companies This, argument, however, begs< - 
companies want to see farther with susbtantial .resources- One the question of, whether Sa33* P- 
rationalisation because they acute need is for manufacturers would ever be in a position al! 

with, a company . which 

strong links in markets tike force in the European industry ^ f ”‘‘ ^[j s rea ^^ they 

Brazil where GKN is not so well in recent years. Lucas. GKN woul ^ have UJce d'to see a GKN- 

established. - and Associated Engineering Sachs mer g e r. 

have developed - substantial T . .. .. - ^ _ ______ 

the decision could affect every manufacturing facilities on the believe that companies oparat- with good research"and devdoi- g^onlii ‘StSnationaTscaleS 

component manufacturer m Continent, and can all count op we grounas tnat ing on a European scale are best ment facilities. . Vehicle pro- Is an indepepdent enterprise. - 4; - 

Europe, because It casts doubt themselves within. the top ten meg®*' companies coma wen equipped to answejr their needs, ducers .are highly stretched Mnnv nh^crupW in Germs nv Tm*. 

on how far rationalisation will world component companies out- larger- monopolies. But These heeds are of two |c!^s — themselves at present because i! eve that it needs an injection ^ - '' : 

be allowed to go. For ips^nce. aide the US, ^ with m “ n ' a ” “ **.'■ « 

hsm^rv oase. Several component com- canaille of DroduciM: dmaoer '< a»i »™ nm » and ^lower Snds to rSSe' i V 

same tune, its full potential. On tbia-j 

France, in which the British the top West German com- national markets; In the eldc- which have" independent fn --- accoun . t . a ° 1 .^ er ^?? * 

company previously had 60 -per parties, Bosch. ZF and Teves trical and electtorac business, financial and , managerial re- ttrol <3 

cent, will now be treated warily (which, in any case, is a sub- for example, Lucas and Bosch sources. f electronic comewn I don’t see As the GKN-Sachs 

by the French Government In sidiaiy of ITT). have a commanding lead in the The first ^ been made vehicle^embieS being able shows/these questions are ntm^ - »• 

Germany the court ruring QOuld Expansion on the Continent U.K. and Germany respectively. emph aticaUy by/a number of to allocate enough iWearch- and moving into a . European scalf/J./ 

bring about a came about as the upportunities vehicle inanufacnirers in recent development \iance/to make it- This is "a merger in -whidry 

-- - years. Indeed, ihe desire to re- worth their while," \ays Mr. national monopoly problens \ - 

duce component costs lies Jeffrey Wilkinson, director and come together with the debate 

cautious approach to large-scale f 0r growth "in' The^adTtional ducts in the UK. mirrors Sachs’ 
international takeovers. / imperial markets began to P oSUiun Germany. The 

international takeovers. 

If this restrictive 
wards rationalisation 

decline. As British Leyland German brake 
wpskpnpit and Ford drpw back dominated by Teves 

- Iiukc Wiioui I'V-O J vouit usuhw , 

industry is behind much qt the talk between general manager of Luc® Elec- over rationalising tiie industry - ji/ - 
i in Germany, car nrodupprs on collaborative tricaL "Therefore they, will within the EEC throueh trans* * ■ 

within the EEC. throueh trans- - 

Industry has been, allowed to more vigorous producers. They It is at least conceivable that ducers believe that this process which have the financial muscle tp develop within- the Conh-i: 
reorganise and regroup itself found the opportunity in these national monopolies would must be carried further among to stand up to the big American-, znunity. . - I 

publish his BUI once it had .. , 

become apparent that, because sm f® -hS? -> n industl7 wa j* 
of Liberal and Conservative nanonabsed 30 yean *so aod 
opposition, there was no chance maeea > 

are not unfamiliar in 
electricity supply ^industries 
abroad. The basic questions to 
be decided are, first, whetbe. 
central direction is necessary. 
Besides being an- interesting an< j jf it is how that direction 

should ze accommodated. If 
there is no case for centra 1 
direction over the whole indus- 
try, as some would argue, then 

of the measure getting through 
the present Partiamentary 

experiment, the hearings could 
be useful in themselves for Mr. 
Benn’s proposals have aroused 
controversy on both sides of the 

industry as well^ as at West- 0 ne possible structure miv'ht b* 
minster. _ The criticisms range a small number of power boards 
over various paints hut the organised on a geographical 
central issue has been one of basis an deach responsible for 
orga nisat ion: how should the generation and distribution but 
industry be structured so as to coming together in a joint sub- 
combine strong leadership in s idfary to run the grid, 
strategic matters with the The Plnwden committee 
greatest practical devolution of argued that central decisions 
authority in operational were needed on matters -like 
matters. financial planning, investment. 

. tariff policy, and dealings with 

Pirectiotl government and also for raonl- 

The Plowden committee, torig efficiency within the in- 
which inquired into the Indus- dustry. The industry’s .Initial 
try in 1974-76, felt that the structure in 1947 was overly 
main weakness of the present centralised, while the changes 
federalised structure was the made in 1957 went too far in 
lack of strong central direction, the federal direction, the com- 
It proposed that tbe industry be mittee felt. Its own proposals 
unified, with the generating represented an attempt -to find 
board and the area boards now the middle ground, as were the 
responsible for distribution variants proposed by the Her- 
being absorbed into a slnsie bert committee in 1955, the 
corporation. The committee Labour - Government in 1970. 
recognised the dangers of and ^ b Jf Mr. Benn. The 
excessive centralisation but weakness that all these pro- 

argutd that, haring decided In posals. including possibly 

favour of a structure favouring Piowden’s, share however is the 
central direction on strategic failure to gu&rd sufficiently 
matfters,. it was pointless *n against the strong centralising 
frustrate that central authority influence that is exerted in most 
for fear it might be misused, nationalised industries by 
As safeguards, however, it sug* Ministerial control and Parlia- 
gested that the corporation mentary accountability. 


Kremlin furore 

Soviet leader Leonid Brezhnev 
may feel quite preoccupied 
already, what with the Middle 
East, Africa. and the neutron 
bomb debate. He should be 
warned that he must now con- 
tend with the wrath of the Ken- 
sington Society as well. This is 
no light matter, as is certain to 
be demonstrated next Tuesday 
at a mass meeting to protest 
against the designs of an anony- 
mous Moscow architect for a 
massive, new embassy develop- 
ment in the very heart of the 
Royal Borough. On the platform 
will be a powerful array of 
baronets, knights and other 
local notables, all united in out- 
rage at the idea of a tower block 
surrounded by a Kremlin- like 
wall "some 50-60 feet high’’ at 
the southern end of Kensington 
Church Street 

Patron of the society Is 

** If his Budget doesn’t work 
we will be' able to do it with 
five-pound notes!” 

spokeswoman there charae- sold 150,000 copies and now he 
terised -the broadsheet. is hoping for wore . He says 

Read rt and you certainly J e f ha * tC 

might think that the only decent /™ nds « n f the i * H « ! tn * talked 
democrats left lire the likes of fnen A 1® “ DI ? in S 

Reg Prentice and that Labour Sl * r Tanq Ah. Friends? I 
has become a revolutionary as *^d sm ? e . k?? re P^* l ed the 
part y word, and he told -me -that they 

■ ‘ had a “ certain perverse coma- 

The broadsheet does not con- radm-ic for each other.” 
aider Eurocommunism any less 
obnoxious than the original 
variety. It seeks to give the 

Foreign Secretary, Dr. David Looking aSkcUlCe 
Owen, a radical tinge by show- 

ing him talking to Spain's Last week I mentioned a group 
Santiago Carrillo, though he is called Action Opportunities 
hardly loved inside the Kremlin, which is hot gospeLling to 

When I asked former Tory {heir rights*^ undei^ ^"sex^Dif 

^ nni cli r r is AO P ins ils faith in Clause I 

Srric Y nn KnJInl ^ * of the AcL which specifies vari- 

nlPir ranitaltet Lrkiino nHn- 0US W8yS in which Women Can 
ciGsr capitalist marketin D prin • ‘‘treated" les^ favourahlv*’ 

ciple-the public will went it 

would sympathise with Maria 
Clemncia Lopez, Cbarge 
Stewart-Smith has been print- d ' aff ai r es 0 f Venezuela’s mis- 

and we will go on updating it 
until the elections.” 

n . ^ ... . _ . . Planners. The USSR, I was jng anti -Communist material for S j on UN She comniains 

J ,reSlde i'lJ S BSSUIeti ' on ^' "anted 4.0 do whai 13 years and says the things he about patronising attitudes by 

^™S^5 In ^ e r^ dthe pleased everyone. So w-hat has^ been called ^by the Left are fi! pxSKS? S the^ SewriZ 

vice-president is ^ ®owag?r about that 50-60 foot wail? " 18 "rollicking.” He insists that his council, whose “gracious" habU 

nn W metres said the spokesman group are a tiny team and is (0 y j eld t h e floor to her by 

already be ohtin to Brezhnev ? ubi0 ^ ly- Then ** aUo ^ ed entirely self-financing. He had ^ling on “the charming and 

already oe plain to Brezhnev himgelf a smaJ , j olw> But put out an eight-page tract beautiful delegate from Ven- 

stirely the Kensington people before the October. 1974. elec- ezuala." Ms. Lopez says she does 

would like it to write graffiti twn and sa - vs tha-t nis present n0 [ wajl t any compliments, and 

on?" 1 said I would put that team of four or five people was questions whether the president 

one to the Kensington Society, recruited after the election. wou jd call on “the gallant and 

that he has a real battle on his 

The contested site is' a former 
barracks -close by Kensington 
PaJace.. The Soviet diplomats’ 
home-from-home is planned to 
include 60 flats, a school, gym- 
nasium, swimming poo!, sauna 

Right hook 

" Some of them are former handsome delegate From Great 
Labour Party men. ’he told- me, BriHin _.. ^ is perhaps a 
though saying Reg Prentice was ra , her unkind at Ivor 

not among them. Richard, not exactly everyone's 

He is very cheery about the idea of a matinee idol 

bath and a. theatre *— all. behind The prospect of a general eleo- 

the^wall. But when I spoke to tion is stirring the die-hards to whole project, seeing his work 
the embassy yesterday, a spokes- write -tough. First in the series a & part of the wholly legitimate ■ 
man- made it plain that the of “ manif esloes ** is The rough and tumble of politics. He .. 

Russians feel decidedly more Hidden Face of the Labour suggested the Labour Party Long Wait 

sinned against than sinning. He Party— a 20-page tabloid news- would do the same " if the 

said that they were reasonably paper attack on ’Tbe-unchecked National Front had the lnflu- 

You used to have 

a Hamp- 

bappy in their existing quarters trotskyist and Communist con* ence on the Conservatives that SSIT J thfT^T 

in “Millionaires Row.” but that splracy against the Labour the Trotskyists have on the ^5® hifloS, 

the Own Commissioner we« P.rg." Labour P W ." I have™, 

the landlords and for some un^ Thas m due to be circulated In 1974 his broadsheet sold at f or we eks." “I know," she 
defined reason had told- them from Sunday, but already Tariq 3p a time. To-day it is 25p a sa jd. "Add I'm not go/n'» to 

to go. Ail’s newspaper. Socialist Chal- single copy, falling sharply for pu t an y more out until people 

It seems that the tower block lenge. has ’a copy — they the bulk orders which candi- stop taking it." 

scheme had been worked out in describe it as “old hat” — as dates in marginal seals might t 

dose co-operation with the does the Labour Party- “Pre- like to buy, Stewart Smith said. 

Foreign Office and Kensington’s election jitters," was how a Four years ago he claims he 


describing both the law and the 
operating procedure for RZT. 

The April Yachting Worid, out today, is the mpst 
comprehensive radio Issue evErpuMish’ed t)y a 
yachting magazine. With it comes a 64-page - 
"booklet explaining in detail how to use VH F . . 
radiotelephones. lnside, there’s a multi-coloured 
chart giving tbe newfrequeneies.and sequence- 
tunings of all NW European D/Fheacpns; a buyers*, 
guide to all the UK type-ajDproved VHF radio . • . 
telephony equipment on the market, plus alf bihr " ; 
regular features, including reports on the SQ3RC 
races and the-Birniinghaiji Boat Show 




$ - 



r — - 

* * '«* l • 1 1 t 


Fisaacl?! .^Imrsday April IS 1978 


A Chancellor too busy to find a role 

v fly pusliagr max*. Previous 
i'^jceliors have .been -easy' to 
} * f — Mr. Selwyn Lioyd 
-'"'■^ggling earnestly, with the 
^-jlemS of econwnie icanage- 

„ Mr. Msudlmg dashing" for 

: r .\ .rth, Mr. Callaghan striving 
■ happy, slightly . ' Socialist 

- .. . Mr. JenkiDs for respeet- 

i- . and. Mr. Barber .finding 
• ^ economy 8n annoying dis- 
*Uon from his real interest. 
.- v reform. But- My. Heal$y~ 
: paiitician, part monetarist, 
Socialist, part philosopher 
• part opporlunist~i5 an- 
‘ . r matter. Half of iris actions 
r ; \ a to contradict the ' other 
A* . and also his words. What 
j-.{, one is.driyento wonder 
--.i Henry Jamesian fashion, 
'•. i he suppose, in. his iiraer- 
: i t mind. ' that he is,' as -it 

; B, up to? 

/• e is partly a victim of his 
*' ss. economic management is 
• - . what it was. Monetarism*— 
, :■ titer it takes the fotvn of 'a 
: \.jrine, which Mr.. Hetfley 
•"?i. at. least partly . believe, or 
'-.‘he grudging, bdnilssion of a 
. >er official that .“ you ean’t 
the tapes "—does greatly 
•^~:.jce the scope for fiscal 
’ }n. The financial market is 
- . ing a sharp reminder of this 

-. . r. Healey has also come to 
' -. -tore modest assessment of. 
t even ideal demand 
agement could achieve — an 
:■ ropmentin which industry 
- or may not deliver the 
: .'vth which is planned. This 
' sage deserves trumpeting 
. e loudly: industry, as rep* 
nted by the CBI, still seeps 
living, in a past in which 
■'..'■growth rate was. settled by 

.."however, the Chancellor still 
some role to .play in an 

economy in which he cannot 
control either the financial mar- 
kets or the performance ' of 
industry. One would hope that 
a Chancellor of Mr. 'Healey’s 
intelligence Wbuld at least have 
sketched some ground" rules for 
the policy, of a QianbeUor as 
constricted 7 as he. Is. A • 

' in one respect he has done 

so. ' A Chancellor, if - he. follows 
Mr. Healey’s example, must be 
a diplomat, treating with ex- 
terna] powers— notably.' fellow- 
members of the OEGB, and the 
trade unions. 'This Is aa import- 

an obiective is not the same 
thing as a polio 1 — and nor is a 
policy, jf. it exists, the same 
thing as' an instrument. Both 
policies and instruments seem 
to be lacking. 

The first difficulty is to know 
what fiscal policy is. Mr. Healey 
has complained that industry 
has not completed the task of 
agreeing on standards for 
realistic accounting in the pre- 
sence of inflation: but his own 
department has not even made 
a start on this task. 

The result is totally chaotic. 

become an art rather .than a 
science, on which no two prac- 
titioners agree. 

Even if it were possible to 
measure the fiscal stance pre- 
sented in the Budget, it would 
still not be clear what it would 
mean. The U.S- authorities have 
lived quite happily for years 
with an estimate of a full-em- 
ployment Budget balance, which 
gives some measure of under- 
lying fiscale stance. It is .not a 
perfect measure, but it is a good 
deal more informative than any 
of the measures avialab le to us 

6 Mr. Healey . . v part politician, part monetarist, part Socialist, 
part philosopher an? part opportunist . . „ What is it, one is driven 
to, wonder in a Hoqry Jamesian fashion, does be suppose, in his 
innermost mind, 4iai be is, as it were, up to? 9 

ant recognition of the realities 
Of power, which will probably 
bind any successor of. either 

major party though - * 

monetarist who is doctrinaUy 
purer than the present Chancel- 
lor may find this truth bard to 
stomach. 1 The Powellite belief 
that .'a sufficiently /strong 
monetary policy will render 
both the unions and -foreigners 
harmless is seductive— untiT ex- 
perience teaches better/ ' j ■ 

Diplomacy, however, Is 'hot 
the central role of a chancellor, 
however much is may appeal to 
one who has so long dreamed of 
being Foreign Secretary. In his 
owp field of strictly Treasury 
matters it is much harder to 
find anything which adds up to a 
new approach. Mr. Heafey -jias 
an objective, it is true~-steady. 
sustained growth rather, than a 
.short, sharp dash, for it ... But 

To estimate bow much any given 
measures adds to or subtracts 
from the underlying growth of 
demand, one • must first know 
how much needs to be done 
simply to offset the results of 
fiscal drag. However', fiscal drag 
on the whole Budget balance — 
revenue and expenditure — is 
now almost impossible to esti- 
mate. Some items on eaeb side 
of the account respond to wage 
movements, with or without ao 
element of drag, some to price 
movements and some — notably 
interest payments of fixed-cou- 
pon debt — respond only after a 
long lag. The lines between the 
important economic categories 
— planned expenditure, probable 
expenditure, real and financial 
transactions, productive invest- 
ment and subsidy — have become 
irretrievably blurred. Estimat- 
ing the effect of the Budget has 

in’ the U:K. Yet the Treasury 
has turned down every request 
for such an estimate, pleading 
technical difficulties. A mariner 
might as well throw his com- 
pass overboard on the grounds 
that he found it hard to measure 
its deviation. Some measure — a 
full employment balance, a high 
employment balance, or perhaps 
a trend-growth-rate balance — 
would be a great deal better 
than unaided guesswork. If one 
such measure is thought unre- 
liable. half a dozen flowers might 
be encouraged to bloom. 

Any measure employed tills 
year would be likely to convey 
the same message: Tuesday's 
Budget was de-stabilising. The 
fiscal deficii seems to have risen 
according to any meaningful 
measure, although estimates of 
the increase can vary widely; 
but the one measure that is 

not relevant is the Chancellor's 
claim that there is little signi- 
ficant increase in the deficit as 
a percentage of GDP. 

Mr. Healey preaches financial 
stability; and In any stable 
system the fiscal deficit, how- 
ever measured, will full when 
growth accelerates. The mirror 
of this is the difficulty of achiev- 
ing the monetary target. Mr. 
Healey is not, of course, the 
first chancellor to have 
generated * more heat than 
movement by treading simul- 
taneously on the accelerator 
and the brakes. But this is 
exactly the kind of mistake 
which a .. cyclically corrected 
fiscal model,' or "for that matter 
Mr. Healey’s.' practical mone- 
tarism, ought , to warn him to 

~ The difficulty is not to 
recognise- the mistake — which 
may or may not be of 'great 
magnitude, bat whose direction 
is more or less unarguable — as 
to be sure - why it was made. 
Cynics will point to electoral 
pressures: but it is probably 
also true 1 that a man of the 
.Chancellor's powerful tempera- 
ment chafes at the apparent 
constraints on his freedom of 
action. It is one thing to 
recognise in a speech that a 
Chancellor has very limited 
powers to steer, rather than 
simply to stabilise the economy’ 
It is quite another to know 
it in your bones, and be happy 
with that knowledge. It is a 
particularly galling admission 
for a genuinely Socialist Chan- 
cellor faced with high unem- 
ployment. Mr. Healey may well 
have been unable Sully to make 

The tragic thing is that con- 
tinued and probably self- 
defeating attempts to prove that 
economic njanagenu-ni is, after 
all, still possible distract the 

Chancellor from the difficult 
and highly necessary technicali- 
ties of his job. A chancellor 
needs policies, aimed largely at 
stability, for the control of 
money and credit and the rais- 
ing of revenue; but in fact a 
succession of chancellors, ob- 
sessed tfith crises. Budget 
judgments and elections, have 
allowed both these, systems to 
grow rusty and distorted. 
Modernising and, refining these 
clumsy and destructive instru- 
ments .is a task to try the 
strategic will of a great chan- 
cellor. It has so far been 
s neglected. 

There is no room to explore 
again the problems of control-, 
ling credit .through an unstruc- 
tured banking system and an 
inherently unstable gilts mar- 
ket; Mr. Healey has made at 
least a start. Taxation, on which 
he claims to be engaged in a 
long-term programme, is an- 
other matter. 

The strategic aim for taxation 
proclaimed by the Liberals and 
Conservatives is worthy as far 
as it goes, but rather boring. 
One of rhe unsung benefits of 
North Sea oil is that any chan- 
cellor. of whatever persuasion, 
will over the next few yean 
transfer a good deal of the tax 
burden from- personal to in- 
direct taxes. 

Mr. Healey has in fact hardly 
started on the process of reliev- 
ing direct taxation. Most of 
this year's concessions are 
financed either out of drag, as 
I pointed out yesterday, or out 
of the happy accident that when 
inflation Falls revenue from cor- 
poration tax, thanks to reduced 
stock relief, rises very sharply. 
In this respect, performance is 
likely to improve when oil re- 
venues become a serious factor. 

However, the Chancellor used 
to have some other objectives. 

Two chancellors easy to read ;. Mr. Jenkins and Mr. Barber. 

When he took* office he called 
for a wealth tax, which he said 
would be- used quite largely to 
reduce taxes on high incomes?— 
and on these terms even the 
CBI and the Institute of Direc- 
tors have welcomed the prin- 
ciple. The tax proposed was 
impossibly clumsy and difficult 
to collect (the Liberals, as 'so 
often, have rather more radical 
and more practical ideas, 
because they tap the best 
academic brains rather than the 
TUC Economic ■ Committee). As 
a result of this practical 
blunder, the principle has -also 
been lost. The tax distinction 
between income and capital is 
especially . misleading in a 
period of inflation (which is 
why there has been such a crop 
of avoidance schemes exploiting 
it), and -it is also unfair and 
andi-incentive. The reform is 
difficult and wearing in practi- 
cal terms; only a strategic 
determination would push it 
through, and Mr. Healey seems 
to lack the necessary vision. 

This is perhaps why he has 
made no public comment at all 
on the. deeply considered and 

still more radical 1 proposals of 
the Meade Committee, which 
would abolish the whole income- 
capital distinction. It explains 
perhaps why in Opposition he 
can pour scorn on Mr. Barber's 
proposal to use negative income 
tax to make redistribution more 
effective, but adopts exactly the 
same principle with enthusiasm 
when it comes to child benefit. 

It may explain his failure, 
under pressure of his anti- 
inflation programme, to index 
specific duties, and his more 
radical failure, in 13 Budgets 
and mini-Budgets. even to look 
at the mess his predecessors 
have made of housing finance, 
with ail its consequences for 
mobility and investment. This 
is not a flattering picture of a 
man who prides himself on 
taking long-term views: but Mr, 
Healey is a puzzling man. He 
would be a formidable, one if 
he had the courage of his con- 
victions; the courage, in his 
case, is hardly in doubt, but it 
is much less easy to detect the 

Anthony Harris 

Letters to the Editor 

-^51 Avnlnrofinn her, shewed that, jn 1848. the environmental improvements. 
_ _ -/U tAUiUl allUil average net earnings, after With a lower return on invest- 
. ' deduction of tax and national ment. not many have been wlll- 

* r - isrrilirapprl - insurance, of’ a non-manual Ing to put in much of this equip- 
Tr M1W P VU worker were 50 per cent, higher ment which is essential for 

. _ -it Mr. J. Hurd. than those of -a manual worker* survival. so closures • still 


• . —7 nutAVk FCI® «i vvuy. **» 0 *?'»* V— - — - 

_ n Mr. J. Hurd. than those of -a manual worker* survival. so closures • still 

- Jr,— Mr. Wedgwood Bepn’s In 23 yea^s. from ' 1949 fo. 197?' continue. 

r ament, in the House of Com- this differential fell to 33 per Surely we can expect "that 
s on April 5. concerning the cent lit five years from 1973 lo some foundries will remain, 

• eminent’s iannin policy 1377. it feU lo 2$ per cent . The 'each with a much higher pro- 
' ' -sly gave official recognition comparison Is for a married mam portion of business, and with 

•~/,i practice which the Govern- contracted into graduated pen^ selling prices at mqre economic 

• * ;t has followed for several sion. with one child under H and levels, necessary’ to provide a 

v-ths. It has been common one child between 11 and 16. but sensible return on investment. 

TtVledge til the North Seh oil Js much the same for otheiL These foundries will be far more 

. ,.;stry- since the latter part of groups. * •• L deleft ive and specialising in 

— year- that the Government is not really a coinparisoif ■ their .processes. ; 

- '-tnllkdly to Consent to the u^een manual and hou-manykl ‘ Some likely examples Hre: 
' sfer of a licence interest un- workers. There are highly riaid automatic mass production 
:>o British National • Oil Cor- mimiiai workers and poorly-paid plants with very heavy capital 
_ tion is given a preferential non-manual workers. . 1 It As. in investment, vew little manual 
t to acquire a portion of the f ietw a comparison between the handling of mo: ten metal, raw 
rest to be assigned. What is. rewa nls 0 f those who do any job, materials and products, having 
common knowledge, but w hefher non-manual or maanaL a relatively low labour force Tor 
. - somewhat surprisingly, not whfch . requires years of training the large output involved: 
: tinned by Mr. Benn. is that vhthout' substantial earnings, foundries specialising in 
i >C has demanded that some, sj^js ioltlative. dedica- narrowly defined easting pro- 

-ot all, of the costs attribute tion and acceptance of respon- cesses such as pressure, centri- 
• to any interest acquired by gfojijty and those who do Jobs fugal or investment casting. 

- n these circumstances be W kich : do not require these again fairly well automated 

• . teed by. either or both of the qualities. around their particular speci- 

^naL parties to the fanji-in. ^ flgores s jjow clearly that alisr process, sometimes in quite 
-:hort, the price of Govern^ economic value of such small units; and the service 
t consent to a ““ qualities .Is diminishing with foundiy., an ultimate and more 

'■ 1 a carried intertol^ fqr Sealing speed. This does selective venion of the jobbing 

hoUJode^ wen for the future of foundry, specialising in local 
this highly Industrialised and casting repair and replacement 
uned interest when it en-. tec imota£wl ’ country. Mr. work fn small numbers, essen- 

« m 10- HeatevVbadaet should be judged tial but costly work because it 

Jtiatfons referred to by Kr. ^ thg itenf to which it restores will Teljr on expensive skilled 

| ie typical fra-to' uriialiy |^-j v |^ noinlc ' valucs ‘ 3ad la S,; does not mean the 

S 1 1? 1 * the acqiflrmg company ‘^eenttves elimination of all smaller 

erng to .pay 100 per cent of Maurice Green. foundries: but they must care- 

Itiosf of one or more wells ia North Hegion umce. . . deeide their course for 

Wfor a 50 per cent Interest 175 Station RowLSuralem. survival They may have to seek 

pe relevant licence. Contrary Manchester. . outside advice for establishing 

popular belief, the assignor , - sound -management accounting. 

nally -does, not receive, any j„ order to determine those 

ey from the assignee ana, /"Wifln/llr ffir fields m which they are good and 

does not profit directly-. VJUUuOlC Iv* those which should be dropped, 

i the transaction. _ - ' ‘ m ; The foundries which continue to 

ben viewed yt the larger., fniinfifipc drift and. hope Tor belter times 

pecuye, the merit of thtee will not he among the few which 

from Mr. D Wtfdiarri will survive to share in Ibis 

■h 1 havens e?erated new eS Sir. - -Jo “Outlook for large, rmportant and potentially 
- _ Y*L f . eD A r ? iec L : ri o Shfhiev profitable sector of British 

Changing BP’s 


a V\i* t3 Sf“ 1 U5Ually forontlvIT ' This.,' does not mean the 

V Vl ]ves toe muring company ‘^centives elimination of all smaller 

\\ l o pay W cent of ' foundries: but they must care- 

•k \ \ tcosf of one or more wells in. North Hegion umce. deeide their course for 

\\ \ p for a 50 per cent- interest 175 Station Rpg4.J»imnton. survival They may have to seek 

\\\ \ P e relevant licence. Contrary Manchester.. outside advice for establishing 

At I tiOlief. the assignor , — r sound management accounting. 

\W nally does, not receive, any j„ order to determine those 

\\ ey from the assignee and-. AhJ- J nrit ffll* fields m which they are good and 

\ ■ u 0es Pr°&t directly-. VJUUUOlk. Ivi those which should be dropped, 

i 1 the transaction. _ ' .- V • The foundries which continue to 

j hen viewed Jp the larger., fnimfifipc drift and. hope for belter times 

) pecuye, the merit of tfawe Il/UUUIJCa will not he among the few which 

! from Mr. D. ZAfdiarri will survive lo share in Ibis 

/ havens e^erated new eS Sir. - Jo “ Outlook for large, rmportant and potentially 

III J ation ideas. and which ’have- foundries.” Mr; D. R. Sh^iley ? sec or 

////, / will and resources, to lest (April 3>, states that manage- jnoi^xy _ 

///Ik ideas so without cents' of the majority of S Wfad 
filth constricted by the. foundries in this country are wonnlr* 

// /ificial boupdaries '..of _ any still “uneducated" on the true - tr atjorq R oad, w q?t cicK. 
fill ks allocated. T to tiiem.-in pre- costs of making their products . 

J § l is licensing-rounds. In older and are continuing to undermit LnSn^ll? 1>A S • 
/ Mi during provinces, such as the the prices of the educated ® ^ ^ 

J it led States, large quantities- few.. Fpr a long time this has 5»rf*/»|pc 
M jit and. gas bays been dis- been -th.e complaint • of the in- «** iiwita 

»red as a result of farm-ins in dustry and" has been one factor From.. Mr. a. 'Wood. 

M 4*5 where the 'assignor either contributing ’ to the -rapia Sit,— At the 69th annual meet- 
|/f r] given up hope. o£- finding efimination of .foundries. ing on 'May 4 shareholders of 

IJflpIthiBg or else dfd-not^bave- -Between 1856 and 1970. the British Petroleum are being 
fILfaf resources or the will to ex- number of iron foundries In the asked to support a special reso- 
.e further. United Kingdom was declining lotion to alter Ibe articles of 

.J Inhere i s substantial evidence ^i nn e a . straight line course association. These changes re- 
'dfl**' tiie effect (tfvthe. Govern- which, -if continued^ would mean move the restriction of British 
fit’s practice jn connecticnt-eoniplete feltmlnatiori by- year nationality on directors, allow 
r U |< 1 farm-ins over -the past few 2000 Figures' are not so readily the holding of Board meetings 
[D iths is to discourage explara- available- for the other tradi- outside England, increase the 
This effect^ should 1 have' tional founding metal, copper, maximum director’s fee from 
5 anticipated Since: very few and its alloys, but it Is though; U.OOO to £8.000, require the dis- 
[oration prospects are good, ^at the decline in numbers of- closure of beneficial ownership. 
- ugh for the potential assignea- foundries has been at an. even and- . modernise certain minor 
»e able to justify pot. ; . only, treater rate. The newer casting oddities in the arucles. 

■ - .ing the assignors share -'of metals: aluminium and steei. In addition one proposed 

cost Of the earning well or have likewise fallen in numbers change removes the requirement 

but also giving. BNOC i but at a lesser fate. This was of. any shareholding qualification 

. -i-f v led Interest It is difficult to tjje' pre-inflation period, so by directors. The report of the 
:• how the benefits whi<* Mr. wil j, the lack of costing “eduea* directors says that this is "in 

n cited when be enshrined tion” about Which Mr. Shipley accordance with modern prac- 

• - >■ . Government's farm -in prac- C o m p]ajns, numbers will cer- tjee.” While this may be so, it 

. . as a. part, of official policy ta j n f y continue to fall, 1 prompted seems to me to be the ultimate ip 

■ compensate for the adverse by the far greater rate of change authority without responsibility 

. ^ this .pohey will have op 0 f costs today. and in -my view should be 

. foil eotopsifes* willingness to m. „ Government' disturbed opposed by the shareholders. 

kinue with’ the ever' more . v 1ack iByestment In the - An appointment to the Board 
fijeult task' -of - exploring for Dy d st ~ has made .large grants of BP must be one of the most 

1 aIV J 1 0 rdw rfl . v» _ _ 1 it. r.n nrflotioUvie H t vontfircn me in tnfl 

£400.000 and some part of pen- 
sion contributions and payments, 
to preseut and former directors 
of £626.514. No doubt by world 
standards they are underpaid 
after tax. but even so is it un- 1 
reasonable to ask that they be 
required to continue to have a 
reasonable investment in the 

1. and my wife, have been 
small shareholders of 8P since 
1959. have taken up the various 
rights issues, and added to our 
holdings io the recent sale of 
Govern oient-held stock. (We 
sold a few once lo pay school 
fees, but bought back In later!) 

I have always had every confi- 
dence in the past and present 
directors. • but I would certainly 
oppose the appointment of any- 
one (other .than HMG nominees) 
who was not prepared to make 
a reasonable personal investment 
in the company. 

I fail to see the necessity for 
the total removal of the qualifica- 
tion. Just as it is reasonable 
to increase directors' fees so 
there may be 3 cave for amend- 
ing the amount, but in my view 
such a reduction To, say, 500 
shares should specify Ordinary 
shares, that is. risk capital. Why 
should shareholders put their 
trust and investment in the 
hands of men who are not pre^ 
pared to put their oWo money Ip 
the company. 

It is my intention politely but 
formally to oppose this particular 
amendment bur fear that the 
proxies held by Tom Jackson and 
Lord Greenbili will carry the day! 
A. R. A. Wood. 

19. Hilticood Common Road, 

Four Oaks. 

Sutton Coldfield, 

West Midlands. 


Polling day in Garscadden by- 
election (result expected about 
1 a.m. to-morrow). 

.Commonwealth Ministers begin 
two-day meeting in London on 
proposed fund to stabilise com- 
modity prices. 

! National Union of Mineworkers’ 
executive meets. 

Prime Minister brains two-day 
visit to Yorkshire. 

European Parliament in session. 
Luxembourg.- . 

President Ceauscescu of Romania 
continues visnt to Washington. 

Governing body of International 
Energy Agency ends two-day 
meeting in Tokyo. — 

To-day’s Events 

Advisory. Conciliation and Arbi- 
tration Service (ACAS) annual 

Mr. Michael Pocock, chairman. 
Shell- Transport and Trading, 
speaks on u Risk and Reward in 
Business'* at. London Chamber of 
Commerce lunch. Savoy Hotel, 

Sir Peter Vanneck, Lord Mayor 
of London, and his Sheriffs attend 
Clnthworkers 1 Company dinner, 
Clothworkers’ Hall, E£.3. 

House of- Commons: Budget 
debate -continues. 

House of Lords: European 
Assembly Elections Bill, com- 

U.K. banks* assets and liabilities 
and the money stock; and London 
dollar and sterling certificates of 
deposit (mid-March). 

Associated. Portland Cement 
(full year). Automotive Products 
tfull year). Dickinson Robinson 
Group tfull year). Ready Mixed 
Concrete (foil year). Rownlree 
Mackintosh (foil year). 

Lunuva (Ceylon) Tea and 
Rubber, Great Tower Street. E.C., 
12. Olives Paper Mill, Charing 
Cross Hotel. W.C., 12.15. 

Annual service for Guild of 
Freemen of City of London, RL 
Paul’s Cathedral (Crypt Chapel), 
520 p.m. 


Royal Opera production of Der 
Frelschutz, Covent Garden, W.C-2, 
7-30 pjr>. 

English National Opera perform 
Force., of Destiny (final perform- 
ance), Coliseum Theatre. W.C.2, 
7 pjn. 




Charles Street, W.L . “ h0WfJ ver. for environ- able to ask that such appointees 

; : , - , mental control equipment Such should indicate their confidence 

, investment adds to costs, m the company by investing in 

lifferentials Because of the Intense heat at it and thereby identifying tiieir 

^LUCf CilUap fte - x of memn g aQd the interest with that of the share- 

n rlonlirm : Tnovement of hot metal in the holders _ who, theoretically. 

.Ct decline foundry, 1 there are special ertrae- appoint them. In practice, of 

President • ' tion problems •• which make course, companies of the size of 

■ . . eoirinment very costly and heavy BP tend to become- self -perpetu- 
TecS&U- ” t?placensS. MaS fauridties afina I aUgarehies imles disaster 

thirteen directors other 

rasitTS C oSord °« f the to d aSct tte shillld Ubour so thanjthe^oyernmeot. nominees 
lcrs it- oJxSecinnai . and for tltoir existence. It are beneficial or family owners 

nJaison Gr upl wbU ^ have of 15^08 Ordinary shares, and 

Sa is a memvnpt^been avatiable for purely receive remuneration of over 

M decline 

. ^-AUin the President. ■ 

.- aAr n&ciotfon of Professional 
and Technnldpistt., 

From F. J. Packman. 

Sir. — The “ All-torque " item. 
(April 8) draws attention to the 
statement — in the Government 
sponsored report — that the adop- 
tion of electric cars is inevitable. 
Your • article goes on to state 
that precious few funds have 
gone Into proving the case for 
or against this form of vehicle 
as the big motor companies have 
vested interests in the internal 
combustion engine. 

The same situation applied in 

1912 when Rankin Kennedy In 
his three-volume “ Book oF the 
Motor Car “ stated that in thai 
year 10.000 electric vehicles were 
built, 6.000 being pleasure cars 
and 4.000 commercial cars. The 
forecast output was 15.000 for 

1913 and his predictions 100,000 
for 1915. 

Historically expenditure went 
into the .development -of the 1 
interna! combustion "engine, 
although at "that time the fact 
that the twin overhead carashaFt 
engine with hemiaph erica I com- 
bustion chamber was the best 
that was known. The money went 
into methods of producing the 
inferior side valve engine as 
cheaply as possible. 

■ HU reasons were also in keep, 
ing with modern topical thought: 
pollution although it was smoke 
from burned, lubrication oil as 
well as poisonous gas (carbon 
monoxide} which was the inner 
city nuisance in those days. The 
other relevant area which he 
discusses at length is the battery. 
The lead-acid ceil of that era was 
too fragile so the nickel-iron 
Edison battery was proving itself 
for use in transport at that time 
hut the nickelcsdmium accumu- 
lator made by Worsnop and Co. 
of Halifax. England., was shnwinff 
promise for all traction purposes. ' 

Tt is to be honed that a Govern- 
ment-backed electric car .project 
in Japan Is not allowed to win 1 
what is to be the erowing market 
of the nost-1980 era. 

R. J. Packman. 

Seahatfirit, 42 Pearce Acenve, 
Parkstone, Nr. Poole, Dorset. 



. -w v *? 

«*"' 'jt 
t ^ 


' f* 


1 % 


There’s a new source of equipment financing on ihe 
U.K. map; Ihe Blue Key.programs of MH Leasing Limited. 
Think of us when you need financing for substantial 
capital acquisitions. V\te offer medium-term. . . . 

sterlirig-based equipment financing in a variety of forms. V 
Most importantly, we tailor a financing program ■, , 

to suit your specific situation. Because what's if 

right for one company is not necessarily right 
for another. * 

While we’re skilled at structuring deals, 
we’re equally proficient in the follow- 
through —providing attentive service 
throughout the life of the agreement 

Consider, too, the strengths of our corporate 
relationships. To begin with, MH Leasing Limited 
is backed up by the resources of a 535-billion institution. 

•i 7 

^ \ 

* J?: 

-■ * 

1 , in addition, U.K. companies that require 

ly^doHar-denominated financing can turn to Manufacturers 
w Hanover Leasing Corporation for a prog ram that suits 

their needs perfectly. 

If you need sterling-denominated financing to acquire 
high-cost capital goods, don’t make a move until you talkto 
. MH Leasing Limited. Call or write todajt j 


: Anthony W Jukes. Marketing Director 
22 Austin Friars 
London EC2N 2EN 
Telephone: 01-628-3833 


Total equipment financing. Worldwide, w ■ » 


Australian loss cuts Carpets Inti, to flJm. 

at GRE 
in second half f 

' Financial . r Tiines ;'Th.aPsday April 13 1978 ' „ 


. v . Cuiyenr 
I- ;■ payment . 

Amal. Metal 1., 10S1 ' 

Babcock and Wilcox ...... 259 . 

Henry Boot ... 

Carpets fat 

Christies &27 

expected,- ahead from £1.98m. to 
I5J27m.. profit before tax of 
Carpets International dropped 
£2JS9m. to £152m. in 1977 on turn- 
over up from £103.16ra. to 

As forecast in the January esti- 
mate of Australian losses, the 
final dividend is passed leaving 
the total at l.Gap ael per 50p share 
against 5.51 p last time. At half- 
time. the group profit was £0.57m. 

The U.K. profit of £3.1m. 
f£4Jm.) was achieved despite a 
background of overcapacity in 
the industry, continuing price 
constraints and weak market 
conditions, Mr. R. Wake, the chair- 
man. says. 

The Australian operations have 
been reduced in terms of pro- 
perty. plant, working capital and 
employees to a level appropriate 
to expected demand, he says. 
These steps are now beginning 


year will be no exception, mem- 
bers are told. 

JV1TH a , short-term underwriting- Australia: Premiums . V** «n»u« ^ - 

Toss on • the fire, accident and (£22;ta.),- underwritine Dmus **' ™r-- *5** 

marine .accounts of £6.6m. com- £3.7m, (samfij and^eatment Don be^CombW out. 1.® 

pared with a profit of £S5m., the: income £3.4 hl «A-) 75gB“ r lif 

19. . pre-tax surplus of Guardian Premiums £S9.Tm.* J-f! . 

Royal Exchange Assurance fell underwriting loss SOAmf^prbat Forry mekenn * -.rot 15o. 

Date. Corre- 
of spending 
payment - div. 
May 31 9. IB 
— toe 
May. 18 5.73 

May; ,30/ - 353 - 
May J9 \ 3.15* 
May 8 15* 

July -14 2.74 . 

May- 19 

Although only 9 per cent, higher profits at Babcock and 
Wilcox are better than expected. Apart from a look at the 
market, which has apparently reacted quite sharply after the 
Budget, Lex analyses the Barrow Hepborn report which was 
published yesterday. Elsewhere, profits at Carpets Inter- 
national' are nearly two-thirds lower but. since the company 
had already revealed the losses in Australia, the outcome was 
no real surprise. The last in the batch of composites results. 
Guardian .Royal Exchange and Eagle Star, failed to stimulate 
the market, with GRE suffering from a disastrous fourth 
quarter in U.K. underwriting and, although Eagle Star man- 
aged to' reduce overall underwriting losses, the U.K. position 
deteriorated. With the drag of the New York opening, profits 
at Christies are below market estimates, while Glynwed has 
been held back by a poor trading performance in South Africa. 

First-half profits are shown from JEBl.lm. to £5tL8m. At- mid- fitfm.l, and ihvestme« E. Fogarty J27 

before the KWA bonus because way profits stood at E265m.- £4.4m. ‘ (£4.tira.): GetmSSl. 1 Glynwed IJ 5 

they provide the best comparative against 'J24m. ■* - Premiums £U95m. { Copcng Const ...... 1st mL ;J5 

guide to the progress of the com- Full-year earnings are shown at underwriting loss ■S7ih^nJ‘™ Guardian Royal .Ex . .. .. ...... -S.93 

P^- «.?p <?JSP> per 25p share. The ESJSm.). and lrnSstaJm «« W™** ~ 3r * £ JJ: - 

dividend, total is raised from £l2m. i£10.9m.)- DJO Prwntrlw Kalamazoo _- 

9JS209p to the maximum per- £209-2m. (£lS7jtaL), tmderwririhiy OHExpJorafajni ■■ . 2.11 159 2.11 

mittpd 10.1B545p net with a final loss £6.8m. (profit Rhodesian .6.56- May. 28 656 0.56 

Liowniurn- *«*>«. • • • v^rstisssr*-- 1 ss.- •**•* -■ 

The dirMore sav thin ramito Tnit*^ — .j Rftwan and Booen. 0,/7 — _ . BLBS - Ig g 

July 3 * 
June 12 
June 8 
-May 30 
-May 22 



at Danish 

Rowan and 

a continuation of miunis fisnsm f nri Stsrtrlte Engineering ,..tnt.i. M ■ 'May 23 
the- profits on much of the over- writinc nrofit Wlimot-Breeden . l^ ;^'“ July\3 ; .378 

The directors say the results -Ireland' and 

u Ua cc uy pour per- *■ Wood 0-j». 

SSfr * Geimany 2,14 SES^iS^^ ** -■*> 

The overall loss on UX under- SiSi VrssoSt und^SS fricreased by nJ?htS ^/WJ^aMtlon fesitas. 
TURNOVER FriR 1177 of Danish WTltIn S was mainly caused by in- loss £6.6m. (profit S&Siu:) 

22 TSL 22 - “«• SS& tew-"* 




suits are not forthcoming 
reasonable period. 

The volatile Australian economy 
and a continuing high level of 

not unsatisfactory, he adds. 

• comment 


v~ — -- in - . linemen’s strike. A disastrous .final' quarter-- for 

level during the year and plant Mr. Derek Wilde, the chairman. • *.? “fPJfP 1 ®*'’-: -j *' “ -V« m to Warln ^ and aviation . under- Guardian Royal Excfea%e • has 

„„ „ and equipment spending was said that the decision was "f Vt™ ^t wrir ^ overseas, made a/ useful meant a complete -turttrpuiia in 

to arrest the decline, but he says financed abour equally between prompted *"■ the directors report tna npnfif &nA tho .tw» h k ,.^«r U TiHn 0 

directors will not hesitate to take depreciation and loans. thal Birr 

further action iF the expected re- jn ],^fd Murids was in ih^ future.' n^for^tbeir <> f °Die largest contributory for the £1 oimTdedine' in'unde^ ECprdOapC conditions £0^m. . to addition, a 1Q-* . 

a « e 5 c 3' airangemenLs tor ter. f actors j n jjj e overall results was writing overall.. The grwm^nirts ..*ud the . strengthening pound strike at: Tfufio- helped slice so. 

the change in the value of sterling the blame more or less'comptotelv .combined to produce a cent, off- the petro-chemicd ■ - 

confident that the C0 " se ?“ e, ’^T in I9»i which, by comparison with on the firemen's* strikcLiyfith- half sbeond, half shortfall at. Wflmot- sioii s profits while Austrafiai 

earnings would be ade- lhe 1976 RgureSt reduced short- a dozen major fires in Dfet period Breed<1,, „ (H ? I|Cn ^2i leaving pro- managed to break even after! : 

™ placed *. r , th ' term premium income by £30m. where losses were neafly^lOo-ner P™? 1 * 0T i down from tributing . £U;4m. last time. \ 

Full year per XL snare investment income by £35m. dent Normally the fourtfrqoarter ^ ast y eaJ ^® peak £651m,- to j £558m. where, the electronics dlvf 

From ' Profi l - available to Ordinary is a profitable period for fiiVS ^ Sales for the year advanced continued to suffer the effed - . 
1 i®?. ec «' e, y '.‘fi 61 ! holders has benefited to the ness. GRE's UX. accounl was ala, R P er , ce ? t - SS^Sm. -to lower consumer spending but i ^ 
•-=- •— - ?«aajso M halftime -profit was demand:, for tfppbiggeam 

IrnfLwK/dTl^ye^t' in*™, ion., .revealed 




the business 

agency agreement for an trothne -interest. 

and initial .period of 2 years with 12 UWJ,n . g jnieresL 

from new 

Wake 1 .says h would be in 1977- But with manufacturine For !be six months to January ^ ch currently accounls for profit 

^ »t 27, 1978, grou p sa | es to external 40 P® 1, renL of S r0U P turn ' befare “* ■ ~ 

the company i s now tal.Jr placed i^SSjy-^| h h c , g , a e r r k | 

In ihe prevailin8 con - Sd™^ SS 

IF ihe market does however po °: , , f ° r hv ’ 9 I T a 7i v' n’™ 
improve the company has aood nr^hiowT in 

prospects oF resuming profitable ““rds. The major Probl em in 
nnprkhnns aihoir nn a s-mall Australia is cheap imports which 
S rn ihc SrU, cable >»kU« over JO ner cent of the FIBST-H.W 

Flwu-h»n> in rha ornim tis market and undermining the Kalamazoo. 

manufacture iirmrovcd with’ turn- home manufacturers. CT has office systems organisation, reveal months notice of change there- 

~ sJrcmfhESer S £3 77m attempted to retrench its Austra- higher sales and increased profits, after has been signed with ESS invent income 

5 iK h^SS b Kan business and the number of maintaining the recovery set in Food in respect of Danish baron ‘ 

other ^reas emolovees was more than halved motion at this ume last >-ear. in its traditional form of Wiltshire U staMww!n? 

Mr. Wake . — — _ , „ 

wrong and misleading in the capacity of 6m. square metres „, v , o r 

rurrenr enrironment to take anv- needs an output of around 3ra. to customers climbed 21 per cent. ov £f- „„„ n« .pmfir 

thing but a cautious view for the break even and though the com- to £9ji m- (£S.i9m.> while- profit . , e . new *y signed agency con- pfgf^ua and mmoriues 

current year, de^piie some in- pan> is budgeting for that figure before tax and the Kalamazoo tract insures a good supply post- Avsibthh io cnlinary 

dicafions of improring market there have ben too many false Workers Alliance Bonas rose 11 “°, n for bacon in the immediate dividends ....... 

conditions. dawns to get optimisUu now. In per cent, to U57m. (11.15m.). fut ur e - however, unless toere is Rula,l,wl 

“It is inn early in the current the U.K. the picture has been Depreciation amounted to £568.600 3 change in trading conditions, the 
year to make any predictions. M'e relatively brighter. As a whole (£4is,000j and the profit-sales results for 1B7S are likely to be 
are constantly monitoring our per- industry volum was stagnanL but ratio came out at 125 (14) per som ew'ha* lower than those now 
formancp against plan for all our d increased sales volume by cen t. reported. . 

operation* and 1 intond reporting close to 2 per cent, taking its An increased interim dividend 

on trends at the AGJL" . market share up to nearly 1G per of 0-925 p (0.825p) per lOp share 

But this U.K. grow tit has has been declared, absorbing 
at the expense of margins usfi.480 (£166520). Last year's 
fell by a third to 4 per total was 1.9361p paid from pre- 
Meantime the balance shet tax and bonus profits of £3.29m. 
net borrowing 14 per cent. The directors say the computer 

A j 


1 3 

2 8j 

Elsewhere the results .aiv good. of last year,s Production Is picking up ^ 

ism Australia remains profitable; due They now say turnover of the nmst provide- some recovery ^ 1 
^ to. the tight - control' exerc&ed in French company .increased- re- P®® 1 as 60 per^ cent of lain 
8 ,T that territory and losses in Ger- fleeting the 4 per cent: rise in ^*cs go. to^Bntlsh LAyland^.’f 

.«'i many have been reduced.- .-GRE French car production,, while .in. tinuina expansion in the Frt- 

fit show a Britain the mo tor' industry ‘siif-C 32 ^ mdustiywTiiuiso assisti/-.. 

throughout . 1977-' from a ” d the Continental Enroj> 

hopes that this year wilt - 

j?? marked improvement •off';. these Fered . . . . _ - , 

35.5 figures, and the January storms in industrial unresL This - affected °‘ P™nts (00 per cent. 

32.5 the U.K. dp not, appear :tb have both turnover and- profits of the W 76 )-. At 65Jp the shares ari .- 
iA hit the group as severely as -other V.K.- car. components subsidiaries. * P^ e ot.4.6 while the. yield if ’ • 

1 — W - . D..Cf n kii;» n — . ■ rui- c*nt 

ibj expected to be poor. aTid' (be price by a lower level ot demand in 

fen Bp - ' ■ - ! — 

show nearly 

composites. The results' were Profitability was * also affected percent 


t Pro til. 

by territories 









76 .KM 


DIwct •'i oon 5 

S 400 



14 5:w 


Far East 






U.K. pspnns .. .. 



Profit boforo UK 




3 non 


Direct esnor's ... 



Australian loss 






Far East 






New Zealand 



S01r.i1 Africa . . .. 









KM profit 






Extra-ord. profits ... .-. 












♦ Loss. 



Bp to 214 p, where the yield is Australia owing* to economic' -con- ^ . 

:ly 7i per cent . . . ditioris and a power ‘workers' iTlTllYIlQm 

, 7- strike, and -by an industrial A : s- pUlllloUl 

__ _ __ ' P ute and lower demand - at - its i tt ‘ ll * 

Eagle Star jumps 32 % ’^sijbsss^. -»-. at Hugh 
to record £ 43 . 5 m. 

In his- annual staten^ot ] 

cent, of shareholders’ funds, ai pane profitably, conmnutmg over * “*““ v,a ‘ , V1 ra = m re 7m 

41 p. where the market capitelisa- 25 per cent to group profits. They ^ned m the annual report, has «“L l< ,Su5J?*r2n«Mv 
tion of £9.7m. contparies with net add that sales targets have been Deen . maintained 
assets of £54.7m> the shares may met so far in the" second-half consumer 

After tax of £0.47m. 1 12. lira.) 
and minority interests of £9.000 

pute and lower demand, at - its 

Truflo subsidiary. 

Almost three-quarters, of group 
profits are earned overseas, and T% 
the -improvement, in' sterling jV12LCK3.V ■ 
reduced the value of overseas * 

sales and profits. ■ -r} ■■ ' 

WITH toial underwriting loss was . an underwritfiig :Toa~ of The ^hydraulic eornparfiep how- John Madtay, the . 

The eood start tn 197S made hv cut from £75m. to £45m. and £2.7m^£05m.) on the acrotuft. ever had a goof . j- car ,-wrth Hugh Matfit^rand C^. 

— — — „ inegooa start to I9is made oy . Inpnni p. r iehi« is ner In the liability account Premium Telehoist increasing^ turnover- and with diminishing Jhfiat 

At pand profitably, contributing over President FmancialGroup men_ “ l ™ Jga ins *£32.7m„ “While thereductioff jfe the produ S r ®P°' rd proffts - cost, and price 

thoueh Eagle Star Insurance Company level as a result of T,®: -higher , cmnpany, -ACS -Perhaps ofte is- permitted a'a| 

spending rematos finked 1077 on a taxable surolus r.tes, particularly ob. products degree bf optimism - - ... 

Lord Chelmer the 32 per cent, ahead from £32. 9m. liability business, ..arid. y dfcord Together these may releas 

ivenTj ground sC but it will take continued, the^g^up will maintain chairman, said at the AGM.* to a rerord £43.5m Itolfttae pnjR ^SS‘'”gJS °^ 5 ^Rr5Sfc 5>^ 

actuaf recovery in reported the level of profit achieved in the Members were told that the w» togher at £19^m.. compared ^ u ^ a J“ n \ inu ^ 0 S ^ ^ pea ® M, sale- uTOctober. ‘ . , * ' ' £ 'VlS'SSEfl 

its and restoration of the previous financial year. directors expectation of another with £15.8ra. Overseas there wasvV sub- rcsu,t is sohjSct to fax “ JJy l J Slit*?™? i 

dend' to- stimulate any market Kalamazoo expecLs to do this good year for the company is not premium income for the year ^n^a] improvernttrij- lri- under- on the 2019 basis, of £2.B2m. a 

uisiasm. " rin stated earnings after financing the continuing materially affected by the Budget c ihribed 32 per cent to reach writing results overall Lin Aus- f£3-0om. adjusted); and. affer 

p e is 125 and the yield Is satisfactory development of the and does not depend on a con- £4g2.lm. (£3M.3m.) including an tralla the overall nmter w ritlng- minority . interests of £78,000 carpets me 

?r cent additions announced last year to sumer spending boom, which some advance tn fire, accident and still- leaves room for ImoftWient (£12.000) and extraordinary losses pr ° auces ' _ , - 

the range of services it offers on commentators anticipate. motor premiums to £293. 8m. but in Belgium claims ratios were totalling £153m. (£0.4Bm. profits) £s reports on March 

both the computer and manual Refeirlng to the offer marie for f£2365m.) and a jump in single brought more under ^control and attributable profit was £151m. «a ; profits feu from . £058^ 
systems fronts: [he H **ifi« Insurance Company. Ufe premium to £S9.3m. ( £3G5m;). i n The U.S. the underwriting (£3.6tmA. Eamin£s p4r 25p share , 

Kalamazoo’s home trade is sub- the chairman reported that in There waff a transfer to the fire, performance improved consider- ® rp shown at 135p compared with £jse from £178,000 to OfiTj 

ject to strong seasonal influences advance of the formal offer being acc jd ent and motor account of ably — 14.4p. • • - — • - ----- Turnover was up from £6.9 

A new office has been opened and unless changes -in legislation, made, shareholders owning more cigm ii oss F7°m) Grovewood Securities, expanded A final dividend of l5S157p net «54m. 

DifmlonUoiw Uu • C nvcdp oonea n f.U AM ii(A n fhon 9^ nan Pont nf t4ia omiiHr 1 §a - “ " 



.ivi-.r ji'.-- 


(£14.000) earnings per share are in Birmingham by Keyser cause a temporary alteration to than 8a per cent, or the equity „„ n „nw a ,„™r - ‘ - .... ... . — 

shown to be haired from 8.4p to LOlmann, the London based the cycle, the second half is have provide# -irrevocable under- ™ lLSumISLi. Srvh* on turnover of £845nL ,; (£73m ) 1 3.0Sl57p (2.73898?). 

35p. merchant banking group, which normally more profitable than the takings of their mention to accept f f ^ e fl "S re °, S * KifS'fti? *5f incIudS the share^aSknSt^om 

Mr. Wake says that working already holds offices in Man- first. - _ Provident’s offer. The first closing .^ c fund - *?!!■ .. ■ 

capital was held at a constant chaster and Newcastle-upon-Tyne. All the indications are that this date for this offer is April 14. 

D!k. iSh Bow showed . for, her the »“ r 10 JKjyg^Rf^JSg 

be difficult due,, partle 


money greater emphasis, was a ^cia^ S*le S MUM 

placed on ihe^ purchase eb British ^mounted to £ilm. ^ 5««daiion^ — L4ta 

Government securities and the *3? S ISocSe^SnwniM ".'.'.'.T 6 Tb 

directors have .added . selectively Premium tacom* / 4g.i swj invesmieni income sn 

to the equity portfolio; ‘Sir Denis TSSi^^m’SMSSSf ^ ^ 

Mountain, the chairman, explains. 3 life icenii^* 

The solvency margin, repre- Sinjiie Ufe pn-mti 
sented by the ratio of members’ J5”j5!”23 JSSS? 
capital and free reserves, includ- 
ing gross appreciation in invest- Members* life 
nients, to general premium undera-pnna 
income, was 85 per cent. SSmMmm 

The net total dividend ts lifted Taxation . . . 
to a maximum permitted 6.l262p To minorities 
<5.527p) per 23p share with a 
final or 3. 1262 p. tosmSK" 1 

The company is in a strong Retained .L 

financial position and the direc- 
tors look forward to further • comment 


We just 




















362^, tmrrest" 1.07? 

2L* igroUt fete re ux ............. 5,676 

W.O . V — 2.6S4 

M3 Nk profit \ 3.854 

S17 ToAplnortde* IS 

5.6 Excifcrdtnarv low* 1.327 

>4 AtLrtbteible V - I.«9 

7.0 PrcfeiJhce dividers .. .. 169 

■2 OrjHnirs\dindends\. B4P 

' ' 1090 

3.7 Retained. \ . 

32.9 * Main!? wrfianae t 

14.3 written- off- t Profit. ' 
14 . 

xo • comment 

l * Wilmot-Breeden’s 

““ internal , inflation, wage 
lmo and the resultant drop In 
6JB2 able Income. At the same 
w there continues to be dvt 
^ capacfty r df -prodiictiofl-^obt 
-6,211 in ' the U.K.— with a cotrtf 
3.045 tendency for other manufac 
to seek orders at almost 
f«5 price, often unrelated to 
s.sw costs. The net result is thau, 
w* again, volmne throughput 
t*s: though total -sales vahti > 

a and • goodwill increased. • t - 

. ' ■ Foreseeing this and the sigi^^ — =ir . .. 

\- a continuing contracted raarW t_ * 

. \ ' the short term.' it was decked -v"l 

cent carry out a redeployment of P^v 
peronnel within 

8 - per 

8-fl profits rise in the first half has mid--. 

been followed by a 22. per cent Axnunster facto^ during »•=- : 
downturn in the second six second naif,.' witn . too- ai® 

profitable expansion. The group s Eagle Star has managed to months, reflecting the ^problems increased productivity at. a i®?**.. 
insurance business is expanding reduce its underwriting losses by caused, by Industrial disruption In cost. of some £40,000. 

satisfactorily particularly in the nearly one-half thanks to getting the UJC car Industry. Strikes at In spite of the : de cl inin g Mj; :r ; :. 

UJv. and from this is derived a jt s Belgium business in shape. British Ley land hit volume sales during the year and a, someth 

strong cash flow which should The group has been cutting out and the U-K. bumper divisoin's .. smaller cash element, InfflUH 

result In increases m^ investment unprofitable lines in Belgium and profits slumped from JElm. to Income was- well maintained' , v . 

income although this will be has reduced underwriting Josses- — " 

As one of Europe’s great chemicals 
and plastics groups DSM knows how 
important it is to clean up after the 
job is done. 

For instance, in The Netherlands 
t his year, DSM will have spent some 
£35 million to make the River Meuse 
cleaner. To do file job DSM pioneered 
techniques which take out nitrogen 
impurities as well as organic matter. . 
The plant that has been put to work . 
on the Meuse will be big enough to 




deal with the waste produced every 
day by a city the size of Birmingham. 

Good news for Dutch farmers who 
will use the 130,000 tons of bacterial 
waste produced every year to improve 
their soil. * 

So Meuse ’78 will be a great year. 
And the know-how that made it so 
will travel well. Soon there will be 
great years for the other rivers of the 
industrialised world. 

Water is a vital resource. DSM 
technology keeps it clean. 

DSM chemicals and plastics 

to Arid out how much more we do, write to the Information Department, DSM PO Box 65, Heerlen, The Netherlands. 

affected by ihe general level, of t 0 £0.9m. from £3.lm. in 1976. 
interest rates, the chairman says. Business in South Africa remains 
In the UJL a 27 per cent HO od and the underwriting profit 
advance to £179m. was shown hax been tripled to £1.8m. U.K. 
during the year in premium josNes are slightly higher, with 
income and the fire business was ihe motor account (in common 
again profitable. However, overall with that of other insurers) 
there was an underwriting loss of suffering front a higher than 
(£25mj after additional ‘anticipated number of claims. The 
provisions for unexpired risks in January storms are likely to cost 
motor and “ all in " departments. £)m. and this has been provided 
The loss on the " all-in " account for in these accounts. Australia 
was £4.5m. (£5.8m.) and this .still remains the problem terri- 
seelion continues to give the lory where losses have nearly 
directors cause for concern. In tripled. The group suffered from 
January, I97S, there was a major bush fires early in 1977 and there 
storm which is expected to cost is severe competition from U.S. 
the company about JElm. and this companies operating in Australia: 
lias been provided for in the On the investment side, the 
annual accounts. Grovewood Security holding is 

The planned expansion of - the now coniine good with pre-tax 
motor account was achieved, profits up £1.6m. to £7 J!m. The 
Although a deteriorating claims share price fell 3p to t4Qp on the 
frequency was anticipated it was results, giving a gross yield of 
worse lhan forecast, and there about 01 per cent. 


The foltatvins cumpu„k-s huve noilflutl 
laics of Board mccilnss id Lbc Siocfc 
Cu-hanKv Sul -1 i tm-cliniM are usually 
held (or file purpose of considering divi- 
dends. Oflii'ial indloa lions are noi avail- 
able wheiher dividends L-uni-erard are 
miurlms or 6rulr. .iud iIk- subdivision' 
ihoun bt'lov arc based mainly on Iasi 
>ear's tiRielable. 


Interims r— Ad n-isL Urilisb Car Auction. 
Samuel ProperUea. 

Finals:— Alva toresiment TrUht. 
AssoeJaiod Portland ■ Cement. Amomatod 
Pradocis. Beaulorrt. Beni alia. Bourne and 
HolUngsironli. Dim-rborpe. Carron, currh-? 
.VicftoHs and Coombs. Dickinson Robin- 
sou. Dreamtauri Elect nca I Appliances. 
Haaf Rand Coiuolidartsl. James Fisher. 
Ci-n-ra) and i.ommorelnl IovesLDU>n< 
Trusi. Oem raf invasion and Trustees. 
Aianh-v Cihbuiis Inicrnatinnal. Green's 
Eiunonuser. S. .leronic. Lee Refrlgera- 
Mon. Lojodan and. Proviruial rosier. 
Portal-,. Ready Mixed Concrete. Richards 
and Walbomon. Rownm-e WacMniosli. 
rtnhrrujd. (’.sire? n. Ssndeman. 5und-:r- 

son Kaner. Slag Fumimre. A G. 
Stanley. Taylor Paliister, Tricentrol. Yorlr 
Trailer. Yorkshire E-ine W'oolleii 



Change Wares 

Construction Holdings ' 

llepKortli <J ■ 

MiKechnic Broihcrs 

Apr. 17 


Allas Electric and General Trust 
Estates and General favour menu 

Might Roruellmg 

• isroar StwbWr 

Hawker ilarrls 

Helene of London 



Maiihvws -Wriahtsnn 
Men! more \J anofaetnntw 

Pearson Longman 

Reed BmiKitf 

Suuthvni Cons tract loirs 

Mas U 

Aor. 18 

Apr. a; 
Aor. », 
Apr. 18 
Apr J -16' 
Apr. W 
Aar. 27 
Apr. 14 
Apr. 31 
Apr SI 
Apr. 17 
Apr. .st - 
Apr- U» 


^ Classic Italian food, fine Italian wine L§‘ 
and authentic Italian music from Monday, April 10th . 
to Saturday, April 22nd at the Cafe Royal, 

68 Regent Street, London. W I . 

For reservations, telephone Dante Rota at 01-437 9090. 

Supported by lK« Italian Chamber of Cananatr ® eonjuuCbOT /ffiValia 
wiih the Italiia Suic Tboriil Oflkc and AElalia. JBl 1 1 tO I IO 

Have to 
ask tiie price? 




tig - 

iK' ' 

Avro Financial Servk-csXjd.-M-r rccordsiniicc earnings, yokiOU of I;- 

biisihcbs and total receivable* during the tirumwial year 1977^ .; 

according to Willium A. Bancu, General Alanagcr and Director of - .. 

the'eonaumer finance bouM. " • ... t 

Earnings after taxation totalled £351, 319 iortheyeir ending 

. N.oreniicr30i.i.W7x -an increase of ^ per «nr over, the £236,953 - J. - 

- recorded the previous year. 

offices throughout the 

■.over the prcvion> year. Volooifr of business totalled 
compared 10^6^464,39510.1976. ■ - _ T-1 
. AFS attributed Ac strong jKrforttance to improved consumer 


rohfftfracg plus ihe expansion of the Company throughout the 1 ^ • 

- « — HITT AECnMniiH 1^m0tCQt6.-‘v'f fl *■ *"■ .• ^ 

. b«idqUnrrer&.in NeovponBraitir»Cahfbrma. Vrt^ reported 

wurlduMde earnings of 551.7 nulUm and receivables lonUmg- , 
. 1525 bDlion* th is company iii turn iff a wholly-owned subsidiary of •: 
. Avco Corporation. . . 7 j • ■ 




„ "5 * . . 

' ?:■ , 105 O.'tiordRMdvRcadinff.BcrksRGl 7 UD. 





■’ ■' ' ’•/. ’f| Financial Times Thursday April' 13 -.1978 

Babcock to £32.3m. 

•, Ster ¥ 

. ‘ BNOVEB .POR 1977 advanced 
■’■ m £629SSm.. to £656-67cu at 
bcock and Wilcox and pretax 
,s ifits expanded. . ‘ to .. SXLSSttl 
’ tinst £28.8Sm. after a £0.*4in.' 
.■* a to f 15.62m. qC. miri-way. 

:: turnover iiichided £2T.7m.- in 

• ■ peer of three extra 1 months* 

dins from subsidiaries which 
: wised- tBeir accounting dates. 

• wever ? higher sterling exchange 
essenotidy depressed. the value 

■ overseas companies' turnover 
en translated into- sterJmg. Ex- 
vfts increased by 37 -per cent to 
1 u2m. - and in . the past three 

S irs have risen by X42 per cent 
i lr. John King, the chairman, 
»orts that due to the strengthen - 
h-:" of stenting law in 1377, the 
fljjsuh does not reflect the real 
^kprovemeirt in profits ear :d by 
a > group's overseas companies, as 
rhange rate movements had the 
i v ert o/ redudng the. actual ad- 
Irjjicc in oversea? companies’ pre- 

Empire Stores up 27% 
£7m.: growth continues 

- 3 > r ;• v:' > 

-.1^ r* ct* 

-v : v\ 

SlHhanTwe^d fotSS 0N SALES U P from *™lm. 10 ^lem of agency accounting are 
fiMUmvSS^affTiSJSS or the X3f ™ taxable profl! of Empire already evident even though the 

peering prodacts and capital » SSit.'SSS S^JSSSm- 5tf B 55^K 

losses amounted to some £2m. £lOQm. during the year.' c directors say sales in the $37^ *md uith bank and other 

Stated earnings per 25p share Expenditure on new plant and 5lJr have been^heid^f taflaitan racmUes ava ^ b J e K 10 group, 
rose from an adjusted MWp to faciHhes m 1977 totalled £lS6m.. Kj ev£«5 h hath * tSOSZ th,s is *"****? J®, * sufficient to 
22.5p and as -indicated at the iime< MM £9 3m. was incurred in Jg ^"SEEF** lhe Ior * 

of the convertible bond issue, a [he U K i n addition, capital u, e Jun yS seeable future. 

2£92p final hoists the dividend ««nditttre on the acquisition of ...T, U ,L„ npnfiI With Treasury consent the final 

total to 5JJ5p (Uiispv Mt^ with " nd investments . ** ’ v dividend is raised from ISp net 

Treasury permission firtnted. amounted to £3.4m. Sr^cfT f ”>iS' 8 ?£ chfeSSr per 25p share to 2.fi046p. taking 

_ ■ : : ..ST SS Strong cash flow «"* 11 planned I to achieve a 5^® P Divides 'will 

tST pn£ ";. C T7 Cash fl 0W , notably In the U. K . H? Eft 5 ttO'JEZ SSRn fLSI* UUtei. 

E 7 «3 SSSjS* u ?- «ws Strongly positive recorded in the 1976-77 second Profit includes income on short- 

Sc”w P S£rti«« ""'"I IS- JS SSSKlW 3 T‘° , with - H* ha3f ‘ term deposits of £44.000 i £89.000) 

*no X Mm* ax .... %&s 3SA71 tn«t the net liquid position He now says that although sales and was after Interest charges of 

USS i™£T? ved b r some £srm. and in the first halfof the yeSr were £527.000 (£506.0001. After tax of 

xf frir2ni 1 r, , !rSEff-.n5 l !l!!S! verj ’ buoyanI lowing the SU b- £3.R3m. (xasim.) available profit 

fxcbanac las* 4.673 24. MB’. i 13 £93 -i m - to £6S.4m. at the year stantial increase in sales volume was £S^6nt. f£2.R2m ), 3nd earn- 

«tivMe«»* .... » vi‘ - , in lhe latter part of the previous ings per-share are given at 12. 7*p 

5H£SE W SJ® L°2' , “ r * ■ SS;?H2 ,o» C *B?* 8515 lbe fivoup began year, turnover growth in the against U.5p. 

UctaiM? ...'. . . . :!r.V? sojS u ‘ tl * uncompleted orders in second- hair was less dramatic, 

■torJudf* a.oo6Jtie on- «*^«f3a*»res nan “ to a value or £frL.m., com- v.-iih an anua) increase of 21 per • COflUTient 

Kit Empire Slope's ll).T per cent, sales 

An 'analysis flf turnover" and companies increased hv some ,J^ e benefits of the increased growth in .the second half is a 

trading profits show^tS^OOOs): ClOoSTdue to ttamf j?fn ?Q77 efficjen ^ from computerised rfiode under most market expec- 

power and process engineering of two major overseas contracts. 

J Overseas earnings 

* Hie proportion olQroup profits 
'-rned by overseas companies in- 
■■: .".»sad for lhe, third year in sue- 
‘ ■ '' - ssion and at The. Pre-tax level 
"/■.counted for 63 per cent, of the 
. 'jl.Profits from U.K.* opera tions. 

. Awever, were affected by excep- 
‘ .-nal losses 'in Hards lock and the 
.''.unbarton tube works totalling 
m.. partly offset by non-recucr- 
* income of £3.3tp- This latter 
- -• iount consists. Of. a credit of 
,40.000 in respect of the excess 
provision made 'in 1970 for the 
- t cost of redundancies in Scot* 
■- n works over' tjve costs incurred. 

■ ".orofit of £8,006,000 from the sale 
shares In Herbert Morris, and 
e-tax profits of -£609,000 relating 
"the extra three months’ trading 
■'• , those subsidiaries which 
-anged their accounting dates. 
; Ihe loss iu HanLstbck-.amounted- 
£4m, the result of inadequate 
f\. e control, extensive remedial 
* /lUinteJ 1 *- ^ UFe "sub-contractors 
• 1 lllMd worsening delays beyond, con- 
. ». Set terminal dates. The' contracts 
4( Hii n Liich have caused-trouble will be 
^U^mpleted during the current year- 
\ i ‘ d the- management of 
’idiTor n 7 has -been' further 
“'■lull -engthened to exercise a. tight 

ta tions— Freemans showed 18 per 
cent and Grattan nearly 8 per 
cent — and pre-tax profits are also’ 
marginally short of estimates of 
£7m. Empire, in common with 
the sector, faced a much tougher 
trading period in the dosing six 
months as .the small boost to 
persona] spending power Iasi 
year came too late -to influence 
the Christinas season in the mail 
order industry unlike the .high 
street shops which got a late 
boost lo sales. This year Empire 
could increase its agencies by 
a further 6 or 7 per cenC 
(similar to last year)*' while 
price increases could be about 
10 per cent Add in an element 
of sales growth from existing 
agencies and the company could 
see a similar rise in turnover 
as last year although this time 
with more emphasis on volume. 
The company has just settled tor 
a 10 per cent wage increase and 
postal costs are not expected to 
escalate significantly so profits oE 
over £Sim- pre-tax are possible. 
At 157p the p/e of 12.1 and yield 
of 4.7 per cent are in balance 
with Empire's competitors. 




Christies ahead 14% to £4.2m. 

£132872 (£151,937) and - £2,806 Domestic order intake in total was • j* 1 - 1 A / 

(£3.008). construction . equipment better than in 197a but the con- a Hflftri Aft f» liAA/1 I /l U/. 
£47,820 <£33820) and £4.4S8 tuiuing absence of a firm' order V^/1 18 /O 

(£3.762), general, engineering ,f® f (he Drax power station caused 

£112.498 f £105,31 7) antf ' £1.181 » further decline in the total of , 

114.628) electrical enspneering outstanding orders for delivery to HIGHER SECOND half profits of 286l2p to 3.~<42p. vosting iO.SSm. 
£18,836 (£16.018) an d . £1-^5 home customers. Since the start asainst 11.98m. enabled (W.Bm.). 

(£1.497), international £143880 ot lhe current year a number of c “** rt,e * . International, the 
(£122,061) and £3.499/ (£328A). major contracts has been booked auctioneering. priming and • COfnfneni 
Babcock Internationa) . £204>720 and. generally throughout the Rrapmc dwtnbuting group, to Christies’ full -year results— pro- 
(£198.734) and £18,353 (£17,126) S rr, np. order Intake has been " rusJl 19 77 ahead by 14 per cent fits 13 per cent, ahead from sales 
and other £2,543 (nil) -and- £64 moderately better than in the fro “ £3.&flm. to a record £4.1 7m. (commission, premiums etc.) 
(nil). The profit of power: and corresponding period of 1977. pr S^' „ , . , aJmostaibirdhigher— include a 

proce«?s engineering Is after . -pro- While the position of the n?» n l u i ^ contribution from ijle New York 

riding £2.4nt. in 1976 for tbs" net group's boiler business is current)? ^ ? .46m. to £]489m. and com- subsidiary for almost eight 
cost of redundancies' in lhe far from satisfactory, the prov C rttsaani n iB h ftrf mark 5 l W j? S 

KwSSwh'SSwS'S KS 7 b ' 2i " ni " 8 “ ,ook beuer iJSVSpTySff 

At?^.J2JSS5Siir The • ^ £0.54m. (£035m.), sales of 0 r property auctioned. Mew York 

nei wste r iime£3 ^ - h nrJ h t,Ti hairm ) n that , lh ^ e sraphic £i).4im. (XOffSm.) and accounted for £«m. of the world- 
nei costs incurred. are still no signs of any signtfi- sal * of print £2 15m. lrilutm.i wide total of £73m. (154 6m.). but 

The- chairman slates that the cant recovery from the present Mr. J. A. Floyd, the chairman. London is still providing the bulk 
manner in which tfe ’■ group Reneral recession and he has no slates that the past year has seen of business. However, the group 
weathered adversities fa I9?7 is r ® as ® n *« believe that the year the consolidation of the group's results are • still well below 
indicative of its inherent strength, ahMd will be any easier than activities and the .successful Soutberby's performance for the 
which was further enhanced by enherof the past two. However launching of its major saleroom year ended Aususi. 1977 but this 
actions taken during the' course ibis time the group is -starting in New York. 

of the year. ' ■-.* ' from a stronger base, he adds. - Sales in 1978. to date, reflect 

Most of the group's -operations ' See Lev the buoyancy of the international 

- - • ' - -••--■ ' _ - - . . art markei and all the indication* 

-. . r,~- for the immediate future are' 

TTlk ' # 'A encouraging, he says. 

n RoyalExchange gjru™ us s 

^ %jg ^ 2.018 S019 

is partly explained by heavy start- 
up costs in the U.S. Also, ex- 
change rate gains were £0.2m. 
lower than the previous year's 
figure. Nevertheless, Christies 
Is now firmly established in three 
of the world's major auction 
centres — London, New York and 
Geneva — and this leaves the com- 
pany well placed to benefit from 
the worldwide trend to invest in 
objects d'art as a hedge against 
currency fluctuations. New York 
has started trading profitably and 
in spile of tough competition with 
the established auction bouses, is 
gaining market share. The share* 
are on a p/e of 7.7 while the yield 
is 6.1 per cent, compared with 
10.4 and 5.2 per cent respectively 
for Southerby. 

Friendly and efficient service m a dynamic economy Is 
the winning combination that assured our growth' into a 
city bank of Japan. And how we're deve/op/ng info an. 
international financial complex. 

Perhaps more than any other Japanese bank ; Saftama 
offers its customers the full benefits of its vigor and 
vision. The vigor that has made ft one of Japan's fastest ■ 
growing major banks. And the vision of a bank that 
never forgets people. are people. 

_ The Japanese hank that helps you grow 



Mb Jwm m— <m Jtu mw T oro, lj im jmi.Bi fi 
nr, ’ll I * | — WBttH&ilB 7tfccaM»S«Miai WHsMSBlWBOII 

- '- b um- n i n « »*niin tir-i -m *■* — *■ — — — ■ ■ *°- 


'’•Preliminary Profit Statement 

rhe audited accounts for the year ended 31st December, 1 977 will be posted to 
. shareholders priThe 1 0th May,"1 978. r ; . 

. Subject to auditthe resu Its for the year^re as fol lows : • 

Investment Incom® s 

Less Interest Payable - ; **; ■, • ‘ ' 

’ * • • . -.V . 

Ondervything Reailte 
Short-term {Fire, Acridentand Marine}... - 

, • ■■■■.?. 


V*#.. * 

~ 7 :• 1 

;' 1977 
m £m 
r 65.3 

v.' 6.4. 

To iulnorlLics .. ... JJ 15 

Kxrnord. ikbit — lie 

Available --■.»« 1.324 

Dividends : 67 fi two 

Rriained 1.468 W« 

* After fTedJilnc exchance gains of r 63.000 

<£1S3.0M>, and ctixrglna addcJonal pen- 
sion fund mmribations £223.000 i£230 00n< 
and leasehold Impforeoirnia f 1 00.900 

» im Utdrs overseas »ax £365.009 ifHt.AHi. 

After tax of £2.Q2m. (seme), net 
profit for the year was up from 
£1.64m. to £2.15m. Earnings per 
top share are shown as !0.4Bp 
(T.Mpi and a final dividend of 
2ff742p net, raises the total from 

DoT probe . 
into three 




Investment income in the shareholders' fund increased by to £38-5m. Without the effects of exchange movements the 
increase would have been 20%. Pre-tax profits of Grovewood Securities were £7-2«n and with the share of associatedcompanies' 
profits brought the io'at income from investments to £46-7m an increase of 20%. The shareholders' life profits were £8’0m after 
grossing for corporation tax and franked investment income. There was a transfer to the fire, accident and motor account of £4-3m; 
0376: loss £7.2mh 

■ Premium income increased by 32?o. O verall pre-tax profits increased by 32% to £43 -5m. • , • ... 

.. . r _. ; .- . 


Profit 6flfor»taxfltioif ; 1 



Less Taxation ' - • / /* W * 

28.4 . 

; 28.6 

Profit fotyearaftertaretien ,. . -‘ ' r 



Less Preference dividend and-Minority interests 

: 1.9 


Profit for year : 

after taxation available to ffrdinary shareholder- 
Ordinary Dividends - . 


~ 31.1 

interim 4,235p per share .. r ■ 

Proposed Final - 5.93Q45p per share. 

5.3 V 

' 7.5 , ' • • 

Total . ; . . .‘10.16$45p per share (1976’ 3.1820 9p) ■ - ‘ 



■Hrofittransfaireti to Retained ftof its ' 

Earnings ^erOfdiparysbare (after 

Results by Territories (before Taxation) 

£1 5.7m 




Preiiu'ims* ffnftnvriting Income 

uGC' 1 

Australia ' 23.1 

Canada • 59.1 • 

Gertnany:- • : T1 9.3 

' . 2092' .; ; 

Miscellaneous bidudmaRajHlblic - ' 
of Ireland and Reinsurance 180.8 

' , 591.5 J .\ " 

* Nit af Haim nriau 

**lacMa Marita and Shanm risks vnitlaainlkiUalttJKwgiaai 


Promiums* Underwriting Income 
£m - ' £m £m 

22.4 : : 3.7 2.2 . 

58.6' .0.2 . 4.6 

110.2 (8.81 10.9 


tin. - • 




: 3.7 








4.4 , 


- ■' 

isi.9 r./ 

2-3 . 




Our results for 1 977 have reflected a continuation of the profits on much of our 
^ overseas business offset by poor performances in Germany and Holland. 

We suffered an overall loss On bur U.K. underwriting mainly caused by increases 
jjln the incidence of claims on our large Motor underwriting and poor trading in 

y bur Accident account; the Fire profit was sharply reduced mainly due to the 
*Firemens'strfke..Marine and Aviation underwriting overseas made a useful profit 
jand .we- recei\redthe customary valuable contribution from our large Life opera - 

-^>^General .- v : . , . 

- - — 7ri\{Qt\e.of the largest contributory factors in the overall results was the change in 
» t V 4 W'' ✓rithe value of sterling :in-.1 977 which, by comparison with the 1976 figures, 
i CftJreduced short-term premium income by £30m and investment income by 
. f TU. for thp vpar aftfir taxation available to Ordinary 

iE CO 

controlling interest. 

The* Directors recommend the. payment of a final dividend which, with the 
interim payment mad© in January 1978, will constitute, the maximum 
distributiorfpermitted under current legislation. 

If approved at the Annual General Meeting to be held on 7th June, 1978 a 
: payment at the rate of 5.93.045p per share (gross equivalent 8.9855p) in 
respect of the final dividend will be made on 8th June to holders of Ordinary 
shares whose names appear on the register a * 28th April, IS 78, making with 
the Interim payment m January last, a tote! of 10.16545p (1976. 9.18209p) 
per share (gross equivalent 1 5.4022p ; 1 976 : 1 4.002p).-. . 

[tt^J Assurance 

Royal Exchange, Etfndon EC3V 3LS ... 


The Department of Trade ba* 
bpssun an invesrigarion into the 
. jJTairs of two small life assur- 
ance companies and a property 
comnany under Section 165(b) of 
ihfc Corona nies .4cL This section 
covers allegations of fraud, with- 
holding of information and mis- 
conduct by directors of companies 
The comoanies named are Calo- 
mefern. the parent comnany of 
National Investors Life Assurance 
and Growth and Secured Life 
Assurance Society, and Desadean 

The two inspectors appointed (n 
carry out the investigation are 
Mr. R. A. Morritt Q.C^ and Mr. 
P. I* Aineer of Price Waterhouse 
In April last year these two 
men were also appointed (o 
investigate the affairs of Ray- 
bourne Group and GUgate Hold- 
ings. property and investment 
'‘ontoanies chaired ' by Mr. John 
Ix-'dd. Raybourne was a publicly 
auoted comnany whose share fist- 
ing was cancelled in 1974 after 
the sharesh ad been suspended 
for three years. 

Raybourne operates from 35 
Windsor Road. Slough, which is 
also the registered ' address of 
CaJomefrrn. Yesterday, Mr. John 
Kidd was not available for com- 

Midway rise 
by Ferry 

Against a distinctly unhelpful 
general business climate, pre-tax 
profit of Ferry Pfckertng Group, 
the printing, packaging and pub- 
lishing concern, improved from 
£335,000 to £421ff00 for the six 
months ended December 31, 1977. 
on turnover of £2.6?m. against 

The directors say. the group is 
more than maintaining its pro- 
gress in the. third quarter, with 
forward orders standing at a 
higher level than at any time 
since the start of its financial 

Based on rhe packaging ser- 
vice the group now offers to a 
comprehensive range of indus- 
tries, they anticipate that pro- 
gress will be maintained to the 
end of the current year. 

Tax takes £2)9.000 (£174.000) 
and minorities £700 (£200). to 
leave attributable profit ahead 
from £160,800 to £20L300. Stated 
half-year earnings are 4.73p 
(3.78p) per lOp share. 

The interim dividend, which 
absorbs - £53.185 (£47,929), is 

effectively raised from L12727p to 
1.25p not. on capital increased by 
a one- for- ten scrip issue— for all 
-1976-77-, payments totalled an 
equivalent 2.54609p from £785,905 
taxable profit: 

Road drops 
to £375,000 

Taxable profit for 1977 of 
Scottish Road Services, a subsi- 
diary of the National Freight Cor- 
poration, fell from £558.044 to 
£874,898, on increased turnover of 
£14.S7m. against £13Slm. . 

Profit was after Interest of 
£288,767 (£232,993), and includes 
£197 (£179) from an associate. 
There was no tax charge (£5,842) 
Pul after extraordinary credits of 
£13855? f£5M.6Sft>. profit applic- 
able fell from £1,069,321 to £83,791. 




,w - ■ - -- 

•' £m 


Fire, accident and motor 



Marine, aviation and transport 



21 ^4 


LiJe- annual premiums - 



-single premiums 








^ r 

Investment income 



Profits of Grovewood Securities 




Share-of associated companies' profits 


i- ’5 

Shareholders’ long term profits 



' 7-0 

Underwriting loss 





Expenses not charged to other accounts 



Surplus before taxation . ■- 



Taxation - ; . 






Net surplus for year available for appropriation 



(A transfer has been made from inner reserves), * ss — - Ba=» 

c m 

The following are extracts from the Statement by the Chairman, Sir Denis Mountain. Bt 

I N V ESTMff NTS. United Kingdom cash flow showed a further large increase, particularly iathe life fund. In the investment of this 
new money somewhat greater emphasis was placed on the purchase of British ..Government securities end we have added 
selectively to our equity portfolio. - - '• 

Our solvency margin, that is the ratio of shareholders' capital and free '-reserves, including the^gross appreciation in investments, 
to our general premium incceme, was 65%. 

F/RE AND GENERAL. The following table includes an estimate of the apportionment of investment income between insurance 
•and shareholders funds; 


South Africa 

Other territories 


Underwriting fund 






contributions income 


Total . 












10-3 ' 



. ('5) . 


















: *6 




•1 - 


. 1-6 





(6-9) ' 

*. 31-1 “ 



ciders’ funds 







Investment income attributable to shareholders’ funds 

UNITED KINGDOM. Premium income increased by 27% to £1 79m. Overall there was an underwriting loss of £3-6m (1 976 : lose 
C2 3m'i after additional provisions for unexpired risks in motor and aff-in^departments. Fire business was again profitable. There 
was a loss of £4-5m (1 976 : loss £5-8m) on the “all-in” account which continues to give cause for concern. In January 1 978 
there was a major storm which is expected to cost us.approximately £1 ml- and, in accordance with our normal practice, we have 
provided for this in these accounts. The planned expansion of the motor account wbs achieved. Although a deteriorating claims 
frequency was anticipated it was worse Than forecast, and there was an underwriting loss of £2-7m (1976: loss £0-2m) on the 
account. In the Irabilrty account premium income increased to a satisfactory level as a result of both higher rates, particularly on 
produc is liability business, and record levels of new business. The cost of claims involving personal injury continues to rise. 

Our above average involvement in the U.K. in those classes of business most susceptible to. the effects of high rates of inflation 
has marie it necessary for us consistently ro make conservative assumptions as to future inflation rales. Whilst the reduction in the 
rate of increase in the retail price index to single figures is welcomed we must see this translated into a simirar rate of inflation of 
wages costs before we can contemplate making a reduction in the rates of future inflation we incorporate in our large liability 
provisions, r . 

OVERSEAS; There has been a substantial improvement fn our underwriting results overall. In Australia the overaH underwriting 
resblt still leaves room for improvement. In Belgium claims ratios have now been brought more under control In the United States 
our underwriting performance has improved considerably. An excellent result has again bean recorded in South Africa. Our sub- 
sidiaries in Jamaica and Barbados continue to trade profitably. Elsewhere overseas an overall profit was earned in spite of un- 
satisfaciorytrendsin Holland and France, 

We have strengthened the provisions for the run-off of a pra-1968 account covering foreign risks written in London by £2-5m 
(after related tax relief) from inner reserves as we consider it inappropriate to charge this to cunent trading in view of the length of 
time since this account was underwritten. 

LIFE. World-wide new business produced sums assured amounting to £1 ,599m (1976;' £1.31 9m) and annual premiums of 
CIB-Om (1376: £i8-0m). Single premiums and considerations for annuities amounted to £89 -3m {1976: £363m). fn Spite Of the 
fall in interest .rates during 1977 we have been able to maintain the rates of bonuses to policyholders after the annual valuation of 
the life funds. Profits transferred to the shareholders’ account were £4-Sm (1 976 : £4-0m) net of tax with a grossed up value of 
£8-Qm (1 276: £7‘0m). 

GROVEWOOD SECURITIES LIMITED. Grovewood Securities maintained its record of increased profits each year since 1 967 
with an overall pre-tax profit in1977 of £7-2n> (1 976: ES^Bm). Turnover was £84*2m (1976V£73-0m) including the share arising 
from assoefatad companies. Exports amounted to £11 *0m (1976: £6*8m). 

FUTURE OUTLOOK. The Company ts in a strong financial position and. we believe we can look forward to further profitable 
expansion. Our insurance business is expanding satisfactorily particularly irtfhe United Kingdom and from this we derive a strong 
cash flow which should result in further increases in investment income' although this will, of course, be affected by the general 
level of interest rates. "> 

DIVIDEND. The directors are recommending to shareholders at the Annual General Meeting to be held on 26th May 1978 a 
final dividend having a gross equivalent of 4-737p per share. Whh the interim dividend paid on 13* January 1978 the maximum 
allowable dividend will have been paid having a gross equivalent of 9-282p per share (1976 : 8 : 43So). The dividend will be paid 
-on 14tH July 1978. • *-.••_ 

The Annual Report and tuff Chairman's Statement will be sent to Shareholders on 2nd May 1B78. 

Eagle Star Insurance Company Limited 

1, Threadneedle Street, London EC2B 8BE . 



Wm UK 

Extracts from the statement of Sir Robert Fairbaim J.P., 
Chairman, at the Annual General Meeting held in Glasgow 

on 1 2th April 1 978. . 

premium towards the end of the 
year made such investment appear 
attractive.* 1 . 




“ many people found it 

difficult to take on any new Ion® 
term savings commitments in 1977 
and in view of this poor climate lor 
new business it gives me the 
greatest of pleasure to report that 
the Society increased its total new 
yearly premiums by the remarkable 
iigure of 36%. New yearly- 
premiums under individual policies 
increased bv 47“ u. 

"The . unit buying price, of 
SCAMPI, the Society's Managed 
Fund subsidiary', increased by 
52S" ■* during 1 977. Comparisons 

of the investment performance 

show quite, clou! v that SCAMPI’s 
performance over the last three 
years is second to none. 

Although such comparisons 
are not directly available for the 
Society 's funds we believe that the 
investments performance of these 
funds has been of similar high 
quality for it is the same team of 
investment managers which looks 
alter both the Society and 
SCAMPI. As evidence of the 
Society 's performance in 1977 our 
equitv share portfolio outperformed 
the FT All-Share Index by the 
substantial margin of over 10% 
and this alter accounting lor the 
reduction in value of our -USA 
portfolio as a result of the fall in 
Wall Street." • 


“ Flexipension has 

emerged as the most successful new 
policy we have ever introduced, 
producing in 1977 new yearly 
premiums of £3.6 million and new 
single premiums of £ 2.9 million.’' 


"Of the Society’s new 
investment in the UK. in 1977. 
£32.2 million was invested in 
Government and other Public 
Securities. £1 2.6 million in 
Ordinary Shares and £6.0 million 

in Property Part of our 

equity investment was used td 
increase our USA portfolio when 
the weakness in Wall Street 
.coupled with the fall in the dollar 

"One of the recommendations 
of the Meade Report was a plea for 
fiscal neutrality, i.e. that oil forms 
of saving should be treated alike as 
far as tax reliefs and incentives' are 
concerned. We would agree with 
this suggestion but only so long as it 
- resulted in other types of long term, 
saving receiving the same kind of 
relief as life assurance premiums 
and subject to the same terms and 
conditions.. We could not accept 
the idea it it meant that the present 
tax incentives were to be taken 
away from life assurance for this 
could only result in the disruption 
and probably the curtailment' of the 
flow of money into long term 
sayings, savings which are vital to 
this counfry 's economy-.- 


Individual Assurances and Flexipension 
premiums + 47% on 1976 

New Annual Premiums 









Group Life and Pensions Business (subject to 
pay policy restrictions until July) 

+ 13% on 1976 

New Annual Premiums 


• £m 






Total tor Society (including 
business placed in Australia 
and with Scottish Amicable 
Pensions Investments Limited) 











The dramatic increase in premiums over the 
past 2 5 years reflects a period of sustained 
growth oi sound quality business. 

These figures include 
business placed in 
Australia and with 





1952 1957 


1967 1972 1977 

Details of the Bonus Declaration for UK with profits policies 
for the 3 years ending 31st December 1977 and maturing after 
31st March 1978, together with the new interim bonus rates are 
shown belovv. 

Principal * 





(Second Series) 
introduced 1975 




4. 1 0 on Sum Assured 

5. 1 0 on existing bonus 

3.7 5 on Sum Assured 
b.00 on existing bonus 

(First Series) 
introduced 1976 


4.00 on retirement fund 

6.00 on existing bonus 

(Second Series) 
introduced 1977 


4.00 on Sum Assured 

6.00 on existing bonus 

Group Policies 


On the benefit secured 
and not yet payable 
including past bonus 
additions still attachin 


‘includes all UK policies other than those listed individually. 

The summary report will be sent to members. Copies of the full 
Annual Report and Accounts may be obtained on application. 


150 St. Vincent Si reel, Glasgow,- G2 ■ 

£1.6m. downturn leaves 

Glynwed at £13m. 

E. Fogarty 
jumps to 

Financial Times^ Thursday- April'13 1978" 

gramme, the group ia now 
to trim back both labour and 
Interest payable includes 
interest on- hank overdrafts, and 
all other short, medium and long- 

trading level in the stockholding 
and distribution operations from 
16.3m. to £3:79m. and in the over- 
seas household and industrial 

aopJiances side from £2. 56m. to 

10.85m., pre-tax profits of ulynwed term borrowings, 
slipped from £14.63m. to £13.Q3n. ~ 

for the 53 weeks to end-1977 
compared with the previous year. 

In August, reporting first-half 
profits down from £7.04m. to 
£6. 12m., the directors said that 
despite continuing uncertainties, 
an improvement was looked for 
in the second haLf. 

Basie full-year eamings are 

a major rationalisation pro- non. with more expansion of the . A f?5? r ha, £ T*®* from 

nv aiming steel side of .the groups business. ciLS: 1 "-’ prfrtaxjjrofits 


of E. Fogarty and Go. finkK aa- 
1977 ahead from £L25xri. to a nt 
cord £].34m. bn ' turnover ■ of 
. Glyn wed's biggest hesdaehe has £1 7.45m. compared with 05.03m. 
been the dismal performance of . After tax. on the ED 19 Writ» 5 
The figures^Tnclude those or |“ African interests where trad- f 0.71m. (£0^8ra.j adjusted eam- 

new subsiriiariA. v, hn*p a^rebate * n *r Profits Fell 67 per cent last mgs are shown ta-have risen from 

J«r td £551,000— almost *11 Of tUp to » Per 25p shared 
amounted to 1552m. and £106,000 which was earned in the tradition- as premised the final dividend-’ Is 
respectively ally weaker first half: Given the 2.271 sp net for a maximum -p«> 

v,. . . . . depressed state of the economy in milted 3.402Bp (3.04©j> adjusted) 

Mr. Leslie Fletcher, the chair- thal country profits are likely to total. A one-for-three scrip 'issue 
man says the results for first-two be even- lower this year — despite is also proposed, 
months dr the current trading the agree! merged between Glyn- Ay a result of the change in 
period arc .ahead of last time and wa fs S. African subsidiary Defy tax -accounting £L565 f 000/r 

shouii at 9 97p (ll^p) j)er Up ^ ^btiousJ, optimislic for the part of** di^SxS®- 

share and fully diluted at 9i5p 
fll.61p). The final dividend at 
5.iop net lifts the total from 
7.42 jp to S.2p. 

33 »ka. Yr-?r 
1877 1970 


L’.K. turnover ^a.S2: 2M.236 

Build: n« and consumer.. ST. 3^9 74 £98 

costs by some 

S. African subsidiary (with Glyn- which is unlikefy .to-be pay 

£1.5ra. W ed taking a 68 per cenL stake in ? b,e . “> . the foreseeable; future. 




S3 T28 

&& asu Employment 

s.174 The sharp downturn 
overseas operations 

full year. 


this year. • ; , the new “eompanyl. The prob- ^ been reclassified and Included 

Losses on the sheet steel divi- lems Qal Glynwed have faced in « reserves. The changw has atto 
. 1 "te of * h,c /L "M the UJK. look much easier to over- reduced tax Tor W77 by fig 
already been announced— totalled come the group has already and f or 1976 by fTT.OOO.. ' - 
around £12m. With in. the scrap taken .steps to improve its perfor- Assuming that consumer ex- 
division, 1977 ^saw 3 . de 2*^L t ° f mance through a programme of P^nditure reaches the' higher 
between £200.000 -and £300,000, closures, sale of certain businesses kvels which are widely forecast, 
vvhde the- foundries off^boor lost and rationalisation. Most or this the directors would expect to .see 
£*00-000 excluding Temporary work has-been concluded hut the 8 furlher increase. in turnover and 
at Subsidies totalling graU p ^ curren tly thought to be ^ >roSl for 1978. they tell members. 
£000.000. ' • seeking, to reduce further over- The p ou P operates as - proces- 

... The sharp downturn In the heads in its sinks .and showers fibres; down 

6 overseas operations reflected division to a final total of around idanufac- 

6 'ms problems within th*' croun's South £l|m. It has already agreed to * urcrs of bouse textile* 

2.5M African interests. Ghuwed is now sell— subject to Exchange Control 
completing a deal,' which will consent— its loss making sheet 
bring in the South Arrican steel division to Cashmores (which 
interests of 'the General Electric lost £1.2m. in 19<«) to Finsider In- 
Company or America, but no early ternationai of Italy while on the 
improvement is facing looked for bath -manafacturin gside .(which 
on returns from South Africa, lost £309,009) the group has closed 
Even with the addition of the GE its Cockburn factory in Scotland, 
interests, Mr. Fletcher says the Meanwhile U.K. profits have been 
grouo would hp hard pressed to underpinned by a strong per- 
match the : £85 1, wo contribution forma nee from copper tubes, while 
fmm overseas interests during profits have also been helped by 

1977. new acquisitions. AH this points. AFTER WRITING-OFF explora- 

Over the current year, group to a stronger U.K. performance in-tion expenditure of £294*095Tcom- 
the past year, Glynwed's capital exnendhnre is likely to go the current year but with S. Africa pared with £124.289 last time, pre- 
bathraom and kitchen fitting divi- un from the. 3977 total or around still severely depressed. The is* profits -for 1977 of - oil Kv. 
sion has been In the red to the £5m. to £8m.-A large slice of this shares at 112p yield Ilfi per cenL ptoraden (Holdings) show, a mar- 

Steel and pnatnwnns 
S-udUioIdinE and dlst. . 

Other and Trading 

Overseas household, etc. .. 

Total turnover 

Trading profit ... 

Build] ne and ■■nnsunier 
Steel and e tut i Berlins 
StuckholdUut and dlst.. . 

Oilier and trading 
Overseas household, etc. 

Interest parable 

Pre-tax profit 

Tax • 

\m profit 

To minorities 

Extraordinary de&IU 

Lea vim: 

Pref-rrncc dividends 
Interim ordinary ... .... .. 

Pmposed final ... 

Loss-making areas 
been largely eliminated, helped in 
part by disposals, rationalisation 
and the Government's Temporary 
Emnloyment Subsidy. 







3.5 Ti 










Oil Ex. #! 
second half 

tune of some £im., but ax part of wiU go on the copper tubes dirt- while the p/e is 10.7. 

£2m. by Richardsons W’garth 

EXCLUDING THIS time turnover 
and earnings of its nationalised 
marine engine building sub- 
sidiary, taxable profit of Richard- 
sons. Westgarth and Co. dipped 
from £2,37m. to £2m. in 1977, 
on turnover down from £44.9m. 
to £38.8m. 

Last year the subsidiary. George 
Clark and NEM contributed a 
£464^91 profit and turnover of 
£11.4m. This year's result does 
however, include a £177.763 divi- 
dend from Clark and interest esti- 
mated at £321,875 on the compen- 
sation for its vested assets.. 

At halfway, when profit was up 
from £9.06m. to £0.98m., directors - 
predicted second half profits 
would be little different to the 
drat haiT. 

After tax of‘£0.97m. (1 1.16m. 1 
and minority’ Interests of £57,341 
(£39.108), attributable profit was 
£0.97 m, (£1.17ro.) and eandngs 
per 50p share are shown at 7.6p 
against 9.2p. 

A final dividend of 3.4844p lakes 
be total Tor the year to a maxi- 
mum permitted 4.5344p net 

ginal rise from £L37ra. to H42m. 
on turnover of £5.0200.'! against 
£2.48 m. In September the group 
reported first-half profits ’up from 
£745,000 to OLlltn. 

The tax charge at ; £498^48 
(£701^68) has been -reduced by 
the release of deferred .tax in 
relation to Bates OQ Corporation, 
which was acquired in December, 

Earnings on- 13m. ‘ lOp 

(4.10Sp). New investments would have to 

The group is engaged in marine, be found lo replace the profit lost 
electrical and general engineer-, from the nationalised asset and 

ing and boiiennaking. in Hull steel stockholders. , . - . ■ . - . 

ardiner. Barugh and Jones the- shares are show n at 7Jlp (6^9p) 
• comment -group appears confident of re- SLSEf 

fnr „ gaining at least a portion. The raised fro ml - 8S7p lo ,SE L 

s^es at 57p give a yield of 12.8 . T t 

per cent and a p/e of just, over Turnover'. .. . J 

Operating ' profit 

cast in its last annual report 1977 
was an abnormal year. Even so, 
stripped of nationalised marine 
enginebuQdrag- subsidiary. George 
Clark and NEM, the group man- 
aged to hold pre-tax profits just 
above the £2m_ level. And exclud- 
ing the estimated interest on what 
the company considers very con- 
servative compensation for the 
nationalised asset, the overall 
trading figures indicate a mar- 
ginal shortfall. This represents 

Arthur Wood 

5. SIS £98 £47*550 
Exploration exp. w/o 3M.09S .' -12CJ89 
Profit before tax 1ABJM2. iv372,T57 

Tax «s jut- msas 

Nci profit ' .BS4JM-" S71S89 

Excbange losst . 11428* > — 

Extra ord. debit - . 1M&. 139.4S5 

ATtrlbo table - TTOJttr -S3L434 

Relates ID an aHiummprrt mMn| H h m ii 


An advance in taxable earnings 

cocsabdatloa of U^. subsidiary. 

a reasonable result given the from £122,097 to £193,434 in the 
depressed conditions in the ship- second half of. 1977 by -Arthur 
repairing and. steel stockholding Wood and Son (Longport) took 
industries. Contributions from its the full-year profit to a record 
stockholdng division was reduced £304.634, against £192^97. The net 
mainly as' a result of the poor dividend is. raised to 0.8SS425p 
performance of Its principal sub- (0-89437.1p) per 3p share. 

at John 

sidiary, E. Gerald. Thus, the only 
bright note came from the engin 

eering services. group, which was 
able to improve its trading return. 

After tax of £141.308 (£!02,44S) 
net balance emerged higher at 
£163 326 (£89,849). The company 
makes ’earthenware. 

Amal. Metal finishes with £6.12m. 

With turnover down' . front 
£ 1.54m. to £!27m. and competitive 
margins. John Finlan incurred a 
pre-tax loss of £92.105 (ft .1977 
compared with prottis of. .33223 
•last time, after a firsl-haJfesurplus 
Of £38,063 against £38,632?-^ 
..Tax relief adds £40.015 C$3,478 
charge) and ’ ’ after^jd extra- 
ordinary credit of JEttSOO t £19:491) 
the net loss is £46.790 (£55,236 

AFTER AN exceptional loss of considerable uncertainty but the 

fl-Sm. due to a fraud, which was company achieved -a magnificent duce the DC9 with its higher 

announced in June, 1977. pre-tax turnaround from adversity to operating costs we are enabled 

iroflts of Anralgamated Metal success.” to charge the appropriate fare 

Corporation fell from £7.95m. to An appreciable proportion of while at the same time keeping 

£6.12m. for 1977. the record profits arose from ex- pur own overhead cost under 

At raid wav profits ytood at ceptional factors, but BMA was rigorous control. Equally in our 

£2. 39 m. .(£2.7Bm.) and /at nine able to cope with particular overseas leasing division we have 

months at £4_19m. (£4.7Sn.). situations as (hey arose and to to be strong enough to withstand 

Full year earnings, before extra- turn them to advantage. thp vavmes of trading ex- 

ordinary credits tff £0.65m. The company entered 1978 from perience quite independently of the con vers/on to orders is still 
f£0.32m.), are shown at 34p (49£p) a greater position of strength ‘the scheduled service operation.” slow it would take little movement 
£1 share.' and/ after such than hitherto.- with a morale' Given tolerable stable con- to change^ the situation consider- 

“ It is essential that as we intro- profit). 7 . 

The loss per lOyshare is shown 
at 1.74p C1.19p earnings) and once 
again there Is qp dividend. The 
la*sl payment toralled 4^p net for 
1973. .: / 

The director/ say that enquiries 
and quotations continue at a high 
level and most of these are for 
larger types qf buildings. Although 


Credits at 44.4p (54.9'p). The finai -boosting profit and a strover ditions in 1978 -Mr. McGibbon ably. 

4hn#1anil I. in si4« ... . i*. - ’ _* -hilrinra shppt This i« » uinll Tnr wnnlH pvrw 

dividend is 10.812p net for a 
maximum nermitted I3-S12p 
(14.157p) tolaJ. 

1977 1976 

£o*o rwe 

1,056. MO L054.0M 

balance sheet. This is as well for would expect the company again The group operates as designers 
the difficulties which face BMA to give a good account of itseir. and constructors of industrial and 
have in no way diminished. sa;ft even i hough the 1977 profit level commercial buildings and 
the chairman. is unlikely to be matched. developers of industrial land. 

ManiiifactiU'ers of 
pillows, batbantf 
scatter rugs, soft furnishings, 
processors of feather, down 
and man-madr fibre, fiflmgs. 


Tear to 31 sc December *, • 



. • 


Sale*: UK. . ; _Y . 

14.73J : - - 


Export * , 

• 2J1J 

.. 1453 

•‘Tfsttf :* 


Profit before' tax ■ ’ *’ _ 

J .1^40 % '-V 



.. . 710 

580 ' 

Profit after-tax 

. 1,130 ■ - 

: 672 

Dividends . ~ 


" 94 . 

Total dividend per share . . 


. 3£j465p* 

Eamings per ^ share 

36.6p ; - 


Net assets per -share . * ’ v 

- 17«p . 


'* Adjusted tor 
May 1977 - 
Scrip IssucT 

Meeting _ r : . 

The Annual General Meeting will be. held Registered 

Office at 2-1.5 plm. oii 25th -May 1978. . .-t 

1 ( 

Dividends JCu.' „."V 

An interim .dividend of~ T.1308p was : paid on 8th November j . 
1977. The Directors are- now recommending the payment of r". 
the maximum permissible final, dividend of 2271 8p per. share, ' 

Scrip Issue \ 

A further scrip "issue, of .one ordinary— share .for . every three 
held is being recomnrebd^- ^ ! 


Taxation liabilities Have- been recalculated In accordance, with i:’- 
Exposure .Draft T9 and. as a result of. this change in policy./, 
£1^65,000 being chat, part of the deferred tax liability which 'i 
is unlikely to- be payable .ip the foreseeable future has been 
reclassified and included . In reserves. The -change has also 1 . 
reduced the ox charge foe 1977 by £256,000. and that for '■ 
197* by £77,000, ? 

Trading Prospects . ' 

Assuming that coiwimer expenditure reaches . the higher levels ^ 
which are widely forecast,-, we would, expect, to see z further-’' 
increase in turnover and profits for 1978. 

C. R. W. FLEET r - -. - .. T : 

vear 1 




(Manufacturers and retailers of quality shoes) — 

66 We hope that 1978 will 
prove to be a good 

; retail year 99 

reports JanB Church, Chairman , . 

I Sales rose 15.6% and pre-tax profits .. 

increased by 21 %. The maximum dividend recommended and a substantial Increase 
will be declared when controls permit- 

) Retail profits rose 28%-to £1 -32m and exports. 
irLcreased once, agai rit.o_'£3-5 m. AIL pu ^ t 
factories have reasonable order-books. - 

^Business in both the USA and Europe has 
bfeen excellent, but the hoped for 
i mprovement in Canada did. not occur.-' . 



Sales V rt9.S30.5i4 
Pretax profit fS, 374, 643 


Earnings per share v 24.6p 
Dividend per share V3.37p 

nS, 890.789 

Copies of the Report and Ac-’uunL: can 
be obtained from the Secretary, 

Church 6 Co Ud. Si James. . 
Northampton NN5 SJB ... V 

1 051 


Sharp avcooa. 

Invrsimrat income ... 

RrcrpconaJ loss ... 

Pre-tax profit 


»l profit .. 

To minorities . .. . 

E-Wrannhuary- credits 

Extraordinary items 
include exchange mnvements aris- 
ing on consolidation which are 
now tafcon directly to resenes. 
Tltc 1976 figures have been 
adjusted accordingly. 

6 121 

3 ao 



4 471 



SKF (U.K.) 
to speed up 
cost cutbacks 

achieve new record” 

The recovery plan introduced 
by SKF 1 UK) last autumn to com- 
bat rising losses is having an! 
effect, but losses arc still running : 
at an unacceptably high level. Mr.! 
C. O. Blomherg. the managing 
director, told a meeting of 
employees. ! 

A company siaiemeni issued 
afterwards said thal the loss in' 
1977 amounted to £6.5m. and] 
could have been higher had nol! 
the recovery plan been initiated, j 

The plan is to be accelerated ; 
to improve the company's manu-; 
factoring costs, and. as a result.! 
the personnel cost- reduction 
originally intended to cover 1978 
and .1979 is lo be brought for- 
ward. the directors say. The 
labour force cuts involved 75 jobs 
at .Sundon and 125 jobs at Irvine. 

It is hoped that, as in 1977. 
this reduction will be achieved by 
natural wastage and voluntary 
separation coupled with transfer 
and retaining wherever possible, 
they add. 

Additionally the company pro- 
poses to introduce a self- 
financing productivity scheme 
covering all staff and hourly-paid 
employees with the objective of 
raising productivity and further 
reducing costs. 

The company, which makes 
bearings, is an unquoted sub- 
sidiary of Akliebolagci SKF of 

BMA advances 
to £1.47m. 

Turci^r for 1977 of British 
Midland Airways, a subsidiary or 
Minster Assets, expanded from 
£lS.63m, In £2628m. and pre-tax 
profits jumped from £90,900 ■ to 




36.276 IE. 

Tradia; orofiz 1.4S1 

Inicrcsr paid 17 

From least* »!* — 

Profit before ux 1.472 

Tax m - 

N'cl profit -6T» ■* 

Mr A. B G. McGibbon. the 
phnirmaff says tbs year began in 

reports C.T. Wells, OBE, TD, Chairman 

Sales for the 52 weeks ended 28th January 1978 
increased by 21 per cent and profit before taxation by 27 per 
cent. As forecast at the time of the rights issue it is proposed 
to increase the equivalent gross dividend by 42.7 per cent. 

Sales in the first two months of the current year have 
been ahead of inflation and it' is expected that there will be 
satisfactory increases in both turnover and profit in 1978. 



Group Results 

52 weeks ended January 





Sales (excluding VAT) 



Net Profit Before Taxation 



Net Profit After Taxation 



Earnings per share 



Dividends Interim 

Proposed Final 


2. 6046 p 



SALES (excluding VAT) 
52 weeks 
ended January 


1976 ■ '1977 

KL : 52 weeks 
7 ended January 


1974 . 1975 1976 . 1977 

Fin^e^ til ^13 -1978 

•Henry Boot hit by 



0' c '™%/?iaCTING DIFFICULT trading tions, and an agricultural eq»i.P- 
'€?S % di tions during. 1877; pretax raent activity was established 

*-,* ififof’Henry Boot and -Son fell during' 1977 through so acquisi 

'**•*2 r L * fc 3,000 to £2,013.000 <ra turnover tion... . 

T!ad from £57.0zm; to £70A7m_ : 

|V t halfway the directors, 
porting a surplus -dowji'at 
r,000 (fl.isin.j, said that mar- 
s generally remained under 
’easing pressure, 
araings per 50p share for the 
r were, lower at ‘17.0p (£2.3p) 
net total dividend is raised to’ 

39p t8-2225p) with a“ final of 

36% ahead 
so far 

none against. The votes cast 
represented eS.i per cent, of the 
voles capable of being cast at the 
mem mg. 

At the meeting Mr. Conrad said 
that the "modest" increase in 

property values noted in the 
documents relating to the EGM 
could be in the order of M 10 to 
13 per cent" 

In accordance with the terms 
of the agreement with Mr. Peter 
King. Friends' Provident has 
acquired from him an additional 
. Profits for the balF year to end 231.602 Ordinary' shares in 

iter .tax of £l.Wm. fin^Sm.) 1977 of Startritfl .Eugta«rtag Regional at 100b per share 

,-ibutabje profit emerged at Group rose by 36 per cant." from r^Hends' Provident now owns 

3,000 £156,500 to £214,440 subject to fas lonMU Ordinary shares <25.09 per 

i spite ■. of the continuing of £120.500 against £89,000. And cent, of the Ordinary share capi- 
erse effects of the everfnereas- the directors predict # record full tai) and !>0S,S43. "A" Ordinary 

burden -of legislation- and the year surplus compared with last snares (a £5 per cent, of the A 
eral decline in the -/national year's £412^86. . Ordma^ share capital). _ 

world economies, the direc- They say the Tull Impact trf the — *?■ *V Cotton and Mr. M. S. 
j remain confident that, given investment "programme is- now "'* raie or Frjfnds Previdcnt nave 
external Interference, thpy being felt and a more extensive annoimea to the Board of 

continue the planned -expan- range of imported products is "Lionel, 
l of the group and to achieve being marketed, 
re satisfactory profits. Exports continue to improve 

ruring the year the. .construe- and if world Conditions.. remain 
.i activity expanded its' turn- relatively stable, this thsnd'should 
T but did not .increase profits, continue.- : - 7 . 

inly because of the results of The interim dividend is filled 
ee local authority housing con- from- l_2p to L4p net. per 20p 

its. the depressed state of the share. Last year's final was 

‘-.rfcet and extremely tight 3*288p. 
reins, the directors explain, 
he engineering operation re- 
ned to profitability, with each 
is iwn divisions contributing to 
r - result It was an encouraging 
,. r for the property and the 
'■ '.met bust liisw.. achieved a small 

rease in. profit ' __ 

here was aL«o a mum to perries yesterday! the ? resolution profit is lifted by a £120.550 tax 
--fitabifity for the foundry sec- approving the issue of £8ta. 8} credit [£125.624 adjusted charge), 
following its scnaraiioo Irorn per cent. Convertible- Mortgage There is a £151,765 extraordinary 
engineering activity. Debenture slock 1987-90 to write off the premium on con 

or the company's joinery Friends' Provident and increasing solidation. 

. .'rests, the long market decline tbe authorised share capital of Earnings per 25p share are 
.ing 1976 continued . to . the Regional was passed. ' shown ahead Trom 6.«4p To M.iip. 
;."ldle of 3977. but the second The resolution was approved- on ar| d the final dividend is lifted 
... v f saw gobd recovery with a show of hands but Sfrl ITevif/e from 0.67975 p fo fl.rflrflSp for a 
dest profit being earned for Conrad, the chairman of Regional, total of 1 31769 m net compared 
? whole year. directed that a poll ■ be- taken, with l.!7H73p last time. 

■ nproved performance was The result of the poll- was- tiiat The company Is a furnisher 
wh by. the .plant -activity hi 1,039.689 rotes were cast i» favour plastic manufacturer and floor and 
.e of difficult trading condi- of tbe resolution. There'. were deck covering contractor. 

Pye opens year with strong order books 


. At the EG.M of Regional .Fro- 

Record £0.45m. 
for Rowan 
& Boden 

On turnover up from £7.63m. to 
£8.55ro. taxable profit of Rowan 
and Boden rose from £406,362 to 
a record £449,710 in 1977. At half- 
way profit was £8,000 lower at 
£202,000 but the directors fore- 
saw a steady advance in the full 
year's performance. 

With the adoption nf ED 19 

- - v** 


ST MEMBERS of the Pye 
dings communications and 
ad casting division, which 
ered a .£J--52m, trading .profit, 
me .to £Sjam_Jn .1977, have, 
red 1978 with strong order 
ks and enhanced' prospects.' 

ye Telecommunications., after 
improvement ip ti?e beger in- 
e in late 1977, n b&~. Vegan the 
rent year with a good order 
k providing' a base for the 
,- quale loading of its three main 
“ aufacturing units,, directors 
„ in their report -with accounts. 

J ye TVT last year increased Its 
*ket share for- television 
leras and transmitter and the 
ipany’s prospects will be 1m- 

ved this year with the intro- 
tion this month of -the elec- 

- tic news gathering camera. . 
tye TMC also expects substan- 
_ orders will be taking in coming 
■ rs for its automatic telephone 

ling equipment, 
he ra«e of order intake f«*r 
. Business Communications 
improved sharply in the last 
tier of 1977 and It has'enterej 

- I with a growing Wder book . 

the instrumentation and eles- 
' lie equipment division, action' 
ontinuing to increase the effici- 
y in all areas of operation of. 

Pye Unicam, where directors 
believe there is . considerable 
export market potential- for 
chromatography amj spectrophoto- 
metry. . Labgear also, launched a 
Teletext adaptor in 1977 and in 
1978 The Pbst Office -wB tffiihg 
its Yieuidaw ^adaptor in its 1978 
.market tests.' ~ 

• .• The electronic and engineering 
components companies, which last 
-year- more than- doubled.' their 
trading contribution do £3.85m. 
have. begun 1978 withlan order 
book maintained at > the level 
achieved at the end of 1976.; i . 

Pye's balance sheet reflects the 
£20 proceeds from the sale 
of activities in 1977. with quoted 
investments up from nil .to- 
£S.9Snu bank balances and cash ~ 
up from £1.59m, to £422rtk. short, 
term loans ’dirito" from £9.i7m. to 
£4m. and .hank. overdrafts. £256m. 
lower "at £7m. -■ 

Fye is currently negotiating 
.with a- subsidiary of Courtaulds 
for the possible sale of Ekco 
Plastics; which last year achieved 
t disappofntipg:-; result, mainly: 
arising fraxh low volumes. S- : 
' is' 69.7 pter cent,- owned 'ov - 
Phiiiws Industries, and tis/oqly ■ 
sigrifficant asset is Pye-" off Cam- 
brioge. Prettax proflt- last year 
was ilB-OCm. (£lS.04m.J. " 

• Meetina. Hyde Park Hotel, S.W.. 
on May 5 ,-n noon. 

Federated, ; 
Land off to 
good start 

In his annual statement Mr. 
J. H. Meyer, the dudrman of 
Federated Land and Building 
Company says that 1978- has 
started well with .house - sales 
buoyant, but profits will depend 
very much on the level of interest 
rates and on the house sales the 
group will be able to achieve if 
mortgage money is not freely 

As reported oh March 15. pre- 
tax profits rose from £0.8rn. to 
£0^6m. in 1977 on lower turnover 
pf £9.71m. compared with £1 3.53m. 
The dividend total is 2J3p (2p) net 
fittim stated earnings of 3.74p 
(3.41 p). -J " • 

The- acbdtuits "Shovr that net 
liquid, funds' fell., by £1.02tft. 
(£2ilm- . mcrease) during the 

Meeting. Winchester House, 
E.(L, on. May. 9 at noon. 

transfers to ilie Exchequer. There 
vr-'nix- n-nt 'was also a fall in the note cir- 
culalfon as.vrell as a small number 
(sltoe-Aprii-JTj JSTS).. of maturing Treasury bills.. On 
’ay-to^Tay Credit _appp*neai^Tq 'rhe other. baricLt here wunJa-Xairly. 
in good supply in the London large sum of local authority bills 
ricy.43MJ?ket;y5©^i^-wd ia J&mcial h^mds. ;.. i ' 

;.T) TOW 'around ; 5J 

sqif|iIqte'te^^!Sing^ "secured' *cafl. -loans 

BOtr ■ blife: aii at Tlte^ start '■■btitfcraleS' dased- to 

ftUi ^aarl^ 'Was helped- close st «H|- her tent .Tn th R 
.-Twinging: ■ - dver : ,/uH, interoank market overnight loans 
^Rd:'an^xcess d £ Govern-. operwd at 6-6 J> per cent and news 
— hotg^iyfir reyentfdkof the ' ^surplus brought rates 

down tn .4-4$ per cent. After 
firming: during the afternoon to 
5J-5i per cent, and then easing 
to 4-4-i per- cent, closing balances 
were. taken, around 5 per cent. 
Discount houses’ buying rates for 

per cgfctL under the 
su speeded tnarket 
forrqula.'. . 

Rales fn tbe table below 
iwiiwaHa some cases* 




■poocs-.l V ; - - 

V: • V 










- 'Bs*--- 




7»8 : 

Ohiwmt! . . • i. Kii-iliii 

r. 'Twwiurs i -Bink 

depiwk'.*!. Bn*** i niii.'i 

l. £li~ihi« ' 

i -Bank. FlueTH-il 
i n;ii« 'i tilth f . 

4# - 

. 4J4-6. '; - 

; bi«i i 6!,w 
V 614 

1 . 

- v 

61* -6 14 .".7 

v;t ; 7'« 
7'ik /: 7»J 
73 ®s 7 * 8 ! i 

_ocal authorin'?? and Soaoce houses aevrm nars' ooocc. odwVs scre/t da.w terra krai autlwcNF morlMS" rare 

malty ihnw Tears 197)8-101 per ceot; lour -Wars 1M-1I tk-r tonr.;" Hse years ilt-li? ikt cwl. » Bans btU rate* 10 table an- 
nul rates Tor prtnie paper. Burins rates for imir-rnontfi bank bills il per win-: four-mown i carle bills 7J per c-vni. 

- - - - — “* — iM-4-ninmn BUft-6! pit rcm.: and thn-e-ntnnth 

■H Rales (for snail .nans at. seven days* notice) 3 per cent. Oparins Bank Baso Rato for lending W per «n:. Treasury 
Averajse tedder rstre of dlscoon SJttn per cent. • * 

mining mm 

Eldorado now 
doing well 


AFTER HAVING been hit by 
Canada’s . temporary freeze on 
uranium exports to EEC coun- 
tries and Japan in the first half 
of Iasi year, the Canadian Stale- 
owned Eldorado Nuclear uranium 
mining and processing concern 
made up lost ground in the 
second half with the help of 
higher uranium prices. 

Consequently, tDtaJ 1977 earn- 
ings were the second highest m 
the company's 51-ycar history, 
amounting to $Cfi.9m. (£3 .2m.) 
compared with $C3JLm. in 1076. 
Lower ore grades were mined 
last year with the result that while 
ore production rose by 30 per 
cent., the output of uranium con- 
centrates was similar to that of 


The company, which miuea 
uranium at Beaverlodge in 
northern Saskatchewan, further 
increased its ore reserves last 
year by 20 Per cent- to 4.19m. Ions 
following 111 £100 feet of under- 
ground drilling. . About $C4.5m. 
was spent on exploration. 

Commenting on the need for 
adequate uranium prices for the 
industry tbe Eldorado president, 
Mr. N. M. Ediger. said: "In the 
final analysis, those who insist 
that the lights go on when 
required must ultimately be 
responsible for the total effort 
that goes into producing elec- 

"New productive capacity must 
>- -'vn iiable tu replace existing 
reserves and provide consumers 
with the assurance that 
inadequate supplies .coupled with 
erratic and substantial price in- 
creases will not occur in the 

"Fortunately, the uranium in- 

dustry is beginning (0 achieve the 
profit margin? that are sufficient 
to maintain a growing supply of 
electricity f° r a growing demand.’* 
Eldorado is Lo start publishing 
financial and operating reports 
this year. 

is cautious 

THE RSo Tinto-Zine croup’s 
Bougainville mine tn Papua Nmv 
G uinea expects copper prices lo 
remain at depressed levels for 
some time to come which trill 
adversely affect its ornfits for 
787S reports our Perth corres- 

The chairman. Mr. F. F. Esple. 
said at yesterdays meeting that 
the revaluation of Papau New 
Guinea's Kina would atso affect 
the profit, although in the broader 
context the Government’s policy 
of maintaining a strone currenev 
provided a "sound economic and 
financial basis for business enter- 

Rises in material, equipment 
and labour cost* anueareri in- 
evitable desnite nm-r»cs heins 
myrfe There umihl b n a con- 
tinuing nr**ri for invoqimen! t n 
nir«»t the pITerl nf rl»i.-| ; nin': h*>ad 
erod'’ a n d to replace equipment, 
he artfind. 

TTi«i m'nrls nm^Meifon fnr l ho 

ft ret- Ojl^rter of IP'S Man j, rpOm-il 
arrl wiinuf ’jfor fho v,»-> is p V . 

poofo^ *n be at le-st as as 
inr? r>«»j)ip(l f-r '•'/> /-nmnofi-' - - 

j-nnoonlc-to C(ir: , i.iiii< j) 3 f-i.- 1 - 

I«-»I .in'! "O •- I, ovno/Mtpfl 

in marketing -the entire output. 

Falconbridge may be over 
worst with nickel firmer 

NICKEL operations of Falcon- 
bridge Nickel in Canada and Nor- 
way are running at about .ill per 
cent, of capacity while the Domini- 
can Republic mine is operating at 
4.7 per cent. Mr. Marsh A. Cooper 
added at the Toronto meeting that 
it was hoped that further cut- 
backs would not - be - necessary, 
pointing out that "some price 
stability appears to have returned 
to nickel prices.” 

Mr. Cooper commented on the 
fact that consumer nickel stocks 
were almost down to record lows 
and thought that given a reason- 
able upturn in tbe economies of 
the major industrial nations the 
comnanv -ought tn be able to 
reimre better •tale*' this year. How- 
ever, it was prepared for the nq«- 
s ihuitv of two to three more 
diff-'ilt years. 

This month th“ n»w «-m*»|rer 31 
Sndhnr-f. (Warm shmi'd herin 
onr>— f»s pi*’:* ic n«i‘ nil* at 
srjnm ffj # |-n I |w>«i «« fKn 
mjHms'o -xf 

h«»-t n-on-a »erf mfinrfnn rates and 

Orhor •iiet'! 

In the fourths ni> *’»'»»• Fstcno 
briri«e is tn »tsT f : m^rin u ‘ri^b 
cooper r n nn uqrierent'h »*« S»j-»*h 
m*it orph'dv in »hn Strihow mvs 
Xtriltin«- b-’S iafVnjtoiJ nrohtMfr 
ore rovorrnc nf fnns •*re«*‘n>* 
q bi"b O On w, r^n* pn-x-nn (1 

n»r . rent «!-’•**» SF-d almost one 
ounce silver per ton. 

Cvpnis $68m. 
uranium deal 

THE Wyoming Mineral unit of 
lVestinghecisf Electric is 10 pay 
Cyprus Mines SfiSfim. i£36.6m.) 
for mineral exploration ' and 
development righu. uver. yi 520 
penes of Cyairus' uranium ■ pro*, 
peri iks m FYwnQn.r\ and . Teller., 
counties. Cent rat 'Cidorado! - 

Cyprus-. ..estimates uranium 
reserves in the known ore bodies 
n this area at about Sum. pqtjnds. 
Production is scheduled lo be»in 
by T983. - 

Westinghouse sard its Wyoming 
unit will time a 49 per cent: ip : 
tyrest in the project while Cypnis 
■nill - hold ihe remaining 51 per 
cenr. and will act as operafor for 

ill coloration development and 
production. . 

ROUND-iIP* V r - , 

Denison -Mines ^ and' Gulf . €tR. 
Canada have * agreed - le forin ' a 
joint venture for a feasibility 
study and ultimate development} 
of the Belcourt metallurgical and 
property about 60 miles south of 
Dawson Creek, British Columbia. 
Exploration and feasibility studies 
costing between SCZOm. and 
SC 15m. will begin immediately. 
Denison will bold a 60 per cent 

interest and Gulf 40 per cent, in 
(he projeel which will be managed 
by Deni>on. 

. * . * * 

The Electric Power Develop- 
ment Company of Japan will take 
a 10 per eent. »lal;e m the new 
$A85ra. ££52m.l t-oal mining 

venture ' in -• the' Upper Hunter 
River Valley, of New South Wales. 
As previously reported, the pro- 
jecl already involve* the state 
Electricity Commission with a 50 

S er cent, stake and Ampol 
etroleum and Plunger Concrete 
Sendees with 20 oer cent. each. 

• ■ * * 

The Malaysian Mining Em- 
ployers Association and The 
National Mining Work rs t'nion 
have signed a new wage agree- 
ment. Ah a. rerun 9.200 workers 
in tin miner owned by more than 
.70 eompaaie-s will receive wage 
ini-r.-k es of abom $2m. (£>Jm i 
(hi.* year, SI-79 O11O In lflT» and 
Mtotfi rsrso.009 .n Jtr*0. 

•J >_■ _1 


The following is tha-Statemarit. by the. Chairmg^Mr. ; -paifi[d F. McCarf^i, . 
circulated with the Anfruat Be^tifotSfie year mtfed31 st January lSTS. 

.RESULTS ■ [ ' H ' . /! - 

Earnings-fof the year at 7-.37p (««riutimg..arti excdpiiqnai crprf^ciF 0.25p) eJiceeV^fre .fqrecasr. 
made in (he interim Report in September ’ahd W more-Than^^ hisiier than last year, tivsidfows 
on the increase of 19i% last year. -the rise »n gross.revenuesl^uhBd.jrom a 17% increase in franked 
income attributable m part iq ihe fS miih'on acjditiqnal Investmeni rn i£K. equities referred to last year 
and also to such increases in U.K'; dividends as were pos'sibje wi^un the Treasury limits. The fall m. 
Sterling unfranked income and shVfciefm ;iqtgr^F'afp»frcBri' ifelltiwr'.iJilt. ' intent .idt^-^vyhifa 
dollar income reflected co.ntmuing sjids ijr’ dbifer securities thtiSlisfiowi nuat oi lbe year. . ' • 

Your Directors recommend a final dividend of 4.90p making a total of 7.1 0p against 6.35p. Dividends 
paid have more than doubled in The last It? Vears. In order to reduce further the dispdritv between 
imerim and final dividends it is the Directors' intention to iaise the interim dividend tor 1978/79 fi'cm 
2.20p to 2.50p. • - 

.. VALUATION _ . "-v : 

Slock markers nave a drab perro«manc“ m 1.977; 78 \vnh the exception of The U.K. Our net asset 
value improved by 1 1 4°<- which bv a nanow margin, is a new year-end high;. The F.T.A Ail-Share 
Index rose by 22*^ and the F.T. Fixed Interest Index bv 20*$.' By contrast, in the U S. the S. & P. 
500 Share Index tel) by 1 2% and by, 22-’% ywheq' adjusted I nr ift^aopreciation of Sterling in investment 
currency terms against the dollar! - Cfu^portiq^rp ;£»; cquM les.-'W.yhb U.K. ahd U.S. ouiperformed the 
respective indices by 5%. This wa^'dpuivalent’to 12p per shai-jfi^rms of net asset value. 

The classification of investments also reflects our response ualh&iontinuing economic- and finaneial 
uncertainties facing the international investor, in the U K. we rely heavily on those- companies of 
proven management and quality Of earnings whose prospects for increasing dividends are goad. 
We have, however, m recent months made sales of £4 million where prices seemed to discount 
prospects. Our U.S. proportion at 24.8% is the lowest since 1951 and investment activity has been 
directed, as tor some vears past, towards. the more specialised opportunities less vulnerable to -'aa 
economy which displays Increasingly evident signs of longer term proljte'RtsT.Our Gernia.ii holdings/ 
are maintained while the U.K. fixed interest proportion at 12.2% repre&ems a- positive's take' in tha 
hoped for further decline of inflation. 


Last year 1 dared to note the hope that the resouices coming ham North Sea oil would not be 
squandered but would be applied to fuel and lubricate structural changes in government andjndustry,. , 
m altitudes and institutions. There are indeed now signs of thought and actiofl pointing fo'/usi swc'ft • 
changes. A first tangible straw in the wind came in the abolition of the eurreripv premium surrender!: '-j 
recognition Of the historic and prospective fruitful use of BrinsT: capita! overseas. fWe warmly- wel- 
come this and can already see some fruits in the form ol freer exchanges of overseas investments, 
although we are stilt hit by an arbitrary Capital Gains Tex levy on what are unrealised gains on the 
foreign currency involved in the exchange, even in the same land and cur^errcy.j But there are m the 
air changes more profound and a climate kinder to capital formation in the broadest sense Throughout 
the interim Report of the -Wilson Commuted there are strands of recognition that capital needs fair 
incentives, as well as acknowledgement that the Cuy is equipped and ready lo find the money. The 
Meade Committee Report on Taxation has analysed the contortions of a system which penalises ail 
direct personal saving and mvestmani while bestowing lavpurs on institutionalised pension and life 
assurance schemes. And the recent Investment Trust bids have begun to awaken undersJandmp of 
the fallacious principles of current funding o< public sector pensions (exposed in the Nonage Report 
as long ago as 1975) and of the concentration m Pension Fund and Life Assurance ownership of (he 
greater part of the nation's marketable assets which must foHow m a very few years if the practice is 
not stopped. 

Immediately and specifically the Inland Revenue's discussion paper "Capital Gains Tax'; tapering 
relief" seeking to take account pi inflation reopens the unsatisfactory compromise svstem-.ynder ' : 
which we now labour. Any just application Of the. new id.aas'io^ Trusts would need a machinery of 
•unmanageable complexity and underlines again the case for total exemption of Tiusts. leaving the 
whole liability to be met by the shareholder only when he finally realises his profit >n cash. The present 
system is inequitable and' distorting in imposing C.G.T. indirectly on all shareholders even when they 
are exempt either because of -their small stake or realisations. It hag the same effect for Pension and 
Life Assurance funds who. being exempt - ° r relieved on their own securiiy transactions, are dis- 
couraged from normal investment in Trusts. The system means too that any investor selling, rot only 
looks first at hisJrust holdings but. if driven to sell when markets are low. suffers the tax already paid 
by the Trust onsales at higher levels which are not reflected in the price which he gets. The Budget 
will have be&n presented just before they can read these remarks, but shareholders should be aware 
of the benefits of exemption, if it is granted, and of the strength of the case for a change if it is not-a 
case which i would urge them to press by any means available to them. They should know that, in their 
interests, the strongest possible representations have been made by the Association of Investment 
Trusts and that this, and many other such matters, have meant much work and effort by officers and 
Committees of the Association who (like your own Management) have striven for many years to right 
the fiscal wrongs under which we have laboured as a medium of collective managed investment. 

3rd March 1&78 

Total Assetir 
Deposits /V. 

Loans' ~^^i^JReseryes W- 

, Dividend ^ '•••••' :.,'vr 

Frankfurt am Main 

Financial Highlights 
Dec. 31, 1977 

DM 3,750 m 
DM 3465 m 
DM 1,062 m 
; : DMtlOSnr 


Dec. 31, 1976 

DM 3,225 m 
DM2,799 m 
DM 996 m 
DM . 105 m : 

• ->18^ O 


i-atf.fvjrf." /■ - V-'/T >r ■ 

Carpets I nternationai - 1977 Results 

Reasonable Performance 
Except in Australia 

Mr. Rosor. Wake, Chairman of Carpets International 
Lun/tecL^.xmade . -.the following comments on the 
Company's results for 19 77. announced yesterday. 

Acco^Vha Group, we have. to face the fact that world -wide 
trading conditions las: year were difficult - and that has been 
the general experience .of the carpst Industry as a whole. 

- ResiSts nr the UK must be viewed against a background of 
over -ra parity in certain sections of the industry, where the 
achievement , of . adequate profit margins has become 
increasingly difficult. About 70% of our sales took place in the 
UK. Wa'ihcrfeasad turnover by C8 million to C77 million but 
profits of £3.1 miJJion. from UK sales, compared with C4.1 
million in 1975. were adversely affected by continuing pries 
restraints, combined with weak market conditions during part 
of the yejr* JElaevyhere in The Group we can report continuing 
success 7533 eorgra -USA and Thailand, and 'progress in Other 
areas. • . 

This was a good performance in the circumstances and 
pxnluriing'ihe Australian loss the Group profit would have 
been £4.6' million. 

Results at a Glance 








Profit before 



Earnings - 



Earnings per 



■ / 









Dividend per 



1976 figures have been re-stated where appropriate to 
make them comparable with figures for 1 977. 

The directors do nor recommend tfia payment of a final 
dividend for the year ended December 31, 1977. The 
total dividend for the year will be 1.65 pence per share 
(1976 5.51 p). 

The Annual General Meeting will be held at Carpets 
International Centre, Berners Street. London W.U at 
1 2 noon on May 25. 1 978. 


Our position in Australia is exceptional and I do not want 
to dwell on historical facts which are welt known to share- 
holders. ThB simple fact is that Pacific Carpets international 
has been hit drastically by a sequence of events, many beyond 
our control, which over five years has caused a massive shift 
in our fprtunes from a profit Gf over £2 million in 1 973 to a loss 
last year of £3.3 million. ... 

,. We have o'f. course taken the most-vigorous action, as a 
result of which we have significantly reduced our investment 
in terms of property, plant, working capital and employees, 
whilst retaining sufficient productive capacity 10 meet 
expected demand. Last November the Board ol the Australian 
company was reorganised under the executive Chairmanship 
of Mr Jonathan Crosaley, the parent company's Vice Chairman, 
who is c urgently directing our a f fairs in Austra lie. 

These steps are now beginning to arrest the decline but 
we shalf not hesitate ro take further action if the expected 
results are not forthcoming in a reasonable period of time. 

The volatile .AustraliarLecononiy and a continuing high 
level of imports may upset our predictions, aa it did fast year, 
but the company is now better placed to operate in the 
prevailing conditfons<1f thb market improves we have good 
prospects of resuming profitable operations in Australia, albeit 
on a small scale, in the foreseeable future. 


Taken together, all these factors have materially affected 
our overall performance, resulting in an inadequate pre-tax 
profit of £1.32 million against the 1976 result of £3.71 million. 
In these circumstances, the Board has decided with great 
reluctance and regret, that it cannot recommend a final 
dividend for 1 977. We feel this very keenly because share- 
holders have the right to expect a satisfactory return. But ws 
cannot escape the fact that we did not make enough profit in 
1977 and we do need to conserve .our resources. We are 
determined to resume more profitable operations, restore 
dividends and ensure continuity of employment for our 

To continue a balanced analysis we should not overlook 
tile healthy state of the Group’s Balance Sheet. The most 
important features are that In a difficult trading year we have 
held the working capital at a constant level and our 
expenditure on plant- and equipment - the lifeblood of our 
future - has been financed about equally by depreciation end 


Finally, I should say that it is too early in the current year 
to make any predictions. We are constantly monitoring our 
performance against plan for ail our operations, and I intend 
to report on trends at the annual general meeting. 

We are neither depressed nor complacent but It would be 
wrong and misleading in the current environment - despite 
some indications of improving market conditions - to take 
anything bin a cautious wew. 



. ’ Chairman 

Carpets International Limited, 
Kidderminster, Worcestershire 

* • 


Annual General Meeting 



Marwick & KIcinwort 
>n get $120m. writ 

U.S. expansion 




The Annual General Meeting of the Cheltenham Gloucester Building Societywas held 
in the Sodety’s ChiefOffice on Wednesday 12 April 197 S. 

In his report onthel977 results, the President MR CHARLES E.JESSORT.D. drew 
attention to the following: 

£3 99.3m 









™ Total Assets £5 043m 


Reserves I £195m 

Reserve Ratio 331% 


, Liquidity Ratio ' 349% 

m I Investment Receipts £2 62. 7m 

Inflow ofMembers’ Investments 
and Savings soars by 50% 

£8 39m 

(includinginterest credited] 
Mortgage Advances 





'..notwithstanding a well above average growth, the financial strength of the Society, as 
measured by its Reserves and Liquidity, has not only been maintained but has been increased.' 

In September the Society introduced a most attractive and flexiblesavings scheme known 
assayings Builder' and already well over 7000 new r accounts have been opened -proof indeed 
that thev meet a real need. 

The n» i mher nfMnrigagfe Advances to borrowing members under the age of 25 increased 
from 14% in 1976 to 19% of total loans inl977. 

The Society accepted mortgages on an increasingnuinberofpre-1919 properties-275% of 
loans being in this category. 

Whilst the total mortgage business in the 'pipeline* atthebeginningoflastyearwas under 
£6Vmv by the end of the year this commitment had reached nearly £24 m. 

During the year 15 new offices were opened. At the end of the year the Society had 
84 B ranch Offices and also 321 appointed Special Agents. 

TWO --More British companies 
have hecome embroiled in the 
actions by which Mr. John 
Shaheen . U trying to block the 
sate of- hig Come by Chance- oil 
refinery. Jtt' Newfoundland which 
is m receive rshi p 

On Monday, Avalon Refining, a 
subsidiary qf. shaheen Natural 
Resources, aefup to recover the 
refinery, began a 8120m. law suit 
against the receiver, Mr. Gary 
Coulter; vice-president of Peat* 
Marwick ■ and Co* the Toronto 
■subsidiary of u.K.. accountants 
Peat, Marwick* Mitchell, and the 
London merchant bank KJeinwort 
Benson. ■ 

Kleinwort '.Benson’s solicitors in 
Loudon confirmed yesterday that 
the. writ hhd been served on Mon- 
day and that it would be con- 

The ~writ alleges that Mr. 
Coulter disclosed the terms of 
Avalon's own offer to buy back 
the refinery (which was rejected) 
to Kleinwort ' Benson, the Export 
Credit Guarahtee Department of 
the British Government and other 
adversant interests to the detri- 
ment of Avalon's offer. 

It also eiflhwfl that the defend- 
ants maliciously disparaged 
Shaheen, his- bankers and asso- 
ciates in -order to advance the in- 
terests of other competitors for 
the refinery. 

Shaheen's ' vice-president, Mr. 
Jessie ,Taub„ said in New York 
yesterday that the suit was not a 
capricious, action nor merely a 
stalling operation. 

The suit adds one more to the 
list of legal - .actions brought by 
Shaheen in recent years. They 
include a 8189m. Claim against the 
builders of the refinery: SlOflm. 
against Morgan Stanley, New York 

bankers, for allegedly advising the 
Japanese hackers, A taka, to cease 
supporting 1 the refinery; and 
896m. against McGraw Hill, pub- 
lishers, for articles in Business 
Week magazine. Intended to keep 
Mr. Shaheen from setting up a 
rival magazine. 

Back in the bid arena. Ultra- 
mar, the British on company. Is 
no longer a contender for the 
refinery, Ultramar’s offer for the 

plant was. rejected on Tuesday- by 
tbe receiver and . the Newfound- 
land provincial Government aod, 
yesterday, Mr. Campbell Nelson* 
Ultra mar’s chairman* confirmed 
that there would be no new offer. 

However, ** in view of the mis- 
understanding about the original 
offer, we intend. to release a Press 
statement outlining the offer and 
why we think it was realistic," 
Mr. Nelson said "yesterday. 

Ultramar’a exit from tbe lists 
leaves only one remaining con- 
tender for Come By Chance* First 
Arabian Corporation, a Luxem- 
bourg-based investment company 
with U.S. banking Interests and 
affiliations in the Middle East 

Mr. Coulter, the receiver for the 
100,000. barrel a day refinery, said- 
First Arabian is a serious con- 
tender and he bopes soon to get 
a letter of intent from tbe com- 
pany formalising the takeover 

All he would reveal about their 
proposa) was that It involves 
operating the refinery from the 
outset and not using it merely 
as a trans-shipment point* as 
Ultramar suggested. Like Ultra- 
mar.' however. First Arabian 
would meet creditor demands out 
of long-term earnings. 

While any settlement will have 

to be acceptable to the priacftjai 
mortgage - holders, an- added: -note 
of urgency has arisen. it ; is 
costing about *4m. - a year " to 
maintain the plant In: Its present 
mothballed condition; '"‘ind the 
mothballing money- is nmninp 
pretty thin." • 

Ultramar offered to. nay' the 

Export Credit Guarantee ^Depart- 
ment of_the British-. Government 
the S12L5m. cost .of carrying- out 
the containment: It also suggested 
paying 8210m. tocretiitorewttof 
20-year anticipated eariUhgs. Tbtal 
indebtednes is about MOOm... hair 
of which is owed to Ataka, Which 
acted as broker in the- supply. 0 f 
Middle East crude for tbe feflnery. 

The formal rejection;!, of the 
Ultramar offer became 'academic 
after tbe Newfoundland Govern- 
ment, a second mortgagee, said 
Its proposal wasn't - acceptable. 
Premier Frank Moore? said, the 
company’s, bid was' sufficiently 
uncertain 3s to maka tbe'ehrtxbn- 
mentaJ hazards of having, an oil 
trans-shipment terminal r not 
worthwhile.. - - , . '■ . 

THE PURCHASE bf two 03. com- Settlement, 'have' transfen 
parties is announced by Thorn 100,000. Ordinary " , shares ? c .j 
Electrical at a cost: of £6-6m. It person absolutely en title rtj 
says 'the acquisitions are; part of to, for nil consideration.- - '-v? 

a general strategy of- movtng\lnto ttlj -'-aJ 

the American market, i-an aSpira- /!■ 

tion it shares with- several -'Other hSe J lb 

European electrical groups, n OrdinJ JW 

Thom is buying Jaraes-G- Biddle C? Q per cent). . . jj 

and Cb q which is based in Phila- 'Security'.-- Services: SeeurS 
delphia and is a distributor * of Group has acqiHred fssjog ii 
Thom's measuring instruments.. cent. cumulative Preference if, l"* :: 
Biddle also makes a complemen- (88U percent); ' '• '*• ■ \ 

tuy nngeol instrument, to.*, -Semrteor ^ 

own design. , - . 7?' 

The other acquisition is Part V 

f the Speco division .. of the ”■ “57^93 - A Ordinary sha.-.'-; 

of the Speco division , of the. Ordinary shaA.' : : 

Ke Issey Hayes Corporation; which Mt.-Ka. Smith'., ‘ 

j\Cl 35 t:j UdJ W j : • • . _ r 1 - jT ■ — * wi iiw i .V ■ 

has been a Thom -licensee -for SJ* 0 *™* ^ dwposed of 75i ■ ’ 
hydraulic products.' A new com- u rainary snares (non-votk ;-. : ■ 

pany Towler Hydraulics - has: been n on-heneflcially. ; . 

formed to take over .the Speco hft Furniture Centres i : ' 
interest. • A. C_’- Southern* chairman, I 

Thorn says it .Is actively seeking purchased 25,000 sbaresT^ -V' - 
further acquisitions m the U-S. r Ratners (Jeweflere): Mr j ■ ■ 

It has form^a bolduig companv Ratnerra directDr. has dW : - 
Thom Electrical Industries 10f00ft Oidlnmy shareitV ' 
iU9-A) Incorporated and opened f .. 1 

aD office in New York. 1 
Several other UJC companies 
have recently been buying small 

cFi BH) : J : 

operations In tbe U3. They in- . 

elude Ferranti _and_Racal. The JEMEmE 

Ultramar already runs a small 
refinery in Newfoundland and the 
province was disappointed the -bid 
-was hot acceptable; Ultramar 
wanted the right to shutdown- the 
plant if losses, totalling tlOm. 
occurred in two consecutive years. 
It proposed leaving .the. - plant 
inoperative until 1981, returning 
ft to production after -that date 
only if a feasibility study showed 
it was capable of at least 80 per 
cent, profitable’ operation; The 
bankruptcy occurred berafisa-tfce 
plant failed ever to produce at 
more . than 60 per cent, of its 
designed capacity. 

ffif oMMS'n 

to prosoect for possible acquist- H Hectww , ■ 

tions. Siemens of West GrrrUny Wr.‘ 

hi n t^S b^.fisW^!^!^ , ^ 0 .™ . 

HflflKTR McCONNELL ^ for ° ierly Sp ® y Investmer'l- 

BUUrvC.iv ^ f orce( i to xoake the offei 1 

BUYS ITALVTN1 - -under_qty Takeover Panel m;-..., 

„■ _ ■ „ - ■ - -irffter it recently increased-^ - 

Booker .McConneD has -com- stake in Gray -from 83.7 S 
pie ted the purchase of Italrinl, a to 60.3 per cent - - . 

private company importing, mar- Iff 'is -bidding 2Gp cash for I 
keting and distributing Italian outstanding minority in te rn 
wines, in Britain, for £T-3m. ■ The which values Cray at almi'" ... 
deal was first announced -last 'fifAm.' '-"Last .night Gray 'shat '" v 
month. ' • ’ closed nt'24p— 2p 'below the off-"' 

rn , Di: ctaptc ■ ■ price— but Gray said -that i; 

SHAKb MAKto offer price -contained no ad 

j. H. Fenner and Co. (Wdga.): ^'^ 5 V m thar * CFI bel . 

Further to the ton oiin cement ; SSS*‘!2* 1 1!2L!S rS?* 11 {uH ^ ‘ 

S® J£Ls n °L Tti& r 

Ordinary __ dorament that' it has no - - 

Cheltenham & Gloucester 

BMCT offer for Barwick is $1.7m. 


ordinary snares, m dottonent that' it has no wi*T. - ■: 

Morgan GrenfeU Trustee Services , Dcrease _ its holdrag above ! ■ ■ 
announces that m consequence- of cutrent .mjj per - 


a subsequent change of owner- it says it considers Cray as;.. - 

Shin Of. SUCh Shares in David Inga tnnn iiwMlmBTit uil it*-. 


The Building and Civil Engineering page is published in the 
Financial Times every Monday 'and carries news items relating to 
contracts and important developments in the Construction Industry. 

For details of the advertising space available on the page 
each week, and costs, you are invited to telephone 
01-248 8000, Ext. 360 or write to: 

Financial Times 
10 Cannon Street 
London EC4P4BY 

The conditional bid by Birming- 
ham and Midlands Comities Trust 
for the troubled U.S. carpet giant. 
Barwick Industries, has led to an 
unusual . exchange of words 
between Mr. Graham Ferguson 
Lacey, who ..owns- BMCT, and Mr. 
Eugene Barwick, former chairman 
of Barwick who still owns 83 per 
cenuof the shares. 

Mr. Lacey's American bankers 
Hambro American Inc. announced 
on Tuesday mat Mr. Barwick bad 
«<ened a tetter 1 of intent to sell 
his shares tu BMCT. Yesterday 
however, Mr., BArwick said that he 
had not yef decided whether to 
sell the shares: and certainly had 
not yet “gotten down to bargain- 

Mr. Bar-wick's solicitor, on the 
other hand, confirmed that Mr. 
Barwick had jigped a letter of 
Intent and Mr. Laeev is adamant 
both that it has been signed 
that the price— 31.7m. for the 8.4m. 
shares— is included in the letter. 

BMCT’s offer for Barwick, 
which is dependent on Mr. Bar- 
wick’s saltf -of the -shares by 
June 30. is’ also conditional upon 

the, banks who are supporting 
Barwick Industries agreeing to a 
restructuring of the company. 




(Incorporated in the Republic of South Africa) 

Members are referred to the joint announcement made 
today by this company and THE GENERAL ELECTRIC 
COMPANY LIMITED (" GEC ") in regard to the acquisition 
of a 50% equity interest in GECs subsidiaries in the 
Republic of South Africa which are referred to therein as 
" the GECSA Group 

GEC is Britain’s largest electrical and electronics company 
and is one of tbe world’s major electrical companies. In the 
late 1960s GEC acquired Associated Electrical Industries 
Limited- and merged with The English Electric Company 
Limited which, together, embraced tbe names of “ Marconi ", 
“ Eltiott-Automation ", “ Metropolitan Vickers ” and “ British 
Thomson -Ho us ton ". 

The directors have decided that approximately R 20.0 
million of the purchase price of R 27.5 million should be 
raised by a “rights" issue of preferred ordinary shares. 
The balance will be provided from this company's own 

That issue will be of 5 preferred ordinary shares for every 
100 ordinary shares held on a prescribed date (which will be 
given in the issue documents) at a price of 370 cents per 
share payable in cash to the currency of the Republic of 
South Africa. Standard Merchant Bank Limited has agreed 
to underwrite that issue. 

The preferred ordinary shares will rank pari passu with 
this company’s ordinary shares except as regards dividends. 
They will be entitled, after this _ company’s cumulative 
preferential dividend and in priority to dividends on its 
ordinary shares, to a fixed annual non-cumulative cash 
dividend of 36 cents, one half of which will be declared on 
each 31 March and 30 September and to a dto rata share 
of that dividend from the closing date of the issue to 30 
September 1978 (both dates inclusive). 

If the aggregate cash dividends declared and paid by this 
company In respect of its ordinary shares for any financial 
year from 1 October 1977 exceed 36 cents per ordinary 
share then Its preferred ordinary shares will be entitled 
to the excess for the same year. 

Those preferred ordinary shares will automatically become 
ordinary shares after the year in wbich the aggregate cash 
dividends declared and paid by' this company in respect of 
its ordinary shares are equal to or exceed 36 cents per 
ordinary share. 

As the GECSA Group win become this company's sub- 
sidiary its results will be consolidated with effect from 
1 April 1978. The consolidation of this company’s earnings 
for the vear ended 30 September 1977 and net assets as 
at that date with the estimated earnings for the year ended 
31 March 1978 and the net assets of the GEGSA Group at 
that date after taking into account this company's proposed 
method of financing the purchase consideration would have 
had a negligible effect on this company’s earnings and net 
assets per share. 

It has been the policy of the directors to further the 
Group's participation In the growing and very important 
technological fields. - It is considered that the acquisition of 
that interest in the GECSA Group, and through it the 
association with GEC. is in line with this aim and will be of 
great benefit to this company. 

The general meeting for tbe creaUon of those preferred 
ordinary shares will be convened as soon as possible. 

JOHANNESBURG 11 April 1978 

Standard Merchant 
Bank Limited 



Announcement by 

The General Electric 

Company Limited re.E.c. ") 


Barlow Rand Limited 

Atlantic Assets and one of its 
subsidiaries have converted their 
holdings of 10 per cent. Conver- 
tible Unsecured Loan stock bring- 
ing their combined stake in the 
equity of United Scientific up to 
9.23 per cent. 

United Scientific increased pre- 
tax profits by 42 per cent, in its 
last financial year and was the 
subject of much bid speculation 
in 1977. 

Conversion of the loan stock' 
became attractive -on income 
grounds, -when the dividend was 
increased 'by 30 per cent, at the 
time of a £1.7n3. rights issue last 

Atlantic Assets was the only 
remaining holder of the con- 
vertible stock, the others haring 
been bought out by United 

A long and friendly relationship 
has existed between Atlantic 
Assets and his company said 
United Srionrific's' chairman Mr. 
John - Robert««haw yesterday. 
\rlantic Assets had helped United 
Scientific buv Avimo through' 
thi? convertible and Avimo had 
subsequently proved a great 

book value of net - assets *lt 
nevertheless takes into- account 
the future prospects ' of- the 
Richardson group.-' . •- ■ 

. Richardson manufactures 

specialist chemicals used in tbe 
preservation of timber tod . build- 
ings. CHI sees It as a. natural 
extension of its existing' interests 
in the supnly of specialist: pro- 
ducts to the b uild big and con- 
struction industries. 



ship of. such shares. In P*rid long term investment and that *!. 
Brown Holdings on April 5 they would be prepared to see ftshiv''.. 
ceased ,on that day. to v-be jpg reduced “as and when a - 
interested in the above-mentioned makes further acquisitions tiff ' " 
shares in the capital .-■of Fenner, change for shares.” . vl-- " 
Initial Services: ' ?tAiB/&pa "and The document also adds- that--' 
Manchester Assurance Co. - 'has intends. to maintain the Usthw; 
Increased its holding of ■5.95' -per '(teay -shares on' the stock- 1- - 
cent. cumulative: ‘ Preference Change and to ensure tbiS'-C^-- - 
shares registered in Its own name wfil make any placing . aiTaw^ ; - 
and that of its . subsidiaries to -meats that-may be necessan^ -' 
96.500 (24.125 per cent. 1 ) shares. Cray said that In the ligfatj 
Parambe: Portfolio Management -the- reluctance of both partial 
now holds 345.000 Ordinary shares has not prepared a profits fin . — 

(9.10 per cenL). " cast bufhas ' promised a 10 d 

Wholesale Fittings Ot: Mr. D. S. cent dividend increase for. .fear t 



Agreement has been reached between GEC and BARLOW 
RAND by which BARLOW RAND will acquire fifty per 
cent of GEC’s major South African subsidiaries ("the 
GECSA Group"). Having decided that the development 
of Its business in South Africa requires the advice, assist- 
ance, balancing influence and participation of a aajor 
concern based la South Africa* GEC has found the logical 
partner In BARLOW RAND with Its substantial industrial 
and mining interests. BARLOW RAND is responsible For 
the employment of 125,000. nad a group turnover for the 
year ended 30 September 1977 of R 1.245 million and its 
profits after tax (but before minority interests) were 
R108 million. 

Pre-tax profits of £17,500 are 
estimated by the directors of 
S. A, Richardson for 1977 in the 
offer document sent to share- 
holders vesterday by CH Indus- 
trials. The fOfim. bid is recom- 
mended by the directors and 
holders of 40.1 per cent, of tbe 
equity have Irrevocably under^ 
tak°n to accept. 

Mr. Stanley Richardson, chair- 
man of S. A. Richardson, says in 
his letter to shareholders thHt 
although the offer Is below the 

Industrial and .Commercial 
Finance Corporation & 'helping 
two directorso f Delta Mouldings 
to buy a majority stake (n their 
company through a £300,000 loan 
and E60.noo or «hnre capital;.-. : 

Mr. Bill Williams and'W*. Roy 
Mansfield, the -‘two directors, 
wanted to bay stakes Ih'-Delta 
Mouldings from the ovnkzi Mr. 
Michael Crane.'- But they- did --not j 
h*”*' suffiei»nkfunds*.< - - * \ 

The problem, was/circumvfinted 
by the creation of /new company 
«i*.h a relafr'ely small equity ba.*p 
In which the twb buyers could 
afford, to parrwpste. Meanwhile 
ICFC took a tijfOMl equity stake 
and leni the new company 
£300.000 thus /nabling it j 0 biiy 
-n»|t* Mniun , i*TS husiness. 

In deaignmft the arraneements. 
ICFC has had to be careful not 
to fall foul >oF section 54 of the 
Cormwnies . Act which prohibits 
loans by eompanlea enabling the 
purchase of shares in the com-; 

Delta Mouldings produces parts 
such as soles for the shoe manu- 
facturing industry. Its turnover 
is ahnnr £2m. a year. 

ICFC ororides medium and long 
term finance for small and 
medium sized companies. 

Rose, a director, has notified the year ending 'April' SO/- 1028 
rnmnanv that, as a result of L453p net-— but a final dhdd 

company that, as a result of L452p net-— but a final divide! . 
changes in tbe number of shares j®f 0J42p net wBl not be 
held by tbe John ~Mtxua ^Settle- -shareholders who accept. tMCgal^ 
ment in which he has a non- offer- - 3 

beneficial interest, Ms sbarehold- DDnDD . X-.-x 

irig in the capital of Wholesale NU J'KU.Biv . 7 l -f 
Fittings; is now 520,000 (14£9 per. -lie proposed merger betwtt-- — 
cent) -beneficially- held Ordinary Seapa Group/Ruxy and SSa£ — 
shared -Mm R. Rose and -others, (Holdings), Is hot to be refunU 
as trustees of the John, Altman fb'.fb^ Monopolies Co m'mfoftfig r, _ 

w rate 

Forfirrhs- - .. .for families 


J. Henry Schroder Wagg and 
Co. sold 25.000 Wheatsheaf at 188p 
on behalf of associates. 

King’s Lynn offers manufacturers* 

importers and expcMterjxme cf_ : 
the most modem docks'atong -. '- 
the East Coast with regular 
service toHanibutg and axaigQ.:. . 
liner service to.Greece, CypniS:, i 
and The Lebanon. '■ 

Labour relations are excellent— 
offices and factory buildlngure. 
available, and land Is waiting for • 
you Co budd on'. 

King’s Lynn offers housing at 
every price levd; good shopping, 
good education and hospital 
care, plenty of recreational 
facilities arid a wonderful choice 
Cff dbuntry and sea-side toenjoyr 
The Royal Estate at Sandringham 
is.1 5 minutes away; beautiful 
Jbepdies and the Norfolk Broads 
are all Immediately accessible. 



^Wished 1 

The industrial businesses in South Africa .of the two 
groups are complementary. They share a s ! milar approach 
in management and business philosophy, including a com- 
mon desire to improve working conditions for all tiieir 
'employees, to help them to achieve their legitimate 
economic aspirations and to provide increased scope for 
job advancement 

The combined net assets of tbe GECSA Group on X April 
1978 (after revaluation of fixed properties ] were approxi- 
mately R52 million. The estimated turnover for tbe 
financial year ended 31 March 1978 was R 200 million and 
the profit after tax Is expected to exceed R 9 -million. 

BARLOW RAND is to pay GEC R27.5 million for its 
50% share of the GECSA Group. The approvals of the 
relevant authorities have already been received' or are 
expected presently and it is the intention that the trans- 
action will be effective as from 1 -April 1978. 

BARLOW RAND will be entitled to appoint the Chairman 
and a majority of the directors of the holding company 
of the GECSA Group which will, however, continue to be 
run as a separate entity retaining a considerable degree 
of independence. It will be supported by GEC to hereto- 
fore and the GEC names and trade marks will continue 
to be used. 

GEC has been established in South Africa since the 
beginning of the century. Its operations • have grown 
extensively over the years through internal development, 
mergers and acquisitions. Employing 5.000 . people, it 
covers the manufacture and supply of products in the 
fields of electrical engineering, power generation, trans- 
mission and distribution equipment, industrial machines, 
lifts, fans, telecommunications, electronics,, automation, 
scientific apparatus, material handling, medical equipment* 
and lamps and lighting. 

The principal operating subsidiaries of the GECSA 
Group are: — 

GEC Machines (Proprietary) Limited 
GEC Power Distribution (Proprietary) Limited 
GEC Engineering (Proprietary) Limited 
GEC Equipment (Proprietary) Limited 
GEC Woods Fans South Africa (Proprietary) Limited 
GEC Machines (Kwazulu) (Proprietary) Limited 
AEI Henley South Africa (Proprietary) Limited 
Marconi South Africa (Proprietary) Limited 
Express Lift Company South Africa (Proprietary) 

Satchwell Controls (Proprietary) Limited. 

GEC Machines (Proprietary) Limited is the most 
important manufacturer in South Africa of electric motors 
for industrial use, and also manufactures highly specialised 
D.C. equipment and railway traction equipment. GEC 
Power Distribution (Proprietary-) Limited has the largest 
facilities in South Africa for the manufacture of trans- 
formers and switchgear; it is an important manufacturer 
of instrument transformers for overhead power Hoes and 
Is one of its major manufacturers and suppliers of protec- 
tion relays and electricity meters. 

Tbe linking of the GECSA Group with BARLOW RAND 
will create the opportunity for developing an even stronger 
and more coherent entity with a broad industrial base. 

11 April 197S 

Association of the Holders of J976-1932 Bonds of a nominal 
value of UJ5. $1,000 with floating interest rates issued by. 


Registered Office: 4, rue Ancelle, 92202 NEUILLY SUR SEINE 


' limited Company with a Capital of FF537.600.000 
Registered Office: 18, rue de la Repuhliqne — 69002 LYON 
Central Office: 19, Bd des Italiens— 75002 PARIS 
Trade Regimen LYON B 954 509 741 
Financial Publications: SIRET 954 509 741 00011 
A.P.E. 8902 


VALUE OF U.S. 81.000 
As the Ordinary General Meeting of the Holders of 
1976-1982 Bonds of a nominal value of 81.000 with floating 
interest rates, which had been called for 3rd April. 1978 
with hereafter detailed Agenda, could nol hold any valid 
deliberations for non-gathering of a quarter of the Capital 
likely to be represented, the Bondholders are being called 
anew by the Committee of Directors of the Association to a 
General Meeting (second Meeting) to be held on 8ih May 1978 
at 3.30 p-m„ 19, Boulevard des Italiens— 75002 PARIS. 

The General Meeting (second Meeting) will be considered 
as holding valid deliberations Irrespective of the number of. 
Bonds possessed by Holders either present in person or 


— Approval of the Appointment of the Association's 
Directors in compliance with article 7 of their Articles 
of Association. 

Bondholders will have, in view of either their admission 
In person to the- Meeting or the appointment of a proxy, to 
deposit their warrants five days before the Meeting date with 
one of the following Banks or Institutions: 










MORGAN & Cie S.A. 

where proxy forms will be held at their disposal 

The proxy forms lodged on the occasion of the First 
General Meeting remain valid for tbe second one. 

The Committee of Directors 
of the Association of the Holders of 1978-1982 
Bonds of a nominal value of U.S. $1,000 with 
floating Interest rates issued by 


This advertisement is issued in compliance with the 
requirements of the Council of The Stock Exchange, 
ft does not constitute an invitation to any person to 
subscribe for or purchase any preference shares. 

George Armifage 
& Sons Limited 

(Incorporated under the Companies Act, 1929) 

ISSUE OF 51 2,000 10£ PEfl CENT. 



The Council of The Stock Exchange has.granted a listing 
for the above-mentioned preference share®.. Particulars 
of the rights attaching" to them are available in the 
Ext el statistical service and copies of the statistical 
card may be obtained during usual business hours on 
any weekday (Saturdays and Bank' Holidays excepted) 
up to and including 28th -April 1978 from: 

Samuel Montagu & Co. Limited 
Nevy Issue-Department j ' • •». 

Augustine House' 

Austin Friars 
London EC2N 2JL 

deZoete & Sevan 
V25 Finsbury Circus 
'.-Lond6n.EC2JVI 7EE 
* /• and at 
. The Stock Exchange 



vp s 

Financial Tiroes Thursday April 13 1978 


Control Administration backing J^Aheads Major banks report first 

well set 

Conrail plea for funds record year quarter profit WCll 

’ v, - MKt H YORK Anvil 19 • * ’ 

* > . MINNEAPOLIS, April 12. " 

. SULTS FROM Control -Data 
- , .''Corporation for the. first 
. . (uarXcr of this year bear out 
-f-be.~ Board’s - earlier forecast 
' ■' hat 1978 will bring a further 

■ " >■ n crease bid the record -earn- 
‘ ,,Tig 8 of the previous year, even 
. - • ‘ f it proves difficult to repeat 

• .'%lhe gain .-of 42 per cent. in 

-:V»rofits- • - 

'r.the 1978 'fixst quarter, the 
'* \n.Jroup has turned in net in- 
•tj w.,. 'tame increased by 20 per cent 
. : u o 815 . 7 m. or 90 cents a share 
■.(, inainst 75 ' cents last- time. 

• : »ales rase by 18 per cent' to 
.>*G 0 . 4 *n. ... , 

■ rnings .. figures for - both 

• . • * quarters were 'struck after .an ' 

'’■xtraordlnsry - credit - of 
. . - : 000.000 or 2 coats a share, hut 

- r he 3977 quarter has been re- 

fated to reflect an increase In 
•.let earnings '(if $ 13 m. or S 
■en ts ' a share. Last year, earn. 
" ngs of Gulf Insurance were 
: nnsalidated. . .. 

- . rnbined- revenue, which takes 

• n reve*’'’* of- Control Data and 
.‘ts subsifl'nry •: r Commercial 

>®dit Corporation '"was 
;: o 04 *m. In the 3 978 first 

- .{barter, compared -with $ 523 m. 

■ •_ ireviously. ’ - - ' - - 

- the full year 1 W, the group 
'• enorted'a sales increase of. 10 

.- ucr cent, a rate which the 
loard boned to maintain this 
r ear. . But last year’s final 
_ '{Harter showed a s’owrtown in. 
. 'arninaB erawth In 36 pe- cert. 
First '43 per cent for the 
ull year). 

the end of last year. Control 
stock was attiimg the most 
M^rive on Wall Street after con- 
irming strong- order hooks in 
'-.s.ta computer equipment, and 
peripherals business sections. 

. i - nnwhlle. B°ll and Howell Ctrat- 
>any and Te'etnation, of Salt 
■ \ 1 , .ake City, have .signed an 
.. int^pmenr under which Bell 

- . md Howell is to purchase the 

- . .. of Telematiqn’s video 

-..nardware manufacturing divi- 
' fon; No purchase price was 
' .lkclosed- 



THE "CARTER. Administration 
urged, a Congressional committee 
to-day to agree to the request 
from the Govenneht-sponsored 
Consolidated Rail Corporation 
for an additional 
Federal financing. . - . 

Mr. Brock Adams, the Trans- 
portation Secretary, outfineo the 
the Administration’s, view to a 
House sub-committee which at 
the moment is considering a : pro- 
posal to provide only SWKhn- to 
the troubled railway. Created, m 
1976 out of some of the wreckage 
left by the collapse of- the Penn 
Central, Conrail. has . already 
drawn about Slfibn. of. -Us 
original S2-lb&: entitlement; 

The costs Of replacing delapl* 
dated rolling slock, two harsh 
winters and the recent coal strike 
are stalling Conrail’s struggle For 

The House subcommittee was 
told yesterday by Mr. Donald 
Cole, president of the U.S. Rail- 
way Association htat Conrail 
could yet require more than 
another $I.28bn. 

Conrail's projection of a finan- 
cial recovery overt be nest five 
years are based on “rather opti- 
mistic" assumptions, said Mr. 
Cole, which included an expec- 
tation of steadily increasing 

Mr. Adams has said that he 

NE WYORK. April 12. 

always Lbugbt that the original 
$2.1bn> allocated to the railway 
would be inadequate and he 
acknowledges that the extra 
Sl^iSbn. might not be enough. 

The Administration is cur- 
rently trying to devise a mare 
consistent policy towards rail- 
ways and for -the two networks 
for which it has financial respon- 
sibility. Conrail and Amtrak. 

Its main worry ts that the 
Governments’ commtment may 
become ' open-ended and it is 
under strong pressure from Con- 
gressional supporters of road 
transport to limit what is claimed 
to be an “anti competitive'' sub- 

New products boost Burroughs 

FIRST quarter results .from 
Buroughs Corporation * disclose 
an improvement in the rate of 
earnings progress compared with 
both the final quarter- and. the 
whole of fiscal -1977.. 

The first quarter , of 
returned net earnings increased 
by 18 per cent over the compar- 
able period to 833^nwor82 cents 
a share against 70 cents. Revenue 
rose bv 14 per cent. toSSOSm. 

Mr. Paul S. Mirahitq,; Hie 

chairman, said that the increase 
in orders in the first quarter 
“ reflected a continuation of tbe 
good order levels recorded in the 
last throe quarters of 1977.” He 
also said that worldwide back- 
logs had increased by 10 per cent 
since the beginning or this year. 

New products, in particular the 
expansion of Burroughs 800 
series, contributed .sitmiflcan'iy 
to the gain In sales during the 
final quarter of last year. To-day’s 

DETROIT. April 12. 

figures show that, while the rate 
of increase in sales has remained 
the same in the first quarter of 
this year, earnings arc pacim* 
away from the 15 per cent, gain 
reported in last year’s final three 

For the whole of fiscal 1977. 
earnings showed a 16 per cent, 
pain, to S215ni. on sales increased 
hy 12 per cent to S2.13bn. 

Gamble-Skogmo in bid 

.president of Gamble-Skogfrib, sind 
Mr., Alton H. Howard, president 
of Howard Bros. Discount Stores, 
have agreed in principle' for The 
acquisition of Howard . . by 
Garoble-Skogmo- V. , V - 
The agreement provides - for a 
cash merger of Howard -.with 
Gamble-Skqgmo or a subsidiary 
of GamblfrSkogmb In , which each 
share of Howard common stock 
would he exchanged ‘for 515. in 
cash and- each , share-. Pf-.:its 
convertible dividend .Preference 
stock would be exchanged -for 
$18.75 in . cash. ‘ : v - 

MONROE. April 12. 

At January 28. 1978, Howard 
had 2.5m. shares of common 
stock and 124.513 shares of 
convertible dividend Preference 
stock outstanding. 

Meanwhile. Tyco Laboratories 
said in a schedule 13-D filed 
with the SEC that it has pur- 
chased a total of 899.300 Cutler- 
Hammer shares, or about 15 per 
cent, of the equity, for $32. 9m. 

Tyco said that as late as 
yesterday it bad bought 237.500 
Cutler-Hammer shares in open 
market transactions at prices 
ranging from $42 to $39 a share. 

Floating rate notes remain firm 

Brazil seeks 
steel mill loan 

TOKYO. April 12. 
BRAZIL'S Cnmpanbta Sider- 
urgica de Tubarao plans to 
borrow from Japan and other 
countries about $700m. in a 
syndicated loan to build a steel 
making plant at Tubarao, 
southern Brazil, according to 
Japanese banking sources. 

Sr.- Arthur Carlos Gerhardt 
Santos, tbe company's president, 
and other representatives are in 
Tokyo for negotiations with 
Japanese banks, including Bank 
of Tokyo and Long-Term Crrv'it 
Bank of Japan, which are 
expected to form an international 
syndicate for the loan, the 
sources said. 


NEW YORK, April 12. 

TURNING IN record first 
quarter earnings. RC.A Corpora- 
tion says it expects 1978 to he 
another peak year alter the 
S247m. earned on revenues of 
SSaSbn. during 1977. 

The company to-day reported 
record first quarter earning of 
S54.9m. or 69 cents per share 
diluted, compared with S4S.5m. 
or 61 cents per share on a 
fully diluted ba*u for the 
same vear-ogo pen ml. 

Improved earnino. Tnr 11 of 
Its operating subsidiaries, 
affording to thr mm nan v, 
more than offset ilu> stlpnnee 
antirinaled In NRL television 
earnings caused hy weak 
prime-time ratings in the tele- 
vision season now ending. 

RCA said “NRC Is still 
profitable." and the company is 
oprlmistir for its Inng.term 
future, “after its new manage- 
ment takes hold." 


Harris- Bancorp 

First quarter net operating 
profits of Harris Bancorp, thr 
hank holding company, edged 
ii n Freni $6— m., or PR cents a 
share, to 56.6 m. or 99 cents a 
share, reports AP-1M. Afier 
securities transnninns. net 
earnings were 86.6m. or ftt 
cents, against Sfi.3m. or 99 

Levi St^nss suit 

Levi Strauss has been advised 
h v tbe California Attorney 
General that the slate is pre- 
paring a suit fur damages 
aeainst Levi Strauss for alleged 
violations of California anti - 
trust law, reports AP-DJ from 
San Francisco. Levi Strauss 
believes the basis fur the suit 
won lri he the enrananv's prtrfnc 
practices in f*al'fornia daring 
the 1972-75 period. 

Honekong- Midland 

Independent investor Mr. 
Anthony Robert Martin-Trigona 
claims be wilt file a petition 
of denial with New York Sale 
Banking Commission onec 
Hongkong and Shanghai 
Banking Corporation applies 
for approval or its planned 
takeover of majority control 
in Marine Midland Banks, 
reports Renter team New York. 
Both banks declined comment. 
Mr. Marfin-Trlgona has pre- 
viously challenged uther banks 
on acquisition efforts before 
the Federal Reserve Board. 

Morgan and First National 
Boston Corporation have both 
reported sharp increases in 
first quarter earnings. The 
improvement in the profits - 
of J. P. Morgan are particularly 
significant since they follow jl 
sluggish year's growth m 1977 
when net income rose by just 
under 8 per cent, for the year 
and only 1.5 per cent. For tbe 
final quarter. 

J. P. Mnraan’s earnings fnr the 
first quarter of 197S after deduct- 
ing securities losses of SI Jim. 
were $59 3m.. an increase of IR.l 
per cent, compared with the 

RfiR.Sm. earned last year after a 
$2m. securities snin. Incnme per 
share for the first quarter is $1.46 
compared with SI 24 in the same 
period of fast year. 

Commenting on thp reasons 
underlying the improved per- 

formance, the .bank said that net 
interest earnings increased from 
SltSO.Um. to $16$-9m. reflecting a 
higher volume nf interest-earn- 
ing assets (S25.1ba. against 
S23.0hn.J. Larger holdings of tax 

exempt securities, interest, bear- 
ing 'deposits af bank* and loan's 
at foreign offices accounted for 
tbe major portion of the in- 
creased volume. 

ln_ terms nf _ nnn-int»-rest in- 
come, the hank" reported a very" 
sharp -rise - frnni'$22m. to $71m- 
Foneign exchanee trading in- 
come which" comes in - this 
category. Increased from S6 Km. 
to $L2.4m. and there was "a’S7m. 
increase in. other., operating, in- 
come, reflecting in particular 
fees- and commissions earned" in 
foreign offices. 

The. bank reduced slightly its 

. ■ NEW YORK, April 12- . 

quarterly provision for . loan 
' lossesr—from $32.9 hl to SlOJSm. 
—but charge-offs were also 
down, from S12^m. in the first 
quarter of lasr year to S72m. 
irr the latest pprind. 

Meanwhile Flr$t National 
Boston Corporation reports first 
quarter operating net ahead by 
over 50 per cent, at 51.18 per 
share against 77 cents for the 
same 1977 period. Before securi- 
ties - transactions, - incorue was 
314.4m-, sharply up bn the S9.3m. 
"comparative figure." 

.Securities losses in the 1978 
quarter came to ’$54,000. bringing 
the final net to S14.4JH- or’Sl-17 
a share. This was a mmround 
-from the same period in the pre- 
vious year when securities gains 
added" $124,000 to the operating 
net and 1 cent to the per share 

Bendix looks for full year advance 

BENDIX Corporation pxperts 
revenue ..and earnings for i»s 
second quarter ended ‘March $t 
will ••'surpass" ihe record re- 
sults of the same period last 
year. Mr. William M. Agee, 
chairman and president said. 
Thp chairman did not suggest 
specific figures. 

Jh the -year earlier second 
quarter. Bendix reported net- in- 
come of S29.9m. nr Si. 34 a "share 
on revenue of S83t?3m. . . 

Beudix second quarter earn- 
ings might not exceed last year's 
record results becausp of severe 
weather in the mtd-u p$t - and 



First Quarter Wit 1*77 

S i 

Net profits 3.9nt. 1.3m. 

Net per share... 1 .09 0 03, 


First Quarter M78 M77 

S 5 

Revenue 228.0m. 195.0m. 

Net profits 2l.0m. !7.0m. 

Net per share... 0.S2 0.51 


First Quarter 1978 HTI 

S S 

Revenue 607.0m. 546.0m. 

Net profits r ' 19.0nv. 11.0m. 

Net per share. 3-25 0.74 1 


First Quarter H78 1 977 

5 5 

Revenue 203.0m. 169.0m. 

Net profits 35.0m. S.Om. 

Net per share... 0.94 0.53 


! First Quarto r 1978 19T7 ^ 

5 S 

Revenue 421.0m. 358.0m. 

Net profits 16.0m. 11.0m. 

! Net per share... 1.68 1.17 1 


First Quarter 1978 W7T - 

S .5 

'Revenue 34S.5m. 1 38.6m. 

{Net profits 15.2m. 12.4m. 

I Net per share... 0.57 0.47 , 

nnrih past which hart forced the 
company to cIo«»* for varying 
periods ** more ihan a dozen ” 
plants. ■ 

Ur. Agee said that Bendix ctin- 
tinues to predict record revenue 
and earnings for the fiscal year 
ending September 30. 



First Quarter 1978 19T7 

i S S 

{Revenue 70.9m. 575m. 

; Net profits 2.7m. USm. 

I Net per share... 0.49' 0.32 


1 Fourth Ouartor 19T7 1978 

S 1 

;Nel profits " *2.0m. *11.000 

i Net per share... 0.25 ■— 



First Quarter 1978 W77 

I S s 

Net profits 20.9m.' 169m.; 

Net per share... 1.40 1-10 j 


First Quarter 1978 1977 

S S 

{Revenue 1009m« 89.8m. 

Net profits 12.7m. 9.5m. 

Net per share-. 1.00 0.66 

, First Quarter 1978 1971 

! s s 

Revenue 54S-2m. 522.6m, 

{Net profits 24.5m. 23.9m. 

[Net per share... 1J20 1.18 


Ftrst Quarter 19)8 1977 

S S 

Net profits 1.96m. 1.87m. 

Net per share... 0.65 0.62 


he dollar market remained 
y quiet yesterday with 
. .. .lers generally reportirig little 
. .ding. - The floating, rate nqte 

B i ~j ^,^ ther ^^tn d / c on- 

ir'..- V : 7 • 

-jfing sector .waa. waker. 
terilay with some names' 
Seats particularly hit 

Veiy .thhar."*"- • . . . 

> Defit'chemark rector, 
a ; of ; . three- new issues 
omsfktL; The DMi&Om. 
•ovince af Quebec^ which 

" . • v. ‘Ur 

' '.*■ . ' tc: . • 

Is being managed'' 1 by "^WSst- 
deutsche Landesbank carried an 
Indicated coupon of 6 per cfeht. 
The bonds win mature fir 1990 
and will have ah -average Ute “of 
;ao^'kqfi'a Jbalf yems. ^ v r ;> ' 

- ' .--'n^Vrenta^horrewer Deutsche 
Bank is briagiiig to the market ig 
-the . -state; • qOr. , coptpaoy. -Elf 
■ A'qnltalnr.' fhe- amount fof -the 
bond is DMlOOm.. tlie Abdicated 
coupon Agfrpw i®Mit yanrt the 
maturity' • ten ’ years with an 
average life of nine, years. The 
bond? -ace expected" lo be priced 
atpaf.-^' 1 ‘ ' 

Established 1817 
Dividend No. 478 

Notice is hereby-, given" that a dividend of 
twenty-six and one half cents per share' on the 
~ paid up capital of this Institution has been de- 
clared for the Cu/rent quarter payable 30th May, 
1978 to share holders of record, aS at the close 
of business 28th April; 1978. - ; • • 

- Sfrares not fafiy paicf’for'by 28th Aprii will 
rank. for the.piirpose* of the said dividend to the 
extent of : tha payments nriade oh the said shares 
■ da or before maf date: \ . 

• ’“V ' By order Of the Board ’ 

■- _ ■ : r- \~ R. Mirir, “ 

. .Vice-President and Secretary. 

•.37iese s ec urities having been privaf 
Ous anhoimcmDeiit appears as a matter < 

■ Meanwhile Bayerische Vereins- 
bank Is arranging a DM40m. con- 
vertible bond for Sankyo Electric. 
.Maturity will be eight years and 
ithe coupon is expected to be 
.4 pier c^nt. ■'The Ministry of 
'"Finance m" Tokyo is understood 
to be’ insisting that the conver- 
sion premium be fixed higher 
than 10 per. cenL 

The KD7m, for Banco Narional 
de.Obras y Serviciocs Publieos 
of Mexico was prived at par. 
Other conditions include a 
coupon of 8} per cent, and a .12 
year maturity. The bond Has 
been arranged by Kuwait Inter- 
national Investment Company. 

• In its annual report published 
yesterday tbe Luxembourg based 
Eurobond, clearing system Cede! 
writes that the Eurohand market 
set a new record last year with 
a volume of new paper issued at 
over $I5bn.. a 24 per cent in- 
crease on tbe 1976 figure. The 
diversification of currencies in 
which bonds were denominated 
was one of the salient features of 
the year, the other one being 
tbe expansion of the Deutsche- 
mark issue which increased its 
share of the market to 27.5 per 
cent. . 

Textron plans 
market buying 

.PROVIDENCE. April 12. 
TEXTRON - plans to buy up 
266.834 shares of Allied Chemiral 
common from time to time on tbe 
open market. 

The shares will replace those 
which - Sol vay et Cie has elected 
□ot to sell to Textron in the 1973 
first quarterly instalment of the 
previouriy reported agreement 
between Textron and Solvay. 
AP-DJ - . 

This announcement appears as a matter of record only. 

record only. 


Union Oil Company 
of California 

Notes due 1986 




In conjunction with 

S. G. Warburg & Co. Ltd. 

April 1973 

Kowloon Electricity Supply 
Company Limited 

US $390,000,000 

Medium Term Loan 

to provide finance for contracts between 

Kowloon Electricity Supply Company Limited 


GEC Turbine Generators Limited 

and other U.K. .suppliers for the supply of capital goods and associated services in relation to a 
new 700 MW power station at Tap Sfrefc Kok in Hong Kong and up to 300 MW of gas turbines 

with the payment and funding guarantee of f 

Export Credits Guarantee Department of the United Kingdom 

arranged and managed by 

J. Henry Schroder Wagg &. Co. Limited 

provided by 

Standard Chartered Bank Limited The Hongkong and Shanghai Banking Corporation 

The Chase Manhattan Bank, N. A- ■ CitibankNA 

Morgan Guaranty Trust Company of New York 

Barclays Bank Internationa! Limited Lloyds Bank International Limited 

Midland Bank Limited International Westminster Bank Limited 

Bank of America N.T. & S.A. Bankers Trust Company Chemical Bank 

Continental Illinois National Bank and Trust Company of Chicago 
The First National Bank of Chicago Irving Trust Company 

Manufacturers Hanover Trust Company J- Henry Schroder Wagg & Co. Limited 

Agent Bank 

J. Henry Schroder Wagg & Co. Limited 

April 1978 

Philips sees maintained 
growth in sales volume 


PHILIPS, the Dutch-based inter- FIs.fl.6bn., this division was the sector, rising to 9.8 per cent. 
national electrical group, expects largest, in the group accounting from 92. Sales were only 1 per • ' • - 

volume sates to increase by about for nearly a third of total turn- cent, higher, however, at GurHAWTIN 

7 per cent, this year — the same over. Fls3.3bn. * mator nmnnonr nmfite in 

rate as in 1977. However the Investment spending in 1878 The geographical break-down SouSdbv Continental 

fall in the value of many will be higher than the Fls.l.57bn. showed that profitability ranged Gummi!5KI! C ^i?' freest tvre 
currencies against the guilder is in 1973. It will be roughly equal from minus 0.4 per cent in manufarturer in WesrCermanv. 
expected to lead to a lower rate to depreciation. Australia to 14^5 per cent, in The company nicn held out hopes 

of increase in sales by value — Philips expects to reduce its Latin America. today for a return tn dividend 

Conti-Gummi holds 
out hopes of early 
dividend resumption 

Financial Times Thursday.'April 13 1978 A 


FRANKFURT. April 12. 

i IT IS easy to dismiss the British such as the World Bank, foreign agencies <they may have i»i'W- 
April 12 W'tap the borrowers have only recently: nervous about the wtcome) 

as^ Y faWv f ' Hi? 1111 W** begun to beat a path towards they have had to p^signj ' ; " ' 
utionifthe ^ harmless publicity- New York. Daring the 1960s camtiy more as a- result Afr 

j • continue wf! T^ni if _^? vay ^- mce and early 1970s the market 'was- corporate . names. Indudine Ii *'■" 

thio^hom nimiaUy closed to toreignera, and B^ha w llTl3 

. . LJ£f, mterna “°nal status* singe u.S. capital controls in the; water- -but generally the ma - : *• 

Overall turnover, rose by U **$*1 _ of the Intent Marf* JSESLi"* been. • foreI,> ‘ ! 

of increase in sales by value-- ™mps expems to reouce - urn . Am na to*iay for a to dividend per cent, to about DM Lsbn. to L However, although the SSSOra, T^made the ratra S usSlSS- sov^nm^ 

which rose only 2 per cent, to workforce again in 1978. It The poor result in Australia, payments in thp current vear 1977 Sales are tn ■ Issue is peanuts in relation -tn . ^ mane roe rates caatgecLpro-. tuvjii ■ 

FIs.31.16bn. last yea?. employs 383.900 worldwide in- where sales, expressed in “ tte curren * ™w at aboot to aSte^l tlS ! the ul* s tS toreiSffio? WbMwe!y ^ ?*2ZF'3**- YaiSS? ut u ^ . 

rnfd increases, pressure on eluding 84.900 in Holland — guilders, fell 19 per cent, was Group profits rose by DMlO.Sm. ^ ® ‘ ^ Ugs of close to ta 8 its ^P®® 1 m i 974 - ^ -■ eridem 8 t : - 

ssles prices and inadequate use making it the latest Hutch pn- due to the deteriorating economic ff 5 - 7 ®- Tbe West German tyre market mahes a lot of sense." By going b0nd narkef S aSrSthSta^A!'''' 1 " 

attractions of tl ; 


The company expects sates of dicated that Philips was conform- panies. 
electronic and electrical con- ing with the wishes of inter- charge 

The fall in the tax 
to Fls-491m. from 

Deutsche Bank operating 

video” rerard^’a^ ”on forreVSicmilng wJ™not BY OUR OWN CORRESPONDENT FRANKFURT. April 12. 

□er cent, sales growth In 1977 Trading profit as a percentage tax-deductible. ... DEUTSCHE BANK. West earnings (up 14.6 per cent, to 

r 11 . ° r .... a C n.. lump. ’DKilIno mmAPltv nartinlnalinn I-' > nut n<iu- » J ... , 

rur cenL. SdieS KrllWUJ lu Ull iiauma ■« - I'---'-—— r— — . . ... uuv .wvuu aiuiDi "tai «■« irei tan. lu ... ,,, . 

while trading profit as a per- of deliveries rose to 9.6 per cent- Philips minority participation, Germany’s largest commercial DMI.94bn.) covered the personnel 

cental of deliveries (sair;s and from 5.9 per cent. Sales rose Matsushita Electronics Corp., bank, has reported 1977 operating costs, up 8.7 per cent to DMlBbn. lts borrow- 

deliveries between companies) 3 per cent to FJs.3.1bn. equal accounted for more than half of profits up 23.4 per cent, in con- (S39.15ra.L *11 '.'i; ;, .../;,.',, 


1970 to 1977 Sbn. ' 


- ' Other 




■ li 









. 1 JO 





3 A. 

6 j : 





42 . 


Spain plans $3bn. borrowing 


ming from 


tax sector increased bv 10.5 per cent. cheaper, 

to DM59 lm. domestic borrt 

sales prices ana inadequate use u K iae west merman tire market oi sense, ay gome r — - 'TTl . market is not witlmut ft* dr* -*.•• 

of capacity mean it will be a vale employer. The ^workforce situation and the downturn in with some„ a m agnet for im- through the lengthy procedure has sprung up. backs. - Most viriWy this is ^ 

“ great challenge *’ to achieve any declined in Europe. Africa and the previously booming colour J£jL s be ported products and virtually all of being vetted by The New York ^r^Y^nkM ” V ?mnd^ thecaseof Thpi/a borrow^’- 

substantial improvement of Austraha but rose in North and television market. ‘Die high rate 1°“”^ , of the big tyre producers have rating agencies, the UK. Govern- ?h^rm b A foreign borrower normally h''.- ‘ 

profitability in 1978. Profitability, Latin America last year. The of return iu Latin America was Uiree years had serious trouble. More than raen J h , as won itself an entree o® 3 ® 8 “* e term 15 use “ de& " to- pay more than a domesi ;: *•- 

measured as after-tax profit as net loss was 7,700 jobs. needed to cover financing rosts 1X0,11 ^ to 1974. half the replacement tyres sold l ? the. largest capital. market.In borrower’ with an. eauivaie': 

a percentage of sales, was an Philips has extended the scope with interest rates as high as There are also hopes that 1978 in the Federal Republic are now «*e world. .. rating. Typically a yankeeisa 1 ' 

unchanged 22 per cent, in 1977. of its annual report to give a 40 per cent in Brazil.and 90 per will see an end to tbe run of imported and the importers are At the moment there -might be FOREIGN BONDS ISSUES IN - yields about 60 basic points nm -■ 

Philins sells in 64 countries more detailed break-down of pro- cent, in Argentina. six dividendless years. The also making inroads into the in- si ightly. cheaper sources ot seven- THEUJL- • than a comparable issue. Son-' : 

The increase in demand in the duct sectors, of the geographical The 13 per cent increase in report said that the dip into .dustry's most important market year money in the Eurobond mn tn iv77 foreign triple' A borrowers fc : r 1 

i ndn stria Used world is expected distribution of its business and 1978 net profit to Fls-634m. was reserves and the improved 1977 —the motor manufacturers, market but the big attraction .of • that despite their credit xatfl.'-' ■ 

Jo hP Insiiffirient to allow in- of its largest participations. The helped by a lower tax charge profits laid the basis for a themselves. the U.S.. market is that it does Canada - ’ Other Total they paying -as much ag} 

rfiKirv n make adeouate use of new President of the Managing and an improvement in the not suffer the same sort, of na . . ,, domestic ■ borrower Vnth a sing ' 

Mmn'irv 0 4 Board. Dr. Nico Rodenburg. in- results of -n on-consolidated com- -py _ v . hiccups as the latter— the money 0,s A or triple B rating. aS-. -- 

ThPenmoanv expects sates of dicated that Philips was conform- panies. The fall in the tax I lpiirCPnA K^VIk nTlArOTllia 1 |s always ; available. In addition,’ Governmentsflnd^thishardi.-.;- 

2172 e Sca 8 r o°nl ini with the wTshes of inter- charge to Fls-4»lm. from JL/CUIMIIC DalBV UUCl dllili; it is possible to raise longer term 1.0 03 1J. swaUow audit wUl be ioterestit. : ‘ . 

fuSer xoods to make the largest national bodies such as the OECD. Fls.610m. was partly due to the . i money. Whereas Eurobond in- 0.9 0.1 . . ‘ 1 j to s« b^the uX"issue fits mV-- . : 

contribution to growth this rear. The break-down by sector company being able to compen- fimTUC lflPfASKlP rtV 7 vestors do not like investing for ^ 13 3j tbejnarket’s yield structure.,-.-:-. 

division winch includes tele- shows the lighting and batteries sate for previous tax losses and |fi\JXlt.& Illd Vdt^C UV ZrJ / O mu^ oyer 12 years the UAlond ^ *5 The stoekU.S. explanation ' 

inis QiviKon, wnicn iQ«.iuu« leiej *1.0 area test rate to the fact that, in 1976, a pro vi- ^ market can provide funds for up • ®r - to why . foreign borrowers hr ' 

video record abbteve^onlyl S^ncrease over the 6 vear before, sion for restructuring was not BY OUR OWN CORRESPONDENT FRANKFURT. April 12. to 25 years. Consequently,, the 6-2 4.4 10A topay more than domesi^- - 

^r cenL sateT groi^lnl^ Trading proflt as a* percentage tax-deductible. . . , . DEUTSCHE BANK. West earnings (up 14.6 per cent, to « « . - ■ 7J - ‘ iJ 

while trading profit as a per- of deliveries rose to 9.6 per cent- Philips minontyparticlpation, Germany’s largest commercial DM1 .94bn.) covered the personnel Sf oe?S^^wS r '' t i 1 Tf 

centage of deliveries (sair;s and from 5.9 per cent. Sales rose Matsushita Electronics Corp-. bank, has reported 1977 operating costs, up 8.7 per cent to DMIBbn. Source: Morgan Guaranty Trusty Co. 

deliveries between companies) 3 per cent to FJs.3.1bn. equal accounted for more than half of profits up 23.4 per cent in con- (S39.15m.). ings in New yojk, ^ w 

fell to 8.3 from 10.8. Profitability to about 10 per cent of group the improvement in the profits txast to 1976’s 12.3 per cent and material costs, which rose cribe all foreign bond issues in that big SStuSal ' ( 

i r expect ed to be about tbe same sales. Profitability was highest of non-consolidated companies to decline. Net earnings rose only 6.4 per cent, to DM417m. Com- ^bout the New York f^reagn glw York bSttt te mo^sene? So ^limfcdfsTo aS nrllffi 
this^ear as last. With sales of in the domestic appliances Fls.41m. from Fls.600,000 in 1976. sl«Sfatiy after increased tax stem- serv1 ®® useTto de^ribe onlythose 

fr® 1 " ^orahou tax serior increased by 10.5 per cent. which used to be subject vested ^in foreign lecuritif 

^ • | 1 • Herr' F. Wilhelm Christians, The parent bank’s total assets to' raise seven-year money ^ 3.35 ^Saf^e 13 T bte Sl^^geneSl^are Knitted^ 

Crom fllCKTIlC Ann joint spokesman for the executive rose by 16.7 per cent, or per cent at the moment, wWch c^adian borrowers are J eft out investing g on?v^5 per cent v* 

ijUalll PlillllS IKJlivnlllfc Board, said that 1978 was also DMLl^bn.^ to DMTS.ebn.. while compares with yields, on. U.K. of^llculationsof the^e Se tbeir^alsets in thte tyy» ' 

Mr Mr expected to be a successful one. the groups balance sheet total pit-edged stocks, of an. eqmya- Yankee bond, market. . Neverthe-' security -and- some .trade: auk--. 

BY FRANCIS GHlLtS RECENTLY IN MADRID ^ 113,1 er Df t . he - vear ’ \ 8 froni en I 10 per less, using this strict definition, pension funds seem to opera-.-:-' ' 

BY FRANCO. bMiuEs, Kt ‘- t there bad been, as always, a DM105.2bn. to I)Ml24.2bu. cent Meanwhile, the . gap ^ amounts raised atr still sig^ on the basis that America is ti-T:: ' 

PUBLIC and private Spanish bor has not yet been given by the year. Some in Madrid hold that d£ c b Q e 111 tb® bank's balance Hardly surprising in view of between roe cost of 15-year nificant, and are. probably run- only place to invest. ' T 
mwor«t will have 10 limit the leading U.S. agencies. it would be better to borrow sheet total, but the drop of the state of the West German money m the U : S. and the .UJC. n ing at around $2. 5bn. annually. Consequently, part of virtnair.: '" 

amount of monev they raise in The Director General also said rather less and use some oF the DMl—bn. was much smaller than economy, the parent bank s credit is over three percentage . points So far the lion's share of all every Yankee bond isue is plAet>'' 

the international capital markets that a reappraisal of the coun- reserves to finance the foreign usual. volume in 1977 grew at a much currently. ' issues have either been for. with foreign Institutions, te fl. 

rhi«s vear to S3 lbn which is try's foreign debt policy bad currency needs of various sectors Operating profits in the first slower rate than 1 in 1976. It rose Finally, in terms of fees and sovereign governments crease of shorter term issuf'.--* 

about’ sihn more than in 1977. been initiated after the elections of the economy, others feel the ty° months of the year had by an overall 8.7 per cenL. com- commissions, tapping the New government-owned agencies and around a' quarter ends up ove - \ : 

Bv the pnd of the year Spain's held in June last year when it level reached by reserves Is a shown a similar pattern to 1977 pared with the preymus year’s Y ork foreign bond market Is a virtually all of them , have, had seas and 'sometimes the orbou!-;- 

ernsSs debt should 3 ^ stand °at became clear that Spain could safe one and should not fall. All he said. Although interest 21.9 per cenU to DM.45.3bn.. considerably cheaper -exercise Triple A ratings. . France has tion rises to close to 50 per ced-'. 

Ii5?b n a with nubile borrowers not go on accumulating debts at further needs of foreign currency margins had been squeezed to Net profits were up from the ^ ^ Euromarket- As a been a heavy borrower, particu- For longer term, issues, howew v 

thSir nroMS Of anv price and on any conditions this year should come from funds 2.44 per cent, profits from the pro^ous year’s D3L2SOm to f thumb a^nwvei- inthe lar, y the varloafl rtate awncies the majority is placed dome#' 

Se find S® It £ per Tent as if borrowing abroad amounted raised on the international bank's trading on its own account DM.2S2.Sm. The bank's tax : bill. * My^lfees s«ch as Electridte de France aUy and In the case of the Ut - 

fth/ Zli to no more than a marginal market. had been “noticeably good" however, increased from I976's fm ‘ and Caiss e Natiqnale de. Tele- Tbe amount of the Issue wh?..,., • 

Repayment of the debt ron- faelor in th e management of the The Spanish authorities are According to Herr Christians. DM292.Sm. to DM332.6m, of ^“fJSSSrtNi communications. /In addition, can be' placed locally- will be?i; -- - 
tracted so far imposes a heavy economv - j® seemed illogical to having to work out their the decisive- factor in last years which DM.3i5ra. was attributable underv^rtmg_ rtc.1 vOLabout the g 0V erments ' i>r Norway, good- guide to- “the toaikek* 
burden on the country for some WRt ^ limits of Spain's sol- economic strategy aealnst a diffi- performance was the 15.5 per to taxes on income, profits and 1:“ • • S8 ^,f“l ye fJ Australia. Finland, New Zealand, receptiveness to future Issnwi.: . 

years to come: 13.5 per cent, of ^ enev A co h eren t strategv was cult economic background. The cent, average increase in business assets. Last year this had f? on ® y gainst 2* per cent in Sweden and Venezuela have-the vast bulk of the issue wit- '• • 

the debt has to be repaid this nee( j‘ e ^ an g g r . Toribio outlined authorities have chosen to divert volume throughout the year. By amounted to DM.279m. and thp “* e Luropona market. come to the -market Only two into .firm local' hands -it isllkd'- ;' . . . . 

year, 18.5 per c®ot- next year, ^0 v j ew . 0 f w y,'at It should be. more resources to the expnrtine the year's end; it was up lfi.I per bank commented that the rise Apart from the Canadians and countries — Mexico ' and Brazil — that it will not be.too long beM i: 
per cent in 1980. a percentage The balance of payments should sector as one means of stimulat- cent or DMI0.9hn., at DMTSTbn. was mainly attributable to cor- various international ■ agencies have nbt been rated by the HMG returns again. ' *. -r\- -, . 

which will decrease in the two nof show a de fi c j t although a in e the economy. In contrast with 1977. interest poration tax reform. " • ■ ■- ■ ■ • • r.’ . 

following years but rise again- deficit on the current account Sr. Martinez Cortina, Director ' 

sharply, to -8 per cenL in 1983. was permissible. The flow of General of Banco Exterior, told TV T _ 1 ______ J FovnitMTci - - 

Sr. Toribio. director general of 'defid / and Interest o^credi^availabfe for exports Interest in $ Eurobonds picks up Nedam independence bid Earnings down| r 

f inancial Policy at the Btim^ry payments on the debt contracted would be increased by dose on mrewmA^ by our own correspondent AMSTERDAM Abril l** Jli''Slll7PT ” '"Tt" " 

of Economic Affairs at a two day £ 0 far . Borrowing on world a third to SI. fibn. this year. This DUSSELDORF. April 12. ' „ „ CORRESPONDENT AMhrKKi jam, April 1-. ; 

conference, the second of its capital markets would be used move, coupled with th« policy of INTERNATIONAL interest in The dollar should reassert it- BALLAST-NEDAM, tne . con- Dutch attracting group, Stevin, • - . ’ =;¥- - 

kind organised by Banca Mas t 0 refinance the existing debt on letting the peseta float down dollar Eurobonds investment ap- self as the main currencv in struction group, bas announced assured Ballast at the time that By John Wicks . 

Sarda in Madrid and devoted to the best terms available. gently should heln boost exports Dgnre t0 he reawabenine as a ,hp Eurobond market and the 50 plans to fssue a block of prefer- "« r ®gafded the holding purely TTmrrrr AnriT'iy^ ' 

international financing. m , h e past nine months. While this conference provided ~ ^ “ per cent, of Issues dwomSated ?ncie shaiS *n mtiertd^in as « -ta^estmenL - 

Sr. Toribio aLso stressed that Spain's reserves have nearly valuable indications about some of the ^ widen in, of the gap jn marks OVIJr th ! f ® of he compa ny %am a Ballast wi«l issue 15JJ43 of of |he Swi» euginea 

Spam was ,n the process of doubled: they stood at SThn. at of the thinking going on in the U.S.-.-and German months was unnaturally high, Mr DutS busman wh? ^ntly FlTl 0W prlfere^ shw^with BrottegV ' ' 

diversifying the sources of its the end of March. Interestingly, higher reaches of the Soanish interest rates and the feeling Seipp said. ' ' awmired a snhstantiai MtAma. Lvh cb fl ȣ: hsivino SO vntao. .Tha 

come to the market. Only two into firm local' hands it is Ukd' " . . 
and countries — Mexico ' and Brazil— that it will not be.too long beM r; 
cles have nbt been rated by the HMG returns again. ' -, 

■■■ ■ — . ■■ . 

Interest in $ Eurobonds picks up 

DUSSELDORF, April 12. 

Nedam independeDce bid 


Earnings downt: 
at Sulzer vf' 

By John Wteks . ,'4k" ' ■ 

ZURICH, Aprn;i^-v ’ 

diversifying the sources of its the end of March. Interestingly, higher reaches of the Soanish interest rates and rfai 
financing: it had already raised Sr. Torfhio did not refer to the administration, it also suggested that the dollar may 

G r!^nno ^°. nths unnaturally high, Mr, Dutch businessman, who secently FIs.1,000 preference shares, with 

Se I®P sa,d - , v acquired a substantial holding, each-'share: paving 50„votes, -tbq 

.- re SSI5. r _^. ere ,_ had some move- It will’ place most jOf tffif new n,ew! '(shares^ of whidx 10 per 

J n?n and 0 ?fi in k a n t ^n*to SVn 2*^*® cur ^ nl1 ^ - °" that the ^V ]Tne ^ has s° me ^ PeuLschmarlL West- ment by central banks into shares with a /Foundation cenL Will he paid up., will rank The 7 Board is 'tq 1 reoommS 

Japan and is known to be con- between various ministries and wav to go before It can agree deutsche Landesbank Girozen- short term mark securities and esoeeiallv set an/o euarantee fwMiv'iflm .1 nf .in ta V n#.r n.nt- Payment of an nnehin*rAd 

York* market ^HowJver^ rating Should 0 be' Wowed U a^ad m th C Is ° D 8 clear cconomic Snuan' D WaUe e r nt Seino ar siid ViCe ? eposits . 0ver Period of do!- the company’s fm dependence: promissory note rate from dend of Sw^rs^40 per shaiSl 

\ork market However, ajatmg should be borrowed abroad this strategy. chairman, waiter Seipp said. Jar weakness, but he had detec- Ballast, which 13 -fce third largest Janulky this- year SwJrsdJXJO nominal value A 

— — ted no * ar ? e scale movement Dutch corap an w in its sector, , SwJYs.14 per share of SwJIbS 

;x“-i„™Sta. h ' ,Wiiigsfr “ ra ss e&ssfi 

I J s p me recent medium term with world-wide engineering and Group turnover of the Sola 

I deals had been completed at offshore interests, had bought conci^ remained 

AB<$ ikt Nous haring been soid,iliisiimiomcemBii appears as a mantT<tfr*a>rd only 

23ti March, 197t 

The Republic of Costa Rica 

US$ 20,000,000 

Floating Rate Notes 1985 

ur-m ua< i wen completed ar otrsnore imeresrs, uaa nougnt rr ^ - concern femainpd -Mniafit 

spreads over Llhor as little as about 50 per cent, of its capildl. *® 7l alu 1e+ n ^ Drdinaty altered last year at 

? per cent., but Westdemsche Mr. Heerema. who a few days snare * ^rready outstanding. (SwJrs^^3bn.) while cana®!-' :: 

in principle was not prepared to before announced the surprise Ballast has called in extra- ctated - -orders - v Tecelyed‘'fdL v;: 
sign on loans at under } per cent acquisition of a 40 per cent ordinary shareholders’ - meeting slightly from SwJrsA46bn. fil ' " 

holding in the second largest for April 28 to explain its move. SwJfts^B9bn. . . ' 1 ' 

This announcement appears i as a matter of record only. 


i? sCific Ho: 

Banqne Nadonale de Paris 

Citicorp International Group 

Credit Suisse White Weld Limited 

First Boston (Europe) limited 

Merrill Lynch International & Co. 

Westdeutsche Landesbank Girozentrale 

Twentieth Century-Fox Film Corporation K 

10M% Subordinated Debentures due 1998 K 


AlahlJ Bank of Kuwait (TLS.C.) Algcmeoe Bank Nederiand N.V. Amex Bank Limited 

Tbe Arab and Morgan Grenfell Finance Company Limited Baacx Connoerciate Itafiaaa Banca Nazionale del Lavoro 

Banco Santander Finance, Geneve Banco U rqui jo-I lispaoQ Americano Limited Banco de Vizcaya Ban com International Limited 

Bank of Hetemki Ltd. Bank Mm & Hope X.V. Bankera Trust international Limited Banqne Bruxelles Lambert S-A. 

Banqne Francaise do Commerce Exterieor Banque de Flndocbine et de Suez Banqne Internationale a Luxcmbomg SA. 

Banqne Internationale pour FAfrique Occ idea tale (BIAO) Banqne de Paris et des Pays-Bas Banqne populaire Suisse S.A. Luxemboarg 
Banqne Rothschild Banqne de la Sodetc Finanriere Enropeesne Banquc Worms Barclays Ko] &. Co. N-V. 

Baring Brothers & Co. Limited Bayerbdte Vereinsbank Bergen Bank Berliner Handcb-und Frankfurter Bank 

Caisse Centra (c des Banqnes Poputaires Centra I e Rabobank Chase Manhattan Limited Christiania Bank og foeditkasse 

Conliuentai Blinois Limited 
Dean \Nftter- Reynolds 
E. F. Hud on & Co. N.V. 
Hill Samuel & Co. Limited 

County Bank Limited Credit Commercial de France Credit Lyonnais Credit da Nord 

Dama Securities Europe N.V. International DBS -Daiwa Securities International limited 

Den Norskc Creditbank Dillon Read Overseas Corporation Dnaduer Bank Akticngesdbdiart 

Euro* Latina mcrican Bank Ltd. European Banking C run pan' UmHcd Fir>i Clik-ago Limited 


LBJ international Limited ' Inlenotiouai Mexican Bank Limited K If in wort. Benson Limited 

niled ' International Mexican Bank L united 

K rediet bank N.V. K 

Pan Asian Finance Limited 

Kjabenhavns Handcisbank KredietbanL N.V. Kredietbank S.A. Loxembourgeoise 

Kuwait Foreign Trading Contracting & Investment Co. _ Kunsit IntemalkMiailnvesimcnt Co. sjj.k. 

Kuwait International Finance Co. S.A.K. Lazard Brothers & Co-, Ltd. Lioyds Bank fnlernntional Limited 

Loeb Rhoades, Horablower lntetwnwnal Limited Manufacturers Hanover Limited Samoel Montagu & Co. Limited 

Morgan Grenfell & Co. Limited Morgan Stanley International Limited National Bank or Abu Dhabi 

National Bank of Kawqh S.A.K. New Japan Securities Europe : Tbe Nikko Securities Co w ("Enrope) Ltd. 

Nippon European Bank S.A. Nomara Europe N.V. ; (testcrmscbiche Lacndcrbank Orion Bank Limited 

. Atncugodhctall 

J, Henry SdiroderW&^g i Co. Limited Skandinavijka Eibkilda Banken 

Societe Banco ire Barclays (Overseas) Ltd. Snciclc Generalc 

Sumilumo Finance International Svenska Hundcbbankcn 

ed Manufacture!? Hanover Limited 

Morgan Stanley International Limited 
New Japan Secnritios Europe I/bn%ipd ; 

Skandinavrjka Eibkilda Banken 

Smith Barney, Harris Upftam & Co. Inc. Societe Banca ire Barclays (Overseas) Ltd. Snciclc Generalc 

Sodetc Generalc dc Banqne S..4. Sumilumo Fmancc laternaiional Svenska Hundcbbankai 

SniM Bank Corporation (Overseas) Limited Taivo Kobe Finance Hong Kong Limited Trade Dcvrlopment Bank, 

Lnwlim Bmndi 

Union Bank of Finland Ltd. United International Bank Ud. J. Voniobd and Co. S. G. Warburg & Co. Lid. 

Wobaco InTeatmeots Limited Wood Gundv Limited Yamaidtl International (Nederland) N.V. 

Trade Development Bank, 

LiMrfnn Brandi 

S. G. Warburg & Co. Ltd, 

Lehman Brothers Kuhn Loeb 


Bache Halsey Stuart Shields The First Boston Corporation Blyth Eastman Dillon & Co. 

Incorporated Incorporated 

Drexel Burnham Lambert Goldman, Sachs & Co. . E. F. Hutton & Company Inc. 


Kidder, Peabody & Co. Lazard Freres &'Co. Loeb Rhoades, Homblower & Co. 

Incor port led 

Merrill’ Lynch, Pierce. Fenner Ss Smith Paine, Webber, Jackson & Curtis 

Incorporated Incorporated 

Salomon Brothers . Smith Barney, Harris Upham & Co. Warburg Paribas Becker 

la corpora tad fitcorpo rated 

Wertheim & Co, Inc. White., Weld & Co. . Dean -Witter Reynolds Inc. 


Bear, Steams & Co. New Court Securities Corporation 

Wertheim & Co„ Inc. 

L. F. Rothschild, Unterberg, Towbin 

ABD Securities Corporation Atlantic Capital Banca Commerdale Italians 

Corporation . 

Basle Securities Corporation EuroPaitners.^ecnrities Corporation ' ‘ -Robert Fleming 

' IncacpH*t#d 

Scandinavian Securities Corporation SoGen-Swiss International Corporation : Wood Gundy* 


McLeod, Yourigi Weir, . • 


April 13, 1978 im - -v • 

New Court Securities Corporation 
Shearson Hayden Stone Inc. 
Banca Commerdale Italians 



L - . E 



1 " 

M «■> * i 

<Sc- . ‘ 3 * 


,r s 


Americans move to test the market 


IN A R4.5m. (S ) deal, GKN 
and Dorman Long Vanderiiijl 
Corporation (Dorbyl) ..have 
rationalised their holdings in 
the local company Guestro. Indus- 
tries, which operates ~ in., the 
engineering field, producing 
automotive components and 
forgings. Dorbyl at present holds 
50 per cent, of Guestro via its 
Rubery Owen subsidiaries, and 
GKN holds the rest. 

• The deal provides for Dorbyl, 
which has 7 -8m. shares in- Issue, 
standing* at 625 cents, to issue 
a further 80,000 shares to. a 
wholly-owned subsidiary _of GKN 



. :&• LEAST two large American circulated within a few weeks, 

: > .'opanies - are interested -In and that a first formal .autborisa- 

■ - ; - Sting yen foreign bonds. Apart ^ on (probably for Sears- 

■-/■ ently asked Nomura Securities. Foreign interest in the -Tokyo 
..-V- arrange a yen placement in capital marXetia on the 
: j—n . ..... least because- Japan Is. actively 

• trying to promote -capital , ex- 

>ffOF has let it be known for ports. According, to a Citibank 
.ne time that 7 it will -look, official, ‘‘interest rates- on yen 

• '.'ourably on. issues by private we very attractive and probably 

k eign organisations although ? ear a cyclical low." Jrlvale 

S 10 ™" Ml» 0"j*nu«eDt-«id “pHal with 

. ..; : teiguaranteed borrowers were a sijer cent coupon on a teri- 
.•onted access .to the markets for year . borrowing. The official 
' . h public and - priva te issues, insisted, however, would. 
. Vv.p -process of granting access be the start of- a longterm 
. . private companies, however, pattern of borrowing in the yen 
.- ; v -j -proved more difficult' -than market and would not preclude 
\ : -j MOF anticipated. future equity . issues 'in Japan. 

- ‘■-.n. particular, the MOF and ** We are interested in the Tokyo 

' : rket participants are, still market both for stock and Jong- 

■ . “nmering out g system for tenn debt as part of our. baric 

mg the creditworthiness of wng-terni funding strategy. 

' vate borrowers. A Securities Citicorp officials approached 
-.-.icutive involved in tbe-move Japanese authorities 'in' New 
that the ratings will be York last month, and the com- 
! iformaL" and would basically pany’s representatives in Japan 
> . 7nit “class A” borrowers to will shortly take up the matter 

- : se funds without a guarantee with the MOF in Tokyo. Once 

-hat is; . unmortgaged. The the MOF has signalled the green 
■ icutive says that MOF “ stan- light, Citicorp . will choose 
!; ;ds ” for credit rating will be between several underwriters 

iiSSf GKN in ( 

Anting growth 

v My Wong Sulong . and Dorman Long Vanderiiijl 

: nJALA LUMRUft, April 12.“ Corporation (Dorbyl) ..have 
: >- E MALAYSIAN casino and rationalised their holdings - m 
=-el group, Gen ting Highlands, the local company Guestrotedus- 

- ■> had another good year with which operat^feihe 

" : --tax profits rising by-24r per engineering field, producing 

- ,L to reach 27.5m. ringgits automotive components .and 

*- - JS117m) forgings. Dorbyl at present holds 

'z lowever, the ends of the com- * c * nt - of 

jy’s pioneer .status, . coupled 5?iS r ? I «!i we ?>,» subsi ? anes ’ 

\.-.h a loss of 3.36m. -ringgits h . o3d f the rest .j. 

vndng its unsuccessfulhid - deal provides fornoigL 
• .... Golden Hope Plantations, wtach has 7.8m, shares Ih-bsue, 
ught the group’s -net profit? at ^ tfe 

' :m to 177m ringgits P com- a further 80,000 shares to. a 

■ ,£ . ^th 2L76m hi wholly-owned subsidiary ^ CRN 

" . 6. . „ - * , si',1’ 

he company’s pioneer status •. r|" 

’■ Jed in May 4ast year, and this . rt^rPTPrTPfl OT 
-:-.c necessitated a provision of x 1 vlVll W VI 

.. by OUR OWN CPRMS**! 

barlow ftAjro-s^™ : to 
—o received. finance its R27.5m. ($32m.) pur- 

- . final dividend of 7.5 per chase of 50 per cent of GJEC 
, t is declared, - malting 12Jf South Africa by wayofarights 
iinrj '. c€n ^. for the whole year. issue, . announced yesterday, 

* (he growth of. its jre-tax contains an umisual share mar- 
, Its clearly shows that Genting ket instrument in the form of 

IfZtr attracting larger numbers of Preferred Ordinary shares, which 
nsts and patrons to its hotel- are being offered to Barlow 
, T no complex in the Genting R^d shareholders in itie ratio 
ilands access to which had o£ fi VC for 10 o. With ;X02in. 

■ - S? si ? r r y fte c ?? pl v shares in issue, just oyer‘..5m.‘ 

. . of the Kuala Lumpur-Karak ^ the hew Preferred Ordinary 

- .*£*?*■ • J shares' wili he Issued. -7 

- a January last year- Gcutiug, . _ .. . ,a r *- 

-vsh bad bought up -to ^23 per ^ 

■ : : ifv. ' ^f?The': shares ' M -Goldtfrf trf he -priced' at 370c agam§t 

.. . e, announced a cash bid, but 345 ^ f or Barlow Rand’s Ordinary 

:;^bid was. blocked by Harrisons. Shares; They wiR pay ap tomual 
Crosfleld. which had plans dividend ot 36c, compand with 
^•.herge Golden Hope with two _ _ 

sister companies. ' . . . SELECT El 

'ire Properfi^ ?*' I 

IZ iolts oil target "" 

'.>;;re Properties, the quotdd S ' SS 

; .;Pany formed to handle the S« m 

- Group's property interests, aiatnUu u. * s. «pc vs »7i ssi 

- n-jfl up to the forecasts made a?* 1 * 1992 " VL SI 

•I* ^ offer for sale docmnent m S« 

— — - announcing a~ consolidated cram National sipc ibss... sn 9s 

■tax profit of SHK89.6m; for Deamart hw im jot iwi 

writes Daniel Nelson from, fg Sn Si St 

g Kong. Also as- forecast there etb i«i wi wi 

be a final dividend of 12 Sf 1 — S® 1 

s. making a total of 1&5 Eaw^t im nw. .1'““ ion iw 
.. . . .i- Gt.. Lake*- Paper Mpc IBM 9SI : m 

Weekly net asset value 
_Z!5 on April 10th 1S78 

Tokyo Pacific Holdings N.V. 

U.S. $51.76 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S T $37.73 ... 

0ra t Listed on the Amsterdam Stock Exchange 

Information: Plarwn, Hsldrfng ft Ptorson MV., Homngracht 214, Amsterdam 

with which It has already dis- 
cussed the placement. 

Citicorp and other prospective 
borrowers in Tokyo, however, 
are . attempting to clear -away 
some obstacles which might 
impede their issues. For instance, 
tile MOF initially indicated that 
it would like all private cor- 
porate issuers to be guaranteed 
by the floating of mortgage 
bonds. MOF officials may now 
get rid of this barrier by apply- 
ing the mortgage-formula only 
to second-class borrowers. 

Still unresolved, however, are 
the MOF’s guidelines for use of 
yen borrowed tn Tokyo. In the 
case of Government borrowers, 
the yen is converted into foreign 
currency and repatriated to the 
borrowing country. In the case 
of interested private borrowers, 
however, a substantial portion of 
funds might be kept In Japan to 
fund Japanese ^operations. Thus, 
the beneficial" effect of yen 
notations on Japan's outward 
flowof capital might be less tb an 
MOF would like. 

All the potential borrowers 
will seek assurances from Ihe 
MOF that they are free to allo- 
cate the proceeds of bond issues 

TOKYO, April 12. 

as they see fit in or out of Japan, 
but it is expected is Tokyo that 
the MOF will insist on a com- 
promise 'by informally asking 
that a certain percentage of 
capital raised he converted to 
foreign currency and exported. 

• Maiy Campbell adds: 
Japanese securities sources in 
London said yesterday that a 
decision has been taken to ex- 
empt issues by foreign companies 
on ttie Japanese bond market 
from withholding tax. 

This could be important for 
foreign investors — the withhold- 
ing tax can range up to 20 per 
cent depending on double 
taxation agreements between 
Japan and the country in which 
the investor is resident 

Since three-quarters of all 
foreign bond Issues have to be 
placed in Japan, the tax is also 
important from the point of 
view of placing the bonds with 
Japanese investors. Individual 
investors in Japan can hold up 
ro Y3m. worth of bonds free on 
a tax free basis, but It is import- 
ant that issues by foreign com- 
panies could qualify to be 
included in these holdings. 

GKN in Guestro reorganisation 

South Africa In return for its 
SO per cent, of Guestro. The 
shares In question will be Issue 
at 1J2J1 cents per share, almost 
twice the market price, but in 
line with Dorbyl’s net assets 
value of 1,233 cents per share. 

In addition. Guestro is to pui^ 
chase from GKN assets which it 
leases at present, for a considera- 
tion of Rl.lm.. and will redeem 
a loan from GKN, amounting to 
R3m.. over the next three years. 
“ in certain of Guestro's existing 
product lines." 

Guestro is reported to have 


suffered last year from weak 
demand in the automotive in- 
dustry, but expects to operate 
profitably this year. In part, this 
is likely to be due to improving 
car and commercial vehicle 
sales, which in the first quarter 
of 1978 were up 10 per cent, 
overall on 1977. 

GKN retains its other main 
operating subsidiaries in South 
Africa, notably GKN Sankey, 
GKN Twisteel, and GKN mills, 
as well as various trade invest- 
ments. GKN Twisteel and GKN 
Mills were merged in December 
to form GKN Millsieel. 

Preferred ordinary in Barlow Rand plan 


BARLOW RAND’S ...plan to 
finance Its R27.Sm. ,($32m0 pur- 
chase of_ 50 per cent of GEC 
South Africa by way' of a rights 
issue, announced yesterday, 
contains an umisual share mar-, 
ket ' instrument in the form of. 
Preferred Ordinary shares, which, 
are being .offered to. .Barlow 
Rand shareholders in the ratib 
of five for 100. WIth : ;X02in. 
shares in issue, just oyer'..5m. c 
of the new Preferred Ordinary 
shares.wili he Issued, ■■•z.'. ~ 
The Preferred Ordinary s&arei? 
uter trf he'-piffced' 1 at 370c against 
345t? for Barlow Rand’s Ordinary 
shares; They wtfl pay an Annual 
dividend' ot 36c, compared with 

26c on the Ordinary shares, and 
so the respective yields are 9.7 
per cent and 7.5 per cent The 
Preferred Ordinary shares will 
automatically become con- 
■vertible into Ordinary shares 
when the Barlow Rand Ordinary 
share dividend exceeds 36c. 

Initial reactions from Barlow 
Rand's institutional shareholders 
appeared favourable to the 
R2Dm. issue, which funds the 
bulk of the purchase price for 

Cooper Motor ahead 

Cooper Motor Corporation 
(Kenya) raised its net profit for 


1977 by 28 per cent, to £K1^3m. 
(S3.4m.) from £K1.04m. in 1976, 
writes John Worrall from 
Nairobi. Turnover increased by 
22 per cent to £K26.56m. (968m.) 
from £K21.74m. 

The company is to increase its 
authorised share capital from 
£K2m. to £K5m. this year, by the 
creation of 12m. Ordinary shares 
of 5 shillings each. 

Cooper Motors act as agents in 
Kenya for Volkswagen Audi, 
Austin, Morris, Jaguar, Triumph, 
and Rolls-Royce, and have con- 
siderable interests in the Ley- 
land commercial assembly plant 
in. Nairobi which assembles 
LandTOvers, Rangerovers, VW 
Kombies and Chevrolet "Luvs." 



Alcan AattnUs aisc IBM 


Australia Hpc IMS 

.AaStraUan'M. a s. 8} pc VS 
Barclays Bank Sine 1992. „ 

Bowatar tip c IMS 

.Cut.. N. Railway Blpc l»M 
Credit National Blpc 1988... 

Denmark: Sipc U84 

ECS 9pc 1993 

ECS SI PC 1997 

EIR 81 pc 1992 

EWI SiPC 1980 

Ericsson 84 pc 1999 

Easo- Spc IBM Nov. 

Gl. Lakes. Paper Sipc IBM 

ICE INDEX 4.4.78 

4 Bands 108.43 

: L Bonds ft Notts 104-71 
5. S Sort. Bonds 10004 
n.-DoHar Bonds 99.11 


4.4.78 1 1.4.78 AVERAGE YIELD 4.4.78_ 

108.43 1 07.83 DM Bonds 6-312 

i 104JI 104.62 HFL Bon* ft No«s 7.471 

10004 100. IS US. $ Sort. Bon*. B.6S7 

99.11 . 98.93 Csn.-DdHar Bon* 9.468 

Hamejalcy Sjpc 1993 1<» 

Hydro Quebec 9pc 1992 . . Mi 

ICI Sipc 1987 97J 

ISE Canada 94 k- 1088 1M| 

Ma cm i llan BJoedel 9pc 1093 96* 

Massey Ferguson Hoc '91 9B* 

Mtchcita Sipc 1988 1011 

Midland inr. Fin. Mpc V2 981 
National Coal Bd. 8pc 1987 94J 

National Wntmnatr. 0pc '88 10U 
Newfound] and 9 pc 1988 . 100* 

Merges Rpm. BK. Sipc 1992 97 

Norplpe 84 pc 089 974 

Norsk Hydro 84 pc 092 ... Mi 

Oslo 9pc 1988 UHJ 

Ports Antonomcs Bpc 1991 98| 

Pray. Quebec 9pc 1995 ... . 9« 

Prey; Saskarcb. Sloe 1988 991 

Reed International 9nc 1987 93 

RHM flpc 1992 934 

Selection Trust Blpc 19SS .. 9"* 

Stand. BnakUda 9pc 199L.. 994 

SCT 8pC 1987 tnj 

Sweden OCdorol Sipc IBS? 964 
United Biscuits 9pc 1989 ... 9E| 

Volvo 8pc 1987 March 93 


Australia 71 pc 1984 95} 

Bell Canada 7Jpc 1987 95 

Br. Columbia Hyd. Tfpe ‘85 94| 

Can. Pae. Sipc 19M ... »l 
DOW Chemical 8pc 4988 — 884 

ECS 71 PC 1982 — 964 

ECS JUpc 1989 - 05* 

EEC 74 Pc 1962 - m 

EEC Vlpc 1984 054 

Eiwo Cutre ii Sipc 1984 ... 0W 
Gotaverken 7lpp 1982 — 071 

KocJcuma gpc 1983 984 

Micbelln 84 pc 1983 WJ 

Montreal Urban 8lw 1981 101 
New Brunswick 8pc 1984 ... 07 

New Bntoa. Prov. 8|pc "S3 UO* 
New Zealand «pc 1986 ... OTi 
Nordic Ipy. Bk. 7lpc 1984 95* 

Norsk Hydra 7ipc 19S3 . .. 074 

Norway 74pc 19SC W 

Ontario Hydro 8pc 1987 ._ 9«4 

Sinner Sipc 2982 109* 

S of Scot. Elec. Si ik 1981 lMi 














101 f 










97 ■ 
























96 4 














































984 ■ 







■i v 1 ' 


■Land and Building Company Limited 

Yearto 31 st December, 1977 

Prbfit before tax £863,000 (£797,000) 
Earnings per share 3.7p (?.4p) 

Dividend per share net 2.3p (2.0p) 

Extracts from the Statement of the Chairman, Mr. James H. P. Meyer, 

• Sales last year were achieved during difficult trading conditions 
easily forgotten in today s much improved market. 

•1978 has started well with house sales buoyant Indications are 
that this improved market could continue, but house buying depends 
UMn confidence in the economy and upon the supply of mortgage 
fun^ Profits for this year will depend very much on the house sales 
wewili-be able to achieve and could be affected if mortgage money 

isnotfreelyavafiable. •. , 4| _ , ... 

• The Company has a substantial land holding with a value well in 
excess of cost but the shortage of good sites coming on to the 

• Rental income is now over £1 00,000 p.a. 

• More than half the Shopping Centre in Kent will be open before 
Christmas, when the Sainsbury/ British Home Stores operation will 

commence trading. . 

Copies, of the Company's Report and Accounts can. be obtained 
from the Secretary, Federated Lend and Building Company Limited, 
xWUlJJ/ federated House, London Road, Dorking, Surrey, RH 1 1SY, 

Sweden ilTdoai) 7} pc 1982 974 

Swedish Sure Co. ?1 pc *S2 974 

Telmcs 9 1 pc 1994 96* 

Tezmeco 7Ipc IBS? May ... 931 

Volkswagen 7ipc 1987 -99 


Allied Brewvies 1WPC V6 044 

Clflrorp JOpc 2993 ... 944 

counaulds 91 pc 1989 B44 

ECS 9{pc 1989 08 

ETB Blpc 19S8 97 

E1B 91 pc 1992 - 05* 

Finance for I m2, 9 5 pc 1987 954 

Finance (or lad. ZOpc 1089 85 

Pisons 20* pc 1987 984 

Gestetner lipe 1888 .... 974 

nVA Tdpc loss 944 

Bowmree Mine 1988 94} 

Sears 184 pc 2988 944 

Total OQ 9*pc IBM .... 94} 


BFCE 51 Pc 1988 1004 

BNDE Sipc 3088 974 

CFE Sipc 1988 B7| 

Denmark 54pc 1984 101 

ECS Sipc 1990 97} 

EIB Sipc 1990 98 

Elecmibras aftw 19*8 08 

Euruium sipc 1987 IDO 

Eurnflma 5jpr 1088 1W 

Finland S|pc MSS 99 

Forsmartre Sfpc 1998 99} 

Mexico 6oc 1985 974 

New Zealand 5} pc 1088 ._ 1024 

Norccm 5Jpc MBS 1001 

Norway 4ipc 1983 101! 

Philippines Wpe 1985 07 

Hanur UukkJ Sjpc IMS ... 07 1 

Sweden Bpc 1988 101* 

Tanemautobahn 54 pc 1903 190 

Troodbejin 5 ! pc 1988 BB 

TVO power CO. Sue 1988... 9B 

Venezuela 6 pc 1988 99 

World Ban* Sine 1S90 994 

Bank or Tokyo 1984 7Ui*po 99* 

BFCE 1984 8 Sue 9H 

BNP 2«3 8»wpc 99| 

CCTF 1983 8 pc B»x 

CGMF 19S4 71 Pc 93| 

CradlMnwal: 1984 7|pe bs « 

Credit Lyonnais 1982 gpc... 90 1 

DG Bank IDS! 7 U»k 1OT 

fiZB 2992 81(6 pc 1901 

Inti. Wstmustr. '84 715(6 pc B9f 

U0*ds 1983 71 pc 10B* 

LTC3 1993 Sac 

Midland 2982 Bpc 191| 

Midland 1887 7 12 (s PC 99} 

DK8 1883 7*PC 190 

SNCF 1883 8iPC 99* 

Sid. and Chtrd. *84 7 dhpg 89| 
Wins, and Glyns "84 sr^pc 99* 
Source: White Wild Securities. 


American Express 4* pc *87 



Asti land Spe 1999 


Babcock A Wilcox 6]pc *07 



Beatrice Foods 44 pc 1992... 



Bcarrlca Foods 4Ipe 1892,. 



Beech an: Mpc 1892 



Borden 5pc 1992 


Broadway Bale 4iPC IBS 7._ 



Carnal ton 4 pc 1987 


Che wren Spc 1988 



Dart Ifpc 1967 



Eastman Kodak 4tDC 1989 



Economic Labs. 41pc 1887 



Firestone 5pc 1988 



Ford 5pc 1988 



General Electric <ipc 1PS7 



GlUene 41pc 1987 



GOQhl 5 DC 1987 



Gulf and Western Spc 1988 



■Harris Spe 199! 



Honeywell fipr 1988 



ICT Sipc 199! 



INA Spe 1097 



Jfifbcsw S}pc 1992 



ITT 4»pe 19B7 



JescO 8pc 1992 ... 



ffomarso 7Jpe jbpo 



J. Ray Mrt>i»rmcdi 4 5 pc S7 



Matmsbiia sloe 1 M 8 



74pe 199fl 


J. P. Morwn 4i« 1987 .. 

. M 


NsbiTO WPC 1988 



rtwns Ullnoia 44 pc 10«7 „. 



J. r. Penney -unc im? .. 



Rerlon itpr JW 



HeyrmWs Mete 1 * SpC 10® 



Sanrlrik Mtrr 10® . 



Sperry Rand 4/nc IOT7 



9iinlhh 4'1K 19R7 



TViarfi a*nc IP® 



Toehlba IBp^ 19*2 



Htdon Carbide 4*pc 1985 



Warner Lambert line W 



Warner Lambert 4* pc 1988 



Xerox 5pc 1988 


Source: Kidder, Peabody SttarttMv- 

AR Of these Sscurtbies have been sold. This annoiaiceiiumt appears as a matter of record only. 

U.S. $50,000,000 
MacMillan Bloedel Limited 

914% Debentures Series K Due 1993 





Li mit*! Limited 











Limited ‘ LtmSxm 


Limited ' L imtu d 







Limited 1 



BmUvHiinjltfBallictan , LbMtd 


Limited Limited iMltt flgl U 


Limited Limited 









Limited AHUpgtedhetedl 






Limited IWfuiedlultafl 




Limited Limited United 




Mil— sdMdi 


InterperaUd United Limited ' 


-GIROZENTRALB- UatUai . . Uma ^ 


■ • United,- . z .' : United 


". . ... . Liftpdlnl ... _-i_ _ ■ • 


tnUrmaBanut _ _ . 




Limi ted Limited 



L h rff w 


Limited Li mited 






United United ______ 


Limited rinmtouj limited 





Limited Limited Limited 





Lendm Frewch. 



iU md i Mid i 

AprS 5, 1978 




Jill these securities have been sold. This announcement appears as a matter of record only . 

New Issue 


The Western Company of North America 

10.70% Subordinated Debentures due April 1, 1998 

Smith Barney, Harris Upham & Co. 


Bache Halsey Stuart Shields The Fifst Boston Corporation Blyth Eastman Dillon & Co. 

latiteponuad IhcKponaed 

Drexel Burnham Lambert EF. Hutton & Company Inc. Kidder, Peabody & Co. 

Incorporated iicorpotated 

Lazard Treres & Co. . Lehman Brothers Kuhn Loeb Loeb Rhoades, HombIower.& Co. 


Paine, Webber, Jacksoa & Curtis Werthdm & Co., Inc Dean Witter Reynolds Inc. 


Bear, Stearns & Co. Ranscher Pierce Securities Corporation L. F; Rothschild, Unterberg, Towbin 
Shearson Hayden Stone Ina SoGen-Swiss International Corporation UBS-DB Corporation 

Apia 12,1975 , - 

The Financial Times 

ore businessmen are flying to Kuwait 

And no wonder. 

To show you we mean business, we offer more 
firsts. As the national airline in the country that 
is the financial centre of the Arab world, we 
naturally put the businessman's needs first 
FIRST to arrive. 

FIRST to see you through airport formalities. 
FIRST with a choice of menus. 

FIRST class service on board 

FIRST with computerised reservations in the 

UK and Kuwait 

The Businessman's 707 

• Fly Kuwait Afaways-with 
business-like efficiency. 

We axe completely 
refurbishing and refitting the 
interiors of our jets to give a 
wide-bodied look 

You'D find more space, more 
comfort, and more service from 
our new-style uniformed 

So if you've statistics to study 
or a report to read up, 'you'll find 
the atmosphere conducive to 

t hinking 

•~and£rotm Kuwait, 
you can fly anywhere 
in the Arab irorkL 

The Businessman's 


* ■tAIACH- 

Fly Kuwait Airways and 
arrive ready for business. 

We know you won't want to 
think business all through your 
flightThafs why we are the only 
airlin e with enter tainme nt cm 
every flight en route to Kuwait 
We show films or you canttme 
into the latest instereo squcncL 
Wre still the only airifiie to. 
Kuwait to offer a choice, of 
menus, too: three in Fipst Class 
(always induding caviar) and 
two in Economy. 

The Businessman's 

Fly your caxgo by Kuwait 
Airways- we get it there first 
Naturally, the national airiine 
gives your cargo priority. We're 
there to see that it's unloaded 
on the day of arrival, and 
deared through customs . 
fast Special handling all the 
way, and no delay, that's our 

A Great Year Ahead for 

We've even more new 
developments in the pipeline 
for the near future. ' 

We're bringing into service 
our new Jumbo jets-the latest 
Jumbo with exclusive interior 
styling-the first businessman's 
Jumbo! And the opening of the 
new Kuwait T erminal, wffl make 
airport formalities as smooth, 
and as efficient as your flight 
So check with your travel agent 
and keep pace with Kuwait 
Airways -the airline that keeps 
pace with business. 

Hie Businessman's 

Fly Kuwait Airways and you 
arrive on time. 

Our record for punctuality is 
outstanding. Our Boeings 
depart daily at a businessman’s 
hour! They leave .on time, 
because they're ready and 
waiting overnight They arrive 
on time, at an equally business- 
like hour 



1215 VIAPARJS 22-05’ I 
12-15 VIA PARIS 22 05 ; 
1215 VIA FRANKFURT 21-50 ■ 



No complicated timetable to work out AD 
very simple and efficient. Now, with 
accurate computerised reservations in both 
the UK and Kuwait-your flight confirma- 
tion comes through fasten 


Does more to make your business trip a success. 

Kuwait Airways, 52-55 Piccadilly, London WLTeb 01-491 4280M Birmingham: 5th Float- The Rotunda, 
New Street, Birmingham B2 4PA.Td: 021-643 5811 ■ Glasgow: 124 Vincent Street, Glasgow. Tel: 041-248 35S8 
Manchester: 218 Royal Exchange Building, Manchester 2 7DD.Tel: 061-&34 4161 

FiaaiLdal^ A£nl-13 1978.;. 

BURMfilSTER AND WAIN : V : V ; iYltiiJiRY<BAllNiS 

Trinmpff lh Pf 

chief shareholder' ypd executive 
director of ithe Danish Eur- 
taeaster and TVain shipbuilding 
tod -manoe eoganeerms 
has iust celebrated' « canadar- 
able triuinipto. He * has • an- 
nounced the. merger of the ship- 
yard end B and W Motor, which 
is one of the world's two lead" 
tag omuifacftuers of large 
marine dieses. This brings all 
B and Ws interests, hack under 
acgle. ownership for the first 
time since 197r and re-estab- 
lishes one- of Denmark's oldest 
and largest industrial compares 
in. its historic form. 

TheshipyartI and the mater 
fectory wetsa eplit up ea 1871, 
when K wa* f edred . tho 

stiEppegd’s posrfjaon was so das- 
atfxoos it- could cause- (he 
baptempicy ’ of the- whole 
comp isany. 

Little progress was made in 
BoeateMisbang the fortunes of 
safcher company- - until 1974. 
whan Mr. Bonder Nielsen bought 
acpat mUmg hofdmg in fibe ship- 
yard at a knock-down ponce. His 
entry vias = greeted with scepti- 
cism. Critics either thought he 
was crazy or that he was out an 
an asset-strinring exercise. 

The critics, however, have 
been silenced. After years of 
little or no profit, and drastic- 
ally- declining- solvency, Mr. 
Bonde -Nielsen -re-estiblisheci 
group profitability and -the new 
company formed by the merger, 
B -and W Motor- A/S, has equity 
capital of Kr.355m. (£34.5m.) 
out -of total assets of Kr.l.27bnr. 

Dathisfa-yard which" ^ 

tarilr cut bads ln the cntr^r - "I 
sue now traJyah^ 

BOO Itaihdin® new ' ships r ■' ‘ 
of .-tt total-; af* 5,000 

by the 'group- It ;'has SS 
Hamlet mnDflest vessels' in:tj ‘ 
12,500 - d-w.t; . class o® onfc 
wkiuh'"w£H provide' employm&V _ 
to' early neriyear. “life 

sibw r to -say aether the W/: : >- 

: -'v' 4 . 



' ' * '• 

gotagr^said Mr. Bonde Nielse^'- A >l 
Botithe yard fs . now so sou 1 ; *$.*. j- 

ie> jErotq>w21not suffer. n 'J :: :^; ?\', r .fU 
laltprmsjlf'it ;v - Q' n . 

■fH& . faecory making - -- r "^ '”*^7 
marinep. diesels has reduced if it .. l3 Dl , 


i/r-’f ,r=- 


• v . <>■ * 

aumoec oi cpK't-r? • - 
panics abroad making B -and ^ 
engines - licence ; make ' 

moior fectorya key elementf 4 

thedfutUTp B and W. It willtr.^V - 

teiit running, inflow gear.i^V^T 
demand, improve,.. 


V 4 ' 



Jin Bomft'Niehon: "WSiaV*' only put in some good solid work 1 

.The ..'feronp’s main object^ % ■: 
has' been, V and remains, 
sfrengthen activities- - m . wijj *] 
it. has been engaged for ma l i - 
years . Jjy ■ utOiang techn»- 
regonrces and know-how. - 
means partly continuing tra ' I 
tional activities and partly ^ 
paridmg into. : new areas, fi 
example the provision of diasd^-- 


capital of Kr.3o5m. (f8A5m.) ”^' 7 on,/ ^ a — engines for . power- generat# 1 - 

out -of total assets of Kr.l.27bn.- — ‘ . £ y .. . Vno -^^whichaiita»divisioB,B.StV^Tv/ 

earners enabled the :sfifejy®7is shipyard- has- been re ^^- Contractor, is' selling : sucteir. ^ . 
to acquire a majonty .shajre- from over- 3,000 Ji^aboutUpO ful jy ^ ' ' 

Ran times PHFinn -bolding in- the-B- &-yf’ motor there has been \onlyrotie strike . ■ . - . - . -**’ 

£HSU Ullirs gVtiU factory, a gam and siwe§ l 1975 ("a complete ' mistind«rstaiid' ^ ^vnp_has afeo_goi» IB i, 1 " - ' 

B & WcfficiaJs like to mat® B & W has been min as igroiip, ing.'’'.said Mr. .Bonde. Nielsen)* .aDU.yines 1 taking 

the interesting point that, m although still divide^- into in a yard whidi lmder Hm edd ^ r °P BS P ... . -■ ■. 

good times B & W made no three companies. - : . management was notqrfoiis -for XMmmactur», ,l-W~E. 1 GwimIjsC- 1 ' 

money, but in bad times they The next big tnove;.todk*lace its T*>°r labour relations.-^ j^L S r ' ; 

» -J v . 7,' ceuu». V, imuui me sieivaras cumpfenea& Home- Industries; '- wWch-'7---' 

said Mr. Bonde Nielsen Three re-organ isation thfere tt ho Way information- - ahead - of- - n»ln ; n -.rpiiwiWnn rprS» 

aspects of this work stand out— j n which we could have existed decisicns_andJifiJias been: jire- ^~^f„ 0 -- d home DroduSSS^''’’ 
some • quick decisions at the to-day.", said Mr. Bande> T ie!: oared to -accept -'lengthy in' eouruS^ " 

start which generated profits in. sen The aim of thismpve^was cuss ions and consider, the shop- o aljul h “ : m .Aamhid 

the shipyard, a thoroughgoing to. give each division a^ofeerly steward's- -own proposals- -But ^. flr -- hnld . n w 
management reorganisation, and defined task, usually fbclised^ he has not ■oft-soape'd'-'ae“-A„*“^„ ^"“'J^H.r- 
a revolution in labour relations on a particular product.’* ^ • labour force. 

On? of the first mator deri-. The foundry associate with .gsophysica]. 

On? of the first maior dec!-. The foundry associate with ’ ■ ' - . menV ^ * 

siahs was to canrei orders for the motor factory was, dosed t- ’ r « ~ - _ ’ -i T ' ‘ 

three tankers, enabling ’.the last year beca use it Warflfiking I OURll SBBfOilCH Mr Nielsen ia r fai$^-p-^7.7. .. 

:hinvgrrl 7ft pnnpflntrate r\n cariul r-.t n Inrtac-mA nr. . ■ Confident '-.■ahOllt. ■T.h# 

shipyard to concentrate on serial die iosses-and had ho prospect ^ r - - confident '.about The' :-gro^ 3 " 

prnducrion tif hulkers Although of 'bee emih? profitable Wt -only He, admits that.' he : is snipe* future. It, very difflc^isr n" 
the ioss-maltma company had to two of .the ‘ 'remaining' if times rude te..thie shop; stewards . to improve fimfn_njnrfliTto[ — 

pay compensation, the' move dr-MFinn? failed to msl^ ‘'profits and has on occasion walked out at. the. moment TKT/Tm afl| -, 

paid off handsomely weth profits m 1P77. fhs dfeserpidtaf works cn them. bUt clainf^fhar. as they- tax on sales ;of KrT92bn. l — 

on. 14 of the 60.000 dwt Pa nanax itself and the group’s inew .^re' tnush in their talks among 1P<« and- Kr 82m - on -gales ^ ; 

bulkers. Hamiet ' Shipping C^m^n'y, themseh'es; theyrrnderstrjtid;this ■Krt.l8bnr: hT'T-97fi)r^but'' uj ? 

Good iiauidity " arising from formed last year. approaih - .. beiiaies. Iha t - e a rp ingi wflTJ ■. 

advance payments on the bulk Although employment ,1b, th« The shipyard is the . only main tainsd, -. . W *" 


Operating income ...2 . *. j 

Wet realized gain on insurance investments 

$ 1 , 156 , 908.000 
$ 54 , 617,000 

$ 20,135,009, 

Income before extraordinary income .-. . . ... 

■ Extraordinary income- utilization of tax loss carrvovers . ,i .... .* — . 

Net income 

58 . 625.000 

23 . 667.000 

82 . 292.000 

10354000 ; 

• 30,489,090" 

$ 35356,000 

Per-ehare information: 

Operating income * 

Net realized gain on insurance investments V. ....... I v , 

Income before extraordinary Income " 

Extraordinary income 



$1.75 : 


Net income 



Fully Whited net income .a \ : . 66.04 . 

Average number of common and common equivalent shares outstanding -■ 7,679,000 
Pfer-shana comp u t ati sns are after deduction of dividend requirements cm the Series C NcoconueriitfePrefeired Stack. 




Reliance Group, Incorporated 1977 Operations 


Diviaortal Pretax 
Operating Income: 


Propertyand Cas urfty Openriipr^ krtenurtfo ^ 



life az»f Health Operations, US. 

P rop er ty and Casualty Operattons, US. 

Reliance Insurance C o m pa ny Philadelphia 
General Casualty Company of Wisconsin, Madison 
United Pacific Insurance Company Tacoma 

UmtedPadfic Life Insurance : Company Taaama. . 

Title Operations,' U.S. •' 

CbnrnoTweahh Land Title Insurance Compang Philadelphia 


Revenues $115423.000 

Divisional Pretax 

Opaafinglhccme: $ 27232,000 

Container Leasing Operations, Worldadde 
Cn-ConSamer^ Transport International, Inc, New Yak 

Co mpu ter Leasing Oper« ii u n 5 » U.S. I-"- 

LaasOTCqritalEquftsnent Gxpo^fion.^Sew^btk : 

Compute Leasing Operations, Inteniatiooal 
. Leasco EaroRb LtcU New York 

Revenues $32663X300 

Dvidonal Pretax 

Operating Income $ 3297,000 

OmsnMfng O per atio rw, US. 

Vramer Associates. Inc. New York 
%nkdovich, Skelly arid White, Inc, New York 

Consahiaa and^Soffware Operatfanxs, biternatf otud 
Inbucpn UadtbdrLorafon '. : 

Fuel & Energy Ccaisultanls limi^Londal 
Leasco Software limited. Maidenhead . 

Mgc^Iriterriattanannc,Lbndaa ^ " 

VfemerlntemaBonat, Brussels 

•Last vsat-1977, was one of important accompllshmeits for Reliance 

and net tnccme....The outlook is excellent in 197S for further . 
Im pr owa nert mo d erating after taxes." 

" : 

r April iS 1973 









commonplace in 
most sectors had 

■I- ■ ana* ina&gt .. 91 io 

- Sports were not, available £# 

■ aBfiBjaigBGRs m:. rss; 

finally firmer at the 



Torn over •. amoonted - to 

‘ lam"., shakos, down from yester- 

NEW YORK, April 12. 

President Jimmy Oner's state- nbunced 1977 consolidated stoop points 

f'DM^O&Om^ down Banks, 

- previous ■ yea£s stocks over-bid. Ftetrofeos moved 
. lost DM1. . However, ahead 8 to 171. 


7 " ?. * •'v r A-' AC‘ il- Li -- "i Si gn ifi can tty- lower, .were. ■ Cet«- Bw . - • Vereinsfcank 

^, ibeL»i& :K>arii to, Penhoet. CarrpfiMir'. Generstfc DM2,30. ■ 

^Enterprise. ■ BabedcX. -Paris Motors were a'eaui particularly 

'Ihomson-'Enmin,' Ess6, weakr BMW receding DM330. -had* harrW'«,iT;!- 

Volkswagen DM220, and Daimfer: 'itif 

Ben* DM2.00. ■ ‘ * : other metal markets were 

Public Authority Bonds eased Lrr ?5i i ,^T‘ c , , 

up to .35. pfennigs - or a continued HONG KONG— mock prices de- 
lost 5 € to h, « h level of offers. The Regu- 
rwv-V m 6 • to lating Authorities botight a nomP - - , — — 

tfbere^ 'Union na l DM2 l.7m. of' stock (DM7.9 tn.V- cents to SHK-tto on results lower 
l at &?Frs742 but Mark -Foreign I/oanB were mixed, than forecast Hong] Kong Land 
ai o jxx'/ez, dux <IwrpM _ T receded 5 cents to SHK7-30, Swire 

SWITZERLAND — Market showed ^ game ♦« 

unirlnff S««*uy uiLuv* «<«r BUWB c, 

w “ u P* r turned easier to close narrowly 
mixed after a very quJer trade. 
Financial Minings were un- 

^ RK£f*5' : v? d Hoboken 30 to BJrsJt.435. Ip no . clear, tread, ; witii almost- ail £2vJ! M 

Sft? 015 ' ' UCB shed .32 .to sectors' ’dosing; misfed after idle 

amount to 

TOKYO— Market rallied yester- 
re versing the declining 
the past five trading 
The Nikkei-Dow Jones 

. . ' ; i winced, yesteraa y ,-anGjWQrrIfis tucnOd.- .to a, firmer tack aenvny. ■ .... swF -ST^S Average registered an inprove- 

- ^feiriy-.. active - *}“ to the amttoumg ; 3ow Si‘^?^'=«SjSL|^ r . men t of M-S3 at 5A&4.65, with 

; ijSVJh* ' be-.-released to^.cotnltoons. .The TOrompi' Gomr “^"rate, Dutch Internationals terea ^30 to t>wjpts2.7»u. - 0 . me reaching SOOm. shares 

' * : jto*,. may - *htni : '* \ share poKte Index- gained showed only minor- mixed fluctua- .Dowesuc- Band severe slight^ vm. snares 

"■* r^;we& W, 4t^g «?noan.^^S a K?** 11 Bmks&p* strongly. ^T,’ ^ FoEeiSnBoIuis dS£ 

mtnff -— «*■" L- l .. * . " • . ~ UAumIi. — - «.= AlKemenp Bank- rrctnre 5 0 -fr. iricEUlar. ^ ” 



Dealers said there were no 
special factors to push stock 
prices up, although the market 


Www f ipenara - uKmin.- wnicn sna.Ji — ouk *** to ns-zw.v. vaiung- m mm ttbuidb. - men » will continue, with sunoort 

.-. Stocks.. OortM BO expects -a fira-quaiter 'ft&t ' J 5 1 ** wh<:re »- Bofe : Distilleries There -was selective -de man d, from the heavy surplus 

. SS '®mT aeain?t a-toas last, sear, ro«e ?| *?*** »t Pls.705. Fokker Air. chieSy due to covering -operationa funds held by Investment Trusts. 

III II to«10*. ... -plane Works 0B at FlsJ2^ and ahead. of. next. Monday**, settle- Elecmmlc rose YTO to 

- ^WS— Shares closedeastefpr Zonen Paper Mills me ms, with Montedison SDia Y2a00. Alps Electric Y100 to 

,' -n»i3ia.-— - .T8R200 choice : after moderate ' trading. at FI&S0. Vlscosa, Bastogv Sir and Ster all Y96L Canon Y18 to Y508, Ricoh 

- Brpkers said sentfe investors were GERMANY— Mostly, lower on higher for this reason. - Y22 to Y32Q, and Mitsubishi Real 

: : Vgj .V-ri copsolMaUng their-.- po^tfons lack of buying interest, although SPAIN — The recovery movement Estate Y13 to Y405. 

■ 0 ^-il utaso ' mi . -rL . following the • markets: sh-fa u^o fhe majority, ended above the gathered pace yesterday, with, the AUSTRAUA— Industrials made 
“ A week,' while- tbe r . days worst - . General Iijdex. pipkin? up 2.77 a firmshowiug, withBHP “pg 

*- ■■^r-Daaafctt'-.'-ES^S'. 'tsi- . ‘*f - weakness. ‘on. WaD. ^redtf[z mar. .Jentsdb e' Baxatj ; . which - an- more to 94.33. Rises of around IF cents at JA6-16. News put on 5 
“ ■ ' ^ ^ ^ ‘ ‘ ’~i cents 

*.¥.&£. ALL UOIEMOS 

Rises and Fads 


RriatL;' 770.1 «! 775.'a| 783i* 7S8AG>j 788.06 
- *pmt_ ?B8J0f 209JJ2 2D&J akrij 





■ B 

vtir t 








« 7J4 

WD i 

, 110^0 

f- m 















| 1878 









(6/3) • 


P rvfiMGg yl, 








■.Apr- 10tApr.-7-. 

: 768 
- 469 


868 . 











A T 




Combined ’ 







179.42 (U|«l 

186.28 aW) ‘ 

18948 (IB (2) 
17049 (80/1) 

TOROHTO Composite 





10814 (10/4) 

898.8 (50/1) . 


. Ibdnarrftiis 








'218j:(ltf> . 
914A (4)1) - 

. 1964 (21/3) 

' 194.8 (12/3) 

r- Basia of ihdci cteoge-rf from 4osmi'Z4. ' 

. j ■ , Ayf;7 

. Msr.31 ■ 

| ■ JdsaeSt j -ytar sgt><*Pi3cnx.) . _ 

-.1). 6.06 ' 

: 6.Tfr : - ! 

f " «;SB - ' | • s' 4.6l •: -- *• - 


! « 

au&Ru 'jufU etiokb 

.-■*.' -:j 

.Apt-_5 j 

i- M,r ¥- 


UV.JWAS ' -* 


:*.**’:: i 

6.46 ..j 

. <22 - r 

■ ?;E Ratio, ” ■ j 

»* 88 : '1 

‘ 848 

' L - 11 X*f 

Govt. Bond yield • - j 

:Bja ^ 

;• BBS • I 


- ■ : 7.75 . : ■ 

Asstraliad)' 48Q.oq 
Belgium UV 06.16 

ajenuart— 06.14 

TSmSB&n Awe (n> 

6«manyfUi 7B6A 
Holland (ID 786 
Hong Kong 44A68 

Italy (civ! E 0.03 

Japan w’K8X 


: w 

296 Jl 



469 -W 
















Lcw . 

Spain w 






(8)4i , . . . 
seen 3S2u» 
^(i2>4) 1 mi 





94no awtoeri 

( 6 / 2 ) 



' 7643 

• (4/4) 


( 10 / 1 ) 




1978 | 

1979" ' 

•12 - 


High ] 










1 37240 




1 am 


m . 

1 2HX* : 



Uxttees '(UK) bam dates on base rallies' 
100 except NYSE AQ - Common — 58 
Standards and Poors — 1* And Toronto 
' Hie last Maned based'ob U7&j 
t Excluding bonds. 1 40S uim ii i, 
i 480 Inds., 40 Utilities. 41 Finance and 
30 Transport. <1i Syttaay : AH- OuL 
(il) Belgian SB Sim^3- l*r) Copen bases 
SB 1/1773- <ft> Puis Bonne 196L 
(Ztl Cammenbantr Dec.. UBS. iW Am&er- 
dam. -lodustrinl 1970. (if) Hang- Seng 
Bank 8177/64. (||H> Milan 1/1/73- (a) Tokyo 
New SB 4/1/68. (b) Straits Hides 196ft.' 
(c) dosed. . <dl Madrid SB 81/12/77. 
fe) Stockholm UKtautrial 1/1/58 WSMmm 
Bank Carp. Cu) Unavailable. 

to SA2J25, while (SR, m 
Sugars, advanced 10 cents to 

Overseas buying boosted Bundle 
shale oQ stocks Central Pacific, up 
20 cents more to $A4.70, and 
Southern Pacific, 10 cents higher 
at SAL 70. 

The Gold Mining sector was un- 
settled by an announcement from 
Centra] Norseman, 30 cents lower 
that a geological prob- 
lem had forced .the temporary 
closing of its underground mine. 
Uraniums also weakened, but 
some support arose for Nickel 
issues. Western Mining adding 3 
cents at SAL22. 

NOTES: Overseas prices shown balow 
exclude S oreminm. Belgian dlvldasda 
am after wttbboUtng tax. 

A DM56 deoom. unless otherwise stated 
V PtBsJOO ieoom. aniess otbenrtsn sated. 

t KrJOO denom. unless otherwise ri^w l 
Pnjtoo deoom. and Bearer shares 
unless otherwise stated, s Yen 50 rt^onr^ 
unless otherwise stated, tf Price at tune 
of KzrpensJcn. a Florins. bScUDJUgs. 
c Corns, d Dividend alter pending rttfas 
and/or serin tans. * Per share, t Francs, 
o Croat, dlv. %. b Assumed dividend after 
scrip and/or rights issue, k After local 
taxes. mX tax free, a France tndodiag 
li nfiflr dlv. pNam: a Shxrs split sDtv. 
and 9Wd "■***■ meclal payment, t indi- 
cated dlv. aDooSIda] trading, o Mtaorlw 
balden only. • Merger pending. • Asked. 
t Bid. f Traded. rseJier. z Assam ed. 
«r Ex rights, ad Bs divtdend. xe &x 
scrip Issue. xaBx alL 4 ftUertm itnce 


£ & $ steady 


I April 12 

Sterling and the U.S. dollar to close at $179-178] 
both showed little change on trading, 
balance in yesterday's foreign ex- 
change market. Initial reaction to 
Tuesday's statement by President 
Carter prompted a weaker ten- 
dency in the dollar during the 
morning in fairiy active two-way 
business. However afternoon 
trading and the opening of New 
York saw the dollar recover to 
finish pretty much the same as 
Tuesday’s closing level. One 
notable .exception appeared to be 
the Swiss franc which slipped to 
5w.FrsJ.86S0 from SwJrs.L8aS2J 
while the West German marie 
moved slightly to PM2L0J40 
against DM2.0130 previously. 

Morgan Guaranty’s calculation of 
the dollar’s trade weighted 
average depreciation, using noon 
rates in New York, narrowed to 
8.17 per cent, from &27 per cent, 
and on Bank of England figures 
its index eased to SS.4 from 88.5. 

Sterling opened stronger at CURRENCY RATES 

*15840-15850 and reached 

$1.8855-1.8865 at one point before 
slipping during the afternoon to 

close at $15755-15765, a loss of 

20 points. Its’ trade weighted 

index using Bank of England swciinc 

figures, eased to 622 having U.S.cli*nar 

shown an improvement at noon (Wi&a» 
to 613. The previous dose was £2£wtaam 

.. . . _ Dnoiah krone. 

Further weakening of the Deotacbomrk 
Canadian dollar resulted in a XJutcb guilder 
record low in terms of the U.S. FrenebrrMw.. 
dollar to 8730J U.S. cents from 
Tuesday’s close of 87.53} U.S. 
cents despite what was seen as 
a fairly restrained budget earlier 
this week. Gold lost $i an ounce svimtuac.^. 

Bold Bullion 

in quiet to fine ounce) | 


April li 

S 179 >2-1801* 
$179.66 _ 

6179.60 A 
j(£96.766) J 


Opening |SI81-1S1S 4 

Morning fix'cS 180.7U 

AfUra’n &x'g 8180-00 

□old Colo., 1 j 

damMimliy J . I 

gmsemad.Jsia^-lBSb $185-187 

!£9Bia-99i S ) l£98i 3 -991 a ) 
BTw Sov*gn». 8&&M-B71* £66.67 

V£29>e-30ts) (£2914^014) 
Old 8oi-'mi» *&63 4 -68S* 557-69 

' [(£3014-3114) K£30U-31l4l 

SewStrfrgu* 660 >4 -57 >4 

Old Sav’tgnflJ 
S90 Bnstee.... 






iffiS 50 ”’ 

(£30i 4 -31l4) 



■ Bigtia 


Japanese yen. 

Norway knoa 

April U I April U 































April 12 










Montreal .... 














»-40- 10.44 



























408-4 lb 







t Bales given are for conrertibie francs. 

Financial franc 5s.75-sa35. 




Ajpai 12 

+ranSrfurt |S«ew York 

New York* 















Zurich " 










Finland . 





[ Kateu Hates 
lAr^Witioa,'’*'” ' 

1379-1585 , .. 
I.E325-).040e|Auatrla ._. 





Gre«» lfi7J72JSb .65SH>m«<ls.... . 




Liuemb'rgj 58.76-5826 


K. Zeal*ndjl.821Al2«B6Uapin. I 

Kbn.II AtaaKl C 44 D CO J 1 

U.S. * ill Toronto U.S. $=1143639 Canadian cant*. 
Caaadlaa 8 In Now yoris=27.44-46 rente. D.8. S in Milan 860.90-Lla 
gterling m Milan 15S6.7&-1600m •Balm for Apr. 11. 


Denmark J 

Fraa<ja ' 




band! Arabr 6.44-8.54 

Singapore J 4.414.46 , 

5- Africa.. '1.B220-1. 6476 Puringal 

L‘3 .( 

CanadA., 1 


U.6. cents. 


Norway— . 

|S[ - 
Ww+ls'laud 1 







8.46-8. 6D 
41S-42Q , 







[U.S (47-7.684 

lYngCislavia 964-27^ 

Rate given for Argentina Is a (Tee rain. 

April 12 




OM. Dollar 



tdhori term 





7 days notine 


65 4 -73» 







47 8 5% 

ThrM mnntht. 





Six months. 

ha* -as* 




One year 


7t 8 -6Ib 



W. Gorman 


5 (Sne month 

Three moot ha 


MO l * 




3*4-3 *e 

Enro-Brencb deposit raxes: two-day 35i6-S5i6 per cent.: seven-day &-8J per cent: 
one-momb SASi per cent: three- month 8082 par cent: stwnomh H-M per cent: 

one-year BHO* per cent 

Long-term Eurodollar deposits: two rears 8W2 per cent; (firm rears 041 per 0«fd_ 

Cent: four years 04* per cent: five years 8*41 per cent Pari a. 1 

The following "«wi»«ai rates were rooted for London doDw certificates at deposit: bt’skhoim 
ooe-momh 7.05-7J.5 per cent: three-month 750-7-30 per cent: atz-month 7J0-7A8 per Vi enna 

NowYorfc.1.07 rpm-05 c-dit. 0.16445 
Montreal .;0.1CMJ.20 a. di«|0.82-0.32 c-dla 
Amat’damil c. pm-par '3-2 c. pm 


Praaklurt 1 -ii pi. pm pf. pro 

60-170 c.dl» £8.‘ 

[*r-80 c. dia “ ‘ 

6-12 lire dia 
[9-21 ore din 
|54-13 A e. dia 
li8-3Ja me dis 

Milan... _ 

cent; roe-year 740-74$ per cent 
» Rates are oam&iaf ralUag rates. 

Short-term rates are call for steriing. U.S. ddOars and Caruidlan donate, two 
days' notice for guOdera and Swiss franca 

ptn-par [s-n t-. pm 
15-6 v. pin 35-23c- pin 
7ic-9ls ore dis ;19g-2ll ore dis 
U|A; . . . . 

'28J-540c. dis 
,7iM5Uc. dir 
<21-h9 lire dis 
! 184-20j are die 
.2 3 c. ills 
5-7 ore dis 

April 12 


Dm. — 

Overseas share information 

Inv. $ Prent at$2J0 to £^102}% (10*$%) 
Effective rate (1-8760) 461% <4G}%) 

;w YORK 

A r 



leny Lotil.. 
jowl Hawse 
, themlcal.- 
*• atores.—, 

<-■ ---I 




Hfcc.yok.1 -2Slf- 

• BapfWW^-.f-Wi- 

HumedProdl *8 . 

• Medh».^fe-8«9 

- Mo*om-_T- 4»« 

«*t Gm-}-** 

> dcsaoard.- 
. Staree.^ 

• TW.-ATel 

371r , 



I6i 4 


■ 1314 

1 Hocking.i 263» 
iser B(imb..| BOSr 

. Ah-l , 26)4 


nwOlW..- I HE« 
19T B 
281 S 



as Wets--. J 

\ HUH lua — rr_ |- 

n Tr-. X.Yj- JS&i 
• ;QU 1*385* 

id Oil.. ! 






Unmxntns Buginej 
Cart- Wright [ 

Dart I ndustries.. 
De ere ....-.... , , , 



Deotmiy Inter— 
Detroit BJlso 


Dicta pbooe J 



i r 

22 «e 

v*. adk_.j 

ray Glass.- 

wick !1 

as Brio 1 

i WaiS” 
gtro A'thn 


•eii doup~. 

Is n - i W urtl ir. 

4uo. ..—.. 
tliar Tracts 



Aikmao -I 
sis Gas. — I 
MkuifAm 175 b 
/ stiod Bn«J 35ta 
stun J&r...) 141# 
tb fidisou 27 Pa 
•thOiiKei ■Bis-, 
bateUitfe: .3669 i 

* lafa 7ns...| 

Dn-t' ottK ^- ' . ^q 

Kset jUrtmes— _ 
Uantaiso X bdsltv, 

H. G* 


1 Brers 

1 Homtsoq Hteetrtcl 

K mh s n ^—..- ... 



Ksmarir— .— — 
Mthyl ,-. 

Faieebl^i Camera 
l-'fflriMpt. Storm 
vlnHSonaTire..- 1 
Pm Ntx^istmoo.\ 

JioridB Pbwar-..| 

! Plum 

Font Motor— 1 


Franklin Mini — ! 
Freeport Mineral [ 
Fruramaf -. . 

g *jr. — . 


Uao.Am«r. lni_ 



Qaa. Dy nam ic*-. 

Gan. Hfetirict 

Genenu Foods—. 
Geoerai Mills— 

-G enor*LJ3otors.r. 
TGenTFbb. OtU— ; 

&ea. dfenai.U— ; 
tienl TeCBket... 

Oat. lyre. 



Getty OH..;.— 

5ii- ■GnMtwrrnc.UT“W»8 

Goodrich FJ- 
Goodyear Tire. 


Grace Win,-...' 

Ot_ AtbuLpfoTeai 
UrOmsth Iron...' 
GnttOh— . 

Halil tirt on. 

Hsoiib Minings- 

Johns ManrlUa— 

Jofanfloa JoboFonj 

Johnson CoocroM 
J tjritwnhatarV 
kJfart.Corp ! 


l£nlier Industrie*! 
K*i»er Steel 


32 U 







K«rr McGee. 

I airide Waller.—; 

I kUmberiy Otark-j ' 417 b 

[gJST- — 1 ”” 

Kroper Ca_ 

I Len Btransa _...! 

| UbbyGw.Food—j 

. LlCWtt uluuu ^.. 

515 (htt) 1 

Lockheed Alrcr7 1 
Lone Star lod«— 
Long island Ltd. 
Loufsiui* fyid 

Lohriaoi — 

•Storm .. — 

Ma ay K. H 

Mtrr Hsnover..— 


Marathon Oil— 
Murine MW land. 
I Marshall Field ...| 

437 8 




297 8 





19 l B 
58 - 
61 8 


31 H 

33 A. 





May Dopr-ttare., 25 1» 

MCA 40?b 

McDermott. 1 361# 

McDonnell Doo»i{ 27*« 

I UoOraw Hlit ' 19i« 

1 Momcaex 1 3414 

MttCk - j 601, 

Merrill Lynch-.. 1 151* 

1 ilesa Petrol sum.; 531, 

HumMinttMtu.l 44 Sg 

MoMI Oorp--— -l ®8l4 
Menecntd.-— — ; ' 4Bift 
Morgan J.P. — J 44 M 

JiaUWOl* 1. 38.14 . 



I Maico Chun teal. 
! N'abonal Cam— 


89 sb 



v Mr 
















11 % 

















.39 . 



BtynoUa Metals. 
BstmoldsILJ — I 
Bteo'son MerrelLj 
BookweU Inter— | 
Rohm A Haas. 

Dutch 1 

Boss logs j 

Byder System—.; 
Safeway Storre— 
St. Joe Minetals.1 
St. -Begj* Fnper- ' 
Santa Fe Inds., — 

Saul Incest 

Saxon Inds. — 

ScfaHtx Brewing-! 
Schi am bracer — I 




22 % 




j Woorieprth— i 




AUG , 

AiHsxxe Vereidt— I 



Bsyra Hypo 

8sy«r VrarinrtJk 


GonuGhnnnn— — 
Daimler Bans 






80.614-0.6 1 

Nat -Distillers.-- 1 
Sat. Service ind. 
Nariaoai Steel — J 

A figatSd’*- 



-Hsoiand Btu 
New Bngjanrt Tall 
8%pud alotawk 1 
flihuara Snare..— 
4*. Ulntfuswiei. . 
N’orih JSat. G*a_ 
Sdm States Fwr 
M bwri Airlines 
Nth west Bancorpi 
Sdrtenj Bitdon-. 

. . UueUantai Felroi, 
Ogilsy Mather...] 
Onto sSdbon 


£ 1 % 



• 9 *: 
16 Tg 
22 % • 

tW«* B.J . . 


Hb^bttYWSteW Wi 
Holiday Inns—.- 16 
Hcmeriate— . -- . 33% 
HonwweU—~— • -54% 
Hoover., — -«»» 


SantfFb-A) Ctun 113* 
Ho*tflH(W4 — 12*3 

1.0. indnttria— 22 

IN A 35% 

Ingensff Sand— 62% 
(nanriStaeL^,. .373r 

BHW5ont»ME(cyt ■-7% 

tBxSZZ-. 2397a 

fettflfraora.— *0% 
IntL Hsrveswr-. 27% 

1 Dal. AlidA-Cbea - 39 •> 
luU.'Uultilodds- 21 % 

, IdoJ 16% 

, IqD. Fa per- 576* 

■ ire w 

I Int-faecUfler 11 % 

Ini. Tel. * Tel.... 29% 
i l nnsnt.— — 2 
I Iowa Beet— — 52% 

1 P Intemaricffisl, 1 1% 

| Jim Waller 29 

OvtWeasShlf*:-..] 227* 
Owens Corn (no... 54%. 

OWdpa EUmobft-. 20% 

£>uUcG*S • 24% 

PBetMc-LtahttUR- 80% 
ftus.Fwr.4Lt-? 81 
FanAm World Aar 
riser Haan%n.| 

ihodj lol ... 


j Penny J.C_ 

I Mini fib - 
1 ^ Tr virTRr _!,■■ ■■- — 

j terttn Bbnftr» 


22 % 
SB ’. 

. ’*»- 







14 V* 










22 % 








21 % 






-1 4Ssh Co. 

Scott Paper. J 33% 

ScovtlMrs 21% 

SendFDdatVeui * 7 

Sea Containers. 25% 

Seagram ' £3% 

fiesrisiGJJ.)— « 12% 
Sears Boetmclu-J 25% 

S8DC0 — —I 32% 

fcbeUOl) J 31 

Shell Transport— I 38% 

Signal 357* 

Slgnode Cerp ..— . ' 34% 
Simplicity Pat....’ 12% 

Singer. — — : 19 

SnnthKltae ..i 67% 

Solitran ..■ 2% 

Southdown - ■ £8% 

Southern Cal- Ed; £6% 
Soothed! Go.-.—. 16% 
StJhn. Nar. Kes— 32 
Scnrthern Pidfic. 31% 
SootheraBaUwayj 46% 

Southland. : 84% 

S'«'l Bans haras.; 

Sperry Huicb — 

Sperry Band. | 

Squib 1. 

Standard Brands. 

Sul. Oi l California 
SbL £Ui Indiana.. 

Std. OU Ohio — 

StauO Chemical. 
Sterbnc Drug., 

Shod bbaker. . 

U^-aOItay Wilij -*-264 6 


AWribi Paper— 

AgnlcoBa**— , 
Aigoma Steal 

Dreedner Bank— ! 284tdJ 
DyekariwffZeind 148 
Goielidtimufi — ] 199 |+0.6) 
HapraUpytL— ; H5JJ) 


Beeches I 

Mooch — _i 

Unrtt>n. I 

Ball nad Bala— | 309 (-0-6 

Aanfbof , , f 

KtocknerDm t0o!| 


18 3.7 

. 1X I 5 - 4 
96JU1 I - I - 


Syntax ) 

Technicolor— J 

Teknooix — 

Teledyne — — — I 

Telex-.— 1. 

Teneco 1 

Teetro PetroJeami 
Texaco j 


Fbetne Dodge— j 

Philip ft. 

Philips PeWOl'm 

I Piesenjr Ltd ADBT 

22 % 
60 . 
20 % 



. ftwreid — • — j 
Fdtmree JBec^-rL . 
PPG LOdaxtries-j 257* 
Procter GsmiHeJ 76% 
Pubs»rve8lert.^ 22% 

Pullman — i 28% 

Fnrex— — ■ 17% 
(Quaker Oars— -J 207* 
KspUAiaerkan.J 6 
UaVtheon— .— 37 

KCA 28% 

Be pablle alceL— j 24% 

22 % 
81 . 

IS 8 * 


21 % 
21 % ’ 

16% ’ 

Texu-tJcUitfe* .. 

Time lac. ! . 40% 

Times Minor. — j ’ 26% 

Thnkan 46% 

Timfte . — ■ 553 * 

Tarexmerios — -| 14 

Itaxuee 18% 

Trans Union -56% 

Traa-way Intr’a 25% 
Trans world Air. 16% 

Travellers .....1 31% 

Tri Continental .j' 18% 

TJB.W 38% 

20th Cantary Fox '£7% 

D-AO* - 22% 


C.GJ.W.... 20% 

C.0J». -..._ 20% 

Unilever 38 

L'nltawrSV. 64%. 

Union Bancorp— 14% 
Union Carbide-.. 387* 
rnionfCumnwce 0% 
Union OU CaUf.. 467* 
Union Pacific—. 45% 

Unbr^ri.- 7% 

United Brands— | 67* 

US Bancorp.— . 29% 
USSyteuni— 25- 

DSSoe ; 267* 

.OSSuati 25%. 

C. Technologies- 36% 
LTjpdnstrira.^j 19%. 
Virgtala Elect — 14 
Ws%re«u._.--_f ■ 197* 
Warner- Comma. - 36%. 
Warner-Lambert 27%. 

Waste- Haa ’meat ( 21% 
WeUs-Facgo ' 26% : | 
Western &awrp, r 35% 
Western N. A ns 21% 
Western Union—; 16% J 
Wearing bse He»| IBs* | 

Wovaco— ; 24% 

Weyerhaeuser , 22 % 

Whirlpool . — — . 22% 

White Con. Ind— ; 21% 
William Co—— ... I6i* 
WincanUn Slri&, 27% 

Bank of SfoQrau 
BaokJlpva 'ootiaJ 
Beil Telephone-, 
Ucnr.VaHey Indie] 

Oao^ry Bower 

CJamtfo Mines. 

Canada CemraiuJ 
Can ImpUnaCom 
Canada lodosl — ! 

Can. Psark— — | 

- 1 Can. ftaritic lnv_- 
o n Can. :)nper Oti _ J 
05, B Cartiwi O’ Keefe .1 
rtr| j^u- Ashemraa 

31% j Chieftain 1 

31% i Coffunoo 

46% } Cons Bathiirsl — .) 

I (Jonsamee Geal.,'J .'.171*: 

24 1 Co erica Kssoareet 6%' 

245, ! Certain ttleb^ 97 a 

IViJ.TDeonDbrtnftsx.-. 7T* 

36hn Uemson Ulues 66% 

l>wne.Minre .76. 

Dome’ i%treleam -67% 
Uo mln h ui Bridge 24% 

4taa,ras — : 16%. 

Dn poo t-' 13% 

FAtoon'geKlekel. IBS* 

Pont Motor Can_J 73% 

G«Utara.-,-«— i 26% 

Giant XeCwkntfeMliS* 

□uU Oil CsxadaJ 29% 
HawfcradldToSJ- '6. -. 1 

Uoninaer — ) 32 

Home CHI 'A'— II: .44% 
Bodero Bay Mnjjf 16 
Hudson -19 

Hodsao OuA 6a/J 48% 
LA.C.-.._Z:.7r}- 1-7%-' 

Imasco — 4 30% 

Imperial Oil. If -20%. 


i inda 1 11% 

; hr land Xat-‘G*Aj 10% A 

Kaiser keeoarcre: IS •' 
laartn'l Pin Coit 8 
LoblawGom.%l. J 
H cf min’d Bioedi. 19 
Massey fsryjsoo 12 ' 

Molniarre „.8£% 

Moore Coxyo— 54- 
BorandaMme^- .25%. 
Moreen Bhergy— : 16% 
Kibn.Tieieoanr— .28% 

Miunso UU A Uk» £7% 
.tMfcatxAPptr’m. 5%- 
PsriBo Copper’ M..I .1-85 

ftm.Csn P et*m. 

Peopi»l>epC d„ 

Place Ca s Oii_ 
PtacerDeTftiopeot ; ' 

Quebeofilmwon • L2& 

tangerOJi 32% 

Head a haw -^ .... . 9% 

J'Htd A^iiin. i. 30% 

, . .,of O'-u. -29%. 

; Boyai Trnri 17% 

Siebeos o. G. 


aieei of r 
hUnpBixJc Jr 

Texaco Csaurt*, J 
Toronto Dcm J3k.( . 17% r I 
! TrsasCtai Hpel*} •-»% j 
fraps Monet Ol n 


[ Union U« . 

; litd jitaooe Miner! 

Waiter UlraitL.^, 

| W*i CosstTnu.) 

WmtonGoo. | 

T Bid. : A*jted STradsd. 
I -Sew stock. 

Mmoc mmod,, 

Mn a ebe w r Bock. 
Necfcennann — — 
Fteusmg DM 100.1 

acberiqg ... — 

; maneos — 

I dad. tocher- 


I /MBA... 

I Vexedn eft West Bli 
1 VoUrswaKeo ! . 


April 13 

_ _ Ileum 



Zorich.— 2%-l% r. pru 165* 0% c. pm 

Sir-month forward dollar 0.53-8.43C pin. 
12-momh 1J2-1.J2C pm. 


April 12 


Ual Wlppoo Print 

Fuji Photo 


Honda Motors 

House Food. ; 

U I tab 


Jaccs — 


Kansai Bleat. Pw.| 


Matsushita inn-. 
Mltanbisbi Bank 
Mitsubishi Hsavyl 
Mitsubishi Carp. 

Mitrai ft Ua 

liitrakoshl . 
Nippon Don so — . 

Nippon ShinpUL 4 

N ism Motors.- 1 












danyo Klectric. — I 

dbiserio j 


taisho Marina.... J 

Iklieda Chemical 4 



L>Uo Bleat Pow'r 

I'wyo stnyo 

Lokyo Bblbeura...' 


1'oywa Motor- 1 





























♦ 1 

Apr. 11 

Apr. 12 

Price | + 01 'LSivTlIkL 
Unir 1 — ijnui £ 

Source Nlkko Securities. Tokyo 


, Dtv.;Yld- 

Aboid (Fl£0) ! 


Aleran Bnk(Fi.l00i 

AMEV (FI. ID/ ; 

Ax m o h an k 

WJenkort -....( 

BosaWest'mi P Jdi 

Bsavter (FIJO).— 


Hnmer D^Fl.100) 
KJ^M. (Fi.iOO)— 
ins MuilerfUiCO— . 
Nsardea (Fi.10)... 


Ned MidBk(FI JO 1 ! 


*in CHupa m — 

Phkhoed (Fl.27/~ 


KobeeofFILO) 1 

Kareata <PU>($— ■ 


OscyoPteJtids.5 1 
Uailevra- (Fi^0)_. ; 
Wreflao’du. Bans 

104 Mi— 0,4 Itfl 3.6 

36^140 JS 

bijb^oa t 


37^+ 2.x 
-j 15U| — 1.4 

April 12 


Bq- Bra. Lamb — 
Befcert **B" 
C.BJL Cora ant — 



+ or 

132 |+l __ 

J&5|~l^j - | _ 




lb U)! 


109.0{ , __ 

117.71 ^2J 



ACM l L (96 cent), 

Acrow Amlralls 
Aided Mne-Tcdg. Indus 2l| 

u Minerals. 

. Polr Finer S I . . 
Aaaoe.Cro. lodutaries.. 

Anst. Fomuiatiro InvwA-1 


Anrilt nco - 

AumL. Oil A I _ 

Blue Metal lod-.—_ 

Bougamvliie Oopper... 

Broken Hill Proprlitaj— 

BH finuth , .... M 

Chrmoa Catted Brewery— 
C. J.Coiei-. 

C5K i»l> 

Dons. Goldfield Ac 
Container ($1)— 

Ccetaln Aurtratis 


Brier Jwnttb. 

K-Z- Industries—. 

Gen. Property Trust. 

Ham ere key 

Hooker. . 


inter- Copper— 

JemungB Ji 
I Jones (David)— 

! Leonard Oil 

Metal* Kxplorastro.. , 

M1M HoMin^i— 

Myer Kmponura, 


NinhoMs InEeraarionai J 

Nurtb Broken H'dlngs t&0r| 

OeADridge — 

Oil search 

Cttar KxploiKiJoa— . 

PuHieer Cooorete.— .1 

Keuklu A Col man 

H. U. alejgh— , 
soutblasi Minina. 














AoesiM 1 

Banco do Brazil..., 
-jam*) itau rn— I 

Utjaa Amer. Op- 

Pwrebra* PF— 

Pirelli CP - 

aoozaCiuz OP— 

Un.p PE— 

Vale Rta Dree PP 

1.82 1...-, -0.12 '3.84 
2.46 +0.BZ[A.17:6.91 
1.50 |+0.5^J.16 10.87 
!— O.C7 (1. 12 7,06 

i- o.D2d.i:o :fi.60 

+ 0.1lid.]0 ,'4.47 

- 'B.13 
.10IQ.23 5.75 




7.05 , 

1.51 Uojaa.13 Ji.61 

+O.0S0.2O (1.84 

VoL CrJ.47.4ta. Shares 77.7m. 
Source: Rio de Janeiro SJE. 



i ro>mor 
KiediLkaiwen — 

.'cell H>HrakrJl{ 

■ rtorebnmrt 





Spaigos Bxplnraticm — Z. J 
luuiu tau.. 


r~6 J — J — I Western Mining (60ceni*)J 

10.18 I ...... 


Uo Sltn. (1/10)—. 

VieiHe MoDtagne'1.520 i— 10 


, - - - — — — 


April 12 



+ w 

Fra.; i 


8-0 1 

April 12 



April 12 

I Price 


Andenbanken. M .| 146 

Mmn’atr W. ara..: 440 

iMusice Bank— 127% 

KhsC Ariarii-UoL..i 811%*1 

Pl/aftOtokea [ 1301* 

Pot. Bygrorier —I 340 

Por.Pt^F„ l 80%; 

^ 129UM 

.NWnB.(Ki«Di 261%| 

[aoniKabel 2S9% 1 

L Hl»g*v u , 80 




| Ammlnnnn 11.2 10 1—10 

1 uBC “A 1 1.80# 

I dbaGetarfFr.iOO 1,135 
1 Do. STOreta- 8B5 

Do. Keg. 606 

Credit 'ulase. — 8,165xr| 

BiecCrowatt _• l.b Z 5 

Fischer (George]- 670 
Unfiman PtCerfr J78,&uO 

Do. ftitnaii) 7,885 

Interfood B 5.726 

Jelmolt (Pr.UX?— 1,430m! 
Nestle (Fr. 100)- 3,236 

Do. Keg. 2,325 

Uernkoo o.Q?£bQ 2,100 
Z*lrellWJF(P.l£0) 277 
I taxxtoz (Pr. 260]— 3.600 
Do. PMt Uerw. 460 
3i-biitfUerCtB K BX 300 
SairerCts (F.KXf) 350 |+7 
tarlsisu (FASO). . 807 
drviae Bank (F.IOO 35121 
Swiss OJbJ’^W-WSO 
Union Bank.—. 2^55ni 
Zb»6 1d> . ^ 10,300 





AtriqurU -■ klft 1 e( 

Air Llqiiide. 

Aquitaine — 1 

UlU - 

uouygtw*. , 

BJiJi- Gersata— | 





290 . 

— 1 

405 1 

.+68 | 

631 ] 




< 1.628 U 15 

CJ.T. Akxttt. . 
Die Hsnuure.— 4 

Club Uniter— 
Credit Com Fr 1 ; 
Lkausot Loire— I 

Ouf yigy . . - [tJ 

Pr. Peodea— 

Gen. Oocarieutaiej 

imetai _ 

Jaequta Bare) — | 


L*Or«al.,- „-_ ,..„ 


Mriooos Phenix. 

Mioheiln “B" 

Moot Hennessy— 

Mf wirin — - 


Pechiney I 


Kadio Technique.] 


Ubroe Fan tem- 
st Go&ain— 
nfets Kosslgnoi — _] 



lbomroo BnuritJ 

Uhmor— .-.-..-J 


+ L5 

4% ; 0.6 
I21.1&I 3.4 
16A 5.7 
b$A5l 0.7 
31.66. 5.1 
B7.8 8.6 
7 a ; d.b 
22A 7.6 
ob ffl a3 
la" i 
fl 1-26; 2.6 
12 ! 9.5 

7.5 ; 1.1 
14.10 11.5 
8./S] 4.o 
526| 9.0 

1& 77(102 
U271 2.6 
51A& 1.9 

£4 a 

April K 



Antfto American Cornn. — 


East Dddonleln - 



1 -85 



-'ll. its 



+ 005 



Knstenborg Platinum 


+ 0.05 


South Vaal 


Gold Fields SA 



Union Corporauon 


+ 0.05 









-0 M 

SUUomein * 










a.40 xd +4.15 




li «8 

+ 0.M 





1 40 






LTA - 



McCarthy Rndway 



NedBank — 



OK Bazaars 



Premier Miffing 



Pretoria Cement 



Pmea Holdituis 



Rand Mines Properties — 


Rembrandt Crwro 





Sage Holdings .............. 





C. G. Smith Sugar 



SA Breweries - 


+0 .01 

Tiger Oats and Xat. Mills. 




LOOxd +8.01 

Securities Rand SU5.0.771 
(Discount of 32.6%) 


7.5i 9.0 
7*1 23 I April U 
IS, 4.1 AMand 

. Ill 

, _ . Banco Bilbao — 3* 

26.5, 5.9 1 Banco AUanHcp (OADD) 220 

2q| 4.11 Banco Central ... M* 

9 '12.0 • Fanco Ex tenor 280 

1*251 9.6 i Banco General 275 

39 i g.l Banco Granada 01.000) 1ST 

ZfiJJ 9.4 1 Banco Hlspano Z& 

- - - - flBWj ITT 

1331" sj+z 
140 ML- 
375 Pi!*, 
184 l*!+l* 


April 12 

PerimooBer — ... 


Semper it — | 

Stayr Daimler... 
Veit MaanHit....: 

Price ; +«r j Irivjyio. 

ft Or | Dir Jl 

- \ %\ 

1+2 I — 


April IS 

! Ajnc.- 


1 Fiat — . 

Da. Priv. 

| Finslder 


1 Uaisfder - 

I Uontedisoa— ,. 
i Uilveni Prtr — 
Pirelli ft Co. — 
PI relit Spa. 


100 . 0 ! 





1 - 0.6 

+ 7 



74.00—0.76! — I - 
10.5001+1401 ' 
127.00, +ui3 


140 +4 
890 -1 
12.005 — 5 


650 !-*■ 5 

April 12 

I ADA An iKtaU)~ 
Altai* vs 1 iJ(Krt*j 
ASHA (Mr. 60) 

AUm Cbaxjfiua 

Ditlernd . 




KleM'lux 'U'cKaOl 

t Krieseca ‘B’tKiSCif 
150j 7^ 1 fertile -B" ; 

, Upingea (nee) — . 

200l U ! UainldaheuUco— 

— L ~ • Uaralxm — 

i^soi 3.7 I llo Och Dom-flU 

— j — t stndrik A.«_ „ 

- — 1 S-K-V . -ff Kn_, 

150 6.6] itKDCKixkiML. 
80! 8.2 ; Tmrietib ‘B'KrhOl 

. L'wtahnlm^ 

I ■ i Vnlvp (Kr. 60).. .. 


+0.5 , 

—11 K2JB' a.7 ' Banco lnd. Cat 
■“ lt)&: 8.1 ; B- lnd' M«fii«rraiwo ... 

' 1 Banco Proriar ..... 

Banco Santander (250) 

Banco uranUo (l.ono) . 

Banco Vizcaya — . — 

Banco Zaragozaoo ..... 


Baoud AOdaJnna — — 

Babcock Wilcox — 

CIC .mi -— 

D rasa d 05 — — ... nM 

inmoBantf — 

E. 1. Anconesas 

EspWWD Zinc . 

Espl. TOO Trnto — m 

B'gifrcsa ll.OOfli 7030 

4 3 1 Fenosa O.dOPi — — W 

4'si Gal. Preriados — 

a ; 4,6 ; Grupo Veiawuuz (409) 

' Htdroia - 


6 Olarni 

,, . „ PaprloraS Rciuiidas ... 

o I ■ Pcfrnlifier 

8 • S* 1 ’ PetrolwoH 

__ , 8.9 Sarrio Papaiera 

frfcf l-^Sntacc 

; 4.S 1 6. 1 . e^gpfisa 

«• 8 .p T-?le(0nica 






53 _ 

IS - i: 

74 U 2 

144 *}!+ 1 
















hi 1 8 ’ 

ftn ti i . ■ 5 ; 6.2 1 inn-aV ’ Hos:enth 

60.5-2.5 Tutur^v 

81 — 3 v ■ 7 a (, mon Elec. - 
















+ 1 

■+■ 7 



+ 2 

+ 3 

+ t 

+ T 

+ 4 


+ « 

+ ft 
+ l 
+ Z 

+ 4.73 

+ 3 

+ 3 

+ 1.7S 
■*■ 3.25 
+ 5 
+ 3 

+ 8 
- 3.91 

+ 2.59 
+ 3 
+ 4 
+ UB 

1 ; 


Financial Trines Thursday April 13 - 1978 : 

Badminton booster • Civil mercenaries • Accountants 



had in sporting activities never 
emphasised subtlety. “Theer 
y'are lad/' some Mancunian 
voice would shout, “thump it” 
or “leather it" or-— on the judo 
mat — “dump 'im.” Consequently 
perhaps, the insubstantial waft- 
ings of badminton, however 
athletic, have never attracted 

But lm. children and l-5m. 
adults in England alone 
evidently think differently. “A 
survey we did recently sug- 
gested that at least that many 
now play in school halls and so 
on,” says the 85-year-old Bad- 
minton Association of England. 
“And although only about 
110,000 players are so far linked 
with us, our membership has 
been growing by 250 clubs a 
season to the present total of 

Moreover, having narrowly 
beaten Denmark in the team 
event at the European cham- 
pionship in Preston this week, 
England can claim to be among 
the world's best, even though 
our players are outshone in the 
individual events — the men 
most noticeably by Indonesians, 
and the women by Japanese. 

There remains in badminton 
the famous old difference, that 
nur plays are amateurs receiv- 
ing at best liberal expenses, 
while those or other countries 
tend increasingly to play pro- 

Given this trend, and with the 

game growing in popularity all 
over the world, the Badminton 
Association of England is ex- 
pecting a large increase of open 
tournaments among profes- 
sionals and amateurs, sponsored 
by ■ commercial interests. 
Friends Provident is already 
sponsoring ' this week’s Euro- 
pean event, for instance, and 
John Player sponsors the All- 
England tournament 

In short, the English Associ- 
ation which effectively serves 
as the main administration for 
the game world-wide, thinks 
that over the next few years 
badminton will become an 
international circuit sport 
rather as tennis has done. 

“We want there to be an im- 
portant difference, however,” I 
was tol(T.’“We want the game to 
be controlled by the associations 
in conjunction with the players, 
as distinct from being player- 
dominated like tennis.” 

All of which is why the 
association comes to market to- 
day for a fully fledged. business 
chief executive to lead the game 
into its international-circuit 
future. And it has asked Roy' 
Kingsford of PA Management 
Consultants to handle the initial 

The search is definitely not 
for someone who is primarily a 
dedicated badminton-player, he 
says, although “ 1 can't really 
see somebody gettmg the job 
who doesn't know one end of a 
racquet from the other.*’ 

The association’s 12-strong 
council under chairman Arthur 
Jones has apparently promised 
that, having engaged a profes- 
sional manager to head its 
development, the committee 
will take notice of the new- 
comer's ‘ proposals. Brian 
Bisseker. who has been secre- 
tary since 1970, has agreed to 
support the incoming ' leader 
until his retirement soon. 

“ What I think would be 
Ideal,” Mr. Klngsford says, “ is 
someone who has earned senior 
management rank in a big busi- 
ness by the age of 4(H5 or so, 
and would now like to do some- 
thing different, if need be at 
some loss of salary, in order to 
make a name individually. We 
shall certainly need somebody 
of considerable personal stature 
If the job's to be done properly” 

Provided they are demon- 
strably successful business man- 
agers. Roy Kingsford adds, their 
precise background matters 

“Experience in dealing with 
top people in overseas concerns 
seems important, and 1 suppose 
marketing would be a useful 
skill, and work that has provided 
a close understanding of pro- 
fessional sport would be a valu- 
able advantage. But we don't 
want- to miss the- right person 
by carping about details.” 

The salary quoted is about 
£S.oQ0. but I suspect that the 
association might go higher for 
an outstanding candidate. Perks 

include non-contributory pen- 
sion, and the base is in the 
London area.. 

Write for. application form to 
Mr. Klngsford at Hyde Park 
House, 60a, Knightsbridge, Lon- 
don SW1X 7LE. He may be 
telephoned for further informa- 
tion on 01-235 6060. 


MANY SHIPS sent to Russia to 
support the Western forces’ 
vain intervention in the civil 
war of the 1920s. had Moslem 
crews: Ships were kept waiting 
in Archangel through Ramadan 
when Moslems must fast during 
daylight. But in the far 
northern port, it stayed daylight 
all the time. So numerous 
sailors began to starve to death. 

Panic . ensued until the 
administrators of the expedition 
managed to arrange with the 
appropriate Moslem leader for 
Archangel to have an “ official 
night” during Ramadan, coin- 
ciding with the bours between 
sunset and sunrise in Mecca. 

That incident — which shows 
that truly international per- 
sonnel management is liable to 
unusual problems — came to 
mind this week when I met* 
Mike . Taylor. development 
manager of Overseas Recruit- 
ment Services. For a major 
recent development at ORS is 
the selecting, assembling and 
maintaining of big multi- 

national workforces ‘ to build 
-and/or staff new projects in 
other countries. 

-A subsidiary of the Alfred 
Marks Bureau which is now a 
part of the Swiss-based Adia 
Group, ORS is Currently pro- 
viding “civil mercenaries” for 
half a dozen projects in the oil- 
rich Middle East. They include 
three medical programmes, air- 
port-construction, a power 
station, and a town-building 

• ( In some cases the company 
takes the whole workfo rce 
recruited with the help of 
Adia.’s 300 offices around. the 
world— On to its own payroll for 
the project and delivers, cares 
fbr and supervises them until 
the work is done. Hi other 
cases, ORS will recruit and 
undertake any or all of the 
other duties on behalf of the 
main contractor -or the national 
agency in charge of the project 

While the territory is 
currently confined to the Middle 
East and the emphasis on con- 
struction, Mr. Taylor expects 
soon to become involved in pro- 
viding expatriates to run new 
operations in their initial 
stages, while training indig- 
enous staff. He expects, too, an 
increasing demand for similar 
wpirkforces in the • poorer 
nations of the world. 

He also expects the mixed- 
culture aspect of the business 
to throw up unexpected 
management problems as tax- 

ing. If not as morbidly bizarre, 
as the one which overtook the 
fleet in Archangel. Not, least is 
the need to ensure— as the ' con- 
tract normally insists— that all 
the • civil mercenaries leave the 
country in question .when the 
job is done. ' ■—j’ 1 '- 

“ Of the people in Kuwait at 
present, about 55 par cent 
.aren’t Kuwaitis: So you can 
appreciate the keenness to have 
project staff leave,” Mike Taylor 

“But we set out tp ianunflse 
the potential problems, at least 
where managerial andskfiled. 
workers are concern ed, by -pre- 
ferring recruits witfc xxpmaence 
in the area, and by ’negatively 
interviewing ’ candidates.- -to 
drive borne to them th^vSribus 
awfulnesses. . of- workLogf there, 
before we or ther'.dedde 
whether they ought to ge." . 

There iS apparently,, how- 
ever. no lack of suitable.:- re- 
cruits. “One reason un- 
doubtedly that a managpr.or 
specialist getting £10,00CT gross 
in the UJL. can expect -about 
25 per cent more there- tax- 
free, plus food -andYqg torah o- 
dation," -Mr* Taylor addk£-. “> 

Even so, like the locum 
management groups I_ Vrrpte 
about last week, he is’ keen to 
hear from people" willing and 
able— -4 n skills connected with 
medicine, construction,. 'engin- 
eering. hotels and catering, and 
suchlike — to join the ORS 
register of potential staff. Those 

interested should write outline 
details to him at ■ 37- Golden 
Square, London WLR 4AL, as a 
preliminary to receiving a de- 
tailed application form. 

“While we' initially ^employ 
people only for the project: in 
question, those that show they 
are good are pretty weiLcer-- 
tain to be offered something 
else when it’s ending.” 1 


on the market -for an unspeci- 
fied number, of qualified account- 
ants to be based - in. central . Lon- 
don with Jthe professional ac- 
countancy group of the Minis- 
try of Agriculture. Fisheries 
ahd Food> ; : . .■ . '.r . 

But I : doubt . that > the Civil: 
Service Commissiojctrcan be con-' 
fident of filling the order; .Wbile 
an inordinate number of people 
seem — to a perhaps biased ob- 
server— to • be ffockmg\_lo the 
high job-security- ;6J tbe tax- 
payers’ paybill. the Civil Service 
has difficulty in recruiting : ac- 
countants. especially to work in. 
London; - 

I doubt whether the " reason 
can be the starting pay. The 
current intake, aged 27 or more 
and with experience. in a pn*-. 
fessionar office, would-be oh "a 
scale of £5385-£6,885 soon to be 
raised to £6,444-£7, 539 or there- 

Also, the content of these jobs 
seems promisingly diverse. It 

[.includes advising on a brer’; '?: 
of; accounting-issues, makWC* 
anciaj reviews of maiSC 
.boards ana other. organisan Z: 
.and .- assessing requests 
grants .and - suchlike from*" 
.Private sector which often -’I 
.^ pe^.naJ visits. cX 
;.:^ the-telu«anre of qualT 
.acscoupfents. jo , jirin the < 
Service' looks likely to be sj 
thing ito do with promotion;; 

"In business . concerns. *3 
very few who join them actq 
do. ^ reach top manager ^ 
youngish accountants do ha£ 
relative^ goo# chance. of -<i(i 
mg’ tOr« -controlling positimjr 
. ^Xa ; the Gmt Setvlce, ^ 

■ candidates "for the present L 
could . expeqt^9.Q0a: or xM 
a ccouhtantt seem tb have bjfl 
Tate CjaahceM- gakiihg.tbe Jf 
onanxCuig hdgh^pf 
tratJve 'classes,;- 'still': ^j^ff I 
dominated by v the^tMri^ 
graduate r ^ ■ 

:} 'Thin^may changei^ja Jl 
as the : Baltfih- prop ^jg ga w i [ | 
Civil - - Service - 
should include morep ^pp ll 

-putyimoTorcse. ■ Ahd3j&fce W 
Fulton propds&fe: : 

years ' old this year, one pertU-1 
should not expect too much l* 


Application forms from 
Commission at Alencon L 
Basingstoke. Hants. RG23 11 
telephone Basingstoke 681 
Quote - reference G(AA)£ i - 
Lists close May 4. • 

'■# < 

/- a n /-no- _i l: V/>: 

CAP- CPP is a leading . 

British owned computer 
consultancy employing over 700 V'S' 

staff in the UX Since 1962 we have 

/°}^y been providing technical advice to management 
of client companies in many areas of industry 

ond commerce. Vv “' 





Computer Applications 
£^500+bonus London based 

Our Management Consultancy branch provides advice to 
management on ail aspects of computing. This work indudes 
organisational reviews, evolving computing polities at the 
strategic and tactical level, determining key applications, 
producing systems development plans, undertaking equipment 

selection and many other areas of computing requiring direct 
management involvement. 

management involvement. 

Our consultants must be able to successfully combine apprea- 

able knowledge of computing applications, involving systems 
analysis, design ond implementation experience, with the abfrty 
to communicate luridly and effectively with management at all 
levels. Aged between 28-35 years, male or female, successful 
candidates must have had at least 5 years DP experience, and 

candidates must have had at least 5 years DP experience, and 
will be educated to degree level or have acquired a pro- 
fessional qualification. 

Company benefits include a bonus, London Allowance and 
relocation assistance. For more information write with brief fol, 

details to:- ter" 

Honeywell I S Limited, who 
operate Britain's fastest growing 
commerical computer time-sharing 
service, have vacancies for men and 
women with a sound background and 
knowledge of International. Corporate * 
and other areas of banking to assist 
further expansion of its operations 
within the banking community. With 
the MARK Ilf Network Information 
Service, Honeywell have already made . 
considerable inroads into the banking. / 
world and is now a worldwide leader m/ 
the provision of this type of 
management information system. 

As a consultant in our Financial 
Branch, you will have responsibility for 
marketing and selling the MARK III 
Service to City banters. Application 
areas from which you could be 
expected to contribute from your 
background might include 

Foreign Exchange Systems. Syndicated 
Loans, Euroloans, Branch Accounting 
for foreign banks in London, 

Investment Analysis, Loan Appraisal, 
Spreading and Forward Planning, etc. 

You will have to demonstrate the 
ability to develop a thorough 
Understanding of how the MARK IH 
Service can be applied to these and 
other functional areas of banking, you 
will bea graduate or pf equivalent 
standard, in yoiir late 20’s already in. 
hanking but anxious to broaden your, 
experience and career prospects m this 
way. Honeywell I S Ltd $ about to 
make a concentrated effort to further 
expand its operations into the banking , 
world in parallel with tbeir associate ] 
companies in other countries, and this 
is an ideal opportunity' lo make your 
mark with tile market leader. 

Salary will reflect your experience 

and the contribution yon will mate. A 
Company car is provided, in addition ' 

to the benefits attached to working for 
a major international company. If you . 
feel you have the banking or financial 
expertise needed to make a success cf - 
- thisjob.wewouldhketohavea ' 
preliminary, info rmal rparting in ... :.. . 01 

confidence. ” " - 

• Ring Russel Murray on 01-242 9011 
ext 265 or275 ahd give brief details of 
yourself. We will then arrange a 
suitable time and date for interview, i 
Alternatively, write with brief j 
nesume of your career to date / 

indicating why you think you are/ 
suitable for this past to him at? 

Honeywell I S Ltd, Network 
Information Services Division . 
.a 114-118 Southampton Row, 
London WC1B5AB. 

Chief Accountant 
Thomas Cook 
Bankers Ltd. 

Not less than £12,500 

: The travellers chfeque' arid foreign, money note . 

‘ " 'activities of the Thomas Cook Group -a siibshlTmycfr- . " 

. ... Jhe Midland Bank - representthe prime responsibilities , 
of Thomas Cook Ba nkers Limited Tuniqyer isf* : - 
substantial and increasing, and givesriseto a rieedto - 
appoint a Chief Accountant (Bankers). The person 
appointed will be responsible to a Main Group Board 
^ f Director controHingthe group finance division and will j 
>ba located at the Group’s new International __ ■ 

y headquarters in Peterborough. 

A 4 

- V This appointment provides a challenging opportuni' 
' «\>,a id demands a vigorous and resourceful ftilly-qualifiei 

and demands a vigorous and resourceful fully-qualified 
Accountant having potential for further career 

moa i 

A. W. Knott, 

Computer Analysts anti 
Programmers (UK) Limited, 

CAP House, 14/15 Great James Street, 
London, WCTN30Y. 


Telephone-:";- 242 0021 



. J&- 



■■ ■. -'iri'C 

I Vs* 1 * 1 

^ Inf qSvk -e 

Aged between 30 and 40, the ideaf candidate would 3 ; .- 
be a graduate and would have several years' ■ r. ' 

experience in a senior accounting position in Industry sb 
. or commerce. -I .. .. - ... . ... 

. Responsibilities are broad and varied as the 7 

- business operates on a worldwide basis. In addition to : : 

leading and controlling the division's accounting .j \ 

services involvings staff of some .1 40 in the United - • '* 

Kingdom, there is a functional responsibility lor . : 

accounting units in New York, Paris, Melbourne and • 

other overseas locations. 



The successful candidate will need to have an 
international perspective and be prepared to travel as 
Occasion demands. 

'IIAKK III l* ft repsi-nd io. Ti.irk uf 
liironil QectriiTil 

Senior Accountant 


k13000-15D00 + 25% tax free gratuity 

A new capital city has been established at Lilongwe to be in the 
centre of this attractive and stable country. 

The Corporation, which is responsible for this spectacular 
development, is also responsible for the raising of finance and 
initially managing many current large capital projects including 
the international hotel and airport. 

competence, and the ability to innovate and educate in a fast 
developing country. 

The renewable three year contract carries an annual salary of 
1 2,000-1 5,000 kwacha. There is also a tax free gratuity of 2596 
of salary, generous local and terminal leave, free housing, free 
medical aid and educational and other benefits. 

The accounting function for this development and project work 
is run by a small team of qualified staff of which this appointment 
is a part The job requires candidates who can show technical 

Applications, which will be treated in strict confidence,should 
contain relevant details of career and salary progression, age, 
education and qualifications. Please write to A. C. Crompton 
quoting ref. 689/FT on both envelope a nd letter. 


Deloitte, Haskins & Sells , Management Consultants, 
P.O. Box 207, 1 28 Gueen Victoria Street, London EC4P 4JX. 



Kemp-Gee & Co. require an additional person to join one of 
their established equity teams servicing important U.K. and 
Continental institutions. 

Applicants must have had a minimum of three years’ 
experience either as a broker handling institutional accounts 
or as a fund manager. 

We are a research orientated firm, and the ability both to 
understand and to sell the research department's work to 
senior fund managers is essential. 

A working knowledge of either French or German would be 

Remuneration for this important appointment will be fully 

Please reply in confidence to: 
Senior Institutional Sales Partner 

20 Copthall Avenue, London EC2R 7JS 

Salary isr negotiable -we would expecl to meet the 
financial expectations of outstanding candidates. 

Applicants, male or female, should write, with 
curriculum vitae to: 

R. Woodford. 

Group Personnel Director: 
i he Thomas Cook Group Limited, 
P.O. Box 36. 

Peterborough. PE3 6SB. 




An investment career opportunity with the Canada Life i 
Assurance Company is available for a .young person dged 
under 30. Ideaily candidates will be graduates with three 
to four years' experience in fund management or will have 
other investment experience. 

The successful applicant will be required to spend a period 
at the Company's Head Office in Toronto which will precede 
taking a position Of responsibility with an equity bias in a 
small but active team al the London Chief Office. 

A competitive salary will be paid together with the normal 
fringe benefits associated with a leading Life Office. 


up to £7,000 


Our dient. an insurance company vvirh an international reputa- 
tion, will shortly appoint a senior investment analyst. His/her 
main responsibilities will include: 

★ Management of a small team of investment analysts 

& By means of research, identifying- opportunities for 
potential investment 

★ Visiting companies with a view to investment 

★ Assisting fund management in formulating investment policy 

★ Liaising with stockbrokers on research materia] for 
analytical purposes. 

The ideal candidate, probably a graduate, will now be working 
with either a stockbroking firm or another institution where he/ 
she will have gained a first claw background and a proven record 
.m the analytical field. Our. clients are looking for a general 

analwrr pm r i uiitio nnna nf «S Prtrirf urhlph •■fill 

analyst to cover a wide range of sectors which will include the 
fixed interest area as well as the equity market. 

Please ipply: 

J. R. V. Coutts or Sir Timothy Hoare, C 
7. win* 

7, Wine Office Court, 
London EC4A 3BY 
01-353 7858 





A major London farm of Stockbrokers with 
overseas subsidiaries requires a financial ooritrollec 

Tliis is a key position and responsibility 'vili 
be to tile Board for the efficient operation of the 
financial and accounting functions ol the group- 
The aims will be io increase efficiency onct lo 
proride management data. 

Candidates must show an ability io 
contribute in practical ten ns io the group's 
profitability and demonstrate their capability of 
dealing at the very highest levels within the group. 

Applicants (male or female) should be 
qualified accountants, aged 30-45. Stock Exchange 
experience preferred. 

Apply Boat No. 2S9. Streets Financial Limited, 
62 Wilson Street, Londoa H-Ci 

Examine your career 
for the Q.D. factor 

Q. D. stands for Quiet Desperation, the nag- 
ging 1 conviction that all is not well.. .lack 
of job satisfaction . . . insufficient progress 
- . . disharmony. Or all three. 

Our experience in working with executive 
and professional people shows that Q.D. can 
be overcame. 

For an assessment (without cost or obli- 
gation) of how we can help you. phone or 
write today for a meeting with one of our 
Professional Career Advisers. 

Please apply in writing to: 

Mr. M. R. Collett, Personnel Manager, 

Canada Life House, 

High Street; 

Potters Bar,! 

Herts. EN6 SB A. 




CihisiiIUmIr in Lxivutlrc UYuliiarkni nml I'omv A'lvanwiwii. 

London : 35 Fitzroy Street. W-l. Phone 01-637 2298 
I’nrti: B Riiede Ueni 75««i>. l1iDiir±5<3l .Ml 
tt'e are not an Employment Agency. 

Sunday Answering Service . / 


Office Manager Required 

-We are a medium sized firm of. stockbrokers covering ail aspects 
. of the business, but .predominantly con owned with private clients. 
.We are looking for an .Office Manager with experience in all fields 
of administrative management.. We ; - partly computerised and 

the position would suit a person who is seeking a greater challenge 
and career Mtisfacrion. Salary would be competitive, with the usual 
fringe benefits. 

Please write giving full details to Box A6317 
Financial Times. 1(7 Cannon Street. EC4P 45T 

5j, * 

It. .'N, 

• V-x'-. 

■ - 


Our client, a member of the Accepting Houses Committee, seek 
Graduate Chartered Accountants and Commercial Lawyers with 1-2 
years post-graduate experience in the profession. Knowledge 0 f at 
least one European language would be an advantage. Only first-rate 
applicants with a good examination record will be considered. 

Please write to: 

Beresford Associates Ltd-, 

Box A 6303. Financial Times. 10. Cannon Street. EC4P 4BY. 



Expansion has created, vacancies for experienced and trainee 

dealers. Apghfiri writing or tit . if’--.-’. ' 

i. M. I. Powell 

- 74- ?5 Watling Street.- Lon^sn.-ECA • 01-2411.2*91 



a HsS 

-Knandal Tim6s -Thursday- April 13 197S 



London Wi 

£8000 + car 

Opeaf fhe morfropfcfly gtawfng and* for. its size.profHable retail 
organeOTons an the UK, our client Is opentngp new dMston. With forecast 
jjncwer In excess of £10 million wBhirt b veer, the division will operate with 
nigwsopnfsncated and successful management control systems end 
Techniques, . . . . . , ■ - i 

Reporting to Jhe Rnandat Dfrector/the Controller will take 
resporejbIHy for*© total accounting fonclibh-includlng systems, capital 
aqoencfijiffe and planning. Initial^ superiridng 5sfaif, he or she will be 

!n b ^ ness development. Ageof 2<fe32 appHcants should 
be quakfied accowtanfs with commercial experience. Recce telephone 
of- write to David Hogg quoting reference i/1639. . 

" - ■ EMA Managemenf PersboneJ Ltd. 

Bum© House. 88/89 High Koibom^londoa WCTV6LR 
-• Telephone: 01-242 TtJy 


eer Oppo 

• The Challenge: fne internati onal finance cx^poratiom. the affiliate of 

. the WORLD BANK promoftig the private sector in Developing * 

• • countries, is seeking bighlyiqualfied individuals wiling to accept 

• ’* the challenging opportuntfesdacareer in international 

- - .development •• 

^ . .. i_FC Investment Officers tdenffiy^and appraise proposed • 

investments; negotiate and present proposals lo the Board of 

- Directors plus supervision of IFC investments, all within a • 
multi-national and mutte-dsdpfinary team. 

■ • R^ukernenfc: ; . Canddstes snoukJ possess^ relevant degree and have at least 
> .'live years' financial or industrial experience in lending, funding or 
equity investments with managbnent implications, preferably in 
: ■ . - - . developing countries. Invokes frequent travel to assigned 

. : countries. Command ofthg£ngfish language essentia/ and 

■ knowledge of French, SpaiistvPortuguese or Arabic useful. 


: ’Y 

Competitive benefits package including relocation expenses on 
r : ;; : appoinfrnent arto'prbysot^ejBfeiniain cultural ties with home 

. Pfease send resume gLKffi^^lFC-78-01202 to: • 

, John H' Stewart. SteniorPersohne! Development Officer, 
International Rnance Cbrpdraticp. 1 81.8 H Street N .W., 

. Ttotim 0 - 346 , Washing^ D.C.») 433 . U.SA. 


■Kisr *aa* 



€.£8/500 + car 

The Secretarfef . Department of this 
substantial British public company 
provides abroadprofessaonaJ service to 
Group Headquarters and the operating 
divisions worldwide. This London based 
appointment wiH involve, woric on 
corporate secretarial. Stock Exchange 
and related matters, as well aslhe - 
secretaryship of a number of : _ 
management committees and U.K, 
subsidiaries. Acting forthe Secretary in 
his absence and undertaking a wide- 
range of special projects, will also be . 
important features of the duties. 
Reporting to the Group Secretary, this 
post offers excellent' career. - 
devetopmeritto someone in the late 20's 
or earty 30's, either In this field or 
elsewhere in the group management 

structure. A professional or graduate 
qualification is expected, and 
candidates should have some years 
experience in a quoted company. Salary 
around £8,500 p.a. with a car and other 
benefits provided. • 

PA Personnel Services Ref: 


Initial intervievis ace conducted by PA 
Consultants . No deta/7s are divulged 
to clients without prior permission. 
Please send brief career details or 
write for an application form, quoting 
the reference number on both your 
letter and envelope, and advise us if 
vou have recently made any other 
applications to PA Personnel. 

PA Personnel Services 

Hyde PafJj Hau$fc, 60a/Knightsbridge, London. SW IX 7LE. Tel: 01-235 - M607&w: 27874 


A Tr&rrtterd PA inr^r.eso.'a.' 

financial services 

Save & Prosper Services Limited has a vacancy in its London 
Srancfrfor a District Agency Manager. The person filling this 
position will be responsible forthe sales development of 
established agency connections jn Surrey and key centres in 

Berkshire and Hampshire. ' ; • , 

Save & Prosper Services Limited is the company set up by 
Save & Prosper.Group to provide information and guidance to 
professional advisers oh its wide range of personal financial • 

Se ApS?cants must be experienced in the fields of investment and 
irfe assurance planning and be familiar with the agency market' 
This is an important position requiring a high degree of self 
motivation and the ability to communicate at all levels. The job 
offers an attractive salary, incentive bonus, company car and 
excellent etapJoyee benefits. ••••«■ . 

Applications, which will be treated in strictest confidence^ 
should include brief career details and should be submitted in 
writing to j.S,McCa!lum, London Branch Manager, . 

Save & Prosper Services Limited, 4 Great St. Helens, 

London EC3P3EP. 




(Shair & Partners (U.K.) Ltd.) 

Dir Al-Handaiih Consultants, a muki'disciDiinary 
consultancy whose services include the preparation of 
engineering, and architectural designs, town and regional 
plans -and project formulation and evaluation for a wide 
variety of clients in the Middle East and Africa, offer* 
the following appointments: 

(1) Senior Economic Consultant, 
£7,000 p.a. upwards 

(2) Economic Consultant, 

£5,000 p.a. upwards 

The work wjjf Involve the preparation : of feasibility 
studies far industrial, agricultural and urban projects, 
and the provision of economic forecasts. A. good degree 
in Economics or a related subject is required.. Applicants 
will be expected to provide evidence of competence in 
the preparation of reports, and should be willing to 
travel. ' Previous consultancy experience is desirable, and 
a knowledge .of French or Arabic would be advantageous. 

The above, positions offer attractive worfcjnfi conditions 
and benefits including 4 weeks’ annual, holiday, company 
pension scheme, free medical insurance. luncheon 
vouchers, and incentive allowances for overseas visits. 

Applications should be submitted, together, with a current 
curriculum vitae and photocopies of written work, before 
30th April to : 

The Managing Director. . . 

Dar Al-Handasah Consultants. 

(Shair and Partners (U.K.) Ltd.) 

PI, New Cavendish Street, 

■ London W1M 7F&. 

Treasury Management 

. Central London c.£7,00G 

The Rank Orcpnisation is a diverse international 
• company with a turnovw in excess of £4WrrtIhon. 

■ uiih important interests in manufacturing, service and 
. the entertainment industries. 

Following the app o inrmert of a Group Treasurers year 
aga the opporttinitv has arisen for an Assistant to jcxn 
tte cental Group Treasury function, taassfct the 
Group Treasurer in cash management, working capital 
control and foreign exchange management, including 
the optimum use of the existing cgsn resoiHrxsand the 
forecasting ol future requirements both In the U.K. and 

The successful candidate will be expected to make an 
Imroetferte contribution lo the financial management of 
the Group, be abte to advise and assfct.Graup 
companies on cash management and foreign exchange, 
become involved in wider aspects of corporate financial 
management and demonstrate an abBty to lake on 
lnaeasediespons M ties hi a relatively snort time. 

Preferably aged 24-28, the successful candidate must 
have a good rdevant degree and/or professional 
qualification together with expmence of the money 

- probably to^O^orhttie^ of 
an international com pa ny. Experience of the application 
of computer techniques to financial management would 
be an asset. The ability to work wtfh and respond to the 
needs of top management is an essential qualification 
for the position. ' ' . ^ 

"■ Based n the executive cffiqs in Centaftbripor. : 

conditions pi empfoymertt are cdhpeflihe with tho* of 
ottxr major industrial groups.'- 
i Please appfy in witling caving full detoils, of relevant 
1 quafifications and experience to: * 

Bfre. V. Apps. 

Central Services Personnel Manager, 

. The Rank Oi|«ilnrtnn . 

11 Hffl Street, London WI. 



Executive Opportunities 
in Birmingham 

for a . < r • 


A large- International 1 Banking Group will 
shortly be opening a new branch in the centre 
of Birmingham which will provide modem 
facilities for staff and a full' range of services 
for both ..corporate and personal banking 

We are seeking two senior executives with 
extensive international banking experience to 
assist initially with the setting up of the new 
branch abd to take over subsequently as man- 
ager and accountant respectively the adminis- 
tration and development of its business. 
Although salaries largely depend on Ability 
and experience, they will be abovp-average 
and will include valuable fringe benefits 
including access to a generous housing loan 

Applications, -together with a detailed CV-, 

should be forwarded iri confidence to: 

r L C Brlenzies Esq. 

PO Box 93, Edinburgh EH2 1HQ 
— : 

Managing Director 

Hciisebuikfing-South East 

BeEway Holdings Limited, a Public 
Company, principally involved in the 
private residential sector, requires a . 
Masaging Director (Designate) for a ' 
wholly-owned subsidiary based in Surrey. 

• The Company is seeking a person 'with' 
proven ability in the building industry. 
Remuneration and benefits will be those 
normally associated with a senior • 
appointment Applicants should be 
earning not less than £10,000 per annum 
at a senior executive level. 

Curriculum Vitae to: 

The Company Secretary 
Bellway Holdings Limited 
Dobson House Regent Centre 
Newcastle upon Tyne 
NE3 3LT 







To those seeking 

Career Advancement 

If you are involved With the StodcMaiicet * 
then you a) ready know BUckmaster & Moore. 

But what you may not yet know is that our expansion 
programme has created a number of excellent 
opportunities, atvarious levels, within our 
Institutional (Equities and Gilis) and Private Clients 

During the next two months, in these pages, we will 
be announcing further details of these opportunities 
-so, if you are interested in a position offering wider 
career scope with the corresponding rewards- look 
outfor our further advertisements. 

Gerry Risdon, Administration Partner 

Buckmaster & Moore 

The Stock Exchange, London EC2P2JT 
Telephone: 01-588 2868 

Main Board Director a£1 5,000 plus car 

The YVoodhouse & Pixson Grouo, a public . 
company, is one of Sheffield's leading 
forge masters and engineering 
companies. Its growth and profit record 
aver the last decade is enviable, and its 
management leam is young. 

The board wishes to appoinj a tough 
uncompromising Chartered Accountant'- . 
.(preferably an MBA wtii US experience) , 
who can demonstrate from experience iha 
difference between the role of Chief' 
Accountant and that of Financial Con!ro : feri 
The career of (he successful candidate wi! 
have been spent in a number ot 
companies and will nave included direct 
responsibility tor all accounting functions. 
Experience of having initiated and 

fmptemented tight systems of budgetary 
control is essenti3i. Experience is also 
sought in the formulation of corporate 
financial strategy, capital manipulation, - 
landing of major capital expenditure, 
acquisition evaluation and ideally a broad 
Knowledge of international finance. 

Toe appointment oifes an unusual ; 
-opportunity to enjoy working in an 
unir.mbiied erMrqnmeni, where the limits 
to personal progress are imposed only bv 
the constraints of The individual. Age limits 
are set between 33 and 43. A suitable car 
is provided and there are the usual fringe 
benefits including generous help on anv 
removal costs. Salary negotiable around 

Brief applications showing how each requirement is met should be 
addressed to: The Chairman. VVbodhouse & Rixson (Holdings) 
Limited. P.O. Box 74, Bessemer Road. Sheffield, S9 3XS. 

LONDON WC2 ... ■■ ; £5/6,000 

Confederation Life wishes to appoint an Investment analyst to complement its 
successful investment manag^, ... .... „ 

The analyst wNJ provide support monitoring the portfolio, making recommendations 
and identifying new investment opportunities. Tire usual back-up is available, including 
the output the city provides, but the successful candidate will also be expected to initiate 
internal research. The Company approach is oneof fundamental value analysis. - 

The Company, invites applications .from analysts with one to three years experience, 
preferably’ with a degree in economics or business studies and/or an equivalent professional 
qualification. The successful candidate will be a well organised selfstarter. 

The salary will be in the range E 5, 000 -£6,000, depending upon experience, together 
with an attractive package of benefits. Apply: 

. . . .Mr. 5.H. Martin, O.B.E., Personnel Manager, - 
Confederation .Life Insurance Company, 

Confederation. Life House, 

50 Chancery Lane, London WC2A 1 HE/ . : £T?Onfec3era±ion Life 
(Telephone: <U -242 0282) ' -• «• 

Jonathan Wren • Banking Appointments 

[MQjfi] The personnel consultancy dealing exclusively with the banking profession 

i i 

W XEiyi 6Q.y ^9- ■ ■£10,0004- 

Our client, ^ v ihtern^iori^T : bai^ an experienced 

.dealer, with good deposit ciealmg experience for a post in 
Luxembourg- Good French and/or German language 
. ability is required. r -■ .. - Contact: David Grove 


Prominent brokers seek- experienced dealers and trainees. 
Language ability in French and/or German is sought in the 
foreign exchange area where the salary for an experienced 
broker would be in the region of £1 0,000. Both interbank 
and commercial sterling brokers are sought and attractive 
salaries are offered in each case depending on experience. 

Contact: David Grove 

We seek experienced local authority brokers to join a City 
Broking Firm. Attractive salary and good prospects, are 
offered to candidates with 1 -2 years experience. 

Contact: Mike Pope 

170 Bishopsgate London EC2M 41. \ 01-6231266' 7 8 9 




Internationa! Finance and Administration 
West London £15,000-£20,000 

If you have a recognised management record with an international 
company or accountancy firm, or have moved from accountancy 
into an international role within industry, we are offering a 
responsible and satisfying appointment. This is a very senior 
position with all the duties of a Financial Director and including, 
developing computerised systems for subsidiary companies, work 
simplification procedures and written financial policy procedures. 

The Financial Director wjll also be expected to establish and 
maintain a forecasting system, interface with corporate finance and 
set up new administrative control system; in addition to making 
financial policy appraisals, reports and audits. 

We are looking for a Chartered Accountant (preferably speaking 
French or German). Capable of self-motivation as well as 
motivating others. We need a practical man or woman, mature, 
confident, with an outgoing personality. 

Qualified applicants should send a resume including salary and 
history, in confidence to Box A No. 6320 Financial Times 
10 Cannon Street London EC4P 4 BY. 

Financial Controller 



The National Import and Export Corporation is one of Zambia's most important 
tools in stimulating the growth of its trade internally and with other countries. 
Against this, the appointment of a Financial Controller requires an individual whose 
practical ability and experience is matched by considerable communication skills. 

You will take in hand all the Corporation's financial resources, ensuring that 
subsidiaries expenditures are controlled within the policy of the Board of Directors 
and preparing accounts for submission to shareholders. This will further involve the 
development of accounting practises throughout the group, actively participating 
in the training of accounting staff and advising the Managing Director on all 
financial matters. 

You will also be involved with top level discussions with Ministries, other 
Zambian Corporations, Bank Officials and foreign Industrial companies. 

Aged 35 and over and possessing appropriate accountancy qualifications, you 
will have at least 5 years* experience in accountancy at this level including 
administrative responsibilities. 

An attractive salary will be negotiated and a first class package of benefits 
includes free furnished accommodation, free medical service, free non-contributory 
life assurance scheme. Company car, return air fares, baggage and 
settling-in allowances, six weeks annual holiday, education 
allowance/passages. 25% gratuity on successful completion of 
initial 3 year contract period and. under current regulations, 
remittance of one- third of the salary to the U.K. monthly. 

Zambia offers an idea! climate with 
magnificent surroundings enhanced by 
game parks and easy access to the 
Victoria Falls. Please write with full 
personal and career details to;~ 

Recruitment & 
Administration Manager, 
Zimco Services Limited, 
Zimco House, 

129/139 Finsbury pavement, 
London EC2A1NA 

. : . . ft : ...... : V.'. Vi'/.Y. 

International Auditors 
Travel - UK, Europe, Africa 

London SW1 

Phillips Petroleum is an international 
organisation with worldwide interests 
in oil, gas and chemicals. The Enrope- 
Africa division of the company is a 
major operator in North Sea OQ and 
gas exploration and production. 

We need self-motivated individuals 
to join our expanding internal auditing 
team responsible for conducting 
financial, operational, joint venture and 
EDP audits within our natural 
resources, petroleum products and 
chemicals operations. London based - 
assignments will necessitate extensive 
travel (may amount to 50 per cent), 
primarily within Europe. 

Applicants should be Chartered 
Accountants, male or female, 
preferably aged 25-30. Knowledge of a 

£6,000- £7,000 p.a. 

European language would be 

Benefits include 4 weeks holiday, 
pension scheme, generous sick pay, 
free life assurance, BUPA (reduced 
rate group scheme). Write with brief 
personal and career details (including 
salary progression) to date or 
telephone for an application form 
which should be returned to: 

Phillip Peters, Recruitment Officer; 
Phillips Petroleum Company Europe- 
Africa. Portland House, Stag Place, 
London SWIE SD A. 

Telephone 01-828 9766 
Extn. 463 or use our 24 
hour answering service on 
01-828 2993. Please quote 
reference P125. 



Branch Manager 


South-East Asia 

Our client, a European commercial bank with 
branches throughout South-East Asia, is 
presently seeking an experienced senior 
executive to assume the position of Manager In 
one of its important branches in the region. 

* Successful track record as branch manager 
with a major commercial bank. 

* working experience in an international 
environment, preferably in Asia. 

* Ability to organize and direct the activities of an 
overseas branch, motivate local staff, expand 
operations and enhance profitability. 

Remuneration will be negotiable and 
commensurate with the high standards and 
experience required. Fringe benefits are of top 
expatriate standard. 

Ref: A861 2 FT 

REPLIES will be forwarded direct, unopened 
and in confidence fo the client unless 
addressed to the Security Manager listing 
companies to which they may not be sent. 
They should include comprehensive career 
details, not refer to previous correspondence 
with PA and quote the reference on the 

PA Advertising 

Hyde Park House, 60a Knighbbridge. London SWlX TIE. Tel: OT-335 6060 Telex: 27874 

• tMittinttiMiitiiiiMiM*. 

• - J *• 

Controller to £12,500 


plus car 

A successful L.K. engineering company with a 
nine-figure turnover in capital goods, seeks a 
financial controller. He or she will be responsible 
to the finance director for most aspects of finance 
(excluding treasury and routine accounting) in a 
diverse, well-delegated group. The emphasis is 
on commercial Intelligence and management 

Candidates should ideally be around 35 (30 and 
45 are the extremes) with senior experience in 
an autonomous manufacturing profit centre. “Pure 
accountants" would be inappropriate. Accountants, 
engineers or MBAs demonstrating wider business 
experience would. Prospects are not confined to 
the finance function. 

For a fuller job description write to John Courtis 
& Partners Ltd.. Selection Consultants. 78 
Wigrnore Street. London W1H 9DQ. demonstrating 
your relevance briefly but explicitly and quoting 
reference 7009/FT. 

i . 


A T&rt&e'PA btematicnai 



Experience in the cement industry and/or overseas 
would be a distinct advantage. 

Applications should be made in the candidates* 
own handwriting and sent to: 

Nueschelerstrass 45, 
CH-8001. Zurich, 





A Sales Executive and an Analyst are required 
to join our London-based Japanese Department 
which — backed by our Tokyo and Hong Kong 
offices — services a wide range of Institutional 
Clients in both the U.K. and Europe. 

These positions offer an exciting opportunity for 
the right applicants to join an experienced team 
specialising in this increasingly important market. 

Apply with curriculum vitae to: — 

Richard Bradley, 

IV. I. Carr. Sons & Co., 

Ocean House. 

10-12 Little Trinity Lane. 

London EC4P 4 LB. 


If. like man/ manager* and business executives, you are unable 
to assess yourself and your abilities objectively, you are bound 
to feel frustrated. You are likely to rate yourself too lowly, 
operate too narrowly, live with what you have achieved so far 
too readily. And to feel your career is not as successful cs it 
should be. 

Feeling frustrated - isn't a sin — but failing to do something 
positive about it is. Especially as it is usually simply a ma::«r 
of learning to manage you r career. 

We at Royston Ridgeway invite you to meet us for a con- 
fidential discussion on how you can achieve this. Your first 
interview will involve no cost or obligation to continue. 
Simply dial 01-638 371?, and ask for John Bail, or write to him 
at: — 

Royston Ridgeway 

career managing people 

Kent Home, 87 Regent Street, London W.l. 



We require a young, energetic person to join our 
Shipbroking Company 

Cap4i4«i«j. inferably under 30. should have a thorough knowledge of 
(hipping and or either qualified O' n-anng the find iwjm of * recognised 
accouiiuiKjr qml.fkadon. Responsibilities include the daily running al our 
mechanised amounts and past fixing department and it is *iUi that candidates 
Iwve an ability to guide others. 

It It envisaged due the position of Company Secretary Will become available 
■n the ne»( 1 2 months. 

Our modern offices ’are clow » the City and eond,r>on« excellent. 
Remuneration an d otter «ua* benefits will be maeeordance with age and 

Please apply nj wiring to: 




. I 

We require immediately a person to fill the above 
position in a cement factory under construction 
in Nigeria. 

In addition to having overall charge of the 
purchasing function, the larger part of the 
successful candidate's time will be spent in the 
establishment of a fully integrated and possibly 
computerised stores system for a Spare Parts 
Store which will contain an estimated 20,000 

Candidates must possess either good experience 
in Stores procedures, particularly on the 
accounting side, or hold a recognised accounting 

Remuneration will be in the region of £14,500 
sterling and generous benefits include one month’s 
home leave every five months, free housing, 
education allowances, pension scheme, etc. 

Financial -Times ^ : T!nrrs^y.vApril- ; 13/1978: ■ 

The Industrial Investment Branch of'i leading Ciry institution, 
seeking to expand its direct investment, in industry, requires ,a 
Senior Executive. 

. The post is responsible to the'Directors £^:fc cbmpletcihvtenHent 

Applicants should be professionally qualified. A . sound record in 
corporate financing will be the main criterion supported' by direct 
industrial experience. - 

Thepost, located in the City, will , carry a 5-figiire salary and is 
supported by excellent conditions of employment. 

Please: telephone ( 01-629 1 844. a? any time), or write; - m confidence - 
in the first instance for a personal hismryfonii. il. LvH. 'Whjmey 
• ref. BJ849- . ... . ; .. . . ^ .. 

This appointment is open to men and women. - 

Management Consultants: 

Management Selection Limited 
1 7 Stratton Street London WlX 6DB 

V . • - 

v • 

•‘pi per* 




Central London 


to join tffe/Head Office managemerif teanr of a j£ 6 am. turnover,' ’/ . ■ 
'diversified, British manufacturing Group, with a progressive record 

and commitmoit to continuing growth. : 

The new Controller will compile and present central control informa- 
tion and. develop standards and methodology of management and 
financial accounting for four decentralised Divisions, .with over a.-'-?-.;:, 
dozen manufacturing sites in-the tJKL and overseas. 

Candidates, from age 30 , ipust fee qualified accountants, preferably • 
chartered, vriffi at least five years’ post-qualifying experience - and a 
positive preference for the industrial environment and for dose 
invol vementhwgp bq&pfcss deeasion^making.^ . • s, r •_ ;• > ... 

Salary n'cgoriable^ from £ 10 , 000 ; cari relocation help, etc. Career 
prospers are anxactiveN^ 

Plea si telephone ( 01-629 1844 at any time) or write - in confidence - 
in the first instance for a pehpnal history form. JL Town ref. B. 1845 . 

Thu appointment is open to men and women. 

Management Consultants 

Management Selection Limited 
1 7 Stratton Street London W1 X 6D 8 


' c.f 

¥>u could 

become a highly-paid 
Merrill Lynch account executive 
dealing with international 
stocks and bonds. 

In your late 20s , early 30s? 

With a good degree, preferably in ■ 
Business Administration, Business 
Studies, Economics or Law. 

Most likely ‘international’ by- 
upbringing or birth. For example, 
you may have been educated first at 
Oxford, and then at the Sorbonne. 
Fluent in English, of course; anjd, 
ideally, in one or two other languages 
as well. 

Ambitious. A self s ta rt er. 
Successful in your present job. 

4-5 years’ experience in a ' 
financial field. Alternatively, you 
could bearisingstarin marketing 

or a similar sales environment. 
Could this be you! If so, there 
should be a place for you as an 
international Account Executive in 
London. After six months intensive 
training you ■will become responsible 
for providing Merrill Lynch clients 
■with excellent service and advice 
regarding their finances - especially 
investments in US and Eurodollar 

Please write, giving details of your 
career to date, to Roger Davis 
at: Merrill Lynch, Pierce, Fenner 
&. Smith Ltd., Time Life Building, 

253 New Bond Streep London W.L 






C £15,000 + BENEFITS 

An opportunity has ’arisen for a . qualified Accountant to- join the 
management team of a young shipping and trading group with 
worldwide subsidiaries. .: 

The need is for a qualified Accountant with broadly based business 
experience and some knowledge of shipping to work with a very small 
central team directly monitoring performance in all- areas of the 
Group’s business and acting thereon. The preferred age is 35/45. 

Write Box A.6321, Financial Times, .10, Cannon Stre^,-rEG4P .4BY.- 



■ c' 


: V"C 

■■*' T 

- n 5 ,*- 




^y^ancial lines -ThHisday.April 13 1078 


AlpngestabfishedafxIsuocessW ; • : • 
^'company in a process industry, with a ' 
turnover In excess of £10Gm and wide 
overseas interests, is restruduringjis - . . 

• central accoDrffiigiurudfc^ 

Financial Manager is being created as part 

• of this reorganisation. Repotting to the 
finance Director, theappoHTtsdcsndbata 
wffl concentrate irtffiafiy on' management' 

• awinfinoandni^^ . 

systems, memafterthere be ample 

V scope for broadsning of re^xJnsfcSrtfes and 
it is antidpatedthatthesuccessfui applicant 
will succeed the present Finance urector 
- within five years. Applicants, mate or . 
female, aged 38-45 should be F.CA or 

• fiC.MAi'wfth an emphasis on MA and 
computerised M.LS. This will have been 
gained In medium to large sized companies 
.nthechemtaalorafled industries. Salary is 
rwgofebte in the region of El 2,500 and a 
car is provided. Location: Essex. 

PA Personnel Services F}ef:AA3/6356{FT 
Initial Interviews are conducted by PA 
Consultants . No details are divulged to 
clients wfthout prior permission. Please 
send brief career details or write for an 
application form, quoting the reference 
. number on both your letter and 
" envelope, arid advise us if you have 
recently made any other applications to 
PA Personnel Services. 

PA Personnel Services 

Hyde Park House, K/iighlsbridge, London SWix 7l£ Teh 01-2* 6060 Telex: 27874 


West London 

c £10,000 

A member of PA fmemationaf 

An opportunity exists to join one of the biggest -UK pension 
.funds. The successful applicant will be concerned principally in 
assisting in a newly established corporate finance function and- 
should be familiar with company appraisal and project invest- 
ment analysis. There will also be involvement in Company 
Secretarial and Accounting work. Candidates should be qualified 

The post is located in the City. Salary win be circa £7000 and is 
supported by exceHent conditions of service. ' 

Please write with brief career detaiis-ta: J < - 

' ' ' . : 

, J. C. Trotman, Headquarters Staff Manager, 
National Coal Board, Hobart House, 
Grosvenor Place, London SWTX7AE. 

* — *■ 

Accounting and investment 

Mars Security Limited tethetrustee company 'i 
for the Mars Limited Benefit Scheme and • 

administers the company pension, sick pay . 
disability and life assurance funds. Funds. . . 
under management exceed E60 million. J 
The accountants function fetio maintain the 
accountancy records of these funds, tb 
prepare monthly and annual financial 
statements and to assist theManaglng Director 
in the investment activities of the company;. 
This position would be ideally suited to 
someone who combines some financial 
accounting training with an interest in and 
„ knowledge of investment .... - — - ....... 

•Vie are offering ai^Ftirig safery of arourid' 
;£a000 piai a 'non-contrioutory benefit'scheme ' 

(whidiFrifeliijes pension, sidcpayandBfe- ■ 
assurance and four weeks annual holiday 
Macs Security Limited is based in Slough and 
financial assistance will be provided if 
relocation to the Thames Yfclleyareais 

Please write giving brief details of experience, 
qualifications and personal circumstancesto: 
Chris Morgan, Personnel Department 
Mats Limited, Dundee Road, Slough, 

Berks SL148S. 


. ■ r ■ 


s. ft ; t <■ * 

■v nations 

' 4 . j 


Financial Coriiroll^r 

Tfktford c£ 8 , 000 j rcar 

r*— 7 "Hie company intends to expand its activities in the United Aipgdtaa sna t he £EC 
during the next yea re aiidHiis is a key appointment. . V’ 

Reporting to a newly appointed Chief Executive he or she is to be responsible/br tie en tire .. 
financial fiia.ctidn with a strong emphasis bn the provision of prompt monthly m anage m ent ' 
accounts, cash flow and ‘tbe raohi taring of marketing subsidiaries in Francs, Belgium and 

Hotiand; and foralliitwttiUnyJandadininistrativeduriei^a Company becretery. 1 

This appointment will suit a qualified accountant aged between 30 and ! 40 ideally living 
within about *20 miles of.WatfortL Those with three years experience in a light engineering - 
company who can $peak French will.have an advantage* \ - 

Initial salary ia to he around £8,000 and a car is tobe provided. A Board appointment can be 
expected' in the medium term but thi* would depend upon the overall contribution to the ■ 
company aaweftaa jM^fomance in charge of the finance department. ■ 

Please write in confidence Tor a -job description .and an application fonp tb R-N. Otrv- • 
Price Waterhouse Associates, Southwark Towers, 32 London Bridge Street, London 
SEl 9SY, quoting MCS/3669. ,' 



^ . London 

t 1 !! requires an experienced 


rS i* 1 LAVnHIlGt vunh-ta. i 

)* ^ 1 oiA^'reral years’ activity in a London bank. essential. 

, - kxJ salary and -prospects offered, with usual 

4 - ; - * . • mge jjenefits. ... 

ply in wrltiiHI .. 

• Mr. X T. Cannon, . 

Administration Manager, 

Union. Bank of Switzerland, 

117, OW Broad Street, London E.C3 



aged about 30 wlio has decided to 
enter an entrepreneurial environment 
altering real oopartunttle* in terms 
of satisfaction and reward. This posi- 
tion, which Is London based, is with 
a prhatt . tompMor budgeting ter an 
eight htwre turnover in 1978 and 
whose activities are primarilr In the 
financial sector, in addition to ydur 
usual accountancy functions von would 
undertake a considerable commercial 
rolo within a small team whose deci- 
sions directly influence the activities 
of the company. Your salary and 
terms are negotiable. in the am 
Instance please write with lull details 
Of your oasr and present employment 
and giving an outline of the reasons 
•or your scald no tM* position.— Write 
Boa A. 6533. financial . Times. 10. 

. Cannon screes EC4P aBY. , 


. (Contract) • 

Chartered Accountants ' ( knowledge of 
Arabic) -S2&.000 pa. tax fra* + fne 
uxon. & food or£, redd, for American 
Svfl Engineering Consulting Corp. Roth 
retumet to: , 

Advance P e te a wtet Services Ltd- (A&r) 
The White House. Lodge Road 
London, NW4 or TH: 01.203 4272 
. or Cable Hudhdm London. 

This U.JC dfstribytion company is to bo developed as the 
European arm of its U.S. parent organisation. A controller is 
now to beeppointad with responsibility foe the development 
and operation Of all the supporting systems (financial, 
inventory, management and administrative) during this 
period of rapid growth and subsequently in the future 
development of the business. 

Applicants should be qualified accountants who can 
demonstrate a successful track record, perhaps m a small 
company or in a distribution environment. It is essential that 
the Controller can cope with rapid growth, is familiar with 
stock management and data processing techniques, and is 
capable .of. 'running a small accounting department to high- 
standards and undertight control. 

Writs for on application form to S. Hasketh, quoting Ref 
7863. • . ■: 

Management Services^ 

Rolls House, 

7, Rolls Buildings , Fetter Lane , 

London. EC 4 A INI 

c£10,000 + car 
South Coast 

major engineering company, part of a 

■ new subsidiary with an ini dal turnover of 
£10 rail lionand there is a requirement for the key 
potion of Finance Director. ; 

Responsibility will be to the director and general 
manager for . the efficient operation _ and 
rievdopment of the finance funrti on so thatit can 
effectively iwntribute in practical -terms to the 
attainment of the company's growth plan. 

A qualified accountant is required with 
sympathy for things mechanical and wi Abroad 
experience at senior line management level- in a 
significant manufacturing exporting operation. 

Age under -13. Salary negotiable around £10,000. 
Car provided. Location South Coairt. 

Please write in confidence for a job description 
and an application lbrm to David' Prosser, 
Price Waterhouse Associates, Southwark 
.Towers, Hi London Bridge Street, Ixudon SEl 
9SY, 'quoting MCS;'367L ■' '* 



£ 20 , 000 + 


Our client is a major Nigerian-based Construction 
Company located in Lagos -and they safezcurrently 
carrying out several major '.buihiiag-rproi^cts, 
utilising a British pre-cast system; ■' 

They require a construction orientated," quabfied 
Accountant, aged 38+. who' w«r have previous 
overseas experience with a major -contractor. • 
The appointed candidate will be responsible to 
the Managing Director ■ and assume -total respon- 
sibility for the financial control aspects .of a 
company with a £40m. turnover, as a anticipated 
growth to £l00m. . ; 

This will be an accompanied tour. with, the usual 
package of executive" benefits attached. 

Phone Brian Curtis on 01-54^ 668fi or write to: — 

Richard Brooks & Partners Limited 
International Recruitment Consultants. 
57. Eden Street, Kingston on Thames, 

Are you the 
investment manager 
we seek? 

successful experience in investment management: 

and ' • ’* . 

the ability and ambitjon to .ensure the further. . 

growth of our pension fund business. 

If so, we would like to hear from vou. Please 
wri te with full curricii lura vitae to 
Mark Comwall-J'ones, John Govett & Co. 
Ltd., Winchester House, 77 London Wall,. 
JLondon EG2N 1DH. 


There is a vacancy for a. company news writer On 
the Times Business News. Applicants should have 
experience or particular, interest in business 

Please send full, personal and career details to:.. „ 
Desmond T. C. Hayes, 

Employment Manager (Ref. B/N 11), 
Times Newspapers Limited, 

200 Gray’s Inn Road, . j 

London WClX SEZ. 


WBB & Co. Ltd., InwmatiqnaJ producers of day raw. materials. 
for rhe ceramic and other • industries, seek a person . with 
commercial flair, preferably .with • some ceramic or scientific 
inclination. Languages helpful, but not essential. Wide European- 
travel from, a Devon base. • 

. Detailed application , in confidence, to: 

T- P. V. Robertson. Marketing Director 

. Park House. Courtenay Park 
Newton Abbot,. Devon 7Q12 4PS 

2 ;;. 


MarketiDgOpportunity withMaj(BrU.S. Bank ~ 

Our Client is a substantial U-S. bankwithnan active involvement in lending to • 
the energy Industry.’ ■ 

The bank's current requirementcallsfor a bankerwfth a backgroundincredit 
and marketing, and a good, knowledge of the energy sector. Preferably in 
your mid/fate?0's, ypu will respond readily to a challenging business 
development role withina close-knit and professionatteam.- ■ - 
Career prospects are excellent for the successful applicant and the remun- 
eration packagewill fully reflect the importance attached by the banktothis 

Contact NoimattPhilpot In confidence 
on 01-2483812 

NPA Recruitment Services Ltd 

■; ... 60 :C heaps ide'^ -London' EC 2 Telephone: 0 1- ; 24S 8$l;2;'3/'4/o - yyL' ' ,, 


U.K. Medium Engineering Company 
Turnover £20m+ 


£ 10,000 phis 
+ bonus + car 

Play a key rofe m managing, planning and co-ordinating the financial affairs of 
several operating .Divisions * Assume responsibility for. Performance Appraisal • 
Forecasting • Manufacturing Costing ■ Prove yourself competent to assume a key 
executive role. 

Our Client: A dynamic Company, part of a 
substantial and highly successful speciality 
engineering group lturnover c.EBQml. They are 
poised for a maior investment and sales effort. 
The objective oi (his appointment is io permit 
and strengthen the growth and achievement of 
ambitious business plans. 

Your Role: To assume control of the Financial 
Department (total staff of 501. with a manage-, 
ment team comprising: ‘A Company Secretary •" 
Financial Comrofier • Management Services 
Manager > Divisional Management. Accountants. 
To ensure that high standards are operated. 
To devise and implement sysJerris which pro- 
vide. accurate, cohesive and timely information 
for* budgets • forecasts. • plans. 

Generally io support the Managing Director in 
developing the business. 

Your Background: A qualified Accountant, 
aged 32-40 with wide industrial experience. 

gained ideally within an engineering environ- 
ment, An accomplished track record as a 
Management Accountant with proven skills in 
appraisal techniques and management control. 

A combination' of • breadth of vision • co- 
ordinating skills •■practised in communicating 
wilh and moiivating others • unyielding pro- 
fessional standards ... is required. 

Your Rewards:. A key role in the accelerating 
progress of this Division • Immense personal and 
prpiessionai job satislaction • A place on the 
ftKE-cunvg ladder • A first year remuneration 
package exceeding CTO, 000 + Excellent benefits 
and Company car. * . 

ACT- NOW) Telephone or writB (in strictest 
of confidence) to Paul Sinha (Director), on 
'01388 2051 or 01-388 2055 (24-hr Ansaphone). 
for curriculum vitae form. 

Quota reference number SOT 
7h& apoa K lrrmm sopeft to rrjle ternale apvhcyi Is. 




U Executive Sisarcfi.and Management Cbnrsultants . • '' r ' " *’■ | 


Piccadilly has considerably expanded its technical development of new investment 
breadth ofinvesnnent serx'jces in the last three products and the preparation of high quality 
years which now includes unit trust manage- literature and supporting investment reports 
ment, life assurance, investment contracts and both for the U.K. and overseas markets, 
management of private, institutional and For the second appointment we want a person 
pension funds both in the U.K. and overseas. who is fully experienced in discussing and 

. , .... ‘ developing our expanding range of investment 

As a result of this development programme two SCTvta ^f th advise. 

ctccpuonsl marktung e^cuftves ire rcqmred ^ ^ appo ; nlments ^ cons ; der abk 
to strengthen the existing team. . . - . for personal advancement and -involve- 

One appointment is concerned with the ment in top level marketing decisions. 

Preferred age under 40, attractive salary and profit sharing scheme. 

Please reply in strictest confidence enclosing curriculum vitae to: 

David Scroggie, Marketing Director 
Piccadilly Financial Services Ltd 
Wardgate House, 59a London Wall 
London ECeM 5UA Td. No. 01-638 080 z 


ChmmelMands JU&k Manat/em rnf e£ 8 fX )0 

jTbiflk Management Limited, based in St Peter Port, Ouemse.v, provides a comprehensive 
B~\ range of servicesTTr riA mauagsne-ntr analysis ~aftd insurance advice - for intcrrurtnmd, 
v commercinl and industrial clients. They seek an accountant to join a small highly skilled 
professional team. _ 

Reporting to the managing director the new man or woman 15 to take early responsibility for 
financial and management accounts, local tax problems (after training! and the administrative 
duties of a company secretary. In addition there will he a uniquebpportunity to learn to contribute to 
a wide range of problem solving techniques in risk analysis and insurance for the company, clients 
and captive insurance companies. = ' 

This appointment will suit qualified accnnotants. A know? Ledger of insurance, a second language, 
company law, or internatiODal tax is desirahlebuinot esaentiaL Numerate graduates may have an 

The remuneration package ts tu be based on a salary of-at least i'T.-W fifless lea) tax at SO'IQ and 
could be made very attractive for appropriately experienced candid a tvs. Future prospects could be 
outstanding, but would depend upun pwfiirnftince: : :-V .— - t.:. 

Picase write far ton application form to Roland Orr, Price Waterhouse Associates, Southwark 
Towers, 32 London Bridge Street London SEl 9SY, quoting MGS/3K5R 

EWlSimr ANAIYST for 
Corporate Finance Department 

Required by leading firm of Stockbrokers an Investment Analyst for 
the Corporate Finance Department. 

The successful candidate will be required- to maintain close contacts 
with the firm’s corporate clients and keep institutional investment 
clients briefed on those companies for whom it acts. 

Preferred age between 35 and 45. Salary and -conditions by 

Please reply in confidence to Box GA6322,' Financial Times,’ 10, 
Cannon Street, EC4P 4BY. 


As a result we have seyraal challenging career opportunities at senior and junior levels in Switzerland and abroad 
(London and overseas) in the areas of 

(International Fixed Income and Equities) 

Ike ideal candidate will have several years of experience in managing internationally diversified portfolios or 
dealing in international bond and equity markets. Familiarity with foreign exchange markets ^ will be a definite plus 

At the seniorlevel we are looking fora seasonal professional with at least five years’ experience of counselling 
clients on Financial affairs. A banking background and some prior management experience in a responslbleposition. 
are strong assets. Hie position requires frequent travel. 

At the junior level, account officers with securities and bank apprenticeship background will assist the unit head 

in receiving and servicing international clients. 

Complete fluency in English, and in at least one other major Western language is required for all positions. 

Candidates uf preferably Swiss nationality or holders erf appropriate work permits are invited to send their 
applications lo: 

Personnel Manager, Chase Manhattan Bank (Switzerland), 63, rue du Rhone 1204 Geneva. 

If you prefer to learn more about' the individual positions before replying formally, please call P. G. Bloem, - — 
Manager Private Bunking, directly in Geneva, 'let. Xo. 110 GU 35. 

Degree + 1C A? under 26? 

A career m Oil 

London, to £7,000 

One of the largest UK oil companies requires 2 chartered their operations in the UK and overseas. Up to 25% travel 
accountant* to be groomed for a responsible management can be expected and a foreign language would be useful, 
career. The initial appointments, at their head office in Excellent conditions of employment include a salary review 
London, will involve project accounting and internal within 6 months, non-contributory pension scheme, interest- 
consultuncv, providing technical and commercial support to free season ticket loans, and heavily subsidised lunches. 

Mrs Indira Brown , Ref: 19076fFT 

Male or female candidates should telephone in confidence for a Personal History Form to: 
LONDON: 07-734 6852, Sutherland House, 5/6 Argyll Street, W»E 6EZ 

financial Tinies^Thnxsday April 13 -1978 

Leading Finn of 



Have a vacancy for a DEALER with two-three 
years general experience to join a team of 
dealers in our Arbitrage section. A first class 
blue-button would be considered. There are 
excellent prospects for the right person. Salary 
negotiable. Non-contributory pension scheme. 
Please write giving age and full details of 
experience to: — 

THE BfiNK OF r d 


Negotiable Floating Rate TT.S. Dollar * 
. Certificates of: Deposit 

maturing in > 

18/24/36 Months, from 12th April, 1978. 

In accordance with the provisions of the Certifical' 
of Deposit, aoticeTs hereby, given, that for the initV 
six-month - interest period from :12th April 1978 C 
12th October,- 1978;. the Certificat^ win carry V 
Interest Rate of -8f% per annum. V 

Box A. 63 12, Financial Times, 
10, Cannon Street, EC4P 4BY. 


replacement required for a manager of small banking concern. 
Applicants .should have had experience as manager of a principal 
bank. Suit Bank Manager retiring soon. Excellent modem 
offices in Hof bom area. 

Write Box A .6224, Financial Times. 10, Cannon Street, EC4P 4BV. 

--Age nt Bank - ‘ -- 

Notice toDebentureholders . 

- HYDRO 9} % • 

■ Debentures of 1976 due March 15, 19S6 



£5,000-£1 2,000 

Our clitnra. iNdlnfi urnc and 
international cos., look lor high 
calibre Individual* in Stock- 
broking. Commodtttas. Banking. 
Money broking as well as 
Accountants ana Economists. 

Let us know your experience 
and expeditions and we'll keeo 
you Iniormnd of- any positions 
which could be of Interest. 

Stephens Selection 

35 Dover Strew. Loudon W LX 3RA. 

Recruitment Consultants ] 



required lor expansion of money- 
market activities In /a small pro- 
gressive organisation. 

Mast be lullv experienced in inter- 
bank deposits, treasury and commer- 
cial bills, certificates of deposit etc., 
and have sufficient contacts to develop 
the existing business. 

Age Of Hie successful qwOMate 
envisaged as approx. 25-35 years and 
should possess the flair and- self- 
tonfidencc to deal In a highly com- 
oecitive market. 

Salary and fringe benefits negotiable. 
Apply witti hill eurrlcnlUra vitae to 
Box A-6TQ4. Financial Times. . 10. 
Cannon Street. ECO 4 BY. 

n Consultants 


Assistant to Chairman 

Financial Management Control 

c. £7000 


required by pharmaceutical company in 
Earls Court area. Candidate should be 
eager to develop commercial aptitudes. 
Scope ind food prapecB in an inter- 
esting and growing enterprise. Un- 
suitable for person ar present earning 
less dun £4.650 (excluding fringe 
benefits). Salary negotiable. 
telephone Letter Webxter 01-373 7 884 


The Chairman of a prestigious international publishing corporation seeks a creative, highly numerate and quick- 
thinking Assistant. The job is based in London and involves the accurate preparation, collation, presentation and 
interpretation of a wide range of financial and statistical contiol mfoimaiion coming to the Chairman horn 
several companies in Europe. Some knowledge of French. Italian and/or German would be an advantage. 

The man or woman capable of filling this interesting position is probably a graduate around 30 years old, although 
older candidates may wish to be considered, and will have a facility for and enjoy working with financial 
statistical data. The successful applicant must have appropriate financial analysis experience and be prepared to 
work neatly with the minimum ol supervision. The hinge benefits ottered are consistent with this important role. 

Male or female applicants should write in confidence to M. Varvili or telephone for persona ! history form 
quotinp V‘SI'7. 

available to qualified student and 
experienced accounting personnel 
Contact Alex Moore an 01*620 2691 




Senior Quantity Surveyor 
3 yean experience with the moat 
important West. German .en- 
gineering contractor f in' .'Lagos. 
Specialised in finance, acquisition 
and Contract negotiations. Seeks 
executive position. -fer .LAGOS. 
Speaks fluently: French, English. 
German. Write Box ■-F.70D3, 
Financial Times. IQ,..- Cannon 
Street. EC4P 4BY. 

Pursuant to the provisions of .the Purchase -Fund -notice'. C- 
hereby given to debentureholders that no debentures have be : . * 
purchased for the Purchase Fund during : the twelve-mm ■ 
period from March 15, 1977 to March 14, 191%.- V. 

Amount outstanding: $17825,000,000. - ' , - J.. 

April 13, 1978 tflfl 1 - 1 ' 

C I nco rporsted In the Republic 
- of South Africa) ." 


Holders of Share Warrants » 
Bearer are hereby Informed that Divi- 
dend No. 122 being the final, divi- 
dend tor cue year ended 3 lit 
December. 1977. of 26 cents 
Republic of- South -Atria cur- 
reaev per share [equivalent to 
1S.B979S9P United KlnfHMJO cur- 
rency her stare; will M payable at 
the OK ice of the London Secretaries 
of the Corporation on and after 3rd 
Mar 197*. on surrender of Coupon 
No. 127. 

Listing forms may fie obtained and 
coupons lodged at any -of the follow- 
ing placest. 

In London:" At the Office Of the 
London Secretaries of the Cor- 
poration (B Basingtall Street (3rd 
Floor). London. EGZ entrance): 

In Paris: At Lloyds Bank Inter- 
national (France Limited or 
Banque de rindoctrine at do 
Sues. . 

in Switzerland: At Credit Subua. 
Zurich, or Swiss Bank Corpora- 
tion. Basle. or at any 'Of theK 

Coupons lodged at ' the London 
Secretaries Office -must be ten tour 
clear business days Tor examination 

and may be deposited on.. or after 
24th April 1978 .between the hours 
of 11.00 a-m. ''and 3.00 * o.m. 
■Saturdays excepted). 

South African Non-Resident share- 
holders Tax of 15% having been 
Imposed on that proportion of the 
dividend declared deemed to ba pay- 
able out of the profits earned In 
South Africa, the cfhtcUv*' rate for 
this dividend is 14.97%. Tbts tax 
will be. deducted Irrespective o! the 
domicile of the person surrendering 
the coupon. 

The gross amount of the dividend 
to be included. Ip any return lor 

1 Albemarle Street, London W1X 3HF; Tel: 01-499 1948 


| undertakes work. ■' Experience in 
Veterinary. Legal. Technical, and Com- 
mercisl. Write Bair A.B32T. 'Finmoal 
I Times. 10. Cannon. Street. ,' tC4F 4BY 

r ... • . -c-n-t <" «*riy « Qs - tv'th Sever of years of 

for tlOWiv authorised EC-. boardroom experience at tot fop of 

Bank. Age c. 30 years. Salary » major industrial public, company. 

nO 000 P 3 seeks fiirtfiel- non*e*«cirtiM director-' 

l j.c. B 3 nw„g Ap f m 0Un «« srsrisr- jruS'SSS; 

01-2B3 9958 

U JCJILSJk. gulf westbound *1 1,1 




Tti c member lines of the UJC/ 

j p T 

^rp 'tr 3 

Golf Westbound Rate Agreement i‘ . • 
No. B770 wish, to refer to th*fr.- •• 

or charges, applicable when Inland 
portaUon - of full ' container load ' 

movements In England. ScoUaiw • 
Wales . Is - arranged on behalf of pi ' .: 
andlor consignees to a U.K. port e|- 

Ing- tor shipment to ports m the 
Gulf o< Mexico range, and mm Id . - 
that owing to a. change In the UJC;- '. 
served by the member lines on 
tbe Inland grid structure It bn ■ 
upward adjustment in a number O - ' 
dump has resulted. •: • .. 

- Revised charges ■ will come Into'.- , 
on and after I4tli May, 1978. air . 
date of the Inland movement to p', 
tainer will be the determining to - •• 
Further , detail* may be obtained-' 
any of the undernoted member M 
their agents. - \ .■ 

Atlantic Cargo Services A.B. ■' 
Combi Line " ~ 

Tbos. and Jas. Harrison Ltd. 

Lvfces Bros, steamship Co. Inc. , - 
Sea- Land Service Inc. 


Cunard Building. 
Liverpool LX IDS. 
April 1B7B.; 


United Kingdom Income Tax purposes 
IS 1S.B97959P Indicated Dtfowt >' 

per US cento 

United Kingdom Currency 
equivalent of Dividend as 

declared 15.S97959P 

South African Non-Hesl- . 
dend Shareholders' Tax 
at 14.97% . . 

A Marketing Career with 
U.S. Bank's Shipping Group 

Our client is a major U.S. bank long established in the City of London. 

Due to expansion in its global Shipping Group, an opportunity has 
arisen for an Assistant, male or female, to join a marketing group covering 
Europe and the Middle East. 

In this challenging position you will be expected to progress towards 
assuming full marketing responsibilities within 6 months. Aged between 26 
and 29. you should have some familiarity with the shipping industry as well as 
experience as a credit analyst in an international environment, analysing 
multinational corporate credits, it would also bean advantage if you had a 
knowledge of general banking operations and a foreign language. 

You will receive an excellent starting salary in keeping with your 
experience and qualifications.This will be supported by a wide range of ben- 
efits, normally associated with a first-class Banking Institution. 

Please write in strictest confidence enclosing a full curriculum vitae, 
including present income, together with a recent passport photograph, to: 
I.G.W.CIuett,atthe address below, quoting ref: MC/231/FT. List separately 
any companies to which your application should not be forwarded. All replies 
will be answered. 

Benton & Bowles Recruitment Limited, 
197 Knightsbridge, London SW7. 

Investment Manager 

Merchant Bank - City 


Transfer Books and the Regular too 

lure Haiders of the 7'i% DrfiC — " , 

Stock 1987192. of the -Company w,, L J.m 
closed from Tuesday, lath April. Lmh Pi 
to Wednesday. 19th April; TlMB. P'l” * 
dates inclusive. • . • . - 

By Order of the Board, 
j. D. ELLSOH. Sc 


N. SccNit -_ 

Stare Transfer Books and Renta - 
Members of the 25o Ordinary Star ■ 
the Company will be doted Irani F 

intfi May. 1978. to Friday, gtfr.l.' 
1B7B (bath davs .IndasNe) for thf-v' 

1B7B (bath davs .Indasfvej far the-> 
pa rat Ion of dividend warrants. j •' 
By Order or tbe Board. 

G H. M. GIBB. Secrebjj* 

This appointment arises in the 
Private Client. Investment Man- 
agement Depaitment of a leading 
Merchant Bank. Responsibilities 
will cover all types of investment 
decisions, supported by sophisti- 
cated computer systems and will 
entail close liaison with clients, 
bankers and stockbrokers. Suitable 
candidates will probably be 
graduates who have spent two or 

three years as an investment 
analyst in a financial institution, 
followed by successful experience in 
the management of portfolios. The 
role demands a sensible, intelligent 
and hardworking individual, aged 
around 30, who can command 
respect in a competitive and stimu- 
lating team environment. The 
promotional ladder is based entirely 
upon performance and ability. 

Applications in strict confidence should be made in writing quoting 
ref. 6234 to Eric Smith, Mervyn Hughes Group, 2/3 Cursitor Street, 
London EC4A lNE.Teb 01-404 580L This appointment is open to both 
male and female applicants.) 

- NO. 00933 Of 1 Kb - 
In (lie mes COirRT 

Chkoccir -QtyiniaD Cotpp«nlto>Ci»Gxmifv R/J ? 

lie a^ttw-'oT JOHN CARR«Wl«gi Y 
LIMITED, hqd la file Mjtttr of , . 

ComoadM %mc. »» * *ii\ 


PcStion for tbe winding to al the Jtoyi . - - 

tamed Company .by flu; High , Ccp^-r,- - 
JnaUCe was on rbe Slst day »M|; . : 

1918. presented to. the ssid Ctort^ ■ .. 

whose registered office « sMum. 

' Qneen Srreel. Comshtll. . Sanw. -- - _ 

Creditor, and ibal -(be nW PenflJ;. • . _ 

[directed ro be hrard ■ before lbe-v— 

[ sitting al the Royal Conns of • . . 

SI rand. Mon WC2A ILL. -•.I 

Mill day of April 19TR and any <m ; ; >- t ' - <■ 

or con iribti lory ol Qw said On* — 

! Correction of Notice of Meeting desirous to soppori or oopose ihn - mm 

I advertised on 11th AorU. tB7» of *n Order on the said PcKUatf'l " 

kjiMce&i< AMO resources auuear ai toe nme of bearing. »n » . . 

CC^JRATION LIMITED ®T Ml Counsel, for mat ptnWHK.; • • 

nranSIreted in Bermuda) ; a copy of Ibe Petition trill be fMt* - T ■ 

- by the uudcrsiKned 10 any ereflinr. 

-notice of special general comribotory of (be said company JWl - 
' U olvea that Uw copy on payment of V .- 

* s N p£l“ for - /' - 

of Mineral* and Resources Corporation . R.- A. ROBERTS.. . • r 

Limited will be held at the took o» 26. Hosier Lane. .... 

SJS »r"“sS' r, iy su 

modiAcatioe. in the manner reaulred by NOTE.— Any person who Wro-it-,. i„ ■ * 

the laws of Bermuda, the following resoiu- .appear gg the bearing of ibe u<d M, 1 ..-' '■ -:i- 

*•" ^THAT^h^Xii^m ^“dT.Stani nrast Kfire on. or eend by post -- 

co-.m oniering into a» agreemwt wit* toow-naiowf nouue In jwHIbb "t __ . 

Zambia Copper Investments Limited (a lniennon so 10 do. Tbe nonce •». 

true conv of which, signed tor Ideirti- the name and address of the 

'g?. *? ?£J 1, £JSS2; If a Dm the name and address 

llWi |ltS bCdl liW Df iQTf inn niNURflJ MIIM W. Mlnn/vl fw ikg HN ?• . _ 

and (111 in arranging for the corpora- "no and must be M wed by Li. Qa .. 

Uon M co-operate In and assist the or flrro. or Ills or (heir solicitor jrw-., “w *vAFk - “ 

restructuring of the finances of Botswana *cd must be serred. or. If posted-. f 
5S,nidr , ‘l^ d n lR, the > snfd •» to WW ‘D 6B«Oleni 

agreement and In the circular contain- : •" • - 

Ing the notice convening this meeting, four o clock In U» aftcrooda to j.. 
be and the same are hereby aonroved Jlsl day of April 1D7S. - ^ • 

and confirm ed.“ - - 

The following documents are aval able 

(incorporated In Bermuda) ; 


Notice Is accordingly hereby given that 
special general meeting of the members 
Mineral* and Resources Corporation 

Mervyn Hughes Group 

Management Recruitment Consul touts 




International Broking House is looking for 
experienced Deposit Brokers to augment their 
staff in their Luxembourg office. Fluent English, 
together with German and/or French essential. 
Minimum of three years' experience in currency 
deposit dealing/broking required. Salary com- 
mensurate with experience and qualifications. 
Please reply in writing, together with curriculum 
vitae, to: 

The Manager. 

1, Avenue de la Gare, Luxembourg City, 



An opportunity with excellent prospects exists in a leading 
stockbrokers' expanding Institution ai Equity Department. 
Applicants should have a bright personality, plenty of 
initiative and the ability to express themselves clearly and 
concisely. The successful applicant will be about 25 years 
of age with ai least two years 1 experience in an institutional 
equity department and will be expected to act initially as 
personal assistant to a partner within the department. 

Salary negotiable according to qualifications. Write smug 
full curriculum vitae to: 

Box K940. Walter Judd Limited, 

(Incorporated Practitioners In Advertising), 
la. Bow Lade, London EC4M 9EJ. 



A foreign Re-insurance Brokers Company intending to start 
General Reinsurance Brokerage in London, wants a well 
experienced Re-Insurance Broker to he in chaige of their 
London office, which is intended to cover their International 
Brokerage Operations, particularly in the Middle East and 
Asia. Please apply through Box A.B3*25, Financial Times. 10, 
Cannon Street, EC4P 4BY. giving full details of background 
and minimum expected rennineratiom»i v .. 

We are a small progressive firm of Commodity Brokers 
trading fur clients on the London Futures Markets. Due to 
expansion we are now looking for Desk Traders with at Mast 
2 years experience irr this field. Remuneration will be com* 
mensurate with ability and experience. 


tor hHDCCtlon during normal business 
hour* on any weekday except Saturday* 
and public holidays up to and Including 
toe date- or mb meeting at -toe registered 
office Of _tne Corporation- and. 40. 
•Hof bore Viaduct. London EC1F 1AJ. and 
44. Main Street. Johannesburg, 2001. 
couto Africa:— 

(a) . the agreement between 20 and 
. Minorca refereed to above and copies 

or documents setting out toe original 
Indemnity arrangements between 
Minorca and ZCIr - ' • • 

(b) toe Incorooraflno Act and Bve-Law* , 

of Minorca: l 

(c) to- annual reuort and accounts of 
Ml no -co and 7C1 f*w *fie two «»»■ : 
efif year* ended 30t!i June. 1976 1 

' and 1977; 

(d> inner dated 11 to Asril. 197B from . 
Moraap Grenfell ■ 9 Co. Limited con-. , 
fr-mlno ce-rant 'referred - to i»J 
tor* circular; and f 

(cl a cany of toe agreement dealing . 
wftfi -erviees to be provided lor BCL-l 
by AAC as more oarttculartv de- , 
scribed in paragraph 2 of toe 
Append hi hereto. 

An announcement regarding toe out- 
come of toe soecial general meeting will 
pr Published In toe wm on Sto Mav 



International invitation to tender 
for a drilling “ Compact Rig ” 

The Groupe Etude Miskar acting for the future 
entity responsible for the implementation of. 
Miskar Gas field development project in the 
Gabes GuJf, off Tunisia, is presently inviting tO; : 
tender for acquisition of a drilling “ COMPACT ' 
RIG " to drill gas-wells from a fixed platform. 
Drilling contractors are invited to get the tender . 
documents which are available starting Monday, ! 
April 10th, 1978, at the following address: ..j 

11 Av. Khereddme Pacha— TUNIS 
Telex 12 228 TN 

. 197-8. - ’ 

A member entitled to arered »nd row 
at ton meeting Is entitled to annulit 
another member a* M* prow to amend 
and,- on a ooH to veto la his stoMt. 

In tbe case of loint holders of a (bare 
the vore of toe senior wfto .tenders a 
vo*e. whether In person nr hv orovy 
will be accented to the ndinkxi of rim 
votes of the other lomt noiaert and to* 

toll noroo'p seniority .lull be detonmHpd 
by Hie oreer In which the names stand 
in tor reol»*e» of member* In respect o' 
tfu> leinf holding. 

■ A form of bw to niuhle shaeehnldrre 
to' vote tor o» analnef rile rereitutto" K 
•Cto'"' "nr m>ml«r< who *rii m 

he renre»*nted *t the meeriwq but W*|- 
w> un»ble tn a*»efwl In ne-~nn Pmim 
‘ o 'sns nvi-> he re^i'rod to the .ht w - j - 
rige-a rnaNfereH afar* nr to Mm n V n 
nf Hw tutu |» Mm IHew 

rinodom. or toe Bnn«hHr e» Sonrir A*riC!" 

rel ■* to e— hie at leare 4*- iw s -he tore 

»h* ihMi aroo f nted for the holtflno of 
•W* mretino 

. Hofdnee of (hP* wan > iBK-.*o tar*, 
who srF-fi to ariend Id ' pee(M re- h“ 
ire** O' to ere at pin o^rel *!,ee*l~" 
>if hp rreooret'ion must romnlw wlfh 

reWsflerS of the eofenrariem u«w , *p 
>*«»>. share w a rr an ts tn b earer are 

BV OMw 'al Hu, Bo*' 1 *. 

D. F. ELL >5. Secretory. 


n **-m*rH. " 

12th April, 197B. 

The Reo SnkJs 

Limited announce that J,? 

acquisition price of the buslw 

of D. J. Dunne (Turf Aa?W! 

ants) Limited, details of 

were first announced in ; 

1973. has been araendei -Nc ' 
£IB6J529 and that iiL.fuiTheTa^^^^toM^ 
of _ the conditions 

thereto, they have made a 'fit 
allotment, of 44,058 O nJin ^^N^ 

rf.-.,.. ' IIU r'reHited * 

shares of I Op - each c'redited^N^J^g^' 
fully paid and ranking pari 
in all respeces. wich the a- 

Ordinary shares of the Compaq f 

against payment of one hundred (100) Tunisian 
dinars or its equivalent in foreign currency. 

Tender documents will not be sent. 

Bids must be submitted no later than Monday, 
May 22nd, 1978 (until 5 p.m.). 

Please write with brief career details tor- 

24. Financial Times, 10. Cannon Street. EC4P 4BY 


Blnaadil- April 


f prance aids 

■ ■ > - • r-“ . 

"Hi lpfl B, J r '® ur Commodities Staff 

%*ENCH FARMERS ■ are to be 
: * ■ i&wri low-interest loans -to en- 
•v- ' : :... nrage them to increase their 
v-.itput of hr^seme'at? A decree 
•- ’-■ ./ v^st published offers Government 
- •.'■•• i\? ‘d towards new buildings and 
... "V.'J-.tnl expansion. 

• : '*'* ' The Ministry of Agriculture 
... lints' out present pro-. 

■ action of iiorsemeat in. France 

‘ i ’*■: »■ ivers only one fifth of consump- 
‘ V. x ' l m. Last year, the bill : for im- 
irring the remaining 80 per 
nt was Frs.740m. (£85m.)— 
;.i most as much as . exporters 

“ xrned on sales of beef abroad 

: v> '*'*<!*' ?M-88Dm.). . 

1 - 1 \\t, r ■ Consumption - of meat - from | 

, 1 iJK.tavy horses has been increasing 

“ • - : r ■: recent years ‘ more rapJcHv | 

• an production. The «?heap loans 

--r V. ’present only the. latest measure | 
a series introduced in recent : 
onths. . 

" Last year the birth pmntomon I 
: 1 - >aJs for niraf was doubled from . 

. . .. >3.150 to Frs.300. The Govern- 1 

- • ent; is also helping producers 1 

id processors establish an inter- 
-ofesgonffl organisation and in- 
creasing grants to borse rearers 
set up producer groups. 

‘^Cocoa prices 
fall shandy 

By Our -C ommo dities Staff 
:XIOA FUTURES prices fell 
. '• rarely on the London market 
“;«sterday in. what most dealers 
. . - >-w as a reaction against Tues- 

• . : jv*s strong rise. 

• V Heavy selling of the prompt 
' V'jiy nosition found few buyers 
• ■; . id May cocoa mistered a £40 

-"IT trmissible limit fall during the 
.■« ternnon. The July quotation 
" so fell by the limit, reaching 
‘ * .901 a tonne at one time, but 

ter a late rally it closed £29 
wer on the day at £1,979 a 
- - nne. 

• - \; Dealers thought Tuesday’s 

tvance. which had been en- 
.... i^turaged by rumours that an 
ora Coast shipper was in 

- ! faculty over the nnaifty of con- 
*- i: - -^acted supplies, might have been 

^erdone leading to widespread 

- luidation .by speculators and 
• . ade alike.- 

EEC Jamb plan 

i-^TE EUROPEAN Commission 
'•'.id yesterday that its plans for 
. placing member States’ 

; ffaront national policies on I 
- button and kumb with a single 
immunity policy' did not 
•• i vis age limitations ob lamb 
• • ~ iports from New: Zealand. ' 

• ■ rstion that the ' proposals 
■stion that the proposals 
— elude import .'.quotas,. ' as 
(Cg«l reakers implied at the. National 
' ^ deration of Meat Traders con- 
^rence earlier this week;": a 

High Court challenge to 
XJ.K. potato import ban 


A DUTCH vegetable .exporter 
took- on the British Uocvernment 
in the High Court yesterday 
over its ban on imports of olcT 
potatoes. • •••'.' "* . _ 

X. Meijer. BV. . wtech .had a 
20-tonne shipment .’of-, potatoes 
turned . away from Great Yar- 
mouth in January, says the 
British embargo breaks Gcrnunon 
Market law on the free move- 
ment of goods. ‘ ' , 

... The company asked Mr. Justice 
Donaldson to declare the ban 
unlawful. ; under the Treaty - of 
Rome, but h*' granted instead a 
'Government application for the 
case ' 'to be referred - to the 
European Court of Justice. ■ 

It had been argued, the Judge 
said, that the matter was so 
clear it could be settled without 
troubling- the Luxembourg conrt- 
“But I do not think Jr is *t all 

"T don’t think the-drgeocy Is 
such that I ought to express my 
view without the ludp of tie 
Etrropean court.” ' ' 

Mr. Anthony Grabiner, ;»r 

Meiier. said that an appeal 
against the derision was ukely. 

The ban was <a clear breach of 
the Treaty, the fn n da m wutal 
principles, of ' wjritfc - were to 
remove sudb barriers between 
member States at the end or a 

transitionaS period, he said. 

The U-K-’s transitional period 
had ended on December 31 and 
the ban had -therefore been 
illegal since January 1. 

Mr. Justice Donaldson said 
that th© consequences, of Infring 
the ban could be “ enonnous.” 
Import restrictions were a key 
part of the U.K.’s potato market- 
ing scheme and without them the 
scheme might-collapse. 

The Dutch and other Conti- 
nental exporters are eager to 
gain access to the Britteh market 
because, for most of the past 
potato season, prices here have 
been at least double those in the 
rest of the EEC. 

The difference, has increased 
lately. Some farmers in Britain 
are nnrw earning £RS a tonne for 
the last of the' 1977 crop while 
producers across the North Sea 
are averaging about £20. 

Britain already has a surplus 
of 250.000-300.000 tonnes of 
potatoes this year for which 
farmers are guaranteed about 
£40 a tonne. 

The Government Fears that 
relaxing its annual ban on im- 
ports would lead to a far greater 
glut and a huge bill for meeting 
the guarantee. 

In any case. Government 
lawyers argue, Britain is entitled 
to manage its potato market as 
it chooses until its national 
scheme -is replaced by a common 
marketing regime covering all 
nine EEC countries. 

Proposals' for such a regime 

are expected to be discussed by 
the Council of Ministers during 
the summer. 

O Wholesale and shop prices of 
potatoes are beginning to creep 
up as supplies of last year’s crop 
start to run out. Popular red- 
skinned varieties such as Ring 
Edward are now retailing for as 
much as 8p a pound after several 
months at around 5p. 

Growers all over the country 
are now getting more than the 
£45 a tonne guaranteed price for 
good quality supplies. First-rate 
potatoes in tbe east and south- 
east of tbe country are making 
as much as £85 a tonne — the 
highest price recorded anywhere 
in Britain so far this season. 

While suDplie<? of “old" 
potatoes are dwindling, imported 
eariles from Egypt. Cyprus and 
other southerly growers are still 
too scarce and too expensive to 
have any depressing effect on the 
price of the home-grown crop. 

General fall in base metals 


FORWARD PRICES ol most base 1 
metals fell again on 'the. London . j 
Metal Exchange yesterday. Three ■ 
months zinc closed £10 a tonne : 
down at £304.50 after sonte con- 
fusion earlier over false reports i 
that strikes were to end .-at the 1 
VieiHe Montague. ; Hoboken, 
Overnelt and Prayon- plants In < 
Belgium. •/ 1 

Tin prices moved down daring i 
the morning after news’ 'of an 
oversight fail- in prices in the ' 
Penang market- dealers said that 
sentiment was also undermined J 

by the apparent lack of progress 
at the meeting in London on the 
International Tin Agreement’s 
support price structure. 

At the close, three months 
standard grade tin was £65 a 
tonne down at £5.890 a tonne. 

The copper market also had a 
disappointing day after a bad 
start which reflected the depres- 
sion overnight in New York. 

Cash wirebars lost £7.25 on the 
day. closing at £692.25 a tonne. 

Reuter reports from Mel- 
bourne: Bougainville Copper 

may continue to operate In a 
difficult economic climate for 
some time. i 


Mr. Frank Espie. company 
chairman, told the annual meet- 1 
ing that copper prices were 
likely to remain depressed and! 
cost increases appeared inevit- 
able. despite progress in contain - 1 
ing them. 

There would also be a continu- 
ing need for investment to offset 
declining ore grades and to re- 1 
place equipment. 

U.S cuts Brazil soyabean estimate 

THE U.S. Agriculture Depart- 
ment has lowered, its estimate 
of 1978 Brazilian soyabean pro- 
duction to 9.7ra.-l(k2nL tonnes 
flrom J0.0m.-1 0.5m. tonne*, re- 
ports Reuter from Washington. 

1 The department said its lateST 
estimate was based on a report 
by a two-n»n which re-- 
turned on Saturday. '*raim. a text 
day trip to Brazil to hssess the 
crop. ' ' \ \ 

The estimate comoares with 
1977 production of 12m. tonnes. 

Sue Branford writes from Sao 
Paulo: Brazilian farmers are 
even more pessimistic about the 
sovahean crop this year .with one 
estimate as low as 6.4m. tonnes. 
This very low crop forecast came 
from Sr. Roberto Wypych. presi- 
dent of Cotri«*uacu. a large farm- 
ing co-operative. 

■; Another leading farm co- 


BASE METAIS n.d^toones!* .r.*? ~ TIN | wm»t»] j .J^OnSiS’to- j* — 

'•-rOPPER— LMt srowid “ ^ 3'?“S£5} fr inded High Qrsuta £ £ £ ■£ 

'••tal EzcWanse « £0n ^ r, *, 1De 2 1 JS? at S * W Itree moiflfcs £70E V75,' «- W.5. Caft . 6880-5 — 1M 5860-70-7.2 

-•» « to? ». ttTliA CU.«!«:. rLnth*. 6800 9 -S2.K 5885 38.-67 

-BJlbpolntoem SreerwwtoTK^ Kerb: WtpJwt*. three 8 rt.«em'v. , 6885" -100; , — 

ce overnight led to general UqidiUtlon MA HI Afierepon: Wire- Sumdard ' . " • ' 

’ - — I — Tm~t 4 -lns — SIT bars.- tiiree month* SM. l«- 5 . 13 . 10 . caah'. 6880-8 -95 | 5860 70 - 73 . 

3PP8R tJiSflWai - -BOO. 8, V 75. 8. T^. Cjttodre: ^ree 4 month.. 5890-5 -90 [ 5885 95,-«5 

■ ; moBthn 5SSZ5, 97. ' ^ferfc: W3ret»am. three Settioro't. BB86 —36 - j — ~ 

, p-m. 


+ or] -pjO. t+or 
— OnoOlrU- — 

~£ £ ■£ 
-100 5860.70i-7.25 
-92.5 5885 95.-67.6 

-io°i. "' \ ' 

-95 5860-70-72.5 

:*•; tDTObw^W.'7-S. *^-5. ». s.' . -StreibitJ JS1S26 ~AS \ . - 

- ■ • TIH — Mfhaker fOOnw^ne a sharp F*I1 ta NeW ^5^"-- • ^ — ■ '■ - — =4 

-1-2b (At Eant.twerniuit vddeh led to romard standard, dtrw tnonths 2US0. *6. K*rt>: M»y_ KV7-M98 l+g.0 1660 1485 . 

-8 metal coming In to tred- at 15 WO with standard, three months £5.890. 95. 90. SO. j„i v UBb-isae UiO.6 14:0-1560 

«mr- .woflf-taWj!* ewiSnt 5*>in^ &»ro- d, Baaed on haianre but September— W01 1504 J— 24.0 1545- HOO 

Ptn £«•»« U in toward metal Korember.. 156S IS69 1-50.0 1505 

to w O J65 to £5»®S But ^.tl 1* c - e advanced from £317 to 1323 on covering January — .. 1286-1550 | — 15-0 1276-1225 

S3& cnnntmer- hnmst «PH»tv.nt^ the t-rre fTtml Quarter thought to represent March 1201(7*0 ^-7*. 6 (748-1225 

Mom* W door on the Kerb at B.P80. v£ Wore nmnin,. lnio profit- May 1209-12 il J-16.0 1230-1*10 

-TU* "nver. •oniros. lakiag. : The start 19 the rings vu 1319 i 

^ Morainr Wgfarf. *«e rnondis that the price remawed sake 4 Jit f3^66i lota of 5 lormre. 

g asj yg.7atf . ss « 

- == = --- s s.c’i'&.f.Si jsrsSfcjras 

. Ocfober-December Rubber 50.95*5 Lou — 47y to coat. . ajsjji; Kobnstxs wu (same). Cajor 

10 OHS ... / ■ . a-m. • H-er p.a. + or average 103.98 OCJS). 

sommodity futures ' ' ' LKA3) omcUl ~ rnofnd * 1 ~ ARABit^-Fvtsrn wok «•»<**»* 

„ man—, invmdnr ^ e IT C a * "K* 10 w Rotmgtas careered about. Drtzel 

es market for the smaller investor • . • * * £ & Dreael Bun* am reported. Only the three 

— • -- - ■ _ f , 8 t; ~T’ nears traded (o narrow ranges, values 

S1 ?:* ® i' 1 '- 5 519.5-9 ■“ closing barely changed from lost nf|ht 

SAB MARKFT TRFND 0 ^ 77 « rth? end of a very quiet day. 

"^*5Jiirvir T 1 ™, 0 ' V s *P° r 4__ “• _ -=r- u . .-V" Prtcca tin order buyer. seUer, change. 

smodtnes. That •» . t] Morning; cash £315. 14. three months basucssv— A shII 2 (IS. 00-209^9, -1J8 2U.50- 

erene amtwiM- sutacribe « 019, 20. 81. *LS. 2S. *U 10. 195 Kerb; yioJS; June -OJfi. 168JM: 

its and cuwgncm. wvin. fj three months £820. 19A A/temooo: cash A ng. 174.WM73.00, +OJO. 177.00-175.00; 

deoded . chsrv or ■■ \ £3135. three months I3I8J. 19. Keib: Oct. I57.0b-W.75. -l.lfi. untraded; Dec. 

fftc mttrptstaoons— -jn« IT -three. months ISIS. 17 S. i4S.00-ltS.00. unchanged, untraded; Feb. 

rervfee for* for itutf — \ ZINC — Lower with toward metal fatting W1 »-l«.0O. -«.50. untraded: AorH 133.09- 

, --- fUB W ml daft? from £313-015 to £3-i4 on stale 139.75. -0.93. untraded- SaJei: V. (2SJ 

rSf*i^i. £ . 2 .wrSSSr yw r tabtai # J on - £1V °K ball Hqtrfdation and stop-tes a-Jflag tots of Jdh». 

ah, 697-. 5 J 698- .5 -7.26 the East .ovendgiit vMffl Ted to rnrwnTd standard, three ^ 'months £M8fc *•. Kert»: 

ltmthp- 718.6-3— .6 707.6-8 —8 metal coming ta -to trad-* at £5 9^0 with standard, three months Ia£90. 95. 99. 90. 

jal'in'nl 697.5 — . ~~ same .vront-tMps *7 ,d ” f „ LEAD— Uaie dtaaaod on balance hut 

Chodes. ■ pcan . demand cansed Uh- price to rnlW farwartl metal 

688. J 681-5-8 JS ~fl from £9JS5 to £5^5 hut with litt’e U.S. to coveriS 

..vuitf,*.. 7(g.5 — J 097.5 ~8JS ^namner. interest . warenr the rnre ^reS 

.-ti'ra-nt 688J5 1 ,bB Kert #t B P ®°- before naming too profit- 

i.wSmL. — — ■ ■■ o'*. • — — Turnover, l.'i" otmes. taking. : The start id the Tings was 1319 

.d stotHoss'semra. There ww some' andafter that the price remawed 

. artist Betting under £710. Cqtnex was 5" *' . around this level before an easier tone 
ver la tbe afternoon. The prlre-Keafted three enoolhs £5^9C. . 90. . Afternoon. appwed j„ trading, under the 

■ ■ ' ' f — ' ■ ' — 1 . . — ~i lnflnence of: other metals, leading: u> a 

■ — >- ' ■ ■' I dose on the Kerb of D17JS- Tnrnover, 

operative In the main soyabean 
growing state of Rio Grande du 
Sol is predicting a crop of 8.5m. 

They said the Banco do 
Brasil export agency estimate of 
9.2m. tonnes was too high and 
would create serious problems 
for the domestic crushing 
industry if it were used as the 
basis for export quotas. ' 1 

steady . throughout' the morning, with 
further short-covering and scale-down 
buying evident at the tower levels. There 
was resistance Betting In the afternoon 
and Prices eased gradually 10 finish 
unwind the tows M . of the day, as Mpp- 
ha . Orders produced a- further decline. 
Prices wore on £2 to £39 down ’on 


CO eras +or Birdnew 

1669 1495 . 

Indian sales 
plan hits 

By Our Commoditi« Staff 
WORLD MARKET sugar prices 
fell yesterday in response to. 
eews tbaf India had authorised 
300,000 tonnes for export from 
May onwards- 

In the morning the London 
daily raw sugar price was 
marked down £1 to £101 -a 
tonne and by the close the 
August position on the London 
futures market End slipped to 
£107.2 a tonne — £3.45 lower on 
tbe day. 

Rumours that India was 
.shortly to enter the export 
market' have been circulating 
among traders for several days, 
but with sentiment doralnared 
by the certainty of a substan- 
tial workl crop surnlus, techni- 
cal considerations have tended 
to outweigh such fundamental 

The size of the Indian ex- 
port. availability, announced 
yesterday by the State Trading 
Corporation, seems neverthe- 
less to have forced the market 
to react. 

The price drop may also have, 
been encouraged bv the result 
of this week’s EEC sugar 
export tender at which the 
Common Market Commission 
granted export authorisations 
in rather greater quantities 
than recently. 

White sugar exports totalling 
37,300 tonnes were authorised 
along . with another 164)00 
tonnes of raws. 

Tbe maximum export rebate 
for whites was cut to 24.691 
units of account per 100 kilos 
from 25.046 last week. The top 
rebate for raws was 2036 oa 

Tea exports 
may be raised 

by Our Own Correspondent 

CALCUTTA. April 12. 
INDIA will raise the “ceiling” 
on tea exports from 225m. kilos 
to oveT 235m. kilos during the 
current financial year if tbe 
crop turns out to be 600m. kilos, 
Mr. Mohan Dharia. Commerce 
Minister, tpld members of the 
Indian Tea Association here. 

The Minister also promised to 
reconsider the imposition or 
export duty which is Rs.5 per 
kilogram at- present should the 
demand supply position in the 
international market so warrant 
Tbe Tea Board believes a crop 
of 600m. kilos is a possibility, 
despite the damage done by the 
prolonged drought and hail- 
storms in north-east India. 

Tbe drought may have 
destroyed B-10m. kilograms of 
tea but an increase of 40m. 
kilograms can be realised in the 
second “ flush " and later stages 
of the crop, a Tea Board spokes- 
man says.- 



Fish losing ground 
to cheaper meats 

THE RATE of inflation in tf:K. 
retail fish prices slowed drama- 
tically in tbe four months to last 
February, but prices continued 
rt» rise faster than those of 'com- 
peting meat products. 

In its February review of the 
U.K. fish market, published yes- 
terday. the White Fish Authority 
said that cod fillets had in- 
creased in price by only 1 per 
cent, since October and were 
only 13 per cent, dearer than a 
year earlier. This comnared 
with a 34 ppr cent, rise >n the 12 
mnnrbs to February. 1977. 

Plaice prices were 5 per cent, 
un on October and 33 per cent 
higher than . in February, last 
year, -while rises for haddock 
fillets were 6 per cent and 18 
per cent, respectively. 

But with chuck beef prices 
rising onlv 3 per cent, over the 
year, brisket 4 per cent- lamb 
shoulder 8 per cent, and pork 
leg 6 per cent, and wi*h broiler 
chicken prices remains, almost 
unchanged, the competitive posi- 
tion of fresh fish deteriorated 



HvfWtrtcA — — 

BOO fit LET 

M- V 


decline in - haddock supplies, 
with purchases, falling from 47 
stones (edible weight) per out- 
let in October to 33 stones in 
February. Over the same period 
cod purchases rose by 4.5 stones 
to 54 stones, and coley by 5 

stones to 27 stones. 

7 y 




This was particularly .true of 
herring for which prices con- 
tinued to Increase steeply be- 
cause of the worsening shortage. 
Between October and February 
herring became 11 per cent, 
dearer, pushing tbe rise over the 

the year to 46 per- cenC. v .: 

The authority said that-a signi- 
ficant feature of the February 
review was the evidence of a 
return to the seasonal pattern 
which seemed to have been sus- 
pended a year earlier, a notice- 
able example of this was the 
decline in purchases by specialist 
fishmongers during the month to 
212 stones per outlet — down 8 
per cent on October and 7 per 
cent on February last year. This 
was seen as a discouraging trend, 
however, compared with the 
improvement noted in recent 

Most of this fall was due to a 

The report also showed what 
tbe authority described as “ a 
small, yet perceptible trend to- 
wards the purchase of frozen 
fish by mongers." It attributed 
this to the continuing, problems 
affecting British landings and 
the growing consumer demand 
for fish in a frbzeii forth. 

In February this year, frozen 
fish accounted for 9 per cent of 
fishmongers' purchases compared 
with 8 per cent, in October jind 7 
per cent, in February last^year. 

There was a more encouraging 
trend in the fish friers’ market. 
February purchases by ririers 
averaged 76 stones per outlet— 
only - a stone lower than in 
October and six stones more. .than 
in February last year. The heavy 
dependence ol this sector da cod 
supplies was still causing- con- 
cern, however. Cod accounted 
for 73 per cent, of friers? pur- 
chases In February, indicating 
that the gradual acceptance of 
less familiar varieties in- the 
fresh fish market was still not 
being reflected in this sector. 

Cyclone Alby hits apple crop 


CYCLONE ALBY, which swept 
Western Australia a week ago, 
has caused severe damage to 
apple crops there. About 9,000 
sheep are also reported to have 
died and. cattle losses have been 
estimated at 300 bead. Bush 
fires, driven by the high winds, 
burned about 30,000 hectares of 
pasture land. 

Appiegrowers, however, were 
by far the worst hit When 
Alby struck, about 130.000 
bushels of .the crop— mainly 
Granny Smith— had been picked. 
The rest was blown away and 
destroyed by the storm. 

News of the damage helped 
raise apple prices in the British 
market, where they had shown 
signs of falling recently as im- 
ports from the southern hemi- 
sphere came in 

A year- ago European apple 

prices leapt to record levels after 
a drought cut the SEC crop and 
news came that southern hemi- 
sphere imports would be well 
down on previoos years. In the 
event fewer than 17m. bushels 
came . to Europe from the 
southern half of the world. 

It has been estimated that 
Imports this year would reach 
23m. bushels. This forecast has 
now been reduced slightly to 
21.5m. bushels, but the trade U 
still nervous about the prospects 
of mantaiflinz prices at recent 
high levels. 

Prices for South African, New 
Zealand and Latin American 
apples are not far short of last 
year’s records, despite fee fact 
that imports this week are ex- 
pected to reach 700,000 bushels. 

The South African and New 
Zealand fruit marketing Boards 

are now. as usuaL withholding 
stocks from the market to hold 
prices up. 

A strengthening factor this 
year has been the establishment 
of the Tasmanian Apple Market- 
ing Authority — the first move by 
Australia to organise its apple 
export trade. Ironically the 
TAMA was set np in something 
of a panic early last year when 
prices were low and the collapse 
of tbe Tasmanian apple export 
trade looked imminent. 

Whether this move will 
encourage other Australian 
States to rationalise their apple 
export trade is still a moot point. 
What cannot be denied is that 
the old system has caused a 
steady decline in Australian 
apple exports In recent years. 

/ . '.y -iih PRICE CHANGES 

developed, ft lififWtiw'rte-' weeHr ^ 'flreiir oP tO-TStt-TOU P^ce* ' par mm ~otherWiM 

export reeflcaUpM .by the. EEC, and the grlce C-Bp. (.+.§■»■>■ etaied.-, ... 

market dosed tt UW ■ to* •poiata-ab&t 90S ^. ■ ■vvriB9 P tico<Bo <"«-!■»» - v ■ . ■ - - g-fr'i.: ■- 

Q below- opening nootaUcma. C. exanukw Sheen down ».* per cenr.._ areraee P»ce 

135. Sp (-4.H; Pig« np 2.5 per cent.. April 12 + nr Month 

; — ■ — — average price 64.3p (-2.0). 1OTB — aeo 

U.S. Markets 






Coon- : 




+8.0 IBB 

UlO.6 14sl 

24.d m 

-80.0 lift 
— 15.05 177 


— 15-0 1779-1225 
l—t*.6 T249.122S 
—16.0 1239-12)0 

Au*L. m 
or*_ ... no 


£ par tonne . 

L*S- r «5ll«S.6M5.70nOB.66a2.K 

!)S- .fHlW.4-l*J» 111*4- 7.10 

MLC Forecast rates or U.K. monetary 
compensator amount* . for week from 
April 17 'fprevioti* woek'e Satires la 
brackeis'i— Ftesb or chilled beef ureases; 
Ss.43p per kg. (38.43 1: green bacon sides: 

£280.22 per (none (280.22). 

COVENT GARDEN (prices. in sterling 

.....1126. 59- 87 .26! 128.50- 29.75 1 — 

Valencia Lates 2.30; Moroccan: 2.40-2 89. 
Lem mu— I talian: 190/I20s 4.00: Cypriot: 
2.50-3.30; Spanla: small trays 25/50s 1.40- 

L&moitl Road, Xondon, SW10 OHS. _• • 

1. Tax-free trading on commodity futures . 

2. The commodity futures market for the smaller investor 

Too oan alike money In oofamodlttes. That k one . 
reason why investor* of 31 different coo neries- subscribe 
«o ow weekly commodMes, meuis and cuvmde* service. 
Ocher' reasons could be- -die deoiled . chart* or the 
leading indkstort ■ of the - *pe«ifte lr« rpretau'ons— Jim 


■ Offtcta 1 





1 5141.5 


r-. 125 



r- ( month •- 

418.6 20 



S taU'im'qt 




X V A. Spar. 


1 | 

_ 84 

Sales: 3.792 >2X331 lots of 50 tonnes. 2.594.39: Spanla: small trays 25/50s 1.40- 
Tate and Lyle ex-refinery price »r i.«*. Grapefruit— Cypriot: 15 kDos 2.20- 
kranulated bams white sugar was £24140 j.59. » kBos 3. D0-3.50: Jaffa: 29 Wins 
(same i a ton (or home trade and H6L00 ;.8o-3.«; VA: Roby Red 15 Wlos 4J0. 
(£162-901 for export. , _ „ Ortantonoo— Jamaican: A2S. Apples— 

• imernatianal Sugar Asreement: toUca- p rea cfc: CoJden Dcttdoas 29 * 94s 2 50- 
tor prices >U.s cents per pound lob and rts ajTM.00. 49 lb -5.4M.90, Golden 
slowed Caribbean porti -for Apm it. Delirious, tumble P«*. per pound 0.13-. 

7,75 '7.62 l»etay average 7M B l j. name Beauty, per pound 

<7 - gl - __ .. 0.13. Golden DeMdoos a.ll-9.14: S. African: 

, tart 6.9A6J0. Jonathan 7.00-7 J9. Star- 

fW-dqaatgred an^ boa^etmured Wr, ktag Dettclons 8J10A80: Chilean: Granny 
taunits or Acwunt £W1#0 ld1«. adrb ^jj, 7.eo-7.«0; New Zealand: Cox’s 
PTPVtooa In hrirtets: White— 27.70 (same), orange Pippins 103/334 9.090 50: Danish:» 

Aluminium — £680 £680 

Free market fc»)9P80-M +Z2.5S95iM0 
Coppnreaah W.Bore £693 JS -7.26 £669.76 
5 months do. do. £-#07.75 -U.u £684.25 

GasbCatboda. £688 -9.0 £t>60 

3 m-iotb* do, do. £697.26 — 9 1:674-75 

Gold .Troy oa. 9l7Bjm> -0.5 *185-125 

Lead Ca>h £813.6 - £319 

3 months £518.76 — 03 C317.76 

Nickel 1 t 

Preo Market (dr)... 81-95 $U5 — 

-2JM L04 

Rem-tlJS (2t 

Other' reasons could be- -the ' detailed . chirt* or the 
leedina indkadori ■ of dw apetifk lute rpretau'oro— J uk ' 

tome of she reasons whv our service pay*, (or iwtf 
over and over. again. 

Send for e rinrie Isw. £J: elabt-week trial. £20: one-year subscription, £110 
, 194-200 UsbepiEaU, London EC2I4 dPE 

M uiuiag : cash £315, 14. three mouths 
£319, .20, 31. XLS. 32. 21. IK 193. Kerb: 
three mouths £820. 193. Afternoon: cash 
£3135, three mouths B1&3, 16. Kerb: 
-three. months ISIS. 17 J. 

ZINC — lower with forward metil fattlnx 
inltlaBy tram X31M31S to on stale 
bull Hquftlation and stop-toss si-max 

. NS 01)St 

THE Rt 5i 



linked to reports of an end *o the Kcinlan 
strikes. But the reports were vronj and 
the price climbed hack tn £3ia. in the 
afternoon a lower trend developed and 
stop-loss settlaz came into tee market 
taking >kt piiw down lo £394 before a 
I r.-jse on the Xerh Of £303 S. Turnover, 

i s .900 tonn es. 

■ 1. aju. |+ orl P-m- [+ or 

' - Spartan* per pound 0.KM1JJ, Cox's Orange 

, nr . M W-W' a r Pippins per potmd BJS-0.19, Pearv-S. 
SOYA oE Ail MEAL African: Pacfcham's Triumph 7JSO-7.BO, 

Beurre Hardy A89-7.00: Dtrttto: Conler- 
“ y e .terda;|4. or SuSnST «•« P« Pound 0.14: Belgian: Conference 
C(vw — Done 0.11-0. 1C. Grapee-S. African: VfaXbam 

1 Cross 5.98. BarUnka 4.90; OtScan: 

£T*-rtnnne| ‘ TtJOntpson SeetOess 5 kttos 4.50-4.79. 

132 59 64.0+0.75166.00-64-00 Bananas— Jamaican: per Monti 0.199.17. 
~ lr7 OJ-.7J5 +0.69 ItB-Q -96-2Q Metoas— Chilean: Win to (-5*. Green S.50: 
i78.6«-2tJ +0.25: 127.0 j- 44. Bo Colombian: Green 500. Avecados— 5. 

122 40-26.0 + 1 60' — African: Fuerte AS9S.D0. Strawbarries— 

S 130/56 









£114.6 1 

~OJw£ £21.16 

S 125-60 

+ 1.4 284.7i. 

+ 2.6 B89.8p 
-725 £6.065 
-86.0 £6.000.2 
-1.0 $149-66 
— 10.0 £269.5 
-10.0 £270.6 


ClvW I — 

.Il22 4fl-2i.0 +1.60' — 

seas, +5.0 8672.5 

J7S2 . £647 

8523 6309 

9SBU +6.0 8600 


Inter Commodities 


Specialists in Fundamental Research 

To: Inler Commodities Dd 

3 Lloyds Avenue. London EC 3 N 4DS 
. b - Telephone: 01 - 481 1 J 0 I . . 

Please said twhyour Market Reports for4 weetolreeolcbarge 
and without obligation. * 

Name — ... — . "■ • 

Address — — 1 — — 

j Telephone No — — 


ajn. |+ or) 


Offlctol — 




503 .2 5- .5 -6.87 


3 09.9-10— 59 


403.5 j-6 


Monday cash £30125. three months 
£91 9. 09. M. 10.5, 11.10. 095. Kerb: three- 
mootfis '£819. Afternoon: three months 
£906. 2.5, 7. A 65.. 6. *. Kerb: three 
months IMS, 6, 5, 55, 5. 

■Cents per pound. t On previous 
unofficial close. 191 per picul. 

marker opened 30 lower to the old crop 
options and values traded up to BO tower 
blth slops being touched particularly In 
bariey. However, strung commercial 
buying In barley and commission house 
burins in wheat forced values higher 
throughout the day. By the close May 
wheat bad registered gains of 40 points, 
while May barley showed losses of 30 
points, Adi reported. . New crops came 
under strong liedxe pressure, but dosed 
with losses or 5-10 points after some good 
speculative burins- 


U4E— Turnover 72 fl33) tots of 10.696 
ounces. Morning: Three months 2975, 

7.7. 75^ 7.9. 7,7. Kerbs: Three months 

287.7. . Afternoon: Three months 387.4, 
75, 865, *7. Kerbs: Three month* 22 ns,, 




+ OT 





+ 0.40 




79 30 











— 0.2C 


neeemher 1 16 WJ t *0 + 2^' 118.10-17.08 Israril: 0.40; Jpamab^ 

Petorv«rT - J 50 6 +2.DB J1B.8J -13.M 1 1F* 

Atwii -113 .0-25.0 +2J5 1 — fl.4W.90 each. Ontou*— notco: Large 

of MW.78. medium 1.40: CbOumi bags 

Sales: -li <I44' tots of m tonnes. approx. SO lb S/Sa 4 JO: boxes ajmrox. 

nimrirn ' 42 48/100 5 - w>jS - 20: lt ^ n; 

RURRJKK 3.00-3. GO. Capsfcams— Kenyan: per pound 

0.40: Camay: 0.38- Cdmy— Spaatoh: 15s/ 
STEADIER opening on the Lo £don 3 ^ 4JW.88. Potatoes— Canary: 3.79-3-80: 
physical market. Pair Interest ihnniaiotu Bgpa n,n : ssx^JO. Cocamber*— Dutch: 
the day, dosing qroet. Lcwia and Pesi jj/igg canary: LXO Tomatoes— 

report that the Malaysia godowu Price 4 . 5 ^ 50 : Jersey: per pound 0.90. 

was *04 i MB' cents a kBo ibuyer, Mayi. engin* prodtxa: Potatoes— per 56 lb, 
. ■ Whlles/Roda iOOddO. Lettuce*— per Us 

No. I Yreterrtev* Previou* Burinem- liW-130. Beesroetv-per 28 B> L30. 

1LS-S. dw rloee done TOrnlpe— Per 28 to OJKKLOO. Carrots — 

— per bag 0.70-1.38. Parsnip*— per 28 lb 

' 1. 00. Ostoas— per 96 to 2.994.M. Swedes 
—per 26 to 0.50. Wudrerfr-per pound, 

Msv 47^0-48.30 47.75-47. Bfl — outdoor 0.06-6 £8. Cncumberv— per tray 

June.... 4B 55-48.70 4B.HJ-4fi.16 4B.7B-4B.89 SS,"24s 1-4W^0. Mtts hr ne ms per pound 
Jtv-&p. 49.85-48.00 iaSa-*SSS 48^0-49.26 OJKMJ.GO. Apple*— per pound Bramleys 
OcvDe- ->1.25-61.50^o.Efi 61.50-MJQ 0.13-0.18, Con's Orange Pippins. 048-8J6. 
Jan- Mr.! 52.6V62.70i 62.15-32.20 62.B0-52.96 Laxtotu BA8-0JS. Pe a r* 4>er pound Coo- 
Apisjoe! 64 1044. 15| ML 56-63. 7£ {4.25-53.70 fereoee 0.11-0.15. Tomatoes— oer pound 
Jtv^iep. afi B6 66 ?0i 56.20^6.26 — English 0.30. Gre e t per crate, Kent 

O^IJer 57 28-7.55 58.BV5G J5 67-2V67.1S 1.00. Canl ff tower* per 12 2.SV330, Eve- 
Jsn Usr 1 3o.M 58.Sw 68£V58^fi} 68.66- 58^0 shasa IJOiM. 

No. I Yesrentav'v 

JLS^. riw 



! diLVBfi 


+ **r 


+ w 

1 PW 
■ ttoyo*. 





Clone VpL 

Dot. . 

Clew Vol. 

Jan.. . 
Olnae . - VoL 


. B. Kodak 
. - B. Kodak 
B. Kodak . 
IBM .... 
Si BK 
S Qtt 
>cm ~ 



. B, D. Shell 
,=■ lLD.SheU 
S. D.tJhatt 
. Unilever. 

7 Unilever 

SS ” 

B90 — 

18401 8,. 

W60 . - 

* 200 : — 

-"I - ^ I - ■ - - l*** 

~ saw 

spoi^__ aaz.ep i+t.4 aaa-ip +8.v 

i months.. 2B7.7p | X87.1p +0."7 

imcnttau 29Z,7p 1+1-4 j — 

fe months. 3u7^'> 1+7*4 I — ■■■— 

r saver was teed l.4p announce higher 
for ax>t delivery In the London bullion 
market- yesterday at 28E£p. U.S. ccnr 
entdvaleols Of the fixing levels were: 
spot' 53i.3c.'up 3 - Sc. three-month K0.Sc. 
up 3.9c; stxiponth 550.5c, up 3.6c: and 
U.month 374.3c. up 3.6c. Tbe metal 
opened at a3.r-284.7p i534J-S3«Cj and 
closed nX8L»SL»p (529-530icj. 


~ ~Z - ■ - — - 862 

.n. • “ ■' Zi. ■■ Z. ’ , FSe.'eo 

Values toll through the day in a law 
i volume as nrofiMaWnS appeared at the 
1 higher, levels, GUI and. puffus reports. 

I iXoMrany'*) + or j Bual.nS' 

CO 00 A I Glow — ' Done 

— . I ■— Fiae 

’I . — .fr.117.70 

-May August Ndvetfibor I 

70QP — . - “ * ~ " l 7S8p 

TBOp - - r- - ~ “ I " 

sss * -. »*» 

3ssp : - ‘ Z ' ’ - 

350p _ 

**' "Z ' - - - S3B ‘ 

aoop t ; — __ _ h . 

aasp — Z 

BOOp ■ - — — — - _ 

. SISn - ~ • - 

- I f - \ - . 5«p 

— SffBiflp - 

Ofertomay’*) + or j JJuoin» 
CO 00 A | Close — ' ) Done 

NahCntr'd . ~ I 

Hay '-Wl.B-43 .0 -4TJ5 S3J85J-tS5e 

Jttiy~-i^._;i07fi.P8ll.O -29^9 2015.5-1261 

W. i.it82fi.D BOB 1— <9.50 l 860jl-1815 

Dec.—~ lBM.--52.fl -28.00 U88J-4U 

.tUreb^ 1792.3-88.0 >-29.50 1826.5-1 (St 

Mav. 1 748. U- 50.0 L.2B.5D IHU-iU 

July 11700.8-2^.0 1-57^0 1750.0 

Sales: loo nnfl'wmiiA 

intern atitBul Cm Ora a w Bal l o n W&. 
cents per pound'#— Dally price April 11: 
105.08 (US.60I, Indicator prices April ti: 
1 Was average 140.5S 059.41 1; 22-day 
average 15&8X '137,8a). . 


Opened higher, ns muscled, on Behtt- 
meot 'and inline- whh New fork. Dresel 
npazotL Du marks remaided 

Bunnen done: Wheat-May 8l.SO-9e.75, 
Sepl- 84.7WMJ5, Nov. 87.SSJ7JS, Jea. 
89.70-89.95. March 91. 00-32. w. Sales: 91 
lots. Barter— May 88.26-78.50, Sept. 79,49- 
Nor. 81JSS123, Jan. 84.4SMJL 
March BB.BMASS. Sales: 179 torn. 

IMPORTED — -Wheat: CWRS No. i, tSi 
per cent, AprQ-May £85.50, Tiibwy. TJ.S. 
Dark Northern Spring No. 2,. 14 per cent.. 
APrt-May ££8-50, May 05.75, JaseJuly 
£85.25, txuwhlpmem East' CoasL VS. 
Hard Winter Ordinary, Australian. 
ArseuUne, Sorter an d BSC grades 

Malay U.S. /French April £MS,75. May 
£185.75. Jana £1QM9 transhipment East 
Coast. S. African Yellow May clsq 
anutod. Kenya Grade Three nsonoted. 

Barley, Sorshum. Oat*: Unqtuted. 

H GCA— Ei -farm spot prices on April H. 
Red wheat: Hertford; 07.79. Feed 
barley: Hertford £78^0. 

UJC, monreary co-e£flrie« for tbe we* 
from April IT Js expected to remain 

la unHh of account a tonne, tn order 
current levy plus May, Jane and July 
premiums, wlih previous in parentheses. 
Com men wheat-84Jl, ntt. nil. QJ2 (84J1. 
ail, nlh 1.48 j; onnun wheat— 128.07 a 
O.H. 3£7 (128.07. BAL 9.64. 1.29 1; Rye- 
80.73, nfl, nil, nil (same); Baetay— 75J9, 
all an. all (gamej; Oats— 76.77, nil, uii 
nil. (77.74. Oil, nfl. nil 1 : Mafia (other than 
hybrid for seeding)— «U4, iss, 159, 2.25 
(same): Millet— 77.40, 0.16, 9.K, 0.16 
(77 AO. nil, nil, hil>: Greta carylumi— 
77.49, an, ntt, nil isamet. 

Also for Soon: Wheat ar mixed wheat 
and ryu— 129.88 iSainej; Ryo— 12444 


LONDON DAILY PRICE fur raw sugar 
ftdLtt (CfiS-Wt a tonne df tor Apribtfey 
shipment. White sugar .daily price was 
fixed at £194J9 (same). 

Tbe market opened ahgbtlr below kerb 
levels and thereafter drifted somewhat In 
thin conditions. l i aier. faeawer offerings 

Sales: SOT <256i lota'of U tonnes and 4 
tots of S tonnes. 

Physical closing prices (buyers) were: 
Spot 47A) 447.01; May 4Bjp (49.8): June 
48.TSp (48.5t. 


LONDON— Dull and texmretass, Badw 

(Pence per Ulo) 

"AuetniMu pfe«r«d , ysl+ ori Bnstaeee 
Greasy Wnorf Cto«* — Done 

May. B?S.8-fflJ) +Lfi — 

July „E29.D-51.0 -1.0 — 

Oi-tober Sa.B-SS.0 — ^ — 

D&smtwr-. 1254.8-67 .8 — — — 

Uareb BB8.0-4LB - — 

Mar K5f .(M2-8 — 

July £4B.fl-42J — 

October .p43.M7.fl_ _ — 

Sales: nil i2> lota of U00 kOos. 
SYDNEY CREASY (In order buyer, 
setter, business, safest— Micron Ow tract: 
May 3413. SC-8. 3C.M4LS, 14: July 

346.0, 347,9. untraded; Oct 351-6, 552.0, 

351.0- 352.0 s; Dec. 358.7, E8.0, 358^58.7, 
7: March 306.5. 347.5, 357^-368.5. U; May I7CJ. 370.5-389^, 21} July 373J, 

374.0, unouoied: Oct. 375,0, 378-0, un- 
quoted. Total sale*: 4S Jots. 


SMtTHFlELD 1 Pence «r pound)— Beef: 
Scotch Wiled aides 53.0-56,5. Voal: Eiudlah 
tots 7B.0-74.fl. Lamb: Raglfvh smell new 
season 56.0-78.8. imported fro ten: nz PL 
4S.M6.5, PM 44.0-45.0. Kooots: EughSh 

36.0- 60.8, Scotch » ftafc English, 

nnder 108 lbs 3S.U-O.J. WO-120 lbs 37.9-42^, 
UV-Uf lbs 38.lMl.ft. 

prices fit renresentauve markets OP 
April li. GB rati le- 67.Sta per kg. Ifve- 
weigM <-4-171: U.K. ah«P lSBAp per 
Xt edew i+i.0»; CB Mgs «2.5 p per k*. 
ltveweight (+o »>. Wta wd Wales— 
Cattle munbers d(«™_ 8-5 per cent, 
average price afi.iJp (+B.S); sheep down 
34.7 per ceoL, event* price lS.Sp 

Thailand urged 
to limit 
tapioca area 

BANGKOK, April 12. 
THE THAI Board of Trade has 
urged the Apiculture and Co- 
Operatives Ministry to limit the 
area planted to tapioca. 

Its weekly bulletin said pre- 
sent tapioca prospects were 
gloomy due to over production 
and lower prices on domestic and 
overseas markets. The EEC 
market was saturated, it added. 

Tbe Board suggested that the 
Commerce. Ministry should not 
allow any new tapioca mills and 
that minimum prices should be 

Prices of tapioca pellets in the 
EEC fell by 8.7 per cent during 
March. Meanwhile prices in 
Bangkok dropped to 68.36 baht 
per picul in March from 73 in 
February and 101.38 in March 
last year. 

Tbe Board said that tbe export 
target this year was 3.5m. 
tonnes, but it now expected 
shipments to be about 4m. 


Platinum -troy or-. 
Pro* Market™-. 
Quicksilver (70tb.) 

Silver troy m. 

J month*—. r. 


i months,. 


Zioc ffith ,, , 

6 month* 

Prod were. 


Coconut (Phil) j 

Qroondnt — — .._ 
linseed Orodeta-J 
Prim Mrisysn 1 

Seed* I 

Uopre PhlUe. 838 5s S440 

Snyehenu (tLS.^ 82»7y 3.3 If 377.9 


Ufirtey KHO. 

Some Pntares_. 


French No. A Am 

A o-l Red Spring. 

No2 Hard Winter 
KnRttab Mining.. 

Corns Shipmonc 

Fatare July 
Coffee Furore — 


Demon a A’ Index... 

Bobber Irilo 

Sugar CB*w) 

Wool to pi 64s Id to... 

■MominnL tnuauwed. a May June. 
“June d A priWtmo. vAtaH-Msy. i May. 
x Per ton. 


Apr. U) Apr lC aicctB «goj Year ego 

239 JOB 1239.44) 833^4 \ 281-89 
(Bare: Inly L 


M41.0|XB4aJ5 1 1384.4 ( 1747.8 

(Bare: Sew amber IA. TttU=130) 


Dow April April Montu Y5F 

Jones 11 10 brd mu 

Spot-.. 3e4^5*361.B3 S59J5 940.2', 
Fotaresp BB.S6I3 427. 1C 
(AVBrtUto f»Z4-45-a8=1flB>' 



S7.5 ^ £96.6 

&0BB L-4I.0t£Ii9£7 
S1.B79 — 29.0 ill.Bai-6 

:i,S88-6 —10.6 £1.477 
ifi.loc*+0.1B 88.45* 
47J5p +0S 40. 7 Bp 
£101 -LQ £97 
S74p |27Sp 

Moody 1 * 11 

aple Uomm*y|908J5j 
(December si 

iPril Honxh Year 

10 j 8R0 snn 

llQj 905 j 4|^9 
> iBiraS) 

GRIMSBY FISH— Supply Mir, danurod 
Baud. Prices a atone at sUp'i un- 
processed; Shelf CM £3.4 0-S236; mdllPP 
£2.eO-£LEQ; large haddock kJQ-H.W. 
roedhm haddock £3,4D-£4,W, naan haddock 
£2.(W*^6; largo plaice afiWS.75, mediiini 
plaice f2J36-£3.7B, best smatt plaice q. 00- 
£3.70: large skinned dogfish SLBfi medium 
£7-88; aalthe fiLW-Sfifl. 7^ 

HIDES—- Luodin. Steady with poor 
demote. Ox 33-35} kflaa 48.6, per bio, 
2B-304 kOos withdrawn 5L4p, 22-25 kilos 
withdrawn 68-lp. Light rowa 5L4>5l.9n 
per kilo. No' calf affered. 

PALM OIL, Loudtn— CHostny -April 

320.00- 330.00. May. Jim. July and AnX. 

380.00- 330.00. SepL ZM.(HV33B,00, OcTaSfl 90- 

Cocoa and 
coffee rise 

COCOA dosed Umli-up bid on trade buy. 
lug after report* of an Inferior Ivory 
Gout crap. Coffee dosed bzofl-ap bid 
Mi. producer cuts in Central and South 
America. Precious Metals dosed Ann on 
Commission House and local buying after 
a tack of fresh Initiatives by Pretodent 
Carter in tbe Ogfai against inflation. 

Cocoa — May 168.78 1156.761. July 138.78 
(058.75), Sepc ltt.88. Dec. 19B-2S, Maid) 
14&20, May MAM, July 141.10. Sates* 
43? lots. 

C “ CO"®*!*: M» 179.87. 

190.00 (173.79), Jatr 138 J 4 bid CI5L34), 
Sept. 139.83 bid, Dec- 126.67 DM, Maid) 
13L50 bid, May 116.00 bid, July 116-00- 
Ufl.flfl. Sept. US.OO-UO.OO. Sales: 535 lota. 

Capper— April 61.10 (81.50), May 81.40 
(51-80), June 62.00. Jdy 62.50, SepL 6350, 
Dec. 65.90, Jan. 65-50. Mart* 86-50. May 
67-50, July 68.50, Sept. 99.50, Dec. Tl oo, 
Jan. 7*1 -50. Sales: 4,800 tore. 

This edition was printed before 
last night’s American commodity 
prices were availab le. 

Cotlao-No. 2: May 55.WW5.75 (58.39), 
JnS> 56,90-56.58 (57.63*. Oct, 88.80, Dec, 
50A449£9 r March KU5, May 61.E04L75. 
July 62.00-62.25. Sales: 325.900 Iota. 

•Geld— April ISO . » (178.70), May Iftt.00 
(179.50), June 182.00, Aug. 184.40. Oct. 

198.90, Dec. 189.50, Feb. 190.10, April 
194 JO, June 197.80, Aug. 200.70, OcL 
303.70. Dec. 296.70, Feb. 200.70. Sa lets 

5.000 lota. 

_ tLanl — CUcago toose 24.00 (renie). Hew 
York prime steam 25.50 aaked (2298 

Mate-May 3S41-2C31 (2851). July 282» 
28U (283), Sent. 2584-359, Dee. 3591-259, 
March 267. May 2694. 

fi Platinum— April 219 JO-221. 00 (2LM0)i 
July 234.80-285.00 (222.70), OCL 228.80- 
23890, Jan. 522.69^3290, Aprtl 22899- 
237.10, Jody 240.00. 

f Sliver— April 532.30 (524.18 1. May 534.50 
(528.48).- June 538L40,: July 542 JO, Sept. 
556.50; Dec. 583.70. ‘Jen. 588.80. March 
575.50. May 384.20. July 503-00, Sent, 

801.90. Dec. 815.10, Jan. BU.50. 
Soyabeans— May 710-708 (707), jnfr 897- 

695 (60S), Aug. 8896964. Sepl. 6S9633, 
Nov. 829-aao, Jan. 635-836, March 641. 
May 645. 

Soyabean Meal — May JSIJiMW.M 
ilSO-Un. July Ifi4.00-183.7D 083.10). Aug, 
1M98.1B3.00, Sent. 177.00, OcL ULM. Dee. 
17190-17180, Jan. I73.W-174.00, March 
176.56-177790. ‘ Hay 177.50-178.50. 

Soyabean Oil— May 25.092595 i2£LK). 
July 25.10-25.20 <25.051. Ang. 3490-24.55; 
Sept 23.50, Oct. 2395. Dec. 22A5. Jan. 
22.36, March K 90-22-35. May 529922.25. 

Sraar— No. U: May 7.01-7.03 (7.08*. 

| July 8.17-891 (996). Sept B.41-S.44. Oct. 
8.53-8.56. Jan. 891-8.65. March 998-0.36, 
May 894. July 8.76-6.74. Seta. BOW 95. 
Sales: 5910 Inis. 

T)«»— 510,60-522.00 asked (5SO.OOJ31.M». 
-Wheat— May 3301-331 (3315 1, July 334- 
534J (3324). SePL 3374, Dec. 342-541. March 
346. May m 

WINNIPEG. April 11. ttftye— May 11690 
bid (118.00 bhl), July U2. w bid (1U.7B), 
Oct. 11390 asked. Nov. U390 bid. Dec. 

112.00 bid. 

tioats— May Si .40 (8190 bid). July 75.70 
(7990 asked). OcL 78.00, Dec. 77.90 asked. 

Wtarley— May 8L30 (81.00), July 82.00 
bid -(82.30 OUl, Oct. 8L20 bid. Dec. St 198 

fiSFIareeed— May 95490 bW (SSL 00 bid), 
July 354.00 bid (3S100 asked). Oct. 35540 
old. Nov- 23440 bUl, Dec. 354.00 bid 
SSWfteai— SCWX5 23.5 per rent, protein 
I content df Sl Lawrence not available 

AU Nuts per pound n-warebousa 
[unless otherwise slated. *ra per trow 
: onuce— 100-«mce low. t Odcago U»m 
58 per 108 tt»s— Dept. pf. Agriculture pnoea 
prerioos day. - Prime . steam fob NT 
bulk tat* cans, t Cents per s&lb bushel 
re-waretooufie, 5,600-bushej lots. 5 5s per 
troy ounce for SO-ouoce uuhs of t39 
per cent, parity delivered NY- li Centa 
per troy ounce ex-warehouse, i) New B ■' 
contract in Ss a short ton for bulk lot* 
of .100 Ebon ions delivered (oh can 
Chicago. Toledo. St. Louis and Altos. 

Cents per 69-lb ■ bushel in store. 

[ ft Cents per 244b bushel, it Gents tx* 

1 63-lb bushel ea- warehouse, fit Cents w*r 
Sfi-b bushel ex-warehouse. UJOWjushnl 
iota. IS SC per tonne. 


Financial Tiiobes Thursday April 13 1978- 



Widespread setback under the lead of British Funds 

Share index down 10.2 at 460.2— Properties on offer 


- -- ^ i 

Himant 8 m ' ' B oo! n ad m i a. net ■ f ■ 

Account Dealing Dales 

•First Declare- Last Account 
Dealings lions Dealings Day 
Apr. 3 Apr. 1.1 Apr. 14 Apr. 23 
Apr. 17 Apr. 27 Apr. 28 May 10 
Hay 2 May It May 12 May 23 

• " New lime " dealings may w*e place 
Tram 9 30 a.m. tvra business days earlier. 

Stock markets sustained a wide- 
spread setback under the lead of 
British Funds following overnight 
consideration of the Chancellor's 
Budget proposals. Fears of a 
further hike in short-term interest 
rates stemming from doubts about 
the Government's ability to finance 
its higher-ilia n -expected borrowing 
requirement for the new financial 
year caused marked weakness in 
the Funds which recorded losses 
emending to 11 points. Closing 
quotations were at. or near the 
bottom or the day and the Govern- 
ment Securities index fell 0.83 fo 
72.73. Sentiment was also dis- 
turbed later in the day by the 
TUC's warning that it would not 
agree to another year or voluntary 
wage restraint. 

Equity markets look their cue 
from the. Funds. Leading issues 
encountered a fair amount of sell- 
ing which found ihe market un- 
willing and resulted in losses 
ranging lo 14 in some of the 
heavier-priced issues. Here. too. 
final quotations were around the 
day’s lowest and the FT 3t]-share 
Index finished with a fall of 10.2 
at 460-2. 

Overall dullness was reflected 
In the ratio of falls to rises of 
about seven-to-two in FT-quoted 
Industrials and a loss of 1.6 per 
cent, to 203.16 in the FT-Actuaries 
All-Share index. Among the 
sectors, fears of dearer money 
took their toll on the Property 
section which recorded wide- 
spread falls throughout the list, 
while Drink shares, a good 
market fate on Tuesday in the 
absence of any increase in duty, 
took a distinct turn for the worse. 
Official markings of 5.180 were 
the highest so Tar this week. 

Pressures created by a majority 
of analysts' views regarding pos- 
sible funding problems stemming 
from the Chancellor's estimate 
of the fiscal year's Public Sector 
Borrowing Requirement and of a 
probable upturn in interest rates 
caused widespread weakness in 
British Funds. Little sign of the 
eventual downturn was apparent 
in opening business when the 
shorter maturities improved nar- 
rowly in a brisk two-way trade 
and the longer dates held fully 
steady. The appearance, how- 
ever, of several brokers’ circulars 
critical of the Budget proposals 
and bearish of the market's pros- 
pects co-lncided with a buying 
withdrawal which largely 
activated the subsequent weak- 
ness. Rallies at the shorter end 
wen? short-lived and a lone 
similar movement among the 
longs in the Iate-afternoon also 
failed, leaving the latter with falls 
of 1? points, which were extended 
in the after-hours’ business. The 
shorts were a maximum of } 
down on the day. The gathering 

imnrc«sfon that there was nn 
incentive to invest at present 
i* as just as much an unsettling 
influence yesterday as the actual 
selling which was persistent 
rather than of any great volume. 
Corporations adopted a course 
similar to the main funds and 
closed with falls ranging to a 
full point. 

In circumstances reminiscent of 
the previous day, the investment 
currency premium moved within 
a one per cent, range before clos- 
ing marginally firmer on balance 
at 102| per cent Unlike Tuesday, 
however, trade was brisk with in- 
stitutional sources operating both 
ways and other demand absorbing 
a limited offering from arbitrage 
quarters. Yesterday’s SE conver- 
sion factor was 0.6834 (0.6829). 

GRE disappoint 

Composite Insurances closed 
easier throughout with sentiment 
not helped by disappointing 
annual results from Guardian 
Royal Exchange which declined 6 
To 214p. Eagle Star reported 
annual earnings in line with 
market expectations but the chair- 
man's accompanying statement 
was deemed rather bearish and 
the shares eased 3 lo 146p. Sym- 
pathetic reactions of 4 were seen 
in General Accident, 210p, 
Phoenix; 250p, and Royals. 35Sp. 
while Commercial Union ended 3 
off at I44p. Elsewhere, Legal and 
Genera! softened 3 to 147p and 
Prudential shed 5 to 145p among 
Life issues. 

The major clearing Banks failed 
to hold on to early improvements 
of around 4 which reflected the 
prospect of improred profit mar- 
gins when their lending rates rise 
in line with minimum lending 
rale; prices drifted back to close 
unchanged at their overnight 

Following Tuesday’s late rise on 
relief that excise rates bad not 
been raised in the Budget. Brew- 
eries came on offer and most of 
the previous day’s gains were 
eradicated. Whitbread' A fell 2! 
to 871 t». while Allied. S5p. and 
Bass Cham'ngton, I54p. shed 4 
apiece. Scottish and Newcastle, at 
65p. gave up H of the previous 
day's rife of 2). 

Further consideration of the 
Budget incentives offered to the 
industry leFt Building descrip- 
tions with widespread moderate 
falls. Taylor Woodrow. 348p. and 
Tilbury Contracting. 272p, nhoao- 
ened 10 and S resnectively. March - 
wiel. 274p. and Richard Coslain, 
246 n. were similarly lower. Hou^e- 
biulders were vulnerable, reflect- 
ing also the prosnect of b hieher 
mortgage rate and. in subdued 
business, Georee Wimpev fell 2*. 
to 72p while Gough Coooer shed 
5 to i9p. Orme Develonnients, 
474 p. and Barratt Developments. 
107p, both finished around 3 
cheaper. Standing 2 easier In 
front oF the preliminary figures. 
John Pinion Tost further ground 
to close 7 down at 24p. following 
the announcement of a pre-tax 

"¥l|| 11977 | | 11978 | | 


— i — — ■ v-.vhk™ at le «p. aijvtuiijiivc jure i-icoa icajiuvn given in me ary figures. Bu rma h, 43,, and 

, „ enthusiasm continued for ML Chancellors proposals.. ' Already Lasmo, 142p, both closed marein. 

Stores dull up 7 more at 114p - er * EF lces , were ,ed furUier ally Cheaper, while Ultramarine 

while Victor Products made a downwards after 10 ajn. by a up 6 to 222p • - . B “ ve 

In a quiet Trade. ICI' fell 11 to fresh peak for the year of l02p weak gilt sector and dosing falls rv, . ■ v\- 

344p, and Fisons cheapened o to with a gain of 2 Profits lower stretched to double-figures in .Traders were- note- 

330p. Elsewhere. Crystalate ini- than anticipated unsettled Gtm- Places. Beecham fell 14 to 636p W0I ir y , r ?iL a ? se «, 6 to a ".1978 
proved a penny to 25p following wed initially but after falling to Glaxo shed 10 to 518p as did . p 111 Sune Darby .fol- 

funher small buying. I09p the price recovered to end Unilever, to 508p, whfle Metal JowlBS MaJayan interest 

In generally dull Cinemas, only the turn easier at 112p. 1°®* 8 to S00p, Rectdtt and After having opened' firtjjy 0 n 

Howard and Wyndbam improved Babcock and Wilcox received 7 to 427 P Boots 6 to the capital gains tax measures In 

marginally in front of to-morrow’s support from Its preliminary 2 "{P- wwster declined 5 to lS4p the Budget, Investment Trusts 
Interim figures. statement and ended just a shade OrgmiisaUon dosed 4 succumbed to the general trend 

off at 238p. Awalung further news and closed with modest- losses, 
on the. Lonrfao bid situation, Scot- Atlantic Assets receded 2i to 

/ — ; — v. «wl Universal Investments 79lp mirroring Its substantial 

270 1 , 3 t0 ^ 7p: *xmrho Investment in Oil Exploration. S. 

S"**™ 1 2 l0 »erat ©p. making. Pearson fell 4 to 180p in -Finan- 
oeo » fo . r SUJT worth around dais, where more modest losses 

~ P* 1, share. Elsewhere, recent ware seen in London. Merchant. 

|* fkjl 81ft “ d &***& ^ SmJthera, 

oko - PA Hm - taking and fell 6 to 153p, after 226 p. - ■; >: . - 

PI JM a 151 p. Sotbeby Parke lost a similar Shippings held ub reawiiiahlv 

/ W 11 amount to 240p. Disappointing W eU with the notable ^^oS 

240" V I A - ! * ft Ctn ^ st ^ Inter * of Furness Withy wbicb^Sd 5 

I If \ a » $J?0? aei at 811(1 to 2l7p. . 

Q on _ J _ A K Smiths IndTOtrles gave up 2 more Carpets IntertoatioPal came to 

A5U r VIA i\T\ . *?® p /ouowmg comment on the fore in Textiles, losing. 8) to 

J VI \/ * V A , A 41p on the dividend omission and 

820 - f ,L * J ? v 1 ^ wss "Bfiyfsi 

310 . /-Light Electronics, V — s d *i? ams h Mi satsbk SrjBt 

k I Doflin TV I cheaoei5d P fi to * 'memary duty on higher tatcigar- 

onnL A f LnaOlO I ¥ J }* 8 %'J? d T P e ** ettes. Imps closed 2 bffnt75p and 

,Vy F.T.- ACTUARIES INKX of'^n^ 1 -*** '■? 

19ol -H 1 1 Iwrc I I 1978 j J 7 “Jp “ to the Sou* African Industrials cim-' 

. JOL AUG SEP OCT NOV DEC JAN FEB MAR A J V* ci" a “^ rpeCted pr ®’ tinued firmly. Primrose rising 7" to 

V ✓ lunmary profits 95p and O.K. Baxaara 10 to 320p.. 

Motors and Distributors took Castlefield, 5. better at & : 1S78 

Leading Stores auenumbad to cheapor at 115p. whUe St^trite 53ie 

the general dull trend. Prices gave put on 4 to 75p in response to March r^ ch ed Plantetiaris. 

pound from the start and closing good interim figures and the fore- Snce July 1976. Dtud^ do^d 3 ^ - -S 

levels were around the lowest of caste of a record full-year out- off _ t gi D reflecting mo untine nmir ■» - j ' - - 

the day. Gussies A stood out with come. Vosper ran into selling j 0SS e 5 at P Industrie IpireilL lose gTOllIld . . 

a loss of 10 to 278p. while British and with recent buyers off. feU perenn]a ] loss-maktag Italian Second thoughts about the 

£ B iL£!Snta d iUo tD HMie of J ° l ° operating company of the Dunlop- annual figures coupled with the 

did Debenhams to 103p. House of Danish Bacon “A" featured lack- Pirelli union. Falls of 4 were weakness of the industrial market 
.L ,,n * S lustre Foods, falling to 107p on seen in Laras Industries, 2S6p, eroded the gains made on' Tues- 
1 Vs’ late imorov^ 1 he disappointing preliminary and Zenith Carburetter A, 103p, day by Rio Tinto-Zinc and the 

^iSS^rth «ifS5S t bef0fe c,osln “ 13 eas,er tthlJe Yo £ ™ er ga l e “P ■ shares dosed 5 lower at I90p, 

ment of 6. Woolwortn softened a on ac jinp Tate a „d penny at 56p m front of to-days _ , . 

fraction to 67p despite an invest- Lv |e reacted 6 to a 1978 low of preliminary figures. . g £P era L t 416 

ment recommendation A particu- 1 g 0p- while j. Sainsbury. 172p Apart from a fall of 10 to 250 p London Financials in the^mfiilng 
larly firm market of late on bid and Associated Dairies. 2l8p. lo.vt in News International on concern SI l a |» e ?f 1e 5 

hopes generated by the recent dis- 5 and 7 respectively. Associated about the current dispute at its gated -Gold Fidib down 4 to 170p, 
closure that H. Samuel has m- Wffn |« a{ yg up 0 f “Sun" newspaper, little of in- Charter down 3 to ISOp and Selec- 

creased Its stake in the company's the prev i ous day’s gain of 8 which terest took place among easier tion Trust 2 softer at Wp. 
equity to just over 19 per cent, followed Press comment on the Newspapers and kindred trades. But. trading throughout- the 
- Scattered selling in an unwilling preliminary results while Rown- Properties reflected renewed un- mining sector was sluggish. South 
market took the Electrical leaders trcc Mackintosh declined 5 to certainty about interest rates and African Golds opened in 
to lower levels. GEC reacted 8 to ing- : n f ront 0 r to-dav’s results, were dull from the outset In sub- Hoe with the higher bullion price. 

23Sp and EMI 5 to 152p, while p 0 novvine the recent market re- d ue d business, leaders Land but fell back later as the bullion 

Plesscy were lowered 2 to 98p. ra ti n g on the proposed reorgani- Securities. 200p, and MEPC, IlOp, price eased, eventually to close 
Thorn, down 10 at 342p. were not sation of the UJC. bakery Indus- eased 6 and 4 respectively, while at S179.375 an ounce For a net faP 

helped by news of the completion try _ rhm shaded H tn 5lp and Enj^ish Property, 28p, shed 3. of 50 cents. The Gold Mines 

or two acquisitions in the U.S. Associated British Foods *»ave up Secondary issues notable for par- Index was 0.9 lower at 15L4*. . 

The overall fall in the Engineer- 3 tQ 02 p 0 ticular weakness included Centro- Yesterday's publication of 

ing sector was less than the vlncial Estates, the Ordinary and quarterly gold mining:- reports 

average. Of the leaders, GKN the A both losing 5 to Bop and from the Gold Fields gfqtip made 

gave up 7 to 274p, but Tube M1SC. 16au6rS uOWTl 64p respectively. Hammerson A no imoact in a market looking for 

Investments were only 4 easier at „ . closed 5 lower at 543p as did a lead. • 

360p and Hawker 2 off at I96p. Hotels and_ Caterers turned Cburchbirry Estates, at 240p. while • West Driefonteln led-the heavy- 
Vickers finally managed a penny easier following the previous Warner Estate fell 6 to 123p. A weights down with' a fall of f to 
gain at I85p, after 182Jp. Else- evening s late strength which fol- j 05S 0 f jq wa8 marked against £18}. while Vaal Reefs, at *13!. 
where, profit-taking took 5 from lowed the Budget proposals, stock Conversion, 218p. while Western Holdings, at £J7|, and FS 

Davy Internation aL at 225p, and losses of 4 occurred in Grand Great Portland. 286p, dosed 8 Grdiild. at £i«. were all J lower. 

Acrow “A" were the same amount Metropolitaii, 104 p. and Trust cheaper. South African': -Flnafidais 1 

lower at 79p, while Baker Perkins “©“Ms Forte, I9«p. while small Leading Oils were dull in a reflected the ‘ generally .easier 
slipped 3 to 91p and Splrax-Sarco, seU *?S chpped 5 from Myddleton small trade with British Petroleum trend, but trading was rnriet Dc 
a good market recently, sur- at easing 10 to 750p and Shell 7 to Beers were 1 softer at_325p. ' 

rendered a like sum to 280p. Miscellaneous Industrial leaders 513p. Oil Exploration closed 14 This -week’s recovery, in , 

Peter Brotherhood extended Tues- which had risen in initial response cheaper at 194p, after 190p, follow- Afrikander Lease was checked by 
day's rise at first to 153p, still on to the Budget speech on Tuesday, ing disappointment with annual a fall of 15 to 175p. Consolidated , 

Qo-rarumaxt 8oc*_ — 72.75 -.73.6®-. 73.92(1 ISM 74R3 74.06 69; »■! 

need lnterert— 76.40 . 77^)3!^ 77J5 . *77.41 ' '17Z6 ’ 77.31 7 ^ 

lodntriri OnUnuy^. . 460.2 - 470, 41 . 465.5 : 467J. , 471.4 , 470.2 f. 

QtM Rliwa. — 161.4 152 J 160.7 163.0 163.7 151.6 ja:' 1 »’ 

Chd.tiiv.XtaW 8R7 - 5.7S 5.82 6.7.7 6.7 b 5.76 BJ . ^ 

fijminpi r W‘t(fuU)l') 17.14 16.Bo[ . IM9 16.86 '17.51 .16.60 if 

F<B Batio (netK l 1).i.». 8JH ; B.2lj. 8.13 8.18 -8.17 8^0 . ^ 

Dealing* marked . 5.180 4S44J -4,662 4,971 ""6R84 4,844 4'gj .. ' 

Bqully uinwrwfcn^. - ' 42.1« ‘ 48.19 65.021 78. 15 66.15 ’«/ if l / 

j jqnUy baqpgna t &tol.J ■ 3LlOg n.g ag’tafSfl J 16^24^ 14.0^^ 

Ilfla.ffl.4KA ■ ti. UH.-4WA Nwn'«.(l. J PJn~iSlX - V 

^•**1 ®' Pw . tmu.- corporation- tax. tXUa&flfl' -i!. 1 

- Back 1M Cow. She*. IsnMB. TfxtA Im. m lqd.^ (MrtJira. ec f’ 
in /S/55. SE Mbltf-'KlKlM. OMf * Vi/X. CC 

470,4|. 463.5):. 467J- 471.4 
152 JU 160.7 .183,0 163.7 
: - 5.79 . 5.82 6.7.7 6.7B 

16.eb{ 16.99 16.86 '17.31 

;• «.ai . 8.1R 8.18. ; a.i7 

4T244| .4^6621 4,971 "flfi84 

470.2 417 f- 
151.6 12! 1 ?! 

•Wl 4.V-- 

MinM ia/9/55. SB AotiTity ' Jaiy-Dec. act 


Gon.Seca n . 
Fixed lot.... 
Lad. Ord...w 




- Low ' 







-U2W ■ 

■M7-3 - 



. 18/3) 



I/U47) tJ/hUjj 
49.2 40.4: 

■ - - % 


—Drily - 







Thai a-.iL—. 


117 J 

114 JO 

Murchison, met. Cape selling , and 
declined 5 to 245p. ^ 

In Coppers, ZGT eased- i to lip 
and Minorca, slipped: - 1 - to. l«7p 
after the disdosure-of their loan 
agreement - Among - qfuiet 
Rhodesians, Rhodesian Corpora- 
tion were 1 1 .harder at 20p -after 
higher annual figures. . 

Australians featured Tasmfnex 
with a further advance of 30 to 
90p — making a gain of 45p in 

'five trading . days— on • sp«& ' ... 
live Interest linked to. ■-"* 

prospects. There was also fate 
in the oil hopes of Central 1: - 
Minerals who climbed IS to 2‘ 

The rest of the market was qat i - 
firm. " : >; 

Small selling took 5 ft ?•' 
Southern Malayan in generally! v‘ 
tested Tinst while, amoog £ < 
Canadians, Anglo United ream '5 5 
their rise, gaining 3 to flOpT},, 

4i»t- t . ■$ 


The loiiowtag SKnrf ties l quoted in • the 
Share Informatloii Sarvice yestordxy 
attained nn* Htahs.Hd Low tor 1B7B. . 

NEW HIGHS (38) _■ 


I Cutler- Hammer- Rcxnord . . . 

1 Hutton (E. F.J 


Bank o> Nova Scotia Pacific Petroleum 
Imperial OH 


Algemene - 

Heywood Williams Menders 


4kze CrystaUte 

_ . „ - STORES m 

Time Products Wama 


Ash and Lacy Osborn is.) 

Brotnerhood P. . Startrlte 

M. L. Holdlnqs ■ Victor Products - 

Bomg.1 HOT “ W ‘ 

Dlnkle HeeT Ryan ri_> 

Dobson Parte Tnilna rT.) 

Fogartv lE.) . UnilcvqrNV . . - - 
Hawtin - Wood (A.1 

James IM.) - - 


Anglo-Tramvaat la«B. Prlmrae 

TRUSTS (3| ■ r. 

Jersey- Estonia I Prf. PretabalUSIconi 
Slme Darby 

e . RUBBERS (1> 


■r .e MINES. «» . 

Transvaal Cons. Land ■ - . 

NEW LOWS (124) 


Liverpool SijKl [ml. Do. 3oc '24.Aft. 

L.C.C. Si;oc 1983-Ba ' 

LOANS' (31 

ICFC 7L-OC A Deb. Oo. a^ttbLn. 'SE-BT 
1991-90 Do. 9 pc A 1991-94 


C. Pacific 4pc Db. ' . -- 

„ , BANKS 11) , 

Goode D. & MuitM 1 


Aberdeen Cstrttn LawrencefWaRcr) 
H.A.T. Ormo Derelopments 


Coates Bros- $ Croda Inti. . . 

Do. A NrV Flaono , 



.* • • :• r -• 

■ , Fobos cn . _r.. r 

£ arl SE ^ Dobs ° B ' Tate and Lyle 

Danish Baton A 

INDUSTRIALS (3) - - 7^. 

Downs Soralcal Trafalgar HoduL.^ . i.' 

; OvnbefvCombex-M. 

■ ■ ■ ' INSURANCE 15) - 

Eacltr-and Law Provident A 

.Guardian Raval . Do. B ■ -a -r. 

Legal A General - J 

Caneals ... EinSvotoi . 

PROPERTY (32) - rl • ' 

A llnatt . London Evans of Leeds >. - 

A OCX Prone. Gieet PortlaiuEd r - 

Berkeley Hambro Haalentera Exturf ,i. 

Land Inveeton; - . ' 
Bradford Props. Land Secs. > « j' 

BrittahLand - Do.5VpcChr.# 

Do. 12 pc Cn?: Law Land _ 5 ' 

Caoltal aodCoontlM Lynton Holdlnn v *■' 
Centrovinclal MEPC 

Do. Can. . . . Mclnemcv . - i- 1 ' - 

■ Cheat ere etd Samoa) Pnom. : 3 ;i " 

Church bury Estates Slough Estates-^ e 

Country A New Town Do. IOdcCdv^w 
E ng l tan Ptod- Stock Conversion^ 1*' 

Do. fih-pc Cnv SunleyfBJ , s ,r ■ 

Do. 12PC Cnv. ■ Warner Estates ' 
SHIPPING iz) .- ly-i 
Furness Wltby *** X* 


• ^ TEXTILES Oi - - j jr • • 

Corah ■ .id 

Coutaulds 7 pc Db. *82-07' ^1,<I 

... TRUSTS CO- • jfflP-. 

Leda Iny. Inc. . M. 4n d 

da Iny. Inc. M- and G. HoidW-'-'. 

irrnah ./°^4 ” 3' 


British Funds - n .! . 

Corpus. Dominion and f 

Foreign Booils _* ' ' 2- W : P. • 

ImlBsfrlata i/U) 552 _f ;■ 

FlimcM and Prop. ... - 50 '.202 ' 

ogs. 2 

Plantations ; WW .,J. - 3 -t- }. ; 

Mines - 14 •; - 

Recent tasm -5 

Totals — 23* MaXffi. 



Telex: Edltonal 886341/2, 883897 Advertisements: 885033 Telegrams: Flnantimo, London PS4 
_ „ . Telephone: 01-248 8000 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026. 




Amsterdam: P.O. Box 1296, Amsterdam-C 
Telex 12171 Tel: 240 555 
Birmingham: George House. George Road. 

Telex 338650 Tel: 02M54 0922 
Bonn: Press tan us n/104 Heussallee 2-10. 

Telex 8869542 TeL- 210039 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel: 5124037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 FitzwIIliara Square. 
w Telex 5414 Tel: 785321 
Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-226 4129 
Frankfurt: Im Sachsen lager 13, 

Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: 838-7545 
Lisbon: Praca dn Alegrta 58-1 D, Lisbon 2. 

Telex 12533 Tel: 362 508 
Madrid: Esprondceda 32, Madrid 3. 

Tel: 441 6772 

Birmingham: George House, George Road. 

Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Street 
Telex 72484 Tel: 031-226 4139 
Frankfurt: Im Sacbsenlager 13. 

Telex 16263 Teh 554667 
Leeds: permanent House, The Head row. 

Tel: 0533 454969 

Manchester: Queens House. Queen Street. 

Telex 666813 Tel: 061-834 9381 
Moscow: Sadovo-Samotechnaya 12-24, Apt 15. 

Telex 7900 Tel: 294 3748 
New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Tel: (212) 541 4625 
Paris: 36 Rne du Seotier, 75002. 

Telex 220044 Tel: 236-5743 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 
Tel: 253 4848 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svens ka Dagbladet. Raalambs- 
vagen 7. Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682698 
Tokyo: 8th Floor, Nihon Keizal Sbbnbun 
Building, 1-94 Otemachi, Chtyoda-ku. 

Telex J 27104 Teh 241 2920 
Washington: 2nd Floor, 1325 E. Street, 

N.W^ Washington D.C. 20004 
Telex 440225 Tel: (202) 347 8676 

Manchester: Queens House, Queens Street. 

Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza, N.Y. 10019 
Telex 423025 Tel: (212) 489 8300 
Paris: 36 Rne du Sender, 75002. 

Telex 220044 Tel: 236^6.01 
Tokyo: Kasahara Building. 1-6-10 Uchfkanda, 
Chfyoda-ko- Telex J 27104 Tel: 295 4050 

DEALING DATES Trafalgar House, British Land, 

First Last Last For Burton A, S- Osborne, Northern These indiCfS are the . 
Deal- Deal- Declara- Settle- Mining, English Property, Suter j 

logs Ings . tion ment Electrical, and SL Piran. Puts ,/ 

Apr. 11 Apr. 24 July 6 July 18 were taken out in Ransome Hoff- 1,1 j — — 

Apr. 25 May 9 July 20 Aug. 1 man, Trafalgar House, British J 

May 10 May 22 Aug. 3 Aug. 17 Home Stores and Gussies A, while EQUITY GROUPS 
For rate indications see end of doubles were arranged in Pre- 
Share Information Service mier Consolidated Oil, British CflnirPC' 8 CITt-CFfTlfi 
Money was given for the call Land, Maurice -James, English ^ 1 1 w 

in Premier -Consolidated Oil, Property, Yule Catto, Adda In* 

Maurice James. Saville Gordon, ternationaL Town and City Pro- F'S^ea la pareiiihoj^. show numi 

Letraset. Town and City Pro- perties. Trust Hooses Forte, ***** p* 51- ieclion 

perties, French Kier, Burmah Oil, WUliam Press, Ladbroke War- 

Lad broke, Yule Catto. Adda Inter- rants, Letraset. French Kier and “ — r . v . nt . l ,. a , 

national, Bellway, Keyser UI1- Snter ElectricaL A short dated 1 

man, mils and Allen, Lonrfao, cati was done In Trafalgar House, 2 rasT 

Orme Developments, Brent Wal- while a double was transacted J 

ker. Sirdar, Duple International, in Ladbroke Warrants. J 


These indic/s are the joint cwnph^tion of the Financial Times, thO Institute of Acfii* 
./ • and HfoJFOcuIty of Aetuarifes i, 


EQIt/y GROUPS Wed., April 12, 1978 



iron. ; 
Apr j 

io ;-| 




Figures la parentheses show number of- 
stocks per section 

Day's Yield". 
Change tMnx ■ 
% Corn 


Wv. • 


at 34%) 

EsL . 
T Z 

■ XcL) 

■ Com. 

1 Index 




Index '1 

. No. . 

1 CAPITAL UtiODS 1 1711 




Copies obtainable from newsagents and bookstalls worldwide or on regular subscription 
from Subscription Department, Financial Times, London- 


Stock tion 

ICI £1 

BP £1 

Beecham 25p 

Grand Met. 50p 

Shell Transport.. 23p 

Unilever 25p 

GUS A 25p 

BAT Inds. 25p 

GEC 25p 

Distillers 50p 

Imperial Group ... 25p 

Letraset lOp 

Midland Bank ... £1 
Trafalgar House... 20p 
GKN £1 

- of 





marks price (p) 

on day 




















— 4 





- 7 















- 5 





- 8 





- 6 





— 2 


71 J 



- 6 










- 5 





- 7 




The roUmvfatj table shorn the param 
eqaily secUons of toe FT Actuaries Share 

Gold Mines F.T 


Metal Bod Metal Forming 

Office Equipment 

Wines and SiHt-Hs 

Overseas Traders 

Hours and Distributors 

Mining Finance 

HcchanJcal Engineering 

Toys and Gaines ,, 


Packaging and Paper 


lasnraace Brokers 

Nawspapers and Publishing 

Engineering Contractors 


Consumer Goods . (Durable: 

Banks. ... 

Consumer Goods C Non- Durable) Groop 

Capita] Coods. Group 

Industrial Group- 

Entratalnmem and Canmg 

boo share index ... - 

age ctanngest written have taken place state e December 3a. 
Indices, li also contains tin Gold Mines Index. 

+ 14.7T AU -Share Index 

+ 3.63 Oilier Croups 

■■■■—— + 3J5 Manufacturing 

" + 2^1 Insnraace (UNO 

+ ZJ7 Electronics. Radio and TV 

-I- 2U BuRdlng Materials ... 

+ L65 Pharmaceutical Products .. ................. 

. + ojn S times — .... 

— — 0,77 Financial Group - ... 

... + 0.05 Oita ... . » — 

— 0.7a Construction and Construction 

- 0.95 Electricals 

.. — LA2 Household Goods 

- 1J5 Investment Trusts — 

- im Merchant Banks — 

— LSI Insurance (Composite) 

— 2J3 Proper t y — 

- 2SB Hire Purchase 

- 2M Food Retailing — 

- 2-65 Shipping 

- — — 2X3 Discount Hooses — 

— — - 301 t Percentage changes based on 

— - 3J* 1SJ3 Indices. 

the principal 

— - 3.M 
- iJtb 

— - 3.93 

— 3.95 

- 4X7 

.... - 4J7 
..... — 4.94 

- 5J1 

— SJB 

- 546 

— 6.03 

- 6.70 i 

.... - 6.72 

..... - 7_12 

- 7.29 

- 7.91 

- 1-63 

- 82tt 

- 9J0 

- 1UJ 

- 15.01 

April ll. 


- 1B78 eg I -S tSsa’saS 

fs*ne I ; m£\- E «. ' Stock |e -c t'+ nr] 1 a l=£Es:?s 

Prircj=- 1.2 5-1 | :5 s * l — ! t- = oJ-<r= 

Pt h - I High j Low j r \ j a " 1 | 

106 I F.l*. (26/4 i 195 ! 118 Hohdays 1126 | + 2 [a.7S [2.aie.5«.Z 

■ ! ! I i I I : : I 


. High I Low 

atW ; 

f 8 j+ ° 

-20351 j 202.88 204.03: 20428 
184.49 [ 183.50 184.34 t UJ.K 

.633 192J1 189.74 -190.99. U9.75 

5 Engineering Contractors 1 14) - Z89J7 ^10 17 6.98 7.93 29277 29124 29257 29285- 

6 Mechanical Engineering 171) : 161.14 -0.8 1930 6 38 7.13 16242 16176 16259, 16279! 

8 Metals and Jfelal Forming ( 17) 163.04 -1.3 16.09 8.43 8.61 165.15 164.41 16457 16419 


*11 (DURABLE’ 152) 185 61 -13 18.17 5.14 7.94 188.43 187.96 188 51 18886 

12 LL Electronics. Radio TV (15). 217.80 -1.8 15.85 ‘3.92 ^.06 22182 22235 22288 22487 

13 Household Goods(lZ) I 168.90 -0.9 16.92 72b 8JZ2 170.43 170 07 169.90 169.45 

14 Motors and Distributors (25) 117.67 -L2 21.94 6.49 6.66 119.05 117.86 11842 118J3 


21 ib’ON-DURABLEK 178) 19456 -21 1638 5.96 8.42 198.66 19589 19690 19807 

22 Breweries 114) 22137 -2.7 14.75 6.01 10J27 22735 22110 22217 .22554 

23 Wines and Spirits (8) 24819 -33 1630 5.80 931 25639 247.96 25068 253.03 

24 Entertainment Catering (17) 24832 -26 13.88 6.87 10.46 25482 25035 250.71- Z5032 

25 Food Manufacturing (22)..__ 188.14 -2 2 2128 5.72 633 19231 189.74 190.99. 189.75. 

26 Food Retailing! 16) 190.66 -2.1 14/42 4.79 10.01 194.72 19276 19493 19522 

32 Newspapers. Publishing (13) 33637- -14 1131 3.80 1267 34152 34112 344.00 345.75 

33 Packaging and Paper (15) 126.03 -1.9 2039 934 6.89 128.49 12820 128.02 12851 

34 Stores 130) ; 08178 -L8 10.78 4.40 13.60 185.14 18326 183.93 18601 

35 Textiles (25) ^ 17171 -11 2136 7.85 5.75 17334 17225 17330 17296 

38 Tobaccos (3) 23025 -19 24.01 8.13 4.95 234.79 23087 23203 23530 

37 Tom and n ames fin 9830 —23 2031 - 6.02 - 632 10106 10106 10173 10123 

41 OTHER GROUPS (97) 1B3J31 -17 17.68 6.09 7.45 18616 18511 186.76 187 08 

42 Chemicals 113) 249.17 -26 20.11 6.96 6.80 255.76 254.62 257.61 258.78 

43 Pharmaceutical Products (7) 24244 -19 11.62 4.21 10S1 247.09 243.67- 24636 24673 

44 Office Equipment (0) 12638 -14 1937 4.93 6.33 12833 127.97 12932 13026 

45 Shipping (101 419-82 -03 23.46 722 5.05 422.03 420.76 42037 422-04 

46 Miscellaneous (55) 193.44 -0.9 1732 6.41 7.79 195.23 194.73 19581 19538 

49 lWPIHmuiOGTOWl49S)-JlZI! 199.07 > -13 H.12 5.91 8.04 20276 200.95 202.17 202.99 

51 Qi1si5i.„ _ 438.93 -1.4 17.17 431 6.61 445.01 44412 443.77 443.03 1 

■ 59 500SHAKKINDUX-~^_n gq.22 -18 17.13 5.70 ^7.79 223.13 22136 2ZZ.48 2232BJ 

61 FINANCIAL GROUPHOO) i 160.84 -12 — 5.72 — 162.B2 16103 164.07 164.77 

62 Banks’S) .191.49 — 24.95 5.63 6.O7 19154 19110 1 19110 19174 

63 Discount Houses 1 10) 190199 — — 8.65 — 190.W 190.73 190.73 19039 

64 Hire Purchase 15) 14837 — 13.19 5.40 1123 148.45 14672 14621 14734 

65 Insurance (Lifei(lO) 130J7 -23 — . 6.90 — 133.79 134.09 13639 13835 

66 Insurance (Composite! (71 -12432 -16 — 6.80 — 126.67 32627 12818 12929 

67 Insurance Brokers ■ ID) - 32735 —0.7 14.78 4.45 . 92 0 329.73 33228 333.08 333-63. 

68 Merchant Banfati4t_ 7522 —0.9 — 634 — " 7652 7627. .7681 .7681 

69 Property {31l 2D28 -2.8 3.07 . 3.18 62.73 22369 . 224.75 227.09 227-79 

70 Miscellaneous i7l £ -105.96 -03 24.66 7,49 5.61 10630 1063 3 1062 4 1M30 

71" Ini-estment Trusts 19O1 19L19 -03 3.43 4.99 29^0 19169 :i91.73 19179 19l« 

81 Mining Finance (4) ‘9033 -2.2 1726 7.77 6.74 9235 .9107 9215 .92.15 

91 Overseas Traders (19).. 28632 —0.6 16.64 6.85 "2.48 287.92 288.14 28561 2863 6 


— 162.82 16103 164.07 164.77 

6.07 19154 19110 19110 19174 3514 

— " 190.W 190.73 190.73 19839 Affil 

LL23 148.45 14672 14681 14734 13- 

— 133.79 134.09 13639 13835 l»i 

— 126.67 12687 12818 12909 

980 329.73 33128 333 08 333 63 : 

— • 7632 7687 7681 7681 



Published by the Banker Research Unit and new available, (his new volume describes 
banking systems and credit sources in ten countries of the Far East- These are: 

Written by experts In each country, each chapter defines aiid analyses the banking 
system; the different types of banks: the services offered; the system of bank and credit 
control; banking legislation, interest rales; near hanking, activity and institutions; 
merchant banking; investment banking; official and siytfJ»ofliciai institutions; export 
finance; the money markets, the capital markets; and a .-tftftnniary of all short, medium 
and long'tcnu sources of funds. 

Limp bound. W0 A4 site pages. ISBN- U 90209ft 17 X 
Price £28-00. in Lbe U.K. S52.00 outside the U.K. 

Your order i«r 

the banker research unit 

Bracken House, 10 Cannon Street. London EOIP 4BV __ 

- Registered in England Kr>_ - !^pM), , , T n - j ' "yrTT -rriZ^g 

• .T-./LA I 

15 | f'-H. • - , 94p Shi|.Vm»l. In.l». iaw%Sn«J. Pit 04pj 

S100 ! P.P. — , SWJ4 Amer. Exnras Ini Pin. Variable 82.......... S99S| ...... 

100 K.F. 1 — .lollgplCllp ] Brittain. KJ l>.*nv. Cum. lied. 2nd JPrel..... lOJp — l* 

*4 1 Al«t - 2? ta 29 lOwk-k MaUy. lUi la. Mart. IWJM 27ia! 

’* K.H. -21 >4 lQap 99pi r imiai Wiutit) fn.. lOOvj + l 

** F.l*. 20(4 ' WiplOIUi-^rtik i Cat toll 10i Cum. Href .!1 j4i, 

— 1 F.l*.. 96': ICbp lOSivVcfukv 1 J. 1 Cum. Fit ‘lD4$ji’* Hy 

4 • P.P. ‘2<s.V 1 0EU 102 ' 1 % Itei. fri. law 

1* . P.l*. ,40*4 10# | OT 'l'« , ar»<>n (?•.> llteat Plv. fn*. Ln. 1096J*....; 97 

*fl:P.P. , 9'5- 106 87 .Tnllws HlaiCnv. Unx Irfi.JVJ 1 103 le' 


^77 ‘6.74 9235 9L07 9215 .9215 

6 85 '-7.48 287.92 288.14 2856 1 28636 ?»] 
5.7317— T^ 641 20620 206.83 ffflj ; 

■ _ . ... . 

. FIXED INTEREST Wed. Tug*. 74 

.YIELDS • - Apr. Apr. 

Br. Guvt Av. Gross Red. la ll lapPM. : 


5-15 years 

Cher 15 years™ 

[ | l^tiLearit 

ls«ue ~ Renuuc. 
Prirc Ua» 

!■: ! <£ o n 







xd *dj. 


xd adi. 

to date 


-0.40 ^ 

■ : 




A-' . 




• DJ8 









4 Medium 

..25 years 1101 

; 5 years — 1021 

U-U IMW I - . , 

1850 I0J0 
1L01 10,82 -Bj - 

M2i • van 

•15 .reara..^ IliBr 1L49. 

6 g years.. — -....I 

?! High , .. 5 ywra.™— ... 

8 Coupons . 15 yens — . 

8 ffi years. 


HljEll • U>« ; 

Cloalng U- or I 
Price - 

Wad. April 12 roevdo McwttJ Friday IrUuri. ■■ ■ . - 

■ — AnriT April r April April April ArtU ‘ . ■ - . 

rndw yield n 1 10 ; I T ' :b.; 4 b. 4 3 m 

ho. .. • -! I I* — 

85 i F.l*. .30:3 13f4-; 54 ; 20 c. H. !n.l,,»rHi.U j 33 ;+l — -TTr T T TT T I a 

62 1 F.P. 29-3 10/5j W ; 7«i iW M tinou|-l. I 04 —2 ■ . ■ r fd-lw yield M 1 10 . J 1 6.-, P ' 

.• Vo- "% .. ' ' '' 1 

Kt-iiiiiiria'iun nale usualls Iasi daj f or fjcaiuui Irea *h stamp duly. 0 talgufes ^ ,c .*>0-vr Red Deb & Loans (15) '60.09 118.86 60.44 60.44 ] 60,41 [ 60.37} BO.75 

fiasco on profiwtte-ius ecnnaie o 4asuniLH divirtcrul and yield, n Forevafl diridvrid | ‘ - . I _ . 

cover based on orcviuus war's earnings r Oiwkml bM vwlfl bated M cr*SpeCfn. Investment Trust Prefs. (15) 86.14 12.68 6688 56,16 66,57} BB.BT, 

jr other eninal extrma'eB Tor HCT. qurow 1 HsurtB assumed. I Cover illnwa 1 ' . i • I • 1 ^ 

loi enn version qi shares no) now ranimiB hir dividend or ranking OfllT tar resuidtod 17 Coml and Indl Profa . (20) 95.01 12.53 72.58 78.01 73.001 73.10 }- Td .79 

dmidends 3 PtarjoK Orice 10 public, p? Hence unless otherwise indicated. 8 Issued ( * . 

nv fonder, lion-mi to nolders of Ordinary shares as a “ rights." Rights ! — — - rhynw r m 

h» w 'iy "I CHpruiisalim. ♦♦ Minimum terKlct nrire. « R-intrnduwd. II Issued t Redemption yield. Highs and hvwa reeerd. b**c - ' 

in «-unn*!nien wirh reornanlubon m-rg' weennr Hd Tnr*ndncOop Q Issued line*. A now I tat •» the ccutHnnti ta-TIwaJUhta rr#m tna puouaoevv, w —• . 

(0 tanner Pr«t B renca Dolderg. ■ AJJonne&i teticra teg ruUr-gaull. a Pidtumju 1 siren. Lund an. EC4F 06 V. mice Ita, hv wrt 32s- - : — 

or unlr-pak) aiiomuot tatisn. + With varraatib — - ■■ ■ . ■ - 

1 12.36 




. .r 

60.37.} BO.73 

1 80.73 





i«tJ 86.ii 






73.1fl|- 73.79 


^ . 

inancial Times . Thursday April 13 1978- 



?*. iff Assurance Co. Ltd.’ 

'‘'tCharcfctu4.EC ,| t 01-3*83111 

■*z „ 

V ^ j 

jure — B0.4 
.• • irtO' 133.9 

-.“5” WL 7 

"i Ser. 4— 12*| 

-... 5-r 4 — 1»* 

-ISW.4.. K2 

.. set-.c— uo« 

•’] Bw.-L 1CT* , 

April 4. Valuation oonnafly To«. 

life Assurance Co. Ltd. 

-ilactijE SL.WJ. QJ.-437SBS8 

Gentnl Po^Folio Life Ink C. ItW Sfl Pensions Management Ltd. 

SD Banhntoneaf Cl.. UftithM) CNwi. WW19TI 44r WMhu reh &X K3P3HH OlliikOW 
FottiolioFund,.. I 130* X \ “ Mana|*d Fund . .Utt 9 )SJ.0| I _ 

il..-(41* — 4 — 

— ' . Portfolio Capital. 

Pine* Non Ms* l 

Graham Life Ass. Soc. Ud. ’ >Vew Zealand ins. Co. (U.K.) Ltd.V 

2 phbcc of Wales JW.. Biw*J7h OaOfiTtfriM MsitIa&dHoMo.M>uih#r.(JS&)2JS 07ft.'K2a\5 




vFt&S M l 
PenAce, (191-0 

‘V life Assurance UiJf 

.AlmafUl-.Reigattn- R«(gsn4OJ0L 

G.L. Caafa Fund 

CL. Easily Fund - 


CLLlrrtL Fund ..ill 

U.L Pjitj- Fund...,. 

Growth & Sec. Life Aft*. Sot L1A¥ 

n eir Bank. BrAy-eo-Tliamit* Berta Td 
Flexible Finance,. I UJWl 

LandtunhSecv 5*U 

Ltr.dbaakSc* Accil?7 EW.l 
GfcS. Super Ft.J C8W10 

Gudim Kqysi gxch*nga 
Royal EUcbauje, E C J 
Property Bondi. .. (170* 17101 

Kiwn Ry; Inw.puo 
Small Co s Fd 

- TfTjuwJojyFi}. 

— Extra Inc. Fd,.. 

American Fa .. 
Ear Era TO . 
GUI Edged Fri 


ISO 1 


- 97 4 


- 100S 




VUA T.'fr! 
1BZ5 -0 31 
102 S -2 7, 
1056 -0$ 
10* W -na 
ioo w *01 

Norwich Union Insurance' Group 

POBOM.NftnnthNRJ.i.NG. ■ (WixzXO 
Managed Fund 
EQiiity Fluid. 

Property Flmd . 

• -« T Nor Unit >t«r li 



J19 7 






-2 8 

104 7 


- - E S^ [ L,(C ^? r ^ Ce Phon{ * Assurance Ca Ltd. 

- L °?.1£ P .- W * „ “■« MS1 4A King U.ihtm 

. life Assurance 

^geRosd.W 12. 


. Hgd.FL.pl53 U9. 
a life Amu. Co. Ltd. 

Fixed Int. IMP 

Equity . 




Oversea* . 

GUt Edged - 


PwlF LDep-Aet jl46.* 

Pen. Proa Cap BOO 5 

PW. Prop. ACC- psftl 

Pwi.3Iaa.CaAi .MU 

Pen.i'tan. Aec. , . 

Pen. Gilt Bdg. Cap, 

Fan. Gilt EdU Ace. 


Pen. OAF Cap . 
P«m.rLA.F. acc 

Wealth Am .. 
Eb’r. Pfi 4m . 

i SL.Et .4P4IIR OILS Wifi 

1107 0 11271 -Oil 

Us 7..I | - 

JPrtp. Equity * life Ass. O.V 
lift Crawford Street. W1H 2AS. 01-4*1(1837 
ft. SUV Proa Bd . . ( 175* 

go. Equity Bd . , l - 
On FL. May. Bd Fd 


-■ Property Growth Asour. CO. Ud.W 

Leon House. frnydten.QMMt.D 

ProperwFijBd . 

Property Fund 'Ai . 


Axric. FundiAi 
Abbey Nat Fund . 
-Abbey Nal.Fd ,*>. 
bieenmoqt Fund 


110.1 -Q3\ 

102.3 .. 

U2.7 ... 


Hearts of Oak Benefit Society 
15-17. Tavistock PJataj. WCIRBSM 01-3*7 8)90 feqg^ntFd. iA». 

x~t*o,o*— ** i,- -ISlg&A. 

HIU Samuel Life Assnr. LW.1T J. JgSSSlAi' 

NLA T»*r_ Addiscti rape Rd., Crop QMM43& Actuarial Pond. 


■ ndRiL.E7. 

'*~zrt SS 


unit value March 

:n,t life Amu. Co. 

Ufkrtisr-iaa. .. 02-Asuw 

. 'me Apr. I.| 130*2 | .... { - 

• life Amarmce C». 

'■-> st. Potim Bar. Hens PJtaeSiTXl 

"■ Fd.Mar.1! 577 . I — I - 

^ d. Apr. 5. | . . IMS - 

Assurance Ltd.* 

■e Wv. Wembley HABONB DFMBSnS 

:-'-m ite im.19 

■l-fllto.. _. 955 

- ■■mdjExoc- 00.8* 


. St-rjigP 

,• -tsr-llr 

1? 1*20 

rrty 1019 

eoTjAce.. Si 
... - ena'Ace . 1MJ 
.... Pops/Acc H B • 

..Pons Aee. ft • 

Peae.’Ace. 03 
-F.. 170 

■.„ rs poo 

■ ^ Current 
’*■' Life Assurance* 

House. QiapelAi* WTw 

HFd. . .1. 9*72 . I 

■_j*rlnv.Fd.l 10522 1 

"house Magna GgO 

■- nr* So, Drbrtdgo UB81NE 

VPraperty Units — 14S.7 
PropertrSwtes A- «i 

SbnssedCnfts 15*5 

Managed Series A- 42.4 
Managed SarlcsC- 40 J 

Money ITaits — 1193 

Money Serio* A ».5 

FiMdlnLScr.A-.. 937 
hu.Mgd.Cap ®f.9 

&Sf<Sr-.--fc «7 

Pns.GW.Acc. POTT 

97J t. 

»oj1 — 

sa 1 


I Fund 

Iged Fd. (Ai.. 
> Annuity.. . 

. Aan’ty.. 

VAll Weather Cap. 

• Pension Fd. Uta .... 
Com. Pens. Fd . . 
Cnv. Pns. Cap. VL 

. Van. Pens. FL 

Man. Pens. Cap. Ct 
Prop. Pvcfi. Fd . 




1*3 1 
1*2 5 

L7 m3) 






. Imperial life Ass. Ce. of Cmiada 

Imperial House. GnUdfdrtL • : ■ 7120 -SHL- 

Sffiffi-riBi M ■*&?<£'«!■■ 

t ia i fadi PArtfoUs 

Manned Fund i — -Provincial Life Assurance Col Ltd. 

lSS?£r P iM-“~E?4 $83 ""] “ i22LW«ti«psKBte. EC2 

Irish Life Assunutce Co. IXtL .. GUt Fund 20 _ ..{urg m.’i -2 

lLFinaburySquara.EC2. , . 

BhoCbipAw. 7._[M9 725 . J 430 Prudential Pensions Llntttedp 

M«naged>und....tafc9 ■ MOM - ■ 1 — • Bolhom Bank ECIN 37CH 0I-4OSPUS2 

STSSiUSS" 1 - ■■-••+• “ «cul(- Fd. Mar 16 .IE229I 23A9 

Plop. Med. Gth J1071 Mfc.4) — 4 — - pwt int Var. J A. kltM 19.7* 

King & Sbasson Ltd. ; ,l»rife.ii...Ku» 25ss| 

B£CnrntifU.ecS pi-msca jEefiance Mutual 

Bas4F&Qien^ : ..nM.« UOJH-^31 — TunbrldeaWelU. Kwil. Mre 22K1 

Govt Fee. B? J_^.(l&.7u 1 $¥m{ **...1 - Sd.PW.Uds J IMS /. I ~ 

ijMfhifH Life Assurance Co. Ltd- Rothschild Asset Muufuotnt 
Langbam H*. Hohabrank Dr. SWA idMMWI »- S«ilWn» Lane. London, EC* 01-625*35* 

Lanfdum'A 1 Plan_M3 *7A| ,..._j — ; K^. Prop Mar 31 1 ~ 1215-1-. -t - 

w«Sp £ {sn , MaajFdpM 4 — Royal Insurance Group 

j . rfn i m i akitt- 1 J i A KewKall Plac«. Liverpool. 051 257 4422 

if** 1 * General (Ln« AWPJW *walBMeuJFd....n32i 139 « .. .4 - 

KUsgs»ood _ Hon»a. Xu: 




jDuugod . I 1»7 +0.#) - 

’ U ‘ WestminstAr Aimr. Co. Ltd. 
d Knot*. 5 Wlubehwae Road. 

KcuHy Initial 1U2 

F&eiflSSAU".. ^ 
^SStafunlZ. S|7 

DoACcum- lwJ 

Property biibaJ... . 95J 

Do. A^siia )U 

lagal & General (Unit PewteM 

Exempt Cash in it. .gfS 




~p Fund.. ..158 9 

Fund 1704 

tnd S*.i 

-. IFund no 




Do Accua j.. . ..105.1 
Exempt Mngd. lull W7.7 

Do. Aceam * 100.5 

Exempt Prop. lull.. »* 
Da-Accnm. - — (95 9 

Sire & Prosper GrnupV 

4. CLGLHden *, Lodn„ EOP 3EP 01-554 8880 

. . 


us Fd r. . 

_ _j.Fd • 

.an FA . . 


.. .1122.9 
(14 9 J 

172 B 


_. J970 

Price- on 'April It. 
t Weekly dealings. 

2M5 *01 - 
1M J -15 - 
2214 - 

97 J -1 3 - 
1022 — 

Schroder Life GraupV 

Ehwrpme House. Portaraoulh. 




* T'i ?- 


trrendy'eioMl^to new |wn(| 
[Westmutster Assnr, Spc- Ltd. 

So 01-684 8064 

W:-:l = 

E SiSV, 

— • gSdlnLApr ii 
T Ffccedlnt. Apr it 

L^8l ft General j*rop- Fd- Mgr*. W 
11. Queen VMflrfe»4 ««■«>, «W»®8?8 WWfsJI',.' • 

Life Ami. to. of Pennsylvania^ BgStSrTii 1 . ~ 
MM2MewB4»dSL.Wl7(mQ. ' (%U»^M5 f^mtyApr 11... 

LACOPCnil*.^-, -R007 08571 . ..t -V •Mj^aXnr U 

uoydo Bk. Unit IW. Mngra. Ltd M \mS 

TL LoobardSUKO ■ 

Exempt 197.2 M2-Mg ■ *“ 

Ltoyds life Assurance 
20. cunjm st, EC2A 4MX 


mi :Si 
i mM 

7 mi 3i 'f 

I 1315 *0.7 
1 134.1 -OJi 

I 147.4 ~03 
I 112.1 *0J 



1143 *0J 

1200 -, 0.2 


Unit* .^4J fc 

rciol Union Group 

'A L Undershait, EC3 

ary .. %% 

'station life Insorance Co. 

■ery Line. WC2A1HE. 01-2(26362 


6 Fund 

Q 1-283 7506 Opt3D«{)t Apr.6„ P20 l5 

L27048 . ..... 

L8 129J 
.1 1275 

•M 2»J it.- 

34t« UB.4 _ 

f Scottish MUorw*' Group 
■/•>■ POBnx9(K.EdInburV*' EHlfiHBU 031-6558000 
'lavFhrAanaol.. 1 

Inr. Ply. Series 2. 

Inv, Cash Apr 7. — 
MgA Pen. Aprils .. 






Solar life Assurance limited 

— Lon dm> Indemnity A Gni. Ins. Co. Ltd. iwiaciy piaev London acr-’fiTT oitcsm 

■■- - — - - ■ ■ ^ - .. j...- ■ U...UHC sms in'c l _ 

B % 

209.0 ' 

20 LB . 




16-30. IfceFbrfaw, Reading 563S1 L 
Fixed 1 

Solar Managed tf 1249 

Solar ProperuS 110.4 

Solar KquJCrS— — 

Solar FSd. M. S_ _ ; 
Solar Cash S-, — 99 « 
Solar IntL _ — ffe.7 

The London A Manchester Ass. Gp.f iSiSjSwrfp:: nib 
Tba tmaa. Folkestone; genL ' 030357393 Solar WogenfT 1 .P402 

U Insurance Go. Ud. 

,UL£CA OI-8285«0 

d. Sfar. 20.(160 B 
. A Commerce Insurance 
sue St, La adoa WtK 3FE OM807061 
' pL Fd.— -.11220 - . 132. ^.1 ..-I . 

. Life' Assurance Gs Ud.9 - 
Jo Hw, Wokmg, GUZ1 1JCW 04862 5033 

-Cap. Growth Fund, 
(Exempt Flox-Fd. 
•Excmw Prop. Fd 
(Rxpcinv. IbL Fd 

PrapertyFuna — — ■ 







iwi -oj! 

1017 -Uf 

1055 -0'1| 








- 0.2 



■ond Ate., 99.9 99.B 

.•"d.lncrn.-. 99 4 99.8 

•dlnlt. — Hi 
d.Arr — , 95.0 
i lncra. ... 95 J 
. d. intt _.*.. 95 0 
. Fd Acc. _ 95.* 

Fd. Inrm, W.0 
Fd InlL.. 95.0 ... . 

\ ra. Acc__ »J 1M.8 

Fd Incrn - 95 0 100-0] 

rd. lmt ... 55.5 UAfl 

■ L Fd Arc.. 95.0 106.' 

: W.lncm «0 

.. Arc «g 

lncnv - - 150 
■, d. Arc .. gj 

• fn5T":»0 '99.9)-0ll 

;n Inv.V_(l50J 

'' er Insurance Co. lid. - 
■ Houk. Tower M. EC3 014B68031 

:. n. April 4.. 1717 "•»*!.. I - . 

•' Star fnsur/Midland Ass. 
dnet<U«Sl.EC2. 01-9881212 

W liMB .W* 504)^0« *» 

• A law life As*. Sec. U40 

• in flood Hijh Wjoomhe MOfSCRT 

HAG Group* 

Three Only*. Tour HOI K3B «BQ 01-876 4UB 
Per*. Pen® do”".. -tt073 




Con v. Deport I* 
Fkmily a -86”, 


Intamatnl. Booth* 
Managed Bd***, 

E* Vi«W Fd . 
Recovery Fd. Bd.*. 

American Fd Bd." )|7.5 
.1 Fd! Bd ” 


■April 12 —April 6. 

Merchant Investors AssuranceU 
139. High Stmt. Cravdoo __ . 01-0860171 

Coav. Dra. WL~ • 
- MimtvMrkLFd. . . . 

Mor. in«. Man. Pd. 
Z Kttr.IUV.PtT.Kd... 

Kquixy Sond._ 

. "Prop Taps. ^ 

Man. Pea t . 








teren F 




Cbov Dep. Pen* — 

Mm Mia -Pen* — 

NEL Pensions LUL 
Mftton Court. Dortnng, Surrey- 
NelexEq. Cap . - 17*0 
NolexEq Acctnn. 

Neiox Money Cap. 

Nftlex Mon: Aeci 
Nelmc fjlh Inc AW - 
Nttlex Gth Inc Cap- 
Next su 
NelMxd Fd Op - 
Nei Mxd. Fd. Acc- 

Far Now Conn Property »ee uader 
RatkxebIM A»®» 


Solar SouTty P. „■_ [152.9 

Solar Caabf_. — 

Solar tiuLP 196.7 

Sun AOtoace Fund MongmL Lid. 

Sun AllwacaHouat. Horsham 040364141 

’ 40 l - 

Sun Alliance Linked Life Ins. Ltd. 
5un Alliance Haase. Horsham 04030)141 

»SSlRd» Bfl: 

Pro pern- Fund. — . 104.4 
IjiicraatimulFd, _ 19.4 
DepoutFutuL^ — . 95,7 — 

Managed Fttnd_. W4 1 10751-05) 

Son Life «r Canada a'JK-l Ltd. 

2.3.4 Cockmur St_ SW1Y5BH 01-090 MOO 

Maple U- Grtfi — V 1927 J. I- 

Maple UXangd ,J 1325 

Maple UtW 1 12U 

Fervnl PtLFa. 1 . 19*4 

Target Ufe Assurance Co. Ltd. 

Target Hduaa CMehouM Rd- Ayl«*£uw, 
Docks AilertMrrv'tOfld 3941 

Van Fundlac. 

Stan. Fund Acs — LJ 

Prop. FYLIne. 

rrep Fd Acc. 

Prop Fd lav QMJk 

Fixed lot. Fd Jnc.pfl*Z 
Dep.Fd Aer. Inc 
Ref. Plan Ac. Pan 

BouPlanMan.Ctp . 

GUt Pen. Acc. 

GiU Poo Cap. 

Traasi ntemti ottal Life Ins. Co. Ltd. 

2Brcati>Gldg*,KG*LW MAKSUT: 

Tulip tnvan.Fi.-. (U4 3 141* 

S^Wd^TTpJ ffl 

Mm Pen. FtL Cap.. 1113 8 Ult 
Kan Pm. BA Aec. .ill* 3 12551 


i.N. Bank .. . . ... R*% •■Hill Samuel 6 64*% 

ied Irish Banks Ltd. 6i*fc C- Hoare & Co f 6J% 

.eric an Express Bk. 6i°n Julian S. Hodge . 

,ro Bank ... ..'. Hongkong Se Shanghai 61% 

' : jP Bank Ltd. 6i«!i Industrial Bk. of Scot- 66% 

: nry Anshacher 6**51 Kcyser Ulfmann .... .-«i® 

ico de Bilbao 6*% . KnowsJey & Co. Lid. ... 9 % 

• ■ ik of Credit & Crnce. 6i% Lloyds Bank 61% 

ik nr Cyprus fii% London Mercantile 64% 

. ik of \.S.W 64*51 E. Manson & Co. Ltd. 8 % 

% ..ique Beige Ltd..,...;. 64% Midland Bank 64u& 

... ique du Rhone " 7 %.■ Samuel Montagu 6f5i 

'clays Bank " ‘64% ■ Morgan Grenfell - 64*51 

_^rneU Chnsfie Ltd.... National Westminster 6i% 

^ tmao- Holdings Ltd. 7b®Si Norwich Genera] Tru*t 64^ 

t. Bank of Mid. East 61^1 p. s. Refson & Co. ... 

■wp Shipley 61% Rossrmiosier ■ Accepl-cs 

iada Permanent AFI 64% Royal Bk. Canada Trust. Bj*!& 

litnl C & C Fin. Ltd. Si**! Scblesioger Limited- ... 

reer Ltd. " J E. S. Schwab 8$% 

• lar Holdings 6 J Security Trust Co. Ltd. 7|% 

■. merhouse Japbet.-. shenley Trust 

TOlartohs - 6ij " Standard Chartered ...• M °o 

E, Coates 'JJ . Trade Dev. Bank 

. lsolidated Credits... Trustee Savings Bank 64% 

operative Bank J:3. Twentieth Cwttur Bk. 

■ : .in thian Securities... 6*^ United Bank oP Kuwait 6J% 

■ -dit Lyonnais Whiteaway Laidlaw 7 % 

■ • -Cyprus Popular Bk p jj " Williams & Glyn's 6i% 

* yican^Lawrie ..-■■■ Yorkshire Bank 64% 

•* . dl Trust (j'n* XJJem&w* t* the- Accwtmg Houses 

flish Transront * « Coamitwe. 

st lAmdon Secs •■‘‘as - dopo8Jui'3* , ». l-monib deposiia 

st N'at. Fin. Corpn. s*«a. 

m Nm <ti»rs Ltd. .-• 8 % * i-tfv floyoslis on sums of ao.OfflJ 

SI j\ji. secs- uim.. a|l|J s% _ up t0 25.o*> Si% 

tony Gidos anfl owr Ca.oo* 4 b«* 

-t hound Guaranty-'; -s can deogshs own* fi.0« -’‘i. 
nrilavp Rani ....... * 0 * Wln,, a 9pw“ *** 

innefs Mahon ' t rut «i». *wii** » stemns lac 

•nbroABaak - 61%-- .sw. 

Trideal Life Amnrance Co. Ltd.* 
RpuJadeHttUtoGlauMaier M9C3ffi4l 






Man aged — .TUtl 

GwiSgd. 14*5 

Property 146 » 

Equity/ A tHartcan . 79 4_ 

Gift Edged 1212 

Money 1 ._ 1215 

Jntrmadanal . ». . «J 

riKll-- J»J 

Csoirth Cap. ... : 125 7 
GrWtOAec - .. 1209 

Pent Mngd. Cap . U3* 

Pena. Mnvd. Are. . _ 11*7 
Pvm.GtdD«piCap_ 1D15 
pens Cta DroiAec.. 1345 
Penk-Pg^^TT. D23 

Pros. Ply Aec, U*t __ 

Trdi.Bood IS J 57 S 

-Trdt.Ga.Bond \ 100* 1 

■C*ah value for £100 preuuum. 

Tyndall Asiurabce/PeoAioasV 
IS Claynge Read Bristol WTC32E4I 

3.ui«y Star 1*. 

Equity Mar 16 . . 

Bond Mar. 1ST 

Property Mar 16 • 
Deposit Mar ur_ 

3- "ray Pen Mar 10 
O m> 3 i lav. Mar is. 
Mn Pa 3 W Apr 3 . 
Do. Equity Afe. 3 .. 
Do Ber.dApr.a . . 
DO Prop Apr 3,. . 









24* » 



Vanbrugh life Assurance 

41-43 MaddaxS: .Ldn_wiE9l.A 01^084622 

»? W3| = 

3 1746 -lij 
_.■» 3442 *0j| 

Sir.2 123*1 . 


Fixed lateral FA— L... 

Vanhmgh Fensiotu Idtmmd 
41^3MadSw51.LriB.wiR0LA O1AP0*0« 
'Maaagod 194 7 JJ 

ai» — m« loo, 

.. — w Interest.. . IS 7 « 

fTopeitv-. ^95 J 100 

Guamteed m 'las. Ba» Hai«‘ iihle. 

Welfare Insorance Co. LULV 
Tfte Leaa. Poto*Waa K»I _ 031055383 
MoncjinaVcr Fd -. | 991 1.1". 

For otbtr n«ute. pleaxe refer ro The Loudon * 
AlaochesC^r Criuio 

Windsor Ufe Assnr. Co. Ltd. •' 

1 High tlreas. Windsor Wnsd;os6ai*4 

Ljfoliw Plana - .153 „ l. 

Fu r j w Aatd G: fiT-t 1 366 , ... 

iPu;ur«A4id OtWbi. — - 4* 




*5 7 






37 v 



33 Old 



79 l3 




-0 7 


120 31 



’ 528 

Ahhev Vnit T-l. Mgr*. ltd. «ai 

‘■SFD.GatehouaeRd. 4%t«»bur.- <129*, MMT 

i^tihey I'apilol [310 
lAhheylpcunw W3 
4hbe> In. T«i m 02 h 
Abbev>2en T»l .. .1*3 1 

Allied Hamhre t.roup ishriv 
H anbrov llunim StenNwl I 
01583 J6S1 or Brcnpww’a •.0377 'JtHt# 

lUtaarrd Fun** 

Allied IM 

Rrit lnrt» Fund 
(jrth * Inc . • 

Sen. A Ind Iter 
Allied L'aniiaJ . 

HaUihroAic Fd.., 
inrame tai*> 

High VwW Pd . 

nigh Incmnr 

A.fTEq Inr 
Inltmttaaal Tuad> 

Inlunabonal . 

See* of Amenta 
Pacific Fund 
Speclaltai Fuad* 

Smaller Co & Fd 
SndSmlr Co’-FH 
Rrnrvcn Pi b> . 

Mqt Min. & C rtty 
Overseas Earnuip 

Expt Smlr Ca't 

AuderMit t'nlt Trust Maugers Lid. 
IB8 HencAurdi Si EGtMOAA 6X39017 

AadenwnUT |4b2 *92d| ... 1 *70 

Aashacher Unit ngm(. Co. Ltd. 

I NoblcSL EC2V 7J 4 01 <23KTT6 

Inc Monmb- Fund P» 1700* .. . I 09 

Arttnshnat Securities Lid. MMi-t 
37, Queen SL l«ndoo EC4R 1BY Q1ZJ8S2S1 
Gun Income Fd. , 

(.arl more Fund .Mgnaprrv V .augi 
1 St Mart .\ve.KC3ASBT- 

n : an.iiT 

•/lAmencjn T»t 
Briu-JiTia >4.-r • . 
• ommodiC" Mure. 
•r-rarEiJ Trn-4 
lugli Income Tvi ■ 

! in-nine Fund - 

In- \g«ieit^ 

5mt hMBmmKd 
1 1 nil T>l i An 

3*5 01 
5* 1 0 4i 
1*3 2 -0.3 
32 5^ -or 

89 7.-4 



i) 6 i 

J04| -Oil 

3 19 

7 09 

l w 

*9 31 -pq 0 27 
*84(4 -od *58 
39 31 -0 21 7.06 

25B| -61| 2*3 
51 8 I 219 
39* p-0^ Z 52 




01 .'.BA UJJrt 

j IS 

Hleblnc. Fund ■ 

ft d w tneeiiud . 
(Accum. latl<i. . 
Capital Fund. 
Commodity Fund 
fAccwn Unitx< ... 
iV0% W'drwl.i: 


Giants Fund 

(Aeeura. Unitsi. . 
Growth Fund. 
(AMvn Uidixi 
SmallnrCo'l Fd 
Sasteru & lnU. Fd. 
«t% WdrwI.Vt* i 
Foreign FU- 
N Auer &fnt Fd. 

HOT 3 

UB 21 



57 8 











*0 2 













-0 1 












23 4a 


18 jS 









11 91 

' 5.9* 


. 1332 


... 02 5 


Gibbs f Antony > liut T ^ ,, ■ Wji*. Lid. 
\X. Rlumfidd St • EC2M 9M- „ , ^ ' ,l lSM *' 11 
■J'Al'i. Inmpip; .13*4 ** 4it) 

*Bi l tj Giwjrttrn »8 
>a<A it Far E>*r....p2 * . » 

Licaling "Tue*- n ^ r ’ 1 

C. o»ou (JohntV 

TT LfindnaWall. E* - 

N'ldilr Apr 7 (JJfi -SE 

r-o. irniBi Uml |154 5 -92 01 

Nvxl dealing d«V Apn. 

Gncveson Management Vu. l id- Si. EttPSOS. 

Uar'gin Apnl 12 . [M** 
i Acemn Unitv'i ■ — 
aigrt HY Apr 
> scrum Umtxi ... 

EndMt Afr 1 1 . 
lAccam - 

lintL-hNU Apn I 
<4crum Umiii 
LnABrtda Apr )2 g!2 
lAi-eum Lulls’ |73.8 
Guardian Royal Ex- t'nii Mcrs. Ud. 

Rural Exchange. EC3P3DS. ■'i-usmjn 

>xgiGuaiiihiUTi4 EU «8| f.7| *«J 

Henderson Administration far ici if* ¥ 
Pmnler ITT Adam- S Bajflalen Hunan. 
Brentwood. Ereex- 0B7J- 237 - s " 

U.K. Fund* ‘ _ 

ilap.'.rowthlim ... 1*^ 

Cap, Growth Aec ..1412 
Incooir A Autfs D03 
High Income Ftmdf 
High locum® . g*2 

Cabot Extra InC , p9 8 

Sector fttadl 

FtBttncUa <E ITV. ^4 
Oil aNal. Rea ....(**■ 

Cabot - . 

Intern auonal 
wrid Wde April 
n vet-yea* Fuad* 

Amtxeltan .. . . yO t 


Prrprliial tpil Trust Mngmt.V m 

48Kani»{ .HonlwenlTiaine* 048:20889 

P|M>uitip<HI. !M) *101 ■ i 358 

Piccadilly Lnit T. Mgr*. L td.V tan b» 
WardC'H. IN! .'*9 Lundon Wail IX? iSlllBUl 

E.Itj Imvme . .. 

'null in -. Fd 
• 'ilMial Fund 
im Ern.-. Jr.axi-rt: 

Pr-intc Fund 

Vnirultr Fund 
Teehnolegs- Fuad 
Far Sam Fd . 





"3 ad 



53 1 








-0 4 








3 35 

Practical Invest Co. Lld.v lyHci 

*4. Bhuuruibiirv Sq WCIAUW Ol4i23K803 
Pran«l Apr 12, [134 4 WO* -L8J 4 » 
Arcinn lihit* • - 1197 2 M9 d -? *i 42* 

Provincial Life Inv. Co. Ud.* 

2S; B:kh> lincaic. E«' St ii|.?4763B 

Prolific ll nil" |73 1 7B3t0 «-JJi |37 

Hich Income . .. 1103.* U3.ll 'll! 772 

Prudl. Portfolio Mngrs. Ud.V (jiHbfici 
Hoi born Bar#. EC1N2NK 01-I0S9224 

Prude nlul ...1117.0 lMOiH-JOi *59 
tj oilier Management Ce. Lid.V 
Thn SO. EKlwnt*. EUXM 1H1* 0104411? 

Muadranificn Fa .IJ005 3 4 ® 

Uuadranl Inf ome ...11192 1229, 

Reliancr t'nii Mgrs. Ltd. 6 
Reliance Hae .Tunbridge Wells Xt. 089223STil 
Oppertiinuy Fd 



ArhnLhnnt JWnrilics iC.I.i I Smiled 
p.} Bo cost* Kohn..tone* OfJI 7'JITT 



sddonieT > vrr 
SeldorrteT 1r 


41 5*1 


5 79 

43 H -Oil 
5* ' *3 -0 2 




4 01 

4 S2 

• H-* ■**! i 297 

. »T 30 5>C -0 li t 77 
7. 7l«- tail 1 452 

European- - • 


North Amerlixui - kr -_ , 

«x AiaGrt&Apr I Dim 

Kill Samuel Unit Tst. Mjrrs.t ia> 

01028 son 

32 Ud -0 v 

*9J -03 
74* -0*j 
17* -01 
114 7* 

4 74 


Archway Unit Tat. Mm. Ltd.V laxci 
317. High Hal born. wnviM. hi^at 6333. 
Archway Fund ,1785 8351 -lfl *J2 

Prices at April 12. Next mb. day April 26. 

Barclays Lnicorn LuL (aKgRfici 

Unicom Ho 332 Romford Rd.E7 OI-S34&. r i44 
Unicom . America .00.4 32.71-021 2 04 

Do Aiut-An *14 **< —05 201 

Do.AUsLlnc, . . *■» S2b tCJ 2 01 

Do Capital. . *18 6*5 -;si; 4.72 

Do. Exempt Tut. . . 10*9 -MM -0 7 6.18 

Do. Extra Income . jgk 290 -oi »4* 

Do. Financial . . S71 *17 -0 2 521 

Do 506 . u. „ .71* 77 4a , 5*2 

Dp General 292 3L*u -01 *.40 

Do Growth Acc .. JBJ 414-0 3 426 

Do lncomaTat . .7S4 B4* -0 4 *4* 

•Do. Pri A n*. Trt 1341 14071 454 

Price* at March 3 Next anb day Abril 28. 

Th-HCMiNv 1392 42.4 -01 5*8 

Do. Trustee Fund 10*2 3157 -01 523 

Do. Trtldwid* Tru*t *5 5 49 2 - 02 147 

Blrt to FdJne M3 *2 0-0 1 5*1 

□o.Acriun ... .*7 7 705|-a«t 5*1 

Boring Brother* & Ca. Ltd.* <a«xt 
K Leadenhall St, E C 3 015687X0) 

Stratton T sl gMJ 174.W . i 3*4 

Do. Aceum, 006 0 218*4... I 

Next hid. day April 12 

Bishops gale Progressive Mgmt. C0.9 
9. BiahOPSOiO. E-C2- 01 -5886300 

B*gatoPr **Apr 11 . J176 8 Mil ... j )S 
Acc.lita.**Apr. it ..BB* * 222 -•■l f « 

B'B**eIttt.Apr-4 EW5 lA7fl . . | 1 72 

lAceum.) Apr 4. . .(1737 104.l| I 172 

Next tub. day -April I* —April 25 

Bridge Fond ManagerKVCaKO 

King WllUamSt. EG4H8AR 0)«234»il 

Rridpelnc- WA 521 

grid/* Cap. Inc t KJ 342* 

Bridge Cap. Ace t. . 35.4 37 7 

Bridge Exempt t 5£# 1*00 

Bridn tntl. Inct. .. Z4J - 155a 
Bridge Inti Acc t. 15.9 17 0 

Bridoe Amer.Geoi 25 0 
Prices April IL32 Prating -Toes, 

Britannia Trust ManagetncnuaKgl 

3 lamdon WaU Build inav London Wall. 


**71 -0.91 5.7* 
51.2 -01 438 

55.11 -05 4*2 

B D -0 9 5*3 
* 430 

104* —0:4 7.84 

*U -0 2 981 
20.4B *0* 3.54 
U* -04 4*2 
913 -17 315 

793 -03 43* 
76 4 -83 7 21 

604 *0 2 2 *1 

44J - . 3*7 * 0.7 3*2 

7**n -07 8.70 

357 -02 517 
-01 2. 02 

46 Beech M..ECSPZLX 
ibi Britiab Tturt- - lift* 
ijulntl Truu . - JA* 
f O Dollar Trust ... *J* 
lb 1 Capital Trnxc . BJO 
ibi Financial Trust- 173 
•bi Income Truai— »-2 
'b/SeetiniyTriiyt -g; 
<bi VUgb YwldTsL . 284 

2544 -17. 
37 1 -01 
74 7 -0 3 

93 4« -6 5 
281 -0 2 
52 *s -04 
30*1 -0 1 

4 7* 

Intel.V lakg) 

15. ChriatOpbW Street. E.C? 0i 247 TO43 

Intel lat Fund - |85A 91 7. -J f\ *80 

Key Fund Manager* LW. mhr« 

25. Hilk&t.EOA’aiE- 

Key Energy to. Fd - 
Key Equity * Gen 
eKey Exempt Fd . 

Key incume Fluid . 

Key Fixed lnT.Fd.-W5 
Key Small Co'* Fd 





Lowfam EC2M SQL 

.Assets... *9 9 

Capital Acc 17* 

Coomb- Ind 512 

Commodity . . *70 

DcunBitic. 35 9 

Exempt — ... - WA 

Exttrineoma— • ... 302 

FarEart 19.0 

Financial Secs U> 

Gold A General . .. Bd 

Growtb »8 

rue. A Growth ... . 710 
tort Growth 582 

Invent. TBLStmrea - AL* 

Mineral* ... . . 33* 

Nat. High to e—— 733 

New issue. _ j. _ gj 

^orth American. . . 2 73 <njt 
Proiesvtimal . . .. 1*24 47*7] -2 d 453 

Property Share* - 123 13.4id-D7i 2*0 

<hi£dZ . 0.7 45.9af-04j 4 74 

Statu* Change. . B 4 M W —021 4 9* 
Untv Energy D02 JaS-Oll 2.72 

The British Ufe Office Ud.* (8> 
TMlimre H*, Tunhrtdrt Wells. KL 1*6022271 
BL British Lde.. .- |4fc.» 495^ -04) SO 

HLBalituced- [435. 4*53 , SO 
BLIHridewf' . «*3 . I M2 

-Trice* April 1= Next dealing day ApnJ -32 


5 97 01-0 81 

Kleinwort Benson l nil ManagereV 

20. 2. 01-8238000 

KB UnliFd UK- .K?, ,£3 

OK.B.UnltFd At.-Kglia 7W9i “79 
KB FAInv-Tsts. -H95 54 if f azt 

LAC Vnit Trust Management Ltd.* 
The Hock Eeha&itt. K2N 1 HP i*i tt8 2W0 

LfcCineFrf 0270 I»f.' f 7.6J 

LAC lnU & Gen Fd 190* 415< I 2 35 

LgwM8 Secs. Lid. 9l»“r) 

S3 George St. Edtaburgh EH2 mi 031-2283911 
1IU* Material*. - .gsd 38 5 *H 

* Accum. Units 1 — MX JJj . 6.98 

•Unwrth Fund — 5*1 *10 .. 383 

*1 Aarum. Unttni . . hi 2 6*5 3.69 

TfoSanriWarcam. SS.5 . MS 1J7 

{American F<L 2S.7 * 22 5 u -11 150 

PAccutn Utdlsi — ^5 23 3* -09 L» 

**HlEh Yield NJ 52 * . Id 70 

-lASmnj UnlMVj.lS.O T?Zl 10*7 

Deal. *Mon Ttttt tfWed tThur> -*Pn 

Legal & General T>udall Fund* 

10. Canynw Road. Brutal G2723C241 

Dta April 12 155.2 50 *| -0M 5.27 

(AnunuL-RiU Wi 726, *0.3 527 

Next sub. day May l» 

Leonine Administration Lid. 

2. DuheSL. London W1M8JP ni-4W5»i 

Lao Dim.. . [735 7*6,-001 5U 

LooAecum . . PH 01 7| -OJh 4 85 

Lloyds Bk. Vnit Tbi. Mngra. Ltd.* (at 
Regtatrar'* Dept, Goring-tyAwa. 
ttmiUai WcMfuom 01-823 1288 

Tlni IBaluri 1. - . 1478 5134-0.6) *59 

Do . (Aeratn, \ ... Kl *9* -D.8 459 

SewS^ao.l-ZMl 317-03 351 

DoIAcnm.1. 2* *43 -0* 351 

Third (Incomcl. ... 7*3 M« -0* *39 

Do.<Acctun.l — IM* j13J -07 *JJ 

Fourth lErioc.) — 57 7 «0 -JJ J.W 

Do.tAccum.i .pH 608) -0.3| 7.tB 

Lloyd's Life Vnit Trt. .Hagr*. Lfd- 

72-80. Gateboute Hd . Ayltiburt'. H2D8W41 
Equity Arctun . (144.9 U2JH-0N 415 

M jk G Groupy_fej(eji2» 

Three Quin, Tdaer HiU. ECOT 4BQ 01036 4500 
See alao 5taek_E^cbaage DeftlUuu. 

Ridgefield Management Ltd. 

PO fluv. 418. Bank Hw . itanchstr 081 2388521 
Ridgefield Inti UT.gjj.0 K.« -2.4f 2.63 

Rldgeheld Income. (94Q 100.H I 425 

Rothschild Asset Management lg> 

72-00. tlaichuiaie Rd . Ayu&tjun 1 0290 0041 


NC IimFU»rglS 152* -11 7 U 
KC Inn Fd line. 10 7 843 -0 8 1% 

NC.lnU Fd (A«:.i{79T 84.8 ^08 198 

N C Smllr Cnys FdjVM 5 150 8) -04 4U 

Rothschild Me La wades IBgzst- (at 

SL Siti nuns Laos. Utn. EC4 01-0384358 - IU150 «20*l 1 372, 

Price ea March 15. Next dealing April 1*. 

Rowan Vnit Trust Mngt. Ltd. 

City-Gate Hie.. Flu berry Sq- EC7 01 -COB 1086 
RuroanAJDi. Apr 6_.|U3 
RimnSen Apr 1 1 155 5 
Rowan Hy. Apr. 6 . 12* 

1 Aceum. Unit*) . 721 
Rwn-Mrn Apr IS- 723 
lAcrum. L'Rits). - l&J 
Royal Tsl Van. Fd. Mgrs. Ud. 

M. JermynSareeLSWl 01-8J9B252 

jaasar-.-Bi sfl ■ ( i w 

Prices itt Mar 30 Next dealing April 14. 

Save & Prosper Group 

4. Great St Helen*. London EC3P iEP 
68-73 Queen SU Edinburgh EH* A NN 
Dealing* to 01-854 0988 or Q31-Z26 ™i 
Save & Prosper Securities LuL* 
lounaatteul Fund* 

Capital — P4 0 

1TX- ... . |p0 

Unix. Growth . . 1*24 

laovering licwc Fond 
High-Yield 152 9 

nigh Income Fund* 

High Return . -. 1*2 B 

Income . . . W22 

l.K Foods 

HR Equity. - - J413 
Ihtnro Fuaduci 

1 Can I'd -JvM>i.-illil 11801 ■ 1 4 

j. .ipnl I < 

Australian Selection Fund SV 

T-Uri.e’- OppuKui.itlra' c.0 ln»b '"ar.g L 
Ourbwaite 12T Rant St . ftdjiw 
LSUbharef . -I —I — 

Net ak»ei value April 4 

Rank of America International s.A. 

X, Boulevard flov»K Iji C G l* 
vi'. locume . HJri 01551 • 650 

ft-ire# 41 April 6 Nest sub. d*'. Apnl la ■ 

Bnk- of Lndn. & S. America Ltd. 

u.i 06 Queen V:elon* SU EC 4. «1-S3D 1313 

AiCvandMi'iiad. M : SU5 - f; <7 :-I, _ 
Net 4&HH vuue April 12. 

ftimqoe Bruxelles Lambert 
~ Rue Pe I* Regeccr B 1000 PmhcI* 

Rer.ia Fund IF -H-M9 2.8201 -*, 84f 

! Barclays Cnicarn InL fCh. It.i Ltd. 
}! C.lorir.s Cro*b. Si. Heller, Jrav 053*73741 
rtrer»«L- tnerinr . (50 3 M9I *fl)i 1044 
l,'wdallvTnm.--to'rlNI BW*0i51 450- 
Unibotid Tnis» I ~y SUS4*®1 , | E0S 
-Sub;evt >a tee and withholding lave* 

Barclays Unicorn lot. If- O. Main LWf 
ITbomKvM Douglas. I oJL 0824 40Sfl 

1-iticArf. Audi Ext .(45.0 45.41 .... Utt 

Do Anri Mia 26.2 283 , 110 

Po.lirtr. Parrfi- ... 579 KJIvOJ — 

EV> Incl Income - 3SA 41Adj +93 840 

Do I nfUanTH 9*2 . g.R «» 

|>v. Manx Mutual _t23A 25.41 *0 3 1*0 

Bishopsgatp Commodity Ser. Ltd. 
p 0. Box 42. Dougla*. I.O.M 062*3611 

AR.HAC-Mar.6 . ,2*5- — 

CA\RHO"Apr 3 .W«W l-07» _ 

COllNT"Apr. 3. . ,]&7W EOH - , I 2 JS 
Ontuuib' waned at *S10 and **£I 00. . 
Bridge Management Ltd. 

PO Bo* 5flS. Grand Cay hub. Caraian Is 

VbaiWMor 1 I Y14AW I . . i — 

•JP.O Box 3MJ. Hw ^Kw ig 

Kcy»>« >togt Jcrscj' L*d._ 

TO Sax 98. $1 Hsli«r. JarMj-.fEnq Olusm 70701 
KeytBlex Europe •»?“ 

Japan Gib- Fund, . 

{iey*e)ev Japan 
t'er.L AiseUi Cap. ,. 

PU\2K0 2kW. .... 
0200 13.051 . 

LUL 96 ■ *002 

3 10 

KidSt & Shaxsen Mg«. . . 

1 OhutingCrnvs. St. Holier. Jew. MM' 7574! 

I alloy Hse. SL Pcier Purt. Gravy. (0461124706 
1 Thomas. Siroet Douglas, IO 31. , <00341 4M? 
Gilt Fund Ueraerj-pM 9bta| ... .1 1LS0 
Jiii Truvui «.»■.. nji isSB-.. hiM 
Gtlt Fnd. uurmtevK9.9B 19 0Ja. .. I II 25 
lnU. Gsvi. Sen. Trt 

First worth*. . -i»92 JM9* ... * - 
First loll 15189 33 189 921 .,.!- 

fCIrinwmt BetjsCh Limited 

20. Fan church St. 1X2. 01-6258000 


2 M 

S* 8*4 -41 1| 713 

w -* 1 i 



444; -0£| 4.93 

•95) -0 

100 7 *1 

Europe - . |*33 

iTLv. —m 

Sector Funds 
Commodity . . Hit 

Energy HJ» 

Financial Sees . . 1*85 
(Ugb-MhUanim Fund* 
rielecl lnUtrwt ... I23SS Wij . J 

Select Income . . ]51fc 5*44 +0.25 

ScotbiU Securities Ltd-* 

SrWbita 1371 39JB -0J1 

Scntyield M.9 536.3-45.1 

SMUhare* . . . .g»4 57 fl *0.l| 

Scot. Ex. Gth**. ... (21** 230.01 -5.01 

SrtH.Ex.Yld**... 6*11 17BJ| __ 

Pricev at April 1Z Next nib day April T. 

Schfetinger Trust Mugru. Ltd. iaMs> 

1 Incorporating Trident Truxtai 
140. South Street. Dnridno. 

Am. Exempt* (195 
Am Growth - . 240 

Exempt High Yld." 25 1 
Exempt Mkt Uirs'24 2 
Extra Inc Trt. . . 28.4 

Income Dirt 39 0 

1nc.]0*»Wtirv| .MA 
Intnl Gro nth .. ..43 8 

Inv TU- Uniu. 235 

Martel Lnd*n 27* 

•SU Yield’.. 2M 

Fref * GUt Trust. .. 24.0 
Property Shura* ... 24 J. 

Special SIL Trt 1245 

<D30di 89441 

if.K Crth Aeeura. (205 


- 0 "* 
MJ i*L 

424 -*2\ 


29* -OS 

25J _ _ 
26.C -67^ 
SbJba .. A 

22* -oja 

199 -dll 
















American. 143 7 

(Aceum. Lmt*7_ .(44 5 
Australanan — ...r5 6 
1 Acctim. Utillsi. . . 
CommwUiy.. • . 
(Aceum. L-tuu<-_ - 
Compound Growth 




Convcrikm Growlii)53 4 

Brown Shipley & Co. 
MngrK Foondcr* CL KCi — BUU 
Do (Arc.) Apr 11 12*1.8 

Oceanic Trass w> up 
Financial . . .. Q2S 
General. . , 

Growth Accum. M2.) 

Growth (neame . W.r 
High Income ... J2B 5 

Index — -.BIZ 

Overseer UB 7 

Performance 152“ 

Recovery . - B0.; 

Emudc April 10 t 1*1-8 


22121 . .1 47# 
275*1 . ■! 4.7B 

18 5b -0 2 
453 -0 3 
35 9n -03 
JUfe -01 
VLZa -02 
S3 -03 
171 -03 
570 -OJ 




33 7 
3 95 

Cemeniim iai 
Dividend. .. 

. Aceum. Unite, 
European. - . 

■ AccVuti Unit* i- . 
Extra Yield- ... 
LArcnm. Units 1. 

Far Eastern . 

(Arcupi Unttel. . 
F und c( ton . Trta. . 
(AccumMlnitiii . 
General . . 
lAccnxn. Ululs 1 .. 
High Income — 
lArcnm. Unite ■ . 
Japan Income . . 

^ Accum Unite* .. 
Maxtnun . 
lAccum Units 1 ... 
Midland . . . 
■Accum Unils-v . 
Recovery — 

im Urutsi • - 

Canada Life Unit Tsl. Mngrs. Lld.B 

2- 6 High Kl . Patters Bor. Herts P Bar 91 122 

C-tm Gen Dtit -- . P5 9 4*1 

Do. Gen. Accum . (435 *5 M -0 51 4*1 

Do Inc. Dirt. B40 J5*j -0®] 757 

□u Inc Aceam. M34 45*7-0.4 1 7.57 

Capel ijamesl Mngt. Ltd.* 

1 no Old Brnad St . EC2N 1BQ 01 -,988 60 19 

Capital . . ,|rt* MM J *M 

Income . .. 1739 78 7x| . 1 7 79 

prices «e April A Next desling April IB 

Corliol Unit Fd- nigra. Ltd.Y taKcI 
Wlburn House. Newcastln-upoo-Tyne 21185 
llarilo) . - . IM| *57nj ...J « 

Do Accum (.mu (75 M ■ 7UB .1 4-75 

ZESStosM .:1a 

Next deeUng date April 19. 

Chanerhuuc JapbriV 

1 . Psiernoster Row, EC4. 01 248380* 

CJ intemat'l OL2 22 bid -0W 202 

AKSIhUmD »* Man -0 6 202 

CJ Income 334 35*0-0 4 715 

CJEumFbi lfc« 2*W 333 

Accum Unit* .... 304 324xl 3 33 

CJ Fd.tov.Tat . . SO 2**x *414 374 

Aceum Units , ..|28 2 lS0ri(-O4 374 
Price April IB Kent deslina Apn in 

Chieftain "Trust Managers Ltd-Vtahg) 
0031 Queen St. EC4R 1 BR. 012482082 

Amcncxa . .... . . ..hjOlt 2231-0-11 1*2 

HlihJSSrae _ pwi 431 -o^j 958 

international Trt. t7«* fe9-o| 3*5 
Basic Rearce. Tst |23 2 BOq -Ofl 5 00 

Confederation Funds Mgt. Lid.V Iai 

SO Chancery Lane.WC2A 1HE 010420282 
lironth Fund . ... (Ml 4t3( . f 4*4 

Cosmopolitan Fund Managers. 

3a Poni Street- London swiXBEJ 01-2SS8S33 
rorowpoln.Gth Fd |17B 183n| -0U 5*0 

Cre&cent Unit Tst. Mgrs. Lid. loKg) 

4 Melslle Cre» Edtoburgba 03V 2364*31 

Crescent Growth ■ ,12* 0 27 9 21 4 30 

Cres.lBlernan .1531 5*7) , , OSO 

Cm High. Dirt. WJ -Ori 9 ji 

Cren Reserves ..P86- 41 7} -DJI 450 

Discretional^ Unit Fund Managers 
32. Blnrafield St .BCSM7A1_" m -8384483 
Dilc Income - . 1155.4 1*5 » . . | 529 

E. F. Winchester Fnnd Mngu Lid. 
Old Jewry. BCJ 01-«W2iB7 

■Jreae Winchester 117 0 165! ,{ b*0 

ijlWinrh'w (laesslUO 1*4 ..( 500 

Em&an Jc Dudley Ttt. Mngmnt. Ltd. 

Arlinaruo S .sWi. Oi 40B7SM 

EBIrofi Dudle) Tst. (64 7 19 M ... I 3*0 

Eqnius Secs. Ud.V(ai(gi 
4 1 BuhopsgSte. ECS ni-Prt 2851 

ProgmMvr . . MS M3| -Q4| 430 

Equity & Lav Un. Tr. M.U (aKbHct 
Amenfaam 8d . High uftttmbe 04M53377 
Equity & Low, _ ftl.7 MWl-0S)45l 

FramlingtoB Untt Mgt Ud. (ai - 

3- 7. Ireland Yard. EC4B3DH Ol-SttWU 

Capital Tm [1080 114 taf 42« 

ImoiiwTsL WO 105m 61* 

InL Growth Fd. ..... 1964 • IMA) . , 24* 

Do." Accum ttOff* 107 0).. 14*' 

Frtends' ProwH. VttH Tr. Mgr*.V 

Ptajjam End. Doridfig 03O63OM 

Friend* Pm.Vta. W* 43J -02j 4.41 

Do Aceum ._ ISL 7 55 »| -O.f . 4.43 

Q. T. tail Managers Ltd.V 

lS.TknsbulY L'iiws EC=M 1DD 
fi.T. Captor... |79k MM 

Do.A«. . - . 95.7 10U 

G.T.IneFd Un . 1533 1*3.8 

G.T.U.& ACett-- 1320. 1412 

U.T.JapSnftCen. 276.0 Whs 

9GL Priu Ex. Fd 1350 139 b 

GT.lntimnd 1100 »70 

&T FeurYdsFd . . 53 3 5*6, 

W. 5 
1 106.8 





U40 1 


MS 5 

ten a 

p9 5 
W5 5 
IS3 7 

4*31 . 
474 -0.1 
40* +0J 
WP.4 -01 
t/93 -ax 
74* -02 
110.0 -0 4 
56.9 -0* 
597 -01 
1202 -0.9 
222.8 *1* 
500 -03 
50* -0.3 
W.4U ttf* 


73 1 

1*94 *0 3 
‘3593 +0.6 
1093 +U 
17011 -*2fl 
■ 1583 +2ffl 
1588 +L7 
177* +1C 
29*4 +U 
1*9 9 +01 
2754 +0Z 
79.7 +0.5? 

17a*! ^O-SJ 
25511 -1? 

195 S 



















• 43 


1450) *0 61 
277 -LB 

1190 b Ut7 M»7 


Second Gen 
(Accum Uni tei. , 


(SpeelaliBed Funds 
TTurtee — 

1 Acemn Unit*'. 

Chari bond Apr 11 
Ctaoriu. April ll . 

1 Aceum Utdtsi 
Pom. Ex. April 10 
MaauUfr Management Ltd. 

SL Gcoroe's Way. Stan«|» 0488 Mini 

Growth Kaita. .1501 M7J ..) 30* 
MoyOenrer' Management Co. Ud. 

>4^19 Cre*hfljn Si, ET2\ TaU 0)4008090 

Income Aynl 11 _ 1103* 1S9.M I §Xt 

General April ll .1*7 5 71.1) 

Mercmy Fund Managers Ltd. 

30. Gresham Sl.ECaPSEB 01-8004599 

Mere Gen Apr 12 1270 ? 

Aee-lTte AW 12 
Merc. fan. Apr 1 x -|*l • 

Accra. LYs. aw 12 it* 4 
Norc.ExlMar30 . gM Z 
Accum. Ills. Mar 30. >238 8 

Midland Bank Group 
Unit Trust Managers Ltd-V (oi 
CouzTatutd Haute. *il»cr Strew. Meed 

^ 66 * 

-°* 'W 



• S3 

Sheffield. SI 3RD. 
Commodity 4r Gen 
Do Accum. „ 
Growth . . 

Do Accum. - . 
Capital, . . 

Eta Accum .. 


Do Accum. .... 
Irmraational .- 
Do Accurn . . - 
Hujh Yield .... 
Do Acemn _ 
Equity Exempt" 
'I»rtc9x at Mar. 3 

Tel 074378042 

*3.71 -02 

■ -Tza ~o 2) 
as* ~oa 

4L1 -0 3) 

.29 7 -01, 
314 -0J 
505 -OA 

50.4 -01, 
*2 4a -oa} 
,6*3 - 0 ? 


1 47 

8 JO 

IfG. 6 A. Trust iai fgj 
». R» ieiih 3d. greutweed roem wr mo 

Its q... ._. — (ta_> OXI^Ut 470 



Z7 a 


102 0 

1D2 0 „„ . . . . _ 

Seat dexlmc April 2a 

Minster Fnnd Managers Lid. 

Minster Hue , Artnur St .F-C 4 01-eZMMA 

ZSSHff3t-:W «a - 1 ^ 

WLA Unit Trust Mgenint Lid. 

; OM Qnaen Street. fWl MU' 1 01B307333. 

MLA Units . 13*4 3I3| .) 443 

Mutual Unit Trust Managers* lailg) 
15. Copt hull Arc . ECilt ' RU. UI-0OO4W3 

Mutual Sec Plus - 1483 H3j -0 «| * 02 
Mutual Inc Tst. . )*** ?!Sl* 0 ? 7H 

Mutual Blue Chip h0 4 S!l' r Sjl S52 
Mutual High yld 155 7 S991-0.5) 077 

National and Cnmnurciaf 

31. Si Andrew Square- Edinburgh 031-950 0151 
Income Apr s ( 14*8 •• i ?£J 

lAccuiii L-nitet .. . 199® W7 ZJ J *04 

Capt Apr* Mi 12* « 3« 

lAccum l-nitsi |14*7 151A| . J 331 

National Provident Inv. Mngrs. Lld-V 

48. Gracerburrh -“4.. EC3P3HH D14234SD0 
N.p| Gth-.L-nTst . |«7 g-D .... I JO® 

t Accum I'HiDi* 153 7 S7«- .1 3.00 

.VMO'seasTVnrt..pif* u ,i3Sl I 2S 

lAccum. UiUtat- ■•p29‘ . P 2 ? -J ,?■£ 
••Pride* on March 30 Aexi.dtaung April r 7 - 
-Price* on April ft vest deal tun April 10 

National Westminswrtfial 
181. Cheapmtle. EC2V 6EL OI 
CaaiUl (Aecum. . . 


Growaisv. . 


Portfolio Inv Fd. 

Unhenal Fd.-d> 

NEL Trait Managers Ltd* fa«gi 

MitUJnCouiX r»nrliin£.^’J rr ^' Sftll 

Nefatar 1575 -CH 542 

NdsUrHiehlnc. 1«0 . **4 -03 BB9 
For Ne* -Ctwri Font! JtagmUi. 
sre Roihftebiid Asuet Managemml 
Norwich Union Insurance Group ib) 
PO Box4.Norolch.\R13NG «9l«fi2a» 
Group Tat. Fd .. .13221 3OT0ta* -1 7| 523 
Pearl Trust Managers US. <ak£>(zi 
252 High Holhorn. VK JVTEF 01^058441 
-OS 608 
-or *08 
-Oi 70S 
-02 512 
-33| 512 
Lfd. <gHxl 
•LM -111 M 

U.g-Grth Dir. -..-(18.. _ 

'Next mb. March 22- 

4- Henry Schroder W»gg & Co- Ltd-f 
ISO. Cheepwde, ECi . 01-MO 3^4 

Capital Apr 11- , 952 .90* . I 230 

l Arrum) - 114.4 _ U05 .230 

toSSS^pr « . 1753 1BU ... J 678 



SSpcct. tx March 1IQ264 23331 1 360 

H^wiCiy Apr I1-.P78.0 143.5) . ...| A13 

-For tax rswnpt fund* only 

Scottish Equitable Fnd. Mgrs. Ltd-V 
28 fit Anrltwa Sq.. Edinborgh 081-3809101 

Income Unite 147.7 -4 *45 

Accum Unit* (504 -57-M - -4 533 

Poulin* day Wednesday. 

Sc bag Unit Tsl Managers Lid- 9 in) 
PO Bo* 911. BcUtay. Vf*e, E.C 0 01-2389000 

Sebau Capital Fd- -DUS 33 Jrt -0 11 3 57 

ScbaB tocrane Fd. _ p9 * 30 M I t« 

Security Selection Ltd. 

1 3-19. Uneoln - * Inn FWd*, wca. 01-03108330 
UnvlCUiTrtAcc...noa **.« I 3« 

Un*] Gth Trt lac . J21IJ 2li| . i 002 

Stewart Unit Tsl Managers Ltd- (a) 

45. Churlottn Sq. . Edinburgh- 031-3303X71 
Sunn American Fnnd 

Siuimlard Units 1585 82.B ... 1 154 

Accum- Unll* [630 *Tll . 1 — 

withdrawal Unit*, F0.2 5l3f „ .4 — 

Stewart Bridab Capital Fund 

"Standard 11216 UUI....I «l 

Accum Unite .. 1 143 5 15* ol . | 3*1 

Sun Alliance Fnnd MngL Ltd. 

Sun Alliance FUe , Horsham 04(084141 

atguattr-K* wn »* 

Tafgrt Tsl Mngrs. TM.¥ l»kg» 

3L Gresham SL&^ ttaalinwiO«M5BU 
Target Commodity J31J 
Target FtnanciaL- 5*t 
Target Equity. .. — »* 

TarectExAprlL- OT5 
*Po Aec. Units .. 2*9 0 
Tarort-Gm Fund .1174 
Target Growth — 2*8 
Target, toll ... Mb 
Do Rome Units— . mB 
Target la*. - 10.6 
TttrjrMPt. Apr 13.. 1503 
TgLlnr ... 204 
TgLPret . . - W7 
COyne Growth Fd .{17 B 

Target TsL Mgrs. (Scotland 1 la Mb) 

10. Athol Crescent. Edin. 3. 0X1-22088212 

Target AmerJSegleB* 2 26.21 j JJ5 

Target ThlsUe 413 -OX^ SJ* 

Extra Income FH ...158.2 *2.*u| . .( 104* 

Trades Union Unit Trt- Manager** 
100 WoodfitracLErz 010308011 

TUIT Aprils -WI4 Slid I 532 

Transatlantic and G«n. Secs. Co.¥ 

9l-fn Vtnv IjondouRd Cfielnwford 0246 Blflftt 
Itorhtcan ApnIS . (73.1 
1 Accum L'nitaj- UD.1 
Barb^xpLMar 29 - J50 
Sudan. April 6 . . 76.4 
lACCum. Units' . - 93 0 

Cohunco Apr • 119 5 

1 Accum Unite' — 

Citfftld. Apr 13. . . 

(.Sccutn. l-ntlai -- 

tAccum Unitsi 
1 Arcum Units', 

Van Grtlh. Apr 11 

■ Aceum. Unitsi 


■ Aceum Unite 1 . 44 0 

WlOcTAprUa . 57 9 
i. Aceum. ttolte' . U.7 
Kie* Div Apr 7 1*2 

Do Acr urn . . |73 • 

Tyndall Managers Ltd.* 

IB vapiTige Road. Bristol 0372 52241 

income April Vi. 

■Accum. Unite! 

Capital Apr 12 . 

■ Accum Units 1 
Exempt March 29 
i.lrrun Units* 

Canyrtjtc Apr . 12 
lAeeitm Unltu ... 

Ini Earn Apr 
lAccum. Unitsj . 

Scut Cap Apr 13 
tAccum L'niUi- Apr li. 

UmU» Wbil Graub 
Capital Growth . 7* 1 

Do Accum , 77 t 

Ear* Inc. Growth.- 33 6 
Do.Aenun. -- 
Financial PrTtr- - 15-* 

Do. Arcum. - 1*9 
Hlghlnt Priority- »g 
totarnaH final . , 232 
SpoeiJ) Site . - -P9 ? 

TSB Unit Trusts (?) 

7 J, I'hantiy'KTfiy Andover HanL* 030402180 
Dealing* 10 0209 63437-3 


Evnn%e*L lux F 
Do Accum. - - . 
TCBFarEMtFd .. 
KBlntLFund - 
KB Japan Fund . . 
KJ) LIS Curb. Pd 
StKTWW. EerrmliU 


)H ^ 

ns 7* 


Nippon Fd. Apr- *2, 

01 -24838M 

UKltOlU 072 

Et -Stock Split. 

Britannia TsL ybagmL (CD Ltd. 
nOBoth fif-, St. Heller. Jcrao- 05M73114 

Growth Invest .. .-1300 *33 • • 

ininl.Fd — 1*9.*_ ^7521 . 100 

Jersey EnerByTst..|B7 7 248 91 . IJO 

Um «■■ Dir . Tsl — pLS4K SIR . — 

Ualvsf. S Tst Stft .[E717 tM - 100 

Value April 7. Next dealing Apnl 17. 

Butterfield Management Co. Ud- 

ro. Box 19*. Hamilton. Bermuda. 

sssasssda is . . 1 is 

Prices at Mar 13. Next mb. day Apnl 10 
CapiCai Infernfltioijal S-A. 

37 rue Notre- Uomo. Luxembourg 
Spiral Ihl Fund- .f SI'S 1677 )....{ — 
Charterhouftr Japbet 
]. RMcrnmter Sov EC4 

Adlropa. — 

Adi torba. 


Emperor Fund ■ — IffvSL^S 
Hiipano . - . |5U5*J t) 

Cilvrt Investments (Jerseyi Ltd. 

PO Bmt 320. ST Heller. Jene> ASM 37001. 

«JireCillFd.iCH.g.W 9931 .ill® 

CbveGiltFd U»y.i.WW 9.921-0 0i| JXQ0 

Corn bill loft- (Guernsey) Ud. 

PO. Box 1ST. fir. Peter Pori. Guemn*y 
tout) Man Kd — 11*4.8 179.01 I - 

Delta Group 

PO BAv J0I2. .Vaasau. Bahama* 

Delta lm Apr 4 . 161 42 1 *9* .1 — 

DeuLscher Investment-Trust 
PoaUach 2B8A Bioben:iioi*«MJ> SHOO FranMUTL 

-Jonccntra IMflUJ »Mj-«Jfl( — 

let Rentenfnnrir , fmiUSI 71 Bffl I — 

Dreyfus Jnterconfinenta) Inv. Fd. 

P O Box N37li Naxsau. Babamat . 

NAV Apr. 4 — tSW2J2 US51 I - 

Eroum 3c Dudley TsLMgtJrsyXld. 

PO Bov 73. fit Helier. Jersey IU&420SBX 

EDJ.CT. , . WAi 121 5«f -QM - 

F. & C. Mjnnt- Ltd. Inv. Adviser* 

1-2L Laurence Pountaey HilL EC4R OB A. 
a 1-623 4080 

Coal Fd. Apnl. S. J IL'.N* 75 I. | - 
Fidelity MgraL & Res. fBda.) LUL 
TO Bex 070. Hamilton, Bermuda 
Fidelity An A»i - 
Fidel ityJDL Fund 
Fidelity Pac. Fd . - 
Fidelity WridFd. 

I^itMdalTOfL^hB^' »J0)-o3S) »S 

■KB act a* Loediu paying agenta only. 

Lloyds Bk. tr.I.I U/T Mgrs. 

P.CL Box IS™. SL Heller. Jersey. 0354 27541 

Lloyds T>t. O’see* W9.7 523a^ -. j 2 49 

Next dealinc date April 1' 

Lloyds International IHgtnqL SA. 

7 Roe dn Rhone. PO. Box J 70, 1211 Geneva 11 
IJoydS lnLGU>.Fd.|SPNL» . SUO-7hn 1.75 
Umalnt Income. PF3BA5I Slaj+1 M 6J0 

M (fc G Group 

TBree Qutex. tower Hill LC3R 6BQ 01«€ 45M 

guu = 

s^r^zBariW^s 3*9 

rAertim Unite--... 155 5 1*55> +0A) 3*9’ 

Samuel Montagu Ldu. Agfe. 

U4.CMd Broad St, ECJt O1-5EB0404 

Apollo Fd.Mar.3L.JSF44 to 42«t J 3M 

sadbkIA MM -** 

Murray , Johnstone (Inv. Adviser) 

183, Hope 5< . Glaqpro. C2 041-321 5521 

•Hope SL Fd. J 3VS32.40 1, . I — 

•Murray Ptiod — J SUS9JS | — 
•NAV March SL 

Negit SLA. { 

10a Boalnt ard RayaL Lnje«r.bear0 ; 

NAV Apnl 7 ) SUS1O03 . 1 l — ’ 

Nfsgit Ltd- 

Bank of Bermuda Bldg*. Hamiiren. Sradra 

NAV Mar. 31- ..)£5.1# - ) I - 

Phoenix "Intern utional • 

PO Box 77. SL Peter Port. Guernsey. 
Inter-DolUrFund ,|KiSla LM! ...| — 

Property Growth Overseas Lid. 

28 Irish To*n, Gibraltar (GitoSioS 

US. Dollar Fund-. I SVVS88 27 j _. .[ - 
Sterling Fund .. . I £128.88 I . . i _ 

Rethaehlirf Asset Management fC.I.) 
PO Boa SRSL Julians CL Gnernsey. 0481 3*MJ 



OC.Eo.rr Mar. 31 
O.CJnc.Fd Apr.3., 

O C Inti Fd. Apr.6. .{B8J 
O CABCoWMarai . (S7J * 
O C. Commodity* _ 

O C. Dir Comdty.l 


mu wn. . 

•Pntco ou Ifar 3t Nert doalieF April -*- 
Tpnee on Apnl ? Next dealins April 21. 





Royal Trust (CD Fd. MgL Ltd. 

P O. Box 194. Royal Trt. Hse, Jersey. 0984 27441 
RT.lntl Fd .. -BISMS 922) 30B 

H r. InVL tJsp.J Ftt® 09/ ,( 371 

Prices at March 15. Next dealing April 14. 

Save A Prosper laternatiouai 
Dealtne to. 

37 Bx«tal Si -Sl Heller. Jeraey 0534-20301 
UA IMbr-denemlnated Funda^. , , „ 

nirFxdInr"AprA_».48 IOjOS *97 

JnleraaL Gr.«7 J*55 7.091 ... _ 

Fur Ea»t*nt*7 ... .157.93 4101i — . 

NorthAmer1ean*t.B4* 3 75) — 

Sepro-f. |13i* 14.47) _ 

Bterlla a - ft— and raued Panda 
me) Capital* ..{ 

Channel , 

Channel Irian 

Comraod. Apt 6. — C 

SUS22J16 i 
SUSM 41 


1 . 






Uf 98 


Fidelity etcr. F(U ■ 

Series A itotnl 1 ... 

Son ea B tPaei He i— , 

Series D lAimAraN 

First Viking Commodity Trusts 

0. SL George's St_ DousdaA lj» V.