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FROM 

John Williams 

CARDIFF 33622 


glo 

rket 



--.ry.'/.ljo.' 27,536 


Monday April 17 1978 


15 p 





0] 


CQtmHOW.. SELLING ■ rntCf St AUSTRIA. ScMfc BBJSUNt FrlSt DENMARK KrJ5; PRANCE FrJ-6: GERMANY DM2.0; ITALY L.500; NETHatUNW N.2.8; NORWAY Kr.3J; PORTUGAL ftcJB; SPAIN VtasM; SWEDEN kr-3jj; SWITZERLAND _Fr.ljh EIRE 15p 


NEWS SUMMARY 


ENERAL 


BUSINESS 


s 




: -«;*••• 
•. - 

■ ' riV'Crl 

■ ■ i r 

■ : -±-JS 

"•-.j : 

■' 


grain 





trade in 

record 

surplus 


• JAPAN turned in a -record 
•» _• c balance of trade surplgfc tast 

.jirly^Ye people f were kiUed raonth of 52.455 bn; -.'Exports 

r id more than 100 Injured when totalled SS.783bn., a rise of 23.9 
' - ..v 'te Vcirice-Jtomc express cot- pe r t . 0nT , 0D tbe santa ^ -month 

'■ ... ". ^*lcd with a. derailed passenger last yeac, while imports M 03 
Vain near Bologna.- Police Fear per cent, to S6-32Sbiu, according 
• - ; r :^verat more victims could be to customs trade figures.' re- 
Scried under the wreckage. leased at the week-ejuL- _ 

- : Corriere DeUa Sera newspaper IMF-based figures will'-be .pub- 

■■**4 + 9 called for decisive action tn lished to-morrow’. -■ 1 which- : wUl 
: ■' insure that rail tracks are give, a more detailed .picture. 

, • .j jcqualely protected from land- The Japanese Ministry of 

. • 'PS-. ■ „ , , International Trade and Industry 

- .sa. ®ln bleily, four people were has given details of -a • plan to 



1 :’£pj. 


•rae! peace 


A minors shook Sicily and cars, steel, TV sets and ships to 
uthera ltaVy early yesterday, below last year’s level&.Page £ 

• UJC. TEXTILE trade was 
nearly in balance with- the rest 
of - the world last - year, for; the 
first time since 1973- /Sales .of 
textiles and clothing were only 
£6m. less than imports. .after 


: . -'^ropMals; 

' ' .Israeli Cabinet Ministers have 

' " r reed that United Nations ^ 

SV--..L S«*lY ?°^ u ‘? n 242 ® h0 “ w s*™ “ dSttsIrf H48m. MdjSfiC in 
• Ui^hasis for negotiations with all ^4 1976. Page 4 . - * 
^•ighbounng countries. Mr. 

. - ‘ : H *re Naor, Cabinet Secretary, .0. OECD riripbuilding Jmrking 

- *-Vs« Id that peace, proposals already Dar ty meeting in Pans to-day 

• V . --..end for the West Bank con- vm consider easier Credit terms 

-~nned with the requirements of for S hjp exports and a plan "to 
",.'e Resolution, which calls for araw together developed and 
. -^‘aeli withdrawal from occupied underdeveloped countries in the 

* _ - rritories. Page 2 f aC e of the world slunrp in ship- 

budget vote 


building demand. Bach page 

. ^ tiudent of winning the first » ■ thp 

-- :-i -Timmons vote on the Budget reach mg ^ ° nrX nster 

- -.nisrhi -iithmioh Mr rnhn economic development of AJlater 

-■■■*■ »« i 

' ■■•an stressed YMt#rd3r That reportsettln g out .areas fop jOin* 

• ^^."S^dnS^uld *. jrtjjMj V'S*C^hKi 

.h M ,..v a«t, v...- Callaghan and- the Irish -sPrinta 

Minister. Backand Page V 


T reed through. Back Page 

hutto talks 


. • WELSH Secretary; 

. ...'.*ncrai Zia-ul Haq^left Pakistan nmiaeed a i £j2m. pa 
;■ sterday fot Saudi . Arabia ^Government measures to pro . 
:! ”jere King Kha)ed-Is expected j 0 p s in South . Wales, following 
- :■ ask“-for; : clemency for -Mr. the closure nf Steelmaking at 
. mtto. the/jcondeianed : former Hibw Vale next month.; Ba*e « 
... -ikiStahTbriine .Minister Page ^ ■’ "? "■ ' 


Average earnings 
limit of 7% is aim 
in next pay round 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

An increase in average earnings of 7 per cent, should soon emerge as the 
specific Government objective for the next pay round starting in the summer, 
and the plan is to enforce it in both the public and private sectors. 

The controversial contract Clfivernracnl's main objective in the current round to i per cent, 
clauses in official orders will talks with both sides of industry next year, is regarded as un- 


remain part of the Government’s on prices and earnings fore- realistic by many commentators 
armoury to influence the private shadowed in the Budget speech, outside' Whitehall, who believe 
sector, and the 7 per cent, earn- Mr. Denis Healey, the Chan- that the rate or pay increase will 
ings guideline— implying a rise ccllor. was low key about the ^ figures, 

of about 5 per cenL in basic wa«c pay policy Iasi Tuesday. He did Thp Rovernmem. t 
settlements — has been built into noi mention a Phase Four as 
cash limits in the public sector, surf). 

Ministers will spell out this pay It is uncertain bow the Govcrn- 
objective shortly in wbat will tnent will react to union calls for . nm j ae vear 

amount to a declaration of a “go a shorter working week to be lDt c Wb 

it alone ’* policy, rather than wait allowed for. in tbe policy, though 

until near the end of tbe current there is likely to lie continued 

pay round. scope for self-financing produc- 

The ” per cent, target will be tivlty agreements and special 

presented as ao 'average, rather commitments made in the current . 


.Tbe Government, however, 
bases its forecasts on the achieve- 
ment of a 7 per cent, earnings 
rise in 197B-79. with an increase 
in rei3ll Drives of S per con*, in 


Cash limits 

The Government’s cash limits 
in the pnblic sector also reflect 


than a rigid maximum, to allow round, tike lhai to the firemen. . assumotions thouch 

flexibility and variations in par- Ministers and officials hope L„ ^Kafyear ^ ?«nd oav policy 
ticular industries. Bui the same that an early and public concern a not coincident and manv 
aim has not been achieved in the. nation on the 7 per cent, figure, -> ear - an - d -? 


current round, when the 10 per 
cent limit has been treated as a 
flat-rate increase. 


key public sector settlements 


Agreement 


coupled with exhortation and the * , ale 5n lh6 finaot . ia | year, 
occasional use of sanctions, will Pov ri „ of h p,... ppn _ nf » 10 
win wides pr cad acceptance. per * enL j, ?ve been assumed in 
The Government is unrept-n- yie cash limit blocks, with 

tent about the use of pay sane- aD average towards the upper 
lions such as the threatened with- ftn£ | 0 f the range. 

The Government has become fi^^sanctioM^lLw^compaini 1 ^ Michael Blanden writes: The 
reconciled to the almost certain {JJ an JS progress- of the Government’s 

absence of a detailed pay agree- check at the beginning of tbe ESStKff* ^,! c> Jl 11 * ,5® 
ment with the TUC. Unbke last roU n(i trated this week with the latest 

year, there will.be no attempt to The Government camnaien will figUres for . av f raye earnings In 
seek a formal ' deal with the The Government campaign win ^ sef 0 f p av statistics to 

unions 3 sKtihswouldriska ^Sl ririT"’ ^ publiShed aFter lb * Budget - 

politically damaging rebuff- an annual rate of 7 per cent., and* The Government has been able 
Ministers still hope that the so acceptance of the official pay *° .P 0 . 1 ® 1 , 0u ^- tba1 the . ' arse 
TUC will support a continuation target win allow a rise in the majority of big pay settlements 
of the rule maintaining a 12- standard of living after talcing have been within the 10 per 
month interval between pay into account tax cuts. c *?f- fiju defines. With the retail 

settlements and not openly The proposed slow down in the R rate n0W . wen 

oppose government policy. rate of eamines growth Irom the wllhm ^ ngle "Sures. and ex- 
. This support is likely to be the range of 13 to 14 per cent in Continued on Back Page 



BL porkers seek 


;;.pyinqulry 

"-Tjdian Prime. iMtirtsfer J Desai . . . . 

:Zis pledged- a full inquiry “W nohATioJ 3Pl JOf! 
"y ports that an American UdUUUtil avUUU 
rJ icl ear-powered spy device has 


briefly . 



. - . . j - SPEKE shop stewards are to 

ajen lost in the Himalayas and DreS s TGWU officials for .a eo- 
i. Juld contarainale the River or drn a i e d national programme 
-anges. rage z involving dockers, road hauliers 

and. other groups, to persuade 
British Leytand: to change its 
. decision to close its TR7 
" ..'aur workers were killed In. an assembly plant next month. Back 
’-iplosion at a .gas-uil separator Page . 

■•’J-ant at Abqaiq r Saudi Arabia. • ‘ , 

-iaridge’s is to Issue a libel writ • MR. MOSS EVANS, leader of 
*-d ay against the Evening Hews. l ^ ie - T f? n *P^ n wo . Tl L e ^ ^ 
alleges that an article gave said that he wished to see a 
false and damaging impression Return tp norm al wage barg^n- 
if - events at the hotel, where by ^Goveratnent 

ie£s and chambermaids, are on bmits, Juf that he expected the 
irike, ■■ unions taact moderately. • Back 

fin inquest will open to-day into - • - 
tie death, of -a youth found • GROWTH of trade unionism 
mged in Risley remand centre.' ^ been the most important 
re ml urn Bond £50.000 weekly achievement of the past four 
-ize won by- bond number 1FB years; Mr. Anthony Wedgwood 
Z778(k : ; Benn has said. Back- and Page o 

lore than V50 people were killed 9 COMPANIES' receiving aid 
herr a toraado swept through fr0D) the National Enterprise 
le Inman, stale oi Dnssa. Board should be prevented from 

Ian charged in connection with contributing .funds xo the Coo- 
te disappearance, of £100.000 servative party or to- other politi- 
•n’i* - om -Banbury Secnricor office cal pressure groups, a Labour 
, \ **. 1 * “ *■ .Lrill appear at North Oxfordshire MP has urged. 

. S aft^iwistnites' routt to-day.. . PBICES Semary „ t0 ^ 

'• x - .. .. . JTc *anrf P Tw/jrMf^^'nrripan aflked for a JFair Trading iovosti- 

- - i of • int0 operations of 

il t Nnrfhpm ?rihm? d Peacp Bureaux de Change, which, an 
irea d Peace MP Claims, are offering rates of 
lovemeot. exchange sometimes 20 per cent. 

. world-wide hunt was oh last om 0 f iiiie with those quoted by_| 
ight for Joyce McKinney and authorised banks. 

•,'eitb May who face charges of 
idnapping Mormon missionary • ■ BNOCs Thistje Field has 
tirk Anderson.. They have- not started to supply oil for the first 
■een seen since Wednesday. • ■ time, with 'the first tanker load 
irganisation of . Petroleum reaching the Conoeo 
Exporting Countries is to hold the Jrnnber. More , than a third 

n extraordinary ministeria] 2* jj* K.JSfe!!' 
leettae in Taef, Saudi Arabia, finery ccnres North Sea 

♦n May 6. ■■' is expected to double 

■arliament is to be asked to • SPIELER’S bakery staff, to 
Approve research to .prevent be made redundant by the 
. noring. Mr. Robert Aldye. Tory group’s decision to cease baking 
__ ; v 1 * iTP, said that loss of sleep for bread, are to try to buy 35 shops 

■\! ,v norers' partners threatened in. Norfolk and Suffolk irom tbe 
lealth. happiness and work. company. Page 4 


ode-party state * 

BY MjhtTIN DICKSON IN SALISBURY AND QUENTIN PEEL IN PRETORIA 

. . c . 

MR. ROBERT MUGABE, the co- While he declined to udv'use executive power over the police 
leader of the Patriotic Front, publicly the leaders of the in- and military, ' and that there 
made it rlpar veaterdav that he temal settlement regime ’ in could be a United Nations peace- 
Jsf fl te Satisbury to agree to attend all- keeping force during this time. 

wanted a one-party Marxist state ta)bc n „ th(< raiinTrv'K .v— _ 

in Rhodesia. 


party talks on the country's But these concessions were 
. f H lure - his statement is as posi- heavily qualified with conditions 
We behevd sincere y that a ti ve as expected by the Western that the U.S. and U.K. are most 
multi-party system, unless it is envoys. Diplomatic sources in unlikely to meet. These included 
particularly desired by the Pretoria see the Implication as a demand that the guerilla forces 
people. Is a luxury in a State. being that the internal settle- remained “ active ” during the 
•We should concentrate on ment falls short of the necessary transition, and that the governing 
policies aimed at the transfonna- international recognition for a council should be weighted In 
tion of society and we believe peaceful settlement. favour of tbe Patriotic Front. 

therefore that to achieve maxi 1 The Anglo-American team and The Front also introduced _ 
mum. progress you have got to jjj C patriotic Front remain far major new element, by insisting 
concentrate your energies in one a part on the most fundamental that its forces should form the 
direction, and this one direction premise 0 f the Anglo American basis of the police force. This 
can only be brought about by p j an is well outside the Anglo- 

your_ aligning yourselves as one R - tain anH tVlo TT15 , neic . American plan, 

force with ideological objectives B I tair J ;K an ? v,^,, U S k«ti n f Kt ' Unless South Africa can he 

that keek to ;be attained - Jj Persuaded 1 1* on 

w%+;^ CfcD0 ^ Iedg « lh - 8 J dispute in the°pre-independenre the Q ? w Salisbury adminsstra. 

objei^ves were Marxist ones arTanee , nen is H tion. it is expected that Mr. 

Tbe Patriotic Front has already c ... ' . . Smith and Ihe nationalists will 

conamilted- itself to pre-indepen- 5n Salisbury the transitional 0Ql;e m0 re pour cold water on 


.-.'.tV; ' 

, i ’ . " 1 * . 




. CONTENTS OF TO-DAY’S ISSUE 

Overseas news ........ T 2 ■ Arts Page 13 

World trade news 3 leader page 14 

Home 4.5 -Vf "***»* v~r- ** 

• International companies ... 35 

- 1 * bonr 6 Foreign Exchanges 35 

Technical page ....... — ... 8 Mining' Notebook 35 

Executive's and Office World 11 Enrobond . column 36 


Oil stales’ industrial plans H 
Micro Electronics: The chips 
, a re down in Europe 33 

Tan Management are Blind' 

to the outside World ... 11 


FEATURES 

Justinian 13 


. • ' Surveys 

Saudi Arabia II 

International Retailing .. 3742 





ippolitiments 

Hlldlns Holes ... 
lusineMinBn.’o O lan 
•jvg word — .- : - 
,.:BtcrUlnnie<itCiiiil« . 
' 'mancial Diary — 

ynsuruce 

^B*ei . 


9 Lex * Unit Trusts - 

U -LwnfcaMi 1^.: .... . 12 W Miter — 

7* Nea and Matters ... - M World Eton. Iitf. ... 

12 • P*riLuDe« nUry ... & Bast UiflB * «taia» 

13 Shard InNrnratloB ... Km«B iwerb!. 

r ..sport.. t* ciwwii* nudity ... 

3S Tulay-CEwnu ...... » JM '••jfisf 

35- TV vd Radio U Junes wwo 

For Infest Share Index r VhmUi Ol-ZfS $028 . . 


dence elections and there are Government— mid not Mr. Smith ^ a ll-pariv gathenna. 
indications ' that Mr. Joshua 7-oas selected the nine-man Michael Holman aoos irom 
Nkamo’s. wmg of the alliance {«“ « ttoee ***** •"* ** Lusaka: Mr. Joshua Nkomo, 
woulfl. wish; to dissociate itself blacks to meet Dr. Owen and Mr. ioinl j eader ^ PaUiotiv 

from Mr. Mugabe’s remarks S?“ f T £? a; Front - said on re,urn from 
His statement came as Dr. of *}T’ pJJ ,]? 1 1 the talks with Dr. Owen and Mr. 
David Owen, the Foreign Secre- nwu ;® v n e J nJt n qst>.nip B S^S Vance in Dar es Salaam that 
tar^,' and Mt. Qyrus VaDce, U.S. JSJJJIJSSJ “ISS!!' ’‘attempts 10 marry” tbe Anglo- 

Secrctary of State, prepared to go 2Iiveniife«»n«. nS f an * U " American settlement terms with 
to Salisbury after talks with Mr. p * riy conTerence - the Front's amendments to those 

Pik ^ Botha, 1 the South African Discussions earlier in Dar-es- proposals were “as difficult as 
Foreign Minister. They aimed at Salaam with the Patriotic mixing oil and water.” ' 
dissuading him from supporting Front centred on the disposition Mr. Nkomo claimed that the 
Rhodesia’s internal settlement of political and military power Patriotic Front bad moved 
Wri Botha responded by pledg- in the transition to independence.' towards the U S. and U.K. u as 
ing^l continuing support for an The Front conceded that Lord far as we could. b.ut the move- 
internationally acceptable settle- Carver, the British resident com- ment wa< nm reciprocated.'' 
mentis. Rhodesia. miss loner designate, should have More Rhodesia news Page 3 


Price Commission expected 
to sanction bank charge rises 

BY MICHAEL BLANDEN - - ■ 

RISES IN bank charges are In conducting its examination ligation of increases in charges 
Hkely to be' sanctioned In a the Commission has been drawn proposed by Barclays ' Bank for 
major Price Commission report into looking at other aspects of certain nationalised industries, 
expected to be published ibis the banks’ operations as they lit that reporL the Commission 
week, -but important questions relate to the charges made for said specifically that ” we reserve 
may : be. raised about the struc- current accounts. j 0 our examination report our 

ture of the banks' operations. One important point has been conclusions as to whether, in 
The report could bring pres- the provisions made by the assessing money transmission 
sure on the banks over the flis- banks against had debts; which services, account shoald also be 
closure of their provisions are averaged over a period of taken of interest income.” 
against bad debts, and eould.Sug- T car ^ and are fce Pf strictly Another specific point which 
gest^ther changes, including pos- 6e JJf L . . will be covered is the proposal 

Hbly the payment oF interest on The Commission n : understood by the banks to make a charge 
enrrent accounts. t0 P ave regarded these figurw f 0r holding cash on behalf of 

: The Commission’s examination as to understand- customers, 

of the' bai^ks has been concerned g8 ?* This again arose in relation to 

with -the charges they levy on tbe Barclays investieatioA and 

customers for ae provision of tfa e ban^ emy; a global ^ Commission deferred its 

money transmission services. ^ 110 1Ildl7,duaI conclusions to the report bn its 

ttiese cover the handling oj DI SSKr ' ’issue which will arise broader examination because of 
cash and cheque transactions ahd is tSe rSSfo^LhiD betwem wider issues raised, 
other -aspects of the banks’ ser- i ncom e and bank • Rises in bank overdraft rates 

Tice concerned with the making ^h.irgps Strictly speaking, these likel T . lb "‘ s week, after the 
of payments- are separate points; but ' the increase in Jbe Bank of 

The banka have taken the commission has recognised that England’s Minimum Lending 
opportunity to pul forward a a bank may make a % useful profit from o* to 74 per cent 

strong cage^for higher charges. f rom interest earnings on a. announced in toe Budget. 

They have maintained that the customers’ account, even if the As the money markets fall into 
rates at present paid by custo- commission charges made for line, there will also he continued 
mere fall : substantially short in handling the business dn not concern over the performance of 
many -‘cases of covering the cost cover its cost. , the foreign exchange and gilt- 

of handling the business, and It The issue was raised -in the edged markets after last week’s 
is -likely that the Commission more limited report- published initial adverse- reaction- to -the 
will accept this point in general- earlier this year after the inves- Budget measures. 

N 

H 1 


Italian 
parties 
in Moro 
dilemma 


By Dominic J. Coyle and 
Paul Betts 

ROME, April 16 
ITALY’S MAIN political 
parties, including the Com- 
munists, have been thrown into 
a state of uncertainty by Ihe 
itilri-Left Red Brigade ter- 
rorist group's statement that 
Sig. Aido Moro, tbe former 
Prime Minister, had been found 
“guilty” by a so-called peoples’ 
court and “sentenced to death.” 

Leaders of the ruling Chris- 
tian Democrats and the Com- 
munists held emergency meet- 
ings here to-day and. although 
reaffirming that there could be 
no formal political deals with 
the terrorists, the emphasis 
has moved perceptibly 
towards “ using every pos- 
sibility on humanitarian 
grounds” to save Sig. Moro’s 

There remain, however, con- 
siderable doubts in some 
Christian Democrat circles as 
to whether Sig. Moro, the Parly 
presidenL is still alive. He 
was kidnapped exactly a month 
ago in a bloody ambush, in 
which five policemen died. 

He was driving to Parliament 
to attend a confidence motion 
sanctioning a complex deal 
between his party and Ihe 
Communists, bringing the 
latter into the Parliamentary 
majority for Ihe first lime in 
about 30 years. 

The Red Brigade's com- 
munique. delivered simul- 
taneously in Rome. Milan. 
Turin and Genoa late last 
night, said: “The interroga- 
tion of Aido Moro is over. He 
is obvionsiy guilty and has 
been sentenced to death.” 

Contacts 

It did not mention any com- 
promise formula to save his 
life, although earlier com- 
muniques did hint at his pos- 
sible release in exchange for 
a number of terrorists on trial 
or In prison. .- 

The Christian Democrat 
leaders, supported strongly by 
the main political parties, 
have insisted that it will not 
consider seriously such an 
exchange, although informal 
contacts are said 10 have taken 
plaee with the Vatican on such 
a possibility. 

It is understood that details 
of Iasi night’s communique 
were given to Pope Paul, who 
had earlier made a public plea 
for the release or Sig- Moro, 
a personal Triend for more 
than 30 years. 

Sig. Ginlio Andreotli, the 
Prime Minister, who attended 
this morning’s meeting of the 
party leadership, also bad a 
private meeting to-day with 
Sig Giovanni Leone, President 
of the Republic. 


Wall Street 
merger may 
be 



BY jOHN WYLES IN NEW YORK, JOHN WICKS IN ZURICH AND 
NICHOLAS COLCHESTER IN LONDON . 


ONE OF tbe most important 
mergers yet to have occurred 
in Wall Street, Merrill Lynch, 
Pierce Fenner and Smith’s SfiOm. 
cash purchase of While Weld 
and Company, looks likely to be 
the target of a Department of 
Justice An Li-Trust probe. 

Announced with a minimum 
of fuss late on Friday after- 
noon, the deal will arouse some 
concern within the securities 
industry, where Merrill Lynch is 
already by far thp largest Ui5. 
brokerage company, with a 
capital worth as great as tbe 
next four or five largest securi- 
ties firms combined. 

Id Europe, tbe deal will lead 
to complicated negotiations oyer 
the future of Credit Suisse 
White Weld, a major European 
investment bank. 

Credit Suisse general manage- 
ment told the Financial Times 
that the company would now 
discuss co-operation with Merrill 
Lynch through Credit Suisse 
White Weld, but any agreement 
would depend on Credit Suisse 
retaining control over CSWW. 

Should it prove impossible to 
reach agreement. Credit Suisse 
can use its option to buy out the 
former White Weld holding in 
CSWW of -30 per cent. Credit 
Suisse already has 47 per cent, 
of CSWW. 

CSWW is itself an estimated 
$15m. richer as a result of tbe 
sale to Merrill Lynch of its own 
30 per cent stake in White Weld. 

Floating in quasi-independ- 
ence between its Swiss and 
American backers, it will want 
to play more than a passive role 
in determining its future under 
the new circumstances. 

Last night, its directors were 
discussing alternative courses of 
action. The company is one of 
the top ten managers in the 
international capital markets. 

Mr. John Craven the deputy 
chairman of the executive com- 
mittee of the CSWW holding 
company, predicted that the new 
set-up would he clear within 
a fortnight. ' 

He explained that s&fce 
CSWW*s 30 per cent stake in 
White Weld had been one of 
the keys to Merrill Lynchs in- 
vestment- CSWW had been able 
to assure itself in advance, in 
consultation with Credit Suisse, 
that there would be a favour- 
able outcome. “We are sitting 
comfortably.” he said. 

Nevertheless, because of ihe 
speed with which “the Merrill 
Lynch— White Weld deal had 
been brought together, it proved 
impossible to sort out the inter- 
national consequences in ad- 
vance. 

Mr. Craven suggested that 
Merrill Lynch’s international 
investment banking opera tin ns 
might now be vested in CSWW. 
But he added other possibilities 
that are explained in a- separate 
article on Page 20. 


Tbe deal In New York is the 
latest in a string of mergers 
forced on Wall Street by poor 
trading conditions in the equity 
and fixed income markets, and 
by the abolition three years ago 
of fixed commissions on institu- 
tional transactions. 

The largest marriage so far. 
between Dean Witter and Rey- 
nolds Securities created a new 
entity at the start of this year, 
with a capital of around Sl50nt. 

This aroused the interest of 
tbe Department of Justice Anti- 
Trust division, but no action was 
taken after a close investigation. 

In recent year*, .the Govern- 
ment has not challenged any 
combination in the U.S. Securi- 
ties industry, and those involved 
in recent mergers have argued 
that neither should it dp so, 
since Ihe consolidation within the 
industry results largelv From 
action inspired by the Congress 
and Ihe Securities and Exchance 
Commission to step up com peti- 
tion between brokerase firms. 

Fear that its purchase might 
prove controversial in some 
quarters mav account for the fact 
tha» Merrill Lynch h3s so far 
given a minimum of public 
explanation for the White Weld 
acquisition. . „ 

Many or White Weld s 2.000 
employees were surprised by the 
announcement and some may be 
victims of the consolidation. 
Frida v’s terse statement said that 
mosl would be expected to con- 
Unite with Merrill Lynch. 

One who is definitely staying 
on Is Mr. Paul Hallingby Jr., 
chairman of White Weld, who 
becomes vice chairman of 
Merrill Lvnch. Pierce Fenner and 
Smith. The While Weld name 
will not disappear entirely and 
will be joined to Merrill Lynch’s 
investment banking arm. which 
has been renamed the Merit II 
Lvnch-White Weld Capital Mar- 
kets Group. 

White Weld was operating iff 
domestic-ami seven overseas sales.- 
' offices' staffed hr 500 account • 
executives. These numbers will 
be a modest addition to Merrill 
Lvneh’s 370 offices worldwide 
and its 6.160 strong retail sales 

force - •„ 

In the past few years. Merrill 

Lynch has expanded its world in- 
vestment banking operations and 
has also created two commercial 
banks, one based in Panama and 
the other In London. 

The company figures promi- 
nently in the international 
underwriting business. It is the 
reconciliation of these aims with 
those of Credit Suisse White 
Weld and pr Credit Suisse itself 
that is the problem in discus- 
sions over the future status of 
CSWW. 

Its present ownership is Credit 
Suisse 47 per cent. Merrill 
Lynch 30 per cent- ihe Ludwig 
Institute for Cancer Research and 
CSWW directors, the remainder. 


32 



Ball...orbar? 



Some wise words on officetyping from Olympia. 


The glamorous, prestigious gott ball type- 
writer. Or the versatile, highly-developed typebar 
machine. Which should you choose tor your 
business? 

Olympia say: get ihe right.one for the Job. 

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'•d 


• .* 






2 



NEWS 


Financial Times Monday . April 1TT97S 


'K V 1 ' 


Japan’s trade 
surplus at 
new record 


BY CHARLES SMITH, FAR EAST EDITOR TOKYO, April 16- 



Greek 

Cypriots 

call 


for unity 


NEWS ANALYSIS— MERRILL LYNCN AND. WHITE WELD 


Wall Street’s merger wave reaches Europe 



have 


CUSTOMS clearance trade figures 
published by the Ministry of 
International Trade and Industry 
on Saturday show that Japan ran 
a record surplus of S2_455bn. last 
month. Exports came to S8.7B3bn.. 
up 22.9 per cent, from the same 
month one year ago. while im- 
ports totalled S6.328bn., down 
0.9 per cent. The Customs clear- 
ance figures include freight and 
insurance in the value of imports 
and thus understate the true size 
of the sun>lus. IMF-based figures, 
which give a more accurate 
picture, are due to be published 
to-morrow. 

Simultaneously, with the publi- 
cation of the Customs clearance 
trade figures, the Ministry of 
International Trade and Industry 
issued further details of a plan 
to curb exports during the new 
Japanese fiscal year. The plan 
has already been extensively 
discussed, but MITTs Saturday 
announcement was slightly more 
concrete than the previous 
versions. The Ministry said it 
would call on industry to cut 
exports of cars, steel. TV sets, 
and ships to below last year’s 
level. It also promised “guid- 
ance ” to a range of other indus- 
tries to prevent undue export 
increases. The list includes 
motor-cycles, copying machines, 
watches, and cameras. A com- 


mittee to monitor exports and 
the effectiveness of MITI's guid- 
ance to the industries concerned 
will be established under the 
Vice-Minister of International 
Trade and Industry, Mr. Toshi- 
nobu Wad a. 

The M2TI plan does not involve 
the imposition of statutory ex- 
port controls on industry, 
although the Government has the 
power to do this. (The powers 
were last exercised in 1972.) 
MITI has consistently opposed 
the invocation of statutory res- 
traints during discussions on how 
to curb exports that have been 
going on for the past month. 

A region-by-region breakdown 
of Japan's foreign trade (on tbe 
basis of customs, clearance 
figures i show that, during the 
12 months ending in March, 
Japan nm a SS.9bn. trade surplus 
with the U.S.. and a S4.6bn. sur- 
plus with the EEC. Both of these 
figures were records, as was the 
overall trade surplus for the 
period of S12.9bn. The most 
rapidly growing Japanese export 
item during the 12-month period 
(corresponding to Japan's 1977 
fiscal year) was cars. Car exports 
rose 13-5 per cent in volume 
terras to 4.47m. units, and 2S per 
cent, in Yen terms, to Y3,304bn. 
Car exports thus overtook steel 
to become Japan’s number one 
export item. 


Catalan autonomy move 


BY DAVID GARDNER 


BARCELONA. April 16. 


THE MOVE towards restoration 
of Catalan autonomy has made 
progress with the consclusion of 
the two-week visit to Madrid of 
Sr. Josep Tarradeilas. president 
of tbe Generalitat. The 
(,'eneralitat is Catalonia's tradi- 
tional Government and was re- 
established by Roya! decree last 
September 29. following negotia- 
tions between Sr. Tarradeilas 
and the Government, shortly 
after the June general elections. 

The object of Sr. Tarradellas's 
visit was to speed up the transfer 
of administrative power to the 
autonomous Government after 
six months devoted mainly to 
discussion <of the Generalitafs 
internal workings. In this latter 
debate. Sr. Tarradeilas appears 
to have won grudging acceptance 
for his view of the Generalitat 
as an essentially presidential 


institution. This has been 
widely seen as decisive in quiet- 
ing Government fears of a Left- 
wing dominated Generalitat 
after Socialists. Communists 
and centre-left Nationalists took 
a majority of Catalan parlia- 
mentary seats in the general 
elections. 

After the negotiations just 
concluded in Madrid, the 
Generalitat will have substantial 
control over Catalan local Gov- 
ernment, particularly in the 
area of public services, works, 
and utilities. Catalan will be 
taught in the schools on a par 
with Spanish. And, most im- 
portantly. Catalonia's four pro- 
vincial governors will meet 
reguarly under the presidency of 
Sr. Tarradeilas, though it is not 
yet dear whether this implies 
more than consultative power. 


Greek Cypriot leaders 
moved to prevent a split within 
their community, especially 
among the 200.000 refugees, in 
the face of the new Turkish pro- 
posals which reportedly allow for 
some of the refugees to return 
j to their homes, writes our 
! Nicosia correspondent. Both the 
Government of President Spyros 
Kyprianou and Archbishop 
Chrysostomos, the Greek Ortho- 
dox prelate, have urged the 
people to remain “united at this 
critical hour.” 

Their call follows reports in 
opposition newspapers that the 
Turkish offer should not be 
rejected since it would permit up 
to 70,000 of the Greek Cypriot 
refugees to go back to their 
homes, especially around the 
Famagusta area. Both the 
Government and the Archbishop 
described the reports as false and 
misleading and said they were 
aimed at causing a rift within 
the refugees and confusion wi thin 
the community. 


Ethiopian tank force 

Ethiopia has moved two large 
tank colu mns into areas bordering 
Eritrea in what guerilla sources 
believe to be the first moves in a 
major Soviet and Cuban-backed 
attempt by Ethiopia to retake 
Eritrea, Alan Darby reports from 
Khartoum. Some 5,000 Ethiopian 
troops with about 120 Soviet and 
Cuban advisers and 70 Soviet- 
built tanks arrived in Makelle, 
capital of Tigre province which 
borders Eritrea, on April 12, 
according to theTigreian Popular 
Liberation Front in Khartoum. 
A force of similar strength has 
reportedly reached Gondar, capi- 
tal of B ergemdir province, said 
the TPLF spokesman. Both forces 
came overland from Addis Ababa. 
The guerillas expect the Ethio- 
pians to move the tank columns 
north Into Eritrea before the 
rains begin in mid-June. 

Low Soweto tumont 

A Government “ new deal ” 
election in the black township or 
Soweto this week-end drew only 
6 per cent of the electorate to 
the polls, according to voting 
figures. Reuter reports from 
Johannesburg. The low turn-out 
was expected to encourage mili- 
tant black politicians who had 
scorned the ballot. It was held 
to choose a new local council for 
Soweto, where more than 500 
people died in an upheaval of 
black protest in 1976. 


MERRILL Lynch’s purchase of than 
White Welfi is the latest in a two. 


BY NICHOLAS COLCHESTER IN LONDON AND -JC&FR WYLES IN NEW YORK 


the 


Sa ?* ant * Sal° m °n Brother*;- in the international banking 
Salomon Brothers, 269 and that the company was aim field. 


White Wold’s European opet 
tion was one of the pioneers 


merger wave which has swept more than having difficulty in. holding, jts • A number of posabilties now the Eurobond marketin theV - 

Wall Street for more than a year. ^ e i^ n _ an “ .f n major role In municipal: onder-.present themselves.- Merrill ties/ . It brought the -XF-J ■ 

■.writing. Lvnefc might hand. -over, the corporate borrower; Ame 


brn^hr 0 ^ 011 ^ 0 ^ which J 1 *® national business in brokerage 
brought together firms such as and investment banking which 
Dean Witter and Reynolds last year accounted for 9.4 per 
Securities, Kuhn Loeb and cent of total revenues and 10.1 
Lehman Brothers Loch Rhoades ^ cenL of net income, 
and Hornblower Weeks, Noyes and a-half yearB a?0 

and Trasks must have been a White Weld attempted to 
prime factor in persuading broaden its traditional under- 
White Weld that its survival in a writing and investment hanking 
business dominated by more ba . se .. through the purchase of _a 


_ ... Lynch ' -might ..hand .. . .... . 

On the surface, there. appears whole of itB Overseas.-mvestment Cyanamid. into! ‘the maritetX ' ' 
to be little that White' WehJ will- banking operation to CSWW — 1965 and two years later manasi- " .■ 

the first issue : of/ EurodSf/' 


of , iwesj: ■■■ - 


Mow Internati on al Financial 
and Company 1 News Page 35 


Certificates 
Citicorp.. 

Its eminence in; the fate-/ . 
national bond inarket was.'"S--'V- 
inforced in 1874. when it acqtiijfr 1 ■ 
Credit Suisse -as" i backer;. -to ■■ : - 
big Swiss .bank had itself bee; -' 


highly capitalised and diversi- retail brokerage firm, G. H. be bringing to Merrill Lynch that in effect recreate the arrange- planning a major expanfion3 •' - 
fied firms could be steadily more talker Laird and Co, White the industry giant does • not ment that CSWW had with -White international investment 
difficult welds first acquisition m 79 already have, except the--possi- Weld in the US.-’ Alternatively, t>ut felt compromised 

YfjJl-o,- Aimick»4 v:i:< — .( _ *!»• -r _ IT u- v—' -»r : 111 • ^ . ,,. r .“j ■« : 


_ TT _ . . , , aureaoy nave, except -tne'rpossi- Weld in tne u-s. Awernaayeiy, mg- ijut teit compromised by ■- 

Increasingly it has become the ^shed biWj of a valuable tjwip-.irith Credit Suisse could; buy Merrill is per cent holding 1 in tij-- 

maSyiEm m l3 ^ old ^ Credit Suisse. V ... V.-, ... Lynch’s new stake in CSWW. If White Weld. So it made 

Street that the future may only L-SS-SSftfc ,wHLS£S J3? 


be secured bv access to lar»e °P e ” tin 8 0 ffi cf r » Mr - Fr ®J e ric^S- mark over the ownership 3f me'- well want ta. buy. an investment adopting White Welffs Eunspe» - : 

sjsswr«.*ssi«rjsr -- — — - - 


bank on Wall Street to restore operation as the Vehicle far ft- 1 ;.. 


ties undSJritiS andtrading °ew approach was not going firms in Europe,. Credit Suisst its U.S. connections: Happily own offensive..- 

too well and Mr. Wonham’s White Wald. . Credit Sulsse-has CgWW Is cash rich at the mmhtaati 


^JSSblfiSSl Sstri- r ®? 81,ati 5? November, with- already indJcited'tliatit wtf.not^mekt because - , of 
3 ? ubliC explanation, con- be selling Its 47 per cent stake cent plus of -Whit* 


button network. 


selling 


per cent stake cent plus 


the -The combination of Its- _ 
the 30 per ence, the Swiss bank's pJae 
■White Weld U.S. power, and - Whiter. Wc 


many jn their view that in this — its international invest- that It has just , sold la Merrill American connections' ; - 


It is no accident that the com- White Weld was still looking ment banking arm. The question Lynch, Again, CSWW; might use enabled CSWW to -stay Triads, . 
pany which best fits this model for a new role.. It is thought is whether Merrill Lytich^.c^n' this cash to' ’buy :u"p .its own the Eurobond underwrite.' 
ls L ynCb Pierce Fenner that White Weld was losing the devise a formula to- bold oh to. shares from Merrill ^Lynch league table in the face offtr" '■ 

and Smith. With S645.8m. of race far big corporate clients to White Weld’s 30 per cent.' stake making some Provision that the challenge, of the commertfsl : - 
shareholders' equity it has the capital rich crowd of Morgan in CSWW without there -being a voting rights, were siiitSbly banks. In 1977 it tobbr .sewnS’ . 
nearly four times more capital Tanly, Merrill Lynch, Goldman conflict with its own aspirations lodged, place only, tn-Deotsche. Bank '.-ij - - 


Irish layoffs feared 


Some Irish companies are on 
the point of laying off workers 
because of the effects of the tele- 
communications dispute, now in 
its 11th week, our Dublin cor- 
respondent writes. Particularly 
badly hit are firms specialising in 
exports, who have found them- 
selves virtually cut off from their 
customers. 


India opens 
new plant 
for N-fuel 


By D. P. Kumar 

NEW DELHI, April 16. 
INDIA’S NUCLEAR fuel repro- 
cessing plant at Tarapur, where 
the country already has two 
atomic power reactors, is com- 
plete and is already reprocess- 
ing spent fuel to recover 
plutonium. 

This significant development 
was announced casually in the 
annual report of the Department 
of Atomic Energy released on 
Saturday. It comes in the midst 
of a conflict between India and 
the U.S. which is now delaying 
the supply of enriched uranium. 

The U.S. Government is insist- 
ing on India signing the Nuclear 
Non-proliferation. Treaty before 
it can' resume supply of enriched 
uranium for the Tarapur plant, 
but Mr. Morarji Desai. the IndianJ 
Premier, has declined to sign it 
until all the nuclear nations 
renounce the use of atomic 
weapons and destroy the existing 
nuclear stockpile. 

The reprocessing plant, which 
was completed nearly a year 
ago. has been uncommissioned 
until now because the U.S. has 
refused permission to reprocess 
spent fuels from- <he Tarapur 
plant . 


New chief of staff for Israel 


BY L. DANIEL 


JERUSALEM, 1 April 16. 

ISRAEL’S ELEVENTH Chief- will be Major-Gen. Yetaitiel old “Rafol,” as he" is known, is 
of-Staff, Lieutenant General Adama. • the very dppositer-a man of vety 

Raphael Eitan, formally r.3 0 ? 1 outgoing few words. His acceptance speech 


formally 00X11 010 new ^na tne outgoing few words, tus acceptance 

Chiefs, of Staff joined the * Pal- this morning,, read -from a nre- 
assumed tus i post ttrfa, taking macS -^th e aghUng ann ot ffie Sred teit took esactly lS 
over from Lt-Gen. Mordecchai Haganah— before the State of seconds. . • :-,•••• 

Gur who is leaving active army Israel was established. Beth have Mr. Ezer Weizman; the Defence 
f* rric t* a A, ter t our years ._P® distinguished service records, Minis ter, who recommended 
top post. Gen. Gur was appointed having played a prominent part General Eitan for the tough job, 
six months after the Yom Klppur ^ a ii campaigns. But they are today described, him as a “very 
war and had the unenviable task very different . personalities, tough, good commander.’^ 
of restructuring the top eche; General Gur. soft-spoken. -and Meanwhile, the Israeli Cabinet 
Ions, re-equipping the Israeli highly articulate, likes writing at its weekly meeting to-day re- 
army and of eradicating the children’s books as a hobby, and affirmed that it regards Security 
demoralising after-effects of the intends to return to university Council Resolution 242 as the 
Arab surprise attack of October f or further study after a short basis for negotiations, with all 
1B73 - lecturing tour in the US. of Israel’s neighbours— Egypt, 

The new deputy Chief-of-Staff The new chief of staff.-49-year- Jordan, Syria and Lebanon. 


Iran resumes oil sales talks 


BY ANDREW WHITLEY 


TEHRAN, April 16. 


TALKS on a new long term ted in several areas af-cHscys- There is tacit recognition -that 
relationship between Iran and sion and were resumed jester- Iran is bargaining- at an un- 
its major oil customers, the 14- day. . favourable time when • soft 

member Western consortium led Unconfirmed reports say the „* , 

by British Petroleum, have Te- six-man consortium team. led by ™ aricet co n *tion^ are expected 
opened in Tehran amid indica- a mana g in g director of BP, Mr. to persist for many months. 
Hons that agreement may be John Sutcliffe, is . prepared, to This is- illustrated by : the .dis- 
near. stay on in Tehran until' a Seal appointing export figures* for the 

Negotiations were adjourned outcome. Local press-, regorts. first quarter of Z97S, which are 
fbr a month over the Easter and which undoubtedly reflect aggjial running ' below official projec- 
Iranian new year holiday^, after thinking, are cautiously 'pptl&is- tiorus at ah, average of 4^4rm 
signlficanj progress was repor- tic. 1 , li: ' *Z:. ’b/d. 


Pakistani 
leader on 
Saudi visit 


By Simon' Henderson ■ ■ . 

ISLAMAB AD. ApnllB; 5. " 
PAKISTAN'S - military \ ;rtfieyy . • 
General ZuhiI . Haq. left - . 

For Saudi Arabia oh. a visit seen.- : 
here as crucial to the- eventual' • 
fate of the . condemned, V former. - 
Prime Miinster, Mr. Z . A Bhuttoi - : J 
The vfedL -the third since .Gene^; ''' 
21a. took' over last July, ' cailier ?- 
when most Middle. East states': - 
have sent appeals for clemency-.:-' 
to be shown to Mr. -Bhutto. . \#i-: 

■' Saudi Arabia: has denied send- ; ' 
ing. any such message ' but M'.:: ' 
formed foreign sources here'svV • 
that Riyadh is very -cimeeraed - 
by tiie prospect of Ur.; Bh^H- - . : 
being hanged . if his appefl •• 
against sentence In a rase if ' ” 
political murder fails. Genenfl . 

Zia is accompanied by a high 
powered delegation inchidfa^^.J. 
several members of his advisew -l 
council as well as tbe influeiM 
senior corps commander; Geneti ‘ ' .' 
F.i A.' GhistL _: Observers ' hoi 1 4 ... 
expect King Khalkt and ftrinft >. - . 
Fahd - to - inquire in the':iaHdi - ;: 
covering matters of mutual in- - ' 
terest General ETaV exact plfink:'-''- - 


Fc«A»«Oki. TiMM. oqliOBhe tf dUiyreaetwifa. 
dm KDd Itolidvra. US Rdncristtozi UMJ9 . . . . 
mfr. -ftruiird S3sao0-ftir duov iwr 'ZKu ,- *• 

Second am poauge pate m 'New 


Allof these Bonds having been sold, this announcement appears os a matter of record oriy. 


_New Issue 


17th April 1978 



j 

/. 


¥ 15 , 000 , ooo, odo 
REPUBLIC OF ARGENTINA 


6.4% Japanese Yen Bonds of 1978, due 1986 

First Series 


Yamaichi Securities Company , Limited 


The Nomura Securities Co., Ltd . Daiwa Securities Co. Ltd . . The Nikko Securities Co., Ltdi 


The Nippon Kangyo KaJcamaru Securities Co „ Ltd. 

Wako Securities Co., Ltd. Sanyo Securities Co, Ltd 


New Japan Securities Co.,Ltdj 


Merrii Lynch Securities Company,! 

Tokyo Branch 


Okas an Securities Co., Ltd 
Yamatane Securities Co., Ltd. 
fCoyanagi Securities Co., Ltd. 
Yachiyo Securities Go* Ltd 
Mzto Securities Co* Ltd 
The Toko Securities Co* Ltd 
Nichiei Securities Co., Ltd 


Osakaya Securities Co., Ltd 


Loeb Bhoades Securities Corporation, 

Tokyo flnui cil 


5» 


Toyo Securities Co* Ltd. 
The Kaisei Securities Co * Ltd 
Ichiyoshi Securities Cb. f Ltd 

/ 

• Tawa Securities Co* Ltd 1 
Maruman Securities Cd.. Ltd 


Dai-ichi Securities Co., Lpti 

I f 
L 

Koa Securities Co., Ltd. . 
Mar us an Securities Co., Ltd. 
Tokyo Securities Co., Lid. 

The Chiyoda Securities Co., Ltd 

’ ! • 

The National Securities Co., Ltd 

t !. 

Meiko Securities Ca, Ltd. 


Deutsche Bank AktieogesejOscha/t 



S.-a * £J> 


Tkia jumauncanent appears a> a matter ofuxcord only 

■ ' ' V-. ■■■ 




■> 





V . 


INDUSTRIAL and MINING 
DEVELOPMENT BANK of IRAN 


\ 


V - 
«. 

\ 


¥10,000,000,000 


\ , 

• •- 


Japanese Yen Bonds —Series A 
(1978/1988) 


• ’ V • 


.Arranged by. ’ 

The Industrial Bank of Japan, Limited The Bank of Tokycf, Ltd^ 

Yamaichi Securities Company, Limited 


-t 


Funds provided by 

The Industrial Bank of Japan, Limited V.T^e-Buik'ofTdbTdltd.'' 

The Dai-ichi Mutual life Insurance Company Bank, limited 

The Meiji Mutual Life Insurance Company ■ National Fedetatidu of Credit Assodanons 

Yamaichi Investment Trust and. Management Company : AsaM Mutnal life Insurance Company 
The Chuo Trust and Banking Company, Limicoi - Fuji Bankj Limitod - 


The Mitsubishi Bank, limited 
Mitsui Mutual Life Insurance Company 
The Nippon Credit Bank, Ltd. 

The Sumitomo Bank, Limited 

The Yasuda Fire & Marine Insurance Co., Ltd. 


on 


^Xhc Mitsui Trust and Banking CQjnjwiiy, Limited 
/.The Sanwa Bank^ LnhitedT. 

The Tokai Bahk^ limiced . v ; . r : 

ThcYasndaTrastaod Ban3an^ Company, limited 


Taisho Marine and Fire Insurance Company, limited . The Bank of Yo koh a ma , LtcL~ 



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Monday April 17 ' 1978 



AS NEWS 


THE ANGLO-AMERICAN MISSION TO RHODESIA 


1; 5 


-.1. 

C$$; 

' - j ft. 1 : il 


Searching for compromise 


BY TONY HAWWNS 04 SALISBURY 


. . . r:ON THE face of. iV the'- mission 

' , A:u>to Salisbury -to-day of British 
(A’ForeigD Secretary David Owen 
- "Sand. UJ5. Secretary of Stare 
- - -.i Cyras Vance seems doomed to 

failure. -The two foreign mlnis- 
. ;- ',y v. 5 :- ters would like the signatories 

. -Syof the March 3. Salisbury agree- 


'*;■ s ^Lment ■ to attend; am ' all-party 
.**V conference based ;oii the Anglo- 


: American proposals published 

list September. Yet in the post 

both 


* ■■ V hours both Bishop -Abel 

••.3. ^iMinorewa and Rev. Ndahanin^i 
. 7-i -/^ Sithole; Who, with Mr. Ian Smith 




‘■ and Chief Chirau are members ~ 


teJmf “Bhodesia’S‘> rilling interim 


. . ! i ?'! Executive .■ Council,. . .have again 

r . S'- ^turned' down these plans. 

Rev. SitBoIe told a rally at 
v the north-eastern town of Sinoia 
'•?}crn Saturday that an all-party 
^conference was “anathema." He 
r ’v'j^said-he. did not think the. British 
; *tor _ the Americans understood 
. .* " :S- '’■bow Rhodesian blacks- felt about 

. £*.tbe Salisbury agreement: “We 

. '■ ; t signed it with our burning semis 

■■••ji-iAand .can never tinsign it.” And 
'^Bishop Muzorewa said in an 
'*^ s jntexview that Dr, Owen and 
%r. ‘ Vance - would- find that 
Pq| t J . Rhodesians coidd be “stubborn. 
* uKJCfQk.®™ abd uncompromising.'' The 
- ^JlftBSalisbury agreement was a fact 
j An J Mf life, he sflijL. . 

This tough, talk 'froth " the 
v * ^domestic, nationalist leaders con- 
trasts with the sHence of Mr. 

Mth's Rhodesian Front. ' Mr. 
Smith has said very little about 
, . Jie Owen -Vance visit other than 
t%t >* lo warn at a. private meeting last 
Thursday that the two ministers 
' -‘were not. coining to Salisbury 



.utticv /uiurood 

Rev. Ndahaningi Sithole 




ftrto recognise the domestic agree- 
' < „i. V'.'i.Hvment but to try and impose the 


_ - r;i. Anglo-American plan. 

'“ £ Mr. Smith told his closed door 



• The acceptance of Lord 
Carver, the Resident Commis- 
sioner designate, as. an indepen- 
dent chairman of the transitional 
government with no overt execu- 
tive powers other than in the 
field of law and order. At the 
same time, there would be agree- 
ment tn Mr. Nkomo and Mr. 
Robert Mugabe joining the ^xist 
jug executive on equal terms 
with the other four members. 

• The appointment or Ll.-Gen. 
Cband. the special UN repre- 
sentative Tor Rhodesia, as head 
of the Rhodesian armed forces 
during the transitional period, 
allied with an agreed programme 
of integrating suitable guerillas 
within the existing forces. 

• A widening of the existing 
18-man Cabinet council to in- 
clude three Nkomo and, jf need 
be. three Mugabe representa- 
tives. 

• No presence in any numbers 
of a UN force, but suitable 
back-up staff for LL-Gen. Cband. 
plus UN or U.K. observers, to 
ensure fair play at the planned 
one-man-onc-vole elections. 

• The Rhodesians would oppose 
any renegotiation of the plan Ton, 
a new constitution but they 
would be willing to submit to 
certain minor amendments if 
this was the price that must 
be paid fur Mr. Nkomo’s partici- 
pation. 

While such concessions would 
not be welcomed by the black 
participants to the Salisbury 
agreement, they would almost 
.certainly go along with them in 
return for a cease-fire and Mr. 
Nkomo’s return. 

However, observers here 
believe (hat these concessions 


Bishop Abel Sliuorewa 

_ :.V- ; : I?^ee'b : ng**that lt was most~deslr- a ons what the Bishop. and Rev. are 1,1051 unlikely to be regarded 
--.‘.^liable that Mr. Joshua Nkomo, Sithole cannot accept Is the 85 an adequate basis for Anglo- 
■ ~‘..'r ? 35co-leader with Mr. Robert demands of Mr Nkomo’s American acceptance of the 
— .V-^iMugabe of the external Patriotic Patriotic Front repeated at the structure " of the internal plan 

— * — ~ «- Salaam meeting this But the V might yet be regarded 

the army be as 8 basis for the transitional 
the Patrfqtfo.Front Roranment to send its delega- 
. ” ‘I'Vi'itcsharing power with the other guerilla army and that the tl0 ° 10 a proposed all-party 
^nationalist leaders; Mr; Sithole Patriotic Front should: have a ‘•■onference. 

-~s.gnd Bishop Muzorewa have, made disproportionate share of .power The transitional Government 
■.r. ' "' Similar appeal*; and it is under- in any transitional administra- —and not Mr. Smith himself— 
.. ‘“ -Htood that recently a black tion. has selected the nine-man delega- 

"•:V ; J -emissary went to Mr. Nkomo in Taken at face value , the li on that will take part in the 
Lusaka to make precisely -this Mnzorewa- Sithole statements Owen-Vance talks Lo-inc»rrow. 
' --^Suffer. tn* nwHuVnis trin Reflecting the multi-racial 




41 . (C4UC1 3 CVD vi, -qiiLHttUULu .f- - 4/v _ 

‘-'-• -desirable. Bishop Muzorewa is conference.' But it is very dlffi- cl!\*P ce Ministe 
: ; ^ery confident of being able tu cult, indeed to see compromise J>rnltJ1 - 
■" T “'‘- ! win free elections and therefore going further' than that. >. ’ The composition of this dele- 
^rilhiig. to- see- Mr. The points on which Mr. Siith S.al'on suggests that the transi- 


. ■ V ] i-.VJkomo, who relies almost exclu- is . believed, to. be ,wi llin Jf" 'to tional Government witi insist 
" -lively on the.14 pet cefttNdebele crithpromise iH order to nrizig bn attending any proposed' all 

--iii^.riba] groupings Ypr hls support. Mr. , Nkomo Into the agreement, party, conference as a single 

.0 "contest genuinely free elec- -are: . team and not as individuals. 


WORLD TRADE \ EWS 



Dutch plea for 
better export finance 


BY CHARLES BATCHELOR 


AMSTERDAM, April 16. 


MINOR ADJUSTMENTS in Hol- 
land’s range nf export facilities 
could greatly increase their 
effectiveness, according to a 
major export financing bank. 
This could be done without pro- 
voking counter measures from 
other trading nations and without 
weakening the commercial prin- 
ciples underpinning export aid, 
the Export Finaocicrings Mij 
(EFM) claimed . 

Despite EEC consensus on a 
uniform approach to export 
financing some countries, parti- 
cularly the U.K. and France, arc 
flexible in their interpretation 
of these agreements, Dr. W. J. 
Fnrd. chief director of the bank, 
said. Also the German Laender 
Governments also do not hold 
strictly to agreements made by 
the Federal Government. 

Other exporting nations, he 
claimed, get around the gentle- 
man's agreement on export 
credit by granting mixed credits, 
composed nf export credits and 
development aid. Dutch exporters 
have been urging their Govern- 
ment to do the same. Holland 
grant more mixed credits. Dr. 
Ford said. 

Holland has set up a "mulching 
fund” of Fis.lOOtn. to allow 
Dutch exporters to provide ibe 
same financing terms as those 
foreign exporters who go below 
i he consensus levels. The prob- 
lem is, that by the time a foreign 
exporter reveals he has won n 
contract with the help of cheaper 
financing it is too late for the 
Dutch exporter to match the 
terms. 


Holland has a facility for 
granting cheaper loans, the 
Export Financing Arrangement 
lEFA) which currently has a 
ceiling of Fls.3.'24hn. These 
funds, which' ar c provided by 
Dutch commercial banks, 
currently carry a 6-; per cent, 
rale of interest compared with 
the 71 to eight per ceni. rate on 
government credits. At present 
however Holland y.nu not allow 
export credits which are below 
the internationally agreed rate 
so the cheap EFA rate is always 
increased to the higher govern- 
ment credit level. The link 
between these two forms of 
credit should he abolished, 
allowing Dutch exporters access 
to the cheaper EFA credits, Dr. 
Ford said- 

An important element of risk 
insurance is the size of the risk 
which the exporter carries him- 
self fnr which there is no in- 
ternational agreement. Countries 
decide individually on the level 
and at present it lies between 
10-15 per cent, in Holland. 
Dutch exporters find the per- 
centage is sometimes increased 
if the economy of their export 
market deteriorates while it is 
higher for exports to countries 
with weak economies. In EFM's 
view the . percentage should he 
reduced ' for the weaker 
countries. It points out that for 
an exporter signing several con- 
tracts the cumulative own-risk 
element may be too great 

The Dutch Government is 
currently drawing up plans to 
improve export aid. 


CANTON FAIR 


Hopes of Chinese baying surge 


BY OUR OWN CORRESPONDENT IN HONG KONG 




=5* 


THIS SESSION of China's semi- 
annual Canton Trade Fair, which 
opened Saturday, may well prove 
to be the most important for 
several years. As the first fair 
since February's national 
Peoples' Congress, foreign busi- 
nessmen will be watching closely 
to see if the Chinese leadership 
is capable of carrying out the 
principles of open trade that ibe 
Congress enshrined as national 
policy. 

While the fair has since the 
early 1970s been almost ex- 
clusively a forum for sales by 
China. Peking's public commit- 
ment to expanding imports of 
capital goods from the West and 
Japan has led to hopes that this 
session could provide an oppoi^ 
It unity fnr foreign businessmen 
to negotiate sales of sophisticated 
equipment. 

These hopes were given a boost 
last week when a Communist 
controlled newspaper in Hong 
Kong reported (hat China would 
step up purchases of advanced 
technology and equipment at this 
fair. The reports said that the 
Chinese will give priority to pur- 
chases of items dealing with pet- 
roleum. coal power, transport, 
steel, non-ferous metals, machine 
add chemical industries. 

Despite (his, most veteran 
traders do not expect a signifi- 
cant upsurge in Chinese buying. 
Nor only would that constitute 
a significant reversal in long- 
I standing practice they’ argue, but 


The likelihood of China mak- 
ing large purchases at this fair 
is further reduced by the impor- 
tant trade agreements Peking 


recently signed with Japan and 
lie 


Spain wins Cuban bus order 


BY ROBERT GRAHAM 


MADRID. April 16- 


ENASA, the Slate-controlled 
Spanish commercial vehicle and 
bus manu'aeturer. has won an 
order tn supply 500 buses to 
Cuba worth S^B.75m. The order 
also includes an agreement to 
supply Spanish technology to the 
Cubans. 

ENASA has already supplied 
some 4,000 of its Pegasus com- 


mercial vehicles to Cuba. The 
new order is expected to take 
effect from nex> >«?ar. Although 
tbe company in which the state 
holding company. INI. has a 67 
per cent, stake, is experiencing 
considerable difficulties in sus- 1 
taining sales in the local Spanish 
market it is doi/t” well in export 
sales, especially in Latin America. 


intensive negotiations involving 
capital equipment effectively 
rules out any major import deals 
being concluded during the fair's 
one-month run- 


the European Economic Com- 
munity. 

Total transactions at the fair 
are normally in the Slbn. range. 
Traditionally, the majority of 
this total consists of Chinese ex- 
ports, particularly textiles, food- 
stuffs. handicrafts and other light 
industrial goods. China's major 
purchases at the fair normally 
Include speciality steels— almost 
always from 'Japan and West 
Germany — and chemical pro- 
ducts. 

Reflecting China's plans for 
stepping up iron and steel pro- 
duction to 60m. tons by 1985 one 
exhibit at this year's fair - is 
reported to be an S40 ton open 
cast mining excavator which Is 
believed to be the largest piece 
of machinery ever displayed at 
the fair. Similarly, in line with 
the increasing emphasis being 
placed on coal production tbe 
Chinese are exhibiting what is 
described as a gas sensitive coal 
detector which detects coal 
deposits by analysis of coal gas. 
together with atiier items of coal 
mining technology and equip- 
ment. 

At the same time a (arse dis- 
play oF electronic exhibits is 
attributed to the great impor- 
tance which the Chinese are now 
placing on electronics. Fair 
officials claim that China plans a 
technical breakthrough in tbe 
mass production of larce scale 
integrated circuits bv 1980 fol- 
lowed by a more sophisticated 
ranee by 19S5. 

With the emphasis of the fair 


likely to continue on Chinese 
exports, traders will be keenly 
awaiting indications of both sup- 
plies and prices. Pekins' desire 
to expand trade together -with 
a general improvement in the 
economy over the past year, has 
raised expectations that tbe 
chronically tight supply situation 
will improve, and price rise over 
the last fair will bo only moder- 
ate. But Chinese trade officials 
have already cautioned some 
buyers not to expect too much. 
In particular, they have hinted at 
shortages of many textile goods, 
as well as agricultural items, in- 
cluding canned foodstuffs. 

The shortages, which have 
been particularly conspicuous 
during the past two fairs, are 
tbougbt to stem from Peking's 
desire to upgrade living stand- 
ards far its people. Rationing of 
foodstuffs tike meat, poultry and 
eggs has been tightened in large 
cities over the past two years, 
apparently the result of three 
successive poor harvests. The 
new leadership is keen to im- 
prove this situation quickly, both 
for political reasons and in 
order to raise worker morale 
and spur productivity. 

The resulting export shortages 
and the reduced foreign exchange 
earnings they represent have 
probably been a major factor in 
the delay of Peking's return to 
the international market place 
as an importer of capital equip- 
ment. And while suoplying the 
domestic marker will continue 
lo take first priority, an improve- 
ment in supplies, however slight, 
at this fair, would he a strong 
indication that China is really as 
committed as it says to expand- 
ing trade. 


IDB loans top $1.8bn. 


BY HUGH O'SHAUGHNESSY 


\Aiorld ^Economic Indicators 


INDUSTRIAL PRODUCTION 1970=100 



Mar. 78 

Feb. 78 

Jan. 78 

Mar. 77 

% change 
on year 

U5. 

134.6 
Feb. 78 

132.6 

Jan. 78 

1312 
Dec. 77 

118-8 

Feb. 77 

+ 45 

U.K. 

103-8 

703.0 

7015 

103.2 

4- 0.4 

Holland 

124 

725 

129 

126 

- 7A 

Italy 

11941 

122.4 

113.2 

127.5 

— 6.0 

W. Germany 

1713 

108.7 

715.4 

1114 

+.04). 

Jan. 78 

Dec. 77 

Nov. *77. 

Jan. 77 


Belgium 

1064 

1055 

71941' ' ' 

10841 

- 2.0 

France 

727.0 

122.0 

127.0 . 

729.0 

- 1.6 

Japan 

73 23 

130.9 .. 

12J.8 . 

1284) 

+ 17 - 


THE Inter-American Develop- 
ment Bank (.IDB) approved loans 
totalling Sl.Slbn. last year, a 
record figure ahd IS per cent, 
higher than the previous year's 
totaL This is staled in the Bank's 
annual report presented to the 
annual governors’ meeting which 
starts in Vancouver to-day. 

Austria. Finland, France. 
Ilaly, the Netherlands and 
Sweden joined the ten countries 
which were already non-regiona) 
members of the Bank while the 
Bahamas joined as a regional 
member. This brings the Bank's 
total membership to 41. 

'More than half the Bank's 
lending went to three countries, 
Brazil (S36lm.), Argentina 
fS318m_), and Mexico (S257m.). 
Loans to El Salvador ($109m.) 
and Panama (S122m.) were more 


than four times bigger than in 
1076. 

The Bank is currently engaged 
in the fourth major replenish- 
ment of its capital consisting 
principally of a $4bn, increase 
in the capital stock of wh&h 
8344m. is to be paid in. 

Though the report does not 
make specific reference to the 
problem, the Bank is at odds 
with the US. Government on the 
question of new capital. Washing- 
ton baa sou eh t to condition its 
new money to the Bank not lend- 
ing' to Bovomments with bad 
human rights records. The Bank 
is resisting these conditions. 

The Bank reports that its lend- 
ing policy has been oriented 
towards the. least developed 
countries and- regions of Latin 
America and last year gave par- 
ticular emphasis to agriculture, 
industry, energy and transport 


Saab cars 
market share 


Figures for the market shares 
of Saab cars sold in Sweden dur- 
ing the first three months of this 
year and 1977 were reversed in 
the report cairied in the Finan- 
cial Times of April 7. 

On a market, where total first 
quarter sales declined by 31.5 
per cent, compared with the first 
three months of 1977. Saab sold 
6.634 cars against 8.052. This, 
however, represented an increase 
tnol a decrease as reported) in 
Scab’s market share from 12.3 
per cent, to 14.78 per cent. 


Particularly significant for 
Saab was that rales of 


its 93 

Combi coupe rose by 454 units 
to 3,456 during the first three 
months and for the first time 
exceeded sales in Sweden of 
Volvo’s 245 estale car. 



out why your company needs 


Fero 


new ducktile flooring. 




* 




*? 


n- 


<« 


MAN 





This way. 







m-z*. 


\&i-. , 3$>. 

*?s c-. %-„rr‘. sA’CSk-v.i* *. ■*» 


■M 


"y} - rf* 1 






r^v* -WiA' V ■■ 










,v.-V nfTok?'^ 






Or the painless way. 


c-’ m ■ 


As you : may have .gathered, Ferodo ducktiles are a new- 
kind of safety flooring. 

Safety; flooring of one kihd or another has been 
around tor yesus, but somehow every other system had 
faults that made it uneconomic or impractical to offer 
your employees real safety underfoot. 

Now it’s different.- Now, there are Ferodo ducktiles. 

Unlike others, ducktiles are 300 mm square fully- 
interlocking, interference fit, easy- to- lay tiles you can tailor to 
varyingrequirements. ; t 

- Unlike others, they are oil resistant. Impervious to water, grease or 
: chemicals. Immensely s trong. Anti-static- Resistant to ultra violet light and 
c6rrosion r And* of course, anti-slip. 



Unlike others, they are easy to cleanbecause ducts channel off 
waste liquids. 

Ufilike others, they can have clip-on bevelled edges to provide 
ramps wherever you need them. 

Unlike others, ducktiles not only do a good j ob. They look 
good and feel good to stand on too. So you can use them wherever 
a safer floor is needed. 

In other words, when you choose 
Ferodo ’s new ducktiles, you're on a 
very safe bet. For your company. As well 
as your employees. 



IFERODO 

1 INTERLOCKING DUCKTILES 


To find out more about ducktiles, please 
.contaetjoe Perry.. 



The safety^irst floor 


Ferodo Limited, Cbapel-er^le-F/jih, Stockport- 'sk '12 6JP 
Telephone: Cbapei-en-le-Fnth ^029 881)3520 



■&£do*m 




. A**-. 


& 




A 


tar-wnfc 




Spillers’ 
bakers 
want to 
buy shops 


Textile trade near balance 
for first time in four years 


iaiKs;wmbeneia 
with CBI before 
pay clause penalty’ 


BY RHYS DAY1D 


nilV BRITAIN WAS almost in balance This, however, was still not — — 

Art M.1 kJIIVIfw in iis textile and clothing trade as high as tile surplus the sector 

v with the rest of the world last was able to earn in 1971, when U.K. TRADE IN TEX 

i year — for the first time since there was a £ 191m, surplus at 
By Kevin Done ■ 1973. sterling values then prevailing. 1973 1974 

The industry, which has been m The figures published by the £m. £m- 

THREE HUNDRED bakery shop un der severe pressure from im- Textiles Statistics Bureau in imports 
staff, to be made redundant as ports from low cost countries Manchester show that the indus- Textiles 556 750 

a result of Spillers' decision to ended the year with total sales j! Clothing 333 402 

pull out of bread-making, will try ; of textiles and do thing overseas ™ EXPORTS' 

to buv shops from the company.: falling only £8m- short of im- round of the GATT multi-fibre 

' ‘ ... ports — a significant improve- arrangement governing world Textiles 707 892 

S nf ^Lken^lhoas 03 ^ £143m - and ^ 36m - tevtile trade was • faring better Clothing . 179 230 

chain of 35,, bakery shops in i dtific : L . for 1975 and 1978 against overseas competition. __ . 

Norfolk and Suffolk, taker over! But other figures relating to TRADE BALANCE 

by the Spillers Group five years; The key to the improvement the industry . s performance last Textile* +151 +141 

as °- wa * a . Jam P in clothing year — particularly the last Clothing — 154 —172 

Mr. Frank .Pye, Matthe areal P°£? 5 in J lartbaJf yea f' quarter — offer less comfort 
manager, said yesterday that the : .^ J£ P°T ts . r 9f e With the recession still making TOTAL — 3 —31 

shops were “viable going con-) toe first half to £352m.. while its e if f e n. around the world, 

cerns and our customers bave ; imports showed comparatively j} r jtisb textile industry activity — — ■- 

been imploring us to do some-: little movement riling from m the final quarter was down 5 

thing to make sure that they are j £3iSm. in the first-half to £3S8m. pg r on same period a production were both do«m on 
refined. m the sec . ond - . year earlier, with the industry’s 1977 levels. 

A petition signed by the staff' This, * e£t , a total deficit fibre consumption 14 per cent. The industry is placing its 


U.K. 

TRADE 

IN TEXTILES AND 

CLOTHING 



1973 

1974 

1975 

1976 

1977 


£m. 

£m- 

£m. 

£m. 

On. 

IMPORTS 






Textiles 

556 

750 

732 

975 

1,196 

Clothing 

333 

402 

505 

683 

767 

EXPORTS . 



- 



Textiles 

707 

892 

828 

1,110 

1,359 

Clothing 

179 

230 

265 

4T2 

598 

TRADE BALANCE 





Textiles 

+ 151 

+141 

+ 96 

+13S 

+162 

Clothing 

-154 

-172 

-240 

-271 

-168 

TOTAL 

- 3 

- 31 

—144 

-136 

— - 6 


r0 
W 

oirysier jo fi 


pay clause penally’ leisure- 

BY JOHN auon, INPUSBHAL EDITOR . ' jr : 

THE GOVERNMENT has ngrewi cliin^y ” by Mr. Greenboroitgh- T Htt Cffi''' 

to consult the Confederationof They are not bang xecom- ■ ■ Uf/1 tV u 

British Industry before it pena- mended by the Confederation, . ... Mr 

tiaes any company as a result: which has decided to leave it to By Terry Db&wbrffr, ' • " -i-'-iftr" 

of the pay clauses now being an individual company a to exer-7 Motor fodustr^ ^ - :c ~ : ' 

inserted in Government .* con- else its own commercial . judg- (i;*-* 

tracts - '■ meat in deciding whethe*ror not ______ __ TT .. . • 

Mr. John Greenborouah CBi ' to sign a Goverament contract <mOTtog.tiRo^ 

president, says this to-day -in- a containing ‘ the - redrafted pe market .for -mulfi-fnanftse * 
letter to confederation members. clauses.” • 1 

His letter is acconroanipri h* The Government- has .also products sue* . as -the Range -.- 
an emSnatoW mSSSS^ agreed to discuss with the GBI Rpver,-wlto the tatto. oftE. y. . 
aettl^oShS comSS^d f* apjriication of tbe^ses in MjfraBanchom Britain;: . • ... 

their subcontractors are expected- ^tore phases < ^J >ay The Rancho,: assembled by tke- - 

to abide by the Government* . - Because of Has. Q**®- Mate* aerpspacw , group i from ■ . ' 
pay limits or ride losing their boroughs Iette r ®sks compete Oirysier Alpine and.Simca HQOj 
contracts.’ ^ ^ to tell the confederation about components; will go on sale in • 

The event marks th® *»*.<« their experiences in dealing wjth Britain at JE&560." . . TV- 

3ni The fro »t pir, 0 f the bMj . js 
tamty among companies dace the T^rt«-the termsrf toe clanses constructed of- sheet mstaiaud 

SFZXSJZ esss&j*. pSST^SSS^tSt a* «^.5S2rtssw?/ : 


Stocks 


was handed to Mr Keith StaiDton, I tor clothing atone of some down. - hopes for toe - rest of 1978 on oS SSdSiK' 

Conservative MP for Sudbury and: £16S.8rm, but by the .final quarter Output figures for two increased consumer spending on from textile suppliers. I 85 

Woodhridge, at the week-end. It the gap between imports and important textile sectors — man- clothing, signs of which have T . . *. . . — 1 ^ 

deplores Spillers' hast>- decision I exports had been narrowed to made fibres and cotton and been apparent for some time. , . „ ® anRBr remains tnat - :• 




in . . . . „ thought to be relatively low so. Since, then the clauses have withhold payment of certain ^ “ dirven by the. 

P l a ?S% IS lt -,i a h °P ed ' increased demand been substantiaUy modified but labour cost tocreases in- con- 1442 “ Alpine .engine. " 
hopes for the rest of 19<8 on will result in a nw m ordprineiittiev an> stil 1 ' • The Rancho has. hm 


very tracts, or terminate contracts. 


to shut the shops within two ; only £9.43m. 


weeks, saying that this would : In the first quarter it stood at two months of the present year for consumer spending, clothing new 

salvage of a profitable and labour- £83m.. in the second at £50m.. also point to a deteriorating expenditure was up 5 per cent, ononis now m operauDn. 

intensive operation. I and in the third at £26.7m. situation. in the second half of last year There is concern, too. that the 

Mr. Staiuton will seek a meet-! The over *Ll clothing deficit was Output by man-made fibre pro- on the first six months. stronger pound mar also make 

ing to-day with Mr. Michael Ver- covered largely by the textile in- ducers was dowa 8 per cent. A furthur boost is expected exporting more difficult this year. 
□ on, chairman of Spillers dustry's £162m. surplus — an in January and February on the because of the Increases in take- Warnings have already been 

Hf ci jj ...-f.-rf-... .. if improvement on the £135m. sur- same period last year. In cotton home pay resulting from the given by Yorkshire’s wool-textiie 
company agreS in Principle lhal plus oE 1976 ‘ textiles, yam and woven cloth Budget. manufacturers. ■ • 


New air row likely 


- The Rancho has had a coo. : 
siderable impact in France since - 
-it was launched a year ago. Its -- 1 - 
prqgress is being .watched with,-"' 
interest - by other European' - - r 
manufacturers as a guide in- 
whether 'Europe will follow the 1 ’. ' 
American, trend towards - roomy-.-- '. 


long-serving employees should be 
given first refusal when the shops 
are disposed of. proper financing 
arrangements can then be- con- 
sidered.’’ 

He hopes for the support of 
Mr. John Silkin, the Minister of 
Agriculture, whose Department: A 


State building industry plan opposed 


There is concern, too that the BY ARTHUR SANDLES.. ... ;• • A^tou^d 

exporttognaore dfficult this^ear determination to move airline to Gatwick. 'the argument leisure .vehicles. : i . 

exporting more difficult mis year. trans-Atlantic air traffic involv- f 0 nows similar disputes with the Britain, the launch of tfa>V. 

Warnings have already been ing Canada from Heathtoir Ttb r?c ^ Matra comes as a tfane when the': ; 
given by Yorkshire’s wool-textiie Gatwick airport, looks m^ nrol' U ' S " ol ^ g remprocaF rights Ley^^ range- of Land-Rovera.' 
manufacturers. voking another inajor air'row^— and c ul mi n a t i ng m“a delayed and- Range Rovers face -greater '. ' 

this time, between the British start for the Braxuff Airline competition. - ■ 

. Government and the Canadians, service from Texas to London. The Jeep range of utility sumT- 

Yesterday. Air Canada pro- Braniff was finally farced to use lesiure vehicles was launched a' -' 

. duced a four-page - document Gatwick, but the •'OiK.- had -to- few months ago add the '- 
IlSSO SUDDOrtS rejeeting the British “provi- accept a fare structure it did not Japanese Daihatsu range, is aKo 
_ * * sional decision” to move > the entirely support. being distributed in Britain. ' .v;-- 

Fellowship 


SURVEY 


Market and favour. Of those normally voting Workers who stated they nor- 


Opinion Research ^ ^ SHIPPING RBPORt . ... 

the baking industiy. showed that 70 per cent, of those heS* hy 71 ^ . /. ’ i; - 'V 

Mr. Pje said: “Our people are interviewed opposed the Labour c ' p 7 s PP Fellowship in physical and ap- 

prepared to put in their own p ar ty o Ian for nationalisation of Opposition to nationalisation of Of members of the public 62 plied sciences. 0 1 * 1*1 I AC Q1*A IHPIZ'lllff 11TI 

money to make sure everything h uildine and construction com- the Industry, employing nearly per cent thought nationalisation The fellowship will form part V/flillvI-, iJUlL'iJ iUV 1I1VIV11I21 Uft|: 
will be a success. We feet we _ . Ih nnrririo . 2m., was stronger among those would lower efficiency and profit- of the Society’s scheme of estab- * > ” - 

would be acting in the best working in the* two sectors of ability. Of those in the industry, lishing smal l research groups to 

interests of the communities we cot fjr “If ani1 J nQUSU T the industry, with 85 per cent 74 per cent said it would be less aid young scientists hit by 


serve by 
businesses. 


continuing the Nationalisation yesterday. 


BY 4AN' HARGREAVES, SHIPPING CORRESPONDENT . 


against, 3 per cent, undecided, efficient and 77' per cent less present cuts in university science PRICES FOR second-hand . diy kept busy with this type of be 


Only 12 per cent were in and 12 per cent, supporting. profitable. 


departments. 


breakers' 


Pan Am gives von the 


r yart6,r- ; i; 

cargo and bulk earlier- tonnage inquiry. .. .although occasional sales of:' - 

have fallen sufficiently to. draw Eggar Forrester, broker, says serviceable vessels iUnstrate :-..- 
buyers back in to- toe 'iaifeet toat rnost sale and purchase pI H^f et ^f 1l ^ es - ; - : 

11016 a fSVeSS to’Sl.bSdSd- 5WW) t^ner bul|^S - ■ 

interest. . weight tons and on gearless for522m. to a^ Far East 

Most purchases - are, Far vessels in the .ten-year age- This -represents a 25 per.- 

Eastern, with China and India bracket over 40,000 dwt. *■ • I '/}= '. ' 

building up second-hand fleets. A pair of HitachtbttUt HUiOO - " 
There has also been inquiries tonners at relatively favourable^ “ ' 
from Greece. India. Hong^ng, prices were sold, with credit BmSLdSi* -toS wSH'- A ’ 
Korea and Italy. I, terms beHeved to span 15 years: £^e^“orid£al? I8^to lsS: >. ' 

Some sales are from -owners Jhe .Organisation for Economic forVLCCsout of the Gulf, jotan 
with llquitidy problems seekAtg^ '-Cooperation and Development x- Jacobs says. that there are BOV - - ■ 
a sale and timecharter -b«k guidelfiies, to which J^pan sub^ g^ lon^of large dt^ecarritois; • 
arrangement with a stronger- scribes.^ limit credit to seyen yygjjjjjg ^ the Gdlf loading ai^ ' 
owner or * financial ' iustitudbiu y^rs. S ^ .and .12. more large'ships^cra tfir? * " ■■ ' 

Banks report that they are being Most.tanker sales continue to way. 


the East Coast 


London to 

Depart 

Arrive 

Frequency 
of flights 

Aircraft 

New York 

11:00 

15.15 

12.35 

16.50 

Daily 

Daily 

747 

Washington 

12.40 

15.00 

Daily 

747 • 

Boston 

11.10 

12.15 

Daily . 

(ex Tu- Wed) 

747 


The timetable for business travellers 

You wont have to keep unearthly 
hours to make it to Heathrow in time for 
our flights. 

Yet we land you across the Atlantic 
at a civilised hour, too. 

It gives you a chance to reach a meet- 
ing. connect with an onward flight, or 
simply check in to your hotel while you’re 
still awake. 

Food, glorious food. 

On Pan Am (and only on Pan Am) you 
have an exclusive First Class dining room. 

Your steak, or rack of lamb, is cooked 
fresh on the plane. 

But if you're travelling Economy, you 
aren't treated as second class. 

All our food is prepared in our own 
kitchens. And we offer you 3 main courses 
to choose from. 


we show are prereleases.) But just in case, 
we offer you a choice of 2. Plus 8 stereo 
channels. (Due to international regulations 
we have t6 make a small 'charge for these.) 
The Pan Am Terminal 
When you land at JFK New York, you '* 
arriveit our own Pan Am terminal. It's the 
most/modern terminal there. Designed 
specifically for 747 s, as we only fly you 
thefein747s. 

/ And from here you can take a connect- 
ing flight to another U.S. destination. 

mr-fM 



" ■ v . 


THE 197B EUR0HAHKETS 
CONFERENCE 

LONDON 





May 8-9 1978 


The Financial Times, in conjunction with the Investors Chronicle, is 
organizing a conference 'The 1978 Euromarkets Conference - at file 
Royal Lancaster Hotel, London on May 8 and 9, 

This conference has been one of the most successful events in -the 
Financial Times 1 conference calendar fox the past few years.; Once again 
a panel of distinguished speakers wiXL address themselves to many of the 
important subjects of the day. Two' principal themes will be debated 
by a number of contributors : lending to less developed countries, 
and monetarism ancKts influence in the future, as weir as an interesting 
group of individual topics. ; . 

The list of distinguished speakers and their subjects will include: 


Not just a movie-The movies. 

We do our best to show you films that 
you haverftseen before. (Many of the ones 


The teal reason to fly Pan Am. 

\W at Bin Am have been flying all 
over the world since 1927. 

That's over 50 years. . 

So its no small wonder our people ■ 
have built up a reputation for giving you 
the very best in service, efficiency, care 
and comfort. 

And that, after all. is the least you 
should expect from the world s most 
experienced airline. j-HftW- ACME 


FINANCING THE LDC’s— THE. 

RO LE OF PUBLIC AND PRIVATE 

INSTITUTIONS 

Dr. H. Johannes Witteveen 

Managing Director 

International Monetary Fund 


INTERNATIONAL LENDING AND 
THE EUROMARKETS 

Mr. Henry C. Wallich 

Member of The Board of Governors 

of the Federal Reserve System 


IS THE RESURRECTION OF A 
STABLE MONETARY SYSTEM 
LIKELY? 

Mr. Erik Hoffmeyer ' 

Governor : 

Danmaxks Nationalbank - 

DEBATE OVER MONETARISM 

INACTION ... 1 - 

The Rt. Hori. Lord Balogh ^ 

Professor Alan Walters ^ 

Professor erf Economics 

The Johns Hopkins University 


To: The Financial Times. Limited, Conference Organisation, 

} Bracken House, 10 C annon Street, London EC4P 4BY. Tel: 01-236 4382. 
I Telex 2Z34Z FTCONF G: 

\ Please send me further details of. THE 1378 EUROMARKETS CONFERENCE 


Pan Airis People.Uieir experience makes die difference. 










c 


m 






r*. 


Monday April 17 1078 





HOME NEWS 




t., 


By Anthony Mortton, Regional 
, Affairs Editor - 

‘ ‘ '-1 i^' - .■■■■■. 

‘ - 7 - " * % THE, . PRIME MINISTER has 
.'-■‘ 3 * upset an . all-party delegation of 
V"- '. councillors and officials from 
- " • - ■ v. ' ^ Sunderland 1 by .. refusing to meet 
" -* .^:^them. to discuss the town's 

> economic problems. > 

Ur. Callaghan told Councillor 
'Len Harper, reader of the 
■ : r " ■'•■•**£? council, last week that a meeting 
I would create a precedent 

But ‘ .two days' afterwards. 
‘ ^’r^Liverpool council received a 

t letter saying he would discuss 

-r>; the Merseyside city’s unemploy T 
"1 : . i ment problems with its delega- 

\ Sunderland will now have to 
‘ : tibe content with seeinsr three 
"c* .Cabinet Ministers, and Mrs. 


Engineers’ body has 
registration plan 


BY DAVID CHURCHILL 


Scots poll 
gives lead 
to Labour 

By Philip' Rawstornc 


More Home News, 
Page 9 


prone- 


chartered institution. 

The council believes that 
formal statutory recognition of 
its role as a registration body 
by the Government would have 
the advantage of establishing 


ickin 


wr 


i » [Margaret- Thatcher. 

‘ Mr. Harper questioned whether 

I!* ^the Prime Minister ■ considered 
Liverpool’s unemployment prob- 
- . - fcjvlems to be greater than Sunder- 
- glands. “Wiile Mr. Callaghanf 
jVcan't perform miracles, we feel 
: -'?*? ^that acceptance of our delega- 
* tion would be recognition of the 
seriousness of oar situation." 

7 "Studies 

' •• 

Sunderland now has about 14 
— aer cent unemployment,' com- 
pared with about 12 per cenL In 
IriverpooL 

The borough’s studies show 
hat a pick-up in economic 
ictivity benefits Liverpool, Irvine 
—the new town an the. west of 
Scotland— and • Sunderland. last 
The council.- has drawn up a 
ong report on the local economy 
. . . , oo king at two main aspects— 

. -• juts :eneral industry and the : port 
" 7 s jf the Prime Minister still 

■•e fuses to see them during 
-i: heir three-day visit, Mr. -Harper 

- — ^;'lans to go to 10 Downing Street 
‘ ' h.;iad hand in the report . 

“ 7 .1' ; :■ The report urges more atten- 
ion to small, firms, especially 
--■-die very small, two- and three- 
: nrnan firm, where the need for 
* -k'— entnre capital: is greatest It 
.“h Iso calls for an extension of 
-. development area status. . 

- Sunderland is in a special 
' - (level op meet area, where govern- 

-vvaent grants are slightly higher 
.'.-•:v-hav , in development areas. . It 
' v.\i?ant6 ...a" further ' category 
redesignated where grants would 
« higher. 


up 


THE COUNCIL for Engineering and administered by a publicly Such a registration 
Institutions, . ttje umbrella body accountable body created by Act dure, it argues, would maintain 
representing 320,000 British pr^ of Parliament and enforce a code of conduct 

fessional engineers, has aecaded The electrical engineers' Insii- for the protection of the public 
not to support the creation Qf a tution is to hold a special meet- and also ensure that engineers 

new licensing body for engineers ing in London neset week to belonged to a qualifying 

accountable to Parliament " 

In unpublished evidence to the 
Pinniston Inquiry iDto the engi- 
neering profession, the council 
argues the case that it should 
itself be .allowed to become the 

main organisation throng which discuss the licensine systems of engineers' credibility, especially 
regtstration is admimstCTed, Canada, the U.S. and South in overseas work, 
rather than eoy 1 • specially Africa to see whether such It would also help establish 

created body. ; systems could be applied to the in the public’s mind the dlstine- 

being strongly u.K. tion between the professionally 

The attitude taken by Ihe qualified chartered engineer and 
umbrella organisation, however, the general worker in industry, 
reflects the concern among a The electrical engineers, how- 
number of small member insti- ever, maintain that an indepen- 

tntions that a new outside body dent registration authority. 

could threaten their existence, coupled with licensing, would be 

- . .- . 1" ite evidence, the council considerably more effective in, ,^ wur lliIS 

regulate the engineering profes- points out that it is already set- enhancing the status of proFes-i £7, abiished a substantial nouu- 

sion in a way similar, to other ting up a common register sional engineers. j , . d *j, 0 p0 || shows 

U.K. professions. covering essential information They would like tn see a) c ‘ " 

Statutory registration means about engineers. It believes that statutory body sei up composed i Mrty-Jhrec per rent, said 

that engineers wool d have their this form of -registration is an mainly of professional engineers! they would 'oti- fur the 

standards of qualification and efficient, economical and satis- acting in a persona] capacity on Government devolution pro- 

rules of professional conduct set factory method to use. behalf of the whole profession I posals m the referendum. 


This .view is 
contested by one of the council’s 
main member institutions— the 
Institution of Electrical Engi- 
neers. In its evidence, submitted 
separately to the FixmiSton In- 
quiry this group supported statu- 
tory registration and licensing to 


LABOUR would hnlil all it* 41 
seats in Scotland in an immedi- 
ate General Election, an 
opinion poll suggested yester- 
day. 

The poll by MORI tor the 
television programme Week- 
end World, indicated that 
Conservatives would retain six 
seals lost to Scottish 
Nationalists in 1974 anil cap- 
ture one from the Libvro's. 

Support for the Nationalists 
was waning, according io tin* 
poll. But the parly was still 
expected to retain a major 
influence on Government 
policy in Scotland. 

Of those interviewed 41 per 
cent, said they would vole 
Labour in the Genera! Election, 
30 per cent. Tory. 2; per ceuL 
SNP. and only 2 per cent. 
Liberal. 

On virtually all major 
political Issues f-utxnir lias 


Background to Anglo-Irish co-operation plans 

Pact could be political football 


BY GILES MERRITT JN DUBLIN 


IF THE ANGLO-IRISH economic 
co-operation pact now. travelling 
through Whitehall to No. 10 
Downing Street is approved and 
Implemented without reserva- 
tion, it will be an important blue- 
print for Industrial development 
both in Ulster and the Irish 
Republic. But it is a fairly big 
“if." 

The joint U.KL-Irlsb document 
which will probably . be an- 
nounced next month, stems from 
September's meeting in London 
between Mr. Callaghan and Mr. 
Jack Lynch, the Republic’s' Prime 
Minister. But its preparation has 
been paralleled since the begin- 
ning of this year by a-sharp 
worsening of Anglo-Irish, rela- 
tions. 

Open disagreement over the 
future of Ulster now risks turn- 
ina the economic pact Into a 
political football which-, the 
Unionists will he the first to kick. 

It is just 13 years since a major 
cross-border initiative ' 
similar tines was last tried. ESJly 
in 1965. Mr. Sean Lemass. then 
the' Irish Premier, made an- 
historic and symbolic trip North 


to seal a co-operation deal with 
Capt. Terence O’Neill, who 
headed the Stormont Govern- 
menL 

The aim was to reverse the 
industrial and commercial habits 
of almost half a century. 

The main result, it is often 
said, was the precipitate fall 
from power of Capt. O’Neill in 
1969. Talking cross-border sense 
in Ireland can be akin to talkins 
with the enemy. 

With the start of the Ulster 
troubles In I960, the initiative 
unquestionably became a dead- 
letter. 

There is nevertheless wide- 
spread recognition in Govern- 
ment and industry on both sides 
of the border that the continued 
failure to pool resources, com- 
bine markets and seek economies 
of scale has bad a damaging 
effect 

Even though both parts of 
Ireland are likely to remain 
fierce. rivals, it is beginning to 
dawn., on each that their 
general lack of co-operation can 
discourage Investment 


In the last three years, private 
industry baa increasingly urged 
grealeT cross-border links, while 
the EEC Commission has lately 
been adding its weight to this 
demand. 

By June 1976, the CBl in 
Ulster had progressed to putting 
detailed proposals in a 30-page 
report to the British Government 
This spelt out the advantages to 
Ulster of developing EEC-backed 
cross-border industrial projects 
and concluded that the vital 
task of broadening Ulster's indus- 
trial base could be achieved hy 
promoting joint North-South 
ventures. 

Most important of all, the EEC 
Commission had by 1976 started 
to take an active interest It 
paid half of a £70.000 study com- 
missioned last year by Londoo 
and Dublin into communications 
in the Derry-Donegai border, 
area, and is expected to back 
some of that study's proposals 
with hard cash, such as another 
bridge over the River Foyle. 

A North-South rail improve- 
ment scheme published a month 
ago expects half the funds to 


come from Brussels. But these 
growing demands fur North- 
South co-operation should not 
disguise the fact that at present 
the links are tenuous lo a degree 
that is barely credible. 

Of all imports into the 26 
counties of the Republic, only 4 
per cent, or so originate in 
Northern Ireland. Irish exports 
to the North represent about 10 
per cent, of the total, but a high 
proportion of that figure is made 
up of goods being shipped to 
Scotland via Ulster. 

Such is the tradition of 
separate development that indus- 
try on both sides of the border 
looks to British and even Euro- 
pean manufacturers. Cynics say 
the straightest commerciil line 
between Belfast and Dublin goes 
through Liverpool. 

Transport costs can add up to 
20 per cent, to the unit cost of 
goods made In offshore Ireland, 
while there is also concern- that 
the ■ two • economies should 
rationalise their industries. The 
alternative is wasteful duplica- 
tion. 


"Frankly therefe not 
a single reason why we 
advertise in Radio Times.’ 


Frank Abramson. Retail Marketing Manager. 

W. H. Smith & Son Limited. 


■ That was the riposte Frank Abramson gave us when we recently popped the 
question; 

Why do W. H. Smith advertise in Radio Times? 

However he went on in a more encouraging vein: 

“Obviously, to any retailer, the sheer numbers of people his advertising reaches 
is important. When you’ve over 350 outlets it’s vital. - ... 1 

“So we’re influenced, of course, by your 10.7 million 
audience. 

“We’re after, to use the jargon, your C2DE readers as well 
asyoarABCl’s. 

“After ail, everyone’s a potenti al cu stomer to us. 

B “That’s why we go out of our way to carpet our shops, 

light them attractively make them a browser's home from 
home. 

“And hopefully you’ve noticed how our staff are friendly 
but professional. They know their products. And they also 
know when to help you and when to leave you alone. 
“Also,” he added, having a dig, “as you never tire of telling 
us, you’ve more ABC1 readers than any other magazine or newspaper. 

“What’s morer he went on, ticking off his fingers, “the highest proportion (22% 

I think) of your readers is in the 15-24 age group, which is an important part of our 
target group. 

“Do you want me to go on?" he said. looking at his watch. 

Please, we replied. 

“OkayJ’he muttered “Most of our customers are women. But men are, naturally 
also important. So, indeed, are children. 

“We’re nothing if not a family shop. And you’re nothing if not a family magazine. 

“Also you give people plenty of time to see and consider our ads (what’s your 
phrase: you stay in the home nine days including two shopping weekends?). 

“Furthermore, the fact you publish thirteen regional editions gives us flexibility. 

-‘Finally’.'he said (stressing the word) as well as newspapers and magazines, 
we’re largely in books and records, the reading and listening market, if you like. 

-AndThe added, standing up “so are you. Which means your editorial is in 
sympathy with our ads. 

Door knob-in hand, he summed up: 

“You give us the numbers, you give us the nine day stay in the home, (you give us 
grey hairs with your copy dates, but they're shorter than most magazines), you give 
us regional flexibility. 

••In short, you give us what we want. 

“Besides which.” he called from the lift, “you’re always a prime recommendation, 
from our advertising agency D’Arcy-MacManus & Masius Limited. 

“And when one of the leading agencies in the country speaks, we listen.” 



This afive-rlisemen I is one of an occasional series of case h istorie* from Radio Times. 
For farther information contact Head of Advertisement Department, BBC- Publications, 
55 Morylcbone High Street, London W1M4AA. Telephone: 01-580 5577. 


’GNTERENCE 






y» 

■wi * iS 

w m V* 


BUY A NEW AUDI 
USE OURS 

Du ring April and May, your Audi dealer will greet you 
with more than a warm smile. 

He has two pieces of val ua ble i nformation foryou. 

First, that we can give you a loan to buy a brand new 
Audi 100 orAudi 80 at j ust 3%* i nte rest. (That's over 
50%Jess tha n even the ki ndest Ba n k Ma nager is I i kely to 
charge.) 

Second, that if its a business purchase you need only 



'0 




Thef i rst of these cha nges cou Idsave 
you up to £536!The second could 
ma keyou r deposit £744 sma Her 
Have you ever needed so I ittle 
money to buyso much car? 


;T o-'- 



a ' - 


THE NEW AUDI 100. 

We thi nkweVe thought of everythi ng. 


‘FigurestakenonpurchaseofnewAudi 100 LS Automatic, costing £5,580. 20%deposit is£1.116; 33-^deposil is£I,860 lnterestovera2yearpencxiat3%perannumis£268. 

(3% perarwum isequivatenttoatrue rateof5.5%per annum over a rT3awmum2Vearpen<5d) All agreementeareon HR through AUF Ltd^nd subject to theiracceptance. Offer period runsfromApnlStoJunelO 1978Aud« MarKebngDepartmentVbikswagen House, Brighton Road, Purfey Surrey 


r : 


6 


•i 








19 -Jt 


for Export and 



T echnology 


to be announced on 
April 21 1978 


The Queen’s Awards for Export and Technology are the highest accolades that can 
be bestowed on a British company. It means that the company receiving such an award 
has made an extremely valuable contribution towards Britain’s economic recovery. 


The Financial Times is proud to have received The Queen’s Award on two previous 
occasions itself. When the awards are announced on April 21 we will be giving the 
same extensive coverage to the announcement as we have in the past. 


The Financial Times, with its influential worldwide readership, will therefore be of 
great value to the recipients in publicising their company’s achievements. 


For details of advertising rates please contact: 

Suzanne Ralph 
Financial Times 
Bracken House 
10 Cannon Street 
London EC4P 4BY 

Tel: 01-248 8000 Ext. 201 
Telex: 885033 FINTIM G 


HNANCIALTIMIiS 

EUROPE'S BUSINESS NEWSPAPER 


OT&rufcl K vi r»iTi FT'Jfiv) 


The Queen’s Awards 


LABOUR NEWS 


rS u* 


PHILIP BASSETT DISCUSSES THE DEBATE ON WORKERS’ CONTROL 



MR. HUGH SCANLON, presi- 
dent of the Amalgamated Union 
of Engineering Workers, said in 
1968 in the first . pamphlet 
marking the birth of the Insti- 
tute for Workers’ Control that 
shop stewards’ interest in the 
introduction of new machines cr 
output levels as well as wages 
and hours was a. M radical move 
away from the defensive men- 
tality of the past,” • 

It is a measure of how far 
the concept of workers' control 
lias come that 10 years later, 
2,000 workers at British Ley- 
land's Speke car plant in Liver- 
pool should undertake a bitter 
16-week strike on exactly the 
issue of the introduction of new 
output levels. 

The twelfth conference of the 
Institute for Workers’ Control 
which took place at Sheffield 
University at the week-end 
marked the movement’s tenth 
anniversary. 

The institute was set up in 
April 1968 as an uneasy. alliance 
of workers and academics in a 
1 direct response to a growing 
need among workers to have 
more say in their jobs. 

Its aims remain simple: 
i workers’ control of the means 
1 of production, ownership and 
exchange. 


Cohesive 


Since then it has developed, 
through concepts like shop 
stewards' combined committees 
and the principle of opening.com- 
pa mes' books, into a kind of 
workers’ equivalent of the 
Government think tank. 

Delegates may not be going 
back to work to-day to put ideas 
heard at the conference straight 


into practice, but in another 10 
years' time - this ' week-end’s 
“radical moves” may be the : 
norm. 

The institute, though sinallr-^ 
with some 400 direct members— 
is a remarkably cohesive body 
for an organisation that mirrors 
the classic tension -of the Labour 
Party between intellectuals and 
workers. . ■ 

It has survived take-over 'bids 
by the extreme Left aid attacks 
from the extreme Right 

But a split exists in its ranks, 
between those who believe in 
worker-participation and those 
who believe in worker control- 

Participation is. seen by its 
critics as workers being invited 
to management Board rooms to 
be told there what is going on 
rather than, on the. shop floor. 

• The Leyland. commitment to 
participation, for example, was 
attacked at the conference as a 
management idea dispensed with 
when it came to the Speke 
closure. 

But its supporters pointed out 
that' Leyland stewards bad' far 
more knowledge of company pro-, 
posals than. say. their counter- 
parts in Ford would have done. 

Worker control, in the form 
of the Lucas or Vickers stewards' 
combines, for example,' 'where , 
workers have in their plans con- 
trol Of their own work and pro- 
ducts, is the aims of the move-' 
meat 

A deeper split than this . exists 
outride the movement, illustrated 
at its most extreme -by Mr. 
Arthur Scargill, the Yorkshire 
president of the National Union 

of Mineworkers. . . - 

He told the conference dele- 
gates on Saturdav that workers' 
control Svas “ the academic’s 


dream of Utopia -and the apolo- 
gist's road to Socialism!”" 

There is suspicion of workers' 
control in the form of -combined 
committees, for exampre. fr'em 
managements, which- see; them as 
a fundamental political challenge 
to the way industry, operates, and 
from trade unions because ' the 
combines cut across boundaries 
traditionally g^ardfid by ,.-par-. 
tjnihf unions- .. . 

Mr. Bill Jon es„ toe institute 
chairman and former' .executive 
member of the Transport and 
General Workers Union, admits 
the conflict btrtsees the -c omb ing 
as the way forward. 


voted narrowly; t» reject it 
its', present farm. . 

^This wai? because, .wb&e r ■ 
was a fltepin the right dlrwsfi 
according to Mr. Jobes, t 
institute was hot happy about) 
formula for getting workers a . 


rtb- company.3oaids.;. : ' ; . .3 
• i It suspected, -ibr ahy case, tr' 

toe report<oultfijm^ay end - 

in the Government’s waste-oar 1 
bask#/ . : .: ' _ 

' The instituted future -fti w 
. likely to be one oi lpngtAL 
achievements than shor%&. 
results. ■-■■■ - - ■ 

Bat it is faring qp. to « 
present Tin employment flgm. 
by joining ‘ forces ! 
m unity actum groups to disot 
how best to figbtfor the right/ 
wort u‘ 

There is support for toe ins 
tute. Mr. Moss ; Etfaas, 
general secrefaityof flie-TGw^ 
said In a meBsage^to-toercwif? 
ence that more positive hiviflv 
meat of mmon repre s en tatty* 
in>- -corporate planning 
■ needed. . . 

“There is. a need inffii 
trial democracy to make indnst 
socially respectable— to eosqj 
managem e nt does not trd 
labour -ak -just : another m 
cost" - . 

- Workers’ control is - an 'iiJ 
idea. Mr. Scanlon said 10 yeti- 
ago that .it could realise :fS 
socialist aspirations of a social 
geared not tp the exptoftatidB'C: 
man. by man, , but to stbfyiJ 
administration by free nuMtj 
material -abundance. !;\i 

More than a century carfitf 
.W ilfiara Morris put it iij.l- 
phrase used as tile eorifarenefcf 
watchword: “No man is fed 
enough to be another mfoi 
master.” The institute has- mi 
ceeded fn giving that old Ebfti 
meat new and .ingenious forai 


St* s ! 


TKA 


TGWU ; line ; operators ' at 
Dagenham may know what their 
o pposite number atHrie woo d are 
doing '.through- the unton, but 
only through a Ford combine 
could all Jibe workers at both 
plants act together -if ■ neces- 
sary. ‘ • 

Combines, though* .axe long- 
term. projects. Great things are 
hoped for’ by the institute from 
toe. Vickers combine. But after 
six. years’ herd work making; a 
strong, well-run organisation, the 
Lucas combine was told' last 
month that WOO jobs .ware to go 
on Merseyside! 

The institute is ah organisation 
which knows its effects.) can. .only 
be long term. The Bollock. report' 
on, worker democracy Is- some- 
thing few delegates could' have' 
hoped for 10 years ago. 

A development such asBuHoek, 
though, was something- implicit 
in the founding . of toe move- 
ment . ,1 ■ 

An institute special con* 
ference on the. Bullock report 


Swan Hunter 
clerks seek 
pay increase 


Teachers threaten new 
contract sanctions 


THE PAY AGREEMENT which 
Swan Hunter hoped would end 
inter-union pay rivalry at its five 
Tyneside shipyards has en- 
countered new friction. Draughts- 
men and clerical workers have 
submitted a claim to be included 
in the agreement, which gives 
craftsmen £83 and ancillary 
workers £71 a week. 

They say the deal, approved 1 
by the Government three days' 
ago. leaves them £12 a Week be- 
hind boilermakers and outfitting 
trades. ” 


A SERIES of sanctions, was 
threatened yesterday by'' 1 the 
National Association of -School- 
masters / Union of "Women 
Teachers, the second largest 
teacher union, in a- contracts 
dispute with the local authori- 
ties. • .... 

A week-end meeting of its 
executive decided that fronj May 
8 its 100.000 members will, be 
instructed to stop carrying out 
voluntary after-school activities. 

These will include .parents’, 
staff and departmental me&ng^, 
speech evenings and governors’ 
meetings. • ' ■ 


'StrX Terry ‘ Casey." general 


secretary of the union,' made it 
clear that school meals .and 
voluntary activities organised by- 
the teachers themselves will not 
be affected, 'nils includes inter-' 
sports or club activities. 

The new move by the union 
represents a tougher line in its 
dispute with the loral authorities 
as to what part of the teachers’ 
day represents a contractual obli- 
gation and what are voluntary 
activities. ‘ 

The union has been trying to 
get each of the 104 local. educa- 
tion authorities in England and 
Wales_to give, a- written under- 
Jh at^after-schooi. activities 
by teachers are purely voluntary. 


Pit rescue mot 
demand 
better bonus 2 


By .Our Sheffield Corretpamhi* 


PIT' RESCUE brigades in Y«^- 
shire, the National Coal Boart'i 
biggest coalfield, are di«gatMfer : 
with their bonus allocation. . f~- ; 

They claim that it is simpsr. 
to that earned by typisW^-ibeutJ 
40 per cent of the area's avenge, 
pay. If . the offer is not imfcmtt 
they threaten to call on-thafielifr - 
66,000 miners .to take action. 1 -! 

• Mr. •- Atour Scar^ll, tfc*5r 
leader, said yesterday that.fif 
hoped to -neg oti a t e* - <a n -Qfe* 
behalf. ■ 



This week in Parliament 


TO-DAY 

COMMONS — Conclusion of 
Budget debate. Judicature 

. (Northern Ireland) Bill 
i Lords), second reading. 

LORDS— Debate on preserving 
the Ridgeway. Debate on 
problems of widows. Short 
debate on review of Children 
and Young Persons Act 

SELECT COMMITTEES— Expen- 
diture: General Sub-commit- 
tee. Subject: Central Office of 
Information. Witnesses: Advi- 
sory Committee on Advertis- 
ing. (4.15 p.m. Room 8.) 
i -Expenditure: Education. Arts 
and Home Office Sub-commit- 
tee. Subject: Provision . for 
museums and libraries. Wit- 
nesses: Department of Educa- 
tion and Science. (4.15 pjn. 
Boom 13.) Overseas Develop- 
ment. Subject: Renegotiation 
of the Lome Convention. Wit- 
ness: Mr. Leslie Huckfield, 
Under-Secretary for Industry. 
(4.30 p.m. Room 16.) Public 
Accounts. Subjects: Job Crea- 
tion and General Butter Sub- 
sidy. Witnesses: Department 
of Employment. Manpower 
Services Commission, Inter- 
vention Board for Agricultural 
Produce. (5 p.m. Room 16.) 

TO-MORROW 

COMMONS— Wales Bill, com- 
mittee stage. 

1 LORDS — Scotland Bill, commit- 
tee stage. Housing (Financial 
Provisions)' Bill, report stage. 


EEC business on various 
definitions of treaties Orders. 


SELECT COMMITTEES — Expen- 
d (tore. General Sub-com m 1 1 - 
railtee. Subject: Response to 
White Paper on the Civil 
. Services* Witness: Lord PearL 
(4.00 p.m. Room 6) 

WEDNESDAY 

COMMONS— Wales Bill, com- 
mittee stage. 

LORDS— rScoti and Bill, commit- 
tee stage. Import of Live Fish. 
Bill, report stage. Aviation 
Security . Fund Regulations 
197$. 


SELECT COMMITTEES— Nation- 
alised Industries. Sub-commit-- 
tee B. Subject: The electricity 
supply industry, reorganisa- 
tion. Witnesses: Electricity 


Council- (10.45 iur: Room 
Expenditure:.- Social Services 
and Employment "Shb-Conanit- 
tee. Subject: Employment and 
training in the new unemploy- 
ment situation. Witness: Mr. 
Edward Heath, chairman of 
: the all-party, iobby on- youth 
affairs.- : (3.0ft fun. Room 8.) 

: Public Aceopnis Committee. 
-Subject:. Appropriation ac- 
• counts. Witnesses: Department; 
of ' Energy. Scottish Develop-' 
ment Department (C00 pjn. 
Room 10.) , European Legisla- 
tion. Subject Oil stocks Wit-. 

. A. Wedgwood. Be on, 

•Energy Secretary. 

-Roam IS.) Overseas^ Dev.elop- 
jnerrt- ; Subject: - Renegotiation., 
“'of Lome Convention.-. Wit- 
nesses: European . Investment 


, Bank. (4^0 pjn. Rftom & 
Race Relations and JUaedgn 
tian. Subject Effects on E£ 
membership of race r^ation 
and immigration. Witnesses 
Home Office officials. (43 
p.m. Room 14.) Expenditure 
Environment 5ub-conmrfttee 
', Subject: .Planning procedures 
Wltn^s; .Mr. Rtg Freesoa 
Housing Minister. <(4.00 pjn 
Room 5 .) ■ “ 

THURSDAY 

COMMONS— Supply day' debate 
on National Health Service. 
Medical Bill (Lords) remain- 
ing stages. -V 

LORDS— ^Debate . on . deftocs 
White . Paper!; : 

. FRIDAY - 

COMMONS— ^Frirate rfteittberr 
. BiHs. ■' : : ~ ' 





Buildingabridgel 
Let Stevin lend you a helping hand. 


1 

mr: 

1 


j 


1 

Put >yiur trust in a diamond. 


Stevin is international. A diversified 
contractor. An expert at designing 
and building bridges, tunnels, sluices 
and reclaiming land from the sea. 

Doing what Dutchmen have been 
so good at for centuries - only faster 
than ever before. 

Years of international' experience. 
With all specialists and technical 
know - how available. Any time. 

Any place in the world. 

Whenever there are big plans for a 
new bridge, a new harbour, a new 
airport, a new hospital, pipeline or 
road, there seems to be always some- 


one who asks: „Why not bring in 
Stevin?” Giants at home. Growing 
abroad. 


immnn Dredging and Reclamation 
Gviltngineering 

GnOUP Roads and Asphalt - 
Pipelines 

Housing and Construction 


[ ‘ . Vj-: :■!; 

I ' u- : : i V-J..: i xr :\ viiiii'- r : r. . 

[' HC-- 'T' ''j 1 ' . fc- “t I H- 

r ' • -f-j N r£ i&'.s i ll- H X XII 

|- - " ' r ‘! ! : i i. ,v., !■’■< ‘"-I 

i x-rti rtr*. ■-* :•*« 

I Jit,-.- <v. 

[ < O -f, ,- -J -i~ - •' - 

I ^*is; v , . v* kc~- 

■ ic-jc-V'- .A-rui 
. Tj fo'i lV* -.1^: 


The tumorer in 1977 amounts to Si 7 r i0 million, 
of which about 60” n has been realized abroad. 

Stevin has offices in: The Netherlands. U.K.. 
Belgium. W. Germany. France. Antilles. Brazil, Algeria, 
Gabon. Nigeria. Saudi Arabia. Bahrain. Qatar. 

Un. Arab Emirates. Oman. Malaysia. Indonesia and 
Australia. 


1 r fritemotionri Diamond Sales. 


. .. .... o ; - H 

I *- 


Vv ' ' V j_\ ..! > ^ 


Ste\-in Groep N.V. Kaap Hoomdreef 66. 
P. U. Box 9006. L-lrecht. The Netherlands 
Telex: sievi nl 40649. Lei. 030 - 62 06 


I : 1 i i - 

I •;’AiKi.crp-: :V ; „. •" • i'. ' 

I - ■'! 

’ ‘‘ ' , " y ‘ ^ 


I „ 1 -■ • - 

I 7. j v V 




U > -y.V 


a i i ■■■ ,..a i i ii 





& 



-■ IfyOure is anemanding 
-^.business that Wpmdben^Bt 

1 ,'frora anir^ectipnofpipitai 
”- Oio matter howlarge or sma 
_ '-we'd liketo’bear frofo you. 
The Welsh D^vieiopmeiit 
‘^i.| ; Agdlcyhas funds available f 
..... ..Sffil- -companies wishing to move 

'orcjqjandinWaies.- 
. Connie tethe coiqxin and 
wellteifyouw&atwecaiidd 
| ■ you. And well teltyouwbat! 
I Wales has too£fei;too. - J 
' yfetsh Develppment Ag^ 

> Trefoisst Ihdustriaii'Estatej 
'Pontypridd, 


mam 




<014 385)2666. Telex; 497- 




| Developme 


■ ;;; •; ; is - , s . . 

To: Investment Department, Wefeh Development 




I Mid Glamorgan CF375UT. . 

My business is expanding.Please give me the&cts 
about WDA finance . 


Position 


Address 




















is 






'• -V-> 


Sc- 


, Monday April 17 1978 




Co 


usinessman’s Diarv 


tur 




iB)K. TRADE FAIRS AND EXHIBITIONS 


e 


'Title- . . ■ • 

Ajw- l§rr?i’ Storage, Hiradlin® ■& Distribution Exhibition 

AptilS-^ 22 - AutWjuip TO £x&bitioh 

Apr. • Metalworking *78 Exhibition - 

«it' Pint Security Exhibition & Conference 

Ajy%:®rr28 -.'Sirbfontrarticg IaflusZries Exhibition ; ' 

Aprr ■24-7-2®. ...... Bristol BoatSfcow \ - 

Apr.'S®- May 1 5 — Concrete Materials and Techniques Exhibition 
vAj>r»M=atoy 6.. .-tot.. Machine Tool and Production Eng. Exbn, 
THar ^3r 5 int Cleaning and Maintenance Exhibition 

Marketing - acd Sales Promotion. Exbn. 
. • and Cohterenee 

m isz? fiat-.Wflfing Engineering Exbn. and Conf. 

Interaatinnai- Diecastiag Exhibition- 

Hf Ssea, %sh!5!«. 


Venue 

Olympia 

Wembley Conf. Centre 
Nat. Exbn, Centre, B’hiun. 
Olympia 

Nat Exbn. Centre, E'ham. 
Exhibition Centre 
Wembley Conf. Centre 
Nat. Exbn. Centre, B’hara, 
Nat Exbn. Centre, B’ham, 

Metropole Centre, Brighton 

Harrogate 

Olympia 

Wembley Conf. Centre 
Olympia 


. .. ■■ B<o2r/- computing Congress - and Exbn. 

- . ■ Specibinld (btrifding products). Coftt -and Exbn, 

- ■ PABECS 'AkJNi> EXHIBITIONS 



Coiapec Europe 

Int. Wace Treatment and Finishing Exbn. 
. May IS— 20 Woodworking Machine Exhibition . 

;; %jWy-' 16— 2ff : ,.w. Welding Fair ™ • 

^'js way 19—27 Public works Exhibition. 


Lisbon 

Bahrain 

Greenville, U,S, 

Frankfurt 

Brussels 

Paris 

Paris 

Brussels. 

Paris 

Milan 

Zagreb 

Paris 


^ BUSINESS AND MANAGEMENT CONFERENCES 

19 . Henley Centre for Forecasting : The. Budget 

" 1 jYnAnn rhirnh.. - r " — _L j .... . 


pr- 




* ... 

V\je, ipv:- 20 ;. 

V-* v \pr. 2W1' C:«. 

' v -.^^pr. 21 


Loudon Chamber of Commerce and Industry : 

Agri-Business in the Mid East & North Africa 
McGraw-Hill : Managerial Work— Its Demands and 
. Choices 

London Chamber of Commerce and industry : Trade 
.Mission to South Africa reports baefc- 
Legal Studies & Services : Claims Against Carriers 
— Procedures and Remedies 
Leeds. University:- The New United Kingdom 
Patent Law . „ 

Annual 


■ JW., >■ intent Law .... 

-V,"^)*pr- 23^-24 ....... Institute of Grocery Distribution: 

-- Convention - 

blRT/ 23~2S Inbucon: Improving Industrial Relations 

-.- . s^Vprrf-23 — 28 ..Centre for International Briefing: Working 

-■ ‘•■Sin.' ET - 


........ .. .. ^ 

.... i ^Vpr. 25 BOTB/CBI : Opening^ an office in Japan 

; , J ^n »:tpr.- 26 British Overseas Trade Board : Exp 

‘ - : 'Z* ^.5-t - ‘ Australia ’ • : " • . 

. - - .. '!»; Apr. 26— 27. European Study Conferences: Direction and 

L to ® ‘ •--■ r-'' "* management of the smaller private. company 

\ l: - b^tpr. 27: Soc. for- Long Range Planning: Intinductibn 'to 

• . -•••:- . Corporate Planning . 

; - 27. ........ — British Council of Productivity Associations : Pro- 

— — ■ •••;•-. vision and disclosure of company information London Hilton, W.l 

ipr. 27 — Loudon Business School : Leases and how to- value 

Pit rp^ pr - 27—28 .^... -Council 131 for Energy .Studies : World ' Energy 

- -Economics Conference . 

j ipr. 27—28 - -....VOyez: Advertising Association Conference 

aemanrl ^ CBI/COMET.- U.K.-Moroccau trade potential 

lay 3— 6 Institute of Metal Finishing: Annual .Technical 
, Conference' 

DPltPr W* y 4 ..I....'—. British Institute of Management : Management of 

wutI Uul - Product Design and Innovation • _ 

lay 6—^ ; 9 ...... National Chamber of Trade : Annual Conference 

Keith Bhiptdu Developments * Risk Marntgement in 
Practice 

Oyez: InternationaT Transfer Pricing Policies 
Zinc Development Association: Die, Casting 
..s.. •—:■•••. • Conference jjuuuon iukoo. >t,x 

'.' 7 ^'® Say .. 9 — 12. . ...... British Association for Commercial and Industrial 

-- Education: Job Analysis "' BACIE Train. Centre. London 

: . -.z^iiay' 10 Oyex: Tax and' Property Hotel InterContinental. WA 

jpJay 10— :12 ...... Advanced Management Research (AMR>r Manage- Churchill Hotel, W.l 

- ...... ;.;.^ay'lfH-16 . ....... mem Skills for Women 

■ — - : ■ Financial Times:- The North Sea and its Economic Grosvenor House W.l 

• -• ; ’ . Impact ' r . ■ ; 

28— 26 , Marchraontz International Tax Planning (imf. Barbados 

- -:r: - piay M .'Imperial College: International Finance ft London, S.W.7. 

Kslay 25—26 - - European : Study Conferences: DDOble TajatibiH- OJd. Government House Hotel, 
■■ :• v ns -t Taking Advantage of International Agreements Guernsey 

‘- '**7“ — ! ; : — ' — i — — --- - - -- — --- - 


Effectively in Nigeria 
Ob ' 


g to 


Carlton Tower Hotel, S.W.l 
69, Cannon St., E.C.4 
Royal Garden HofeJ, W.S 
69 Cannon St., E.C.4 
Hilton Hotel. W.l ' 

Leeds 

Hotel Metropole, Brighton 
Sclsdon, Surrey 

Farnham Castle, Surrey 
CBI, Loudon 


lay 

:£5: ^=a^ 

■‘i-'titT 


4 

7—13 

9 

.9—10 


Inn on the Park Hotel, W.l 
Kensington Palace Hotel, WJB 
SLRP, Loudon 


Sussex Place. W.l 

Inn on the Park. W.l 
The Brighton Centre 
CBI, London 

Palace Hotel, Torquay 

Royal Lancaster Hotel, W.2 
Llandudno 

Tower Hotel, E.l 
London Press Centre. E.C.4 

London Hilton, W.l 


WEEK’S FINANCIAL DIARY 

The following is a record of the principal business and financial 
engagements during the week. The Board meetings are mainly 
for the purpose of considering dividends and official indications are 
not always available whether dividends concerned arc interims or 
duals. The sub-divisions shown below are based mainly on last 
year's timetable. ' 

TO-DAY Salisbury 10 J* ML RW. 13 4. 7 B L5. 164 4. 

COMPANY MEETINGS — 6i,pcBfc- Red. SSlIOVe ' 3 '■« 

Comm. Union Ass- Qvocni Rooms. Same ScimUioroc Boo. 25 . j 0 , 7 a aux 

-Exchange, st. M*rv Ase. e.C.S. 12 Sttteo G'.DeBdi. Hrt. 2S.-I0.-7B 3imc 
Da* is ana Metcalfe, Injector Works, SouUi BcoTordsh>r* SijneBas. Red. 


Ram Hoy. Nr. Stockport. 11.30 
Weber. 63, Piccadilly. W., 4 
BOARD MEETINGS— 

Finals: 

Bkactwraod Hodgn 
Currvs 
HoverlnBliam 
Jersey ElsctricJW 
London United inn. 

Newarthlll 
Rent Execo(<*e 
Reyertex Chemicals 
RuQby Portland Cement 
Interimu 
Change Wares 

Equity Inc. Trull 

DIVIDEND A INTEREST PAYMENTS— Weadsnri' 
Aver Hltam Tin Drrd9ln9 Malaysia C5.16M 
Berhad ISO ns. 

Clark (Matthew) and Sons 1 . 6 n 


2S 1078 3f»PC 
South Derbyshire SUpcHos. Red. 25M0i7$ 
3 If 0C 

South Wight lOPcBdt. Red. l9-'«r70 
£S 1644 

Surrey TOpcBdC. Red. T9'4i7S ES.1644 
Swansea tOpeRds- Red. 19 . 4 . 7 a. £5.1644 
Tcleiusion A O-605P 
umesterd 10 pc Bos. Ren. iSf4.'7a 

West Wiltshire lOPCBds. Red. 19/4/78 
£5 1644 

Wigan 6W*BdS. Red. 25.10 7B 3'hc 
W imbome TOpcBdS. Red. 19,4/78 £5.1644 
Wokino 6^ ijpcBds. Red 25;10,7E 3 iw«l 
T iwids. fled. 1WOJ7S 3>.|cpc 

Wind lOpcBos. Rea. I9IJ70 

44 

Worthing 7"fPC8ds- RM. 17:10 73 3if ik iK 
THURSDAY. APRIL 70 


IS1T.“.V£2? A?W'«» ’-IF . COMPANY ~MCET/NGL 

PlBwIlton '■S* a _ MOattml BlMden and Norths. Conn iuB n, Rooms. 

VaSw^ PA Grm.D ME Mfdl£ld'. Hotel. Man. C ^ 1 ^ 1 ” 7 - 0,0 BroB, ‘ 


Chester. 2.4 3 
BOARD MEETINGS — 

Finals: 

8 .S.GL Inti. 

Common (J.) and Webb 
Cosalt 

Estates and Gen. Mrs. 

Hawker Sickleley 
Helene cl London 
Higos and Hi« 

Home Charm 

Miller «FJ <TcxtUos> 

North CM. F.J ... 

Pro*. dent Life Association of London 
Wadkin 
interims: 

Bcraom Rubber EsUtea 
Brotherhood tPJ 
□ow dins and Mills 


Hall Eng. Dorchester Hotel. W„ IS 
Rolls-Royce. Churth .11 Hotel. Portman 
Souare. 12 

Tate of Leeds. Lords. 12 
Turner and Newall. Manchester. ia 
Woodhouse and Rtxon. Royal Victoria 
Hotel. Sheffield. 11-45 
Yorkshire Chemicals. Kirsiail Road. Leeds. 

Yule Cano. 1. New Bond Street. W.. 
12 

BOARD MEETINGS— 

Finals: 

Citv Hotels. Clayton Son. cii»c Discount, 
Coral Leisure. Dunlop. Hanker Marrls. 
HesUir. HoWroad Ror Honnkong 
I5elannart Rbr- yiah Inds. Leslie ano 
Godwin. London and Haiywooe T»t. Lonoon 
and Pro*. Tst. Mowlem ■ j.,. Owen Owen. 

Perry tH.i Motor- - 

Tst. Selection Tst, 

Interims: _ 

Free State Geduld 
Free Slate Saaiplaas 

SOUU ’ WEDNCSDAY.^APRIL 

imS°»r / cni n lca“»X? S 5;reh«ster. Park Western Holdings 
Lane. W.. 11 „ t „ u DIVIDEND A INTEREST PAYMENTS— 

Plantation Holdings. Guildhall House. Anglo-American Ccwl JO cts. 

£.C. IZ .. BlMhY HocBOi. Red- 16 480 60 c 

Rea Brothers, Winchester House. E.C., calderdale T 2 pcBds. Rc„i. 16 4.B0 fine 
12 ' 


STiilTk Homer and Pror. 1 st. iwuwicm -j.,. owen Owen. 

W DIVIDEND * INTEREST PAYMENTS— 2«? ry 0 .J'Jl , lnn M SS r4 - Scolt ' 4h Mort. and 
Davies and Metcaiie A 0.8724B " ™ 

Gedong ln»S. 1 -SSIp 
M vddleton Holds 2 - S4 fl . 

Norfolk Capital Group 0.4p 


board" MEETINGS — 
Finals: 

Bestobell 
Brocks Group 
Burtnah Oil " .. . 

Callendar (Georoc M.) 

Delta Metal 
Garnsr Scottifarr 
Horizon Midlands 
Haskins and Horton 
Kuala Selangor Rubber 
MooHiouse and Brook 
Menzles (John) 

Securities Trust ol Scotland 
UnfWd Carriers 
Viking Resources Trust 
Wade Potteries 
Weeks Associates 
Interims: 

Lons and Hambly 
LOW 'William 1 
m.T.D- iManoula) 


Carrington Vlyellj 1 SOSQSp 

Enfield I2nc8ds- Red. IS d Bo 6pc 
Firesiono Tire and Rubber 27.5 cts 
inti. Westminster Bank Floating Rate 
Capital Notes 40.1 ip 
Ipswich 12PCIU*. Ren. 16 4 Bo 6p-r 
Lambeth IIVocBds. Red. 18 4/79 SSutc 
Medway IZPcBds. Rea. 18 4 Bo 6pc 
Quaker Oats 26 cts. 

RiChmOiHfsfifre II'iPCBpo. Rea. IB 479 

S^npc 

South Yorkshire ll'-ibtBdt. Red. 18-4179 
5'spc 

South Yorkshire Passenger Transport 
Executive 7-yPcBds. Red. 17/1DJ79 
a^iopc 

Sleeiiey 3.9651 ?0p. 4‘:pcPi. i 57-5 DC 
Union Bank of Finland Floating Rate 
Capital Notes 39.ni cis. 

Union Steel Carp. (Of Ssuth Africai 2.5 
cts. BPf. 4 pC 

Waltham Forest liLocBos. R L -d. 10-4(79 
SSypC 

Wells Fargo 35 cts. 

West Hampshire Water Qrd. A nope 


DIVIDEND * INTEREST PAYMENTS— Marf.l X50£. B ilmly. a.goc Max. I 
BoscansAeld 6L0CBds. Red. 35.1 0 . S 2.45PC. 3.5DC -Iml,. spcl Ord. 1.7SDC 

3>«IK 


Bfaciepapl JOpcfidi R«t. l9M.7fl W.IM4 company 0 MEETING 1 L 27 

Cajiicpolnt 9i*pc1l«s. Red. 15 1OIB0 PAN Y MEETINGS— 


411 , ,r Carliol Invest. Trust Newcastle-uoon- 

C 19*4*7 a ,l< £S?^6 , 44 C * >,,nC, ' 1 ' ,BCBdS ' RWS - Of Guernsey. E t. Peter 

K^ytn^Vb^V^ed. 72 1 

1914.78 * s 1 B44 Tyneside ^ IwbL Trust. Newcastic-uoon- 


Cynoor Dasfwrtfi Dwyfor lOpcBds. Red. TYnh-iz-“ 

19.4 78 E 5 . 1&44 Woolworth if. w.i. Connaught Rooms. 

P S*1 t M4 dC lOpcBds. Red. 1914 7B W g^ RD MEETINGS— 

E 2^ a P0 3 r 5 “ d NeS,0n 6,<BCB€B - Red ‘ ui^Mnntmare M,g. P Mrt bn «5.i. Pear- 
4agr T^pcaos. Red. 17.10179 ^ ?° 0 S" 

Gra rofan lOocfids. Red- 1914/78 £5-1644 H JSSth*m 
Great Yarmouth 9->«pcBdE. Red. IS.IOiBO lE* " imoitmanc 

ufy riA’M ■■raBSNijrw pay * ents - 

'‘■ij.nf* WlBht 6 Ubc Red - 25110178 Buckinghamshire IQkpc Variable Rate Red. 

f 982 £3. t T07 

Supply 
0/76J 


int. Dep. 
25 and 


S5 cts. 
Rep. 1.5 


t'fJOJnsMfe lOpcBds. Red. 19(4.78 MecaHan-Glenltrel 2p 
Melrlminydd' lOpcBds. Red. 19 4 78 “RKelpts^' to '’ Br" C ' R 
S\v , | 0, D B h 0i '3- R ^- 79,4,7a fcS - 16a4 Gtd. T°^i <£"o? 

MOY935hd Dh, 3 «OC Provldbrtt PllUKill x 

iVSSSffi Red" 19-4l7a*£sJi«fi («■ J.» 

■l!t UP rlSK', ’ll i32J^ S pit Ricardo and CO. Engineers i1927l 1.15 b 
N 25il07 E B rt 3i«pc rt>V ^ hU ^ &l «PtRda. Red. wiogins Construct 0.77 p 
Northamptonshire 6UPCBdS- Red. 25.1078 SATURDAY. APRIL 22 

3'ipc DIVIDEND A INTEREST PAYMENTS— 

Nottingham 7 T U>CBil9. Red- 17110 79 Agricultural Mtg. Caro. i2iiocBds. Red. 
3 ' ‘hoc 25-4180 6H*Pc 

Nottinghamshire lOpcBds. Red. 19i47B Anglo American Corn, of South Africa 
£5.1644 Unsec. Notes s^oe 

Presell lOpcBds. Red. 19.-4175 £5.1644 SUNDAY. APRIL 23 

Rea Brothers 0.9278p DIVIDEND * INTEREST PAYMENT— 

Salford G'jipcBdS. Red. 25i10r7B 3'spc. Coventry 7oc Red. 1978 3<:p« 



COMPANY NOTICES 


Notice to Bondholders 

IMATRAN VODtfA OSAKE YHTIO 
20,000,000 European Units of Account 9 J % 
1975/85 Guaranteed Bonds 

Pursuant to the provisions' of the Purchase Fund notice >s 
hereby given to Bondholders that no Bonds have been pur- 
chased for the Purchase Fund during the twelve-month period 
from March 25. 1977 to March 24, 1978. 

Amount outstanding: UA 20,000,000. 

IMATRAN VO IMA OSAKE YHTIO 

April 17, WS 


Frieiiih' Provident Life Office 
Mriicr IS HEREBY GIVEN ttax 
theONE UUNDRtDANDFORTY- 
FIFTK ANM aL GENERAL 
MEETING OI : MEMBERS is 
uppoinuM la foe hcM M PlXHA\f 
UNO. DORKING. SURKEV. ON 
UEOXE5DAY, limi MAY IP78.4I 
i30i>.m. , , 

Lftnteiff the Areotmis fur the 
yew ended Slsi December 1*777 and 
ihe wpon-f of Ute Directors add 
AmUioniticrcon- 
2 Tucket Duwtuis. 

. 1 . To appoint .Vidiiurs and delenninc 
the basts olTi\iagl{k.TriCTnuficRuion. 

4. Tu irmsact any other ordinary 
business. 

5. To propose, as -pecul htftinfsc.1hal 
i he limit on ihe JH^repaie runuum ol' 
ihe remuneiaiion ul'ihe Dnectors be 
ilh.7<Kh4li 

A Member eniiited lu aUend and 
tuieal ihe above meeiiirgi-. emit led 
to aiHxnni a inovr il> attend and vote 
on he. Mull ami sueh proxy need 
nut abu he .i Member ol the Office, 
rbe insirtmuni apruinlins a proxy, 
a npeiimcn uT v-bUJi is ueL out In 
rule M oi the Rules, of the Office, 
mud he dcpusiied at 1‘i’dum End, 
DorLiny. Surrej. at least fony-eifihl 
hours before ihe lime of the meeiinR. 
Proxy forms may be churned wt 
applie-.uion lu dieSeeretarx 

Members inicnding in jilcnd and 
\ijie peisi dullx ai the meeting &huuld 
J\ • piepiued in gin 'He iheir policy 
uumlijr. 

bi ( ir.brr uf ihe Oireciom. 

K V Ji M 1 NSUN. Secreiarj . 

NO It: A cup>' ul'ihe .-Vwuij Report 
and .Vvx Hints will he forwarded lo 
any Nlember who makes appliealion 
fur s4M In the iimler- mentioned 
addiev.. or to ~ Birehin Lane, 
l.iindnn EteP.’BA. 
hnends' Provident Life Office. 
PixhauiFnd. IX'riantSurret'RJHIOA 


AUSTIN REED GROUP 
LIMITED 

NOTICE IS HEREBY GIVEN that tflP 
Register ol Members will be CLOSED 
and the registration at transfers at 
ALL CLASSES ol shares will be iu&* 
pended Irom 8th to 12th May 1978 
Inclusive. 

By Order of the Board. 

G. J. TUBB. 
Secretary- 

P.O. Box 2AJ. 

103/113 Regent Street. 

London W1A 2AJ 


NOTICE TO HOLDERS OF BEARER 
DEPOSITARY RECEIPTS (RDRM In 
DAI NIPPON PRINTING CD.. LTD. 

We are Pleased to conbrm that conics 
of the Semi-annual Consolidated Financial 
Statements, lor the six-month period ended 
November 30. 1977. of Dai Nippon Print- 
ing Co.. Ltd., and Consolidated Sub- 
sidiaries aro nan available to 8DR Holders 
upon application to the tallowing conver- 
sion agents; 

Citibank Branches la: 

London Frankfurt 

Brussels Amsterdam 

Paris Milan 

and In Luxembourg: 

Banoue Generate du Luxembourg 
CITIBANK. HA, 

as Depositary. 

April, 1978. • 


HEP WORTH CERAMIC HOLDING5 
LIMITED 


NOTICE IS HEREBY GIVEN Hut the 
Share Transfer Books ol the above named 
company will be closed Irom the 29th 
April to 9th May. 1978, Inclusive, for 
the preparation of Dividend Warrants. 

By Order of the Board. 


Gene fax 

Sheffield sio 3FJ. 


J. BIRTWHI5TLE. Secretary- 
House. 


CONFERENCES 


WEST END THEATRE AVAILABLE lor 
hire lor meetings and conferences. LJght- 
relreshmem facilities available. Phone 
240 207fi. 


NEDERLANDSE UNILEVER 
BCDRUVEN BLV. 
formerly van den Boron's 
en J un-Be ns' Fabrlc ken N.V. * 

S:-*i PREFERENCE and ORDINARY 
•A' SUB-SHARES 

haunt by N.V,. NederlandSch 
Admlntsiratle- en Trustkantoor 

The secoad ha IL yearly dlvtaepdf'of 
2.75% Ipl. 0J3I and a second interim- 
dividend of 6J52125% <F1. 0^046375) 
rrsorcttrely lor 1977 will be paid on 
and after 2nd Mar 1978. To obtain 
these dividends, certificates mist be 
listed on lorms obtainable Irom. lodged 
with for marking, and tan lor fire deer 
days lor examination by one of the 
tallowing banks: 

Midland flank UmKcd. New Issue" 
Department, Mariner House, Pepye 
street. London EC3N PDA; 

Northern Bank Limited. 2 Waring 
Street. Belfast BT1 2EE; 

Allied Irish Banks Limited. Securi- 
ties Department. 3/4 Foster Place. 
Dublin 2: 

Clydesdale Bank Limited. 20 St. 
Vincent Place. Glasgow, 
from which banks (oiler details ot the 
dividend may be obtained on an d 
alter 2nd May 1978. 

N.V. NEDERLANDSCH 
ADMINISTRATE- EN 
TRUSTKANTOOR 
London Transfer Office: 

Unilever House. 

Blackfrairs. _ 

. London EC4P 4HQ. 

13th AprH 1978. 


EMFRESA NACIONAL HIDROELSCTRICA 
DEL RIBAGO RZANA SJL (ENHER> | 

uss25.aoo.oaa floating rate 

NOTES DUE 1970190 
NOTICE IS HEREBY GIVEN that the 
rate of Interest for the period April 17th, 
197B. to October 17th. 1978. has been 
fixed at Su per cent, per annum. 

HILL SAMUEL 6 CO. LIMITED. 

171li April, 1978. 


PERSONAL 



Them beautiful InaianMaitilB 
Paper-Ham Ms carry a permanent 
inessagv. ..a permanent reiranderoT 
\ot» com pany. Cho6te f» mn Whin 
Italian M/ntfeorGrawi MerMe. 
Chuoau 1 ram a vanmy ni shaoee. - 
UrNtar incemms- coBeciom pieces 
me. FREE standard sample, brech ura 
and price fci sem lo letter head 
tequasitonlv. 


iMMnw-Www dw d I 
4b NwlhM.IHMIVU W h> i. WM 


CLUBS 


EVE. >BB. Regent Street. 7S4 0557- A la 
Cftrte or All-in Menu. Three Spectacular 
Floor Shows 10.45. 12.45 and 1.45 and 
music of Johnny Hiwkes worth & Friends. 


GARGOYLE. 69 Dean Street London W.l. 
NEW STRIPTEASE F LOOP SHOW 
THE GREAT BRITISH STRIP 
Show at Midnight and 1 a.'m. 
Mon.-Frl. Closed Saturdays. Q1-4S7 6455. 


LEGAL NOTICES 


NO. ODUM of 1819 

Iv the HlfTH CUURT OF JUSTICE 
Chancery Division Companies Court. In 
Uta Mtuer of APPERSETT i BUILDERS » 
LIMITED and in Ifc Hatter of The 
Companies Act, 19-W. 

NOTICE IS HEREBY GIVEN, dut a 
Petition for Die winmnj* up of uje above- 
named Com pans - by she High Court of 
justice, was on .ihe loth day of April 
297S, prese/Ht'd to rtv said Coart for 
SAN DELL "PERKINS LIMITED whose 
fesistered- offlee is Chunk' fll: Cobtree 
Boose, Form] Road. Aylesford, Msid- 
sionu, Kent, Timber .Vrrcbauts, and 
that ihe said Pei I lion w direeied to 
bu heard before the Court sutlng at 
ihe Royal Courts of Justice. Strand. 
Loudon WC2A 2-LL, on thu hth day of 
Mav I97S. and any creditor or contnbu- 
lury of ibe said Company desirous to 
sunporr or oppose the mahms of an 
Order cm ihe said Petition may appear 
at ihr time of bearing, to person or b* 
bis uounsi-I. for that purpose: and a 
ropy of ibe Petiiioa u-iil be famished 
by the undersiKncd to any creditor or 
eon tributary of lbe said Com Pan? rwjair- 
fnc such copy on payment ol the rcEulati-d 
charge for the same. 

BRADY A WALLER. 

M HJml Coon. 

Fleet Street, 

London . E.C .4. 

Ref: F.-TTH. Tel; 03-3S3 S3 LI. 

Solicitors for the Petitioner. 

NOTE.— Any person who inioods to 
appear on Ibe bearinc of me said Pentlon 
TUffiit serve on. or send by post to. ihe 
above-named nance In ktuixir of bis 
Intention so to do. The notice most stale 
the tta/ne and address of me person, or. 
If a Ann, Ibe name and address or the 
Ann, and must be stanrd hy ibe person 
or Situ, or his or their solicitor ■ if any * 
and tnusi be served, or. Li posted, mini 
be sent by post Hi sufficient Time to 
reach the above-named not later than 
four o'clock ia (he aftarooaa of the 
5ib day of May 1973. 


R E; PESABTR E 

Bale SL Anna Estates Limited 
whose registered office is 
Wcstawav Chambers. Don Street. 

St. Holier. Jer sey 

NOTICE IS HEREBY GIVEN that Ihe 
propqrtv ol the above-named Company has 
been declared " en desanre " i tantamount 
to a declaration ol bankruptcy! by Art 
Ol the Royal Court ol Jersey, dated, tne 
7th Abril. 197B. and that the creditors 
are required on or before the 6th June. 
1976. to send their names and addresses 
and full particulars ot their claims to the 
Viscount. Royal Court House. St. Heller. 
Jersey, or in default thereof they may 
be excluded Irom the benckts ol any 
distribution that may be made. 

Any creditor who claims that any 
amount due to him Is a privileged debt 
ranking for payment In priority to ordinary 
debts, or who has a surety, must so state 
In hh statement ol claim. 

Persons who are Indebted to the above- 
named Company are required IP pay the 
amounts dm- to tne undersloned. 

P. F. MIS50N. Viscount 
Chief Executive Officer of the 
Roval Court of Jersey. 


ART GALLERIES 


AGNEW GALLERIES. 43. Olo Bond St.. 
W.l. 629 6176. THREE CENTURIES 
OF -BRITISH PAINTINGS. Until 28 April. 
Mon-Frl. 9.30-5-30. TTmrs. until 7. 


BROWSE,* DARBY. 19. Cork St.. W.l. 
SICKERT. Mon.-Fri. 10. 00-5. 30. Sat. 
10.00-12.30. 


COLNAGHI. 14. Old Bond St.. W.l. 
01-491 7408. INDIAN PAINTINGS — 
Muuh.il and Rafput 1500-1650. Until 
6 May. Mon.-FrL 9-30-5.30. Sat. 10.1. 


FIELDBOURNE GALLERIES. 63. Oucens- 
Grovr. N.W.8. ART IN RELIGION. 


FOX GALLERIES. Exhibition ol the paint- 
ings by British and European Artists 
trom 1700-1965. 5-6. Cork Street. 

London, w.l. Tel. 01-734 2626. Week- 
days 10-6. Sat. 10-1. 


PERSONAL 


URGENT 

THE MARIE CURIE MEMORIAL 
FOUNDATION Is praloundlv grateful 
to those kind friends who have to 
date made Interest tree loans enabling 
us to commission our two new homes 
caring tar over 100 seriously 111 cant.er 
pa:ients. However, more loans, pro- 
viding a wonder! ul dividend in the 
relief ol human suflering. are urgently 
needed to hnanco the outstanding 
capital cost amounting to £*« million. 
Will you please help* Repayment 
guaranteed at 6. 12 or 24 months, 
or on 7 davs call. Details from the 
Secretary. 124. Sloane Street. London 
SW1 9BP. Tel. 01-73D 91 SB. 

IN DEED IT IS 


It 



fcirtXi e!.--' . 

- "2- 

.-r£r ! - 


ntm - ; 

i».'i V 







, ,; r - -kVC^jasi^fcfpramonxenthpwraui^youcouldfindputaBoutyour 
* AOr company if you could share a tea break with one of the men who repairs and 

services your trucks. 

He’dgrumBleaboutthe one that’s obviously a Friday afternoon job. He 3 s 
been under it five times in the past two months. 

He’d showyou a tractor unit gathering rust while it waite for parts. And 
he’dpoint out the van that’s gulping down petrol like it was going out of style. 
His ennrlnciorij wnnld be that you’re losing money hand over fist. 


Not only in terms of down time bur of missed, delivery 
dates and lost sales. 

If you asked him for a solution, he’d suggest a fleet that 
was first and foremost reliable. It’d have to be economical 
too and also comfortable enough to ensure that your driver 
stays alert and efficient. 

In short, he’d be suggesting Mercedes-Benz trucks. 

Of course, he’d also be suggesting quite a hefty capital 
investment. 

Mercedes-Benz trucks may not be the cheapest trucks 
on the market. 

In the long term, though, they can work out to be the 
most cost effective. . 

For a start, they 5 re economical in terms of fuel, journey 
times and naturally reliability. . 

And, perhaps more importantly, because of these 
attributes, they’ll play a significant part in keeping your 
service mechanic, along with your ^ sales force;your 
warehouse staff, your drivers, and anyone else whose 
function depends on distribution, 

happy with your company. 

Which,in 

bald economic terms, means higher , ' s 
productivity. 

Obviously though, we can’t explore^ 
every aspect of Mercedes-Benz in an ad.’ 

Right now you need more information. 

Get your secretary to tear this ad. and send it to us wiithyour name 
and address. And we’ll be in touch. 

Mercedes-Benz.The way every truck should be built. 

Mercedes-Benz (UK) LtdiEO.Box 753, London SEI gz. 






?<■ 

I 


'reV 

% 

.J 






f-. 


6 













8 


fi 



H3TTED BY ARTHUR BENNETT AMD THJ SCHOETSE 



Financial Times Monday Apiit v 17 19,78 


INSTRUMENTS 


METALWORKING 


Aids examination of 


• COMPUTERS 

New kind of 


Welds are 


kept to 
right track 


WORK CARRIED out. in 
Germany on behalf of the big 
Swedish welding specialist group 
ESAB has led to the develop- 
ment of an electronic method 
of continuous control of the 
tracking of welding heads on 
MIG and MAG machines. 

Far superior to earlier 
methods which ' relied on 
mechanical feelers to ensure 
correct line-following, the new 
equipment relies on the arc 
itself as the sensor to maintain 
correct tracking of the electrode 
along the joint 

Any variations in the breadth, 
length or other dimensions of 
the arc from the correct 
parameters are immediately 
sensed and the differences trans- 
lated into commands to two 
control motors. 

These apply the appropriate 
adjustments to bring thv arc 
back to where it should be, 
through a pair of worm-driven 
slides' which carry the welding 
head. 

The method is now fully 


established for inert gas and 
argon gas welding. It is being 
extended to TIG and submerged 
arc and is. expected to be. avail- 
able on such equipment in 
six months. 

A further development will 
take in three-dimensional move* 
ment 

In the meantime, equipment 
has been installed, and is 
performing very satisfactorily in 
Germany on large' tanks and 
transformer casings- 

lt has been found that the 
system offers particular advan- 
tages when very long weld runs 
need to be made and cuts the 
time required for manual weld- 
ins by a factor of four. Where 
thin and thick plate are to .be 
joined, the system will allow for 
a fixed, appropriate offset of the 
arc. 

The system was shown for the 
first time earlier this month m 
New Orleans. 

ESAB is now working with 
the Volkswagen group to 
improve tolerances In automatic 
welding set-ups and it is pro- 
posed to combine ASEA/ESAB 
robots with the welding arc 
follower for areas' where gas 
welding is, required. 

Further information from 
ESAB. Box 8850; S-402 71, 

Gottenburg 8, Sweden. 


difficult specimens 


Protects metal surfaces 


SUBSTANCES- 'which do ndt 
readily lend themselves to anal- 
ysis by conventional methods of 
absorption and reflection spec- 
trometry — opaque smears, 
creams and rough or irregular 
solids are good -examples — can 
be satisfactorily dealt with by 
a new instrument made by EDT 
Research of London. 

The spectrometer. OAS400, 
makes use of the discovery al- 
most a century ago of the opto- 
aCoustic effect by. Alexander 
-Graham Bell. The instrument Is 
believed to be the first major 
exploitation of the effect in a 
commercial unit that will look; at 
almost any kind of substance; 

The £35,000 . development, has 
been 70 per .cent, backed by 
NRDC and the work carried' out 
by a. team - led by Dr/ G. Kirk- 
bright of Imperial College. 

As little as two microlitres of 
the sample are placed In a very 
small sample cell which Is simply 
inserted into the spectrometer. 
The sample is then irradiated 
with light of increasing wave- 
length, the spectral scan cover- 
ing the range from infrared . to 
ultraviolet, via the visible, in a 
few minutes. 

When the light strikes the sur- 
face of the sample, it is con- 
vened into heat which in turn 
causes the pressure to rise in 
the cell, to an extent dependent 
upon the wavelength and 


whether molecules- are present 
that are specifically excited by 
that frequency. 

In the OAS4QQ the light 
source is chopped by a shutter: 
the pressure oscillates at the 
same frequency, its amplitude 
being a measure of the mole- 
cules present, and the oscilla- 
tions are detected by a micro- 
phone In the wall of the cell. 
Results— an absorption spectrum 
of the sample — are plotted on a 
chart recorder. 

An important bonus for the 
technique is that it becomes 
possible- to ; “look in" at 
different depths below the sur- 
face ; of the' sample. This is 
bec&bse although the conversion 
from light tyheat may take only 
a- few; nanoseconds, heat trans- 
ference through the sample to 
the surface may take several 
milliseconds— of the same order 
as the chopping frequency. 
Hence; phase delay of the 
pressure signal in relation to the 
incident signal yields depth 
data. Using high chopping fre- 
quencies .depths to only a few 
microns may be analysed while 
lower modulation frequency 
enables the analyst to search 
deeper. 

Wide application is expected 
in biological work and In the 
food, pharmaceutical, paint, oil 
and semiconductor industries for 
example. More from EDT 
Research on -01-961 1477. 


Centres, the main prohlem- is ; win be limited to.25^bseribers, 
finding Somewhere to- put- the reducing the chances of any two 
mactene, old or new, untUthe seeding it at the same time. 
premises are reinstated, .-- c . . Occupancy will be limited to 

Colvin has. announced' a nine months, and .no rent', will 
scheme, arranged. aloivg.the.^Bjoes he payable. However, ..a, sur-. 
of an insurance policy -J»y . which- charge will become. due for. the 
participants pay . an annual pro- three, mouths exceeding - this 
raium but Instead of receiving an period and if during the exten- 
.. . . in agreed sum in the -eyeqt.of a sion any other subscriber needs 

the country is probably insured disaster, are entitled to make use the accommodation, it must be 
against loss of the hardware, and of e mer Sency accommodatioaior vacated. ' 
in some cases the software, in th* 5- period. Fully Mac- Each centre has. facilities' for 

event of 


insurance 

ALTHOUGH every computer 



+ *: 
‘j-T-'iV! 

c.j\MaRBr*B*i vro'i 

j*ijW rt 


Tfl*ptWP*06Ge«pB **ws-33» . 


)fr\ 


POLLUTION 


Senator- , . letcrproceraiug, 

thin mi oh* ““aster complete with everything except preparation areas and storage 

2J" “S! 11 n .f ? itfelf get the the computer itself, . ■ . ' Se, together with; a central 

system on its feet again and Premium is ■ ■ £4,0G0/aaifflm switchboard. A stock of standard 
mw* 11 number of believed by Colyin to be less Post Office modems are; carried' 

owner's hnLf runillllg tbaa J 1 Wpicsa cota.- a nd Telex, has been installed.. ; 

•“S"- i • n pan> J s annual DP budget f. ■ More from" 86-Park Lane, .... . a . 

According to Colvin Computer Any one acconunodatiba teiitre Croydon CRO UF. (01*88 3682.) jgjgg jy^ 


... 

>? ■■ 


Mr 


Gutting the ' 


r-: i\ ' 




'Zg 


ANTI-CORROSION treatment for 
all ferrous metals, thought 10 be 
The first of its type which works 
by absorbing surface moisture 
and then coating the surface 
with a moisture resistant film — 
which cannot be accidentally 
rubbed off— has been evolved by 
lubricant specialist Isaac Bentley 
and Co. 

Vinbrite DPT has applications 
in all areas of industry where 
metal items may be subject to 
corrosion from the atmosphere 
during storage. Applied either 
during the manufacturing stage 
or at the point of storage, Vin- 
brite can be used to protect the 
internal surfaces of pipes or 
tanks designed to carry oil, gas 
and the phosphate ester fluids 


used In the compensators, ten- 
sioners and blow out preventers 
of offshore rigs. 

The material is in the form 
of a water-based emulsion. The 
absorbed water 'is evaporated to 
atmosphere, together with the 
emulsifying water, leaving the 
soft greaselike film, which . is 
sufficiently tenacious to allow 
components to be- handled after 
application -with do risk of pro- 
tection being affected. . : 

A swab immersed in Vinbrite. 
pulled through a' pipe of smaller 
diameter.' is sufficient to provide 
a coating and- full protection 
against corrosion. 

Isaac Bentley and Co„ Naylor 
Street, Liverpool L3 OPS. 051227 
1177. 


Gauges wave velocity 


DEVELOPED at the National 
Maritime Institute ancTnow com- 
mercially available through NBA 
< Controls) of Farnbarougb, 
Hants., is an instrument for 
measuring unsteady .wave veloci- 
ties, mainly on offshore struc- 
tures 

Measurement is performed by 
a cantilevered beam rigidly fixed 
to the structure at one end and 
carrying a. perforated sphere .at 
the other. The beam is strain- 
gauged to measure two mutually 
perpendicular components of the - 
hydrodynamic forces acting on 
the sphere. The strain gauges 



LONDONS ONLY 
HANDLING SHOW 


Seconds 
Distribution 



National Hall, Olympia, London. 

Tuesday 18th April to Friday 21st April 1978 


A specialised exhibition for all buyers involved in warehousing, storage & distribution 
Admission !: REE - 4 Tickets available at door. 


are waterproofed and the whole 
beam has a metal shroud around 
Lt with flexible 'waterproof seals. 
Design of Sphere and shroud are 
such as' to ^minimise vortex 
shedding and the seals have been 
designed to ' prevent distortion 
due to pressure at different im- 
mersion depths. 

Outputs -from the strain 
gauge bridge circuits are pro- 
portional to the /applied forces, 
and to the square of the local 
velocity. .Suitable signal pro- 
cessing. and display facilities 
are available from the com- 
pany. 


For a two dimensional un- 
steady flow one probe will 
give the time history of the 
velocity, while in three dimen- 
sional flows two probes will 
determine absolute velocity. 
Probe frequency response is 
flat 

More on 0252 514335. 



factories 


5?^;V •• . 

V ^ .(in’ -V _ I- 


ft* [Up.’ 


IN CASES Where 




it is not 

sible to ■'effectively reduce -t- 

noise at source . - in- : industry Ai 
Acbustieabs 'of- York has 
v eloped a system, by which 
whole building or wafting space/ 

■ can be treated ~ using -panel*', 
suspended'frpm.the root ■ • . j{ 

. It has , already bad initial sue-1. 
cess with the M LniStry. of Defence 
where the problem was one oft 
intense noise.; radiated .by tank} 
diesel engines under test , 
levels of about 100,'dBA were ex- 
perienced in the test area sod.'/ 

.conversation- w'aaimpossible.eveal 
100 ft 'from the vehicle. Using' j_, 
the’ suspended panel system, re- ^ 5 ^ 
auctions exceeding' 10 dBA- have . * . .. : 

Been achieved. .. 

The company believes .it is not? v ^ ' ' 

widely appreciated that noise atj** - 




being "reflected from the; 
acoustically hard surfaces of the' .4 51 .* • m 
roof. An important result ^ 

using ahsorbtive panels near the; . > Ft." 
roof is- that much less noise fc?* " 
perceived from a machine a 
. relatively -short distance from it; ' 


whereas normally a'particnlariy -^ 

vinlr-TT nitVlitt/i . Iinll (ih ‘-«W A 


ta 


noisy machine -will be heard a/*"",;.-, 
the other side of -the! shop, . . . 

' The panels axe made from steel , 

frames measuring LOGO x 600 t ^ : _ 

80mm ■ containing' rock - r 


material particularly effective in 


the 500 -to- 20U Hz spectrum.- 
- Several thousand of themi maj '*#&■. ---. 
be ^required, "suspended at vaiv v^tair • 
ous .hdghts from the nttf 1 

depending upon . the accrosfle •• 

characteristics ef the total space 
involved. ■ Overall result is the m: 1 i,, 

acoustic- damping of a major w- '"V 

fleeting surface of .the factory or s ; 
shop; the reverberation time is jar? 
typically cut By' half and noise - s ' 
levels mm be cut. by 6 to 8 dB f 
where there are one or two par- 
ticularly objectionable soutoh - • 


• By agreement between the 
Financial Times and die BBC, 
information from The Technical 
Page is aoaiZabfe lor use by the 
Corporation’s External Services 
{as source material for its over- 
seas broadcasts. 


This machine has been developed by McDonnell 
Douglas Corporation for the production of 
insulation material for ships carrying liquefied 
natural gas at temperatures of minus 162 
degrees C. Only part of the machine can be 
• seen here as it- Is 271 feet long. It is now p 
undergoing tests at the McDonnell Douglas of 
Astronautics Company's plant "at Huntington fled 
Beach, California. The material produced is . -900 foot 
polyurethane foam stiffened in three direc- 1 Ing and 


HANDLING 


tions by. glass yarn and it emerges from the 
machine,. in. tbe form of an endless “log*' 

2 feet wide, and 13 inches thick. ~ The tubes 
above the operator’s head; feed! the ' m 

With glass fibre. -. ~ 

;with, th e 

a con tract. td^prdvia^the''lirfu^ . . ... _ . 

gas <on m^ent . wsteffis f or two 

Dock Company;"- • - - -■ 



McDonncft 1 V - 

Gaz Transport Company: .. :• 


CONTRACTS AND TENDERS 



. /• 


/ 


/ 


/ ■ 

Lembaga Letrik Negara Tan ah Melayu 


National Electricity Board of the States of Malaya 
Bersia.and Kenering Hydro-Electric Project 
Contract for Civil Engineering Works 


PREQUALIFICATION OF TENDERERS 


The National Electricity Board invites 
Applications from suitably qualified and 
experienced contractors wishing to be prequalified 


Copies of this document may also be obtained 

from: 


as tenderers for the Civil Engineering Works for 
' " ;.Hydro-r" 


the Bersia and Kenering. Hydro-Electric Projects on 
the Upper Perak River, Malaysia. 

Applications will be~limited to Contractors from 
member countries of the World Bank and 
Switzerland. The works shall comprise principally: 

BERSIA— A concrete dam of approximately 

200.000 cubic yards, power intake, conventional 
above ground power station to accommodate 
three units with a total capacity of 72 MW, a 
concrete spillway, and a switchyard. ■ 

KENERING — A concrete dam of approximately 

400.000 cubic yards and dykes to abutments of - 
approximately 600,000 cubic yards fill, power 
intake, conventional above ground power station 
to accommodate three units with a total capacity 
of 120 MW, a concrete spillway, and a switchyard. 
Tenders will be accepted either for tbe Bersia 
Development or the Kenering Development or for 
both the Developments as one Project. 

Applicants should first request a copy of the 
document entitled “ Brief Description of Civil 
Engineering Works and Prequalification 
Document ” from: 


The Project Engineer 

Bersia and Kenering Hydro-Electric Project 
Hydro-Electric Division (Fourth Floor) 
National Electricity Board 
129 Jalan Bangsar 
P.O. Box 1003 

Kuala Lumpur, MALAYSIA. 


Formal applications for Prequalification in 
triplicate should be submitted not later than 
June 1, 1978 as follows: 


(A) Two (2) copies to 
Project Manager 

Bersia and Kenering Hydro-Electric Project 

The Shawinigan Engineering 

Company Limited 

620 Dorchester Boulevard West 

P.O. Box 3010, Station B 

Montreal, Quebec, CANADA H3B 3L7 


(B) 


Project Manager 

Bersia and Kenering Ifydro-Electric Project 
The Shawinigan Engineering Company Limited 
620 Dorchester Boulevard West 
P.O. Box 3010, Station B 
Montreal, Quebec, CANADA H3B‘ 3L7. 


One (1) copy to 
General Manager 
National Electricity Board 
129 Jalan Bangsar 
P.O. Box 1003 

Kuala Lumpur, MALAYSIA. 


The National Electricity Board will not defray 
expenses incurred in the preparation of the 
prequalification application or the Tender and 
will not be obliged to accept the lowest or any 
tender. 


It is expected that Invitations to Tender and Tender I)ocuments will be issued to Prequalified Tenderers 
on or about August 15, 1978 and that tenders' .will be required to be submitted approximately four 
months thereafter. - 


YEMEN ARAB REPUBLIC 

YEMEN GENERAL ELECTRICITY 
CORPORATION 


132kV Transmission Project-r-Sub-stalions 
It is Oic intention of the Yemen. General Electricity 
Corporation to invite Tenders for 132kV sub-stations for the 
Yemen Arab Republic. ...; ." . 

Tender documents will be arranged in two- parts— 
Contract YEM009 — Sub-stations 1 '. 

Contract YEM010 — Power Transformers. 
Tenderers may quote for cither or both Contracts. 

Tenders will be. called for on. a supply,, deli very, erection 
and - com missioning basis for: 

{i) 132kV enclosed wb-station associated with a new 
power station .near Hodeidah- with 1 x 25MVA 
132/33kV -interbus transformer; 

(ii) 132/33kV enclosed sub-station at Hodeidah city with 
2 x 60MVA 132/33kV transformers.; 

(ili) 132/33kV sub-stations at Risabah, Bajil, Sana'a and 
Am ran with outdoor 132kV and indoor 33kV equip- 
ment with a total of 2 x BOMVA. and 4 x 15MVA, 
132/33kV transformers. 

The sCope of work includes all civil works. .buildings, steel 
structures, switchgear, protective equipment and. low voltage 
A.C. and D.C.' switch boards and batteries and ancillary equip- 
ment. The civil works associated with tbe transformers form, 
part of the sub-station contract.. - - 

Firms with adequate experience who have registered their 
interests by 21st April will be sent further particulars of the 
Project. Only firms' who have registered may obtain the 
documents which will be available for collection from the 
Offices of the Consulting Engineers — M cskto. Kennedy & 
Donkin. Premier nouse. Woking, Surrey GU21 IDG. United 
Kingdom (Telex 859123) by the end of May. 1978. 

A non-returnable fee of YR 2,500 or £30(1 sterling will he 
charged for each set of documents at the time of isme. 

The Project will he financed by loans from the Saudi 
Fund for Development and The Arab Fund for Economic & 
Social Development. 

Firms wishing to register should apply in -writing in the 
Chairman. Yemen General Electricity Corporation. P.O. Box 
ITS. Sana'a. Yemen Arab Republic, with -a copy- of this letter 
to the Engineer. Messrs. Kennedy & Donkin 


V 


4 



- LEMBAGA LETRIK NEGARA TANAfT StELAYU 
NATIONAL ELECTRICITY-BOARD OF 
THE STATES OF MALAYA 
TRENGGANU HYDROELECTRIC PROJECT 
Kenyir Dam smd Associated Works Contract 
Preqnalification of Tenderers 
The National Electricity Board invites applications 
from suitably qualified and experienced contractors 
wishing to be prequalified as tenderers for the Kenyir 
Dam and associated works Contract for The 
Trengganu Hydroelectric Project on the Trengganu 
River In Trengganu, Malaysia. The works will 
comprise the construction of a 150 m high rock-fill 
dam with an ungated chute spillway, an intake 
structure, four 3.75m pressure conduits and a 
100 mW surface power station. 

Part of the cost of tbe contract may bi* financed from 
a loan of the Asian Development Bank (ADB) and 
a loan of the Kuwait Fund for Arab Economic 
Development (KFAED). In such event, contractors 
from countries that are not members of ADB or 
not eligible for financing under KFAED rules will 
not be considered. . 

Prospective applicants should first request a copy 
of the document entitled ' Brief Descriptloo of 
Works ’ which may be obtained from: 

Bus] ness . Manager 

Snowy Mountains Engineering Corporation 
P.O. Box 356 Cooma North 2630 
NEW SOUTH WALES. AUSTRALIA. 

Copies of this document may also be obtained from: 
Project Engineer 
Trengganu Hydroelectric Project 
Hydroelectric Division (Fourth Floor) 

National Electricity Board 

129 Jatau Bangsar P.O. Box 1003 

KUALA LUMPUR, MALAYSIA. 

Formal applications for pretiualificatiod should bp 
submitted not later than 23 May 1978. It is expected 
that invitations to tender and tender documents will 
he issued to prequnlified tenderers about August 1978, 
and that tenders mil be required to be submitted 
approximately 34 months thereafter. 


• J^tioCESSES 

Analysis M 
water 


-DESi*n$! the - imposition 
heavy deposit on plastic 
there foe often -emons'd* 
"■their return which- place a 
sideraMS burden on cdmpaqjB' 
•’ purchasing and restocking pofi- 



HATTEN and CUT- 
fctisiwr v't 

w ttsiru«-or Mi-. 

cies. The problems, espetiallyita ■■iwians.-i.r i » 

J - ■ the soft drinks trade, are mqu jWdJscJiNUNE NO» 

acute - during peak nwrkttitt-^ J oHCHACHINE i- *. -r.. t 
’ ' periods. Now r Ashton Cohtaiwrt iSarnr-t * :3e ^- " - , 
s . released 'has launched adrinks crate , ' 

ter analysls from - corrugated p ; fibreboaM. ?8HBK0RiZON7a» Ri- 
an allema- capable- of making -up "to — -sn " bU 

" "*• r--' r, ^WAGING MACHINE 

_re from the corapsny.at Sfe-s — 
analysis- • Livingston, West - Lothian. 1 &a> 

!.«•< •- • • . r ' ; — » 

Wi.S?5D FOUR Hh 


PYE TJNICAM 
details of its- AC6 1 
system — which " off e, 
live to-.- the .conventional, con- trf 
tinuous sytems used in water 


AG6 comprises the company's land, 
automatic chemistry unit,- an- 
Uy/ylsibJe - . Spectrophotometer 
and ' a .digital printer. : The 
chemistry unit takes samples, 
adds up to 4 reagents, Incubates 
fat any . temperature - between 
20: degrees C. and 70 degrees C 
and. transfers the samples ready 


for measurement In absorbance', 
or directly in concentration. 

; -Results are then displayed- xrn 
the' printer, along with -sample 
tdentiffeatiou from the' chemistry 
unit: - 

.The AC6 works on-a flwdble 
discrete principle. Every sample 
handled has its own disposal test 
tube, rather than being sep- 
arated by on air bubble in a 
continuous- tube. This has many 
advantages,- ■ the. main, mres 
being lower cross-contamination 
and- therefore better result of 
discrimination, - wide analytical 
range, higher sample throughput 
and e_ faster interchange of 
analysis -methods.' ... 

^ Pye Unlearn: Y-ork SireeL Cam- 
bridge. 0223 58866..: . 





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3*Hr EftfilGENCVNIWBEROr CS73567 6*t409 




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CONTRACT NEWS 


- CONSTRUCTION NEWSUTTER " for building andrivH 
engineering contracts awarded, tenders invited, 

: ptemh^ appRations regional programme*, newi" • - 
of projects in rhe pipellne^a dory, of coming events • 
gpd a finance column especiafly prepared by crtjr » 

•• experts. Fo r only £75.00 per annum -CONSTRUCTION 
^ttWSlETTER * is essential to those who rely on contract 
' ' • information to run their business. . . 

-, Send for a week’s FREE issues to: > 

" - ^CIRCULATION, TJ»L- 23/29 EMERALD STREET.- 

LONDON WCIN 3QJ.. 

- -?T#i:01-«MSS3l ext.39. 




*0 Uni” s 

S<^-- 



.Tta -6W«! 


flf TH* uinuiATn OAM 

tee bwcmm. ’ pf jn»f« 
»«» ,V,M.r. In enordem 
Rb.jb» ftwfSTdHi * TMi mi tapm- 

aSSmlUe nt ttunn wfln me General 

“ ?%“£S 

'^S^jSaCsSS'jK. 

nwHwtf ,ggw»>e,a L.to. Ugg t 


- ' ' . - COLONEL M. KANW 


5Sf' CR ' ND 



.V 


m 1EBMIS fill® 

' ' 


' APPEAR • : • 
vE^YMONDAt 

ForTurther details" tfintaii: 

FRANCIS PHILUPS I 
" <m 0 L 248 8800 Ext 450 


s 

















Monday April 17 1978 


Guinness Park Royal managing director 


•• .'.■''.'.Vt.T-t* 
- • ^ 


. : jac- - ML- ■ J JK. Ha l Geld has been 
app^tei! managing' director of 

Arthur gudsnesS ^on and 

Cp. CPARK KOYAL) t - following 
Tthfi death of Mr. E. T. C unning . 
aBot;." 

J~ Spence ias been 
appointed a director of tho 
ENGLISH ASSOCIATION OF 
AMERICAN BOND AND SHARE 
HOLDERS. 

★ - 

London- born Mr. Robert A. 
Savage has been elected execu- 
tive race resident and Mr. C. C 
Cbia has been elected senior 
vice president of AMERICAN 
EXPRESS ■ . INTERNATIONAL 

banking corporation. 

Mr. Savage joined -the London 
tranche ot AEIBC, a wholly owned 
subsidiary of American Express 
Company, in' 1963 as prbjdpal 
foreign exchange dealer. In 1971 
he was elected vice president, 
with worldwide responsibilities for 
foreign exchange and money 
management He was assigned to 
New YorXr in I973T and was elected 


senior vice president the follow- 
ing year. As executive vice presi- 
dent, Mr. Savage retains respon- 
sibSUy for the commercial bank- 
ing network activities of AEIBC 
and its subsidiaries is them 65 
locations around Hie world. 

Mr. CUu,. who jolhfrd AEIBC 
in 1931, has been associated wdih 
the Aslan correspondent banking 
group since . 1995. Mr. Lnls A. 
Abella and Mr. Peter Fowler, both 
specialists in Latin America, have 
been elected vice presents of 
AEIBC, 

* 

Mr. Tom ffibbert; has succeeded 
Mr. Michael Roberts as chairman 
of the WOOL TEXTILE DELEGA- 
TION. Mr. Russell Smith, has been 
re-elected a vice-chairman and 
Mr, 'BmeeM ar ga t royd wBJ- serve 
as the other vice-chairman for a 
limited period. Bfr. Derek: Brab- 
bmy continues : as- ;; honorary 
treasurer. 

Jr - ' -J 

-Mr. Gerry- Harriott has been 
elected president -o f -the GRAPHIC 
REPRODUCTION FEDERATION. 


Vice-president is Mr. Malcolm 
Filer, and Mr. Jerrold Goodman 
has been elected ' honorary 
treasurer. Immediate past presi- 
dent is Mr. Michael Denby. 

*. 

Mr. W. A. Cavcnder has joined 
CYBERNET TIME SHARING as 
managing director from Honey- 
well Network Information Systems 
where he was sales and market- 
ing director. 

★ 

Mr. F. E. Bleasdalc has 
been appointed an assistant 
general manager (international) 
MIDLAND BANK from Hay I. He 
loins Midland from the Esso 

Petroleum Company. 

■* 

Mr. 3. Simpson. Mr. D. C Wake 
and Mr. R. J. Martin have been 
appointed directors of WALTER 
LAWRENCE. 

■ * 

Mr. D. H. Jones. Mr. B. A. 
McSwfney and Mr. M. S. Rosen- 
berg have been appointed execu- 
tive directors on tho Board of 
UNITED MEDICAL ENTER- 


PRISES, the company owned 
jointly by National Enterprise 
Board, Commercial Union Assur- 
ance, Orion Bank and London 
Trust, and which recently made u 
successful bid for Allied Invest- 
ments. 

* 

The Secretary for Prices has 
appoinied Mrs. Janet Upward as 
deputy chairman of the DOMESTIC 
COAL CONSUMERS' COUNCIL 
until February 2S. 1981. 

★ 

Mr. A. J. Hughes was elected 
president of the PAINTMAKERS 
ASSOCIATION of Great Britain 
for 1B78-7D. He is chairman of 
Berger Jenson and Nicholson, 
w 

Mr. Robert R. Edgar has been 
appointed chairman and Mr. 
Ronald Colllngwoud, deipiily chair- 
man. ot H. SAMUEL, and both 
remain joint managing directors. 
Mr. S. R. Gcotilli and Me. G. C- 
Lemeu continue as merchandise 
director and estates director, 
respectively, and Mr. J. M. Liadop 
as a non-executive director. 




0i 


91 


ft 


SB 


jjAi-V* 

mm 


■ • ^ 


■- * '‘j*. 

V. - 


. j i -ct. 

3 


--as , 


*45 

■'I- /.'C 
■ 1 fciy * 




— - * 


: ..J 

• Sr 


• handuks 

Multi-trif 
crates 
cost less 


New credit 
details 
out soon 

By Michael B Unden 

MORE DETAILED figures on 
the amount and pattern of instal- 
ment credit business in the U.K. 
are to be published soon by the 
Department of Trade, according 
to Credit, the journal of the 
Finance Houses’ Association. 

Mr. . M. 3. Erritt, a chief 
statistician at the Department 
reports that the improved in- 
formation will result from a 
revised form of inquiry to be 
introduced in July. 

its emphasis would he on 
consumer credit transactions. 
This was aimed at enabling the 
authorities “to monitor more 
effectively the trends of business 
under agreements regulated by 
the 1974 Consumer- Credit Act” 
The provisions of this Act were 
being introduced in stages and 
would bring a big improvement 
in the protection offered to 
consumer borrowers. The' new 
statistics . were geared to this. 

Rental receipts would be 
covered for the first time and 
contributors — who are to be 
more representative of the con- 
sumer credit industry— would be 
asked questions specifically about 
running account credit Figures 
on repayments would also . be 
required. 


f 12m. to be spent on creating 
new jobs in South Wales 


A £12m. package oE. Government 
measures to provide new jobs 
in the Blaenau-Gwent - area of 
South Wales was announced at 
the weekend by Mr. John Morris. 
Welsh Secretary. Hd said that 
after the endin g of steelmaking 
at Ebbw Vale works next month 
it had been decided -to invest 
£12 m. on new factories and 
sites. 

Up- to £8ra. would he allocated 
to the Welsh Development 
Agency in 197S-79 for accelerat- 
ing development of. the Rassau 
Industrial Estate, and a pro- 
gramme to provide. . 430,000 
square feet of factory space in 
the -area would begin. 

' Thg- investment .initially would 
provide up to 900 jobs with the 
prospect of double that -number 
eventually. It would bring much 
needed work for the construc- 
tion industry in the area. 

" The Government- was deter- 
mined that every help should be 
given to the industrialist seek- 
ing to move to the Ebbw Vale 
.area or expand burin ess 'there, 
said Mr. Morris, 

The task of finding new jobs 
was “daunting” and -food com- 
munication s were vital- He 
hoped it would be possible to 
bring forward a plan for a. by 
pass between Roger Stone and 
Risca, in Gwent. 

Mr. Ian Gray, managing direc- 
tor of the Welsh Development 
Agency, said: “ We have; already 
done a groat deal, of grand \yrork 


in developing what will be a 
major new industrial estate at 
Rassau, near Ebbw Vale. 

“We have spent £700.000 on 
clearing the site and within the 
next few days we expect to let 
a £2m. contract for site engi- 
neering, which will create plat- 
forms for the new factories, and 


for site roads and services. 

“Work on building factories 
will commence in July and tbe 
first unit should be ready about 
a year from now. Tbe number 
of inquiries we are receiving 
about industrial premises in the 
Heads of the Valley area is very 
encouraging.” 




The facts 



Yours free from CN. Take a complete new look at all of Canada Plant location data is 
Indispensable for the businessman interested in expansion in North America. 

Get the facts...and CN's help. As the industrial development functiorvof the only Canadian 
transportation network that covers all 10 provinces, we’re at your service. 

We consider your needs first. Then we can provide the right connections with government sources 
(federal, provincial, municipal), banks, or other industrial associations. We know them well because we work 
with them all the time ourselves. . 

Our advice is confidential and objective, and it’s free. Just ask us. Find out why Canada is right for you. 

Lawranc* Madsaac | 

General Manager, Industrial Devalopmont. FT5 

Canadian Rational Railways, RO. Box 8100 I 

Montreal, Qtie^ Canada H3C3N4 | 

□ Send the facts on Canada plus information on CN's complete, confidential site . 

selection service. I 



NAME. 


.TITLE. 


COMPANY. 


See us 
fa) May at 
Infer- [dex’78 
Basel, 
SwitzetiartcL 


k-eJ 1. 





PLANT & MACHINERY 
SALES 


.- '-£fl - Description 


of 



' Z\-*- 


calwirt' 



6i see 



.-v 



-1^ 


1972 DECOIL, FLATTEN and CUT-TO-LENGTH 
line complete with automatic sheet st acki ng 
unit and coil reservoir. Max. Capa dry 1525 mm ‘ 
-wide x 3-25 mm gauge x 15 tonne steel coil. . 

8 BLOCK (400 mm) IN UNE. NONSUP WIRE 

DRAWING MACHINE in excellent condition 
0/200ft./min ratable speed 10 hp per block 
(1968). , 

24" DIAMETER HORIZONTAL BULL BLOCK 
By farmer Norton (1972). 

ROTARY SWAGING MACHINE 
by Farmer Norton (J972X. 

SLITTING UNE 500 mm x 3 mm x 3 ton capacity. 
TWO VARIABLE SPffiD FOUR HIGH ROUJNG 
MILLS Ex. 6 £ff' wide razor blade snip , 
production. . '■-■ 

MODERN'USED ROLLING. MILLS, wire rod 
and tube drawing plant-roll forming machines- 
. slitting-;— flattening and cut-to-lengrh lines— . 

cold sawi-presses^-Einllotines. etc. 

1974 FULLY AUTOMATED COLD SAW 
by Noble & .Lund with batch control. 

1970 CUT-TO-LENGTH LINE max. capacity 
1000 irnh 2 mm x / tonne coil fufly 
overhauled and in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
machine by Fanner Norton 27" —29" — 31" *• • 

. diameter draw blocks. 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 
by' A. R +L Max-caoadty 750 mm x 3 miri. 

6 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia.-x 25 hp.Drawblock£ 

2 T5 DIE MS4 WIRE DRAWING MACHINES 

.. SBOOFtJMin. Twhh'^pqoten by Marshall Richards. 

3 CWT MASSEY GORGING HAMMER 
. — pneumatic single Wow. 

9 ROLL FLATTENING MACHINE 
. 1 JOO mm wide. .- 

7 ROLL FLATTENING MACHINE 
965: mm_ wide. 

COLES MOBILE YARD-CRANE 

6-con' eaoadcv. lattice. pb.-/. ■ 

RWF TWO STAND WIRE RATTENING AND 
STRIP ROLUNG LINE. Iff' xfi" rolls x 75 HP 
per roll stand. Complete with edging rolls, 
turks head flaking and fixed recofier. air • ■ 
gauging, etc Variabfe fine speed G/750ft./npn. - . 
and 0/1500 fc/min. . • ■ ■ 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE ( 1973) by 
Thompson and Munroe. - 
SCHULER 200 TON HIGH SPEED BLANKING • 
PRESS. Bed .48" x 40" 200 spn. Double roll . ' 
feed stroke 35 mm excellent condition 
TAYLOR & CHALLEN No. 6 DOUBLE ACTION 
DEEP DRAWING PRESS. Condition as new. 
VICKERS 200 TON POWER PRESS. Bed 4ff x 
36". Stroke 8". NEW COND. u(M _. 
AUTOMATED TURRET DRILL— HERBERT _ 

6 station. 2 M.T- Plugboard control. Co-ordinate 
table. New 1974.. Almost new. 

MACHINING CENTRE. Capacity Sfcx 4ft. x . 
3fc. 5 Axes, continuous path 51 automatic tow 
changes, S tons main table load. Main- motor 
27 hp. Had less than one year's use and in 
almost new condition. For sale at one third, 
of new price. „ 

WICKMAN 3$ SINGLE SPINDLE AUTOMATIC 
Extensive equipment. EXCELLENT CONDITION 
WICKMAN 2J ASP AUTOMATICS 1961 and 1963. 

EXCELLENT CONDITION. ' 

CINCINNATI CENTRELESS GRINDERS. 

Sizes 2 and 3. EXCELLENT. 

4JXW TON HYDRAULIC PRESS. Upstroke 
Between columns 92" x 51" daylight Sr . 
stroke 30". 

COLD HEADERS .BY-NATIONAL 
l". and r DSSD EXCELLENT.. 
lumsden vert, spindle grinder. 

Mae chuck 60" x 18". Model 71 LE. Reconditioned 
LUM&EN VERT. SPINDLE GRINDER- 9TMLT. 

Retractable Table 36" dia. EXCELLENT. ■ 
ANKER WERK 400 TON INJECTION MOULDER. 

Reconditioned. 

BUSCH AUTOMATIC KEYWAY MILLER 
Automatic cyde. Hydraulic. EXCELLENTi 
BLANCHARD No. 11 GRINDER. Mag. table 
17" dia. REBUILT. Very accurate. . 

HME 70 TONS PRESS DCP3. Bed 3S" x 34% 
stroke 6". EXCELLENT. 

HEY No. 3 FACING & CENTREING. 

Between centres 35". reconditioned. 


Te|epJione 


0902.^2541/2/3 
Tdex 336414 * 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
TeJex 336414 


0902 42541/2/3 
Telex 336414 


0902 4254J/2/3 
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0902 42541/2/3 
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0902 42541/2/3 
.. Telex 336414 

0902 42541/2/3. 

Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
TeJex 336414 
0902 42541/2/3 
Telex 336414 
D902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 4254! /2/3 
0902 42541/2/3 
TeJex 3 36414 


0902 42541/2/3 
Telex 336414 

0902 42541 /2/3 
Telex 336414 

01-928 3131 
Telex 261771 
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01-928 3131 
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01-928 3J3i 
Telex 26)771 
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Tolex 261771 



WANTED 


Sometimes thebest time to do 
aday% travelling is overnight. 


When you have an early meeting 
in a dtv farirom your office, you’ll 
probably have to spend the night away 
from home. 

Bur you don’t want to spend 
thepreceding afternoon away, too. ' 

There is a chain of business hotels 
which can help you out of this difficulty. 

They .have excellent bedrooms 
with all mod cons. 

A friendly night porter who will 



bring you refreshments last thing at 
night. And who, first thing will wake 
you with a cup of tea or coffee. 

What’s unusual about these hotels 
is that they' move during tbe nigbr. 
When you look through the window in 
the morning, you may not recognise the 
scenery at all. But lookin your diary 
and it will tell you exactly where you arc. 

In the rigbr placefor that early 
appointment. And in good time. 


Inter-City 



WANTED, WHEELED AND TRACKED 
EXCAVATORS, JCBV M/F «id.RBV-r. ' 


. (08862) 261 




























10 


*1 TiI ^ 


I 



? 


Financial Times Monday .April ,17-1978 


m 


nvg?% 





drill a deep hole 


£3lm. in City and 
outer London 


Two awards 
to Reed and 
Mallik 


_ ' who are drill, meats are ^weredjmo.gate.-.increased thermal restotanceand 

The jetty; which will be 175 if 8 ?. 15601 borehole on the Kola earth s mantle. In the *ist«taeei,rcapaei t y eMbling ft to transmit 
metres long, is to have a p eomsiria have readied a depth * ®-*™r “ble was usdd. r->: ; v flat* of three kinds of investiga- 
reinforced concrete deck sup- of 8,200 metres and are now -Ttjr"™. t® ^ eac b a depJh tlons simultaneously, '-thus 
ported on -steel Rendhex boa inalcms preparations to penetrate ?* JSnl 13 ^ ow reducing the number' of. times 

Piles up to 25 metres in length. to 10|5 M met^rei^ ft* SjS wiUbave to he lifted tocharge 

Associated works wiU include Novosti PreS Agency* 1 *^ ™ Slf ^ instruments, 

mooring _ dolphins. fenders. The success of ^experiment At a. .depth .of 10,500 metres 

supports for the ramp machinery largely depends on tlufrahln hv Sm* 5 . temperature is' expected to 

and navigation beacons In Loch “ bIe . by s ¥ re ' which -wfl/teach SMn' Wh 21Q de™* C. ami at 


nm* 


World leaders 
in steel framed 
Industrial 
buddings 


Cornier International Ltd 

Winchester.' 1 Tel: (GSS2) 382222 



J'jC oV.Ohc 
Snw Tj4!'(. 


THREE CONTRACTS totalling Associated Industries and con- THE SCOTTISH REGION of dredged meanao£ ^ measuring inatru- atmospheres. It win flU?riS%:2$00 nSrK^^de^e^C. 

£3im. have been won by Kyie £® ct i 1 * ^ building. British Railways has awarded a channel. *v • • 1 ,r ; 

St ** ar !* . structure -will co^n^m/and Sr^d^l^e^eering Further' work is also to be *3lll* plllll§ C0IltT3CtS : V’’”';' DCSlSHCd tO 

_The largest is worth just over take just over a year to com- .dlvSon of the RiSh and SE* ■* on recently re- BEARING PMR fnr t2 ai». - ?•■ -V • * U 



S3 


' n,i1 


The largely reinforced concrete £S7b.OOO contract to Reed and 
structure "Will cost £l^m. and Ma iiilr, the civil engineering 


Further work is also to 


The largest is worth just over take just over a year to com- division ' of the Rush and out on recently re- bear'tnt ptttss « , , / . ' ' ' ' ' r v ' • 

?L e i^.^“ ct3 ■» Nonn “ Tompkins LuT fo? tie »n- ^“^4 deluding ujcobs STS™ awf* c£“ s w £ ^73 ‘“SEJH 


r. h3 ;l 


improve meats to 100 Cannon and Dawbara. struction at Stranraer of 

Street, London, EC4, for BUboa Under the third contract, a S «sLated staStarS * 
House. Due for completion in two-storey laboratory building is ^The facility has been de 
September next year, the work t0 be constructed at the Central to a^SnJdate new tw 
is to be carried out under the Veterinary Laboratory, Wood- 

direction of HiUier Parker May ham Lane, New Haw, Surrey. sSSLSlSSiirSSj 
and Rowden. for the Property Services Sg 0 * 

Down in Surrey, at Cross Oak Agency. Work has already Sheduled for comnletion 
Lane, Redhill. Kyle Stewart is started on this £375,000 contract SJtSS** 1 10r C0m P ietl0n 
to construct a four-storey labora- which is due for completion by m 
tory for Philips Electronic and March, 1980. 


demolish system 


< r e»*ri 

■'ll* j ,A!i •- 

yo* l V.i : ‘ r 

o^ cl ?’:s rf ir '-- 


CAPABLE of undertaking many AN ABOVE-GROiInD, modular,* ^ j*' ;i 1)1 


StranraerLarne crossing 
work, which will start so 


designed 


Crouch at Crawley 


More work for French 


Bar al-Handaeah ■ CrareltM- are Brvth and rwST 8 enguieer s 3131) has designed the tool with uih navai arcm. : » ^ 

Shair and Partners <$ SirotMd a P articulai,1 y high' power to -tects, a construction, group 1 

the main contractor lI^£iSu avrarded^>V ^ thp SouftiS 3 ^ 0 ?^ , c V'- ' a clvU engineering company- 

aid Paraskevaldes (Ov.aaeaa,. SSS,f iftfSa. 1 ® ^ % * 

„ ' ■ a Stag Say dUgS^i“™ae 5 i ' 

toeatment works . -at.<. 1 >apJ snlittins as well as -breaking out “*°ts. REEMA.i^ 41 vf 


rf=r hw- 1 *- ..... 


V/1UULU Al V-/R ft- YT AV- J — CONSTRUCTION of a terminal contractor. The work here Fkl Til 1 J5? rKS » ' at - ; ' ' sp 

at Pembroke Dock for the involves, foundations for a new V^WJULIllUl.d. iwiTniuf^M 83 ?' Sants. Ahout ai 
THE FIFTH honsebuHding con- of the electrical and mechanical Milford Haven Conservancy factory, office block, oil tank . wtafn mntnJbv i « a ' 

tract won by Crouch Construe- services in the 25,000-square- Board is to be undertaken by farm,- roads and car parks. PAtllTP uuau-acrar is Jonn ijaiHg^ su 

tion (construction subsidiary of metre production building, eight Kier. Value of the contract is Robert Marriott which, like v ~W7~ " • - ' •.v '-* 5 - 

Crouch Group) for work on the ancillair buildings and the £2.lm. „ , „ _ K ler, is a member of the French GEC Midland Computer Services ■ViM^TIlnP’ IF Tirh'l" 

Bewbush site for Crawley Bor- boiler house. George Wlmpey Apart from the roU-on/roll-off Kier Group, has beeo awarded has awarded a contract umrth ll lll/l 

umrtli ,v. r—.“ *ul f,nri;Kac Vu> o e it. -c * tuu^aci , wonn ri Vf- ■ - . 


Bewbush site for Crawley Bor- boiler house. Gmrge Wlmpey Apart from the roU-on/roll-off Kier Group, has beeo awarded 


treatment . works:, -at.,. T6el snHttinp as well as hreakine nut xuw5MA.5 > ', l .iivV 

Hants: "jEEt Sd gene^erSiS^ It is I 

Tuf 2 ^ 8 P 11 ®® .be construct^, available in standard- and noise ^ J 

Main contractor a John La^' suppressed versions.'-- - factored Radical Banking, , 

.. » u w' rKlWU »ciauuui^ factory^niibed product, guaran- jj!^ 

ITaamImA; ^ ii’-f - -A- teed' for five yearn; against T 

JVeemnS IF hRl surface and structural failure in'* 


..ontiT"” 


normal use, whose ln-situ instal- 4 Sis* 1 ’- ' 


ThP ~ Rationalised TradiUonal C 1 “™ l . ,ul «. c «uw tw, iuy«ru«r« w.ui oHuajrc meire oumung to accom- o.uw lonne per aay output of control equipment for the new mmsed. oritdoor sites whiph '^VV X-.'-' " 

method “tacSyitliig tSSS in Scotland ^ 30 ™ 1S “* managlDg r0adS - sewm and fiemces - SS ate ** COmPUter ^ lant ***** “Sf allTtSnstoSed^lv lt a r .,. -. 

panelling back and front and staff ' of Kien-Luong and for a grind- will reach 30 MVA ■*;■ short term or temporary basis 3 t . .-,r 

cladding with brickwork, tiles ? VE \f 1 * m - wor “ of contracts . ■■ ■■ into unsuperyised skateparks for :<** u ‘, r ;■ 

and boarding. Defences against flooding McAlpme m Cement works extended ssst™* / ** 

__ . awarded two of them. One HIGGS AND HILL Civil Engin- Higgs and Hill will also instal HOT ASPHALT, storage systems are maintained while : vehicle _Tbe system coi prises r Radlcri.^ef^. .. _■ 

RQpftfirV 1F1 valued W fllm - is for ex ’ eeringhas been awarded a £1.3m. steel sheet pfle flood walls com- W 2jfiS capable of storing asphalts-and movement to optunised^tb the Ja^ctog, ^ •' 

X 1 dlC/lUl V III tensions and alterauons at South CDntr : ct for worl; on the Thames P lete ^ steei walings, ground • tarmacadams to BS-8M for up to tu ™ r , ou “ d . tune for a M tonne finished in Skatecrete, -Inrsitn , ... . 

S ___ Queensferry High School and - . ri _ fpnp _ c-hemp at rnwt. anchors, fenders and mooring de- INITIAL muckshif ting, roads and 72 hours, are now available in ve ^ c ^ e being on average two to concrete, stutebte forjfirge^ex- jjppl.. 

Woloo the other, also at South Queens- fio ® d defence scheme at Graves- vices M well ^ sli ding and drainage Involved increating the thi»TTK ttree mmutes - Mixing plant cavated parks, and ferro-cement ^ 

• V! ferry is for the construction of eni Kent, by the Southern hinged steel floodgates complete Ra&sau Industrial Estatenear “ e “h™ Hunt-west tamMn- effective outputs can now be which can be used for all instal- .-rL.fe. •-:>;• : r - - 

, EchUne Primary School, which Water Authority. ^ necessary operating Ebbw Vale, at a cost of £193m_ “* Hunt hnd.Moscrop increased by as much as 50 per lations but particularly indoor a " w!l? :ii .• 

A CONTRACT wortn £2.4m. for w ju cost £302,359. Work on the project has machinery. to to be done by Sir Robert ^!p u P)- cent for about 25 per cent of sites, even on suspended floors, j •' 

tiie t , ne ^ j£Pl ver v factory . at A third contract to for the started and will take nearly two Included in the contract to McAlpine and Sons. Main advantages of snch plants the cost of installing a -second with one-off complex designs for ■’ . :r 

MerthVT Tvdfil has been received fnim^qrfnnc fni* tko Vmet av. vaow tr» Artm nlata ' TKu nnnfiMiAt • i AM i. A c l ill j - _ Rfft that eiduHllP TlinrmiTW Wolo mivino nlont elflime t>iAMVynnflnv TvrrtoWp whihltinnu • fan*; M -* 1 - 


which Bo vis is the managing roads, sewers and services. 


and boarding. 


Factory in 
S. Wales 


have been won in Scotland by 
Norwest Holst 

Lothian Regional Council has 


Defences against flooding McAlpine in Cement works extended 


Merthyr Tydfil has been received foundations for the heat ex- years to complete: The contract the reconstruction of a lock of General levelling and excava- 
by pi® south west region of change unit for a continuous involves raising the river bank an unused canal which leads off tion of some 800,000 cubic metres 


General levelling and excava- 316 tba* existing manning levels mixing plant claims the company, portable: exhibitions. 


Drake and Scull Engineering. casting plant at Rave ns craig for by about two metres and the the Thames. Consulting engin- on a site area covering 72 hec- 

This covers the provision, the British Steel Corporation, construction of reinforced con- eers are Sir Bruce White, Wolf tares will begin next month, with 


installation and commission ing This is worth £106,000. 


crete walls. 


and Barry. 


completion a year later. 


Chippings strip in hot summer 


01 2''. 1 

^ “KlibE — - 

i foraa-- ■ 

^ glni:. 1 ! 

ss sr. >■ 


Should a building 


9 


THE REASON for at least :5m. the following months it was achieved in September, by rVJ...... 

square metres of Britain’s' roads double the average. • which time the 'drippings used 

losing 10 per cent 'or more of Taking all these, factors into were damp. - 

account the Surveyors conclude The Surveyors - noW suggest - 
that many of the failures in the that ip the event of futore^ro- 
of 1976-77 is attributed, by the jgyg surface dressing work were longed periods of dry weather, 

County Surveyors* Society to due to stockpiled chipp tegs as in 1976, surface dressing; -jjjurk 
“ super dry ” dusty drippings. becoming progressively drier should be. postponed unfllsfter ; 

The Society's conclusion through continuing hot weather rain has ' fallen, or stodqfied 




til 


rife 


wt? 


follows a survey, carried out in with the result that the August chipping^ hosed- wkh water' to 
129 highway divisions in 32 cotrn- work was undertaken with super dampen them before use. They 
ties and two London boroughs, dry dusty chippings; . Their also suggest that: the Transpflrt 
to study damage daring that adhesion to the road surface was and Road Research ; Laboratory 
winter to surfaces dressed ;the impaired and with, the onset of ntfght be -asked- to undertake 
previous summer. relatively cold wet weather in further-: studies -of the pfrtao-. 

The highest failure rate -was October and November the chip- menon.- : . 

found on roads repaired daring pirfcs stripped off under traffic. Copies .of the. report raay- be 
August Weather reports showed - This conclusion is supported obtained from Mr/ R. 
there were consistently, r &ighf by evidence of successful work Deputy County Surveydf ^^ Brty 
temperatures during July! and being 1 , undertaken immediately Hall; NdrflialIertoiv : NQraK^:- 
August when rainfall * was foUowing July showers of rain, shire. Tire refinit costs £W0*nl 
remarkably light, although in Again a measure of success was appendices £3.00. - j. 



IN BRIEF 



• A turnkey contract worth 
nearly £200,000 has been won by 
Danks of Nethertoo for three 
boilers for the British Gas 
natural gas plant. Isle of Grain, 
Kent. 

O Rosser and Russell (Interna- 
tional) has won a £750,000 con- 
tract for the provision of plumb- 
ing, fire and sanitary services at 
the Abu Dhabi National Oil 
Company’s residential complex 
on the Abu Dbabi Comiche. 
Bernard Suniey is the main con- 
tractor. Rosser . and Russell to 
already engaged on a £2m con- 
tract for the provision of air 


conditioning services for this 
project. ; 

• Over £400,000 worth of con- 
tracts have been won by FPA 
Finnegan. Included are a new 
hospital for the mentally ill for 
Wakefield District CoUSdL a 
co unci] house modernisation pro- 
ject for Kettering Borough 
Council and another council 
house improvement scheme, for 
the Metropolitan Borough • of 
Wirral. 

• Rotherham Borough Council 
has awarded a £234.000 contract 
to R. M. Thompson of Leeds for 
three advance factory units on 




'the Canklow 'Meadows 
late, - Ba 

therhamr 

tea a low pitched BtireLfsmK- 
woffc with \ alatainim 
cladmng and - Colour ;cda 
wail ^anelling.mhiiufac( 

Butler^ Buildings (UJC) 

• Lesfeer Coo struct! on Srotb 
has bech-.awarded. a. contract by 
the Brtht ahd Hamvr 'Atea 
Health Afl^hority to - design and 
"build a geriatric day hospital at 
the CentralrMiddlesex. Hospital, 
Acton, London. Work on this 
project^, com lhissioned for a total 
of £250,000, is- under way. 


.• 4 

"'EM 










Plcs>ey Radar 

Pro duct ioa building, Cowes, Ido ofWight. 


Dunlop 

Social Centre, Coventry. 


Art hur Guinness Son & Co. 

Office boilding nt Pork Roj-ai Brcwc-ry. 


Tni ted Biscuits 

Offices at O sterlcy, hCddletKX. 





The sinews 


BiFfaa 


rdd£i. : - : s • 




Swallow Hotels 




H. Samuel 


320 bedroom extension to Vatcfs Royal ' Jewellery store, Liverpool 
Scot Hotel, Edinburgh. {Under cunstructtonj 


The buildings above have one 
thing in common; from brief to 
completion took less time than 
you’d thmkpossible. 

So did we cut comers? Rush 
them? Give them special priority? 
Take chances? 

We did not. The solid 
construction and the high quality 
of detailing and finish make that 
quite clear. 

No, they went through the 
normal Lesser Design and Build. 


routine. And that’s why they took 
less time to build. 

At Lessen we practise that art 
of doing more than one thing at a 
. time. Because architects, 
engineers, planners and builders 
are all Lesser people, part of one 
integrated team, we can clear the 
site while our architects are . 
designing . . . put in foundations 
while our engineers are working 
out acoustic finishes . . , get in the 
bricks before the colour of the tiles 


in the loo is established. 

We can slash the pre-contract 
period, and usually take months 
off the time spent actually 
building. Not surprisingly! when 
all the benefits are considered, we 
tend to endup about 10?o cheapen 

Because at Lesser, your project 
is indeed handled by first-ciais 
engineers and practical 
professionals. But its controlled 
on your behalf by a hard-headed 
businessman, whose job it is to 


treat you not as a client - but as 
a customer. 

Now, which would you rather be? 


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


Industry needs its buildings quickly and cheaply. . 

It also wants them maintenance free and fire resistant. 

Crendon structures offer all this and more. ■ They are 
engineered to be 1 adaptable and capable of almost any .-, 
elevational treatment ' This way Crendon structures fit the . . 
architects plans as well as the customers needs for factories, 
warehouses and offices. The Crendon 4° frame for' -example, a ' 
thoroughly flexible system allowing almost any combination of span 
sizes and roof levels to be achieved in a single structure. An important 
consideration where, as is f requently the case, factory or warehouse and aay 
a two storey office block are to-be combined. Our technicaf leaffet explains 
some of the structural variations and the design freedom which the Crendon system 

- can always provide. 




Lesser Construction Limited, 

The Lesser Building, 
Staines Road, Hounslow TW3 SJB. 

Telephone: 01-570 7755. 


CHOOSE 



Lesser 


And at: 


Birmingham (021-705 0111) 
Glasgow (0-11-221 012-1) 
Manchester (021-705 0 111) 
Newcastle (0632 612992) 
Nottingham (0602 56557) 


DESIGN & BUILD 



Crendon Coweww Co-ltd.; TNSW Hi. tang Crudon, Ayt—bury. Bueta. I I PT 3m .T«mjwf O Viwi u n :M»mT 
‘ V - V ■ r* lUerttrrrtu ftjvvcttiH Rd Goofc. N HwnbewJft.Tet' Goofe 4201, {Seem,*/; Shota. Lan*ks»hrc Ml7 5SPT* Stem 20Z6t 


and feel at home 




mm 


r ft =1 




- ■ ■ . V r - • ■: ,V.i. 












I 

1 


Financial Times Monday April 17 1978 


ir 


The Executive’s and Office World 


EDITED BY CHRISTOPHER LORENZ 




WHEN OVER 500 of Europe’s 
chairmen and chief executives 
spend more than a week 
together in a plush Swiss ski 
resort, they risk sending their 
desk-bound minions either 
green with envy or red with 
abuse. 

When only a tiny minority of 
the favoured 500 chose to go 
on to the ski-slopes, instead 
of crowding into a subterranean 
conference hall to bear famous 
names discuss the need for 
better product innovation, and 
the future “ plutonium eco- 
nomy," the reaction becomes 
more confused. All right, they 
have not come just for the ride. 

But why are they there? Is it 
worth the £1,860 a bead, plus 
travel, hotels and food, which 
in almost every case their com- 
panies will have stumped up 
for them? 

In an extreme form, these 
questions about the European 
Management Forum's 197S at the European Petrochemical things. 

Davos Symposium epitomise Association's last annual get- Coming from a journalist, this 
doubts about the real value of together — in a beauty spot to first observation reeks of self- 



Why top managers are 
to the outside world 



BY CHRISTOPHER LORENZ 


long as the annual Davos 
symposium. 

- The German engineering boss 
may be unusually widely read, 
bnt he returns .to Davos year 
after year. It gives him the 
chance to think in peace, he says, 
away from hourly pressures and 
interruptions. He values the 
small group discussions as a 
regular way of checking his 
corporate strategy against other 


Learning deft footwork for ose In the Boardroom, or Just 
a pleasant escape from reality? 


people’s, in both similar and 

and cuts out a selection of watch industry a blow from tives find dt difficult fully to tant external factors which will entirely different businesses, and 

articles he thinks his boss which it is only now recovering, comprehend the sort of docu- soon affect their , business — if in a wide range of countries: can 

ought to read. Less obvious, but perhaps of meets they have to deal with they aye not doing so already — he g0 on sP endin S most of his 

This -misses the point What still greater importance are the for most of their working day, was given by an executive from 
many of the businessmen at even more indirect .indicators a let alone material on ^ issues Britairi . “The top’ man is £ 

Davos seem not to have noticed company chief mg .pick up winch are not utterly familiar afndd t0 new ideas. 

zssr s ssws sr “ he —* s 

sss “ffijrsi? sr s „ --w-* 

be ssssses sras •2?sgz srxassssjt 


thaTthe need for (*anceT"Sdipg extreme gainst auother-lpranz V° U - la j2 for a 

replace the top manager's judg- Socialist leaded Joop van den 1? *EL a *?L over the years. In 1977 a jeans 


No cuttings service can 


doubts about the real value of together— in a beauty spot to nrst observation reeks ot seit- r - - r direct proportion to an execu- retirement, the last thine he’ll i « 77 , D,-r 

the plethora of less expensive rival Davos, the city of Venice.) interest Is it realistic to expect “Levant t^him The ^ttin4 five's position up the manage- want to do is cnSte sufb un- Srfora tha^a SlncJ 

and exclusive "briefings,’’ Take the enthusiastic reaction a ^rd- worked, often frantic S™ 1 J° ment scale. The more wUorta ' apanese “ d UA eomfortahle 


service of, say, a Swiss watch ment scale. 'Hie more senior he ^ ever j j£ e ^est comfortable instability around reputed to have led to Iran's 

« mm ■ t ir D rTWVrA U?>TK\T*t ant orb un- _ _ niTti “ ' . _ . . 





on nnn.«nAr>i 9 ii<Pd tnninc which ai i - , “ VU5 > l “ “ ,c — * snpnd wp ii nver an hour a dav ‘““‘“atiurei wuuiu pnauiuauiy — . - , - person is torcea to tniDK. r ew purchase of the European Air- 

are held* 1 almost weekly across manaeer wh ° ttdd a dlsc, f ss,on reading articles which may not ha '’ e picked U P evei 7 develop- expected ideas. pa t answers are provided, a con- Lest all this seems to suggest bus. To quote, one company 

Eurow y § rou P that. i° b >s experience, apDear jirpcjiy t 0 concern his ment in the traditional indus- But wh> theeradent need for s jderable advance on the average that top level briefings and con- chairman: “If my junior sales 

'ThoZ iml _ “the bigger the workplace, the produ . area -> y try. But would it. until the all but the moat assiduous to newspaper or journal, which ferences would be a waste of staff go to Majorca each year to 

doubtTn the 5 mindsof the top pr ? hIe . ms ^^‘h, ^small Thn ^wnnii thrpw ,m twn Past few years, have realised the assimUateideasjthrough verbal, often provided only one point of time, if only executives i'did their plan their next campaign, why 

brass at Davos this year that groups, vou help create identity 

their businesses would benefit ^ stability. And the workers 

from various aspects of the react better if they’re told 

action-packed conference. But w hat’s going on." Surelv such ^ s part of my job 

some of their reasons for =r a ienienJ«; of the obvious 1x1 between was the Belgian __ 

attending betrayed an alarming should have provoked yawns, who reads four general news- EXECUTIVE HEALTH BY DR. DAVID GARRICK 

ignorance of the environment in rather than animated discus- papers a day, plus several 

which their businesses are sion -_. weeklies and trade journals, but _ ___ — — « . -- 

operating, an attitude which can feels this is still far too little, I I* £\ I i*QirA|| TO |a fm ¥ r 

cuily augur ill for their future. _ T _ , in view of the growing X fllW lldY CI1C1 9 UI1C • • • IM Y All LC • 

Take the senior Italian execu- UlltOriUJiaiC importance to business of 

tive who in all seriousness "external factors’ all over the . . 

asked the nuclear experts on the To judge from a straw poll I world. Like almost everyone SOME remarkable figures con- Suddenly everything has vided for partners. For ordinary 

platform to set tocether and took of about 30 participants, at Davos, he runs a business ceming the effect upon mar- changed: new responsibilities business meetings, however, 

produce an agreed forecast for from eight countries, there are with operations m several riages oF overseas business trips pa ” P 11 ® i 5 evid e ntly difficult. And 

energy supply and demand in three main reasons why top countries, and is all too aware b husbands have been pub- hi ^ 

the 1980s. managers are so ignorant of of how difficult it is to keep * b firitjsh ^ Np ^ kew, ® e ' t * e - W1 ? and 

Why, in this day and age. did trends in the outside world, up with underlying international ZTZnt of ¥*** ! ? L wtaal S vo i u . n ' 

be need to be told how difficult First the top brass read far trends. Far from journalistic fewer than 50 per cent of his new duties, may be anxious, taiy organisations, the hus- 

it has become to make accrete too few general magazines self-interest, he sees the reading the executives sampled blame If he refuses to go, then ad- band’s absences may be hardly 

predictions of any sort? Had he and newspapers. Second, most of a wide range of newspapers domestic discordance, including vancement can be forgotten. If noticed. Indeed, I know one 

never heard the sort of adrais- people, even those with years as crucial to his ability to make divorce, upon such adventures, he goes, it may be economically woman whose husband works in 

sion, all-too-commnn nowadays, of experience on their way to both short-term and strategic At first sight this appears to be impossible to take his wife with the U.S, and comes ‘home 

that - within the past niiie the top, comprehend ' the decisions. damaging publicity: careful him. only on holidays True his 

months, forecasts of average written word far less readily The obvious retort to all this consideration will see a clever children wonder who he is, but 

demand growth have ranged than the spoken. Third, there xs that top businessmen should and subtle drift. AnVIpflPC otherwise all seems to be har- 

between zero and 8 per cent." is an unfortunate, though under- have a minion who. in jour- Whether the figures are fiu*ui,uta momous. 

(This particular one was made standable. unwillingness to take nalists’ jargon, "tastes" general accurate or not. nobody could The next dangerous period is All this is somewhat idealistic 

notice of uncomfortable events reading matter for him, sifting disagree that the contention when ^ e ^ child is hQnL because, in certain cases, to 

or ideas, which upset estab- through 30 or more papers a could well be. correct: but chUdren are believed bv whichever erouu the husband 
Itshed ways of seeing and doing day. from >1. over the ^ S ptenatoS belong, T^ented“ 

The stress occasioned a gas-mantle. The slightest ail- can Iead to suspicion never 


europcar 

To rent a car in London, 
Bristol, Southampton, 
Manchester, Glasgow, 
Edinburgh, Birmingham, : 
Gatwick, Heathrow,,. J 
Brighton. "‘£. . % 

01-848 3031 

Or your travel agent.- 

[■lire V. S.’it : s 'Sfotiono: CnrRentcU 


THE INSTITUTION of 
ELECTRICAL ENGINEERS 

OPEN MEETING 

On STATUTORY REGISTRATION 
and LICENSING of ENGINEERS 

25th APRIL at 5.30 p.m. 
at IEE, Savoy Place, London WC2R0BL 

Speakers from Canada, USA and South Africa 
will outline the SYSTEMS which operate 
in their Countries. 

NO TICKETS REQUIRED. Further information 
can be obtained by ringing the IEE on 
01-240 1871, ext. 280. 



among the wives of the peri- “ent provokes great anxieties In wanes unless fate snuffs it out 
patetic executive may be very the parents. If the husband is 

considerable, depending on eir- away when such a situation jj • : — r — 

cumstances. If stress does arises, then not only may the a ?f 

occur, it is induced by a mix- wife feel desperately lost but ^ m^?^ iourneTs £re some wives, which reflects badly buman problems and human 

ture of emotions, including lone- has an unhappy notion that the upon the husband’s efficiency, wives, and arrange for social 

liness. resentment, frustration, wretched man is, in some odd h ® ^ -olMto eSov weairnort ia occasi one d by overseas assign- integration I believe that the 
cn«nir*inn 9 nri ipninncv Hut wav. to blame for hems so cal- ne 15 8omg to enjoy are airport j- i _ , . 


. . . his children wonder who he is. . . . 


. . .. *=*. z 7. . i^aier, wueu me cuuuren nave tnen the strain oi .me operation !• 

couples and the stage of their up> and the marriage is is made far worse by domestic - managemenL comprehension. . And - if 

n i arr *? 1 '\ e: the p T C R*5 p f e and a ^® on a more mellow basis, the par- acrimony. True again that there foremost is the desir- occasionally the firm would pay 

of children; selfishness on the ti Cu i ar problem diminishes, are some philanderers who give ablllty , of hnnpng the .wives to for their man and his wife to 

wlpfhpr ^?p?,tinn Som ? limes executive can real cause for jealousy: bnt such me . et her husband’s coUeagues travel together, life would be . 

Imrfw-nn^dMiVi^haiw to take t!s wife on men never change and are as and sup e n °rs. far less stressful and thus more 

TnoSontfrtK- journeys to conferences which tiresome in Tottenham as in If firms, particularly large successful than it. .tends to be. 

t r aVnnnamani n a inu -1 r pv-p are so weI1 organised that Tunisia. enterprises, would consider And British .Airways would 

cutive position recently married spec * al P ro S ramn, es are pro- Undoubtedly the stress to their people as human Ywith ' be very pleased, 
and apparently never likely to 
move from a desk — and so keep 
ing regular hours — suddenly 
receives rapid promotion which 
leads to overseas business trips 
much danger may exist. The 
young wife, who never bar- 
gained for sudden, long part- 
ings. may well feel lonely. 



JOHN I. J 

& COMPANY LIMITED 
A year of sound consolidation 

The Annual General Meeting of John /. Jacobs & Company Limited will be held on 12th May, 1978 
in London. The following is a summary of the circulated statement of the Chairman , Mr. J. H. Jacobs: 


Our company continues to be served by a most expprt, hard 
working and pleasant band of people and i thank one and all for. 
another splendid year of effort in extremely difficult times far 
shipping. 

1977 has been another year of consolidation for our company. 
We have continued to put our house in order following the 
changes forced upon us by the great and continuing shipping 
slump. We are in a very strong position waiting for the upward 
turn" particularly in the tanker market which will surely come one 
day. I cannot personally feel that such an upswing is round the 
corner but i am confident that most of us will live to see it 

New freehold premises 

The major event in our year was, of course, our move in the 
middle of May into our own new freehold office building. Such 
an event is a big upheaval for any going concern but I am glad to 
report that with the goodwill and ready co-operation of all our 
staff, we quickly settled down in our fresh surroundings and got 
on with our work as usual. 

One matter of paramount importance for us. with our highly 
competitive international business, is our 'worldwide 
communications. Here 1 should like to record our appreciation of 
the service we obtained from the Post Office and congratulate 
that often much maligned organisation both for the calibre of their 
engineers who looked after us and far the willing way in which 
those engineers tried to satisfy us all. 

Not until very recently has the demand for modem office 
space in the City given us much prospect of disposing of our lease 
of the two tower block floors we previously occupied in 
Winchester House. Now. however, 1 am able to advise you that 
we are in a serious negotiation .for the occupation of one of these 
-floors and we have also had some enquiry about the other one. it 
Is therefore reasonable to believe that before too long we shall be 
feeling th e-substantia I benefit of being free from this drain on our 
resources. 

Hard work In difficult'markets 

All departments of our business have again worked well in 
difficult markets. Like eny such business we have had our 
successes and our failures, but a reasonable share of the London 
business transacted by ali sections of the broking fraternity, i.e. 
tanker, dry cargo and sale & purchase, has been arranged by our 
company and we are well placed with good teams to service all 
clients when there is much more business to be done at consider- 
ably better rates. 

Jacobs 8t Tenvig Offshore Limited, the offshore broking 
Company in which we have a fifty percent interest, has now 
established Itself as a very going concern and this will be a 
world wide growth area for some time to co me. 

R.K. Harrison & Co. Limited, our Uoyds broking friends, also 


continue to prosper and I would again remind all stockholders 
that they would very much like to handle any insurance business 
required by any of you at anytime. 

Precluded for the time being as we are from benefiting our 
stockholders by a reduction- of our capital, we must instead 
endeavour to make steady increases in our dividend payments. 
With this in mind we have been endeavouring to make the cash 
we are holding work as hard 3s possible for us. 1 am pleased to be 
able to report that we are mainly invested in short or medium 
term fixed interest securities and deposits and these are earning 
what I consider reasonable returns coupled with safety. We have 
a small commitment to the equity market but only in first class 
stocks which will undoubtedly recover with the next upward 
swing of the market. 

Prospects tied to world shipping 

As far as our country is concerned I wish I could feel happier 
for the coming months and years than I do. I must confess tha 
future worries me more than a little. Under the surveillance of our 
creditors, the constraints imposed by the present parliamentary 
position and by dint of employing some of the opposition's 
policies, the Government have been treading a less damaging 
path. than might have been expected. With an election within 
sight it is reasonable to suppose that this state of affairs will 
continue for a while. As it is, both personal taxation and. 
corporation tax are still far too high, neither being too great an 
incentive to the hardest work. The number of people employed 
by Government continues to proliferate at an alarming rate with 
yet new taxes and interferences of ali kinds seeming to be in the' 
pipeline should an anti-business Government attain a 
parliamentary majority. 

North Sea oil, largely financed by good old fashioned 
capitalism, has of course been the major influence in the turn for 
the better in our economic affairs. I just hope that the proceeds 
therefrom will be used to pul our house in order, pay off our 
overseas debts on time and generally restore the good name this 
country used to have around the world for rectitude and discipline 
in all its affairs big and small. Otherwise we shall just sink 
straight back into the pit from which our oil bounty has partly 
wrenched us for the time being. 

Our company prospects remain tied to the state of health of 
world shipping. This patient has been and still is very sick. J wish 
I could say that convalescence and a robust condition are now in 
sight. Realistically they are not. . Therefore, as I have earlier 
remarked, whilst we are strong enough to wait for the turn no 
matter how long that may be, we shall not show materially better 
trading results until it comes. I can, however, say that we shall at 
least be able to pay the same rate of dividend for 1978 as 1977 
and 1 am not without reasonable hope for something belter than 
that. 


“Provident Mutual’s performance 



above the indust^r average? 

Extract from the Chairman’s statement- Mr. DavidL.M, Robertson. 


“The constraint of the Government’s 
Incomes Policy and rising prices further 
depressed real incomes during 1977. 

The growth of new life assurance 
pre m iu m s for the insurance industry as a 
whole was limited to 6 per cent of the 1976 
figure which emphasises the reduction in 
real- value of disposable income. However 
the Association’s newannual premium 
income for 1977 increased by 18.9 per cent 
on 1976 to £13.2 m. and the total premium 
income for the year at £56.4 m. compares 
with £43.6 m. for 1976. This performance, 
which is conspicuously above the industry 
average, is the result of determined effort 
by management and staff who are to be 
congratulated on an excellent achievement!* 

. ‘At the beginning of 1977 the 
Association’s increased interim bonus 
rates and the improved competitive 
position on contracts produced an 
increased flow of new ordinary life 
premium income which made a notable 
contribution to the year’s results.” 

“Interest in group pension schemes 
started to increase in the latter half of the 
year stimulated in part by the approach 
of the new eamings-related State 
Pension Scheme. Although the 1977 
results include little from this source, 
those for 1978 should disclose a revival 
in this business. Individual pension con- ' . . 
tracts continued to be a buoyant source 
of new business and the Association 
obtained a good share of the market!* 


Bonuses 

“I am confident that we. have done, 
as well by our with-profit policyholders 
as is consistent wifibi the paramount need 
to ensme there areadequate reserves " 
to meet future liabilities.” ..... 

‘"Whilst the bonuses recently allotted 
have increased and go some wajrto pre- 
serving the value of savings, the fact ' 
remains, that any-means of savings is 
under pressure to m aintain its value in 
terms of high infiation. The Association 
welcomes the spur of competition 
between the different constituents of the 
insurance industry to ensure that in the 
present consumer-orientated times its 
policyholders get good value for money. - 
It must be said that a major reason for. 

. higher bonuses is the higher investment 
earnings which go hand-in-hand with 
high inflation rates.” 

Provident Mutual Managed Pension 
Funds Subsidiary : 

"The Managed^ Pension Funds 
subsidiary has had a successful yean . 
After three years ispent establishing a • 
creditable investment record, this 
company last year doubled ite funds 
under management” 


Summary of Principal Resnlts 

■ 197? 1976 

Wewpremlnm income . £000's £Q00’s 

Animal premiums . 13,186 il -,111 

Single premiums - 12,429 .6,436 

(including considerations', 
for annuities j . • ... . 

Totaifundatendofyear 302,148- : 197,715 


PitauinmrminuiiL 

LIFE ASSURANCE ASSOCIATION-FOUNDED 1840 

25-31 Moorgate London EC2R6BA 






12 

LOMBARD 




filS*- 5 


er« 


A moo from a 



cow 


BY ANTHONY HARRIS 


.IT WAS probably bad luck mate object of Government con- 
rather than had management cern. 
that led Mr. Charles E. Jessop, They are, after all, bigger la 
president and chairman of the total than the clearing banks, 
Cheltenham and Gloucester who can hardly blow their noses 
Building Society, to launch a without permission from Thread* 
sharp attack on Government needle Street They are a major 
policies on April 12. The calendar force in the securities market— 
of annual general meetings is in the second half of last year, 
graven in stone, and movable for example, they bought. nearly 
feasts like Budgets can interfere 15 per cent of all the Govern* 
un predictably. Be that as it may. ment stock, sold to the nombank 
Mr. Jessop has not received the public, and this is the basic way 
headlines he may have expected, in which the money supply is 
and it is the duty of this column controlled. The fact . that they 
to put such matters right have probably been sellers 
Mr. Jessop started bv apologis- ratha 1 than buyers since Jana- 
ing to would-be borrowers who ary has a good deal to do with 
would have to be disappointed in the state of the market this year, 
their applications because of and even with the reception of 
Government restrictions on the the Budget It would have' gone 
growth of lending- “ It 6eems down better in a basically bul- 
deptorable that building societies lish market 


should be artificially restricted 
from carrying nut the purpose of 
their existence," he said, express- 
ing a sentiment which is no 
doubt shared by many of his 
opposite numbers. 

He went on to point out that 
“there is no real evidence that 
the availability of mortgage 


Dependent 


Not only do the building socie- 
ties affect the . Government's 
general strategies,' but they are 
themselves heavily dependent bn 
the Government Successive 
governments have provided the 


money has any effect on bouse fiscal privileges under which they 


prices": but here I suspect that 
he would find the murmurs of 
assent a little less .unanimous. 
I would go perhaps a little 
further, and express some doubts 
— not about the evidence, but 
about the fact. One does not 
look for evidence of the obvious. 
In short, his statement is 
amazing. 


Sealed world 


It is some years since I 
intimately concerned with 


was 

the 


have flourished, and which are 
now attracting the envious 
attention of the clearing banks. 
Furthermore, their own in Bow 
depends heavily on the Govern- 
ment’s success in managing such 
matters— marginal, perhaps, in 
the inner life of a building 
society, but hardly to the rest 
of us — as the external value of 
sterling, and a monetary policy 
which achieves its objectives 
without credit crunches^ If Mr. 
Jpqsop were speaking this week, 
after due time to digest the 
Budget, he might legitimately 


affairs of the building societies compla i D that the Government 
but what 1 have read sinre pro- appeared t0 ^ puttinE a burden 


vides no evidence, in Mr. Jes- 


on monetary restraint which 


f °p to at m ?2n ml * ht wel1 tfce movement 

meats managers do not still 


\s ■ m .many ways a W0Il j d m ean admitting that some 

y r» e °f ? restraint now is only prudent 

their own It is limited on the i„ sh0 rt the movement, rather 


of funds later this year: but that 


22 JK ftan complaining about the very 
£“J? d ? they care for, and on the occafi i ona i incursions of Govem- 


other by their borrowers. The 


ment into their field, should 


movement has always been very he thank! na their status 

touchy about any suggestion that "“ft* £E?SUS£*Sit 
the funds they so liberally pro- !r2 -IfSL jTrilnaK for the far t 
vided bad anything to do with gg “gJJ s ™ ! .* g* 1 “““ 

“clSriv i«llI?SntaSea toSS" 

general economic conditions^— j * un^S^M 
though Mr. Jessop's account of ?“**£*£" IjSSSlSJ* “ « d °i£! 
the 1976 economic crisis as an 

event '‘which adversely affected ““**r*g n *J al , f a f “J "fig 
perhaps lin’afrly^ii'ua Example I^one’thVcoraeS’or the* require 

ffwswws ssy- sraf-gB 

hundred spaces for detailed 
answers. Building societies avoid 


matters too. 

What is so baffling in the 
movement is the combination of 
astronomical sums bandied with 
the general approach of a really 
well-run Christmas club. Build- 


all these burdens and annoy- 
ances because of tradition, re- 
spectability. and above all 
because they are political sacred 


ing society managers know that cows; hut they should not pro- 
idle important sums, but test too loudly if someone occa- 


they ban 

they cannot get used to the idea sionally asks’ that they should 
that this makes them a Iegiti- not behave like rogue elephants. 


THE WEEK IN THE COURTS 


V . April ,i?, 3S7S; 



time to take stock 


.BY JUSTINIAN 

■ . ■ ■. - • j ' . 

WITH THE unttoidly deato tot He must actually influence the Theiether side to that family. 
Wednesday of Mr., Justice Cooke, climate- of opinion by long-term law coin,- the jurisdiction of the 
the Law Commission has lost its studies, and the Law Commission magistrates’ courts over matri- 
second chairman. Now that the sees itself as providing the focal .monlal- breakdown, reported in 
Commission has gone through point of. the relationship between in 1976-and now being translated 
two. distinct phases in its 13 law reform and the social on to the Statute Book, aroused 
years of. intensive activity in the sciences. .. The new chairman little otffc'o public interest, 
field of law reform it is a good needs to be particularly sensitive '««„ jL* ,, „„ 

moment to take stock. Stock- to W oSteTfc 

s“s. masses**** -■ 



, A OP 

&P llS 


S i 


IVHEN AVolverhamptun 
deters were last whig— 
1975-76, "they .wete ; a shaded 
fortunate ■ as they were • ' 
good- as several * -clubs- : 




for the legal cognoscenti, but is One intoWting factor in an ‘ 


vital to any member of a society effective programme • of law 


VI WU iu any mvmuvr vi a owiciy ■ *n ehflrira in the lsw thnt boon 

that sees the need for constant reform has. been jfce plethora of SSS ilL 
refurbishing of its legal system, law reform agencies. When Lord Se^or it 
Ever since Mr, Justice Cooke Gardiner oAord Chancellor con- ehatarfMised DeHmi of 

took over In January, 1973, there reived the ided-^f a permanent, office. .'There baa in fact been 
have been. muttenngs that the fulltime , ’body, engaged in law D0 slackening in the* pace at 
Law Commission had run out of reform, he 'would have done wbidh the *-•» 


w at 12,8 JK2 XvhlSo pariicukr the Home Secre- major topics by Government 

late chairman projected to those Gary's crimnnal Law Revision itself. 

^ A n0 i.i-? e S2f 1 Committee and the Lord Chan- The implementation of the 

with him or his office, tor two eeUor's own body the Law Law Commission's legislative pro- 

reasons the image is a distortion committee. posals discloses a remarkable 

WHHe tilA T^w rnmmisaion record. Few proposals have re- 

The first chairman was unique . Law commission mainefl on ^ sljelf; for ^ 


ii! MnMEUes of 


first ..chairman of the Law Com- 
mission. leaving for the Court 
of Appeal five years ago. and 
for the House of Lords last 


new agency set up 
lyst for legal change. 

And he was That rare 
bird, a judse who bad a 


English j a did ary. Lord S carman, pan full, ana these two oper been relatively short riven the 
who went from the old Divorce bodies have been kept busy these en0 rmous logjam in plrliamen- 

dlvision in 1965 to become the last 13 years, the overlap of tary business But therelatlon 

work bas not been sensible and ship between Westminster; 
pe Law Commission has not Whitehall and Theobald’s Road 
*»“« ®° 1 ®«® ntroI 58®®™ r " fthe site of the Law Commit 

The bulk of the work has been offices) is- somewhat 

autumn, was not only an In- performed well by the Law Com- uneasy. 

veterate law reformer; he was a mission. An example is its report Th e significance n f the second 

° n Phase in the Law Commission’s 

cate of law reform and of the m the Criminal Law Act 1977; ufe is that one important 

now set un as the cata- but the Criminal Law Revision- element in its role has been 

Committee is working on all the relegated. The Law Commission 
legal offences against the person and has, and was Intended to have, 

. _ , ,, , .. . . nose sexual offences- The two bodies a symbolic function over arid 

an 1 " SF?it?ve e «!^2fn n?M W° h n t h Iearnt to Uve wlth CMh above its utilitarian role of tidy- 

to the to tte tori otfaer anricably enough, but the ing' up and refurbishing the law. 

profession 58 * le ^ ^ is derive and to go long as its Tame and 

good codification of the criminal activity was thrust consistently 
_ . . before the public eye It sympto- 

The Cnnwiia] Law Revision mised a healthy public interest 

„ _ . Committee, moreover, has not in ] aw reform; some of that pub- 

By contrast Mr. Justice Cooke distinguished itself publicly. Its lie interest has diminished in 
was a supreme scholar who liked 11th report in June 1972 on recent years, 
the role of a backroom thinker, criminal procedure was found 
and shunned the limelight The unacceptable by large sections of TlomorTorf 

description of him by an old the legal profession and the I^dllldgcU 

hand at the Bar as “ the kindest public, and necessitated the sett- Vwn ^ aa lwarnt , flcen „ 

and gentlest man to grace the mp.m, w «ear of the Roval Even if it has learnt the lesson, 

English Bench since the war” 2£n «GMbS Pre£ 

was not only a well-deserved ^ nra +fl ofltTini* trfi tTin «Yi>ffftii/i#ii4 ^ DBOd PUbllSh 


Contrast 


was not pniy a weimeservea dure to gather no the driftwood ^ >'“ uusu 

ttjbute but was acknowledgment d f SfJtig £££ T he^Cri- 


of a retiring and over-shy man. £^“£3^ Committee h ?* ^ ^f™ a eed- The occasion 

Hence the Law Commission in Kdf Atoll v S to <»* f phase of the Law Com, 

the last few years has not thrust “ "SSfSIc!!! m W? a should lead to the 


ito coriinuini eSd worS SS a .? d wtodtonpoftoe OteM iTw 

the noses of the pnblic. publishing Its final report. Revision Committee once it has 

r iui Ai*n iWthAFtont if +Vi n F^nf f nof * _ _ ji ■» _ . . . 


One of the striking features nf 


More important is the fact that completed its present remits, 
the Law Commission has been 


the Scarman era was the chair- grappling In recent**years with Likewise.^ there is no jslace for 


man's devotion to research of some of the more nitty-gritty ! he Committee. If, 

immediate practical value to law areas 0 f ^ i aw . for example the from . time to time, the Law Corn- 
reform. As a result social re- liability for damage or lnlurv to “‘S* 1011 wishes to parcel off a 
search findings by social scien- tresoaXers. and the law of^on! subject to be tackled by another 
tists have formed an important spKy ' ' a?ency thea ix can - and should: 

and growing part of the Law j n its early davs it deliberately set up an ad boc committee 
Commission’s work. went tor some o7 the immedlrie undeT ** 8 eneral dIrection 

Indeed in its eleventh annual reforms of great social interest Whether demand for a Ministry 
report a year ago. it stated its and importance. In November of Justice, as envisaged by Lord 

1965 it produced an historic Haldane more than 50 years ago. 
document on divorce law reform, will increase depends to a large 
called The Field of Choice, extent on the effectiveness of the 
which hrilliantly pointed the way Law Commission in Its relations 
forward to the Divorce Reform with Government ,and Parlla- 
Act 1969. - ment . . : 


view that the social scientist had 
a wider role to play In law reform 
than just that of a producer of 
research material that could be 
made use of in particular law 
reform projects. . 



wm 


t Indicates programme 
in black and white 

BBC 1 

6.40-7.55 a.m. Open University. 
938 For Schools, Colleges. X0.45 
You and Me. 11.22 Far Schools. 
Colleges. 12.45 p.m. News. 1.00 


9.00 News. Midlands To-day (Birmingham); 

9.25 The Trial of Lee Harvey Points West (Bristol); South To- 
Oswald, Part 2. 

10.55 To-night. 


11-35 Weather /Regional News. 

AD Regions as BBCI except at 
the following times: — 

Wales— 1.45-2.00 p.m. pill Pal a. 


Pebble Mill. 1.45 Camberwick 2.18-240 For Schools. 555420 
Green, 2.01 Far Schools, Colleges. Wales Today. 655-720 Heddiw. 
3.15 Songs of Praise. 3-53 Regional 11.35 News and Weather for 
News for England (except Lon- Wales. 


don). 3.55 Piny School (as BBC2 
11.00 n.m.). 420 Tarzan Lord of 
the Jungle. 4.40 Cheggers Plays 
Pop- 5.05 .John Craven's News- 
round. 5.10 Blue Peter. 

3.10 News. 

5.55 Nationn ide tT.ondon and 
South-East only). 

6^0 Ns i ion wide. 

€55 Ask the Family. 

7.20 Angels. 

8.10 Panorama. 


Scotland— 5.55-6-20 pan. Report- 
ing Scotland. 10^5 Public Account 
11^0 News and Weather for Scot- 
land 

Northern Ireland— 3.53-&5S pjn. 
Northern Ireland News. 5^4^20 
Scene Around Six. 11JS News 
and Weather for Northern Ire- 
land. 

England — 555-6J0 p.m. Look 
East (Norwich); Look North 
(Leeds, Manchester, Newcastle); 


ANGLIA HTV c »™ nl/WBlcs -A» HTV Genera) 

day (Southampton); Spotlieht JUVt 
South West (Plymouth). » IS iiiSSS 

BfadL" 112S am. ReflecTHHL SCOTTISH 

J ATV SCOTTISH 

tor WBSJS 1 JiK 

r. Sjo uai. *-*> Scotland T«us. uo 

Cotaiijo £*"*** “■» Tbc W wmiaras 

Loimuoo. Show. iuu From tUe Tod. 1L» Late 
Call. H.JI The Prlwncr. 

BORDER 

tU3 
2JS 


/ 


6A 9-7.55 axn. Open University. 

11.00 Play School. 

455 Open University. 

7.00 News on 2 Headlines. 

7.05 Children’s Wardrobe. 

7.30 Newsday. / 

8.15 Johnny Mathis in Concert. 

. 9.00 PickersgiD People. ,' - „ M 

10.00 Snooker: Embassy World 
Professional Championship, uraim*.- 

1055 Arena: Television. , 

11AS Late News on 2. ; 

1L55-I2.05 a-m. Closedown: John 
Rye reads “Anthropos 
Feels His Age," by D. J. 

Enright 


and Ralph Richardson. 
Challenge. U» ATV Today. 
Rieht and Centre. hjq 
12-25 a.m. Something Different. 


F.T. CROSSWORD PUZZLE No. 3.644 



with 


ACROSS 

Z Certain to be in pain 
facial adornment (S) 

5 An officer flies aboard (6) 

9 “ By laughing shallow and ■— 
pool" (Kingsley) (8) 

JO Rod sets back at the fair (6) 
H Most pleasant little river flow- 
ing from the South (8) 

12 Mother Carey's chick can have 
a stormy start (0) 

14 We must have high com- 
rounders in the ATS and damn 
the expense (2, 3, 5) 

18 Avail oneself of some bread 
and show intelligence (3, 3, 4) 


DOWN 

1 Unassuming good man follows 
the fashion (6) 

2 Quarrels — but they are all 
part of the act (6) 

3 Lets in one thousand in the 
passages (6) 

4 What a whipped cur does, we 
hear, but there is more to it 
(5, lr«) 

6 They - don’t give the old 
coppers a look In (3, 5) 

7 Concern with return (8) 

8 He does not believe in any- 
thing (8) 


““u ffuww intelligent;'? lO, O, t; iw 

22 Fat, but may be made to give Z3 Cold Commons in novel form 

light (6) (5, 5) 

23 National emblem for a mister 15 Draperies? That’s the end (8) 
in emotional disturbance (8) 15 Rebukes when Wilhelm's gone 

24 Satirical direction In Grecian (5, 3) 

style of architecture (6) 17 To speculate makes Koiak 

25 “ Will take from both a deep revolt (8) 

— tone " (Shelley) (8) 19 The resulting gum when a 

26 It means to be tn pain we relative gets the doctor in (6) 

_ have to allow (6> 20 Oberon’s troubled island (6) 

2 1 No sets of garlands require 21 Forms of expertise that old 

arranging (S) Bob destroys (6) 

The solution of last Saturday’s prize puzzle will be published 
with names of winners next Saturday* 


P.m- Gardening Today. tL» vm. _ 

Ni-Wl. 2.00 H oust'd arr?. 2-25 ^ S ?, h J Tn 

......utc "The Truib Mwui Sarinu" ?. c ' s ' 2-WI Houseparir. 2-25 Monday 

5.15 aim* wlT u^u£m 

Mondar- 6.15 Unlvi-rsny CtuncnRo. UjO 
AS Audience vnili jasper Carrol t. 1U» -J 

“ *"■ BOrtCT U “ N,SIH 

CHANNEL TYNE TEES 

US P.m. CJunnd LuucUSiiac Nows and w ’i? ™ 

■Si-T-r'K.di"? 3S,“13 ™ e^nS,’: 

Sc 5°. I ! s 5S SdS’JJ'cS'SI Rascals. 3-58 Beryl's IM. 5J5 

12.00 Jamie and the Bfagic Torch, im mj> Aunie n«« wSy Nonhcn ufe. 

12.10 p.m. Rainbow. 12 30 Drive- K uip Nista «-«-■ *■* Police _cili 18J8 UiMxto. 11UW 


LONDON 


Tn. 1.00 News plus FT index. 1.20 
Help! L30 About Britain. 2.00 
After Noon. 2^5 Monday Matinee: 

“ Dangerous • When Wet." 4.20 
Clapperboard. 4.45 TTic Feathered 
Serpent. 5.15 Batman. 

5.45 News. 

6.00 Thames at 6. 

6A0 Help! 

C.45 Whodunnit? 

7 JO Coronation Srteet 

8.00 Devenish. 

&30 World in Action. 

9.00 Fumpole of the Bailey. 

10.00 News. 

flOJO The Bis Film: “Five 

Branded Women.” starring Premiere: 
Van Heflin, Sitvano Man- 
ga no and Vera Miles. 


RTO BSrir AA ureSSSSm.' 


Life Of Ueflry VUI." 12.3 S «Jn. News, 
and Weaiher In French toUoweA by 
Channel Gazette. 


ULSTER 

- n . XJB pjn. LtwrtHime. *-00 See Von 

GRAMPIAN Monday. 2.3# Monday Matinee: “Bridal 

1-23 a.m. First Thins. UO pan. . "- 1 * News UndUmn. 5X5 

Grampian News Headlines. 225 Monday UnWmRy ChaQewe. WO Utater Tcle- 
Matinee: “After the Fox" starring Peter The Pamv-rs. MO 

Sellers. 115 Untvcrsiir Chaileaxe. 6.00 Heports. 10JR Two at 10 .m. 10.40 

Grampian Today. 6J5 S.T U.C. ConfBrenpj j*®**®*- wl,Wn Those Walla. 

Report. 6-25 Canoon Tune 1SL38 Ri-flei' M1 - Bediime. 

Uons. 1B-S5 Feature Film: “ Frame m li/rcTU/* nr , 

Doktor'' namns Swr>- KeodaB. , WtlslVVAKD 

f'Disiim. 32-27 p.m. Guy HnneytHin** Birthdays 

IxK^fNADA : UO Westward News Heafll Inna. t2JS The 

12.30 p.m. How to auy Alree. 1-20 Monday Maunec: “A Patch or 
Dodo. 2.25 .Moodav Uatfffee: "Id starring Sidney Politer. 5.15 Liniecrsit) 
Tandem.” 3.50 Beryl's Lot. 5-15 ChcRcncc. 600 Westward Diary. 6JZS 
Unlvvrsiix Quilcngi'. o_a) Granada Soons Desfc >.00 Rltutg Damp. UJS 
Reports. MS This Is Your RlRhL' 10JO Westward Late News. IBJO Politics West 
Roporu Politics, til .do Moodar Film tlLOO Late Night Movie: “Tha Prtvate 
"The Cross of ' Lorraine" Lite OF Henry Vltr* starring Charles 
„ Laughton. 1235 a-m- Faith for Life. 

HTV' 

1230 pjn. Landscape. L20 Report West 


1««e- . m nnfi .. ’Rnhorr R!»rti Le ~ 3 “* pm - t-annscape. UD Report west YORKSHIRE 

aan. Close. Kouert Rtetti Headlines. L2S Rcpurt Wales Headlines, 1238 P.m. How u Stay Alive. L2> 
reads a prayer for the Pass- &00 Hauscpuny. 22S n» Monday Calendar .Vm. 2.2s Family. 330 Mosic 

over. Matinee: "Hnuse or RomboO." 535 at Ifatm-Dod. 3Jfl DerTl S Lot. 535 

All LBA Rprinna tie loinrlm* I'"!™™ 1 ! ChaLcngt. (UK Report Wcsl. Univcrsfiy Challenge. 6JM Calendar 

~ ** lj0naon tua Report Wales. 1035 The Aland ay iBmley Moor and Belmont editions), 

except at ine fouowtag tunes:— Flint: "Uandv" s^irno* Marlon Brando. 10.J LlL-syia. XLW Police Woman. 


RADIO 1 247m 

(S) Stereophonic broadcast 
5 M an n. As Radio 1 7JQ Noel 
Edmonds. Simon Bates. 1131 Panl 
Barnett Including 12.S0 pjn. NembeaL 
200 Tony Bladcbora. <31 Kid Jensen 
indudJng 5J0 Nevsfaeat. 730 Alan Dell 
(joins Radio 2). nun John Peel (Si. 
H.OMJB un. As Radio 2. 

VHP Radios 1 ud 2—5.00 a.m. With 
Radio 2 . lndndlns US djq. Good Ustetr 
tag. KUO With Radio L 1200202 mm. 
With Radio 2. 


RADIO 2 and VHF 

530 un. Neva Summary. SJJO Ray 
Moore with The Early Show (5) Including 
5.15 Pause for Thought. 73Z Terry 
wogan (Si Inrindlng 837 Racing Bulletin 
and 8.45 "Pause far ThoaghL BUZ Jimmy 
Young. 1215 pa Waggoners' Walk. 
1U9 Pete Murray’s Open House 1 S 1 
Including L«J Soons Desk. 230 David 
Hamilton (Si including 2.45 and 3.45 
Soons Desk. 430 Waggroerf Walk. 4 j® 
Sports Desk. <L47 John Oimn (S' Indutf- 
ittg 5.43 Sports Desk. *-C Sports Desk. 
7JB BBC Northern Radio Orchestra (S». 
730 Alan Dell: 7.30 The Dance Bind 
Days, 8.02 The Big Band Sound (Si. 
032 Homs Urey Lyttelton with The Best 
of Jazz on records (Si *35 Sports Desk. 
10.02 The Monday Movie Quiz. 1030 
Star Sound. 1UQ Brian Matthew intro, 
daces Round Midnight, including 12 W 
News. 230-232 News Summary. 


Midday Concert, parr ] Si. 3235 rjo. 
in Stan aalfei 122 s Concert, tan 2: 
Sibelius. LOO News. LOS BBC Lunch- 
time concert (Si. 240 Mattsee Musitak 
■S>. XU organ Rental a> FramlliHttM 
Church iS>. 335 Yfrah Neantan vtoUn 
recital tS). (LW New Berords trf music 
by Chausson IS). 5.15 a l f Ht* g » nri <S>. 
JfL® Homeward Bound. t«35 Mews. JUS 
Homeward Bound ictmttanad). IfcJS 
Lifelines: Hume and Familv 730 Music 
for Harpsichord by PnrceO. PowelL 
Scariatil (S). 830 Henze conceit, nan 1 
tSl. 930 Judging the Judges. 930 Henze 
comert. part ! <S>. mjs Among the 
Witnesses. U30 Jazz is Bvttaln: EUou 
Dean’s Nlnesenre (Si. vi m News. 
UJ5-XL40 Tonight's Schubert Song on 
record (BUT). 

Radio 3 VHF Dnly-4J»-730 un. and 
53M38 pjui. Open University. 


Rranime news. 130 News. 030 The 
Eachan'tng World ol ffliitto and Grackvt. 
730 News. 7.B5 The Archers. 730 Fnro 
Our Own Correspond *'TU. 7A5 The Monday 
Ploy i s ». 9J5 A Sideways Look at . . . 
rorrsts. 933 Kaleidoscope. 939 Weather. 
UJ0 The World Tonight. 1830 Profile. 
1130 A Book at Bedtime. 1145 The 
Financial World TotUghL U3Q Today In 
Parliament. 1230 News. 


RADIO 3 Wm, Stereo Jr VBF 

IMedlam Vfzw only 
035 aJ»- Weather, rjo Nows. 735 
Overture <S). B30 News. 835 Morning 
Concert (5). 930 News. 73S This Week's 
Composer: Ravel fS). 930 TaBoog About 
Music (5). ULM Plano Retail fS). 1038 
Jennifer Smith sate recital (S3. UJ0 


RADIO 4 

434m, 340m, 285m gnd VHF 
US tin. News *47 Karmuw Week. 
835 Up to the Hottr. 730 Ne«. 730 
Today. 735 Up to the Hour tcoRhnucdt. 
8- B0 News 840 Today mdudlte 8.35 
News hoadllnes, weaiber. papers, sptan. 
8A5 John End on with the BBC Sound 
Arehivtts. 4 JO News. 935 Stan the 
Week with Richard Baker. 935 Roy His. 
1933 Ncwy. 1035 WtldlKe. IBJF Dally 
Service. 1SJS Morning Story- 1130 
News. 1135 Southall- Ground- tor Hope? 
—a look at a London suburb- H38 
Annoo act ment*. 12.00 News. 1232 p-m. 
You and Yanrs. u w Bram at Britain 
1078. 1235 Weather, programme news. 

u» The World at One. U8 The Archers. 
MS Woman's Hour including 230-2.ni 
News. 235 Listen with- Mother. 330 
New*. ^sEHSSSUQfiLjDiea’rB <S>. *35 
Story 7)r 
(bo Gar 


BBC Radio London ■ 

206m and 94.9 VHF 
530 a3L As Radio 2. (u.0 Rush Hour 
4JB Weekly Echo. 9J0 London Lira. 
U33 Tn Town. 12.03 p.m. Can in. 233 
206 Showcase. d3S Home Run. 040 
Look. Stop. Listen. 730 In Town, (as 
11-03 a.m.). 830 Breakthrough. 1033 

Late Night London. 1230 As Radio 2. 
3235 ojm. Question Time tmra the House 
of Commons. 139-Ctasc: As Radio 2. 


London Broadcasting: 

261m and 97J VHF 

530 a.m. Morning Music. 8.00 A.U.- 
non-fliup nows, travel, sport, reviews, 
information. U30 Brian Hayes. 1.00 pjn. 
LBC Reports including Goorge Gale’s 
8 O'clock Call. 8-00 Alter 8— with lan 
Gilchrist. 930 Night] too. L 00-530 a-m. 
Mghi-Ertra with Adrian ScoiL 


$ 


V, 


1 



Capital Radio 

194m and 9&8 VHF 

630 sum. Graham Dene's Breakfast 
Show tSi. 930 Michael Aspel Own 
Europe 1 m Pans iS>. U30 Dave Cash 
■Si. 330 PJn. Roger Scott i5>. 730 
London Today (St. 748 Adrian Love’s 
Open Line (SI. 930 NJcfcy Borne's 
Mommy’s WeeFlr (Si. XU» Tony Msan's 
Itawr (Si. 238 a-m. Peter Young'S 


, C«p; already, in - their possassfinv talned' i ; ,wrex£L promising 

. .arc. striding towards thfiir first- yonngsteax, such as HazelL . 
:^ver championship, whileChelsea With the enormous eapttal out- 
are less precariously Placed in lay needed if the- large ground 
... _ the League and achtevedupre in ' ' impr ove m ent scheipe was ever tn 

remained la -.ttie. Flrst.pivfeleiL cup ties- materialise, this policy made 

r lave Wolves failed, to sense. pqssfeiy 

as well to promotion as. because they Juve - too many 
otiier tyro chibs? -In the case playe®' Who were able to shine 
Pb^of Forest, tiie answer is -obvious, in the lower Division, bat lacked 
to.Brian Dough spent heavily and, that extra spark heeded for ' the 
more Important, bougrt the.riritt top- grade. " r- ’ 

, players to strengthen-, the Althou ghat the thne It seemed 

■2- ^ : ' • ' a sensible deal to seU Sunder- 

v land to the ABeaal, he ; has 

C AAOCD sabgeqhently and snddenly de- 

OvVvbK ■ t . -veloped into -'an outstanding 
BY TflfeVOR BAILEY forward with a well-developed 

■ goal sense. 

^ — — to-'-. - Bat, irtmically,- their newly- 

acquired - striker, the ranch- 


. ••• 






suffer the same fatft On _ 
day :they "were involved » 
paurfnl, • goaHess draw 
Middreshrough, 1 the game 
so tittered •; inis 
short en skill a* to be' 

Their -relegation ' 

Second Division on the lafit 
sipn : had a?’ predictable 
Wolves wero simply too 
that 3ever.pnd. a8 wift 
ham Hotspur this -year, 
straight hack. 

On Satnrday's display, .. 
difficult to believe that the 
landersvBad-not :didy been 


t Jl-’ F s . , 

4* f , . 


WVv" ' 


»ct« r u,-. ■■■;, ;■ 

a * ■ ■ " . - 


te^whW. only iurtfftaM P«-. SKBiSKSlftEaH* 
mottoo. ‘ ■ ' . ■;■'!«« yet' to- establish the close 

— „. rr ; Chelsea, with their massive rapport with Riches needed, to 

best side in the Second could ' 1101 afford .? produce goalSi 

but had scored 84 goals : to win bu y* but ^ had f° n * ap with Five successive defeats, in- 
^ 163111 Juries to their itwo most inven. 

of' attacking football. * of things, would inevitably tive footballers, Hibbitt and Carr 

They finisheii ahead, of . boat improve. and an inevitable-loi&s 

Nottingham Forest and CK^s^; Wolves believed that the form 'fidenre have all cohspfred .to 
so that last August there, was they had shown in the Second make- the chances.. ;of> Wolves 
every reason to suppose that they Division would prove succxftsful accompanying- . Liecester - - - and 
would do better than either this hi 'the First As a result, they Newcastle doWfetothe. Second 
season. • - .y / largejy avoided the transfer' Division tod real for .comfort. 

unis has not proved to be the market and decided to rely on They could also find it far snore 
case.* as Forest, with the league ^ '-the eiriffring players, which con- difficult to return. 


■it :■ iii‘ . 

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■V l ‘ . 

■V ■ ■ 1 " 

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No-risk Gloucester csdl tune 
in close tie with Leicester 






THE JOHN PLAYER Cup izatar 7 into the line. With such posses- So Leicester were continually 
finally achieved the status; it sion, though Gloucester could on the defensive, and ft was their 
deserves, for a crowd of about well have expanded their game, back row that kept- them- in the 
20,000 turned up in .warm sun- particularly towards Mogg on game,, however tenuously, until 
shine for the final between the - left the end. Then- Barkeris'sfeortage 

Gloucester and Leicester. : As in many games, the deci- of pace cost. Leicester tiie 

There was a lively pre-maick sive factor was the performance dramatic winning try. 
carnival atmosphere that; how- of the tight forwards. Mills, The speed of the Leicester back 
ever, was not carried over' into with Burton’s help, took the first row gave' chances to move the 
the game itself, which Gloucester scrum against the put-in, and ball; and for Leicester to raise 
won 6-Jfc . later took two more is press- the. pace of the game. -Gloucester' 

I am ail for healthy competi- ing defensive positions. succeeded, however, in slowing 

tlon and I believe the- players Burton had Needham in dread- things'. down, and 'a further set- 
enjoyed this particular one, but ful trouble, and Yfheeler had to back ter Leicester was Hare miss- 
the complex rules for qualifying be at his quickest to get -the ball ing doe moderately edsy penalty 


need simplifying- 
As Billy Beaumont England’s 
captain, said at a dinner -on 
Friday, the sooner tbere'ls agree- 
ment on the form of competi- 
tion within the regions, .the 
better. ' 

Leicester had their . policy "T * ■' 

foisted on them because, .of at all. Fortunately for Leceister, 


RUGBY 

BY PETER ROBBINS 


and. four, other long Ones. 

Kenney, operating under- great 
pressure, -often had to act too 
hastily. ■ This cost a try on ’half- 
time,, wbea Jones could not take 
a hurried pass and Duggan -was' 
engulfed ’trring- to retrieve the 
situation. 

. A . clever ■'.long. - pass from' 
Howell found Boyle, who threat 


Gloucester’s strength in thepack. he was in tremendous form 

They had the aim of ruhnfhg 'the Leicester half-coped with, .the throUjgik giving tttejflt thef 
balV where Gloucester /'took drive from Boyle and Fidler. butichiince he needed. 
refuge ** • -' ” — — ' -- - 

and a 

It may 

efficient and they may have been later on, Leicester eonld nor do Hare ;missed '- what'; 
put off a more open game .by one: anything . about * the liheuttr. terihed a . 'rirnple pen ally; 
vehement tackle by Ddggaii on; where Fldler apd Boyle did much then succeeded onr. the 
Butler, when the fnllbacfi cstiaf as they pleased. 1. . occasion, r . W 







ttfez in, 






WITH ONE tournament do go 
in Houston this' week; six 7 of the 
eight men are certain of. their 
places itr the 8200,000 World 
Series of Tennis finals in Dallas 
from May 944. The first prize 
is $100,000. 

By winning the seventh of the 
eight - series tournaments at 
Monte Carlo ; on Saturday. 
Mexico’s Raul Ramirez, the No- 5 
seed, lifted himself from the 
seventh to equal third place — a 
position he shares with Eddie 
Dibbs (U.S.) on 370. 

Ahead of them are Vitas 
Gerulaitis (U-5.) on 500. and 
Bjorn Borg (Sweden) on 420. 
Below them are Sandy Mayer 
(U.S.) with 350, Jimmy Connors 
(UE.) with 330, and Hie Nastase 
with 260. 

Since Mayer is prevented by 
bis Team Tennis contract from 
playing In Dallas, the other six 
are likely to be joined there by 
the two Americans. Brian Gott- 
fried and Dick Stockton, the 
only two of the likely con'enders 
who arc playing this week in 
Houston. 

On a perfect Mediterranean 


first 
left-1 

Fired by 

survived m* v .. 
semi-fin 41 against 


r - \ ••••• " - ’ : -jv 

J.-5- ■ « ' 


iii a tease . 
laitis; an fc 


Waxhrofcrato:|Wre1tw 
jwfaif, game. he .'.Wa®- 


sferiously: in c6uwmuw».ve 
third set was settled 
break of serve ip the &fien^ 
e. By now Ramhtj^md 
idy on tbe aOO.OOOi&ri 
cruising andibevHftri 
his re&tively icex- 
ppement ecrald :da to . 


4h: 


TENNIS 

yWr JOHH BARRETT 



sing] 

Ing 
mind 
prize, w; 
tittle _ 
v.'i” J Derienced3 


.. 


— — . - - . . v stem the. tige-. 

1 ■ -. -i So Ramlrex won hm first major 
American who was seeded No. £, title of the yeah Smld’s reward 
Tbe cmly danger; to Rqmirez iriiior the most mpressWe week nf 
the finals came at the start of the bis. young career was $15,060, his 
second. Bmld led '2*~0 and largest prize to tiate. 


Wojoaeii make clean sweep 
in Badminton trials 


RIDING WARRIOR, Mrs. J. list of possible competitors for 
Holderness-Roddam, won the the British team for the world 
Badminton Horse Trials In championship £ Three-Day Event 

Gloucestershire yesterday ^tb ^A^tte'end^o^S^dSraaee 
afternoon (a welcome change 372 P«ua«y points. pbaser of this year’s trials the 

from earlier cold and rain) it Women, in fact, made a clean top. four riders were separated by 
took Ralhircz only two hours to sweep of the first four places, only J5 points, the equivalent of 
Inflict a B— 3, 6—J, 6—4 beating Miss Lucinda Prior-Palmer, rid- three fences in the show jumping, 
on the surprise finalist, 2l-ycar 
old Tomaz Smld of Czecho- 
slovakia. 

This was Smid’s second dereat 
at the Mexican's hands in two 


Music 


prodlit 


Ha!) 


weeks. 

Both men had looked impres- 
sive here throughout the week. 
Smid had snored important wins 
against Ken Rosewall. the 
veterao Australian, Manuel 
Orantes, the No. 4 seed from 
<?pain and. in the semi-final 
Italy’s No. 6 seed 
Barazzutii. 


This meant that Mrs. Holder- 
new R add am, the overnight 

leader, could afford to have only 
one fence down and still win. 
In fact, she performed an bn* 
_ peccable dear ronndLra win her 
second Badminton victory. ' 
Lucinda . Prior-Palmer, the 
' — ' ■ Etrrbpeait Three-Day Event 

/«,» M _, # _ champion, was. trying Tor her 
ing Ullage Gossip (66B pei^lty fourth Badminton 


i'i 


HORSE TRIALS 

-BY. MICHAEL DONNE 


, ... . victory, and 

Points) was second. Miss Jean only just missed it. , .. . . . .. 
Corrado Starkey ri ding Topper Two (T2J2 she did a comparatively poor 
penalty . points) was third and dressage phase, and was lying 
Ramirez had his finest moment Miss Elizabeth Boone on FelWay 18th, but stormed' round the 
in the quarter final when he won Farmer (70 penalty paints) was cross-ttnmtxy course on Saturday 
2 — 6, ft—0. fi — 3 against the top fourth. - in magnificent"- style to gafn 

seed and last year’s Grand Prix All these riders and horses. are second place,- which she never 
champion Guillermo Vilas—* is now likely to be included in the IDSL 



One Thousand is wide open 


WITH CHERRY HINTON’S 
disappointing lack-lustre display 
Newbury's Fred Darting 
Stakes, we could see a large, ana 
mainly second-rate, field for the 
One Thousand Guineas on 
May 4. 

Several trainers to whom I 
have spoken feel that with 
Cherry Hinton clearly below par, 
there is everything to be gained 
and little to be lost from having 
tilt at the first fillies' classic. 
It is difficult not u> agree In most 
cases. 

Spring tn the Deep, who might 
have travelled to Ireland fr»r 
their 1.000 Guineas, had Cherry 
Hinton excelled is now likely to 
join Luca Cumani's other 
mended borne One Thousand 
Guineas runner, Lily Marlene 
and Modella. provided that she 
conies though her preliminary 
in the Free Handicap satisfac- 
torily. 

Glinting will also be in the 


Nell 


of the - season. In the 
Gwynae on Thursday. 

Little tight was shed on the 
first colts' -classic in the Green- 
ham on Saturday, in which the 

ultra-eOnsfctaat Derry lln — win- 
ning his stab successive rare- 
got home from Weth Nan, with 
Double. Form third. 

The vrifio®"- trained" by Doug 


RACING 

BY DOMINIC WIGAN 


of bustling up Try My Best on 
May 6. ■ Even at <25.1, be does 
oat strike me as da attractive 
each-way proposition. 

A better win . ap d place bet 
-could be Doable Form, who did 
not' see much daylight tn the 
hands of Lester -Piggoft until 
well, inside, the final furlong. 

-Not given '* needlessly hard 
race, once St was clear that .the 
two leaders had gone .beyond 
recall.. Double Form;'- backed 
frbm, 4-1 w .--almost ball those 
odds, kept on well enough to 
rake third place. 


There fs ,:pfroty.. of. improve- 
lent to hte 


big race line-up provided that 
in her first outing 


she pleases 


Smith whose -stable has been 
having- a particularly lean time 
in recent seasons. Is dearly an 
extremely'' tough and resolute 
colt, V ... 

However, hie has done nothtog 
since beating ' a backward 
Camden Town, to Ascot's 
Clarence ..House Stakes to sug- 
gest that he wffl prove capable 

„ . ,*5r _. - v - — . . 


meat to trim- as would be expec- 
ted .o£ * big. stHK-stigiitly 
unfumlsbed eolt having only his 
first rare, and ljt miles at Epsom 
may. not be . beyond htoti .. 

BRIGHTON 

1 A 5 — Altas Vttel.. ; 

• 245— Roaring Twenties- . - 

2.fi-Wh«lefleW*^ : 

3.15— jRhtorfWd** ; ' ‘ 

' 3*5— itfuegw ... 

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m ; . ;;7^nandal Tirpes Monday April 17 1978 

, * New Yorkxipera .. 

% Canipus and Concert 




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caMt^ 

tester 


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* New 1 Vork, Without a "BBC, 
■ without a Camden Festival, 
without an Opera Kara, without 
an Oxford. Cambridge. Reading 
and . Bristol Within easy reach, 
is -ajjporer place for opera than 
is ‘ London. • But the music 
colleges do do ■ some thing ., jvt 
the Juilllard last, month Martin 
Isopp. director of its opera 
department, conducted a pretty 
and touching performance of the 
CayaEli-Leppard La Calixto. and 
at the . Manhattan . School of 
• Music there was a sparkling per- 
formance. o£ Nino Rota’s The 
Italian Straw Hot. 

John Crosby is both' president 
.of . Uie Manhattan School and' 
director of the Santa Fe Opera 
r perhaps the nearest thing to 
Giyndebourne that America' 

' has), . Costumes and production 
for the Rota came, .from ' Santa 
Fe. Crosby himself conducted; 
Lou Galterio, one of America’s 
ablest opera producers, put the 
students through deft,' accom- 
plished paces.. The opera is a 
romp and musically quite undis- 
tinguished; while ’ better- — and 
more adventurous— works' by 
Bizet, Offenbach, and Wolf- 
Ferrari remain un revived there 
is no need for any regular com- 
pany to -contemplate it. But it 
makes .a .good student exercise. 
ha\iivg' many effective small 
roles, and it provided a merry 
evening. 

The JuRliard maintains a 
deliberately ** professional 
atmosphere; the Manhattan has 
more of the exhilarating feel of 
a music school,' and 1 have 
enjoyed many shows there: 
KOnigskinder. . Paul Sungari, 

1 ciuattro rusleghi. The building, 
uptown near Columbia Univer- 
sity and Riverside Church, used 
to bouse the Juilliard before it 
moved to Lincoln Center, and in 
those days it -became celebrated 
for such things as Jenufa and 
K/cyj/ for Young Lovers, directed 
by Christopher West. Mannes, 
another music college, put on 
a very pretty Iolanta last season, 
when Rise Stevens was its presi- 
dent. But now Miss Stevens 
has resigned, and the opera 
department has contracted. 

Concert opera also helps to fill 
the gaps, and the chief provider 
is Eve Queler. conductor of the 
Opera Orchestra of New York, 
which performs in Carnegie Hall. 
Thanks to her. 1 have heard, with 
grand international casts, such 
things as Francesca da Rimini 
( Kabaiwanska, Domingo), Le Cid 
(Bumbry, Domingo), Edgar 
(Scotto, Bergonzi), Gemma di 
Yergu (CaballG), and f lombardi 
(Scotto. Carreras). This season 
she began with Obercm. Roberta . 
Knie was to have, made her New 
York d£but as Reiza but she was 


ill; Betty . Jones filled the role 
ably, - with very secure if noi 
very appealing tunes. Gedda was 
a_ confident Huoju . The loveliest 
singing . came from Carmen 
BaHhroji (who made. her name 
on Broadway in the Houston 
1 Opera’s production of Scott 
Joplin’s Treemonisha) as first— 
and second— mermaid. 

Qberon was an enchantment. 
This bewitching score— how can 
Covent Garden sir long have 
resisted reviving a score which 
.was composed for them? — was 
shaped with, the feeling for 
colour, emotion, and expression 
which marks all Miss Queler’s 
performances. Jt was done in 
German translation (which was 
a pity), and all the spoken 
dialogue was : omitted ’ (which 
makes sense in a concert per- 
formance). A. bilingual libretto 
provided as much of Planche as 
was needed to set the" magical 
musical numbers in context. 

Queler’s second offering was 
Rossini's Toucrcdi. In Philip 
^Gosselfls critical edition with the 
'Ferrara “tragic” ending and 
with Marilyn Horne in the title 
role. In these pages 1 have . 
already reviewed' It from Hous- i 
ion. and William Weaver has 
from Rome. Once again. Miss 
Horne sang the closing arioso- 
recitative far too slowly and 
made it seem dull, and she 
decorated her lines to an extern 
where scarcely a bar was left as 
Rossini wrote it. Tod much: the 
flow of the opera was held up by 
sea lie or roulade bravura ai 
every passing cadence, even if 5 
the singer herself was astound- c 
ing in her virtuosity.' ’• a 



Wigmore Hall 


Fernando Valenti 

by DAVID MURRAY 


The harpsichordist Fernando 
Valenti gave Master Classes all 
last week at the New Gallery, 
and a recital of Bach and 
Scarlatti at the Wigmore Hall 
on Saturday. Little of his vast 
recorded repertoire is distributed 
in Britain, so this visit was 
particularly welcome- 
More Bach had been promised 
initially than in the event we 
gou the E minor Toccata was 
traded in for lour extra Scar- 
latti sonatas, no doubt because 
the Master Classes have been 
devoted to the latter composer. 
Valenii began by dispatching 
six Of Bach’s Little Preludes 
i with energetic lucidity, and pro- 
ceeded later to the S-/lat 
Partita. Valenti favours a broad 


Ronnie Scott’s 


and majestic sound in Bach- 
grand public presentation rather 
than study-scale playing— but 
alive with rhythmic vigour. His 
springing louc b needs no extra 
colour from tricks or registra- 
tion. and each movement bad 
its own muscular character. The 
measured pomp of Ibe 
Praeludium was as spirited as 
the brilliant rush of the Gigue. 

In Bach, Valenti preserved a 
properly strict beat, and the four 
Scarlatti sonatos he placed be- 
tween the Bach works had some- 
thing of the same severity ' of 
outline. The further eight which 
Occupied the second half of the 
programme took on greater 
erpaasiveness. Valent) exercises 
a splendid freedom and flair in 


Scarlatti which rings utterly 
true: just the sort of perform- 
ance, one feels, was what the 
music was imagined for (if not 
perhaps on so sumptuous an 
instrument). Scarlatti suffers by 
being assigned a German 
Baroque pulse. Individual fancies 
are perfectly in place when they 
are carried over a confidently 
flexible stride like Valenti's. He 
concluded with a magnificent 
virtuoso assault on the last of 
his chosen sonatas— none uf 
which he identified for us. on the 
sensible ground that with Scar- 
latti there's no helpful way of 
doing that; but in his perform- 
ances the identity of each was 
vivid as could be. 


Emrys James as York and Helen Mirren as Margaret in Part 111 of ‘ Henry VI ’ 


Liuijurii Bari 


Earl Hines by kevin henriques 


Aldwych 


Henry VI 


by B. A. YOUNG 


Katia RieeiareUl sang Amen- 
aide. I had never seep her in 
concert before; she seemed to be 
Alice-inAVonderland weaTiUg her 

first long dress, and there is 
something about her — sincerity, 
lack of pretension, determination 
to do the very best she eao— ;lhat 
is very winning. In Amenaide'si 
romantically straightforward 
pregfiiera she was excellent; with , 
florid music she must.stniggle. [ 
The Arion recording of 7Yr»- 
credi made with young British 
singers — Patricia Price, Hannah 
Francis, Keith ■ ■Lewis— and 
simply, accurately, and Jimpidly 
sung leaves one with the feeling: 
“ What a beautiful opera I How 
one would like to bear someone 
like Horne do it" . But when 
Horne and company do„do it, one 
feels; “What a lot pf diddle- 
diddle ! ** The critic who fa satis- 
fied. Shaw once said, is lost So 
VI] remain unsatisfied until 1 
hear a Tancrredi performance 
that unites the Arion accuracy 
with the Horne flash and-fire. 

ANDREW 'PORTER 


Series 


- J •; s£ 

•* ■— i* 


_T: li »ii 


JeJilSTfi 

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To see the three parts of 
Shakespeare's Henry VI all in 
one day dispels ■ what remains, 
after seeing the plays on con- 
secutive evenings at Stratford 
last summer, of my reservations 
about their quality. They are 
not, seen like this, sprawling or 
inexpert. On the contrary, they 
make up a serial tale that is 
told with uncommon craft, (he 
variety of the chosen scenes 
from history (as recounted by 
Hall, Holinshed and Fabynn) 
building into a story as well 
made as you could ask. Tbere 
will never again be any excuse 
for juggling with the plays as 
Peter Hall and John Barton 
juggled with them IB years ago. 
On the other hand there would 
be liiUe profit in presenting any 
of the three parts without the 
ability to sec the other two: and 
ideally it should he possible to 
sec Richard III altcrwards. 

This does not mean that only 
richly subsidised companies con 
mount the plays, for Terry 
Hands demonstrates in this 
masterly production that smalt 
casts and little scenery are a 
positive advantage. Sweet are 
the uses of adversity; they have 
driven the Royal Shakespeare 
Company Into, a truly Shake- 
spearean style. 

To my mind this is the best 
Shakespeare production l have 


ever seen. There is no scenery, 
no more than a token growth of 
grass; but there is a spare yet 
powerful use of props — cannon 
mostly in Part 1, where tile war 
is on an international scale, the 
Throne and the benches oF Par- 
liament in the other parts, but 
quite often nothing — and tbere 
are fine costumes devised so that 
the wearer is always recognis- 
able. 

This last point is important, 
for Mr. Hands having no great 
armies of extras to fill out his 
battle-scenes, important battles 
are fought only by the principals. 
There is thus no interruption in 
the narrative. In Part III. for 
instance, before the battle at 
Towton, Henry has been asked 
to leave the field f' 4 the Queen 
hath best success wben you are 
absent"). He insists on staying, 
but sits apart in a corner of the 
stage; and be stays there 
throughout the ensuing alarum 
and excursions until a lull 
enables him to speak his 
thoughts about the delights of 
rural life (somewhat too colour- 
fully done by the generally 
admirable AJan Howard) and to 
overbear the laments of the son 
who has killed bis father and the 
father who has killed his son. 
The action is fast and continuous 
from “Hung be the heavens with 
black ” to “ Here. 1 hope, begins 
our lasting joys,” 


St. Marylebone Parish Church 

< Tallis Festival 

\ 

W RONALD CRICHTON 


The production has been en- 
riched during its Stratford run 
by some telling touches of detail 
and some deeper characterisa- 
tion. Joan la Fucelle has lost 
her manic gipsies: Charlotte 
Cornwell's red-haired tomboy is 
now as credible a Joan as Shaw’s, 
(hough painted in different 
colours- (Twice Shakespeare pre- 
dicts— in 1591 ! — that the French 
will have her made a saint) 
Helen Mirren allows her Mar- 
garet to mature more than she 
did. It is part of Mr. Hands's 
system to keep ibc characters in- 
stantly recognisable: Margaret 
wears the same parti-coloured 
dress at her coronation as at her 
capture by Suffolk on the field 
at Anglers. Bui she has now 
made herself much more the 
fighting Queen in the civil wars 
than heretofore, lj is a grandly 
Chilling performance. most 
memorable, naturally. In the cap- 
ture and assassination of York 
(Emrys James). 

Alan Howard's Henry, too. 
grows up more convincingly. 1 
have no space, alas, to give credit 
wherever credit is due; 1 must 
mention only briefly Julian 
Glover's towering Warwick. Gra- 
ham Crowden's Gloucester. David 
Swith's Talbot. Anton Lesser's 
Richard, ali of them notable. One 
performance though, is quite 
exceptional — Peier McEnery's 
Suffolk, superbly spoken, grace- 
fully played, outstandingly in- 
telligent. Mr. McEnery is our 
best Shakespearean actor since 
Richard Burton, no question 
about IL 


The truly Incomparable Earl 
Hines is back at Ronnie Scott's 
(until Saturday) playing the 
piano with the sort of higb- 
energy voltage, dynamism and 
swing that probably only one 
other player living is capable 
of matching. Though now in his 
seventies, Hines can still toss off 
a Uell-ror-leather “ Rosetta ” and 
“Tea for two” with aplomb and 
unquenchable Inventiveness. That 
two-handed attack — tremolo 
right hand, bass figures pumped 
gushingly from the left, plus 
those cross-tempi — is as potent 
as ever. Of course, the style he 
created in the 1320s, which 
Inspired so many other pianists, 
has changed, improved and 
finally become refined into the 
masterly playing we hear to-day. 


That said, it must be admitted 
that on the evidence of last 
Friday’s two sets there is far 
■less of Hines on Diano than on 
his previous visits. Promisingly 
he opened the firsi set alone but 
it was not long before his 
accompanying musicians joined 
bis on the stand. Together they 
romped throuch numerous 
familiar songs, including a clutch 
of Duke Ellington tunes and a 
selection from Showboat which 
Hines introduced with irresis- 
tible geniality and a Hair for pre- 
sentation at which he is vastly 
experienced. 

For instance singer Marva 
Josie with a wide range and 
oozing warmth, made her 
entrance singing from the depths 
of the audience. Reedman Eric 
Schneider signalled his presence 


with u dramatic clarinet chord 
hit off-stand. Drummer Ed 
Graham, in an over-long, gallery 
pleasinc solo, suddenly produced 
luminous sticks in the darkened 
club as the strobe lighting 
flickered irritatingly. Later 
Graham toured am one the club 
clientele, hitting everything in 
sight with bis sticks. 

Such frivolity at the expense 
of more extended solos from 
Hines himself will probably 
make selfish purists squirm with 
disappointment and despair. But 
it is important for them to 
remember That like so many 
other top jazz musicians — Louis 
Armstrong. Fats Waller, Dizzy 
Gillespie. Duke Ellington and 
Count Basie, to name a few— 
Hines has always believed in 
entertaining and playing jazz. 


Elizabeth Hal! 


Alban Berg Quartet 


ARTHUR JACOBS 


If not “ arrogant," as an 
indignant American visitor called 
it, it was certainly inconsiderate 
of the Alban Berg Quartet-to 
replace the “Hunt" Quartet of 
Mozart by fiartok's No. 2. 
Concert-goers who had chosen to 
spend Sunday afternoon with 
one might not have chosen to do 
so with the other. Although a 
“misunderstanding” about the 
programme was pleaded • from 
the platform it was hardly con- 
ceivable that an ensemble from 
Vienna should have no other 
Mozart (or Haydn) available as 
a renlacement. if the “Hunt" 
was really not ready. 

On its own terms the Bartok 
quartet was most convincingly 


presented. The smoothness in 
the performers’ tone — something 
which may be considered 
characteristically Viennese — did 
not lessen the asperities in the 
composer's harmony, but rather 
complemented it. The dashing 
vigour of the 11 scherzo 'Mike 
movement came off no less well 
than the intensity of the final 
moments of the work. After this 
the delicate lilt of Hugo Wolf's 
Italian Serenade made a brief 
and apposite contrast. 

T his is a young ensemble, 
which made its debut as recently 
as 1971- and has suffered one 
change (the second violist) since 
then, its accuracy, unanimity 
and Well-shaded expression in 
Beethoven's first Rasumoosfep 


Marie Jacoby, Mary Wilkinson and Richard Harrell in the Manhattan 
Sdiool of .Music- production of ‘ Italian Straw Hat * .. 


The Tallis Scholars returned 
to Maryfebone on Saturday for 
the thlrdvoncert In their Festi- 
val Eerie^ with another pro- 
gramme expertly chosen to show 
the range and versatility of this 
major English composer. The 
larger works given included four 
sections, performed in two 
groups of two sections each, rrom 
the parody Mass Salve titteme- 
rata. virgo as well as the anti- 
phon ot the same name on which 
the Mass is based. 

Respite from the long, 
austerely adventurous lines of 
polyphony came with shorter, 
homophonic motets or hymns, 
Some -of whifeh embody verses in 
plainsbng. equally restful to the 
ears of listeners and. no doubt, 
to the throats of singers. The 
Scholars, who must have sung, 
in the course of a single concert, 
the equivalent of several 


cathedral services, were, tireless- 1 
The sopranos remained true and 
‘limpid: the male alto tone was 
occasionally obtrusive in chordal 
music but the quality that made 
it so ensured a strong lone in 
polyphonic writing. 

In the long nm, the use of 
high pitches produces a curious 
effect of wakelessness. The lower 
lines are, of course, perfectly 
audible, but the particular kind 
of comfortable pathos attaching 
to deep bass tone (at its most 
suspect in Russian Orthodox 
music) is lacking. The result 
far from being sentimentally 
ethereal, actually helps to con- 
centrate attention. The final 
concert of the series takes place 
at SL John's Smith Square, on 
April 29, when the programme 
includes Tallis' famous 40-part 
motet Spem in olium. 


ENTERTAINMENT 

GUIDE 

CC- — Thes« theatres accent cwrU.n credit 
cards ay telephone - «• t»c box oil ice 

WPERA & BALLET 

COLISEUM. CC. 01-Z40 SZ58. 

R'.-scrvaUofts 01-836 3161. 
ENOUSH NATIONAL OPERA 
Tomor. ana Frk 7.00 Carmen: W*o. 7.30 
Julietta. 1 Haunting atmosphere.' E. 
Nm. " Smoothly ana sweetly textured, 
hill ot gentle, accessible melody ' D. 
Mail. •' . . . a dream ... a most unusual 
and memorable operatic evening •• 

. Yorks. Post Thurs. and Sat 7.30. va 
Jravtata. 1D4 balcony scats always 
ayaiiaDle day o< performance. 

COVENT GARDEN CC. i40 J066. 
(Gardciwnaroe credit taros 856 6903 1 
THE ROYAL BALLET 
Tonight 7.30pm. Sat- 2.00pm and 
7.30 nm Romeo A Juliet, 

THE ROYAL OKRA _ 

Tomor. and Thor. 7_3Dom Der Frctscnutz. 

Wed. 7.00pm Otcllo. 

65 Amphr seats far all perfs. on sale 
Irpm 10am on day pi perf. 

SADLER'S WELLS THEATRE. Rosetyrry 
Ave.. E-C.1. 637 1672. 

-Comm. Wed. to May 13. Evg&. 7.30. 

- Sat. Mats. 2.30. 

SADLER S WELLS ROYAL BALLET 
Wed. Thurs. Les SylPlbdes. Las Hermanns. 
La Boutique Famasaoe. Fri. Sat Summer- 
tide, The Two Pigeons. 


DUCHESS. B36 8223. . W. to Thurs. OPEN SPACE. 01.367 MLfia. 6638- 
Evas. 8.0. Fn.. Si' 4.15 and 9.00. j triple Actions. ORPHEUS. 

OH! CALCUTTA! _ „ • ~— 


,,The ^v 6 n , !at 5 ct- , ye , ^ ,v Teu 

DUKE OF TORRES. o/W I 

| Evs. 8.0. Mat. Wed.*!* Sat at 5.DQ. pHOENIX. 01-036 229_4 Evening 6.15. 


quartet affirmed its place among 
the leading string quartets of it.s 
generation. The climax of (he 
first movement, where the com- 
poser dramatically shifts the 
stresses of the theme on to the 
off-beats, was particularly fine. In 
the second movement the players 
should guard against the masking 
of an important thematic strand 
by one less important.. 

As an encore, Mozart rather 
apologetically crept back with a 
single movement — tbe minuet 
from K.428 in E flat. But the 
leader blotted the opening em- 
phatic note, and the decision to 
abandon (he minuet's dance-like 
quaiity and to play it with rather 
wayward expression did not 
justify itself. 


VICTORIA PALACE. 01-834 1317. 

I STRATFORD JOHNS 

SHEILA HANCOCK 
ANNIE _ 


m NEW MUSICAL 
IDWAY'S. BIGGEST HIT. 


BROADWAY S Bi 
Prevs. from April 25. 


Open* May 3. 


JOHN GIELGUD 

in Julian Mlirhell's • 

A NATIONAL H THEATr! ^PRODUCTION 
B/iiHantiy *itt> ... no one should 
miss il” Harold Hon ion iDramat. instant 
credit card reservati 0 * 1 . Dinner and tou- 
price sear £7.00. 

FORTUNE. 836 2236. EvgS.8. Thurs. 3. 

Sat. 5.00 and 6.00. 

MurICI Pavlaw as MISS MARPLE ID 

AGATHA CHRISTIE'S 

MURDER AT THE VICARAGE 
Thir d Great Year. 

GARRICK THEATRE. 01-636 4601 

Evas. 8.0. Wed. Mat. 3.0. Sat. 5-TS. 6.30 
JILL MARTIN JULIA SUTTON 
ERIC FLYNN and ROBIN RAY 
in the 

brilliant music a. 
ENTERTAINMENT." People. 

SIDE BY SIDE BY SONDHEIM 
“ GO TWICE." S. MO r ley. Punch. 

■■ GO THREE TIMES." C Barmes. NYT. 
LAST 2 WEEKS. ENDS APRIL 29. 

i GARRICK THEATRE. 01-636 4601. 


"TIM BROOKE TAYLOR - GRAEME 
GARDEN make u% laugh." 0. Mail m 

THE UN VARNISH to TRUTH 

A New Comedy by Rovce Rwan. 1 
"GLORIOUS - CONTINUOUS LAUGH- 
TER." Time* "THE AUDIENCE 
LAUGHED LIKE A DRAIN. ' F. Time*. 
“ SHEER DELIGHT," E. Standard. 

PICCADILLY. 437 4506. Credit card bu 
836 1 071-2 9 a.m-6 pjn. E*L 8. 

Sat. 4 45 and 8-1 S. Wed. Mat 3410 
BEST COMEDY OF THE YEAR 
E*h- Simon Award and SWET Award 
Royal Shakespeare Company m 
PRIVATES ON PARADE 
bv Peter Nichols 
i Not suitable tor children) 

- HUGELY ENTERTAINING 
EXTRAVAGANZA." 5. Times. 

RSC also at Aldwych Theatre. 

PRINCE EDWARD. CC. iFortnarW Casino 1 
01-437 6B77, Previews from June 12. 

Q Den log Juno 21 EVITA. _____ 


7 D “sJrPt.O 4601, PRINCE OF WALK. CC- 01-930 6681. 
SJJ”* xn * Mat! Wed.' 50 - Monday » Friday ai 6 pm. 

bfmmSSonES Sat; 5.M .«jw B.45. MOL Thur 3 jP0. 


Elizabeth Hall 


Music Group of London 


RONALD CRICHTON 


Dvorak's Dumky Trio and 
Brahms's Horn Trio in E the 
main works- in the Music Group 
of London's programme last 
night, each have ' unusual 
features. Dvorak's Trio pays 
virtually no homage to sonata 
form at ail. being a six-fold suc^ 


cession of shortish movements 
based on dance-song models 
.amt subtly varied. Brahms 
opens with a slow movement in 
ternary form, and follows ibis- 
with an extended scherzo, a 
-second slow movement and an 
uproarious hunting-finale. 


Both went well. About the 
Dvonk there was a certain aura 
of manly English self-control in 
both the sadness and the bursts 
of, activity, yet the quality and 
quantity of the composer's unfail- 
ing invention both in melody and 
scoring were continually 


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apparent notably in Eileen 
Croxford’s incisive cello tine. 
Alan Civil played the horn, part 
in tbe Brahms, and marvellous 
it sounded—the Elizabeth. Hall 
acoustics get knocked ■ so often 
that it is a pleasure to point to 
one instrument that positively 
blossoms there. 

Though it does not always 
come off as wel) as this, the Horn 
Trio is one of Brahms's most 
irresistible masterpieces. To go 
no further, both Glow movements 
are of extraordinary beauty, 
especially. the. second. Few of the 
romantic composers plumbed 
such depths, of wondering grief 
with such entire lack of self-pity 
as Brahms did .in this Adagio 
mesto. The opener was-Bartok’s 
Contrasts. Keith Paddy’s playing 
of the clarinet part was remark- 
able. Piano (David Parkhpuse) 
and violin (Ralph Holmes) were 
dapper but not. quite pithy or 
biting enough — they had two 
major works to come, while 
Contrast was the clarinets only 
outing. 


CCMC debut in 
, . London 

The Canadian Creative Musi- 
cians Collective, a free music 
orchestra and composing en- 
semble which has been playing 
in Toronto since 1974. makes Its 
London debut on Sunday, April 
30. at- the 1CA Theatre, in the 
Mali. 

-This is a Jazz Centre Society 
presentation in association with 
the cultural affairs section of the 
Canadian High Commission and 
the Institute of Contemporary 
Arts. Tickets are £1.50 plus 25p 
temporary IGA membership. 


THEATRES 

ADELPHI THETRE. CC- 01-S3G. 7611. 
Eras. 7.3D. Mats. Thurs. 3.0. SatS. 4.0. 
IRENE 

THE BEST MUSICAL 
of 1 976. 1977 and 197B! 

IRENE 

•• LONDON'S BEST NIGHT OUT.” 

Sunday Reticle. _ _ 

ALREADY SEEN BY NEARLY ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARD BOOKINGS B3B 7611. 

ALBERT. 836 387B. Party Rates- Credit 
card ulcus. 636 1071-2 (Iran 9 O-jn.- 
b p.m.j. Mon.. Tuea- Wed. *"6 Fri. 
7.45 P-n. Thurs. and Sal. 4.30 and B.OO. 
"A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOUS MUSICAL." Fin. Times. 
OLIVER 

with ROY HUOD .and JOAN TURNER. 
■■ CONSIDER YOUhsELF LUCKY TO BE 
ABLE TO SEE IT AGAIN," Pally Mirror. 

ALDWYCH. B3B 6404. >tnfa. 836 S332. 
ROYAL SHAKESPEARE COMPANY in 
reDertOirc. TonUtit .7.30. HENRY IV 
Part 1. " Excels In speed and contrasts. 
Times. With HENRY VI Part Z (tomor.). 
Part 3 (Wed. mat. i. HENRY V CWcd. 
eve). RSC also at THE WAREHOUSE 
is** under W) and at the Piccadilly 
Theatre in Peter NlcboTs PRIVATES ON 

PARAD E. ; 

ALMOST FREE 4B5 6224. Limited Saascn 
Oalyl Well Mpnfcowlte's SAMSON AND 
DELILAH- N.B. Nightly at 8 n.m. incl- 
Suns. No snow Fri*. “ Remarkable. 
vliual and emotional climax." Times. 

AMBASSADORS? “CC 7B36 1171. 
Evas. B.OO. Mat*.. Toes 3.00. Sat. S .00. 
A Rock Revue 

LET THE GOOD STONES ROLL 
■■ Louis Selvrvr gyrates brHIlantlv as Mlcfc 
Jagaer.” o. TeL " Audience Cheered. 
S, Tel. Ends April 22nd 

AMBASSADORS. 01-836 l“l7U3212^ 

Opens Anril 23 (or Z weeks only. 
Evenings at 8.0. Mat. Sata- 3.0. 
BERIOSOVA. GEILGUD 
KELLY, SLEEP 

STEPS. NOTES AND SQUEAKS 
APOLLO. 01 -437 .2683. Evenings B.OO. 
Mats. Thurs. 3.00 . SaL 5.00 and B.DO- 
DONALD SINDEN 
Actor of the Year. E. Sid. 

•■IS SUPERB.' N.oW 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
-WICKE PLV FUN NY." Times. 

arts theatre. ^ oi-ass zisz. 
TDM STOPPARD'S . 

DIRTY LINEN 

Hilarious • - ft** it Sunday Times. 

Monday to Thursday 8.30. Friday and 
Saturday at 7.PG and 9.15. 
ASTORIA THEATRE. Charing Cress Road. 
0i.73<j 4291. Nearest Tube, Tottenham 
Court Road. Mon-Thurs. B.00 o.m. 
Friday and Saionatjr 6.00 ana B.45. 

Instant Cred>t Card Reservations. Eat m 
Our fully-licensed Restaurant and BuHet 
Bsr lunchtime and before or after Show 
— bookable In advance. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 

CAMBRIDGE. 636 G0S6. Mon. to Thur. 
9,0. Fri.. Sat at 5.43 and B.50. 

»■ I T0MBI 

Exchiid Black African Mis lea 1 
* It’S a (ooi-if.implng. bu Katins, action- 
packed musical." News uf the World 

THIRD great year 

Dinner and rod-price scat £8.25 inc. 

COMEDY 01-930 2578. 

Eve *ln* 8-0 Thu'S- Sat. 5.30 BJO. 

I MOIRA ..LISTER; TQNYBRITTON. 

' Margaret CDURljNAY. Dermot WALSH 
THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
"Blackmail arjfld robbery, double bluff 
and murder." Tijpcg. A eood deal Ot 
tun. " Eeentng News. ‘ 

CRITERION. . CC . • 950 3216. 

Evening «-4’ L ftQ h * jft Jjft VW. J.O. 

, "impeccable m‘ SEXT¥? r ‘' ■* U - B ' Tlme F' 
SECOND •'HILARIOUS " YEAR! 
DRURY LANE. " 01-B36 8108. Every 

rwght UttfBOUhJt ***- 3 00 ' 

•■A rare devastating. , loyeua. astonishing 
stunner. Sunday Time*. 


in HAROLD PINTERS 
THE HOMECOMING' 

GLOBE THEATRE. 01-437 1592. 

Eves. B.IS.'Wed. 3.00. Sat. 6.00. 8.40 
PAUL EDDINGTON. JULIA MCKENZIE 
BENJAMIN WHUKOW 
AiAN AYCKBOURN’S New Comedy 
TEN TIMES TABLE 

■This must be the namest lautinier 
maker in London." O. Tel. ‘ Tht maslcr 
ol comedy has done It again, Ev, News. 

GREENWICH THEATRE. Evgj. 7.50. 

Ml!, sal, 2,30 ARMS AND THE MAN. 
A Com edy by George Bernard 5ftaw 

HAYMARKET. 01-830 9B3J8. Mi, g.00. 
Macs. Weds, 2.30. Jao. 4 30 ana 8.00. 
IhlGKID BERGMAN . 

WENDY HILLER ... 

DEREK DORIS FRANCIS 

GODFREY HARE CUKA 

In 

WATERS OF THE MOON 
” mend Bernman makes the stage radiate 
— unasulladle charisma." Daily M*IL 


“ HILARIOUS COMEDY MUSICAL." 

—The Sun. 

ROSIN ASKWITH 
I LOVE MY WIFE 

" NAUGHTY BUT NICE WITH A LOT 
OF LAUGH5." New s of the World. „ 
CREDIT CARP BOOKINGS 950 OMfe 

QUEEN'S THEATRE. CC 01-734 1166. _ 

Evenings no. Sat- S.O and 8.30. 

ALEC GUINNESS _ TC 

BEST ACTOR OF THE YEAR t 

Variety Club of GB Award 5 

THE OLD COUNTRY " 

A New May by ALAN BENNET1 

Directed bv CLIFFORD WILLIAMS — 

BL ST PLAY OF THE YEAR 
Plays and Players London critics award 

RAYMOND REVISES A R. CC Q1.73J IS93. 

At 7 o.m. 9 o.m.. 'll' o.m. lOoens Suns.} M 
PAUL RAYMOND tweaents 5 

THE FESTIVAL OF 1 

EROTICA V 

Fully Air Conditioned- You may 3 

, drink and smoke In tna auditorium. ^ 

i RIVERSIDE STUDIOS. 1748 3354.1 Tnea - — 


WAREHOUSE. .Donmar Theatre. Covert 
Garden. B36 6808 Royal Shakespeare 
Company. Ton't 7.00 'sold out>. John 
Ford's TIS A PITY SHE'S A WHORE. 
AOV. bkgs. Aldwych. 

WHITEHALL. 01-930 6692-77 bS 

Evas. 8-50. Fri and SaL 6.4S and 9.00. 
Paul Raymond orcsenn the Sensational 
Sen Revue of the century 
DEEP THROAT 

Due to overwhelming public demand 
season extended 

WINDMILL THEATRE. CC. 437 6312. 
Twice Nl&bily B.OO and 10.00 
OPEN SUNDAYS 6.00 and 8.00. 

PAUL RAYMOND Dresents 
_ RIP OFF 

THE EROTIC EXPERIENCE OF THE 
_ MODERN ERA 

“ Takes to unprecedenicd limits what is 
permissible on our stages." Ev. News. 
You may drink ana smoke in tbe 
auditorium 

W Y NOHAM-S. 836 3028. Credit card 
SJ? 5, A 16 1 S 7 Vf Irom 9 a m.-2 p.m. 
Mon. -Thurs. 8. Fri. & Sat. 5.15 A 8 JO. 
ENORMOUSLY RICH. 

VEF y ruiVNY. • t reruns News. 

Mary O' Ma "lev's smash- hi r Comedy 
ONCE A CATHOLIC 
supreme comedy on sex and religion." 
Dally Telegraph 
" MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 

YOUNG VIC (near Old Vici. 92B 8363. 
7 *5. Mat. Thurs. 2.0. Royal 
Shakespeare Company in MACBETH. iTha 
week sold Out. any returns on door.) 


CINEMAS 

ABC 1_*a. Shaitesoun Ave. 836 6B61. 
Ports. AlL SEATS BKBLE. 

1: THE 12 TASKS OF AStC/UX >U>. 

Si-SO. 8.30 Hast 3 davsi 
GIR1 - 'AJ. Wk. A 
Sun. 2 00. 5.10. 8.10. 


"Wendy Hiller Is superb." Sun. Mirror. s M B pm. (No owtv Mons.). Sals 
p,ur.[ nn.n tuotii te, 3.0_and 8.30 P.m. 


KING'S ROAD THEATRE. 3S2 7«BB. reidoiail 

Mon. to Thur. 9.0. Fri.. Sat 7.30. 9J0. Tert0 ^ 

THE ROCKY HORROR SHOW mRSCTII 

NOW IN ITS Sth ROCKING YEAR PIRBCTR 

THE GREAT HOCK *N' ROLL MUalCAt ROYAL COURT. 


Tenfmailfcl Theatre Co. m 
ShuL Terayama’s 
DIRECTIONS TO SERVANTS 


HER MAJESTY'S. CC. 01-930 6606. 1 
Evenings 8.00. Mats.. Wed., and Sat. 3.00. 
BRUCE FORSYTH 
in LESLIE BRICUSSE and 
ANTHONY NEWLEY'S 
TRAVELLING MUSIC SHOW 
With Derek Grl tilths 
Directed by BURT SHEVELOVE 
" It is packed to bursting point with tbe 
personality and sheer energy of Bruce 
Forsyth " Sun. Express. " The audience 
ch*creo." Sunday Telegraph. 

LONDON PALLADIUM. CC 01-437 7373. 
FROM MAY 25 to AUG. 19. 

THE TWO RONNIES 
BOOK WITH EASE on We NEW 
EXCLUSIVE TWO RONNIES HOTLINE 

01-457 20S5. 

LONDON PALLADIUM. CC 01-457 7373. 
For 2 weeks only. Tonight 7.30. Tues. 
& Thur. 9.00. Wed.. FrL & SOL 6.15. 9.0 
we April 24, Mon... Tues_ Thurs. 9. 
Wed.. Fri.. Sat. B.tS 5 9. 

U REPLACE 

IN HIS LAS VEGAS SHOW • 

Note additional 6.15 pari, each Wed. 


Eras. 8. Sat- 5 "ana n.30. 

.CLASS ENEMY 
bv Nigel Williams , 

" Stunning new Play." F. Times. Blares | 
wlih life and tore**.” Gdn, 

See also Theatre Upstairs - 

ROYALTY. Credit cams. 01-405 8004 1 
Monday ■Thursday Evcnlnas 8.00. Friday 
5.30 and 8.45 Saturdays 3.00 and H-Ou. 
Lonoon critics vote 
BILLY DANIELS In „ 
BUBBLING BROWN SUGAR 
bm» Musical or . 1977. 

Bookings accepted. Major credit ca rg* 

SAVOY. Ol -B36 8886. 

Nightly «t 8.0ft. Mat. Wed. 2 30. 

Sat. 6.00 and B.OO. _ 

PATRICK CARGILL and TONY ANHOL1 
In 

SLEUTH 

Tlt« World-famous Thriller 
by ANTHONY SHAFFER 
■■Swing me play aunt J& in fact, an 
utter and total lor." Punch. 

■■ It will run and run. again." Sun. Tel 
Evenings *1 to £4. Mats. £1 to 13 


LYRIC THEATRE. cC. 01-437 3606. E w. SHAFTESBURY. CC 836 65951 

8-0. Mata. Thurs. s.o. sat. 5.0 and 8.30 juiaiiesburv avb^ WC2 IHlon Hoborn endi j 


- “JbSN PLOWRIGHT | WTO STSS 

and C PATRIC*A A HAYES In • JOHN REARDON an^JDAN DIENER m 

. F.L UME NA - A SMASH HIT. THIS MU5ICAL HAS 

bv Eduardo Hilwo EVERYTHING." 9 Mfrver 

Directed he FRANCO ZEFFIRELLI E V E KTTttii - H^ s . Mirr or — 

- TOTAL TRIUMPH." O Mirror. SHAW THEATRE. 01-S8B 1394. 

".AN EVENT TO TREASURE." D. Mirror. CHICKEN SOUP WITtf BARLEY 

- MAY IT FILL THE LYRIC FOR A by ARNOLD WESKER 

HUNDRED YEARS." Sunday Times. EvgL 7.30. Mat. Wed. 2.30. 

STBrsTS ~~rr enortrnicT “ Moving and llluminaiing.- Times 

H MW. W Frl. 8.0. c &. S.30 Vnd h at.' ■ AMgjgMr M eBnlhierrt." Ev. News. _ 
GORDON CHATER - Brilliant." EJO. In STRAND. 01-836 2660. Eveolnos B.OO 


SHAW THEATRE. 01-586 1! 

CHICKEN SOUP WITH BARLEY 
- ** WESKER 

EvBL 7.30. Mat. Wed. 2.30. 

■* Moving and Illuminating." Times 


'■ Moving and Illuminating." Times 
Absolutely MaBnmtwrt." Ev. News- 


THE ELOCUTION OP 
BENJAMIN FRANKLIN 
by Steve J. Spears. 

" A comnaSilonaT*. hrimy florcely 
eloquent play." Gdn. " Hilarious," E.Std. 


■ Mat. ThurL^a .OO^ Sats. ^5 .30 and 8.30. 
WE'RE BRUlav* 

™ E i 


E ‘ New * Soe1l ‘ STRATFORD - UPON - AVON Royal 

bindi ng. Obs. Shakeepeare Theatre - . i0789 2271 > 

MERMAIXL 248 7656. RSC in THE TAMING OR THE SHREW 

Restaurant 24$ 283S? Ticket* immediately available lor 

"alec MCCOWEN-S A BF. 20. Z l.za.imatBndjrai orevjcw. 

ST. MARK'S GOSPEL Recorded book 1^9 hHq (0789 S9191I. 

*■ Slmpiv not to be mitred bv anyone er MARTIWv. rr. HiB aq 

with ears, a mind or a soul." S. Times. 5T - MaL Tues. Tig. SacL I' m a°' D °' 
Until Anrll 23. Eygs. B.lS «« April 19 Mat a&Stha CfiRKTIE'l fl 
at 7;0» and then every Sun. until June Tt. A the mousetrap 5 

S un, 7 .SO. WORLD'S LOHGEST-SVEB RU« 


Ticket* immediately available lor 
abf. 20 . 21 . 22 (mat and eve) previews. 
Recorded booking imp (0789 691911- 


NATIONAL THEATRE. 


OLIVIER, (open stage! Ton't & Tomor. 7 TALK OF THE TOWN. Ct 734 5051. 
'red. or. prevs.). - B.OO. Dining Dancing. 9.30 Super Revue 


'red. or. prevs.). . 8-00. Dining Dancing. 9.30 St 

BRAND bv Ibsen In a vecskm bv RAZZLE dazzle 

VrrtSsroft^'i omrem nm Stage): Toni MADELEINE 8 Rji» 

t «-*wty- 8 ^ 7heatre“Tpstaibs: 

-COTTESLOE rsmall avdltorium): Ton't 8.0 sh^ed S B 

f prev. i tomor. 7.0 iBDensi. DON JUAN i? R li F Av 

TOMES BACK FROM THE WAR . IW . gL nSZ 

Horvarth. trans. by Chrfstonher Hampton. . l,* * 

Many evecllent «l»ao seat* all 3 Theatres ■ ” ' . .. 


UKdav-Sundav . 
SHARED EXPERIENCE 
in BLEAK HOUSE 
, .by Diaries 
fin 4 parts, in Wepertolrei 


_ 730 2SS4- 1 
7.30. 


..HI ?0 .Mav 20 SJSfc EUfW * 0 i 


OLD VIC , 928 761 6. 

New season April 20-Mav 20 starts with 
Pro* peer's flr«t nmedv ar The OW VK 
TWELTH NIGHT 

Prcvkms 7jo Tbere-. Fri- Sat. aft 
mattmre ortee*. Fim ride Mon. April 24 
7pm 

Eileen Atklw as SAINT JOAN 
returns May 3rd. 


Eleanor summfrField tame? grout 
a murder is announced 00 

the N EWF^ WHODUNNiV H,T 
" Re-enter* who- 

ffw E « aaCRS 


CAMDEN PLAZA iopo. Camden Town 
Tibet. 485 2443. Melville* classic 
RCfcisUnce thriller THE ARMY IN 1HE 
SHADOWS IAA). 3.10. S.45. B.2S. 11.00 

CL ASSI C 1. 2. 3. 4, Oxlard SL [opp. 
Totrenham Court Rp. Tube). 636 0310. 

i' 75 ^ 1 5 x a s is 1 900 P * rt 1 1X1 pro5i - 

5«5 H I JHPA'US *^- ACt 'A). Sen. peris. 
2.00 5.00 8.00. 

3- Last 3 davs I George Segal. Jane 
5°.KP« D,CK 8 JANC lA). 

S^O S.45. 9.10. Nell Simon's MURDER 
BY DEATH I Ai fl.OO. 7.25. 

2J§ e ^S W B S 1s’ 9D0 ^ 2 PrOOS ' 

CU RZON . Cureon Street, ’w.1. 499 3737. 

PARDON MON AFFAIRE 1 X 1 . (English 
. sub- titles.* "A sparkling Now French 

■"omodv. Dtrecied with hnesse tv Y»e* 
fnhert.' Sunday Express. Progs, at 
1.50 mot Sun.) 3.3S 6.10 and 8.30. 

UtlCESTSR SQUARE THEATRE (930 5252) 
Shirley MacLalne. Anne Bancrolt Mikhail 
Baryshnikov In a Harbert Ross Film. 
T H A T i*5!? l S?- pc,,m lA) - Press. Wk 
1.05. 4.30. 8.10. 

OOEON HAYMARKET (B30 2738 ‘277 tj 
June Fonda. Vanessa Redgrave m a Fred 
Zmnemann him JULIA (A) Sep Progs, 
Dly. 2.30 5.45 8.45. Feature Dlv. 2^15. 
S.OO. 9.00. All reals bkb'e. at Hieatre. 

ODEON. LEICESTER SQUARE (950 61 HI 
CLdS£ ENCOUNTERS OF THE THIRD 
KIND iA< SeP. prog. Dlv. Doors onen 
<10.00. not Sun.i 1.05 4. is. 7 4S. 

Late parts. Toes.-5ats. Doors onen 
il.TSpm. All Seats mav Be booked 
HUM lO.OOam Drag. 

ODEON. MARBLE ARCH. <723 2011 21. 
STAR WARS IU). Doors open Dly. 1.30. 
4 35. 7.50. All Seals bkble eveent 1.30 
oert. WkS. 


PRINCE CHARLES. LWr. 50. 437 8)81. 
_ ^ SWEPT AWAY (Xl 
Sep. Peris. Dly line, sun.i. 2.10. 5.25. 
8.40. Late Snow Fri. ana sal. 11.55. 
Sean Bkble. Lic'd Bar, 

SCENE 15 2, Lets. So. (Wardour St.j 
439 4470. 

1. Woody Allen's EVERYTHING YOu 
1LWAYS WANTED TO KNOW ABOUT 
SEX IX). 3.50. 6.00. 9.15. BANANAS 
fAAi. 1.15, 4.25. 7.40. Late Show Fri. 
and Sat. 10.55. 

2. THE PINK PANTHER STRIKES AGAIN 

■U). Sun.-Thur. I JO. 5.35. 9.35. Fri. & 
Sat. TJ-40. 4.45.* '.45. T2.45. THE 

RETURN OF THE PINK PANTHER iUl. 
Sun.-Thur 3J5, 7 JO. Fn. & Sat. 2.35. 

I 5.40. 10.40. 

. — ■ — ■ ... — ■■■■•■■ 

STUDIO 1. 2. 3. 4. Oxfpid Circus. 437 
3300. 

, 1. ANOTHER MAN. ANOTHER WOMAN 
I i A A). Progs. 2.5&. 5-30. 6-10. Late Show 
Sal. 1 0.50. 

2. THE GOODBYE GlftL 'Ai. Progs, 
i 12.45. 2.45, 5.25. 8 05. Late Show Sat. 

10-45. 

3. A SPECIAL OAY 'AAi. 1.4Q. 5.20. 
8.55. BEDROOM MAZURKA -X> 3.35. 

I 7.15. Late snow Sat. TO 50. 

1 d. Woody Alien Diane Keaton Doable Bill 
i SLEEPER (A). 2.35. 5.0. 9.05 LOVE 
AND DEATH iAi. 1.00, 4.15. 7.30. 
I Late Show Sat, 10.40, 


ft 




14 


r* 


FINANCIAL TIMES 


BRACKEN BOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01*248 8000 


Monday April 17 1978 


The cost of 


redundancy 


THE BRITISH Steel Corpora- achieve much needed improve- 
tion has been making good pro- moot in .productivity. 1 ' Neither 
gress in negotiating terms for trade union leaders nor local 
the early closure of its highest- action groups will be able to 
cost plants including those use Ministers as a convenient 
whose demise had been de- back door through which deci- 
ferred as a result of the sions of management can be 
Beswick review. The redun- overturned, 
dant-y deal agreed last week for The redundancy agreements 
the "end of steel making at reached at Ebbw Vale and other 
Ebbw Vale follows a similar plants shows that local 
agreement a month ago at the employees can often see the 
East Moors works in Cardiff and writing on the wall more dearly 
others at Hartlepool and at than their national leaders and 
Clyde Iron in Scotland towards will accept redundancy if the 
the end of last year. But while terms are right. The terms 
the closure of old facilities will offered by BSC have been widely 
make a useful contribution to a publicised and could well have 
reduction in the Corporation's influenced expectations among 
losses, which are now estimated British Leyland workers at 
to have totalled £440m. in the Speke. But they reflected, 
financial year just ended, an among other matters, the fact 
even more important part of that the steel workers concerned 
BSCs cost-saving progr amm e is had been assured by the Beswick 
the need for improved produc- plan the prospect of continuin 
tivity and better manning employment for varying periods 
standards at its other plants. ahead, a promise the BSC now 

wanted to buy. out. whereas an 
Backing important consideration at 

* Speke has been the fact that the 

Here, too, there are some en- factory was built only eight 
couraging signs. The introduc- years ag 0 and so few of the 
tion of productivity schemes at workers there had been 
plants such as Port Talbot is employed for a large number of 
already having some effect. The years. 


Perils for 


oil States’ 



life-rafts 


BSC's efforts to introduce such 
schemes had been frustrated by No norm 
the two previous phases of the 
Government's incomes policy 
under the terms of which pro- 
ductivity bargaining had been 
precluded. But in an agreement 
earlier this year the Iron and 
Steel Trades Confederation com- 
mitted itself to the negotiated 
introduction of local job 
measurement and incentive 


When jobs have to be bought 
out, it is up to the employees, 
unions, and management con 
cemed to negotiate terms that 
are appropriate to the circum- 
stances. There can be no 
national “norm" for redundancy 
pay over and above the 
minimum rates laid down by 


. _ „ „ . . statute. The extent to which 

schemes as well as to other im- alternat | Ve jobs are available 


portant arrangements including locally preference t0 be 
improved procedures for dis- 


given to the oldest or the 
a " d 1"**"*“® manmng longest-serving workers, the case 
levels at new plants. for fiorae kjnd of CO atinuins 

These commitments have yet payment as well as a lump sum 
to be translated into action at (a growing feature of redun- 
local level, and similar agree- dancy deals) varies from case 
ments have yet to be made with to case. So, too. do the cost 
other unions involved in the savings which will ensue, and 
industry. But the Steel Cor: thus the share that can be made 
poration should now be able to. available to those whose jobs are 
couni on the firm backing of the disappearing. BSC. like the Coal 
Government. Last month's Board, may be able to draw 
White Paper not only marked, redundancy fynds from the 
tile abandonment of .the idea European' Coal and Steel Com- 
of job preservation which muoity.. but there is no . differ- 
underlay the Beswick plan: it ertce In’ this respect between 
also expressed the Government’s public and private sector coo 
•Tull, sustained and public sup- cerns or between those that are 
port to the BSC in its efforts, being supported by the taxpayer 
including the steps needed to and those that are not. 


Long run for 


commodities 


fund 
as a 


only a 
banking 


THE CHANCES of convening a leaves for the 
conference by July that would marginal role 
succeed in establishing the pro- facility able to offer commodity 
posed common fund to stabilise associations some capita] 
commodity prices are probably savings. The West does not 
a lot less good than Mr. Shridath want the fund to have the power 
Ramphal, the Commonwealth to intervene in the markets and 
Secretary General, suggested on does not intend to provide it 
Friday. But the two-day Com- with the finance that would give 
monweaith Ministerial meeting it that amount of leverage, 
in London last week made some Most developing nations look 
progress in bringing together at the fund through the other 
the industrialised and develop- end of the telescope. They warn 
ing nations that would have to it to have a strong capital base 
participate. because they would like it to be 

•able, as a Third World coramo- 
Rcalistir -lity institution. to hold its own 

The apparent readiness nuw to ^ 

search for a compromise reflects world Rink th ^ 
a more realistic appraisal of the hr>i ' ' The f ? r . see the J[ und 

complicated issues at slake. It is » **“3 p,,werrul enough to 
also indicative of anxieties «‘ v * 1 ™J n e ' U5 ne * commodity 

shared by both North and South ^ r ^. ei |! e t n . lS- They , a r° keen for 
about the gloomy outlook for r „ e an activist “second 
world trade and for their wl " dow assist producer 

economies. Developing nations na j ir>ns "'hose commodities are 
fear a drop in their commodity * . amenable to buffer stocking, 
export earnings, which account an . organisation would re- 
for nearly iwn-thirds of their hiiire direct contributions from 
visible overseas earnings, and Governments, 
the wrench this would have on 
their balance of payments and Unpalatable 

development plans. If a lot of this is unpalatable 

For the West, there is a short- m Britain. it 1S mure g0 t0 lhe 
term gain to be had from a fall y.g. and Germany. But it is iin- 
m the price of imported raw porlam nnr to i et the ri;nd 

materials. Bun is inareinal be- vanish into the sands been u-e! 
s.de the resulting uncertainties for fte Thjrd w 

over new investment to assure crtme a tesl nf th “ Wert's 
supplies of future raw materials «.« nnnP jnr 
and the l uss nf punning f 

power in the Third World, which ” d T J J 1 "** ° r 

is becoming an increasingly ^^-.The first ‘s to demun- 



1 

a 

a 

a 

I 

a 



4-C 

3-D 

1-A 

u 

1-c 


1-A 

1-C 

i-c 


1-C 

l-n 

1-A 

1-A 

1-B 

... 

•2-A- 

• ' 






V:'/:; 

I-* . 

: fblr, 

’.V 

- 




2-Bt 

1 : D 


' ■ ; 

1-A 



i-c 

1-B 

1-A • ■ 


- 





1-B 

<- 

„ 

:irB 


l : / ' 






Finandal^lmeff‘Mond2y'.ApriI'’i7 : -1978 



B Under o^niction/siA^ tefirm contract 
0 Early 5tmrgs/feasailitYstadiES_ 



0 m 


jian§ e 


T HIS MONTH sees the com- and fertilisers, export oil and on the attractiveness of the 
pletion of start-up trials of refineries, steel and aluminium area as an export market. 





.i-.' 


- — ouu I^usnvu suvc-iuuicuw a^cuuiux Lloca enntal «,nn™ 

stream anywhere in the Arabian gas fLNG) plants l producing above the level of their oil 22SUHS- 
Peninsula. ” — — 

The event is of more 


If Qatar and its successors are not much compared with the petrochemicals; plants, 'are not 
fail to draw sufficient revenues revenues from crude oil exports, so hiffh that they cannot be $ <.... . .. 

turned into -losses by even a Vi'-'- 1 ’ 1 "" ■ 

moderate reduction in operating ’V. ’n“ ,s 

levels. .. ■ 5 

„ r respectively, while Btyond this 'there; are the $ 

Ultimately' - some assuming some rise in prices, problems of marketing. The 

. ^ « - 'Mnr niotom -A# 1 . .A 


frozen mains gas). . incomes, and a little later, when countries 

. than j n deciding which of these in- oil production begins to decline,- 

passmg significance, because as d US tries to build the oil pro- they will have to begin taking 
aii the hundreds of thousands ducers consider’ - - 

of businessmen who visit the plants would 
region every year rapidly profitable use 

. me . energy intensive rough guide to uiu, nmui «jiu* -. -- r-- — luc same way as* me ism- n h r»c miekt u| v s«i/wiu m iia)xuia» nuu 

heavy industry is seen by the m istically assumes Western 11011 of 311 d unassociated gas centiirv ghost towns of 'ih&WUd'S^n 6111 Third World consumption, a :?i 7-r 

ArawS a n7th° ^els of operating efficiency, has {*“ found on its own) at a _level West dilTwhen iniheraJttaaS Sur * )las NQL in • w«H ^ 

rnif 1 irffhi? been calculated by Harvard Uni- ^ ust sufficient to run their m- ran out . At ' present,'- the" •”*■*«** loota" more or Teas in- : 

Gulf states viable economies dustnes (converted partly to economic life of ali Arabian ba f JS a , f ? ^ ^ evitahle. Arabian PerisfihSuia - 

being oil^nirners) without there 0 u States is totally 'dependent petrochemicals plants and re- t ' 


before the oil runs dry. It is 

the foreign exchange and tax gy MICHAEL FIELD being any surplus of crude left on the governments continually . P^^hs stage put- together fineries, In contrast, seem likely 

revenue earner regarded as the for export. And at that point numninff monev into the»L ■ « ,ouJd not ^ eld than, the to actmunt for ouite minor nm. Votf* ' 

most logical supplement to the industries would 

declining oil incomes. versity's T. R. Stauffer. By provide almost all 


to account for Quite minor on. < 


But in practice Lhe odds on working back from market tries' foreign exchange 
heavy industry fulfilling the prices and eliminating all other as -well as a still bigger 

role intended for it are highly costs. Stauffer has put the value tion of government revenue. lead to the departure .of iaree 
speculative: and this calls into of 1,000 cubic feet of gas at Additional sources of income numbers of Indians and 
question the Arabian oil pro- $1.68 if used for refining, at at each stage would be interest non-oil State Arabs ■fmainiv 

ducers’ whole future. *- - • - - - * 

The States 

the heavy industry philosophy for LNG and $0.60 



•large As for the net Income of bound to be plagued by huge abobb* 9 ;^. 
•other these plants, ‘which are the surplus®® — running up to 55 per \,iprai , 

whfch endorse f L20/ , 100 - - 0r fertjI j sers ' ^ earned from accumulated finan- Egyptian^) 'wh^ 'keejv^Se JS5”ied' wi?h oQ rwonue? the'^“® SScff awnSaiS^tD % ^ J 
SrohiSS ” a “ viy. cottsideraSy ^dent estimate,. 


.. ... .. steel, taxes. But governments may be alienated from societies .. in accordin'* to how the °ovem- trv* « , j 

^Petrochemical and NGL plants relucUnt to use all their which they have very miich a mentT^W t^priw StTlDgS :tied 

the plants’ inputs— notably gas, *1 ca 1A c ' 

water and -electricity. The gov-. -.lU Uil huito 
ernments’ decisions are ex- it must be said, though, that 


and Qatar. Kuwait is a partial are not included here because interest and dividend income if second-class status, 
subscriber, while (to be safe) they use only the heavier — and 
it also tries to draw out its oil higher value — -gases which have 
production as long as possible, been separated out of the raix- 
and Bahrain and Dubai are aim- ture of natural gases associated 
ing to combine some heavy oil production.) 
industry with a role as service n , nnn> . 

for Lhe economies of ^ P lanners hav ® to 


centres 


their neighbours. consider the market position of 

Saudi Arabia is in a category f a ^ Product and the size of the 
of its own. because its vast oil }, a !L our ^°rce required >y the 
reserves enable it to look upon ^ er ® n £ P lants - This may alter 

he aw indimtrv not so much as picture somewhat, because ... , . . 

!' 'SSii Tim™ Sr ““ tat <™ i£ * »*** wui yield thev w^h maxn.ain_th e _re»J 


4 Most of the heavy industries 
that have already been brought 
on stream . . . have performed 
disastrously. 9 


injin- 

-jjpaf* “ " 
SB*' ri '' 1 

•d 


tremely important to piotential. the Arabian governments', own J .V. - 
foreign partners— though . from estimates of- markets -conditions ’’ 

the point nf view of the Fluance are verv mneh more- onrimhav . . 


countries • except 


„ , . , are very much more- optimistic . 

Ministries it does not make very than ttais. Furthermore; it is • • 

much difference whether the in- argued strongly that the -size of / 

come comes -as. sales revenues -qiq 2980s surplus capacity could ' 

from gas and services, or as ba controlled now by -co-opera* a* a''": 1 - 
dividends and tax on the profits tion- between .governments. -But " 
of the plants. as the Saudis themselves admit iatfor- 



asa 

development 
a training 
and 

later industrial 
will be based. 

A small work 


development y ield less t otal revenue attri 


Srtt , - nf n a r cnnai wealth. U ofortuitately for the States imported raw raaterials.-and for Eastern heavy industrial plants 

bu table to gas. It will therefore so ^ ce of an personal weaitn^ - • 


force needed 


look 

considered 
“labour force 


^ uiviwmc institiitinn which it ma ^ 008 he taciog all plants there are .high could become a political Issue, 

^ much less attractive when f d ^ v to sunoort Precis, most ; of .lhe operating costs (mainly labour h, which Saudi Arabia espea- 

sidered oo the basis of L rmmp th* gradual chanee- heavy industries that have and housing) which • according ally may tie the sale bf -dlide 


employed per 


Of course, the gradual change- _ f _ 

oil to industrial already been brought on stream to^ 


then most 


The basic appeal of heavy in- revenue earned, 
dustry in the minds of the siderations work — 
planners is that most of the miUs as wejl as^efinenes, 

■ ■ . — 'llinn nici lr_ T\ T t An J nn^-tir. 


i" d income "will begin °at "different in the' Arabian Perrinsida estim^-m^be^ io 60 m TO products' 


pessimistic oil* to- sales, of its indnstrial 
Western . sovern- 
es 
of 
iw 


ad hr:'- 
!3lfi‘*iK ■ 
<rl IMi'i t - • 

il-lK my:- 


hDrift/nosluxiirioL 



oil production. Also the work- of these projects as being built need to draw a lot of its revenue serious technical ”sna o s caused Cnnaequently th e\9Sl profits tinned goods oh the- other,-- 
force required would be small for the day “when the oil runs from industry by 1985, which by lbe exceptionally severe en- l ^ c Q»tar sreelYmill are Xu any. event, it seems that 
in relation to rhe value of the out,*’ in practice they will be in Arabian planning terms is v i ronment 0 f the Arabian P^Jwted at only $23ir^hBt'of a the '^ndustriea of ■ the Mddle 

plants' output— a vital considera- needed a lot sooner. It is highly frighteningly soon. Bahrain, on penino,!- 'saline water slid- in °o.rae oi SllSm.-fWiespite East Vill have a. proW^hriaden 

tjun in countries which have likely that within 10 years the the other hand, is already .. dU ct intense saline thatlthe plant VHl be ..entry ferto.wbrld' markets. Given 

v»ry small indigenous popula- performance of Arabian Penin- dependent on industry to some blim j r ij* v and vprv bin u , pm e getting -its <uel at about a? per that dven 4n : mbire-y normal 

tions and are heavily dependbni sula heavy industries in the Gulf extent but. like Dubai, has never “““ “"f ana “ n 1 cent of : the - market ‘ft rice market Conditions , th£ Indus- 

on immigrant labour. / States las opposed to Saudi been a conventional “ oil State." pe l i aiure '- u obtained hy Algeria: for exports tries’ . potential ’'.aii- revenue 

By these criteria the indus- Arabia) will be having a direct Its people's attitudes to wealth. Even if they were to run at nf' : s{&jitar gas. , These figures, earners i ^doubtfulr this ipust 
tries that qualify for considers- effect on levels of government work, and tax are very different full capacity; the revenues gene- and even; the ^lOOpi. profit be a worr>TP?. prbspe^‘f , or the 
tion are various petrochemicals spending, on development policy from those of other Arab States, rated by these heavy industries figures -for -tiie Qatar. NGL and . Arabian govaroihentsl - ■" 


MEN AND MAHERS 


The Chiefs men 
in Mayfair 


This is not the first time Low- insurance brokers have lately they saw the casinn’s demise 
black has worked for Matan- been declaring a change of coming, ever since effective con- 

Dim. Until February he ran the ™ e -V s . aj ’_ t ". at ._ c J i| ^“ rd !™J , pas f?. I “* i u ?f. u >* 


Transkei Information Service 


selling is a thing of the past, hands of Mmc. Renee le Roux 


significant importer of capital 


strate the willingness of con- 


goods. The advantage of a Min- Sovernments to particl- 

isteria! meeting, such as the " ™ m T? ltV agreementS 

Commonwealth session, is tiiat 1 n “ a “ore urgencj’ 

it can touch on these broader L__ _ e negotiation of them th.an 


issues of trade and capital flows, 5“**? . far . be ® D s ® ea * . Tbe 


second 


which officials negotiating on a * s J° ,. recoailise tha j, a 

specific subject feel are out of in commodity 

boun d s earnings will have consequences 

But major differences wer ** 

the shape or the Fund still mental to the efforts of Western 
remain. The view of the West ec nn °mies to generate new 
is that attempts to dampen growth, 
down the wilder fluctuations of intervention in the commodity 
lhe commodity markets must be mar * et s through the type of 
firmly rooted in individual com- 00,1111100 fund that developing 
modify agreements negotiated countries have in mind is not 
between producers and con- the most effective mechanism 
burners. The most likely to be * oP ma ^>ng gnnd their shortfall 
achieved are tin. rubber, coffee, in resources. Bur the West is not 
cocoa, ten. and jute, with copper S oi ns to persuade them to shift 
a possibility. Western govern- their ground unless It is much 
ments jio willing to share the mnre Jorthcnmine over the re- 
hiii'den ot the ennneing of the ,at .® d issues of concern to them 
heifer block required to make — i Q particular, access tn 

s*kh aurecmenis work and tc Western markets for their 
.uuarantce borrowings that com- manufactured goods and the 
modi' y associations migi’.t need availability to them of more 
tn make. But this approach longer-term finance. 


. .. But is it? Winsome girls with into those of M. Jcan-Dominique 

The news of last week’s some- fl ™ 3 third-floor office clipboards sl ,„ hang around the Fratoni. who also runs the 

what bizarre decision by the m Regent Street. AA the South exits from certain Underground Palais neighbour and rival, the 
Transkei to break diplomatic African embassy, all callers stations in London, to quiz Ruhl. 

relations with South Africa was about the Transkei were then emerging travellers about their 11 Under the pretext r»f pro 

orchestrated '* by a public rela- referred to Lou-black. But at XJ®** ° n r “f economic scene, dence, the new management 
tions agency in Dover Street. ’} F p^,,r, enmnanv Jhe names they collect are then applied itself to o systematic 

Mavfair. Involved in the orches- e d of * ebruary a to P y br nught together and hawked strangling of gambling activi- 
traiion (the term used bvaaenev called Integrated Visual -Systems around to whoever maj' want ties." allege the unions 
tiPari Pmi Dwver)" were which had hired the Regent them as a “good list." So If 

Humph rv Berkeley, one-time Street office went into liquids, you are stopped In the street w ^L ^ fc a „ d Chimin de fer 
Tory IIP and now a Labour t»« aod TlS folded up. The and asked what you think or °uii g J p pn , g u t Sn i has an 
Party member, and a West liquidator. Anthony Groman, Denis Ileal ej s loth Budget, ser i 0US employee prob- 

indian writer named Scobie declined to discuss the details. ^ sure your ^terrog^ator ^V thc ' caslno^ 

Lnwblack. Dwyer says that as far as he k “ own opinion pollsters. Other- croupiers have been charged 

Dwyer told mo yesterday that, knows only his agency is n-j&e^ you will shortly be on the w tth raking In from the com- 
be. Berkeley and Lowhlack went represent ins the Transkei here end some forceful telephone Psny’s till'!. The amount of their 


on a i rip in the Transkei at the ] n its fight to assert genuine ca ijs. 
start of this month. While they independence from Snuth 
were there. Chief Kaiser Matan- Africa. During the recent visit, 
and his, Cabinet took the a three-year public relations 
derision to wer diplomatic ties contract was signed- “ Malan- 
vrilh Pretoria. Did the trio zuna has a tremendous regard 
on courage thi« decision? “No." for Britain and we want to 
says D\tyer, “but we were not attract investment for him.” 

sorry." Dwyer told nic. “But we know 

Both Lnwblock and Berkeley there is a hard road, ahead.” 
are paid consultants to Dwyer's When l suggested it was para- 
aeency. railed Business Expan- doxical that the agency was 
sion. Dwyer docs nnt see eye helping the Transkei to defy 
to eye with 

matters; "T am an active Con- bulk of the Transkei's revenue wl *ttor 
servative and have stood as a — Dwyer said he would rather 
parliamentary candidate for the not comment on that- 
party” But they are at one . 
about the policies being fol- _««« 
lowed by Marattzima—whn is nn 

the telex tn them twice or mnre Question tllTIC 
a day. When I suggested that 


Final throw 


alleged illicit winnings is re 
ported to be around- Frs.6m. The 
management has sent nut a note 
assuring customers that it was 
the casino, and not they, that 
■was cheated. 


P’aithful to its name, the Pro- 
menade des Anglais, Nice’s ^ 

Belle Epoque waterfront, has . . 

d“ bed t0 thc English More for less 

The victim is the grandiose “°™ on the vagaries of British 
„r v casino of the Palaise de la Medi- f ares - A r 5 ad vr who 

Berkeley in el. Son.h Africe <Md. snppliee .he lerranSe, nnee describe^by .be 

France's sreates. modern S hat se f?i d l!ke J- b ^ hi j dea: 
mnnument." Nobody broke the ? e *°"I d C i w S J ‘ ver 

hank, it broke itself. Bankrupt ti GlasfiOw f^retirrn) and get 

after months of efforts to pull it ?? at T . h J “*'»•»» iold 


ntt'T'nf meTed tie eaSno fiiily 
Cased its doors on Friday. 

The casino lost 10 ra. francs He has now decided to drive up 


the Dover Street office is acting I recently gave some attention _ well over £i m ._i n u s last ^ motorway Instead 

as an “unofficial embassy" for ™ this column to the discredited financial year< ^ its nat debts 1116 ^ 

the Transkei, Dv.Ter agreed, clipboard selling*' technique. are ou t at around £2m. 

“We are playing a David role to ti was being used by a few . ■“ 

South Africa’s Goliath " insurance broking firms to find The official receivers decided 

Broadcaster and entrepreneur “J"/ cundidates-^ictlms. per- f> take no more bets. The Die HOW, Of else 


Broaataswr ana enffepreneur flne shQuid say _ for subse . practice of gaming, with all the • ' 

Berkeley .is a veteran Africanist. quent bapd Se j| in „ 0 f jjj e jnsur- risks it could present as a bust- A . .^ ew . Yoi ! k . mausoleum is 
who likes to refer to many black an{ , e po ji C j es * probe into the ness of chance, was incompatible widely advertising its burial ser- 
presidents by their first names. methofl bas ^ cn roade bv with our legal functions.” But vices m the city s newspapers. 
The agency has retained him. the BBC . V « Moneybox " pro- the 300 Palais, employees, SO of unimously. 


it says, for his constitutional 


’ramme. 


The life Offices whom worked on the tables, wanting. In te a vy type: •• Please 

' _ _ nlnfrn fliii* Dili A 11 ■ 1 


knowledge. The third member Association has expressed dis- decided thu wheel was not going j-jjrte, Our Prices Rise on April 

of the team. Lowblack. has close approval and there has been to stop there. As the doors 3Q- 

contacts with the Transkle’s Ministerial criticism in the closed, in they went to occupy- 

Foreign Minister, Digby Key ana. Commons. So the offending the building. Union leaders say 


1 





.'Q: In these days it is hard to- estimate wbat' i 
may have to leave .when the time- comes^-- 

I want to be fair to 'dose relatives; but I alse 

want to benefit a cause close tb iny heart 
: .How can I best ensure both? *, 

A: . Most of its . have a similar problem; With&i 
inflation-. The sensible . course, is .probably to- i 
leave fixed proportions of your, estate to the ,;* 

. - individuals- -you wish to remember- — say 2 

to- one, 15% to another and so enr-and then 
the residue to the cause you wish to help. 

Q; I wish to remember old people, since they 
;. /-seem certain to. be in continued need: but 
their needs may change. How can I antici- 
. pate what they may be? 

A: Help the Aged has a justified reputation for 
beeping well abreast .of the needs of old 
people; and has pioneered a great deal of 
much-needed work for lonely, sick, hungry 
, and despairing old people. . Their trustees 
are especially careful to make maximum use 
of volunteers in daily touch with the elderly, 
thereby ensuring the most practical response 
■ • to need and obtaining, the utmost value for 
each bequest. 


They publish two useful guides for those con- 
sidering their wills; and I often commend these 
to clients-to study in advance of consuiting me. 
Copies may be obtained free on request by 
writing to: Hon. Treasurer, The Rt. JHon. Lord 
Mavbray-King, Help the Aged. Roora FToL, 
FREEPOST 30; London 1VIE 7JZ (No stamp 
"ieeded>.. ;• . - 



ttavel kit 






[<• 



Vi 



m 


Arabia 


Strings' fy 
to ollVate 


' • - j r. i 


Anthony McDermott 


THEBE- HAS- rarely been x 
society as exposed to. dramatic 
change, development and' re- 
organisation. as. Saadi Arabia is 
today. The' contradictions — as 
'seen 'from.- _£be West — are easy 
to pinpoint. ' 

- Physically it is a country with 
a small population — 6m. may be 
too. high an estimate— scattered 
across an area about two-thirds 
the size of Western Europe. It is 
trying to hold firmly to the basic 
and strict tents of Wahhabi 
Islam while absorbing the most 
modern technology available, it 
is seeking to retain, a Saudi 
identity while being farced in- 
creasing to import and depend 
on an extensive foreign labour 
staff. " 

There is a positive drive to 
improve the educational and 
material standing' of women 
while continuing to deny them 
the logical extension of this 
betterment by keeping them 
apparently still in a- status in- 
ferior to. that of men. Above all, 
it is trying .to run an increas- 
ingly complex State before the 
foundations of a suitably geared 
bureaucracy have be^K&stab- 
lishetL 

In many ways, to list these 
points is an unproductive exer- 
cise because it expresses them in 
terms that Saudis might neither, 
understand nor accept First, for 
them the criteria 6n which these 
apparent contradictions are 
based are- profoundly different 
and therefore frequently do not 
apply. Secondly, Saudi has 
hitherto been highly successful 
in resisting some aspects of 
change, in particular the move- 
ments of radicalisation which 
passed through the Arab world 
in the 1950s and 1960s. . 

As a result it sees no reason 
why the new challenges brought 
on by the impact: of enormous 


The second part of the Survey looks at the vital oil and gas 
industry and at the development of infrastructure which will act 
as a long-term unifying economic and political factor. 


wealth should not he absorbed plan puts the maintenance of 
as well. Far from seeing itself Islamic values before deserip- 
as under siege, Saudi Arabia has tiuns of economic evolution 

iS «P«* of the develop- 

q a ,, rf} ment Plan are already having a 
** the same time Saudi beneficial impact It is only 
Arabia is having to face deci- over 40 years since Saudi 

"SJFLS** ***** unified K?ng 

day-to-day basis about provid- AbdcUAzbr aft * r a hicfnrv nf 

ing aid for this or that African pr “onged tribal strife ^Traces 
State or U. . Mr MbM. MKMKUSft, 
the relationship between and it ta significant ^ ^ 
foreign companies and local National Guard is largely made 
agents. : Ii iff having to decide UD nf pj'zrTr 

between a whole range of long- tionaUyLyai hou* of 

term : strateg.es wbidt c^dd pro- gaud. But the provision of 
foimdly affeo the society and „ ads imprDve[1 u iLommunica- 
country in which Saadis In e. ti nr) . coiiwin'n «?«• ltnbc 


and which if mishandled could 


tions. Saudia's air links with 
comparatively obscure towns 


be damaging not and edGeaS aGd ae^icea Tor 

It is in the xoatena} and t he bedouin have all given 
£ le ’ * 5 , th ® Saudis a sense of belonging to 

TTTI1 Of vSon a countr y with an identifiable 

XJOI), that some sort * Government, to which loyalty 

“ d patr,oUsm shouJd be 

are three trends: greater, urban- ^ 

isation; industry tn be devel- f Qnfrocf 

oped to supplement and, in the 

distant future replace 0 * the , n contmt to thj , u „ glble 

«» d Saudi patriotism, which 
Star. d turn g should strengthen with the 

Predictablv the sniritual years * greater economic oppor- 
Kii Unities and more widespread 
2“ h “ !?2 £££ education contain their own 

Problems. For a start 

involving outsiders. Secondly, {JSL 4 *?.!^ 0pe f e h d way fo . r 
it is harder to quantify than t«h«ocrats and business people 

how a §142bn. development 5? JF°“. l he or ,. traf ! 1 * 


£2, is to be carried but or an tionaiiy influential families to 

oil production ceiling of 8.5m. fo ™f d , dem * nd 

barrels/day imposed. Thirdly, so ™. P ol ‘^al recognition 


it is clear that although Saudi Wltl,ln 1 a 15 almost 

Arabia's ruler and tttemu, the f^tirely dominated by the cx- 
retigious leaders, have total con- ^ded royal family of some 
fidence- in Islam as a guide to members. It is generally 
life, there- is > awareness that held, however, that the chances 
changes will have to come and of *b ,s occurring for many 
they have yet to chart with cer- years remote, 
tainty the direction to take. The royal ' family i s a 
It is not for nothing that the sophisticated machine with a 
preamble to the development wide network of contacts 


through marriage which keeps 
it well informed about, and re- 
sponsive to, public opinion. In 
addition, security in its own 
way is unobtrusive but tight 
and the family has no inclina- 
tion to relinquish the pre- 
dominant role it has developed 
for itself. Indeed its senior 
members have been trying to 
ensure that its members are 
capable of dealing with eco- 
nomic developments by buying 
them the best education abroad 
— mainly in the U.S. — and 
placing them in key posts of 
the Government. 

Furthermore, although pockets 
of poverty do exist in Saudi 
Arabia in distant villages and 
shanty towns in and around the 
main cities. There is broad con- 
tentment with the way the 
Government has provided oppor- 
tunities by means of its great 
wealth — directly in aiding the 
private sector obtain loans, or 
indirectly through helping 
people buy houses on cheap 
terms or through giving school- 
children free meals on a wide 
scale. 

The- armed forces, which are 
going through an extensive 
period of sophisticated develop- 
ment. are not seen as a threat 
This is partly because the rulers 
of Saudi Arabia, having seen 
how military coups have come 
and gone elsewhere in the Arab 
world, monitor carefully what 
goes on in their ranks, and 
partly because the regular 
armed forces and the National 
Guard are set up as deliberately 
counterbalancing entities. 

One historical feature which 
gives Saudi Arabia special con- 
fidence in its spiritual values is 
that hitherto it has not been 
opened to "Western cultural 


influences as say ihe Maghreb 
was to Franco, the Levant and 
Egypt to Britain and France, 
and the countries of the Gulf 
to Britain. Yet it is from 
Western influences that the most 
p.uround .strains may now come, 
for in a new form Saudi Arabia 
Is experiencing what those did 
in the last century — and in a 
more acute form. 

The direct invasion comes 
from the increasing number of 
foreigners that have to be 
employed. Officially, the drive 
is towards Saudi-isation in every 
walk of life, but in practice this 
p-'::y is highly selective. The 
first reason is ihar there are 
not enough trained Saudis to do 
many of the jobs. Secondly, 
Saudis are more interested in 
business or in occupying senior 
positions than providing the 
working core of Ministries. One 
crucial effect may be tn exacer- 
bate — as decisions about the 
economy and social affairs 
became more complicated — the 
existing problems of bureauc- 
racy, where few civil servants 
are prepared to take responsi- 
bility for their own decisions or 
those, of others. 

So far Saudi society has been 
successful in containing im- 
ported culture from ibe West 
Indeed there m’ siens of sur- 
prising flexibility from time to 
time. Cinemas are officially 
forbidden, bur private or semi- 
private showings are wide- 
spread. and in recent weeks a 
Saudi newspaper listed some of 
the films available, including 
some on the verge of soft porn, 
and where they could be seen. 

But on the whole Saudis — in 
particular the men — display a 
singular ability lo enjoy the 
pleasures ul Western society 
when abroad on business, edu- 


cation or holiday, and 
apparently to eschew those ele- 
ments which are banned in 
Saudi Arabia on return without 
any real schizophrenia. This is 
partly because some of the 
banned pleasures like alcohol 
are obtainable for those who 
want it, and partly because 
Saudis now have unprecedented 
opportunities for travel abroad. 
But there is also an innate 
respect for the austere Wahhabi 
Islamic pnrrples which the 
Government imposes. 

Whether this will remain so 
in the long term depends 
heavily on education. If there 
is cause for concern about the 
future it is this sector, for 
while in the education Minis- 
tries and "niversilies there are 
officials full of ideas about 
modernising curricula or run- 
ning the experimental compre- 
hensive school at Riyadh, the 
system itself is antiquated, 
held back positively by the tra- 
ditions of Koranic learning and 
staffed largely by non-Saudi 
Arabs who h3ve only a limited 
interest in trying to introduce 
new ideas. For the moment 
these problems ironically buy 
time for the conservative ele- 
ments in Government who are 
concerned about the deeper 
effects of introducing more in- 
dependent thinking or subjects 
which might undermine the 
fundamental role of Islam. 


Acute 


The dilemma is especially 
acute in women’s education. 
Illiteracy is still high among 
women, but those who have 
grasped the opportunities of 
education have done so with 
great enthusiasm. But practical 


use of this learning outside the 
traditional roles expected 
within the home are still 
limited. 

There are some signs of stir- 
rings. A journalist writing in 
the weekly Iqra in February 
caused dismay by saying that 
Saudi women are hiding behind 
walls of their own making. The 
daily al-Riyadh, however, indi- 
cated the limits of this potential 
revolution in women’s status by 
suggesting that oDe solution to 
the boredom women suffered 
from would be to make women’s 
associations more accessible. 

Resolution of most of these 
problems lies ultimately with 
Islam, which, it is often for- 
gotten in the West, has shown 
in the past remarkable ability 
to adapt and think forward. It 
has, for example, one built-in 
protection against the growing 
materialism brought on by 
economic development in that, 
unlike some religions, it makes 
no great virtue of asceticism 
and poverty. 

For the moment there is no 
obvious evidence that the pre- 
paration for these changes is 
in the hands of the religious 
equivalent of the young Saudis 
who obtain distinguished PhDs 
abroad. On the contrary, in this 
most delicate area the Saudi 
Government is moving with its 
characteristic caution and 
secrecy, perhaps inspired by the 
fact that under Saudi patronage 
Islamic values seem to be reas- 
serting themselves in Africa, 
Asia and among communities 
in Europe. 

In tbe end the greatest risks 
of instability will come probably 
not from the cultural invasion 
from outside but from the deci- 
sions Saudi Arabia takes about : 
its role in the Arab worid and 
the world in general. For < 


CONTENTS 

Surplus revenue 

XXII 

Development plan 

xxn 

Gas gathering 

xxrv 

Heavy industry 

XXIV 

Oil production 

XXV 

Marketing 

mi 

Electricity 

XXVI 

Water supplies 

xxvn 

Roads 

XXX 

Housing 

XXX 

Education 

XXXII 

Contracts 

XXXIII 

Air services 

XXXIV 

Sightseeing 

XXXV 

Father of the Kingdom 

XXXVI 

Bedouin 

XXXVII 


Pari I of this survey appeared 
on Monday. March '20, and con- 
tained articles on: 

Politics 

Aid 

The economy 

Defence 

Capital market 

B ankin g 

Insurance 

Minerals 

Telecommunications 

Manufacturing 

Ports 

Shipping 

Architecture 

The business world 

Manpower 

Expatriate liT e 

The law 

The Hajj 

The Islamic Community 
The House of Sand 

example, by choosing to expand 
oil production (rather than keep 
its assets in the ground), it is 
able to have a deep influence 
not just on the future of OPEC 
as a cartel but also on Western 
economies (in particular that of 
the U.S.). 

The indications are that 
economically and politically 
Saudi Arabia is becoming in- 
extricably tied up with the West- 
But if, for example, the Arab- 
Israeli conflict remains unre- 
solved and threatens to turn into 
another war, the Saudis might 
inevitably be forced to abandon 
their role of moderation in the 
Arab world and face the 
unpleasant choice of having to 
side with the Arabs against tbe 
West — probably through an oil 
embargo. 




A quick getaway on arrival. 

At Jeddah Airport we?ve 
just opened a superb new baggage 
handling area, new customs 
control and new airport lounge. 

* Soon arrival, you can be on 
vour wav faster than ever before: 

If they rated airlines the same 
way as restaurants, then we count as 




nnmn 

ESI 


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MON I SV733 1 6707 













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ri.I21Pja.13J5) 

Id 14151 


Mltncs at local from 3«l April. Pare plus Ita. From 28Ui May; Rome pfcts 1 ht 




Exclusive daily 
flights to the Kingdom. 
jgjKrgr We’ve22 flights a week 

from London (6 of them non-stop) 
^ >Lmcluding exclusive flights to Riyadh, 
And every day, wefve 
SSSgir late-mom ing departures from 

London that dove-tail with incoming 
flights from within the UJC 

For out-of-town travellers, it can 
mean one night less away from home: 


e 



saudia#' 

SAUDI ARABIAN AIRLINES 

Key to the heart of the Middle East. 




































16 


Tim* 


SAUDI ARABIA XXII 


Financial Times Monday April J7 '3.978 / 


Forecasting the size of Sandi Arabia’s surplus funds 
has proved to be a hazardous occupation, and deploying them to 
best effect a task of enormous complexity. Hie role of the Saudi Arabian Monetary 
Agency — effectively the central bank — has been much misunderstood 
in the speculation over deployment of the surplus. 


SANA APPROVED LIST 




>1 .> 


US. 


vGEBMANT 




Surplus revenue 


SUFFICIENT TIME has elapsed 
since tiie oil price explosion of 
1973-74 to show the longer-term 
forecasting of surpluses to have 
bean not only a growth industry 
but a notoriously unreliable 
one. Pundits in institutions and 
banks have tended to make 
wrong assumptions about sub- 
sequent increases, the erosion 
of the real value of revenues as 
a result of inflation and recently 
the depreciation of the dollar, 
and tiie surprising absorptive 
capacity of OPEC members — not 
the least Saudi Arabia. Who 
would have believed three years 
ago that the OPEC countries as 
a whole would have a declining 
balance of payments surplus in 
the third quarter of 1977? 

One thing, however, can be 
said for certain: Saudi Arabia 
will continue to generate a fiscal 
surplus for the indefinite future 
if it maintains oil production at 
a rate of 8.5m. barrels a day. 
Saudi Arabia is classed as one 
of the four long-term surplus 
countries together with Kuwait, 
the United Arab Emirates and 
Qatar. Having made the above 
reservation about forecasts, one 
of the more authoritative look- 
ing ones produced late last 
summer by the First National 
Bank of Chicago predicted the 
collective foreign assets of the. 
four rising from $78bn. at the 
end of 1976 to $229 bn. in the 
five-year period from 1977 to 
1981. Saudi Arabia's share at 


the end of 1976 was, as it hap- the limited alternative invest- (which is what in Kuwait and: as soon as that letter of credit Scant scale without seriou&lv 
pened, $50bn. In future it can ment outlets, Saudi Arabia, like Qatar constitutes the " reserve " is opened. disturbing the market. - m \ 

be assumed that the Kingdom's Kuwait, has little choice but to managed by the finance minis- 11 te not possible to give pre- SAMA contends therefore 


♦Bank of Am erica 
‘Citibank 
•Chase Manhattan 
♦Morgan Guar ant y 
♦Bankers Trust 
Manufacturers Hanover 
C ontine ntal Illinois 
First National Bank of Boston 
First National Bank of Chicago 
Mellon Bank 
United California Bank ; 
Chemical Bank 
Irving Trust 
Security Pacific 


DeutseheBank- _ 
Dresdner Bank ; 

fftnunwriianlr '? 

Westdentsdie Landesbank 
Bayerisehe VereJnsbank 



JAPAN 


portion of the four producers' 
collective surplus— whatever 


BRITAIN AND 
COMMONWEALTH 


Mitsubishi Bank : . 

Bank of Tokyo 
Samitomp Bunk 
Daf Ichi Kangyo Bank 
FnjlBank 

Sanwa Bank v ' ?■' I , . 
Mitsui Bank ■. -’•’’••V-' 

Industrial Bank of Japan 


BlNi^ 


for 


Cc 


s’ place the greater part of its Wes) plus number of ctse and up to date figures far that it is illogical for anyone to 

it foreign assets In the dollar form * th _ Siese accounts, because the say that it is understating its ^ we5unmHU3: 

is— wiU increase relative to the either in the U.S.' or elsewhere. “JSS balance-sheets which SAMA liquid assets ($30.9lmfScSfM 

others. Even if it spent almost Yet there has certainly not been “ * ,“ e *»*«?■* . are not tothe IMF atlfae eSSSK 


OTHEREUBOPE. ; 


all its revenue in this period any formal agreement on this broken down in this way. Still, her last year) by 

accrued income would ensure a question as the International _ . . for. what Cbey are . worth, the Treasury hills as inv estmen ts 

steady growth of the country’s Currency Review reported last , j US SAM A’s liabilities m- figures in the November, 1977, (|25.4bm m the IMF figures tor 

foreign assets — though a not year. elude: the current accounts of balance-sheet were: • Govern- the end of A p ril, 1977). Indeed 

insignificant proportion of them. During the last six months Government departments ear- ment current accounts $3.0bn., SAMA believes that * It could 

it should be stressed, do not the Saudi Arabian Government marked for salaries ana for special and reserve accounts legitimately reduce the dedareii 

generate high income. has been badly upset by allega- other current and develop ment $27,9*,^ Government agencies total of its liquid assets furtamr 

For some years now the tions that SAMA (the Kingdom’s expenditures; Finance Ministry $g .7fo n ., pension fund accounts by removing the deposits it has 

Kingdom’s foreign assets central bank) has been under- ““JJJJ} 5 , COnt ^ n S ?L4htL, deposits of local bank placed with central *»nks in 

deployed by the Saudi Arabian stating the size of its liquid “^*®d for disbursements as $3^ other accounts $i2.8bn. Third World countries, whWnt 
Monetary Agency (SAMA) have foreign assets and has entered ^ loans or gifts: a special ' recognises 

not been fully reflected in the Into a series of agreements with ■ niF account which amtains a |j j be reDa :.j _ t ,11 

reserves recorded by the Inter- the U.S. wbk-h effectively money allocated to the IMF but Applied £,£*?£ ll^r 

national Monetary Fund Those remove a large part of its assets ££££ The same, investment .policy many or t^deJLits^ft* S 

recorded m its monthly financial from itsown control. (other of which are now held ** W* 1 ® 11 10 811 1116 £unds under placed with banks in the West; 

statistics rose dramatically from The two principal items said of J^i^ are nowneid SAB1A - s controU no matter what which lt m^nes again 7 coSd 

$3.87bn. at the end of 1973 to to be included in the account they are derived from, hardly be S^unteHr S 

$ 14228b o. at the end of 1974, agreements were that 50 per ^ m other wordg ^ held for 

$23 .32 bo. at the end of 1975, cent, of the Kingdom’s balance .i! budget expenditure is placed in “ - - 


Barclays 

Standard and Chartered 
British Bank of the Middle East 
Hong-Kong and Shanghai Bank- 
- ing Corporation 
Bank or New South. Wales 
Australia and New Zealand 
Bank 


CANADA 


♦Algemene Bank Nederland 
♦Swiss Bank Corporation 
Credit Suisse 
Credito Italian® .... 
Banco Commerdale Italian* 
■Credit Bank of Brussels 
Banque de Bruxelles 
- S k an dina viska EnsMMa 
Amsterdam-Rotterdam 
Banco Centrale . - V i 

Union Bank of Switzerland ■ 


-. ^ ,jn . 




1 V 


SflJi 


Bank of Nova Scotia 
^ ymriian Imperial 
Toronto Dominion 
Royal Bank of Canada 
Bank of Montreal 


FRANCE 


Note: Not; all' banks. : on the list 
have accepted SAMA deposits 
on the terms offered^ and there 
are very wide discrepancies in 
the amounts held by different 
banks. Banks _ are _ not told 
officially when they- are placed 
on the list (or removed from it) 


k&rZ 

: 

ai’ 


.TJ.V' 




ssss 

SSSiSr& ta a 2 Silffi “^rves - he.4^^ 


Banque de Paris «4 des Pays Bas and the.! list is not circulated 
Banque Nationale de Paris among members. . . • . -. 


no way reflect the 
surplus generated during them. 


figures for the last tvro years in US tanM ^ ae Guy^Mt’s special «» are predoatoaofly ottbe to the hot’ receutUs-iiatoly trith touteii, 

official ioun ^ 5 1Iquid SiSi?to worr^”^ ff SSfJfftiaSB S ^' 5 lonetem the UA to ««ry ime.th* wrtt 




Confidence 


rah sirotas to ST^GoveTn- Industrial Development Fund), uepanment to wore oui tne with banks on the Approved 

Sfni-s^SS^mentolor S- «« Mamie Development Bank, « «» funds ttat must List. Originally this list Cto-. M - other assets,” are assigned to do very specific 

menus reqmremems ior_ invest be held Uquid at any one time, tained iust ten names (marked - - - ■» --v™ 


ments, referred to in the IMF folio managers ' havt.^beea 


ment in Saudi Arabia, would be Petromto, Saudla and other 

, a. . nlaced on thi» lone-term markete Stsite institutions; and a special In practice SAMA 

An increasing proportion of u S ln &ctTeiSer rf “letter of credit account" This finitions of which assets 

the total would have been in m me u - & - in ract “eirner c-i .... •--- --- — - ^ 


„,.v — » - — . -** rheSf; Mninic makes sensp on _ last, somewhat anachronistic, are not liquid are rather differ- major expansions— one in .1972 fffwprnmenta 

longer-term assets which might L m ?f ^ arnunS Tn account, which dates from' the ent from the definitions nor- when 25 names were added in a 

justifiably not be classed as wn ~ e , net i 01 grounos. in : — n- =- — t . — *., 1.1 *. ■— j organisations, 

“international liquidity." The ***• first cIa,m 


is 


exact criterion for such 


BASIC STATISTICS 


Area 


865,000 sq. miles 


Population 


9.24m. 


Trade (1976) 


tained just ten names (marked composed of: Treasury bills', tasks which. SAMA feels it is hot 
In practice SAMA’s de- with an asterisk), but in recent hQU ^ issued or guaranteed by able to do from its headquartea 
are or years .it has undergone : two or . agencies of in. Jeddah (it is for. tMs : ~pur-~ 

or international -pose alone that SAMA decided 

«w*uui*k, w “» v “ Uttl “ -vtouuuu, Wl . <•—-««.*« .*»» organisations, loans to govern- to open the portfolios), and : ah 

reforms instituted in the late mally used in the international somewhat random fasMo^.and (including aid l«ms but the managers operate on veiy 

1950s after Saudi Arabia had banking community. Most im- another in 197a when about 17 “® n *® naj i d pnocite with ktrict miideiines— althoueh tech- 
been virtually bankrupted by portant, treasury bills apd other or 18 names were added after ■* S£> 

the late King Saud, bolds a sum easUy discountable securities, very careful study. Taking into central banks), blue ' T* 

of all which might normally be account four or five additions porate bonds, and a ve^ "^.QSSSS 

outstanding letters of credit classed as liquid assets, are re- wliich have been made individu- amount of equities— but 110 

opened by the Government for garded by SAMA as invest- ally at different times and one property- # _ • . . nQ tua ^ ma \ S ;“hr' . 

contractors — the account being ments, because the Monetary or two subtractions the list now. The equities and some of the investment reaches per cent ox 

credited from one of the Govern- Agency holds such enormous stands' at something between 54 other securities are held in port- the voting stock of any company^ 

cnpnnranv mr nnmnvo ment current accounts with the quantities that it would be un- and 58 names. It is possible to folios, possibly up to ten in nun^ - 

Missing Billions ” as one of spending in Saudi Arebia or affl0llIlt of each better of credit able to discount them on a signi- be certain on all bar about ten ber, which SAMA -has opened 

journal specialising in foreign to meet external commitments 


t0' 


made absurd by the fact that a 
classification has not been spelt ° f , ^ ■ *^5® 

out in detail. Certainly, the pli^eSteSdrot Sitor 2l eq “ aI to the full value of all which 
Government is very conscious of SAMA at aU> while 

th f k enormity of its claim is a contradic- 

accumulated surplus In Uoa ^ tenns because ^ 

practice, there is no particular Government’s “liquid cash” is 
mystery about Saudi Arabia s held specifi call y for the purpose 

“ Miccino Riltinnc ” vc Ann .. r% . u. 


By Opr Foreign Staff 


Imports 


SR39.7bn. 


Exports 


SR127bn. 


Imports from U.K. £400m. 


Exports to UJt £978m. 


Trade (1977) 
Imports from UJv. 


£5 7 7m. 


Exports to U.K. £Llbn. 

CurrencyfRiyai £l=SR6.59 


exchange dramatically asserted such as aid loans, and is there- 
in a boring and uninformative fore by definition not part of 
investigation into the question the surplus available for long- 
early last year. term investment. 

Last month Crown Prince Fundamentally, a lot of the 
Fahd reconfirmed the King- alleged items in the secret 
dom’s confidence in the dollar, agreements involve a misunder- 
saying that it did not wish to standing of the role of SAMA. 
switch to another form of The Monetary Agency controls 
currency. Considering-the size not a balance of payments sur- 
of its accumulated surplus and plus but a budget surplus 


Saudi Arabia’s next deyelopment plan, 1980-85, will 
be a much more sophisticated document than the rather piecemeal 
current (second) plan. Its main emphasis is likely to be on developing 
the country’s manufacturing capability^ ^ setting up major industrial 


r 

d [a - ■“ ' 

'igBpiiK .. 

BES0t'K< K> 

S'*--"- 
Mt-. ‘ 

K.n. : ' - 
tp r. r.- . 
it.-* I-:--’ 
sr.r..w- ' 

iP. v ’• " : ’ 

-jB 




...ii ■ ■ 


e-i; s 1 

■Hi 

3t ?■' 


fl PRCESETTERfOP 
SAUDI ARABIA'S PRO® 


r- ABAHSAIN 


Since they installed Saudi Arabia's first power distribution In 
Jubail, ABAHSAIN have played a leading role in Saudi Arabia's 
progress. 



projects and increasing agricultural output 


,, r 


cc 




TO AN outsider it may seem the directions it aims to go. In Other petrochemical plants 
surprising that a country with real growth of GDP targets have are planned for, both complexes, 
such a vigorous and unfettered been exceeded— In 1976-77 GDP where the infrastructure is now 

„ . . . D ... ■ at constant prices rose by 15.6 being installed. The delays in 

private sector as Saudi Arabia ; ^ 


per cent. Even more impressive going ahead with projects are 



■should attach so much im- was performance of the partly the result of uncertainly 
porta nee to planning and its five- non-oil sector, which in the in the Government as. to what if 
year development plans. second year of the plan achieved wants (against a background of 

In fact, planning is virtually 18 6 cent, growth compared changes . in industiialisation 
essential in Saudia Arabia t he ^et of 13.4 per cent; plans by Saudi Arabia s Gulf 
because Government spending this suggests that the private neighbours) and hesitancy on 
accounts for about 75 per cent sector has been more dynamic the part of the technical 
of GDP though the Kingdom than the Government expected, partners, since the Kingdom 


is very different from other The Government has over- 


wants them to put up 15 per 


ABAHSAIN have gained leading positions throughout 
the Kingdom for the international manufacturers they 
represent. 




ALCOA INTERNATIONAL INC.. 
■— HUDSON PRODUCTS - USA 
TADANO CHANE5, 

MITSUBISHI HEAVY INDUSTRIES 
ROTOflK CONTROLS LTD.. 


BYRON JACKSON PUMPS, 
HUDSON ITALIANA 
NIPPON STEEL CORPORATION 
MUELLER COMPANY 
AND OTHERS 


IN 


CONSTRUCTION: ABAHSAIN engage in major road projects, water, gas and oil pipeline contracts, 
offshore maintenance, manno engineering and ocean development. 


To meet the challenges of Saudi Arabia's accelerated development ABAHSAIN welcomes Joint Ventures and 
Representation in 


ELECTRICAL ENERGY EQUIPMENT, OILFIELD EQUIPMENT, PETROCHEMICALS, 

HEAVY CONSTRUCTION MACHINERY, DESALINATION, ELECTRICAL AND MECHANICAL CONTRACTING 


SAUDI ARABIA’S PROGRESS CAN BE YOUR COMPANY’S FUTURE 
CONTACT ABAHSAIN FIRST 


SALEH & AIUIIIL AZIZ ABAHSAIN CO. INC. 



P.o. BOX 9 

PHAHRAN AIRPORT - SAUDI ARABIA 


P.C. BOX 639 


TEL: 3434I 1 ' 
TLX: 2022 



centrally planned economies, come the major bottlenecks in S^uitv^ndto^nme^markS 1 
Planning has so far been a way the economy, notably the ports, J^tho 

of stating priorities and which has had the effect of «£ 

desirable objectives. The current during inflation and pressure _ 1S 

$142bn. Second Five-Year Plan on the economy. Now aU the * d 

is - as its authors admit - major infrastructure projects 
more a list of intentions than a in the plan are at different 

comprehensive plan in which stages of implementation. «. di Arabi , Th?nMh2m Sf 
each sector is <«en in relation , .. . , . , Arabia. The problem of 

Tnthprs • In the social sector plan marketing the output is less dif- 

, implementation has been un- ficult, it is thought, provided the 
A good example of this even, with overachievement in price is right, and provided 
piecemeal approach is the fact some areas and underachieve- there are no complaints from 

that in the current plan no real ment in others. For example, the • western countries the 

attempt was made to add up the more secondary schools were main market— that the Saudi 
imports that would be needed built in the second year of the plants enjoy hidden subsidies; 
for each section of the pl&n and pi a n than had been intended S uch complaints could lead to 
set them against present and and in the same period 150 more tariff barriers being erected, 
proposed port capacity- The primary schools were built than 
infrastructure was given less the 450 laid down in the plan, 
emphasis than was investment in in Mme places schools have |Jj|lltlO!lS 
productive assets, whose estab- been built in expatriate neigh- ^ 

iishment could only take place bourhoods whose residents Government is still 

after that of the infrastructure would not send their children cautious about the viability of 
To some extent this was due to Saudi schools anyway. tbe projects, which is partly 

to the inadequate machinery and The State housing programme why it wants the technical 
manpower available at the time is only now getting underway partners to take an equity 
for drawing up plans, and to the on a large scale, a year and a stake (the other reason is 
difficulty in the hectic days of half behind schedule. But the because they are essential for 
1974 and- 1975 of ordering problem has been partially the marketing operation) and 
priorities in economic develop- solved by the private sector why it wants the Saudi com- 
ment It was also due to the which, financed by the Real mercial banks to put up about 
sheer lack of information about Estate Development Fund, pro- one-tenth of the capital for each 
the economy, a result of poor duced 100,000 housing units in project u They will assess the 
economic and financial report- two years— against its target of projects again and will only 
ing, and to the novel economic 122,000 for the full five years, come in if they judge them 
situation Saudi Arabia was But because these are for high viable,” says the Deputy Plan- 
facing. income families the problem ning Minister, Dr. Faisal 

of housing poorer families has Beshir. “We are determined 
Plannprc so * ar on fr been nibbled at not to build white elephants 

a lauuu 3 Development has been more and not to build for prestige.” 

The next plan, covering the sluggish on the State Industrial All the signs indicate that as 
| years 1980-85, promises to be a projects to which Saudi Arabia these vast projects get under 
Car more sophisticated affair. j s looking to provide revenues way the Saudi economy will 
| Saudi planners are already f 0r the future. The schedules on continue to grow rapidly in the 
working on it and will be able SU ch projects were always tenta- next five or seven years, and 
to draw both 0 ngreater experi- tive, but even so building work at the cost of less economic 
ence and on deeper knowledge -has begun on none of them, strain than has been felt so 
of the economy. A firm of Bri- Plans for a steel industry have far. . Social strains have been 
tish consultants— Coopers and been progressively scaled down far less than predicted: one of 
Lybrand— is building a model S o that as at present conceived the achievements of the past 
of the economy which will en- its output would only be for three years is the way in which 
able good input/output calcula- local consumption, while the the highly diverse labour forces 
tions to be made and thus give proposed aluminium smelter is —drawn from countries as dif- 
the plan a more precise and in- being given little urgency. On ferent as the U.S. and South 
tegrated structure. Already it is the other hand the Saudi Korea — has been absorbed with 
becoming clear that the main Government, through the Saudi relatively little strain, partly 
' emphasis in the Third Five Arabian Basic Industries Cor- because of the resilience of the 
| Year Development Plan is likely poration (SABIC), is now nego* Saudi social 'system which re- 
i to be on industrial manufactur- hating joint venture agreements eeives them and partly because 
| ing, agriculture and services. with Shell for the first petro- of the dilution of labour by 
Despite the imprecision of the chemical project (an ethane drawing it from many different 
Second Development Pten the plant) at Jubail. Mobil is also sources and dispersing It all 
Government can already claim doing design engineering work OTer the enormous country, 
considerable achievement along on an ethylene facility at Yanbo. 


Faisal . Beshir. belike that it 
may; be possible t& develop 
Jubail and Yenbo with only 
minimum Increases !s:>. the 
labour force and possibly no 
■ increase at all. Much can. be 
achieved by making increased 
use of highly productive labour 
— such.! as' Koreans "or 
Taiwanese — whose output may 
be several times that of other 
workers;: If extra workers are 
needed they can be imported 
directly into Jubail and Yenbo 
from- abroad rather than in- 
creasing the pressure on the 
domestic labour market. 


settlement as a halfway heust 
on- the way to urbanisation.’ 


The next plan is likely to 
concentrate more on agriculture 
than - the present one. The 
planners believe that tbe poten- 
tial may- have been underesti- 
mated in the first pian, though 
a complete hydrological survey 
still needs to be completed 
before major investment deri- 
sions can be made. Agricultural 
development will be aimed not 
only at raising food production 
but also at keeping the rural 
population on the land, though 
many officials believe that tbe 
bedouin should continue the. 
process, giving up their nomadic 
life but treating agricultural 


From, the progress that has 
been ''made and the plans to 1 
augment it in the future some 
picture uf Saudi Arabia can -be 
formed. Tfte image in the mind 
of the Government planners is 
of a state gradually moving 
from dependence on. oil revenue 
to greater emphasis on down- 
stream petrochemical industries, 
while the bulk of the Kingdom's 
population is drawn into tbe 
cities for work in service . Indus- 
try and Government, with mine 
bedouin settling in sedentary 
agriculture. The concept of an 
Islamic industrial state-^-whicb 
is what Saudi Arabia. intends to 
become— may seem strange 1 to 
western ;ininds; the creation of 
a rather more efficient economy 
without much of the social dis- 
ruption that had been feared 
makes .this goal more attainable; 
the major question is whether 
the western technical partners, 
no doubt encouraged .by'- the 
drop in Saudi inflation, "can be 
expected to back the concept lo 
the extent the Saudi Govern- 
ment considers essential. 


James Buxton 


Some planners, including Dr. 



ABDULAZIZ 

AND 


MOHAMMED A. AUOMAIH Go. 


Agents: GM. AUTOMOBILES: Buick-Pontiac-GMC 
- and spare parts -_ \ 

TTATALUS: Heavy Equipment 

Agricultural Engines 
Cultivators 
Dieset Generators 
Lubricating- Oil 
Tyres and Tubes 
Fire Extinguishers . 


PEffiKINS: ’ 

RANSOMES: 

M.A.N. 

SHELL: 

YOKOHAMA: 

BAVARIA: 


Owners: Pepsi Cola Factor^ 

CO; Factory 

Consolidated Enterprises: Joint Venture with - 

. International Companies 
. ... Riyadh - Dammam - Jeddah 

P.O.Box: 332 .••’""■224- V / 467 

Telephone: . 35033 . 23740 2370&I 

Telex: 20023 - 6Q054 ; . : 40147 


% 




^lfc* , ' *■:-*« r ". 

‘ %v i 





NX 









■ . 



•Vk, FV 1 7 . .*-■.■ 


yiancxai Times- Monday April 17 1978 


J*S5S 


?£> 
-"•••‘lai- 






that has blossomed 
into a bouquet 


BfNLADEN BROTHERS * 
for Contracting & Industry 



v. ! * * t 1 i .1 . 


P niT 5tT&i is a Saudi Arabian company engaged in all types of civil 
^ J iic *t[g%nd mechanical construction. Major turnkey projects executed 
-.-' iT . Qr tra*^ince the establishment of the company in 1973 include air- 
»^«r te. roads, bridges and utility buildinss. 

conditions 
substantial 

lM - binladen 

^BROTHERS produces and markets a comprehensive range' of 
ronstructibn. supplies and services through in-Kingdom sub* 

' • ■* isAidlaxy and assoc iate co mpanies. 

;?^B1NLADEN. BROTHERS has formed joint venture companies 
■ V. : v,»\th partners providing technological and management 
>’\*ap ability beneficial to the development of tbe" Kingdom's 
^ jif restructure. It is BINLADEN BROTHERS' policy to seek 
: majority bolding in such ventures, which are all carefully 

Studied for compatibility and viability in the long term: 

..." V^^he company owes its success to the highly professional 
■- z-'j.H ^management of its resources, coupled with integrity and sdngle- 
nindeti dedication to the interests of Saudi Arabia. Total- work 
executed by the company since its inception in. 1972 to. end 
... ^ 1977 approached one billion Saudi Riyals. 

' ■ Brothers Binladen 

• ^i^^rhe name Binladen became closely associated with major 

• : ' z \ ^Sovernment construction projects in Saudi Arabia during the 
‘ 1 -: - .i:jii^ifetime of Mohammed Binladen. The Organization he created 

• : % as among the largest of its kind in the Middle East, and was 

Entrusted with the most important civil engineering- projects 
A ... 1 . its day. : : 

• J 7.;- i irhe welL-integrated complex of specialized operating units 
. . ;; treated and grouped, together by bis sons today keeps the 

- ,' f- '^3- atnii y name at the forefront of both public and private sectors 

' . ' the construction industry in Saudi Arabia. 

: .vit • RESOURCES 

-r’lant & BINLADEN BROTHERS owns and operates 

• T • — ;• ; equipment a comprehensive spread of plant for earth- 

moving, asphalting and concrete works. The 
value of equipment active on sites throughout 
the Kingdom as at mid-1977 amounted to 
SR 67 million. The company purchases direct 
from quality manufacturers and runs a 
stringent programme of preventive' mainten- 
ance. Complete repair and maintenance 
facilities are established on-site for each of 
the company’s projects. These are supported 
by the principal maintenance base in Jeddah 
which keeps continuous radio, contact with-tbe . 
company’s camps Kingdom-wide. * Urgently 
needed spares, . as well as materials and 
personnel, can be flown to site in a matter of 
hours aboard one of the company’s fleet of 
five aircraft ’ 




OarF(ir$ 


laintenance 

icilities 


leet of 
Ircraft 


Travel . To further facilitate the considerable move- 

agency ment of its personnel both within a nd ou t- 

side the Kingdom. BINLADEN BROTHERS 
holds a controlling interest in a travel agency. 
Samara Travel. 

International In addition to its offices in Riyadh and the 
network of Eastern Province, BINLADEN BROTHERS 
offices has branches in Dubai, Amman, Cairo, Beirut, 

Lo idon and Houston. Collectively, these serve 
as centres for liaison with suppliers and manu- 
facturers, and for recruitment. 

BINLADEN AVIATION (BA) 

BA is a semi-autonomous division of BINLADEN BROTHERS 
which operates tbe company’s fleet of jet and turbo-prop 
aircraft, and provides maintenance support at its wholly- 
owned Jeddah facility. BA has undergone rapid expansion 
in recent years to meet the growth in the fleet from two in 
1973 to seven in 1978, and today offers technical services 
to other private operators in the Kingdom. 

ARABIAN AERO SURVEYS COMPANY (AASC) 

A joint venture with Hunting Surveys Ltd. (UK), AASC 
offers a full range of survey services including aerial 
photography and cartography. The company supports 
BINLADEN BROTHERS airport and road construction 
projects, and is expected to play an important role in the 
continuing development of Saudi Arabia’s infrastructure and 
the exploitation of the country’s vast mineral resources. 

BINLADEN BROTHERS CAPABILITY 

BINLADEN BROTHERS has progressively extended its 
project capability by forming joint venture companies and 
ongoing associations with construction and engineering 
organizations nf international standing. Supported by the 
substantial resources and expertise this network commands, 
BINLADEN BROTHERS can confidently address any con- 
struction assignment Saudi Arabia may require, regardless 
of its size, location or complexity. 

A I Mihdar BINLADEN Development Company 
(AfBDC) 

(MBDCj offers a consultancy service to companies seeking 
entry into the Saudi Arabian market, particularly in the 
construction field. The company has identified and studied 
a number of potential joint venture arrangements on behalf 
of BINLADEN BROTHERS, and has been active in their 
implementation. 


*4 


tr 


11 



* -- 


Tv,- A3DUU 

Up 

%*y u p 


ate awarded 
tebruaiy 1972 


2 ^ August 1972 
"lay 1973 


..vnJy 1973 
August 1973 


zZ.'± 

u August 1974 


•. - February 1975 

August 1975. 
anuary 1976 
" February 1976 
February 1976. 
'■ anuary 1976 

jjnn< 

one 1977 
fctober 1977 

tecember 1977 
tecember 1977 


Contract 
value (SR) 
42 million 


74 million 
55 million 

65 million 
90 million 


CONTRACTS AWARDED TO BINLADEN BROTHERS 

• . ■ \ 

\ ■ 

Project requirement V 

JIZAN AIRPORT PAVEMENTS Construction of a new lV.000 ft .-runway and 
parallel 10.000 ft. taxiway; three lead-in taxiways. high-speed turn-off and two 
concrete aprons; complete AFL system and all related civil works and road- 
works. \ 

SECTIONS 2 & 4, JIZAN-TAIF ROAD Construction of retaining walls and 
rip-rap stone setting. (Subcontract to BINLADEN ORGANIZATION). 

BISHA AIRPORT PAVEMENTS Reconstruction of main 10.000 ft. runway; 
new parallel taxiway; five lead-in taxiways. one high-speed turn-off; Four 
concrete aprons, four aircraft shelters; all related civil works and roadworks. 

TAIF-JIZAN ROAD (Road 54 Section 5) 

AL JOUF AIRPORT (Phases I & EC) Construction of a completely operational 
airport comprising 14.000 ft main runway, with lead-in taxiway, concrete aprons, 
airport perimeter road and fence, approach road and airport road system; 
complete AFL system; terminal building covering 3,600m z ; fire and rescue 
building; power house containing three 360 KVA generators, complete with 
HV and LV distribution systems to the- airport; water supply building and 
100900 gallon reservoir, six houses, office block, military out-structures for 
.sixty personnel and three hangars for tight aircraft maintenance . 

BADANA AIRPORT Phase I Construction of 10.000 ft main runway, one 
lead-in taxiway, two concrete aprons, complete AFL system, access roads to 
airport and perimeter fence. Phase n (similar to the civil specifications of 
A1 Jouf Airport project above, excluding the. military oul-structures but 
including one hangar for aircraft maintenance). . 

JIZAN AIRPORT BUILDINGS (Phase I> Construction of terminal and cargo 
buildings, power house structure, water supply building and pump installation, 
fire and rescue building, meteorological building and guard house and military 
cantonment. 

AL.WEDJH AIRPORT BUILDINGS (Phase I) (Similar to Jizan Airport Build- 
ings, above) 

JIZAN AIRPORT PERIMETER ROAD Construction of an 8.5 kilometre 
perimeter road around Jizan Airport. 1 . ’ 

BADANA PARALLEL TAXIWAY Construction of a 10,000 ft. parallel taxiway, 
with two lead-in taxiways and airport drainage works; complete AFL system. 

AL JOUF PARALLEL TAXIWAY (Similar to Bad aim Parallel Taxiway pro- 
ject, above). 

MOUNA HELIPORTS Construction of 14 elevated heliports complete with 
lighting and passenger elevators. ' 

UNDER CONSTRUCTION 

MINISTRY OF HAJJ BUILDING Construction of a ten-storey office building 70 million 
for tbe Ministry of Eajj in Riyadh. 

.AL KHARJ AIRPORT Construction of a complete airport including runway 62.5 million 
apron, lead-in taxiway, airport drainage and perimeter fence. This project 
was successfully completed within the contractual period of eight months. 

JIZAN AIRPORT BUILDINGS (Phase II) Extension of buildings and passenger 66-5 million 
facilities with associated utility services. 

WBDJH AIRPORT BUILDINGS . (Phase II) Extension of buildings and . 63.5 million 
passenger facilities with associated utility services; 'construction of a mosque 
and a desalination plant ..... 


Date of 
Completion 
October 1973 


October 1973 
November 1975 

July 1976 
January 1976 


95 million July 1975 


25 million July 1977 


25 million 


6.8 million 


31 million 


25 million 


18 million 


March 1978 
November 2976 
February 1977 
March 1977 
November 2976- 

June 1979 
April 1978 

June 1979 
June 1979 


PROJECT MANAGEMENT 
BOJLADEN-Kaiser (BK) 

Kaiser Engineers is one of the world's largest engineering- 
and construction organizations. It provides a complete range 
of planning, engineering and construction services to govern- 
ments and industry; and it has won world-wide recognition 
for its expertise in the design and construction of plants 
for aluminium, steel and cement, of facilities for mining 
and mineral processing, of power plants and transportation 
systems. Through this limited company in which BINLADEN 
BROTHERS has a majority holding, both partners - seek to 
participate in the large-scale industrial projects planned for 
the Kingdom, it is bk*s ultimate aim to transfer industrial 
technology to an indigenous staff organization. 

REAL ESTATE DEVELOPMENT & HOUSING 
BINLADEN-Kaiser-Losinger (BKL) 

BINLADEN BROTHERS entered the field of real estate 
development in 1975 with the turnkey construction of a self- 
sufficient compound of 64 luxury units undertaken hy 
BINLADEN-Kaiser and Losinger Ltd.. Switzerland's -largest 
civil construction company, as an ad hoc joint venture. 

BUILDINGS & SPECIALIZED STRUCTURES 
BINLADEN-EMCO (BEMCO) 

BINLADEN BROTHERS partner in BEMCO pioneered the 
introduction of pre-stressed, reinforced, pre-cast concrete 
systems to the Arab World in 1960. BEMCO’s turnkey con- 
tracting capability covers the design and construction of 
high-rise residential buildings, commercial centres, housing 
complexes and such public utilities as mosques, government 
office blocks, hospitals, hotels and sports stadia. The opera- 
tional experience harnessed by the company guarantees on- 
time completion of any project requiring specialized concrete 
works. 

PREFABRICATION 

The diversified construction interests of BINLADEN 
BROTHERS include a substantial holding in A1 Fadl- 
BINLADEN J&p (AB J&P), a Saudi Arabian company which 
specializes in the manufacture and erection of Jow-cost pre- 
fabricated structures. It has successfully introduced into the 
Kingdom the modular system developed by the pre- 
fabrication division of the multi-national Cyprus-based J&P 
corporation. With its own fully independent factory in Jeddah 
for tbe production of components, plus in-house electrical and 
plumbing capability, AB J&P guarantees rapid erection, 
economy and a wide choice of finishes and fittings. Projects 
executed Kingdom-wide include accommodation camps, 
offices, school buildings, showrooms and hotel extensions. 


n 

BINLADEN BROTHERS aluminium factory 
located at the company’s industrial site near Jeddah, manu- 
factures anodized aluminium doors and windows to British 
Standard Specifications under licence to Crittall Windows 
Ltd. (UK). The modern 2,500 square metres factory, the first 
of its kind in the Kingdom to be geared to mass production, 
has a capacity of 85,000 square metres a year on a three-shift 
basis. 

AGGREGATE PRODUCTION 

The BINLADEN BROTHERS aggregate division is the largest 
in the Middle-East Its wholly-owned resources include six 
complete crusher sets with capacities ranging from 200 tons/ 
hour to 350 tons/hoicr, a fleet of transporters, water tankers 
and trucks, and a spares and maintenance department for 
technical support. The division's operational experience in 
many parts of the Kingdom facilitates the smoothly co- 
ordinated mobilization of these resources in locations deter- 
mined by thorough site investigation and laboratory analysis. 

READY MIX CONCRETE PRODUCTION 

BINLADEN BROTHERS has a major shareholding in Ready 
Mix Saudi Ltd. (RMS), a j joint venture with Redland Ready 
Mix, one of the UK’s major producers of ready-mix concrete. 
RMS pioneered the introduction of ready-mix concrete on a 
commercial basis in Saudi Arabia. Delivery to site as required 
nf concrete to' controlled specifications and of guaranteed 
strength won the instant approval of contractors. The RMS 
service helps maintain project performance in the face of 
spiralling costs, demanding completion targets and skilled 
labour shortages. 

The company's fleet of vehicles deliver to both large and 
small contractors within a fifteen kilometre radius of the 
Jeddah-based RMS plants. A Schwing concrete pump with a 
50mVhour capacity supplements the fleet for deliveries where 
access is difficult 

DOORS AND PARTITIONS 

In a joint venture with Bruynzeel (Holland), BINLADEN 
BROTHERS will produce quality wood doors, kitchen units 
and internal partitions in a factory located near Jeddah. The 
factory will be the latest of its kind in tbe Kingdom with an 
annual single-shift capacity of 200,000 doors. 

SCAFFOLDING FABRICATION 

BINLADEN BROTHERS has -a controlling interest in the 
National Scaffolding Company (NSC), a Saudi Arabian com- 
pany formed jointly with Tower A1 Futeim Scaffolding (UK). 
The carefully studied venture will be the first in the Kingdom 
to supply locally finished scaffolding elements from its factory 
near Jeddah, where start-up is programmed for 197S. 


ELECTRO MECHANICAL ENGINEERING & SUPPLY 
BEVLADEN-Saxsons Electro-mechanical Company 
. (BSEM) 

BSEM is a joint venture company formed between BINLADEN 
BROTHERS and Saxsons Climate Condition Co., one of the 
most experienced firms of electro-mechanical engineers in the 
Middle East The BSEM team of 20 graduate engineers. is 
supported by a staff of over 130 specialized technicians and 
administrative personnel. Headquartered in Jeddah, the com- 
pany has a self-sufficient complex comprising stores, accom- 
modation facilities and workshops which are duplicated in 
Alkhobar. A Riyadh liaison office rounds out BSEM's Kingdom- 
wide service capability, which covers the study, design, 
supply, engineering and maintenance of large-scale turnkey 
electro-mechanical installations. 

BSEM has the exclusive distributorship in Saudi Arabia for 
Trane Company (USA), one of the world's leading manufac- 
turers of air conditioning equipment. The company also has 
distributorship arrangements in the Kingdom for KeepRite 
window-type room units, Remington floor-type incremental 
units, Baltimore air coils. Powers regulators and Kone- 
Westinghouse elevators. 

Within its first year of operation, BSEM turned over more 
than SR 50 million: as at end 1977, work under execution 
exceeded SR 350 million. Among the varied projects to which 
the company has contributed are th e air ports serving A1 .Jouf, 
Wedjh, Badana and Jizan; and the ITT telex exchange build- 
ings in Jeddah, Riyadh. Alkhobar, Dammam, Taif, Mecca, 
Medina and Qatif. 

TELECOMMUNICATION ENGINEERING & SUPPLY 
The telecommunication arm of - BINLADEN BROTHERS is 
BINLADEN Telecommunications Company (BTC). Through 
selective representations, its supply and installation capability 
ranges from small key systems through 7,000-line electronic 
and digital PABX’s to power and telecommunication cabling 
of technologically advanced design. Principal among BTC’s 
exclusive representations in Saudi Arabia are Bell Canada 
and its manufacturing affiliate Northern Telecom, which to- 
gether provide 80 per cent, of Canada's telecommunication 
services and equipment. Backed by the resources of these 
companies, and those of Bell-Northern Research Centre in 
Ottawa, BTC is well placed to participate with other 
BINLADEN BROTHERS operating units in the implementa- 
tion of large Government telecommunication schemes. Among 
the major projects to which BTC has already contributed are 
New Jeddah International Airport (microwave, radio and 
1,000-line telephone switching); King Abdul Aziz University 
(radio and 1,000-line telephone switching); and Islamic Jeddah 
Seaport (radio and 3,000-Jine telephone switching). 

After-sales servicing and maintenance support are provided 
by factory-trained engineers at BTC’s offices in Jeddah, Riyadh 
and the Eastern Province. 

TRAFFIC ENGINEERING 
Saudi Traffic Safety (STS). 

BINLADEN BROTHERS partner in Saudi Traffic Safety (STS) 
is tbe world’s largest highway marking company. Pioneers in 
traffic engineering for over 25 years, Prism o Universal have 
developed an outstanding range of techniques and materials 
through which STS seeks to promote safety on the roads of 
Saudi Arabia. ' 

SUPPORT INDUSTRIES 

To ensure tbe continuous availability of b asic, c onstruction 
Supplies in Saudi Arabia, BINLADEN BROTHERS has de- 
veloped a wide range of support industries, notably in the 
Jeddah area. B esides satisfying the requirements of 
BINLADEN BROTHERS projects, these industries generate 
a surplus which is sold on the open market. In nearly all 
cases, they have been pioneering ventures for the Kingdom. 
BINLADEN BROTHERS has approved plans to establish a 
central industrial estate at Kilo IS on the Jeddah-Mecca Road 
where the majority of these industries are to be relocated by 
1980- 

BRICK MANUFACTURE 

The BINLADEN BROTHERS brick factory, the first of its 
land to be established in Saudi Arabia, is located to the east 
of Medina near abundant supplies of prime clay and sand. 
Its annual capacity is 11 million units on a single-shift basis. 
Output comprises a range of kiln-fired hollow bricks in 
addition to -heavy duty solid bricks and concrete bricks for 
decorative purposes. 

The quality of the product, claimed to be the highest in the 
Kingdom, is attributable to a number of factors: the use of 
the finest raw materials: the company’s long experience in the 
field; the rigid txmtrol exercised at all stages of production 
from clay vibration to kiln firing; and the efficiently-run semi- 
automatic plant owned and managed entirely by BINLADEN 
BROTHERS. 


PERLITE SUPPLY 

Through Saudi Perlite Company (SPC), a joint venture in 
which BINLADEN BROTHERS has the majority holding, the 
benefits of perlite are to be introduced into Saudi Arabia. 
BLB’s partner in this venture owns the largest perlite mines 
in Europe, a guarantee of continuous supply. 

This naturally occurring mineral, once treated under high 
temperature, prorides the cheapest form of insulation known. 
In addition to its immense value to the Kingdom’s construc- 
tion industry, processed perlite has important applications in 
unrelated fields such as agriculture and pollution control. 
Marketing of imported ready-processed perlite began end 
1977, and SPC plans to meet the demand that the introduction 
of this remarkable product has created by establishing its own 
plant in the Kingdom by end 1978. 

TRADING 

The trading arm of BINLADEN BROTHERS developed out 
of tbe company’s requirement for large quantities of construc- 
tion elements and materials. The division supplies the parent 
company and its affiliates and subsidiaries, in addition to the 
open market 

Availability of stock for on-the-spot inspection and immediate 
supply, together with installation capability and maintenance 
back-up, have found a ready market for the BLB trading 
division among clients who have traditionally been obliged 
to deal with remote suppliers. 

Where viable, the exclusive agency agreements' formed with 
principals can lead to joint venture arrangements for the 
in-Kingdom manufacture of these products under licence. 

STRUCTURAL STEEL 

BINLADEN BROTHERS imports structural steel elements 
under an exclusive agency agreement with Varco Pruden 
(USA) and undertakes the erection of warehouses, factories, 
maintenance facilities and build ings throughout the Kingdom. 
In 1976, BINLADEN BROTHERS supplied elements covering 
a total of 100,000m’; by 1979, It is expected that the annual 
total will exceed 200,000m’. 


FENCING 

BINLADEN BROTHERS has the exclusive agency in Saudi 
Arabia for Heras Hekwerk (Holland), manufacturers of a 
range of fencing materials. Major supply and erection con- 
tracts that have been carried out with Heras products include 
fencing for airport perimeters, industrial complexes and 
schools. 

SUSPENDED CEILINGS 

As exclusive agents in Saudi Arabia for A lphacoustic 
(France), BINLADEN BROTHERS stocks, supplies and fits 
a wide selection of quality suspended ceilings. 


FURNITURE 


Turnkey projects undertaken by BINLADEN BROTHERS in- 
volving the' supply of furniture led to an exclusive agency 
agreement for Saudi Arabia with Pander Projects (Holland). 
A company active world-wide. Pander designs and manu- 
factures standard .and luxury furniture for numerous applica- 
tions, including offices, official residences sutd public utilities 
such as airports and hotels. - 




Head Office: 

Amariah, Jeddah. 

POB 2734, Jeddah, 

Saudi Arabia. 

Cables: LADENCO JEDDAH 
Telex: 401044 BINLDN SJ 
401071 BENBRS SJ 
Telephone: (021) 29088, 
29333, 
28487. 



i . 



IfYADH: ' ' 

' *OR 10A Riyadh. 

• ' telex: 201104 BINKIAD SJ 
telephone: (0U) 61427, 61426 

• >AMMAM: 

>OB5S, Dammam, 
telephone: (031) 24070. 

tMMANi 

‘OB 5181, Amman, 

. - ord&n. 

. telex: 1207 JORHTL JO 
1267 JORHTL JO 
telephone: 41620, 

. rtJBAl: 

*OB 1555, Dubai, 
telex: 5991 BINLADEN DB 
’• ; telephone: 21 516, 27726, 27632. 

A1RO: 

9, Arab League Building, Cairo, 
telephone: 708634, 707252. 


BEIRUT; • „ . - 

POB 113-5013^ ... 

Beirut, Lebanon. 

Cables: RAYPAR 
Teles: 21692 RA-YCO-LE 
Telephone: 346662 . 

LONDON; 

BINLADEN LONDON, LTD. 
Snite2, 

140, Park Lane, 

London W1Y 3AA 
Telephone: 01493 0522/3 
Telex; 299971 BINLONG 
269S85 SAUAN G 

HOUSTON: 

Suite 1109, Fannin Bank Building, 
Houston. Texas. - 
Telex: 774552 R1NBROSHOUS 
775858 EXECJET HOUS 
Telephone: (713) 795-0004. 

ARABIAN AERO SURVEYS, 

-POB 0079, Riyadh, Saudi Arabia. 
Teles: -201125. 

Telephone: 65410. 


A1 FadJ-BINLADEN J&P (AB J&P) 
POB 5028, Jeddah. 

Cables: JAYLADCO JEDDAH. 
Telex: 401116 BAKH5H SJ, 
Telephone: (021) 51249. 

BINLADEN Aviation 
POB 2734, Jeddah. 

Cables: LADENCO JEDDAH. 

Telex: 401044 BINLDN SJ 
401071 BINBRS SJ 
Telephone: (021) 74664. 

BINLADEN-EMCO (BEMCO) 

Head office: 

POB 105, Riyadh. 

Telex: 201104 BINB1AD SJ. 
Telephone: (Oil) 63362. 

Jeddah branch: 

(care of BINLADEN BROTHERS) 

BEIRUT BRANCH: 

POB 113-5013. 

Beirut Lebanon. 

Cables: RAYPAR 
Telex: 21692 RAYCO LE 
Telephone: 346662. 


BINLAJDEN-Kafser (BK) 

POB 2734, Jeddah. 

Cables: LADENCO JEDDAH. 

Telex; 401071 BINBRS SJ 
401044 BINLDN SJ 
Telephone: (021) 51512. 

AL MIHDAR BINLADEN Development Co. 
(MBDC) 

POB 4445, Jeddah. 

Telephone: 74791, 73403 

JBINIADEN-Saxsons Electromechanical 
Co. (BSEM) 

Head office: 
j 3143, Jeddah. 

Cables; RINSAXSONS JEDDAH 
Telex: 401071 BINBRS SJ 
401044 BINLDN SJ 
Telephone: (office) (021) 36873, 35705 
(workshop) (021) 21843 

ALKHOBAR: 

POB 54, Alkhobar, 

Saudi Arabia. 

Telex: (as Jeddah) 

Telephone: (031) 41933- 


BINLADEN Telecommunication Co. (BTC) 
POB 6045, Jeddah. 

Cables: LADENCO JEDDAH 
Telex: 401071 BINBRS S3 
Telephone: (021) 52041, 55186. 

BINLADEN Trading 
POB 2742, Jeddah. 

Cables: LADENCO JEDDAH 
Telex; 401071 BINBRS SJ 

401044 BINLDN SJ 
Telephone: (021) 34543 

READY MEC SAUDI (RMS) 

POB 5948, Jeddah. 

Telex; (care of BINLADEN BROTHERS) 
Telephone: (021) 55161/2/3. 


' SAMARA TRAVEL 

SAUDI TRAFFIC SAFETY (STS) 
POB MS. Riyadh. 

Telex: 201104 BINRIAD SJ 
Telephone; (Oil) 33676. 




IS 


SAUDI ARABIA XXIV 

As well as oil, Saadi Arabia is sitting on 
enormous reserves of natural gas. It is hoped to 
use these both for export and to fuel industrial installations at 
Jubail and Yanbo, but the Government has still to make np 
its mind about the scale of these projects. 


Financial Times Monday v 


Gas 



NOT CONTENT with being the 
world's largest exporter of 
crude oil, Saudi Arabia has now 
embarked on an ambitious pro- 
ject which should earn it the 
same role in natural gas liquids 
(NGL). Aramco is supervising 
a gas-gathering project — one of 
the largest industrial enter- 
prises in the world ever taken 
on — in the Eastern Province. 
By the mid-1980s the aim is that 
Saudi Arabia should not only be 
providing exports, but also fuel- 
ling its industrial areas in 
Jubail on the Gulf and— linked 
by a 1.270 km pipeline being 
built by Petromin and Mobil — 
its counterpart at Yanbo on the 
Bed Sea. 

Saudi Arabia’s gas reserves 
at the beginning of this year, 
according to the Oil and Gas 
Journal, were So.OOObn. cubic 
feet Saudi Arabia produces 
almost exclusively gas asso- 
ciated with crude oil, and 
therefore its production levels 
reflect closely those of oil. 
About three-quarters of its 
production until recently has 
always been flared off. Aramco 
has two limited natural gas 
fields in the Kidan field beneath 
the Rub al-Khali (the Empty 
Quarter) and a small deposit in 
Khuff limestone of the Permian 
era underneath D hah ran. 

Aramco already has a gas- 
gathering system drawing on its 
operations in southern oil fields. 


Some is used for reinjection 
into oilfields, some for local 
fuel, and some is piped to the 
Saudi Cement Company plant at 
Hoftzf. Other gas is gathered 
into a collection centre at 
Abqaiq where it is separated 
into NGL and pumped to the 
fractionation and treating plant 
at Ras Tanura, and into methane 
as feedstock for the SAFCO 
fertiliser plant and industrial 
facilities at the Ras Tanura re- 
finery. 

In 1976 Aramco produced 
67.6m. barrels of NGL (184,776 
barrels/day) and the capacity 
of its facilities now stands at 

320.000 b/d with exports 
amounting to between 200.000 
and 250,000 b/d. The increase 
comes as a result of a new NGL 
construction and processing 
plant at Berri coming on stream 
last October. Its principal con- 
structor was Fluor. This treats 
high-pressure gas from a gas-oil 
separator plant and is designed 
to recover 52,000 b/d of NGL 
from a gas throughput of 
600m. cubic feet/day. Initially 
its production was in the range 
of 400ra. cfd (reflecting a crude 
oil production of between 

900.000 and lm. b/d from the 
Berri field). Initially it 
separates the gas into two 
streams — one NGL for Ras 
Tanura and the other high 
quality residual gas to be used 
as an industrial fuel. 


One mure stream is to come, 
of ethane to Ras Tanura. Later, 
under an expanded programme 
of throughput from additional 
fields — Qatif, Khursaniya, Fadili 
and Abu Hadriya — it will 
increase Us handling to SO.OOO 
b/d. According to the Nicosia- 
based Middle East Economic 
Survey (MEES) Aram c o' s pro- 
duction— on the basis of a level 
of 300,000 b/d — was divided 
between 125,000 b/d propane, 
90,000 b/d butane, and 85,000 
b/d natural gasoline. 


Changes 


The major gas-gathering pro- 
ject has undergone some con- 
siderable cost changes since, in 
May 1974, Petromin. the State 
oil and mineral resources 
organisation, first decided to 
conduct studies on it (under 
taken by Texas Eastern Trans- 
mission Co. of Houston). 
Originally projected to cost 
§5 bn. it was revised upwards 
at the end of 1975 to $10bn. and 
then again to $16bn. in 1976. 
This was partly as a result of 
raising capacity from 3.5bn. cfd 
of associated. gas input to 5,5bn. 
cfd (or to gas quantities pro- 
duced from an oil production 
level of 12m. b/d) and also 
from the addition of the Yanbo 
fractionation plant and the 
trans-peninsular pipeline. 

Since then, however, an addi- 


tional number of uncertainties Redec-Dallim (South Korean), 
have been introduced. First, Foster-Wheeler (U.S.) • and 
the Government has not yet Arinco and Safami, two Saudi- 
decided on the full scale of the based companies, now stands 

'beStte ? ha ™ buU ! *'«*** 
gas gathered for fuel. Second. ■^ ra ™ Cf) system new NGL pro- 
it is not firmly established what cessi f|S a °d conditioning centres 
long-term oil production capa- a F Uthmaniya and Shedgum 
city level the Government < both on lhe GhawaT 
intends. Third, if the 65 per at Plan s tor centres 

cent ceiling on Aramco’s off- at . an , d Abqajq haTC 

take of light Arabian crude is be ! n indefinitely postponed, 
maintained (as announced , At P resent - b « lde ? the com- 
carlier this month); there will P ]eted ^ nt at Bem ' 
have to be further variants on of "“""B P. lants a j 

the levels of oil production, for Shedgum and distillation and 
in broad terms lighter crudes ex P or * plants at Juaymah:is 
produce more. gas per barrel ??E? cted t0 be completed m 
than other grades. 19 . 80 ’ for operation in the 

middle of that year. The build- 
Fourth, there has been some ing 0 f the gas plant at 
change in the size of operations. Uthmaniya has reached the 
Originally, the project was to stage of the site levelling and 
.collect all the gases of major a t the Yaubo distillation plant 
fields, but now production from S it e levelling is to begin in the 
the northern offshore fields of middje of 1978. They are both 
Safaniyeh, Marian and Zuluf expected to be in operation at 
has been postponed indefinitely, the end of 1982. 

This is partly because offshore i n the operation of the 
production would be more project, after the separation of 
costly (up to ?6bn. for the three the NGL and desulphurisation, 
fields, according to sources in the gas is to undergo compres- 
Aramco) and because produc- sion and partial fractionation 
tion from these fields would to produce a dry gas stream and 
represent in any case only a wet liquid gas stream. The 
between 10 and 15 per cent, of former (methane) is to be used 
gas reserves. as fuel and feedstock by Aramco 

In broad terms, the project, and by the petrochemical indns- 
for whom the main contractors tries, notably at Dammam and 
are Fluor, Bechtel and Ralph Jubail. The wet stream-nan 
M. Parsons and sub-contractors NGL plus ethane — is to be 


moved ta fractionation p&nts pt 
Ju’aymah to produce propane, 
butane and natural gasolinfe jfer 
exports and the ethane ; would 
be pumped to. Jubail for feed- 
stock. 

The final input is reckoned'* 
5.5bn. cfd of associated gas .but 
at present only 4bn. cfd. 'could 
be captured of which 2.5bn cf d 
of residual gas would. he. used 
for industrial fuel, while. 750m. 
cfd would be used for gas injec- 
tion and the same quantity Tor 
flaring. It is also to produce 400 
b/d of ethane, 650,000 b/d of 
NGL and '4,000 tons/day.' ef 
sulphur (all below the original 
estimates for the fin^l produc- 
tion). However, it : = is - still 
reckoned, as schedules' slip by 
reflecting changes in official 
assessments of oil production 
levels, and the demands of poten- 
tial users, that costs of-ffre 
whole mammoth prajeetcotild 
be as high as $20bn. Aramco 
expects a final decision within 
a few weeks. . ! 

Anthony McD^nnott 


ISLAMIC CALENDAR 

This is -based on . -the Hijrah, -tlie xnigratipn-;'iif 3Ehnop|ict 
Mohammed from Mecca to Medina which . took : place on 
July 16 622 AD; which, is. year one in the Islamic Calendar. 
It'is the official Crienaar in Saudi Arabia.-- The Calendar -fr 
lunar and each year has 354 or 355 days, the extra day 
being intercalated 11 times every 30 years. . 

There are twelve months:'. ' : 

- 1. Mnharram 30 days 

2. Safer -. 

. 3- Rabia I 

4. Rabia II 

5. Jnmada I 

6. Jornada D 


J 7JKajab .30 days 

29 days 8. S&aaban 29 days 

30 days . 9,. Ramadan 30 days. 

29 days . 10. Shawwal 7 29 days 

30 days : 1L DhuTQa'da 30 days 

29 days 12. Wmi-HIjia . 

-.-29,er.30dayB 

The Hijrl year begins on the day of the month indicated: 


ISLAMIC 

CHRISTIAN 

• ; . • - .. ■ • ' L 

1390 .. 

1970 

March 9 

1391 .. 

1971 

February 27 : 

1392 .. 

1972 

February' 16 ; v : . 

1393 .. 

1973 

February 4 : > .. . 

1394 .. 


January 25,- ; 

1395 .. 

........ X 1975 

January 14. .- rS-’ 

1396 

1976 

January- 3 ^ . ' 

1397 .. 

-1976 

Deeember-23 . 

1398 .. 

1977 

December ft"! • V 

1399 .. 


December 2 -j 

1400 .. 

1979. ' ; 

November '21'. 1 

1401 . n 

I960 

November S.,' , Z ; j 


Festival dates are determined by the moon, -arid tfirite- ' 
are many local differences. It is therefore advisable- toavgid - 
them (especially Id al-Fitf) by some day s b oth. bef orc^apd ; : . jl 

afterwards. ; 

MouJid al-Nabi (Prophet's birthday) Febrnary ^O -- ' 
Leilat al-Miraj (Ascension) - - , ; 

Ram adan begins ' _ Augn^t 4 • ; ; ’ 

Id ai-Fitr (end of Ramadan) , September '.*7 ? 

National Holiday ‘ SeptmuberB, .;" 

Id al-Adha (Feast of the Sacrifice) -• November 11-ii 
1st Muharram •. . Decainberl ’j j 

Ashoura. . December 12 


FINANCIAL YEAR . 

This is of 12 months’ duration, but begins this, 

seventh month of the lunar Hijri .year. Thus, . (he: year - 
1396-97 lasted from June 28, 1976, until June 17 T 1977, and 
the year 1397-98 will last from June 18, 1977 to June 7, .1978. : . 


V _ - . • 






# : . 

k'G- 


What makes two into one? 


Refineries* petrochemical projects, cement factories, ' ^ 
al rnmnhim smelter, fertiliser plants and an iron and steel ; v 
complex are soriieof the public sector projects under consideratuni 
or being implemented. The private sector is also activej - 
especially in joint ventures with foreign companies* 


3 s * V.' 


i t*-"- 

p 

ffc 

£ iv- 





The Arab world is the richer for a new and powerful bank, the 
Albank. Alsaudi AlhollandL As the name suggests the Saudis and the 
Dutch have joined forces to create a new bank This marriage of Dutch 
international banking expertise and Arab wisdom and influence 
promises to bring many benefits to Saudi Arabia. 

The Dutch partner in the new bank is Algemene Bank 
Nederland which has been in business for 150 years and has already > 
been established in Saudi Arabia for 50 years. In addition, the ABN- 
Bank has vast know-how throughout its offices in 40 countries on the. 
five continents. 

To this fund of banking knowledge Saudi Arabia now adds its 
potential and its Arab influence, together with the value of local Arab 
involvement that offers so much to die international businessmen. 

The banking skills and financial influence that make up die.. 
Albank Alsaudi Alhollandi introduce to the Middle East a truly 
modem bank of international strength and sophisticated facilities* 


Albank Alsaudi 

ji t ir!.l~ Alhollandi 

Alkdlaadi is located in: Saudi-Arabia -Jeddah fheadoflice), Charia King Ahdul Adz. P.O. Box 67, telephone 26266, 29455. 29635; 
ttUa^RMiDanOWAIaui Street 1U P.O. Box 70, telephone J 32 J 2, 21700, 23574. 25529, 25530, 26921, telex 60015. Alkhobur, Prince Street. r.O. Box 342, 
telephone 41207) ’*£> **• 42749 ^telci: 60015 (Dammanj. Riyadh soon to he opcped.ThcABN network: The Nahcrljnds, In.-ljnd, Cheat Britain, Belgium, France* 

Federal Republic oi tjeirnany, Switzerland, Gibraltar, Italy, Greece, Turkey (Holamse Bank-Oni), Lebanon, United Arab Bahrain, 

lru(Mcmntt om*oi inut and Holland', Pakistan, India, Malaysia. Singapore. Indonesia, Hongkong, Japan. Mnnsuj Alcemcne Bank Marokko S A i. Kenya, 

Venezuela, Panama, Australia, Alciku. Operating under the mmc LUncw Uulandcs Unido in; .\tgcmina, Uruguay, 





ONE DREAM at least ia Safiffi 
Arabia came true last week. THe 
manager of A1 Hofuf cement 
factory, Mr. Mubamed Hossari, 
who has worked for 20 years for 
the privately owned Saudi 
Cement Company, saw the com- 
missioning of the $170m- ex- 
pansion which makes the plant 
by far the biggest producer in 
the country, and the most mod- 
ern in the Middle East 
“It really is like a dream come 
true. When I came here in 1958 
there was nothing but desert. 
When we went into production 
in the 1960s I never thought we 
would have all this,” he said 
pointing to~'a plan of the inte- 
grated computer control system. 

Ihe SR600m. investment in 
the latest West German equip- 
ment means that one man in 
the cool gleaming computer 
room will be able to monitor 
trol the entire operation, from 
the limestone quarrying to load- 
ing trucks or trains with bagged 
cement The plant will soon 
produce 4,500 tons a day, equiva- 
lent to L4xn. tons a year, which 
is twice the combined produc- 
tion of the two existing plants 
at Jeddah and Riyadh. 

A1 Hofuf is a dream turned 
to reality, but Industry else- 
where in Saudi Arabia remains 
confined for the most part to 
plans for. the future. The King- 
dom is desperately ambitious to 
build up its heavy industry and 
is determined to - become 
major petrochemical producer. 

Among projects now at vari- 
ous stages of discussion with 
different potential : technical 
partners are: an export refinery 
and petrochemical complex at 
Yanbo on the Red Sea (Mobil); 
an export refinery and petro- 
chemical complex at Jubail 
(Shell); three further .petro- 
chemical complexes (Exxon, 
Dow Chemical and Mitsubishi); 
another refinery (Caltex); .two 
methanol plants; two nitro- 
genous fertiliser plants; an 
aluminium smelter; and an iron 
and. steel complex. These pro- 
jects are divided, between 
SABIC, the Saudi Arabian Basic 
Industries Corporation and 
Petromin, the General Organisa- 
tion for Petroleum and 
Minerals. 

The private sector also has 
ambitious plans, though entre- 
preneurs have been slow to 
move into heavy industry, 
eschewing huge capital outlays 
and the longer wait for a return 
on investment The Saudi 
Cement Company anticipates 
that the Kingdom’s 5m. tons 
consumption of cement last year 
will rise to 10m. tons by 1980 
as indicated in the five year 
plan. It is setting up a Saudi- 
Bahraini company which will 
produce 6,000 tons of cement a 
day- at its first stage in 1979, the 
plant being built north-east of 
AI Hofuf. 

Planned private -sector plants 
which involve such entre- 
preneurs as the Alireza family, 
the Ankari family and Ghalth 
Pharaon’s company. Redec, are 


K 

.j 


mainly Joint ventures with SABIC was set up by the 
foreign steel companies, iuclud- Government (which /subscribed 
lag Suftdtomb and the Canadian' the full SRlObiL capital to ow 
company CosteeL The absence see the development/ of the 
of tariff protection barriers for Kingdom’s plans' ; to / develop 
such import-based projects has downstream : industries rising 
left' some- proposed ventures hydrocarbon resources. Hu 
somewhat la the air but E. A, corporation started a -series of 
Juffali and ’Brothers have built preliminary feasibility studies 
a joint venture assembly plant in 'co-operation-' 'With ; potential 
for trucks With Mercedes Benz, equal joint : yentare^ partners, 

CONTINUED ON NEXT PAGE"- 


lUSIl 


IIM SAUDI ARABIA 

Tor nearly 50 years companies in tine Douglas 
Group - have carried . but many Tmpottafitr 
construction contracts in the United Kingdom 
' for public authorities and private clients. 
They .have now extended their operations to 
the Middle East and are actively engaged -in. 
Saudi Arabia and other countries. 



Rd\/I. DOUGLAS CONSTRUCTION LTD. 

;. in -co-ope ration with OMAR K AL-ESAYi 
OFFICE is building a new headquarters at 
Jeddah- for the Department of Civil Aviation, 

: illustrated above. This team is available for 
civil, engineering and building contracts, 
including design and, construct contracts, 
throughout the country. . ; S •/. 

BRITISH LIFT SLAB LTD's sen/ices for multistorey 
construction and specialist lifting, using the Lift Slab 
-method, and sfipformlng uang theSiemcretej^ysteni 
"are" a Iso irvuse in the Middle East., "• •*" •• 

RAPID METAL DEVELOPMENTS' LTD. supplies 
scaffolding and -Formwork in Saudi Arabs front 
:• depots in Jaddah and Riyadh. :\ . 1 _> 

: Enquirfe* for^ny of these services should be acf dressed tOT 

: Mr. RB. MORGAN.M.f.C.E^ . - 

- - jcfo Omar- K Al-Esayi Office, Pld.'BOX 2837, ■ ' 

• AlsroorBuilding, Kik>l,Mecca Roal, 

... Jeddah, Saudi Arabia. . - 

■Telaphone- Jeddah 22B98/2540S. ■ 

; Telex 40547 SAIF SJ - 

’ Orta the United Kingdom head officer of ‘the companfa 

R.M. DOUGLAS CONSTRUCTION LTD. , 

, , ggfi Gebrge Road, Birmingham B23 7RZ. 
Teiephone021-3564S8a THex 338393. 

‘BRITISH LIFT SLAB LTD. : * 

• - Lynton House,- Lymon Square, Bim^ngham B421BH. 
.Telephone 021-366 7271. Telex 338398.. 

rApio metal developments ltd. . 

• Stubbers Green Road, Aldridge, West ftfidfands WS9 8BWL 
. Telephone Aldridge 53381. Telex 3385T4.-. 






•A. 












19 


'pinaiclal , -Times Monday April 17 1978 


SAUDI ARABIA XXV 


tbotrt'J^a 





-K. 


As ttiie world’s second biggest oil prodncer-~after 
Russia — and the largest exporter, Saudi Arabia has a strong 
voice in the councils of OPEC. It has used this, successfully, to urge moderation 
in price increases. In the Kingdom itself discovery of new 
reserves continues to outstrip the physical offtake. 


'■it : 






Oil production 


— — ..--s— convincingly denied (although ™ Y cn Ctke U.K. with 5.1 per Light crude 

Petroleum Exporting Countries cor rosion is known and t aad ^j.S. (whose Aramco. The 
(OPEC) by forcing its fellow admitted to be 

i «ka Ponme moat. . ... 


500.000 b/d). Of Maijan and ment, 12 per 
7uiuf (offshore), which were Socal, Texaco, and Exxon and 
f . . .qyo *h C inner 4 per cent, for Mobil) have been 

has' ton 'brought to* In their final sages. Under tb. 

u,e pro— Of crude £ 

The foraer is expected on taie6ver> ^ four C om- 

Str T^!Lf intiii ‘ levels of produc- panics would continue to run oil 
To maintain levels ot proo^ production operations for the 

tivity. Arainco ha f > Saudi Government and would 
been injecting g average he paid an administrative fee of 
reservoir P ressur ®‘ t t of a 21 cents/barrel made up of 15 
350m. cu. feet/day (out of a fe J and 6 

total capacity of 4Wm- cu- 1 e et/ ^ ^pion^on fecs , They 

day) are injected together into ce - oue tQ ]ift lhe bulk 

. the Ghawar 3»d_Ag » crude produced at the 

Existing water lniKbon volumes price set by ^ Saudi 

are into Abqaiq 1-m b/d. Bern ^ a nd put their own 

3.3m. b/d. Ghawar 4*n. . bM ^capital for exploration in 
Uthmaniyah. Sbedgum and Ain Aramc0 - S concess ion. In the 
northern area seawater is i nt D f an oil discovery, the 
replace the current 4— m. D/a GoTCmmen t would repay the 
of subsurface water), Hawiya ^ e i r outlay plus a 

fee per barrel of Mis- 
Jrst phase of CQVeTed 0 il a nd a corresponding 
avian increase na cai^i ?%*** a huge seawater injection plant add itdonal allocation of crude 

by by discovering more oil than it — the largest in the world is ent jtlement, Aramco. from a 
blend produces. Aramco has currently to come into action at Kas ai- concessionaire company, .would 




r “„i” corrosion is known ana ceot i and lhe . U Si (whose Aramco. The average blend produces . Aramco has .. - .. r , lir =_. Iline - - - 

, - „ Ce “°^ admitted to be a long-standing depcndence has since increased of Saudi crude has four cumpo- bout 26 exploratory rigs operat- Qurayyah on the «*“■ become a service company 

members at the Caracas meet- lpcal pro blem). However, it is cons j derab ]y) with 4.68 per nems: Arabian Light (between . Q but baB not repi ‘ * '*■ 

- the »ho nioui in crtnlP rlinlOHUttlC OO ri r .rr ~ n J 1 C rlop APT. mainlv .7f nnu- A.. 


• -.'.Z Ing— notably including - the ^ view in some diplomatic . 

■ r . r : shah— to adopt its Une that that where Aramco 

•-0, lh ere s tiovd * ^ D0 J rk L Tlses might have been at fault was tv -; 

. 3 for anothex 12 months. This is not keeping the Saudi Gov- UeClSIODS 
' ^ additionally in the face of ernment informed that it could „. . . 


about 26 exploratory rigs operat- qurayyan w ««■ become a service c-oiuk-^ 

nems: AraDian j-ignt tueiwccu . Q but baB not reported the at the rate of -..no- b/d inmai y, operat i n g in the oil sector as 
32 deg and 36 deg API, mainly -tilery of new fields since and then three months later an wrfl ^ in SUC h other sectors 
from the Abqaiq and Ghawar s ' baT , sharar (bulb onshore) additional 1.5m. b/d, wmi tne as gas eJCp ioitation, electnfica- 
™ -**- of ^ Haabah (offshore) Of 37 intention in the early IBoUs or t 4 0n 0 f the Eastern Province and 

. . ■ . ■ i ..AnUinrf 19m h / H— Jit 9 t0l3i . I n F r*oi*to in infJllS” 


additionally 

the dollar's weakenin_ 
j>ia has said on several 
'occasions that it was not out 
:v; 0 abandon the dollar as a technical 


A.McD. 


Industry 


CONTINUED FROM PREVIOUS PAGE 


treading carefully as they r«ich 
the stage of doing the detailed 
costings and marketing studies. 

It is no secret that the inter- 
national oil and petrochemical 
industry is in a state of coni 
siderable alarm at the prospect 
of Saudi Arabia entering a mar- 
ket which may be saturated by 
the time projects come on 
stream. Saudi strategy is to give 
foreign companies a large stake 
in the programme, nut just as 
managers and market advisers 
but as equity participants. 
Government planners know that 
if Western nations move on the 
defensive to .protect their own 
petrochemical industries, future 

viability will depend on the 
backing and involvement of the 
international companies 

Critics in the petrochemical 
industry puint to the following 
marketing issues: the local mar- 
ket for Saudi products is tiny 
compared to investment and out- 
put, regional rivals like Iraq 
and Iran and other Gulf states 
are pursuing their own petro- 
chemical developments, the 
world market Ls dominated by 
Western industrial nations 
which could ill afford the entry 
of a newcomer, particularly if 
Saudi Arabia manipulated profit 
margins by juggling with feed- 
stock costs and invisible sub- 
sidies. The companies in the 
joint ventures want to make cer- 
tain that their planned products 
would not be uncompetitive on 
the free market because uf 
unacceptable levels of produc- 


tivity and high cost madn- 

tounes) and agreed to investigate the chances t "“ nce - 
Ben- of using local iron ore deposits The ui 


t ! i • 


fields — about 70 per cent, of and Has bah (offshore). Of 37 intention m in«r “ t ion of the eastern rrovmce au« 

production). Berri (another fields production is coming only reaching 12m. b/d— at a total execution of certain mdus- 

■r -t ernment informed that it couid Thp Kingdom faces some diffi- light crude of 38 deg API named s ron j' 35 a t present with the cost of $1 bn. . trial projects. Compensation to 

Sa Jl5i not kee P production on a sus- fundamental decisions after the oil field itself— up to j producers: Ghawar (more For . som f. of the £our S™ups for their equity 

"” l tained basis at the required X ut ^lj 0 n E ^m production 9 per cent.); Arabian Medium * 3 bl b/d), Safaniyah tions for the full ^ L n t ^ amount to Jl-5bn- 

%3ccaaiuu8 , u.«i « — - 10m. b/d ceiling because of .. . R e eau S e of the lead (29 deg-3I deg API drawn from # ncar | y im. b/d 1. Abqaiq (over Aramco (currently 60 per cent- 

:s:o abandon the doUar as a technical bottlenecks, CTen Sme of about^nyeai required the Khursaniyah. Abu Safah. SflOO b/d) and Berri (over 0 urn ed by the Saudi Govern- 

'■ neans of oQ payments, but like th0ll . h ^ imdaUed hardware ^%° h V deJeYopment of new Qatif. Zuluf and Marjan fields ' a0>UUU 

jthers xt is studying the re- is t h erc- laree-scale energy projects, a — between 3 and 5 per cent.); 

J-— : n??MdalMSfnfi^'-ht , s of W has to be added that decision will soon have to be and Arabian Heavy ‘26 deg-28 
a? an fi aheroative Aramco had some serious mis- made . Basically, Saudi Arabia deg API from the bafaiujah 
■^1 he DIF fortunes. During the first two has to decide whether it should field — between 30 and 1- P« r 

v nethod of payment. „ nn th« nf 1977 bad weather ra j se oil producing capacity cent.). However, the proportions 

losdtag at the t0 mect the rising demsnds oC ». produe,ion__do__not eo.nc_. __e ^ (MOjMO lomie?) _a„d ^ ™ £££- The unspohen issue cone.rn, 

which 8audj Arabia 
bear to persuade 
its petrochemical 

aluminium smelter does nut areams mat the Kingdom has 
hopes to construct a 400.000 seem yet t0 bave attracted a a just case in its downstream 
tunnes/year operation with a company, and SABIC's ambitions and that future pro- 

product mix including low about t he viabUity of duction would represent a pro- 

densiiy polyethylene (200,000 . Dr0 j ect j s based on studies portion ol world output small 
tonnes) and ethylene glycol t - 

- . , The country’s current eco- sneuen ramam aiso a«u ; u«i Cornpa ny, a joint venture witn 

■ater in. urn. in June a cum- i71gi which . is being sustained nomic requirC m en ts are for in- 0 ^ lj Shf producers in OPEC Ce]anese Chemical and Texas rcuuuini . lu> . 

•remise was reached whereby throughout this year. Never- derivin® from not mueh were h a vui 3 difficulty selling EMtern _ Detailed feasibility 240,000 tonnes low density poly 

— ,n - ’ — in 1977 K™ their oil. This move has been studies mil continue for a plant ethelene plant. 

in Jubail to produce 2.000 
tonnes a day *»r methanol from 

, 0 ^ — — , a*. 1Bm D/a llQe w . a . it, lod- •” — which building materials.- glues, JTIUliCU 

- more than those prevail- Aramco — was- 9.02m. --b/jl; the . . ' .. t tbi _ cou id be Saudi-led drive for not raising so i ven ts an d anti-freeze can be 

li3 g at the time of the Doha remailllD g 1B7.500 . b/d. came aqb > yed by the investment of oil prices this year. - - 

COajl^pnference. from Getty Oil Company and ft9nhn gnrf hv ma intaininfi re- At the same ti 

, the Arabian Oil 

M'Circles 


mm m 




nnes a year wm e.vm uj " — -■ 

Chemical fertilisers have been means of leverage, but recent 
discussed with various foreign S jg ns have been that the 
companies including Britain's B uardian of OPEC's main oil 
I.C.I. But the most advanced dis- supplies would be willing to 
cussions have been with the enlist the active support of 
Taiwan Fertiliser Company. OPEC members to' enforce its 




own. However, aauai *!««« . ---- . ins lo ai^uulu, pomui * „ — A Vm,- p, 

fas only partially successful in annual level of 8^m. W.W barreIs proven (that ^ recove r- ^though the days of discover- called S^IL-Mobti £ 
lis. which led to some contro- bring, in an income of about able with presen t technology) huge fields on the scale of chemical, which is Propo.m 
Ijrslal and unproven accusa- 8Mbn. •' M a m - rt and 177.5bn. barrels probable. Ghawar (241 km. long and construct an ethyeneba^d( 

ons — reflecting on Aramco’s . The Government estimates the 35 wide and with reserves pi ex at Yanbo. The product 

chnical abUities— about water 550,000 b/d reserved for refiner- prQven j^er at 151.4 est imated at 68bn. barrels), from this plant is 

.icroachment into ' wells, salt- ies,' ail Saudi crude oil b n . barreJs. Safaniyah (offshore. with low density . 

"ater " corrosion, .of '• wtOT the^^Importer Last month Sheikh Yamani reserves estimated at 25bn- (200.00Q tonnes/s 


'and pipelines, 


, h HS!M sUeam activitl^ and has a big Sieves It has the deterrent 

TmpSrtmTx cunremtly^ being examined. A poUtical stake in pursuing plans power necessary to construct 

planed to be coSract between the Depart- for a petrochemical revolution the dream. 
poSyiene ment of Minerals and British Both the Government and the 

23bn . Steel Corporation to ton iomt venmre o.l enn-paniss are 


Michael Tingay 



IAL provides management and support staff to control 
all airportlunctions from initial an pot t planning through to 
management and administration of completed airports. 

Air Traffic Control r . t _ . . 

IAL provides a complete range oFan traffic contri.il 
services including the recruitment, training and supply or 
air traffic personnel. 

Aeronautical Ground Aids Engineering 

IAL installs and maintains electronic equipment, 1 adio 
navigation systems and airfield lighting, including 
specification and supply of communications and 
navigational equipment 

Aeronautical Telecommunications 

IAL plans, supplies, installs, operates and maintains 
aeronautical telecommunications services. 

Meteorology 

IAL provides a complete meteorological service to 
governments and aviation authorities. 

Airport Fire and Rescue . 

IAL provides a total service lor the provision ot_ 
personnel and the operation ol all an port and municipal 
lire and rescu&services. 


Airport Security . lt „. . , .... 

IAL provides the aviation industry with efficient. ea;.if/' 
implemented non-military methods of piotection against 
■organised crime and political terrorism. IAL also markets 
the Ra’pidex Security System which provides metal 
detection, baggage x-ray and explosive gas and vupour 
detedionladltties. 

Airport information Dissemination Systems 

IAL provides a flexible and comprehensive audio visual 
systermWiich includes i light and general information 

displays, closed circuit television, alarm warnings., 

communications networks and central computer controL 


Aviation Training x Tl 

IAL lias two training establishments in the UK. The 
College of Air Traffic Services and The College of Radio 
Engineering, which have trained students from Africa, the 
Middle East and Europe to ICAO standards in many 
different aspects of air traffic control, aeronautical 
telecommunications and navigation aid systems. 


Aviation Products , , , 

IAL designs, develops and manufactures a range of 
products including air traffic control systems, solid state 
navigational beacons, beacon monitor receivers, and a 
range of VHF transmitters and receivers. 


IAL 

IAL has been serving the aviation 
industry forthree decades. 

In 1947 wheri the world's major 
airlines were recreatmgservices and 
expanding Fong-hauf routes, IAL was 
estabiished'tb p'rovidetechmcal start 
and equipment atairports in many 
parts of the world. 

And overthe years I AL'has 
acquired unrivalled skill in operating 
airports of all sizes fromthe largest 



rnmATimi aerasiq united 


international airports to municipal 

airports and small local airfields. 

IAL capability includes the supply 
and installation of equipment and the 
provision of personnel for the 
management .operation and 
maintenance of airports, airtraffic 
control services, aeronautical 
telecommunications, radio and radar 
aids to navigation, security systems, 
meteorological-and fire and rescue 


services and many more associated 
activities. 

At present these services are 
provided at morethan 75 different 
airports across four continents. 

One of the most important of lAL's 
services is training. The company 
operates two colleges in the United 
Kingdom where a multiplicity of 
aviation skills are taught to students 
from all over the world. 


No other company in the world 
offers such a comprehensive range of 
technical services to aviation, nor has 
a- more broad-based knowledge or 
such an in-depth experience of airport 
planning, management and maintenance. 


Please send memoreinfonnalion on jAL's total Aviation 
Capability.! am particularly interested in 


International Aeradio Limited, 
Aeradio House, Hayes Road, 
Southall, Middlesex, England. 
Telephone; 01*574 241ITelex: 24114 














Country — 





€ 




'fou know your business 
We know Saudi Arabia 
Let's pool our knowledge. 




Al Saudi Banque 

49/51 Avenue George V 75008 Paris. France. 
Telephone 7208608 Telex 630349F 
REPRESENTATIVE OFFICE: 

Stock Exchange, Old Broad Street, London EC2N 1HHL 
Telephone 01-588 4322/3/4 Telex 881343S 



Fred. Olsen Seas peed Svedel Limited 



FOSS - Fred. Olsen Seaspeed Svedel Ltd. - is the 
Market Leader in Roll-on, Rotl-oft liner shipping 
services to the Middle East offering an unrivalled 
combination of strengths, ro-ro operating and 
cargo handling experience, and m-depth 
knowledge or Middle East ports and markets. 
This unique capability includes: 


Immingham^fc 

j Felixstowe 


Rotterdam 


Antwerp 


Dubai 

Jeddah 


Sales, enquiries, bookings etc., to 

Fred. Olsen Seaspeed Svedel Limited 
Piercy House. 7 Copthsll Avenue, 

LONDON EC2. Tel: 01-628 3351 Telex: 889158 
or 884620. 

Also af- 

6 > -65 Nev. Street Birmingham. Tel: 021 -643 2989 & 
02 1 643 3408 Telex 337025. 

Glover Brothers (London) Ltd . 8-9 New Street. 
B'shopsgaie. LONDON EC2M 4UY. Tel. 01 -623 1311 
Telex. 386307. 

Port Agents: Immingham 
Tor Line Ltd. P O. Box 40. Man by Road. South 
Killingholme. Tel: Imnvnghanl 73 1 6 -Toler. 5271 04. 
Port Agents- relixstowe. 

Fred Ofcen Ltd, Aruani House. Trinity Avenue. 
Felixstowe. Suffolk. IP1 1 8XF. Tel: 039-42 78344. 
Tele*- 98721 9 















• 


^Financial TtoeS' Monday A5ffl i7? iil78 


SAUDI ARABIA XXVT 

Marketing inSandi Arabia is a mixture of 
the straightforward and the apparentfy im Once a ■ 

particular .brand dominates the market it becomes extremely difficult 
for another manufacturer to compete. This is in large part because 
of the weakness of advertising, an indistiy still in its infancy. 



BUSINESSMEN would actually used to mean second ties— sue* as the local - service- pany using Its own trucks that follow a. ; proper mamtenanct t 3 '!.. 
TIT- ^ at wo ^*f "If’... , _ . facilities and the guarantee—, has begun buying trucks other schedule fofitheir cahraftd $ 

w-udi Arabia is easy. There are it follows from this that one make one product a better hii? than Mercedes in the past few household' appliances— and the ? J * ■ 

rhf> hnn. anri fnictTshn? nmh_ m.wr + 1 .- P j: - _ _ .. , - ' l ' z - .1 ■ ■ - ri 


elusiveness of clients, the many other Arab countries for how many programmes tbeidif- endorsement -of a -favoured has i : become - very itfeow-iway \ ^ w 

bureau frrafTV dtiH dplavc invnlvpd that matter^ thprp is mifpb mnra faronf ranAnle ^ 'Them nrtlow mHAax* fiwfltv'- tliiT lTl *■ * - 


J * uig jucuAVi | W J | 

in Saudi Arabia is relatively \Y6 £)kV 10SS 
straightforward. It is a country 

-. ’ ~Z 2 consumers (and some pri- One reason . why an estab- 
vate sector buyers of capital lisbed brand is able to maintain 
eanipment) ean be very un- its position in the market so 


circle effect in encouraging ex- Predictably, in a market which would l&s£_ five br .fe 


[selective, where the simplicity easily is the weakness of adver- hugeTaiSuence of some -sections company "establishing its brand -tar in the lower GiUf) wwLonly 
of a product is all important and rising in Saudi Arabia, which 0 f the population, peonlemayname are the simplicity of the a year longer. in Riyadh;>whrie -T-t 


...better, faster, weekly RO-RO services 
from UK/Europe to the MIDDLE EAST 


unnuuici giniub u^MCUua uu auuuL \vuy uiejr . warn Ur • " • _ -%■ . 

thing very sophisticated or com* roadside placard, contain- need a particular product With not inclined to read, instrac- ' Because of these cogracterig- 

plicated. ing extremely uncomplicated their lack of definite biding tions. Distributors of such goods, rics it is vital that ai&Uibatprs •* . J7 r.: 

Dnn nf material such as a picture of motives Arabian consumers are as washing madiines and dryers dev^op a good. ^erv^r op^ ^-^ : 

the product and the manufac- often deSbed often find that the goods- tfa^ tipdr-notwith^anding t§e : ^ ^ J- _ i? - 

SS -SJIJ ^fnt“^heJ turer ’ s or a fi ent * s name - Very being' of have sold are returned to their ^uente to .the last 

ood £° t "* fc the few of ttese P lac ards, which are American consumer— with the showrooms broken a. day or two .tow mmdedngss^^i. 

still the major form of advertis- important difference that vtbe after delivery. Many distribu- tionalfr service in tte Arabian . • 

extraordinary bra nd consci nus- ^ in Saudi Arabia, try to build Arabian buyer has riot been tors now send a mechanic, te Peninsula has been iwd and ax- 

a ;*„ T L„i I any sort of image for their encouraged to make an unneces- demonstrate the machine in the pensive. and so those^Jmpanies •*#* ’ . 

wL d product, and none at all sary purchase by advertising. buyer's home, and because this J*|fh ,har e ***?“- *£« 1*®#® # TT ’• 

? p f f «rfnni^ contain the humour or ingenuity This rather blind indlscrimi- involves personal contact, rather to develop good serricej^ega- &r. --- 

duct by the name of a popular of western posters. Relatively nate buying pattern shows, up 111211 toe impersonal reading of 110115 have ^won_ big m^fot - 

brand, which results In milk ^ evolution of the So in a lafk rf an instructions manual the sh^es for ^enmlvfis^rime ^ ; " 

« 0 r?H C " ** l ?* ^ hY” as Saudi Press has provided to price changes-Sfeatureof lessons are more.likelyto be ^ 

"Nido." sewing machines as another medium, albeit not a Se’mSket which is of some effective. The merchants point and Brokers, . 

“ s m S ers and, until recently. TCr y effective one. But Saudi Sncern to the Ministir^f out that toe is generally In. «w Mercedes, 

pens as “Parkers. 'This brand television, which is the only Commerce because of its Ma- Arab society a preference fox Alghannnand Sons, toe Kntob & ~.rr - 
cmsciousness, which seems to medIum which feel effects. Ratrier than asking rather than reading, «,d agents for most of the Gendal &r-:- 

have spilled over into the ex- might be really effective, change brands or switch - from ms applies as much . with M Ptora . range. ; . r 

patriate ommun.ty, is accnm- remains strictly non-commerciaL one commodity to another When notices giving directions -in 
panled by a similar acute aware- -n, e maintenance of a the first item is in short supply buildings or ..on road s (which . w jg to . 

ik . of the origin of products, favoured brand’s dominant an d much more expensive, ?Sn- W often be ignored bowew^ 5%-' 

possibly because the nationality position in ^ S audi markers sumers will stick rigidly with prominently they are displayed) u (or vay^e ^ . 

further b? tte «*lr first choice regardless of “ » ^ 


Sandi Arabia’s electricitygenerating capacityis . 
constantly in danger of being overloaded, . Bat the network is . 
being expanded as fast as possible, and the electricity generating 
companies have come under close scrutiny by the \ 
Ministry of Industry and Electricity. v 


, - _T . men ui uic uig uicrawm ^iuu^> Kina me iruciui uincu uj ~ " — . - — _ A ~r . -av. n sfc" 

0 lesser extent Germany, acquire find ^ a major part of ^eir independent truck driver/toer ineffective. . 1°'™™ whethte ge produce 

a refutation for quality while j Q b ^ telling a customer what in the Kingdom. (InteresOrigly As part and parcel of their ’ 15 _ lakmg • on will ^ sel l -yfe ll . . 

others goods are regarded as he or she should expect from a it is the modern fleet cWmer nnii-mecbamcai mindedness, ® n n DU -S« 

infenor. At onetime in Saudi product, and what other quali- or the foreign construction-coin- few . consumers are prepared to Many^ agent s hav e falleaT^pfce- • • • • 

Arabia the worrit Japani M was • ; • • • • ■ ; _Trap^of:-' , persu«hTcr--fe<!Mgfe8 

; V i - ■ ■ ■ $ . : that they should start witb!smifl"- 

.. ,y’ service facilities and then -err . 

' • 7 " - ’ ’ pand the scope and qoaliljwtf 

f \ tiie operation if and when safes 

/ Sandi Arabia’s electricity generating capacity is 

constantly in danger of being overloaded. Bnt the network is $£ M 

- ^ being expanded as fast as possible, and the electricity generating ^"most cas M foreign osSj* 

1 - , . , ■ , .» ■ >■ - ' “s' tioiis themselves are reluctuit 

I * companies have come onder close scrutiny Dy tne \ . . to invest m service facoities in 

w A / : Kingdom, but a classic ex- 

AJffL I; Ministry of Industry and Electricity. v ample of the benefits wii* 

have gone to some of the ercep- 
'V ( -‘ tions is' provided by Komatsu, 

’ ■ ' T*: . the Japanese manufactrirer^ of , 

j. 9 1 *9 • ■ j • • . . . . ■ construction equipment "Wien 

by— B j I /\ TTf tiie company found that * its 

riffl 1L. H ' S fi B | ft | I ■ agent was r^uctant to inve^in 

JL-/X w W wJL 1. Wl. V f .-. adequate service, it set up^-itt 

..'W, .. own operation, and from beiag^ ■. 

/ virtually unfezipwa- in Saudi • 

Arjb]^ seversl'yoars it now 

sf FACED WITH a demand for through Jeddah. It has two industrial complexes (without ranks ^ the ^ - 

/ electricity that continues - to power stations working at peak the nsks involved in siting men j supplier after Caterpillar. : 

^ cnirai as new development pro- load and also receives elec- individual, power stations close. xxr* i | j 

idr Ztn noTrSkon Lid tricity from the Jeddah desaiina- fo consumers). Natural gas will ' Michael Field ; 

r J Uving standards continue to tion plant. The seven turbines be the maim fuel ^supply andn= ===r =j .; 

l Plimh Saudi t>ower venerating are being installed at a third power generating plants are 1 to . 

Jjgr - San^s ha^ beef stririS station, where General Electric be : located at Uthmariiya. . . /OinnH ^ 

manful I v to keep pace At the has alraaiiy constructed four Shedgto.Ghwlan and Berri so - . f Ifll LJ 

L Govero- similar units. These turbines that a mutual energy exchange \~A\J H 

^ Z. STbSS an in- about 200 MW to flte ia ,„ trotlucri =. „ U^. ] 

■ creasingly active part chiefly SNEC HO-kV system and came Natoal G*s^ Liqui^to ^ese Patterns in Saudi Arabia: the 'j 

■ in the electrification of rural on stream early last year. Even plac^ From ^b^ticms^te^ Central Regkm" by Moasaflt i 

I Seal but also in the super- so SNEC W iT has orders for on- the backbone aX^ power shaker and MardiV- 'Price: . 

■ S rS thr ^^nnanieV Tn the all the electricity the new plant, stations and large centres) txansr £^ 0 . $ 7 ^ 0 . SR40. ■ - 

■ ^sion of tte compames lr the pro duce. missiori lines wfll branch, out to C , 

1 er n? up to ttTmiddle of last year preSde power to lesser con- ART and . archaeology; ' 

I hSL the P company had reeeLd .W.retoeries,-’ a^dential. =,, M«A^« ^ as . ;r 


Michael Field 


-“An Introduction to. -Urban 
Patterns in Saudi -Arabia: the 
Central .'Region’' by - MoassBv 
Shaker and Mardily. 'Price: 
£3^0. $7 JO. SR40. - - 


I h^ b harf S nearly’ SF&OOm. in loans "from areas; and factories and, it Is 

CONTINUED on 


received smriers, : refineries, ' residentialJ 


to locaf commies and ^ Saudi ^stria! Develop- 
i meat Fund. It estimated then 


RE- 5 FMP 1 NQ LAND AND SEA 


to foreign contractors. 

Six major electricity com- 
panies generate power under 


CONTINUED ON 
NEXT PAGg . . 


ART AND ARCHAEOLOGY. 
- RESEARCH PAPERS . 
102 ; St Paul's Road, ;; 
London N. 1 . ' \ 


that peak demand could rise by 
1980-81 to 950 BTW, for which 
a further SRlbn. would be 


licence to the main centres of required . - For the Juffalis 
population m Jeddah. Riyadh. famijy ^5 ^ certainly 


Dammam - Dhabran - Al- 
Khobar, Mecca-Taif and Al- 


changed, for when the Juffalis 
company opened the Kingdom's 


Ahsa. Power cuts are f^riy first public power generating 


Bos Kalis Westminster has been working in the Middle 
East for the last forty years. Today BKW has a work 
force of over 7,500 personnel and is proud of its history 
of continuous international expansion and development 
The Group's specialist activities include civil and 
marine engineering, hydraulic works and dredging, 
land and submarine pipeline construction, railway 


engineering, rock drilling and blasting, oil terminals arid 
off-shore services - al! supported by full research and 
survey facilities. BKW is now a leader in international 
contracting, offering clients throughout the world the 
reliable and attentive service expected of a technically 
and soundly based group. 


rare, but the gap between 
capacity and overload, parti cu- 


station in Talf in 1950, it boasted | 
a mere 125 subscribers arid had i 





BKW Middle East Ltd 

P.O. Box 5457, Doha, Qatar. Tel: 010 974 325524. Telex: 4062 

In association with:- 

Oslrte Survey Projects Ltd, P.O. Box 4408, Doha, Qatar. Tel: Doha 322409. Tbc 4052 Osiris DH 

Bos KaBs Westminster Overseas Ltd., P.O. Box 3168, Doha. Qatar. Tel: Doha 2&B26. Tlx: 4384 Dredge DH 

AND P.O. Box 1 1 68, Sharjah, United Arab Emirates. Tel: 23473/23563. Tlx: 8102 
Rock Fa9 (Middle East) Ltd n P.O. Box 3306, Doha, Qatar. Tel: 28950. TLc 4404 DH 

Members of the Royal Bos Kaie Westminster Group N.Y. 


i An international task force 






[ arly J“J^ yaclh ^ lI l e to keep the street lights on dur- 
tern Province, is uncomfortably ing . the ^ t0 feeep the genera- 
n arrow, and the companes are tors 
anxiously increasing capacity: 

In this area, the interest-free TntnnratnA 
credit provided by the Saudi J.1I leg! a. LCU 
Industrial Development Fund , i n the Eastern Province, the 
has been crucial and the six present networks that supply 
remain by far its largest bene- the vast industrial consumers in 
firiaries. FVom the formation the area will ge integrated into 
of the fund in 1974 to mid-1976, a system with 2,500 MW c&pa- 
fund disbursements to the city. The Government has 
major companies exceeded designated Aramco to manage 
SRlbn. the Saudi Consolidated Elec- 

In Jeddah the Saudi National tricity Company (SCEC0) 
Electricity Company (SNEC), which will combine the 40 or 
of which Sheikh All Juffali more private .electricity com- 
is chairman, - is installing panies operating east of Riyadh, 
seven new - gas turbines The first phase of the integra- 
with a total effective out- tion project was completed last 
put of about 350 MW. The autumn, with the erection of 
General Electric Company of 500 transmission towers along a 
the U.S. is working against a 230-kV line which will be the 
May 31 deadline to complete “backbone” of the SCECO 
the first of the units in the system. The first phase also 
$1 00m. contract Something of included 92 miles of trans- 
the urgency of the project is mission lines and the installa- 
indicated in the 92.000 a day tion of four substations, 
penalty that General Electric Ultimately the backbone will 
will suffer if it fails to meet the stretch from Uthmaniyah, south 
deadline. The other six tur- 0 f Abqaiq, to Safaniya and will 
bines are to be completed by be capable of transmitting bulk 
the end of January next year, power of up to 600 kW to the 
SNEC controls the whole grid load centres, populated areas or 


=fA 


PuUbbera. 


.l^rue dcs Murannhra 75016 P«ns -TeU52576 « Tdec6U3CSF£SlRES 

Hose send me copjfies) eff the ARAB BANKING DCLECTORY _ 
atiT 3 » each mail • 


' ,Y . 










Times Monday April 17 1978 


SAUDI ARABIA XXVII 



Water supply has always been a problem in Saudi 
Arabia. The traditional solution lay in emigration — now 
the tide has turned, and the influx of population is adding to 
tiie continuous need for agricultural water. 


Water 


SAUDIA ARABIA was blessed n 
« p- f earlier this year with the largest tl 
- ^ lake in the Arabian Peninsula, h 

•i The six year, old Jizzan Dam & 
o bottled up. albeit for a few it 

weeks, more th*" 50m. cubic 
7:1'^ metres of water^theoreticaliy a 
-1; enough to water Jeddah for a v 
■ s year.- Without the dam this lake g 
t wbuldbave been a huge flow of a 
r':, -fe ■ water surging to the coast in an v 
fl.- orgy ot destruction of farms, ^ 
-L ts v roads, valuable soils, machines, e 
.-.T: animals' and anybody unfortu- c 

nate. enough to be in the way. 

■- ‘ The harnessing of half the y 

Y 1 & ^ jmliion cubic metres of flood- y 
4^. water from, two nights of 3 

- ^ e* torrential rain high in the Assir ,i 

7 ^ Mountains marks the greatest t 

ly. success so far of Saudi Arabia's ■> 
J.' r ^=ii‘ ten year old dam building 
•- ^ policy. But the ephemeral Lake ] 

jjzzah perfectly illustrates the - 
' ' conundrum of the country's 

" • ^ hydrological difficulties. It is ( 

_ • not simply that this vast arid 1 

r\ JQP land receives only 30 to 100mm ] 

of rainfall a year but that water 
•/-• available at the wrong time 

,: ‘ i '®cin the .wrong places in the 
y* sk- 5 ^ wrong concentrations. 

T Responding, apparently after 

• • Is ^ several years of uncertainty, to 

‘ .‘" s : aafec these harsh geographical reali- 
y '^safeties the government • has 

- \ ^ darified its policy and priorities 

" optimum use of limited 

• ula *, water supphes. The issues are 
'■ jwi e simple: deciding on the best 

• i: • i distribution and balance be- 

- • : ' immediate human con- 

-'-‘-t i ; sumption and use for food 
production; between urban 
: Jii ^I« supplies and agricultural water; 

- between fresh water from 
• * t r. t’s acquifers underground and 

Mg desalination plants by the sea. 

• ■ Above, all the priority is to 

r- T T wlrwriris e wastage. 

•*■*; '■?: Historically. Saudi Arabia has 
■ -rr rexported toe people for whom 

• ‘ “a i-^ithe desert has been unable to 
- — rg^pwwide. Since the time of the 

: •: -prophet Mohammed, Arabs have 

r.^eft the Peninsula at different 

- ’^periods in waves spreading 
• •• --across what is now the Arab 

• - r yrorid. For the first time the 
--. deserts limited water resources 
.vaire having to cope with the 


return tide of hundreds of 
thousands of foreigners who 
have been drawn in by the 
economic expansion which fol- 
lowed the oil boom. 

Only in the north and 1 east 
and the better watered south 
west is the government able to 
give priority in water supply to 
agriculture. In Riyadh and the 
western coastal region it has 
been obliged to channel most 
effort into providing water for 
city supplies. 

An official said: "Drinking 
water has to take priority over 
water for farming. _ Our towns 
are growing so fast that we 
don't even have enough time to 
take full stock of the situation. 
You can't freeze reality ” 


head as people in the country- 
side. 


Expansion 

• In this case reality is an ac- ’ 
ederating urban expan sion from 
two directions at & rate probably 
never witnessed before. First, 
there is an internal movement 
as bedouin, peasants and 
fanners abandon their rural life 
and traditional habits (which in- 
clude a low daily consumption 
of water by individimls) in 
favour of high wage jobs in the 
cities. It is not just a question 
of the attraction of the new 
urban way of life— so difficult 
is it to make traditional farm- 
ing profitable enough to keep 
up with the rocketing cost of 
living that Saudis have had to 
turn to government and service 
sector jobs to maintain their 
living standards. . Aggravating 
the trend is the sad fact that 
agricultural land in the vicinity 
, of towns is being swallowed up 
t in Jhe construction boom or is 
being set quietly aside by thosa 
; with an eye to land speculation. 
l . In addition there is external 
i momentum from It to 2m. 
t foreigners (from casual Yemeni 
» workers to American executives) 
t who~ have arrived in Saudi 
r Arabia in recent years. Jeddah 
> is now 50 times larger than it 
- was ten years ago. People in 
i Riyadh and Jeddah consume 
» 5 to 10 times as much water per 


The physical dimensions oF 
urban expansion also hold a 
special problems for water dis- ii 
tribution. One Saudi official s 
pointed out that in Riyadh the v 
high cost of land near the city l 
centre has produced a series I 
of satellite suburbs many miles i 
outside the old city limits and c 
that water in the pipes, as these ( 
new areas are connected to the i 
central supply, could be equlva- I 
lent in volume to a medium- t 
sized acquirer. He said, " With i 
our free economy people build i 
where they can afford to. To i 
supply their homes with water i 
we have to lay hundreds of \ 
miles of pipes through unde- < 
veloped land to reach the ; 
suburbs.” 

Despite the voracious 
demands of Saudi Arabia's 
town dwellers, a large propor- 
tion of water in the hydro- 
logical cycle goes to agriculture 
—an estimated 70 per cent this 
year A Saudi water expert 
explained, "People are greedy _ 
. enough but their water wastage 
i is nothing compared to that of 
i plants watered by traditional 
• irrigation. We can lose up to 
[ 30 per cent of water supplied 
r through evaporation from the 
t fields." 

An important distinction be- 
i tween agricultural and urban 
E demand is that the former, die- 
> tated by geography, has long 
i been close to the maximum 
r while the latter, the product of 
l recent history, will continue to 
t accelerate. With agricultiiral 
7 water supply, the target is to 
i> optimise use of existing re- 
s sources and cut down wastage, 
a It is here that Saudi capital 
l can introduce modem know- 
J how, technology and planning, 
i. One of a number of studies to 
ti quantify more exactly existing 
) resources Is currently being 
bi done by the Britsh groundwater 
h development consultants Hunt- 
it ing MacDonald’s. (West Ger- 
n man and Canadian consultants 
e are working in the West while 
■t the British firm is responsible 


for resources in the central and V 
eastern areas.) ti 

Their task is to measure aecur- J 
ately the huge Umm er Rad- 
hum a acquifer system, which 
stores a vast volume or fossil A 
water (never younger than “ 
10,000 years stretching from the ® 
Iraqi border in the north under T 
most of the eastern part of the 1 
country down to the Empty 0 
Quarter. Overall, their's is an 
agricultural brief (they are also 
looking at soil resources) but * 
the urgency of the Kingdom's J 
urban supply problem is such 
that they are better known for T 
work on the Wasia project, a c 
costly scheme 100 kilometres J 
east of Riyadh to pipe 200,000 J 
cubic metres of water daily to * 
the capital by I960, (^ast year 1 
Riyadh was using 150,000 cm a 
a day from smaller acquifers j 
north and west of Riyadh.) * 
While foreign consultants ' 
have been assessing resources 
in relation to future needs, the 
i Government has continued with 
; its programme of creating a 
’ ..modern hydrological infra- 
1 structure. In the past ten years 
: 45 small dams have been com- 
l pleted and 13 are currently 
' under construction. With a 
l lObn. riyal budget on water 

- development over the next four 
years (excluding desalination 

- projects which are budgeted 
l separately) the Government 

- intends to build ten new dams 
; a year. 

i The purpose of these small 
f dams is primarily to hold back 
a periodic flashfloods which can 
1 be catastrophically destructive, 
o Additionally, they store water 
i- for limited periods, prevent loss 
through the wadi channels and 
il recharge shallow wells through 
i- ground seepage. Last month’s 
appearance of the Jizzan lake 
o (filling to three-quarters of the 
g dam’s capacity) enabled farmers 
g to irrigate their land five and 
x even six times. In the past 
t- their year round work on 
i > primitive canals rarely gave 
ts them more than two chances to 
le harness a tiny fraction of the 
le wadi water. The nearby Besb 


Wadi dam has more than twice 
the capacity of Juzan and the 
programme could eventually 
facilitate the introduction of 
completely mechanised farming. 
The results have been summed 
up with the observation by an 
official that "before the dam the 
risk to farmers' livelihoods was 
100 per cent — now the certainly 
of getting water is 90 per cent" 

Another dam at Abba has pro- 
vided guaranteed drinking 
water (a storage and purification 
plant is installed) for the first 
time to members oE the local 
tribes. One disadvantage of the 
Anmc is that silt, a proportion 
of which was formerly deposited 
on the wadi (diy river) bed, 
now remains behind when the 
temporary lakes evaporate. 

Of all projects made possible 
by the enormous funds avail- 
able, the desalination pro- 
gramme has received perhaps 
the- greatest publicity. Indeed, 


the independent budget for the t 

Water Desalination organisation I 
is SR2J2bn. which is almost as t 
large as the total spending of J 
the Ministry of Agriculture and a 
Water Resources last year. s 
One popular misconception \ 
which has arisen is the notion * 
that one day desalination could 
provide all the kingdom’s water 
needs. This is not so. Desalmar • 
tion is complementary to - 
rainfall and groundwater | 
resources. (One consequence of 
fanciful reporting was last 
year’s dismissal of Prince 
Mohamed al Faisal from his job 
overseeing water development. 
His expressions of Saudi 
willingness to contribute to 
international research into tiie 
possible use of icebergs for 
water supply were rapiffiy 

' metamorphosed in the worlds 
. Press into firm plans to tow 
. icebergs to Jeddah.) 

1 Desalination plants currently 
1 produce rather less than 70,000 
1 cubic metres per day (more 
[ than 18ra. gallons). This is 
intended to rise to 114.000 empd 
’ (30m. gallons) by the end of 

• this year and more than 400.000 
[ empd (105m. gallons) by 1981, 
f The main plants are at Jeddah 
1 (where the 38,000 empd 
1 second stage expansion was 
I completed in November last 
1 year), AI Khobar 28.000 empd 
’ (7 5m. gallons) rising to 190,000 

* empd after three years and the 
new ports of Yanbo 

P empd by 1980) and Jubail 
(114,000 empd by 1980). 
s To put these figures into 
[, perspective it is thought that 


the daily requirements o f 2 
Riyadh will reach 600,000 empd I 
by 1981 with 400,000 empd for r 
Jeddah. By 1980 the capital s 
should be connected to Al Wasia t 
and receiving 200,000 empd of i 
piped aquifer water, as well as \ 
360,000 empd from current 
existin g sources. < 

Most city supplies come from « 
aquifer and rainwater though < 
Jeddah’s natural sources are ] 
supplemented by desalinated i 
water. Such supplies, which are 
not usuable for agriculture 
currently provides 5 per cent 
of total urban supplies. ■ Speci- 
alists say that desalination is 
unlikely to provide more- than 
20 per. cent, of town water 
though in individual cases like 
Jeddah it will become the main 
source, supplemented by aqui- 
fer water. 

It is Jeddah which provides a 
final example, quite dramatic as 
the Jizzan Dam, of the prob- 
[ lems of unpredictable and in* 

equitable distribution of natural 

1 water supplies. This winter’s 
! entire rainfall fell in two 
[ separate downpours in Decem- 
E ber (when 56mm fell in. 24 
hours) and February 23 and 
; 24 when the city was brought 
! virtually to a halt by 70mm of 
1 rain. All the petrodollars in 
? the world could do nothing to 
J avoid this disruption. Even if 
\ a billion riyal sewage system 
9 were installed to drain away 
? such a diurnal deluge the 
i sewers would be totally clogged 
1 by dust and dirt accumulating 
during the year. 

? M.T. 


Mahmoud Tayba, travelled to 
Pakistan early this year to com- 
mission the contract, where he 
said that he had no doubt that 
the $7Qm. project could be com- 
pleted within 20 to 24 months, 
well within schedule. 

This episode has now blown 
over and Dr. Algosaibi himself 
said that the cancellation bad 
served its purpose, since there 
had been a noticeable drop in 
the levels of tenders received 
lately. Meanwhile the Baha pro- 
ject has been completed and 
similar schemes are planned fur 
Najran. Qasim, Sudair, Wadi 
Fatima, Hail. AI-Ahsa and 
Namas. The SR300in. first phase 
of the Qasim project is being 
undertaken by the Canadian 
concern SNC Services and will 
bring electricity to some 300 
villages in anjarea north-west of 
Riyadh. The total cost of the 
1 enterprise is expected to 
exceed SR700m. 


Electricity CONTINUED FROM PREVIOUS PAGE 


hoped, ultimately to Bahrain as 
soon as the projected causeway 
is built- 

. Elsewhere, the 1977 picture 
has been less rosy and Dr. 
Algosaibi has warned electricity 
companies that they are under 
scrutiny to improve their ser- 
vices and expand networks. He 
singled out the Medina Elec- 
tricity Company as giving his 
ministry cause for concern, but 
pressures at Riyadh seem to 
have been more serious, with 
demand increasing by 35 per 
cent a year. After repeated 
complaints froni the public, the 
Council of Ministers dissolved 
the Board of the Riyadh Elec- 
tricity Company in June. After 
investigation. Dr. Algosaibi said 
that the lines, generators and 
the whole network were in 
need of a drastic overhauL The 
new Board now has a team of 


23 British advisers recruited 
from the North-West Area Elec- 
tricity Board for British 
Electricity International, an 
arrangement made under the 
Sau di-British Economic Co- 
operation agreement, which en- 
deavours to bring the expertise 
of British State institutions to 
the assistance of Saudi Arabia. 
In December the reconstituted 
company signed consultancy 
and purchasing agreements 
radically to improve the capi- 
tal’s network. 


The more active participa- 
tion of the Saudi Government is 
elsewhere reflected in the activi- 
ties of the General Electricity 
Organisation formed in 1976 to 
provide electricity to remote 
and isolated areas in the 
Kingdom and manage projects 
already undertaken by the 
Government. Its first enterprise. 


a modest SR20m. electrification 
scheme in Al-Quweiyah was 
opened in the autumn of 1977. 

While Dr. Algosaibi has 
stated, echoing the late King 
Feisal, that “ electricity will 
reach every house and every 
village in the Kingdom," the 
present rural electrification pro- 
gramme is concentrating on in- 
tegrating certain small . towns 
and their surrounding villages. 
This programme was delayed 
early in 1977 when contracts for 
the regions of the Asir, Jizzan, 
Baha and Al-Khaij were can- 
celled following charges that 
certain western and Japanese 
companies had made inflated 
bids. The contract for the Asir 
was subsequently given to 
Hyundai of Korea, at a consider- 
ably lower contract, and that for 
i Al-Kharj to the Pakistani State 
i electrical engineering concern. 
, The organisation’s head. 


Short-term 

Other short-term projects 
include the electrification of 
villages along the main pilgram- 
age routes and of 75 isolated 
settlements as well as a rural 
electrification programme for 
72 small towns. This last is 
to he completed a year after 
the end of the plan period and 
its cost Is estimated at SR250m. 

The longer-term programme 
for the electrification of whole 
regions and their integration 
into a single-voltage national 
grid, which will be both more 
reliable and less wasteful nf 
valuable labour than the present 
systems, will not be realised in 
the course of the second five- 
year development plan. But 
emphasis on the development 
of bulk supply from water de- 
salination and natural gas 
makes the achievement of a 
national grid inevitable. 

1 The first major desalination 
' plant, commissioned in Jeddah 
' in 1970, is now well into its 
5 second phase with a capacity 
; of 130MW. By the end of this 
1 year that capacity will have 
^ increased bv an additional 
8 200MW, and after three years 
h by a further 500 MW. Accord- 
‘ ing to Essam Jamjoom of the 
s General Desalination Authority, 
j; the total capability planned for 
a the Western seaboard is 2.000 
r MW. while on the east coast 
'» plants from Al-Khafji in the 
l " north to Al-Aziziam south of 
1 Ai-Khobar are to have a com- 
j: bined installed capacity of 
a 3.000MW. As part of this pro- 
x gramme, the Italian company 
0 GEE was awarded a $280m. con- 
r ' tract in October for a 500MW 
| r project at the industrial com- 
■f plex at Jubail. 

Jamie Buchan 


c3 








THE FRIENDLY ARAB BANK 
WITH TRADITIONAL 
HOSPITALITY 


Thinking of setting up in Saudi Arabia? 
Looking for business opportunities? 
Seeking advice? 


We would be pleased to help— apart from 
providing you with an introduction, we 
can offer the complete financial services 
one. would expect from a leading 
commercial bank. 


H the nmionni commERcmi imik 

P.O- Box 3555 Cable: Banksaudi Telex: 40102 NCB Forex 

Jeddah, Saudi Arabia 







Financial Tfrnes Mood^yL April, : .17 1978 
















Kxiaizcxal 'Rmes Monday April 17 1978 







1] undoS Yaribu,onthe other hand, was selected for its 
nailvdenk exGe ti en t geographical location which makes it an 
. " m ideal centre from which to export petrochemical 
.acttheSj products to Europe via the Suez Canal. In addition, 
iined to eiBs oil and natural gas pipelines connecting the 


, , JDa garjd Yanbu but also in such anciUaiy industries as 
^maintenance and supply. ^ 








4#7r < > 










reffithe Royal Commission, are powerful examples of the 


' ,;v f ' 


•.. ..... 




*#? 







l andits peoplesrelies less on irreplaceable natural 
iiv l0 .\;resources_and external economiciactors and more 




"ilUp^ 


The RoyalCommission for Jubail & Yanbu 



ig 









*t ■ 






.V 


YANBC 


TheYhnbu Project covers mmea of approximately 19 ORm? andwill provide mfra- 
structure facilities for a wide range of industries, including a crude oil terminal, an NG L 
: fractionation plant, refineries, a petrochemical complex, support industries and, in the 
;V '.-long terra; ore andmiaeral bakti industries. 


an extensive road 


lex and the. community development: integrated power and water generation 


telecommunications. . • 




«V.vM 

m ^ 


n 





March 397^ the most notable achievement beingtheteraporaiy port facilities 
which teomdem^NGL pipelines are cunentfy being imported into the Kir 
















24 


SAUDI ARABIA XXX 


Financial. Times -Mcmd^y-April v 17 3978 


The object of the massive Saudi Arabian 
road building programme is to spread industrial 
and agricultural development to every region of the 
country - and so far, the aim is well on the way 


to being achieved. 


Roads 


I 

SUCCE THE beginning of the All these roads, along with financial year out of a proposed thought to be insufficient except 
first Five Year Development the Juddau-Mecca dual carriage- total of 3,000 km. With im- for the most rudimentary level 
Plan, the road system in Saudi way presently under construe- ported supplies now moving road. For mountain work, a 
Arabia has doubled in size. tion. are being subsumed under smoothly since the easing of cost per kilometre of more than 
_ r I .19" a P ro J ecl for a snad dual car- port congestion, 1977-78 should double that has been accepted 

Before 19a4 only uio- riayetta y from coast to coast, reach its target of 2,500 km. by the Ministry, 

metres of paved road had been for whieh cabinet approval has although a shortfall of about T^ actual vaiue for mone y 
laid, mostly by Araraco in the a[ready becn given. Ove-Arup 1>50 o km is ejected for the ,ooks even smaller, considering 
Eastern Province. By 1970 and is handling the design of the whole olan neriod the vast distances to be crossed 

the beginning of the first plan Halab3n -Hofuf section and - Suralies no longer renrespnt and tile generally small popu- 
penod. the paved-road network gaudcunsujt an extension to _ i>mhi«n to i a ti Qn s to be linked. Although 

had increased to 8.434 km.. i baaiq . 1^ _ t °_ C0 . a 5 a f t0rS ' vehicle imports rose' to 4m. in 


1 Srinri NX* Howl 

2 Mfedwy of r*tre»«ra*j4 Mwrrx* • 

3 tfllkaiy Hoipiial 

4 afi&aiy Aexhsmy 

5 HHhaty School 

* Mhusu? of Pcf«w ** Avert** 

7 HWttrjrof tawriw 
t MMcoy^Cwimatmaiim 
9 rtnlmy of Ajrieutotr* an4 W«w 
W Notary of Mutation 

lUfinlimafKBUi 

12 Notary of Commorco 

13 Yamaciah Ho*d 

1* Kinc Abdubxir Hojohal 
15 Hood Zahm Aib-Ste* 

11 Vocational TraMnj Innfnii. 

IT Notary of Hamfaf 
11 Notary of Jwtfce 
19 ZAx md Income Tta Dtyt, 

20 Riyadh Upwc"!v 

21 

Zt Notary of Ftaanw 

23 Notary of labour *■* Swsal Ataba - 

24 Railway Station 

25 Nadrfyah Git* 

U MMrtry of FBprihaet aud in 4* win 

gWmrW 

21 AMChUoni Public. Gardan* 

24 Central Port Ota* 

30 Mutiny of tofanoniMi RWEa and TdmM 

31 Cenlnl IrrtdBsonor Dept. 

32 Red Crescent 

3J F*rn®n Al Mn Dept. 

34 Town Pbnnirir OtBe. 

35 CoR*c*of Afriadeuriand Commerco 

36 Sub City T«fcrtirei Ofifc* 

37 Amime: Palace of (notice 
31 Gnat Montoe 

39 AUinStarr 

40 Riyadh bbmcipalitr 




X > 




®] 


4 _Wei . « l 


Ed although construcUon doP Abqaiq . „ f , . "tth construction material iml ^ 3 6 ”?n WTO few 

log the firs? plan fell somewhat n 2° r ^J?on\^^nad^ TUT f f or *i, 1977 doubl ? SaZifS? oicir'cars on long- 

short of the 5,000 km. target, P ® lh _“ t . Jizan , n( l 1110815 of the previous year and distance journeys, preferring to 
the Ministry of Communications 3 on Uie take advantage of .subsidised 


vehicle imports rose to 4m. ini 
1977 against 3.6m. in 1976, few! 
Saudis take their cars on long-1 


in Riyadh nowestimates the '* *™“« <* •» «*>* « 

total length of paved roads at th , 5;„ 1 nnlnJt Ras Tanura < at a S20 a i ny the pUgrimage traffic con- 

over 16.000 km., ip addition to °P ea inLO d iounsi ton fij reC tiy), and most eontrac- gestion is confined to the inner 

a further 13.000 of earth-surface arca - tors have their own on-site and outer cities, and in Jeddah 

rural feeder roads laid by the The extension of these roads crushers for making aggregate this is reaching severe propor- 

ilmis try’s Roads Department, into the Yemen Arab Republic, from abundant local sources. tions. 

The goal of the programme. to Hodeida and Saada. is being On the whole long-distance 

according to the Ministry, is studied by the American con- D . , . | - road haulage from Europe to 

nothing less than to integrate sultants Wilson Morrow, and J^relCrClltlEl Saudi Arabia seems to be on the 

the whole of this vast country vere tabled for discussion . way out, the hauliers having 

In orter to spread industrial at the recent session of the Sauda extractors receive cer- finally succumbed to the for- 

and agricultural development Saudi-Yemeiii Joint Commission, taui preferential terms m midable physical and bureau- 

to every region Social de- The iink between Mecca and the tendering for contracts and have cratic hazards of the overland 
velopment and ' the present toast road at Al-Lith will be been well represented since run. But all freight out of the 
policy of administrative decen- completed fay the Florentine Binladen built King AfaduJ Aziz ports is carried by road and this 
t rali sa tion cannot proceed with- company Tirenia Scavi by a road from Jeddah to the traffic will not abate for some 
out a complete road svstem. it September at a total cost of summer residence in Taif. In time. 

is argued. Questions of security SR230m. areas where greater experience A severe 1 shortage of trucks 

also weigh heavily with the in the north, a road will > s required. competition operating out of Dammam and 

construction of military can- ultimately run from Rafha near between foreign companies is Jeddah has now eased. The 
lonments in the remote the Iraqi border to Hail and on intense. Italian contractors, market for heavy goods vehicles 
marches, at Hafr AI-Baton and to Al-Vila and Al-Wejh on the faced with a complete shut off is now mostly absorbing excess 
Tabuk in the north and Khamis Red Sea coast. By this road at home, have established, a stocks ordered during the port 



1 ¥ 
M 
*// - 


\ sK'*> srm , 


laki^ °r 
beg*- 


' 5 ^ 



; - m . . 

f \\ 
•-%\\ 










Important 


Mushait in the south-west. traffic from the Central Pro- strong presence and account for congestion, but domestic out- 

vince to Kuwait and the north- about one-third of all roads P u ^*. from the Juffali-Mercedes^ 
Y , . east will be spared the tiresome built. But high overheads now National Automobile Industries! 

important detour through Riyadh and drive European tenders up to assembly plant, is increasing 

_ . . _ . Dammam. BMAIK is working 30 per cent, higher than bids steadil y despite high plant ovei^ 

Roads constructed so far on ^ final plans for ^ Hail . frpm Korean or Taiwaflese neaus ana is expected to exceed 

tiie 6 nroblemf ^for ^o^from A1 ' Ul , a s r ection - w111 ulQ ; firms, and many new European 6 ’ 0w HGVs a year by 1979 - ! 

f S mateIy fonn part of a second arrivals are obliged to bid Long-term plans for newl 

road^ mosftm east-west road. meeting the Gulf suic i dal!y | ow mer ely to estab- railroads do not yet pose a 
parumt^ighvrays 'buil^to 1 date “ asl at J “ bal1 - ^ a foottold. senous^to ro.d freight 

are ti e Tapline road, running The terrain is difficult, not 

alony tile Saudi-Iraq border, a T.inkpfl «nly in the mountains but aiso 

road south from the Jordanian on the flaUands where roads are carnes one freigh 

border to Jeddah via Tabuk, North of the Nafud the town vulnerable to flash floods and ay ' 

the Medina-Riyadb link and a of AWouf is to-be linked with blown sand. In the early sum- 







(*lkhazzah^>j<^ 


'aLWAI* 
nSUU BUT 


IBW KHALDUN ST 



jy ^ - 


road south from the capital the Jordanian border bv the nier, when the big winds blow liVf ATICinil 
skirting the Empty Quarter. wadi Sirhan and with the out of the Empty Quarter, a AiAlCUSluu 



0 MILE t 


Road links between the cen- Medina-Tabuk main road, where read can be buried in hours. Distant prospects are an* 
tral aris and Saudi Arabia's construction is well advanced and some of the methods for extension of the present Riyadh- 
northern neighbours and exce n t j n * difficult desert stabilising sand are ingenious. Dammam line and a Jeddah- 
SO j tl lt rn pr °y? nt ^ are stil1 poor ' stretch in the centre. The 1116 Halaban road, BMMK Mecca commuter railway. The 
% bp Tapline road wiU also be ex- ^ med » «»»■ aerodynamic Saudi RaUway Authority, based 
of Nafud desert in the northern panded t0 ^ove the connec- shapes over wh,ch » nd Prides j n Dammam, has stated that a 
hinterland are all but isolated. y on between -the Eastern Pro- wU1 bl °^ without settling. A committee in Riyadh will soon 

jeJSirsMt ss « sraa xsrssr f r bmty studies 

frigidly ' to’ take* in ti!e S- Aqaba coastaJ road are tmder a Jf^ W L“_° et " .Meanwhile represenUtives of 


Housing the pobr and the needy has 
become extremely Mportant In Sandi Arabia; ; 
a country where accommodation is expensive anyway. 
But material supply has improved and home : 
builders have been given top priority. 




onginally to take in the rela- to contain the dunes. Even so the transport Ministries of ‘ 

lively populous areas north- ' . . .... extreme care must be taken, j ordan , S yrU and Saudi Arabia builders have been given top priority. ' " 

west of Riyadh. A more direct Earth-surface road building since a single rock can form the me t last month in Riyadh to ' • • r ■ 

route to the south has been has so far been concentrated nucleus of a dtine and crash discuss the invitation of inter- TT T • - ;■.* 

under study since 1966 and a around the small centres north- barriers and sign-posts must be national proposals to recon- j . | 

two-lane road from the escarp- west of the capital, in the sited where they wiiJ not cause struct the 1,300 km. Hejaz I • I fill Wl T'l 

ment west of Riyadh to Halaban, D ammam — Al-Khobar region a buiid-up of sand. Railway, built by the Porte in ■ V 3 1 ,1 11 1 1-1 

half-way to Mecca, has been and around the Holy Cities. In The periodic nai ns are even the early 1900s as a pilgrim line A J 

designed by the British con- fact rural roads for the use of more destructive. A February from Damascus to Medina. - - 

sultants BMMK and is expected pilgrims accounted for the storm caused more than SR2m. Reconstruction and reactivation THE SECOND Plan’s stated in- by the General Ports Adminis- building programme. ■ At- the : Works,; has needed Game to find 

to be completed very shortly, largest single item in the Minis- of damage to the Mecca-Al-Lith 0 f the whole line would cost tention of “providing every tration, construction-related inn- new. military cantonment at, its feet, and the public sector 

Construction of the next section try’s list of rural roads opened road washed away a section upwards of $500m. family in the Kingdom with ports almost doubled in 1977, Hafr AJ-Batoir alone, ^50d contribution of 59,000 housing - 

to Zalim on the old road has be fore mid-1977. of another road in the Wadi a similar plan was mooted in decent housing" is meeting increasing from 5.92m. freight houses are planned, though the: units has had to be squashed 

been held up because a short sew . nri , ,, , Sirhan. Embankments, dykes the 1960s and studies prepared, with mixed success. Because of tons in 1976 to 11.71m. tons. Defence Mihistiy ' has shown into the' last two- years' of the 

desert section is still under J™" 1 “ n ‘r us 1 ° r and culverts are the answer, b ut the project was shelved a slow start by the Ministry of Cement, at 7.2m. tons, was the itself wary of aggravating the plan period. The backbone of 

design. iMwxmot main roads to oe although they look incongruous with the outbreak of the June, Public Works and Housing, the largest single commodity dis- problem. All the estimated the Ministry^ contribution are 

Meanwhile a Mecca-Halaban TOQS ~ ut “ ea “ live-year in desert country. 1967 war . in its present form programme for bousing poor charged last year at Saudi lm. tons bf. materials for the three identical projects ibr 2,000 



j tafegoeslnt 


n - n - n J TQQn nn <| «■ 1UUI XII I« a USUI r-^D* r v^ - o a----- «=■ — — — . — . — : — - 

qual cam ageway is being “ mia-iwu arm lor They also contribute to the the project looks like a very and middle-income Saudis has Arabia’s ports. cantrament wil pass ttirough a units each in Riyadh, Jeddah 

studied by a Saudi-Danish Km of rural roads. As expense of road building in distant possibility, and very had to be compressed into a Pressures on labour and specially built port at Ras Al- and .Dammam, 3,500 in each of 

in *7 A OA 1 ifl ItiP nfct nlun ond-ir^l r i * mi 1 j ■ i . r v r __ 1 . . . % . » • — .. Lit . xt. mi # • a ■ 


partnership, ZACO, with provi- m th, e 2151 Plan, actual con- Saudi Arabia. The original much dependent on an overall short period. supply persist,- however, partly Mtebab on. the Gulf, .while the Holy Cities and 750 ih.Al- 

sional estimates for its design struction is running short of second plan figures suggested a settl eme nt with Israel. Port capacity, formerly a con- because both the private and' offices will be opened abroad Khafji. Contracts for further 

and construction exceeding target as only 1,900 km of paved cost per kilometre of about T . . straint, is now adequate. pubMc sectors must compete- for tim ^ recruitment of labour, projects in Riyadhi Jeddah. Al- 


SR2bn. 


roads were laid in the 1976-77 SR750.000, bat this is now 


T ' B L straint, is now adequate, public sectors must compete- for tiie ^ recruitment of labour, projects in Riyadh^ Jeddah, Al- 
Janue Bucnan According to figures released with ah ambitious military For the State housing pro- Khobar, Qatif and Al-Khafji are 


®,Jf 

fill 


JEDDAH 


SANKS 

1 Arab Sank 

2 tank Mcfli Inn 

3 tanqu* du Cairo 


19 Ministry if IflfHmKbi 
7B PMiMti* 

71 SANA 


@1 

fir 



• ii 

s ii 

tl ™ 
j|r 

II ? 


§.11 
z Cl 

LI & 


H 

P 




■x 

-—I 


4 British Bulk of du MWiflo East 

5 First National City Bank 

i blanic Dewrfopmfot Bank 
7 jaiira Bank 

• National Commercial lank 
9 Rijradl Bank 
ID Saudi French Bank 
11 Saudi Netherlands Bank 


SAUDI HUMS 


I BRITISH B FOREIGN HUMS 


®|i 





12 British Airways 

13 BAC 

M Dsr al Handuah 

15 Ewfaanks 

16 Kaden 

17 Hakrows 
IB Oicni 

19 RMInoc 
2S Tarmac 

21 US. Corps of Enfineoft 
U Watsons 


BUILDINGS 

23 Abdulla al-Fahal 

24 Ba Uhramr 

25 Hn Udin Zlffimt 
U Bmshn 

27 Dakhn 

2> FabaHya 

29 l ami aom 
JO fohUB ' 

31 KaU 

32 Khorolp 

23 Mafbrabi 

24 Mufti 

3S M^jwnnu 
M tahH 
37 Queens 
31 Sharbady 


72 AbduBa Ali Ret*— same as No. 2 

73 Aramco 

74 Bakhashab 

75 Baroom 
7* Bln Ladtn 

77 Bin Zap 

78 Omar al Esayl 

79 Express Co. 

80 General Machinery AfcncU. 

81 Hajl Hussein AU Res* 

12 Abdulla Hashim 

82 Abdul Larif Jamil 
84 jamjoom ( Peugeot) 

IS jedda (ntemationai BuHiEni Centre 
U Juffall 
87 Kansm 
81 Lbipwh; 

89 Mafhrabi 

90 Mapfur 

91 Ridee 

92 Rolaca 

93 Sand Nations Becrric Power C». ntst to N0.JD 

94 Saudb 

95 ZaMd Tractor 
94 Zabran 


gramme, two ports at Qudayma expected to be signed by the end 
north of Jeddah and Ras Al- of this financial year. ■ 

Ghar north of Dammam were .. Ambitious as the projects are, 
commissioned by the Ministry, the Ministry realises- that the 
of Public Works and Housing burden of the housing policy 
exclusively to supply housing must be borne by. the private 
projects, and should be com- sector. Zn the next two years 
pleied by the end of the Saudi the activities of the Real Estate 
financial year in June. Development . Fund, which 

With accommodation now £S uned '°™ 

costing up to half as much after ten r“ U ' 

agaii of an eapatriate’s salary. 6 ^“ g *** be 


it is invariably borne by his 


pmotrtver which has con- 0ri S inan ^ empowered - w 
employer, wmen ^nas con up t0 jq pg r cenl 0 £ 

rwwn St EW pcivate houses and 50 per cent. 
P ” of those built for commercial 

pean and U.S. comparn^. The jjjg started oper- 

profaiem- now is expense, not al j ons ^ late 1975 Between 
shortage, for with * current that- time and its closure, the 
surplus of middle lewd [housing fund committed ‘ no . less than 
companies can pick and choose. sR20bm and made almost 80,000 
Not Jso fixed-income tuiante, loans for private housing. In 
Government servants or Muslim addition, -loans for commercial 
expatriates, who. are faced with buildings exceeded SRibn. 

^1973 i*e “ ““ t ‘ meS ** After Ute bnathmg space. 
pre-1973 rate. Finance Minister ■ Sheikh 

.Property speculation is as Muhammad Aba Al-Khail, whose 
livly as lever, with new blood Ministry has overall responsi- 
pouring in to join thB old- bility for the fund, went on tele- 
established entrepreneurs in vision to explain new regula- 
this lucrative area.. As in many, tions for fund credit; The 
other matters, the Saudi attitude formerly. ; high;.-, ceilinfi of 
is; if you. cannot beat it, restrict SR300,000 for -ail private hbus- 
it to Saudi citizens. The recent ing ioaos was to decrease with 
royal decree, allowing Gulf the size of the locality to a low 
nationals to own property in of SR100.000, which would aiso 
the Kingdom expressly stated have the -effect of attracting 
that the land would be -re- applications:' from the ..very 
purchased at cost if it was not -lowest levels. Likewise the com- 
developed within three years/ . mercial- .ceiling wa s .reduced 
- :• . ••• ^ from.SR15iiL.to SRlOm.' Priority 

But housing the. poor mSau^ y 0 u]d,be given to.'people build- 
Arabia is, the , mosL pressing -aig , 'themselves ■ '-a 1 home -over 
proWem fO r the Saudi Govern- -Qyjgg bonding for investment or 
ment Since before 1973, “ e • commercial - enterprise, especi- 
drift : -frqm the country^p the young peopfcL- widows and 
cities has led to overcrowding idivweees; with children, and 
and j t bB proliferation ot suj£ those • wishing to demolish and 
standard . dwellings. Shanty ^jage mu a houses.--All direct 
toiwis are almost as jeonunon A . au thority. wag taken fromthe 
sight is in. Iran. The whole- .. baIll ^ . - . , ; _ 

sale decay of -old quarters- gheikb Aba Al^KhaU eati- 
throngh the draining of ^eir : mated that lOQ.tXM dwellings, or 
resources by unimaginative almost double the ministry hous- 
plaruring has impounded the ^ programme' bad been built 
problem. with, fund finance in. 126 towns 

One of the two. new ministries and villages. 
created in October, 1975, the - :-. . fnmM Siirhan 

Ministry of Housing and Public .- JaHUC [.MoOM 


OTHER INSTRUCTIONS 

97 BritMi Council nmi as N*. 29 

98 Chamtar of Cwwtifu 

99 Post Offleo 
180 Public Telex 
101 UniYcnitjr 


fe ASSHATFah st 




Bab 






EMBASSIES 

39 Eopiiin 

40 French 

41 German 

42 Iraqi 
42 Kuwait 

44 UAE 

45 YAJt 




HOTELS' 

4S Amln- 
47 Asia 
41 Adas 

49'al Attat (ind. Onb) 

50 BahMiddia 

51 Hama 

52 International 

i S3 Jedda Airport 

54 Jedda Pala<4 . 

55 Kandara 
U Kha yywt 

57 Medina 

58 Meridiem 

i 59 New BahauddiB 
80 Red Ski Pabco 

61 Rehab 

62 Riyadh 

63 Sheraton 


. sun hum 

mm 


r\ 

Mg 


^ — -/ »0« 
Iran/ nisar. 


? m sJ 

f, kmT 


MiNunvia 

64 Onl AtMmi Dept, ' 

65 DGMR 

66 l$DC 

n 67 Mimtcry of Commerce 

1 t* Ministry of tarelfn Aftdrt 


'i-r * - •" ‘ 




Jamie Bucbaa 











According to data recently compiled by 
. the International /Mr Transport Association 
tlATA.lL Saudi Arabian Airlines ranked first 
among the 107 JtATAznember airlines, with a 
; TS° 0 increase in passengers carried during 
1H76. compared to 3 975. An even greater 
: increase of 1.770.000 in 1977 brings the total 

L, • passengers carried last year to 4,700.000, 
r The b'.JOQ.OOO passengers expected in 1978 

; — - will he sis times the one million or so 

- ixissengerscarrijad by Saudia just five years 
agoiai-SCek. . * 

Taking off from small 
==%;■■ . • beginnings 

' Saudia has advanced a long wav since 
, j 1345. when the airlines formation With 3 

Dakota DC-tfs replaced primitive means of 
* ; long distance travel across the Kingdom. 

z . Communications inside the Kingdom 

■were revolutionised, when King A Wu iaziz 
i bin Abdulrahman AJ-Kaisal Ai-Saud. the 
i* founding father of Saudi Arabia, put to good 

c use a DC*3 Dakota presented to him by the 

i late President F.D. Roosevelt on 27 May 

? 1945. The acquisition of two more DC-3s in 

r ~ the same year marked the true start of 

domestic airline operations in Saudi Arabia. 


the most sophisticated twin jet of its size in 
the world. 








\rjhid. 
v -. any^a\. 

I 




=5 The possi bil tty of travelling coaubrtablj* 

and avoiding the lengthy land routes 
traversing the Kingdom decreed instant 
popularity for the novel form of air transport. . 
Saudia s activity in the early years was to 
carry passengers and mail - somewhat 
irregu larly - between Riyadh. Jeddah and 
Dhahran.* 

When it became evident that three DC-Ts 
wore not sufficient to cope with the demand 
they hud created, five DC-4’s and five Bristol 
Freighters were added to the fleet With 
thirteen aircraft of its own. Saudia was then 
^ firmly in business and on the path of an 
’ expansion programme that has continued ■ 
uninterrupted ever since.: - 

In the year 19b2. w men is regarded as a 
m cornerstone in the history of the airlines 
development,' Saudia decided to purchase ten 
Convair 340 that overnight put Saudi 
Ara bia’s cities within reach of each other in a 

matter of hours rather than days. The new 
aircraft also brought an unprecedented ' 
degree of comfort to air travel with their , . 
pressurized air-conditioned cabins, and 
provided convenient transport for Muslims 
on pi Igrimage to the Holy Cities of Islam in 
Saudi Arab* -r 



Saudia goes international 

With the airline starting to play a major 
role in the country's development, its wprtb 
was well proven and Saudi Arabia became 
increasingly airconscious. More and more 
equipment Ws. required, and in 1960 three 
DC-ti were purchased to start scheduled 
services to other Arab countries, to earn an 
even bigger share of the pilgrim traffic, and to 
move Vital cargoes quickly and efficiently. 

An important event in the history of the; 
airline took place in 1963 when the late King 
Paisa 1 pronounced by edict the Formation, of 
Saudia as a corporation , allowing it to 
operate as a commercial entity with its own 
Board of Directors. _ ’ 

in that year also a decision was made to 
purchase the world's then most sophisticated ■ 
jet aircraft, and bring Saudia into tbe leading 
ranks of Middle ETnstem airlines. With the 
acquisition oftwo new Boeing 720 Bs. • 
Saudia became the first airline. in the Middle 
East to fly the big jets, and was able to extend 
its international network beyond the Arab 
countries. 

By 1967 the airline had built up an 
exemplary safety j-ecord and standard of 
service when it was welcomed to membership 
of the International Air. Transport • . 

Association (LATA). Two years earlier SauaiA 
became a member of theArab Air Cartiers 
.Organization (AAGO) and various air travel 
associations. 

Saudia began flights to Tripoli, Tunis and 
Casablanca in North Africa via Beirut and in 
so doing established the first direct link 
between the Arab East and the Arab West. 
Also in 1967 the first European route serving 
Geneva, Frankfurt and London was opened. • 



A non-stop Jeddah to London servicewas 
ina ugurated on X May 1968 using two Boei tig 
707 intercontinental jetliners. Then in 1971 a 
direct service between Jeddah and Rome was 
begun, and an all-cargo jet semes between 
Europe and the Kingdom provided the fastest 
onward connecting service for transatlantic 
cargo. 

In 1972- Saudia’s services reached ^49 cities . 
in three continents, including a domestic jet 
network linking 20 centres in the Kingdom. 
Its jet fleet became the most modem in the . 

M iddlc Hast, with two Boeing 707s. two 
Boeing 720 B’s and ft veusH' Boeing 737-200‘s, 


To improve internal organization, Saudia 
opened its own Data Processing Centre in 
- Jeddah, equipped withJBM .‘160/20 computers 
. for use in its dny-to-d ay busi ness and long- 
term planning. 

' Foy the Brat t ime. in a single year. 197:1 saw 

Saudia carrying over a million passengers on- 
scheduled services in addition to the many 
. thousands of pilgrims and teachers carried 
on the airline's special flights (Saudi Arabia 
employs thousands of teachers ft-om nearby 
Arab countries). 

To celebrate thirty years of operation, in 
1975 the wide- bodied long range jet TriStar 
was introduced. Thus Saudi Arabia was 
again the foist M.E. carrier to enter the new 
jet age of wide-hodiert aircraft. Also, domestic, 
fares we it* reduced by *25“.. t o ease t he hurden 
-.of the travelling public. Ir was therefore not 
surprising that over the next year ten new 
aircraft were addi-d to the fleet and domestic 
passengers a I* me skyrocketed by JSU‘ 

To simplify this passenger movement and 
give more convenience to the customer the 
"Arabian Express" shuttle service was 
•.introduced in June 1976 between -Jeddah and 
Riyadh. Immediate success brought land 
factors exceeding 80" „ and the total 
passengers carried each month averaged 
*•4.000. In August, the service was extended 
to the Riyadh - Dhahran sector. 

The Arabian Express service with its 
; frequent flights, minimal formalities, and 
reduced fares, has opened v.p domestic air 
travel to a much wider puhlic. ami it is 
expected that passengers carried per month 
will soon exceed 100.000 on the Jeddah - 
Riyadh sector. 

Expansion continues 

Last year saw further expansion 
. throughout Saudia. The number of 
passengers carried was increased by 60% and 
there was a similar increase in freight. Anew 
. passenger route was opened to Tehran and 
an ^Airbridge" was established between the 
Kingdom and Bahrain in cooperation witli 
Gulf Air. This airbridge with- 18 flights every 
day coupled to the other Saudia services no w 
provides rapid links east-west across the 
whole of Arabia ; 


lm mdlionsl 

4 

\ 

3 

\ 

% 


1973 • 1974 W75 1976 1077 

Revenue passengers 

Sin m*Qnsi ' ■■ 

L30 ^ I 


_ .*S73,„®74 TS/S IS 76 W77 

Freight Kilograms boarded 

Two Jumbo jets (Boeing 7-1 7 s) were leased 
in June to provide direct flights from Riyadh 
to London five times per week, as well as 


’Jf 



daily flights to Cairo. There are now 15 
flights per week between the United 
Kingdom and Saudi Arabia. 

Sophistication on the 
ground 

To support this operational growth 
required an increase in employees to more 
than 10,000. Two-fifths of these employees are 
directly serving the customer at offices and 
airports spread over four continents. 

Many recent improvements provide better 
sen'ice for the travelling public and cargo 
customers. An automated reservation system 
has been installed: new flight operations 
control centres have been established: 
completely modern freight handling methods 
have been introduced at Tail' and Abhn: 
Jeddah and Riyadh will have brand new 
cargo facilities this year: automatic flight 
management systems have been installed in 
tha Lockheed TriStars; modern passenger 
facilities have been provided at Riyadh 
airport, and .a new departure terminal has 
been equipped at Jeddah. 

In space, high above the Indian Ocean and 
the Atlantic Ocean, two satellites transfer . 
messages from Saudi Arabia to London and 
bring back the answers from a eoraputer.'The 
response time is less than three seconds 
which is comparable with or better than all 
or her communications links of this type. Tins 
automatic reservations system replaces 
manual methods which used to handle the 
t housamte'Df messages each day at great cost 
in time and effort. 

Reliability is assured hy using two 
channels of communications over the whole 


mute. Messages go hy microwave and cable 
from Saudi Arabia to the master computer m 
London via cither the Indian Ocean satellite 
«»r the Atlantic Ocean satellite. Earth 
stations in Riyadh and Tail' transmit the 
ground signals into space. . 

In Saudi Arabia the system is on-line I'miu' 
1 he Jeddah Network Control Centre fX’CCj 
to all the main Saudia reservation offices. , 
The.NCG is unique in its design and one * if 
the most advanced in the world. 

Passenger reservations from Baud in 
offices as tar apart as Los Angeles. New Yurt 
Stockholm. Geneva. Casablanca. Bombay 
and Kuala Lumpur will be linked into the 
system by teletype. Soon the master 
computing facility wi ll handle Saudia 
business from the United Kingdom and 
Egypt. 

British Airways secured the contract lor 
the automation of the Saudia reserviui* ms 
system, In competition with several niujar 
airlines with systems market! ng experience, 
they were select rel becausetbey were large 
■enough to provide all the necessary 
developmental support. 

In Jeddah Che airline has a computoi i.-oil 
automatic call distributor system which is 
unique in Europe. Africa and Asia. 

The ultra-modem communications 
network being established by Saudia will 
oiler further attractive features. The inasiir 
telephone system now integrates all Saudia 
telephones in Jeddah with ceulral coni n •! of 
J.N00 extensions. Up rn J-l operators can 
handle any incoming call so that optimum 
efficiency is obtained. There is an ultimate 
capacity of ,5.400 extensions. with the 
necessary number of city exchange lin----. 

The next planned innovation is a "dir. -or 
in-dialling” feature that an outside caller 
can self-dial any Saudia extension. 

SaudiaSs modem, 
growing base 

At Jeddah international airport a 
spacious well equipped departure lounge w as 
completed in 1976. Consmtction of a 
completely n*-w departure terminal is. n».»vv 
well advanced, and hy 1960 the new 
International Jeddali airport will l<c 
operational. 

Su udiu npei-at ions planning moved Inn 
new Jeddah control centre in 1977 with up to 
date facilities. In London, a flight upei arinns 
centre was established 12 months ago. This 
. provides round-the-clock coverage ii n* all 
European operational functions including 
crew scheduling, crew briefing and flight 
planning. Other flight operations u/fiees were 
established at Riyadh ami Paris airjxals. 

Currently under construct! and a Jeddah is 
•a new operations training building which 
will provide completely modern facilities 
later this year. New equipment lurflight 
simulation, crew procedure training and 
cabin staff training? will he installed. 

During the past two years Saudia has 1 •eon 
developing a new housing complex for stall' 
on the outskirts of Jeddah. Known as 
"Saudia City” it will eventually provide 3.000 
homes and is already accommodating more 
than :>00 families. A new Social. Athletic and 
Cultural Centre in Jerkin h provides Saudia 
staff with a range of sports and other 
activities. 

Just completed this mont h is an extension 
to Saudias headquarters building to provide 
a much needed acre of additional floor-space. 
(See below). ■ 

As well as passengere on sche'luled 
senices, every year a massive movement of 
pilgrims (Hujisi takes place when millions 
visit the Holy Cities of Mecca and Medina. Til 
1977. in conjunction with other airlines, over 
500,000 Hajis were airlifted. In the smoothest 
ever operation of this type Saudia showed, 
how its facilities could be expanded to 
efficiently handle this large extra number of 
passengers over a very limited period. 

Saudia’s specialist services 


From the plans laid in 1963, when the Air 
Cadet Programme was founded, training' 

* ■■•-••' • -• • » 


activities have- multiplied to keep pace with 
expansion. In 1977 the highest ever number 
of flight crew received training and Saudia 
now has 450 qualified pilots and engineers. 

In addition to the usual training 
requirements associated with airline ■ 
operations. Saudia is playing a unique role in 
manpower development. The airline recruits 
the majority of its work force from students 
at varying educational levels from junior 
high school graduates to university 
graduat es. They arc enrolled in programmes 
of two to seven years in duration and on. 
successful completion are assigned 
peimani-nt positions. 

Besides flight training and long range 
educational programmes extensive courses 
are conducted in aircraft maintenance, sales 
and st-rvkv. cabin attendant services, 
ticketing and reservations, operations 
services, finance and data processing. 

There is also a management developmcnf: 
programme which began in 1972 and receives 
an equal degree of em|>hasis. Its objective is 
To prepare potential managers to fill 
vacancies in the corporate management 
si ruviuro and to upgrade the general 
standard of nmnagi'inent. 

Saudia’s Fleet 

AIRCRAFT TYPE 1»3 1974 1979 1979 1977 ■ 

LOOHEEP _ _ ' 2 5 3 

TRISTAR LI* '11 

BOEING 7‘JT ■! -I 7 7 in 

BOEING Ti*B : • • Z ~ 

BOEING';- S 7 7 14 It 

HOEING 74 V i 

DOUGLAS DC (■* £ 

DOUGLAS UC ., i 4 £ 3 

CONVAIR C.-iJ M t (i l> - - 

*pitH{ J35 ^ j :• ;• 

CEiSNA421.fi --’22 

BEEGHCRAFr --.'22 

FOKI.ERF27- " ~ T i r 

GRUMMAN Gil ---24 

_ TOTAL. 24 29 39 42 94 

The fable shows the growth of the Saudia 1 
fleet during the last five years. Maintaining 
this large and diverse fleet of aircraft 
presents a continuous challenge to the two 
thousand men in Technical Services 
Division, particularly since inspection of all 
equipment used on Saudia aircraft is carried, 
out to standards exceeding those stipulated 
by both manufuctuzvra and world civil 
aviation authorities. Similar thoroughness is 
applied even to equipment that will in all 
probability never be called into use such as 
emergency lifecralt* and jackets. More than 
one rival in every seven rivals of revenue is 
allocated for maintenance. 

Future expansion 

Although the second 5-Year Plan of the 
Kingdom is generally regarded as being 
ambitious. Saudia exceeded the five year 
targets for passengers mid fleet growth in the 
first two years. 


Saudias rapid advance is a direct result of- 
the material and moral support of the 
government under the wise and able 
leadership of His Majesty King Khalid Bin 
'Abdul Aziz and His Royal Highness the 
Crown PrinreFahad Bm Abdul .Yzizand the 
relentless efforts put up hy its employees who 
undergo extensive training programmes in 
accordance with the (ugliest internat ional 
standaids. 

When interviewed in -Jeddali last month 
Sheikh Kamil Sindi. Director General of 
Saudia. emphasised the importance of the 
airlines investment in training. Several 
training centres have been established as 
well as the air cadet programme which -is 
unique in the M iddle East. At present Saudia 
lias 158 trainees studying on courses outside 
the corporation in addition to Ki2 under- 
graduates. of which 122 are at universities 
outside Saudi Arabia. For operations and 
maintenance there are currently 195 being 
trained as pilots, flight, engineers and flight 
operations officers, and 141 as technical st alEr 
Ahfigether 2500 employees have been under 
training during the last six months in* -hiding 
81$ who have enrolled theinstJves in the 
education assistance programme. 

Another inqxjrtant factor is anticipation 
of rh{- fleet requirements by eflective 
planning and reseaivh. Saudia V fleet now 
has o-l aircraft including eight TnStavs. 



'rhvi-e years expericric*- with the I^ocklu-ed 
TriSiar have shown it to be the mri.-r 
comfortable large jet for longdistance travel. 
A 1st i. Saudia is t he li rst ai Him* 1 « » » quip i t s 
TriStars with the new computerised Flight 
Management System, the r.iilv such 
si utnma tic device in existence. These are the 
ttios! advanced wide-hoiiied jets in the world 
and are fitted with i he Rolls Huy re RR211-524 
engine* which gives greater |ierli«rmance 
:»nd n range up to 4. J50 miles. 

By the end of] 978 there will in - Id 
advanced Ti iStars in the fleet as well as 19 
Boeing 737. two Boeing 720. 10 Boeing 707, 
and two leased Boeing 747. Services soul 
foci I it ies will be further enlarged to give a 
better service to both international and 
domestic passengers. 

Sheikh Kamil Sindi was in Lnmlnn last 
Thvemlier at a celebration in mark the tenth 
year of operation in the U. K. 'fen years ago 
Saudia had a single Boeing 720 mi the n.uie 
Jeddali. Reiiui. Geneva. Frankfurt. 1 /union, ' 
with a seating capacity of aliom 500 per 
Jiionth. 

l-'rom such small beginnings Samli a has 
become the largest Middle Hast Airline 
with 12 passenger flights per week from 
London, mostly in wide-bodiiil jets such as 
the Boei m: 747 and the LllHl TriSiat s. This 
givt-s a seating capacity of over 15.0IW) per 
month. There areals*) t hree cargo fliehts per 
week from London, carrying odd tons jht 
mont h. 

Anot her indicator ofSaiulia's huge gre ivvth 
in the U.K. is the number i»f it.- local hiafl'. 

Teri years ago Saudia employed live jjeopleiii 
IjOntlon. Today that number ha> risen 1 n 215. 
Figures for passengers flying from London 
are 19711-82.000. 1977 - 78.000. and for 1978 a 
fi gure of 1OO.U00 is forecast . 

A new route to Athens is planner] for this 
summer. Exteniletl routes t«» the East as far as 
Japan and to the West as far as the United 
States are being considered. 

Between 9 and Id million passenger* are 
forecast for 1980. 

In 1979/J 980 Saudia will nporolean 
"International Airport Catering Unit” at the 
new Jet Wall international Airport. This 
Catering L'nir will give the airline total 


.. y .. . - , , eu pel vision of its food requirements 

-Saud m also cat ers lor other special needs. including hvgiciie and bact«frin|rigical 

b|» qi .l Flight b(-rVR L ..H (.Sl->,| •■' ■-t-paratc- ^ ^ F ^ L-onlvnl. [l.ul pv<iviiU.*\hp nieiin^ Tor 

n f TL ' ' lr r L, in< 1 v ' "P 1 ' 1 ■<t«» allrt-t msiiliuiininu :m.l iiniinivins tin- hiuh quality 

nt httllt uirauftThu division hur-lhq ^ futitl si'n'i*,.. Tllfimil is ilqiny 

important job u t carry, ny !cah, iui mmujimi ■■ ■ ■ H I 59 w| u rili>ln,l»iihilm,i«si«tam-iM.rS.,\>i. 

add senior yovurnment otbql.ilu "it nffairxiit ■■■ B 1 ■ I I (9 C'aterillBS-rt'i.w. whomv I,:«I.-1V= in the 

Soite. bFfc> also protntles aohnrtn, -sen-ice to ■■■ BM Bm mm ■ ■■■ field of, lii-lin.-.-nu-rimt. 

i-eiinote locations in the Kinpilnm nutcovt-ved sheikh Kamil Sindi paid ti-ihiitc to ihe 

- The ' -iddi^OT of twnUnmvm-in t lulfstre-tm support he had received from the 

l^abi^j^tc^^lniileslamtu'ivtc^m^ST? this ..aRtV :* Ri n" 1 mi- ter 

the addition of two more Gullstre:mw. ;m g § § « 8 * ./f'l ! fi; Ivt'i ..tf; and his Deputy Prince Turki 

. ■ ^ ^ ■ ua gi. gii g» m 'm ai > js ■ **!'•£' _j.- ■ ■ \ Bin Abdul Aziz. 

$ ii * * * * ■■ 

Ijg ;*; f-*'-* ■ * 

Ip 1 1 |g|'"l 111 II <T- 

*!»;• *)V # . * 'yy * W'* • 




ipO'tfaflTW- 




tBmmm HPT! ' < ; • 

r" -■ 


•I 










M&eai 








- i - 




iwuduis tihriany heatUiuarteix in Jeddah featuring the recently completed extension on tun [lows* 


■■va 










26 



ARABIA XX] 


financial Times ^nfey. i^kL^197g: 





! * . .' rf - W V ' v '• ’. ■••.■. .’ ^ Wv v'fitt-JgJjfW 

■ ;s*''_ ' i.v.A' -- - ^’a *:*■£.» *]'•* 

' i 1 . . i-ff- •> !».',•... - ! Irei'.'.A 

I ■ s v w ■ .': .:.v. -.^v -jv > 7 «:. • * . 1- 

| j*. •;• . >. . j .y .*"'■ : ?*!.. 

li.’” ' ... ’vis* •"* • ' . 1 * ■.: 4 *i.'' , A..' : y; •; •;. •■< 

I ?■ ■ : • .:■ "... V. V V ; V •• . Wr •.. . : 


Tne Rashid Hospital, serving ‘he near 100,000 population 
of the Slate of Dubai, sets new hospital stz-ndatds in site 
3rd facilities in the' rede ration of United Arab Emirates 
Designed by John R. Harris. Architects and Planning 
Consoltfines; the protect was constructed in two and a 
.half veers by.3err.ard Sunlsy and Sons Ltd. 




Rashid Hospital 


\m/ 


iV *: » * 
f c L s^ r 


. . . another of the Middle East locations where th e HepS fevo 
vitrified clay underground drainage system was specified. 

The Middle East case for clay is overwhelming. It's immune 
to the sort of conditions that spell inevitable failure far some 
substitute materials. Having been proved in servi ce ov er ^ 
centuries, clay pipes have changed only for the better in that 
they are today stronger, longer and lighter, with push-fit joints 
that speed and simplify laying. 

Stocks are held in agents' depots in all major areas of 
development. Hepworth specialist staff resident in Dubai, 
Bahrain and Amman are backed by the combined resources 
of tunnel kiln plants located in the United Kingdom, . . . 
in Europe and in the United Slates. 


HEPWORTH -MJimEmtAT10NALAllJANCEff!CLAYTECKiaLOGy 


Export Sates Office? 

Bftsrawn. Lneester LE6 1ET 

Telephone: Bagwwth 1053 03 1) 39I.Tetoc 34478 



A.'^5tttXBxHeswa»CennK Gnep 


Hepuioftii 

WTHKO CUMrPROOUCTS 


MID-EAST? 


Yourfreight forwarder is 

STANDARD 


Conventional shipping. Heavy haulage. 

Project Shipping. 

Combined sea/ road service via Samsun. 
Door-to-door express T1R trailer. 
Door-to-door refrigerated trailer. 
Door-to-doorcontainer service with 20', 

35' and 40’ containers. 

Ro/ro service from UKvia Dubai to Kuwait, 

UAE and Saudi Arabia. 

• Rail groupage and full load service from 
Kings Lynn and Grangemouth to lran,Turfcey and Iraq. 
Da ily road groupage departures from Greenford 
(Standard's terminal! to Teheran and Istanbul. 


STANDARD 

DELIVER- 

THROUGHOUT THE MIDDLE EAST 

STANDARD FREIGHT FORMflRDERS UTX 


100 Brompton Road, Knightsbridge, London SW3 1ER 
Telephone: 01-584 6635 Telex: 885685/6 



There is no difficulty in finding the money to finance -.. 

Saudi Arabia’s ambitious plans for the expansion of education. 

But some problems, such as the shortage of Saudi teachers, caimot be dealt with overnight, 
and it is accepted that change to the educational structure will have to proceed - 
slowly if the conservative nature of Saudi society is not to he damaged. 


is~" 


>c:- : 

r ; ; : 


• '■ . .--y.T 1 



. ' ■ v ;• •• •.£ " ..•: . • • :i--: : . 

•' ••• S* 2 "' •' -•• • 

■ ■ gg mm * 

: ’• • -*V‘ • - :r 

• r • ■ : ' I-,- 

• •. • . .■ 
•••••;, 3--' 

• ’ ;• _ ]- ..•••*-: --J — . 

: . • . • 3 1 - - • ' 

V: v >fej ■' - •• 


FEW MINISTRIES in Saudi 
Arabia bear greater responsi- 
bility for bow its citizens will 
survive the stresses of moder- 
nisation than those of education 
and higher education (created 
seppately in October. 1975). In 
their hands is the dilemma of 
how to adapt conservative 
| Islamic traditions to modem 
and- more independent and 


2 B-- ' 


NUMBERS OF STUDENTS AND TEACHERS BY 
LEVEL OF EDUCATION 


1975-76* 


losing sight of the essential vir- 
tues and values of’ Saudi 
iciety. There is, too, a simul- 
taneous drive to produce Saudi 
manpower to cope with the 
country’s economic develop- 
ment The result is inevitably 
an educational system shot 
through with paradoxes and 
contradictions. 



Total 

Male 

Female 




pupils 

pupils 

pupils 

Tchrs. Schools 

Kindergarten 

15.485 

8,957 

6.528 

439 

92 

Elementary ;... 

Intermediate ..J..... 

686,108 

439^02 

246,606 

34,483 

3,497 

154,488 

106,671 

47^17 

8,788 

718 

Secondary .....: 

48,826 

34,970 

13,856 

2,616 

212 

Teacher training ... 

14.651 

10,587 

4,064 

1,139 

62 

Technical education 

4.063 

4,063 

— 

619 

21 

Special educationf... 

1,804 

1,550 

254 

630 

45 

Higher eduration ... 

26.437 

21,127 

5^10 

2,133 

• — 

Adult education^ ... 

95,341 

68,082 

27^59 

13 

1,743 

Others 

10,791 

9^18 

973 

316 

111 

j Total 

1,057,994 

705,327 

352,667 

51,176 

6,501 


iss* a ■ 


1976-77§ 



A.P.T. 

ALSAADA PROJECT 
TRANSPORT 


You have problems that will not go away 
Then let us transport them away 
We offer a most reliable and experienced service in 
Custom clearance, 

Forwarding, 

Overland transportation. 

Door to door service, . 

Heavy.lift, 

WITHIN THE KINGDOM OF 
SAUDI ARABIA 


To have your problems solved, just contact onr ; 
transport managers in: — • .■ 

JEDDAH : P.O.Box : . 5305 

Telex ’ 40229: ' - 

Teleplume i 48497-45749 .. . 

Cable : - HAPPYCO ; ; V 


DAMMAM : 


P.O.Box : 1778 
Telex -60125 
Telephone : 27860 
Cable : ALSAADA 


RIYADH 


P.O. Box : 
Telephone : 
Cable : 


1576 
68045 : 
ALSAADA 


•^Includes private sector of 62,220 pupils and 
The Saudi Government is especially at kindergarten and elementary levels, 
only too aware of its tasks in 1 deaf blind, 
this field and has not shied Pert- timers, 
away from spending on a huge 
scale on this sector. Education 
has regularly taken between 11 
and 13 per cent, of the annual 
budget, ($2 .3b el in 1977-78), 
third or fourth after defence, 
communications and. municipal 
and rural affairs. Over 15 per 
cent— SR74bii- ($21bn.) out df 
SR489bn. ($142bn.)'— Oif the cur- 
rent development plan, is being 
spent on education. Expansion 
has thus been considerable. 


recognised career structure, the on the move, but in 1977 there of th^sefacilities...- ' ferr-_" 

facts of the present system on were four mobile teams ratering ■ One • particalariy ' striking j 3 &z‘l: 

the whole reflect the dominance for the tribes when they settle aspect-has been the expansion-afo, Hi i : .-r 
of tradition, influence and par- near their waterholes. y . ‘ ' -women’s education. ...Povaly J c :j : 

ticular f ami l i es rather than real Examinations have "Been par- because there are fewer distract m isi st- 
ability. - ■ ,t ; ticularly- problematical, and "tions, thehr academic record-isr - ... 

According to Dr. Jammflz teachers, , espedally on' the ire^nradly better than those pf mB; - " 

there are three main thrusts.’|p secondary'/ level, 'proven, to.tbe m$fzL JBut careftrl segre^- 
educational policy at present, falsify marks. But again, under t*on as practised to ensure that 
The first already mentioned, 1- is American influence, there are shared fa ciliti es are not - used 
to improve the standard of efforts to concentrate less on simultaneously, and lectures are 
teachers. The second is’ to re* the outcome of one gnmi a year watched on t^evisioh; 'Para- 
form curricula. Currently, and more en spreading the load D ^ rector ^® ° £ 

curricula— except at the higher of assessment through a com- Girls Eduration is a govern- 
levels — are generally, modelled bination of - one examination ^en^ aumority independent 
on. those, of other Arab and. performance oyer the year. ■Education Ministries. But 
countries, in particular those In _h&ier education, there is SlLiS? J ■ 

with unsuitable Egyptian-French almost - {0181 -worship, of the ‘SUSSS -2ft« 
characteristics. Progress here doctorate..' At present there are 
has been disappointingly slow, perhaps. 300 PhDs in th&.exist- 
1,411 teachers, but even so efforts; are being ang six universities and, over 
t Specially for made to -reshape the approach 2,000, 'studying ^ Tor MAs at least 
% Anti-illiteracy schools, all but 13 teachers are to subjects by defining them less out of a total of 20,000 students 

individually, and more are part studying abroad. Of these . at 
of broader topics. Thus history least 8,000 are in the UJS^ arid; 


eventually raise difficult ques- 
tions- about 'what the role of 
women should be in Saudi 
society^.-- 

^And the standards reached in 
fneral? Independent observers 
ph,‘. that graduates of;.- the 



Total pnpils 

Teachers 

Schools 

Kindergarten 

832 

51 

. 3 

Elementary 

466.836 

25,18 8 

2,987 

Intermediate 

123.548 

7,926 

669 

Secondary 

44,036 

2463 

190 

Teacher training 

10463 

815 

39 

Technical education 

5,169 

785 

27 

Special education : 

1.690 

711 

52 

Higher education 

na. 

ujl 

11a. 

Adult education 

n.a. 

ma. 

mi. 

Others 

UJU 

n.a. 

iLa. 

Total 

652,474 

37,739 

3,967 


is presented in the context of the remainder in Bii 
social studies, and arithmetic as Europe, the Middle East 
part of general mathematics. Pakistan. - 
The third drive is directed n- . . - ^ * 
towards school building. It is Jl/XlStlIl£ 

acknowledged that thi-g is per- . ■ m 

haps the easiest . aspect to _ Within- the Kingdom; tiie ahn is reckoned to.be on a first-year 
achieve and that the production is not so much to estajPIML new universtty ieveL- There is, too, 
of schools does not ensure a new universities , (although . the the project, that standards may 
But in possibility of setting- up an .sl|p as^ \'iizdiwrdti»^have .been 


University of Petroleum -and 
Minerals in Dhahran, which has 
.a j&ecial status and links with 
American universities, are om 
./par *■ with.'; degree-earners' in 
either the tJTS: or-Britain. Else- 
where, their graduate standard 



educated population. 

defence of this, officials argue exclusively -female university is .ordereji^ ;iwe6iitly tD^aec^'iniy 
ThAn> i* - . _ , . , , that the naassive building .pro- 111 present under study) but in Saudis - With: ^ a secondary level 

ove ^ lm - T p Ws 5-IncIudes Ministry of Eduration schools only, others excluded, gramme does ensure that the building campuses in" new certificate rather "than- insisting 

Source: Ministry of Education, framework far educational pror «e»trw- attached to existing on epecifie levels; of qualificar 


■at .all levSls, compared with As at October 29, 1977. 
about 700,000 at the. beginning - 
of the decade. The increase has - 
been most ' .marked’ at inter- 


gress exists. universities. tion. 

n + i ■ ■ -. * * . .. . , - But leaving these problem*; But 13 now an Pereas- Ibus the system \rtndi 

inediary and secondary levels. t0 ° p,a ff- Teac J^ » fe n£ ™ b*gher education staff ^ ^ educational SS teg -trend on the lower.. -levels emeigra is uneven in shape wit* 

T ifif Jap « 311 . attractive profession to from the current level of 30 ar J~' , prt> ^ hi oiier edneatwn to j keen ' pockets of sophistication and 

The' 1975-80 plan has &ud L A^tiawouW require to^emwu^ J^ 1 *"£££?* \£E£ 7 *^ wS 



new 

day. 


ambitious targes.- “The number Jordanians and Palestinians, is age personal analysis and ex- mSoooi £ tom concern these cljkrigeff will have to- come 

high, in 1975-76 nqn^_audis perimentation would come from £°Z S.aro^^ as officialsare 


from 618,878 to 1J)41,163 (and accounted for over half the the -West but this is unthink- 
schools from 2,899 -to 4,467); on number of teachers, with the able in Saadi Arabia's Islamic- 
the intermediate level from greatest concentration of Saudis based educational system and 
120,410 to 230,052 (schools from -^-78 per cent — in elementary, society. 

557 to 991); and on the' schools. These foreign teachers The government is pressing 
secondary level from 35,444 to are. regarded as being indus- through technical schools to de- 
72,486 (achools.from 141 to 231). trious but too often not snffici- velop the country's agricultural 
Students in teachers.’ training ently interested in education to and industrial skills. But the 
colleges are to rise front 15,689 experiment with new .tech- Saudi background in technical 
ta 27,487 (the .number of insti- niques. As a result tfte/tradi- activity is well known, and even 
tutes from 46 to 60); in technical tional methods, with enormous more notorious is Saudi reluc- 
institutes from 3,685 to 14,405 dependence on ^>te-l earning,, tance to take part in manual 
(schools flxim 16 to 37); adult with its origins in the rhythmi- work (while there are others to ' 
literacy programme is to expand cal learning by heart of the do it and more money to be 
from 84,433 pupils to 519,831 Koran, and unadventurous and made elsewhere). 

(and schools from 1,114 to unquestioning respect for the? An additional 
3,327); and on the university written word, are preserved, 
level graduates are to rise from 


decade to 468.166 in 1976-77, abo^/p*ts, for in ^the last^ear ** 
costing SR342.7m. ($100m.). A some ^qauverrities have . been % a ^ atTn ia ^ 

second benefit has been in having ; difficulties with their SaSfi 

educating and help to settle the budgets Third, as the domestic r Saufli 

bedouin. It is impossible to cope system expands it is felt to be . 

with those who are perpetually wasteful not to take advantage A.McD» 


UNIVERSITIES AND COLLEGES IN SAUDI ARAto^r1978 


University 


L703 to 7458, while enrolment 
which In 1976-77 according to 


cent. 

from 


Our representative will be visiting your area shortly. 


Should you wish him also to visit you, please let 
us know. . 


SENATE WISE LIMITED 

International Jbtaff Consultants 


To Trade' Industry Banking Shipping Construction 
Engineering Petrochemicals & Telecommunications 
Licensed by the Department of Employment 

5 Cal bourne Road. London SW12 SLW. Tel: 01-673 $520 
Cables: T nvnnN SW12. Telen 27950 REP 2739 



drawback is 2 
illiteracy in a society in which 3 
the inability to read and write 4 
has rarely proved to be a politi- 

^ r - . cal disadvantage. 

wS *23,610, E of U< whom ^ * Understandably religious The exact levels -of literacy' 
-- were won^ S-to riS teaching plays a major part in are hard to compute, particu- 
15 327 to^'965 ™ education, and 12 out of 150 lariy in a society .Che exact size 

to hours of credits is squired on of whose population is un- 

The annual report of the Saudi religious studies, evea-for afiUl known. But according to Dr. 6 
Arabia Monetary Agency B.Sc. course at university. Jammaz, some 45 per cent of 
I? 8 k®*!??" Nevertheless, the -drive to the population can- b$„ taken to 7 
fJnnhL- Pn -° ri& ? v ! her ! by Saudi-lse teaching .is going be under 15, and that of tftose 
emphasis is not placed merely ahead. According to Dr. Saud aged between 6 and 15, 90 per 8 
°° ® x £ anS1 , 0 ? nu ®ber of jammaz. Vice Minister for cent are literate. Above that 
educational institutions but also Technical Affairs, 90 per cent, age, he believes, 55 per cent 
on uplifting the quality of 0 f Saudi teachers are graduates literacy prevails. For women 


University of Riyadh Riyadh 

Abha 

Islamic University Medina 

University of Petroleum and Minerals _ Dhahran 

4 - King Abdul Aziz University Jeddah 

- > ■ Mecca 

Medina 

5- Imam Muhammad ibn Saud Islamic 

...University „.u.. Riyadh , 

■■ ■- ' - • _ . Abha 

Gassim' . 

6 King Faisal University JPammam 

. Hofnf 

7 King Abdul Am Military Academy 

(Ministry Defence) Riyadh 

Internal Security' Forces Academy ' 
(MtnistryTof Interior) Riyadh 

9 King Faisal Air Force Academy' 

.. Riyadh 


Campus/ Tear. Stodentenrolinent(estiinated) 
rfty ' • opened 1974-751975-76 1976-77 M77-78 
1957 7,000: 8,000 . 9,000 10,000 

nja. 

- 400 500 

L750 ' 2^00 
5^00 7^00 

JLa. 

V--..- ita. 


'Gizls 

yes 


1961 

1963 

1967 


■ 200 
1*200 
■3,000 


300 

MOO 

4,000 


no 
. no ' 
.yes. 



1950 


200 300 I -400 500 no 


1975 

1976 


100 


200 

75. 


350 

200 


y or 


1955 


JL3.. no-. 


1935 


iLa.. no. 


1970 


BJLr no 


^ °f the equivalent of. 'secondary over 15 the illiteracy rate ^ n - Defence ^ 

equipment, upgrading ^school coLleges have ^een^set^'up 1 to the procesTof iSh In additiott ** aioat 25 -°°° coUege-Tevel students at the various institutions of higher education- 
curricula witha view to provide W torn tion^d me™ere “k jo Saudi Arabfa there are an estimated ^Sau^dy^g st^v^es abroad^^m 

(sic) a scientific and practical secondarv school rifrocTandthe of driving a wedee between ball are m the UB. The numbers abroad jumped dramatically due to the large numbers sent: On 
orientation to the learning other half from current teach- generations ^ military scholarships, and to the addition of wives of studentsr to the rasters of eHgtole-staidents- 

process, ^d improving educa- ers . The aim is that within a Saudi Arabia/however, is not for scholarshi * s - 
nuaiitioH decade all elementary teachers lost for ideas and experiments, 

school administrators” of couTge^duratiS? tW ° Stderlrinff 3 ^iMomMtahiiSv There 818 “ additioaai five junior coli^es in Riyadh, Mecca, Gassim, -Medina and Ahhafor 

The paradoxes which tins AcZrtnl toT Mahmoud SMtt. 

educational drive throw up are Safar, Deputy Minister of iron out While Saudi Arabia m ±uyattfl 300 lianimam - ^ .. : , 

painful. The disadvantages of Higher Education, the long-term is attempting to adopt concepts Source: Hassan el-Husselni, .University of Petrplcwn and Min e ral ^ , 

existing teaching methods are aim is to raise the Saudi elc- of education which imply a •- ^ =— ’■ — 


tional methods by refcruiting decadTau”eiempn7^ 'teachera laZTOZ In the figures- above, part-time students and stndentehjKjqiregiondehce (mostly -womem fldw 

!-»•!«- *~x**-f — * ^ °®?? e *“ elementary ^ teacners tost for ideas and experiments, ^ not pBwIcaUy t0 attend classes) are not included. < 


X::- 










■*fcsi 



% FlnaBC^ April 17 197S 




SAUDI ARABIA XXXHI 



27 




The contracting market in Saudi Arabia is the biggest in 
the world, and the rewards for a foreign operator prepared to abide by the 
roles and rim the contract according to the local conditions are considerable. With the 
growing emphasis on industrial projects, the trend now is towards the setting up 
of joint Saudi-foreign companies with specialist capabilities. 



hV*" ■ 

CAJf .-fid! . in be fan- 
scale of 

Arabia. 

tftarthet at the 
e&ts. jlSqtapBhenl parks 
k^tilcfe.' • ^Fetci. ^pr inlje after 
ffije— 4o«n;- JQKrtwj^Daxn- 

tain road,-; or : tjying' to grasp 
h^ cost of sotpe of: the biggest 
irfeJfisclB (the gas gathering sy&- 
eth alone' is • now priced at 
lSbn.-plimfcit is not -difficult 
of brieve that the bonding of 
■ipidi Arabia’s ; infrastructure 
mi industry makes . the King- 
can the biggest contracting ex- 
ert market in the. world at the 
present time. 

„ So ihevltaWy. oyer i&e past 12 
Moths - contractors' have been 
ay sensitive to every nuance 
f Government policy, follow- 
ig the slowdown in spending 
whiQFhaS' involved 'some big" 
rejects being, postponed in- 
pfixutely), and the Govern- 
<ent*5 cancellation of a nuzn- 
;r of major contracts in the 
trfy part of last year. On that 
,-casion the Ministry of In* 
astxy threw out ‘die lowest bid 
•r the telecommunications ex- 
naon programme and re- 
warded contracts for the con- 
ruction of some power stations 
Third World firms — alleging 
both cases that the Western 
•utsactors involved had been 
aspiring together to inflate 
eir prices. In practice the 
ent did not lead to any 
neral discrimination against 
‘stern firms, which it was 
ared at the time might fol- 
n from the cancellations — 
... hough It is hard to see how 
.’ J ".r.. e Government- could have 
!' "ITT-Jiided " continnilig ‘ to rely 
r "' ^tinly on ‘ -western - firms no 
..'■■■ 7 .- liter -'what- its- preferences 
“ have been. 

- _-. : T-(n as muth as any bias can 
k-rt discerned at present In the 


Contracts 


Government's, award of con- knowledge that the support they all but that the Government 
tracts, it is that all major con- receive from their governments requires a bond of 1 per cent, 
tracting nations should receive will protect them against loss to be posted when the bid is 
a share of Saudi business, that should their projections prove submitted. When a bid is ac- 
Third World companies espec- wrong. cepted this bond is replaced 

tally should be- given.a chapce That thpn _, nr a 10 P er eenL performance 

to prove themselves, and that m ^ in th? bond. and on the receipt of the 

the recruitment of labour there first advance payment from the 

should not be too great an in- con £. a ^ l j 0 q cont «i 11 escalation Government the contractor a w 
flux of manpower from any one QD cpnraui escalation Drovides 

country. ... clauses— sometimes linked 10 jv£j“ ; 

Of course the whole cancella- jfj.® L> “J ' aI 1 . Jv,n * 1T J l . be . King " to the Government any cash 
tion “crisis'* raised the ones- f®" c ir » an ir ™ and steel price it hak reSived beyondX 
tions of whether thg Saudi ^ sn a Inl of the biggear amount rlitp fnr uinrfr al ronrfu 

Government was not an unduly contractors, and particularly 4muun ‘ 


shareholders or to enter a joint 
venture agreement with -a Saudi 
partner. Until recently, though, 
a firm could make do .with just 
a sponsor, or,- if It was working, 
for the Government, it could 
obtain a temporary licence to 
operate without a sponsor. 


a cash bond, under FfiriTlllla 
guarantees to repay A ■ 


inflexible client for contractors, ll, ose firms which are also in- 
and whether the profits, to be volwd . m management, 

made in contracting in the cor " e In on the really massive 
Kingdom were anything like & s ,? ntr: L Lts n . n a cost plus basis — 
big as they appeared to be. But f" ou 8 h their subcontractors 
now that the dust has settled. have fixed P rice contracts. In 


due Tor work already 
completed should it default on 
the contract at any stage. 
Finally on completion nf the 
job the contractor provided a 
S per cent- maintananre bond 
to guard the Government 

now tnat tne oust nas seruea. ^“““aiMe t“ against the consequences of 

the consensus among firms that '[ o w " u ' d be impossible to {auJ wor kmaxisliip. Only very 

have got used to working in run the biggest contracts on a eI d it seem t , a . {Iiere 

Saudi Arabia is that it* con- J* ed P n <* basis. For ins ance. SvebeeniistaniS ofbdor 
tract is run well by the con- . ar ! ****** decisions JerfoiSre Ss beZ 
tractor, the profits can Indeed to be made on the type of equip- S d ^ d nor as yet has there 

be considerable. Similarly it is ment t0 be used in of jbe . ’ DU hii 5 fied instance of 

felt that the Government’s ? ea ™fer treatment plant which f| n Se for 

terms, although different in*- being installed to reinject * 5 P com ^^^ 
some respects from the interna- Jjr es * U3 T 3ntl “ south Ghawar enforced 

tiosal norm, are not unreason- **** fi^ld— and this contract has 

able on balance, • been under way for four years The normal advance payment 

Generally speaking both the aireadjr ’ 

Saudi Government and Aramco _ 
award contracts on a fixed price Plirf'llftCinCF 
lump sum basis, because al- * ulv,lia:5m fo 
though this may work out more At the same time there 

err»mcii/a . |f uamr that the -j c Li . “ Ulere JICKI | Ur mnuau na urc 

GoSEnment seb store “ n!ilderable sc °P e in some cases relevant material arrives on 

STJSS to ad^ wh« . for a s y it ? et0 . r t0 a ™ d j. S ree- site , followed by a funher 20 
each iob enine to cost it and lBS 3 fina priCe Untl1 he haS P er cenL P aid in as tb e 

Swiylicte S^SSiirtr to P omp J eted n ?°f t of bis purchas- j ob is completed and finally 
monitor too manv escalation in S of materials — asGhiyodadid tb e remaining 5 per cent on 

clauses or cost ulus contracts WJ ^ B ^ yadb aj3d Jedda h acceptance— this 5 per cent be- 
N refinery contracts. And it is also in g replaced by the mainten- 

hi mar^o^c^ toTauS " t S 0 °Trorfrom theS? anCe b0nd - Apa *, £r ° m The 

Arabia aeuteiv inflation eon- t0 profit from their more generous advance pay- 

«touS-all^ the 7 more«i ^LeSSe chents faiIu re to honour supply men t, this system differs from 
SSTraSs to toe KtoS Clauses ' for instai,ce - ^ fail international practice -n that 
bfve^recSS be^n h^ aito t0 provide materials P ron,ised the 55 per cent material on site 

r 2J£iL'JS5: SJfcr.i «- 

of some contracts inflation rates 


in Saudi Arabia is 20 per cent, 
(double the international 
norm). Then the contactor re- 
ceives 55 per cent, of the in- 
stalled value attached to each 
is item in the contract as the 


cu instances there can be a 30 split into two parts- -one of 
or 40 per cent, difference them being paid on delivery cf 
between the “going-in” and the the materials to the contractor 
“ coming-out ” price. fob. 

When it comes to actual bid- 


are obviously quite impossible 
to predict. Western contractors 
often claim that here they are 

at a disadvantage vis-a-vis Asian When it comes to actual bid- To bid at all for a contract 
firms, which can put in. bids ding procedure, the system, in in Saudi Arabia a contractor 
based on optimistic predictions Saudi Arabia is tbat Aramco now needs to establish a Saudi 
of inflation rates, in the sore does not require bid bonds at company with Saudi partners or 


Under any formula — from 
sponsorship to.joim sharehold- 
ing company -— the role of the 
Saudi .parties involved can vary 
enormously; -according to the 
abilities and preferences of the 
Saudis themselves and the 
foreign firm. In some cases the 
foreign flrin may want nothing 
more - than to fulfil the legal 
requirements and then be left 
alone to “ do things its own 
way.” But to other cases the 
Saudis may be used to help find 
accommodation, office space, 
land for equipment parks and 
warehouses and facilities such 
as telex and telephones, as well 
as helping sort out supply prob- 
lems and arrange block visas 
for the workforce, which on any 
significant size job must be pro- 
vided and housed by tbe con- 
tractor. (Since the end of the 
Hajj last year, the Government 
has apparently become more 
worried about the problem of 
pilgrims staying behind in 
Saudi Arabia after the rights 
are over, and it is now insisting 
that contractors engaged on 
Government projects do not hire' 
local labourers who are not 
Saudi nationals. This pool of 
manpower, composed of 
labourers who have managed to 
stay on after the completion of, 
their contracts and labourers 
who have had their sponsorship 
transferred, quite apart from . 
left-over Hajis, has so far 
proved extremely convenient 
for contractors, saving them 
both time and money.) 

Above all the major role of 
the Saudi sponsor Dr partner is 
to spot business opportunities 


and help . tbe foreign company 
win contracts. The interpreta- 
tion of “help** is now acquiring 
an ' increasingly legitimate 
character, as the days of “buy- 
ing the decision'* seem to . be 
dead or dying in Saudi Arabia, 
and. the. big merchants involved 
in joint companies with some of 
the bigger contractors seem less 
and less* in dined to win- -con- 
tracts for their affiliates through 
the use of their name or .per- 
sonal connections. Kather. ' the 
trend is .very much toward the 
merchants leaving the com- 
panies they have helped build 
up to- win contracts on their 
own merit Among the more 
sophisticated elements of the 
business community there is 
considerable pride to the pro- 
fessionalism and aggressive mar- 
keting capabilities of the Arab 
components in the joint con- 
tracting companies. 

This, though, is not to say 
that the contracting business in 
Saudi Arabians entirely devoid 
of corrupt practices, and to a 
considerable degree the corrup- 
tion now involves westerners, 
who may be bribed to give a 
favourable enginering report or 
to influence contract specifica- 
tions. 

Nor does it mean that winning 
contracts is becoming a quick 
or uncomplicated process. Any 
contractor who wants to do a 
worthwhile amount of business 
in Saudi Arabia over a reason- 
ably long period — and there is 
no doubt that second and sub- 
sequent contracts will be easier 
and more profitable than the 
first contract — must maintain a 
presence on the ground in the 
Kingdom even tvben he is not 
engaged in a project Then 
once a contract has been 
announced and tenders invited 
the whole process of submitting 
a bid and generally marketing 
the company takes two or three 
times as long as It normally 
would in the west There may 
be a time lag of three or four 
months between the deadline 


for bids and ihe f Government's contend with bad weather and 
decision .on the, contract. ^ Industrial disputes. 

At the next.stage it may take Overall . the delays and the 
a contractor four or five months extra expense of importing and 
between . winning tbe contract housing mean that the cost of a 
and beirig able to start work, it' labour-intensive project, such as 
is difficult in Saudi Arabia to a housing scheme, may be 
obtain permits for using radios double what it would be in the 
and explosives, and rather than wort. However, the additional 
trying to obtain an explosives cost of an industrial project, 
permit it normally pays a con- where there is scope for pre- 
tractor to subcontract the blast- fabricating large pieces of plant 
ing work to a local firm which in the supplying country, may 
already has a licence. Then be as little as 20 or 25 per cent, 
there are still small localised The list of delays, additional 
bottlenecks affecting supplies of '.costs and special features of 
various services, bits of ©quip- the Saudi' market looks daunt- 
ment or materials. There can ih£> but in practice a contractor 
be bad bureaucratic delays if who understands how to work 
.the decision taker in the minis- in the Kingdom can do very 
try or State .organisation with 1 well. With a major turnkey 
which the contractor is dealing contract there will probably be 
happens to leave the Kingdom, a' sufficient lead-in time, while 
or become involved in the fan- tbe contractor is doing the 
tastically time-consuming proto- design end purchase work, for 
col which accompanies all the recruitment of labour and 
arrivals and departures of offi- tbe building of accommodation 
dal delegations in the Arab to be completed to coincide 
world. Bureaucratic problems VI th tbe contractor being ready 
such as these may be accentu- begin construction. It is 
ated by Ramadan and tbe Hajj— mainly with Aramco, which will 
though Westerners tend to normally supply the design and 
exaggerate the impact that these materials itself, and may some- 
two months have on slowing times . provide- accommodation 
down life in Saudi Arabia. . as weH . 11181 lhe contractor has 

The most serious delay- of all “ r up , 

may involve the mobilisation nf immediately 
labour, which for Government At a]] nwes the sccret of 
and Aramco work has to be contracting in Saudi Arabia is 
recruited outeide the Kingdom t0 ^ ipgisticaUy orientated. A 
and imported under the block vastly greater proportion of a 
visa system; Jhu 1 system works contractor’s time has to be 
as follows: after having his bid orientated towards matters of 
accepted, the contractor submits control— of transport, supplies 
his estimate of the amount of and ^ Q f workforce— than it 
labour required to his client, doeS in West. There have 
and once tiie client" has b ee n instances of companies 
approved the figure an applies- going bankrupt through having 
tion for a block visa is made to jjaj bad internal transport, or 
toe Ministry of. the Interior, having found themselves em- 
This Ministry in turn wfll ploying too great a number 
forward authorisation to the of expensive European and 
different Sandi embassies American workers. In this 
involved abroad, permitting context a really good and 
them to issue individual visas to experienced contract administra- 
however many people the con- non staff — with an extra flair 
tractor is bringing in from each for exploiting the fixed price 
country— say 100 Paki s t a nis, 100 lump sum system to tbe con- 
lndians and 200 Taiwanese— up tractor's own benefit — is a 
to a maximum total of 400 per colossal advantage, 
block visa. Normally this Nor should outsiders be put 
process takes anything from one off Saudi Arabia by the assump- 
to three months— -though in tion that the market is already 
abnoraal cases there may be sewn up by firms that bave 
additional delays. established themselves in the 

„ Kingdom. As the emphasis in 
Accommodation construction tends to move 

/IttUUlUlUUdUUil from infrastructure and hous- 

Ftoally the contractor has the 108 to j industry and _. a ^ bo *® 
problem of providing accom- nn ^ of mor * specialised and 
modation for his labour force on more 5 * smaller 

every job worth more than PWcts, new opportunities are 
about JSOm. But once the eon- «u>tmually being thrown up 


tractor has his labour on site he 


for the introduction of new 


can probably be more certain of focuses mi tec^ues^ The 
completing the job on time than T K ren tJj ^ Saudi contracting 
he can in Eurone or America busmess now ,s towards the 
Although hemay have establishment of joint .Saudi- 

problems that he would any- SgL SHHJSL a 

where with toe delivery of speciahst o^entation. 

materials, he does not have to Michael Field 









i ( 0 • 


SAUDI 

ARABIAN 

MARKETS 


Agents fon 
SHELL LUBRICANTS 
(Western Region) 
ROLLS ROYCE 
ALFA ROMEO 


Also Agents tor. 

SUDAN AIRWAYS 
OVERSEAS NATIONAL AIRWAYS 
AIR CANADA 
Handling Agents for: 


ASTON MARTIN LAGONDA (1975) LTD. SYRIAN ARAB AIRWAYS 


DEXION ■ 

LISTER ENGINES and GIN SETS 
MOSLER SECURITY SYSTEMS 
SIMPLEX TIME RECORDERS 
HARVEY OFFICE FURNITURE+ 

AIR CONDITIONERS TAPPAN • 
LANSING BAGNALL FORK LIFTS 
FOSECO MINSEPCO. 
Building/Chemical Products 
LfSTA STORAGE CABINETS ' 
SHINKO GAS TURBINES 
KALAMAZOO LTD. {Business Systems) 
CHAINLINK FENCING LTD. 


GULF AIR 
CARGO LUX 
Showrooms: 
UNIVERSAL MOTORS 




MEUBLE FURNITURE 
ALA-EDD1N JEWELLERY 
Affiliated Companies: 
GRANADA TRADING & 
CONTRACTING 
DJHAN CONTRACTING & 
DECORATION 
CAIRO COMMERCIAL & 
CONTRACTING CORP. (CCCC) 
Partners In: 

PENINSULAR AVIATION 
SERVICES CO. 

HISPAN ARABIAN TANKERS 
SHIPPING CO. 

TAYLORPLAN-SAUDI ARABIAN 
MARKETS CATERING 
FIRST ARABIAN CORR S A. 
T1HAMA FOR ADVERTISING 
& PUBLICITY 




BRINGING THE BEST 
FOR YOU FROM ALL FARTS 
OFTHE WORLD 

SAUDI ARABIAN MARKETS ITD 

P.O. Box 65 Jeddah, Tel: 23140/32774/23603 Telex: 40067 Markets SJ • 


ALKHOBAR BRANCH 
RO. Box 48 Dhahran Airport 
Tel: 44116 

Telex: 67065 Markets SJ 


RIYADH BRANCH 
RO. Box 246 
Tel: 27860 27620 
Telex: 20271 Markets SJ 


MEUBLE BRANCH 
Show Room 
RO. Box 1403 Jeddah 
Tel: 53930 


WC4 

w 


A 






28 


.•• 1 ; 


Financial "ftmesMoiiday April .%7 ^% 



SEA TRANSPORT 


ALL IN ONE HAND. 


Sorting at marshalling area 


THE KINGDOM OF SAUDI ARABIA 5 YEAR PLAN 

1396-1400 A,H. 

Are you delivering the goods? 

If you are, we can help you. 

M. T. A. is a Saudi Arabian Company with headquarters in Jeddah. 

Although at the centre of this business boom, we have not been content to 
wait in the Peninsula for business to come our way. 

M.T.A. has opened offices in Europe to help exporters and their for- 
warders move thBir goods from factory to site. Our own specialists have 
been located at all the key paints along the hazardous journey. 

U.T. A. represents shipping companies operating out of the main 
European and American ports, whilst irtSaudi we have our own clearing trucking and 
insurance companies. 

This door-to-door network is at your disposal. Please contact 
one of the offices of 


n rei 


Head office; JEDDAH, 
Branches; RIYADH 


JEDDAH, P0.Box:210G, Phone: 5552G-50985,TeIax=40128. 

RIYADH P-O-Box 3240. Phone 28787 75116 PARIS 33;rae Galilee. Phone7237224 # Tetat6206l5. 

DAMMAM RO.Bax 2105, Phone 34903 13000 MARSEHXES40.bdDunkerque.Phom 

BEIRUT P.0.Box 8441. Phone 349068 1040 BRUSSELS 3S.rueMontayer,Phone51I1787.Telex61850. 

LONDON I Verulam Buddings.Grays Inn.W.C.I.Phone^l 242 0681/5. 


Wj 


OUR ACTIVITIES COVER GENERAL TRADING IN HOUSEHOLD APPUANCES, 
ELECTRIC AND ELECTRONIC EQUIPMENT ALSO MECHANICAL AND EIECTRICAI 
ENGINEERING CONTRACTING, INSTAIIAHON AND MAINTENANCE 


Our Brunches Cuver on Main Regions of Saudi Arabia 


COMMERCIAL ACTIVITIES 

— Agencies for a large number of 
international companies 

— Leadership in marketing electric 
equipment 

— Most modern showrooms for 
various international products, 
such as: household and domestic 
appliances, electric and electronic 
equipment etc. 

— Network of sub agents and 
distributors throughout Saudi 
Arabia 

— Continuous efforts and 
improvements with a view to keeping 


BA JAB & SILSILAH 


pace with the most modem 
developments in the world. 

ELECTRICAL PROJECTS 

— Installation and maintenance of 
power stations, extensions of H. T. 
networks and beautification and 
street lighting projects 

— Installation of lighting and sound 
systems in the two Holy Mosques, 
the Ministries, Chambers of 
Commerce and Industry, large 
hotels, sport stadium and gardens 

— Best scientific equipment and 

systems for universities, 
conferences and simultaneous 
interpretation etc 


The national airline, Saudia, was the fastest growhig : 
member of LATA In 1976, and is the biggest carrier in the JMiddle 
East. The remarkable growth in air traffic in the Kingdom has posed formidable ■ 
tasks, bat these have been successfully tackled in a busy • 

programme of construction, purchasing and training. 

Air services 

EARLIER THIS year Sheikh when 4.7m. were carried (with may only have to wait an hour At the end of last- year 
Hisham Nazer, Saudi Arabia’s a passenger load factor of 57 or so until the next departure. Saudia had nearly 12,000 
Planning Minister, cited as an percent.). The system works well when employees on its' payroll coin-.' 

achievement of the 1975-80 Kow Sandia has a fleet of 54 demand for seats falls within the paired with 4,500 in -1973. The' 
Development Plan the fart that aircraft ’ including two Boeing capacity available, but at peak expansion has meant confine- 

vi 747s Oeased). eight Lockheed times of year departure halls can ally . expanding trafnmx 
Saudi, the national airline, had. TriStars (owned), 11 Boeing become unbearably crowded and facilities (most Saudia :staff 
increased its fleet by 10 more 707/720 passenger aircraft (all police have sometimes had to receive an their training in ihe 
aircraft than had been targeted but one owned) and 16 Boeing supervise the issuing'of board- Kingdom) and a constantly’ 
in the plan, and carried 3.1m. 737s (-wned). It also has four ing passes. The airline now growing administrative and 
passengers in 1976 against the aircraft (all but one of reacts more flexibly, putting on technical capability. The ah- 

targeted figure of 1.9m. them leased DC8s) and ten small extra flights to meet peak Hu e does all overhaul wm* on 

* . executive aircraft in Its Special demand, and it tends to meet its Boeing 737s and the. 100* 

Tne cymes might say that the Right Services division, which the pilgrimage traffic and the hour maintenance checks on its 
contrast between target and caters for officials and business- twice-yearly ferrying to and other Boeings and its TriStars 
achievement simply indicated men. It was the fastest growhig from Egypt of about 60,000 a tight screening : m-mwa' 
the extent to which the State airline in IATA in 1976, and is teachers with chartered aircraft- gives Saudia some of the cream 

• tte passengers S 

STtte fjs c “rTn But ,jwre * «• «• ^ mSoSSuS 

,.1 L L. .. J. “■ reservation service and Saudi** technical and tnsiness assist- 

ShnThS Eiomesuc computerised system now works ance from TWA, which helped 

culty in buying additional air- The majority of Saudia’s pas- growth, but more than 

S sengers .(some Mb .in 1977) T Sand ?’ *"! 

t * a v axe earned -on domestic routes, L . out no-snow passengers of them in key senior and 

In 5S flE '? es repr fS nt where the aiiibe. operates an !? d occupancy. -For nriddi e level posts. Well over 

?!? enormous number of services g ° the airline’s captains and 

Saudia. Actually acquiring air- (^including more than 100 flights ^ xptexnal flying to • Saudi officers are Saudis «"d ’the 

quickly expanding staff and j^dah and Riyadh, a route on *• J*®* J* udia earned 1.3m. cans - (who up are rest of 

operations to handle them and w j 1 j c $ 1 nearly im. passengers ^ erna ^ 10 h8l passengers:., it. j- ji r ' 

fitting them into often crowded operates 12 flights a week'from LfSfl “ 

airports is more difficult Saudia ^ d Sle aStentsSdia on? Jeddah a» d Riyadh to London, SfV P a Sf 
has to cope with aU the prob- ‘*£1 all but one either by TriStar or ^ 

lems airlines face in developing •coSy 747< Saudia is the only 01511 DgUieerS * 

countries— especially the small- were cut bv 25 ner cent A airline to operate either inter- tT nwi „ AWrt J - • 

ness of the pool from which to ^ Government* instructions. rational or domestic scheduled XX^IllpCrCd 
draw potential staff and the un- iSSTSEX flights to Riyadh (there are five t . , " 

familiarity of many passengers -c abrwwt p™™,™ ; n *»«, flights a week- from ■ London) p ^ m Jare^- 

with, airline practice. Because ^ a ^ dl - of dnr ?? t eTOryone m ^ ■rt,fa nffoof >,« *»,« which led to revenue dilution. 


11- ■ 





wiui iuxxuic pracuce. jDecausii t«- haw this exclusivity -is offset by the ' -- , . - ■ — ■■ — — 

° fit5 “ ja.^biy needs; g j bcm tta I «Uln< i taa not ^ JSiS 


larger administration .than its 


Riyadh economy class, and the 


equivalent in other countries, SRflTfare TT uS 


must .function 


operate flights to London and- 00 ^.^* 50 ®®^ j Y® 17 * st ' 
Paris from Dhahran, leaving this oomhiired.iiiiath inflation. 




than it costs 


ciently. Despite ocrasionaHdeaj- ^ w6ra ,^ carrien. 

mg troubles Saudia has a well- — . . 


MmMtm in Inca x-agia ie«y me mis » ' — “ — - ~ — — " ‘* ” 771 

tn nr* k„ route mainly to the European made a loss m 1976 of 

to get there by SR122.9m.— aadhst Bneratiw? 


me uruuuics oauuia nas a weu- services to towns that hav» wit - The airline Also, offers 14 all- H' 7^ “t ' *“ 

deserved reputation for opera- yet been ‘SSIS^ted h to B toe height services a v£ek from the 

tionai punctuality and efficiency. metalIed ^ Systran. Kingdom to European ; cities ^-e profits, but toe domestic 

Its growth has been pheno- To solve toe administrative using mainly DCS aircraft 01 - 

menal by any standards Accord- problems of handling the high Saudi Arabia does not allow a service, 

ing to the airlines public volume of reservations on its split -charter flights, which -IvT® 0 * 761 ? ^ ^ ? loss « ana - 
affairs division its capacity internal routes, Saudia in 1976 would- be the main competition ."?P g0 . services a*e ; 

(expressed in available tonne introduced- a no-reservations with TATA freight eperatfons. J t pajupoxed by the . . 

kilometres) rose by 61 percent service for economy class pas- Inevitably the aircraft carry 0Qly ioa „f” , 0 

in 1976 and by a further 46 per sengers: tickets are exchanged virtually nothing: cm flights ant- !* w* - e - - s - 

cent last year to stand at for boarding passes the night of the Ktogdottri; ;bot achieved-' ^ ^ t0restH&g0 ; 
I^4bn. Passengers carried rose before or on toe day of-travell- a 44 percent, overall load factor ®5^^^to^Pia>ticrovestment 

hr 71 nor mnt ' in 1Q7R anv? hv inir mil n«nannaw .alii. J. i nun - najal. A- - -*-• *HOlL ' 


SR122.3m. — — against operating . 
revenue . of '- SRl.lTbn. I a 


V-. 


by 71 per cent' in 1976 and by ing, and passengers who do not in 1977,' which in toe ■ circum- 
a further 50 per cent last year get on to toe - flight they want stantie^.is impressive. 


•*v-r-v . • 


: 

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James Buxton 





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The international airport at Jeddah, 









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pg&cjai pites Mpnday April 17 1978 


29 


SAUDI ARABIA XXXV 





Saudi Arabia lias not joined the international 
tourist circuit. Most of its visitors are businessmen or pilgrims, 
and the country has no need of toorist revenue. But as die guide 
betew shows, Saudi Arabia contains large areas of great 
- beauty axid batstanding historic interest. 



- GtHDED TOURS and package rewarding than in thfc open sea), and humidity of the coastal ment centre offering a 
co^chTparttes. are 'unknown to A sophisticated sports resort plain are left behind as one permanent exhibition of handi- 
5andl . Arabia^ The Kingdom the Creek is too crowded to be winds along the . spectacularly crafts and produce, also worth 
fhas no : heed * for the foreign in any way representative of sinuous road which climbs the visiting. 

tourism the country as a whole. : mountain’s escarpment; at the For a lnn«n»r mtine n „. 

t — J ;idoesiiM-.:Welcome the jn- - The real pleasures. of the Red top. and in Taif itself, the air - *2? ? D X “2E 

_ ^stHve, : aaep^shofting: holiday- Sea's incomparable coraf reef is always clear and fresh. alKh , 8D b,,. so th nP 

ettSJBSStr £& S.°£ " J2?£ T1 * *» »** * — »"*«- 2-.%? 2U 

- Mri aa f sireagnKfg than most other from the city. -Even the ^ weD-kept streets lined extensive and fmit, cereals and 
: J -~ V . ■ • fiivnnrii. TiuMt. ..^Una* with delicate, pink-berried 


vegetables are grown there for 


favourite Twenty Nine' Palms 

Barters o£ a north “nj 0 ^ ^ond Ihe f° e * ed , ? an ^ .° f Jeddah an . d “K* cows are also s uccess - 


s foreign .visitors, site* an hour's arise to the jyPPor. toees. it souq mote richly the city. Large herds of Euro - 


- ssssrsrs^ sasrs 

**?heir interest*!** in To °el away from It all one must Govcrame nt buildings, set In an those where geological faulting 

s^ijurw sstossr th * — 

■^C/or sightseeing beyond that is fenipiy beaLneh ** valleys around the town there the desert R 


ro *ing 


limited. -The -other class of fishing village of ftabigh. 
visitors,- whose numbers are 
s uncounted hut who fiU the |Jg§0| r (; 

Kingdom’s 111)1615 to 'saturation 


reservoirs beneath 
Rarely docs one have 
are ancient dams dating to the the chance to see these ancient 
first century of Idam, more water supplies of which we hear 
ancient rock carvings which may s0 muth to-day. 
go back to 3,000 B.C. or earlier. In al-Kharj itself the ground 


P^edfoi 

■ :i ’ ■!* 2 busy 

* iruinlnc 


point are the s&tesmen, con- For a desert outing there is and delightful cultivated areas has fallen away in two places, 
• ? IH sultants. and contractors- who Wadi Fatima, inland of. Jeddah among the almond trees, the leaving great pits some 100 m. 

‘ LflQjg c .°“® do busm^. Their an d source 0 f muc ii of tiie city s apricots and the prickly pears, across had 130 m. deep, with 

'.v, l,, sightseeing is .restricted, too, water. Agriculture in the lower ■ , . cwMt water at the bottom 

* n >-*is Drw&<( SftiJargeJy by the cost of ah. extra wadi', between -rial Jeddah- *ho» V 1 * * ^ * or J?L e of ^them.^ This water is 
^4%ight hi one of the over-full Mecca and MedinarMecca roads, desert ^ve on ea^ raised continuously by diesel 

hoteia. but some .find themselves i s much depleted due. to the wards a flutter ljM km. to and caried 0llt though a 

wnh a Friday to spare, or a few failing water table. In the ?£ adh - A ^i^osts about the subsfantjaI ^ t0 f6ed ^ 

days to wait when it may. pay to uppe r wadi, however, north of same as a first-class air fare 

take the mind off work. the Medina-Mecca road, there Most travellers, however, will oa “- . . ^ 

Jeddah, the main business iSe l“SS in a ^’e by air and be content J^™**”* 1 **** 

centre, offers the' greatest lovely oasis setting. They are ™ th seeing rather less of the pit .of Ain Hit at the ba« of ! a 

variety of possible outings. A some 23 km. north of the village desert than that The obvious diff on the M&tern side of the 

car is essential and a helpful of Jurnurn, along a dirt track P la “ to go from Riyadh for a read and half way back to 

friendL a hire car or a bnri must whieh ran he taken In an *lay out is, nevertheless, the Riyadh. There one can walk 

“ Sid” Best lam o£iy ir Thf^ntotions **** “* you have friends “re ££ 

Teddahv leisure is the ni 4 Lu»m*&»ri hv irrieation wh ° know the area, the desert under the elm, to find a large 

SeT ih^ ObtaTiO JZ SUSTS^Seh sSll toh «“ offer many Wdto delight* 

nrrth nf the <*itv whose swim and are rarneted with It is a rich source of fossils, of base. It is said that King Abdel- 
Md» are %£&' 'nSS SukSSSs^LfBn Md v , ai flow , ers tathi right season, Anz stopped here to water his 
Jut to it Strip building along lemon trees. The only sounds ° f migratory birds in the Tfcadi camels before njakin 0 his 

: *s^stisl u "of 1 *’ is! 'sl? smB “ aramine z zssjsft ™ m 

'peach. The best 
7 ^ reek is offered 



The old Turkish quarter of Jeddah. 


tain times of the year large 
(herds of camels can be seen 
watering at the wells there. 


Choice 


es 



-• 1.116 OlllHil WhUK pcit-UCU UJI a . umiwiJ ^ ammivu , . a s ollYlftCf- tflUPn im 

- -irtirented cabins in walled com- beside this road. In springtime town of Diriyah on the banks of "L n ° J * 2 , 
~ -I'ounds. and the flourishing sail- the slopes below it are covered the palm-filled Wadi Hantfa. “JJ® ?JvU15. 

• : club on the southern shore, with tiny desert flowers. - • Once capital of the ancient Saudi fJJvL? 00 Da K 10 u n an 

- re other agreeable places to .A longer and more exhausting, state, it was destroyed after a 117 asiun * 

. --v-jisit. ; though . more impressive trip long siege in 1818 and left Quite different geological 

7 ■ ~ Sporting facilities 'include can be made in the day to Taif, abandoned. The ruins can be structures, hut ones which also 

• • .'..--'ailing ( usually in' ’ small the Kingdom’s summer capital, reached in 20 minutes by taxi exert a tourist attraction, are 

- -.^'unfish before a strong wind;. This mountain resort lies at an from the city; in the new. village the great red sand dunes at 

-T-^ater skiing, fishing, swimming altitude of l;700m^ some 190 which has sprung up at their Khurais, 150 km. east of Riyadh 

47 nd snorkeling f which is Tess km. inland of Jeddah. The fifeat feet is a community develop- oa the Dhahran road. At cer- 


For visitors to Dhahran and 
the Eastern Province the 
choice of outings is perhaps 
more straightforward. The 
beaches of the Gulf offer fine 
sand and lovely views of an 
aquamarine sea still frequented 
by traditional wooden dhows. 
They lack, however, the great 
attraction of the Red Sea’s coral 
reef Bat the Eastern Province 
is the one region where, thanks 
to the tilt of the peninsula, 
sweet water bubbles to the sur- 
face from the underground 
reservoirs. This is the region 
of the really vast oases of tall 
slender date palms, of dense 
undergrowth giving the impres- 
sion of a European woodland. 

Qatif oasis begins almost at 
the gates of Dammam and ex- 
tends north along the coast for 
many kilometres: the bread 
sandy alleys, running like 
bridleways between avenues of 
elegant trees, offer a perfect 


afternoon away from the heat 
and dust of the town. On an 
even more extensive scale is the 
oasis of al-Hasa, centred around 
the pleasant old town of Hofuf. 
Here the water flows from the 
springs in veritable canals, one 
can lose oneself in the wood- 
lands or visit the strange sand- 
stones caves of Jabal Qarra. a 
hillside of weirdly sculpted rock 
split by Jong deep galleries 
where the air is always cool. 

I have concentrated on the 
easy outings from the three 
major business centres of Saudi 
Arabia, but I should also men- 
tion some of the Kingdom’s 
more remote but beautiful 
areas. Justly famous is the 
lovely As sir province of the 
south west and the picturesque 
valley of Najran beyond. Abha, 
capital of the Assir, and Najran. 
can both be reached by air, and 
there is a choice of hotels at 
Abha. The Assir is extensively 
cultivated in little mountain 
terraces; its ancient villages are 
the most photogenic in Arabia, 
with high mud bouses hung with 
rows of tiles to protect them, 
from the monsoon rains. The 


people, dressed in cartwheel 
straw hats and bright-coloured 
clothes, are friendly and wel- 
coming; visitors are often invi- 
ted in to the high mud houses. 

Also accessible by air, and 
at the other extreme' of the 
Kingdom, is the exquisite little 
oasis of A] Jauf. Here in the 
far north east, near the empty 
red wastes of the Nefud desert, 
the ancient towns of Dumut al- 
J an dal (mentioned in Genesis) 
and Sakaka reveal a troubled 
past in the huge, crumbling 
castles. Marid Castle, balanced 
amazingly on Its rocky pinnacle 
at Dumat al-Jandal, is believed 
to date back to the second cen- 
tury BC. Below the castle are 
the ruins of an entire stone-built 
town- with one of the oldest 
mosques in Arabia, that of the 
Caliph Omar, still intact with 
its lovely stone-built minaret 
On the lower slopes of the great 
white bowl which has given the 
oasis its name (Jauf means 
“ depression ”) are palm groves 
and grassy fields in which herds 
of cows graze in strange con- 
trast to the soaring sand dunes 
on the horizon. 


Most famous, yet least easy 
of access, of Saudi Arabia’s 
sites is that of Medain Salih, 
the twin city to Petra 2,000 
years ago. Here in a golden 
sandy valley of the Hejaz the 
Nabataeans carved over 100 of 
their impressive rock cut tombs, 
in a landscape of beautifully 
sculpted cliffs. The engine sheds 
of the ill-fated Hejaz railway, 
with a 1903 engine still in situ, 
standing beside a ruined 17th 
century pilgrim fortress, are 
bonus attractions of the place. 

• The nearest airport to Medain 
Salih is that of al-Medina some 
350 km to the south. A four- 
wheel drive vehicle is needed 
at present for the last 15 km 
of the trip, over sandy track, 
and permission to visit must 
be obtained from the Ministry 
of the Interior. For all that, 
it is a trip through beautiful 
mountain scenery into a land- 
scape steeped with the history 
of the old incense caravan 
route, a trip so well worth the 
making. 

Edward Alexander 


2 .’ 


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Hampered 




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Jair 




International 

Co-operation 



In tile last few years, Saudi Arabia has moved 
forward at a pace rarely matched by any 
nationin the world. Today t under the 
energetic leadership of the Government, the 
country's vast resources are being directed 
towards improving the welfare of every 
Saudi citizen, and achieving a rise in his 

standard of living. 

One of the most important areas of activity has been in the 
architectural and constniction industry. 

Many projects are under way. These include building in the public 
service sector : airports, hospitals, schools, offices and housing 
projects are planned. The flourishing commercial activities of the 
Kingdom have given rise to an increase in investment-orientated 
construction work. And, to accommodate the many non-Saudi 
nationals engaged in the completion of the Second Five Year Plan, 
a vast number of housing units are being built. 


The demand for aluminium 

i 

The fulfillment of these projects has created a huge demand for a 
local source of supply of semi-fabricated and finished aluminium 

• products for use throughout the Kingdom. 

7 Aluminium Products Co. Ltd. (ALUPCO) has been 

. fonned to meet this demand. 

As well as the production of extruded sections for 

• specific projects, ALUPCO has facilities for 
iftadjmiiig and' assembly. Windows, doors, interior 
partitions, curtain walls and many other aluminium 

: . building products will be available from the 
company 's 60,000 m2 rented site at Dammam. 


. In 1975 a twelve year contract for 
technical and engineering co-operation 
was signed between ALUPCO and the' 
Swiss Aluminium Co. Ltd. (ALusuisse), one 
of tile largest international companies 




ALusuisse has 
engineering d 

studies for the ALUPCO project 

On February 2nd 1976, ALUPCO 
signed an agreement with the Saudi 
Industrial Development Fund for a long- 
term loan of SR 47 million. In 1976/77 
ALUPCO sighed over 100 contracts with 
various local and international companies 
for the supply and erection of the Dammam 
facilities and equipment, and in May of 
1 976 work began, 

The site became operational in 
August 1977. 

Training for the 
future 

ALUPCO's two plants at Dammam-wiH 
employ upwards of 400 people when they 
are fully operational. 

The extrusion and anodising plant has 
an annual capacityof 8,000 tonnes from two 
production hues. The fabrication planthas 
the capacity to machine up to 800 tons of 
extruded products. 

ALUPCO has acquired the services of 
more than twenty European personnel 
whose long experience in the aluminium 
industry wrill assist in the technical, 
fmandaland commercial aspects of the 
company's activities. 

With the Saudi future in mind, ALUPCO 
places great importance on the training of 
Saudi personnel. Schemes are planned at 
everylevel. 

Saudi Arabia's alumini um industry is 
vital to the development of the country's • 
future self-sufficiency, ALUPCO is proud to 
be the first industrial aluminium complex 
of its kind in the country. 

LUMBNIUM 
PRODUCTS 
CO. LTD. 

P.O, Box 2080, Dammam, Saudi Arabia. 
Tel: 24934, 29847, 20789, 20184. 

Telex ; 60148 ALUPCO SJ. Cable : ALUPCO 




A 






30 



• From our plant on the outskirts 
of Riyadh we produce pre-cast 
concrete elements for buildings, of all 
kinds and types of construction. 

We produce and sell ready-mixed 
concrete. 

We act as consultants in the field 
of pre-cast concrete engineering and 
design. 

We are general contractors and 
land developers. 

Our engineers, architects and 
consultants are fully qualified to 
handle all our projects on a turn-key 
basis. 

And we are proud to be involved 
in Saudi Arabia’s development 
programmes. 


\ Betonbau-Koch-Arabia Ltd. 

/ i j P. O. Box 421 5, Riyadh , Tel: 64496 
• . ; :'V r j Kingdom of Saudi Arabia 





.. *.v 




.. . . A- rate#.-'-' 'V;‘ ;; 


--i.m 


Betonbau-Koch-Arabia Ltd 


If you're doing business In 
the Middle East, it's the next 
best thing to an open book.. 



SCKWCCBfiCfiWBND 











1 Bahrain 

^3532^ | ra „ 

Iraq 
Kuwait 
Oman 
Qatar 

Saudi Arabia 

iBQiiSPg^ United Arab 

Emirates 


What you MUST know about 
Middle East trading 


Gray Mackenzie & Company Limited are members 
of the Inchcape Group of Companies. They have 
a wide experience or Middle East Trading. But 
they needed to know more. 

The oil boom of the mid-seventies had altered 
traditional trading patterns, and so in early 1977, 
with international consultants Peat Marwick 
Mitchell, Gray Mackenzie began a process which 
results now in the publication of "Gulf Patterns". 

In this 60,000 word volume, widely illustrated 
with maps and charts, all of the economic factors 
which will affect trading with eight Gulf States, 
are examined. The information contained within 
‘‘Gulf Patterns" will be valid into the eighties. 

If you want to do business in the Gulf, this 
research must play an important part in your 
planning. “Gulf Patterns" will be available at the 
end of May. It can be ordered only from Gray 
Mackenzie and costs £50 a copy - not a high price 
to pay for knowing that you will knowtoo! 


FIRST EDITION ORDER } 

To Sir Rae McKaig m 

Gray Mackenzie & Company Limited “ 

40 St Mary Axe London EC3A 8EU I 


Please send | J copies at £50 each to | 

Company ■ 

Address ■ 

For the attention of ® 

Our remittance for 1 £ | is enclosed 1 

Signed Date ■ 

Fi ■ 


Gray Mackenzie's 'Gulf Patterns' 



Financial Times MondayApril ¥? 1973 

SAUDI ARABIA XXXVI 

^ y " - 

The emergence of Saudi Arahia as a unitary state owes almost 
everything to the daring initiative and inspiring leadership of one maa— 

King Abdel-Aziz ibn Sand. In this article the late David Holden, the chief foreign 
correspondent of the Sunday Time^^yho was murdered in Cairo last December, 
summarised his heroic and lasting achievement. 




King Abdel-Aziz ibn Smid photographed during a visit to' American ml develop 
, ments in Saudi Arabia in 19471: ’ ’ 


IN THE MIDDLE of the con- 
crete sprawl of modern Riyadh, 
the Saudi Arabian capital — 
surrounded by camera sbops, 
perfume bazaars, and honking 
streams of traffic — stands a 
small, round-towered fort of 
mud to which every visitor 
should make his pilgrimage. Its 
name in Arabic is the Musmak: 
and just three-quarters of a 
century ago it was the site of 
one of the most famous battles 
in Arabia's history when a tali 
young warrior of the House of 
Saud led 15 of his companions 
in a successful assault upon its 
gates, put tbe defenders to the 
sword in the name of God, and 
proclaimed the revival of his 
own clan as the lords of central 
Arabia. 

To most visitors in Saudi 
Arabia to-day that dramatic 
little affray seems about as 
remote as the battle of Agin- 
court is from contemporary 
Europe. Yet it marked the birth 
of Saudi Arabia as a modern 
nation, and the young man who 
led the raiding party is still 
honoured above all others, not 
just as the present Kingdom's 
founding father, but as its archi- 
tect and guide through the next 
50 years of change. 

He was Abdel-Aziz Ibn Abdel- 
Rahman Ibn Feisal al-Saud, 
commonly known to the world 
beyond Arabia as Ibn Saud, and 

the scale of his achievement . ... ..... ,. :I . .* 

■vf^ono 11 datin fi his rule in the, time- after the second world war that how to handle ‘all the money; P&- 7 — * 

m iyuz ana ms death m 19a5has honoured fashion of. a . great his income, began to rise -to- that was a task his sons wottid-— :: 
established for turn an unsnake- Arab chieftain through a wards what we now.think of as have to -leam. By bringing ZJ.-- c: 
aoie reputation as the most mixture of worship,-, war and the customary., level of nil peace and unity to a landTfat * " 
remarkable son of Arabia since love. The British traveller and wealth. By 1953, when he died had' known hone -of either for ' : - 
the Prophet Mohammed. political agent, Gertrude Bell, crippled with arthritis and many centuries- and bequeath--^-” ■” 
Abdel-Aziz, as he is always who was one of the first Euro- half-blind, Saudi Arabia's ing to his -sons and his sofa*-" ’ 
known among his awn people* peans to meet Abdel-Aziz/ in national income, was overisons a flourishing and staBlej*^ 
was bora in Riyadh in 1880 his prime, described him .as a $3 00m. a year— 2.000 times Kingdom, Abdel-Aziz had : il- ' 
(1297 AH by the Moslem “politician, ruler and raider” what it- had been when Abdel* ready bridged the forbiddingly 
calendar) at a time when the who illustrated “a historic Aziz captured Riyadh — and the gulf between the old ‘Arabia I 
Saud family was in grave dis- type.” His hands were fine* she face of the country was starting ‘ahd'^e new. It : fs ffianks'^f 2 *•" 
order and its rule over the-sur- noted, with slender fingeys, yet tO'Sbqwvfor tbe first time, those that singular" tritmiph jij* 

rounding province of Nejd was he had “great height and physical changes that in the successors to-day, 25 yean -1& 
collapsing before the challenge breadth of shoulder" together intervening years have, trans- are aWe to grappleso sutcea- 
of rival clans. By the time with “ Powers of physical formed it almost beyond recog- fully with a fate for the cot- 
Abdel-Aziz was ten he had endurance rare even in hard- nition. , ■ temporary House of Saud hut ' 

witnessed more murder, fratri- bitten Arabia he is of But byfeeny: after a lifetime its:-. founding father could mti 

cide and battle than most people proved daring, ana he combines of endeavour- and achievement have dreamed of — as the poll- j 
could fear to see in a lifetime, with bis qualities as a soldier that deserves to-, be called tical ringmaster of the Middle J 
and in 1891 he was forced to’ 11181 of statecraft which is heroic, Abdel-Aziz had become East and the virtual oilmastff j 
join his father, Abdel-Rahman, more highly prized by the too pld and tired to know quite of the world, 
fa secret flight from Riyadh! tribesmen." ~ 

swinging out on camel-back Pinned 
into the desert by night *■ aAllaCU 
suspended alongside his sister. Prayer, women and perfumes, 
oura, in a saddle-bag. For it was said, were his greatest 
most of the next decade he was pleasures in life, in that order, 
in exile with his family in To enforce the first, he formed 
Kuwait and, to such of the world the armed companies of Ikhwan. 
as then knew or cared, it seemed or brethren, whose strict 
that the reign of the House of Wahhabism brooked no laxity 
Saud in Arabia was ended for- before God and whose maraud- 
ever - inf cavalry became the terror 

In fact, there were few who 01 811 bis enemies, 
felt any concern for its fate. ® ut tbe Ikhwan’s conquests 
The recesses of desen Arabia in were cemented by his marriages 
those days were so isolated and “ 8Ild bis magnanimity— as he 
austere that only three found 'rife after wife among 
Europeans had reached Riyadh families of his vanquished 
throughout the whole of the rivals, « weU as those of his 
19th century. allies, so that his seed was 

spread the length and breadth 

Pmlnmin of his . prowing kingdom and old 

-ELfllUc-IfllC enemies as well as friends were 

encircled with the bond of 
Tribal war seemed endemic, blood, 
security was unknown and The 44 sons that resulted 
beyond Arabia’s own shores tbe formed the nucleus of the 
downfall of the Saudi clan current Saudi State: they and 
seemed no more than the their sons to-day still administer 
immemorial small change of Abdel-Aziz’s legacy. But the 
desert custom. peculiar circumstances of the 

But Abdel-Aziz was a man of 20th century gave that legacy 
wider vision, conscious that his 838 6X118 dimension that In his 
family had once enjoyed a his- years even Abdel-Aziz 

tory of more than merely local could not foresee. When he 
rule. One hundred and fifty forc ed the doors of the Musmak 
years before, one of his ances- 81 sword-point, virtually the 
tors bad made an alliance with wh ole of Arabia was innocent 
great religious teacher of his an ^ technology that had not 
day. Sheikh Mohammed Ibn been common already in the 
Abdel Wahhab. dedicating Prophet’s day. Yet within 30 
Saudi strength to the promotion years the motor car, the wireless 
and purification of Islam. 811(1 the aeroplane were helping 
throughout Arabia. The Wah- Abdel-Aziz to construct a bigger 
habis, as they were known 811(1 more stable kingdom than 
(although in Arabia itself the Arabian raler for a 

term is rarely used) had swept thousand years. They were also, 
all before them in Arabia for we now 80 weI1 - opening 
several decades under Saudi „ w ? y 16 f b e biggest change of 
leadership, oapturing Mecca, . the discovery and exploits- 


To do business 
in the 


harrying Oman and even plun- 
dering foreign shipping in the 
Arabian Gulf. 


tioo of Arabia's oil. 

For Abdel-Aziz, the oil 
discoveries came so late in the 


Abdel-Aziz was raised in this i h £L ? lnlost « 

fymiiy trad itio n the, -nited the S World Wa7ie 


rigours of desert warfare with 
the- virtues of the faith. His 
father was an exceptionally 


total annual income of his state 
rarely exceeded §150.000 and 
even in the 1930s. after he had 


__ J A LJ & _■ » . CVCU 1U iUC X«l#UO, BllCi uc Il«m 

pious man and Abdal-Aziz s only tuIai* nf nr awq on j 1 & 

ing and sword play. Sitting in firet Am „ ican nil . 


men came sniffing at his deserts 
the King's hopes were on what 


Kuwait in unwelcome idleness 
he resolved to resurrect the 

family kingdom through the old Bm/ pitiful! y’ modest 

combination of tribal power end Male „ e one d 

religious zeal; but the genius , bis ola friend st _ Joh ' 
be ^sp ayed in the ezecution ph Ub o, e British ezplorer. 
of his plan turned it into some- .. if anymK would offer me 

thing more-a lifelong cam- £lm r wnu]d gi, e him aU fte 

paign for the unification and concessions he wanted." In 
independence of Arabia. fact, he got just £50.000 from 

Most of the early years after Standard Oil of California for 

the capture of Riyadh were the exploration rights in his 

spent in extending and consoli- Kingdom, and it . was not until 






Thaf s 'vvhere we come in. The National 
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businessman needs to trade in the Middle East 
Not justfinance but the practical, down to earth 
. help business requires to be successful in one 
of the world 1 s mos t excitingand fastest 
growing markets. . 

- . ' V If you thinkwe can help you, please contact 
our Head Office or our Branch in London 


UAJE. Head Office: 
Sheikh Khalifa Streep - 
-.AbnDhabi. 

PostAddr ess: P.O.Box • 

• No.4,AbuDhabL. . 
United Arab Emirates. • 
Cable Address: ■ 
Almasraf, Abu Dfeabl 
Telex: AH226fiahd2207. 

London Branch Office: 

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LondonEC2-N4AS. .> 
Tdeplione 01-(xi() S9.5L 
Telex: 8812085 Masnafg: 
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a r - ■ . 


April 17 I97B 


SAUDI ARABIA XXXVII 




3T 






The traditional life-style of the bedouin, or desert 
nomads, is undergoing gentle change. Education, medical care 
and modem transport are among the lures — particularly for the younger 
generation — of the settled community. But there remains 
a hard core to preserve l in ks with the old ways. 

people of the desert 


FOR THOSE brought up on 
Lawrence of Arabia, a visit to 
a bedouin tent is still a roman- 
tic experience. The utter silence 
and sameness of . desert is 
broken oijly, by the tiny sign 
of human existence, the blade 
line ■ /which ■ > resolves,- as one 
approaches; into a long, low 
tent T reca&y:satat a Rualla 
tent :in. imrthera- Arabia and 
watered/ thfc'Old grandmother, 
ber : Jtace ^&coxated with blue 
: Hj'ligianmg wool from the 

on a aiBall wood spindle. 

from glass 
cup^erid looked. - around inside 
. Jy* TSfceoe'.Is nothing 
ip? see,*! they, said, just 
simple' bedtt home.” 
TieSr, ' few belongings - were 
ini brightly' coloured 
/ &i ; trcc^s^ _ tbelr bed- 
ToWedand neatly piled. 

garap>w» still nomadic; 
belongings were kept to a 
gfamrm and .they could move 
M:jwtic& They had arrived 
‘a f ewdays ago from Jor- 
wbecft - they’had spent the 
r.'/ iBier. came down in a 
of trades; the flocks in 
the: family and tent in 
As we swt and talked, 
ia?e- relatives called in from -a 
teitt, driving over by 
^idssip ; .aiid immediately, finding 
-‘ ^ur 1 host’s tent in its fold in the 
ills.; TE^s, they had travelled 
cam^^ Wben they were boys, 
at those days were gone, plck- 
• were far better. 

'At ! another -tent' in central 
’ejd I saw, perhaps, a more 
cal bedouin life-style. .The 
.j.-f ’ .ent was pitched dose by a little 
hud-built village and now was 
lever moved'. . The owner’s 
t locks grazed with those of the 
- ~ Permanent villagers and it 
eemed that he was rapidly be-. 
:»ming one of them. By .the 

- -r offee hearth the brass pots 

■■ vere ranged, and a camel sad- 
•"-■•‘die provided an arm-rest.- "No; 

' ^ 'bey had not kept camels for 

- .T-i fears now/.* it was just a piece 

f furniture. The truck outside 
- fas their means of transport. 
Their women no longer wove 
- '■-•a.- the- long, nqrrpw ground 


loom on which tent- sections 
were made. They did have a 
sewing machine, however, and 
made their own dresses. When 
2 left I asked how I -might find 
them again, perhaps send them 
a card. One of the young women 
seized a pence! and - paper and 
wrote the address of the village, 
and of her friend’s bouse, a 
dear, well-formed hand. -The 
skill was unexpected,' hot per- 
haps not, to-day, so vety .rare 
after all. -V 

We called back a few . days 
later to thank her and offer 
some sweets. She was gone; they 
said. She had bad an accident 
and been taken, to the dinic, 
beyond the mountain. We' fol- 
lowed, a bumpy 20 kirn, and 
found a' very simple clinic- in 
an old mining camp. Her wound 
had been patched and «be was 
well. She was . also ‘ fortunate. 
For the nomadic bedouin , an 
injury can spell disaster; as 
the nearest clim e may hot be a 
handy 20 km. but nearer 200 km. 
away, for this is a vast country 
and in places virtually 
uninhabited. 


Comforts 



- The desert. bedouin have a 
better chance to-day than they 
:’ever had of obtaining some 
schooling, of reaching medical 
care. Every camp that I have 
seen now has a pick-up truck. 
Many have a water tanker as 
well and so they are free of the 
great fear in tbe desert, 
jade of water. It - is pos- 
sible now. to take . a . sick 
person to a clinic, though dis- 
tances may make them too late 
and mortality in tile , desert, 
especially among smkD children, 
is still very high. There are a 
few comforts in the tents, too, 
a paraffin, stove and lamp, 
tinned foods to eke out-th^r 
sparse meals, binoculars and a 
compass, to help on tbe myriad 
tracks .carved by the trucks in 
the past four or five years. Even, 
occasionally, a cold box. . 

ft is schooling, rather .than 
tbe desire for extra ' comforts/ 


which is most likely to persuade 
a family to pitch its tent near 
a village or town and keep it 
there. One section of the family 
may still go away for part of 
the year with the flocks, but 
some stay, move first to a hut 
built of tins, then lo a mud or 
breeze-block house. Very often 
the tent will still stand beside 
the hut, or in the courtyard of 
the house. The options are still 
open. 

A fascinating study of this 
period of transition in the life 
of Saudi Arabia’s bedouin was 
published last year by a Japa- 
nese researcher who spent two 
years visiting the village 
near Jeddah.. . .Tbe . book. 
Bedouin Village, is by Mrs. 
Motoko Katakura. She found 
that the villagers kept their 
links with their nomadic rela- 
tives; that some of them moved 
to the desert from time to time; 
that some gave up village life 
completely and went back to the 
desert, while some bad moved 
oo to the city and abandoned 
completely their previous exist- 
ence. 

Education was the magnet 
which had drawn most of them 
to the village, and all their boys 
and young men could read, 
while many of their girls were 
in school, too. It was her offer 
to teach the girls and women 
of the village to read which 
gained the author acceptance 
there. 

While many bedouin families 
arc taking the gradual route to 
settlement, living in a tent be- 
side town or village, slowly 
moving in, many others seem 
just as willing to make a clean 
break, to z&ove directly into 
the competitive, twentieth-cen- 
tury life of the big cities. It 
seems to be largely the young 
men who make such a move. 
They find a job through a mem- 
ber of their own tribe already 
there (employment still goes 
largely by tribal connection), 
or they take up truck or taxi 
driving. For the freedom-loving 
bedouin a taii is the nearest 


thing the city offers to the inde- 
pendence of his camel herding 
days. 

Once tbe young man is estab- 
lished he brings his wife and 
children, or his sisters if he 
has no wife, to look after him. 
In this method of settlement 
the old people are almost 
always left alone in the desert. 
Tbe transition to the city is too 
radical for them to make. They 
cling to their old way of life 
and are left to a lonely old age. 


rr^r 


' • ' '■ -.V'"-:’- . Y'VV- ;; i - ■ •. v ' 



Exodus 


That the exodus from the 
desert is a real and powerful 
factor of life in Saudi. Arabia 
is certain. Just bow fast and how 
far it will go is not. as yet, so 
dearly determined. A census of 
a nomadic population is notori- 
ously difficult to make and per- 
haps nearly impossible to make 
accurately (the officials involved 
would not, for one thing, be 
allowed into the tents actually 
to count women and children; 
some bedouin would count their 
girl children, some would not, 
and so on). Official figures give 
a bedouin population of 600,000 
in Saudi Arabia (but how do 
they count those, such as my 
first host, who spend part- of 
the year in Jordan. Syria or 
Iraq?), and sample surveys 
have shown a net decrease of 
2 per ceut per annum. 

Theoretically this should 
mean that the bedouin will dis- 
appear from the deserts of 
Arabia in one generation, and 
many observers and Government 
officials expect that this will be 
the case. Some researchers who 
have lived with the bedouin in 
recent years, however, report 
(for example, Donald P. Cole in 
Nomads of the Nomads) that 
many are determined to main- 
tain their life style. Tradition- 
ally it was the bedouin who 
failed who chose to settle, and 
Mrs. Katakura remarked that 
most of those in her village 
seemed- not to have been too 
successful as nomads. It may be 



CSiaracters in a scene which, has changed httie over the centuries. 


that many of those now left, in’ 
the deserts are a competent, 
content hard core who are happy 
to continue in their spartan but 
independent existence. • 

The Saudi State has, from, its 
early years, shown a marked 
interest in settling the bedouin. 
Government schemes were first 
launched, by King Abdei-Aziz 
who founded numerous hijra, 
para-military settlements for 
the Ifehwon. the fierce bedouin 
fighters who bore the brunt of 
his wars to unify the penisula. 
From those early days until 
recent' times the concept’ ‘of 
bedouin .settlement was tied in- 
extricably to that of .agriculture. 
Most recent venture of this kind 
was thc jAgge: settlement project 
of’ Harifdh,- launched by 'the' 


Government in the early 1970s. 
The bedouin, however, have : no 
interest in agriculture, which 
by and large they regard as a 
degrading pastime. Left to 
their own devices they may 
cultivate a little berseem; 
pressed into if they fade away. 
The Haradh project succeeded 
as. agriculture but failed to 
attract bedouin; the hijra failed 
agriculturally but succeeded in 
producing tough military units. 

Military matters are as attrac- 
tive to the bedouin as agri- 
culture is repellent to them. To- 
day their major contribution to 
the state, apart from their role 
as pastoralists. is In the armed 
forces and specifically in the. 
National/ Guard.': This second 
array, originally founded to 


guard the Saud family and 
maintain peace in tbe land, is 
now armed and trained to 
second tbe State armed forces 
in case of threat on the 
frontiers. It is manned entirely 
by units from tbe tribes and is 
beaded by Prince Abdullah, 
second deputy prime minister 
and son of King Abdel- Aziz and 
a Shammar bedouin girl. Its 
bedouin troops are totally 
loyal to the Saud dynasty and 
completely content with their 
career, handling with aplomb 
the most modern of vehicles 
and missiles. 

The income from their service 
in the National Guard, both in 
regular units and. the reserves, 
is a major factor-kidhe bedouin 
economy, keeping tens of 


thousands of families in com- 
fort Animal husbandry can 
barely produce a living wage to- 
day and the bedouin are obliged 
to supplement it as best they 
may. Official subsidies and hand- 
outs, gifts from sheikhs and 
princes and their National 
Guard salaries, have produced 
a higher standard of living than 
perhaps, has ever before been 
enjoyed in the desert. However, 
the gap between their income 
and that of the townsmen is in- 
creasing yet more rapidly, and 
will ensure for the time being a 
continuing drift from the 
desert to the town of the young 
and ambitious eager to make 
.their fortune. 


Gillian James 




SAUDI CATERING AND 



COMPANY 






.i . . : 


ASSOCIATES OF 

ALBERT ABELA GROUP OF COMPANIES 

WORLDWIDE 





1978 marks 13 years of our service to Industry in Saudi Arabia. We specialise in the following fields of activity: — 


-I.- Catering and Camp- Services. 

2. Provision and Erection of camps and related facilities mainly 
in pre-fabricated buildings. 

3. .Design, Construction and provision of fully equipped 
kitchen and mess-hall facilities. 


4. Civil Construction works. 

5. Provision of third country national labourers. 

6. Electrical Installation and maintenance. 

7. Maintenance of camps and auxiliary facilities. 



At the present time we provide quality services for 25,000 people of 16 nationalities and we employ 5,000 staff in various areas within 
the Kingdom of Saudi Arabia. Our main clients are the Ministry of Defence, .mainly the Royal Saudi . Air Force and the Saudi Air 
Defence, Aramco, British Aircraft . Corporation and many others. 

If you are; operating in Saudi Arabia or you have recently been awarded, any contract in that area,. we can make your task a whole world 
easier by supplying you with any or all of the above mentioned services. Our office addresses in Saudi Arabia are: 


RIYADH 

Tel: Off. 61510 
P.O. Box 308 
Telex : 20126 


ALKHOBAR 

Tel : Off. 44262 
P.O. Box 258 
Telex: 67038 


JEDDAH 

Tel: Off- 25251 
P.O. Box 2266 
Telex: 40220 


Or you may contact us in London through our associates in the U.K.: — 

ABELA & CO. MANAGEMENT & SERVICES S.A., MELROSE HOUSE, 4/6 SAVELE ROW, LONDON W1X IAF. 

TEL: 01439 6051. TELEX: 24241 CASERV G. 


\al *rd i 

. . *P l 


V ^ 



U *..- *^r~*2*-*A*,- 

-; V « \ . ♦ *>j mj.;" k ’• . < 


“ SAUDI CENTER ” is one of the fastest 
growing private sector companies in 
the Kingdom. It firmly believes in the 
dynamic development of the country and 
is committed to investing in projects 
that do not simply have an immediate 
impact financially but an ongoing function 
in the technological and social development 
of the Kingdom and its neighbouring 
countries. 

Its prime concept for achievement is 
governed by strong beliefs in the old 
values, in combination with an outward 
attitude towards progress. It is keen on 
long-term partnership associations with 
local as well as overseas groups that share 
in the same principles. 

Like so many other organisations in 
Saudi Arabia, it is a young group both in 
terms of its own age as well as in terms 
of the average age of its key personnel. 

Through very careful planning, Saudi 
Center has created a solid manpower base 
by steadily recruiting highly qualified 
young men iD its efforts to establish an 
important nucleus of people upon whose 
combined skills it has relied for Its 
achievements thus far and bases its hopes . 
for the future. In essence, the Group's 
outlook for growth is supported by the 
knowledge that it is managed by a team 
that claims an inherent balance of 
technocrats, entrepreneurs and 
experienced administrators. 

The following is a brief outline of the 
background of each company within the 
Saudi Center Group: 

SAUDI INVESTMENT AND 
DEVELOPMENT CENTER 

This is the leading company within 
the group and its primary function Is that 
of a holdi ng company. 

Head Office 
P.O. Box 2220. Riyadh 
Telex: 20413 CENTER SJ 
Jeddah Office 

P.O. Box 3396. Jeddah 
Telex: 40260 CENTER SJ 

LSTCO 

Land Sea Transport Company 
(LSTCO) was established in the early part, 
of 1976 — at the height of congestion at 
the Port of Jeddah — -to assist the Port 
Authority in a swift and drastic 
programme to clear the Port. 

The Company is an accomplished port 
development, port management and 
stevedoring operator employing some 
1 ,500 people with a turnover to date of 
S.R.260 million. 

LSTCO has made phenomenal strides 
to keep up with the targets of the Port 
Authority. From the date of signing the 
contract with the Port it managed to 


develop an entire Port Area consisting of a 
causeway, pierhead and marshalling yard, 
and charter and re-equip six LST's all 
within a period of three months. Finally, 
it met its target of discharging 1 million 
tons within its first year of operations and 
has thus far handled over 1.5 million 
metric tons (at times reaching a daily 
output of 7,200 metric tons). 

All this could not have been achieved 
had it not been for the brilliant policies 
and full co-operation of the Port Authority 
Management Furthermore, the Company 
is a success story in terms of smooth 
co-ordination between the different 
participants in the venture with the Saudi 
Group taking the lead in the overall 
management and administration, Kloster 
Rederi of Norway having charge of all 
maritime operations and K.N.E. of 
Korea providing the stevedoring. The . 
records established by LSTCO can be 
attributed mostly to the close relationship 
and understanding that has existed 
between the participants in this 
multinational group. 

Address: P.O. Box 5791, Jeddah. 

Tel: 58396 

Telex: 40260 CENTER SJ 

SAUDI CENTER FOR TRADING AND 
CONTRACTING 

The Company has expander] rapidly 
in the last two years through self 
development and has attained a fine 
reputation in civil engineering works, - 
residential building and industrial 
construction. Currently it is handling 
S JLIOO million worth of contracts 
consisting of residential estate 
developments, a civil engineering contract 
for the Saline Water Conversion 
Corporation and a Palace in Riyadh. 

Having established a fine operational 
team of experienced engineers, some of 
whom have a 20 year involvement in 
construction within the Kingdom, it now 
plans to further its field of activities by 
means of joint ventures with 
technologically advanced companies from 
overseas. 

Address: P.O: Box 3396. Jeddah. 

Tel: 50395 & 50929 

Telex: 40260 CENTER SJ 

ALTHARA 

Althara is a joint venture between 
Saudi Trading and Contracting Center and 
Soil Testing Services Inc. of U.S.A. It 
offers a comprehensive service in 
geotechnical engineering, including field 
exploration and testing, site 
reconnaissance, laboratory testing, 
engineering design, geotechnical 
instrumentation, quality control and 
inspection. It also provides testing of 
construction materials during construction 


(including concrete, steel, bituminous 
mixtures etc.) . 

Althara is currently involved in 
providing geotechnical services for the 
second phase of the Jeddah International 
Airport project and a high rise building 
for the National Commercial Bank in 
Jeddah. Soil-Testing Services Inc. was 
the soil consultant for part of the 
construction project for the King Faisal 
Hospital in Riyadh. 

Address: P.O. Box 3396, Jeddah. 
Tel:'5S395& 50929 
Telex: 40260 CENTER SJ 

SGS— SAUDI ARABIA LIMITED 

SGS — Saudi Arabia Limited is a joint 
venture between Saudi Investment and 
Development Center and Societe General e 
de Surveillance, the world’s largest control 
and inspection organisation. 

Its principal activity is to offer a wide 
range of quantity and quality checks and 
related services, and oversee all or any 
part of commercial transactions and 
operations connected with the buying, 
selling, trading and moving of raw 
materials, commodities, industrial 
equipment and consumer goods. 

SGS — Saudi Arabia Ltd. is also able 
to offer logistical support services 
designed to aid the movement of goods ■ 
safely and efficiently from one point to 
another avoiding complications resulting 
from miscalculations, production snags or 
post delivery problems. 

SGS — Saudi Arabia Ltd. through Societe 
Genfirale de Surveillance is represented in 
more than 150 countries, by 90 affilia ted 
companies. 

Address: P.O. Box 3125, Jeddah 
Tel: 501S1 

Telex: 40260 CENTER SJ 

SAUDI INTERNATIONAL CENTER 

Saudi International Center is engaged 
in new project development specialised 
purchasing activities, and consultancy. • 

Project development work includes 
the conducting of market surveys and 
feasibility studies, searching for suitable 
joint venture partners, negotiating 
working arrangements between local and 
foreign partners, and mobilising local 
support and international logistical 
movements required to initiate the 
projects. 

Procurement is conducted through 
offices in New York and Paris. Services 
offered encompass handling in the country 
of origin, export formalities, selection of 
carrier, clearance through Saudi customs, 
and local delivery to customer’s site. 

Finally, SIC offers a wide range of 
consultancy services designed to assist 
foreign firms to do business in Saudi 
Arabia. It suggests agency, branch and 
joint ven ture relationships suitable to the 




needs of the foreign company, arranges 
office, housing and catering facilities and 
advises concenung.local registration : y 
requirements./ • . -* H . 

Address: . P.O. Box 3396, Jeddah ’ i • 

.JTW 

.. Telex: 40260 CENTER S J 


amos; - v - 

Arabian Maintenanceand Operating 
Services ‘Company Limited (AMOS ) is a 
Saudi Arabian limited liability, company 
under formation to be owned 60% by: 

Saudi Investment and Development Center 
and 40% by a;high technology Western 
corporation: AMOS’ functions include . 

(1) management services for the operation; 
and malnteasince of desalination and other 
water treatment plants, power plants and _ 
other continuous process plants, (2 V 
operation mid maintenance of water wells, ■ 
both surface and subsurface, and (3) 
consultancy, activities relatiyeto ground; 
water studies and projects. 

AMOSplans to develop a management 
tr aining banter .in Jeddah for, the operation 
and maintenance of desalination, power 
and othercontinu ous process operations. : . - 
Address: P.U. Box 3396, Jeddah- . - 

TpV 

• Telex: 40260 CENTER SJ 


ALKAWTfiBR 

Al Kawther is a Saudi Arabian ' ■ . 
limited liability company which has just. 
been formed. It will be based.in Saudi 
Arabia* and will operate in most of the ' 

Arab countries of the Middle East.- 

A1 Kawther’s activities Include the . ■ 
design* assembly and installation of water 
treatment systems, including the ‘ 
desalination of sea water as well as the. ' . 
processing of brackish well waters. It is 
contemplated that A3 Kawiher wiU -- : 
ul tima tely establish its own research and 
development organisation specialising in % 
watertreatment technology adapted to • . 
Middle East conditions. ... 

Head office: P.O. Box 3396; Jeddah 
.•.-. Tel: 58396 •••• 

— V Telex: 40260 CENTER SJ 


RASHASHIPPING ; 

pasUA is a shipping andenstoms 
clearance agency with highly experienced , 
port personnel servicing the needs of a! _ . 
number major institutions including 
Mobil Oil, Fagioli and others. It is well . 
positioned andstaffeitoundertake ' 
additi o nal business including . 
transportatibnfor on-site deliveries to ' v : 
anywhereTvithln the Kingdom. : . -- 

Address: P-O. Box 5246, Jeddah.- - -- * - ; 

.-.TUT 48145, ; 

' " Telex: 40260 CENTER SJ /-- K . • . - 


,*£> 


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■ rinam^ TimeS; Monday April 17 1978 

EfcECJtRiCINic MICRO-COMPONENTS 




33 


BY MAX WILKINSON 




are down in Europe 


o 




lUROPEAN . _ GOVBKNMENTS 
now forging their policies 
or wfcai-wIU -probably be the 
st fc&ise. '«t ajL.extra-ordinary 
jvoluteV ,^ electronic com- 
onehts.7t.ias already produced 
computer, tb^ siw of a postage 
_ shortly enable 

. flsjk/i.c^jto‘_'be packed mote 
en$£? \ ,ti«B elements of the 
uma^brain. - 

The Teyolutfon^is-: -based on 
e aWlity of component' makers 
fit axreVjir' inareasing number 
iotar^ccmnetted transistors 
. to ^- 'single- witter of silicon, 
nee 'I9W. whea- : on3y- a single 
nsistor was.lm^iaxited on each 
licoh "chip*, the; density of 
exponents .packed. -into each 
has .doubled every year, 
is a result*' whole ipfxmfuls of 
|ectroiiics hire' been Tediiced to . 
n^T- whlcit . looks, like a 
% ; V-^ ; >apffa:ke. wjth' wires attached to 

in thC next few .years 'the re- 
^^.ictioiis'in'Tsize .''will .. be ■ even 
'•:->^2;ore impressive.. Mr. LesHogan. 
-X^ce-president ; of Fairchild, .the 
- semiconductor, company. 

■. .ipects the limit' to be reached 
irround I9fi5 ~ with " . about ■ 6m. 
~'~ya n sistors on : a"; siiigJe chip oF 
Jican a --few"- centimetres 
' -juare; - " r - * 

" isuch a chip would contain as 
^ny elements as ■ the world's 
rgest present; day. .computer. 
,.:Jthough It is unlikely, that 
"signers^ would wish to put 
• ch a Jnjge computer on a 
••igle component; it is dear 
-i ar integrated circuits in the 
• act decade wni itheinselves be- 
-de highly complicated sys- 
ms. Already, computer 
smory chips are being made 
th more than 100,000 storage 
?ments per' chip. And in the 
Vrt three years the price per 
sment of memory has fallen 
thousandfold. The price of a 
mputer switch is now 10,000 
nes cheaper than what it was 
; years ago. 


The prospect is worrying for for making- silicon chips. They U.S. are concentrated in a 
equipment companies and gov- will need to be. able . to design relatively small area called 
e foments ■ in Europe, because special circuits for their own “Silicon Valley" south of San 
nobody is yet dear about the particular purposes and to know Francisco, from which they 
full consequences of soma high how standard mass-produced serve a unified home market, 
degree of intepation. The only circuits can be modified. In Japan, the Government is 

For lhese " ason * « he Severn- P°F rin S in * vast arooun L of 
dnKSill tS mems 0{ a,i tbe major countries monp y. estj maied af about 
circuits will be made in toe ua. . q j. E agreed that thev ilOQni. a year, to support 

port^it must su PP0rt ^their micro- research and development and 

^r^ dast ^ at ! eas ,' 10 t«i7 K * cMrdlna,c<1 nauonal 
™j. 30 S£? »ZZ r*2S T?e w c~« 

: . Such Chips, costing only tens ® nd . Japanese advance; The support has been running at 
of dollars, will make Obsolete Br,tish Government is expected about £2m. a year. An increased 
much of the assembly work t0 announce shortly the details level of support of probably 
which has been a major part of of its next support scheme for £8m. a year now being planned 
equipment manufacturem’ busi- elecironic components. It is in the UX is still likely to 
ness. It may be that the equip- generally estimated that at.least attract the emthet: “too little 
ment makers will be ab7e to use **°ra*f and probably £lOOm. of and too late.” 
the new super-components to ? ola l investment will be needed On the other hand, a more 
design systems of hitherto tin-. in . Ihtf next five years to main- lavish handout to the industry 
dreamed complexity. ta * n even a limited presence in could prove a complete waste 

’ the industry. At least half of of money, since there is no 

• y j ibis wi U have to be provided by chance that any of the British- 

IjOWer grade liie Government. A programme owned companies making somi- 

of all-out attack on mass- conductors could compete with 
On the other hand, the com- produced American components the Americans across a wide 
ponent makers may themselves would cost some £5Q0m. But this range of standard products, 
.become systems designers be- would have the slimmest chance U.K. sales of semiconductors 
cause in some applications the u r success, because the UJt are less than £20m. a year, 
greatest brain power will -be home market is only about 2.5 about 1 per cent, of world 
needed for the arrangement- of per cent, of the total world sales ouidul 
microscopic transistors into pat- 0 r g3,gjj n . 0977). Mackintosh The Government therefore 
terns-on their chips. Where this Consultants expect the world face* a difficult dilemma. On the 

happens, the equipment makers mar fc et t0 { ncre ase to nearly one hand it must ensure that the 
may be reduced to lower grade giQbn. by 10S5. but it is very U.K. maintains an up to date 
activities like soldering, making uncertain how much ..of this capability for making at least 
tin boxes and the fitting of expansion can be exploited by special purpose circuits. For if a 
plugs and sockets. European companies. complete computer can be 

Between . these extremes, a etched on to a few wafers, it 

variety of different patterns will Even taken as a whole. West may be essential that they can 
emerge which cannot easily be Europe accounts for only about ^ made in Britain, 

forseen. It is certain however 20 per cent of the total world 0n rhe 0 therhand the Govern- 

that as packing densities in- market, about equal to that of rnent faces a great deal of scop- 
crease at least tenfold. in the Ja P» n and half the size of ticism about whether British 
next five years, the computer, American market. Within manufacturers can be competi- 
telecomaiunications ..and other Europe, nationalistic policies tive even for a limited range of 
parts of the electronics industry an d ^ geop-aphically scat- special circuits against U.S. com- 
will be radically altered. tered production centres have papies with ten times the produc- 

One obvious consequence is P rove d i° be an insuperable tf 01 i cap acity. This scepticism is 
that designers in companies like barrier asainst the formation grounded on the fact that the 
the General Electric Company a European component economics of the integrated cir- 
(GEC1 and Siemens of Germany industry. cuit industry are highly sensitive 

will have to become intimately By contrast, the semi- to the volume of production, 
acquainted with the techniques conductor companies in the One manufacturer estimates that 


every time the volume of produc- 
tion is doubled, the price is re- 
duced by 30 per cenL 

Long production runs allow 
fine tuning of the process, which 
is vitally important where up to 
80 per cent, of the circuits pro- 
duced may have to be thrown 
away after testing. Many suc- 
cessful manufacturers argue, 
therefore, that it is essential 
to have some high volume stand- 
ard products to absorb over- 
heads. They , say that any manu- 
facturer which concentrates 
only on low volume special cir- 
cuits is unlikely to be profitable. 

The British Government's 
strategy is therefore to seek a 
compromise. It has identified 
four separate, categories of inte- 
grated circuits: 

1 — Standard mass-produced 
components like- computer 
memories 

2 — Standard components with 
special performance characteris- 
tics. 

3 — Standard components 
specific to a particular Industry. 

4 — Special circuits designed 
for a particular customer. 

High volume 

It has been agreed that the 
U.K. owned companies in the 
field, Plessey, Ferranti and the 
General Electric Company 
should concentrate on the last 
three categories. They will try 
to gain high volume sales with 
circuits in the third group, for 
example with components for 
the motor car or telecommunica- 
tions industries. It is thought 
that there may be specifically 
European applications which 
could provide high volumes for 
a U.K. manufacturer but would 
not interest the Americana One 
example might be in special 
circuits for telecommunications 
like the Post Office's System X. 
Another could he in circuits for 


V0RLD MARKETS FOR 
INTEGRATED CIRCUITS 


sou? a > j»ci h;<mk car-ii-;»urs stwieoNoeno* iuic'mn 

COVKNMsNIS 



I US.A. 
= JAPAN 


'ISYG 

Total; $ 3 ^ 91 m. 

0 W EUROPE 

REST OF WORLD 



n5B5 
Total- $ 9,690m. 


television receivers which 
operate on different standards 
in the U.S. and Europe. 

Competition in the market for 
components which are standard 
throughout the world will prob- 
ably be left to the multi- 
nationals. 

To promote a U.K. capability 
in this field, the Government 
would be most likely to give aid 
lo Mull arc!, the Philips sub- 
sidiary, or to ITT which has a 
factor?- in Kent. It is already 
making advanced computer 
memories with 16,000 cells on 
each chip and is developing a 
memory with 64.000 elements. 

The Government's general 
strategy is based on the idea 
that progress will depend very 
largely on the U.K.'s ability to 
attract and hold able designers 
and technologists. Zt is argued 
that a great deal of the ex- 
change of technology in the 
U.S. and elsewhere takes place 
informally as the best people 
change jobs. ‘This is part of 
the reason why it is thought 
that multinationals with re- 
search departments in the U.K 
should be considered candidates 
for Coveroment subsidy. 

The British Government’s 
strategy differs in important 
respects from those of the main 
competitors in Europe. France 
and Germany. It is; however 
recognised in all countries that 
the chance of beating ihe 
Americans in the market for 
standard components Is slim. 

The German Government is 
spending some £75m. in its four 
year support programme run- 


ning from 1974 to 1978. Total 
investment, including contribu- 
tions from industry is estimated 
at around £X50m. in the period. 
No decision has been taken on 
funding after 1978, but it is 
likely that support will have to 
continue at a considerably 
higher level The major manu- 
facturer is Siemens with AEG 
as its main German-owned com- 
petitor. 

-Support for Siemens is likely 
to be the lynch pin of German 
policies, since Siemens has the 
financial strength to undertake 
the rapidly increasing capital 
costs and the ability to buy 
further American companies. 

The strategy of buying 
American technology has 
already been adopted by 
Philips of Holland with its 
acquisition of Sigoelics. The 
French Government on the 
other hand appears to favour a 
joint venture. This idea 
appears to underly the offer of 
£T0m. to Thomson CSF and La 
Radiotechnique Compelec 

(RTC), a Philips subsidiary, on 
condition that they sign a co- 
operation agreement with a U.S. 
manufacturer. 

Meanwhile the European 
Commission is making a 
renewed effort' to promote co- 
operation across national 
boundaries.. Hopes of a com- 
prehensive pan-European pro- 
gramme faded last year because 
governments, particularly the 
Germans, were not prepared to 
make their suppport conditional 
upnn companies co-operating 
with a European scheme. 


The steeply Increasing capital 
and development costs in the 
integrated circuit -industry may 
perhaps give a new impetus to- 
wards international* co-opera- 
tion. The next generation of 
circuits wiH require machines 
which can bombard silicon chips 
directly with electron beams. 
This method- of forming 
patterns of transistors will re- 
place the present etching pro- 
cess which uses masks similar 
to those . in printing. Electron 
beam lithography will be 
needed to achieve the much 
higher densities of the future. 

Fairchild estimates that the 
machineiy for making chips Will 
be 20 times more expensive by 
1982. 

This enormously increased 
“ entry See ” will certainly be 
afforded by Siemens and the 
German Government, and prob- 
ably by ihe French. But the high 
capital costs will make it more 
and more absurd for the CJ.K 
effort to be split between three 
relatively small plants. Some 
sort of merger would seem 
highly desirable if not essential; 
but for the moment the Govern- 
ment appears reluctant to renew 
its unsuccessful efforts to push 
the companies together. 

However GEC is very 
sceptical whether such a 
move would he desirable. , Its 
strategy so far has been to try 
to keep abreast nf developments 
by having a limited production 
nf integrated circuits , but to buy 
the bulfc of components it needs 
from the cheapest source, which 
is often America. 


I 


i 

I 


Letters to the Editor 


- • V 


I 


r Nationalised 
ndustries 


No better 
off 


■m the President, 
il Users' Association. 


the real magnitude of the 1977 restore fully the incentives that 
U.K recovery (Organisation for these schemes provide, but it 
Economic Co-operation and would be interesting to hear 
Development experts have alsu from the Liberals and the Con- 
made tbis point in the Statistical servatives whether they would 
Users Conference Report, Page be In favour of doing so. 

101). The overseas trade account Now is the time when 
is most sensitive in determining interested companies should be 
sterling exchange rates which in making representations to the 
turn are of major significance in political parties and their own 


From the prospective Liberal 
Parliamentary candidate Jor 
Mid-Sussex ■ 

ir, — The debate about the v 

trol of nationalised indus- , — 

s, contrary to Mr. CocfceD's'iP (April 1*1 snowjng determining U.K inflation rates, trade associations in this regard 

gestion (April 121, has hot £Li2fS!!?ii£E .fUJSPJff P erefore . *** t ?? k _ 0 / S . D. Appleton. 

Burgh Heath Hoad, Epsom 



ks of performance; tut they ^ “ an 00 £1( W “ t^cur-. surplus.. \ 

an essential in any system A.G.HorSb a ll. 

«T indicators. ' }«« thrt Worship*™,!. Mi. 

i vestment by Post Office Tele- range would have Substantial 
imunicatipns recently has mortgage outgoings together with T TtlcnMal 
o nudging on £ibn. yearly; pension contributions and life UllaULIfll 

•efore, some indication of the assurance premiums. _ : 

tm on assets earned by tele- If we rework your example WOTlC 
jn uni cat ions is necessary for for a married man without child- T V1 “ 

Government and the Post ran who has £1,000 per annum in From Mr. J. Riley, 
re to know whether the ex- mortgage interest and other 
diture is worthwhile. For 


Reduced 

rates 


From the Leader, 

Southampton City Council 
Sir. — While l was pleased to 
see that the chief executive o 
Sir.— Is there not a good case Winchester City Council stated 


flllnv/flhlp DdvmenM and whose 0,1 •' — lucre uui a guuu case 
,, ^ Jo non 8 «««■ u£c for employers and unions to get (Apnl il) that Southampton City 

3 tarBCl of 2 per cent 2W- *“ together to negoSate a nrodut- Council had also reduced Its rate 


•al business has some cash _ . „ * 

iand with which it can expert- ,^ ross 8alar y jj.ooo 
it by introducing new ser- 


£ and certain employees for the nationally increased on average 
9.900 unsocial work involved, in cal- hy more than 10 per cent. I feel 
2 458 50 culating the effects of, and later certain that few if any other 

» ZZaTZ — r” Net salary 6742 T^l-W explaining, the Social Security authorities in the country have 

V nd niwket- 'The result" for ih^ Ind ridual Pensions Act 1975, taxation been able to reduce their Tate 

^SS^S^fSTtSSS ttttt wT5w£ iS£y teriSS ehangev jC ode number altera- wlce in the past two difficult 
e flexibility for the timing . hi S ne t sa lary tions, -child benefit changes etc. years. 

ince inweases and most tm- Se reSti ? tc - to befuddled and sometimes This does not. however, tell the 

“^^sthat those on pri? e ^ lirfe!"y 10 “r ewt He workers? Does the Chan- Tull story. By careful scrutiny 
scale of 1975 will not be ^ n ^ e refore ^io better off as a 5*ti°r realise that many people of services and Rood manage- 
-ated. A^J^pnally, a profit. result of Mr,’ Healey’s Eludget. boM^l-up their letterboxes and go men t, economies in excess of 
:et is good for motivation. ^ conservatism in in to -hibernation for the winter, £lm. have been made and the 



?c. competition is not always servatives seem now to be con- RU B y. ' 
mcilable with social pbjec-' verted; Mr. Healey has thrown 19. Canterbury Avenue, 
s. It is doubtful if the public away a golden opportunity to Lancaster, Lancs. 

Id accept the withdrawal of remedy the situation whereby 
ai and telephone services over 80 per cent of Government 
o rural areas, which would revenue is obtained from per- 
a likely consequence of sonal income tax. High tax on 
ishing the monopolies. In earnings kills incentive and 

e circumstances we have to obviates any possibility of sav- 

to devise a system of con- lags and therein ties much of the __ ' _ lines during the same period. In 

led monopoly by which cause of bar present economic £7°™ me Managing Director. essence we have cut hack and 
lopolists are subject to nob- ills- 


Grants for 
insulation 


amount 
from the 
prf»>ifHis Socialist administration 
And we have rightly passed tbe 
benefit of the savings achieved 
to the ratepayers. 

Not only has this been accom- 
plished without adverse effect on 
essentia! services but we have 
secured necessary growth of 7.5 
per cent, over Government guide- 


ket disciplines. These have Jack CampbelU 
le devised with care since if Rosemary Avenue, 

• are too restrictive, manage- Steuning, West Sussex- 
it are denied flexibility, 

lagerial functions become t T 

iced to bureaucratic ones and U QollOCalCfl 

consequent loss of job saiis- 
ion will result in the loss of 
quality management. Thus 
idea of a fairly rigid system F ^ m & e Economic Adviser. 

Bve year plans and pricing d,-,.- L, ca 

Art Wa Wr nnoball liw5 OlOVe d <-0- 


surplus 


.ed by Mr. Cockell is likely aeain I see that the wo “] d }»ve saved the country 

be counterproductive if jJSsStoff « +*&£! for ^ fuel and himself some 

51 ( 1977 is published without any « SL^mw 

ne of the main criticisms in reference whatsoever to its s»B- n ^«ir 


Drayton Controls ( Engineering >. moved forward at the same time. 

Str,— rl see that in enthusing Positive proof that progress with 
over- the proposed grants scheme economy is oossible. 
for insulation in private dwell- Norman A. Best, 
ings, the Prime Minister draws Members' Room. Ciuic Centre, 
on his own experience. He says Southampton. Hants. 

that he insulated the loft in his 

house, and his bedroom is now 
five degrees warmer. What a 
pity be did not fit themostatic 
radiator valves upstairs to pre- 
vent this temperature rise: then 


Industrial 

training 


From the Group Services 
Manager. 

Aylesbury Industrial Group 
Training Centre. 


Incentive 

schemes 


Sir, — Mr. W. Wha) ley's reac- 
tion (April 7) to the criticism 
by Mr. W. E. G. Woods, of the 
proposal to move initial craft 
Training into our schools surely 
cannot bo regarded as serious 
comment on what is an issue ofl 


ieuiuie mam enuasms in reterence wnaisqever xo 5 ‘B- West Tfrnnlttn Miri/11 avrr 
NEDO study of the present nificance (Financial Statement west Dr aitUm, Middlesex. 
em of control for the and Budget Report 1978-79 Table 
onalised industries was the 2). 1 find this omission astound- 
,th of time required to obtain ing. 

.•ement from sponsoring It means that the Bank of 
istries to major policy ded- England is holding £2.8bn. for 
s. If the Parliamentary sys- 1977 which ultimately will be 
was added to the present allocated to ' U.K capital or 

em in the way Mr. Cockell revenue transactions. Surely a .\miWnn r“ air ™ nTl ' . CMS. vu "iiac to aa wuc Vi 

•ests, the decision making little helpful ‘ comment in the ■ PP^wn incentive Techniques, national concern. The point of 
-ess would be further Budget Statement is in order? Sir — The Chancellor claims to Mr. Wood s letter was to en- 

nuated. - If tbe balancing Item is alio- recognise the need to restore tbe courage the belief that industrial 

ie solution to the problem rated to revenue account it incentive to work. The. changes training was properly tbe pre- 
controlling nationalised in- thcans that either exports in 1977 he proposes are minimal and rogative of industry itself and 
h*. t Zivapst Km in were under-valued or Imports benefit most m percentage terms not that of the education system, 
in- the nowes and toprov. over-valued. In gith«r event the those at .tha bottom end of the which after all has yet to 
ihe nroKwialSn of lie reported trade defldt of £35m. is "fges ladder, whereas It ie demonstrate its general compe- 
jron> £ if replaced by a thnmping Rood widely believed the greatest twice in uistiUmg basic Uteracy 

f S- iTlcSSS to tflkl surplus. If it is allocated to enccmragement Is needed at the and numeracy Into our youth. 
c t££ capiw^ccount then the levels of .11 


3 domestic savhigs, to fund the patently the same principle iB sufficiency ift the class room is 

HsSSffiffi K5S&KSS ifiartr .w r-at— ” d lm " 

b wMcffwill be neither dis- do more than offer guidebnes and individual Whalley is aware of tbe enor- 

Irp nnr enunternroduetive: Westions which are meant to We must therefore look else- mous annual cost to the nation 

-Auiit Aten be helpful to the authorities con* where for incentives for execu- af industrial accidents. Indeed. 

°Tn winrpniS^rmstraSii cemed. My own efforts have, lives. Many successful com- the Royal Society For the Pfeven- 

S+bwf than ^invntmTiS ^'^strated anomalies in .the trade panies. adopted share option and tion of Accidents might have 

u figures whi(di 1 believe show share incentive schemes in the something to say on accidents in 

he detail about investment i m p 0r t values have been over early 1970s from which this the home by well (Mentioned 

specific pricing issues with recor d e d by perhaps £lbn. Chancellor removed the tax DTY enthusiasts! 

h it Js til equipped to fleaL point is. because of the advantage in the Finance Act R, P. North, 

oys- omitted explanation, many 1974. Presumably it is politically Gatehouse Close, 

a ekciUe Street, WJ; economists are unable to -record impossiblfe for Mr. Healey to Aylesbury, Bucks, 


GENERAL 

Mr. Harold Brown. U^S. Defence 
Secretary, holds London talks on 
neutron bomb with Prime Minister 
and Mr. Frederick Mu I ley. Defence 
Minister. 

Dr. David Owen, Foreign Secre- 
tary, and Mr. Cyrus Vance. U.S. 
Secretary of State, due to arrive 
in Rhoderia'following Friday talks 
in Dar es Salaam with Mr. Joshua 
Nkomo and Mr. Robert Mugabe, 
Patriotic Front leaders, and Sun- 
day discussions in South Africa 
with Mr. Pik Botha, its Foreign 
Minister. 

EEC Finance Ministers meet, 
Luxembourg. 

Scottish TUC conference opens, 
Aberdeen (until April 21). 


To-day’s Events 


Law of the Sea Conference con- 
tinues, Geneva. 

Nominations close for by-elec- 
tions at Epsom and Ewell and at 
■Wycombe {polling day in both 
constituencies is April 27). 

Sixth World Conference of Re- 
tailers is opened at Grosvenor 
House. W.l, by Mr. Edmund Dell. 
Trade Secretary, together with 
Mr. Joseph Godber MP, chairman. 
Retail Consortium, and Mr. 
Herbert E. Strawbridge, co-chair- 
man, International Committee, 
National Retail Merchants’ Associ- 
ation of New York. 


European League for Economic 
Co-operation dinner. Mansion 
House. E.G.4. 

Combined three-day meeting of 
European Nuclear Medicine 
Society and British Nuclear 
Medicine Society opens at 
Imperial College, S.W.7. 

Institute of Practitioners in 
Advertising' annual report. 

Conference of British and Polish 
coal mining and utilisation experts 
opens at Mining Research and De- 
velopment Establishment. Brelby. 
Derbyshire (until April 20). 

Plastic Industries Exhibition 


opens. Belle Vue, Manchester 
(until April 2)). 

PARLIAMENTARY BUSINESS 
- House ot Commons. Conclusion 
of Budget debate. Second reading 
of Judicature (Northern Ireland) 
Bill. 

House of Lords: Debates on 
problems of widows and on a re- 
view of the Children and Young 
Persons Act 
OFFICIAL STATISTICS 
Retail sales (March, provisional) 
COMPANY RESULTS 
Blackwood Hodge (full year). 
Currys (full year). 

COMPANY MEETINGS 
See Week’s Financial Diary on 
page 7. 



If bankftm is a service busbies^ 
then it should be on service that 
you fudge a bank. 


Bank of Boston House, £ Oieapiide, E.C.2. 


We’ve spent 56 years in the Gty, building an organisation to 
cater for the toughest judge of all: the financial professional. 

That’s why The Bank of Bostons account officers prefer long 
instead of short-term relationships. Why they stay with their accounts 
longerthan their counterparts at other banks. 

Why we have an exchange specialist based on the dealing 
floor devoted exclusively to keeping corporate customers abreast of 
developments. 

Why our two hundred people in London aim at the highest- 
standards (if you give the best service, you've got the best bank). 

And it works. . . 

Our dealers have put us among the top banks in making 
markets in all major trading currencies. 

And six out of the top ten companies in the 
prestigious The Times One Thousand ' are our customers. 

Do you put a premium on service too ? 

We look forward to meeting you. 

BostonJhe bank for 

financial professionals. 

BANK 
OF 

BOSTON 

THE FIRST NATIONAL BANK OF BOSTON 





V V J 







TiP' 5 



William Collins changes 
borrowing structure 


Gibbons Dudley 
expects rise 


• I^aflciaL.T^ 

NEWS ANALYSIS— WILSON COMMITTEE EVIDENCE 


to an 


„ '' 


■'.‘T-n ■ 


,, D BY NICHOLAS COLCHE5TSI . *\f' n :*■. . 

“^Boger D. Turner, chairman y _ » r - ^ V 

or Gibbons Dudley, anticipates on a art *■ N tghtiiigale and.Co,, avoid too good a form-of market by competition ;if4hey are Jky+i • „ c - 

l ™f profits for the current year BwAICU mttUNtib a small investment bank, elalins for these companies,'’ Nigbrin- be 'fair prices. - ; ;The ^solitiryC':';- *\ .*• 

a further advance, the /ap toitoMBa companies haw ratified in evidence to the Wilson Com- sale has, of courrse: pounced- iij Nightingale ckums^ oniy ^o r'"- 
h£ mwee that • an . “over**. S evidence upon ’^'division match bajang^d ^ 

aeys in his annual statement tt£JFS&l£t?S?£&. i“ C) " . tt d£ loy»Uie s . wiflrwlMtV. ™ 

it is difficult to foresee any auie. whether dividends concerned are needed to help plug the. equity . The fact remains - that -one QTC, taking -no-, dealers - tufn r v^. 

!hniri..« . -L- , Interfere or final* and thr niMIrlainu Mn n — tfll» 1 a ft nP ' - _i_ . rtTf 1 mnn" art rf {uiilftino Wn'ii'hlt'nftmfii.B * -- '■ ■ 


win snow $ further advance, the Tbp tolUm-jog companies hare ratified In evidence to the 

second six months proving to be of Ew*d nweiins* 10 the Sure* mittee that • an 
more profitable than the first. Expanse. &jca nfcetaiss are usually -® e ' tnat . f? 

u» r , * huw ior me parpose of coosiderina div> counter market-” 

ne says m his annual statement deoasi Official lnhcauuas are not avail, naai-i ♦«. >, a i„ 

that it is diffin.it to foresee nnv anic w^K* dMd^«£SLErii£ needed to help pluj 


real improvement in the trading ^ .«*&&** gap"— the. lack. .of. \ enfftpre- crtaii does not make an OTGmaiv' and building np^w 'position in 

ACTiav i? bfin = taken by iM the group now has a strong SOCIETY rose 69 per cent, over climate of the refractories divi- £22 JShS* “ 1881 nenrial equity capital that, has Nightingale -is having : to the; securities; Nevertheless it : 

William Cnllinb and Sons (Hold- ba.*o from which to develop and the corresponding period in 19n. siom Nevertheless, further losses . to-oay allegedly arisen out of-dwjmfr. ft,™ „« fa, a dilemma of its own- 'Offers an AcWflesHeei to' m » -• .- 

ingsl to reduce its borrowings, expand the manufacturing and Ait classes of business have at Gibbons Refractories are not iwtrun^-EQTAj Imxumr Trust. ins private wealth and srnwiw'« Up to a ■ critics bv acamrinir a w a J- c / r , 

which at Deccmbe r 33. 1977 distribution operations. increased but with particular expected and better results are ^ ^ . having operated as a one-man- cnucs py acqmnng a Warrantee .V. ‘ 

showed a jump 0 from £S7Sm. to The accounts reveal that the 2E* on VeSenrS^ J^ted. “^febunSTpw- band for six years iftot.hOW, to m & * ‘ 

£I4..1m. rmd Mere equal lo 34 per jroup has a potential liability to for (he self employed and d . ucts a,ie should in the second Neiraninii. Reed Execotive, Rerenes. claims mat aa UlXl market g e t others into the game to pro- all . compalues quoted: in, its. v J ' ■. 
eent. of c:ipii;ii employed. deferred tax of £6.42m. i£3.83m . ), indiridual pension policies for six months reflect the benefit that Chemicals- tm- the American model Avoid'd -^ide some visible competition; It nsarket : ; ; . ... *' v . v .* . 

In his unnujl siaiemeni Air. „ hi ch included £7 JS*m. UE6.64m.l executives sod directors. will arise from the new factory im.h™-, provide an ideal ' “halfwav —..et menilationo of lhe^ "The noteryfial . «wiAi^+ - :■' . 


TO-OAY 

Interims— Eenhj Trwwmo Trust. 


allegedly arisen out of dwindt- ^ up to a dilemma of ite own: 'offers an Achifles Heei to' jtj 


W .1. Colims, ehainuan, reveals jn respect 
that the uroiqi has accepted an allowances, 


~"5VS r&SCf'S “ engineering division a “"““and county .Nig^ghle-.cai;.^ 

of XI Dm from Finance Corner*- offaCt b y tax tosses of W shortening of thl forward order ~ S J among the regulated. .Tbs is by jnfinting: but ;^bjt 

tion fnr lndu*,i»->. Thw will be r£2.:j!nj.) and unrelieved ACT of ( £»Q,n.). 4 ^o 015 is causing some concern, caikuder (Gcorac 3 s.< .\ptu is Lxcnanga it .th^efore a tough pill to swallow for a otmous fo all whd trade on the^ 


tion fnr Industiy. Thw v. Ill be i£3.:jini.| and unrelieved ACT of j£W}g m "i 
usi-ri in reduce indehledmMS to £i^4m. (Xlm.). 1 

bankers. Mho have aur-ed the A , March 16i 197S stoke 

aynu-ni or a Omi. term Albany Trustees held 16.51 per A _ 

and m the rcir "' al .J?* cent, of the equity and Crossburn /^lTTlIr3.J?£i 
dim: Change o^cr the TrUfctee# 1G ^ per cent . m%X llUittgV 


early r«i.;.yment of a £i.m. term A]bany Trustees held 16-51 per 
lojn IHsiJ. smd m the rcirn\alo. t . en , of thp eqU i ly and Crossburn 
the-r fioiitin” change over me T( . llstepc »pr pent. 


U.K. assets of the ^mup- 
The increase in borrnwincs came 
abnur primarily because of an m- 
c p ensL a in stockb. part of •■•'hich was 
due t«» sales bcinc lower than 
anlicipateri. Stocks ai December 25 
stood at L'lO.Dm. aaainsl £15-3m. a 
year earlier, hul the chairman says 
that steps are now bein^ taken to 

.reduce this level. 

Group profits before lax in J H < r 


Trustees 16.02 per cent. 

Meeting, Glasgow, May 4, at 
12.3U p.m. 


Bayer UK 
shows small 
growth 


Brothers 

advance 


A SECOND half advance in pre- 
tax profits from £174.495 to 
£250,673 left Arm it age Brothers, 
pet products manufacturer, with 
£454,000 for aU I9u, compared 
with £408,000. fw the correspond- 


book is causing some concern, caikuder rcoorsc tf * Aptuis C>l ^ CK . •t-x cD ange, It .therefore a tough pill to swallow for a obvious fo all wfab trade on the^ ,r1 

However, the planned contract wd Foreisn tnvea. Tst. awo 23 asKs the committee to encourage bank that runs and profits from Nightingale' OTC Warrants- a™ 

completions for the -current .year S^iririlSS the OTC market as an.independ- a little “market" o£itsown on e o r f ^Nightingale’s ^ ‘ 

should provide similar results to Hawker suweiey ... .So “ ent institution and to include the Creation. . incentives - in creating *•’ 

In a^icipated in^aae in ~ «8 4' The evidence teiie of ““ i 

industrial activi& generally, the ft c^::r— XS5 tte^Se^TSfSSStiS Nightingale’s intentions in 1Mb Its^ument that , the. 

industrial estates division is look- ^ re Suiation d i rec tion hut cannot ^et tell o* xrucenaive is found across tha-- c 

ing to an increase in its profits. 0L i£f?u li- any concrete advances. It wants OTC . in. : the tr^. 'Wbidd'b*-' ' ^ 

Capital expenditure is continuing capital increased by £840,000 a . For the last six years Night- w J Ke an . OTC supervisory strortger if there were 5¥? AT^^ ~" 

at a high rate and therefore no strong liquid position was mam- ingale has been running a self- 10 ,«„:i «riin whn«i -member- nwiiti - mikp™ 

investment Income can be ex- tamed. Capital expenditure sane- styled “ OTC market * m i- one. councii se , r i ? „ P competing j^ 

peeled. tioned at December SL 19T7, SaJSanri h3£ - «5n'J ^ ahi P wou,d he composed -of Bntain-rthe nuroWr -.who =pIyS 

As rpDnrtpri nn Mpmh it. tav. totalled some £<L8lm. i , ua;w s. acnng • as _ m nii comoahv executives, this market - in America 


of. financial Institutions. 


direction hut cannot ^yet tell of incentive is found actoss rha --■ 


man-band 


1'iTJJ show a smoli increase on Iasi 


precedent 


E?d5El Wrre5P ° na - omitted) shows: r refractoriw ^A2m. (1254m.). CSS 

Before extraordinari- items earn- hSiS?J»rodSS!s £10 "15 TiTD c v follow 

ings per £1 share are given at SS'S ‘ b and^ S E? 426 l ?l?4l5^ TALBEX that 

ttenM P at a 5653p “SroffiT ^The e °sineering £27.712 l £14. 141) and ; Talbex. ihe soap to hahdre^- handle 

nil (£702): industrial estates ** '«?cern. has ffnM ttat the public 


OTC and how 


offerings 


The market fnr books in the increase in promotional expend!- ***** LU 1Q ’ U3p ' 

I'.K. :s still difficult ami prospects l“«- but the directors regard this 

dencntl larwly on an increase in ‘ ,s an investment from 'jhjch the Turnover 

consumer snendin-’ company will benefii in 19rS. says TrjdJra orofif 

^r-r^tondin, year Mr^ohn Webb, the managing J-g-^ w: 

«l.n^on^ nC iookinu 3 to AU nine divisions contributed Kraortftiiw deb,.’ 

another send year with a strong 10 '^ r °uP profit with particularly Available 

Ikt of new titles. The chairman e^od performances by the Fmai dividend ...... 

pomis out that this augurs uell pharmaceuticals side, which intro- 

for Foil t.i na Paperbacks which duced a new treatment Jor heart * <****- 
derives man- of its best-selling disease, and tile Agrocbem divi- 


isrisjStf 


1977 1970 

mOD £000 

S.-kifi 5.0K 

S3* 4i4 

SO 16 

454 403 

30 rs 


parent company 

i&o 8 (£106). 

i.o« On a current cost 


lilies from viw croup's l>^»ick s,0 £ rocllem launched . new „ , jnarp 

In international markets cereal fug acide with great 
Australia h:is uot off tn a good suc ce^s and this is expected to ltlf AF^YISlir Oil 

start, but Mr Collins stresses that » “iremendous contribu- ilUUrmailOll 

it I* Hiniciilt to nredict ner- to British fanning and to — , m 

formance with any confidence gj"™* y ear * s resu1 ^ SeFVICe 

auam«t a background of V¥ '-° *'*■ . 

depres eri economic conditions Tile ne ' v consumer product The following security has 

which still prevail in most of the been added to the Share Informa- 

group's main markets. The final ^ 52 m e ,L tion Service appearing in the 

results expressed in sterling will and houseboW Pe^cides Financial Times:— 


FT Share 

information 

Service 


a* profits are shown at £2 jm, after Iranian Investment Trust and The stock Exchang*. .. in coa.- 

additional depreciation of £1^3 ol, Wobaco Trust, which have a 20 whose hide Nightingale has however, no undertaking yet pany securities. ,Mie Stocfc * -ir ■ . ' . 

S? cost of sales adjustment £0.64rrL, per cent, stake in Talbex. long been a thorn, gets some * rom “* ““Kihattiae Cbl wm Exchange. :eviijentiy is. not 

22 and gearing adjustment £0J5m. Artec, the Bahamas based bank, fresh jabs in t h i s ■evldenpp accommodate . this... newcomer, vinced. 7 --’ 

4i3 Following an assessment of the w*s the engineering group con- M: phHn _ a rp oIa | ma ™nti The Stock Exchange' is strongly WiU n rommitto- a. •' - 

» deferred tax position which it ts cerned as weU as acting as -^Shtmgaie claims that small nn _ osed t0 fraffmentation of the Committee pan __ — — — ' 

w considered prudent to rstain, advisers to the Iranian Investment coropames quoted on the OTC . ^ . market and etven its t0 • a ^ P a ri3es .uwolved^^^ 

£4.33 m. has been released from Trust and Wobaco. Consequently, get a higher share price, are less secumr es marKi ec ana given us here— small companies ventort rt - |. - 

deferred tax to reserve. these Middle East interests will vulnerable to takeover, have a weignt m we preparation oi capita] companies, cotreprene-iJili/' ViO^h^ 

Capital expenditure incurred not be voting at any forthcoming more stable list ofabareholclers, the J:? 1 / ? n official blessing urial investors, instHhtional ■ta.flB 1 * 1 

during the year amounted to EGM, when Talbex is due to and nar «mhstantiallv le«: than the Nightingale initiative would vestors. It shoriM he ahln ^ 'Ej r-- - 

“m- ™t - w ““ SvTUfySffift-tt! be. a most temirJmble develop- d d ? whShi^lhWi^ ^ 

Exchange. • _ -"; : r - menL - - . structure of savings requires V a s-*- 


The following security 


Auditors qualify Law 
Land accounts 


claimed in its own Wilson evi- independent of .'Nigjvtingaje to trading to unleash, the ins 
dence that its provision for. deal- police the market it. rezoains tional cash upon .the. ..si 
ingin unlisted securities-^Rule most unlikely that other- City, company ^sector.." mm 'A ; prfori 
163 (2) — could, if better', pub- firms will feel tempted to play would seem far moreriUmly 


• cmiiia nricmu •„ Rr i t . in h _ M . fnr nBUKHi urnea.- .licised, go some way towards their part in the OTC market if business and taxation dmdi..» 3 - . 

also depend very much on the l£ e „ r oio fn i»reheadds Rohan Gron P (Section: Build - the AUDITORS of the Law Land rent rnlewa. Preeresji contmens meetia S any deman ^ f or a mar- And without this competition tions were changed in a way -th«t.«f a .V." * - 
e.x Chances rate ruling at Ihe end U1 * « r ®3? ‘u. l :l?L “ rS— ines). k»t in email rnmnarMr-e^unti-c the OTC must remain SllSDeCL .would stimulate nrimiire - 1 " " ' 


:^S^ l, i 3 S linE 31 lhe e " d Ta* £« thi ift M&rjll 

Looking beyond the immediate g t (T4Q am 

ruiure. however, the chaimnn l^er at I726.7? 8 (£«). 
considers that the underlying 

5™'‘^iiT™ q c “ ° r ,i,e b “ 3l " ess equitable life 

Rderring to the completion of In the first quarter of 1978 new 
the group's new complex at annual premium income of 


Royal pays 
special bonus 


in open 


the group's new complex at annual premium income of A substantial increase in open market valuation would. ne ?°tiadons are in hand 

Bishopbrigss the chairman says EQUITABLE LIFE ASSURANCE reversionary bonus rates for the show in the U.K. surpluses f 110 .there is still good potential 

■ — — — — three years ending December 3L, totalling £908,092 and deficits of for increasing income. 

1977, is announced by Royal £892,053, giving a net surplus of . Further progress has been made 
Insurance Group. The rate on £16.039 over the aggregate cost >h dealing with the group's debt; 


Company point out in their report to be made and since the year het in small company-securities, the OTC must remain suspect, .would stimulate primary invest- 
that no provision has been made end new lettings have been nego- But its representatives' ''-.have A market made, .like the meat in small companies, the 
in the group’s accounts to write tiated with rents of £233,000 per said that in order to'vpreserve American OTC,. by dealers trad- problem of secondary trading in 
down the value of property m the (JJC. and the attraction of a Stock ing' directly with the public .their shares would look after 

tiadi^^ocks in the UJv. and ^000 ^PJ^part^f Exchange listing they “have to must have its prices constrained self. : 

The directors estimate that an accounts. . . ....... . . .. T7 •. _ .. ~ 1,rn " .. - ! •... . ■ - ,r- — 


' A ni^w addition to the 
, Embl Taxation Service 


John Jacobs dmdend policy 


EASE LE l 


■■ 

]&;- :■ - 


the sum assured is maintained at of £5.71m.: and In Australia sur- (he net short term position nn- until THERE is an upturn ^ in a £363.469 . bank overdraft elimi- siderably better rates, Mr.' jatiftalhi^ i. r 

£4-50 per cent, per annum, but pluses totalling £875,102 and Proved by over £2 eil. half of world shipping John L Jacobs and nated and balances at bankers of comments. m t • - : it;"-: 

the rate on attaching bonuses — deficits of £437,474. giving a net reflects the nse in sterling. Co„ shipbroker. wflL -not ;Show £415, 855' (£537.796). and no holding , The company is at - present al.?£-i ’ : 

the super bonus — is befing surplus of £434,628 over the A Euro-dollar loan of £973^05 will materially better trading results, of alerting certificates o£ deposit, serious negotiation for the occupt-ii-: i- : 

Innrn,^ K- n ill ... . hp raivid in u«u It <c tha Dptnl'p -L _ 1. ' : men ana _c .t a* 1 ax- ajl-. ■ 


Increased by £2.60 per cent per aggregate cost” of£MMin.’ ' he repaid in May. It is the Board's However, the directors hope to against £250,000 .in 1976. 
annum to 17.10 per cent. The directors say that the situa- poUcy 1°. take advantage of any pay al least a maintained 

Mr. Tony Baker, the chief tion is constantly* changing and reasonable opportunities to fnod f 0r 1978, Mr. J. H. Jae..„ x . . . . 

actuary and life manager of they are continuing the policies ^ ort ' term del * by borrowing for chairman, tells members. '-;^ • duf mg the year,; and arranged a ^hout the other, floor, llnttt these 

Royal, reports that the current 0 f includin'* such Dronartie^ in lon ser terms. The state of world shippmg re- reasonable . share of the total premises are leased or sub-Jet fiie 

valuation has disclosed a surplus rh e balance^ sheet at the lower Investment properties sold dur- ma in s very sack but the company business transacted in London, rental .and other; costs to thecofe* ^ 

in excess of £80m.. about twice 0 f cost and asere^ate valuation, ing the year realised a surplus of is in a very strong position to The group is currently weH placed pany amount to £128,00Q ayear. p 7 --' 

that of three years ago. This r_ *».- nntmon In selling properties It is wait for improvement, particularly for when, hopefuhy, there is much Meeting. Winchester Horn; fcJEj-l:- 

illustrates the success of the the Board’s policy to improve the in the tanker market ** which will more- business to be done at con- May 12, 1L30 ain.. • ; ter.ir- ! : 


Exfei 9 

Faxed Interest 
Record 

is due for publication in May 


tion of one of the two flbdrs flntji^ 1. 


cent. The directors say that the situa- policy i°. take adTa “*®8 e of “f pay al least a maintained dmdend All departments of the business rt formerly occupied at 'V«hcbesterp f ' l v -. 

. the chief tion is constantly changing and r ^'J able J ,p Jl 0 !l“ I l mes fl l ad for 1878. Mr. J. H. Jacobs> : the wotted wejl in difficult markets. House, EC, and has spmeyenqtiuyLJ:. -" ■ ■ 

mnnapror of il I. . short-term debt hv borrowing Ear lAainnan tnllo mainliiiT .■ V Bm-mur an’il »rnin?ml 3 nlwiiil fha nHim* AoAr ’ 


illustrates the success of the “"Zn.i™ the Board’s policy to improve the in the tanker market, “which will more- business to be done at eon- May 12, 1L30 ami. 

investment approach , adopted by m }° portfolio as well as raise money surely come one day," he says, h . ■ „ . 1 ’ ' - 

the group and is an indication of E^“ ce L* tl, S “iSiS? for debt repayment Following his earlier suggest! 


tite group and is an indication of it for debt repayment Following his earlier suggestion 

Us strength and prospects. hp ®hh™T nil hv ln 1977 net rental income in the that the company's capital might 

The effect of this change will be ®™“ d written do»Ti by UJC bj £237^50. and be reduced to allow for a repay- 


. . ft AA m t L A f _._| _C M‘VI UJ OUU MV 1 VU UliMU W XVI «& itpnj' 

to add high bonuses to the ™ the in Belgium by £89,09fl: in Australia ment to stockholders professional 

policies that have been in force “f . . ine result of tins adjust- there was a fall of £21,796. The advice was obtained. He now says 


m] ter =:••.. 

Bhfcr’-.i 


Fbreach stock, the FIXED (NTEF?EST RECORD will show 
Interest Payments.Tax Credits, Dates Payable, 
Holders Registered Dates and the Ex Dates. 



Exte! Statistical Services Limited 

37-45 Paul Street London EC2A 4PB Tel: 01-253 3400 


the longest, since they will have m ent would be to reduce jp*oup rise in U.K. trading profits is that this course of action is not 
the largest attaching bonuses, reserves brought forward at largely due to one transaction, realistically open to the directors 
The actuary obviously considers January 1, 1977, by £1.89m. and to Trading in properties should not for it would seem that, because of 
that this is the fairest method of increase the net profit for the be expected to contribute to the 1973 one-for-one scrip issue 
distributing the profits, the longer year by £558.734. profits in the UX, on the same from reserves, any cash repaid to 

the policy has been in force the In 1977 the group incurred in- scale every year. In Australia, the members arising from a reduction 
more profit it is entitled to. vestment lasses of £Ll6ra.— estimate is far larger profits in in capital' would be looked upon 

The super bonus rate is £1 per £0.37m. in Australia and £lm. in 1978. by the tax authorities as income, 

cent, higher than the interim Belgium — and this was onJy just Property outgoings rose from ■ *This position will apply until 
value declared at the beginning of offset by trading profits of £U29m. £2.4m. to £3.0lm. reflecting the ten years after the issue, 

the year and the current interim to leave the pre-tax balance completion of new buildings. In the meantime the cash being 

rate Is being kept at £1 per cent sharply lower at £134^37 against Interest charges are lower but Ihe held is mainly invested in short 
lower. This means that, effec- £674,791. amount chargeable avainst profits or medium term fixed interest 

lively, investors with , Royal are Sir Henry Warner, chairman, is much higher at £2.81 m. against securities and deposits and there 
being paid a special bonus of £1 says that the immediate outlook £1^8m. A further fail is likely is a small commitment to "first 
per cent per annum for the last for the group continues to depend in 1978 and the chairman feds class” equities, 
three years. Quotations for hew on the successful letting of pro- that at least some of this should Turnover in 1977 was down at' 
business are using the lower rates, perties whether empty or due for increase earnings. £1 J9m. (£2. 15m.) and taxable 


LIMITED 


The Annual General Meeting of James Wilkes 
Limited imU be held on Tuesday 23rd May 1973 'at; 
Wolverhampton ' The following r is an extract 'from' 
the circulated statement of the Chairman. Mr.' V/i J. 
WittMU, for tfte year ended 31«t December, 1977. 


•i te:-; 


i££ -... . 

.jc-*r-Y. ' 
it-* ■“ • 


R0WN BOVERI KENT 


INCREASED PROFITS 
AND RIGHTS ISSUE 



Turnover in 1977 was down at' 
£1.19in. (£2.15m.) and taxable 

earnings were ahead to £2. 85m. 
(0.44m.) including. £l.Slm. (nil) 
profit on the sale of a vessel — as 
reported March 16. The net 
dividend is stepped up to 
L84906p (I.6555P). 

Net liquid funds at year end 
were down £8,472 (0.61m.) with 


Considerable progress has been made from the position -at- ; fc£- . . 
the end of 197R. Turnover for 1977 was -£7,695,564 compared - * r L' ” 
with £6,670,634 for 1976 ■ and profit before tax and estra-" 1 
ordinary item was 24S6J87 compared with £231,492 last year,: ! fc-'-'V - 
an increase of 110%. ^ jirv: ' 

I feel it right to express our confidence in a continuing 
improvement -in the - croup's fortunes by raising- the final . . : ' 

dividend to 9.46% making with the interim of 5.54%- a total- : 

of 15.00% which compares with a total of 13.308% for last , jet 

ybar.V ' Wr - ; 



MANUFACTURERS OF BUSINESS 
FORMS AND EQUIPMENT ’ 
BOSTON, WEST MIDLANDS 





Points from the Chairman's Statement 

HIGHER VOLUME 


' Ignori ng the effect of exchange rate movements, orders received increased by 
about 19% and sales by about 14% compared with the previous twelve months." 


INVESTMENT 


|Toral fixed asset expenditure rose to E2.8m and outstanding commitments also 
increased . . . proposals for a new factory near Stroud for completion in 1979 were 
recently announced,” 


DIVIDEND AND PROSPECTS 

The Board recommends a final dividend of I.Op per share payable 3rd July.” 
1 1 is hoped that a further increase in sales volume will be achieved during die 
current year and that overall trading results wifi tre satisfactory." 

RIGHTS ISSUE 


il >s proposed to raise approximately £3.8m by means of an issue of 1 0,856,584 
new Ordinary Shares at 36p per share on a one for four basis. 

In the absence of unforeseen circumstances, itwoufd to the Board's intention to 
recommend net dividends totalling not less than Z2p per Ordinary share for the 
year ending December 31, 1978 on the Ordinary share capital as increased by the 
Rights Issue." 


Copies ol ihe Report and Accounts will be available after April 2S 1978 

!,?**" Kent l iSf. B *r Brown - Boveri & CcJ. Lid, of Swiaertend), is the parent 

r v^i rh in^ ° ® eo, ® a ^ mrtec ^ ^ im8rnat| onal group In industriahnsirumencG, process control and liquid 

Brown Boveri Kant Limited, Biscot Road, Luton. Bedfordshire LU3 1AL 



. » -T.'. ; - '-3\ : ' . v - -■'. -:'v J ~. ' - • • 

0I C 




i- Finaricial : pmes Monday April 17 1978 

Pending dividends 


35 



K: <!« 'i 


FtaaJUa 

lutucnass 

nuiazrao 

btU 
Final &S1M3 

Final tit 
InL U4 
Sec.taLl.7Ba 


•'Hj,.. 

. '% * • ‘ ; 

‘ i • The dales when, some of the more important company dividend 
sny be expected in the next few weeks are. given in the 
‘ i . folio wing table. Dates shown are those of last year's announcements, 
5* -axcept where the forthcoming Board meetings ( Indicated thus*) have 
•••■"■? i ^.men ofBcmUy.puhM^sfiKi ft should be emphasised that the dividends 
" 'tji- be declared will not necessarily be at the amounts or raxes per 
lV*ent shown In the column headed ** Announcement last year." 
tpftfindnaiy- profit _ figures usually accompany final dividend 
• ■^'«n»unceinen*5. >.-••.• 

. •■■■■■ ‘ " • ‘ 

ii’ Aanmmct- 

ZtajM matt list 
rt*r 

^-JlkrOjS 

. 8nddMM..-ifarur tac.3 

■. ^ Amoc. Bars IWJJ Utf- L37 . 

•, Avert* Hull Final SAWSB 

’?■* *Av« B»Kwr Marts n» 4 

■ t' *B*nkaf 

-•v inland. — JOr 9 

- r- Bats CbaxrtafOLJUaV Si 

-../.‘Sx'aMWtam 44»19 

• ■■■ i fA -Jteibferd 

..'ft,' (S.*W.).JttV3* 

- •'•is.'BastoWJ — Aw-» 

a . * - HOdge.. Apr. IV 

' -®oc na. 

'^.‘^Saow — _jlay-l9 

\SmOmUa • - 

rnm.KMarw jolsa 

■ *' ’RritMi Home 

ri storei.jjs, a 

i -.J Brim® EKaK-tfa? S 

'-’i.BSG mu ApE. 18 

' BarnjaM OH .......Apr. 19 

■' >6artaa Gp. Mar U 

... ' V. Cater Jlydcr JOTK 

~ ."Clive MwonnL.Apr.XO 

-Coalite «ml 
‘ Chemical. 19 

•• ;- 4 .^a>att Fattn* .. Mar IF 
> V;-. -onj Ufsorn ~A»r. 30 

\ * Vi -Cosuln fR-5 — ; J4ar ». 

" . c.. . -'joortaahli; — -.JfBT K? 

- •-15'Onrrys Ape. IT 

- y r UebeaimRl — mw ib 

; Delta Metal — Apr'.u 

- r A. Dunlop Apt. SO 

- .i -iToapen May IS 

- . i saiiTH -—Aw. a 

- : f'-.^ftwca Wnsep.-Apr.®! 

, £Freoeb Kler ., .JW it 
v-v Fwtou* wnhy~J4«I7 
-1 . t ^nemud and 

NaL-Utecwmti^pe.1* 

' • n.Stbbs IA.) Afif.13 

“fll & Doffus .^Abt.M 
'• ;! <;.Hanto: . . 

-* SWdWcr.-Apr. 1* 

•r. FvBib cc. E .1 „»u»rr 

. *'-Uty!CL .: MarM 

-* Shoes MvXf 

■jdnt (J-l . ——May S 
Sod Investor— May IS 
- • . ^pona May 3 


Final sj. 

Final 0.4517 
Final LISTS 
Final aa 
1PLB.S 
Final 12.753 
Final SA 

Final osaac 
Final 1.0778 
Final 3 

Sec.lat.umT 
- Filial 4JH0 
Final 4.04Q9 
Final S3B37 
Finals. 613 
Final 18 
Final 3J9X53 
Final 4.7 
Sec.inL3.BTl 
Final S. 4072 
Final as 
Sec. tot AIM 

ratal < 81 * 

Final US13S 
Final 303 

FtMl7J38iS 
Final U 
Hit IS 
InLO.TT 
Final 2.07375 

intai 
Final 3J3UL 


PlW 

•Lead Ioda. — —Aa e. 9 
UonUaiid' 

Scottlab^JCaF a 
losdea and 

- H.lUimvn 

Ovar.~Hari9. 
Muta xnd 

Spencer. -Apr. 38 

"Marfey „JKar » 

Metin’ Apr. » 

Mtoet HWct. — Aor. ss 

Metbcrcaxe Alay 2 

•Mowlsn rj.i _apt. M 
Wait and Corod. 

Bask.. Nay 5 

P 4c O Ho 4 

‘Teuton 

- Longman. -Apr. si 

"Peamm fS.V Apr. 31 

Press rwm.) _AlarM 
vRaosame Hoffmann 

PeOaxri-MaFSi 

RHM May 18 

Reason mt .Jioil 

•Roy» An. 1* 

•Kn«by Portland 

Cement. Apr. IT 
Safasbnry (1.1 - May 4 
Samnel (H.> „MayM 

Sem _«Am. sb 

•Serck _..Jlay < 

■Shnon Eng’s „ .Apr. 24 

SawrBl U.> May St 

SpQlcrt Am. Tt 

Staflex tot May SO 

Stave! ey inda. „J4as IS 
Swan Raster —Msy 34 

•Tarmac Apr. Vf 

•Tele. Rentals .Apr. 2* 
Trafalgar House May IB 

Tripuyesc Mar. 31 

UtiS May IB 

•Vans Brews. ..May I® 

vJcfcer* Apr. 37 

WJiii bread tor May 12 

•Wimpey <G.) ..Apr. 27 
•Foughal 


■ inMmn. 

meat last 
. for 

final US 
IRLUA 

Ftail* _ 
FlaaJU 

Final 248 ' 

tot i. 

Final BBS 
Fin*! 1419 
Final 3-414 
Final <8775 

totLSS 

Final 8BSW2 

Ssc.int3.n0 
Sec, im. <1*438 
Final 0.78 

lot-tM 
MLU33 
Final 0J*77 
Final all 

Final LSI ' 
FtoalKST 
Sec. tot 84 
Final 241 
tot 3 _ „ 
Final 4-S23 
«a«l 44028 
ratal 1B4B35 
Float LA 
Int <4 n 
Sec.Utt.3J 
rani ua 
FinalSAS - 
Int 134- 
Ftoat-LBttL - 
Final 3,7,. 

S«- tot 543 
Final »»« 
Final 3338 
Final 0JBM8 


INTERNATIONAL COMPANY NEWS 


Svenska Varv sees 
further Krl.5bn. loss 


Carpet... ..Apr. 31 Ftaal-IBB 

•Board meednsa Indmaied. .. tBtotos 
Issue since made, i Tax tree. J Scrip 
issue since made from resem*. ' . 


Effectiw from April IS : ’ _ 

Owes lami repaid Nao-miota (Mas A" nhM 


21: Public Works Loan Board rates 

' JK£ Y can byEtPt 

^ [ p to S M 

.^i- lver 5, up to ltt J0| 

::j>.Ter 10L up to IS- 'll} 

•: ir. Jver IS, up to 2S lij 

-- ^A'rer » 12* 


hyERt 

10 

10 } 

12 

1** 

121 


maturity 
10} . 
' 32 
12| 
121 
12f 


hy eiPt 
101 
Hi 
12* 
124 
12 


by dtt 
11 
Ut 
12* 
13 

13* 


Hi 

12 * 

12* 

13* 

13} 


>1 * Non-quota loans B are 1 per cent higher in eadb case than non- 
< Niota loans A. t Equal instalments of principaL t Equal rep^pmentR 


dend 



BASE LENDING RATES 

A.B.N. Bank : 6*% ■ Hitt- Samuel ......... . 

Allied Irish Banks Ltd.' 6*% C- Hoare & Co. 

American Express Bk. Julian B. Hodge ...... 7i% 


. . Amro Bank 6*% 

LAP Bank Ltd. 6*% 

Henry AnsKacher 6*% 

.;. Banco de Bilbao ...-; 6*% 

'T. Bank of Credit &Cmce. 6J % 

Bank, of, Cyprus .......... . fi*% 

Bank of ^T.S.W. 6i% 

. Banqne Beige .64% 

J- Banqne du Rhone 7 % M . niu i „ n . £ * 14K 

- Barclays Bank 64% " Sa “ ueI Montagu......,,. 64% 


Hongkong Sc Shanghai 
Industrial Bk. of Scot - 6* _ 
Keyser Ullmann ...... 64% 

Knowsley & Co. Ltd. . 9 % 

Lloyds. Bank .64%; 

London' Mercantile ." 

E. Manson & Co. Ltd. 7 8.-% 
Midland Bask ,{ 


ES 

LttfrrEO 



^ Barnett Christie Ltd.... 8}% 

— ■ ! Bremar Holdings Ltd. 74% 

Brit Bank of Mid. East 6*% 

XpJ 1 1 l/k Brown Shipley -W 6*-% 

TV I !■ nl Canada Permanent API «*% 
Capitol C & C Pin. Ltd. S r % 

Cayzer Ltd. - . 7 % 

Cedar Holdings — 8 % 

■ Charterhouse Japhet.... 64% 

Choulartons ’ 64% 

C E. Coates — 74% 

. Consolidated Credits— 64% 

Co-operative Bank 64% 

. Corinthian Securities...^. 64% 

Credit Lyonnais 6*% 

‘ The Cyprus Popular Bk. " 6*% 

Duncan Lawrie ~f 6i% 

Eagil Trust 6*% 

English Tranjseont— — - 8 %. 

First London Secs 6*% 

First NaL Fin. Corpiu 84 % 
First Nat Secs. Ltd. ... 8 % 

9 Antony Gibbs 6*% 

Greyhound Guaranty-- 64% 

Grindlays Bank ...t 61% 

a Guinness Mahon 84% 

i Hambros Bank ......... 6*% 


■ Morgan Grenfell 64% 

National Westminster 6*% 
Norwich General Trust 6*% 
P_. S- RefsoD dr Co. -«*% 
Rossmlnsler Accenfcs 64% 
Royal Bk. Canada Trust 64%. 

-ScMerineer Limited ... 64% 

E S. Schwab S»% 

Security Trust Co. Ltd. 71% 

Siren! ey Trust — . 94% 

Standard Chartered ... 64% 

Trade Dev, Bank 6*% 

Trustee Savings Bank 04% 
Twentieth Century Bk. 74% 
United Bank of Kuwait 6*% 
Wh I teaway jAidlaw ... 7 % 

Williams Sc Glyu's 6i% 

Yorkriiire Bank 64% 

■ Members of 0» Accepting Hdosea 
- Conuntnec. 

• 7-<lay tfeposhs *%. 1-mootb tieposfa 

t 7-<Uy Cepasfts OB suns Of EIQJIOO 
am under up to 35.008 $1% 
nnd over mm «*.; 
t COD deppeiB. over £UA8 3%. 
f DenuttHl deposits . 
f Rato aifo ovHes to steruoa tod. 
Secs. .. — 


BY WILLIAM DllLLFORCE 

IN 1977. its first year of opera* 
tion, Svenska Varv, the Swedish 
state shipbuilding company, 
made a pre-tax loss of KrX24bn. 
($488m.) on a total turnover of 
Kr.4.66bn. ($1.02hn.), according 
to the final figures released in 
Gothenburg on Friday. The 
Board anticipates a further loss 

of the order of Kr-l-5bu. this 

year and notes that under 
Swedish law it would he forced 
Into liquidation at the end of 
1978 without further Intervention 
by the state. 

The major components- in the 
KrJJ^4bn. loss are a Kr.912m. 
provision for anticipated cus- 
tomer defaults, KrB46m, from 
exchange rate fluctuations, of 
which a large part stems from 
the inherited Swiss franc loans, 
and Kr.594ra. for the losses the 
yards are expected to make on 
current production. The pre-tax 
loss is reduced by Kr.400m. 
through the state guarantees 
available to Svenska Varv for 
producing ships on its own 
account. 

Significantly, however, the State 
company now acknowledges that 
the decision taken in 2975 to 
build ships on the yards' own 
account was a mistake. Current 
market urices for these vessels 
are substantially lower than their 
production costs— the Kr594m. 
loss on current production shown 
above. The Swedes’ decision to 


STOCKHOLM, April 16, 

produce for stack has been 
heavily criticised by foreign 
shipbuilders. 

A breakdown of the currency 
losses shows that last year's 
devaluation of. the krona cost 
Svenska Varv some Kr.490m^ 
while the loss from the apprecia- 
tion of the Swiss frane is posted 
at Kr.356m. The State company 
hopes to repay the Swiss debts 
as speedily as possible with the 
aim of liquidating them by 1981. 
This policy will, however, 
increase the group's vulnerability 
to fluctuations in the dollar rate. 

Over Kr.lbn. of the pre-tax 
loss, excluding the currency 
losses, is attributed to the yards 
building new ships. The modern 
Arendal yard in Gothenburg had 
the biggest loss, Kr.544ui„ while 
the smallest, 0 resun d. kept its 
deficit down to Kr. 14m. But 
even the repair yards turned in 
considerable deficits for 1977, 
while the shipping company, 
Zenit, formed to operate ships 
which customers could not pay 
for. made a loss of Krfi6ra. 

The Board comments that a 
further reduction in capacity on 
the new building side is economi- 
cally inevitable, even though it 
would entail considerable costs. 
Main hope for the future is 
pinned to the new development 
company, which is working on 
projects for floating petro- 
chemical -plants. 


Jardines reconstructs 
South-East Asia unit 


BY ANTHONY ROWLEY 

JARDUVE MATHESON group 
has announced plans for the 
“ reconstruction ” of its 
separately quoted and Singapore- 
based subsidiary, Janfine 
Ma the so ii and Company (South 
East Asia), involving the can- 
cellation of the Ordinary shares 
not already owned by the Jardine 
parent group. 

The proposals are expected to 
involve the Issue of a Singapore 
dollar-denominated loan stock to 
the holders of ihe outstanding 
shares, whose equity will then 
be cancelled. 

Jardine Group said that M In 
order that the interests of the 
minority shareholders of Jardine 
Matheson (South East Asia) 


HONG KONG, April 16. 

should be fuHy protected, the 
directors of Jardine Matheson 
(South East Asia) .have 
appointed . United Chase mer- 
chant bankers to advise them on 
the proposals. 

Pending the agreement of 
terms between Jardines and its 
advisers, Jardine Fleming Inter- 
national and United Chase 
merchant bankers, the directors 
of Jardine Matheson (South East 
Asia) bave requested the Stock 
Exchange of Singapore and the 
Kuala Lumpur Stock Exchange 
to suspend quotation for the 
ordinary shares of Jardine 
Matheson (South East Asia). A 
further announcement will be 
made as soon as possible. 


Thomson 

Brandt 
profits up 

By David White 

PARIS, April 16. 
THOMSON-BRANDT. the parent 
company of the giant French 
electrical armaments and tele- 
communication a concern, showed 
a Frs-20m. increase in net earo- 
*n£s last year to FrsJfiOm. 

The proposed dividend, at a 
gross Frs.15.5b per share. Is un- 
changed from the previous year, 
hut wttt he paid on higher capital 
after a one-for-flve scrip issue 
made In October. 

Parent company sales rose to 
Fr8.-4.93bo- from Frs.3-5Sbn„ and 
turnover of the Thomson Group 
as a whole to Frs.19.6Sbn. from 
Fr s.l6.87b n. 

The near 17 per cent, rise In 
consolidated sales includes the 
contributions of two companies 
which were last year taken under 
the wing of the group's elec- 
tronics and telecommunications 
unit Tborason-CSF. 

Setting aside the sales of these 
companies, Compagnie Generate 
dTnformatique et de System es 
and Societe le Silicium Semi- 
Conduct eur, the growth of turn- 
over on 8 comparable basis was 
11 per cent. 

The biggest growth, not sur- 
prisingly, was in the export 
market, where sales rose bv a 
quarter to Frs.7.56bn. Four-fifths 
of these sales were products and 
services bought directly from the 
Thomson group's French-based 
operations. 

Foreign markets accounted for 
38 per cent, of the group’s busi- 
ness. ' 

REDEC raises 
S. Riyal 300m. 

Ffnandaf Times Reporter 

SAUDI Research and Develop- 
ment Corporation (REDEC) a 
Saudi Arabian private company, 
has just signed a Saudi Riyal 
300m. loan agreement with an 
International consortium of 
banks under tbe leadership of 
Bauque Arabe et Internationale 
d ’In vestissem en t (BA1I). 

The loan is for five years and 
carries a spread of 2 per cent, 
over the interbank Saudi Riyal 
rate. It is believed to be the 
biggest syndicated credit yet 
raised by a Middle Eastern com- 
pany and is the largest loan 
syndicated abroad to be 
denominated in Saudi Riyal. 


FOREIGN EXCHANGES 

• • 


Dollar optimism returns 


RECENT ISSUES 


OVER 



EQUITIES 


Stock 


(Sag*. Halntay* - 


iSjg- 


S s' 


187 




6.73 


Ss 

pH 


Pi 


8.2 p.l p-6 


FIXED INTEREST STOCKS 


TJ* 


■100 


00 pi FJ. 


00 

S7 


5 

■CO 

tt 

18 


II 


ill 


F.fc. 

F.F. 


W. 

8181 

F.P. 

F.P. 

F.P. 

F.P. 

F.P. 

F.F. 

F.P, 

}£Z3 


peiq 
, 9/e 

p8)7 

part 

14/4 

a<6 


1878 ' 


High I "Low 




IMP 

405rt 

KEV 

10« 

Ufi 

llBp) 

£1* 


Stock 


Ainaj. I art*. liXrtfc Sa-u Pn. . 


*Dn^u,uKA totpvGB- Ini FUt'VjinAle - 

I lOPp fcrmita»<0-} WflXZnd Cum. Pref — , — 
cvQ 4 MirttUuur a% Goar, Com. UmL Sod Piet — , 

1 kf< iUUy. \CK Ufi. Mot. 

TOpereowii Wfa«atojf8|b en — 

[10! Up Jwnk a <LMC«I to* Uum. Pref. — — 
Cim.Prf. 


ICE UbtoutMur Water 1% Bert. PrL 19&5 


m Paimw 10hZ Pty. Cw-Ln. 

87 Ealbex IU«* Cmr. Un*. ln.7»« 

- U&T w. toWia Spring 06* Prf 


Spring 

BUatXor* WeUv llgDeh, 


U-or 


95p;-I 
SWN - 
llOpf ... 
TOOipi — 
27J* - 

99*H ~ 

I02pi ... 

102*3 - 
109 - 

96 
101 
H7ri 
24l*[ 


K 1 # 


“ RIGHTS ” OFFERS 


*ue 

rice 

>: 

K 

3-a 

<£ 

lAtert 
ft enure?. 

- - 1978 

is u 


High 

ii 

;i0 

Nil 


__ 

66pm, 

es 

15 

F.P. 

a oti 

13/4 

34 

i 

iZ 

FJ».| 

29ft 

JO/S 

.as 

l 


Ur* 




16 


IO. BL ro**rW*-_-- 

jTFatnwogLj' 


ICkx 

Price 

PT 




85 


1—1 

.+ 1 


RemmcUtko date umBr tost das lor destine- free of SSSS? 

ta on nnwpectos eatimaie- o Assumed dMdnwl an i pte». a 


Sr'SwdooSrtow FMrt earotass- rtitvidrad’and v Wd b u id « 

Other official estimates for HOT. q Gross. ■ TFhmres J S^Latied 

r conversion of shares not now tasking for ffividand «" fSOWW "S^Li 

vldcnda. I Placing -Ptica to m&Uc. « Penca imteas otaenriae J 

tender. flOUtonsl » totUert of Ontinaor shares « a riiffiw- 
. yay of cwia l ts at to o . ft ffinliuw tender price. 
connection with reonjaiteattoa nrtrger w M 

farmer Preference mates. BAUotawm tetaus (or Iffiir-IMM?- 
pardy-paiS allotment .letters. ★ With vr ytan a. _ L 


BY COUM HTLLHAM 

Politicians, on both sides of the 
Atlantic should be getting used 
to financial markets reacting un- 
favourably to their .pronounce- 
ments and. economic measures. 

Budgets in the UK. and Canada 
can bardw be said to have been 
well receded as far as -their res- 
pective currencies tire concerned, 
while various statements by U.S. 
officials over the last few months 
have sometimes appeared to in- 
increase the downward pressure 
on the daBar* 

President Carter’s speech on bis 
anti-inflation programme on 
Tuesday had little impact on tbe 
dollar, since as the foreign ex- 
change market has shown before 
actions speak larger than words. 

This does not mean that the 


dollar has continued to weaken 
recently however. It has generally 
tended to improve in fairly quiet 
trading. Morgan Guaranty’s cal- 
culation of the dollar's depreda- 
tion, since the Washington 
Currency Agreement of 197J, 
narrowed to under 6 per cent for 
the first time this month last 
Thursday. 

The dollar improved to DM2.0325 
against the D-mark on Friday, 
from DM2.0 J GO at the end of tbe 
previous week. It was suggested 
that some European central banks 
may have sold dollars to push up 
their own currencies against the 
usually strong D-mark. In some 
cases this would help to relieve 
the pressure on the margins of 
the European currency snake. 


The dollar’s rise is not alto- 
gether surprising, since market 
sentiment about the dollar has 
shown signs of improving re- 
cently. It could be that the 
worn is over as far as unsettled 
conditions in the foreign ex- 
change market are concerned. 

The Japanese yen may rise 
further, since something 
approaching a record surplus is 
expected, while the British trade 
deficit for March led to con- 
tinued selling of sterling on 
Friday. The pound finished at 
SL8560-1-8570, a fall of 1-80 cents 
on tbe week. Its trade-weighted 
index, as calculated by the Bank 
of England, fell from 6JL2 to 61.7, 
the lowest dosing . level since 
early August last year. 


Ape- to . 
1978 


Uvtndsbi...^ 
notice. 
i day* or 
i ifi-y* noticeJ 
Uno month-... 
iwo amnlw-J 
ituee maotbi.i 

-Is month 
Nine monthi-J 
UtM y*«r - 

< #o veu»~ 


SterltaR 

Certificate 

ofilepoeii* 


tntertaofr 


1-5U 


to -6 

bSo-Slj 

7-7* 
7 A v.i 
B-8U 
8Se-B|* 
ftWi 


Lresl 
Authority 
depend U> 


Leo Aiuh. 
nesKtfifi&ip 
tnnrtH 


5la-57| 

5T,-e 

6Js-67b 

7V7JS 

77,-8 

83,4368 

««S-96S 


71rgT B 
738-678 
7 VI to 
7*3 -7#« 
8A1-8I3 
9-8te 


Finance 
Bguho 
Depot itn 


6ae65» 

67^7H 

7U-74* 

71S-8 

8V-U4* 

9 

SU 


Company 

Deposiu 


Ditcfnm | 
market r Trwurr 
iUl*wi | Oill* ♦ 


.5-5 


6-5*8 

638-fii: 

6 -'« 

7 


678-6^ 

6&T 

7 


EliaiWe 
Bank 
Bills 4 . 


.n*s 

*«* 


Fine Trade 
Blih * 


714 

7*4 

8ta 


Lund anthorines aad finance boose® sewn days’ notice others sewn days’ fixed. Loos-term local authority mortgaKe rate 
nominally three rears lM-lM per cent; four years ll-ll* ner cent.; five years 111-116 per cew. •> Bank toll rates in table are 
buntts -rates tor prime paper. Btqrina rates tor fonr-month bank Mils 73-71 per cent.: four- month trade bins 8 per cent 
Approximate Belting rates far oae-nnatti Treasury bills per amt.; twtMzwrati 81 per ««,: and tinee-mootb SMUfe 

* — * 1— ► ».m- ,.u «u n., — oi„- a nd ifarce-manm 

per cent. 

. ... 1978. Clearing Bank 

Deposit lutes ffor smaD sums at seven dare’ notice) 3 Per cent. Clearing tank Base ftate tor lending 8% per cem. Treasury 
BIUss Average tender rales of discount BJfiSl per cant. 


GOLD MARKET 


CURRENCY RATES 


FOREIGN EXCHANGES 


Gold BulUm.] 
» fiao onoee>| 


Mture’nflx’a 
)nM Ooln—. 1 
■mgerTatKi..] 
I’w. Sqv’jti. 
I'd . dr’rgn 


tal7B.17BA« 
5I7d-17ai4 
*I7« 20 
|(£B5£l7 
,517 .JB 
[(£93.813 


Qwd Oaths -J 
Intern *P iy) 
Krugerrand-! 

lewdqv’tya, 

)«i -ov'tgq 

-80 Beg 


'April 14 


8185U-ltGl4 
[M3»e8|-yy3t 
S 4i v - 6k 
!(E&uk-aok- 

8 j6-s8 
(£SOk-31k 


April 13 


8177S4-17B1b 
S1793*-IBOl0 
$179.40 
(£95.798 
SI 78-6 

(£03^081 


« 184- 186 
|£9Bk-99lf 1 
a ^s,.56s* 
(£K9k-3 I 4 I 

(£3 k nlU) 


Stertlnt; 

U.U. dollar.. 

Canadian 
Austria nf-h.~ 
Belgian franc. 
Danish krone. 
Deuunbeun rk 
Dutch ffuUder 
Fnrtirii fraud . 
Italian llrcu~. 
Japanese yen. 
Norway krone 
Spain peseta.. 
Swedish krone 
6«ri*t franc-.. 


Special . 
Drawing 
Blgha 


Api 1 14 


0.664648 

1JB5568 

2. 4861 Z 

18.0827 

39.1635 

6.91431 

8.B1132 

2.67997 

5.64722 

1056^6 

271.086 

6.61777 

98.7265 

6.67131 

2.33030 


Unit Of 
Account 


April 14 


Want 

April 14 lUatcsj 


Market! Rate 


tat.V's 

Spread 


0.675264 

1.26485 

2.44447 

18.3848 

39.7863 

7,02710 

2.50249 ‘ 

2.72395 

6.74215 

1073.95 

276.153 

6.70878 

100.306 

6.76948 

236909 


New York...! 
Muutreaj^. 
Amstexdain 
8rn«el»;._. 

Copenhagen 

Frruilrfun... 
Ushon — — 
Madrids 
Milan 


Oski 

Psria-.._„ 

Stodkbolm.. 

Tokyo ( 

Vienna.,,....' 
Zurich 


Gk ll.BB48.UBGB 
I2.1SB0~2.1BM' 

4.0M.06 

BASOAflJIO 
10^3.10.42 
J.7BM.79 
76.Ba-77.S0 , 
^48.10.148.86 
UB6-1JB5 
8J8i-aJ7 
BJM4.S2 

uaus 

4M-4TB 
27.05.27 
S. 484^2 


Bk 

4 

Bk 

B 

5 
15 
8 

Ilk 

B 

9k 

B 

5ia 

Bk 

1 


One 


TJBGO-U57D 
2.1400-2.1410 
4.0IM-021 
B8AB-BB.65 
10.8SJ. JOJBi 
8.77-3.73 
78.75-77 JS 
74A20-M8.W 
U8B*-1.BB74 
9.90-a.ai 
8-<flj -8.47} 
8^0-S-Bl 
406^406* 
27.M-S7.1B 
5,48-5-60 


$ 13314 -185k 
[(£983,-8954' 
l$t>6-o7 
(£295* -30S| 

[(SAOk-^lk- 
8286 <'89 


5185k-l«5k 
lr£975,.B8k) 
}xm1 
(£29 la-5 ifi) 

3364,-3884 

(S3 k-Jlkl 

928654-28954 


(Rates siren aw for convertible francs 
Financial franc SS- 55-58.75. 


OTHER MARKETS 


EXCHANGE CROSS-RATES 


April 14 | Frankfurt lZicv S«SJ F»r> I flnreei* 


• •nkrnn 
•wTnrfc 
ikiiHM: 

hrunria^J 

Umtkto... 

Anut*ten~J 

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2.087-0226 

7fi5| 

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1. r$d 7 
J.16T7 170^ 
Le7rf-B79 


44.4657 

U9084 


3.91-* 
8.463 473 
,ijtoi)4» 
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6j 418 «e 
. A 16-17 
|14.-*25 457 


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j8«Z-:-«74| 


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AmiCM'iri l fiiindi 


84.66 76 
46.1520 
elO.16-66 
14 jj 6«5 
4JHi-4t 

[*.61OT 7771 


IUB.0^0 
3.10 20 
£■>2.15 65 
lr.7682 
iJA-tQ 
I1A2&-Uk 


FjS. f to Toronto UA *=1W^M0 Canadian .tnu, 
Qaaad3*n S in New Tork=o7^9J0 enre. C.S. Sin Milan 654,40-70. 
Btariine to Milan 1687 J2-lb88-06. 


EURO-CURRENCY INTEREST RATES* 


AtRBOtina 
Australia .J 

Baal 

Vinumd^.. 
Ciwea.... 
House Kuns 

I ran 

Kuwait*.... 
Luxemh're 
fisttniS... 
»V. Zearantl 
9udl Aral 

?2£L: 

V.a 

tana da .... 

C51 

C.S. (KSOL J 


. 1572-1374 
h,6176-UBl 

S0JWU2 

.. 7.76-7 77 
.jB7.342-G6.K- 
B-BB-B-OTg 
128-133 
0^07-0-617 
, BABS-GB.6G 
1^5785-4. 
1,8001*1.. 

6J7-6-47 
. 4JBSM<58 
140<6-lJSifiS 


Hoter Ratos 
lAniwitlna.n2B0-1SM 


86.63-86-72 


03JBjA«K-Uia 
nwdum-., 
_brarii — 
S23(tamda_„. 
Denmark. 
iPraiii-e -m 


M4«i| 

Bseai 


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awn. — J 


JSetiwri’nd 3J6-4.10 
LVorway^. 9J0-10^ 
Portns&i w 72-73-1 


telandl 
yjs 

VlUJTBlHVtfl 


26-5-28.0 
M^84 
55-40 
Z. 74-2. 15 
10.3-10.5 
8.1&-8.60 
5.7WJB 
. 66-72 
ilBBO-1830 
4,10-450 


148-148 

5.40-3 

1.B&.U7 

554-37 


Apni 14 

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iW».Uim 

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Dutch 
■nil (ten 

Sw ibB 
fra a' 

w7aernuuj 

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ttibwi v«n&_ 
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iliree months, 
us QMBtthk. _. 
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<6fl77 B 

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644-74* 

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■ 73i-fli B 
614 ! a 

S-9 1 ’ 

64 4 -7 
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458-45* 
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His -45* 

.19 “»4 

45,-5 

drfc ‘ 
AHV 

te-fio 

firb 

tv- 

sa 


Rate tiven far Ar&VRtua is a tree rate 

FORWARD RATES 

Une nxmtH | Three months 


Earn- French deposit rates: twtxiiy Bt-» per cent.; sevon-da? per cent.; 
one-month net per cent; three-month 8US per neoc.; sht-mnntb 8HK B«r cent-: 
one-rear fit-10i pw pent- * ^ ' 

LonH-term Eurodollar deposits'- two yaars *i^-85m per cent.; three yean SHI 
per rent-t Aw rears SWI per coni.; five pears STx-Sta per cent 
- The fanowtna nominal rates were quoted for London dollar certificates Of deposit: 
one-month 8.96-7.05 per cent-; three-month 7J8-7Jto per amt-; shommah 7J4-7J3 per 

rent,; onwear 7 JO-7.90 per cent 

* Rates are nominal calling rates. .. ^ 

Sboo-twm rates an can for stsrhnK. Ufi. dnflara add Canadian dollars; two 
day** untie* for teWera and Swiss Cranes. 


New Yncfc 

Uuntrea 

Annti'dam 

Bewssen... 

Uop'nhui. 

Kmnkfnri 
Uabw)..... 
Madrid. ... 

lii lan . 

Oslo. 

it'ckboim 

Vknna^.. 

2ari>4i.. N . 


,B8 c pm-fi2n. pmiO 
0.15-O-35 c. dtop 
ISe-m c- pm 
15-5 a pm 
65* -Bk media 
lls-ls pi P“ 
60-170 c. dia 


isuvBO o- die 
6-11 lire 
74,-914 ore dia 
k-lk c. dia 
Uj- 31 * ore dia 
|Sp(ruvt&fignMr 
I2to-148 Q- pn 


J.22-0.12 c. um 
[b.35^J.45o.dlB 
pk-to* c. pm. 
(40-25 c. pm 
19-21 ore dla 
l4ie-5ia Bt jim 
c-dte 
70-150 p, dia 
18-26 lire dt* 
174-194 ore dla 
I Ha-84 0. dla 
(434-63* ore dia 
.. 

Ss c, pm 


sii-momh forward ddHar IJiriLBSc. pm 
nwtmth ifiS-USe ran- 


MINING, NOTEBOOK 



out well in June 


BY LODESTAR 

THE RECENT gold price tremors, 
largely brought about by fears 
that the US, Treasury wifi deem 
a resumption of bullion sales 
necessary in order to defend the 
dollar, have not entirely quenched 
the search for producer shares 
that would gain most benefit from 
a fresh forward movement to- 
wards the S200 level. Inquiries on 
Lbis score stfll flow in. 

As for the gold market itself, 
there appears to be some resist* 
ance to the down-trend in tbe 
5175-8130 area. The next major 
support level would be between 
5165 and $170. In the meantime, 
any strong recovery may have to 
await the resolving of another cur- 
rent uncertainty. This' is' what 
form the International Monetary 
Fund suctions w&U take is mid- 
year when tiie presently planned 
series of offerings will "have been 
completed. 

In the Stock Market I find 
there are - still hankerings . by 
gold price bulls after tbe shares 
of the old marginal producers 
although there have been pre- 
vious warnings in this column 
about the risks involved in such 
issues. Risks that were under- 
lined recently by the chairman of 
one such mine. East Rand Pro- 
prietary. 

He said that “ If the required 
Improvement in the gold price 
does not eventuate in the near 
future and if the State loan faci- 
lity is not extended into 1978, the 
company may again be faced with 
the problem of a depletion of its. 
cash resources. Under these cir- 
cumstances there will probably 
be no alternative but to embark 
upon a severe cut-back pro- 
gramme or even a rapid suspen- 
sion of operations.” Gold was $187 
at tbe date of this wanting: It is 
now 8178J. 

It would thus be safer to go 
for a share such as Libanon which 
can soldier on very profitably 
with bullion at around its present 
level and has good earnings lever- 
age if it should take off again. 
In December, Libanon came out 
with an inrerim dividend that was 
above general expectations at 40 
cents compared with only 5 cents 
for 1976-77 when the final was 40 
cents. 

The March quarter profit, if it 
is sustained m the final three 
months of the company's year, 
points to net earnings for 1977-78 
of around 118 cents a share after 
allowing for estimated capital ex- 
penditure. This indicates a pos- 
sible final dividend In June of BO 
cents to make 100 cents (BIRp) 
for tbe year compared with 45 


cents. Libanon were 508p on 
Friday. 

Actually, as explained is Satur- 
day’s: mining- column, June 
quarter profits of' tbe South 
African mines are likely to get 
a once-for-all boost from the 
change-over in the way they ar® 
'paid for their gold now that the 
country has revalued its bullion 
reserves and thus done away with 
the old *42 an ounce ‘‘official" 
price. Whether managements will 
be prepared to take this non- 
recurring .bonus into account 
when deciding the June dividends 
Is a moot point If they do there 
.could be some pleasant surprises. 

BH South suffers 

From time to tune it has been 
pom ted out here that about tbe 
only bull point for Australia's BH 
South has been the quiet way in 
which its Collins House stable- 
mate North Broken Hill has been 
picking up the shares. Tbe query 
was whether this was just a defen- 
sive policy or whether its repre- 
sented a genuine belief in South's 
long-term investment attractions. 

Short-term prospects have .cer- 
tainly not been enhanced by tbe 
increased half-year Joss of 
£A7.1m. against SA4-S5m. 
announced over the week-end. 
reflecting higher losses by the 
Queensland phosphate operation 
and by the Cobar copper mine. 
The only bright feature was an 
improvement in investment in- 
come . to $A5L26m_ a trend that 
should continue in the current 
half. - 

How disappointing the h'g 
phosphate venture has been can 
be judged from tbe fact that it 
was only a year ago that the 
management was forecasting a 
return to the dividend list by 
BHS In September last Now any 
payment next September looks 
unlikely. And the company is 
sadly having to seek government 
assistance for both its phosphate 
and copper operations. More- 
over, it is finding penetration of 
prospective new markets for 
phosphate to be “ difficult” 

When I last referred to BHS in 
January I said that stale butts 
might be encouraged by NBH 
having raised its slake therein 'to 
16 per cent BHS were then 72p 
and are now 76p. So where is 
the encouragement to come from 
now? A worth-while rise in the 
copper price would help. So 
miteht the conclusion of a deal 
bringing in an equity partner for 
the struggling phosnhate venture. 


It is reported from Sydney that 
talks are being held with two 
parties who have expressed 
^interest in making such a deal. 

Tasminex now 

It was on January 30 that 
Tasminex, that high-flying Austra- 
lian comet which burned out so 
quickly way back in 1970, was 
recalled here with tbe advice that 
it was not yet time to paper tbe 
parlour with the share certi- 
ficates. Tbe price then was 28 
cents in Melbourne. On Friday 
is was 95 cents and the London 
quote was 90p, a 35p rise on the 
week. 

The reason for the January 
advice to bang on was the com- 
pany’s cash flow from a wolfram 
operation in Tasmania and the 
news that a big Canadian group 
McIntyre Mines was contemplat- 
ing taking an interest therein and 
putting up money for its further 
exploration and development. 

Subsequently, Tasminex has 
announced a i first-ever profit of 
$A128Ji57 for the half-year to 
December 31 as a result of its 
Tasmanian production which at 
that date amounted to 82,630 
metric ton units of concentrates 
with an average 69 per cent, 
wolfram content which have been, 
sold to Gennany. Moreover, a 
second shift at the mine was 
being planned for the current 
half year. 

So Tasminex’s claim way back, 
based on a nickel find hope, that 
it would be “as big as Poseidon " 
is now at last coming true 
though this is admittedly largely 
due to Poseidon's currently 
shrunken stature. Whether the 
recent headlong rise in tbe share 
price is justified is another 
matter. It could present a good 
opportunity to get some money 
back on those faded share certi- 
ficates. 

The Exxon-RTZ link-up story 
reported in Saturday's paper will 
no doubt be a prime talking point 
in the share market this morning 
particularly the possibility of joint 
mineral ventures. One suggestion 
made over the week-end was that 
tbe big Labrador uranium project, 
currently being assessed by 
Brinco and Germany's Urangesell- 
schaft, might be a suitable one for 
starters. One thing is certain, 
though Exxon has denied wanting 
a direct stake in RTZ, tbe recently 
dormant rumours that an oil 
major urfll make an outright bid 
one of these days are bound to be 
revived. 


INSURANCE 


Protection against inflation 


BY OUR INSURANCE CORRESPONDENT 


THOUGHOUT the property 
insurance market under- 
insurance continues to be a 
problem, both for Insurers, who 
get inadequate premiums for 
the risks they cover, and for 
policyholders, who run the risk 
of getting their claims met only 
in part 

*&> long as Inflation continues 
and market practice is to fix 
positive maximum sums insured 
for property cover, under- 
insurance seems certain to be a 
problem. 

On the domestic front, most 
big Insurers are now in their 
second year of index linking 
suras insured, both on buildings 
and on contents, to* keep sums 
insured and premiums adequate. 

On the commercial front, 
there are different problems 
There are much larger values 
at risk in buildings and stocks, 
because property, is of widely 
different kinds- and commeroia 
property covers are normally 
subject to average. 

For some time, insurers have 
been- offering a policyholders, 
cover from the starting point of 
basic valuation by a professional, 
plus a suitable addition for 
inflation provision, but have 
made this cover subject to the 
overriding point that the con- 
dition of average will apply at 
the time of reinstatement 

As a development of this, 
insurers are now offering large 
commercial policyholders what 
should prove to be a more 
attractive form of inflation pro- 
tection for buildings, plant and 
machinery insured on a re- 
instatement basis. The new 


property at risk ls.£Sm. or- more. 

At' the outset, tbe policy- 
holder has to calculate the 
reinstatement value of his pro- 
perty, in present day, immediate, 
pounds, ignoring entirely the 
effect of future Inflation or any 
delay in repair or reinstatement 
This notional reinstatement value 
becomes tbe declared value on 
which the whole of the insurance 
hinges. 

The policyholder also fixes a 
suitable percentage to cover both 
Inflation during the policy year 
and inflation from date of loss 
(which may be the last day of 
the insurance year) to ultimate 
reinstatement 

If he thinks inflation will run 
at 10 per cent a year and rein- 
statement will, at the most, take 
a year, then his appropriate per- 
centage becomes 21 per cent for 
the two-year forward period. 

Subject to other underwriting 
considerations, he then pays 
insurers' normal rate on the 
declared value: but this rate is 
subject to a surcharge having 


regard to tbe inflation estimates 
selected. This surcharge runs 
from a minimum of 12J per cent, 
for a 25 per cent inflation 
estimate, to a maximum of 30 per 
cent for an SO per cent inflation 
estimate. 

Thereafter, at each renewal, 
the policyholder has to revise his 
declared value and his inflation 
estimate in the light of prevail- 
ing conditions. 

At first and subsequent 
renewals, in addition to the 
premium that tbe policyholder 
pays for forward cover, he is 
required to pay an adjustment 
premium, which is calculated on 
half the increase between the 
declared value at the beginning 
of the year and at the end. 

In the unlikelv event of there 
being a reduction in declared 
value in the subsequent year, 
insurers give no rebate, unless 
that reduction stems from the 
positive diminution of risk from 
the underwriting and not the 
inflationary/deflationary view- 
point 


S1MCO MQXE-Y. YVSD^ : 

^(S at lirri. Investment : '.'- 
.Mihag;c-ment C o- Ltd.'! : • 


Rales of. deposits of £1,000 
and upwards for w/e 16.4.78. 
7-day Fund %P-a. 

Hon. 5£07 

Tues. 5.648 

Wed. 5.634 ' 

Thur. 5.603' 

FrL/Sua. 5.428 

3-Month Fund 
Wed. 6.375 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1.000-£25,000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 21.4.78. 

Terms (years) 3 4 S 6 7 8 9 10 

Interest % 9* 10 10* 10* 11 11* 11* 11*. 

Rates for larger amounts on request. Deposits to and further 
information. 'from The Chief Cashier, Fin ance for Industry 
Limited, 91 Waterloo Road, London SEL 8XP (01-928 782 2, 
Ext. 1771. Cheques payable to “Bank of England, a/c FFI.” 
FFI is the holding company for 1CFC and FCI. 


LOCAL AUTHORITY BONO TABLE 


Annual 




Authority 

gross 

Interest Minimum Life of 1 

(telephone number in 

interest 

payable 

sum 

bond 

parentheses ) 




— 


% 


£ 

Year 

Barking (01-592 4500) 

8J 

4-year 

5,000 

2 

Barnsley Metro. (0226 203232) 

10 

1-year 

250 

4-7 

Redbridge (01-478 3020) 

10 

jhyear 

200 

5-7 

Rush cliff e (0602 811511) 

Si 

1-year 

500 

3 

Southend (0702 49451) 

Si 

1-year 

250 

3 

Thurrock (0375 5122) ..... 

m 

4-year 

300 

4 

Thurrock (0375 5122) 

10* 

1-year 

300 

5-8 

Wrekin (0952 505051) 

10 

yearly 

1,000 

4 



Basque Nationale d’Algerie 

US$30,000,000 
Floating Rate Notes due 1982 

Banqne Nationals' d’AIgirie (“BNA’O hereby gives notice in accordance with 
the Terms and Conditions of the US $30,000,000 Floating Rate Notes due 1982 
issued by BNA that the rate of interest for the second interest period running 
from. 17th April, 1978 to I7th October, 1978 has been fixed at 8§ %. 


By:- Kuwait Investment Company (SAX) 
(the Fiscal Agent for tbe said Notes) 


17th April, 1978 


A 


■•Via 



36 


J ..r 





ARKETS 


Financial 'Ilmes' SJpiiday April lY; i978 


EUROBONDS 


BY FRANCIS GHH.ES 


A story of sterling woe 


CURRENT INTERNATIONAL BOND ISSUE. 


FOR THE SECOND time since 
April 1, the main story oF the 
week was one of woe for sterling 
denominated bonds. Prices in this 
sector were hit for six by the 
rise of one point in the Minimum 
Lending Bate announced by the 
Chancellor nF the Exchequer, Mr. 
Denis Healey in his budget 
speech last Wednesday. By the 
following evening, prices of 
most bonds had shed over two 
points as professional selling 
gathered ■ momentum. Worse 
than expected trade figures on 
the last day oF trading bad a 
further dampening effect so that 
by Friday evening, prices had 
fallen on average about four and 
a half points on the week. 

Tlie Gestetner issue held up 
better than most no doubt 
because of its smaller size and 
higher coupon. Although yields 
increased, dealers felt they were 
not attractive enough at current 
levels to entice buyers back 
into the market. 

A further sign or the 
deteriorating trend in this mar- 
ket was that dealers were trad- 
ing on wider spreads than is 
normally the case, usually 
hetween three quarters and a 
full point. 

Few dealers were expecting a 
recovery this week. One of them 
argued that yields on longer 


term gilts were dose to 13 per 
cent, in many cases and that 
yields os sterling bonds must 
rise to similar levels before 
prices stand any real chance of 
stabilising. This suggests that 
prices could well shed a further 
two or three points in the next 
week or so. 

. The dollar sector was firm 
throughout the week with most 
prices improving by about J of a 
point although IC Industries got 
off to a disappointing start, being 
quoted at 98i. Two new issues 
were announced over the week- 
end. one of which is for that 
much prized animal, a triple 
AAA U.S. corporation, in this 
case the food processing com- 
pany. Beatrice Foods Inc. This 
company had net sales amount- 
ing to $5-2Sbn. last year and is 
the first non-oil or non-utility 
triple AAA U.S. corporate name 
to come to the market since 
1971. The management group 
will include a small number of 
big banks and there will be no 
public underwriting group. The 
selling group discount will be 
the normal 1} per cent, for paper 
of such maturity. 

The floating rate note sector 
was firm with the recent Ames 
issue being quoted either side of 
par. The Credit Commercial de 
France floater is the first such 


issue by a French bank since 
the General Elections held in 
France last month. A private 
placement of floating rate notes 
is expected this week for the 
International Commercial Bank 
of China, which is based in 
Taiwan. Dillon Read is 
arranging this five year bullet 
issue which is expected to be for 
S20m. The coupon is expected 
to be set on a i per cent, over 
Libor with the minimum coupon 
set at 7J per cent. 

The Deutsche mark sector had 
mixed fortunes last week with 
the more “exotic 71 names failing 
to fairly sharp discounts in the 
aftermarket The issue for Spain 
and for Mexico, both of which 
had been priced at par were 
being quoted at a discount of 
three points on Friday. In con- 
trast the Norway issue was being 
quoted at 99-99 i, despite carry- 
ing a very low coupon. 


Clearly investors mind the fall 
m coupon less when it applies to 
top quality short term paper but 
feel that a 6. per cent coupon 
for longer term Spanish or 
Mexican is much too tight. The 
French Treasury has succeeded 
m getting the lowest coupon so 
far for a French borrower in this 
market, 5} per cent for 10 years. 

Tbe trend set at the short end 
of the market by Norway's 43 per 
cent coupon was confirmed with 
Deutche Bank's Luxembourg 
subsidiary, Compagnie Finan- 
cifere de ■ la Deutsche Bank 
floating a DM250m. on identical 
terms. _ 

Coming at a -time when a num- 
ber of banks from a wide range 
of European countries have 
decided to. raise money on the 
Eurobond market, this bond for 
Cie Finandere de la Deutsche- 
bank has confirmed many in the 
market in their views that banks 


BONDTRADE INDEX AND YIELD 


Medium 
L«m term 


April 14 AprS 7 

MM 7.(6 99.59 7-84 

93.71 9M 93.47 8J9 


1978 

- High Low 

9941 (13/2) 99.15 M«/2) 

9344 (2/1) 93.03 (13/1) 


Euroclear 

Ccdcl 


EUROBOND TURNOVER 
(nominal val+M in $n.) 

U4- dollar bonds Other bands 

but week previous week last week previous week 

1,521.9 1,9134 3264 477.3 

476.7 6504 1IAJ 4774 


are rushing to raise money while 
.it- . is Cheap and believe that 
credit conditions will tighten 
soon. 

Dresdner Bank: is expected to 
announce a DM70 m. private 
placement and Westdeutsche 
Landesbank should come to the 
market with a. DMWm. private 
placement for a Norwegian bor- 
rower, both of them *hic week. 

The climate in the Swiss franc 
sector of the market improved 
last week. Recent issues such as 
Compania Vale do Rio Doce, 
Asea and- Hydro Quebec all 
posted gains. 

They were respectively being 
quoted at 99,- 96} and 9S on 
Friday. A Sw.Frs.30m. seven 
year private placement con- 
vertible with an indicated 
coupon of 3£ per cent Is being 
arranged for the Japanese com- 
pany Nagase by Credit Suisse. 

Banque Generate do Luxem- 
bourg is expected to float a 
LurJrs.400m. ten-year bond at 
par with a coupon of 71 per 
cent. 

A decision on when to 
relaunch the 25m. unit of 
account issue for the City* of 
Copenhagen, which was delayed 
last Monday, is expected to be 
taken early this week by lead 
manager Kredietbank Luxem- 
bourgeoise. 


. Borrowers 

Amount,. 

; V m. : : : - 

Maturity 

Av.life 

years 

Coupoii 

- -frie*'- 

- • 7 1 l^ad manager- - 

Offer 

yield 

UA DOLLARS 





' 

% 

tt American Express 

40 

1982-85 

_ •. 

ioo 

EBC, Amcx Bank 


tiC industries 
tflHI U’teed 

35; - 

••1985 

7 

f ■ 100. 

: . .Merrlli Lynch - 

- 9 

Dai- J chi Kansyo) . 

50 

' 1985 

T 

Mr ■ wo 

- First Boston (Europe) 

5JQ 

TVO (g'teed Finland) 

• 

1988 

1& 


ADIC, kftck: 

' Chase Man. LtidJ'. 

_ * 

tthnted Overseas Bank 

1 5* 

1983 

5 

' '.*11 WO 

Salomon ' 

6 no 

tfUmted Kingdom 

30a;. 

-.W8S 

7 

* ■- • 

Morgan Stanley 

* 

tf United Kingdom 
fCred'rt Commercial — 

-is*. 

1 .- 1993 

is 

* * 

Morgan Stanley. 

* 

de France 

•3 S':. 

1985 

7 

5^11 ••••• •• 

' „CCF •' • 

• 

Beatrice Foods 

100 - 

1983 

5 • 

.. 7 i: 

'Kidder, Peabody Int. , 




D-MARKS 


JSpain 

200. 

1988 

10 

*. * 

'•ioo 

JUght-Servicos 

(S*teed Brazil) ' . 

ISO 

1986 

8 

M 

.100 

+ADB 

MO 

1988 

10 

53 

99.75.- 

Norway 

250 f 

. 1983 

5 

4J-- 

100 

fCe Fin de la Deutsche 





Bank 

200 

1983 

5 

44 

100 . 

+PJL Banket) 

100 

. 1988 

10 

5| 

100 

**SlA. Railways 

40 • 

1982 

4 


100 

Province of Quebec 

la ‘ 

1990 

95 

6 

- • 

Elf Aquitaine 

100 

1988 

8.97 

Si 

99 

SSankyo Electric 

40. 

* 1986 

8 ' 

>4 . 

100' 


Dresdner 


&00 


. Westdeutsche Landesbank 6J5 
Deutsche Bank 533 

Deutsche Bank 4375 


Deutsche Bank ; 4375 

Dresdner ’ 575. 

BHF Bank . ■ 7J5 

Westdeutsche Landesbank. 
Deutsche Bank W...-. -• S'.flfi 

Bay., Vcreinsbank ;j '-4JQ- 


GUILDERS 

r*ABN 

75 

1983 

5 

** 

99i 

abn ; 

.637 

YEN 

^Sweden 

+RENFE 

4Mw. 

16bn. V 

1990 

1990 

9.9 

9.9 

63 

AS 

99/SO . - 
99.T5 

Nomura Securities . J' 
- Nikko Securities 

oa, 

hk. 


KUWAJT1 DINARS 

JBanobras 7- 1985-90 — ' 8* 100; KIIC 

•Not yet priced t Rd tarns' •• ptacvmeut y Flatting rtt* not® fl Minimum 
tf Rctbtend vrkb US. and Emlnuc Commlwlpw- l Fa rdmo Fund 

Note Yields an ca tenat ed on AIBO basis. 


S?- 

-JitWras. 



Indices 


a.Y.BX. ALL COMMON 


NEW YORK -DOW JONES 




Aj.r. 

14 


Aiir. 1 Apr. 

13 ■ 12 


T 


A|ir. 

10 


Apr. 


aiiKv cumpilai n 


■T 

Apr. 

13 

Apr. 

12 


1973 

High 

Low 

B144. 60JlJ 50.43 

50.47 

61.04 

(14/4) 

48.87 

(8/5) 


Bises and Falls 

I Afar. It j Apr. lo 1 Apr. 15s 


lesuea traded 

Klaus 

Fal 


L'oebuqeil. 

New H luiis. 

New Lows. 


1,9X5 

1.232 

550 

326 


1.866 | 
1.04 X ■' 
401 ! 
424 ; 

14 : 
109 t 


1.850 

736 

636 

479 

85 

22 


Hlfjb I Inir J High ‘ Low 


HOHTREAL 


In-iusti-ml... 


H'nii- H'iW? 1 


795. IS 775.21 , 7BGJ2S 770.18 773.65 768.58 8 7.74 ! 742.12 ' 1051.70* 4142 
>,ii (3/1) i (28/2) (llrl <73/ 1 (2/7/32) 

B9.54 B9.2l! 80.20- 88.80' 8945, 89.35 90.BB I BSL2D , — I — 

i • <4;ll j (12/4) 

1 ran-purl.... 213.77' 209.58 ' 207.44 207.76 208.801 208 J)2 215.77 | 199.31 

5 : , : i3*l) rB/li 

L lilaics 106.03 186.99 IDG.82 10543 10542 105.85 110.98 I 102.84 

: i3»n i ea-a 

Trailing , , ! 

COO', t 62-280 31.580 26.210 24.300 K.740 28.160 - | - 


278.BS | 1343 
<7/2/69i : (617/32) 
16342 , 10.68 
(20/4/69) (SB/4/42) 


Apr. 

14 


k !S 


1978 


Uiffb 


Low 


lnrtaatria 

180—21 

178.88! 177.29 1 17S. 42 

180.21 (14/4) 

162. DO (16/2) 

CambtDBt 

180.34 

)86.ia 

18&.&& 18&3!B 

188.54 >14/4) 

170.62 (50:1) 

TORONTO Uwnjireite 

1084.6 

1083.0 

1078.4 10B0.0 

1M4.B (urn 

338.2 (50,1) 

iORANHBSBORU 



J 



Got*- 

m.‘. 

197.6 

198J3 198.1 

| 218./ a/sj 

195.0 (21/4) 

In tu-tr In- 

zas .a 

208.0 

2U.6; 206.B 

214.4 (4/1) 

194. + (13/4) 


- Ra*i> nr index ctiinied from Angiut 74. 


Apr. 7 


Mar. cl 


Mar. 24 . Year «jji> iappn>x.i 


V\ 


Unis 


137o 

High 


itfTb 

Low 


April 

14 


| Fra- 
nous 


6.06 

6.16 

6.16 

4.61 

STANDARD AND fOOKS 

i Apr. 1 Apr. I Apr. ; 

. 14 1 1 13 1 12 l 

A IT j 


iuiu 


Siuis/ Jo.mpitei n 

10 j 7 . 

Hlpli 

Lov 

j Uijtdi ■ Low 

JluriutfruU. 102 j! lOO.Bl! S9JM 
: 92 J2 90.98* 90.11 

88.27. 

i 

98.54; 98.17; 

90.49 90.17. 

106^2 
(3 1) 
03.82 
»3.li 

85.52 

(8/3) 

88-90 

(6/5) 

■’ 134.04 j iM 
mill 74) 1(30/6/32) 

I 125.06 , 4.40 

'cU/1/73.' (116/42) 

{ April 12 

; A|ir. h • 

Mnr. 

23 

Yew ago (approx.) 


Spain 


«i> 


Ind. div. yield ' 


5.36- 


I ml. F. K Uaiiu 


8.56 


! 5.39 

5.46 

| 8.48 

8.48 


au« Ooirr. tfc.in-i yieM 


8.54 


8.32 


845 


Australia (*) 46448 1 461.77 i 479.43 , 041.19 
■ i (3/1) (1(3) 

B847 88.16 98-bo 90.43 Sweden 

i (11/4) (18,1) 

93.2b; 05.72 ! 96.13 8440 
: (B/l/l ! (6,2) 

63.4 63.6. 644 474 

(7/41 | (3® 

7B3jS : 794.6 I 812.7- , 7884 

! ; oqa i (4/D 

794 70.1 1 62.1 I 76 j0 

' i am | (4/4j 

Hong gone 43646 | 442.13 . 46L67 ! 383.4« 

«f I | i (4/4) I (13/1) 

Italy MJV 69.61 i 59.95 1 6346 6a.no 

( 6/3) I (10/1) 


(dli 84.05 


Belgium 
(Denmark**! 
France CTtJJ 
German yttil' 

i 

Holland (5J)j 


to)i 36547 


8wit-.'erl'd(/ 29L8 


19(0 

Uiifb 


Wfe 

Low 


9441 


SftLaOl aijse 
; (10/1) , il7 iii 
36540 1 57260 r Ao.7+ 
* '14.-4 1 \ ia/1) 
£92.1 1 2*_S6 fcaa- 
■ i .4 ! iia>3i 


Japan 


4.21 


10.41 


tai 411.06 ! 408.78 411X6 I 364 Xm 
; i ! (14.41 I (4,i) 

Singapore l29Sj8i 298J2iaffl.38 262.0U 

(Ml I * (14i4» I q/B) 


7.68 


Indices aqd base dates (all base values 
100 except NYSE AB Common — 30 
Standards and Poors — 10 and Toronto 
300-1.000. the last named based on 1975 1. 
t Excluding bonds. 1400 industrials. 
1400 Indx., 40 Utilities. 40 Finance and 
M Transport. <5/ Sydney All OnL 
(|l> Belgian SE 31/12/SS. (*‘i Copenhagen 
SE 1/1/73. (tt> Paris Bourse 190L 
(iri Commerzbank Dec.. 1933. > J)' Amster- 
dam. Industrial 1970. i?5i Bang Sens 
Bank M/7/H. (||!|> Milan 2/1/73. (a /Tokyo 
New- SE 4/1/68. fb) Straits Times 1986. 
(ci Closed. (d) Madrid SE 30/12/77. 
fe» Siocfcholm Industrie! 1/1/53. U> Swiss 
Bank Carp. <ui unavailable. 


GERMANY ♦ 



j Pricer [+ or 

Div. rYiiT. 

April 14 

j Dm. | - 

a j t 


AKU 

A Moz Vfn*«Cb— j 


bUW. 

BAaF , 


Hsyer.. 


taiyer Hypo — .... 1 
Bayer VerefltebJtj 
C'halm.Xed.wru', 

(Jbmmmbuik j 

ooot i(hmuu 
(Mim>«r bear— ! 

Un mm ■ 

Ucubcfae Hank | 

UrenJner Kanh— . 
L/vckertooff Zemi .; 
tfuteboBnunu 
Hapno Liovd 

Hurpcner — 

rineeb-t 

How ab — 

rinrtiw 


17 
16 

18 
18 


un and Balz [ 

■Gintwlt 


Kauibol ! 

EiocknarDni lOCLi 
KHU I 


BB.8-: - 

485 , '<18 

219.5'— ab i 2U 
1374' + i.2 
1404—04 

287 . 

318 3 

17b I 

23841 — 1 j I 
774,— U.7 
298 -Lb 
UbO 1—1 

160 JS> 

3054,-04 
BbZm'-u.S 
145 ... 
200.5i+0.5 
113 +04 
291.5 — OX 
152.7-04 
454+14 
125 -1 
129.5i — 5 
304 , — a 
2094,— .5 
92 i — 04 
176 +1 


14 

44 

64 


3.1 

2.8 


17 5.5 


(2 

12 

9 

16 

4 

10 

9 

20 

20 


Id 


h-iupp 

Nnrid 

B6.1 — OJ 
241.5-1 | 

Unraobrao 100 

1.960' 1 


.109 | 1 

MAN 

189 —2.5 

ibuinftiirainn 

169.5. + 1.3 

Mouilcfr 

*05 I JL 

UuDcbener Buck 

930 • - 

Mecfcennunn — 

113.5 

t'rereu+iM DU luu 

lllJr-0.4 

Jbem IT e«(. Hied 

188.S;-0.2 

x-hmiij 

239 |—1 

lemen* 

280.8—0.2 

»iu docker— .— 

342.5.-0.5 

i oy»en A.G.— 

126.71 


176 1—8.5 

* K6A 

105.8 — 03 

• ereinAWVtbk 

297 id —1 

V.^kv-wnneo.— ._J 

Zui.l-O.3; 


54 

34 

4.4 
2.9 
3.6 

1.4 
3 A) 

3.4 
5.1 


4.5 
4.0 

5.5 
54 
4.8 


3.4 


15 | 3.3 

16 jl0.3 
/ | 34 

Id j 5.2 
14 , 44 


lb I 2.9 
1? 3-b 

11 -.3 
14' 44 

12 a. i 
18 I 24 
V l 2.4 


JOHANNESBURG 

MIKES 

April 14 Band 

An g i fl American C or pt .. S.10 

Charter Consolidated 2X7 

East DrieAnueln 19X0 

Eisbuxs US'. 

Harmony — ’ . BA * 

Kinross — &S0 

Kloof 

Ran nb im Ptadnnm UB 

St. Helena tlt» 

Sontbvaal - . 7JB,,. 

Gold Fields SA ; tlAJGO 

Unfan Corpora ilou _• 4 XT 

De Been Deferred — 5.C . 

Blyvoonatzicht — — 5J» : 

East Rand Ply. 4X6- 

Free State Gednld TO.00 

President Brand ... ... 133.88. 


[ AUSTRALIA 


-+ft05 

-8J0 

-«8B 


-0J 9 
— (LK 
-4.06 
— (L30 


Apr. 14 

Anst. 8 



10.66 

-0.W 


- 19.90 

A'lfen M.ntr'Irrt*. lodo- SI 

12JKJ . 

• . 

Ampoi Bxp/oraiioo..— .; 

tl-28 

riioi 

A rape* l/etro*eum_ 

10.76 

-tlw 

Asroa M inerai»— J 

- JO.96 



Amoci Puip Paper 81, 

— OiO t AaravCocL lmiiiArMs. — . J 
“MS ( Aia-t. Fouinlxtion Invert 
-*M7 1 A.N. 


j A oil raw.. 


* - — -0325 ] AuvU On A Baa 


President Stem .. 

srilfomelB 

WeBaun 

West Drteftnneln 
Western Deep .... 


12.10 - '+0J16 
. 8.70 < 

4XS 

. SK7G . 

. 11X0 • 


blue Uetai Ind 

Kou/wnnlle Uopper 

ttrofcen Hill Prc^mewry.... 

1 HM ^Rl Th 


Cart too Un<u>i Brewery— 

G. J. Uomk. 


+<LM UaK 101] 


AECT 


INDUSTRIALS 

248 = HMS 

_ 8.80 - +6J.8 


Uoo tuner ( 81 ).. 


kflJIl 


uuneinc Klotlnbft. 1 

Angto-Azner. Industrial — 8.80 - +036 1 Costaln Ausiral! 

Barlow Rand 341 .’ '• Uumop Uubheri&l) 

CNA Investments 11J5- ~ IKhOOk. 

Carrie Finance ff.es 


+1.10 
H.69 
to.ea 

*7+1,36 
fO.38 
10.36 
+142 
tl.ll 
+6.28 
+042 
tl.78 

.■ +1.94 
+2.78' 
t2.12 
+2.33 ' 1+0 M 


+8-81 

ffljta 

+0.10 

-0.87 


K m 

Dll 


bidet amitb., 


De Beers Industrial ' 1958 —8.05 KJE. loduatriee 

Edsars Consolidated Inv. 1-76 iHUS Ben. Property Trust— 

Edgars Stores — — . 12MB .- . -2JM Uameraiey.. 

Federate VoUabeteESlDBS LS7 . —.8.03 

Grealermans Stores U&J i.u.J. Anstrah 

Guardian Assurance (SA) 1.73. +8.83 Inter- Copper. 


— MB 

+L6S 

IMS’ 

SJM, 

1M8 

2.07 

Rani Mines Properties _ - LSt. 


Hntetts 

LTA 

OK Bazaars ... 
Premier Minimi . 
Pretoria Owrwnr 
Protea HobUngs 


lenninps Irartastrie 
~*-ID Junes (David). 

+0.05 Leonard 


I M etuis tixploratioa 

3oldimra.._. 


Rembrandt Groan 

Retco 

SAPPI 


3J5 

' ojn 


HLOfi HIM Holdings.. 

+0 02 JL\er Bmporlnm, 

+0.70 .News, 

HLOZ .Mi -botes lntanutlamti_.kJ 


C. G. Smith Sngar — 

Sorec . . +9JM 

SA Breweries 123 

Ttfflsr Oats and NatL Ml*. 9M 
Unlsec . 1-W 


+D.83 1 .Vwtb Urofeeo H" Udns (bd 
8-.0B ■ +810 1 Uaabn.ige_. 

Jil search 


4840 

+MI 


| otter bxptomttun...... 

Pumaer Con rate., 


OVERSEAS SHARE INFORMATION 


Inv. S Prem. at $2.60 to £— 108i% (104}%) 
Effective rate (L8565) 48) % (47%) 


NEW YORK 


1973 

Hitfli : r-wr 


Srnck 


|.\pril 
I *• 


57 lj 
19ia ‘ 
37aa i 
27 < 

49 >a I 
25/8 i 
45’a i 
19i* : 
20^ ! 
435s , 
225, 
27 1 3 ! 
36Ja | 
2o: a f 
1114 
46 <* , 
42 t 8 • 
39 ; 

261; I 

241; : 
3553 I 

29'a ; 
245s ! 
5 

443- ' 
39 I 
325 0 [ 
62 I 
313g ! 
171; j 
277 fl '■ 
13* ' 
2734 . 
2078 i 
285a i 
22i 4 • 

ll&a ; 
20 1 8 < 
3 1) 8 . 
49 -g , 
zBjfl ; 
I0'.'e i 
231* ! 
49T 8 j 
261a 1 
23i a , 
36 I 
29 j 
391; 
24i* 
401c 
19i 4 
37!- 4 ; 

Hi I 
231+ 1 
161; 
371; 
27l a 
31 
301; 

12 

15 

33Je 

165a 

30i* 

15 lb 
21 
335a 
6(+ 

41 

72 

341; 

13i+ 

12 
29. a 
12 i* 
1B5« 
53T g 
491; 
404+ 
16>8 
2348 
335+ 

311ft 

417ft 

241* 

3Si* 

51 

19*4 

133+ 

27ft 

257g 

2278 

5314 

14 i a 
40 &a 
21(5 
11 ia 


50 'uniiH' Lai-,. 

13?a 1 (.Iiin+>«^rapb ...j 
3 Hb Veins Lite A L'as+! 

221; ' ,ii P...liici«.... M 

32*4 

22 VtmnAliim minor 

384+ \lu>nt 

17 >3 Ivueuli^ov L11.11... 
181 r 1 ilintlieny Puwei 
341+ | Ulieil Client icai.J 

Vili&l atm-e> 

! .His Clmlmei 

XMAX ; 

J + nierada Dess....; 

i.XindL. Airline 

301* lAinet. Brands _.i 

3458 [ \iner. Biuadcasi.; 

34J+ Xmer.Uan | 

231b I.Vmer. Cyanami. 
225 b liner. Elec. Pow 
314a I Ajner. Kvpresa- 
264+ ;Anier. Home Prod 
165® rAiner. Medics 
3ia j Amor. Muluni.... 
391+ jAmer. Sat. Gas.. 
324s |Amer. StnarUid.,1 


184+ 
22 >8 
3Uc 
22>8 
910 


57 

19* 

37+a 
265g 
491s 
25.i 
4159 
18*4 
184+ 
42.* 
224+ 
27 Ift 
33. e 
86 


38ia -Anier. 

57'g | Amer. TO*. A Te».| 

277g lAmetek^.. I 

157ft AMP 

24ia |\MP — J 

10 Vnipes 

255® I.XdcIi.h H+cklnu.i 
171; 'Anhruaer Lvovli..! 
, Vi uu.11 "lee* ! 

, v.>..v : : 

lA+autera l/ii..... -. 


26 

197 8 

Si* 

13og 

27ift 

431* 

235a 

87ft 

155ft 

44i+ 

25 


1 VMlIUu... 

, \»limU"l Un. ' 

. It.. Eu+iiehi : 

; Auto Date Pn>....i 

j.WO ; 

l.V'vuo | 

•Avon Pn,lu,-t»...., 
•u&ilGxf lrat..„| 

201g !U«nK AnJBrloa ; 

34 Benkera Tr JI.Y. 

2 5 SB denwrOn I 

33 'dexier'lntvenu<..| 

22 Ideun.-e Fnwi, 

31Ja !dedunUK-keiuuiil 
14 jue/. X Hnwei..— .' 

33 den. lie S 

ZSg iduii!+ue( (JmiN 'U.| 
20U 'detlnelwiiiaieei. 
14U 'Jte.-k.fc Decker...; 

23>a | Joeing- < 

225ft - aiim; CaMsuIe.....] 

277ft ■ Jit Iuii — 

251* j 111^. Warner | 

! .ran 1 It luu [ 

1 .iramau 'A' _i 

Ijnslu- M\erv._..; 
JJrii. PeL .U1K...1 
j Jruekiiaj* Gia>r. j 

Jnin> wick } 

Jueyrui brie ; 

jjud.i | 

Jumni Wai^-li ....I 


9 

12 'a 

20 1 a 
13te 
255+ 
13'8 
165ft 
31 U 
5 


loss 

4W+ 

427 8 

38Ta 

26l S 

237a 

35Sft 

280ft 

23 « 
41* 

42te 
3 d 
321; 
62 
315ft 
17 '0 
2.7ft 
13is 

27 
207e 
26-* 
197ft 
HU 
167ft 
295+ 
487ft 
274 

95ft 

231* 

497ft 

255ft 

23i* 

355+ 

284+ 

391* 

24 
371+ 
19 
37 5+ 

27ft 
211, 
161; 
371* 
27 I B 

28 
297ft 
117ft 
137ft 
32ift 

14 
301* 

15 
1BI+ 
331* 

61+ 


36<+ iSurniitftiHj MhnL 38 Jb 

5B>a Jumamha 63 la 


115ft 

157ft 

■45>+ 

43Sfl 

36 

15 


58 »+ du maig ha 
31ift !Uimpl.«i- Snajp...: 
147ft -Jaividten Pectin.-. 
101ft jCViuai Hemlu>|i)i.J 

24 Li jCanuUMi 

Carrier £ Genera 
•. arter Haiaiey... 
lAiupii-ir rraeia 

v'Ba 

L+l+lli»t:Vvriai. >a 
Jeutm- i a. W...| 

185a 1 Jerlaimeei j 

29 >s I .«-m Aln nan.. 
27Sft : JlinneMiuiliattiui 
371 b jwliennau Bk.6Y| 
20te [JliMitrRh Pon.i j 
I .'lieuie Sv-tein..j 
L'iil+iina Brl>4>e...l 
I ..UromHiuvy, 

jJllrV-'er „.[ 

w'loenuui „{ 

bill.-. UiiK'-ncm...' 

iJIlicorjK.. 

Jlriei iiervic-e.... 
ICiiy Invent, Inn... 

Cwe Coin. ..... 

Jotfit Pklm ...., 

uulln? Aiknnui.. 


29te 
42 
14'; 
105+ 
1 J 4 
181+ 
191* 
4552 
llAg 
351+ 
198ft 
10 12 


63 Ift 
317ft 

16ift 

lli+ 

261* 

tis* 

17Sft 

Site 

491* 

387 G 
157ft 
22 
33 ift 
311ft 
40 
24 la 
3U5 4 

51 

193+ 

128+ 

J 3 * 

25r 3 
2278 
501+ 
141* 
40 Ss 
205* 

ll7g 


-288+ ] 
167ft 
lSio 
367 fl 
20); 
28 7 a 

31* ! 
41 1 8 I 
10te ' 
507 a 
25 
25i» 
35 
44te 
331. 
337g 
29 
16 
277a 
48 


275a 
13i+ 
147ft 
31i+ 
13 >4 
26 Tb 
21a 
291+ 
81* 
31U 
raia 
226a 
23 1* 
341a 
221 + 
29<< 
25J+ 
I4te 
233ft 


Columbia Gas..., 
vkrfiimhia PI.;.., 
Cum. I Au.| 

Comlnmtina Lu--, 
jOwnibiMVloD bq... 
U'nj’n'th Killwouj 
Jom'w'tbOli lie 
Jomm. date* i lie, 

JomnuierS -km r{ 

Cumiu Lire Ina.~| 

•Jufir«t 

Con. fckii+uo Sl.l 

Jiinsi.ii Fur, is I 

Jon -an. Net. j 
J-onw/mef Powt-i 
JOntlnemai Grp, 
Jc'iitluenui ui i_' 
UnnMainiie! Tale 
Contrui Dele 


40+i jCuufier Ludus ! 


281b 
16sg 
18te 
361* 
161+ 
273+. 
21; 
41 ift 
1U>« 
31U 
21*9 

82Tg 

237s 

38i* 

233b 

51 

265ft 

153+ 

273ft 

4?te 


1978 

Htgb ; Lotr 


SStO'.-fc 


514+ 

46te 

286ft 

271* 

353+ 

38 

211ft 


45 1 b iL-KuinnGteo. | 

421+ 'CHClDB'atioaft 1 

24»* .Crane 

221ft iCiw-Ler.Xftl .J 

29*0 ,Cio*-nl£eiiertisj4i 
33lft ; Juinnnn- Bn/niH- 
167ft iJurt-Wn^bt 


V 


90 
441g 
281+ 
271* 
32 1* 
366 3 
19 SB 


244, 

397« 

275ft 

25Ss 

10 

197ft 

164+ 

287 a 

lH7ft 

456ft 

394^ 

42 

26te 

33 

43Tb 

1165ft 

17te 

19te 

87+ 

501* 

363+ 

237a 

16lft 

30 
341* 
4 in 
35lg 
3te 
27 - 
29ift 
21 
474ft 
32 
39 1* 
16 
28Sft 
817a 
237ft 
327ft 
361* 


193+ LMma 

34 Ittin Imiuiinea 
23 Deere 

224+ .De. Munte. 

5ig 1 Dei lon« 

161+ Deniaply Inter.. 
16 Detmlt Kdison...| 
23 .iDtamnorlblMairk 

llte ;Dicupboae 

385ft 'Dii^ia- Equip 

3lte lUisney (Walt) — 
j Dover Corfu 


38 


25 

36ift 

97*+ 

12ls 

161* 

6 

411+ 

33 


LH«* Chemic*.i_.. 
Dravo. 

U 


164+ 
14fift 
-256 b 
295a 
37 lg 
281+ 
84+ 
226a 
25i S 
18 
43lg 

23 
34 
13 

24 
16 
185* 
,291ft 
3Q&0 


Du Pom 

Dymulnduatiw 
Ibame Pujwn^...., 

i0Mt ArTlinea. 1 

Uafllman Eotai... 

Kntou 

K- (i. a .. 

6- IW Net. Ga»j 

Eitrn ! 

Emerson bln-tru- 

Mmm'AIrKi'tebt 
Enihart ...... 

b.M.1™. 


Eiuie-banl^ 

E»mark._ j 

Eibvl 


Peir.-blatCaaiea 
Pei. Depcdtutebl 
Plmtoae Tire.- 
'BU Net. Boston 
P«xi Yan, 


PlinLfiote 

Plornia Poiw. 
/luor 


244 4 

397a 

273a 

25U 

97 a 

19U 

16*s 

26 

147ft 

404+ 

354+ 

41 

241ft 

284+ 

381ft 

11U 

171ft 

»*s 

81+ 

45te 

364+ 

237ft 

ISte 

297ft 

341+ 

421ft 

331* 

„ 1!5 » 

S4i* 

264a 

191+ 

463+ 

32 

371ft 

14te 
28*0 
217ft 
9+3 Tft 
291* 
541* 


1978 

High Ik) iv 


225s 
48te 
19 lg 
357 b 
8i+ 
211 + 
264+ 
103+ 


201* 
40 ft* 
17 
27te 

7*8 

181b 

241+ 

0te 


(P.il.C. 


Foal Motor 1 

[Foreman Mok. 

Poktvm. 

r'rankila Minu... 
Prwuort Miner* 

Pruebaul 

fPiqua ladt... 


1150 

40 

104* 

253+ 

15*6 

BOte 

484+ 

313ft 

301* 

641* 

SOift 

28 

304+ 

251* 

Sift 

27T0 

172 


10 i+ 

8. 8 

22+, 

111* 

37*, 

441; 

26te 

2&S+ 

5710 

191; 

24 

28te 

2Z5g 

37ft 

234+ 

160 


G_X>. 

Uairaeti. 


Con. Amer. Inr...| 
G.A_1_A ... 

Geu. Cahie j 

Ueu. Ujnamloi... 
Gun. bieetncs—... 
IGenerai tuixla^.. 

Genera- Ulba 

[General Alo+ora— 

Geo. Puli. CUi 

Gen. digirn) 

lienl Tel. Elect. 

Ueu. lyte„ 

licueaco 

Georgia (Wfc — I 
Getty UIi_ 


273+ 

21 

176* 

29 

27 

91s 

315ft 

131+ 

26ift 

635e 

6350 

384+ 

17U 

47** 

374+ 

271* 


23lg 
19 
15 1* 
247 fl 
23 t b 
7is 

235ft 

121 * 

11 

24*a 

547* 

321ft 

145ft 

394+ 

34 

24 


{Gillette . 


Goodrk-b F J’__ 

inalyrarTlit. 

Guukl 

Jra.«Wja_ ... 
Ui. Auxn Psel’e* 
JtvAonb lrt«„. 
Jreyhwmd n ^~. 
Utilf a. W’eerern. 

!Umr Ui.. 

tl+iUauioa 

daaiu Mini nil f 

Hmnnittbtflger. 
dimi Uotnr^. 
deuce KJ. 


denbluui _..../ 


721* 
16tg 
391c 
477j 
IS 
294 
2670 
12iB 
143+ 
243+ 
40fg 
68 
383* 
14 ‘ 


6l7j [Hewlett Hu-lran.l 
14>+ .Hnllilay Inn*.. — | 
iHomeuteke.. 

d.meyweli„__.| 

Hoover 


31 

431, 

111 ; 


23 tg 
101s 

103* 

203, 

341, 

607g 

337 a 

123, 


HuepOoniAmerJ 
tkniKonfiat.l 


Ua.1 

liunKPii-AlCbmj 
Uuttoa (fLF.). 
I.C. Iadnetriea~.| 
INA. 


InKenM Uanri„. 
Inland Steel— 
IomU -o 


8?* 

8703* 

22is 

29Gs 

401* 

22*8 

17*e 

431+ 

893+ 

11*0 

31*8 

Ite 

387ft 

113+ 

3058 


BOte luU. Ptevoura.—. 
261; mu. Uarveaier... 
luULMInfcCbem 

luU. Multiirvxl,.. 

I 'ICO 

Inti. 


373* 

20te 

13l« 

355ft 

281* 

63+ 

27 

1 

271b 

11 

271a 


jni KtesiHer I 

int Tel. t Tel,... | 
Invents 


loro Beet 

fU International. 
Jim Wetter 


313, 
76i+ 
29 3ft 
34 
263, 
313s 
5 

27te 

115+ 

28 

48 

307ft 

437ft 

3318 

45ift 

315s 

301* 

28 


281+ 

66 

243+ 

293+ 

231ft 

28 

„ 1S « 

2H+ 

5 J + 

19te 

401s 

87*fl 

384+ 

19*a 

42 

2Blg 

211 * 

265+ 


Stock 


|John» Uanville..! 
•Jobnuon Jobiuan 
Jobnnxi Cootan. | 
| J oyManutictur'ir 
b Jim Uonj.^...i 
KaWrAiummt’m 
Halaei Inilurtrie. 
bal-ei Steei ...... 

Kav. 

ttennemti 1 

«verr UlOm. j 

<+m>ie Wa-ter I 

Kimben.v U/arfc.J 

Kiatt | 

•vioaer Co — 

Uvi *inui»_._ 

UbbvOw. Food ...I 


V 


am 

68 

285ft 

34 

261+ 

3d 

- 13 « 

217ft 

111 + 

ESI* 

475ft 

3U7g 

43lft 

23la 

44 te 

31te 

30 

28 


321* 

425a 

17te 

211 | 

197 8 

191+ 

227ft 

381+ 

141+ 

6t b 

117ft 

391+ 

33*8 

38 

481* 

156ft 

281* 


261 * 

36.7 8 

141+ 

13 

17la 

184+ 

201 + 

333+ 

13 

5te 

25+ 

3B*ft 

291ft 

31 

40 

113+ 

191ft 


Liggett Uronp.... 

Liny (Hb)_ 

Litton Indn-7. 

Lockheed Aircr'tr 
Lunecitar Ind _..| 


Loan l-uunl Ltd J 
lout"l&0« 


Land, 

Lubiio, 

Lucky aim» 

L'ker YuTur+Vn 

MacMillan 

Macy tt. a 

Mir- Hitonver, 

Mapoo 

MaraUmu CMi. 
ILuine Midland. 
Uarahan Field... 


32l+ 

426ft 

17 

211ft 
181* 
19 (ft 
22*0 
48M 
14lft 
61+ 
117ft 
39 lg 
33 
341+ 
44 
15*6 
236fl 


267ft 
44 
28 
281* 
20(* 
381* 
664+ 
171+ 
387ft 
551+ 
47 i* 
631ft 
664+ 
47 *b 
39te 
36lft 
60 
305ft 
164+ 


20 7g 

524ft 

214, 

224+ 

16*e 
26 
484ft 
1358 
52te 
254 
4&1+ 
68Sft 
446ft 
395ft 
347ft 
33 
464 
23 30 
14 


U*.i Dept, 'tore* 
MCA 


McDermott........ | 

McDonuen Uaun 

McGrow Bill 

Mcmorex 

Merck 

Mem II Lyneh_,. 
Mem Petroleum. 
MGU... 


dnmUioc&MuiJ 
Mobil Corpu_.__ 
Mon vantn 
Morgan J. P™ 

Motorola..... ! 

Murphy Oi 

NablKn 

■Valeo Cbeinleal.. 
National Can i 


235s 

44 

28 

281* 

201 * 

484 

63*b 

174 

36*8 

347ft 

46S+ 

627ft 

49«a 

467ft 

384 

341* 

481ft 

305ft 

167ft 


22fis 

154 

334 

584 

454 

194a 

234 

35*e 

154+ 

11 

177 8 

274 

41 
28 is 
256ft 

244 

20 

231* 

484 

191ft 

16*4 


201 * 

124 

294 

334+ 

374 

15 

214ft 

54 

143ft 

94ft 

164+ 

26*0 

344 

244 

204 

214 

164 

20 

371+ 

18 

1378 


-V«. Di»ciiiere._ 
Nat. derviue InO 
[National ileal™ 

Xatomaa 

MCH 

[iVeptune Imu... 

New lin+aiid Hi 


New- Entail! i Tel, 


Nlaua+m Mohawk 
Nuucara Share „ 
N. L liuliuzxw* 
Nonotkd 1 Waat era 
North Nu.dn... 
Nibn austea Pwr 
Nthweat Airline* 
Nthweai Ban.-or) 
lurtuB Simon ... 
Dvkionia Petrol 

Onilvy Mai Her _ 
Ohio Kdteou...._ 
DUn 


22fia 

la 

314 

347ft 

47*e 

187ft 

22 

341ft 

147ft 

97 8 

177, 

264 

376a 

241* 

25 

244 

20 

224 

484 

181ft 

154 


245+ 

64>* 

23*s 

34*a 

211ft 

2140 

57ft 

24 

2270 

234 

377ft 

304+ 

81* 

36>+ 

284 


204 

544 

196s 

23te 

19*0 

204 

4 

2050 

20 

2130 

334 

27 

7 

32Sg 

245s 


e varaeas Ship™ 
weuaCotuiua... 
[Owens Illinois... 

Pam Ac vhu 

Pacific L4(bi)rmJ 
Pau-Pwr.A L»._ 
l"an Am Wortd A(r| 
Parker Hannifin. 

Peabody Int 

Pen J'w.A Lt 

P«lB(J 1 (i 11 . 1 .. 1 

I'ClllUnil 

Peoples Drue...... 

PeofAaUas. ... 

Pfiprico — : 


234 

60 

20te 

24 

20 

214 

D7ft 

24 

231s 

21>a 

38*e 
294 
W 8 
364 
284 


194 

39*b 

28 

23te 

19&b 

62te 

30*4 

394 

214 

244 

184 


174 

324 

255g 

17*0 

184 

56 
27 lg 
534 
18 *b 

204 

16*0 


Perkin Llrnei 
Pet 


Pfizer 


P helps Dodge — { 
Philadelphia Bie. 

Philip Morris 

Philips PpcrO'*ni| 

Plubury 

Pitney Bowes — 

Plttslon 

Pteiwy Ud ADH 


18*e 

3450 

28 

23*e 

18*0 

62«a 

30te 

351+ 

214 

2ite 

174 





Potomac tUw. 
PPG lialusmes.. 
Pro-ter Gamble.. 
Poiiaem Klee*- 
Pullman 
fults—. 


1978 



...Stock 


April 

U 


Hevlim ... 

Reynolds Metals. 
" i.vmolds K. J~.~ 
Hidi’ann MerreJI. 
Ktvkwell Inter... 
Uuhui A Baas.... 


424 

30 

084 

23te 

32*e 

344 


tloyal Lhilcfa.__J 597a 

KTE 147ft 

Uus, Lu^v j 

Ityler a\-stem....i 
'SaTewaj- Stares^. 

St. Joe Mluerali. 

2568 pL Ke^is Paper...! 

334 ^anu Pe lnd*.....| 

3*+ Saul Irii-ptf i 

44 *a-soD loiis_......l 

10 Schlitr Brewing..; 


12*o 

17l a 

424 

267a 

264 

354 

7 

64 

1160 


pteblumbergisr ^ 68*0 


154 »CM 1 

124 Scott Papec — ^ 
194 Scovil Mrg„.. 
64 |SciJ*lr' Duot Ye 


17*e 
13 7 B 
22*a 
7te 


197b J8ea (.■■ooiaroma.—i 


SeaKraru .... 

115a SearieiGJ).) 

224 Sear? K«,iet)uck — 

294 JSKDCU 

284 (Shell Oil 

37 Sliel<Tniai<port_| 

28 [Sigiuu 

507ft [Stgunde Corp' 

104 [Simplicity Pat—.l 
18 


g inger 

mithKllae — ■! 


14 iSc'kitron 

IB [Southdown 

25 [Southern UaL Hd 
164 jS-'uthcrn Co_^.- 

a8te St/in. Nat. Iter 

3 1 Southern Pacific. 
444 ISuiubcmltaUway 1 


27*+. 
254 
134 
244 
33 4 

317 8 

38*4 

37*+ 

364 

124 

21 

609* 

ate 

274 

254 

167 8 

324 

314 

467ft 


224 [South tend.. 

23*4 S'w't BmubareaJ 
154 [Sperry Hutch.-. 

527ft [Sperry f te ad 

Site Stiutb 

224 Stamlard MraixteJ 
245s Std.aiiCaiitomfaJ 
44 kird. Oil Indiana-! 
58*g Std. Oil Ohta.. 
544 StanlT Cliamkai.J 

127ft Sterling Drug I 

437ft ISludebaber. _ 

33*0 Sun ('■■, 

315s |SiiUii-+rand_— 

184 ISyute:. ■— 1 

S,'-S Twhmcolor— 
32te iTekinjnU — 
671+ rTeie<i> ne — 

2*4 Teles 

284 Teaeu>>...— 


254 

254 

18 

37*ft 

234 

Bate 

40 

494 

624 

■406a 

L4*ft 

54 

414 

a97ft 

255* 
103ft 
37 4e 
794 
44 
314 


Tewiro Petroleum 
Teaact . 
TeuutguiT.— — — 
J’exnH Insun.... 
Tesaa OU A Gaa- 
Tiraaa OtlUtiea — 

Time Inu — — 

Times Miixor—-, 

Timken 

Trane.——— 

Tninsmerka..-- 

Traiucu 

Trans Union— 
Tran-nay Dnr’n] 
Trana World Air 
Travel tera—.-J 
Trl Continental J 


-94 

264 

lb*e 

704 

3 17ft 

204 

414 

274 

487ft 

304 

144 

IB 7g 

351+ 

23*8 

17 

331+ 

194 


271+ [T_K.1V : 

204 at+hCwitdiy Vo* 

19 te U-A.L. 

18*4 CAIIGO - 

20m WIJ — 

141, -IJ.O.P.. 


36 4 ICuliever— — J 

52*4 [Unilever NV —1 
124 L'uiuu Bancorp—] 
37&g | Union Carbide— 
64 1 11 n ion (Axumercd 
456 b jLnion Oil Calif J 
Union Pacific — | 


41 


36*+ 

27*+ 

24 

237ft 

21 

204 

aste 

664 

14*b 

40 

64 

474 

464 


74 

67ft 

257ft 

214 

216ft 

28l a 

324 

184 

18Sft 

164 

294 


L'nlro; 

Unit, 


e^Biaiids— 1 


US Bancorp. -I 

US Gypsum— 

US/joe.— .. 

US Steel— — > ri 
U- Teciuioloflea- 
UV Inluatriea— 
V’lreinia Hhet., 
"’alareeq.,.- — . 

_ Warner- Commit. 
26 Jb 'VVantgr-Iambert. 
17ig UVunte-Mao'meni 
24(+ ■Wtjiis.Farjjo..— .1 
29*g li'iutem Hancorte 
80*4 |W'«iera N.Ani 


men 

1S J + jM'eMeni Union... I 

HeciJ 


11*+ /Weetlngfaae Bleci, 


T5a 

7 sb 

30te 

244 

26 

265a 

384 

207a 

1370 

20*0 

381ft 

284 

231+ 

274 

554 

224 

164 

194 



pi wvaro 

["’c.verhaeueer — .1 
Whirl pool 
Whit* Om. Ind-. j 

William Co- 174 

Wlaeaiutn Ktetc-I 274 


24*, 

8458 

23*8 

21i+ 


Hljrh 


1878 


19 

65ft 

479, 

194 

15te 

945+ 

825a 

6.67“ 


Low 


17*8 

*4 

41 

154 

11*8 

S5vi 

Bite 


Stock 


VYuuiwortn. 
Wyty. 


Xerox.. 


da+ntii— — | 
Aenitb Kadio— ... 

UjS.TrwwHi**! 


T 


94J 


6.13£[UJS.90 Day bUh>.| 


CANADA 


125ft 

6te 

294 

185a 

40 

20 

20 

7*0 

55te 

27*0 


101+ 

4.75 

244 

144 

344 

174 

164 

6 

52 

204 


Abitibi Paper 12 m 

AgnicoSa+r-e. > 4.75 

AicanA'uminiiiro. 

A uoma aiee 

Asbeatob— . , 


dank iX lion tree 
dank Mora cutn 
Janie Kwoorcer. 
de'i Tetepfacoe— 
dow Vaiiey Ind 


39*+ 

194 


6 

944 

26 


17Ee 

164 

5.0 

37te 

171+ 

101+ 

145+ 

28 

204 

19 

IBS, 

61 

4.35 

94 


144 

144 

2.06 

34 

13 

Bte 

97ft 

224 

IB 

164 

154 

61 

3.09 

8*8 


UP Canada-. 
Sra+van ...._ 
Snui-o— — , 


vte.^an Power. ..| 
Mine — 
-Jaiin.nl Cenieni. 
Jai mite hWUui 
vau ImpunkUoin 
Jana. in Iraluai — 
Jan. Paritl —| 
1. IVdl Inv 
j Jan. Sopei UI 
Jaroiiii U'Keeie- 
Jaraiar A>best»j 


154 

161+ 

t3.2o 

364 

lolg 

97 S 

124 

874 

IBSs 

17te 

184 

60 

4.15 

BBS 


» . 



m 

in 

m 


AhoU(YI^U) 

. 1l6J 

H+l 

■21 

3.4 


26.i 

l+U-3 

_ 



AiRem Bnk(F'.lLH 

A 112V (FI JO) — 

354.S 

82jfl 


A23i 

As44 

6.6 

5.3 


76.2xd +0.6 

23.1 

6.1. 


o2.4 

23 

oJ 

»l «MWe«'in(»J( 

113 

+OJ 

7U 

bj 


66 

-0.7 

fib 

7.6 


281 

— OJ! 

27-b 

2.U 


1(48.5 



32.fi 

4.3 


63 

+ 1 

J4.fi 

OS 


35.7,— 0.6 

22 

b.l 

Dmnefcen (P>_2tj). 

B8.4j+0.9 

14 

4.6 

rioouo vein- (Fi^Cr 

JO. 8+jJJ 

IDJfc 


Hunter D^Fi.lCKJ 


+ 1.8 

Id 

□.0 

h.-Uil- (KiJ0CJ)„ 

130.8 

+0.9 


— 

IntMuilerdkO) 

Xaarden (F . JU)._ 

-i2.6 

+ 0.9 

18 

8.6 

37.1 

— OJ5 

111 

2.6 

3luN»i InMFi.W 

10BJ 

+ 0.4 

46J 

4.ls 

a&i GredUkCFl-H/ 

:5.i 

+ 0.5 

21 

7.6 

AeJ UMiUkdlJA 1 

192 

+ 1.B 

22 

5.7 

U.-o (FU4J) 

149 J2 

-0.3 

36 

4.8 

Vim Dnunmen— 

129 

-1 

18 

6.9 

rtkboeJ iFiJJ)— 

08 

+ 0.5 

— 

— 

Chili pa (Fi.lO) 

2o.4 


17 

6.7 

itxo3.-hVenF.Ju 

75 

+ 4.5 

— 

— 

ItoljecuiKUU) 

lo8.3 

+ 1.8 

A 2A6 

7.9 

UullUCn(Fl.oCl) 

120 

+ 1.6 

— 

— 

iu«eouj iFijO).... 

141.5 


14 

5.3 

rfuvaiDutchi'F'JL 

1148.4 

+ 2.4 

J3./5 

8.4 

vi*emw,' 

251 +0.7 

19 

7.6 

fievin Urp(F..4i] 

1»6.5 

-1.8 

97* 

4.. 

liwyo hicJliiltJfr 

109.5 

+0.5 

30 

J.6 

onUcroi {F-^a 0)_. 

118.0 

+ 0.6 

(-2.fi 

7.1 

ViklnuKaa.lnr()>l 

3V.3 

+ 0J8 

40 

L.2 

*V osUan'riu. Hajin 

424J5 

+ 1.6 

33 

3.8 


219+ 

294 

864 

174 

84 

10*4 

84 

68tg 

784 

68l a 

254 

17 

14 

21 

81 


184 

231+ 

2X4 

154 

64 

74 

67 fl 

B2 

704 

531+ 

215ft 

14*8 

12. 

16*8 

694 


JhleTMln.— .. 

Jomlnco ... 

Jons Uatbum— 
Jonaumei tine.... 
Joaefca Uesouroer 
Janata Kicb— | 

Dacm Devlmt 

Denison Miues— 

Dome AUneo. 

Dome I’etroeum 
Dominion Urlilet 

iln mhu , 

Dupont— 

Faiccn'cre Nickel, 
ord Motor Jan.J 


204 

26*+ 

263+ 

171+ 

6lft 

103+ 

J 1 * 

684 

76 

684 

254 

17 

133, 

204 

74 


274 

14 

52 

660 

32 

47*8 

17 

194 

47t b 

169* 

314 

214 

19 


2&te 

103a 

26 

5 

29 

37 

15te 

164 

414 

17 

27*+ 

184 

154 


AJenstnr.. 

'(item Yei.wknireJ 
[Ihitl On Uanada. 
Hawker siri.VXn. 
Uo^ •inper-.— .._ 
Home Oi> 'A'...... 

Uudsoo Day Uiu- 
Hudson Hay—.. 
Uurhon Oil A Us. 
I.A.J 


linoco . 
liupertei 
(000 


On 


264 

117ft 

29 »» 

04 

32 

43*« 

le4 

187ft 

44te 

174 

30 
20 
18 4 


114 

117ft 

14*e 

154 

84 

4.10 

194 

16*8 

26te 

34l S 

26>* 

1870 

294 

B84 

6*g 

2.14 


84 

9*0 

134 

13 
67ft 

3-26 

15*+ 

97a 

204 

28S 4 

214 

15 

15*b 

14 
4.70 
1.76 


inrta . 


•uiaod NiU Gab. 
lus'pr'yPlpeUut 
aaiser Hnouroes 
Lrturm'i PlnUrarp 
Uibiavr Com. "b. 
Mu’diiu'd Hioed J 
UaHsegr YerytJWur, 

McIntyre 

Moore Uorpn-., 
Nuranda Alines— 
Nuroen Knergy— ( 
Mba.Tertcom 
■luDUc Uli X um[ 
Jih wood Poir'm.i 
PacmctJoppei U. 


107ft 

lu*t 

144 
14*8 
77 B 
3.95 
194 
1+4 
224 
34 
25 Tg 

166ft 

294 

26*+ 

54 

1.62 


434 

374 

17. 

4.70 

1.11 

23 

125+ 

141+ 

1.55 

33lg 

10 

31 

29*+ 

18 


35*4 

311* 

144 

2.80 

0.80 

194 

97« 

104 

1.15 

254 

84 

243+ 

254 

16 


Par-tficPeCroeum 
Pan. Can Pet’m 
Patino.——.. 

6J 


People- Dept. S- 
PiareCa 1 Oi...i 
Piacerbevouf+nt 
Power-Car pom t> 

p'i e - — ... 

Quebec suinena 

danger OI - I 

Keari Straw 
dre Arnom,— 
UuyaiBk. 01 Can.] 
Hovn lrust 


39te 

s6te 

1164 

4.00 

0.92 

22 

124 

144 

1.22 

31 

BSfl 

307ft 

296ft 

IB 


104 
264 
173+ 
5.25 
36 
5.37 
24( & 
2. 7U 
43*+ 
184 
151+ 
104 
tl2 

71+ 

334 

3470 

184 

tBld. 


7*b 

224 

i45g 

4.30 

226ft 

4.40 

22*a 

2.S0 

34 

165ft 

13*+ 

8*+ 

10 

10 

7 

S8te 

314 

154 


>-evareH'«omr-e» 

eeynutiM 

’hob Canada...—, 
)herrinU.Mlne- 
Siebetu U. U. 
rimpeon?— ... 
itee- or UannHa-l 
?twp Mb* 
i«uco Uan-IH— 
Omnia Dom.Dk 
inuwOin PipeLo. 
1'rana Airamt Ui s| 
l'rfae 


Unton Gas— 
UtdJdiacoe Mines] 
IWker Hiram.— | 
Wort Unesi Tr* 

Wenrm- 


ate 

264 

16*a 

4.9U 

27S(| 

D.37 

244 

M.4a 

414 

lbift 

14i s 

9S, 

tia 

1U4 

t?«H 

33*0 

347 B 

16 


Securities Band |U.S.Q.76 : v 
(Discount of 33J%) . ,.v . 


AMSTERDAM 


ite.-*HL A U»man— . 
H.U. -jlergh— _ 
x+Kiilso ' VHiin*.— — . 
S pathos- Bxplnrarioo— , 
■uteU.ISIl— . 
W+IIOBll.^U, 


Westero-.Hiping (hOeeniw) 

Woolworths^i— 


1151 
■ tL33 
,11.07,- 
11J91 
1222 
tl.45 
tL96 
-10.60. 
12.06 
10JB6 
tl-15 
tl.ll 

10.30 

10.16 

-11-93. 

11.68 

12L26 

10-85 

tl.17- 

■11.69- 

10.08 

10.18 

tl.67’ 

12.70 

JO-70 

10.19 

}0.1B 

tl.70- 

10.88 

tuw 

11.64 


g .oz 

.01 

JK 

.03 

!+a.C4 


*0.05 

+Q.Q1 


WL08 

fO.OI 

ro.ot 

(0A3 


r-OJB 


MUJ1 


PARIS 


April 14 


Kente-rA- 


AiriqneO *ta’t' v! 
Air CJ+tnide 

AquUaroe .J 

DIC. 


Jo«iyi<tiP«. 

1 

Uarraour — , 


UX Akate'. — 
Die tSamiure— 
ClobUialftei— . 

Jre-ln Uim tV » 

Creoant Lnlre., 

Du mar 


rt. PoUnles 

Lien. Uoriilent**! 


Price 

Fra. 


.707 

382.5 

291 

403 

460 

631 


+OJ& 

^4* 


422^-ia 


1.660 

368 

1,136 


+« 


r~lS 
+.5.1 
+ 8-- 


333 
440.0 


184^ 


73.S-+0J 


715 

.119 

186.61 


+ 6 


.7 


1-*. 


Gp[>dn*t-’- n 


s v-: 


, -44 06 

, jisj.-s;? tfs*- 

+ 3 J«X5 A6 - L -' i ' ■ 
+3L75 22 * 

■47- fcB ■& V . 

«W &a 

75- 4£ 

2M T^T 

: 

HXS 2 1’ •' ; 
12 )9.6 . SS- 


*r v » 


/acyue* Horel J 

Latarge- 

L’Oroai 


USjjran.i 

M+uoa Phenis.., 

Micheua “a 1 

Mom Hannecsv..- 
Moulinex 


'Varioas— 

Pocbtnp 
Peniod- 

P«4coMJtR»n..| 
Poculn 


fJMH 

+0J) 


Mai 


ff-O.QT 

1+0-01 


4992 

40.01 


Apnl 14 


tnafilGtan. J 


Jbtnop ■. 

' Du Nippon 
Fuji Photo.. 
H leach) 


Print 


Hoods Botorv— 

House rood,.,', 

itoh 



f Prices 
Yea 


332 

617 

668 

363 

o50 

597 

Dn8 

590 

1,240 

829 

1,340 


+ or 


+ 12 
-1 Z 
-18 
+8 
+ 80 
+8 
+ 16 
+ 20 
+ 12 


— 1 
—10 
10 
+13 


DtV 

% 


14 

12 

J6S 

-80 

L8 

IS- 

IS 

18 

56 

12 

5U 

13 


YkJ. 

% 


2.1 
U 
2 JB 
2.7 
1.6 
1.3 
.2.5 
•1.6 


(C*dio Technique J 
dotpnte— ...— 
dhoiie Pomen- 

iu_ Gohaln 

oU- Mos'Urno* 
suet 
(eemeaniquc— 

rikuu Uramn.1 

6 inn ,, 


60 

104 

164.91 

618- 

1.723 

1.05a 

1,376 

434 

179.51 

17613 

82.6 

266 

37SL5I 

213 

438 

685 

rail 

141 
1.6601 
- 271 
795 
191 
21.5! 


,7^)11.-. 

,14.18118' 't'*- 1 

fc£?iwi£^ e,= ’ r '’ 



pJB 2.7 ZZC- ■■ 

SiSfipi . - 

3XM 84 SI' - • 


+0^ 
+ 13, 
h+38- 
—15 
r-S- 
1—10 
+0.5 
+0.5 


-0:i 

+4,6^ 

M * 
+2 
+2- 
-0.9 
1—2.6 


! -l 
+ 15 
+ 0^ 


1M 29 


i ss:: 


3.-1L LT.- -- 
19J8IU «3’ - 
7'Ai ,9B .y. 7-- - 
7^’M ** 

a: : r-- • 


■“ r-T.- £ ■ 7 - 


27‘| *3- ^ f " 

9 -!l23 Vvs-t • - i- 
143510.1 . ... . 

3B2J:<!: ■ 

25 A M V: • ' 

2UU — 


a 1 AO-B • 

■ gj-— ! — j’-:--- 


VIENNA 


April 14 


urtalibuiiuiU-.. 
Penmuieai— 
-teHWta — — - 

Sempewi— 

•jteyr Dnitmei 

Vrt* Meaneeit—. 


frujo 

4. 


360 

263 

682 

-93- 

181 

243 


+2 


Div 

% 


■fs 

4» 






H- 

iA: 

23 


.QT-vr- 
tri - 


BRAZIL 


Apr. 14 


3kt: 


Ai.hwu i 

Banco do BncdL .J 

« ll> MlUuirn UP 

Lujas Amer. OH.J 
r'etrobru PP_ J 

nrettrUP—.. 

rOuzaCrur UP.;. 

Uni|iA*h 

Vale Uio UuccPi 


A _ . - 1 



X 1 Apnl 13 ! 

Kronor I 



huibota 
| h.y oto-Cenunic - 
| Matsushita In- 1 
1 MiteubwhlMank. 
M itHitHshtHeav) 
MIUuMahi CoCp- 

Mitsui it Co.- 

Hitaukunlri , 
ktppriu Denso — | 
XippinttbinpadJ 

.viessnMiofQirs.-4 
' Pioneer: 


COPENHAGEN * 


snuyrr K/cctric — 
MfeiKU Prefab 
Mnsetdo— — . 
WIY-..1— ■ 
UjWw aUrtne™.. 
takola Chemical 
LDK- 


April 14 


Amlets&aukexi— . 
otinn'str W. am- 
Uaoake Uutk— 
East Asiatl.-Co— 

I tmn ■Ionium ... 

Por.Byfflpenw.-i 
Par. Pspir..-. 
Handeisbank 
J.NWnH.llirtO)] 
-vonl (Cabal—— .. 
Dliebibrlk 


Pri vattMob— ._ 
rovlubanb—.. 
wpb. uerendsen. 
nperfn 


Price 

Krone) 


1461+j 
440 
126 te' 
2114+4 
131ig 
340 
80 

1281+nI 
258 
2o5 
794, 
133 , 
1391+ m! 
a74 ‘ 
161 


h-1 


+ or 


-1 

-2lft 


-1 


Div. 

* 


7.5 
3.3 

9.6 
S.o 
9-8 
a.o 
1U.0 

8.6 
4^ 
4.7 


LatAD'. 

Fnlrin Mar in* — 
(OkioJfleotBow'rl 
lo+ywaanyo 
(okyo tjUbMua— | 
toray 


toynta Motnr , 


287 
!3,84J 
746 
878 
140 
402 
355 
660 
1.280 
701 
804. 
1.740 
247 
t4Z 
1.150 . 
1.800 


246 

o95 

2,030 

T17- 

530 

1,110 

330 

IBS 

120 

920 


+60 
+ 15 


+4 

1. 

+ 18 
+ 1 
+ 10 
+4 
+ 6 
+ 20 
+7 
—3 
+20 
+ 50 
+ 2 
10 
[-40 
+ 1 ' 
+ 15 
-50 


+ 6 


+20 


2.1 

0. 

ij; 


1.1 

4JI 


1.4 

2D 


1.8 

u. 


0.8 

Id 


>1A 

x.4 

1.8 

DJI 

XX 

з. 1c 

1.9 

и. 7 
4.3 
1.0 
3.G 
1.8 

3.2 

4.2 

£1 


Spares' mkfco Secarmcs. Tokyo 


SWITZERLAND 


8.1 

8.0 

3.k 

6.6 


STOCKHOLM 


April 14 


\UA Ai- ilki-al)-] 

is Lava u(Km 

V?UA (Kr.aO) 

(tea Cop o(Kri+| 

dlllerikl 

ckitora : 


(Jar 


Jeiiulom | 

Aia+'iux 'h'(K9t 
ortceaon ■H'UCrtH., 
cjuate “B"_. 
aeervta 


renew (hwa. 
H+jGhteMMaken 
Mmabon 

kulhta Uomstn.4 

Anilvlk AJ) 

K.F. 'H 1 Krs— 
un<l limUlMa— 
r+ihutik -B'Km' 
(J idebolm 


mw> iKi. W) — | 


Price 

Kmoe 


+ 1 


187 
167 
84.5x1 +0.5 
116 


+ or 


^1 


89 

125 
195xc] 
236 
140 
132 
230 
110 

52^ 

306 nl 

126 

70.5 
227 

73.5 
145n 
•82.6 

62 

83.0 


+8 


+0.5 


+0.5 

1-1 


+ 1 
+ L0 


+ 1-5 


D)v. 

Ki.~ 


5.5 

6 

B 

6 

4 
v4 
\0 
10 

6.3 

5 


16 

8 

6.6 

5.75] 

4.5 

8 

5 


2.9 

3.1 

5.9 

5.2 

4.4 

3.2 
5.1 

4.3 
4.8 

4.5 


3.5 

3.6 


8.2 

6.1 

9.3 

2.5 

6.1 

5.6 

6.2 


'■AprllH 

trice 

Fra. 

+--9L 

Ulv 

i 

% 


1.225 

+5 

. 6 

2.6 


1,610' 


ID 

4,u 

■.Ifa*(ieigy(Pr^OU 

l.lbO 


22 

U9 

Out Fl Uert-._ 

CfiO 

+10 

22 

2Jj 




■22 

AA 


2,Z96si 

—90 

16 

5.0 

finet+oweti _ 

lfC39 ■ 

-20 

. ID 

4.0 

FlmbM rttacsRd., 

c80 

+ LO 

a. 

:Sj7 

DoflBMO.FttWt . 

79.;00 

— .... 

56U 

J.7 


7J26- 


56 

J.7 


4,850- 

+75 

2U 

9X 

J otmoll (Pr J00)— 

|,i 60*1 

+ 10 

21 

IA 

NediefPr.IOCS- 

3,210 

—15 

Ufi.8 

2.7" 

A3 10 


+85.'- 

3.7 

: lurilkoa lH(Fjkx- 

2.160 

<16 

17.0 

l*lrdihfiiF(r.lt>.n 

280 


lb 



3.550 

+ lb 

-26 



+60 

—a. 

26 




•• . 

12 

4*- 

?uaer Ote (PJOO) 

451 

+1 

14 

4.0 


817 


lu 

9*0 

sveba UaokCF.VJt 

. 367« 

+i- 

10 

2.8 


4.60O 


40 r 

2-Z- 

Ulrica- Hmlr, 


+26 

.20, 

SA. 

4i/rW) HWniM.ii. 

10.600 

+60. 

40 

r.7 


7.3 


MILAN 


BRUSSELS/LUXEMBOURG 


Apm 14 


Art»d, 


J«l> Utx Lamb- J 

Jekttt “B" 

.li.fi. Cement.— 
Jockcrl 
Bute-. 

Kiectrabe 


r'ahriqueNat.. 
i.tv. (mw 


oiw-Um. 

ievaert. 


Uuboken , 
nieroom 


Pnee 

Fre. 


d.155 
1.540 
1.796' 
L358 
364 
AaGQ 
6.180 
2.443 
2.14 a 
1.374 
2.435 
IL960 


m ed »«* «nh — [6,o70 
Hoyaw 8e/R+- a.800 
1*011 Uoutta*.— .J .520 
rietrofina— _J4.200 


(un Get) banque- 2,060 
>ue Ben Behriaw l.U50rt| 

3.ilm« *,300 

roi ray ————42,500 


1 Asked. S Traded. & New stock. 


rraotwn meet— 12.650 
bCU — ... 

un Min. (liKA..—) 766 
leUte MontggnylgKlO 


+ or 

Div. 

Pn.. 

K« 

-16 



+6 

60 

+6 

112 

-2 

IDO 

+ 10 

— 

+ ieO 

177 

1— Bd 

Mu 


170 

+ 8u 

160 

+4 

8b 
17 L! 

-5 

142 


+ 60 

5UB. 



+ 40 

174 

+ 15 

3D4 


140 

—46 

21b 

Afiflfl 

+ 10 

1W 

-28 

■ 

-10 

60 

100 


A^ifiii*: 


Yw. I 


AMIU- 
ikutb«l> 
Fla* 


3,9 

6.8 

7.3 


7.8 

7.0 

/.0 

7.0 

6.x 

7.0 
r.2 
4.7 

3.4 

4.6 

4.2 

6.7 

7.2 

6.5 

8.0 

6.4 


Do.Prfv— 

• Flnsiilar +a 
Italnement. 
IlateMflC— 
MMMxnra 
llootedieon 
I Jiivoaii Prta — 
nielli 4 Cor-i 
v*ir*m dpt 


:,nte Viiuw* 


Ptfce 

-ter+ 


100 

40501 

1,910 

l.ell 

,.,73 

10,3fil| 

1S9 

S2M 


■835 1 

12,000 

H39J 


Elii 

-14 


M04] 


-o-l 


132J2B-AJR 


1-13 


i— ATT 

■1*4 


Div. 


Lire 


15W 

loul 


s od 


I^K/I 


130 

00 


.7:8 

9.3 


1.9 


3.7 


6J 


Vo).-. &.B5.S88m. Shares ti.Sou. 
Source: Rio da Janeiro SE. 


OSLO 


detKCii tMuk — 
JomRaanl-.. 
Jred[rbenk_^..-| 
law- lure 
araliilniven 

.vorJtHvriroln-.il 
ri'oieliranil _.| 


5PAIN 


April 14 
Astand 


Banco Bilbao 
Banco Allan tico (XO00) 

Banco Central - 

Banos Exterior 

Banco Genera] 


[Banco Grenada 0.000) 


an co HUpano — 
Banco Ind. Cat ?iJWfl) 
B. Ind. HcdltemuKO... 
Banco Popular .. 
Banco Santander <334) 
Banco Uronlio 0.000) 

Banco Vizcaya 

Banco Zaragozan o .- 

Bankanion 

B«n.ua Aodalacta — 

Babco ck Wiksox — 

CfC - 


Dragados 

IsmobanU „ . 

E. I. Arnjuraesas M „. 
EEPamOa Zinc . 

End. Rio Tin to 

Fees* (1,000) 

Penosa (LOOT) 

CML Predados 

Genoa Veiazquez (400) 
Htdrola 

Iborinero 

Olarra 



219 

' - 4;, • 

300 

_ • - . 

117 

+ 2 . 

22S 


29 - 

'T—i 

ao 


22s - 

-j •• 

ss . 

'-^r. 

35 

V- 1; 

182 


9fc£ 


«.7S 

- ZB 

693V 

+ 05 


Pspeteras ReoiUdas 

jBatrollber 

Patroteo*. . . m •; 

Sarrio Papalera 

Solace 

Socefiaa 



- Z5 


Telefonica 
Tnrras Rostencb 

Tnbaeez- 

union Btec. ... 


71 

- 15 

45 " 

+ 1 

120 

■ — 

M 

+ sj- 

SS 

■ "-'25 ' ’ ' 

«J 

— 25 

74 

- (L2S 


HONG KONG 


.Boon Hxmfrt 


[April -i4 April 7 


Govt- Lean 1048— 

AidD g« rowed Bobber—. 1 



GUJna 14/rbt A Power 
CUj)~ 


U. Ante Hsvipllmu.. 

Hmig Kong Ahcndt— 
HodJS KonaTStectric— aJ 
Hon gKnajrKowtoon Wharf! 
Bop{ Kdnp Loud I o vest .. 
Bons-Kaa^Sfaangbal Bank 
Uonftpltang Shanghai Hncltj 
HntcWvon .Whampoa 

lutar. PacUte beimritlea- 
J inline .llatiiewp— 
Jurdlna ' 

Kutffier 


dfane Uarfay.... 


duuthn. Pac. Prop - 

3«*rtriiSkTBWte — 

swn Pkdfic A — , 

Gartile Alltenee..— . 
CtunieUirp^fBfBirBcinct 
Wbeefoek Uaritew 


MkriUOML. 

nriur . .. 

Siyaoor. v- 


1.85 

zsaxi 

+1.40 

132.00 

,J^5 

lt4u 

‘4.1CT 

jea.oa 

4-825 

17.30 

7.25 

1<L80 

13^0 

•.175 

10.20 

12.80 

6J20 

2.40 

8.00 

10/W 


6.55 


B^OSsJl 

».oa 

JU3 


T.7I 


21.80 


1.68 
-11-50 
4.15 
68. uJ 
4.425 
17JJ0 
7.36 
1B.20 
13JO 
430 

13.10 

6.40 

2.10 

7.50 

U49. 





6.65 


SL27H 

3JJ0 

2.176. 




xrfEr-dWdend. f Bayer: tSriter. 


-rteig+m- . jbAitMj«: m. niter 


7.6 

6.7 


HO YES: overseas prices' aaclnde-3 pcenrttim. 

wlt ^2, 0 mS)^ta»«nfc -tuless otherwise inod. . denom.' oalesi diticrwisa 

BtaiS. * KrJM denom.. tatess: '.oBwrwi*e_sta^ -d4ft3tsw dewm uniess 
oftMTrise Grazed. . 7»ao.,» denetBr' onMss^Jl^rwJfle a*t«L.,si^te st Hnw-_of 
SS*. 4 Pterin*. bScaaro d OWW- ^dOMdeniL pfta ■ peadte g; rteto 
iSJoTanip -issue. _ share. iPtajs* pGtoss dtv. hAganncd dtridMd 
afM kaip andVor right* Issue. , h Aires JocflJ- taxes. nut free. a.Francs, 

wfmMng UnfhiB (flv.Tpjioin 'aBharor sullt. *-rar. and ytaW -ezeinde medal 
roneot ilaflcatad ifir.' g UmtfBchil tra;i na. I ? Mtooritr fafid ere cc».^ itogf 
DfSttnz. . •ADred. tBld. i Traded. . tSdkiV*AraJgi«L- ir«jriiKfii5...aifE* 

dMdBdd.- icBr scrip Issue. xaBs att.-- ^lotzzfin -since teanaa rt . -./..j,-. 




-x>. 






















- ■ JMonday^ April 17 197B 




37 


Monday April 17 1978 


— V : : ,•■ 

- . 


ii-: 




Retailing 





Throughout the developed world retailing methods — and with them shopping habits —have 
been transformed in recent years. The underlying trend is towards rationalisation and 
concentration, with the comer shop facing growing competition from the big groups. 


" Hj-ffy Elinor Goodman 

: : -- T. ^ Consumer Affairs Correspondent 
■ ' {5 'IN THE face of it shopping 

flight seem a pretty parochial 

~ ~ - 4s 'usiness with few claims to 

• ' hteraational status. Even the 

.jurists who have flocked into 
jf^ondon to do their shopping 
?jver the past few years are 

- <51 ’alatively insignificant in the 

• - I^ ’ider scale of things. Most 

' eople shop where they live, so 
.j- impetition between retailers in 

- iflfferent countries is relatively 
’ ' " ^mited. ^ 

• :.t : Yet in one sense retailing is 

_ ilh truly international^ business. 

: . 5: throughout the "developed 

- if^brld shopping habits have 
i ianged radically over the past 

■ * - ?!:•► years- The precise- form of 
If.'} Is revolution may have 

• iffered from country to coixn- 
*?u?y but the same broad trends 
k - ai be seen almost everywhere 

" _ ^‘.'ond for the most part ’the 

- Hs -a sons behind, them are the 
li.-me. • •• 

-- “'The abolition of Resale Price 
:N**4_ ifntenance in the 3960s .hr 
~^3st European countries, the 
-'Tease in affluence in general 
~~a car ownership in particular, 
3 the' trend towards more 
- -.imen going out to work have 


all taken their toll on the old 
shopping order. To-day’s work- 
ing woman no 'longer .has the 
time— ^ indeed the inclination 
—to spend her day buying 
cheese in one shop and soap in 
another. Increasingly she wants 
to be able to do aU her basic 
shopping under one roof and 
preferably park her car nearby 
while she is doing it 

She may banker for the days 
of personal service — and- indeed 
still demand it when it comes to 
buying something like -clothes 
— but rarely is she' prepared to 
accept the need to pay for it 
Increased price competition Is a 
feature of grocery retailing 
throughout Europe and North 
America. In - many - countries 
this' emphasis -on price has ex- 
tended to other -sectors like 
electrical durables: hew dis- 
count specialist chains have 
emerged putting pressure not 
only on the prirete- trader but 
also on the department store, 
and in some cases on the variety 
chains too. ■ 

But in most countries it has 
been the independent traders — 
notably those selling 'food — 
which have suffered most from 
the change in shopping habits. 
In every developed country the 
independent shops have come 
under increased pressure from 
the multiples. In some countries, 
particularly on the Continent, 
The small shopkeeper lobby has 
wielded enough political clout 
to succeed in its demands :for 
some measure of legislative pro- 
tection: In othere. like Switzer- 
land and Sweden, the. rate of 
shop closures has* resulted in 
government' itself looking for 
some way of ensuring that: their 
smaller rural . communities are 
not completely denuded', of 
shops. 

But as yet no government has 
been able to bait what-- looks 


like the inevitable trend to- 
wards greater concentration in 
retailing — a trend which most 
economists would argue has 
resulted in a far more efficient 
distribution system than the 
old fragmented market-place. 
According to one set of figures, 
the number of shops in the 
14 major European countries 
fell by 350,000 to 3.4m. in the 
ten years to 1975. Of those 
closed, 300,000 were in the food 
sector. 

The one solution to the pri- 
vate trader's problems which 
does seem to have woTked has 
come not so much from govern- 
ment but from the trade itself 
in the form of the voluntary 
groups which now operate Ln 
most European countries — 
though, interestingly enough, 
not in the States, where the 
independent sector is still very 
strong outside the food business. 

Governments, most notably 
perhaps the British, have been 
more successful in slowing down 
one of the other trends which 
have emerged in retailing over 
the last ten years— namely the 
move towards much larger 
stores built outside established 
shopping centres. 


RETAIL SALES 

IN W. EUROPE 1975 



Average sales 

EEC 

$bn. 

per sq. ft. $ p*. 

Belgium 

17.8 

240 

Denmark 

12.3 

395 

France 

82.7 

279 

West Germany 

109 JL 

279 

Ireland 

2.3 

176 

Italy 

57.8 

166 

Netherlands 

25.4 

296 

UJL 

56£ 

170 

Total 

363-9 

232 

Non-EEC 



Austria 

9.5 


Norway 

8.7 


Spain 

38.6 


Sweden 

20 


Switzerland 

16 . 2 


Total 

90 


Source: Management Horizons (U.K.). 


Increased 


Most of the figures used in this survey have been 
provided by Management Horizons (U.K.} and the 
Euromonitor publication Retail Trade International. 


Again, most countries within 
the EEC now have some 
restrictions on large-scale 
shopping developments. Bur 
despite these, the average store 
size has increased out of all 
recognition over the last tea 
years and the word hypermarket 
has become an accepted part of 
the retailers' vocabulary. Tn 
some countries like France, 
though, hypermarkets may bave 
reached their optimum size. 
Many European towns are now 
ringed by new covered shopping 
developments-and while it could 


be argued that these centres 
have merely added to over- 
capacity, the facilities they 
provide are often more in tune 
with the shopping needs of to- 
day than those offered in the old 
centres. 

The recession of the last few 
years has highlighted the prob- 
lem of over-capacity for 
retailers in many parts of the 
world. With the volume of 
retail sales down in most 
markets in real terms— in 
Switzerland they have actually 
fallen in cash terms too — 
retailers have found they are- 


fighting among themselves for a 
larger share of a smaller cake. 
The most vivid example .of this 
has been the price war among 
supermarkets in Britain but 
retailers * throughout * the 
Western world have had to 
fight harder for sales. 

The effect of this increased 
competition in many markets 
has been to accelerate the rate 
of store closure and to put 
pressure on profits. Admittedly 
retail chains in some countries 
had done very well indeed out 
of the boom years, so there was 
in some cases some fat to live 


on during the lean years. But 
in countries, like Germany and 
the U.S., there have been 
casualties which have resulted 
in long-established names going 
out of business. In most 
countries retailers bave tried to 
cut back on staff, though in 
Europe distributors are employ- 
ing more people than 10 years 
ago. 

The response of some chains 
which have found themselves 
either under profits pressure in 
their home market or stuck for 
sales growth has been to look 
overseas. In Britain, Marks and 
Spencer, Mothercare. Boots, 
W. H. Smith and Habitat bave 
expanded abroad with varying 
degrees of success. Among 
Continental groups, retailers 
like Carrefour have expanded 
right across the EEC and are 
now looking towards less- 
developed — and less-fettered— 
markets like Spain and Brazil 
for future expansion. Others, 
like Albrecht and Hugo Mann 
of Germany, have gone into the 
U.S., a move which once might 
have been regarded as taking 
coals to Newcastle. 

In the early 1960s. when self 
service was only beginning to 
catch on as a method of selling 
in Europe, the traffic of retail- 
ing ideas across tbe Atlantic 
tended to be one way — east- 
wards. European retailers went 
tn America for inspiration. They 
came back with ideas like the 
shopping centre, which they 
then tailored to their, own 
needs. 

To-day the traffic is if any- 
thing going the other way in 
terms of ideas for new kinds 
of shops. The Americans still 
lead in some areas. There are 
few European department stores 
to rivalthe best in America, for 
example, but it has been the 
Europeans who have developed 
hypermarkets and the new kinds 


of limited range discount stores. 
Some of these ideas may not 
suit tbe American market, given 
the very different structure of 
the country, but some U.S. 
retailers would admit now to 
being - influenced by European 
developments. 

It is in terms of new systems 
that America is now the source 
of most ideas for European 
retailers. Though fully com- 
puterised checkouts are still a 
rarity in the U.S., tbe Americans 
are further ahead than Europe 
in the introduction of standard 
product numbering. Tbe idea of 
electronic funds transfer 
Systems is also more advanced, 
though recent research in 
America has suggested that this 
may not bring all the advan- 
tages once hoped for. 


Unlikely 


Given the rising bill for 
physical distribution through- 
out the Western world and the 
consequent need to reduce the 
costs involved in pbysfcoHy 
handling products, it may well 
be that the greatest change in 
retailing over -the next few 
years will be on this kand of 
behind-the-counter development 
rather than in the developments 
of completely new kinds of 
shops. Certainly it seems un- 
likely that the Shops and retail- 
ing will change as dramatically 
over the next ten years as it has 
over the past ten. 

Even so it is unlikely that any 
retailer who pioneers a success- 
fully new concept in one 
country will be able to keep the 
idea -from spreading to others. 
As James Jefferys, Secretary 
General of the Paris-based Inter- 
national Association of Depart- 
ment Stores, says: “ Retailing is 
a business where monkey see 
what monkey do.” 

Almost by definition there 'are 


very few real trade secrets in 
retailing. Companies may not 
be prepared to reveal the most 
intimate details about their 
operations, like their profit mix, 
but if they hit on an idea which 
is good enough to attract custo- 
mers it is difficult to keep it a 
secret from other retailers. 

The Western world is not of 
course a. totally homogeneous 
market so far as shopping is 
concerned. There are still 
marked differences between 
countries and relatively few 
truly international retail 
groups. The independents, for 
example, have held on far 
longer in France than in, say, 
Britain, while even within 
Europe the share of market 
taken by the Co-op, probably the 
world’s largest retail organisa- 
tion, goes from under 2 per 
cent, in the Netherlands to a 
mighty 17.2 per cent, in Sweden. 
Mail order barely exists as a 
method of selling in some coun- 
tries but is very important in 
Britain and Germany. 

Even inside countries there 
are marked differences between 
regions while, as the success of 
such very different operations as 
Kwiksave and Marks and 
Spencer shows, there is no 
single route to success. Despite 
the move towards greater con- 
centration. the shopper still 
demands variety and choice. 

In many countries that choice 
looks like being provided by 
fewer groups in the future. Con- 
sumers may bemoan the demise 
of the small shop, which in 
many countries is what gives re- 
tailing its character and colour, 
but unless they vote with their 
feet and use those stores, the 
trend towards greater concentra- 
tion is likely to continue. The 
only thing likely to stop it is 
further government interven- 
tion. 


■S.Z. 



Before you look at the advantages of GRP 
construction, consider the benefits of the van 
itself. 


The York Freightmaster GRP has the finest 
pedigree you could wish for. , . 

Not only did York pioneer the frameless SK* '' 
semi-trailer van in the U.K., but they built the first .* &\ 
frameless GRP van as well. 



,1 koH 6 
HO*** . 



So with the York Freightmaster GRP you get 
the unique double benefit of operating the most 
successful semi-trailer van on the road with 
laminated wall construction. 

Let s look further. 

Basically it's a Freightmaster: 

Maximum cube within given limits gives extra 
payload, . • 

Its chassisless so there’s both a weight saving 
and extra usable height within the EEC 4 metre 
restriction. ... 

• York's raised rear header and slim door pillars 
allow loading to full height and width. 

A sturdy laminated floor with “I" beam . 
crossmembers at 12 " centres allows you to load 
with a forklift right inside the van. 

There’s a-one-piece aluminium roof with rivets 
outside the cargo area, plus container-style double 
doors which keep your load protected from the 
elements and pilferage. 

Then there’s the York suspension — with 
cost-cutting benefits built in - the easy rolling 
benefits that York have pioneered over the years to 
keep fleet costs to a minimum. 

Plus all the other features that have made the 
Freightmaster the EEC’s most popular semi-trailer 
van. 


A shining example of the benefits of GRP: 

The side walls are single sheet 18mm GRP 
panels that shrug off knocks and scrapes. And 
inside, there’s over 8 feet of usable width. 

The glass smooth finish cleans with a wipe 
both inside and out There are no projections on 
the interior walls to snag cargo and trap dirt. 

You cannot get a more hygienic van than a 
GRP Freightmaster 
One stop deal; 

Only York can offer all the advantages of the 
Freightmaster with the cleanliness of GRP. 

Its.also a "one stop deal". One warranty, one 
manufacturer and a service network of 12 factory 
branches 'in key locations throughout the country 
to offer service, repairs and parts to keep your 
Freightmaster on the road longer 
The Freightmaster GRP with unique HOBO 
suspension: 

With Hobo you can raise vour wheels and 
lower youi costs. Hqbo was designed expressly 
to save tyres and fuel. 

Like all really great ideas, Hobo is very simple. 

It’s a patented lifting-axle suspension which 
saves around £330 per year per trailer because you 
can change from tandem to single axle 
configuration to suit your load pattern. 

IFs another ‘first’ from York. Y020 



York Trailer Company Limited, Northallerton# 
North Yorkshire, England. 
Telephone:NorthaIIerton {0609} 3355. Telex: 58600. 


> 

A 


V. V3 














FBraacM Tfones ■ Mbn^^ April ^ 597S 


INTERNATIONAL RETAILING II 



Consumer spending P r 


5 CC 


Heal disposable 
income 

976 1977 1978 


Impactof ehangesin 
savings ratio on real 
private consumption 
1976 1977 1978 
2 ll 0.6 tU,'.; 


Mothercare goes up to 10 countries. 


There are now 326 stores in 
ten countries. Mothercare-by-Post, 
through its catalogue, serves the 
mother-to-be and her baby in a 
further 130 markets. 


nHothercare 



F.vuryiijin" fur I he muSher-lo-be and her La by . . .and children up lo 10. 





the bigge 



m Europe? 


Ifs all over theplace! Hi ere are 25,000 Spar shops inEurope^ 
and thafslai^er than anyother singlegrocery chaiiL They all offera 
consistently highstandardof service, togetherwiththelong- 
establishedrange of high quality own Brand products. In total. Spar 
enj oys a turnover of £4000 million'in Europe alone. 

Here in the UK, Spar is the largest and most successful 
voluntary group, with 4,000 stores makingup their Nationwide 
network. 

Which all adds up to thebiggest shop in Europe-exactly 
where you want it 








i 




SPAR 






BIGGESTINEUROPE 

BESTPORSOU. 






0.7 -0.2 


THE MAIN constraint on the ^ 

growth of the retail business . ■ " • _ . 

throughout the industr ialise d REAL U.K. PRIVATE CONSUMPTION ’ 

world in the past few years has - (1976-78: per -cent change on year) 

1 been the slow expansion of — • , 

output and living standards. topact of changes m : . - ' - • 

year to* & r °monS s f ***•" Real disposable savings .rat io on te al,; Real private r V 

L ybri*tortta?to”«52S .. :>/>•: tacome privrte consumption ! • * • consumption' *' f;** 

past.' 1976 1977 1978 1976 1977 1978 1976 1977 1978 ... 

. marked contrast U-S. . “ 3.9 3.9 4.7 - 2 H . 0.6 -L3, V 6B . 46 - 3.4 r V - 

mid-1970s. Consumers' exnendi- Ja P*° 3.7 4.0 3.7 ~ 0.7 -0.2 0,5 jj- U, -l'--?.- 

West Germany jj 2^ 3.8 1,8 0.7 . -0.5 XS &» ~sT VSX/7 

real terms between 1964 and France „ ' - ■ .. 3.2 1.9 . 23 -. IX.. QJ& 0.2 ; X9 ' L 2.7 c. il T- 

countries. _ UJC :V^04 -1.8 2-3, ^05 - L2 . <K4' OX -0£y £C * ; 

Retail sales are traditionally Canada " . 5.5 ljj 3.1 0.5 1.0 (mT 611 2J3 35”" 

more volatile than consumer TZTw : 7 ^ ^ 1 . . ; — ; ' v$ 

spending as a whole which also ■ : 2.5 0.6 1.7. • 017= 0.9 ~0.4 •; 3L2-~ ^ y •••• 

includes more stable items such ~ Major seven countries lut 2.9 3.9 1.6 &6 —0.5 iJS 3.5 3.4 t . 

and heating. In the early-IOTOs Source: Organisation for Economic Co-operation and Development. u 1.- > - 

spending in shops grew rapidly > '- : r 

in many countries with increases countries and the oil producers, recovery, which started in -most The volume of retail safes by ' s s? -i 
in the volume of sales of bey However, as OECD figures of the leading economies from, the end of 1977 was only a few i3^ ; ' r =- ■ 

tween 10 ann 45 TiPr wnt in cWiut xi.nn.ai < ,n>Tr . _ .1T7 - ” -..s» ' - ' ' 


Japan 

West Germany 


0.7 -0.5 


Real private 
• • consumption' * 
1976 1977- 1978 

&0 ^ 46 3.^ 

44 Z& 12 

3.6. 241 23 


France 


3.6. 241 34 l-Sr - „ 

£i\- sffiy ■■ 


-^0.4 -1.8 


Oamwla 

Italy 

Major seven countries 


OX -0.t 
• 611 - 2J9 


04> -0.4 


0.6 -0.5 


Source: Organisation for Economic Co-operation and Development. u , 


Economic Co-operation and Real disposable incomes in- the growth of personal eonsump- trod need tax cuttingpacfc^^^*'"'' - 
development (These countries creased by 0.7 per cent in tion outpaced the rise :in Teal in th e autumn of 197 7, 7 fepecta- • 

are the CS„ Canada, West Ger- the seven main countries in incomes by'.fratest of 4.9- and tion .at the s tart; nf-titis- year 

many, France, Italy, the UJC 1974, with declines in the -U.S. 3.3 per cent respectiv e ly in the was. that consumer spending "V- / : 

and Japan.) and Italy, but rises elsewhere seven major Indnstrial. counr- might be boosted . solely JaTSe ris ^ ' ”... 

Col pc In, 1975, real incomes rose by tries Ea 1976, . .. first half. k 

2.6 per cent, though only as The general recovery tended ’ - In - its Decemfber - aurveg^^ - ' : 

Tn .Tnnfln f nr pyamnle tVio . .1. . i. ,1.. c nm,‘anh>/i v 4' a:-^« '/ V 


than two-fifths higher than at Th e i mpac t of these move- many countries. There was. a in 1978 with a rise in the 

the start of the decade. There ments in livitig standards was. niarked reluctance, by many ings ratio limiting the increase 2 ' 

wa ^ a -_f^ e ^ of however, partially offset by governments, notably West in consumer spending to 3.4 per •; 

a third in Italy by theerrd of t>hangAS in ^ proportion of Germany and Japan, -to embark cent. -- ... • : : • 

' income saved. This meant that on major programmes of expan- OECD argued that sarin© *ss - : .. 

. sharp rise during the course of {he of pn^te eonsump- sion for fear of • the possible ratios might;, edge -upwards, .v*^ 

•: .^....-inflationarv conseouences. while notablv in rhp IIX -whVro. 


Tn Wpe t rp ^nrth. ric« in tion was different from what 'inflationary consequences, while notably in the U:S. r whbre aa .-^- 
th?v^?me G nf^s Sic Jj might have been expected. ‘ ■ ot3ier countries, such as Italy increase towards ,the longterm. - 
the volume of sales was 15 per . . . . ' - . •* and the U.K.. were eneaeed on trend level misrht ninre thnvL ASL ‘ 


me volume or saies was per nTin i»cic lact and the U.K, were engaged on trend level might more than 65-= ‘ssx- * 

^ cent by the beginning of the An OECD analysis last y^r policies -intended- set the expected acceleration^ - 

year; since the general upturn ^ e( L^ > at J ™, to remove. Wrent ■ account^ ^ the growtTof .peraMar™^ -1 r- 
: petered out sooner there than early 1970s the general: trend . ’ able inenmeA " — 

• elsewhere a sharp decline was in all major countries was for a ~“~ lt5 ' _ , ’ ^ . • - 

clearly apparent by the autumn disposable incomes to ' grow ^ e u *^, S l OWe J nn poss bili^r thati in re- si- 

of 1973. P ln the U.K the sales more rapidly than private, con- srovfXb both in total output and F ^ 

■ gain for a short-time was nearly sumption and for savings ratios « eo | ns ™ er 'Spendln^jra 1977 nd ****** *bOUt wfiihou, &:■ - . 

15 per cent in the spring of to rise. Savings ratios, however than m the previous year. This savings ratios couia tend to rue ,3^ 

*£ - s^aiTLfflS.'ssig srssK ■ ■ 

; Sg3»w«-"s SS-HSB rswsarts 

Tn the tt q retail caiec riS1J ^ m the ^ upswing^, tiius ^gposa^jg income rose by an National Product may be no 3:?--- 
! volume was for a couple of --- “ 

months about 18 per cent. rose sharply in the 1974r75 ttk^ effects tie rece “ t “JJ*! ' 

higher than in 1970. There was recession - " ^ the Only decline in the UK, wear off, some deceleration a c* - 

' a similar gain at one stage in and. there was a 3.5 per cent through the year seems dikely" «sr--- 

= Canada, though spendingthere - ^ ™ Particularly masked rise in-real consmner spending. = Sincethese -forecasts * weft 

" was strengthening towards the But^even 1 though there had produced more than three 1 1 #■ 

end of 1973. u ". • . “ “ e m T 1 ^ sc Jj?; e been a. recovery in consumer months ago, many, economists- IHC | 

In general, however, consumer of , priee m3at] ° D— ® possible spending r 'hi most major codn- . have admitted that oil present B Ml 9 

spending started to be squeezed exp ~ na ^ I0Q ^ or “ ie 1156 though tries izf 19176 mid 1977 the level policies the growth of total out- 9 

from the end of 1973 onwards 411 Incr€ * se *lso occurred in, of- retail sales was often .only put and personal consumption mm I 


m 


quest recession both increased 1974 in the seven countries^ was atar^of the. decade; the Volume the' tJJC where at least a short- t 
unemployment and held bade limited to an increase of 0.5 per of Sjpendimg' iii Japan -'hot ye^r Jived consumer:- heom ^ris- 
the growth of real incomes in cent - in personal consumption was.^t best only 30 -per cent widely expected. ' ’ 

many countries as the terms of and there was a similar impact higher than in 1970, compared’ - • -1. • ' p f nijjjj 
trade were adjusted between in 1975. with a peak, gain of over 40 ^ « ‘ a®t€T MOueii 

the industrialised oil-consuzning In the- upswing of the per cent in 1973. Economics Correspondent j 


m 


Overseas 

U.K. 


• : > .* ,W*. : • w . 

r T ~ -f 


t>\ J'- 





THE ROAD to retailing fortune The group’s approach to its f5Op.0OOin I976-77.- HaviDg lost .the red untIl at reast1378-7R- - 
I overseas has proved exception- foreign retailing has always some £4m. in v 1976-77, . the But -the Mothercaremaii^e- 
ally hard for store companies been a matter of stealth and M and. S Canadian operations ment are budgeting; fdr^lnieei ' 
in this country. Tbere are the slow consolidation rather than could -well have moved out of -at this stage in layiiig' -thS ; 
exceptions — Great Universal entrepreneurial dash. And its the red for l9?7-78. The results f onndations of a major“bifsin^ss 
Stores has managed to build its major areas of activity have a of . that financial -tyear-- axe due- in -the biggest eoonomy in-the 
non-UK profits up to around-a distinctly solid. Empire flavour, eatiy^next month. ^ •. world. . . 

fifth of total earnings while at About half of GUS overseas ;td. Canada M. and S-~whi«* Motiiercare.. Stores InCL^&ii; ft $ 

Courts (Furnishers) the ratio is business lies in* Europe but the earned - pre-tax profits of ** now called) was acqUifed itt 
closer to two-fifths — but these accent there is firmly on mail £-i02.4m. overall \iir l976-77 on ' Ju Iy' 1976’ when. it cons&tedhf 
afford only small relief from order. Universal Versand is the gales, aF ; £1.06bn. — has a variety small shops :in Soin^-ffl 
the sad fact that most retailers second largest mail order com- of '-xeiaiK outlets. Tbere are States mostly rebfiling.Vjp?^- 
brave enough to step outside pany in Austria while Halens around 70- St. Mitfaa^ -Shops Wfe 'wearer ■. The 
the British Isles have found the Postorder shares a similar sort plus 'i chain ;of ‘ 50 . .or- so P^ms to concentrate 

.ninn .rnnr flint., intioorl nf rtnh.r in Cvuflnn Tn 11.A . .«• .-.-j' . _ V 1 - m ' - tha Wnvfl. P..4 • : rj r-.J'A. ' 


P'1 

pi 



going very flinty indeed. of status in Sweden. In the boutique^ which trade tinder the the North East comdofidf-SSte 

One graphic reflection of this Netherlands the group is the. name;. flf 'D'AIiairds. . Peoples V-S. where the company:; tffey 


One graphic reflection of this tvemenanas me O roup is tne. name - . flf DAuairds., Peoples .v-* woere tne company = ;J rey 
pattern of trading is to be found leader through Wehkamp. Department Stores 'also num- some-143 outlets.^ .In'- 
in the fact that so many major Where GUS has more direct bers '-arouadr fid.^putlets. - ; ■ 1' care is also pressing aheatL Sa li 
retailers in the non-foods sector selling operations on the Con- ^heremre four M andSstores J**? 5 n® a.-maiToiMw- 

are wholly UK-orientated— or tinent they focus, mostly on mr ^he'CnnTinp.nt. -Tb p -gmi ip- dasis. : 

at least effectively so — with over- France. There are Burberry- started in Paris with anopening •^ a Ftirope the canrpaD$®k 
seas operations so modest as to stores m Pans, Lille and itr^- Fd>riiary 1975 which Was; represented in Austria, 
be almost invisible in a group “ yon /“ jer . e 18 a "°. - on ® in fofiowed almost immediately by I^^-- ; SwEdCT, -;Denihark, i-^K* 
context. Past failures have Brussels) plus a chain of 50 a store in^ Brussels. These two - Swttaarland -ond - W fiS j; 
plainly had an adverse impact raen 's boutiques which is con- outlets are now malting a profit- Germany. ; For - the first '^K 
on Boardroom confidence when trolled via a <5 per cent share- Marks has boon less forbi- -JQOfltbs-of the year just ended 
it comes to expanding overseas, holding m Maison des nate .wrth. .its operations izi ^(Mia^ch 31) profits from the 

But it is equally dear that any “ 100,000 ” Chemises. Lyon (opened in the aut umn! - of Continent were' showing a very 

British shopkeeper starting to 1975). which continues- tti lose ^ ar P‘ increase, ."leading ' 

sell direct to the foreigner TTViTOP money.. ’V ’ ^tdiservers to think in terms of 

needs to learn a number of new -A v A a r esuit of the Lyon outlet •* ^brtipean profits contribution . 

tricks - Elsewhere the driving force and the_inevi table start-up costs a 3 en ^? 1977;7S 

Retailing tends to have a behind GUS’ overseas selling, is deermng at the second Paiisvf® D a ^ “ e _ preceding . 




9 — -- ' ucmuu viug wtsloccu scjuuk. -• • 

strong national bias, with local So Uth Afnca where the group stare, which came on stream a 2«wp 
tastes still a remarkably crucial n ,.rr,r. vqn etnn>c w anrf s « -* xl - yD “: n«ore .tax on sales 


tastes still a remarkably crucial 0WtJS some 250 stores. These last-iutomn, M ahd S is likely °“ ore . : tax 011 saJeS 

factor in determining levels of operate under a variety of next month . to unveil yet an- . . • 

demand despite the increasing narae s — Barons Furnishers, other, unfavourable trading 1 

sameness of the - developed Excelsior, Meubels. Lewis picture* for. its European 

world. Retailers have to get to Stores— and are mostly involved tions. The company has. not Sd^JSSf “ 

know their market at the ground in fumiture and general found it easy to . transplant ^ ^to ; 

level; the vision of UK-style domestic appliances. There are France- what in this country 

retaU chains expanding rapidly 110 stores ^ Canada and the amounts to a very impressive if 

across Europe under .the-.aegis Australian chain runs to about retailing- success story indeed:^ 

of London has finally faded. 35 outlet5 0nce again ^ The tide Is turning. But M 25 

As a result British toeholds accent is furniture and S haf clearly had to lengthen lo»« from^that 

in' retailing in overseas areas appliances with the Canadian considerably its views on the - 

other than the developed Com- cha i n operating under names amoont of time, needed '^ iar 

monwealth economies are now Adams Furniture and Continental retail operations ^ “ a ; 

much less ambitious and geared Woodhouse. move from tick-over situations J Mv m No ^ r ^ ei ? ca A ^ 

noticeably to locals selling tech- Marks and Spencer’s overseas to relative money spinners. “• '55S.'«5? Be 

niques. In France even Marks turnover accounted for some- One of the more striking 
aud Spencer has had to deploy thing like 11 per cent, of the experiments in selling 
changing r^rais m its stores in group total in the year ended i* coating, from .the mother-t<H&e 

contrast to its more utilitarian if March, 1977, the last published and baby , care S®ecaIiste:£S n ^~, h i£ Snmuier 
price-conscious practices m this figures. The overseas divisions Mothercare which moved;: into 

““-‘W. centra on Canada-whera the the :Amertcan markH two gS ^Bo* An*rtSniB 

In the year ended March 1977, company has a 58.5 per cent summers, ago. At presentthe -n^nrn!, haw*, sfake In 
Great Universal Stores made shareholding in Peoples Depart- group's.. operations in the U^. 

something like £22 m. before tax ment Stores— and Europe which are.'losing jhoney and a?* ^ex-,';;;. “■ rt , 

from its overseas operations, turned in losses of around . pected to continue . to stay- in. 1 : T ^ ../r. /jeiErey l>rOWII_ 


r -V:= : . 









39 




Times -Monday April 17 .1978 


INTERNATIONAL RETAILING III 





British efficiency 





Ns ^vp Tl 



scores top marks 


^ .. ....- 

iAbRITAIN not hase had 
O Ifcmuch to , boast, about 9«r the 
iNpast five, years -but . there are 
‘■'■'-^those— arid. not \;aU of them 
M i are over-zealous. patriots — who 
^ Vliesre : that the country has 
^ hnuch to be proud of in its 
^U^jeuol Industry. -;• 

Leading British retailers like 
'-~-^‘ 4 Marks and Spencer and Mother- 
if jare -score tnjr . marks for 
^>0?fficiency on any international 
-O lieague table." And while British 
14 s1 shoppers may sometimes look 
longingly at- the . choice of shops 
an the Continent; the British; 
s \Jistribution wstem has much 
be said -in its favour in pure 
- ‘.iT:, economic terms. - 

it y .>. The big ' multiple groups 
J a bigger' share of the total 

■£'J retail cake in Britain than in 
my other developed country. 

- fr< rhey account" in total for over 
; Vf -IO per cent; of British retail 
.• ramies and the signs_are that this 
-f.^baie will continue to increase. 
•’‘..^'Distribution companies— both 

a ^it the wholesale and the retail 
^ '‘^' evel— tend tobe larger than 
r ilsewhere in Europe and have 
f '^ore experience in large-scale 
" "■^•tnass distribution of consumer 
a^oods- than their European 
^Counterparts.-. „ . 

"■ J isj. Moreover, as the National 
-^tSconomic Development Council 
' = - : ^jointed out in Its report in 
973 there is some evidence 
~~£r. fhat the largest British retailers 
riiave been more profitable than 
c; hose on the Continent. This, 
concluded, probably had more. 
■ z^-.o do witii the larger scale of 
distribution organisations in 
... Britain than with any difference 

' 'q gross margins. . ' 

. . ... Since NEDO published its 
-~,7„Vport, British retailers, along 
. j — ^ ith those throughout the 
" "developed world, have of course 
. " : ~ een through the trauma of a 
recession. The hard times hit 
' v '* Titain relatively late in terms 
:r: { consumer demand but when 
-i iey came they took their toll 
- : -mong retailers. 

ilv Following a rapid rise in sales 
the early 1970s. the trade has 
: :ad- to .deal with three years 

-".-a which ..consumer expenditure 


u.k- retail sales 

(pei.eeoL shares) 




1962 

1971 

1976 

Multiples 

24.0 

29.3 

40.6 

Department stores 


4J> • 

5.0 

' Variety stores 

4J3 

5.8 

5.0 

Consumer co-operatives ■ 

10.2 

7.1 

7.3 

Mail order 

2.5 

3.8 

4.8 

- Affiliated independent multiples 

6.9 

10.0 

•17.3 

Independent retailers 47.6 39.5 

. * Estimate by Management Horizons. 

20.0 

Source- National Census, Distributive Trades EDC (U.K.), Retail 
Trade Europe wid Management Horizons (U.K). 


has fallen in real terms. Spend- 
ing in 1977 was the lowest for 
five years and though in recent 
months retail sales' have begun 
to pick up again they are still 
running almost 4 per . cent, 
below their 1973 level. . 

Although the recession 
resulted in few major retail 
group failures — apart from in 
the- : trouble-torn men swear 
sector — it took its toll of profits. 
The cutback in -spending, 
coupled with the- impact.- of 
Government price controls m 
the year of the recession, meant 
that profits fell in real terms. 

The effect of the : recession 
was to -accelerate many of the 
trends which had -become 
evident in the bOom days. 
Independent traders.. ■ .came 
under even more pressure from 
the multiples and the rate of 
dosure is generally assumed to 
have increased. According to 
one estimate, the number of 
shops in Britain fell' -by a 
further 8J> per cent between 
1971, the date of the last official 
census, and 1975. - . 

- Some of these closures were 
made by big groups like the 
Co-op, international. Stores and 
Allied Suppliers, 7 but - many 
were privately run shops. The 
share of sales taken . by m* 

■ JV a wiArn tVinn 


halved since 1962 and now 
stands at around 20 per cent- 
During the saine period, 
affiliated independents, like 
Spar and VG, have increased 
their share of the cake from 
6.9 per cent to over 15 per 
cent., though they have not 
made the inroads into non-food 
areas that they have in- some 
other European countries. 


Reversed 


Since 1962 department stores 
have marginally increased their 
-share to 5 per cent, as have 
the variety stores. The Co-op, 
which remains Britain’s biggest 
single retailer, seems to have 
reversed the ' decline in its 
fortunes which resulted in its 
share falling from over 10 per 
cent in 1962 to 7.1 per cent, 
in 1971. In 1976 the figure 
recovered to 7.3 per cent 
The decline in consumer 
spending, coupled with the un- 
precedented increase in stdres 
costs, forced retailers to make 
economies and start exploring 
new ways of trading. Ideas 
which until three years ago had 
only been exploited in the cost- 
conscious North of England, 
like limited range discount 
stores and superstores, began 
Anrfinp their wav south. 


But though many of the food 
groups saw their salvation in 
building superstores in uncon- 
gested fringe sites, the planning 
authorities ensured that their 
development was very . small 
compared to the rest of Europe. 
To-day such developments pro- 
bably account for not much 
more than 2 per cent, of total 
retail sales, though the six of 
the new supermarkets has con- 
tinued to increase to the extent 
to-day that it is now unusual 
for a food group to build a 
supermarket less than 15,000 
square feet 

Despite these new develop- 
menU most groups have been 
faced -#rih the problem of how- 
to gel more volume through 
their existing stores at a time 
of reduced total demand. As 
demand fell and consumers 
traded down, so competition 
increased. This was most 
evident in the food trade where 
last year Tesco stepped up the 
price war by dropping trading 
stamps and cutting its margins. 
Other supermarket chains have 
retaliated with margin cuts of 
their own and the overall effect 
has certainly been to delay any 
recovery in profits, if not 
actually to reduce them overall. 

But it was not only in the 
food business that competition 
intensified. The development of 
specialist discount chains like 
Comet and Allied Carpets 
meant that the department 
stores were forced to fight 
harder for business, and some 
groups seemed to be having 
clearance sales" for month un 
end. Meanwhile, the old 
divisions between different 
kinds of traders became more 
blurred as groups like Boots 
and Marks and Spencer started 
selling new kinds of merchanise 
in a bid to increase volume. 

The poor state of the British 
economy did bring some small 
cheer to retailing. The de- 
pressed value of the pound 
resulted in a huge increase in 
sales to tourists. Those groups 
lucky enough to have stores in 
Central London were able 


partly to offset the lower 
volume in their provincial 
stores by notch ms up year-on 
increases oF 60 per cent, or 
more in London. 

The ability to offset lower 
sales in one part oF the country 
.in this way could of course be 
said to be a benefit of Britain’s 
concentrated distribution set- 
up. The large national groups 
are able to spread both the 
capital costs and the effects of 
local competition over a wider 
base than smaller companies 
with all their eggs in one 
regional basket. 

Supporters of the theory that 
Britain has □ more efficient dis- 
tribution system than most of “ 
its industrial competitors quote 
the performance of British re- 
tailers over the past few lean 
years as an example of this. 
They point to the fact that, out- 
side the menswear business and 
the fairyland world of Biba. 
there have been no major 
casualties in British retailing, 
and that while profits have cer- 
tainly fallen in real terms, the 
decline has not been as sharp 
as in some other countries. 

To some extent, this may he 
a reflection of the way the 
British groups are financed. On 
the Continent many of the big 
chains are still in private hands 
and rely heavily on bank 
finance whereas — with the 
major exception or Little woods 

the big British retailers are 

publicly quoted companies and 
so less vulnerable to sudden 
surges in interest rates. 

Britisb retailers had already 
cut back on labour before the 
recession began to bite, partly 
as a result of the switch to 
Selective Employment Tax in 
1966. so there was possibly 
less over-staffing than in some 
other countries. Certainly there 
were big redundancies — as in 
the case of the Debenhams de- 
partment store group— but not 
perhaps of the level which 
might have been expected at a 
time of such depressed sales. 

Moreover, while many people 
in the business decry the way 



The Asda store in Plymouth. 


RETAIL OUTLETS AND SALES AREAS IN W. EUROPE 1975 


Belgium 


Number of 
retail outlets 

150,000 


Total selling 
area (m. 
square feet) 

73 .9 


Average size Outlets 

of outlet per 1,000 
(square feet) population 

492 15.24 


Sales area per 
Z.000 population 
(square feet) 
7,508 


Denmark 


57,900 


3L2 


539 


11.39 


6,136 


France 


530,000 


296.0 


558 


10.01 


5,590 


Germany 


550.000 


391.0 


711 


8.88 


6,309 


Ireland 


28.000 


13.2 


471 


S.S4 


4,166 


Italy 


960.000 


349.0 


364 


16.96 


6,166 


Netherlands 


146,000 


85.6 


586 


10.61 


6,220 


UJ5. 


527,000 


333.0 


632 


9.41 


5.000 


Austria 


42,300 


5.6Q 


Norway 


3&200 


8.25 


Spain 


391,800 


10.94 


Sweden 


33,300 


4.05 


Switzerland 45.000 

Source: National Retail Directories, Census and Management Horizons tU.K.) 


in which Britain has fallen be- 
hind Europe and America in 
terms of the development of big 
new shopping centres, this 
tardiness has meant that Britain 
has not been faced with the 
kind of costly over-capacity 
which has dragged down some 
Continental groups’ profits. 
Against this, of course, is the 
fact that many British groups 
are still operating in old- 
fashioned premises which do 


not fulfil the needs of the 
modern, car-borne shoppers, 
and which are very expensive 
to run. And if Britain has not 
created over-capacity by build- 
ing new shopping centres, it 
still probably has too many 
shops. 

The immediate outlook for 
British retailing is far brighter 
now than it has been for some 
time. Retail sales are expected 
to show a real increase this year 


— the first signs of this have 
already emerged — and retailers’ 
costs should lag behind the rate 
of cash sales growth. Most City 
puodits are predicting an in- 
crease in profits except in the 
food sector, where the price 
war shows no sign of an imme- 
diate end. In the grocery busi- 
ness at least things look like 
being tough for some time to 
come. 

Elinor Goodman 



ires 


ers 



Marks & Spencer recently went shoppingfor a. large 
computer system capable of keeping pace with their 
expansion.The new system had a lot to live up to: it had 
to cater for the needs of their 253 stores at home and the 
40 countries to which they export amounting to a turn- 
over of over £1.000 million.The system had to match the 
Company’s reputation for high quality and good service. 

Marks & Spencer finally chose the ICL 2970 computer 
system which provided the expertise and equipment 
they were lookingfor.The 2970 has a prodigious 
capacity for hard work. All future developments will be 
allocated to the new machine and existing services 
gradually transferred. 

The new computer will be used to improve the 
efficiency of the Marks & Spencer operation in the 
interests of service to their customers. 

Altogether a good day's shoppingfor 

Marks & Spencer andia great testimonial for the 
ICL 2900 series. 




International ||CL 
Computers 

think computers-thmk iCL 


# 








40 


The changing face 
of the hoosewrife 



Family 

shopping is no 
longer the preserve 
of the housewife. 

The latest MGN Survey on husbands’ 
influence on shopping for food* 
indicates that four out of five- British 
husbands under 65 now get involved 
with shopping, either doing it on their 
own, or with their wives. 

In 1973 only three out of five husbands 
were wheeling that supermarket trol ley. 

It appears that the idea of shopping as 
women's work needs some modification. 

Perhaps we ought to coin the term 
‘houseperson' to represent the 
individual who does the family shopping. 


Otherwise we 
would be in 
danger of ignoring 
about 1.9 million men. 

And when one adds to those 1.9 million 
the three-quarters of all husbands who 
go shopping with their wives, and do 
influence what is bought, it adds up to 
a new bali game - and that, surely, 
should prompt new creative and media 
thinking. 

Perhaps advertisements should no 
longer be aimed solely at the housewife 
After all, her husband might feel (eft out 

And that could lead to you being left on 
the shelf. 

♦Husband* and Whies and Shopping lor Fond. By Brian AIK. 


GROUP NEWSPAPERS 

If you’d like to talk further about this, give Ron Oxlade, 
our Retail Sales Manager, a call on Ot-822 3410 



, - - Finandal- Times- M 

INTERNATIONAL RETAILING TV 


April -*? 993S ; I' 


- On these two pages Elinor Goodman and John Wyles 
review developments intheU.S./japanand some of the 
cbjmtritt in Europe. There is a cdmmon thread, bat also 
variations which in most instances are dictated by H*e . 

- differences in the individual structure of society. 






k . 

" a 


. • i- 

r - f 




THE SHOPPING revolution periishable fpdd at local shops in 
which swept Europe and North ■ amounts only £% erafcjgk. to last 
America an the 1960s is only > few days. 


«“» Ja J>“v ' Each residentM aTea has its 

MWar-ra ssjraM.r a 

developed world. Nifeko Research Centre, these 

As the Nifckn Research Centre shops are. more, interested in 
recently pointed out In a report the stability of their income 
on superstores, the labyrinth of than in' Increasing profits. Con- 
th’e Japanese distribution sequently, , when large super- 
system has a. 'long history and markets' attempt to make in- 
its problems carmot be solved roads into an area served by 
overnight. Japan’s new indus- the small -retailers, the latte rs’ 
tries, Like .cars and electrical resistance is strong. This in 
appliances, have developed their turn has Jed- the government to 
own streamlined distribution enac t legislation protecting the 
systems but in older sectors, smaH shopkeeper, 
notably food and textiles, the Any retailer wanting to build 
tines of distribution are still a large store has to produce 
very complicated. proposals which are ultimately 

In these sectors wholesalers scrutinised by aQ the local 
are still extremely important, traders likely to be affected fay 
They themselves have very the opening. .The 1 opinions of 
varied functions while beneath local department .stores and 
them operates a second tier of s mall retailers are often re- 
sub-contractors. In many cases spec ted and -as a result the 
the goods reach the shops only proposed selling space can be 



’ t 

.a<i itt ■ 


The Datsun/Nissan Motor group's Hommoku wharf. : 


T-'S'Cl-.Z/- ■ T ?:’ ■ 


after having passed throu^i reduced- by as much as 30 per EuTomonitor, the .super- supermarkets continued to heavily, in new shops-crver-lha 
the hands of Ituee separate cent, or even aO. markets chains increased 'their increase. As in Germany, soine Past few: years- and^haero ringed 

wbolesalero^QieJength of this ~ ■ share of the markeffrbm&4 of the big department ' 

? ha ( in is by th ® Similar . per cent in 1972 to just^under groups have diversified into e f pansj0 ^' 

fact -that the total volume of response of the super- aquarter last year. '^T^Sperstores. • 


wholeraters is four rtjmes that of ^ore operators has been similar 
the shops. - to of some companies faced 


_ .. ... time before .all Hie trendsaiWdL. 

The department -stores,- long growth period for su^n- have been seen in tfije'-jWat 


The str^noii of the wholesale lh 811 Important feature . of markets basically coincided with : theinselvw<dtf Jfc&o. 

UmU, r opposmon in Japanese retailine and ibrnumv the growth of the Japanese min* tf rife ieSE 


Certainly many of the seeft&e'- 



sector is partiy a reflection of Britain; To-day superstores are 
the 

T" 81 ?" ’".T? 8 *“ “* seem to have withstood -this nousenoia uems out nave. j a panese forms of-diScomto 
“Lff ^ e el0 1 ? ment of . shoppiDg “» challenge well and.: -actually, fradually moved into consumer more tban 

which the egg). The small pn- as well as paying pan of the increased their share of the durables, leisure goods - and ^ ough tvhalesiilem>. S', 
yately run. shop is still a major cost of providing public utility market in the five years to 1977. other luxuries, ? Almost half have -to- adapt their openttE- 
fqrce in Japanese retailing The facilities. But the 60s rather than.the 70s .^ eir sales n ? w be to new-trading cohditWite. 

average Japanese shop sull only But despite the continued were the boom period for “ it™ other than food and ^ un incely to iiejifora;® 
has an average of 70 customers importance- of the small shop in Japanese department .stores. clothing, and, as .In Europe,. less- 

as against 100 to 140 in most Japan, it is the supermarkets Last year, for example, depart- many of the_ large stores are their.coimterpai&dave'iaria&y 
Western countries. which are the big growth ment store sales were basically ..® ullt on frm ge of. cities. -European countries TOthoafci 

Small neighbourhood shops ■ sector, 
are still very important in the 
food sector. The Japanese . 
housewife .still seems to buy. 


1 are the big growth ment store sales were basically. . onyjerrmge 01 . cuies. : -European countries witfcoafrt 

r. According to figures flat in real terms, while .thase'ef >The Japanese have' invested 'fight. •• 

- : v‘ ■ -.r. 

•• : J-r- : ■- ■ ' ,1- 

"W w "Tr ■! -*1 


One of the 
worlds more 
famous 





The independant 
partnership of Healey & 

Baker was founded in 1820 
in London to advise the 
owners of real estate in the 
fast growing Metropolis. 

The name Healey & : m 

Baker has grown synonymous L s ^;- K> ;V;: -**' 

with all the varied facets 
that reflect the varied and 
fast, changing world of 
retail property. 


A name now almost as 
familiar in the High Streets 


HB 



of Great Britain, as the 
householdnames it cxintirra^ 

to advise. 

And a name too that . 
has become familiar ip. such 
major centres overseas .as. 
Brussels, Paris, Amsterdam 
and Jersey. 

So if you are 

of retailing either in Great 
Britain or Europe 

Come shopping 

at Healey & Baker 



ealey& Baker 

Established 1820 m London. 

29 StGearge Street, Hanover Square, 
London W1A3BG 01-6299292 

CITY OF LONDON T« CRJ3 BROAD DON EC2N1AH 

ASSOCIATED OFFICES PARIS BRUSSELS Al 



A. FEW YEARS ago a number 
of British food retailers started 
taking discreet trips to Ger- 
many to see what was going on 
there. The particular object of 
their curiosity was the rapidly 
expanding chain of discount 
s fores trading under the name 
Of AldL The group, started in 
1948 by Karl and Theo Albrecht, 
was by the mid-70s vying with 
Tengelmann-Kaiser for the title 
of Germany’s . largest food 
retailer. But unlike most of 
Europe’s other developing food 
chains, its stores were not large 
and it was this which appealed 
to British retailers looking for 
some way of keeping their small 
units trading. . 

The British liked what they 
saw and began to consider how 
they could develop the concept 
for their home - market. The 
results were the new chains of 
limited range discount stores 
now being run by groups like 
Fine Fare as a means of lncreas- 



The Bertie- shopping centre in Fran&fttti. 



new chains, with their emphasis foreigner, the . German market linedi^i^ply-Li'ae boom ye ar^ 

on keeping costs to the mini- is. .a curious blend of the of- 1972- and 1973^new shopping ■ 

mum, also-' owed much to the familiar ' and., the unusual in cehtroSv^ier 6; betog.built at the - ^ 

inspiration of the successful terms of re tail trends. Accord- rat* of or W a ye*r r . . - - . ! 

British discount chain, Kwik- ing to Enrompnitor, the German - Biit- despite the- development Karstadt 1 -has "tifon'. 
save, but the companies behind retail scene is characterised by 0 f Xfiese new fonns of retailing,, mented but : '-th& -fiirhbtiheeo 
them preferred to acknowiedge a high degree nf efficiency amt - sfflne; of- the established features j,y any mteaiis Jni& 2 er 

their German parentage. . organisation., Yet it is also ane 0 f German retailing. ' . have to have taken nlarei 

It is not only in this parti- of the countries where retailers proved’ to' be surprisihgly - resi- tast- : few . 'years. T -V 

cnlar form of discount trading have suffered most markedly lienL? Respite their - problems,- . 

that Germany has gone out on f^m the effects of the races- Getmkn department: stores;still Wn 
its owP- An unusual feature of aon * . , ‘ . ' account for around M pdir. cent- .thedr sales inr^l^teriiis.- ?, 'Ih 

the _ German market -is the • of .t^retoil 

Verbrauchermarkt or consumer T Q + A figmreithan; m most ■ other -coua-- their , problems had ' been 

market — the mini hypermarkets ajHK? - trife-. The sales .of-. the- big worse ' w air- -a^'-uew 

which range in site from 1.000 development 6l modern Opacity which had be^ seated 

sq. mpes (about the cut-off retaiI ing techniques came Karstedt Jmd ^ufhof. dwarf d^g the- boom ; years; • ^ 
point for an Aid,) to 2^00 sq relatively Tate in Germany. As thD ^ ; - For ffie mome^ihav&fpr, 
metres, and offer discount recently as the late 1960s most coan ^ n . e ^: new develapment.seems'tdlfiive 

prices on a wide range of both re tailers were single-tine “t-sat back and vrati*ed^ihe .d OW ri. ';^iips W 3^e 

grocenes and non-foods. traders, and department stores 'Hatstadt are coh&uihgi-'lo 

According to figures produced were the only widespread gen T theit -^WPonai. i«xuory - oux - epen ‘ new r -stores 1 but v it:V;^ 
last year by MPC, Germany has eral selling concept But once diversified -into ..tniBse^ffl^ becoming more ^difficiilttoijstatti 
more hypermarkets than any started the new trends caiight AOfj .aiways Really big : hew .(teveropm®®-* 

other European country. This on.fasL As in most olher deve- .vefy-Pfo^^y- V‘- 7 .' .P^y;J3ecat^rof^iijW^iflaafl^ 

perhaps not surprising in loped countries, self-service _ It has 'been ^ti^ .departmeat.re^alatior^ .'anif ;pa£tly.^>ecaase 
view of tiie fact that Germany stores have grown by leaps and -stbre sector and;the;m^I t>rder of a shortage^ of . good ^sitei’ ; 




retail Trade by for^oF ^ganisatipn 

’ . * (Per eent. shares) • . v . - V .. ; 


V 1.1. 


Multiples ■ 

Department stores 

Variety stores 

Consumer co-operatives 

Mail order ; 

Affiliated independent multiples 


Independent retailers 


BELGIUM 
1962 1971 1976 
. &9 14.S 

^ 1 « • 
A3. .'48 j Z 
. 3.0 2.4. L3 

0^ 0^ L2 

6.8 7.0 7.8 

77.6 71.7 *65.9 


. IRELAND 

ia 

JAitt 0.: ■ 7 A 

753 69JJ BL6 


• ’ ‘ ‘ ; ,;IXALY ' NETHEBLANDS 

-V- I962 1951 ; i962 ;.JL97l l?7» 



ouv . fijrvt’roj: ,“0i« : r 

V ,: ».’ 5ir Its ‘ - ’OTjh 247 : 3L4 
932 85.6 78.6 55;8 > 462 348 


* Estimate by Management-Honzons. • 

Source: National Census, Distributive Trades EDC (U.K), Retail Trade Europe and Management Horizons (U:K). 




i 









41 


\\ 
*V 1*1, 


% :v- ■'• ; 


Financial Times Monday April 17:1978 



INTERNATIONAL RETAILING V 



United States 


• fojE? 


AS prfemjsed country, 

Sweden Ttw efttn led the way 
in'- the Tttepffiopment * of qew 
fonr& of retailing. Many of the 
.dMpawyWc&'haVe taken place 
■;ik' tfe' of 'Swedish re- 
staffing j^urye : emerged later, in 
'■ T . 

-•■ The- first hypem&rket tout 
Sweden os long ago. as 
self-service has made 
Idggen in-toads into' Swedish re- 
tailing than in practically any 
other country even furniture is 
sold on a self service basis. 

At the same time new forms 
of small convenience stores 
have sprung up which, sell a 
wide-range of goods but stock. 
..... very few things in depth. 
Another novel development has 
been the opening of outlets by 
manufacturers and: wholesalers 
:zf:- to sell their own specialist pro- 
ducts;. .They offer single-line 
-“'^commodities at heavily cut 
prices. 

c Many of these ideas have 
been developed by retailers in 
Mother countries. Bat —the 
Swedes themselves have taken . 
::: “J:some abroad- The discount 
. S furniture chain Zkea, for 
cramp le, has sbops in five Euro- 
“r-^pean countries as- well as in 
i Canada, while Hennes -and 
Mauritz, the largest specialist, 
retailer in Sweden, has already 
expanded into Norway and 
Denmark and is now beginning 


.to open its first \shops in 
Britain. 

According to Eurpmonitor’s 
publication Retail Trade inter- 
national, the end of retail price 
maintenance in the;. 1960s, 
coupled with the urban nature 
of the country, made* Sweden 
the perfect breeding ground for 
the large organised retailer. 
Given the amount of consumer 
protection legislation in 
Sweden, not all its traders 
would agree this -view, but the 
end of RPM was certainly fol- 
lowed by the emergence of a 
few powerful retail groups and 
an acceleration in shop closures. 
. As in other European coun- 
tries. the closures were parti- 
cularly marked in the’ food 
trade as the small independent 
traders went out of business. 
The number of food shops was 
halved between 1963 and 1975— 
a trend which as it continues 
has begun to make the-Govern- 
ment concerned about how to 
provide shopping, facilities in 
rural communities. 

One of the novel aspects of 
the Swedish retail scene is the 
development of “co-operation” 
in the widest sense of the -word. 
This has manifested itself in 
two ways. ■ At one end of the 
spectrum retailers . have co- 
operated among themselves to 
form voluntary groups which 
now account for about a quarter 

- •/ 


of all retail sales — a far higher 
penetration than in most other 
countries. Most are retail- 
owned rather than, as in Britain, 
operated by wholesalers. 

At the other end are -the 
traditional consumer-owned co- 
operative societies. Though 
their life has not been, made 
easy by the development of pri- 
vately run multiple chains, they 
have managed -to hold' on to a 
share of the market which is 
the envy of Coops in other 
countries. 


Claimed 


In 1976 the Swedish co-opera- 
tive movement claimed to have 
taken 17.S per cent of total 
sales and it announced that it 
was hoping to increase this to 
19.1 per cent, by 1980. As well 
as running department stores 
like the Domus chain, the 
Swedish movement operates 
superstores and has developed 
some ideas whicb could well be 
copied by cooperative societies 
in other countries Recently, 
for example, about 20 of the 
190-odd societies linked to 
Konsum-Kooperativa Forbundet, 
announced that they were to 
start issuing membership cards 
to.their members. Card holders 
will be offered special discount 
priced on selected lines. 

Elsewhere in Scandanavia 


there has been a similar move 
towards greater concentration in 
retailing, though in neighbour- 
ing Denmark the move came 
relatively late. While indepen- 
dent retailers in other countries 
faced growing competition from 
larger companies, the small 
trader in Denmark remained 
protected by Government legis- 
lation. In 1970. however, the 
law which effectively limited 
the Dumber of shops a retailer 
could operate was repealed, and 
since then there have been 
major changes in .the retail 
structure. 

Predictably, store closures 
have accelerated and multiple 
groups like Irma have grown 
up. As in Norway, where -in 
the opinion of some, the volun- 
tary group movement is the 
most effective in Europe, inde- 
pendent retailers have formed 
their own associations. 

But if Scandinavia has an 
efficient retailing structure, it 
has not escaped the effects of 
the recession — though in the 
case of Denmark the brakes did 
not come on until the end of 
last year. In the last quarter 
of 1977 sales in both Denmark 
and Sweden were very de- 
pressed and retailers were ex- 
periencing - much • the • same 
problems their counterparts in 
other parts of Europe bad suf- 
fered in the previous two years. 


THE U.S. retailing scene has a 
particular fascination no matter 
what interest is in the eye of the 
beholder. The casual shopper 
can find an impressive variety 
of price and pruduct and stand- 
ards of display in big city depart- 
ment stores which testify to a 
great deal of imagination and 
thought. The investor will find a 
r ang e of stocks offering him 
both yield and growth while the 
industrial analyst can see a 
business sector in transition 
where managerial emphasis is 
weaning towards growth by 
acquisition rather than the de- 
velopment of original outlets. 

Historically, U.S. retailing 
appears to have exhausted most 
of the rich opportunities asso- 
ciated with the steady move to 
the suburbs of the American 
middle class. During the 1960s 
chain stores, regional depart- 
ment stores and discount houses 
dominated the suburban shop- 
ping centres which characterise 
the American consumer’s way 
of life. Competition for business 
became intense, and in recent 
years and recession and eroding 
profit margins have seen the 
disappearance or such well- 
known names as IV. T. Grant, 
Robert Hall, Arlcns, Topps and 
White Front 

During the last few months 
the fight for market shares be- 
tween the discount houses, the 
chain stores and the department 
stores ’ has intensified. Most 
notable has been the aggressive 
pricing policy adopted by Sears 
Roebuck, the world’s largest re- 


tailer. Until about ten years 
ago, Sears’ reputation rested on 
its sales of good quality, rela- 
tively low-priced merchandise. 
However, this was sacrificed in a 
move to widen margins and to 
exploit increasing consumer 
affluence. Moreover, the low 
price end of the market was be- 
coming extremely crowded with 
discount houses— with K Mart 
in particular proving to be one 
of the most aggressive and suc- 
cessful. 


Embark 


This company’s sales stood at 
a modest $500,000 in 1962, had 
risen to $3bn. by 1971 and were 
close to SlObtL -last year. Sears, 
whose net sales in 1977 were 
$17.2bn., decided early last year 
to embark on an ambitions price- 
cutting programme to lure cus- 
tomers back from K Mart Profit 
mar gin^ were reduced and it 
was hoped that higher volume 
would more than compensate. 

For nine months of the year it 
did, but the plan went badly 
awry in the final quarter when 
the company's sales actually rose 
13 per cent but earnings fell 20 
per cent, from the correspond^ 
ing period the year before. This 
deeply' embarrassed the com- 
pany’s management which con- 
ceded that its price promotions 
on consumer durables and home 
improvement items were “too 
deep, too long and too frequent” 

It is by no means clear how 
much of the market Sears was 
able to take away from the dis- 
count houses since consumer 


spending, the wheel which keeps 
the' U.S. economy turning, has 
proved extremely buoyant dur- 
ing the past year. It has to 
remain so for the Carter Ad- 
ministration to achieve its 
hoped for 4.5 to 5 per cent, 
growth in real Gross National 
Product this year. By the end of 
March Sears had posted a 12 per 
cent, year-to-year sales gain, K 
Mart 16 per cent, J. C. Penney 
22 per cent and Woolworth 15 
per cent 

These advances went a con- 
siderable way towards offsetting 
a weather-depressed January 
and February and sustained 
hopes that the retailers would 
have a good spring sales period. 
* It will take place against the 
background of a bitter battle 
for clothing sales, particularly 
fashion wear. Again K Mart sent 
a tremor through the industry 
by radically improving the 
fashion content of its women’s 
wear departments and then 
J. C. Penney, which is not 
traditionally viewed as a 
fashion store, launched a deter- 
mined national effort to boost 
its sales -of women's clothing 
by displaying branded goods 
familiar to department store 
shoppers. 

According to Mr. Bernard 
•Sosnick, retail analyst with L. F. 
Rothschild Unterberg, Towbin. 
Penney is likely to be successful 
in making inroads into the 
department stores' market 
share, “ and with its new 
strategy, the battle between the 
chains and the department store 


is out of the basement and on 
to the main floor.” 

Mr. Sosnick believes that 
catalogue chains like Sears and 
-Penney will have considerable 
resources to bring to bear in 
their attack on fashion sales. 
Quite apart from the catalogues 
themselves, they enjoy the 
advantages of shopping centre 
locations, high volume purchas- 
ing and the ability to advertise 
nationally on TV and in maga- 
zines. 

Hr. Sosnick is not alone in 
believing that conventional 
department stores face a diffi- 
cult future and that some may 
not be equal to the challenge. 
Professor Walter Salmon of the 
Harvard Business School argues 
that these stores have lost many 
of the advantages they used to 
enjoy. The development of 
shopping malls means that' they 
are no longer the only place 
for “ one stop ” shopping' and 
the widespread availability of 
credit cards means that they are 
not the only source of credit 
for the shopper. 

Professor Salmon believes 
that to counter the loss of mar- 
ket share department stores will 
expand into “ ego **-related busi- 
nesses such as speciality retail- 
ing. Some of this expansion will 
probably occur through acquisi- 
tion, and he cites Dayton Hudson 
as a company moving in this 
direction through its purchase 
of bookselling and jewellery 
operations. 


John Wyles 


RETAIL TRADE BY FORM OF ORGANISATION 

(Per cent shares) 


Denmark 


West Germany 


France 


Sweden 


1962 

1971 

1976 

1962 

1971 

1976 

1962 

1971 

1971 

1976 

3.1 

6.0 

10.0 

9.1 

14.6 

19.0 

85 

152 

\ 

35 

£5 

3.6 1 

6.0 

6.5 

8 J8 

} 105 

3.3 

42 

\ 10.0 

/ 10.9 


2.0 ) 

1^ 

15 

45 

5.3 

J 

i‘ 

10.3 

114 ' 

$.5 

3.1 

3.0 

' 3J. 

2.6 

25 

18.6 

17.2 

0.1 

02 

0.2 

3.5 

4.7 

5.0 

0 J7 

1.1 

1A 

15 

13.5 

16.7 

20.0 

345 

39.6 

40.7 

1L6 

15.6 

— 

— 

69.5 

60.1 

55.3 

42.1 

27.8 

2L7 

69.0 

55.7 

70.0 

66.1 


Multiples 1 

Department Stores — 

Variety Stores 

Consumer Co-operatives 

Mail Order 

Affiliated Independent Multiples 

Independent Retailers 

Source: National Census, Distributive Trades EDC (UX, Retail Trade Europe and Management Horizons (U.K.). 




*: 


';V.y: :V 

SHOPPING in France is like 
^S^tTarfeHibg in; a time machine 
^n^frant. one-, end ; of the - 20th 
Q^.i centiiry to the- other. At- 'ora 
end; :of - the -spectrum are the 
kind' of shops-.which delight the 
[foreign yisltbr----ibe lo.cal pattis- 
sierie^ overflowing with deli- 
iesywbidb look -as if they 
jhave been, , hand-made to .sabo- 
waist-line ' or the 
boutiques where ' the level uf 
ersunal service can 'be almost 
erpwificing. ■ At tbe- otheiv-r 
ethhex ^idthin five minutes’ 


France 



walk of the small specialist 
shops — are examples of the 
kind of huge modern retailing 
development which are the 
pattern for the future and the 
envy of retailers throughout the 
wprid. ' *' 

France is a land of paradoxes 
as far as retailing is concerned. 
For the past ten years or so 
the- country- has led the world 
in the development of new 
forms of shopping. The hyper- 
market' concept may have 
^originated in Scandinavia but 


it is the French who are 
acknowledged leaders in the 
field. To-day there are 350 
'hypermarkets in France. 

Normally situated outside 
towns, these monster stores are 
now estimated to account for 
around 10 per cent of total 
French retail sales. Their 
operators, like Carrefour, have 
exported, the idea around the 
world and it is to France, rather 
than America, that those look- 
ing for 'inspiration about large- 
scale developments now turn. 


sg 

.... 

-j'M 

sT 

-•'T / 

■ 




k. 

5Em 



. . •« ^ iWA'WW - - — ■ ■■■ > 

Wood Grcrr. jii.nis,: Civ. 


What's a Chartered Surveyor doing 
in a survey on retailing? 

Never underestimate the value ol sound 
advice concerning retail property. 

Siting, planning, developing, letting and 
managing retail property large or small, require 
considerable skills l he sort of skills that can 
really only be offered by a firm with experience : . . > 
in dealing with such matters all over the world. 

To discover how we can be of service 
contact Richard Ellis. Chartered Surveyors. 

6 f \ 0 Bruton Street . London WlX SDU 
Telephone 01-499,7151 


Richard Ellis 

ChortetedSuiveyitts - 


Similarly, the French have 
developed the regional shopping 
centre concept further than 
most other countries. Paris is 
now surrounded — some would 
say strangled — by a ring of vast 
new covered shopping centres, 
like Parly 2 and Rosny 2, which 
cater primarily for the car- 
borne shopper and which in 
most cases have managed to 
create an attractive new shop- 
ping environment 

Alongside these new develop- 
ments, however, the inde- 
pendent trader has managed to 
hold onto a bigger share ol 
sales than in almost any other 
developed country. Partly 
because of the highly discrimi- 
nating character of the French 
consumer and partly because of 
the political clout of the small 
shopkeeper, the independent 
sector still accounts for around 
60 per cent of total sales. 

According to figures produced 
by Euromonitor, this share has 
actually increased over the last 
five years despite the many 
closures in the food -business. 
The regional retail structure has 
helped the small trader -and 
hindered the multiple — though 
recently there have been signs 
of regional groups like Casino 
moving out of their traditional 
territories and into' the rest of 
France. 

The huge shopping develop- 
ments opened over the last 10 
years have of course taken 
business from some- of the 
established operators. French 
magazines talk about the crisis 
in department stores which, like 
the variety chains, have been 
squeezed not only by the open- 
ing of hypermarkets selling a 
wide range of non-food items 
but also by the development of 
specialist discount chains. 

Most of the department store 
groups have moved, into hyper- 
market trading (Au Printemps, 
for example, is associated with 
Euromarche, the third largest 
hypermarket operator) as well 
as opening new stores in the 
regional shopping centres. But 
the expansion has not- been 
without its problems. Au Prin- 
temps for example recently 
closed its department store in 
the Creteil centre. 

Looking to the future,, most 
French retailers seem to think 
that the country is beginning to 
reach saturation point as far as 
large-swale developments are 
concerned. The law In any case 
militates against such, develop- 
ments and even if the rate of 
closure among independents 
begins to pick up there still 
looks like being over-capacity in 
French retailing for some time 
to come. 


The 

Clothing Transport 




Clothes on hangers 
or in cartons 



is too simple a description 
of the services we offer. 


These extend well beyond the movement of 
clothes on hangers for which we are best known. 

We also cariy them in cartons. And offer short 
and long term warehousing facilities with garment 
call-off systems if required. For multiples, this pro- 
vides an economic alternative to holding back-up 
stock at branches. With Tibbett & Britten rapidly 
replacing garments sold, the floor space saved can 
be more profitably used to extend the selling area. 
Equaliy, clothing manufacturers and shippers 
rely on us to handle all their warehousing and 
distribution. 

Whilst operating a regular distribution network, 
costed on quantity and distance, we also offer 
contract rates for bulk and will gladly set up 
special collection and delivery systems to suit our 
clients' needs. 

Security is an essential of our service. Our 
record in this is unrivalled by any other transport 
system. 

The 'Clothing Transport People' is too simple a 
description of the services we offer. Callus . . . 


Efficient warehouse ca!I-off systems 



Nationwide depots 


350 vehicles In -operation 


Domestic, Continental 
and world wide service 


691/697 High Road, Tottenham, London N178AZ. Tel: 01-8083040. Telex: 267547, 


A 







ihhl 


II! 


AifiTKi 


»v/«. 



systems 


stock control 


A MAJOR problem confronting to :'ne point of sale, has been issue delayed development of language so that the computers In relation to POS svstezns 
retail managements in Europe o:K of The major management the system. In addition, since of grocery manufacturers and Grocery suppliers respond to the 


to-day. in the light of increased techniques 
■stockholding co^b, is Mow to Europe over 


s in retailing in bar-coding invariably means an retailers can communicate. In euphoric talk about the benefit 
,er the past few years, absence of individual price- January of this year the Article of “ comouters sneaking trt 
use of teehnnlnaioal markina. American manage- Numhprino' A„r. n „;.,+; nn .. . . 1I10 10 com " 


walk the tight-rope between And the use of technological marking, American manage- Numbering Association in- this puters " with more thS a tonrh" *' ‘ 4 

keeping stocks at their lowest devices such as scanners incor- ments also found themselves up country — a body made up of of weary cynicism snsoecHn? ‘ 

and mast economic level and pural:ag laser beams has been against the consumer lobby. As retailers, manufacturers and (not without some justification! 

at the same time avoiding accelerated by the development a result, as recently as the wholesalers — announced the that this is yet another “siiec 

disastrous out-of-stock srtua- uf i be bar-coding system, which beginning of this year only launch of the Article Number tacular development” in the 

tions— the best way of sending mm tarns information on the some 2G0 of American super- Bank, which allocates specific food indiistiv whirl* wn ,,M 


tions— the best way 


improved management informs- But when the system was in- T Q n n-nQnrA several of the major computer the retailer, 

tion systems, and particularly i reduced into the U.S. some two -L-'dlJgUagC manufacturers have sold a At the Article Numberin'* 

in capturing rapid up-to-date and a half years ago results Nevertheless, over the past number of sophisticated point- Association conference in Lon" 

and detailed information on were not particularly happy. f ew years the European Article of-sale systems to retailers in don in January major suppliers 

sales which can automatically American retail managements Numbering Association has been Europe. Sweda and NCR are snch as Birds' Eye and Proctor 

and swiftly be related to stock more concerned with the set up essentially to offer a two of the leading companies and Gamble made it clear amid 
replenishment. The application reduction or labour costs than number system to the twelve in the field. ~ the surroundm® proselvtisation 

of electronic data processing to «:ockholding costs, and conflict European signatory countries Sweda numbers among its that thev were prepared to’ 

retailing, and more particularly with labour unions over this which will provide a common customers two Carre four hyper- undertake bar-code priming 

_ ^ an d two in only in conjunction with their 


[ * N 

ft. 





f ^ * 









the U.K.: the Rinascente depart- normal packaging-design pro- 
ment store group in Italy; the gramme. That, they warned, 
supermarket group Albert would mean a time-lag of at 
Heijn in Holland; and the Ger- i east three vears. 
man cash and carry group some major retailers, too, 
Katio. Sweda has also been although accepting the need for 









L flC. 


Iffi* 






'■ l ‘» 


S- carr . y -r° up Some major retailers, too, MSI portable data capture terminal. ’ r - ' • -' ~:y t . •' 

Katio. Sweda has also been although accepting the need for - 

active on the American front up-to-date sales information, of the principal manufacturers French supermarket group .But in Rri tatn there is noVl'jr- .5? 
selling systems to Bradlee’s de- view with alarm the high cost of portable data entry terminals, SAPAC. In Germany,: it has ter-’ uniformity - of- attitude oz£ 

Dartment Sf/irp crrmin in Woe. _ e ^ . -_j. rlAcimtA4 4-«v kn j « i^.i A ^ . wrfCf *■**' 


vJ; , , . . _ be captured in a number of barcode shelf label The market companies— SGS, Snper- going to start fuH-scale . com?? I' K-* 

nlk has been busy in Scan- different location's in the retail terminal is then coupled to an markets Jtiliani, and Super- puteKHnked POS trials over the^ -5- -S? 

dinavia; one of its latest con- sy stem, and not just at the point ordinary telephone and the me^o PAM— with 200 ter- next two years, and. is 
S~o™..« 1 w. the - de f af S" e ". t rf* 8816 * information is automatically distributed throughout out it§ Wallin gbormsh; 

store group Mag asm du Nord. Some retail companies— Sains- transmitted to a computer -n am 0 j ^th tg.rRM insas 

which has six stores in Den- bury was one of the first-are centre or warehouse. The are b/XS Ihe otoe^d " 

mark. Over the next couple of installing general purpose data system is capable of being used teved-dn information; bur the two fuUv*comnnteri‘?ed pqSN'w ' 

years, total, of 650 NCR 2151 entry tenninab which are one by email independent retailers ^ St & 




r.- • 

. wi - 

••• ■f'J, 


supermarket group Irma, the as this still offer all the main r'nfTHTIfinfl 
second largest retail company computer - orientated facilities. 


In America MSI claims to be opened next moirth-Jferedti^ ^ -- 

have 17 out of the top r 20 super- will be using the Sweda. *2 




in Denmark, installed an NCR such as wand reading of OCR -r Cr . maricet compames using MSI Tange of non-coxnputerisM. . ^ ^ * 

255/726 computerised checkout ( Optical Character Recognition) !? terminals for branch reorder- : registers at the 50 - 


system with laser beam scanners or magnetically encoded mer- cent P or “bie data tng and transmdsrion of orders a system which - is . costingi g- % 

built into the checkouts. NCR chandise tags, transmission of tenninal market * to their - data centres. These Carrefour only about 40 , 

has also supplied the Swiss data bv telephone lines, and tenmoais installed. in^ 18^ -include A arid P, Kroger, Jewel^ ^ cent, of^ totaliy computerise^- 

. 7 _ - : - - nniinlniu. An,nn» . l r< J tt.i -w _ r a . j. ■ ua ■ • iSSt “ 


!; Sjj'iiiSi « r 




9n e J*f, the terminals at one oj the checkouts at the Migros store in 

(Wart shopping centre at Zurich in Switzerland. The terminals are linked tc 
i\CI? in-store mini computer for price look-up and management information. 


department store group Jelmoli even automatic data polling bv ct>un tries. Among • European and Grand , tJnion. In this on-line system, yet getting 

and the German store group the computer of each shop laca‘- countries it has shelf-edge order country the UBM ; Group much information, acoording te^^^ " ; . 


n the 
to an 


and the German store group the computer of each shop loca- countries it has shelf-edge order country the UBM ■ Group mnch information, according to^^^ 2 -; 
Karstadt. The company also tion during the night So the entry systems in the Belgian (builders’ merchants) use MSI managing director Peter Stobbs/-->£*- 
has a number of installations in full advantage of a daily stock superstore- company Grand terminals which are reported to as can be usefutiy hsmdled."’-',-.^ 
Britain. control system can be gained at Bazar (part of GB-InnoBM),' in have improved warehouse ser- pi i . 

But there is growing scepti- considerably lower Investment the French Co-ops >of vice levels by 15 per cent and XUlWara MCtauyeil. wr; 
cisra about article numbering cost. Champagne, Lorraine • ajid to have cut branch stocks by a - • Editor BelailoBd isz:^ 

and particularly about its use MSI Data Corporation is one Valance, and in. the 80-strong third • • Disfrilmrion Monoaeiaenfr^SS-^! 





**V*V 


Edward McFadye^^l ;r 

Editor, Retaii n»d >£lrl; ? 
Distribution Monagetaoit^Sfcrr : 1\- 

" T ' ' • «■ 

’ • ' .. ^ 




.V Ik Ot.: 






•1 [« 




« 


9 


mm 

iViVkV." 


We’re proud of ourfeilures. ; ■ 

They’re one of tfie reasons why weYeso good at otir job. ^ . 

Group 4 standards arei the highest Right fmni the start ’ . - 
The material that goes into our uniforms is.on!y the very best— as 
95 out of every 100 of the peoplswe interview will testify;. ' v " ;■ 

And the 5% who ddimake.the gradeare:siibje^ed.to a tolatsecuriiy 
TrainingProgrammewhichissecoridtonone. v.'; 

We’re every bit as. pMcularaboutthe appment welnstail. From 
buzzers and alarms right through to master control systems. 

• In fact, our QualityControl r testing and checking procedures areso - 
lensive that we could be criticised for being over-cautious; - 
But In our business you can’t be. • 

We’re part of the largest security company in frirope and the world 
With over 70 years of experience behind us. •- . 

We’ve a reputation to protect • * . 

And in a funny. sort of way, it’s our failures that keep.us intact . . , 



Givins the world a sense of security 


GrSup 4 Total'Securiiy LH; t -7 CadcsPIaca, LpntidnW.1* . • 
Tef; 01-629 8765 oryourlocalpff^'thre 






JFiiiapdal T3mes:Monday April, 17. 1978 


-A 


INSURANCE, PROPERTY, 

BONDS 


AUTHORISED UNIT TRUSTS 


OFFSHORE AND 
OVERSEAS FUNDS 




sissss 


IWii J 





P*pettAlCp.GUL. - PS5 410| —.-l 35E 

Pimuiiiitf Unit T 1/km LUL¥ (aXbi I Arfrmfmol Securities (CL) Lixni tod Keyselcx Mngt Jersey Ltd- 
Piccadilly Unit T. Mgrs. Ud-T wi | pQ ^ [Wtfp , Jwwy j»o b^srsl H eiier. j'lwr.iEnqOMDsmTO 

Cap. Tafc'JwJttV) — PJAO 118W 4J8. FOBSdW--.- IFV13H UH| 3.W 

Next (tealwg: dale April's, . . Keyselr* tat L £6.19 7.M 424 

Awi'f 01 - J 121 ass'ate:^ a - K 

Australian Selection Fund NV - cenLAsseisSip "t m2 02 M toff 

Market Opportunities, *;«i Irish Young ft v : ntf *. eh- vaBn u. M 
Uuthwaite 127. S«t Su Mbs'. Kiag ft 29iaxsen Mgrs. 

UBi I Shares I SU5L52 Vfl.0B| — 

Net asset value Apnl 13 


Keyset** Int'L. __ £6.19 7.0 

Krysclrv Europe — £3 M 45 

Japan Gth. Fund — ITSMH R( 

Kessrtex Japan ..... 02.09 23 J 

Cent, .\sseta Cap - „ £11202 

Xing Sc Shaxsen Mgrs. 


333 




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PO Bo* 002. Edinburgh EH165BU. 051^550000 

InvPIr Series I W.4 97.4/ -Z.9J - 

lnv. Ply. Series: — foo 96.* -2-jl — 
lav. Cash Anr. M — fe.O IflXa-tftll — 

Ex DL Tr.Ajva 5- . S53 MRS..... - 

Mid. Fan. April 12-&0-5 250.3-401 — 


Fia^wrWShnreal 
Shleld^^H 
Statu 

OmvEnetgy^B 





frill 


ta— 


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-....1 — Leaden Indemnity & GnL In*. Co. Ltd. 
ice Co. 18-20, The Fortjury.ReatHngSBMl 1. 

01-3420282 5S^ta^K^ZrS.7 §3^ “• 

— ~J “ ' .FbcadlnUa-ort 6*2 5E3~o3 — 


— ; •“ The London ft Maacbetter Asa. Gp.* 

— ■ The Lens. Folkestone, Rent. 020397333 

— — • Cap- Growth Fund.. 2U.7 +L0J — 

.— •Kempt FVexJSU 1205 +OOI — 

- AExcnipt Prop. FH WJ +0.M — 

, aEip t. lnv. TO. Ftt +-1.4/ — 

L FleathlB Fund, — , . 1048 +0.7 — 

0MM3410 lnv. Trust Fiuri 1254 *14] - 

■ Property Fund—., BLS -0.5) — 


— Property 

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048829033 



8B9 01-039 4308 



limited J 

INffTT. 013422005 
-041 - , 


Son Alliance Fond M a n g mt . Ltd. 
Son Alliance House. Horsham. (MQSMMJ 

MaStt“-HUM :::::! = 


Son Alliance linked life Ins. Ltd. I 
040384141 

Mz ! 


The British life Office lid.? (a) 
Beltane* Hse-TOnbiidse W«Ua, KL 088222271 

Bl. British Life W5.9 4B.M -OAJ 5.44 

B£ BaUnced* __ — toj 4fcJm J 5.® 
BLDtridaod -.- — JfOa j «5*d..m9J3L 
•Prices April 12. Next deal trig day April IB. 

Bzmn Shipley & Co. Ltd.? 

HnsiK Founders CUEC2 010008520 

S.KS!,1S.fc®i W=J.« 

Oeouske Trust* (a) 

Financial 

General... 

Growth Accum. 

Growth Income — 

LTO.— - -igy irn — 4 J.w 


Hgag^gsr 


ftg — 

aid = 

12 '’“April 14 


— Merchant Investors Assurance* 

— 125,mgh Street. Croydon. • Ot-OeOiW 

— E&i&d H +H = 


Sub life of Canada (UJBL) Ltd. 

& 3L 4.CueJoqmr SL, SW1Y 5BH 01M0MD0 

ffi | =d = 

WKfc: I £1 Id = 


Target Life Assurance Co. Lid. 


Prop. Pena. _ 

mi 


Prow. — _| 
Jep.Pem._t 


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jfi| n = 

Prop.Fd.lRc. 1055 U1.7 — - 

Prop.Fd.Acc. . _DSJ> . — 

Prop- Fd. tar. 106.0 104.6 — 

Fixed tat. Fd. Inc. IMA U9J — 


DUK08031 NKL Pensions Ltd. 

"—<1 — - 


01-5881212 
-0J| ■ 652 
rc. lid.* 
0W4 33377 



rS&Ss^ywl; wj +£3 — 

ReiPIsijCap.Pen— 575 _62.l +1.C — 

KffiS5^.:gSI- mf ::.::: = 

GiKPWl.Aec.I__ 132-7 14U — 

GiRPoiCsp..... ,jia5 X33A| — . — 


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IxedlWcraKF. 
td. Deposit Fd. 
luted Fd_ — _ 


k|:d : 

Fnr New Court Prumty sw uader 

Rothschild Asset HaucoMt 



Life Ins. Co. Ltd. 

01-4056497 

14141 1 - 

113. U . — — 

116.3 — 

ua.91 - 



I Trident Life Assurance Co. Ltd.* 

Reatfade House, Gloucester , 046236541 

iUuuaed- UU 12A1J ... .( — 


VIES STOCK INDICES 

¥ [ x & f A r ! A S; \ Y-\ A ^ 


■ r V..4R / * ■' 


75^1 78.41 
462J9 460J 
150.8 1SLA 
5.96 SAI 
17.38 17.19 


7192 73.96 6894 
77^5J' 77.42 69.73 
463-3!. .467.1 416.6 
130.71 15 3,0 220.8 
6.881 6.77 6.49 

I69Bf 16.86 16.79 


GlttKdlod Bli 

Koa«._ Ss 

Intern * Mn n * l »3 

Flnsal 1255 

*5*fe±=& 




7.94 8.03* , 8.21 8.12 8.18 8.73 

.S.82W 5,180 4^44 4.662 4,972 4,937 
80-471 78.71 . 42.10. 48J.9 69iJ2 62.EB 
14,78Si 14,4 2 6 10 . B18-I 11.102 1 1. 522 12.S 69 
UL 4914. Noon 448.5. 1 WD. 449.6. 

4485. S pJTL 44S5. 
t Index 01-244 MOL 
- cent- corporation tax. +1411=7.75. 

m. fixed Ibe 1988. Ind, Ord. L7/36. CoM 

Jhly-Dfc. IMS. 

LOWS S.E. ACTIVITY 


ISioce OomjiiZstwa / 

- I — Apr. I Apr. 

i-Higb ■( low. W- ) U 


' s toKfe*=r l mfi*lzA - 

*C«ih value fur JUOO premium. j 

Tyndall Assurance/Fanslons* 

l&CuangaBoad, Bristol 077232341 

3-vwMit.M. I HU I I — I 

EQuftjMAtlB • 2510. - 1 


BMdtfar.ie^ m2 

rasssr-fc s n 

!M*W Pea. Mar. 18_ 1434 

OteuInv.Har.16. Mi 
iHn.Pa5-«Apr.3 r _ 106.0 
Do . Equity Apr. 3l 2465 


S.E. ACTIVITY I SJMsfe 


«» .aatfHja-s 


Indnamea^ 170.6 200.2 
150.4 -50.53 dpeuulatire... 33.9 SO A 
(23/11/07; (3/1/75) ®4ato...-.« i .. llifi 252.5 

649.2 " 49j*“ 1BKT IRS 7 

(14/9/77) (2BA4C& 170 j 170.7 

442.3 43.5 Specnlativa... 31.7 30-9 

[22M&lk2S/10/TL) Total 113;1 113.2 

STOCK INDICES 

[ April 7 April April April | April |A Year 

fi -- 12 U. W j 7 | ago 


194.13 1S5A6| 199J37 202-76 200.93j 202.17 166.14 
214^0 815-54 SS 9M 225-13 221 J6l 222.46 290.21 
5.70 6.70 . 8.60 S.6»l 5.63 6.70 

7.67 - 7.70 7^3 •' 7^7} 7.02 9.47 

199.82 203.16 206.41 M5il01 206J80; 175.41 


Do.Prop.Apr.3 [ MJ l \ - 

• " V 

Vanbrugh life Assurance 
-U-eMaddnSL.lda.WlR&LA. 01-430*00 
Miu«telFd.„ — .039,9 3*7.3j — 

Z12.8 22*J -1J — 

lew. Fund « 2 992 +L3 

fixed Intent W.„ 1S2.S 17Lf -+05 — 

ProptttyFd. 13W 10U — 

CanFuad __.pl72 1B4 ... v . — 

Vanbrugh Pensions limited 

41*43 MaddmSL, 14 b. W1&8LA 01-4604033 


Fhccdliitanst 96.7^ +0JU - 

Property ; — . 1D0.4) — 

C UBiat ri cm ‘lac. Base Sates* table. 

Welfare Insurance Co, Ltd.* 

Tht Leas, h-oUccstone, Kent 030397038 

^oSwto^ piwgg refc-lolieLmdMS 
Manchester Group. 

Hstrllfe Assnr. Co. lid. 

1 Hlfb Street. "Windsor, Windsor 68144 

^SSSHssf^^^zzi- 

FTOueAsadGliatsj; . 43.0 ...... — 

Rpt-Asstfcns. — . £Jft38 _ — 

Fl^XnwGjwrih- 1955 11U — . 


MnsiK Founders CUEC2 01-0000630 

RsssflsfcBi sa j as 

3A24 4J0 

Mid «3 

52B 

3S a4 5 JO 

30.73 9 J* 

IMW 3.97 

7 2471 4.95 

7 17M 155 

ttzz 

UAj 4L30 

Canada Life Lint Tst. Hhgre. Ltd.* 

H4S High Sh. Potters Bar, Hcxts. P.BarSUSS 

CcfLGmDtst. DU K? 

Do.Gen. Acauu— _nZn 4AB -OJl 472 

uo.tac.Dtat ms 2-2 

Po-taC. Accum. -1*2-6 444| — OAt 7.94 

C*pel (James) MngL lid.* 

100 Old Broad St-, BC2N IBQ 01-5886010 

8SS==#B 

Prices on April 6. Next dealing April IS. 

I CarJiol Unit JFd. Mgrs. Ltd.* feXc) 

Milbura House, Ncweft*th*^ipo»-Tya* ZU6G 

Csrliol [gJ tyid 1 4JS 

Do. ACCiim. U -i J --P5-® _?*3I I 4.75 

Do. High Yield ___ 08.9 COM .1 0.91 

Do.AccKno-I3rata._M8A MS ..-4 0.BL 

Neat dealing date April 10- 

Charterhotue Japhet*- 
l.PWWiwst>erB0(r.BCA . 0W483880 

Cj.lBternafl 
Accum-Unlta 
CJ.tacanM.- 
CJ.EuroJPta 
Aecum. Units 
CJ.Fd.lin.Ttt 

-iBJSBraiBi 

Chieftain Trust Managers Ltd-*(aHg) 

30(31 Qoeen St, EC4R1BR. 01-3483832 

Higblnanne^. WSM *H-l3 lUn 

InlcnuOiaiisI Tsl_u)Z2A 4-OJj 3A5 

Basle Resroe. TatpU. 24.w{ — 5Jtt 

Canfcdetatfam Funds flfgt Ltd.* (a) 
SO Chancery Lane, WC2AUSS 01-3420382 

Growth Fund PU «U] J 464 

Cosmopolitan Fund Managers. 

3a Pwt Street, EmdouSWlZOEa. 01-2380833. 
Coa.jepnta.QthJd.lX6A J7Jt\ 5JI 

CresujBt TJnlt Tst. Mgrs. lid. feXg) 

4Md»U>Crt*^Kctfaihnrjjh3. 03X42204081 

CrumntC&viwth— BJ -0.3 MO 

CrejL taterueFL ,„pJ7 57.64 +0.71 OSO 

Crm.Bl8h.Dist. — WJ MS-OJl 7-27 

Cres. Reserves P7^ 4U(-0 j] 442 

Diaarettanary Volt Fund BXraagers 
32.Btan&AldSL,EC2H7AL. 02-0304189 

Dtactacome P50JJ 1604 -5J| 3A* 

K. F. Winchester Fuad Most. Ltd. 

Old 3«wry, EC2 0W1062187 

Great Wtachester-.. 07 A UA — 4 641 

CLWlneh'er O^easRU 19. M — 4 5.0Q 

Enason St Dudley Tst. Mngmnt. Ltd. 

20, Arlington St_ 8.W.I. OM0Q7S51 

&UN0B Dudley Tst_)6A7 69 Mt I 340 

Eqnitas Secs. Iid.*W(d 

41 BldHRMtotAiDCS GlrSnKsn 

Progressiro 1M..9 G53| +0JI 436 

Equity Jc Law Un. Tr. M.* (aXbXe) 

AmeritianiRiLHighWycUinbe, 00433377 
Equity & Law \»A SJJhf -0^ 430 

Fraailingtan Unit MgL Ltd. (a) 

6-7, Ireland Yard, EWB SDH. 01-880071 

Capital Tat. goU mtd M .J 4» 

InccaneTit p*3 X0A21 622 

InL Growth fd, — fi7.4 iraS — ZM 
Du. Aecum. — , — f9M Ut&Ot ^^4 2.41 

Friends' Fnrde. Unit 2V. 9KgK.* 

rtxham'EBd.Puitias. 09099099 

laffiKat- ^43 ts 

G.T. Unit Managers Ltd.* 

IB, Flnshmy Orcna KC2K71RJ 01-8289132 

ar.cap.inc ns.5 jd3-5.il 4J» 

G.T.feFd.ua — VSt 2B2 MS 

GT.U.S-ACen UJA HSi +M LtU 

G.T-XspK kGen— 8U 295JS +3JJ 130 

ua.o i»a ._J aso 

G.T, Inrt- Fund - IOTA 115.1 -Uj 230 

G.T. Four Yd»Fd_ (533 564} .1-4 7J0 

*G. & A. Trust (a) (g) 

A HaririchRd, Brentwood (0270231300 

t&A PM . 3931-001 CM 


bRs) . 

Compound Growth. 
Couranriao Qaor-“- 
ConvenaoBlne. 
Dividend 
(Aecum. Units) 
European-^—. 
(Aecum. Units) 
Extra Yidd — 
(Aecum. Units) 
par Eastern 
(Aecum. Units) 
Fund a* lnv. Ttts~. 

I Aecum. Units i 
General — — 
(Aecum. Unit*) 
High Income — 
'Aecum. Units) 
apaa Income. 
(Aecum. Units! 
Mug mn a _ 
(AKumUnttsi 






(Aecum. 

Second Geu. 
(Aecum Units)- 


ape riali e e d Panda 

Trustee [133.9 14 13J-25] 633 

[Accum Units) Sfc5„. 27U -43 ,633 

Sair)b<HxlApa-.ll _ .,,,114.7 10X 

CtariM. A^il 11 _ WOA ySrl Z E 

(AccntsuUuiJs)— _. 170.9 UU 7.97 

A^fl L0__ p27 J . 1344 -A 5.95 

Mnniilife Manageniemt Ltd. ■ 

SL George's Way. Stevenage. 048898101 

Growth Units (4*2 537] ~2JJf €01 

Mayflower Management Co. Ltd. 

34(18 Gresham SUECZV7AU. 010008009 

^:d SS 

Mercury Fund Managers Ltd. 

30. Graham St. EC2P 2KB. OWJ00465S 

Merc. Gea. Apr. U.." 

M8K.MJ&*-- 1>^- tuTa "M5 — i 

^Apt- 12 -KSl^ 703 — 3 1A5 

3tarJQ._.p03 20S3 — J 4.71 

AMamIRs.Slax30.tZSM 24 ut 4.71 

Midland Bank Group . . 

Unit .Trust Managers Ltd* la) 

Courtwood House, Sliver Street. Head. 

Sheffield, SI 3RD. Tet 074218648 

m 


BssasaB jy is 

•Pm tax esempc (Bads anZy 

Scottish Equitable Fod- Hgrs. Ltd* 

3856 Awhwwa Sq, Ediabmgh 031-6580101 

asaB--.:-BK _ «a .d is 

Dealing day Wednesday. 

Sebag Unit Tgt. Managers Ltd* (a) 

POBOK5U.Bc*ibxy. Baltic A. 014985000 

IS3SSSIS ; :BK IS 

Security Selection Ltd 

UMS,Ua«dn , B Jon Plaids, WC*. 0M91 00800 

SsSgSffifcBi M=( IS 

Stewart Unit Tst. Managers I/d (a) 
4ft ChsriottcSq. Edinb ur gh. 001-3803271 
Stewart American Fttad 

Standard Units B93 6311 1 UZ 

Aecum. (7oitn_ — W.9 60.0J — -J — 

Withdrawal Untta-W3 523| —4 — 
Stewart Brlttah C4ttri Fund 

sard 3S 

Bon Alliance Fund Ma gi. Ltd 

. Sun AHiaacaBm, Bonham. 0408MM1 

%&S 2 £&g?‘ SS? 

Target Tst. Mngrs. Ltd.* (aXK) 


Free World Fund Ltd 

Botterfleld Bldg, Hhaalton. Ber m ads. 

NAV March 31 1 WS172.64 J 4 - 

G.T. Management Ltd Ldn. Agts. 
Park Hae_ IB Finsbury Ctrcna, London EC2. 
Tri: Dial 813L TLX: 008100 

G.T. Padflc FA 1 SUSBJrf 1-0391 L18 

Btaaanamrt lataraatieBal Dt 

c/0 Bt. of Bermuda, Front SC. Etarolta- BaaU, 

Anchor •B'Unita—fR-SIM I.M 132 

Anchor tat Pd ^*11 | 135 

G.T. Banaada Ud. 

Bt of Bermuda. Froni St. Hamltn, Bmda. 

SHBK i== 3 TW M « 

G.T. Mgt. (Asia) Ltd 

Hotchiooa See., Soman ltd Htajr Kaae 

g!?! B^ F fimd'™f R STC12A?1-(LM| 496 
G.T. Management (Jeraey) Ltd ' 
Royal Td. Bse^ Cotamberie, SL Sailer, Jersey 
G.T. Asia Stediag— |DZM U52| 148 


Gartmore Invest. lid. Ldn. Agts. 

” SL Mary Axe. London. EC3. 01-2833531 

Gartmsrc Fuad Magt (Far East) lid. 

1503 Ratchleou H m B Harcoart Rd. H.KonK 
HKAPae. u.XM—Wfens 2.eq+«*a zt6 

K&ssrS an sg 

fi.AjDmcmn i a . -.ihi mw ium z/ u 

latL Bond Fuad — KOUffi UBH .1 630 


Dealings: 0300 &B41 

mb 


m-d 


Growth 

Do. Aecum. 

Capital 

DA, Aecum 


Da. Aecum 
High Yield 
Do. Aecum 
ByiMyExmnpt- 

Do. Aecum.* 

■Prices at Mar. 


38JI +0A 3 jb 

77 A 331 

29J +0.1 331 

50.7 -0J ASS 
57.7} -m2 AS 3 

48.7 +0.9 234 

. 5U *L0 124 

U3a -03 DM 


SLCrastanaSUBCX. 

Target 
T>rg** .. 

$^«tGittFund 
t a r g et Growth 
Target lniL«_. 

DolBrinv.Units 
Tar*«*inv.~— - 
Tsr^etPr. .4pr. H- 

Tft ProtTm.T' 

CqmaGrowthFd. . 

Target Tst. Mgrs. (Scotland) (aXb) 

10. Athol Crescent, Edin. A 031-2208650/2 

BBSSaB- 

Trades Union Unit Tst. Manager** 

100, Wood Street, RCi 014888011- 

TUUT Aprtl3 WM 513x0 .-..-I 532 

Tr ansatlan tic and Gen. Secs. Go.* 

91 -GO New London Rd. Chelmsford 084551051 

ggst-assria, ||»E|Mi ! 


Gartami* (aveotmeut MagL Ud. 

P.0, BUJ 3Z, Dou«l»MoM. 0631 aoi l 

IntcrnatHNzal Ine ..pQ-4 2ZM ..... 113 

Do. Growth P93 62.91 4 

Hambro Pacific Fond MgtnL lid. 

2110. C oana n gfat Ccetrc, Bong Kong 

SSftt^dBV = 

Bambros (Guernsey) Ltd J 
Harobre Fund Mgrs. (CX) Ud 

0481-26521 
W7I8.....J 3.90 


^ ..... 3.9 


J. Henry Schroder Wage Sc Co. Ud 

12D.Cheapside.ElCg. 01-5884000 

CheapS Apr. 13 10.75 +4371 239 

Trx(WMrlIar.31._ SU510RM ...... ~ 

Piuian PA Apr 3 — (TSMtt 1SU AM 

Darling Fnd. SAX 77 188 5 00 1 

JapanFti Apr. 6 — (STSSS7 730 8.24. 

Sentry Assurance International Ud 

P.D Bax 33ft Hamilton ft Bermuda 

Managed Fund — pt-SUOT UD0 1 — 

Singer & Friedlander Ldn. Agents 

20, Cannon St, EC*. 01-248S64S 

Defcafonds IDH2U1 SUM . .. .1 6« 

Tokyo Tst. Mar. 38_| SUS33J5 ] 1 136 

Stronghold Management Limited 

P.O Box 315. St- Helier. Jersey 0034-71400 

Couunodily Trust _[94.M 99310 | — 

Snrbrvest (Jersey) Ltd (a) 

P.O. Box 08, SL Heifer. /araey. 053473873 

American lad.Ttt...|£77l ,7.871 +01 4) XZ7 

gEgffl&-r.::@jg = 

Surinvest Trust Managers Ud (a) 

4ft Alba! Sheet. Douglas, Lo M. 0824 33014 
The Sllrer Trust —006.8 109.41 -DJI 

Richnjond Bond 97. 181.8 19131 -331 ID 68 

Do. Platinum Bd._. 1093 J15.M-0.5j — 

IH>. Gold Bd. IDO* 1M-2) +03J - 

DC. Em. 07(OCBd pTU 18X7] . ... j 1X01 

TSB Unit Trust Managers (CLLt Ltd. 

Bagatelle Rd„ St. Saviour, Jersey. 0534 73404 

SSSS&--JSI SSr.jlBS. 

Prices on A(wil 12. Next sub. day Apnl 10. 
TOkyo Pacific Holdings N.V. 
la thms Management Co. N.V., Curacao. 

NAV per shore April 10. 3US51.70. 

Tokyo Pacific Hldjgs. (Seaboard) N.V, 

inumb Management Ca N.V, Curacao. 

NAV per Share April 10 SU537.73 

Tyndall Group 

P.O, Bex USe RamURai 5. Bermuda, 2-TWO 

Overoeaa April 12_BGglJ7 iX3j j A 60 

(Aecum Units) pUSXM 1711 1 — 

3-Way tat Mar. 1ft ..{OJSUH IBfl | — 

_0534 37331/3 

J M- .I ^ 


3SS I m 

Next dealing April 2ft 
Minster Fund Manager* Ltd 
Htastar HM" Arthur SLE.C4, 0XS231000 

SNSULdB S3r:i IS 

MTA Unit Trust ltfgeimtt. Ltd 

Old (taeen Strett, SW1H8IG. 01490733ft 

HLAUMta .P5A 3U1-X2J 458 

Mutual Unit Trust Managers* faKgJ 

IB, CopthaQ Av&, KCSE 7BH. ei-BQ048O3 

M.itaalSec.Ru«— W73 _5U] -OJJ MS 


CumM. Apr. 12 
(Aecum uutta) 
GlenApe.lxJ 
CAccum. Unitx) 
li ii 


wider AwUiaJ 
4003 (AttrumUBiSsl 


Wide Div. Apr. 
Do. 


National and Commercial 

M. St Andrew Square, Edhdnrcb 0814500161 

rn-us; 


Tyndall Managers Ltd* 

1& CasyngaRoad, BrlrioL 

Ineanie April 12 H84 11 

( ACCum. XJuit 


M7S-54 *u2? 


3U •9MS. ' 

si - Hi 

s = Si 

*A2 6J69 

M.7 5.45 | 

725 — 5.4B ! 
677 -X7 9X5 | 
74.7 -li 9J5 | 


dealing April 20. 
Henderson Baring Fund Mgrs. Ud 
P.O. Boot N4723. Naaaau. Bahamas 

pSccsHim ApSTft 1^'feaUngSie' ApriUB. 
Hill -Samuel & Co. (Guernsey) Ltd 
8 LeFebvre SL. Peter Pori Oaeaicy, CX 

Guernsey Tfet. {1413 15X21 -051 3.69 

Hill Samuel Overseas Fond Sjl 

37, Rue Notre- Dome, Lmemboure 

hraujt n«H)xy - 
Intern atio&al Pacific lnv. Mhgt. Ltd 
PO Bos R237. 58. Pitt St, Sydney. Autt. 

jarelta Equity Txt.|SL9Z 2JHj { — 

JJE.T. Managers (Jeney) Ud 

PD Box 19V Bflgti T«L Baa, JeroqyOSM 27441 

Jersey KrtraLTsX- 04X0 15251 J — 

As at Mar. 3L Next mb. d^ Ape. 3ft 

Janfine Fleming * Ca Ud 


82.5 ._... — _ 

2035 7M 

2791 - 

1134 — 1030 

M2.6| - 

Victory Bouse. Dm(hi, Isle el Maa. 0OM 25829 
Managed Mm-. 18... 027.6 134.* .....| — 

Utd IntnL Mngmnt (C.L) Ud 

It Mnlraater Street. SL Htilcr. Jersey. 

X. LB. Food orsuui m.«l _....| 0.13 

United States Tat IntL Adv. Co. 

14. Rue A Wringer. Luxembourg. 
UB.Ttt.lnv.Fad.-j SUS9.79 I _...J 0.97 
Set asset value April 2ft 

5. G. Warburg & Co. Ud 

30, Gresham Street. BC2. 014M455S 

= 

MrXur. Apr. 5 prSHU MS} i — 


Warburg Invest Mngt Jr*. Ltd 

Cl 053473741* 


ag^uS &-&2S m.=i« 

National Provident lnv- Mngrs. Ud.* 

4&<haeettanehSL.EC3PaK& 01-4284300 

NJXGch.Un.TM— HJ.7 475j 359 

'‘-TBUWWp— B3.7, ,_wa — xw 
Dflwtt. Trust rajd — 3.05 

National Westaiiudeifta) 

Fd— IS 
UuhwaaJFdXdl— P** 5 Ml 40 ^ 237 
NEL Trust Managers Ltd.* (aXgl 

MUtan Court, Dortiug. Sptrey. 9011 

see Eothtchild Asset M a na g naept 
Norwich Union Insaranee Group (b) 

P.O.Box*.Norwleb.NR13NG. . 000823800 

SSSrJFd. P 1 S 3 JSL*4-04 3.47 

Pearl Trust Manager* Ltd (a)(g«z> 

232 High Eol boro. WdV7EB 0X4QB8M1 

Poari Growth FA- 2M4-A8 XM 
AeenmUniU 

®«EE=fi 

(AflfiBtt Ullto? 524 

Pelican Units Admin. Ud. (g)(x) 

aiFWamslnSt.ltaMbesWr 081^385085 

WlcanUnaa— I 73 - 8 ■MU| -2S| 5.42 


(Aecum Units] . 

Int Earn Apr. 
uuemn. Daits)- 

" 'SMS. 

tac.Apr.li_ 
Lsb*» Win Croup 
CaiuUl Growth 
DB-Aceum. 

Extra Inc. Growth. 

Do. AccmtL 

Piatadal PrttF. 

Do. Aecum. — 
High toe. Priority 


% 

I 

3 


027233381. 

W=j 1% 

SS IS i 

Si ::::: Jf 

*W 5A3 

last 5i] 

am -... x» 

26fti 15 

S b S29 

J 5X8 

UlJl &91 

79 .« -0.W 636 
BJ -a? AJ* 
37 3a -02 1056 
421 -03 1056 
1L3 -ftl Ml 
191 -ftl 4.91 
624 -412 837 
3L3 +05 3X9 
3U-02 U7 


ganp-Gee Management Jersey ihi , tmtua surs., — tcv.zs »jzi — 4 — 
1 , Charing Cross. SLOdiar. Jemmy. OSM 78741 World Wide Growth Management* 
Kemp-Gee Capital .BM.l 86.71 ,.^.J — . iQa. Boulevard Royal, Luxemfaotug. 

Kemp. Geo Income. m2\ 031 vVnridwide CUi Fd) SUS13X6 l+OiEJ — 


*33 Wnr |dwide Gth Fd| S US13X6 l+OJCj — 

NOTES 

where indteaWd +. and are in peace untou MhErwIsa 


pnemiDffl insurant*, x Ouern] price Include* ml e*pen®*« exceP* j 
y Offered price includes all expenses if bought throorn manners, x I 
It Net of tax on raalised caplrsl min* ttalwaindlcxtedby ftTQienwey 
I ♦ Yiew before Jersey m. t Ex-SuhAviaoo. 


Prevtmu tofa prwe. 
y gross. 0 Suspended. 


SpectalStK. [wx »" 

TSB Unit Trusts iy> 

llLChlintty Way. Andover, Ham*. 03S4 82188 

R>TTSBGMDnal_LJC4 ^«4«X1 3B9 

(hi Do. Aecum— gA SftD +OJ 5m 

(b) TSBtocome — M-U W 

D o. AgeunL^ — Bft4 «3-ftl 7 30 

TSB Scottish -- -Wi ZSil + K 5-2 

(b) Do. Aecum. .. , — [79.9 8ft01+OBf 2.95 

Ubttr Bank* M 

Waring Street, S«12*»X . „ 0^i3Sm 

(bJUUtarOrowth— P5.0 37.71 •’021 5A5 

Unit Trust Account St HgmL IM. 

King William BlECWPAR (HBS34061 

Friars aae-Frad.. 0450 WftDJ „..J 

WklerGrth.Fnd._ra3 2Wrf AS 

Do.Ae«m ^7 3*51—1 «5S 

Wieter Growth Fund 

Klnc WlUimo St. EC4R OAR 01-8384051 

ssr«=d si *w=ia 


I.a Index Limited 01-S51 3466. Three month Copper 707^-713^ 
23 Lemotn Road, London, SWlO OHS. 

1. Tax-free trading on commodity futures 

2. The commodity futures market for (he smaller investor 

CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave„ London EC3V 3LU. Tel.: 01-2S3 110L 
Index Guide as at Ulh April, 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capita I 132.70 

Clive Fixed Interest Income 119.S6 

CORAL INDEX: Close 446-451 

INSURANCE BASE RATES 

f Property Growth 8 % 

t Vanbrugh Guaranteed 7.75% 

r Adore®: shown under lagurgne* aiti Proncrtir Bond Table. 









































44 




FT SHARE INFORMATION SERVICE 


Financial Times Monday; April 17 1978 

. HOTKl^-Goniinued 


Aid 


■-1 


Henry Boot Construction Limited 
Sheffield Tel: 0246-i i 0111 


li Ap.Jy CHFIdotCw?.?! — i 
iMrJe.sD.lFord Motor E 


■"BRITISH RATS 


Interest 

Dus 


Stock 


! Price 


I lait ; TkU 
>: 1 Idl ! Bed. 


141 

aci 

PM 

1TM 

26 M 

7M 

ir.M 

3M 

H3I 

I'll 

:as 

25M 

l.\l 

15F 

I A 

12J 

4F 

2)F 

J7M 

23 M 

J5J 

InF 

36M 

15J 

51 

<J'» 

Wu 

2IF 

17M 


JW 
151 
10.1 
IM 
2fflf 
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15 A 
15J 
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10J 
5 A 
2111 
21 F 
23F 


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15M 
3M 
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1 A 
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21F 
1M 
1M 
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15.1 
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5A 
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26J 


MW 

26S 

PS' 

ITS 

265' 

IV 

15% 

3S 

14% 

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15Ja 

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“Shorts 

Treasury IQij 
tick. 5pc 1 
Treasury Il'*:gc73g_.. 
Tireasiay2pcT!9S _ 
E 3 ecinc 4 l 4 pi:T 4-79 — 
TreasunUB^pcTKl _ 
3retnr3ijicT6.75 _ 
Treasury 9pcl SOW . . 
Treasury SawBW.. 

> Treasury 3>jpc <•■» - 
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'Eschequer l?pc 13803, 
Treasury I l* 2 i« 198122 
Treasur> 3 * 3 * 17THJ1 
Treasury 9Spe 1881“.. 

Exch. BUpc 1981 

Eich S*jpc 1381 

E\ch. "pc 1981 

Treat Vanahle "81 ji _ 
Each. 12^pc IPBltt — 
Treas» 2 pc'80RWr_ 

Treasury 3pcTKt 

Hearon Hpc — 
Treas. Variable ’82« „ 
Treasury 8 %pc "82. — 

Each. VtfX 1382 

Eseh.Wipc 1383* _ ._ 

Exch 3pc R3 

treasury 12pc 1883tt— 


(Lives up to Five Years) 

5 2 V) 42’ 


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lllM 638 
Jl7 lffl 12.05 
91? 895 
91 357 
71.12.71 
8 .U 6.73 
l.S 888 

132] 3.70 
937 
3.71 
1L40 


71! 

6.97 

8.06 

6.<K 

7.10 

924 

6.63 


[MrJaS D. 
Apr. Oct. 
Mr.Ja.SD. 
Mriu S.D. 
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18Ju 
151a! 
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26Ja 
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15Ja 
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Sfll 
22Ja 
21A 
25 A 


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Fundins®^ ■rears. 
Treasury 7%pc T& 88 JJ. 
Transport 3pc 7588. 
ITtnsU ly ape '0688 .„ 
Treasury i3pc 199GS- 
Treasw;8‘.&:90tt.-_ 
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Fundi oe Ape "ar-jis. 

Treasury l&pc 928.. 
Treasury IDpc 1282. 
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15S Treasury 
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10 BedejnptumJpc 198 
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MS Treai. UP?pc '988 - Z. 
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25Ja|Treasun ' 


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2BJL2 12.24 
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232 10.01 
13 1256 
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3212.26 


^INTERNATIONAL BANK 

15A|5pc Stock 77-82 1 83 | 611 6.02 | 

^CORPORATION LOANS 


9.90 


IA. 

IN 

25NI 


JOclJLh 
Do. 


IF. 

m 

10F lOAug. 
15My 11% 
22M 22N 

l5jSl ‘ 15% 
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C 8 F 28AUE 
15M 15? 

15J 151 

11J 11 P| 

HU 10J 
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ISM laS] 
lUMr. JOS 
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BintfhamBupc 7M1 _ 
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GLC lZ*tfC82 

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Hens. 5*pc 7880^... 
KH Kapc 76-78 . 
ipc«*«.. 

Do Sjpc tired- 

Lon. iSrpSjpc 75-78. 

Do. 9*pc 84-85 

LC.C. 6 pc 76-78 

DoSdJcTT-Bl 

Do5*^rew 

Doia-pcBMT 

DoBvpcBMO 

Do.3pc2>AA. 

Middx. S«pe 1080.. 


Warwicl 13; 


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S; 

103*2 

31 

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25.10 

9.70 

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12-13 

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9.83 

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»k 

552 

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97 

L2 

552 

l/.ll 

10.48 

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13 

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99% 

EB 

654 

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95% 

13 

30.1 

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88 

152 

624 

7B 

1512 

7.16 

70*2 

71 

1111 

171? 

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23*2 

1.2 

12.71 

92*2 

152 

5.68 

96% 


9.61 

102*2 

IW- 

12-18 


10.97 

10.92 
1157 
1173 

10.93 
1051 

iVC 

8.42 

■sa 

957 

10.63 

10.99 

1147 

f55 

1101 

1150 


Dirtdfndi 

Paid 


AMERICANS— Continued BUILDING INDUSTRY— Cont. DRAPERY AND STORES— Cont 


Sock 


ll«t| 

a 


Wv. YU 
Bras* Tir Cr’a 


G.\TX — . 

teetHertSr-j 

Gillette SI 

Har.eyxdtSUO— 
HuR«iEJF._.. 

UM-Coro S5 

IcseyoU-KS! — 
iIcvS^aiitCE SI 
LI" Icleniatiofuii 
Kaiser ALSj. 

Msnf HK.ISS75D 
Morgan 'JP i USS25 
N'ariu Snntia kc SL 
0»ens-Hl.S3.135.._ 
iterOatsl'SS5- 

iiacceSO^S 

Rep.NV Corp S5. 

[ReinonlS 

,Riciul5n.-Mrm51* 

Saul i B F.iSl 

Shell OilSI 


SiageriSIB' — . — 


AiLN.F.My. Sperry Rand J050. 
MUttSeDec IRWfnc.Sl* 


ITemieco 
Do. UKla&k 91-93. 
Te5oroK.CSS0.15;- 

[TexacoS625 

friruelxK. 

rTrtnsaiDericaSL. 
Utd.Tech.SUS5— 
1*5. Steel SI 


Wool norths S3 1 ; 

Xerox Corp. Si — 
Xoiues Inc. 10c — 
Zapata Corp. 25c. - 


2bd 

38 

19 3 <*d 

373b 

W 

10*4 

189 

» 

25*; 

35 7 i 


16 

V 

IS 1 * 

16? 

S T 

737p 

20*2 

32 

lid 

283® 

R 

127grd 


282 5120 

241 5320 
72 5250 
22 52.20 
26J S150 
m $1.90 
- $068 
62 51152 
72 $3.00 
M 25c 
82 90c 
62 SL60 
30J 52.08 
153 $2.20 
31J 76c 
152 KS1.06I 
202 $104 

24 2 15c 
93 $1.00 
9.2 80c 
72 90c 

1174 - 
L2hSL60| 
16J 60c 
m SU2 
62 SI 80 
U S2.00 
2SJ1 1QU 
14.9 - 
L2 S2 
222 5150 
303 80c 
202 52.00 
62 $160 
261 5140 

m2 $ 2.00 

— 7*>c 

9.1 s30c 


2.6 

47 

7.1 

3.3 
3.9 

29 

3.6 

30 
40 
09 
55 
38 

4.6 

35 
2.8 

3.7 

36 

14 

3.0 

2.8 

?6 

2.1 
22 
35 
4.6 
f7.4 

55 

25 

4.1 

4.0 

4.4 

5.4 
35 
0.8 
13 


Dividends [ 

***d I SWfe Wee 

Nor, JubtTal'cder GM-JOpJ 21 

Jan. July Carr i John 43 

June Jan. Carnra 44 

May Nov. CemenlBoitfctone 126s) 


S.E. List FremiDio 48*a% (based on SUSI.862S per £ 
Conversion factor 0.6742 (0.6805) 


CANADIANS 


Dtridends 
Paid 

Ma.SJ.D. 
FMyJnxS. 
{AJy.OJa. 
May Nov 
Oct 

F.MyAuX. 
Jan. 
, Jan., 
JApJy.O. 

• njo 

12-63 lyidyAuN. 
U2A Apr. Oct 
g75MM.. July 

1169 
1194 
1259 
959 
12.45 
12.63 
12.10 
1284 
1257 
946 
12.68 
12.44 
12.05 
11.75 
1283 
1209 
1242 
10.72 
11.80 
1158 
1173 


MrJe.SJ). 
JulAbJ.O. 
F-My-AoN. 
MrJe-S.D. 
June Dec.! 

jjnne Dec] 
MJe.S.D. 
SeDeMrJu 
FJHyAuN. 


Stock 

IBUfontrealSL.:. 
l®L%trra Scotia 51. 
Bell Canada 25c „ 

Brw V alley? 

Brascanfl 

Pan Imp H k C? 

Can-Pacific So 

Da4pcDeb£J00 
GullCfilCaixn— _ 
ftreier5id. CanJ?. 

HollingerSo 

Hudson’s Bay II, 

H 1 uiB.O 1 lG.SZl 2 ... 
Imperial Oilfl — 
taco 


MNaLGasSI 

Massey ForiI 

Pacific Pet. Si 

Place Gas SJ 

Rio Alcorn 

Royal 6k.Can.S2_ 
1 Seagram Co C$1 _ 
tTor.Dom.Bk.Sl_ 


Kv. I | rid 

Grass ICVrlGr's 

3.8 
3.2 
5 2 
05 
45 

3.6 
38 

115 
26 

4.7 

4.4 

2.5 
2.4 

2.9 
4.7 
55 

15 

24 
35 
2.4 
0.0 

4.9 


SL06 



92c 


$42 


10c 1 


SLOO 

__ 

SL44 


97c 


4<K 



$1.14 



40c 



52.06 



69c 

_ 

$1.60 



86.4c 


$125 



80c 

— 

86Ac 

- 

SLOB 


51.46 


92c 



80c 



103c 

— 


JJkpJy.O. prans Can. Pipe. 

SJE. List Premium 48*;** (based on $2.1450 per £l 


BANKS AND HIRE PURCHASE 


Dividmdi 

Pmd 

Jan. 




May A 
Aug. Fe_., 
Jan. JuM 
Nov. Maw 
A. J. 0. Jaf 
Apr.OcL 
Jan. July! 


Jan. 

May 

Feb. 


JuIyjCater Raier El _ 


Nov 


May- 
March 
July Oct 
May 

Jan. Apr. 


SepLjCrmTAos. 


K'om’zbkDMIOa. 


June Dec. 
May Nov, 
Mar. Aug.1 
March 
Nov. April 
April Oc; 
Dec. July] 
Dec. July): 


COMMONWEALTH & AFRICAN LOANS 


1A 

1J 

1A 

3 1 J 

ZBF 

J5J 

IM 

JA 

15J 


1J 

30J 

IM 

30J 

30J 

30A 


10| 

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10 

11D 

28A 

15D 

Vo! 

15J 


”Autt5la>c 75-78 

-Do. SjpcTTW. 

''Do.SljpcUl-Bl 

**%JZ.4pc 1978-78 

”Do dpcT&BO 

“Ua Tljpc "8386 

Sth Africa Wipe 798L 
Sth.RhodZ>aK re- 70 . 
LftOpcTMll 


98** 

9412 

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57 

89 


282) 557 
SU9 5.92 


1282 
1111 
30.1 
15 II 
1283 
lT66 
1265 


6.60 

4J4 

6.44 

8.94 

1027 


8.19 

9.99 

10.75 

922 

10.13 

10.48 

1213 


1SN 


30. T 

ISM 
20J 
31 Mr 30 S 
31 Jly 30% 
JU 11J 
1 1 J 1 U 

11J 11J 

30 .le 31 D| 

31. Mr 30S! 

31Mr30S 
28F 31A 


LOANS 

Public Board and IuL 

Aanc. ML 5pc ■£#«.„ 

Afcan 10*riK rew 

-MaWfr.3pcB 

U.5J4.C Spclflffi 

Da nilhout Warrants.. 
I.rtoamar7pc75-7E 

Financial 

IKUI-FniSpeBl 


Sept Mar. 
June Nov.| 
■Ian. 

Feb. Aufri 
June Dec. 
May Nov. 
Aug. Apr. 
Jan. Septl 
Sept 

Sept Apr. 
Dec. Janet 
June Dec] 
Jan. July 
June Dec 
Jan. 

Aug. Mar. 
liny Nov. 
Jan. Julr 


3inl 
IS 
31 D) 
31D 
31(H 


Stock 

[AXZSAI 

Alexanders D £1 
FL100 
r __ Haney £1.. 
Allied Trick 

ArbuthnotLEl.- 
BmkAmer $1365 
Bk. Ireland 


Price 


IT 


Drv 

Net 


VTd 

Tit Gt s P/E 


July 
Jniy| 
ay Aug. 

Oct Apr. 

Dec. June 
Mar. Sept 
Mar. Sept! 

July JlDaL 

Mar. Sept] DalOpcCbnv._ 


Bk.Leumi 1£1._ 
EtLearaiUKtEl 
[Bk.K&W.$A2_ 
Bank Scotland £1 
Banker* N.Y510 
£1~_ 
BiwraStlpleyil 


(Clive 


ot20p_ 

ifSAlL 


% 

fh 


,C red. France 
Dawes 1 G.R 1 
|Demsdff8nAmEC 
F.C. Finance — 
First NatlOp — 
DaWnts.io83. 
FTaserAnL.10p_ 
iGerrard Natal— 

P lMlAt, 
eti Bros, ti- 
de DlMryip 
idlayv — 
mess Feat. 
Hambna — 
pill Samuel 
Da Warrants... 
HoagStag5150 
posdToynbee.- 
June|JosephiLMi£l_. 
iKeyserUUmann. 
KingirShax20p. 
■“inwoct B.L 
rds£l 


Manson Fin. 20p 
(Mercury Secs. — 

[Midland £1 

Do. <*;% 83-93_ 
1(A% 8398- 


Do. 

Minster Assets - 
NatBtAuitSAl. 

July Nat Com Grp 

” Nat. West £1 

Schroder? £] 

SeccombeMC£l. 
Nov. June Smith SLAhb 


AugJSand'd Chart £1 . 
[Trade Dev. SL50. 
Union Disc £1 — 
C.D.T. 


iDalApc 1 $ 


20D|Do ItocTQ 

,ICFCSdxDeb.BO«. 
Daflipcfib 8184 . 
Do 10>jK(JnsLn.'B6. 
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65 

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11*2 

158 

40 

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208 

158 

84 

425 

251 

65 

160 

40 

60 

95nf 

263 

47 

109 

348 

£81*2 

£87 

60*2 

220 

71 

267 

380rd 

210 

70 

403 

59-% 

290m 

37 

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62 


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31 


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SA 

2.15 

72 

41 

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28.11 

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7.8 

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28 


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9.4 



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11.32 



1.2 


14.1.1 

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8.6 



33 

432 



66 



2 12 

9.09 

5.5 

52 

53 

30.J 

12.79 

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11.7 

25.1 

3.39 

— 

4.7 

— 

3UJ 

14. lb 

4J 

6.5 

5.4 

14 11 

ass 

21. J 

19.5 



14.11 

21J 

fill 



14.11 

±3.55 

21 

8.9 

8.8 

14.11 

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5.6 

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13.5 

11.49 

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8.3 

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—i 


10.9 

03 
1 32 




3.4 

7.4 




Jan. 

Apr. 

July 


Jan, July CombeaGp. ite. 

Nov, July CoriamR 

Sept Apr. CmmBj^deSp- 
May OctCrosslejBJdg _ 
Oct April CrouchiD 
May Oct L'rtKichGnmpL- 
Apr. Oct Douglas Robt M. 
April Oct D' wrung G.H.50D 
Mar. Sept Ewur 
Feb. Oct E31isiEverartL. 

Nov. May Erith 
Dec. JuneFJACona'n-. 
Dec. June Faurlough Cons. 

Jan, J uly Feb. Inti. ]0p 

Jan. July DaWltip 

Nov. May Fed. Land « Bid . 
Finiin'John'l 

Mar. Sept FrajurisPlrr.il. 
October FruciiGIL-lOp.J 

Jan. July French Rier 

Apr OcL GalOford Br, 5p . 

Mav Gibbs Ddr A Ifip 
July teb Glee son VJ • !%> 
July Oct GlossopW.SJ.... 
Feb. Auc. G’gh Cooper 20p. 
Mar. Sept RAT Grp. lOpL 
Feb. Aug. Harrison J.lOp- 

Feb. Sept Helical Bar 

Jan. July HeixTsn.'A'lOp. 
Jan. July Henderson J.wL 
Jan. June RewdenSLlOp_ 
Jan. July Do.7pcConv.__ 
HeywdWnL50p_ 
Dec. June Higgs 6HDI. — 
Jan. July Hov'enngham.., 
Jan. July Do.Ttes.X'tg.— . 
Mar. SepL Howard Shut lOp 

Apr. Dec. LDC.30p 

Nov. May IbstockJohnsen. 

Apr. OcL IdL Timber 

Jan. July J.B. Holdings 5p_ 

j.cxg. _ r 

April Sept. Jams' J j 

Apr. SepL Jennings SAOil). 
Feb. Aug. icfcmori BichanL, 
Julv Dec Jones EdwrL lOp 
May. Nov. Kart:M.P 1 lOp _ 
Dec. July Lafarge SAF100 
Nov. June La»>8>Jotan'".V. 

Jan. Aug Latham 'J. 1 £1 

May Nov. Lawrence 1 W. 1 — 
Aug Dec. LeechiWnuSOp. 
Apr. Sept Leriaud Paint ... 

Nov. JunejLuMyFJ.C 

London Brick 


Last! 

Jd 


Piv 


Nan^lLoreUiVJ.i. 
N'ov.jMcNdll Group _ 


Hire Purchase, etc. 


FOREIGN BONDS & RAILS 


lateml 

Due 


JJ 

JJ 

1.1 

IM 

IF 

1A 


May 1 


30J 
10 J 
TM 
IJ 
30J 
LA 
30J 
May 


Stock 

AnlofagasuRly. 

Do 5pc Prel 

Chilean Sfiaed . . 
German Y ng 4ijpc. 
Greek Tpc Ass .. . 
a tw 6 pc 28 Sub .Vu . 
)|Do4pcHhiedAss . 
[Hung. TM -Ass. . ._ 
Iceland Pjjcreffl 


1F.M..A.N. 


31D . .... 

lDJllreland 7* jc 781-83 
ISJ Do 9*«pc •BL-96. 

3IDI 

3 Id! 


Japan 4pc TO A»_ 

Do6pcBMa 

Pern Ass^jc 
S GJ. 6*av 1S80_«. 
TunnSpc 1901 


15A 150fltain6‘2pc 1884__ 


I'nifiiKtyJa* -- 


Price 

£ 

18 

33 

98 

400 

52 

49 

43 

52 

7 a 
as 
82 
370 
78 
145 
75 
596*2 
DM81 
94 


Lari|Dh« 
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8711 

28J1 B-r 

31 3, 

Lti 
U1 
12 


m 

1750 


Red 

Held 


13.09 

1693 

16.12 

14.71 

5.55 

1180 

11.90 

1239 

960 

2.07 

8.67 

933 

1135 

480 


U.S. S & DM prices exclude inv. $ premium 


AMERICANS 


DiTidewb 

Paid 

Apr. Oct 1 
September 
MaJu.5e.De 

Jl i P X 

December 
NoFeHaAu. 
MrJu. S. D 
DMrJuJSP. 
MJe.S P. 
Ja.ApJy.fj 
FMy.Au-.V. 
ApJy.OJ a. 
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F MyAuA 
V MyAuN 
MrJe.S.D. 

MTjn.SD. 

MJ-'-Au X.F 
My.AU N F 
MyAuN.F. 
F My.Au N 
MaJu.Se.fc 
My AN Fb. 
MrJe.S D. 
ApJy.GJa. 
MJn.S.D. 
F.MjA n 


BendUCwp 53^ 

Beth. 
Bri^-n'pFer.clPj. 
BrunswicJ(Carpn.|| 
|BmToufihsCorp.JS 

K'BsaSo 

>:p*-.s*2 


J.A J OfEsnark 


MrJu.RD. 
J.. ApJy.O. 
Ap.Jy.OJa. 


Stock 

AS.k...._, 

AMFSVrom.BT- 

[AmaxSl 

American Ejli 
A mer. Medic. tat , 
lAsarralnc.. 
BakerlElolCorpIl J 


| Last 


'Cbajc RhfrLSlZa.. 
CbesebrouchSl— 

Chrysler 

Crticorptl. „ 

rnyimrSLSS 

Do. Cm. Prf. B SI _ 

Cdgaie-P S! 

Colt tads. SI 

Cont HlinwsSKL. 

Com. oil is 

rownZelLS5 

[Cntler-HammerG. 
Eaton l.'rp S050 


Exxon a — 

FirestmeTirea- 
Firsi Chicajjj 


16*4 

St 

15 

345a 

■a 

966|ai 

W 

23*2 

19 

936p 

if 

1V 4 

38& 

* 


36% 

U'j-rt 

l&d 


Db. lYTd 
Grass CtflGfs 


28 


all 

15.9 


- 

72 

Sl-75 

_ 

4.1 


— 

113 


— 

12 


— . 

1.7 

64c 

— 

232 

KK 1 

— 

61 

S 22 B 

— 

62 

raij 



It: 



701 

7De 

_ 

301 

I 1 A.J 

— 

277 

S -22 

■ 

77.1 

$250 







26.1 

tzkd 

— 

282 

94c 

— 

6 l? 

SLOU 



7R \ 

Pi-H 



Tfl' 


_ 

75-. 

JZ- 



19.1 




lJj 

$2.75 


2 fiJl 

5132 



62 

S1.4U 



23 

SL90 



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22 



hi 

tlf .3 



AU 

$3.20 


303 




96c 

— 


36 

31 

6203 

1.7 

8.6 

£57*2 

155 

Q12% 

- 

2b 

JP 

3.1 

♦3.95 

1.9 

671 

■wm 


eL87 

3.0 

7.3 

11 

873 

— 

— 

- 

87 

13J 

487 

23 

8.5 

23 

y 7 

htL3 

23 

86 

18*, 

774 

— 

— 

— 

84 

2721 

403 

23] 

7.4 


10.5 


S.9: 


Apr. Aug MaEMUcSlhn& 
iJan. June Maflinson-Denaj- 
Nov. JuneMandersiUldi:i- 

Dec. Apr. Marchwiel 

Aug. Mar. Mariey 

Mar. OcL Marshalls iHbi- 
Feb. Aug Msy* Hassell 

Mar. Aug Hears Bros. 

Jan. July HeMlIeD.&W. 
Feb. Sept. Mn-erfMontL'. 

OcL Feb. Mubmy— 

Apr. Nov. Miller (Sum 1 lOp. 
Oct Apr. Mbnmcrete..-.. 
Nov. May Mod. Engineers. 

[Jan. July MonkiAi— 

Jan. July Moslem iJk.._ 

Jan. June Newanhill£l 

Jan. July Norwest Holst _ 
Aug Feb. NotLBrickr 
Apr. Oct Once Devs. . 
Nov. July Parker Timber. „ 
Feb. Aug Phoenix Timber 
Jan. July Fochins. . . 
Mar. Sept Rawlings Bros.— 

June Dec. RM.C 

Jan. Oct Redland 

Oct May R'ch'ds. Wall lQp 
July Dec. (Roberts Adlard.- 
KohanGrou; 

Dec. July Rmriinson 

July Nov. , 

Nov. May Rnberoid 

Jan. June RugbvP. Cement 
Apr. OcL 
Dec. July Sabah Timber lOpJ 
Oct May Sharpe 4 Fisher 
Dec June Smart iJ. 1 Ibp — 
Oct May SmdhenjCon.5p 

July SreelerslOp. 

Nov. TannacSOp 

Oct Taylor Woodrow. 
OcL ritoayCtgCl — 
Oct Travis &AraokL 
Aag. Tunnel BSQp 

Aug- TO: 1 Group 

FeRVedi* Stone lOp. 
Oct YTbroptanL— 

Oct Ward Bldgi II 
July Warn 

Nov. Watts 

July west brick Prods. 
June Wrtten Bros 


Nov. 

July 
July 
May 
May 
Feb. 

Feb. 

Aug 
Star. 

Apr. 

Dec. 

July 
Jan. 

Jan. . 

Apr. Sept JWhflilingsSp.— 
Nov. Maybrw*'-'- - 
Mar. 

Oct 
May 


. ayWhirgh’m 
OcL Wiggins Crm. . 
July WiEoraCKmollyl 
Oct WunpeylGeoj 1 


28 

238 

37 

62 

68 

69sl 

84 

212 

58 

81 

74rf 

21 

66 

23 
20 
42M 

25 
14 
44 

26 
53 

57 

75 

f 2 

3 

ISO 

55 

£250 

81 

80 

72 
64 
25 

116 

144d 

119 

57 

24 
178 

103 
110 

If 

9 

110 

92 

73 
64 

69 
62 
79 

58 
170 

44*z 

105 

272 

74 
98 
61 
24 

38 
74 
78 
11 
60xd 

39 
85 

119 

15 a 

85 

223 

46 

104 
140 

88 

U# 

114 

133 

81 

96 

85 

86 
38 
35 

70 
145 

32 
45d 
50 
6 
27 
133 


0 

140 

232 

70 

160 

37 

45 

145 

32 

56 

42 

37<d 

24 

128 

88*j 


, 3.2 6.6 
6 12.9 t> 

2.4] 5.9 >8.2. 
, 8.0 i6.9j 

9.5] 22 7 1 
4.9 421i 
10.4 6 

6.8 68 
60100 
5.6 50 
7 4 5.1 
107 41 
9.6 145 


nS lit 

14 237 
3UQ dhl.81 
477 ±0.88 

Si 53 

7.60 
. ,20.04 

* 

14134^6 

33L48 


27 
2.8] 
* , 
II 


17101 +122 
28.11 hdO 91 
3110 3 38 
3.4 494 
28.11 ±147 

19.9 t3 .46 
XI dL19 
3.10 4.13 
133 3.94 
34tdZ74 

13J±dh3U| 

133 ±10.38 
273 t3 96 
135 5.05 
34 5.49 

310 1.14 

17 JO 249 , , 

1411 tdl 59] 17 
1411 tdl59 

14 ±203 
474 
17S 

5.9 d3J4 
2au $1.5 

133 3.07 
34 1.82 
,1212 LS4 
17 J1 t3.49 
301 52R 
161 a95 , 

311 f ±254 
19.9 *2.03 
3L111 t3.96 
2811 7.54 
SDH L29 
1212 Q7% 

974 _ 

1710 ±3.12 
3110 ±L89 
3Ufl tl89 
»J tL56 
132 d8 98 
3.4 614 

132 +6.29 
1411 mO 97 

277 *131 

133 ±8.60 
33«2( 

272 4hll 
276 0.92 

3110 ±2.06 
5.7 01=75* 

310 ±286 , 

12J2 ±h6.72 
14J1 6.5 
1411 5.0S 
272 3.70 
3ULC IS 
3LU 3.25 
Ml 3.89 
35 1289 
301 TB12 
1411 t254 
3.10 ±231 
272 3.4 
161 d2.49 
132td524 
11 ±278 

30.1 178 
1411 248 

31 ±418 
31 14.8 
477 075 
3.4 3.19 
310tdK24 
31 th3.1?| 

3110 its 
9J d4.47 
OB t4.12 

26.1 1155 
27 1 ±2.62 
59 5.44 
31 ±3.86 

1411 d4.61 
M2 0.63 
DJ{ 5.77 
2811 +3.81 
JM 451 
1411] ±3.96 
.a 2-5 
QJ2jtd223 
iLQl 

3L10] ±517 


]VM. 
CvriGrs]F/E 

27> a® 

71 


Ha 

82 

5.8) 

IDS 

121 

7S 


123 

8.3 
8.8| 

6A^ 

1.4H0.7E 


31 

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b63f 

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an 

1 

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l.» 
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65 


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Paid 


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6.1 

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103 

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45 

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131 

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231 

331 

33 
12.7 

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28 
40 
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35 
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4 

26 

36 

5.4 
9.1 

4.5 

3.4 
09 

3.5 

ill 

03 

Vi 

i 


8 ) 11 : 


1212 d 

19.9 410 
1212 12.96 
13 b ±529 
301 257 
34 0.99 
131 ±155 
199 ±2.26 
95 0.62 


h 

2.8 

1.1 

25 

L8 

i 

u 

0.8 

3.0 

43 

22 

9.7 

123 


aa 

6.7 

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7.6 

3.6 

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4.0) 1L4 

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105 

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50 

83 

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6.4 

7.4 
82 


I 

83 

6.9 
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9.9 
8.6 
93 

t 

811 

9.3 
5.7 
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43 

7.4 
73 
8.6 
7.9i 
42 
B.O 
5.3 


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9.1 

10.1 

10 . , 

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4.1 

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hb 

53 

113.9 

63 

65 

6.7 

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852 

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6.6 
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45 
45 
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5.5 
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38 

To 

9.1 

1 3 
121 
4.4 


5 43 


iS 

3.8 

5.9 
9.2 (147 
8.6 7.0 


93 


CHEMICALS, PLASTICS 


Jan. ■ Mayj.AKZD 


May 
July Dec 
Jan. 

Apr. Sept 
July Nov. 
July Nov. 
OcL Apr, 
Nov. July 
Mar. Sept 
Feb. Aug 
July 
July 
May 


Mar. Sept, 


Albright Wilson. 
lAlginalelnds.... 
JuneUlida PaeklOp_ 
Ah'd Colloid . 
Anchor Cbem. ... 
Barer AG. DMre. 
iBlagdeoNoakw. 
Brent CbemslOp 
BriL Betuol 10 

Brit Tar ftilli 
. a Burrell5p.. , 

CibaG'i 


Aug. Co 
July Co 
July “ 


Jan. 

Jan. 

May 

Aug. 


m 


July 

Nov.] 

Feb 


Dec. May 
June Dec. 
Apr. Nov. 
Fen. Aug] 
■.■a; Feb. Aug. 
19-9|Joly Not. 
7-7 ■ Kov. Mar. 

Nov. 
Nov. 
Nov. 


8.8! 


Nov. 

Feb. 

es 


BEERS, WINES AND SPIRITS 


Mar. Allied Brews. , 

Feb. Sept AmL DiftPr.1% .] 
Jan. July BasaChar'glon.. 
Dec. June BeH Arthur 50p- 
BelhmenBrewerj- 

May Dec. 

Jan. July Border Brew's.— 
Aug Feb. Brown tMattbewij 
Jan. July Bncklq-'sBarew.- 
April Aug BoiiceitHJ 1 .) 

August Butouiwod 

Feb. Aug CttyLon-lM — 
Apr. Oct OarkiMatthewu 
Feb. Oct L : . “ “ , 

OcL iBUtaj Hiebm’di | 


Jan. 

Dec. 


Nov. July Gough Bra.. .. 
Aug Feb. GremflTtWaw 

Aug Feb. Greene King 

Aug Feb. G«inije«_. 

Jan. July Highlo DisL 20p. 
JatL Aug lover '■ 

Aug Feb, iriah . . . 

April Nov. Macallan. GI«l. 

June Jan. Morlsodll 

Jan. June Sandemu 

May Aug Scott SNewSOp. 
Oct Apr. Tomatln 
Mar. Aug Yaux — 

Jan. July Whitbread ’A - 


JunejWolv. Dudley-..-, 
JuL|YwagBrewA'30p 


83*2 

35 

150 

226 

38 

146 

74 

102 

42 

149 

140 

55 

Ufa 

172 

23*2 

18 

45 

105 

226 

171 

131 

83 

123 

305xd 

450 

60 

9^ 

101 

87 

188 

ua 


161 3.93 
30.1 m025 
12JJ 4.B4 
3UC b4-7B 
374 - 
14.11 3.91 
3811 t3.19 
1212 3.92 
1212 ±1.64 
131 L'6.6 
Bi 3.10 
161 2.4 
133 ±5.21 
316.54, 
5.9 +L12 
376 - 
17 U b2.8 
31 2.62 
161 +6.53 
31 7 02 
SL.lfl 2.9 
OH ±203 
1232 355 
3.4 4.62 
1212 1245 
31-10 231 
272 ±3.1 
3.4 3.00 
31402 
14.11 ±357 
1212 5.74 
ffl.ll ±2-89, 


1 " 5:1, 


3.21 

35 

fj 

27j 

5JLI 

L6] 

33i 

3.11 


3.8 

2.B 

26 

2.5 
3.0 
4 2 

23 
26 

to 

2.6 

24 
26 

1:8 


4.9 

32 

a 

5.B 

5.9 
7.5 
3.4 

6.7 

6.8 
5.8 
7.2 


96 

3.8 

4.4 

6.2 

3.4 
3.7 

3.9 
23 

I 

I 


115 

95 

135 

if 

1L6 

92 

81 

llo 

Si 


120 | 
105 
126 
8.1 
,18.0 
IllOOl! 
, 8.3 
220 
13.6| 

l 1 

123 

H03 

93 

11.1 

14.8 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


June Nov.] 
Jan. 


Feb. 

Feb. 

Oct 

OcL 


Feb. Aug 
February 
May DecJ 
Jan. Sepilf 
Mav Dee 
Feb. Aug| 

May Oct 
.Mar. Aug 
Aug Oct 
Apr. Ngv. 
Ooc. Apr. 

May 
Jan. 

Dec. 

Aug Jail 

Mist ts 


OcLji 

llayjAJ'. Cement £1 _ ] 
|BCAr 1 

Brel 



81 

310 

t4.ia 

3.6 

7.8] 

144 

14.1; 

6 76 

* 

7.1 

14*2 

132 

thfl.7 

6.1 

7.3 

611 2 

27.2 

426 

02 

10.5 

227 

123 

59 

m 

934 

♦1226 

fl 

6.4 

2.8 

215 

au 

t6.93 

4S 

4S 

32 

ii 

?.3i 

14 

ill 

23 

31 1C 

rifl 55 

lfi 

i 

47 

1211 

±29 

31 

94 

105 

3.11 

±8D6 

is 

l?f 

24 

3J 

103 

u 

11.5 

19 


tO 75 


b.O 

51 

u 

Uli 

$ 

95 

65 

j(U 

dl.7 

5/ 

40 

68 

J.M 

13,46 

31 

77 

64 

3d] 

7B9 

3.4 

60 

78m 

JA 

4.89 

* 

10.0 

26 

LLlt 

t03 


i 

67 


LO 

* 

J 

& 

1212 

42.03 

It 

5.8 

52 

31.HI 

t2» 

22 

b.l 

157 

1213 

1 x 12-6 

95 

2.5 

280 

23j 

dlO.15 

35 

85 

24 

itu 

132 

23 

U 


Feb. 

May 

Apr. 

Nov. 

Apr. 


OcL, 

fw. 

SB 


DoJi4tCnv8are 
[Coalite Chem_... 

ToileiBros 

Da-A’NV 

— j Cay i Horace) 5p. 

June Croda InL Rs» 

CrystalaleSp. 

Enalon Plastics- 
Farm Feed 


^ £1 

adii.UOp. 
,Hkm Welch 50p 
HdechstDfflO.... 
DoiklOSTBLLB.. 

Imp- Chon. £1 

Da3®bPf.£l ._ 

litL Paha 

Lapone tads. 50p . 

NorstHJirBO 1 

Plj-sn 10p_ 

Ransom Wm. lOp 
Rentoitil lOp . _ 
Revenex 

Scot Aglnd£]_ 


Novlaewan Plastics. 
fThnrparBrdei lOp . 
WardleiBer.ilOp 
|WoLdenlwIme_. 
iTiuctaCijms 



July Fefett-otateEA.--* 
Dec. June Goodman Br.^ 

June Nov. Grattan Ware 

Mar. Dec. (It Universal 

Mar. Dec. Da'.VGni 

Aug Apr-GraMlBettslOp. 

Jan. Oct HardyiFurnj 

Jan. Oa. Da -A’ NT 

SepL HeteBeLotLlCp- 
Jnne Dec. Da 12pc Cnv prt 
Feb. Oct HenlewnK.3 
May Nov. KenriQuaAl_ r 

— HevrolLJ ItoJ 

Apr. Oct HmseCnanu lOp 
Dec. J ul) Hocse oi Fraser - 
Nov. June Boose ciLerose, 

— Knott Mill lOp 

Oct Apr. Ladies Pride 20p 

Jan. July Lee Cooper 

May Nov. Liberty 

May Nov. RiMoa VahxRal 
Sept Apr. litcroft ElSt 
Nov. Apr. MFIFnnmcre] 


Jan. JuWltarksi . . 

Feb. July Martin News— . 

Jan. July MenziesrJ.' 

MkiuelJili 

Feb. July Mid. Educat— 
Jan. July Moms BUkevJ- 
j uly Jan. Muchercare lOp. 
July Feb. N5SNews U^i— 

June Dec. Owen Owen 

Jan. July Paradise -Billto. 

Apr. Oct PureoniWXi 

Jan. Apr. Pners Stores lOp 
Polly Peck 10p__ 
Feb. SepL Prwdj 'Alfred i_ 
Dec. June RamarTesLSp J 
Mar. Sept RatnerslO 
Mar. OcL Raybeckll . 

Dec. July ReadicmSp - . 
Apr. Dec. Reed Austin -.V.. 
Apr. SepL Bit Kerri? i !0p.. 

Ro?giU5p 

S&LSores 12* J) 
„ _ , D0.3NH12*3> 

Feb. July Samuel 1 Hi 'A'._ 
Dec. July Sdincoan 
Sherman iS) 

Feb. Jnly SmUhW £ W 
May Nov. Stanley A.G.5p~ 
Sept Apr. StatnsPiscL 30? 
Oct. Apr. Steinberg 10p— 

Jan. July Sonnielfa 

Jan. July Time Proas. 10p. 
Feb. July UDS Group 
Apr. Dec. Upton !Ei-.V 

Oct May I'antonaMp 

Jan. July Verson Fasn IDpJ 
Dec. May Wades “A" ftp.. 
May Nov. Walker !Jaa.g 

May Nov. DaN.V. 

June Jan. Wallis 10p 
May. Nov. Waring AGillow. 

Jan. June Wearw^Qap 

Jan. Sept WharfffiLUO]*. 
Mav Nov. WIlkmuWaittL 
Apr. Oct WoohttKth. 


Prim 

65 

10 

114 
286 
268 

44 

36 

32 

171 2 

160 

73 

Z1 

58 

120 

141 

57 

B 1 

115 
£21 
£21 

54 
70 
15*; 
141 * 
251 
160s 
U 
90 
44 
150 
104 
70 
20 
35 
41 
8 
86 
14*2 
IM 
70 
32 
82 

n 2 

13 

13*2 

265 

22 

13*2 

140 

130 

154 

14 
22 

125 

83 

30 

120 

77 

40 

79a! 

74ri 

64 
89a) 
19 
22 
63af 

65 


lad 

Si 


Dir 

Net 


jYIdj 

rir]Grt[F/E 


31 ±38- 
3 M h0.75 
I71C5J6 
lnl ±7.43 
163 ±7.43 
133 175 
88 0 2 
P 02. 

25.7 0.62 

am i 2 °i 

132 d221 
3LU dl.83 
-11 , _ 

19.9 ±d3.29l. 3 
I7H 4.77 
3110 3.92 
674 - 
272 232 , 
niflthiAs 
1738 ±29.75 

17.10 ±29.75 
Z72 3.49 ! 

22hHL98| 

31lfl3.86 
31 6.6 
1411 hZl 
873 - 
33 ±4^4 
HD 417 
1411 tbZ&k 
33 212 
17JU)i±2-6 


31 41 
35j 6J 
- 0.' 
- II 
5.9* 5.< 


1312 ±L07 
Hi 025 , 
2&33±dL00| 

1212 t£a5 
511063 , 
301 ±h058j: 
, 163 ±3.03 
1411 ±144 
17.H 286 
477 £L19 
57! — 

27 6 _ 
276 . - 
163 t7.61 
23JJ M 7? 
_575 — 
H232 220 
3^ 5.83 
303 4.06 
132 dOB7 
SSL27 
1233 ±152 
1232 4J7 
3131 225 


1UU 

Z72 

33 

3.4 

H7S 

IS 

Hi 


515 

t279 

±201 


[51 

h323 

1.44 

5.11 

4.18 


IS 89112.6 
33 III 3 4.1! 
if 7-7 A 
31 3.9125 
1 42 11.7 
^ 6X l5Ji; 
0.9 
10 

5.4 4.9 
117 J 114 

5.4} 46 4.6 
2M132 53 
271 6.0 93 

42 112 

* J 52 4 

43} 6,6 5.6] 
9.3 22 33 


8Jt 21 81 May .Oct I 

8 J] 23 81 Nor. June Greaft&ttLlZ 
3.91 9.8 3.0 «47 Jan. HKN. fr . , 

2.9] 43 12 1 Aug Jan. Eabft Pm5dm> 
_ — Nov. Juse Hades Catrite 
2l| 4.1 17.0 Apr. Oct Halt F' “ 

4.51 63 ?«b; July 


4.8 

U 

126 

23 

32 

fa 


29 

43 

V 

fa 

12 
8.7 
1 M 

2« 

3.« 

4j 

43 

44l 


ENGDiEEHNG— Continued 


ShUends 
Ibid 

June Dec.|l 

Jan. 

Feb. July BHinttflU 

Jan. Jnne EngCafiOntt. 
Jan. Aug Eralndmtnes 
May Od. Bipandedated*! 
« - » 

Aag May ftBSHfetaEsSM 

Mar. Oct Fmhiasn^„ 

. Apr. Ftaidrf«e»p— : 
Feb. AugFoOesHftwrSp 
Dec June Fraomr initt 
Jan- June ® 

Nov. June GattonF 
Jan. Aug 

June Dec. I, 

s saa asfa 

Gtanje#Kiro_| 


, 31 ±5.69 
1212 +48. 


| YTdf 

Cvr|Gr"s|P/E 
Ib3.4j 9,2 


.Apr. Oct Grand Mdl5Qp_ 
HM. • KWJaaldflt&S 
May Oct LaeiwfeJOp^. 

— MLfetotteWp 
j Apr, Dec. MTddtetRtiT 
Apr. Oct Norfolk Cmi 
|Dec.' Jane NorthtHF.) ... . 

'. July FriBgeonfales.- 
Feb. . -Oct QtKentsMoRt 
July OctawtonBtottl 
May • Smw"A”ii 
A pr. OctKtabs(Ke#-%^ 
Sept. Mar. SWn^uta*-: 
Apt Oct QWttaFWW, , 
Feb, Oft VuoerWB^ 
Jan,. An^ffteetafslOp— 


Price 




M 

liii 


ul ^ 
i! i a 

4423124 


2013.4 Mar- SepLfeallikSto^J 

_ — Apr. Ser* fe rrr—i 

73 85 Jan. Jc-. 

14.4 M3 D^ember Hwfa ahT' 

27 15.7 Oct- Apr. ® iStnifli_ 
32 9.4 J***» Dec HoptineoiabOp. 

5.7 78 Nov.. Star. HaraidM*hr- : 
t — “a? Oct Bowden Groups 

— 163 Aug Mar. JacfaiUfcHBi 

5 0 22.4 J* 1 *? Jm- Jenteaftamii 
66 (5.4i Jan. Jose totonuLFirOi, 
08 10.6 Dec. Jane Jones GrtuplDp. 
6610.8 May Oct tones Shtocan. 

6 8 70 June Nov. Labirltfrw m. 

5i4| 4 Oct Apr. pitaiEB&CZ 


705 

22i , . 
303 3.32 , 
ZB31fdI24] 
Mil zt3.37 
2BH t3.77 ' 
D30 5.7 ; 
33 bfl.97 
228 820 , 
43 +L52 
11232 +196 1 
676 — 
13111 1.67 
273D 424 , 
11431 1536 I 
163 d2.0 
110 7.91 
, M 4 -43 , 
11232 ±6441 
132 ±5.8 


2-3l 


I (96) 


Apr. OctlAAB,— : — 
Jan. June .^Research 
Oct Apr. AinmsOB Bros. Jfly ( 
Mar. Oct Mjbey.LW. 


INDUSTRIAifiS 

(IffisceLK--- 


ELECTRICAL AND RADIO 


June Dec. .UB.Eertruiuc . 
lpt. Oct Allied Insulators 
January AodioHdefafrlQp 
Nov. May AuUTed Sec. l(h> 


July Jan.; 


Marf Best 4Mar 10p 

J unejBowlhorue ]Cp„ 


Nov. Bracts lOp 

BuMn'A'fcj 


Jan. 

July 

Au, 


u d. 


Jan. 

Feb 

Oct! 


jccrep. 


OcL 
Jan. 

Jun 

May Nov 

Apr. SepL Cablefarm 

June Campbell 

. ._ Dec. Chloride Grp. 

July Dec Contt R.Serr.r 
April Nov. CrayH'tronkl 
Apr. Oct Crellon 30p...'... 
Dec. May Bale Elen. 10p_ 

Apr. Dec Deco 

Apr. Dec. Do. A' 

Feb. July Derritron lOp 
Sept Apr. Dewhms'A lOp 
May Dec. Dowding&SLSp 
OcL JunejDremnlandlOp.- 


JuMDidnlierap 

• Snrep^___ 


■ai 


May- 

Dec. 


Apr. 


Rentals lOp. 
Sens-lOpJ 


Blar. Aug 
Jan. Aug 

July Jan Ever . 
June Nov. FameOHec 
July Jan. Fidelity RkL . 
May Nov. Faroe TkLS^i 
M ar. OctiCET 


January Highland EL 20p. 

Oct Apr. Jones Stroud 

Jan. Jun. Kodetat 

Mar. 1 Jet Laurence Scott 
Apr, OcL LecBefrig — 
Jan. July SOLHectric. 
Jan. July Muirbead — 
Jan. July Newman tods — 
Mar. Oct Newnark Lotus 
July Jan. NormaudELaip 
Mar. SepL Pwton-Elraer+pc. 
Jan. July PeibowHMalOp 
Dec. Philips Fin 56% 
May PhUipsta FHL- 
Oct Piico HI (fa Sip 
uct rw.'A'20p...__ 
Jan. PhsseySOp — 

Nov. PressacKto 

Oct Pye Hlto 

Aug RacaI0ectncs_. 
Jan. July RedUhtsioa — 
Apr. Oct RatidkzG.B.lOp 
May Nov. ScholestCR') — 
July Feb. Sony Cb Y50. 

October Sound Diflsn.5p. 
Apr. Nov. TdefuumSn — 
Apr Nov. Da'A'NWSp— 
Dec. June Tele Rentals — 

Mar. OcL Thorn Elect 

Apr. Dec. Tb’rpeF.W 10pr 

Apr. OcL Umtech lOp 

Oct Apr. ltd Scientific-. 
Feb. Oct Ward 6 Gold.... 
Jan. Aug. WencoHhb.5p- 
Mar. ijcl Westioglwuse— 
December Whitworth El. 5p 
May OcL WhTpialf FTjj. 20p. 
April WaUiH.1 


87 

63 

29 

56 

130 


53 

69 

23 

61 

135 

104 


395 

16*2 

a 2 

43 

18 

148 

£98 

342 

19 

113 


iS 


1 86 1 

load 


166 

72 

1 

196 


90 


96al 

206 

49 

255jd 

675 

40 

34 

ill 

& 

107 

283 

89 

23*2 

50 
18 

126 

198 




t5.0 

aBH .71 




303 

3130 d!07 
272 424 
14 4.7 

li 

2831 tS.'O 
161 5.0 
303 16.02 
3.1 ±2J9 

132 04%| 

sp 

*9 ±2.7 
53 t2.7 
1431 ±4.91 
34 ±2 7 
14 3.57 
1232 0.88 
11112 435 

32 16 
3.4 16.65 
142 Q50% 
19.9 L09 
113 tl!7 

13 3 ±1.17 

3131 ±53 
303th637^ 

W ±1.47 
132 ±362 

33 M6.0 
33 th4.07 

ail 05 
303 213 
1730 0.66 
13 2 +4.79 
272 N13.5 


}l Ipi K 

6J] 2.01115 jnjy 
rJ T, Nov. 

Oct 

J! ?i ^ pr - 

2-3,?-® Feb. Se; 
9 . May 


H*; 

_ Apr. JulylLeFs... 

_ Apr. DecJlurend. 

4.4121 Dec. AngpSdtFai^J 
g4 4.4 Jan- JuM^4erfI)5p_; 
_ _ Jan. JuhfDa'A'Sj 

24 10 J liar- Septtodoni 

7 0+ Apr. Nra- tM L BnWmg i . 
4,0 + January {MflopraBnort- 

9.4 8.9 Jan. JunejMadnndraCb)— 1 

8.7 14.4 Jnne Jan.i 
18 9.4 Oct. Apr. 

8.9 120 Oct Apruusuraxag 

120 f Apr July JfidtandiSs-Sji 
A 5 5.5 September MkdngStnL" 
55 9 J Mar. SepL MHmflSOT. 

7.6 52 Nor. July KoteQQanp 
45 6 J May Nov. Mas 
48 5.9 J«*fy Ja*L Moss 
60 5.7 Apr. OctN 
55 72 June N 0 v.N 1 

185 Nor - Jteonan 

9.9 102 Sent Feb. Norton (W.EJSp. 
123 A July Jan. Osborn IS) 
9.7116 J“- Aor- Pc^er-Halt 
Jan. June Pester ChvL 

a-ss' 1 

Jufr Dec. 

June DecJH-CF. , 

Dec. Apr.ljjjueE^'g 

H ha £ aSa* 

qL7 102 9.0 YSr C&J 
^5 82 5.7 £££ 48ft 

47 * 9 Jnne Nov.jRWmdsrfieic. 
f, i i jl, F6b. AugJSdr’nrPettJOp- 
* or * °c*- MiMBobuiscutTbOU 
Nov. JuDBjRotarirT 


9.4 


35 


9.9 

21 

45 

23 

30 

S 

Mi 

12 

20 


116 


ill 


a 

4J 

5.8 

19) 

a 

3.W 

57] 

5J 

2 -rt 

8 .W 

36 

3.71 

2 .« 

2.b| 


34 ] 9 ' 3 > 1 Nov - t'nd&etx 

9 ■“* OcL ApriStata^reZ^il] 
JatL Jufe a*»FnMbBB4 
i 'rai 9 7 Jan - A »g Sheepb ' 

Jan. June Simon 1 
41111-? Ang Jfajt 


August 


U ^ July Mar, 


(M. Alritalnds. . 

Dec. JtiMMlW tavs. 5p_*. 

July Dec. lUptnr ”” 

Oft May AmaL 

Jan. June AagAm. 

July Dec amebhj. 

Sept Feb. Assoc. Letarre 
Apr. Sept As-Sprayrol-. , 

Apr. Nov. AndinFlLejlMbl 13%J 
July Jan. Aroo Rubber fJ.! 184 
Jan. July BBftGrcw>____] 50- 

Oft Apr. B21M. 1 104 

Apr. OftBOClntoL 

May Nov;BTB^ 

Dec. July Baird (WmQ£l_ 152 

July Apr. Barzetffl : 27 

Jan. . July Bartow SdRIOc. 232 
Jnly • Barr 1195.2 *A’ 73 
July Dec. BanwHepbnni 31 
Aug. Mac BatoAPtKunM. 62 
Dec. May Beateonfiaifc— 157x4 

Feb... Aim. Beedam^u 625 

Jan. Ju& BdSfar.Cos.10p_ 16 
- 28 

Apt. Berirfonfa’ ,5a 

May Berwick'Einpa- 49 

MayBatopeEL 148 

ltpy Biddle 
May Bffapa 
Ju6 iSltoa 

July 

OcL Block (Ft 
Nov. Bodycote 
OcLBoBodPd'A’ 

July Booker MrC. 

Nov. June Bouey&Bawkes- 196 
May Nor. BootiHemy±5Dp. 330 

Jan. July Bo« 6 — I 201 

FeAtyAnNv ^crg-W. USS15Q.f £22** 
184 
83 
58- 

32 
92»I 
31 
58 
55 

■V 

SL 
24 ri 
565 
66 
31 
5i 


I July NovjBow«£V. 

Jan. Angu _. 

Jan. Ang Brady Tnds. 
Oct' M^BramueriH-i 
. -. hrideeodPne. 

Nov. May 
Jan. Juta_ . 

Feb. SepLffiB&EA 

Aug 


Brit Sted Coast. 
June [M 
INov. Ml 

I OcL SrittalnL — 


, . May aH.Prop.SA2 ... 

(Jan. JplyiawkStBr.JBp. 


5.0 


July 

Mar. 




fr®s.AlKto. , 
iThysseoDmltf— 


fa v5n APT- Octi|anikuHTA5p. 
K fcS J»n- Ang IriptexFdries- 

| B-s-riHP" 

9 ? * Apr. Nov. I^rackfW.AilO. 

I a fSobl" 

IS June 

O c or Apr* O^t victor Produdi. 
9 6 Jan. Aug w:oi._ 

■jti t t Ti. Nov. JuneWadkin 
2tJ 6 6 9.6 mar, Oct 

1*“-] - Dec. May Walker iC&W.i. 

4| * Apr. July Ward iT.W.) 

J-S ll Dec. June WmnW 
4JJ W Sept Mar. French 


?-9 5-S Jan. AM 

5 / ?■? Jan. May WeirGroui 
5-2 Mar. SepL Wellman _ , 
2-? Jan. July W BnxnSn't L«U 

2-^ 2 July Feb. Westiaudl 

SI.M Dec. AugWetfeEnuBIpJ 

Jan. June Wheswe 7 

T« Jan. Aug WhewayWtsn.5p 
H,|£ - WlutebooscSOp. 

|-5 95 Jan. Jnly wmtams(W)4__ 
Ja**- Wins & James.- 

6.6|104 May Wolf E3ed Tools 

July Jan. Wolsl 1 ‘ 

Apr. Nov. 


29 9.0 
3.4 14 

5ill4.6 




6.9 6.0 
3.2 48 
6.4 52 
5.6 7.5 
5.8 92 
,10.3 '1IJ 


ApT.lW’b'seRkn 13a 

October [Young A'st’n 6:1 


352ad 


342xd 

184 


83 


.ii! 

301 



£ 


I232 7 
<fWJJ7]b2i| 


104 


Jan. 

May 
May 
INov. 

__ _ July Brook 

Nov. June Brooks Wat 20p_ 
December Browu Bo*: Kem 
OcL Mar. BrnotonsiMosC- 
Feb. Nov. BorcoDeaiu- — 
Apr. Dec. Bumdenebp 1 

. . r. Bunn AJub nlOp. 

|Nov. Maj Bure Masco 
| June Feb. (Lulndta lQp._ 
|Biar. NovJCsm] ‘ 

Da. 

May Nov. nm w%. . 
Dec. July CannlngfW.l_ 
Jan. May Cape 
Feb. June Caph 
Mar. Sept CaravansW. 
Jan. . June Gafctanlnds. 
Feb-' Aug Cawoods 


Septatag jMcgti cmlnd._5p | 


lUtglOp. 

LSheennU 



FOOD, GROCERIES, FTC. 


ENGINEERING 
MACHINE TOOLS 


Dec. 

Jan. 


JulyjMptaeSoftDlOp.. 
June Ass. Biscuit r 



7 5 |Jan- 


CINEMAS, THEATRES AND TV 


May Nov. AnriiaTVA’^ 
Mar. Oct Ass.Teta.-A-... 
Jan. June Grampian A - lOp 
Nov. Apr. Green Group lOp 
- tfwrdWydMp. 

May Oct HTV'N/V. 

Apr. Oct LWTA 

Jan. July RahtTVPref £l . 
Dec. May Scott. TV “A* lOp 
OcL April WdlTT-A lto 

Jan. July Ulster TV “A" 

Dec, June Westward TV JDp — | 


72 

108 

37 

8* 
116d 
122 id 
73*2 
■61 
49*2 
55 
26 


Z72I4J8 

»Bb655 


TWj t033 

3.4 ts 66 
3.4 ±619 
31 6 JM 
17 U 238 
IU 283 
14 11 3.93 
ZB13 165 


3 '^ 

21 

25 


19.6 

h 

26 

17 


Ifl.ffl 


8.8 

9.2 

8.2 81 
6.5 93 

_ , 7.8 

T 


10M 5.4 


88 


DRAPERY AND STORES 



Mar. 

Apr. 

Jan. 

Jan. 

June Jan.lAodioa'ourlOp 
Aug. Feb. Baker s SCrs.lOp. 
June SepL BeattieiJi'A 

May SeptBmtallslOp 

- BlkaaiCftSOc J 
Feb. Sept Boardman KOop 
Jan. June Bolton Text 5p. 

Dec. May Brenner-.. 

Jan. July BriL Hone Sirs.. 
Feb. Aug. BnwaiNV' 

Oft Apr. Btffion . . 
Oct Apr. Do.'.YNVSOp.. 
May Kov, Cantors *A a aOp_ 
June I)ecCa&lKt(&.il0p._ 
Oct AprjCbmrh 


Julri 


4.6 
111 ) 

82,. ... 

251 Not-. 

87 Jan. 

9.8 

133| May Nov. 
53 1 June Septl 
45 July Jan-i 
6.8'Jan. July] 
— -Jun. Nov. 
4 Mar. Oct. 
’.l'June Nov- 


JuljfComb.Eng 13jp 


6 JiNov. JunclEB'pire Stores.. 


6 .z; 

6 Jan. 
— Jan. 
4 [Jan, 
91;May 


6.1; Jan. 

5 II June Dec. 


Cope Spurts lOp. 
Conidl Dress op 

Courts. V 

Currys — 

CuaomagKlOp. 

Debenhant, 

Devtih* 10 p— . 
Discus Photo lOp 
EUto 4 e Gold op... 


EiEflitexaJp. 
July Fairdale Text Sp 
July D 0 .‘A‘ 5 p-...-_ . 
July Fine An De«s.5p 
Oft " ' “ 


PNd'M'tinllQp.. 
FonniMterlOp 
JolrfFosterBros-,.. 
FreenUnMLcra 


L8iApr. OcUGclfai%Jj20p- 


207 

35 

35 

ST 2 

23 

90 

31 
16 
12 
10*4 

50 

176 

30 

118 

112 

34 

42 

355a 

84 

85 

8‘ 2 

179 

16 

98 

68 

146 

20 

157 

17 

18 
17 
441 2 

32 
138 

86 
292 

33 , 


212 dT7.92 
133 ±dl.9S 
Mil L53 
14 U 1.53 

25.4 <3.3 
16J hd057 
235 hllO 
m 118 

896 L04 
310.98 
28 U 0.62 
1212 ±3.86 
1431 ±571 
3.1 0255 
132 15 

132 15 
1}3 ±204 

3L10 1.96 

3.4 3.37 
3J 324 
2811 dg0.40 

- 

133 ±3.18 
477 4.12 
Z3J J0.46 
34U F52Z 
3 10 L76 
301 tilB 
1710 ±1.73 
1710 4.82 
6 T 0 - 
28.11 L06 
2811 1.06 

?ltd3 7B 
1411 2.59 
UlO 594 
27.2 1257 


291 

3.0[ 

* 

4 

1.21 

67 

4.2 

U 

3 -i| 

1.1 

13 

2.1 
1.5 


I:? 

Ml 

3. 

35 

60 

9.9 

12.4 

92 

11.9 


4 9U4B 


12 4 
L9 
2.0 
9.1 
71 
3? 
60 
09 

T.b 

35 


8 

4 0 

. 23 
091 m 1 

47 

2 9| 69 


94 

6.21 

120 

41 

461 

31, 

11 ^ 


9.2 

48 

e 

h 

6.1 

Ul 

I.! 

29 

145 

99 


8.1 


92i 

50 

6.3 

1.4 

185 

5.6 

92 

65i 

h 

122 

lo 

58 
55 
10 3 
9.1 
5.9 
111 


A Ci Mirhinffj.-I 

|APV.30p. 1 

Aerow 

, Da - A 1 

[Adwes Group.— [ 
Alcan 9pc Cnv... | 
Allen tfcl BaUonr 

(Allen W.G 

'Anal. Power 

Andsn-STclyde 
Aaglo-Swiss — 

MayLAshiLan 

Astftituft 12 *jp. 
Jan. July Assoc.Toolms 
OrL Apr. .Astra IncfL lOp _ 
May Not-. Aurora Hid*. 

Mar. SepL Austin i James i _ 

Jan. Apr. Averys 

Nov. May Babcock A w 

April BailQ'lC.ILr 

Feb. June Baker IWt Sup 
April Bamtmds20p » 
May Nov. Banrn Cons. 20p 
Nov. May Barton 6 Sons ... 
May Dec. Beauiond IQ> . . 
January BenwcLeooiUp 
Feb. Oct BeranlD.F iSp. 
Mar. SepL EhnnidQii&Icad 
Jan. July Bnmghia Mint-. 
Aug Feb. Bbam Pallet lOp 
June Dec. Blackw'dHodee. 

October Biaieys 

Apr. SepLBonserEog 2 f 
May Dec. BouiumWm II 
Feb. SepL Breham Mill 1 . 
Jan. Oct Braithwaite£l_ 
Jan. July BnswaylOp... 
Jan. July BTiom* DodlOp 
April Bnstol Channel . 
— British Northrop 
Jan. Aug BriL SleamXp 
June Jan. Bnxktniue ..„ 
May Nov. Bnun^CastSpr. 
Nov. May Brora Eog Itfe - 
April Brooke Toot . _ 
Nov. SepL BTttberb'dP50p- 
Apr. Aug Brawn&Tkwse 
Apr Sept Brawn John£l_. 
Sept Mar. BQltaigh30p___ 

May Dec. BarueasPred. 

Feb. Auk. Butterfield Hrf~ 
June Feb.CamfwdEne.10pJ 
Jan. June Capper-Nail lr 

Jan. June CedoEng 

Oft May CiftniftiiR. 1 ft 
Feb. JulyCasonBlfc.. 
Feb, July Ctenuiagap— .. 
Oft Feb. Christy Bros.... 
Jan. May Clayton Son 50p- 
— Clifford (ChlEH 1 , 
Aug Feb. Cohen iAi20p__ 

Aug Feb. ContpAu- 

June Dec CcarentrorlOp. 
Feb, Sept CookW.SlKf Mg 
Jan. Apr. Cooper iFr.lOp 
Mar, SepL Coops Loris 10j 
Mar, Aug Cornerurortaip 
Aug, Feb. Cronite Group... 
Fen. July Crown House .. 

June Dec. OffiiaiiiisWW . 
Sept. Jan. Hanks Gowettim. 
Jan. July Danmthbn.up. 
Oft Apr. Dr.AMefAlft) 

Apr. Oct Davy [ft 

February beison lOp..^.™ 

Jan. June Delta HetaJ. ...... 

Feb. July OsnnisJ.H. I0p- 
Mar. July DeritendSIp 

Oet May D&outttt 

Dee. July Dvwniebrae {Op. 
Dec, May ^uftieSteds 


IM 


3J J4.98 
161 362 
ZL11 2.39 

132 tdl 55! 

133 ±10 
30J g0.9 
27.2 3.19 

1U 2.42 

31 h3.03 
14UQ3%%! 

285! LO S 
133 132 
m t9 .9 
31 dl.51 

14.11 456 
2&11 2.82 
161 49.02 
14 5.52 

28.11 2.11 

3.* 75.08 J 181 65] 


Apr. Sept Ass. Brit Fds.i. 

Feb. Oct Ass. Dairies 

Apr. OcL Ass. Fisheries — 
1114 Feb. SepL AtanaGroupta. 
J a May Nov. Basks iSidnej-C.i 
J125 — BartertD. lOp- 

8.7 Apr. OcL BamA.C .1 

7.1 Juqe Dec. Barrow Milling-. 

_ Jan. Aug Bassett 1 Geo' 

7.4 Feb. Sejl Baileys York lOp 

4J2 Oct April Bejam lOp 

4.1 May SepL Bioty iJ.r£l .. 
i|i 73 i Jan. July Biriwp's Stores- 

_ Jan. July Do. "A" N.Ve„. 
* Apr. Od. Bluebird Con! 

4.0 Sept Mar. Brit SugarSOp 
U1M24.0 Mar. Nov. Brit Vend'gtb 

6.9 Jan- June Brooke Bond. .. 

Dec. JuneCadfcureSchps- 
, , June Jan. Care's Milling-.. 
8'3 May Oct Clifford Dairies - 

5.1 May OcL Do -A' N,V 

■«?. Dec. MayCuiJensa 

Dec. May Da*A”S 

Jan. May Danish Bcn'A'El 

5.4 Feb. Dec. EastwoodcJBiSp... 

« — Edwtaboo-C fipu. 

Jan. June EnstaodtJ.E. 1 ^] 

Jan. Oct. Fife. Z. 

Apr. SepL FtriieriAi5p.._ 

, Mar. Sept Filch Lovell 20p_ 

11fl.l|16i Nov. Apr. Glass Glorerta.. 
9jh«J r eD - Aug Goldrei Foncard 

5.7 i?*>- JnM BadeWcTsPJSOp 

.Ml Dec. July EihpteiJ.SOp, 
99 4.9 Feb. Sept Hillards top 

2.1(10.71 (55> J®**- J**ly Hiiiton(A) lOp— 
6 J 4.9 MrJeS.D. Krefi S2S0._ 
9.21 4m 37 J** 1 ? Dec. KwikSarelto... 

7.1 Dee. Aug LennonsGp. lOp. 

7 J Jan. Oct LintaodRlaes..^ 

6.W35I December Lockwoods 

_ - LoveUVGJT 

9.0 May Jan. Lw(Win.»aop_ 

■4 b* July taonsiJ.i£l 

7 j Oct May MattbewsiBi 

Apr. Nov. Meat Trade Sup 
; 8 Mar. Aug Morgan Eds. lty 
04 Not. Morris* aW 1 10 j 

50 Aug Apr. Northeni Foods. 
30 Oft Apr. NurdinFtlOpj. 
47 Dec. June PastoiPilOn.^ 
29 J an. June Barb Farms 1 Op- 
TLO December Ri*fWJ. 1 lOp.- 

— Rakiee 

57 January RlHJL. . 

5.8 Jan. July RffbertsonFeodj] 
72 Jan. June RowntreettSOp, 
70 Jwl June iawbuiyu.)..- 
77 September SoBp«tes_„ 

55 Feb. June Spiders. . 

4.7 Oct Apr. SqnirelffnlSiP J 
65 Apr. Sept Stocks 1 Joseph).. 
38 Oct Apr. late &lije£L... 
65 Sept April tavenaltaL2fci 

36 Mar. Sept TescoSp 

a n Apr, Oct Uuigata^, 

60 JA*** June United Biacuits- 

. 35 Aug Mar. Watson 

8'ffll25 Dec. Ju,' 


-?i 


9 2 f 


UUF65 , 
2BJ1 3J9 - 

161 ns , 

31 -hO.78 j 
,BI 3.0 , 
3411 t0- 98 
■M Td3.6 
67 1 
161 hZJ5( 
28JlttB33fl 


Jan. 

Dec. 

Sept 

Dec. . J , 

Jan. AagfChaub' 

Mar. Not 
March 
Apr. -Octf 

Nov. May} 

Dec AugJOrabb 
Feta JuMjaarkeli 

June FeibJCope AllHBn 5p_ 

Sept May CbpydezUI 
Apr. Nov. Coral Leta 

Jan. Jufe Cosalt 

May Dec Cmntnj-Poue 2 ft»_ 61M 
Mar. OftCMadeGrtUp. 58 
July Jan. CkeantJJ50a: — 143 
r. Nov. Crest Nkhwlitol 73 
v. July Qosby House O. 127 
Jan. Crosby S] 

Jin. July Davie* A 

Dec July DaranrtJasj — ; 

Dec; Aug. De La Sue- 

ifeffirSS;. 

Feta Sept DtamadSLilOp 
Jan. June D&dde Heel 5p— 

Apr. Sept Diploma Iura. — 

OcL Fft DotamParklOp. 

Jan. Jnly Dam fffifa " 
MaJuSaDe DoverCorg 
Jan. May ftnms Siiiil 
— DraketSeull — ] 

May OctDntayBibm .10 
Nov. Apt DunbeeGoin.l£. 

June Feb. Duodofitim30p_ 

Jan. . DBplelnt5p_„l 

Apr. . Oct Da*A - _ 

— EC-Cases 
Dec. • Eastern Prod 
Apr; Nov. EJbartodk50p_ 225 

- Not. Qbrife- » 

. Jan Qeooffjp — ___ 41nl 
Jan. July DecLInd. Sec _ 43*z 
Jnly Jan. BttrttPbm HJp_ 21 
Jan. June Hwn.4 Bobbins. 71 
Jan. Jnne EtawlckH'per 
Mar. Dec Emhon J 
May Sept 
- Febtuaref _ 

5] |7]juty-AprMEkig Chips Clays 
Nov.r 


1611015 ] 

lain 

mm 35 . 8 T 
1 3fl 1Z42 
14H 

»TS H 

1275 

Il33 1 
|32£ 

lien 2 ^ 


■ 63 

paw 2.1 


gU3»6: .... 

72 • 

2.1676', ;- 

nvm: 

63 53^-- 

VX r : 

« WV..-:, 






31 +2A8 -Sa 
677 133 ifl' 
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133 ri2J3 ni 

3.4 15 

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65 76 -:X r- 

66 55 . : - 

at 45- . 

M 64. 

At 4 

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10.6 56 A.'- 
65 55 fee 
34132'- %>-- 



3.45 Id 


mi2 

1 31 far? 

14 ±bl'.4! 
3u< 660 
212W23I 
232 rd23fil 
111 4.62 ■ 
30J b4.75l 
1 193 ndJ.47 
13110 1Z76] 
IlMD 3.041 

■ 31263 
19.9 L91 

1 19.9 3.91 
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12801 457 
11215 664 

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I 300 44.05 
301 U3m 
13 trizq 
2801 g3.05 j 
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to 135 
I 133 554 
27JS 352 

■ 1354 

4Stt 

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■Sept ]FiiaC^elfip.. 


■ w /„ «... Esperxma L2*zp_ 
iti^n Aug - Jan- Euro Ftaxtas — 

» - J-S ^4 Mar. SepLEvodeHlta^20p 
3 A I'j ? n Aug Ewer Georg* Up 

ii lo i ao - JUt&tal— ~ 

7.4 5.1 Oct. June FiirtainiUTOnJ 
Ti TV T„ 3an> ' June Feeder lOp-; — 

41 4-6 B.O Aug . Jan_ FnmcrU-ILl — J 132 

* 

4.0 3.7 75 
6.7 
85 
85 
45 
63 
45 
33 

« 

* 

L 

ti 

* 

14 lfl|lo|(jS 


J- 9 ] 9i July Jsn.jFlaeUbC- fcwl 4 ^ 

72 Nov.- June FogattylBLC. 150 

cl ft Dec- July Foseeol)ffasep'_ 133 
6-6 26 Jan. May FottercfaHmcy . 87 
2-4145 IfaHLStDt FianUtafflnliU S95 
9-4 37 Feb. Nos. french TOolICu 64 
9-1 6.4 Oct Apr; Friailand Da- 
93 3.4 j a iy Jan. tB.(Hd*stSfc— 

W * Apr. SeptGestctner'A' 

J-4 f Nov; May GibtesRiKfiey. 

li Jf t Nov - Juix '^ttibons (Si 

7.6 15.6 d«; • May QevesOmip._ 

Jan. ■ Aug GBIsparlto — ; 

69 24 April amiMeSWD- 

? Jnn. OcLtastsoSJp — 

6 ,?| October GnmnelMo 
Nov. GflitaanflD . 

July Gamne Hkk. — 


2-61 ?6 li.t Nov. ' May GnmqdanHd^.. 
f-1 .6.4 Apr. Oct Crmada‘A\ 

25110.8 51 j£ SteSafalflj.. 

« li li . 

23 31 114 Sec. 

29 &J 12.7 Mar 

22 10.9 S4V jib. 

431 4.9| 6.9 ban. Aug 

• Nov.Hsrts&SbeldM- 
Fdb. §MiSmk%vm. 


ap? (Xcnui l 
L|H«± , a Wharf £1- 


2MS5 52 

1412.9 7.7 

f. Der. Jnne 

2(14.5 69 Aug.- Jan. — 

| — June. Nov. Hapwortb Cnne. 

*^]b. saues 


blffjlO.M 
37 5.8to 
qS12 33 91 
'32 Tmz 
22 S3] 


2.4 n 
15 
3.0 5.L 
21 87 




Nov. AprifeUaraaMp. 

Nov. AugHddentAJ 
Feta SepL HoIUeBj 
D ec'. Julygt^ 

OcL BtaizoA 

July - Oct HeskiffiJ4E»p'. 156 
Feb. Oct HowardTeOtaH- 26*3 
Nov. July BmdtagAfsoc.-, 205 . , 
July Nov. BmileSiJOp-. 90 J 
December WWO; fjjhj 
Hyman i«115p 29 
■g L&BxhntrieC 07% 
etiJlCLfl, 232 

335 

-23m 
59 ' 

Dec. JurieflitfCT-atjaOp: 1-^3 

Mar. . Dec JauwsOalau— . 44 . 
June JaiL bnqtXjiflil&Sku 12% 
Nov. June HmeUSnfiil 22Z 
Apr. .Dec. feqtique. 



HOTELS AND CATERERS 

60 Dec. i .i. ln .. ,»n m I . ■ i I' 

a Dec. " 
li Dec. 


— Uahun&l 



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65 M 
95 M 
$ 46 
41 6.7 S 6 
2:9 65 49 
.. 45 - 
■25 - 
-23 85 

25 72 83 . 

33 45C011 ' 

4.7 4J 5.9 
22 7.1 95- ,-iX 
u-'U-H Kp /. -1 

3v.® 10.4 75 ,a>,- - 
27 S.9 « • S;.;-;.. 
22 -7.7 M .k^.~ 
B .v 1 15 9.9 - 
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25 8.4.73 
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> .\v 

„ '-av 4 




■ ^ ^Financial TSmes Monday April 17 1978 

•;^v^S r INSmEANCEUContiniied 

•?-> ! ‘"i %'■$[■■ W™|«B “gj 6 ! Start |w«M £ IcJESIwfI 

rau&eestes'H's sis* - 


45 \ 


PROPERTY— Continned 


INV. TRUSTS— Continued ] FINANCE, IAND-Continued 


Bhutan* 

PM 


•j-f- ...-.*■ 


IRBSmis:* S» an* 

ft|S [gJIJgttp 2 |tU 2 Is ne 

Ijfk&'B 0G3SE; ur'SiiSSdi sSitj 

a®* 5 « 1 a § 

M; Sttu-Sopt I*W*Mp— ia - MJ t^&3 47 Z7 10.4 
Miy} „_■ ■ , — . • Lwaiua .29 575 — — _ _ 

® -se ■« ffite 'a* *a ss 13 a b 
v&«aaa?fe 8 An -jibs 
■ jtfissss-'s in * -hub 


■■£&*# 1 


iNDl 






: > & ; uiw 


It Oct Mar. Uflfiusrrie 
j July Feb. Ooti.Mta 
1 Jan. -Qcl Ustgflmbl 
Apr. Oct LflWfwp 
Aug.: Apr. Lmtatieli 
Dec, JaoeLOUkBux 
June Bet UA'-Dtati 
Jan. July Itealaidi 
May SBntMVWort 

MScBri^RI 
sept' Apr. KtQeena 
Aug. Mar. UacpbBBO 


Wee S#t Ch- GA n Mridreis.]. iLa^tl Dk J I Via! DirUntfe ! Last Dir I IrWl BhMritds |L%t K* I jVH| Dhide 

36 iuiLtt.« m ' *** StQCk ^“J C J ** }r*Tl«rt]ra Paid Suet ] Price ti Nel Jpn|cxsjrE Paid Stack J Pm* j ti Net jfnjGr'-.Jw: Frit 

38 iBJ 11 Jm - JnJyjSrni ATCaiwn-. 534 ifi.Ii 20.15 - S. 8 j - Jan. July PrtP-HUf Mb. 300 ?ljc6.54 15 3.5138.9 JOT* Dec-Ceto 1 l *'-’ f -— 7 59 Mil 2 5 11 6 5{224 gotten 

54 uf iSiB 48 ei 3A Juap J£ ^ J JO 3 7 Z — 50- July Oct. ftp tar. & Kit «- 308 !2U *f4« OB 5.6ME* May Omllk1oe.il. 231 477 Q12S li »S 4 Apr. 

135' l99t 47-37 26 R.A 58 April galsto Mar-ED R 890 25 j gglOtt — OJj — Jin. Aiir. Prop. Part«fatpi_ 71 2811 +159 20 3.41228 — D*C»p- 455 5*8 — — — — MrJaJ 

WO- iM&M II A2 M *«T Maymid^Kteiraiir 165<d 34 847 - 75 3m. July SJuta-viP: 293 K.12 J4 H 15 2 4 418 An*. War. Charter Tro*._ 48i s 161 215 16 69 212i« 0 ^ 

C 59l+lj!I ._7 H ff &JaSeI)f.m»^Siai- 125 381 WU - 38 - Apr. (Jet. hop febi 134 301 tl.88 - 22 - Mar. Sept. CuyiOwi.ln-i. 26 u li.i 182 * 1D.4 — 

47 21l3tL§ 25 57116 Dcc - JbaCffifisPaber— 265 1700 9.0 q2.4 1311.8 — Rfigtan Pnip 5p. 4^ 374 — — — — — ^FS'V':— — — — — — 

50 •’ 1V3 3 27 ; in sc — fieftalian. 474 — — — j •• Ci 0 A^br..n. _ 526 — — ■ — ■ — — Var I 

134 ' 2£3 n3£3 12 lo 166 April OK- HiNimairrop.-. 80 32 yl.O 15 I. 9 U 4 May Dec Ljiyt Di«n:!_ 88m ;fi tfi07 1.1 7.0 MO June 1 

107 BWmI tf? ? 7 W 3 Aftnl O 01 Dp. W 60 27.2^10 2.5 ZMiJll. A'w- June uiyrfi^nr.t _ 63 jU 9 73.05 0 4 7J2J Mai 

243 ttj ^ 1U «/VPAT)C »n)rn»Tm«m.«« rt Jan. June lto‘3 4- Tmnptic, 100 14.11 72.61 2.2 4.0 13 9 Mar. ScpUflwHmto* w? 77 332 3.8 10 7.j 201 , 

62 , 771J tiew 6 1 4* MOTORS, AIRCRAFT TRADES ****&« 'amuHl*rop > _ 74 4U0 Mil 06 V, 674 - - - - (JnW .J 

Ha. ; 161 +Z83 47l 21 H4 • - u 1 , Aug. Jan. Scrt.Mciroji 30p 96 17J0 ll.94 1.2 3 0 fi3 8 Jan. Jlay 66i< +1.67 1.0 3^> 414 ;v;gv. , 

^ T _ „ f: ” Motors and Cycles mw. o<?i secuodutywp. 3&«i 3471.73 1.9 u 10.9 - SESzzr-y M r. - - r„ - Marcn 

40*S 3 LU Alii 2 i iniq? tftriL Inland 50 o I 25 l i i* i i 1 W. May shwsh l.-A- 102nd 3 4 231 ^ 3 . 4 ) ^ Aus. May led 212 1;Z 81 1J i.822-7 — 

UJjJqn .(.iron mI ill, ^ rJr. r.June »«■ Ito NTiUfq. ■» £140 14J] OlKi ♦ * 7 A - ? etl - AuR.L«rt»«\ 173 31 t5.84 11 51 27.5 Jua 


Lad OiT VU 
Price d Ctr Cs s P.'E . 


NippnaFii-S'J 

(■arajheWp- 


ia - - - 


*19 ft 2 ft in i it RM’iihLiiBiu 245 m, To 7, 7, T- June jwe. uu ufiU'ni r« u«o nu oio 1 ;# * f7.fi — fen. «nia»nc»i«inii us n.w ji 3-t a* June 

^ IS 137 SI £n J ^Sf &5l5^“ 46 !b 18 17 64 92 Apr. Aap. 218 132 620 2 A 3.4 455 ***. Jane 96 7126 7239 23 4.6|».5 April |ws) 

144 iJrBSSSV' ts — — - ,r. Apnl. Ocl. >unl<MB.Im. . 172 32 3.95 - 3.5 - - rrotfJfipJcJip^i 158 - - - — 2U8 \pr. AUR-Kl^-' 

M346 17 97 1? 'Ait hut'ui T* r„ *19 — Sum? Properties 46 - 01»,t $ 5.3 * Mar. Aug, t'wsfriiR 1 68 133+13? 10 74 19? Mar. a 

*al\ 11 in S riTr «.', M?-i 6 11 21 «'$ Beecabcr TounteniH- - 58 ’ST. 0.82 L3 2.2 58 0 January CuB«M*lm_ . 24 ffill 0.8 10 3.0 30 6 Apr. AufiJlaleC 

IHo « 22 J*W IVMWSfiO IXHi 5IMJ1Z*. 0.6 5.4 3IZ Alir . na Twnt. nr lup. 121, £? fii 0.01 - i - Feb. Aug. Danae-Ine -Sf-p. 381, 361 tZ.87 UUJU7 ¥ 1 


leCanulOp— 1 


48 Uil ■ 
80 JljJil 


102 

161 Ii5.17 

53 

a.7 +3 25 

5', 

5 77 05 

74 

31 hi 25 

60 

2Z8jZl4 


OILS 


Serving the world 
with 

financial expertise. 

SANWA 

BANK 

Tokyo, japan 


MINES— Continued 




i. ;■- 2 •38m- Dm. JunJ 

, . J7 ivSux- Jao. July 

- : -SI <&&& APC. jjg] 

— r ■ Jt 'Hm ^ S 

*•. - iS faJS Aiw- 

- te:., <3 si! i Apr. OecJ 






pgS 51 


6B 6.7 Jan.’ Job 1 

12 n * c - June 

7J 5j Jan. June 


■ Baata-J 

iSfe -a. is » Jilt? is & g 

* « #,/ 1-2 *» n«. M 

JlllllPJ 

MwanGP-lOp— - 63 477 £L84 L4 ± - 


MO Mar. Sept. K&pVn&— 54 303 dZ6fi 3J 7.4 5.4 

M Feb. Jufy dBttwStrawB- 73 J4II +4.47 35 93 4.6 

5.4 May Nov. 61al 34 tZ04 3.B 5.1 7.9 

Ifl i u A°. Jan. Ayc-Enjl 110 314 69 3,9 45 6.9 

M.6 Septenber. AataB»u«e 120 228 2.04 « 2.6 * 

T. Aug. Mar. Btoevei Bros.— 66 31 3.67 2.6 a.4 62 


_ CENTRAL AFRICAN 

J-l'H'Apr. Ort. n-roh-rilirt 270 133) 74 86 16 2.7 3*4 Oec. Jnb Dwaninn 174 17 Jfi 6 85 1.1 6 0 23 8 Jaanarv V&ockiflp 68 11. ™ KrJdMib J Urt| Wv Hi 

H April SepLMi6.J«>5p._ 15 rr^hdflAe 25 4.8127 Apr. <*LW«‘w.c_ 121 277 45 11 56 !«. July «sm BwbmMU. U 6 . W1 +6.13 1.6 6.814.4 M4 j stack Price m I Net Tit Gr 1 * 

6.7 7.8 _ Wmin>lprP 5ip 16 375 — — _ _ Mav pec. Dau*’ ■— - 131 lfill 4.7 11 55 24 6 spe. Mav BnUVtroIm.il 744« 34 22J0 42 4 5 8.0 . 

55 * July Oct IViSL! 32 »^127 * 62 * Apr. Aug OnWEiAm 3 1I, !32 0.9 1J 45 JL2 Jan. July I*o.8-iPf.£l — 7Vz 12J2 5.646 5U.9 eb^ - KUf. V*S ffif 5 

* Aw. Aug. Do Premier.. .. 171 272 6.7 11 59 238 — BarmahEl 43 UT74 — — - - May BhodnCoip.W-tf . 19» 2 177 056 4 45 

Nor. Apt Ihuljea.br.ap 63 *Ui |*18 U1U1UM Aug. nu^toJt 188. 33 08^% — dtS — , Rmnim^.W-.- 65 1274 - - - 

— Do. Capital i '. _ 190 — — — — MilCPNltSwa,. 875 — — — — — Dec. JnJy l^nga^ilBaOp — 128 1718 <313-0 1-1 8.6 

7.4 5.4 fimPRTTTl nFRR OTPATOFRQ Jan. Jab DaPcieet Liu S71 j 31 Z3 10 6.1 243 Dec. Jnae Crattny lOp 56 2811 tZ43 38 6.6 4.4 Jan. July DaPr«.ttP r _ W XL32 16.fi 9.0 

93 4.6 oniMrDUMljUMSMOt aerr Amfi na April E6tAurgli lin.rr_ 99 212 1J 14 17 647 — TcWterfaiiap- 22 lb, — 565 . Nov. lies VuUeCaLmA- 3B 2, JO tv^jc 1417.8 

5.1 7-9 j n ne Dec.[HairtkoniL50p 1 78 U75| — \ t [ Apr. N&v, Edm.Inv.DfU_ 202 332 6.75 * 53 * July C*FhFrtro'ieB_ SMH > 57 QUlfr. 19 85 9.0 — (Zia.Cpr5BD<12i_ U 1174] — — — 

6 5 6J Da-. Junri&raHSte'd!. 129 17Jffl6.86 1^ 8J M.7 J"- S A Kc H b A ~ Si? < SfLf« Ta 

a h s 7 .fc— ^ Jsl a fi i, +s - smsse g ^ & ,s n - sa° ’s = = = = - austrauan 

7.3 12.9 '' P * 1 7 1 1 ^ Oci- April Engfc.VT.rms_ ft 7 27 2 2.6 8 5.9 8 December &Ca_ 26 2012 Z03 -08— __ IAwwcBc J 10 _J — - ~ 

3.6 9.7 sept Mar. Eag.tScw.Inv_ ft* 272 2.45 8 5.8 * — L.\SMO 342 - — — — jjor. Apr. EoagaionlleSOToea. 102 lfi3i Q8e I 1« 4.9 

3.6 12.2 Jan. Sept Spiff Oter til. 206 3J +5.94 11 &5 168 Feb. A erg. US»7H?«B8J8J £202 Til Gl«% — d49 — J' 9 (BHsOTUi5ft- 76 97^ — — j — 


Wine i^u 228 2.04 « 2.6 8 

a^Bros.^- 6 ft 3 1 3.67 2.6 8.4 62 

BBnK.10p- 23 310 tlOft 18 7.112.9 

C^P £» 222W24C 3.7 3.6 9.7 

P®P- 175 132 nil 3j 3.4 H .2 

JPggjj— 3413 {S3 3.6 9.8 4.3 

rBetarihiS- 104 3L3D 159 4 0 3.8 10.1 


Vamj*50p. 


SHIPPING 


Sept Mar. lEagt Sew. lnv_ ft* I 27212.45 
Jan. SeptiSpiff OvuUjJ 206 | 3J|t5.94 
Sept r^DefaaOp— 117 


jtjlnc.50p_] 175 1313)8.58 


fttf3.96 ia 5J 245 - 


:• .tissue aBaaftrib.BWJHa“jg e& 
? •. • : : •; . fit 1 **-» SKSfe * t, f j-r ;i 

:§-fi s \^\ Oct Apr. ferantAhcO- 47 ttj Z42 14 78 SO Frt. aS& 

id ^irsssSi a M ** " « « w*. 

V.* ■•••-' » J»n. June MwaCp-Wp— 63 477 ±184 14 i - 

4 tor. Sej* NttJtO.FjScfS. - 77 303 118 14 loi 52 

•- .- I* 1 ':W • Bee. ju£ N'tfwX&ftU- 46 3110 3JJ5 Z4 10.0 62 Sent Aorit 

. .. ' - 7 --9 -5^!f Mat Aug Na. QM 48 272 132 05 42 475 

- S .«{ MW NotK£lRJ5p»_ £61 I71C Q4*a9 T60 - Kot MM 

i g -raivi October tasrettiftlntita. 84 221 330 26 6.0 82 aup 

; * - ^ Apr. Aug SoIftSp'nmWp 88 133 ZOO 6.7 3.4 62 . jSw 

f gi ggLffl E&SS: S 3S‘5 

:• Is fefs astep- 8 »* a ? a“ S- ji 

■: .8 Ml SS * &S)SS 8W|* S V If 

•: ■ - :-• 3 m MSfe eH JS 3 ®,? a? 1 & 


75117 0} . — 


LA5SJO-0JB-1 

SasttiMeab 


~ 0-6 — — Annex 25c 

— Vor " Apr. Boagufirilie+illToea. 

318 I — I — — — — Oct~May Onutec Slmt3So~acl 


AUSTRALIAN 

:25c I 10 | - ! 



r \tA r L . 


31 “5 8»Snd2 1-1^ i m^h--B»aE?: 

Ranger Oil — 


2.9 42.1 — Preimer Coca.5p 13 — 

7.818.9 — Ranger Oil £22* — 

5327.4 — He>Ti(ddsDiv.le. 1U — 

4.0 373 Oct Apr. Sj'L lwtrb F120. £47 1M 
6.9112 — Scepti*R«. 569 - 


102 143 Q8c 14 4.9 

76 9*74 — — — 

207 143 QlOc 12 3.0 

56 667 - - — 

98 257 145 41 12 


*22^ - — — — — Dee. Apr.lM.LSt Bidet 90e — | 

I s * — 77 - — |Mnmil*-eUSc_Ij 

£47 1« ®13W * 5.8 8 _ NnnnaaJ Wc_Zl 


— I — Jane NovlNorthB.HU150e— r 1®» l3U0| «8cj 15! 4.5 


15 0 j.Vor. May Isbell Tnnc Reg.) 508xdl 34(15.7 l$| 4.7] 8 I — LMIl KalpirIi_Z! 


- - — — j — Feb. Aog. 42 31 4.9% 1146 122 

30.1 +101 Zl 1 . 4(552 - riSiehemiUAia Z7b - k — — - 

310 5.82 9 6.6} 4> Apr. Ort. Tevaeo+VpCbv. £99>» 5.^04*% — 18.1 

271 3.75 U 7.3 19.8 Dee. Jalv TrieenUoi 154 1411 132 8 13 

132 4.7 1.0 531282 — llbBUr, 220 ll'B S- — — 


10 *^. - — — — 

— June Nov.JOafebridae SA I 153 7.4 tflUc L9 4.5 

— — Paeiiirt’ppper 38 — — — — 

— _ Panrnni'lie 975 — — — — 

* — ParmeaSlftELSp- 15Jj — — — — 

74 Apr. Oct Peto-WalbeadiOc. 447 1+9 Q15c 4.0 Z1 

~ Oct May KWn. Mining 50c- llftuf 34 Q6c 14 12. 

— — KhunCreeiac— 40 - — — — 


5.98 25 8 10.4 « Sept Mar. ftjwjlFund^ .. 134 132 4.7 1.0 5 3 282 — ' nffamar 220 1T65 s- — — 

1321 15 95 26 99(45i — Do.Coai lOp 107 — — — — — . Jan. July Do.7pcCnr.._ 127 32 7% 13.0 7.9 

277 ) aft# 3 s iiOb Oct Apr. i>n.ljwe<w^ _ 94 310 4.0 9 6 A 8 — Week* Nat JOets. 135 — ■— — — 

2771 h 64 3 9 * 4.4 7)PC. Jub ejCfaSctMisft. .. 75^2211 +3.05 bli 63*15.7 — IfePiaOrATOc- 135 — 015*6 — 8.7 

mill ifllfc 25 12.4 49 Jan. sept 6 ea.aMdr:. t'ijp 100 BE 1.7 U ZD 1DL7 — ffoodiide.V5ba. 75 — — — — 


— , z-J — (May No*. Brit Cat Aae. Hfe 42 31J0ti.9i 
Ulusr. JuV CH5B lte— v. 21 132(1.42 

rJS'Skr.m July Cafir»5ep — 105 ii j.m 


a 64 3« fllBb Oct Apr. wu. imcsiw, _ 94 310 4.0 4 6AJ 8 

64 39? rt 44 Dec. June Oeatmtab. - 75^ all +305 bli fclhs.7 

16lZ5}lZ4 4 9 Jan. Sept iea.»NMrop,(i 100 BE 1.7 10 20I1DL7 

1 I * Jan. SepL«S5ewSlhWr..._ 86l 2 132 Z4 1.1 4^323 

Apr. Mri. 3w*nonIro_ 79 1U1 +L66 13 33383 
Do B 75 * 

FATHER June Feb-qgug ^iVr: bv 2 1212 17 XO 




[ Nor. Apr. LVnaL Nigeria... 


TINS 


24 1 133! +251 \ 1.W15.9 


- - i r+iT i may r* 01 

K 5 4 Jan. Jen 
i; Oct «a 

'-22 i-aiMi Jan- Jtm 

’■ '' ’’ i30 -.SfiSyt April Qc 

. - . 23 “Wf* Feb. Aw 

Ul ■-* June Sc 

3 Oct Jt 


May No* . KJm Finance Cc- £96 31 
Jan. JcnekffiaiH«L_ _9ft 17 


PJLLCHsMmsi J - 
PaiherSoJXA'J 1 
RacbiWMa_l 


£ | if p ”i ¥ «Ba£i f f s* i !KJ ^ jSofe I 

$x«c h m p »„«*■ eacK § sa ? ^farsiBSss^ s n... , •_,«» * 

S' iS m 7324 LS 46 ^ ^ J T° n i! ^ S sF^ 1 "" H In H 2? Mar. Sept K Shoes-- — 52 iyZ27 37^ 6.6^ ?7 “» 

r s ]S law 34 5 J 5 3 *?!, J-2 IS ll 2-1 Apr. i^tLaebenHltap- VM 3.8337 

■ ifir **vr i-i f '2 Aug Apr. XI 639 32 6.6 5.0 \ pr . Ocl N'e^boJdftBarln 4Si» 773 Z 80 

— ' S inf. 5c IB ^ Oct Apnl Heroolfl^Gni.. 107 272 +3.23 3,1 4 6 10 A Oct April OlirorJlrA' 43 139 LB7 

— , — ??■{ P I'? W May Nov ftkJtocto'. — LJA3 lflll Q10%218f6J — Jan. ]8«y noart Au* 60 ml 

Ndk erSn tot? J 8.4 <5 Dec. June H«mfttariesl_ 90 3130 d 5 .% 8 10 4 8 y?eb. Aut SlwdtsS*.V 36 

3385 ^ ^ Si*? ?oS L ? Ta July Jasnmlth) 38 lfill 135 4.4 6.2 5.6 Mar S« StauVlStar 60 

fc- «■ ' Is 3 * t97U M Apr- OetSfiStMto™ 70 161 425 3.7 9 0 4.6 Joly _ 42 

^ S XHteSSr***- ff* JHM Z H tfsept W'SmtSIBUp. 36nj 


Ifrter 3a £ SSJd a a 3.4 SHOES AND LEATHER Jua l_ Feb - ‘SSSSC: S* “ x -! 

M ZBll +3.03 55 62 4.4 j d j v p^b |4Ueb«Wl0p“_| 17b 11232} ilOl / 0W iJ20J July Jul G lebe tov 99 228 u4.1 

T- la 3 ,? 1|Z A t< Sept Feli.B«(li(wL. 62 Jllfl {439 43jl0.fl32 . . Jul ^ . ft’ 3 IT? H 

Bftensw- 471? 14 U 42.76 2 .b fi.S 63 A urU DccJRxmrearlmx.-. 60 td 3 291 2.4) 9 W 63 Mar. Sept GranfieTnre — 66 aOl 3.1 


OVERSEAS TRADERS fg : «a 

African lai«_ 1 305 | 1331 44 + 221* Fet OcL 

Aust.4cne.50r>| 75 ] 377|Q33c — — — — 

Oct BendonliSft+tiJ 106m 112ih423 4.7 5.9 36 Age. Dec. 
luly Butane! 'Ttoidtal 65 llllin 62 ll 145 (8.9i .. — • . 


.9.9 ZD Wav 
r .2Z^ Jan- Jane 
i k I-? Jan- Jnh 


^ '■« Apr. Oct 

W 54 oS! AprS 
8-5 May Oct 
93 0? Aufc^Apr. 

M Ji September 
54 Dec; June 


« .. ) 225 UW738 8 5.4 

iDnS.5Dp.f 1(8 (ZaJll U03 Z4 9.0 


fiPr 


.... « June Bee. _atB%CtlZBB £130 2&31 Q15% * nW - ^ jSJ 

:. - ■ - Jan- Jane PetowmCbfi- 60 m +09 I91U 7.0 obt 

• •• ■: C f — Pbillipg Patents. 35 1175 B- - - 35 3 net Mw 

Kr.V'' «»y Jan. PhdtaxCLno) — . « 3UBWZ48 3.0 9.4 5.4 ocL Aorl. 

. p .Jtat May Dee. PMoMbSOo— 285 1328 +3.96 7.0 22 8.0 Ma* &i 

- - |i .-^Q L fSl Aug PUkiBrtffiSra 465 1212+1036 48 3.4 83 Aug. Apr 

g : a© June- Dee £61 I4JlC^% 5.6 93 - An*. Apr 
Sent April PMfcCtastl0p_ 36 271 bdilB 2A 8.7 73 Septembw 

' Vi» -f .r OcT Aprii PtonmnoSp- 74 132 202 52 43 72 5^? jaw 

p Apr. Nov. Ptb+nsrkiop — 47 272 +Z48 23 S.D 63 yiv' Ott 

■ “ Sj S.-AE Jm. Juta Portal*-——— 225 MB 738 8 5.4 6 j U m 

• - - si?- :? «¥ Jan - sefrf.Pwdntoe.sip- J6a 2111 tino Z4 9.0 7.0 _ 

So :s«Jl J»n- 22 3118 ffO.84 4.4 5.B 6.0 m«- 

.. . I'JCvi Aug ApcS PratigflGroati- 155 B2 558 3.8 53 9.0 jow K»r 

•• . :• “JldjiS Jan. June PlMSdSes.^ 33 MB +135 Z9 63 <3 rw, jm, 

, := -.' ; !fi r Sept Nov. Pan. Lswnds. 3p. 9ft* 1^1 Ol40 8 35 8 ■ 

- l_»r :3 ‘ [ Apr. Od PdbnaalLU.Tp 84 $2 +5A5 M 9.0 8331 

•-.. _ 13 v'rtj! Feb. Sept iUH Group IQp 57 161 +143 73 33 5 2 

J- T-’-VS Dee. July RXn«oup&p- 15^ 112 lffl.0 92 + 23 

-• r* '-fil* Jan. JnlySMiuUia;^. 29 3J jL7& 35 9 1 43 NS?S 

- Kz m SSf June SariaDJilC 63 577 133 42 3.7 93 

‘ 3 - — Cs'» Jan - Jane BatdaDs— 76 3118 +dfi7 23 9.4 6.4 Jan. Ang 

IK TtSSJj Nov. Apr. RfflAOrean 230 3U 8J4 -M S3 5.9 Sue. May 

57 r-Vfl Jan. HadrittdSLaJp. 429 Kll 1031 8 33 8 May Dec. 

is July F^b. RedfeamQass- 290 31 +n5M 4.7 83 42 Feb. Sept 

tl t Jan. June Reed EXM.5P- 47 3118 hl66 Z( 53105 July Oct 

' •.■.•- -M ~ i’ s Jan. Aug. Heed Ictld— - 110 14211320 13132 43 Apr. Sept 

- -7c Oct JuMRtsljonPSfflS— 74a! 14 420 8. 8 A 8 Oct U*y 

r -a::?!* March Httownlnc.'JSa 205 277 Q10 8 0.7 _8 Oct May 

Feb. OcL RamkkGrtnp^ 39 - 875 — — — Z12 Feb. Aug 

j Mar. Sept Rertnw. — 122 303 +434 53 6.0 4.4 Jan. July 

• •■aSgS JaApAo. Resume 59 1222 td3.91 Z1 10.Q 4.7 Apr. OcL 

- d -.te Juiy ^an. Riley (SJjiOp. 28 - b254 - 13 J - Oct May 

Nov. May BoSnre 106®1 V 522 8 75 J' Oct Feb. 

.S'.-a&i Dee. Aug BcpnerBldgs- 37 2U1 fL94 43 7.9 48 Oct Apr. 

... . *7i Dec. AlS Pp/A*. — i 34 2BJ1 +194 4.0 83 4.4 Nov. July 

:• : Jan. Jufy Rotaprint JOn— 42 . 2821 +2.63 ZQ 9.6 32 Nov. Jane 

_ . . ?r. S May Nov. Rowan ftBodral 28 320 132 8. 7.4 8 Nov. July 


19.4 

24.4 ^ 
28 8 Atlr 


Apr. OctUyerRiUmSUl-J 290 13 3f %Wli 7c ( 0. 


9 8 65 M«; Sept gweeTro^ 66 Ml Zl Zl J^ZB B ^ Oct BendonHSA+t). 106m 113 h41 
7.1 4 5 Sept Mar.Ctftmibnfni.. n XI 3.87 10 Jaru JuJtr tnimrt'Ttoiap 65 1112 42 

5.4 7.0 . S H MkKJm- July EonsKadiJOp,^ 29 3118 152 

3.0 8 {an. Jane Cieto lav— _ 60 M2 «1.K Z 0 Nor. Jonq FMw ibu%. 298 JUD «65 

6.6 47 Mw. Sept 51 Ml +171 J13 5^M3 Jllly Cm. GiU fc DuflaB J_ 210 3120 Ba7 

Z 3 5.0 Be«* Julygat®Ml«.Tst_ 72l 2 M21 2J9 3,0 .30J3O.4 June ct\tha.£ID £61 Zft Q12 1 


lii Tin — — 

hmuisn 

tot 

UBmISjP- 

eae Cons. 


53 S£ 3.75 Z3 10.7 

238 U t<> 110c 8 * 

128 1U 1835 3.4 214 

9*j 1074 — — - 

225 302 153 0.9 103 


— { Hongkong, 147 Ufifl - — - 


Let5on>Ke&P~ 72b 133 3.47 42 7.2 4.4 Sept. Apr.ffrnierV. ftEWp'J 36*1 

56 13-3 Z46 52 66 12 5cpL WaylK’ardWfM Ti 68 d 

SSiSZiv: S IS 07> Si i. 1*“”**— I * 

NdsoffDmidop. 7+2 1072 - - - 16.6 

Pennine Ulc 10p 4 _ _ _ _ _ 

Bga/aSf *8- H ISP t 6 53 ? SOUTH AFRICANS 

^ 3J0 +^0.62 * 22 * Apr. Sent Uhetwei B0 J0-. f 210 / 27. 
36fS5?2lS^" 5 T5 » n T, l S5 Sept Mar.Unglo An In R1 525=1 


B 3 5.0 D«. 7212 14212J9 10 MM.fi '^raMlZ IS. zl 012 

7 5.7 Ju!>' ftSKSSfcrS- H Aug Dec. ffnins.Ciw.£l. 425 3120 02.7 

b 83 J an - J une '0P- 27 2B21 +llift5B 11 3.2 451 a D fT sew. HottnunClSJ 70 13.2 4 26 

S & JS S SS-K *% -’StWiU ^ & ffi 


04.91 Mar. SepL IdrtalOp 

55 — ' UanuxrlSto — 

6.9 — KamunnnR 53050. 


S 12% 4 Z0 8 Jan. July Ki Uing h al t 

272 33 45 95 April Miiw Dredging MU. 

4.26 22 9.2 63 — _ BWg M — 

+15.0 32 5.7 9.7 Mar. Sept P en g to lealOp— 

Z0.66 63 — 33 June. Jan. Petal mgSMl 

— — — — Mar. Oct Stint Rran— . 

655 22 142 (191 February South CmftytOp— 


83 301 7.5 8 145 

11 m — — — 

68 - HH55t D.7 4.9 

450 1222 0125 8 27.8 
285 133 +w95c 03 72 

SO 9751Q25 03 5.0 

50 3(U 65 1319.7 

175 1222 nQl2bc 16.9 15 

51 12(0.99 4.6 5.9 

51 31 b4.X3 1S1Z3 

140 32 !OT73c 14 119 

23W 3 1 iClIUc 12123 

Jfi fl — _ 

66 974ZQ10C — 33 


DcL Mar.(Ju,ta».TstJ??ilJ 168 27.^040 22 7.4)195 aSp’ Dee'fita -V^A’I dd"! 17M 53 577 75l 6 j\ 55 Mar. AngJtanjQpRlSpl— 88 I 30l) Z ^* C | 8 i 7.7 
Sept Apr. Iar. inSucrn-i_ 119 133 230 11 3.7 38.0 j—.' Sroi.SajiieTiil.iWp 27 ZB *443 13 + 48 Sept Mar.lTongkali Hrbr.Sai | 85 IlSa 8682%) 15)14.4 

; Jane Nov. tewWi+'Up_ 68 +j 261 1*5 11 3.6 37.8 Ja ®.jwpt " 6 “ _ J - ^ Apr” OcfjitonnhSSa \ 175 D^Z^Kc 

1° ?-2»° May NP.&S 141 1720 +033 33 2.516.9 

a t| !:? A St | Swt h ii 3S IB»SSr 3 “ Si S* 11 Ai U COPPER 

a 'u u € 43 m h n k ffi ifssaa « & ss b » *- 82 1 03 **” » * 

■££££>» f fflMPi'ffly-— “ 2,5 134 3U > aS >- miscellaneous 

19 +* 49 July Feb.EeyJUmelm 50 d_ 126 1212 63 U 7313.9 — BuntoMiwalJip. 9 575 - — — 

06 + 296 Apr. Oct Kinflatte bn 54 301 225 10 63 238 ni+DbroC A\m OTCATO Aug- Fek Oua .MimrjL 10c__ 240 ll)Q30c 26 7J 

43 lli Z 2 !»». Jnn. Lake View I av_ 80 3L10 +Z13 10 4.0 363 RUBBERS AND SISALS — ttwlhgateCSl 310 175] — — — 

21 76 63 Mawb Uaeiclm (of. 41 27^ 18 8 66 * Jan. JaaeR-TX. 190 3UW 95 8 7J 

A St * Apr rvt Lag- Debenture. 93 133 4.5 11 7 3194 BhMl I _ twJ Ore TTd — SabiuaIndiC51_ 31 — — — — 

* 5.6 8 Apr. uct wienaiR. « uj Z_ Paid Stack 1 Price l D I Na Crr Gr’s _ mE*nbuSl SIR - I 


S£= l f & a S h sag : i 3 3»« ijr. ds L jr t sss s 

i I gs |S I « a 5 ras 11 IfH fgjss 37 

h HA Ju/y Dec. (ir 'turns ‘A' 5Bc_ 

ToiSmiftS nr n ass? . Feb. Aug HnleO'sCpo.RL. 

TwJ&in q? 3 ? H •:•• * Dee. Miff 0KBa2aj«5Oc_ 

3E& f 2 11 ?! H NEWSPAPERS, PUBLISHERS 

ansdl!— I % 3U0 tdfij 25 93 64 Jan. AngUaoc-lien. — 143 2811) t5.23 41 55] 6.7 

Orean 230 3IU B34 -36 53 5.9 Nov. May AasJookP.SJp- 175 3.10 4 02 8 35 * v?l-S£ toB “ 

iaaLSOp. 429 Kll 1051 8 3.8 8 May Dec. BPMHM£S.*A_ 3.4 287 24 8 2 66 Aov.Unliec 

■amRlMt- 290 32 +F15M 4.7 8 J 42 Feb. Sept BtenBrotteR- 57 27^ tZ13 29 5 7 9 2 

Ent.Sp 47 312C Kl 66 26 55(105 jiuly OeLlBUektA.ftr.J__ _93 59f 4.9 « B2\ * 

B.dl__ 110 1U1 1320 U 

P 8 WS — 74a! 14 410 ft 
i&K.m 205 277 Q10 ft 

tOcurt, 39-375 — — 

r. — 122 303 +454 5J 


MISCELLANEOUS 


to Mina 17J>p. 
.Uun-lLlOc 


9 | 575] - 
240 3.1i Q30c . 


21 u n March Lanaft ton. tart. 41 272 IB ft 66 4 ^ , 

* 56 ft Apr. Oct Law De beware _ 93 133 4.5 11 7.319.4 

I wi X — LnHdSllg.Ee: ] P _ £11»« - 27 P»d I 

9 ■ U,J • Ang. Feb. Leria Inv. Inc^Op 34 303 Z77 1012.4118 


— p.orthgateCSl 310 375 — - — 


45 Apr. SepL 
4 Oft % 


tPbft 115 1I212I +5.8 22 7.{J &9 

sWJli»n_ 128n) 3^4.68 ft 5^ ft 


TEXTILES 


Oct May Dol-AV 128M 3 4 4.68 8 55 ft ^ 1*7 ,35 dt„i, ■> 

Feb. Aug Daily Mafl-A'SOp- 273 31 tU.61 14 &.4 17.1 Sept ttsr. «Bed Textile- 137 112 d649 3. 

USk S ffigg 2:5 J:! Kg gMg: | 

7 oS: 120 “' ill a ti June DecJ^^dilS: ijjS 1J 

4.8 Oct Apr, 


o»— 120 161 65 26 


June Dec.laiactwDodUort.1 22 256 


.: 3 July 

r-:z l Dec,. June 
sv Jan, Apr 

L5 .fL'r-Jfl Jan. Sept 
X-. r. . 1 _ ; !} Jan. Aug. 
- :. ili. Jy.ajaJt 
. SC Feb. July 


r: :0 : ; ?;s Dec. 
r» : 111 Is Mag 


print Up 42. 28J1 

ittfc-a. ^ 

ellfAJlSI 57. U 


totBadet. 25 
yrsgrp- — "75. 

'SrfSagaU &L 7 t 

trot; 70- 

LBaitaUel 39 

KfcorCp. — 92 


ZO 9.6 62 Nov. June Nwsirt. 

ft 7.4 8 Nov. Jub- Pens* Lt 

f 60 $ Jan. July Pyranld] 

45 5.4 62 Mar. Sept RonU«tg 

— May OcL Sharpefv 

1.9 6.9 116 Dec. June T+botsm 


" Ang Feb-U^tev tat-Op » 302 Z77 10124113 Aagast 94 25 . 325 , 24) 41 

January % 076 +^3 13105 "f S S " 

Mar. Sept U n A AWn Pifip 6 13 J 2 33 — — — Aucint Rradwall lOo 381* 235 hi 7 7 in £ Q 

ST P Kl*AjSS!r.SSS5dfcr 2 M 2 Sf i! IS 

d6.49 35] 72 6.0 ^ ^ tW* ?„ no r*r Kor. June Hjcrwiesc life 60rf 34 Z75 8 6.9 

3J4 2.7 9.5 68 fSlroS" in? }a * ■ *K M»7 Dec. Con£ Rank Ilto— 127 h( 3.4 125 12 9.4 

+262 52 75 3.9 Ift-g H H&7 May Oct Gadek Malay 351 _ 57 27.6 t05c — 22 

E4.90 19116 7.0 S ifl 2| H luirijait Aug Grand CeotnllDp- 10 1212 OiK 8 R3 

ggattSiia- S. z ni If a 0£7 fc J “ , - f K£ii.-sB- JiSSr 3 u K 

10 S 2 Mir. Nov. Loo. 4 Montrose. 167 132+5.25 10 48 311 n ^ 1 J„K- sL ? 4 ojS^fc % ? 

10 No v. June Lon.ftPrm 98 19.9 +3.05 10 4.7 316 9S: i a £. SJSS*SSs: S - SgS ?5 Iq 

— ~ 2 ^ '!! icSSu.^" J"S ttefe' Jiriy 44 mliSc ft 5 ] 57 


Jan. Jnne fLTZ. 

rM — SabtaaIndiC51__ 

ir's — TbraErpduSl 1 

. , No*. July Tehid} Mnmls LOp J 
/waKap VmIpmi rvv.e rci 


» 3U 15 ♦ 7JI 

818 - — — — | 
43 17JBL21 25 43 


October lYnkonCooiCSl— | 154 1 15.9) Q7c | 8 [ Z2 


NOTES 


10 171? 0^ 8 S3 llileu otbenriae IMcaM. prices ud set fti idnft are la 

■an 31 tin -15 is i 4 pence mod deaualaatioBS us SSp. Estimated pricefeanducs 

•jl ,11 lu t, ratio* and coven are based on latest aannai isperts and acoensts 

ISOM On (J sad, where potsililr, arespdsttd eo baU^nu-h-ltaum. PJEsass 
U* u Jo cstrslatrd u tbs bads at set distribution; bracketed flgnres 

* S.W t 5 i t Indicate IB per ceoL or more dUferenee ir cslculated on -nir 

44 12.12 0115c ft 5.7 lamribuUan. Ohm are based ra " nuafaum" dlatributfou. 


lrin Sunutoal0p_ 133 *4 *4.0 IN 5.0 netda are haeedoa ndddlo prices are *mos. adtutaed to ACT of 
Ualahi ff M5 1 — ■ 1 85 ?S ll| tQllc 17) Z 8 3fi per teat, aad allow for valoe of declared distribution* and 


1 k- HSf 1+1 ST s BaaflUKH®*? 5 s “I 153 sua^ts 

LL9 55 April SaptJmjsojLBro?.^! 39 J--l|+L28 5i) 7.6 ^ ^ “ a* J*n. JuueUffl4&?50p_ 20* Mil 0.98 16 75133 

iSS$ ■ ■■: i / • £.JSSS!s=: a-jaaSt- SI SjlI 15 HSS 

H 63 / . . ■ . Mar. Sept. Do.TtDeb8n £72 1411 07% 29.9 el!5 - mS5*Jp- Hj Vf f ! ^ 

45 5 2 p^prrp VRlXTtXC Feb “'‘Lpt. SStaLL 100 nj8 M 51 « «Eu Jr® Mocks InveiJ- 43 1212 +L42 LO 50 29.6 

§« 63142 . . . PAPER, PRINTING g*; Sept Iteg M, 3J {jug May SteLB^olOp 5^«l 3.4 0.88 12 25502 

■ ADVERTISING Jl “ e kS r&aeiDBvidi— 68 161 +258 26 13 10.7 ~ JSkEgn 1 - at ” Bewmbi 

fli/riduuirtU Nov. July Early «D ft SLUR 29 17.10 198 8 111 8 i»„ ~c^„ *£ ll +^7 Ti Trm? March 

Apr. July Aswe. Paper 49 U3J2B9 4.4 84 53 Jan. July PMWrJohJrt.— 29 235 164 18 UlflJ J “-_ S Jl M H lin‘l Seplenibt 

JML- Do.flWSnv._ £96 1212 Q9N% 143 f!02 - Apr. Nov. BMHt(JJl0p- 99 232 6057 20£ LO 7.4 Aug Mar. M«u7idetca_ 85 711 M75 10 85 176 

1* Dec: June AufrftVTrborg-. 3(M .3.4L95 ft 9.8 8 Feb. SepL fcito|F«.50p. 88 ZL2 Tt48 13123 93 p^TL/y. m F1M l apl jvi Xwembt 

L Dec. May Beairose 65 316 3.83 ft 93 8 July ffidd&0£5p_ 10J 2 SJ 075 02102 - 5?* II _T _ January 

June Jan. Brit Printing — 49 3100 3.18 5 10.3 6 Jan. Aug Higbajn*___ 47 1202 179 35 9.0 47 ~ Sr8J£S;i7“ S ~ ” Novembt 

f? Jan. Juiy BmnnnigGxp — ,65 28 U +3.46 3.4 8.1 55 Mar. Oct IMaiGipSp— 55 300 +419 16 115 lfe9« m vn nan ~ne T? May No 

Tnvl *7 Jan. July DaBnuitVlg- _63 Mil +3.46 3.4 83 53 Juna Jan. Hotnftay 40 il d3J2 15 11 B 7.5 . !’uriawiSl« nWrt 'l niiM 47tT I nl An ??? Jao- Jui 


a as 


: :u : - -UI7 July Sewuad»— . 60 5T 

;i" «.vr Ang Mar. SecvricorGp. — 92 3< 

- ^ Jig 4BI Mt. SO Si 

:s 7 ‘. t sj Ang Mar. ScnnaySmlfES^ 96- 21 

Z ; - : s?.S Aug Mar. Da-ATJ-V 9ft. E: ZP0 

. '4 Apr_ Oct ShernaVaieSOp 82- 193 Z40 

•— <r'. Apt Bept SkebeCornjan 162' 31 +S.08 

_■ >• SS- S i u «S &i. 

r-: Jan. July SirttinraelOp. 18 1212 dl2 

■jrjs •» July Jan. Shuj*oa(SJ‘A'- 88 3U A81 

T; .: : .* S .p'{ Set mS sKS&tiOp ftSal 3i Si 

-!? June Dee. SmSteln&SOp. 153 14H +7ZS 

'-Oct May SoJitlwaDp— 52m 1,356 
.t: ■'-■.=• > Ang. Feb. Sonic,"— T— 32^? 12E 236 

■r. Sept Feb. SotiiriffEB 236 -31 b825 

>; r May Nov a*rt»(G.W.fl3p. 104 3JC 215 

e I-. i= Jan. Apg SoraW.) 228 2BU gL88 

■J.. _^-r. May Dec. StafflPotii_ 136 13c «55 

:: June Dec. Do^+iCnvJji £275 1Z22Q9\% 

.■.i.'.'i Jan. Aqg S&Oexlnt. . -■ 31-. DJ +324 
- s - .'r-fei' Oct May StagFanutee— 95 ; 1711 45 
:--S| Nov. Apr. Sieeilw— : - 175M 3.4 651 


Mar. Sept. DaorUulds.^ — 109 
Mar. Sept Do.T6Deb8i7 £72 

. July GroatherlJJ 32 

TNG Feb. Sept Dawsonian. — 100 

~, U Feb. Sept Do. 'A' 99 

Ur June Nov. Dlub (David) — 68 

• _ Nov. July Etriy «D ft St Up 29 

ZB» 4.4 8.* 53 Jan. July Festn-IJoJurt — 29 

Q9Jj% 143 noz ~ Apr. Nov. Baggie rj.l Up- 99 

L95 8 9.a 8 Feb. Sept RickniiFgSOp. 88 

3.83 ft 9i] 8 July ffiddSrniSp— 18^2 


June Ualaiofl M51~ 
Ualar abrm I Op 

ober MiarBim-JOp — 
N'ov. m*«x» fflriRAMp! 
ch SmigeiKrian£l — 


85 2811 IQllc 17 Z8 3fi per cent aad allow far value a t declared distribution* and 
35 - +U5 0.4 5.0 rtgbta. Secnrittan with dmaminatiewa other than alerting are 

4012 310 h0.43 31 1.6 quoted laclualvn af Ibc inveatmeal dollar prawrav 

66 3.10 iZJLS Z0 5.0 

133]75j0 19j 45 A steriins denominated aecuritiea «Uch include iuveatmeat 


046057 


T 3 Feb. July Hooks Invest — - 43 1212 tL42 10 5.0 29.6 
11 May IfontBodoolOp 54 i 2 nl 3.4 0.88 12 25502 

,07 - DaWntaEJ — 34 - 

* — ifoalwBffin 42 - _ _ — — Derttnber, 

r?B Jan. Sep.Uo^ecInZZ 80 31+3.07 II 55 24.7 w 

74 Aug Mar. SfccroiiMnut-. 85 272 64.75 10 8517.6 September^ 

o f — . N«itSA5U5l- 775 375 Qllc 0.9 05 Mil lgp - 

” PtfUlyjOt XwT^Inc- 18J* 132 F154 10 125 122 * > jSS^H5fiS==S 


TEAS 

India and Bangladesh 


iDooarsO— 398 
,FrM!ier£L 290 
l Invx. £J — L_ 105 


s' stiBEF 

K fi ta n 

in isii i’Bsaaa^ 


■fiJjan. Aug. (Tupnra B?L Kp- 78 3212 198 
,,5 Sept May Clay OUelunH- 66 M 14 3.16 
68 J«a® Nof.CanpmrspuMp 58 DJC TZ97 

L?*I PoHoi. r.i.mi la <mim 


100 1710 IA 88 44 7.4 4.4 Oct Mar. UTgwa«tliM. 20 p. 28 

39a 14 #190 31 7.4 6 * Oct Mar. Dn. , A'3)p 27 

usUmiSirJ.i— 15 127, .— — — 17 Jmt AuglngnuniH.llOp- 36 

78 1212 198 22 7.7, 18 Nov. May townelHWgi}. 56 

66 * 14 3.16 8 7.3 8 Jan. July ImfsDyen 44 


7.71 IkBlNov. May 
7.3] ft Jan. July 


d3J2 15 
134 31 

134 3.1 

dZBl 15 
105 8 


g*Q *7 — Do. Cap_£l__ 84 — 

ui l 7 5 April yfr.iaSSn M r^oio m| I? ms 

7 5 I n A °6 Dec. 1928 invest 193 3U0 +7.67 10 6.0 251 J , a £ 

7 5 58 Dec. N it Allan lie Set 83 3U0 27 1.1 5.0 285 Apr J^y^am»«an«a 

In I* J une Dec. NUin. American. 8W 2 28.11 285 1.0 5.0 29 6 Sep(emi>er|RlUumsan£l 

ba * Dec. July Northern Sew — %i 2 2811 +3.05 1.4 4.8 22.6 


+ 5 j 0 ] i_ 9 ] *5 a steriins denominated securities «Uch iwdude iuvestmeufc 
dollar premium, 
f " ' ~ ■ ■Tap" Stock. 

* Highs and Lons marked thus have been adjusted to allow 
for rights issue* lor caib. 

t Inlfcrim since increased or resumed. 

. ' t Interim since reduced, passed Or deferred. 

I . f* Tax-free to noMeafrffrutt on application. 

# Figures or report awaited. 

♦951 ) 5.9] 73 n I'nllsted sacurity. • 

Av R ^ 8 Pr ] k at time erf susPraDioai 

3.71101 9 Indicated dividend after pending scrip and’or rights iasoaE 


154 10 125 122 Nwwnber Jotouil 263 

i.y» Luuju.t January Lon&omteD 263 

_ _ _ _ November McLeod Road £1_ 193 

fifl 04 17 IMS Not. Moran £1— 390 

7 67 10 6 0 251 J* 0 - June angloffl{lgilBp_ 23 

n Apr. July Uamo Plants 199 


4.4 5.4 10.0 .11, 

1?7 12 t<) ¥«; 


ober Guard — 19 677 101 3Jf 85 4.8 - 


fc-2 June Nov. CoUettD'woWp 58 DJO TZ97 41 7.8 A7 November Lofih Hills 16 310 dl.05 

— Co iter Guard — 19 677 101 22 85 4 8 — Lere*5p 1 « 2 174 — 

L 1 B April Detyn2Dp 19 275 70.0 Apr. Dec. Lister—^ 42 1212 0.1 

?0 Nor- July PRG 112 ilfl 6.27 ft 9.7 ft Jao. July Lytes/S/JOp — 58 2&11 45 

Sept Apr. East Lancs. Ppr- 49*d 3.4 3.3 29 102 52 May Dec. Hackay Hugh— «al M d3.3 

Jub' Nov. Eocab-ptuv. — 58 113 5.08 41 13 J 20 Apr. OeL Hackuaou Scot* 40^ 381 165 

Ti Apr. Nov. Feny Pick I 0 p_ 73 3J0+hZ56 3.6 5.4 75 Jan. July Martin iAJ20p_. 84 Mil 3.70 

i* Apr.' Ocl Fmlas'Holdinga. 1B7 132 67.7 1610.9 7.4 Nov. June MnierCFUOp— 39 17.10 #1.45 


hSl 58 c n Uan. Aug. 0ilftA*otlnv_ 52 12M+1.98 10( 5«25J 

dl05 20 q-a c? Pune Nov. Outwtcklav 48 JL1M 61.28 1M ,^27.4 -irntlTannn 

_ _ IT” F*P r - Aug. PcaUand lnv__ 107 7! M 4.05 lfl 5.7^26.2 ^ SeptJlJiMva 


_ Dec. Ang Pto« S« Inv. 56p 72 1212 254 11 53 265 

A0 Mor. Sept ProrinciiiaUes 24 301 »L35 11 8.516.0 

laj Aug Feb.Rariwrn 110 Ml 370 11 51 262 v 

Feb. Sept Reabrooklmr.— . 41 161 +L06 11 3.9 34 8 SS- 

Apr. Ocl RigiiufttatCap 25ri 14 032 — — - 


3 $. ( Apr. Noviferry Pick lOp— 73 { 310|thZ56 
i* Apr.- OcUFinlwHoldingi. 1B7 ] 132)67.7 


♦. *9 ♦ 


Sri I^nka 


Africa 


a* a“p*F 


~ -■ ,7 uiu y 

V.. Feb. Ang 

■V Jud« 

H November 

r:%- J . January 

¥ i^ijssfssg 

:: • r -:J,5 Nov2 May 

Jan.- Aug 
.;;CC- June 
. : . w . r- June Feh. 

MrJoSJD. 
sfi 3 Nov. May 

-;5 , * 1 Fieb. July 

Juiy Jan. 

"9 -r.'nC Teb. Sept 

“ ■■ • T7oh dntf 


.n r'.' 1 '! Jan. June UtdCurie 
r: 3 Jan. SepL United Go* 

March CLGuartot 
f: :•• • • Jan. July Unoclratt 

~-..a Jan. July Prior 

•• u : ? July Jan. FinealOp. 
'ti Feh. Ang^rienOrp 

•L- July Dec. WBibboui 

Jan. MayWadeFotts 
V ...*•-; . Nov. May Witter Hm 
'.V if £ OcL Mar. WtreaCJ* 
•*; v.. ■ . May Nov. WtaeriordJ 

n.. ::- 5 l Apr. OctWMafmns. 
.h ' Feb. Aug warn ILK 

:.' ; : •. July Dec. Wwtewod 

•J- i Mar.' Sept WexfoBoa 
: • : y./u — W+ffniil& 

•K ..'i'll May Nov. Wloctas 
;.t ■•**»>> May Oct ffbtmul 
-: — while? toj 

re •• •! Oct Apr. WtateCbih 

■ J Feb. AngffWtocnft 

W f’S * Dee. July WrtehySf 
J •■• : Oct May Wilkes U-V 

»* .s > Dec. June ffflkhnMU 

« •: : - j • Apr. Oct 

r* :: June &K&itoC 

¥ > July Feb, wnaamsg 

•; . -5‘ May Nov. TOBslCcor 

: l -. ‘ June Det KlleenWaiu 


SlertBglKblPtf- .26 B 2+11 

Stadd ate—. 63. 131 257 

4 hm tMH H Mpc , 86 111 AD 

SunmertffiL 16.’ 3UD Wl 
|7 -31L 

Smmne spe»_ 55 id .tci 
SwsbshtoldiEG £131 2 577 .qW 
SwireFadticOOc 122 95 tffiO 

%£s=z 

IWftUlfflp— 12»» 574 — 

nenariftnA— 188 m 67 

1 a 

lWUu.im_ EOT* 72 QC.? 
mmpoitDev— 67 BJ 319 
rtanwoodGp.Jp 34, Z78 , — 
nnsttfcNwfl- 188 1411 1IUI 
Tumor Cfflz Sp ’ '9% -11 022 
UKOI 18 L— 356 1211 1U, 
Dntan'blflntf*— 92 3111 5.43 

DniilaKJp- 39 677 dZ? 

Du3evcr_____ 5TO 2811 1251 
UiftX.VJlZL. £261, 1111 MLB 
UU. Carrier* lOp 56. 1411 fel 
Untied Gat lad*. 54^ 3J Gfi 
1 Guarantee 5a. 17 - 132 OJff 
Unoebrap 12 3212 dfl.41 


ft* . 171J1 4ft * 7C * APT. VCL ruuasnouuDKjt. sjjt i 

™ "i! ,i t, si t, ajssffl- f 7 g 

34 975 ffifc U 13.4 4.9 2?- *S “PS?;? 5 ™ tIL S 


B J5 li SS- SS EHBESi £ 

®71 19 t7 A3 3uly Fteb. HeO 0 Bpu>dil?£U 236 
2?-S ci T. Sept Jleiody MlUs.-— 72 


£3.0 2210.9 62 Sept Apr. M«ltot__ ,49ri 14 3.49 ft KL 8 ] ft W SjCSKiiESfei rSu » 

420 ft 9.9 ft July Dec. Notli Slants 113 31C 324 48 *S t0 Apr. NovlRebecot^iI^ £ 59 i 2 29. 

tiJSLM 3L6I156 65 Mar. Sept NcnraJewyaip. 28 31 105 7.6 2^ 6.9 S5,. ,S 


? 7 Oct Mar. Wierftltec— 157 Z72 8.13 U 7. B 17.7 

Sept Mar. RlwPlitaDet. 329 27 2 6.25 11 7.319J 

fn Apr. Nov. RcV-ccufflriF+30 £S3h 293(^256% 1.0 53^181 


2.0 53 18 


171 19 t7 A3 July Feb. HeCoHjtwdiletL, 236 - 162 K24 

M ll 5R 7J Sept Jlrtody Mills-- ,72 59 29 

M 2 9 6 0 8.7 May Not SfiJtaftAMeaSOp 157 -34 R0 

m, 8 44 * July , Dec. MoreOTctr. 10p 92 1,21 d3.09 

“ U U Aa r£S P . ogsiftB- £g’. ,K «»«• 


?-79, 8 7. 


9 (AS) Mar. July Parkland* — 61 
ft Jan. JumFi ckles(Wjft Cot] 14 


+tiZ 88 ] 6 M 3.8 
+0^7 Zri 73 87 


JA24 Z1 91 6.4 Jan. July Da'A'SVIOp- ?i 2 3Jtf+0/7 2* .. . 

dy MlUs— 172 . Z9 4.2 6.1 6.0 Apr. Sept. S FT.lOp. 66 1331 4.69 35(10^ A0 

ftAMenSDp 157 -JA RO 10.6 20 72 Apr. July NadlfiffShiOM 49 27J+d3.94 301223 A0 

OTnr.lOp 92 l,itid3.09 12 5.12A9Aug Dec. Reed iWm.) 78 28.1U t,.D 8 23 7.« 7.8 


5.1 24.9 Aug Dec. Reed 1 Win.) 78 ail 

— 21 3Z7 Mar. Oct arBaacaLffliap- 40 2fii m 

dfo^ t 7 l Sept Apt 0 &e»P M5U2Dp 35 JK 225 U 9.7 8 A May Feb. Riehanl* JOp — » 31103 

*7 «»* Jan- June Oxley Print Grp... 59 28H Z48 ft 63 ft Mar. Oct SiET.aOp. 51 302 tdH 

UL55 3.7 3.5 233 ^ Voly Saatthi Up 119 1731 4.13 3.4 5.4 A3 Dec. Mar. Scott Ratewnu 36 2822 *L 8 

A 7 - Ti oa Feb. Oct Snmb'PridlSOp. 81 302 1Z42 5.1 45 65 Sept Jan. Seke*lnU0p._ 27 2511+11 

fa ft JJW. JaJf SmuflDJeHsDJ- 182 3U0K}tt25 Z2 43 15.8 Feb. Aug. Sh» Carpcs Wp_ 23 16.1 tO.ft 

3.0 6-4 S .0 J j2y rrawpMeotf^r. 68 2811 *4.93 10110 54 Jnne Dec. Sbiloii Spinner*. 21 3110 1 .M 
.432 <*15 5.9 6.0 Reb Aug. Trito Group- 60 . 31 3.34 Z4 B.4 tl Mar. Sept Sdla*lnds.50p. 84 301 G02 

M%at Ta TV n, Mar- sept. GA«Wattrrldv_ 52 - Kll +2.97 3.4 8.7 52 Jan. May Sirdar 6 <ri 3.4 fdZf 

“VP 2 I" San. Jiuy WacpGraupSOp- 35 31 142 31 6 2 75 OcL May Small ft Tidnaa. 31 232 20 

OVIW * a 9 ft “ ***■ -AugWaddmpocU.)- 225 . 31 POLO 4.4 7.8 8.0 Apr. Aug Sa Vun»U 2 SD_ SW 2 TT) - 

?Va Tv 7 v Tft Nov. Miff. Walmougfts 84 '123 335 3.4 7 2 63 Apr. Aug. Tta.Priv.tl 2 »_ 29 1H _ — 


?■ — Ro)ineo8TVFI50. £43% 1275 s— — — — 

B 7 — lK>.Sab.54’sF15_ 437 1075 s— - - - 

fi Aug Mat. numneyTnM^ 8 tP z 272 ZfiS 11 5.0 27.8 
fn Apr. Nov. RoscdiBondlnc. S3 133 418 10 12.0 127 

40 ® r, 7 -„r, 


Dec. KodjjckudIa.3)p. 160 28.11 558 12 53 24 2 Aug F>bl£a4 RandPrp.Bl- 298 (afl 

June Salegvardlnd— 69. 14.11 t3.6 12 8.4173 Aug ^b-WbomnEstK!. 1 Z 12 1 

April SLAndreeT+s — 106 272 415 10 6 .1 243 Aug. Feb.\Ve&BaadBl / 111 i 12] 

M2r.StoLAaUar.50p_ 781’ 132 25 1.0 4.8 303 


2 99 2.911 0 36 t*ec. June NUPgvBrouia— aw. i*.u jxo 

503 3 1 lao 58 Oft April SLAiKbewHL- 106 272 415 . 

93 49 23 July Mar.SMLA*Inr.50p_ TV 2 132 15 10 4.S303 

VTa 32 7S 61 December SvMfcCwtlw. 67i 2 1)10 12 13^ 27^420 

+112 17 63 142 Dec. Scoi. Cities ’.V— 151 133 80 11 8.1 17.0 

+0 88 - t _ Apr. Oct Scot Eatt. lnv—. 122 133 , 05 ll] 5.0]285 

164 19 95 B .6 D® 0 - July Scot Buupcan_ 37 3UIRF15 


51 3 3 «B£ a 


alOp . 22 7631 

bSSl S 

PWts.Mp*. 31 2831 
rHmr. 6 p_ 14i 2 3120 
» 0*3.10- 65 J75 
iord5p_— 44 Dj 
am' l ■_ 215 133 

aZK-lDjftu. 51. 121Z 

mod .- 198 2811 

LBoaidlDp 60 Ip 
rfAACr&P 133 2 974 
k.WBBL-J!h 17i 

aoEiceoL 217 310 

y(GJ£) — 34 -47S 
iOOdftK. ,78 iiz 
um&OOP— 376 1U2 
hffBSAw— 44 . 677 


W5p4 31 P275] — _ — _ Feb. Oct. Spencer. Gcal__ 42 1+ 2,6 1 ! 9. 

. \ ‘ Apr. Nov. Stoddard'A' 27 132+132 4.0 7. 

Jan. July Stroud HileyDrtL. 29 111 +101 75 5. 
Jan. May Jern-OxalAe. 29 3130 +0.63 6.4 3. 
MiAnrwiKT Mar. Sept Teu'rdJny.lOp. 23>2 133 glO 0.9 6 

PROPERTY Febniaiy Tomiin«mi 54 1 Z 12 175 B.9 10 

,., tl ,,.Feb. July Toctal 47l a HU JZ48 26 7. 

mlOp ,51 KD bUS 24 55115 — ToravY5D 43^ — Q10% 10 2 

don- 384- 3411 U 3.86 23 32 2Z5 April Oct Tri^niCaipeta 30 2 72 +2.06 14 ID. 

SWW- «« -• — — — - Jan. July TricoriOe 10p— 58 2111 Lg 55 4. 

«*,ST W- ♦fS 2 H 5 Sept VtoTe*30p 42 Ui 325 Zi 11 

S-JOP- 2« 272 35- 16 26 36-9 July +MUFMW.3Jp 43 477 182 ft 6 

% SI'S i! — « ■*« 


I DUD 15 M 55 • '. jS; j 

+812 Zl^^Z . ________ {£.5 

^279 Li 105 ta PROPERTY ^XUJ 

M50 ft U ft July UeeJAIMLondwlOp ,51 MJ0]bUS Z4j 5J115 _ 

SS?* S-2 !««- SepL -Utaan London- 38ft 3412 d !86 21 32 223 April i 

+21 44 52 61 . naljjBKftlSIflrtt. 91* — — — — j an , j 

0^1 21101 73 Frfj. Sept AnsuaHIdgj — 75 22J +242 8.9 4.9 34,6^. S 

013 1Z0 16 7.4 Apr. Oct Ape*. Props. l&p. 205 271 35- 16 Zb 36-4 jQiy 

g 'tiO-® 34 63 6.9 Mar. Oct AqoIs Secs. Sg^ l»a 131058 12 55 224 Od J 

fl 3.0 8 .C (4^ August Avenue C7'«?5)p 60 S77 15 18 IS 227 

I 16 12.0 72 — Bank ft Com lOp. 3 1IT72 — — — — 

-U54 5.0 2.4 117 sept. M ar. BanmwntPrTOs. 81 13.3 M3. 51 13 71 17.9 

63.5 3.7 65 68 Ja ^. Apr. Bwrer!CH.i10p_ 54ri 3, +64.0 14113 9.4 

129 3,7 6.4 65 ^ jSe BeUvrayHldB^- 59i 2 2811261 - 6.7 - 

d0.9 29 95 41 j u jy Dec. Berkeley B*ndin>_ 82 1411 245 0.7 4.9 45.6 Apr. Si 

— — — Nov. July BihoniPwcj) — 158 1710 1553 14 53194 A ^_ 
Aug Bradfoniftrcp. — ^3 2ZU +6.10 3.9 48 85 Jjm . j, 

^ 26 17.0 HMiib. l^rt+ 1773 Nov. * 

it ri? J 5 24 6.4 9.8 _ Bnii^hland — ,28 374 — — — — 4 an. S 


ymUF+MW.apJ 43 ( 473182 
Vougbal 1 40 |l9L9i*Q6Jl 


16, 19 8 6l Dec - July ScoLOuapean- 37 3LN F35 11 61 272 

G02 15 10 91 96 Puly Jan. Sconishfav 88^ 1212 256 10 4.4 33.2 M»v Nov. BnekMlU-. 

i Maa 3 « Dune Dec. Scat Non. ft Tat. l«)i 2 3110 3 05 11 4.6 295 February EMftuU 

20 ft lO * Dune Dec. srot National-. 326 1411 3.45 11 ‘ 4.2 329 - 

_ _ l_n 1. Way Dec. ScotNortkm- 9Z4 14.9 Z84 1.1 4.7 31.0 Aug Feb. GroonteSOc 

__ _ _ „ Uuly Dec. Scm. Ctolario — 122J Z 34.11 tft.D 18 4933 3 ^ te'fiffiSS 1 

246 11 9J1 81 ]A u g. Mar. 5w_trt.lBV.__ 63m 13 Z hl.60 10 3.9 38.6 OA May Ushefi* 

+132 40 74 51 (Apr. Aug. Scot R'esero— BO 772 2. ZD 0.9 4 2 387 Aug FebMa,iwte»D» 

itm 7t eil ? , | _ SfmWesm.'B' 7ft _ — _ _ _ — iAincan Ln.35e 

TOW ft, fa 50 Apr. Oct Sec .UliawtaZ 171 132 +5.67 1.0 5.0 29.2 Ang F+b.^atemriuM 

Jlo 0 9 M^ajllan. Sept Sec.GrauNihn.. 72 lfill +L79 11 3.8 375 Mzy Nov. mnkettaatTO 

375 B 9 losllfti I — Ito-B". 67 - — — — — — IWiLNigdSSc- 

+248 June Seinriti«T.Se_ 164 3110 t5.4« LB 5129.1 

01044 ID ZH399 June SetelBuklnr.JUS. 375 226 Q25c — 42 — 

+206 1 7 ft 704) gfllAcr. Sepl. Shir«lpv.50p_ 325 272 846 ft 103 ft n«n mti 

183 55 ,3 53 November SireeelllOp 66 3.10 1.5 12 3., 35.6 Xi UK VVJ 

325 22 lLrt An [Dec. June Sphere In 96^ 3U0 t2.9, li 4.6 0.6 _ . • 


•25 

El 

mlR 02 O_ 


TOBACCOS 


cw.y Zi 4 j July Dec, fcrtefc y Kanta ro_ E lilllbS 0.7 4.945.6 ApT , SepL&ATlwft 291 132(13.01 f3.4{ 6.M 58 

ft— — — — Nov. July Eihon (Percy) — 158 1715 1553 14 53 394 DaDrtd. 251 — — — 43 

I* 1 fife JMe. Aug todfwdmp. _ ^3 ail +6.10 29 45 85 Jjm . Jane DonhiilLUiUp- 345 1212 +7.92 65 35 67 

H H 1 !-! - «.»«>- - - - Nov. Mar. Imperial JZ 74 132 556 2J 116 53 

I2& ;|4 W IS . — _ Bnltahlead l~ » 374 _ — - — Jan . Sept. RothmamUSUp.. 4D 2 1212 g 2 M 9.4 65 25 

|4 f-i 55 Apr. OctDa.CtaefJrtSO- l^ri 14 02% -Mi — Jan. July StasaMB)h.l 6 p_ 55 1212 tZ75 12 7.6 8.4 

W335 22 85 83 j u ty Nov. BnxTOO +>toic._ 90 3JB eL91 15 3.2 f2t j 

, T® TcrT, Mar. Ocl Cap * I’ountie*- 4St z 28U 0.0 — 33 — 

tOJifc 13 4i 13.7 __ Da Warrant -. 1 — ^ — — — 


Bui. AwSSIGKEr: 1 S 4 m 7 S3 IB tint Feh - Aug. noonrfoatdaKl^ 234 
Dune ^an'.KKtad 2831 205 10 3.8 40.9 An «- Feb fe^?J,r«r ££ 


September Technology ; 85 253 228 1.0 43 362 . — g™™® 1 ”- 

Mar. Oct. Tempte Bar 35 m U3 h4.75 11 8516.7 Feb. Aug Ovb^Hl-- 

April Xov. nroetomh- Z»A 272 3.88 8.9 127 127 H^tobe«tRl_- 


26 13 0 cover rclaiee fo prwion* dividend or towaa. 

35 to “ Free ot Sump Duly. 
li co + Mmgcr hid or rcorCflnlsaljoo in progxeu. 

9 ■, 7 j f Not comparable; 

ri L q ft Same interim: reduced final and.’ or reduced earnin g* 
yi indicated. 

no f Forecast dividend; cover on ear n ings updated by Idle* 

4 ° J-J jnterim slatemroL 

4JJ 84 i Cover allows for conversion of share* not now ranMag for 
dividends or ranking only for nertrirted dividend- 
Tjinka * Cover dors not allow for shares which may also rank for 

dividend at a future date. No PTS ratio visually provided, 

1 125 1 1331 55 1 151 6 J * Exclndlne ■ final dividend declaration. 

' + Regfoiai Price. 

Fricn h No par value. 

a Tax free, b Figures based on moepeetus or other official 

1 47 c 117 101 90 D I & 117 7 eeUmate. e Cents, d Dividend rale paid or payable on part 

1 *r I 7 j* , 7 n | * liar, of eapitaL cover based on dividend on lull capital. 

vk> 1 UM, LiW ift 1 ldJt e Redemption field. I Flat yteJtL g Assumed dirtdend and 

yield, fa Atsuwsi dividend and yield atwr Scrip issue. 

1 Pa>ment Iron capital some**, k Kenya, at Interim higher 
than previous total, n Rights iasne pending q Earnings 
tiTpc ha*«i 00 preliminary figures- ,r Australian currency. 

1UO a Pi videod and yield eselDde a (ftOfjaJ naysuml. 1 MalM 

. _ %T _ dividend: cover relates to previous dividend, HE ratio based 

\|, KAjVD 0° latest annual earning*, n Forwart dividend: cover based 

on previous year's earnings, v Tin free up to 30p in lie C. 

| ._>■ , w Vi eld allows for enrreocy clanse. y Dividend and yield 

ill | *L,J . 7 * | ~ based on merger lermn * Dividend aad yield include a 

?*!L .SIi 5 &P fiSAl T special payment: Cover doe* not apply to special payment. 

£351*1121163500 ZS 80 A Net dividend and yield. B Preference dividend pamed or 

HI J JJ] Q13c 0 . 7 } 7 J) deferred. C Canadian. D Cover and P/E ratio exclude profile 
• <4 U.K. aeroEpace subsidiaries. E Issue price. F Dividend 

and yield based on prospectus or other official estimates for 
ICT7-TC. G Assumed dividend and yield after pending scrip 
>W T? \rn and 'or n|Mi issue. II Dividend and yield bated On 

lii.9 -aLcXift aJ prwpecxas or other official edimalM for 1878-77. K Figures 

34|t025c 151233 based on prospectus, or otber official estimates for 1878. 
72 31 tO20c 12 — M Divndosd and Held based on pmpectu* or other official 

3aA 42 criimatw for 1878 .\ Dividend and yield 6 a»ed on propectus 

tS T, riioX ,~o 1 ,L or other official eninmtes for 1079 P Dividend and yield 

,,2. pi =“ based on prospectus or other official estimates for 1817. 

3 iSz ii ’Ss* c H CresR. T Figure* anumed. II No significant Corporation 

39® 3.1 WC 12 Aft Tax payable. Z Dividend total to date. K Yield based ms 

79 33 Q46c 10 34.8 essarnouoa Treasury Bill Bate stays aoebanged unit] maturity 

40 bib — — _ of slock. 

41 31 Q25c 0.4 36.4 . w . , . 

659tf 14+Q86c 17 7R Abbrerialioa£riexdlcidead:>cexsciipissne;s'exngfafikmaK 
49 87, — ' _ all: 4 capital dtatrlbuilos. 

M Recent Issues ” and “ Sights ” Page 35 

STRAND 

This service is available lo every Company dealt in m 
V3 go Stock Exchanges thwmgbout the United Kingdom for n 
_Tl _T fee of £400 per annum for each security 


MINES 

CENTRAL RAND 

[Than Deep HI— I 179 ] 675] — | — 


EASTERN RAND 

5T - ! ^5 


6 &*d 34lt025c 
27 3J+^Qc 
346 — \Se 

78 33 «19c 

318ri 3.4 TO«c 

39M M +Sc 

79 33 Qftc 

40 676 — 

41 33 Q25e 

659rf I4+?J06c 

49 87, — 


FAR WEST RAND 


43 — Da Cap. £1 89 

a 1 Mar. Aug. Thjiiprnorton — ftg 
S 3 May Nov. Dn »:%Low_ £11 
25 Mar. Oct for Iniea.Inc— 72 


Z. z. — Feb. AugQoofGoldRl 449 

303 438 10 q 7156 Frit. Aug. UbammBl. 508 

1730 0^*6 208 17 5 - Febmniy StwtirvaiiaDt 453 

272 t,.^5 12 30.613 7 Au S- Feb. ailloniaii^k: 214 


.tl® 26 18 5 J Fe ij, aue. Cardragflrwip5p- 1W* .0.1 ri>35 33 3.2 153] 

dir T 7 Tb Ta Jan - sept OmnoeiM jar sg 94.- 2 H 207 16 3J(ZI®| 

Z7 58 5.8 imirmincial20p 64 774 — — — — | 

e! 32 Z4 114 48 __ n_ Cap. SDp~~ 63 — — — — — 1 

Gl. 43 18 188 a-* Q.«icrfield 273 2831 163 19 ZD 40.7! 


ct -Apr. 8 * 3-ii 5^ . u li ® ^ 

?J- IS TKUSTS, FINANCE, LAND L-J&aEI ’g ru> «* «l Tib SSSSSSiSCf: m 

Investment Trusts 


MbOMUL ,78 332 44.4 Z7 5fi 58 _ tTniimincial 20p 6 * 974 - 

RiitaffuJJ50P— 376 121 gl32 24 11, 48 Do.Cap.20p~ 63 — — 

£&*£**- 21. Aag Jw.CHeaerfleM— 273 2811 163 

rakes m ■ ■ 4W 3,3.75 ft 116 ft Cb<wnS«s — ._ ,ll>a 12 H — 

mUmSIldidL 36 33 +d(ll y 0.4 — ^ec. June Univhh'ry Eat — 235 1232 +4.2 

raW BiM tc h f t . 373 311 1837 73 U Apr. Sept. City Offices 50 Z72 172 

ga. WpeCTft— 09 lju T-. j«- *S- ClSfteMetaBj- » .33 198 


»r - 


ntrol Secs. 10p 1,26121 


163 19 ZD 40.7 Dee. Jiro d Aberdeen lavs. _ 52 1431 +208 

- - - - Dee. JuneAbatfeaThW. 123 1U1 15.05 

C 2 17 Z7 332 Jan. Sept Ailsatav MO JU +4.12 

2 .15 5.2 19.4 Dec. July Amaaeefav S3 7S21 2.49 

L98 ft 38 ft Oct. Mbj' MhanceTmst — 202M 1, 720 


iCetqRM 57 S-S §-?bjiIy Apr.gwjEwtenf*l®> 271 

aWsiualOpj 6ft kS tSiZM 17] 7 .h 14 J Apr. Dctp^yTicvDto- 21 


_ 20 28. 

7.7 7A JJr. CdotN^-T. 19p_ 21 133 +086 — 48 - Dec. July tota«eln.lat_ 53 1431 +4.116 UllilZl to 

JL FebraraTchriftWsLlOp- 77 U +0.79 28 L6t2L6i — DaCap 54 - — ~ - »nne 

123 9.9 Mar Sgpi_ Dalian 1 Hldgsi— 76 732 +Z96 26 5.9 23 Oct toy American Dust. 40af 3., 135 11 51 222 Aug 

2 AM- _ Dare Eflaswl tip- l&z 673 — — — — — „ American Tu.' S’ 39 - — Feb. 

44 ft FA Ang.Srioew.Wp_ 52 2t32 +282 16 82115 Aug. Mar. Angle Am Swsl. BB 132 3J U 51 26.6 . it 

§^'*■9 Jan. &S- Eug.Prop.50p— . 2712 3, 230 0.9 132 O30i Sept Apr. Angto-taLDh— «>a 272 3.2 10 11J 131 Apr. 

3-7| S-5 M5 .y SepL DofcPc vnv, _ £63. 277Q6lj%32jn0.fi — — . Da Asset Shk- 137 - - — — — July 

AD+il OcL Da 131* L’n'i £84 3.10 Q12% 5.8 0,5 — June Dec. Anglo-Sert. Inv— 38% Mil 161 16 63 242 

■. gulv ^ iWrarv_ 38 117 0.42 20 1746.1 Aug. Fbb. ArSimedealot. 70 31 5JL5 1.0 111 135 Dec. 

Nov Jitoe&W.&toL»P' 173, 329 0.81 0.9 7.0 25 J - 34 ~ ~ 

Apt-: JwSkProp.Iuv_. 86 272 flfll 34 1823.8 Dec. June.4r«liw.llM)« 121 310 QU* U 5.6167 

JiUL Aug. EtansLcrd.- 76 28Df+idlJi 2.4 2J 27.6 Aug ilar. ,AsiuJi«nlw._ 112 303 4JW 10 5 J 27.9 

von. nv*. wan “ . ,ntw it ki. 4 dk.ce, iMm» i> inniaK Vk. CD Mil nc , t , iui 


-I-1-K9U. J» 


ilne.SOp.] 115 17Jta+7Jl 


1 Feb. May rtaniOee«ue_ 148 133 5.0 11 5.1 2S.0 twrT Ft* 

- Tribune Invest-. 60s - hlJ 13 3 3 34.7 Feh. Ang. W^nefU™—- £M 

^ ?•? i 1 ! 7 ! SfciSSSSsSfc; S 

Dee. June Trod Laioo 94 3U0 tZ84 12 46 269 Feb - AugjZimdpanRl 191 

Feb. Aug. Tnu4+**Con>— 123 3.1 +4 06 U 5.0 28.7 

Apr. Ort.Tynw'tala 5 100 133 3.85 13 5.B 23.7 

23.9 April Ipdounlnv. — 58 303 175 ft Aft ft AVC 

236 Feb. Aug. lHd.BriLSeet_ 109b 11 h,D3 1.0 55 275 U.r.3* 

A^- KrS- as 133 35 ? Jo Hal Sept. FebiFNeStat®De9.50c] 75 

RShSE SISmSSHS m 5.U iS IliJ JUB. DecUcrinldSDc. 1 



B 8 REGIONAL MARKETS 

2J ll The follow inc is a select, uo of London quotations of *haren 
3 v pmviQuriy listed only in regional markets. Price* of Iriaii 
73 j 5 Issuej. mom. of which are not officially fisted in London, 
16 9 D ^ 35 , uttt 4 on the Irish exchange. 

Z7 43 Albany fov.33p| 2| {. — I ShefT Refo.fi mt.f 51 }. — f 
ZA 6.9 Ash Spinning - 45 . — I siodall iWm.i_| 85 


lri30J Not. July) Do. Capital 50pJ 142 173W +036 1 — 1 — T] — | July ffiktaf! 


. vv'.. Apr. 
N °i 


r ; 3555 NOT. WtenlDdsJDpJ 44 33«230 f, $ a Fetoaazy’kmiMstlOy. 77 33+0.79 2^1^6 

*! Apr. OctWto«TlW»sH fi Mar. Septfeaeiaa'Hletei- 76 pj +246 1 2^ 5.9] S3 Oct 


November 

May 

December 

Noreanber 


Feb. Jul 


35 3M£ +0.6 
32 477 6.90 

90 1411 4.64 
47 301 116 


6 A ■ DansEflawlOpJ 124] 673 — ]— — 

t n Frit. Ang. Pomogwn K |l4J2 +282 1 lfij 

6.0 lan liflv Fjrf.Proo.50p — L 27 I 2 I 3, 230 1 0.9) 13 j 


INSURANCE 


r. Aug.Rl5Deb.CWp— 85 133 3.52 

l r. JuWL^iGenaal'lM. 368 383 5.94 , 

June rSTr*sFvsd51_ 760 6 % QlOc 

Jut? ]\Wi«R*moiks_ 77ip F77 0.91 I 


March p,C«.4TexaiiepJ 67^ | 37^1.75 


lnv.a_.| 281 


13 5,S5 Jua - Dec. F.S.GcdaldSOc — 
Ll 5,4 an _ SaaiptaasRl 

13 LS M.7 ^ 0et feS2S fc 

a uis.6 “ 3 , 


Julyhniaiilnv. 


Jnno DecfWeir^a Inv.a_[ 281 1212 10.81 ft 5^ ft JS1£S»S?Ste 

'AH.8. m « 3 U ifgt JSfJgfiSSBff 


L g RertarQ— — - 24 

Bdg-utr.EASOp Z70 
Clover Croft--- 22 
Craig i Rose fJ 410 

DysonlR. A.«A. 41 

EUis&MrUdy- « 
bb TEvansFr'k.lOp. 57 


£16 338 Q240< 

70 975 — 

326x1 3.4 Q55c 
75 975 06c 

914 330 QuSc 

739 330 Q20c 

765s! 3.4 +QI15f 


lfll RR 'Evans Fr'fc-iop- 57 

,0 Fife Fo«e — •— 47 

~ Finlay P»g.Sp- 20»4 — — 

ft 101 Graig Ship. £1— 

05 AS Rigetms Brew— » 

26 85 LOJ0.SUn.tI -. MS ...... 

9.9 16 HoUOos.)25p_ 250 -5 
25 9-J) N*thn. Golds mitfa 53 


154 1 I — I — I — |Ptrarce(C.H.I-| J29 


iS, Mm lujfi&fb aa asBig s- slIoa a if Sfe *" 


161 If 
5JL5 I ll 


tUUilApr. HPL innauiui.MK uts u J. ijt J-V ijjw 

- -TllSft- D«. Yorks. & Lancs.. 30 2833 13S 10 65 219 Jaa - 

65 2421 — Vcrtgwen I0p_ 5 1075 *- — — — 

,13a 133 Dec. JuuelVouDECo'stavlL 72 1401| +335 18 73^210 



290 . — 
90 

91sf 

128 

43 

198 

132 

65 

29M 41 

175 

95 


; Oct Apr. 


S : -v4*2 - - 4 

•*, • r '-, : J ocl Apr. 


*&*’>'**• ** 

• ■j . ; ; *»’ • 

. it ; •» • 



102 33EIZ45 53 45 6.4 - _ ; 

40 33 L28 ’ 3.4 42 93 Apr. Dec. 
150M V 9JT - 93 ^ Feb. Sept: 
asy 273 tQSLOO .- 43 - Jan. Apr. 


Apr. Dm Faine* baity' M15.68 Z4 8,0 Ml J«OU«y AtianttBalLlOu 58 21U 05 LM 1.3J652 Jan.' Ju^AUtaTmc^iOrZ 306 111 

M - — GiigatelOp 7 1173 — — — — November AUaniicAsi«s_ 7f 2 310 0.41 « 02443 Feb. July).kkrtr.dbembers| 220 12811 20.0 4.7 13.8 23 Mar. Ang. An? AmtiWdRl- 06% 

93 Apr. Dec. lU«tiieW5A!.._ 275 133 8.56 15 4 7 20Z Dec. June .Jti» ElesL___ 54 I73C L62 13 4AM.7 — ApwiirTAlOp. 10 11 27ft — | — j — [ 27 p e b. Aug. An£-Viala0r._ 650 

~ pMtlflnd5iip. 255 2811 3.96 U 24 34.4 October Aud.l-Iai.CiOp*. 79lj 133+2.7 1Q.53 283 — lAutborliv lxv.2Dp_[ 38 12751 — 1 — 1 — 1 4.8 Jm. juiv CbanerCons 124 


Finance. land, etc. 


FINANCE 

Apr. Sepl.UagAm.C’flilSfc-j SID f MQU c 1 14] 7.0 


BT ~ 9 3 - Feb ScW GtP«tlflcd50P- 255 2811 3.96 U 24 34.4 October AiuLfclaLfiOpi. 79b 133 +Z7 L# .53 283 

LOO .— 43 — J 3 ro' aot GreeflAOfip— 3.4 tdJOft 24 4.9 10.9 tfov. July Bankers’ to — 511 a 33 Z33 Id 6.9 Z14 

? - '« - &. jffiS«t5p r .- 6 125 ^ ~ - Member BeriyTruA™. 53 b Uh tO.87 10 25 514 


— Auitarti^ Irv.3)p_ 38 127s — — — 4-8 Jap. July CbanerCons _. 

— FniaMiaAmra. 191 2 475 — — toy JX-c. Cons. Gold Fidds - 167 

— Cbaddeiler—— Mb £67 — — — — July May East Rand Coil lOp 


8J0 - W — jSS: SepL Iwy Property - KL6 10 0.«DWJan. Jdy M lm.Ci5U 5122 1532 §521 U 4.7 20.9 Apr. Ocl » MftO 37 5.0 5.9 Mar. OcL Mifl«w5BIJL«_ 

1037 75 a nr SepL latattirowJfl lOp. 27 677 01 — O.ftj — I — SremrT ri — — 25 2811 +03 13 3.0 33.9 August Edin.lildl.lSbp. 17 677 — — ■ — 22.0 Mar . SepL Vew Wit 50c 

20.0* — 103 — A Aurost ^ JeSratoeS— 37 677 161 11 6«213ljan. Aug. BndscwattrlOp, 7 ,3 032 ll 6.9 203 October EKirolimifiglOp. 50 22B tO.99 6.0 3.0 9.4 — patinoNTpliS _ 

,+JiAA 53 Z6 103 July OetlSdWe*. »e 1M WJ37 12 Zg483]Apr. SejtBnLAmAGeu- 37 27.3 165 10 68217 Dee. JuJv Erskue8puse_ «b 2831 L72 Zl 6 l 4 111 November Rand Lndou 15c_ 

182 133+56 33 4710.7 jan jSy SdSeotSlP- 1J® 2611482 15 3.aB8lApJyOJan BntiriiAneta-- 67 132 Z2 12 5.0 2Z5jOct July U Land, 10p__ 13b 218 101 17 114 78 Jm. July SdectionTnu* 

ISO. 73^559 ' Z9 58 87 tor toSipcCar.®- 045 CTJQSV* SL7 fft.ffj — l«ay Nov. 8rtL£*a5a«.5p 9b JUfl «i 12 9.6116 October Erplwritefb-ty 24 22S 10.49 53 3.1 203 Aug. Feb SrolnistlOt 

vaa lft577 - 63 - tor' SeoL reSwCtor.*- 025 3.7 5.0 - Feb. Aug. Brit tai*Gea_ 93 1431 3.4 11 58 245 D«. July Fish>»»GesL5pu ZOO 2831 t4.« 13 6.8 38.0 p e b^ OcL Sihenalues^- 

- w 'SfiftMlB -2.7 65 &2 “S BaL *£5 273 17 lO - Pet June ftIL lorw-__ 145 3130 ««7 10 UB3 July Finnxklrtfi 17 677 10 19 85 83 j^ y j M .liSSE 

— — ®’f648 — 76 — July Nov LaitUndZOp — 38 3a 10 ft 40( ftJOCL Apr. BroadfloaeiJGpi 128 113 535 1.0 6.1 253 — FiorW Incest—, 9b 574 — — — — Mar. SepL I'-ClnveaRl— _- 

?l2 42 43 84 /St tor LMdL*ascSOe- 226 U2 Q25% 20 35 M^DeC. JutteBiunwIm 82 1431 355 10 6.6 229 - GrimhawSOp- 17 1073 - - - - May Not Union C«ja.ft55e. 

939- ft ■ 76 ft . Dec. June LonProvShpIOp C 1431 0-74 zl Lftj^jta p^WnabeT &yMim50p__ 66 313 234 10 4.9 210 Feb. Aug HambroTniS— Z7 301 tlM 4.3 9 2 3.9 SepL MarJ Vogels 


452 15 3.8 25.0 Ap JyO Jan Bnitab Assets — 67 

Q5%9e 17 ft. 0 - May Nov. 8rtLEap.Sew.5p 9b 3. 
Q6b% 3.7 5.0 - Feb. Aug. Brit taUGea- 93 1- 
OlffS 3.7 53 — Dee. JimeBriLlarHi 345 31 


TF-Jnr«6u48 — 75 — Jniv ftocWundZOp— 38 330 10 ft 40 ft Oct Apr. BroadaoneiJOp) 128 

5?| Ilf 42 U 84 St U 3-5 ffi 


IDeC. JunejBrtjnnerlOT- 


67 132 22 121 5.1 

9b JUB fOS 73 9,1 

93 1431 3.4 id 5 j 

45 3130 614.37 1H 4 . 
28 113 535 1.0 8 

82 1431 355 1H ti 


75 ft Dec June LotProv Shp 10p 82 M3ti0.74 j Zw 14 425] December (Brycouit5Bp — 66 SU Z14 

27124 a£ Dftto Shop Prop- 59 lift +300 US 7.7 0U3 June Dee. C.LZP.Im 57 2811 19 

*?V "Pr. _ r, J.. ina ,c i«ig*n— Ls.i»r n .,. i— W »,T £ 


51 303 162 2510.8 55 a£ SepL Sd^a+P MS 132 +228 25 32 
22QM J, 1259 — 8.7 - Dec- June USPC- . --- M| U 19 25 
24ft 1433 1055 - 65 - - MarferEstalrf- » W - - - 

128 333 7.42 — 9.4 — — Mclwrari 10P-- , — — j 

120 S3 7.42 — 9.4 — tor. Oct JfeKaj 3®. Ji2 H43 M 3 1 2j 


Dec. AugJCblHfbflUlurs.- 223 SU +7.67 
Feb. OcUCaledonbuTst- 66 1232 +160 


244 l 1 
128 Z 
120 2 
148 ’j 
326 J 
34W - 
365 


4.3 f — HamKcnJftSp. 

3.71 June HawPaL&Sl-. 30 

75 Peb. Sept Im^wratCa- 17 

lf*_L 1 ' in . J7/1 



rQ35e Z0 64 fl 

165c 11 6.0 «J 

305c I 3.4 95 

LS y Industrials 


OPTIONS 
3-month Call Rates 


23 |Tubelnv^sL_] 38 J 


j0.94 3 J 84 5ft] 


er£dales~ 39 874 — — — S3 — DaS" 64 - — — — — Feb’ Sep< Ijlunj*'- 228 303 ta}i2fc 30 6 7 63 DIAMOND AND PLATINUM 

lerao lOp— 37 674 JJtm. Dec. CaoWanandto. 77 au 35 13 6.4 20.7 ~ kuriiu Twlorl^i 50 133 10 30.0 3.0 5.0 iHAWnM aiw ruumvn 

* 9 K 3 L 20 p. 385 112 +141 MJ 133051 May CaaeJIlfitoa IDp- 200 283 2.0 ft 15 ft September k'vabulUp 20 29.9 165 13125 9.4 Sor. £34UuJl IftOfiWcf ft I! 

imsn.Wp- 2P* *75 ^ - _ —I Dec. June Caa4ForriRu_ 95 1,.U t3.35 11 53 26.9 August IsnKiHJdiHW. 18 1L7 0.10 - 0.9- Apr. SepL BttoptteHLtt' 

Phictrap— ,55 13Z 122 68 53 65) Apr. Not. Capital* Nat _ 112 132 4.0 10 5.4 28.0 Mar, Oct LaE[aS«i50p 25 272 ft— — — — May Nov .]De Bern. Df.aC 


Inc 5 Ml A Brew 6b ■■Imps" 7 IntJever 40 

£05 ft flljLROMi- 18 I.Ci- 20 Did. Drapery- 7b 

Q 225c I ft [ 85 1 B.S.R 9 laveresk-.— 7 Vickers. 15 


QZ25c ft 85 its*. ~ 9 laveresk-.— 7 tickers. j 15 

Q110C 1.2 55 Babcock- 10 KCA S Woolwonhs— 1 6 

«170e Z2 AS BnrtS^Bank. 25 Ladbreke.. .- 17 _ _ 


ZZ as Bnel&rsBank. 25 LaUbrt>*e IV 

13 93 bSSSSii 38 U«ri4=Geu... M Praperty 

14 45 Boots Dnifi — 15 « BriLlWd Slj 

85 8 ft Bolsters. M UojKbBank-. 22 cap. C ounties. 5 

a, 0 B_A-T-^ 24 Lch> 5 g^p 5 

3.0 119 BritishCrcyfim 6 toodrit Brick. 5 intrroropean 4 

IB 44 tonraU.i » In UmdSeeT— . 18 

11 16 Burton “A* — p Lucaslnds — S METC 12 b 

ft lflj S adburyB ' 5n P Peachey __ 10 

34 dd Courtauld® — 10 fcS+flSUr™ it SwnuelKipr.. 10 

i? tobenhams- M MrteftipaOT U TtmaftCHy- 2 

H f3 Distill fen, 13 Midland Bank 

16 83 Dunlop— - ft 2 Oil* 

10 1033 rnni-gt..- ll NaLWe 4 .Bank. 22 ■ - 

gSfedSt S fME b ? 

bees » i gaes!!= & 

O^dMetZ: 9 SSwi’A-- 18 UllTMtaT — 4 22 

ft l+fid G.UJL*A’— .-i 1? Reed Inti..- — 14 


423.2 We Jafi.[5L4iIlflilfii5p.i 105 


3.46 i Z6J iOjUIlNov. Mai 


A 








46 


•< - 1 
1 3 


rZ+YSON 



I 


warm hearted 
heating 





CONTRACTORS 


7 


Monday April 17 1978 


13 Rush & Tompkins 

E® Builders & Civil Engineers 


Economic; Stewards try again 

A •ill 



?? f | to rescue Speke 

Ireland 1 r 


expected 


BY NICK GARNETT. LABOUR STAFF 


BY GHJES MERRITT 


THE BRITISH and Irish Govern- 
ments will announce soon an 
. economic co-operation pact that 
should have far-reaching implica- 
tions for the development of 
Ulster. 


A report that sets out areas 
for joint action, notably between 
Northern Ireland and the Soutb 
has been submitted for the 
approval of Mr. Callaghan and 
Mr. Jack Lynch, ihe Irish Prime 
Minister. In spite of the present 
deterioration in Anglo-Irish rela- 
tions due to disagreement over 
Ulster, it is expected that the 
documeni will be announced 
jointly next month. 

The report may he unveiled in 
Dublin if Mr. Roy Mason, the 
Ulster Secretary, visits the Irish 
capital next month for a meet- 
ing with Mr. Micbael O'Kennedy, 
the Irish Foreign Minister, that 
was postponed just before Easter. 

Officials in both Dublin and 
Belfast are concerned to play 
rlnwn the implications of the re- 
port for fear that it will arouse 
political sensitivities, particularly 
among Ulster Unionists. 


A CO-ORDINATED national pro- 
gramme Involving dockers, road 
hauliers and other groups, is to 
be urged against British Ley- 
land's plan to shut its car 
assembly plant at Speke on 
May -6. 

Transport and General 
Workers’ shop stewards at the 
plant will he urging the action 
on union officers. 

After the overwhelming vote 
by Speke workers at the week- 
end asainst both closure and the 
redundancy terms offered, shop 
stewards will redouble attempts 
to force British Leyland at least 
to introduce new work into both 
the car assembly and body- 
building plants at Speke. 

The executive of the national 
shop stewards committee in 
British Ley land is also meeting 
in the next fortnight to discuss 

the position. 


The committee has agreed that 
no work on the TR7 will be 
transferred from Speke to other 
plants unless arrangements made 
on Merseyside satisfy the 
workers. Mr. Derek Robinson, 
the committee’s- chairman, said 
yesterday that serious considera- 
tion would be given to any 
appeal by Speke shop stewards 
for a series of strikes at British 
Ley land. 

Mr. Terry Duffy, the Amalga- 
mated Union of Engineering 
Workers’ executive member for 
the motor industry, said that 
the Confederation of Shipbuild- 
ing and Engineering Unions was 
almost certain to give the Speke 
workers official backing after the 
week-end vote. 

The confederation last week 
deferred its decision on Speke 
until April 24. 

Mr. Grenville Hawley, national 


automotive secretary for the 
TGWU, said that further talks 
with British Leyland were essen- 
tial. 

National union officials will 
again press the company to post- 
pone the closure date . and 
examine more closely the possi- 
bility of bringing new work into 
Speke from the company’s other 
divisions, including bus and 
truck, and special products. 

Further Ascussions are also 
likely on the size of redundancy 
payments on which British 
Leyland has indicated it is pre- 
pared to negotiate. 

Some Speke shop stewards said 
yesterday that the size of the 
payments had had some effect 
an the week-end vote against 
compulsory redundancies. 

But the dominant factor had 
been a strong desire to resist 
any loss of jobs at Speke. 


Labour confidence grows 


But they say that acceptance 
of its proposals by both govem- 
menis would give a green light 
to a wide variety of cross-border 
projects and joint ventures. 

The Anglo-Irish study was 
initiated by Mr. Callaghan and 
Mr. Lynch when they met in 
London last September, and its 
findings are divided into four 
broad categories: 


over first Budget vote 


BY PHILIP RAWSTORNE 


Harmonisation 


J — North-South co-operation on 
industrial projects and pro- 
Erammes for increasing cross- 
border trade. Only about 4 per 
cent, of the Republic imports 
come from Ulster. 

2 — Energy co-operation under 
which Ulster's anticipated 

electricity surplus in the 1980s 
could be sold to the South, or 
perhaps exchanged against the 
Republic's natural gas from the 
extensive Kinsaie Head field. 

In addition to the re-opening 
of the 300 MW interconnector 
between Ulster and the Repub- 
lic damaged by the IRA, the 
report considers a cross- 
channel inter • connection 
between Ireland and Britain. 

3 — -Transport and infrastruc- 
tural co-operation, which would 

iron out anomalies created by 
unrelated planning on the two 
sides of the border and would 
create more efficient North- 
South road and rail links. 


THE GOVERNMENT, bolstered 
by growing signs of a revival in 
Labour’s electoral support, is 
i confident of winning the first 
1 Commons vote on the Budget to- 
night by a comfortable majority 
and surviving later, attacks on its 
strategy. 

Libera] MPs, in spite of their 
demands for greater tax cuts, 
will support the Government in 
resisting the Tory challenge to 
the general Budget resolution. 

Ministers also seem likely to 
avoid the threat of some political 
i embarrassment by blocking a 
j Labour Left-wing move lo vote 
against tax reliefs for tbe 
higher paid. 

Mr. George Thomas, the 
Speaker, is expected to reject a 
! request from about 30 Tribune 
Group: MPs For separate votes on 
the higher tax concessions. 

Mr. Ron Thomas. Labour MP 
for Bristol, said yesterday that 
if they were denied a vote 
to-night, the Left-wing group 
would renew tbe attack during 
the Commons debates on the 
Finance Bill. ; 

"If there is money available, 
it should go to the lower paid 
and the average paid workers 
not those of £25,000 a year.” he 
said ( 

Ministers, however, view the 


Left-wing threat with consider- 
ably less concern than the pros- 
pect of Tory and Liberal attempts 
to increase tax reliefs during the 
Finance Bill’s committee stage. 

Liberals have yet to decide 
where to direct tbe main thrust 
of their amendments — towards 
cuts in the standard rate, an ex- 
tension of the lower band, or 
further reliefs In the middle and 
higher income range. 

Mr. John Pardoe. the party's 
economic spokesman, firmly 
reiterated yesterday that further 
tax reductions would be forced 
through in spite of Government 
warnings that it might be pushed 
into a General Election. 


Anxious 


In the pasl. the emphasis in 
Dublin and Belfast has been 
more nn links with Britain. 


Customs harmonisation and 
the streamlining of pro- 
cedure's that at present add an 
average 12 hours to the 3-4 
hour Dublin freight trip. 

Only last week the Irish Grain 
Board said that this "admini- 
strative muddle - ' was seriously 
jeopardising the Republic’s 
grain exports to Ulster, worth 
£10m. a year. 


Few benefits 


With the exception of customs 
procedures, which it is expected 
can be reorganised before the 
end of this year, the Anglo-Irish 
pact will yield few immediate 
benefits. 

Instead, it will initiate a num- 
ber of feasibility studies into 
major cross-border projects that 
would help broaden Ulster’s 
industrial base. 

Tbe chief political stumbling 
block to this co-operation how- 
ever. is Northern Ireland and 
British suspicion that Mr. Lynch’s 
anti-partitionist Fianna Fail 
Government sees it as a step 
towards federal reunification of 
Ireland. 

Background, Page 5 


The tactics were also given tbe 
unanimous backine of the Welsh 
Liberal Party’s conference at 
Aberystwyth^ where Mr. Emiyn 
Hooson told delegates that the 
Lib-Lab pact was clearly drawing 
to an end. 

But iu spite of the Liberal 
assertions, the odds are that the 
party’s MPs— several of whom 
are anxious to have both the 
Scottish and Welsh devolution 
Bills on the Statute Book— will 
stop short of forcing the 
Government’s election hand bv 
overturning the Budget strategy. 


Mr. Jermey Thorpe, the former 
Liberal leader, hinted at the 
week-end that top tax rates, 
where further reliefs would be 
less costly, would he the party’s 
prime target. - 

Ministers also believe that the 
prospects of a Tory-Liberal 
alliance inflicting severe damage 
on the Budget strategy may be 
contained by their warning that 
lost revenue would be regained 
from increases in employers' 
National Insurance contribu- 
tions. 

Government resistance has 
undoubtedly been stiffened by 
the post-Budget opinion polls, 
which not only show that the 
Budget has been generally 
popular, but that Labour's cleo 
torai revival appears to be 
gathering strength. 

In spite of the stock market 
reaction, a poll in the Sunday 
Times conducted by Market and 
Opinion Research International, 
showed that 69 per cent thought 
the Budget was good for Britain 
and 68 per cent said it had been 
good for them personally. 

According to the poll, tbe 
Government was running only 2 
per cent behind the Conserva- 
tives and there was a growing 
feeling that the country’s 
economy was improving. 


Restraint 
by Third 
World 


shipyards 

sought 


IHE LEX COLUMN 




fo 1 -• e 

■iTS 





By lan Hargreaves, 
Shipping Correspondent 


EASIER CREDIT for ship 
exports and a plan for some 
co-operation -from developing 
countries in the face of the 
world shipbuilding slump will 
be considered In Paris this 
week. 


Union growth main achievement 
of last four years, says Benn 


BY PHILIP BASSETT, LABOUR STAFF 


TRADE UNION growth was the 
most important achievement of 
the past four years. Mr. Tony 
Benn, Energy Secretary, said 
yesterday. 

Mr. Benn told the tenth annual 
conference of the Institute for 
Workers’ Control at. Sheffield 
that relationship between the 
Government and trade unionists 
was totally transformed from 
the relationship in the 1964-70 
Labour Government. 

People were seeing the need 
for union organisation at income 
levels of £ 10.000 to £ 20 , 000 — 
unthinkable 15 years ago. 

No substitute existed for 
strong trade unionism in dealing 
with plant closures. Trade 
unionism was an absolutely 
essential part of s iy alternative 
strategy for workers' control. 
We must have strong unions, we 
must recruit for them, and we 
must support them. 

The slump of the 1930s was 
ended only by rearming for war, 
and the Socialist chase for public 
investment, public accountability 


and public ownership was the 
only alternative to rearmament 
Mr. Benn was strongly m 
favour of workers’ control in the 
mining industry, which was not 
accepted in the National Union 
of Mineworkers as a wbole. 

Mr. Arthur SHargill. Yorkshire 


president of the National Union 
of Mineworkers, had argued 
earlier against workers’ control. 
It was, in effect, the castration 
of the union movement and 
meant, in effect, total collabora- 
tion by the working class. 

Long term future. Page 6 


Egg surplus warning 


BY CHRISTOPHER PARKES 


POULTRY FARMERS will find 
themselves in economic difficul- 
ties net winter if they carry on 
buying in young chicks at the 
preset rate, the Eggs Authority, 
said yesterday. Consumers on 
the other hand, could benefit 
from a glut of cheap eggs. 

The authority, the poultry in- 
dustry's advisory body, issued its 
second warning of the year to 
egg producers, who appear to 
have ignored the first, given in 
February. 


Hint of pay claim moderation 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


IT IS BECOMING clear that the 
Government can expect modera- 
tion from the unions in the next 
crucial pre-election pay round — 
provided it does not try to secure 
a formal deal or strict adherence 
to a new guideline. 

Mr. Moss Evans, the new 
leader of ihe Transport and 

General Workers’ Union, said 
yesterday that he wanted a 
return to normal pay bargaining, 
unfettered by any norms or 
percentages. 

“ But that does not mean 
unions will not act responsibly. 
Responsibility is not tbe mono- 
poly of the Government or of 
the General Council of the TUC." 

Mr. Evans, who will detail his 
union's position at the Scottish 
TUC conference in Aberdeen 
this week, spoke approvingly of 
the movement in the Budget 
toward reflating the economy, 
which had been made without 
any suggestion of a quid pro quo 
from toe Labour movement: 


35-hour week and early retire- 
ment as a means of creating new 
jobs to reduce unemployment. 

“ We recognise the importance 
of making a complete economic 
recovery, and to do that it is 
necessary to have a Labour 

Government- 

“IF there is to be a General 
Election this year, the Labour 
Party will have the maximum 
support oF the TGWU, because 
we believe that if a Tory Govern- 


ment were elected it would be a 
disaster for Britain. 

“It will be part of our cam- 
paign to tell our members to 
bargain freely with their 
employers. 

"It will be up to them to 
decide whether they are acting 
responsibly or not. and not to 

our executive, because we are 
not going to lay down any 
norms or percentages for them 
to follow." 


Tbe number of chicks placed 
on U.K. farms in January was 
7.5 per cent higher than a year 
ago. Placings rose 4 per cent, in 
February. 

Tbe whole Common Market 
egg industry appears to be well 
on the way to a surplus. 

Golden lay. an egg marketing 
consortium, has already detected 
sharpening competition in the 
EEC market and in the Middle 
East. — a valued outlet for 
Europe's surpluses. 


A meeting starting to-day of 
the Organisation for Economic 
Cooperation and Develop- 
ment’s working party on ship- 
building will also gite Euro- 
pean members an opportunity 
to question Japan about its 
staled plans to cut the capacity 
of its shipyards. 

The plan for easier credit 
on ship sales suggests that 
shipyards should he allowed 
similar OECD credit terms to 
those available to aircraft 
manufacturers— 85 per cent 
credit repayable over 10 years 
instead of only 70 per cent, 
over seven years. It would 
have widespread support 
among shipyards. 

Shipowners would stand to 
gain from any easing of credit, 
but would bare reservations 
about providing stimulus to de- 
mand at a time when there is 
gross and long-term overcapa- 
city in virtually every sector 
of shipping. 

There is more agreement on 
the need to involve so-called 
Third World countries In the 
OECD’s strategy on shipbuild- 
ing. but little common ground 
so far on bow this sfaonld be 
achieved. 


This Friday brings the first 
! day of trading on the new tion- 
; don market in traded options, 
jits supporters do . not expect 
[that in the early stages it will 
j be anything more than a modest . 
[success, and its opponents say.. 
1 that it will be a humiliating flop. ' 
j But until two- questions have'., 
[been resolved, the likely turt- 
j come is pure speculation. ‘Will “ 
i the dealing system in London—. 

1 which is unlike, that, of any, 
j other established options ex- , 
j change-^Iead to a fair and; 

: efficient market? And wilUtfie 
j public participate? ,yV. 

Options -markets, unless care- 
fully controlled,' lend themselves' 


rtooo. 



400 


200 


CHICAGO BOARD 
OPTKMS EXCHANGE' 

(BflUJtR VOLUME J - 

»v1-t 1 


» 1 r -i- w. 


m 


middle 


.-ping- has been^m 

sized broking.- 

. .not - have ouif&~4a:.4be : of 

' - gills or new iBsSfefoiisratesk 
^bloods like.- 

.. Pitman ‘Soare' ^o.v^; have 
; . St»ed-Ttut^'bac6^puntL'. -- * • *- 
' - No.one 

in; -the 1 ntstf 'on, f^Sy 
v capital : .gain^tsK Tides r «eVan 
. ehorinotrs huRlle the private 

a; -Wasting, asset* • v* Mc& .means . 

: hi^herT-^. iiake a hiss 
1 and 'Sda. hWye/to p^taxr.'fee 
• sepfervtw^ 

wan&^tjo- xfleise* but# ’ ' '“ ' ' ^ 


y* »* 

*d tfi-— 


197# I ; 

nntrnne- OriU Kolii . -nf .ivn'ncL hitf 




South Korea 


to manipulation. An' option '. attempt to run their, options 

represents the right to buy a' book tier tarmoffy. wlththeflr :poifr ’the^jwjmb^-jfc^Tfl, 

share at some future date.' and tion .ift lhe underlyiHg sMurity iiryesr^ 

(Small changes' in the pride' of.’ "would be a- recipe for" cBsastav tilin' i.tr the: 

,the underlying security can since whatwer happens they ar^ being ah ^v^^ayefeTjf-;^- 
(have a dramatic impact on-. its obliged to go on makiflga. inar-. market- The.^ti^.'.g^^ge, 
[value. In the U.S. the Secpri- ket They can be .-long . of ; -A 

/ties and Exchange Commission stock at one moment andrshort to‘ : ensure that everyph^| 4 i.ows 
has reported a stream of abuses -tbe Bext-^donless-tto^- 

over the last couple of years, continuously monitor the two; signed. Ietter" bf_ au^ba^^:'fQ 
land has placed a moratorium books (which they «m*t).;;th^-:^exf:^njk]erSv.d!nd.-a;fQrih&abfe 
[on any farther expansion, of -would be horribly exposed ££. dotumentit y- 

I notions business. ’ •. their stance in the options 1 . Among !the r 

j - - . market was geared . to '..wbatunit -frusta 

j Disadvantages .- . might be Otily.a Jpomen^gpdsfc-. least; -ire *to)k hHgwtfL 

i Superficially, at least, -the tion underlying stocky - .-^q^ Jriistee3 ^'d5- i : soffit: Atheir ’ 

j London dealing system looks Moreover rt ought to easier funds are going td require s M 
| especially vulnerable to the- t0 detect hanky panky fa. a .of; persuasion! Tnvaddttioh, the 

(practices which, have _ so .tralised market like^Londnn : ci^^izuii^t-'oUmate is most 
[offended the SEC. Many of its ^ an it s . 111 . , ■ where unfavourable.- Falling share 

(disadvantages arise from the shares and options are prices have knocked v^hime In 

I fact that after years of debate, dealt in oyer the pi^ce. No Qticago back sbarply this yeatv-^ 
the system that has emerged is cowboys will be able to walk in and put ^options- are ’-permitted 

very much of a compromise, which they :wiU hot;he T 

Whereas Amsterdam splashed IS confined to Stock; Exchange 

out £ 3 m. on a brand- new trad- members F °r esei? wmHer in , . . , , . 1 . --V- . v- 

ing floor, London’s investment options there is also a loser apd Prime rarnifrftmplit : 
in terms of hardware runs to no-one is gplng.to tolerate tip-. . - • .-l.— ^ - ^ 


tzr* - 




& 




. ? 


jjeKttlems 


r V- - 


' - 

■ 3 !’" 


The OECD countries fear 
that unless yards in developing 
nations can be persuaded to 
curtail their expansion plans 
and increasingly aggressive 
marketing, any reduction of 
facilities in the West and 
Japan would simply be ex- 
ploited by third countries. 

Countries outside the West 
-and Japan accounted for 21 
per cent, of new orders last 
year. Soutb Korea, the blezest 
threat, came second behind 
only Japan with almost 5 per 
cent, of the total according to 
recent Lloyd’s Register figures. 

A report last week by Lou- 
don consultants EL P. Drewry 
put the OECD yards’ average 
orderbook at a mere 14 months, 
against Third World countries’ 
3.8 years. 

The Japanese, however, are 
more chary than Ihe 
Europeans about any blunt 
OECD approach to third 
countries, with whom Japan is 
keen to foster diplomatic and 
trading links. 


ti i*. 


nn 


! pounds. 


more than a few thousand tac men signalling- ^frimi ono ^ 

. pitch to another, or other such kef matters ■ are the. prune 




df: 


the prime 
a .idall#; 


As a result, dealings id the may he suc cessful/but in a mar- options exchange.; The. lew&fc 


pitch to another, or ofher such 
abuses. The occasional, attempt ; requirement 

^hp l0 ^nT in fW ihe ket which !s fcased 00 the con- there' are. 'the. narrower th* 

«n,» niL b in E Jhp tinued Willingness of its mem- market and / the. Wider th^ 

same place as in bers to deal with each other. spreads^ because there': is IeST' 


Affes close 
ate on tfero 


..te::- . *: 


Ivino <!PPiirirv StinprvismP 111 " ,UI 

Mrt P W be a riste of exposure would be corrtlouity of pnees aid tbe 


Board dealer, who acts as a 


great 


risks are bigger. Oa B good da> 

mi 4A ^;, n tnr S n «„win limit addition to being fair an in Chicago, there, cah^ be a. 
ofalre In AnLterdam Sis efficie ? ft market also needs to dozen market makers ln^th&IBM - 

SS is an Of tite have *** a^’ 

Exchange aSdTs fartddden to this “ ^ to be London’s *»-.«*** by with ;a6t4numy mq« > 
Position but in London gest prob ern - Options are not :thail that to cover.^tHe entire 

r 'i£5L r^beuge on tbe erir 




take a 
he will 


public demand.- and remarkably 
also be r ;M1 „ w Wo ^ smges ‘. -‘ 


of jobbers (which may «» ne litUe ^ on ^ ^ made /to 
making a market in the under- teU what tfa^ at« m 


European move 


Bfakers andjobberssay'tltey 

lying security) and he will be ahaut^Thrmarlret: hascome'into ' ^ ; more"' mert'Jf .^e 

able to nde on bio own » ’Spl 

account. porters were looking .fog - ways ^ a gh^en and egg atffl- 

Its critics claim that this 0 f replacing lost equity business, r^eat-As things 
system will lead to endless con- an a because a sufficient number the^ leading -participapts .an the- 
j fljets of interest, the more so of its opponents became scared options market nre prppared to 
(because in the U.K. details of that London' might lose inters edmit privately thfit ifs_chan^sr 
the most recent trade in the national business, in thc-uodcr- of bdng artr^tlUD a itinjor ^is-' 
underlying security are not dis- tying securities^— which, they traction ire- noC/filudh- ,'tNStef 
closed, as they are in the U.S. felt, might be sucked across to than even.- Tu any event; the- 
But the dangers are probably the cobtinent by the European inarket : ^ going b : ne^ 
more apparent than real. Options Exchange. . • . - : than A few month* : to ^-estahlisbr 

The jobbers argue that any With some exceptionstherun- itselt -• - t &&&: 


m 

. 

-J J 

-a; tl - : 

*3^ : 

S8fL\ 

fe;i. 


;^ngE5C 

-JtSZ-. 

7>zr. . 

^hr:. .... . 

■SH'"- 


Among measures to be dis- 
cussed by (be working party 
this week are an attempt to 
get third countries to adopt 
OECD export credit guide- 
lines on shfps, and possibly a 
move to gain acceptance for 
the organisation's rules for 
State aid to shipbuilding. 

There has not been a full 
meeting of the working parly 
since the Shipbuilders' Asso- 
ciation of. Japan announced 
in January that Its members 
would cut their yards' capacity 
by up to half by the end of 
□ext year ir Government aid 
was available to cover the 
transition costs. 

European delegates will be 
seeking to establish the per- 
manence of the proposed cuts 
and will in turn be called upon 
to demonstrate their own pro- 
gress in reducing capacity. 

Although many European 
countries have announced 
sealing down programmes 
between 30 and 50 per cent., 
few have actually succeeded 
In implementing them. 


^claims 

•• S"-:. 


Weather 


UJv. TO-DAY 

GENERALLY DRY and cloudy. 
Cold. 

London, CenL S. England, 
Midlands 

Dry, rather cloudy: sunny 
intervals. Max. 11C(52F). 

SX England. E. Anglia 
Sunny 'intervals, isolated 
showers. Max. 10C t'50F). 
Channel Is.,S.W. England, Wales. 
I. of Man, N. Ireland 
Dry. sunny intervals. Max. 12C 
(54 Fj. 


E-, N.W h Cent. PL, N.E. England. 
Lakes, Borders, Edinburgh, Dun- 
dee, S-W. Scotland. Glasgow 

Dry, rather cloudy. Max. IOC 
(50F). 


Aberdeen. Highlands. Moray 
Firth, N.E. Scotland 
Dry, rather cloudy. Max. SC 
(46FI. 


Continued from Page 1 


Earnings limit 


pected to drop further to around 


drop fui 

7 per cent., the rises in earnings 



this year imply' a substantial 
increase in living standards. 

. The February index for 
average earnings, and the March 
figures for basic wage rates and 
normal weekly hours, are due 
to be published on Wednesday. 

In his Budget speech, Mr. 
Healey stressed the importance 
of achieving much lower levels 
oF increase in wage costs during 
the coming year, to prevent a 


significant renewed rise in In- 
flation. 

Earnings were still growing 
Faster than iu most of tbe 
countries with which Britain had 
to compete, and would be the key 
to the inflation rate next year. 

The progress of the economy 
will also be highlighted by 
to-day's figures of the volume of 
retail sales for March. The 
February results showed a sig- 
nificant recovery, with a sharp 
rise in the sales of durable goods, 


HOLIDAY RESORTS 


Argyll, N.W. Scotland 
Dry, rather cloudy. Max. 9C 

(4SF). 

Orkney. Shetland 
Mostly cloudy, rain, in places. 
Max. 7C (45F). 


Arasterdiu 

A mens 

Bahrain 

Barcelona 

Beirut 

Belfast 

Belgrade 

Berlin 

Rlrm Tuni 

Bristol 

Bros** Is 

Budapest 

B. Aires 

Cairo 

Cardiff 

Chicago 

Cologne 

Cownhafm 

Dublin 

Edintatrgli 

Frankfiin- 

Geneva 

Glassow 

Helsinki 

H. Kong 

Jotnirs 

Lisbon 

London 


Y'day 
mld-taT 
•C B F 
6 
2fl 
28 
12 


48 


Y'dajr 
mid-da? 
-C °F 


Outlook: Cold and showery. 


Uuemb'g 
Madrid 
Manqfcestr 
Melbourne 

Milan 

Montreal 
Munich 
Newcastle 
New Delhi 
New Yolk 
Oslo 
Paris 
Perth • 
Prague 
Rwkiavifr 
Rio de J'n 
Rome 
.Sitlitaporr? 
^ I Stockholm 
5»)Rini3hrB 
■W | Sydney 
1S 'Tehran 
« Tel AVIV 
a 3* Tohyo 
23 77 Toronto 
2a 79- Vienna 
1* m I Warsaw 
S 461 Zurich 


F 
S 15 


41 
SB 
8 48 


BUSINESS CENTRES 


99 


15 

14 57 
1 45 
5 41 
fi 4S 
S SS IDO 
s II 52 
S 9 48 
C 8 48 
S 23 73 
S 4t 

a -is 

33 9-.* 
13 SB 


SI 

c 

c 

c 

c 

F 

c 

c 

S 21 


.in sn 
7 45 


n 43 
19 iK 


70 

23 n 

20 GR 
S 46 
4 39 
7 45 
4 30 


AUccio 

Alwere 

Btarriu 

Blackpool 

Bard cam 

Boulogne 

Caha bln cO 

Cape To. 

Corfu 

Dubrovnik 

Fart 

Florence 

Funchal 

(ilhrallar 

Guernsey 

Inn^mn-k 

Inverness 

Is. of Man 

Istanbul 


Y’day 
mid-day 
•C *F 
S IS 
18 M 
11 52 

9 

10 
C 


16 61 
20 6K 


16 81 
15 59 
19 6d 

19 dH 
S 44 
4 69 
9 4fl, 
7 43 

20 US 


Jersey 

Las Pirns 

Locarno 

Majorca 

Malaga 

Malta 

Moscow 

Nairobi 

Naples 

KiCD 

Nicosia 

Oporto 

Rhodes 

Salzburg ■ 

Tanuier 

Tenerife 

Tunis 

Valencia 

Venice 


Y'day 

mid-day 

■C 

F 9 4S 
S 30 66 
S 15 39 
S !5 59 
S K 73 
F 13 55 
C It 52 
R 211 
F 
F 

R 21 


US 


12 M 
15 59 


70 


14 57 
10 « 


a 42 
w til 


IK 61 
IB 81 


15 » 
12 54 


S— sunny. F— Fair. T— Thunder. C— Cloudy 
R— Rain. H — Hail. SI — Sleci 



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