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1 • • •/• v? 


§ flew , to 

Wall St 
up 21 
in record 

i WALL STREET advanced 

Smith ‘doubtful’ 
about merits of 
all-party meeting 


Gold Price; 

1 150 Mfw rtr. JAM ff rmarAW 


Mr. Ian Smith said to-night that he “ doubted - if his d^mg talks with Dr. A UA U1W 
David Owen, the British Foreign Secretary, and Mr. the U S 

Secretary of State, had convinced Rhodesia’s governing Executive Council wnctciirp 
fEtttm would any benefit in bolding an all-party Rhodesian conference. prCS^MITC 

Mr. Smith, chairman of the to be backS take”plac*-if at J all— for* some 

multiracial Council, said that the on the outside wor . ^ P The internal leaders will 

Anglo-American plan for an all- They are also behevedto have . reply to the British and (111 Ilf III I III 
party meeting would he con- argued that if the guerilla war y, ere ma y be official talks on 

Tories differ 
from Liberals 
over Budget 


pht tTTf.AL inctiinn yesterday' In the Commons yesterday, Mr. 

SSSStta Tories* anc^Uherais Pardo e indicated *at theur tar- 
over their Budget tactics sugges- gets would also be reductions 
ted that the Opposition may find in the standard rate and higher 
it difficult to unite to force the rates of income tax. 

Government into further suhstan- ** We have put forward a range 
tial tax cuts. of expenditure taxes which would 

_ . annn ,, nwd its enable the Government to recoup 

JSEF&n* .g -- mi * e “ taCOm<! 

ssrsssf"-srs?£*« vs— i. »**« 

taxes, we shall be fully prepared 

- v «. s — .msa'icbm , mm.-"- » fte 

' ^ J* 1 * her eo-defendant in the 2U0 . 2 „ ^ gi6JS3, multiracial Council, said that the on the outside wor ■ Ume. P The internal leaders will An iTS]4"VllliLf1 0t Bnt Sir Geoffrey Howe Tory to support Government am 

Mormon kidnap case, flew to . volume- of bigness. Anglo-American plan for an all- They are also believed to have b reply to ihe British and (ill ¥11 I I 1 1 il l shadow Chancellor said thS ments to replace the reveD 

i- % % Canada ! 'from the Irish volumc of tmspu®. ^ would he ; con- argued teat U Jflie perilaw £ e re may he official talks on w« “V fiSiental If the Government's P 

1 *«x ^ RepnWfc’s Shannon airport last # EQUITIES steadied on bear sidered. But the Canned has continued andftjt « ‘vu J Sajg the terms of reference for a difference ’■ between the Tory Four pay talks were succes 

: - ijsS sm - jrjEssK s rss sag ^ for «. .« — 

“ *“ “ sh^es MSS. 4." JLTSSTZ THE POUND c^ennder for- ^*<*2*^ 

. . • "•t.K.flJJi yesterday. • 

• --> m. f But it was only on Saturday 
" T'-e *.7™: that an alert was given for the 
- ' h pair who had last reported on 

. ; Wednesday morning to London’s 

• .. .- j! West Hendon police. under their 

r : ; -■-■oi bjj, 1 bail condition. 

‘ *: of „*/■ Members of the Air Canada 

" : : jnd 7c 1 crew identified the couple for 

< v“ police. They had apparently 
'■/ b , arrived at Shannon three hours 
.. "./;'_ ,nsn ®r earlier on a British Airways 
l \ flight. 

-w- Israel planning 
• • more settlements 

! . la . a4 t Mr. Mordechai Zipori, Israeli 
. . --iflUR- Deputy Defence Minister, said 

^-5^ yesterday that more Jewish 
’ settlements would be established 

. ^ ■ ii ...i.J UTnot Wont nf thn 


„ f L__ tnr cimnnrt WC aimn UE .“'-.J 

0tt B e u r t«Xy Howe, Tory to support Govcniment ameod; 
shadow Chancellor, said that ments to replace the revenue 
there was “a fundamental If the Governments Phase 
difference *■ between the Tory Four pay talks were successful, 
and Liberal views on the Budget, or interaaUoMl action was 
■mere was “a strict limit" to a^eed st the Bornt aommt. it 


Gold Mines 
Index L 

— r_T , — wultwn areas of domestic DiacK icaaent nuu uueii , the ■'lories COUia responsioiy rcpiai.c ^ 

domestic nationalist leaders. attempting to widen areas ^ Government and as ther pressure in the foreign _ ress “ You will hear no Dutch The manoeuvring for political 

Even if the Council decided rAll „ pi , =_ Rhodesia prepares -to income exchange markets yesterday, auction from us.” initiative between theTorii esand 

to attend a conference, its dif- The Executive Council is Zimba bw& on December 31. re- anfl ih ° of England again Liberals reinforced the G°veni- 

ferences with the Patriotic Front, thought to have pressed the pg^ning the two sides is likely «nn««rt the t\ ment’s confidence in its ability 

whom Mr Vance and Dr. Owen merits of its agreement and to Qve more difficult, especially stepped in i© support th l0 avert major changes in the 

met at the week-end, make the have argued that the Patriotic ^ confrontation between the exchange rale. J Budget strategy that might force 

chance of any agreement Front is losing guerilla fox- domestic black leaders and the Post-Budget uncertainly con- Mr. John Pardoe, Liberal it into an early General Election. 

the council KTS SLImSSt 2JZ “3ng P « ^SS?.M1JS5 

would si™ “■*«» -yg s'bMdt srisrsarstt ^ ^ «- ms. tte Tories “ 121 on April 27 - 

S “E3Bf-S»J r i- SSS “ SSR l ^aSiia , S5y?«S Control 

Jt a ? an l C0 “i. d . e EE“« M t. sS Art he would like to see “ita, waving placards saying suggestions of a possible fur- ^ towards a pact with the 

— *■ ' — — UlCW. l Uti win uvu A iiu *»»*“*“ m r 7; ^ 4 

exchange markets yesterday, auction from us.” initiative between the Tones ana 

anil 1 he Bank of England again Liberals reinforced the Go^ern- 

and the Bank ot isn&muu men fs confidence in its ability 

stepped in to support the T^-jAy lo avert ma j or changes in the 

exchange rale. -^ V Budget strategy that might force 

Post-Budget uncertainly con- Mr. John Pardoe. Liberal it into an early General Election, 

tinned to affect the City Economics spokesman, responded The Finance Bill will prob- 
; > O1T1 i-fAnbc TH. bv asserting that his party did a biy be given a second reading 

ive it scant co^ideration. ^at he would like to see- talks, waving placards saying suggestions of a Possible fur- towards a pact with the 

The outcome of tona> s roeei. became a one-party “ We have onr government and ther increase In short-term in- Tories. Negotiations were con- 

ig, which Dr. Owen aid had “Don^ impose leaders on, us” teres t rates. tinuing with the Government 

‘“S' T ' U — 1 Marrist state “Don't impose leaoers on ut>- 

&e h - e i d ee™ed?ohl™?r,£ , ed Mr. V^ce told y-j ^ SP^WSJSS. 


, yesteroay inai .««*«, JAH Fm mRAffll v " cu £2* “IV. *!^-as a to h»A~;«fPi>ted the idea. silver corns ai_ iir. uwens car ^ •> MPs announced last night that me commiuee »ws» j» u««:* 

r ' " - settlements would be established L IMV ° g 1 uot expected any ha ^. Vance and Dr. Owen left and shouted “Judas” at him. . , Bdt ^ they would also try to force the sections of the Bill will be dealt 

•; in the occupied West Bank of the Mtbllx:k inthe bullioh price and Mnpbooe i »f “ n t . fo rLond^to?dght Such protests, and the outcome En afiX mini- Government to cut the standard with by the Commons. 

:• ---i Jordan with Government f«P- ^ Gold BEnes index feU 4.7 ference and had feared an out fo ^° QO y es \ erd ^ s in of the Anglo-American talks with erate fmU toW rate of income tax. The attempt Mimstere concerned that defeat 

port. This had been made dear J®* * 1 right rejection^ Anglo-American the Patriotic Front, show the “““ 'JJf L sHh wiU come in a SNP amendment by the Liberals might come by 

"■ *®r to the U.S. and Egypt;- Mean- ■ .... ■ JEfi s. H5S SSTnM WHStic* Sl extent to which the Rhodesia nniSairS to the Finance BiU giving effect accident »ther tirnn intention, . 

Tories. Negotiations were con- Some parts of the legislation 
tinuing with the Government will then be discussed in Standing 
but there would be no discussions Committee, on which the Gove ro- 
of tactics with the Tones. ment will have parity of numbers 

Meanwhile, Scottish Nationalist and effective control. 

MPs announced last night that The committee stages of other 
they would also try to force the sections of the Bill will be dealt 

f’rirae ronuirpfflat 

■ .... troop witharawais irom souuibiu • 

V * ; * » Lebanon. Middle East, Page It «i««l 0^3 up at 

- M -. . • STERLING fell 50 pohfla to 

* 1 - Parties close ", . $X.8SI5, its trade-weighted index 

• V. ranks on- Moro . , unchanged at 6L7. The dear’s 

^ As . the search for Sig. Aldo Moro, depreciation widened to 5A9 pex 
"'. the kidnapped former' Italian cent. (5.63). 

••^ssasjsi sf/i . 6 6u>ien« kwA 

Retail spending 
on rising trend 


'Oil riSIuu UTUU 

the Turin trial Of 15 .»***& purchaser of BSC'S Gjengarooc^ klDDELL, ECONOMICS CORRESPONDENT X 

• . . •. ;-T guerilla leaders, the founder of - in Scofland. due fof . P 7 reK 

' '■ SBENDma in shop, is ■« cribjd as -ggH 

-» .1 *T SS- of the e g y - - ' - . _ *«artearlv rising trend after the ing” yesterday by Blr. Richard ^ 


- • im=ioo 

* index rose by ius3 to bves wou id press for cuts in the ” 7 

I 7 **®. '^-2 T„ basic and higher rates of income . Cfn^^ni-rl t»ain 

' o' • I s <P lax during the committee stage ^130(1310 tKilll 

' ISI'5 » tis Strong Of the Finance Bill. Amendments , . 

' "ill* ^ ® • would tabled to reduce nfir] fine fa rpc 

-1^ — j- — — Pressure on the pound re- the tax on savings income. RIlCl DUS IalcS 

77 Dec. 106.9 -r16 fleeted partly a continued If the moves were successful, it _ 

>8 Jan. 104.9 +12 rSoveiy in the UA dollar, would be the Government's res- UfO0(J JQT YOUUg 

Feb ' T;?* This followed earlier buying In ponsibtiity to meet the cost of o 

»hr. 106IP T-n the Far East markets, and the the changes either by cutting CONCESSIONARY bus and train 

* rvrnvicinnai primate dollar remained srong even public spending or raising in- fareg for children should begin 

rrarfe against the yen. In spite of the direct taxes. at the age of five and continue 

announcement of a record Commons procedures would ^ ^ leave sc hool, says a 

Japanese trade surplus. prevent the Tones from seerang re pQ r ^ 

the fourth quarter — 5 per The pound, closed with a loss rti^e Fare differences in the age 

nt — was matched by a much or 50 points at $1.8515. Its ^L^b^ reBtorinE Vtiue ranges for trains, buses and tubes 

■H" rise ta consumer spend -' . S' tJ to a 10 per cent »y 

Mai MS as 'STSSiTffi "“it it not our intention tt;* ^0^0*7%^°° 

ie^ percentage of disposable in- The recovery of the dollar the ^ _ n D 

with a pear 
earlier (not 

+ 13 

ST reflated ll retS ii to tta Budget mfidTiS to yesterday repeated threats to the 
Treao^WIb vester^v which, be published on Thursday. Tones to incrase employers 
KSStaS wMldtediStea Tbe Nationalists also want to national insurance contributions 
£?S£ SeiB ie MLk see reductions in the duty on to pay for any extra -tax limits, 

further rke m the hul whisky and in corporation tax. With rather more conviction 

In the gill-edged market, how- actional help for small following the growing signs nf 
ever, the mood improved and, businesses and further tax Labour's electoral revival, they 
after early falls, prices re- reiie £ on children and for repeated their warnings to the 
covered with some good trad- Liberals that major defeats would 

ing recorded In the longdated During the Budget debate in compel them to call a General 

stocks. These ended with gains commons yesterday, Mr. Election. 

of up to 3 and the Financial Nigel Lawson, a Tory finance 
Times Government securities spoke sman. said the . Conserva- 
in:!ex rose by (1.23 to <1.73. W0llld press for cuts in the, 

Parliament, Page 8 

jaSE T ctmdemcuition - of the egy-^^; ^ * rSiriP r\fc tend after the ing.” y^t^day by 

nations ruling class, ?**%. Sl: 

$ strong 

nations mUUK *•»»=■ r- V »"• - —z ~ __ ...mnl ICCUVOJ Uivv«vn. ° . FhAiDflil that thp - - — — ... lUiSlUUttimiWUCi "“.'“6 “ 

Vm> - Near Kiel, West Germany, $14.13bn. ^ xipl 5J_ al 0 i ff7 7 U 2 C k sales - are n|t yet up to boom S H 1 ° W Februarv had Mar. 106IP -r!4 . y, e Far East markets, and the 

' - 3 nap^wired-Prinre Moriteof accouat dAnng fiseti im. Back leyelg . \ improvemrat “ naa * - dollar remained srong even 

' ■ Hessen. 51, but he was freed Page. The montb-to-montb movement hero broadly * p TSSTi5S5fV W. against the yen. In spite of the 

A. when ^ey ran into a police trap. • d edded to postpone in the volumfe of retail sales is Mr. Weir said the ietwi traae . announcement of a record 

- .. f, EBLf^Sx wfth Aus- still erratic. In March the index did not epect that a really sub- Japanese trade surplus. 

- ;-i ! finlarging EEO. tra^ imtti -June, in the face Of fell fractional to 106C1971- stantial mcre^e m^o^ome ^ fourth quarter— 5 per The pound, closed with a loss 

- ’ - '■■■■: - r: The Common Market should {tots by Australia to take loaseasonallj^a d justed )from would devdwunWtowgte tte cent _ was mashed by a muc^ or 50 points at *1.8515. Its 

^^ prevaricate over negotiations ^risals . against EEC expojte 108B in the Wewous month, middle *^ th J^ ea ^ |d rebatS smaller rise In consumer spend" trade-weighted index against a 

fh-, an trv nf Greece. SDam.'miiefis Jhe projected talks _pro- according to_ Ithe provisional Budget tex : cum auu basket of currencies was un- 

Standard train 
and bus fares 
urged for young 

^of ^ Gr^, Spam/Sfiesslbe projected talks pro- accorting to Ithe provisional Buaget mx ^ auu 

VbS,.™® .*« «"**- ^ 4 “* Bmck g™£ en t P of b Se vesTerday. 6 “Soi fte rise In sales 

. ... ^aTcp-ment will require a-, host Page DepatTmeni r 8 - ... .. . um extent on sug( 

- ’ " iarfeTTient will require a nosr page department of ujrade yesternay. ^ extent on suggest that the savings ratiu — oay u naa wupireu tv w.«w. 

:'~S° f rtiT^SioSte Md^S^ • ROYAL INSURANCE chair- hj^&fa ^Janu^I wSle Se level of savings; which dUSLnS in^ Vie ^ Government's" borrowing pa» to 'show^that u chUdww a 

. pohtical, cc Tr>rds Select man -has warned of further over ^le first three months of makes forecasting the path of slightly so far this year sales were also reflected in a requirement, Mr. Lawson said, full-time pupil would make the 

'• ■rnmmltaf'on the^ EhropKm increases ahead in car insurance J, e ^ a whole, the volume personal from Se high Tevel of 16J per drop In the price of gold which The Liberals meet tomorrow scheme easy to operate. The 

SSnStiesISoo^ M premiums following a severe set- f £ was u cent, higher tarn, as the ^Mury rMOffflsed ™ in ^ fourth quarter. ended at S1741 an ounce for a 

, communities reports, ^ m profitability last year. ^ in the fourth quarter of in its official riew is that the ^ of & 

t^M^ui-ron claims ' Pages- 1977, and 21 per cent higher The first mm to tiie re- ratio over l978 ^ a — 

-^weuinm^aiiiw than in the fourth quarter of coveiy in real, meomm whole will be dose to last year's 

France is working on plans to • RRi'TlSU 1977 and 2J per cent higher autumn was a rise JJLIJJj average of 144 per cent as con- T > , .--.v ,' v i;.:" 

develop and build . a neutron of finance Mr •. than in the sarte period a year portion saved to near-record a c£ ntjlin ed on Baric Page >/; . • •••->; 

00 fer^nSmber to do so rince w»n> des- ° So W rise in living standards . Editorial Comment Page 20 ‘ 

requirement," Mr. Lawson said, full-time pupil would make the 
The Liberals meet tomorrow scheme easy to operate. The 
for a discussion of tactics on the GLC transport committee will 
Finance Bill. consider tbe report on Thursday. 

cents*, s 

P MzSv 

ParisTaddihg that a decision on Board member to do so san re | 

proddefit^was stall a long war -the appointment 

off Mt. Harold Brown, U.S^Edwardes as chairman last 

Defence Secretary, claimed, that; autumn. Page- 6 

NATO • -members supported 

President vCarteris. dMjnoa to (*0MPAIVI£S 

defer production; of the. bomb. ««««*■» 

Page % • BLACKWOOD HODGE pretax 

-■ . ., . .. profit advanced. 31 per cent, to 

Schmidt Visit- £I6.63m. (£12.71m.) in ®“ 

The latest figures were des- 

10 S^the rise in living standards . Editorial Comment Page 20 

EEC co-insurance directive 


LUXEMBOURG. April 17. 

Ichancellor . Helmut Schmidt of hoover of £282^7m. (£249 -96m.) towards a com- approval by Ministers at their be < ^' y JJrTeoSi ' ^ 10 

[West Germany is te wit Britete Page 23 tosurtuc. was ***** monte ‘ There wfll tbe^ererrenci^ 

for talks with -Blr. James ^ ROYAL DUTCH/ SHELL has to-day EEC Finance then be a two-year delay to ine u flirt u p _ -, eDS soon to 

Caliaghan. PTime Minister, on shareholders that Ministers approved in pnocip'e aUow re on y JjPJ s up the insurance market. 

Sunday, and ^Monday. He will be currency movements may^have a directive to remove constraints n atio na 1 several com- The EEC Commission cautiously 

.accompanied- by Dr. _ Hans- cQSt compa ny between ^200™- to cross frontier ccwnsurapce H? M C0 JUSbi ne t o assume °ia- forecast that Ministers will 
[Dietrich .. Gensdier, J and £300m. in the first quarter, business inside the Community, putes co of a approve a three-year-old draft 

iMinister and - other Ministers, .page The directive lays down cer- rill? I?*" is S d^rot frem°ri dFSSTve next month allowing 

tetronal STORES V. 

UWffTBD • > 

' 0 : ' ' 

Larated ^ Imkistnes 

•.:V • ^ limited. 


.- - -^,1- •% 

T d* flf-i 
1 Virr_. '• , 

Minister and - other Ministers, ^^.page’ The directive lays dow “ ^ r ' 5?“^ i? r 1= S §ifferent from re- directive next month aUowing 

Page %: Ttx tein ^nHonn basic, regulations nrtL It is omen mt iro ^ n ^ me insurance companies to 

'i mm • SHELL CHEMICALS UJu which would make it easier for insurance, in establish themselves anywhere 

Exit smallpox- reports pre-tax profits for 1977 ^ companies in EEC ^^J^Sself ^th one S te the EEC- 

i, a i, A been of £5.7m. almost half the 1976 j^uutries to participate in co- rei “* u ^^-J u ®^i_ ni pc Several differences have yet 

™J*£ 1 22LZ2?J I K! S level of _f 10.8m. m sales of iusuranre contracts. These are more other companie^ ironed oat. An important! 



Crown Hook 








said m 

Page 6 


l&O— " * " ^GANGREJfFELLaimsti, 

Briefly- - - 1 2 anT^«brtS*fi|an- Sum S most EEC Govern: rare gsewherem tte EEC. 

The BBC is to consider switching which the greater cial resources, In the past their nrente. nbstatle was re- types of business completely 

Essa'spssrs jss . 1 rom - 

because of puonc reacuo ^ . The directive 

Mr Hugh Archibald Campbell, 

securiW officer of Banbury. 9 COMMERCIAL UNIONS pro- ■ 

. ^7 Oxfordshire, was remanded in posed £100,000 ex gratia payment 
_ -v. cl istodv for seven days at Ban- ^ Mr. .Gordon Dunlop, tbe 

"-v\; ibunf diarged with the .theft of group’s chief executive who 

f 103,514 from Secuncor. 

resigned last year because or 
nnlicv differences, has been 

1 . .u.. arrested a poliev differences, has Q”f n i 

Snemor Bmwn of Csliforol.. Bn 


^"cesinpe^u^ rgg^-^-Jg + S 

indicated) sSdSffl Tat 176 + 5 

i RISES Sime Darby 146 + s 

Laic aJT : « * « t 

European news - 

American news — 4 

Overseas news 3 

World trade news * 

Heme news— general 6-7 

. —labour 8 

—Parliament ... 8 

n outer — — - “^d tiTat rem: premise can be reached 

needs final panies' co-insurance liabilities German doubt on growth Page - 


2 Technical page 9 IntL Companies 27-30 

4 -Management page 10 Euromarkets 29 

3 Arts page 19 Wall Street 34 

* Leader page 20 Foreign Exchanges 34 

siaI g UK. Companies 22-26 Fanning, raw materials ... 35 

lamant ... 8 •• Mining 24 UK. stock market 36 

otfv.v-vvy-- & 

: r - J : kv- 

li V • . •:W»A \ A 

Sr .. t^xy . %v"n- . . 
f ■ » . , . J™* - -;V K 




V- hniMctal Foods 
•t.'ljl- Lknitod • 

:K 't.-jn 

W % 4 

Th. C 

'*• PhoaniKToinher 
If Company Umhad Sc 1 



' ,< x; 

V:», Z*/ ! 

v h- . m 
'tr d 

*, - ■ . -."fc i&t; : 

:A ii 

■X- t 

:* $*■: J 

wr*r v's.' 

hr. r..- ':; 
W y "x.:y*\: 

"* ~-f.* 

S:% xwijfzrjk 


ft Atlantic Assets : + J* 

Blackwood H^ee ... 86 + 9 

• Sj Broken KM Prop. *•• T * 

/.srsraffl ::: 1 : * 

Hanker .Sdddqr . ... MJ + | 
•'Hevwood Williams ... SS* + Ji 
.V Hoverin^n Rs. Vtg. g + 3 


Ate?ia.''J j *1 

Siebens iUJK.). ....... 300 + ^ 

Bougainville 107 + 5 

De Beers Dfd. 
MTM Sides. ...... 

KTZ - 

SSi + 74- Tasminex .... 
67+3 Thi'ess Hldgs. 


Abercom •— 


Durban Deep 

East Rand Prop. - 



333 + S 

187 + L 

470 + 23 
196 + § 
95-+ 5 
196 + 14 

100 - 10 
222 — 12 
136 - 23 
2^ - 23 
300 - 26 

The making or breaking of 
the Anglo-U-S. tax treaty 20 

Society To-day: The ease 
for a bloodless revolution 21 

Flint and video 12 


Industrial co-operation in 


life in China — 

New party leader for 
Quebec Liberals 

Sheffield = * X v ' . 
h t s uk rBoas . £ STAG fftPBT jj; 

y.".. HNSHEFB.i#,^. 


: Bainbridge V\ferd White. $My ■ 

i SBencers . Group 

?*.* LEd v f :; . 

ii.’K 5 * V M uhrHmfat 

MmaM* 1*1W fft wWl 


* s ■ ■ 
f VA‘ 


rri K Sl 3* ■$■:■»¥&■ 4 ■: 

'it'. V.- ' . • •■■■• rfi -Vldi 


**,#*■' -1 -,* 1 '-■jil-.’-jf-B 


-t& 'y v*. *•! 

S'.44. *VA%-, 
■ :"r A - *;®- 


AppOllUDCfitl — • 

Aypo imtm ents Advts. 
Base Rales 
■nstsess Oppls. 

Ontemenl - 

EnurtabraMBt Gekle 

Film . and Video 

FF-Acaarfes indices 
dene Conrads ...... 

Letters - - 


Lombard ..... — — 

Hetl am Matters — 

Money Kntat 



Stare Information ... 
Steele Exdu Report 

Today's Ewents. . 
TV and Radio .... 

UsJt Trusts 


World Value tf E . 

Bank ef ScettaMd ... 24 

GEC lowers its Sooth 
African profile 27. 


Luxembourg 13-18 


Blackwood Hod as ... 
T. F. & H. Bralma 
Leaden UuL IhthL 
H outran! CRn. MfIU> 
ProvMent Plicl. Grp. 
Royal l entrance ... 
Hoary sjrkea Ltd. ... 
Trade Oevpt. Beak 

•J**& • 'H 



' t, •&>. . fe 

v v . ' . .V ' . • :w V Vs: 1- *, •S? 

For latest Share Index 'pTione Ol-246 8026 

w.-y.y pi 

\ y.- 

.■ i -J" . 

It A.- i ■ 




Doubts over growth rate 


LUXEMBOURG, April 17. 

SERIOUS DOUBTS were cast by and will help the EEC to decide agreed today oh the broad out- official reserves, Britain believes I 
West German? to-day on tbc on I be contents of the economic lines of the cdnuhon EEC that it offers a more practical i 

close ranks 


restructure S2.5bn. 
of foreign debts 

ste are 
a S wiss 




> >■' fv 

rrs ! 

EEC's ability 'to attain its re- recovery package which it hopes position to be taken at the next solution to the problems of the 
cently-agreed objective of a 4.5 to present at the Bonn summit meeting of the interim com- world currency system than ai 

By Dominick J. Coyle 

ROME, April 17. 


ANKARA, April 17. 

Property sales 'in' Switzerland to 
noiroesuieiits rose to the ..reconi 

per cent average growth rate it is already accepted, however, “ ittee of I »«H* tiw “ l “ ove Awards an EEC currency ITALY’S main political for^ fag jceoiiag 

hy the middle of next year, even that the section of the report Monetary Fund (IMF) _u- **onef discussed at the EEC have closed, ranks m the face of IrStSJ 1 !! .obWn-. credits, Central 

fti Swfajjfliit- fast year. 

j*®*-; , 

it 1 ‘ 

«iv uit* uiiuuie xnat u*c section oi toe report r* — r — * - — v~“ / -** _ — -*• «w;u»bu ai u»* -»•* *.«•«** m cue wi a i«__ _« , ~~ ' : — ■ ' 'Anpacanons approved to th» %d 

if governments were to take dealing with Germany mav have M «ico Q ty on April 29. The Copenhagen summit last week- the threat by the Red- Brigades ] from Bank ssld - ~ -j . ' ' i** Swiss aothori^Ttbtafled Aiw ^ : 

some additional measures to 10 be rather sketchy, since the meeting will be chaired by Mr. end. - to assassinate Sic. Aldo Moro. the ! SunSftoS^FSuttSfiE?® U resfayetunng Half the sum was accounted^ ^ i*-" 1 ':,;..:- 

boost tneir economies. Bonn Government has Insisted H eaiey. Such, moves have been advo- former Pnme Minister, who wtt.'GSJXJJl 4 Times, sequence of Turkeys ****** by purchases of apartments l-JiV*’'’: 

At the same time. BriUin than t will not consider applying The Ministers have decided to **£*.5* both Chancellor Helmut kidnapped a month ago. AD j ~r 77 , , • : - foreign cnm-eiK^^lsmtfcne^wt^c most]y in tourist areas. v The total ^ c n : 

made clear that it planned to am- furrier stimulus to* its press for an increase in the Srtimidt and President discard parties agree that there can be- 'A to ^ a I 220 international started early ,*dst •Yf 8 *',, “4- area bought by non-resi dent s was f . V'“* 

Skf no further SflatioSary econornTimm Mrt mMth at the Interest rate payable on Jfcedal ^-Estaing. . no deals with. the. terrorists. *mnOom. and tndivi- quickly. readied critical; tiknen- Son* ^:r- (n 

action "before the seven-nation SSSl Drawing RigbStSDRsl. to make for independent EEC An appeal by Sit Mora’s! “*?*»•***.■». Mont - ■ • ' 7 

x r 

,J !<>■ 

mica- Bonn uoverament has insisted r^TT . u “ vc uvcr “ *wuie wiumci. wuo wtiuiau •««». ««(uh«.v t uy « upanmems, i p : 

time. BriUin tnatit will not consider applying The Ministers have decided to b °& Chancellor Helmut kidnapped a month ago. AH j ”7 ♦ * , r . * - foreign currency famine wtWi most]yintouristareas..:Thetotal : ' ■ 

it planned to am- further stimulus to ' its press for an increase in the S^hnudt and President GIscard parties agree that there can be LA total of 220 international started early last year and area bought by non-residents *■« ? . V ;: "' 

1L **“U»er Stimulus _ 10 IXS « ... An shanks, ftonwretinos AtrftfrtoV jfimm- nr.»h^*xraH -rr -JIM huctmi. Irtl*- ‘ ' 

reflationary economy until next month at the Interest rate payable on Special dT^aing. . no deals with. the. terrorists. j 5j an £ s ' wiporafions and hidivi. quickly, readied critical; dimen- mdta^ed ^ W^rtaras. Some r 

seven-nation SS3: a Drawing Rigl&tSDRs).' to mite Proposals for independent EEC _An appeal by Si*. Morn’s! d W»ts- in -the. so- sions. . T .. [^bectarw wm Mdifejand, 55 

e .. r 6 .u.. _ . ... piippmimf ..... j. r .«tia> n«nnHMk V:* . rsITPfi pOnvurtlhlo i: ii k wnftm 1 in' >ho mhvvaIi Soptams tcivolved dwelllns'S' an<t '#■ . o - * 

Western economic Vummit in not ruling out the them more 2 ^tive io re«m ^07 dfc Cteistiw'beinocitslEr hM ^ic^-^Sfrabte ‘S, . ^ut i ^ ^ ' ’ 

Bonn nnvt i,. I™ and that its nnecihiiifo A.rthur «A.n n n,F» holders The EEC -wfltitfl ter raise cussed to-day, although they are lease on humanitarian grounds accounts — short term financing-*: tlble accounts matured ni 1977 t®*e. remainder Concarnefl. com- tj}i J 

“ftcr "Vhat JSld be ffe«5™L^G^I n re d.l“S ttlnto it ™ being tegita-bmwwJfdiiKS te tantaW.lojSfS' to? eiw rMber^JS^ mere*,* f - 

« ttsrs-tKS garews sssr PohmdtowKWdp* H , 

Mr Denis Healey, the U.K. groMhtarret the^ Nlfl?bv But Ministers appeared «"* Wy German Chancellor . Jbe Vatican remains ready to mg .was held in Ankara o? Se l^at the serwetog of this debt TSE AJX)E^ Vaiski^yafa 

Chancellor of the Exchequer, is he^ds of EEC cove™ e its th less “ nited w ^eir support for Hehnut Stimrfdt in London. - a « as jnediator. but sottrees subject betwemi the Central Bank is presently beyond Tp*ey*J ■' 

expected to convey this message riooenhaoen to <kv« nun proposals to increase SDR alio- „ Mr- Callaghan, is expected to t ?~ day UK1 ^ed that there and six international .bank* financial means is beyond doubt ships fmv he 

expected to convey this message Copenhagen 10 days aao 
in person to M. Francois-Xavier .. 

Ortoii. the EEC Economics Com- According to German 

nls m pro nasals to increase SDR alio- M*- Callaghan is expected to there to-day insisted that there and six international bank* financial means is beyond doubt ships for the Soviet Union to be 

cations and for the IMF's plan tell Herr Schmidt that Britain Y°_ ld ^ no “? Uat ? rt I »ctioai- ^duch constituted a. co-otfflaation *nd the restructuring was tfiere- to 

ealeu- to establish a special “substitu- » ready to consider proposals Any- move would obly be made group— -Barclays Bank, Citibank, fore Inevitable, onteifcatiohal tfi6 middle ot. 198fr accopiing to 

rarest *i nT , >» — of this kimi w «,iii irtBicr that in full consultation with the Chase Manhattan. > h^iievft. . ’ an -aCT^ement*. sign W in -Moscow 

capitals. prospect dismissed by one senior SDRs. 

M. Ortoii was instructed by Bonn official to-day as “simply Britai 
the EEC Finance Ministers to-day an illusion.” He added that posals, 
to draw up a report on the attempts to achieve such a attitude 
marain for further reflation growth rate would risk re- West Gi . . itr .X iofllnn" Contra inA,tinn,pu A T.U-, 

EEC growth rate*, nor be seen r 7?® certral -c omm ittee of the To-day the co-ordinating com- speak,” said a backer. 

ships, each over 64)00 dwt, are 
designed to carry dry cargo cbn- 


Centrad Bank 

Credits for Yugoslavia 

Schmidt for 
talks at 

NATO ‘backs neutron decision 9 

democratic forces must remiin f? , 11113 25 per cent «-the The Central Bank has proposed the International Bank for tteco?- 

t0 t aI - - . . 1 that the $2J5bn. -be rolled over in struction and . Development* has 

c mpa ^ g t0 In its message to-day the Uen- one large loan with a seven-yeaf been signed in WasbingtoiL= 
d w.e-.t Twine tral Bank has asked tbe l^. term, including a thrceywr AP-0J reports from. r Betoade. 

rr, Se ™!S» ^iSSSiJ^^-SjiSS “qiosed creditors to contact the gr«e period, the sources said. Quoting tiie Yugoslav new* 

Turkic Government or members ^Sie bank has artso asked the «« 

°f the co-or dinating committee six banks to syndicate a fresh W-Otoi- Is one 

But at one point he sought to e ny . L ■ ^ a 2L -2T *«T of the Tarsrest ever approved hv 

BY OUR FOREIGN STAFF I cr at suggestions that elements in « 8 01 me i V, ZZ?*!2£ a ' S ' 3E0ZZ ^tended for the development 

the Communist Party had A ""’ll? t0 . j to put over seven years with a three- ^ modenrisatidh of - the 

MR. HAROLD BROWN', tie U.S. ant factor in influencing the the alliance would make further I spawned extremist left-wing at minds of. the smaller year grace penod. • country’s railways.^ ‘Tbe second. 

Defence Secretary. claimed President's decision he said. steps in settling its long-standing movements such « the Red , ens[tI ^ tnem that A senior Central Bank source credit, $80nu,will be -used the 

. .< v. a«_ n_. i.j _i . ; i jis T .i wmsmsiiu, ° uvu ^ tnpv will Tint ha IsFt _+ loot .. . . • , . 

answer earlier 

iuiixu co-v yesterday that member govern- Mr. Brown was guarded about, internal differences on the pro- Brigades. tJ Wiil ® e out-fir.-tfie’ said that at last week’s meetup couetrud 

meats of the NATO alliance but unmistakably hostile, to the gramme at next month’s meet.- More protestations of soli- ,, • '■ - agreement was reached “in prin- network, 

f . nD/IUDFC supported President Carter’s idea that the U.K. might sell the ings of the Defence Planning darity can be expected to- ^ ur ^f e . • ^ n * totaLfflha.- are ciple” on both restroctniapg and . “. .. .. 

VyllCUllCliJ decision to defer production of Harrier jump-jet to China. The Committee and of the NATO morrow when the newly-elected aeposlts m “ e converaMe cur- fresh money.. . 900 he 

■*“ the enhanced-radiation neutron question had not reached the summit, and he hoped that the executive of the Socialist Party r-J — ~ — — — jVhmrt^Af 

By Adrian Dicks bomb. Mr. Brown was speaking decision stage yet he said, but question would- be settled “in meets in' Rome. SIg. Bettino TWT . gSSym 

Rnw inrii 1- in London after talks with the Britain would want to consider more than principle.” Cnuri. the party leader, has [\j nrWQ V^TIDH; nlon folrflC week-end 

rnivrri rno nrrvfir British Govennent, following its relations with China very • The West German Government already called privately on the -L ^ t/1 TT O.J ij UCtT Uiail IttlkVO report tn 

Srhrnirti si talks in Bonn laat week. carefully before a decision was is expecting “a calming down family of Sig. Moro to express •* . : • „ ' ‘ • people d 

w? „r But he admitted that there taken. and a return to reality” in the his support CJlDAITlV VlDW AT O^AnAYlTir " a fifth % 

“IS? fli was more support both in the The Defence Secretary con- debate over the neutron warhead. Since Saturday’s communique fclUvlUY YiC lV U1 VvC/OIaIIIY car as he 

fOriZn U - S - ■«! 'In the alliance gener- firmed that Soviet aircraft had following a further telephone from the Red Brigades, which B Y FAY giestsi ~ ncrr> 

*? . 1 ta i n on ally, for the deployment of the been flying in the vicinity of the conversation last Thursday be- announced that the former GJESTsR OSLO,- April 17,- . between. 

Ih. 2 neutron bomb than there had U.S. from bases in Cuba, but tween President Jimmy Carter Prime Minister had been found A DARK picture of Norway’s may have to be Dostuoned. in Men ■ 

cLmPr? Government at been prCTious i y . denied that they had entered and Chancellor Helmut Schmidt, guilty by a people’s court and ; economic prospects over^he “^r to keep wsSTSSTcoS ^ 

... Meanwhile, the U.S. -would go UR. air-space or had overflows AccoriHng to news agency repOtfBjhad.beejB. sentenced to death, the next four years is- balhtei bv trol ■ JcayrC 

The Visit forms part Of Ihe .k..J ,v.~ «( itc torrltum Pitliar than hirl Onm Vn«n «ui. II Kni;,a V.-...A hid fain I .l . r- jL .. . * n • e — _ 

Norway’s new plan takes 
gloomy view of economy 


OSLO.- April 17.- 

900 homeless in^ Sicily Jj.. 

About 40 earth tremors ’ struck ' 
Sicily in less than 36 hours at t&e ~r:- 
week-end, according to a Reuter .1 
report from Palermo-. Four elderly ”‘L - 
people died' of heart attacks and - 
n- -fifth' 'was killed by a passing 
car as he ran into^a street Police i^;. 
said 900 • people in vlUagea : : ' 
between Messina and Palermo had =- 
been left homeless. - - 


Pay rise rejected 

A 5 per cent.- pay rise vnego- 

i h . el ? al reaflbly six* I heads on Lance missiles, though and the U^. had sent up inter- Soviet strategic arms talks. More is being held. 

gramme for 197BS1, published ^nrSna tiaited- for 10fl,000 Volkswagen 

at the week-end. After enjoying SS^-SSurtT ^P 10 ^ 605 haa been 3 ?® 1 2 te ^ h7 
an unbroken rise in Urine ste^ v.^. wee ^v ta P® the tariff commission of the Wart 

dards sinc? S? SecffwS german -relM^ jmloa, 

On the German side, it was bomb production. Airborne Warning and Control whether Mr. Carter might change wncing evidence of having Public consumption 

toing emphasised here to-day Soviet actions in deploying its System (AWACS) should be las decision not To pul. the secured any real leads. tinue to rise, but -■ 

that there is no sperial sense own forces would be an import- deployed by NATO. He thought neutron weapon into production: Meanwhile, the trials of leaders slowly than foreseen i 

of urgency attached to (he • K ; - • - - - - - - - - 

„ mit the dispute to- chmpul*oiy support of its original -dabn for- 

11 con- 9 rhifratinn hw imA,i4i-i1 o «... ««•«> '• 

arbitration by an impartial. S per cent 

forthcoming talks, which are 
understood to have been sche- 
duled some months ago, 
although announcement of the 
date by the German Govern- 
ment spokesman, Herr Klans 
BoelUng. appears to have taken 
British officials slightly by 

secured any real leads. tinue to nse, but f to .mote waV^ hoard ^ - “.r; L“ ' 

Meanwhile, the triatof leaders slowly than foreseen lathe .first 8 ooaro. . m c ■ * . 

of the Red Brigades resumed m version of the fonr-jear pro- It indicates, however, that the opaill expels .Spy - . ^7*;: 

Turin this morning. Sig. Renato gramme, published- onty a ye|r unions can expect only meagre Sjmin -isYto expel * .Xfau&n- r*‘ 
Cuficio broke his siledee from ago. Some Government spendifc increases this spsriig. In addl- trade - attache .for alleged 
the steel cage, which 'serves as on roads, spools andl faospitfis tion, , the introduction, of im- espionage, Reuter reportj from 
a dock, to say: “The sentence on 1 will have to be postpbned. 4td proved' sick pay benefits, due to Madrid. Quo ting- the . Spanish .7^ 
MorqtiS a good one.” Sig. Curcio state aid to crisis-hit industries take * effect from July t now new* Agency iFK, tUM&rmf 

is standing trial with more than will have to become m.ore selei- seems setlbasjy , threatened by the diplomat, Ymd Yaaef 6em 

40 oE his supporters on a number tive. with only potentially «;5uWAe ^crisik.^I.-A_ .Government j 

*. of charges, including: subversion cessful companies likfly to get decjsioa to^s^bnfr thfe nrfDrih wiyfcM ~ Ip.-^mgi-.^Hn ^7°°^ [ 

raeni sjiuMauuu, w-rr ■ -V-* . \ is standing trial with more than will have to become more seieC- seems setfOusly, threaten 

BoelUng. appears to haveteken BY OUR OWN CORRESPONDENT . . .j. LISBON, A^nV 17. -• 40 ofi his supporters on a number tive. with only potentially i;Su\Ctbe " k grisis,^i.tA- .Cover 

British officials slightly by .*■ . '■ ■ .of charges, including; subversion cessful companies Ukfly to gi^t aecisioh to^ostpbhe'thfe'.] 

■ . . _ _ THE EIGEIT-DAY^OLD crisis In Right and help aggregate ten- agreed, to elect a temporary- against the State. . helD. .--may well be included i 

The principal point or in- Portugal’s main opposition party, sions between the ruling steering body until an extraordi- Only the lowest paid can be parage of Crisis ineasun 

tcrest in the pnrate meeting the Social Democrats, was re- Socialist-Conservative alliance nary congress could be held „ T allowed an increase in real dis- tq *l, e published', nn 1 

between the UJL PTime Mints- solved to-day with an apparent and the autonomous regional within the next three) months. Wp^t IVPrmfin posable income over the next together .. with 'the 1 

ter, Mr. James Callaghan, and victory for the party’s right wing administrations on the Azores 4 ' ’’ vol VJLilliau -Few years, the Government says, national budget for W8. 

the Chancellor Is expected to and its former leader. Dr. and Madeira. These administra- c ^ unum ^ saW - ^ „ 1. Th better-off will have to accept . _ ? j 

be ihe possibiUty of some new Francisco sa Carneiro. dons are controlled by the 85 DOllCC IOil a cut in living standards. Aid Pdymentsi problems pt 

move on the nart of the Euro- *** th« .. c n ^.i Social-TJemocrst president --was ; . _ _ ___ito develouinc countries will be reason- for ^the drastic r< 

in tij e j shipping cmhpdny 3or fiv^yeais | 

move on the part of the Enro- Success 

sa Social Democrats. 

West German 
police foil 

w k -IK 

indispensable for the strengt&en- 

pean Community towards a Cameiro’s faction, will probably A week-end meeting of the 0 f 4e 

■uaSlry. ° CUrreBcy m0TC party strongly to the party’s national committee ac?S?the Jost^ 


Although the extent of' dis- 
cussion about this matter at 
the recent Copenhagen summit 
meeting or the Nine Is still 
uncertain, Herr Schmidt Is now 
known to be more willing than 
in the past to consider an 
arrangement that would in 

. £ -I Th better-off will have to accept . _ '/ • V • ’ .. Butent Ecevit, cod- 

police IOil la cut m liv.-E Stundarda. Aid probtema ,re ae en^^Sdtto 

f . . . a * a | to developing countries wdl be reason- for the drastic^rewisioii y u « 0 aiaxia--^thaF : CH^XSWl -'been 

kinnaDDine bid maintained at 1 per cent of the- of earaer forec^te- _ Ofliificome agre ^ d to ^vridmrrtfiiibwdpe of 

muuap F m b U1U GNP. but cannot be increased has been delayed by accidents cooperation between the- two 

Ay Adrian Dicta above this level until Norway’s and hold-ups .in the North Sea. countries in all fields,. :, our 

nnx - v 17 economic situation has im- earnings from shipping iave Belgrade correspondent writes. ; A 

.".y”r! Apm ii. proved. been bit bv tiie world slnmn. «nA. w/mM irfdt Ankara 

— Th^ was a decisive fuccess for • _ - „ . A economic situation has im- earnings from shipping have Belgrade correspondent write*. A 

the fiery lawyer whose contro- A p™w k J ««i,- A proved.’ been hit by the world slump, and delegation would visit Ankara 

CwfinJoli m ; nAIV1 l/v/klr-A>l versial attacks on the Govern- ^prnLn SS? 2l Expensive social reforms and exports have suffered from .the from. Yugoslavia in about sh 

oDdniStl miners I0CK6U 011I nieiltandPres,denLandtheleft 'S.hidJiS^riniSof? aa pollution control in industry steep rise in production costs weeks\ timete discusspoSsiblliUes 

^r ullAk>1A tliXMViu ll/vivvu wing constitution, led in January Sch , Ies ^? Holste ! n . succeeded | ” ■ ' for enlacing' economic, relatiOM. 

uncertain, Herr Schmidt is now “r ^ w ^ v — wing constitution, led in January succeeoea L- . ’ for enJax^ing economk. relatiC 

known to be more willing than BY ROBERT GRAHAM MADRID, April 17. and rqjlacement 1 a «aiSst Prilre rv t. , , \ The rwd^uutries had d6ri(ted 

in the past to consider an - by a moderate contruUing com* S°“ a P V«/nrt|oh frortD in oo-ordlnafb economic derel 

arrangement that would in THE-STATE-OWNED coal min- about a quarter oil Spain’s- coal nu«ee under Prof.'- Antonio “JJ*. wa0 was VY vUlMl 1.1 d{lc Iff Nlli mmit, aswril as sdenbflcresea 

effect set bands for the fluctua- ing concern, Hunosa, has begun production but supplies two- Sou? 8 Franco. . . . - 1 - ana technology, 

tion of currencies not able to a lock-out of its 24,000 workers thirds of the steel industry’s Tke moderates had advocated I22S e S»i I1 JS2 1 ?J12Ly BY WILLIAM DULLFORCE STOCKHOLM. April 17. n . - i* - „ 

accept the Tull discipline of the at Oviedo in the northern mining coking coal. selective opposition to the Gov- JaVvisiMv 6 SStpT^nHee and AFTER A succession of alarm me' declined' bv5 per cent, to "ankerS Prague t&lkS 

present European currency region of Asturias. The lockout The mana&ement has made en tinent but in the latest devel- _* „ ^ s K>si 4hn Herr Otmar Emmiruref. presM 


STOCKHOLM. April 17- 

The twd'-^duntries had 'decided to , | : ... . 

co-ordinate economic : ‘ develop* , 

ment, as wdl as scientific research j 

and technology. . '.* : 

present European currency region of Asturias. The lockout 

make, while leaving the present began at the week-end, and bad use 

snake intact. been preceded by 

While Germany has moved tense negotiations 
with caution on the issue, there working conditioi 
has been no mistaking the for 297S. 
increasing anxiety with which An official of Hi 

The management has made m official morale at a moment when reports on Swedish economic S-Kr.21.4bD. 

•« ij JMAS.raE sss.Sff snr« juLS=sLffjs*«2sa& ?■* •«»- 

Increase in export income 

oanKers rrague iams | 

Herr Otmar Kmriiing ^f': president : ‘ 

.r 9.«J..k«nV ' (E 1 -- .r-- 

Deutsctie . Bundesbank; 

incrcaslng anxiety with which An official of Hunosa. which is 
the Boon Government now wholly owned by the state hold- 
regards (he country’s external ing company INI. said that only 

Disagreement centres round mid-Atlantic ardiipelagos of continuing- 

-r-. — capacity *luq jjitrauueni levels reoorters 
indicating that the ruling Non- at 'which Swedish industry- has - — 

Socialist coalition has recovered been operating. mvv' 

part of the ground tost to the rw* T the uvunimib -nerinfl WOKtUne iOpay 

higher. representatives travelled 

Attention is likely to be Madrid to talk to offic; 
keenly directed to any hint Ministry of Industry ii 
that Herr Schmidt might be to resolve the dispute, 
willing to give more open If the lock-out cor 

imn - «,r of tot repayment period for some 
“o°o£S ln ^ *J -steel - industry' debts; 

If the lock-out continues. It 

more human approach to have been firmly rebuffffed by Prince Moritz, though descended 1978 show a surplus of S.Kr.l^bo. plus -.of. SjCr^biL. compared R^.*er ‘ Srn from ' 
working schedules. the central Government. from former German Royalty {9263m.) against a deficit of with a dcficit of S.Kr.4JJbn: for o U0 tin ff informed sources- the 

Thfl msrlflPWTlpnt that th» A WIW nf hnmhinsj trenn afiJ a„ A T-n I itnA trt tha CIVO IRKn *1.a -U... UBDUII*,, WUU1IKB utOUnM, III 


support to a system of greater [could have important repercus- 

The management says that the A wave of bombingi arson and and distantly related to the S.Kr.2.15bn. during the first three the. corresponding ■ period in ageney says' medium- and long- 
introduction of such schemes is riots on the islands in recent British royal family, is a land- months of last year. The value 1978-77. The value. of exports term, debts are FriSfibn ", Belief 

Tint imtiAn^ kv .i.n-.-r ../.J... -M :1 J .J .v. .. l 1 i ,, _ . .v:- _ t- _ J v_ Ha _ U .V _ 

clnkllih. in — LI ... ... ... \ . . ... . — - . . , - . . : — 1 — — -- h.iiuu . ka a uuuuu ul Iasi jrak. luc value istvil, kuv twus.ui uuwku IPrTD ueDIS 

sterling sign s on fuel supplies for ■indus- not justified by current produc- years is attributed to? the separ- owner, of no known political of exports rose by 11 per cent, during this pferiod rose by 14 woifldanply 
could And a Place. I try. Hunosa is responsible for tivity. atists as pan of their campaign. I ambitions. to S.Kr.22.6bn., while imports per'^L ' .. ■ . wScb 

IndustriaJ co-operation among the most economically advanced Comecon countries, writes Leslie Colitt from Berlin, is often a hit-and-miss affair.; 

vanced Comecon countries — East 
Germany, Czechoslovakia and 
Poland — are learning that it is 
often easier for their Govern- 
. meats to sign industrial co- 
operation agreements than to 
carry them out. Industrial co- 

[ to bank loans ' 
credits which jog 
per dent. of. debts. 

Trying to bury economic nationalism * 

'tk suddenly easer for Extortion denied 

is suddenly eager for more co- 
operation with Polish industry. 
The Poles, for their part, com- 

operation and product specialisa- 
tion are two of the key elements 
. in Comecoa's “ complex pro- 
gramme of Socialist economic in- 
tegration.” laid down in 1971. 
The chief aim was to stimulate 
trade between the Comecon 

East Berlin. Prague and War-- 
saw saw the advantages of larger- 
scale and increased efficiency 
resulting from a linking of their 
economies. Both East Germany 
and Czechoslovakia shares com- 
mon Central European industrial 
traditions while Poland had ad- 
vanced more recently to the 
threshold of a modern industrial 
nation. Their common borders 
and limited area and population 
promised to make economic co- 
operation more feasible than the 
industrial integration with the 
Soviet Union, to which each .of 
the countries was also, com- 

Largely as a result of success- 
ful economic co-operation be- 
tween the three countries in a 
number of areas, trade has ex- 
panded more rapidly between 
them than has trade within Cozne- 
con generally. This year, nearly 
1*6 per cent of trade between 
East Germany and Czechoslo- 
vakia is said to consist of goods 
produced under co-operation 

In practice this usually means 
product specialisation rather 
than the production of compo- 

nents for a joint product 

The ethylene pipeline between 
Bohlen in East Germany and 
Zaluzi in Czechoslovakia is one 
example of a project that neither 
country could have undertaken 
independently. The pipeline, 
which provides for a flow of ethy- 
lene in both directions, for plas- 
tics production, permits plants 
on both sides of the border to 
produce on a sufficiently large 

In the agricultural’ machinery 
sector. East Germany and 
Czechoslovakia have agreed to 
end the duplication. Czechoslo- 
vakia, for example, builds a 
potato-planting machine and East 
Germany a potato harvesting 
machine. Both can be turned out 
in large quantities because they 
have two markets instead of one. 
A farther example of product 
specialisation is East Germany's 
building of railway rolling stock 
for Czechoslovakia and the rest 
of Comecon and Czechoslovakia's 
monopoly of tram production 
within Comecon. Trams used to 
be made in East Germany as 
well, but it now buys them from 

The transport vehicle indus- 
tries of both countries have bene- 
fited from the tong production 
runs, although, it has been 
argued, at the cost of a loss in 

Cooperation between the three, 
Czechoslovakia, East Germany 
ami Poland, has often been a hit 

plain that the nearly 100' co-op- 
eration agreements already to 
effect with East Germany -are 
not functioning welL ' 

For their part, the Germans 
are having eves . more serious; 
integration problem* .with ..their 
giant economic -partner, - the 
Soviet Union. East Germany has 
committed Itself to a long-term 
programme of specialisation and 
cooperation -with Soviet Indus- 
try and currently the Soviets 
are. -pressing for closer ties with 
those sectors of East German 
industry from which they expect 
to. .profit the most 

Thus a Government agreement 
between Berlin and Moscow was 
recently signed on co-operation, 
In micro-electronics, a field in 
which the- East Germans, axe he* 
lieved to have obtained valuable ! 
technology from the. West The j 
Soviet interest in tapping East 
German know-how is such, that! 
German- scientists and tedutir 
clans doing advanced studies in 
the Soviet Union art frequently 
called' oh to divulge confidential 
information on.-East_ German -re- 
search, projects - - • 

The 'Soviets are especially in- 
terested in -integration with the 
East German electronics indus- 
try to assure that future 'techno- 
logy acquired by .East Germany 
from '-the West is made available 
to Soviet electronics dn'dusr 
try. This sensitive iquagtibti hair 
been the subject -of a - series of 
recent high-level meetings - be- 
tween the Soviet and- German 
economics officials.. ■ v 

East Germans defend production 

East Berlin; April 17. 

The directors of East 
Germany’s research institute at 
the powerful industrial associa- 
tions -are busily defending 
their innovation -and produc- 
tion records these day* in the 
: pages of the Communist Party 
press. They are reacting to 

earlier criticism .of East Ger- 
many’s lagging performance In 
exporting to the West by Herr 
Erich Honecker, Party Chief 
and President 

The Director-General of East 
Germany's largest petro- 
chemical trust notes In the 
party newspaper Neues 
Deutschland that * Lubricant* 
exported abroad must also be 
competitive In their packag- 

ing** as Western Oil companies 
“ decisively influence consumer 
attitudes by outer) appearances 

..'..** He adds. However, that 
onf principles here are quite 
different from the practice of 
capitalist companies where 
form frequently ps dominant 
over content and often serves 
to mislead the consumer.” 

An East Germak researcher. 
Professor Doctor Rudolf 
Winkler also igrees with 
President Honecker about the 
need to "advance; to the front 
of the international field in 
micro-electromes.’f but says 
that there must he “clarity** 
about tiie political content or 
the problem ofi' micro-elec- 

and miss affair. The collapse of 
one of the more ambitious co- 
operation projects between East 
Germany and Czechoslovakia 
Illustrates how difficult it is to 
busy economic nationalism with- 
in Comecon. 

lo. 1970, the East German and 
Czechoslovak Governments 

signed co-operation agreements 
between tbeir two motor indus- 
tries which were to have resulted 
in a jointly developed car to be 

produced In two versions by the 
Wartburg plant in {Eisenach and 
the Skoda factmjy at Mlada 
Boleslaw. Skoda engine* were to 
have powered botti cars. In the 
following years, thdtwo countries 
spent most of thefr time trying 
to avoid implementing the agree- 
ment i 

The present situation is that 
although the written agreement 
has been extended to 1984, 
Czechoslovakia will continue t<r 

develop a 1,500 cc. engine and 
East Germany will deliver trans- 
missions for a new Skoda model 
to succeed the present one. An 
East German factory to produce 
transmissions has to be imported 
from the West, and the East 
Germans are currently negotiat- 
ing with a number of Western 
companies, including Citroen, 
Renault and GKN. 

East Germany, In return. Is to 
get a larger number of Skoda 
cars each year. 

Even that may be progress, 
though, because when Czecho- 
slovakia introduced its new 
Skoda model last year. East 
Germany was unwilling to pay 
the new price. As a result, 
exports of the Czechoslovak car 
to East Germany suddenly 
dropped to a fraction of the 
26.000 cars shipped in 1976. in 
order to plug the gap in the 
domestic East German car 
market, where buyers already 
have to wait up to seven years 
for a car. East Germany sought 
to buy additional Ladas, Polska 
Fiats and Dacias from the Soviet 
Union, Poland, and Romania. 

These .countries, however bad 
commitments to their own 
domestic consumers and to 
lucrative Western markets. 

East Germany was told It could 
only get more care if it was will- 
ing to pay in hard currency. At 
this point, the East Germans 
decided to conclude a deal with 
Volksw a gen of West Germany , to 

buy 10,000 Golf cars in exchange 
for deliveries to VW of lignite, 
machinery, and car components. 

East Germany and Poland are 
also experiencing strains In 
their economic co-operation. 
Under Comecon's special rela- 
tions programme. East Germany 
abandoned production of several 
types of construction machines 
including cranes whose manufac- 
ture was turned over to Poland 
along with the plans. Now, the 
East Germans complain that they 
are unable to get any new con- 
struction machinery from Poland 
which is allegedly more con- 
cerned with importing technology 
from the West. 

Poland is- also accused of 
undermining Comecon integra- 
tion in agricultural machinery 
-and construction machinery by 
developing close ties with 
Western companies, such as 
Massey-Fergu5on and Inter- 
national Harvester to build farm 
tractors and crawler tractors. The 
Poles replied by noting that a 
decade ago when Polish industry 
sought cooperation agreements 
with East German Industry, in 
electronics and heavy engineer- 
ing, the East Germans refused. 

When -Poland bought an RCA 
licence to produce colour TV 
tubes. East Germany and 
Hungary were asked to partici- 
pate in the. investment cott* in 
return for which they would 
receive a share of the output 
Both countries declined but now 

Canary Island. ; separatists - have 
denied' teymg to extort- money 
from European tour operators 1 by 
threatening- -to.- harm holiday- 
makers. according to a 'Reuter 

report from Algiers. An official 
for the MPAlAC, the Algiere- 
based separatist movement said 
at the week-end . that the' organi- 
sation had sent- letter* to - holiday 
firms demanding revolutionary 
taxes and warning of reprisals if 
the money . was not paid. A 
communique issued- by the 
separatists- * yesterday, described 
the letters as fake. 


Danish adti-nurtear groups are 
planning demonstrations against 
a secret NATO nuclear . group 
meeting opening. h> Frederlksfcavn, 
north Jutland, to-day = according 
to. a \. Reuter .report^ ’ from 
Cope nha ge n . The -organisers say 
fh«y wifi be protesting against 
Denmark’s membership - pi . the 
■Western military affiance and the 
neutron, bomb. , ■" - 

i^x c 


Fall in Stoss reserm 

The' Swiss national Sank 'said Its 
foreign exchange reserves 
declined " by SwJFr&45,7w. to 
Sw.Prs2DJ.ha. last week, AP-D3 
reports, from Zurich.- The bank 
said that an outflow because of 
the compulsory- - conve r sion of 
capital -exports into^ doHars and 
the -liquidation of swap 1 ' arrange- 
ments. exceeded . foreign exchange 
market': 3nterv&f}gmr -tot 

redemption _ -by- the ^ -USS.- ' of 
dnbfhes:: - -“of ; ~;Swt$-franc 

bond*. ' Gold. . reserves ^ were 
unchanged.' At'' SwJftgtfroibD. 
Banknotes ot tirculatiau declined 
by Sw.Frfc47.5m. to SwJrsJSfifibn, 

■ *..3- 

tir. •-. 


* Altai 


-'^Financial -Times Tuesday April 13 1978 


Boats still near Japan islands 

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. -»n 4 . 

ABOUT 140 Chinese fishing 
boats; some armed with, 
machine guns, were still lying 
off islands claimed by Japan 
in the East China sea, the 
maritime safety agency said 
here to-day/' "• ' ' 

. —The Wats, all of which left 
'tfae'12'mUe territorial limit of 
•the Senkakn islands yesterday, 
>ere now between 17 and 22 
mflesY north-west of the dis- 
puted territory, the agency 

vi . Last Wednesday the boats 
entered the territorial limit of 
the barren and uninhabited 
Islands, believed to have rich 
undersea oil reserves, causing 
a' diplomatic tow between 
■Tokyo ahd Peking. The islands. 


10(1 miles east of Taiwan, are 
also' claimed • by China and 

The Japanese Foreign Min- 
istry said to-day the. boats 
should move away, altogether 
if the incident was accidental 
as Peking has said. • 

Hsiao Hsiand-tan, counsellor 

at the Chinese embassy in 
Tokyo, told lie Foreign Min- 
istry yesterday, the incident 
was accidental and had noth- 
ing to do with a proposed 
pcaee and friendship treaty 
between .the two countries. 

Japan's Chief Cabinet Sec- 
retary, shint * to Abe, told a 
“Press conference here the 
government would not resume 
treaty talks with Peking unless 
the territorial issuer - of the 

TOKYO April 17. 

islands' was solved. High-level 
talks on the territorial dispute 
would be held soon between 
Peking and Tokyo, he added 
without elaborating. 

In Peking diplomatic sources 
said to-day that Chinese offi- 
cials there had informally told 
a visiting Japanese parliamen- 
tary delegation that the fish- 
ing boats were merely engaged 
In their annual hunt for a 
certain species of fish. 

The sources quoted Chinese 
Vice-Premier Keng Plao as 
having told the delegation on 
Saturday that the government 
in Peking had not been in- 
volved in the incident, and 
officials repeated this last 
night at a farewell banquet 
given by the Japanese. 

Colour and curls for girls 

- Pa> rise rejected 

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Sinker's Fn?«‘ 


" LOOK, the girls in Peking are 
beginning to curl, tbelr hair. 

■ Thin would never have been 
allowed during , the Cultural 
Revolution, period," said an 
official while interrupting a 
detailed, espiaua tion of -why the 
Chinese wear depressingly iden- 
tical clothes. The girl he pointed 
out had bobbed hair, slightly 
curled at the edges, and was 
just slightly different from the 
customary short hair or small 
pigtails and pony tails 'fastened 
by rubber bands. 

Hairstyles apart, there- is little 
that is outwardly feminine about 
Chinese women. Unisex has been 
carried' to the extreme. Women 
wear the same blue or grey 
jackets and trousers sported by 
men. allowing no cosmetics to 
blemish their skins. This drab 
uniformity, is evident universally 
in Peking. 

Officials claim this is not regi- 
mentation. It is, they say, a 
tradition of the Long March 
when men and. women wore the 
same uniforms to carry ont their 
jobs more easily and this usage 
has remained. The same official 
who explained this said he had 
tried in vain to persuade his 
office colleagues .to bring some 
colour, some sign of Jndivi- 
dualism to their ..clothes. His 
daughter, a factory worker, wasl 
married ■ the day before and 
spurned his suggestion that at 
least this occasion- demanded 
colour; the marriage ceremony- 
was held with the couple wearing 
the same blue jackets - and 
trousers they wore every day (it 
is possible they returned to work, 
the same day). ] . 

Yet there are signs of lemini- 
- nity breaking out ' This shows ; 
.itself,, .curiously,, in .socks.. 


heels and never have I seen sucb 
a profusion of colour and pat- 
terns on the couple of inches of 
socks visible. In Shanghai, there 
is a little less of the uniformity 
although this again takes the 
form of a greater variety of hair- 
styles rather than clothes. 

Shanghai women are more pert 

It is easy to see that 
prices are fixed arbi- 
trarily but this is also 
one reason for the lack of 
inflation; if wages are 
low at least they still 
fetch the same value in 
terms of goods as they 
did 20 years ago. ?ow 
long this will continue 
now that China is 
planning to expand trade 
and thus be subject to 
world economieand price 
fluctuations remains to 
be seen. 

■WUxaejii war .their.' trousers. 
'- abo'ilt :thxee inches Shove ' their 

land the Pekingese even think 
they are coquettish, betraying an 
odd puritanical streak, that 
characterises all Chinese; to the 
. outsider Shanghai women are no 
different from their counterparts 
elsewhere. All of them, like 
everyone else in China, ride 
.bicycles, (private cars are un- 
known) which flow. a 
frightening avalanche ..during 
;rush hours. Bicycles are allowed 
to; be privately owned., and are 
'the universally accepted means 
’6f transport. They, are also iii, 

There’s a strong case 
for re-locating at 


t ■ 

King's Lynn offers manufacturers, 
importers and exporters one of 
the most modern docks along 
the East Chase with regular 

service to Hamburg and a cargo 

liner Greece, Cyprus 
and The Lebanon. 

Labour relations are excellent- 
offices and factory .buildings ana 
available, and land Is waiting for 
you to bulk! on. - - 



Kin^s Lynn offers housing an 
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good education and hospital 
care, plenty of recreational 
ladllderand a wonderful choice 
of country and sea-side to enjoy. 
The Royal Estate at Sandringham 
IsIS minutes away; beautiful 
beaches and the Norfolk Broads 
are all immediately accessible. 

t 5 p*' 

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short supply and there is a long 
waiting list for models that went 
out of use in the West 20 or 
more years ago. A bicycle is a 
prized possession. “We have 
three in our family" one Chinese 
said with the kind of pride that 
someone in another country 
might have shown over owner- 
ship of the same number of cars. 

Life -is hard in China but does 
not seem intolerably harsh. Food 
and clothes are rationed through 
a system of coupons but there is 
no shortage and both are absurdly 
cheap by Western standards. In 
fact, apart from bicycle there is 
no necessity (and a bicycle in 
China is a necessity) that appears 
hcJdng. By Third World stand- 
ards the Chinese tive well and it 
is a remarkable achievement that 
I saw no sign at all of the abject 
poverty that exists in many other 
countries in Asia and Africa. The 
State may not like the Chinese to 
be individualists but it has taken 
care of their basic needs to the 
extent that petty crime has been 
virtually eliminated. (You do not 
lock your hotel room anywhere 
in China.) Wages are low, being 
paid on an eigbt-tier system in 
factories which makes the mini- 
mum around 35 yuan (roughly 
$20) 0 month and the maximum 
around three times as much. 

Scientists and the skilled get a 
little more but the difference is 
negligible and it frequently hap- 
pens that a highly trained 
engineer only earns around *20 
yuan more than his factory 
manager. But if wages are low, 
so are prices while amenities are 
heavily subsidised. A two bed- 
room flat costs just two to four 
yuan a month while medical 
service^ education and other 
welfare services are available at 
a : nominal fee or are fully 
covered by the workers parent 
organisation. There must be few 
women in China who don’t work 
(for the same pay as men) and 
it Is an index of the employment 
situation that they do. Women 
drive tractors in fields, dig 
ditches, hold key official posts, 
drive buses-and trolleys and just 
about anything men do (if also 
tn the same;.clntheB). Most fac- 
tories have more women em- 
ployees than ; meu since China’s^ 
large armv needs more of the 
latter. But no-one who wants 
a job goes without one. 

The fact that last month's 
fifth Peoples ^Congress -decided 
on rapid mechanisation as part 
of tiie “ four modernisations ” is 
a- sign not only of the leader 
ship's desire for rapid develop- 
ment but also that the large 
population (roughly 900m. hut 
no census has ever been held) is 
usefully employed — again a 
remarkable achievement for a 
third world country. But so far 
it is just their basic needs that 
have 1 been taken care of. Few 
shops display goods in windows 
(Shanghai is again an exception) 
but inside there is a surprising 

Most are mini department 
stores, especially those located 
in small towns and communes, 
and short of cars and heavy 
engineering goods almost any- 
thing is available. Shoes cost 
jiwt eight yuan, although 
variety is limited. Luxury goods 
are expensive and a television 
set costs 400 yuan, although an 
official said these will now come 
down 'In view of their education 
potential. It is easy to see that 
prices are fixed arbitrarily but 
tbte is also one reason for tire 
lack of inflation; if wages are 
low at least they still fetch the 
same: value in terms of Roods as 
they did 20 years ago. How loiig 
this will continue now that 
China is planning to expand 
trade and thus he subject to 
World economic and price fluctu- 
ations remains to be seen. 

Even though the late Chairman 
Mac’s portraits are bung every- 
where and his thoughts on every 
subject are inscribed wherever 
possible there are signs that the 
relative pragmatism and liberali- 
sation announced at the fifth 
Congress is percolating, albeit 
slowly, down to the people. The 
Chinese must still conform and 
the inevitable denunciation of 
the “Gang of Four" that 
climaxes any discussion deprives 
credibility from wbat is probably 
a justified decision to u expose 
its machinations." Many officials 
confess that people are confused 
although there does not seem to 
have been any blood letting. 
Partly this* is because of* the 
unique’ form of Chinese punish- 
ment of merely “criticising” 
someone who does not criticise 
himself. This does not amount 
to denunciation officials hasten 
to explain, but is thought more 
i effective than dismissal or 
[imprisonment because keeping 
[one's face is still important in 
China. But there are faint signs 
of liberalism. The Chinese con- 
tinue to put up poster with 
{impunity and a recent one criti- 
cised a politburo member and 
was reed by crowds io Pekin’s 
main square. And then one must 
not forget that Chinese girls are 
beginning to curl their hair. 

Mr. Desai 
spy device 

By Our Own Correspondent 

NEW DELHI. April 17. 
INDIA'S PRIME Minister, Mr. 
Moraji Desai. told Parliament 
here to-day that India had co- 
operated with tile United States 
in the 1960s to place nuclear- 
powered sensors in the Hima- 
layas to spy on China. He 
confirmed toot one had been lost 
high in tibe snows of Nanda Devi. 

Mr. Desai said two of the elec- 
tronic sensing devices had been 
carried into toe mountains to 
secure information about missile 

development— clearly In China 
although he did not name that 
country. He said one device was 
lost In an avalanche on Nanda 
Devi, 25,645 feet, in 1965. The 
other was returned to the U.S. in 
1968 a year after being! planted 
on another peak Dear the fron- 

There Ids beeai concern in 
India since the publication of re- 
ports in the UB. last week that 
the CIA bad planted plutonium- 
powered monitoring devices near 
the headwaters, of the Ganges. Mr. 
Desai said Ibe Government bad 
decided to appoint a committee 
of scientists 40 study the implica- 
tions for the environment and 

Mr. Desai sympathised with 
what he called “just apprehen- 
sions about the possibilities of 
contamination of the waters in 
our sacred river.” He assured 
the House that his Government 
shared the general concern. 

The Prime Minister said that 
I when a joint In do- American 
expedition equipped with the 
device was approaching the 
summit in 1965, it was overtaken 
by a blizzard. Forced to retreat 
it had left the equipment behind, 
securely bidden. Subsequent 
searches had failed to sight the 

In 1967 a new device was 
taken to the same. area and was 
installed on a neighbouring 
peak but was returned to the 
U.S. the following year. 

The Congress Party Govern- 
ment, under Lai Bahadur 
Sbastri and then Mrs. Indira 
Gandhi, had decided on the 
operation in the interests of the 
nation. It was not a clandestine 
CIA job. 

Vance for unscheduled Cairo visit 


Mr. Cyrus Vance, the 115. Secre- 
tary of State, Is to make an un- 
scheduled stop at Cairo airport: 
in the early hours of to-morrow 
morning In order to discuss the 
iCarr cnt state of Middle East 
[peace efforts with Mr. Mohammed 
Ibrahim Kamel, Egypt’s Foreign 
(Minister. * 

Mr. Vance, en route to London 
and Moscow from southern 
Africa, will he having his first 
meeting with a top Egyptian 
1 official since President Sadat 
visited Washington for talks In 
February. Despite the failure. 
Of the Egyptian Initiative to 
effect any significant change in 
Israeli policies. Mr. Sadat has 
again stressed in the past few 
days that he does not intend to 
| abandon his efforts. 

Egyptian officials stress that 
by giving up now they would be 
allowing Israel's Prime Minister, 
Mr. Menahem Begin, to escape 
from the corner in which they 
believe be is trapped. But at 
the same time they emphasise 

CAIRO, April 17, 

that tmlrthe ITS. can bring about 
the changes in Israeli attitudes 
which would facilitate a forma! 
resumption of negotiations. 

Mr. Sadat as a well seasoned 
campaigner in Egyptian politics, 
must be only tdo well aware 
that after the euphoria and ex- 
citement generated by bis visit 
to Israel the tide of disillusion 
is starting to set in. Therefore 
Mr. Kamel can' be expected to 
emphasise to Mr. Vance to- 
morrow the need for the UB. 
to increase pressure on Israel 
and to take a more positive role 
in achieving what is still re- 
garded here as the possibility 
of a breakthrough to peace. 

Hasan HUaxi in Beirut adds; 
Mr. Kurt Waldheim, the UN 
Secretary General, held talks 
here today ' with Lebanese 
officials and guerilla leader Mr. 
Yasir Arafat, the FLO leader, in 
an attempt to stabilise the cease- 
fire in southern Lebanon. 

Dr. Waldheim told reporters 
that his mission is to speed up 

Israeli withdrawal from the 
south and- help the Lebanese 
government reestablish national 
authority in the region. 

He repeated his intention to 
seek an increase in the number 
of the UN interim Lebanon 

Thus far, about 2,000 UN 
troops are stationed south of the 
Litani river. They are scheduled 
to .be increased to 4,000 by the 
end of this month. Dr. Wald- 
heim is expected upon his return 
to New York to ask the Security 
Council to boost the total 
strength of Unifil to 6,000 or 
8 , 000 . 

David Lennon writes from 
Tel Aviv: Israel's Government 
has come under attack tor its 
attempts to clarify its position 
oh the United Nations resolution 
243, The Cabinet on Sunday 
seemed to say that the UN 
Security Council resolution 242 
covers negotiations with all 
relevant Arab States including 

wage offer 

By Our Own Correspondent 
TOKYO, April 17. 
THE, managements of Japan's 
public corporations have offered 
an average monthly wage 
I increase of Y6,150 or 3B per 
cent for public sector workers 
< at this morning's collective bar- 
gaining sessions. 

The wage proposal is only half 
of last year's level of 7.4 per 
cent. The Council of Public 
Corporation Workers' Union 
(Korokyo) and the National 
Council of Government and 
Public Workers' Union (Kan- 
kora) are demanding an average 
rise of 7J3 per cent, excluding a 
periodical . and automatic wage 
hike of 22 per cent The real 
pay rise under the present pro- 
posal works out at only 1.5 per 
cent, in real terms. 

Japanese national railways 
(JNR) uu<de a proposal of Y&30Q 
or 3.61 P«r cent 

Philippine rebels alert 

MUSLBI rebels fighting the 
Filipino government have killed 
43 soldiers and civilians in a bos 
ambush in the south of the coun- 
try. the Defence Department in 
Manila was reported by Renter as 

The attack, one of the worst m 
the six year guerilla war waged 
by Moslem senaratists happened 
on Thursday. The bus was sprayed 
with gunfire at Upi 573 miles 
south of Manila on Mlndnao 

Hong Kong trial 

THREE senior British officers and 
31 Chinese members or the Hong- 
kong police force went on trial 
yeste*-riav in Honekonc in one of 
the British colony's biggest ever 
corruption cases, according to 

The three British, superintend- 
ents and 31 Chinese who include 
four chief inspectors are charged 
with “ conspiracy to accept bribes 
and aciin? contrary to their 
nublic duties as police officers” 
be+ween 1970 and 1970. 

The trial which is expected to 
; take about four months opened 
1 with the prosecution rlalming that 
street hawkers and vice 'dens had 

to pay thoustands of dollars in 
monthly “ squeeze money." 

Saudi explosion 

FOUR people were /believed 
killed and several others Injured 
in a pipe ■ explosion at a major 
Saudi oil installation at Abqaio, 
Reuter quoted oil industry 
sources as saying Dhahran. 

Last year a fire at Abqaio 
disrupted Saudi oil production 
which resulted in a reduction of 
Saudi oil exports, the majority 
of which are loaded on tankers 
at the Ras Tannoura terminal 
north of Dbarran. 

Minister’s resignation 

EGYPT’S deputy Premier for 
Economic Affairs Abdel Moneim 
Kaissouni has submitted his 
resignation in a row over wage 
increases for civil servants, the 
right wing newspaper aJ-Ahrar 
reported according to agency 
reports from Cairo. 

It said be acted because the 
Government had submitted to 
the Peoples Assembly (parlia- 
ment) a draft bill on the subject 
without first consulting the 
economic affairs committee which 
he heads. 

The Government had. been 
attracting criticism particularly 
by the U.S. for it$ established 
view that resolution 242 does not 
call for Israeli withdrawal on the 
West Bank since previous policy 
statements had spoken only of 
242 applying to selected Arab 

By specifying that the Security 
Council resolution does apply to 
negotiations with Israel the 
Cabinet seemed to be hinting 
that there could be room for 
talks about tbe withdrawal on the 
West Bank without explicitly 
spelling this out 

The opposition Labour Party 
has accused the Government of 
trying to solve Israel’s problems 
by playing on words. 

Criticising the Government tor 
not expressing readiness for 
territorial compromise on tbe 
West Bank, the Labour Party 
said that such gimmicks “ are no 
substitute for a clear and 
credible policy 

car strike 

By Kenneth RandaH 

CANBERRA, April 17. 
ARMOURED CARS crews, who 
bave been on strike for three 
weeks in all Australian states 
except New South Wales, will 
hold mass meetings to-morrow to 
consider a "final” offer on cash, 
allowances and working, condi- 

If the offer is not accepted, the 
strike is likely to be made In- 
definite in duration and widened 
to other transport operations 
The strike, involving about 
1J500 men. is already having a 
crippling effect on payroll 
deliveries to companies and cash 
transfers in the hanking system. 
Few of those affected have been 
prepared to say how in any de- 
tail. But one story circulating 
in Melbourne last week claimed 
that SA13m. in banknotes bad 
been distributed from tbe 
reserve bank vaults in a flat-top 
truck covered with cabbages. The 
reserve bank flatly denied it. 


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Carter’s team takes stock 
and seeks a new course 

;Finaacial TSines, 


WASHINGTON, April 17. 

PRESIDENT CARTER, most of that the state of the economy was upset by the appointment of 
his Cabinet and the small group is preoccupying most voters and Mr. Strauss, but the impression 
of advisers on which he relies, that many of them have very of confusion remained, 
were to-day spending a second little confidence in the Presi- Public debates of this kind do 
day at the presidential retreat dent’s handling of it No matter nothing to strengthen the 
io Maryland, trying to chart a that, unemployment has been administration's hand in Con- 
new course for the increasingly reduced by 2 per cent since grass where bad congressional 
oeleagured administration. he took office and that the U.S. liaison and the increasing inde- 
Criticism not all of it fair, economy has continued to grow pendente of powerful Congress’ 
abounds on all sides and the faster than most other Western men serve only to compound the 
two-dav session is designed to countries. What worries the problems. - 
enable the administration to American people is inflation and The fate of the admimstra* 
“take slock** after its first 15 here Mr. Carter seems to be tion s tmi package is by no means 
mouths. During this period. Mr. facing real difficulties. - 

Carter's standing in *11 the main The events of the past week $^£2? toil S5 

public opinion polls has plum- have served as a reminder of hT acenmnanted hv the 

meted. While he is still highly the confused way in which £“* SUSfSSff th?t ££ 
regarded in personal terms, the economic policy is being made. urouoserL But some 

polls indicate a growing senti- A week ago Mr. Michael Blumen- mem bers of the House of Recre- 
ment that he is incapable of. in thal. Treasury Secretary, was Ww «3Sbanfffi&- 

the current phrase, “getting his alraart the last key official to S5te£ wbito^gM wmftMtJte 
act together." oe told that Mr. Robert Strauss, Bm t^y. say that most of the 

The doubts would probably the influential trade representa- reforms are already dead and 
vanish in the face of a few ti'C. was to lead the administra* no chance of passage in 

tangible successes for the lions attack on inflation. an election year. ; - 

administration, but none are on That led to reports that Mr. Few observers believe that the 
the immediate horizon. The rati- Blumenthal was irritated by the administration is yet in a posi- 
ELcation of the Panama Canal White House which was in turn tion where it cannot recover its 
treaty should be one. but the irritated by him when he confidence fairly quickly. But 
whole subject has become so appeared to indicate that he bad the feeling has grown that with- 
confused that a “Yes'* vote will reservations about the wisdom out a clearer sense of. priorities 
probably have much less impact of the size or the S25bn. tax cut things will not improve and '.that 
than it might have had some that is a priority of the adminis- it is time for Mr. Carter, -in the 
months ago. tration. Mr. Blumenthal denied words of one, “to do less and 

Meanwhile, the polls indicate the reports, and denied that he think more.” 

Senate votes to-day on canal 


th£ CONFUSED debate inside which the treaties have been other even more conservative 
tiie U.S. Senate about the pre- handled, also noted that “there Senators remain adamant that 
cise wording of the second is such a fantastic array of dis- the U.S.'s right to defend the 
Panama Canal Treaty continued content on this thing that I don't canal should be clearly spelled 
to-day as both Democratic and know how we are going to treat out regardless of the effect on 
Republican leaders sought to en- with it finally.” Panama. 

sure passage of the treaty ■ in The Senate leadership worked Panama has protested to the 
to-morrow's critical vote. through the weekend to find, a U.S. about the DeConcini amend- 

To-morrow*5 vote comes after form of words that will satisfy meat but, perhaps heeding 
14 years of intermittent negotia- both Sen. Dennis DeConcini, who President Carter's warning that 
tions about the canal by four forced the amendment of the public comment could only in- 
administrations. The Senate first treaty to give the U.S. broad flame the situation. General 
defeat of the treaty would do powers to intervene to protect Omar Torrijos, Panama's leader, 
immeasurable harm to UJ5. the canal after the year 2000, has been very restrained through- 
standing in Latin America and and liberals who consider, this out the long, rambling Senate 
would also be widely interpreted amendment insulting to Panama debate which has been broadcast 
as a further sign that President and who have threatened to live in Panama, as it has here. 
Carter lacks the ability to get oppose the measure if it is in- This tedious, incoherent 

controversial foreign policy eluded. debate has underlined the fact 

measures through the Senate. . Sen. DeConcini is sticking to that the Panama Canal ratifica- 
Many observers believe that his position and said last night tion process has very definitely 
such a defeat would greatly that at least two other Senators, not been the Senate’s finest hour, 
reduce the chances of Senate who voted for the first treaty. But that is not entirely the fault 
approval of a new strategic arms had told him they would not of the legislators. Many of them 
agreement, later this year, vote for the second if it did not have been under intense pres- 
should one be forthcoming, and include his amendment As the sure from their constituents not 
it is also more than likely that first treaty was carried by a very to pass tile treaties, and the polls 
it would presage a defeat for narrow margin, these defections still show that a majority of U.S. 
the President in his bid to sell might be enough to defeat the citizens oppose them, 
aircraft both to Saudi Arabia measure and, in the process. At the same time, some 
and Egypt, as well as Israel. hand President Carter a crush- Senators argue, with good reason, 
Sen. Robert Byrd, the Demo- Log defeat that the administration has com- 

i ratic leader, and Sen. Howard The treaty on which the Senate pounded the difficulties by too 
Baker, his Republican counter- votes to-morrow concerns the readily .accepting the DeConcini 
part said over the week-end they relationship between the' U.S. amendment in the first place, 

thought the treaty would squeak and Panama between now and apparently on the assumption! 

through. But Sen. Baker, echo- 2000 when .the canal is finally that, with luck, it would not 
ing tile Senates’ profound dis- made Over to the Panamanian really be; noticed and could be 
satisfaction with the way in Government Sen. DeCondni and quietly forgotten thereafter. 

New party 
leader for 

By Robert Gibberu in Montreal 

THE RESURGENT federalist 
Liberal Party in Quebec has 
Siven itself a new leader in the 
P®raon of Mr. Claude Ryan, 54, 
for the past 15 years publisher 
and editor-in-chief of the 
prestige Montreal daily news- 
paper, Le Devoir. For the im- 
mediate future he will concen- 
trate on healing the wounds 
inflicted in the leadership battle 
with Mr. Raymond G a mean, who 
was finance- ^minister m the 
cabinet .of MrJ. Robert Bmirassa 

which -.lost the 1876 elections. 
Ha ..wai; also try to extend his 
party’s contacts with the other 
provinces and prepare for the 
referendum- planned- for 1979 by 
the Parti Quebecois Government 
[/Of Mr. Rene- Levesque in. 1879 
The referendum as to be about 
the -. future of Quebec. Though 
the. precise questions to be put 
‘is -hot yet known, the Parti 
Quebecois is at present: preach 
Eng - sovereignty -in association 
with. Canada rather than separa- 
tion. -Mr. Garneau’s power -base 
was in the Quebec city area,-and 
early to the three months?. cam- 
paign for the leadership, Mr. 
Ryan, with strong support from 
both provincial and ' federal 
Liberals ' In the Montreal area, 
pulled ahead. Hr. Garneau was 
never able to 'make much im- 
pact in the area of Montreal 
where about' half of the popula- 
tion of Quebec live. The weight 
of the forces' backing each can- 
didate brought out some bitter 
infighting among the respective 
party organisations- The wounds 
will take some -time to heal 
Nearly 3,000 delegates and 
another 8,000 party faithful 
crowded the Quebec city coli- 
seum on Saturday for the leader- 
ship convention, the largest-ever 
turnout It was the high point 
In the party’s activities since its 
rout on November 15, 1976, by 

Argentine military to keep power 


BUENOS AIRES, April 17. 

THE ARMED forces are to stay one, there is no way to avoid it,” JosO Martinez de Hoz, is the 
in power in Argentina till 1984. he said, but assured his listeners only civilian in the cabinet; and 
This was stated by an army that the “ organised bands of it is likely that he will stay 
general, one of the two or three assassins " had been dismem- on in the post But, whether 
leading spokesmen of Gen. Jorge be red. He caused considerable he does or not, the general 
Videla's administration at a surprise when he said that he declared, the policy .of Dr. 
lunch for businessmen here, has 'no bodyguards, that he some- Martinez de Hoz will not change', 
The anti-Goverament guerillas times walks to Government "because It is the policy of the 
bad. he said, been “ decapitated.” House from his home 30 blocks armed forces. We are convinced 
“The country will be astonished away (not in uniform, of course) that it has produced desired 
when it learns the number of that his irife goes to the super- results. There may be errors 
victims there have been on both market alone, and that his to correct, delays to remedy, but 
sides — of course, many more on children attend school unaecom- we are satisfied with what has 
their side than on ours. This panted. been done np to now.™ So there 

was a true war, and if we have What was new to the audience will continue to be no easy 
never said that in so many words, was the general's statement that, credit, subsidies or lower 

the reason was not to give the “soon, very soon, almost cer- taxation, 

subversives the status of belli- tainly in April ” the military Also being studied, the general 

gerents which they have been iuato will “ elect * the next said, is a way to give the unions, 

demanding abroad." President unanimously and that, the Roman Catholic Church and 

He said that the Gove mm ant between now and the end of the armed forces a minority 
hones m frS or put on M*?- R will choose the Ministers representation in Parliament 

the end of ^s^ear alTorisoners of ^ “ ncw government.” Hugh CShaughnessy writes: 

bcfd ? “ at the ‘disposition of the “ There will be several changes Adm. Emilio Massera, corn- 
executive pLe^-hat if Se of he said, “and I mander of the Argentine Navy, 

ooUtical prisoners. ’ thWt some civilians will be held conversations with leading 

* _ brought into the Cabinet. For members of the Peronist move- 

But the General did not say a time, they will work with the ment in Paris last week, raising 
that company executives are no present Ministers to assure con- speculation that he is seeking 
longer m danger of being mar- tlnuity." The completely renewed their support for a hid for the 
dered or kidnapped- “ If six or junta will be sworn in then also, presidency later this year In 
seven people decide to kill some- The Economy Minister, Dr. opposition to Gen. Videla. 

Chilean cabinet 
admits three 
more civilians 

By Hugh 0*Shaughnessy 
SR. SERGIO Fernandez, the pro- 
junta lawyer selected by Presi- 
dent Au gusto Pinochet to be the 
new Chilean Interior Minister, 
has appointed three new civilians 
to the cabinet. The military 
members are now id a minority of 
five to II in the cabinet following 
a reshuffle last week. Gen. Raul 
Benavides, formerly Interior 
Minister, goes to defence, while 
Gen. Herman Brady, formerly 
Defence Minister, becomes Gen. 
Pinochet’s adviser for military 

_ Mr. Michael Townley extra- 
dited to the U.S. this month to 
answer charges connected with 
the murder of Sr. Orlando 
Le teller, a former Chilean 
Foreign Minister, in Washington 
in 1976 — was a member of the 
DINA, the Chilean secret police, 
according to his Chilean defence 
lawyer. His wife. Mariana 
Callejas. was also a member, add 
had been a former leader of the 
right-wing extremist organisation. 
Fatherland and Liberty. 

Gas mystery 

Brazilian health authorities and 
scientists are investigating the 
nature and cause of a mysterious 
gas which has' caused the death 
of vast quantities of seals, fish, 
shellfish and domestic pets in the 
coastal area of Casta Vitoria do 
Palmar, far to the south m Rio 
Grande do Sul state, our Rio tje 
Janeiro correspondent writes. 
Residents of the area have com- 
plained. in the last 10 days, -of 
severe headaches. 

Shevchenko ‘has 
links with U.S. 


NEW YORK, April 17. 
MR. ARKADI Shevchenko, the 
senior Soviet diplomat and an 
Under • Secretary - General of 
the UN, has been talking over 
a period of two years to U-S. 
intelligence officers, according 
to Time magazine. 

He has offered recently to 
explain which U.S. agency, had 
been deluded by Soviet agents 
‘who fed them "disinforma- 
tion " prepared by the KGB, 
the magazine claims. 

The senior Soriet official at 
the UN. Hr. Shevchenko Is 
familiar with the inner work- 
ings of Kremlin policy-making, 
and was instrumental in 

organising special UN session 
on disarmament next month. 

The first public Soviet reac- 
tion, to the decision by the 
diplomat to refuse to return 
to Moscow was to claim that 
Mr. Shevchenko was being 
held in the U.S. under 
“duress." The Soviet mission 
to the UN called him a victim 
of “premeditated provocation*’ 
and of a “detestable frame-up" 
hy UJS. inteUigence agents. 

. Mr. Shevchenko has informa- 
tion for sale. Time maintains. 
His asking price, according to 
one source, is about $100,000 a 
year, if the U.S. should reject 
his terms, be has the alterna- 
tive of giving similar informa- 
tion, the magazine says, to five 
other nations whose secret 
sendees have been in touch 
With trim 

Protests in 
Nicaragua and 
El Salvador 

By Our Own Correspondent 
MEXICO CITY. April 17. 
NICARAGUA and El Salvador 
have been the scenes of anti- 
G overrun ent protests this week. 

In Nicaragua, students have 
occupied schools throughout the 
country. The action was co- 
ordinated with a strike by about 
27,000 workers in industry, 
transport, construction and 
hospitals. The aim of the pro- 
test was to demand better prison 
treatment for captured left-wine 
Sandinist guerillas, but it fell 
into the pattern of the growing 
movement against President 
Anastasio Somoza. 

In El Salvador, militant 
neasant groups have occupied 
four Embassies — the Venezuelan. 
Panamanian. Costa Rican and 
Swiss — and the cathedral In 
San Salvador, the capital, to 
demand -political and social 
reforms. The .peasant movement, 
wbich has the moral support of 
the Roman Catholic church, has 
been increasingly active in. 
recent weeks. Leaders claim that 
they are exploited by a few 
wealthy landlords who have the 
support of the government. 

The four Ambassadors con- 
cerned have lodged no official 
complaint, and the police have 
as yet made no attempt to dis- 
lodge the protesters, who include 
women and children. 


the Parti . Quebechis. The 
Liberals have run from the 
extreme ot : dejection io a new 
self-assurance as the leadership 
campaign got under way. 

Immediately after his vfetory 
Mr. Ryan made a strong commit- 
ment to the Federal system in 
Canada, making cle^r his hope 
of winning the support of Eng- 
lish Quebeckers fdr a “new 
partnership.” But fit would be 
a mistake to conclude that all 
must now be sweetness and light 
between the Quebec Liberals and 
the federal Liberal Party of Mr. 
Pierre Elliott Trudeau, the 
Prime Minister. 

Mr. Ryan has lived down an 
editorial in Le Devoir in Novem- 
ber, 1976, in which he urged 
Quebeckers to vote for the Parti 
quebecois and its promise of 
good government in the province. 
But his relations/ with Mr. 
Trudeau are likely to remain 
prickly. The blend of Quebec 
nationalism advocated by Mr. 
Ryan has undergone a constant 
evolution over his 15 years with 
Le Devoir. He f now urges 
Francophones to defend their 
rights strongly witljin confedera- 
tion, while remaining Canadians. 

During the campaign and at 
the convention bop Mr. Ryan 
and Mr. Garneau carefully made 
clear that a Liberal! Government 
would modify _ 

Language Cnarte 
Canadians from 
moving to Quebec 
children to ,the' 
system. Both mi 

ie • French 
to ‘ -allow 
ier provinces 
send their 
late school 

promised to 
clarify the position of head 
I in* Montreal, so 


GM and Ford plan note issues. 
Charter Company in Common- 
wealth Oil plan, Merrill Lynch 
and White Weld Page 29. 

offices operating 
that national to r ,— .. 
international ones could conduct 
HQ operations in ^English. But 
both also strongly support the 
primacy of the Fjrifnch language 
in Qnehcc. j 

The polls havefbeen showing a 
falling off of Parti Quebecois 
popularity, caused by the uncer- 
tainties and" higher cost of the 
Government's newly-introduced 
no-fault car .'Insurance pro- 
gramme. the continuing decline 
of the province’si'economy, labour 
strike in some ^industries, and 
the launching of a major munici- 
pal reform programme which is 
running into istiff opposition 
everywhere. ; 

The Government has tried to 
switch attention from the 
language issue * (the restrictive 
French Language Charter) to the 
economy. Howftver.' the opinion 
has been srowjng that at least 
some of the economic problems 

of high unemployment and slow 
growth arc dud to the Govern- 
ment's language and P r0 " 
independence policies- These 
problems explain the jubilant 
tone or (he Liberat leadership 

There is little doubt *ha-t the 
pressures from toe Parti Quebec- 
ois In the referendum-battle, flow 

that “ sovereignty-association ” is 

the catchword and not “ independ- 
ence ™ or “ separation-” will_ force 
unity on the Liberal Party in the 
coming months. Many Liberals 
claim that if Quebec elec- 
tion now. Mr. Levesque would lose 
to their party. 

But Mr. Ryan, after .the con- 
vention, said that.the battle is cot 
yet won. The firs* skirmish, the 
referendum campaagn- wi ^ need 
every ounce of strength the party 
cin muster. 


Air France drops options 
to lease Boeing 737s 


AIR FRANCE has abandoned its 
options On 13 'Boeing 737s it 
had hoped to hire as an interim 
replacement for. its ageing fleet 
of Caravelles. - 

The French, state airline said' 
it was “ obliged to suspend the 
leasing procedure " because of a 
quarrel with pilots’ unions over 
crewing levels. 

The airline niay renew an 
agreement with Boeing later. But 
the option cancellation may then 
result In a delay .of as much as 
a year before -the aircr aft can 
go into services 

The 737s were to be. delivered 
between April and December 
next year, replacing Caravelles 

that Air France has been firing 
since 1KS$ and which have be- 
come expensive in fuel consume 
tion. The Caravelles 'are 
manned by three pilots. . 

,-Air - Frances, ‘.option '-.agrafe 
ment, signed with - the Ui . rotor 
panjr .'on February 3. expired ,bn 
Saturday. ; . 

Air. -France inade the ^agree- 
ment after, lengthy discossiwa 
with Government authorities. 
The airtine committed itself to 
buying the pi aimed new genera-- 
tion of European- mediom-batik 
aircraft, expected to come on 
the market in 1984,- provided the 
aircraft proved economically and 
technically viable. In the -in- 



PARIS. April 17. 

terim lt might enter into a leas- 
ing contract with Boeing.' 

The pilots' sought a commit- 
ment from Air France to . craw 
-the 737s with a flight engineer, 
"pilot and co-pilot, arguing on " 1 '“ 
■ finfais of a -precedent set 
United Airlines in the US. 

Crewing, with, .two flight 
Officers, the pilots ‘d aimed, would 
mean a “ signift&Bt lowering of 
safety standards.”. 

The airline says the over 
whelming majority, of aircraft of 

- similar capacity- are crewed 
'-without atfairdcocfcpit officer. 

- It is estimated that an extra man 
would cost the airline - about 
Fre.lBL a year for each aircraft 

in service. 

Dell warns on consumer choice 


UNLESS SOME way ifi found to 
stimulate wOrid trade and econo- 
mic growth, consumer choice is 
bound to suffer as a result of 
steps taken by Government to 
protect their own producers, Mr. 
Dell, Secretary of . State fpr 
Trade, said yesterday. Britain, he 
maintained, remained convinced 
of the “desirability of defeating 
creeping . protectionism,” - but 
even .this country was being 
forced to examine ways of pro- 
tecting some of its more vulner- 
able industries. 

Speaking in London to an 
audience of in ternation ti- 
re tailers, who he said were 
crucial in determining the flow 
of international trade. Mr.- Dell - 
warned that in a time of -econo- 
mic depression most Govern-. 

meats felt bo and to give priority, 
in economic- ■ management . to 
economic security instead of 
placing the emphasis, like 
retailers, on; economic- welfare 
and ensuring .that consumers had 
tiie choice : of the best goods from 
around' the -wqrld. 

The goal of security, he sai<L 
might press: Governments in the 
direction of protectionism. 
Britain had long-lived under a 
school of economic manage- 
ment dedicated to The promotion 
of welfare — ■“ the road .to., 
trading.” Sometimes this -had' 
almost been to the' exclusion of 
economic security, he cteimed.' 

But to-day even the British 
hesitated. “Even we tools, for 
security -'for same af, oof own 
industries' under, pressure'; even 

we begin to calculate if it is in 
' fact in every respect , to our 
advantage.” It was when 
nation felt itself under this sorf 
of pressure that it began to opt 
to protect its producers' even at 
the expense of the. Interests of-j 
consumers, he said. 

- Britain remained convinced of 
{he benefits of .maintaining an 
open world 7 trading 1 - system where 
possible. This- remained his 
objective but he safd that he 
feared .that in L this_area of “cal 
ciliated free trade ” in which 
countries were increasingly cal- 
culating. ‘the w benefit to them- 
selves of tradin'! excanges, sector 
by sector,; -the open trading 
system would crumble unless 
further ways could be found of 
stimulating' world economic 
growth and world trade. 

Swedish export 
credit details 

By William Dullforce 

STOCKHOLM, April 17. 
CREDITS OF up to KrJflbn. 
($220m.) are to be made avail- 
able under the new scheme pro- 
posed by the Swedish Govern- 
ment to improve export credits. 

The new scheme, if approved 
by Parliament, would, mean that 
the state would cover the 
difference - in * interest costs 
between -the rate charged to 
foreign, buyers and the rate a 
Swedish company has to pay to 
finance its credit to customers. 

The Ministry of Trade empha- 
sises that the scheme, which 
would be operated by the Swedish 
Export Credit Company SEK in 
collaboration with the commercial 
banks, conforms - with • the 
Gentlemans Agreement on export 

The present, export credit 
system is to be continued parallel 
with, the. new scheme at. least 
unUf-the end of 198L Under this 
older system export concerns can 
obtain tax deductions for the 
difference between the interest 
rate they charge their customers 
and the rate they pay to finance 
their export credits. 

.The bill now before Parliament 
also offers a special boost for 
small companies in that the 
lower limit for credits qualifying 
for this treatment is reduced to 
Kr.300,000 (386,000). 

O The Swedish industrial giant 
Kemanord is going ahead vfith 
construction of a S 16.2m. sodium 
chlorate plant at Magog. 75 miles 
south east of Montreal, Robert 
Gibbens writes. Capacity will 
be 18,000 metric tons yearly, 
nearly half of which will be 
exported. The product is used 
In bleaching pulps. 

There is a federal grant of 
nearly SClm. towards the costs 
based on the number of jobs 
created and the provincial 
Quebec Industrial Development 
Corporation -is putting np $Clm. 

Swiss deficit falls 

The Swiss trade deficit for the 
first quarter totalled SwJrs. 
499.8m. and was thus 15.6 per 
cent, smaller than for the cor- 
responding period of 1977, John 
Wicks reports from Zurich. In 
value, exports rose by ZB per 
cent and imports by O.S per 
cent, over the period. The slow 
rates of foreign-trade growth 
were, however due largely to a 
fall in average values — the. result 
of price cuts necessitated by the 
rise in the Swiss Franc — of 2.7 
per cent for exports and as 
much as 9.2 per cent for 

Fraser-Fukuda LDC talks 


TN DEEPENING, pessimism 1 situation, but there -has been no 
about the' world trade and indicationso far ofUus.reacfcion 
economic outlook, the Australian-- to -the more sperific aspects/ The 
Prime Minister, Mr. ' Jkfakdlzn talks will Qian .two days. ' 
Fraser, leaves for Tokyo to- ^ 
morrow to try to convince; his .The missiflo- to Japan 

Japanese ^unte^P^m S 6 ™!? 50 ^ °^ < * aracte ^^ Gl 
Fukuda, that they should jointly jhmr^Crwp'nrni^nt 

Third World develop* 

mL Fraser k conviq^rtiiat 

a i)aminn?Ti0 other explanation^ ^Speculation 

of the keys: to general recovery. . . rTSE 

He^ronuatted to 

commitment on the part of the In a broadcast last night Mr. 
industrial nations to a growth Fraser said his talks with Mr. 
rate target of 20 per cenLin.lhe Fukuda would have nothing to 
less developed countries fsflrly do with bilateral issues, those 
soon. J ; ..4. were being handled at another 

Mr. Fukuda quidtty agrees to level and, apparently, satisfac- 
bilateral talks < m the- . wpld torily for the pre sent 

Toyota r^isl£ U.S. prices 

’ • ' NEW YORK, April 17L : 


THE FALL of the tfollar against 
the Yen has forced Toyota, the 
leading importer of foreign cars 
Into the U.S. to raise prices for 
the third time in six months. 

The increases average 5.4 per 
cent and bring the total rise in 
the cost of best-selling Toyota 
models over the past year to 
between 18 and 21 per cent 
The apparent erosion of competi- 
tiveness has had little discernible 
Impact on sales, last year a 
record 493,048. 

„ Toyota’s cheapest . two-door 
sedan, the Corolla, now carries a 
suggested -retail price of $3,388, 
$393 more than the cheapest Ford 
‘and;;. General. Motors small cars. 
However, the more comparable 
Detroit models cost. $3,454 and 
include extras not available in 
the Japanese car. 

• The Ford car company is nego- 
tiating fd sell land it owns in 
Yokohama to the city, Reuter 
reports from Tokyo. 

Austria’s Comecon trade 

THE DEBTS of the Comecon 
member states owed to Austria 
rose last year by 27 cent to ah 
all-time peak of SdiflSbn. 
(£1.38bn.). Bank loans accounted 
for Sch.7.5bn. of the Schflbn. in- 
crease last year. 

This was revealed in e study 
of the Institute of Economic Re- 
search here, which estimates that 
total hard currency indebtedness 
of the Comecon countries last 
year was up by $8bn. on the pre- 
vious level of S>40bn. registered at 
the end of 1976. 

But visible trade deficits In 
Comecon (trade with the OECD 
countries fell from $Sbn. In 1975 
to SBflbn. in 1976, and to $4bn. in. 

The institute stresses that the 
Comecon countries last year de- 
cided to reduce their purchases 
in the West in order to cut their 

VIENNA, April 17. 

As a. result of the restrictive 
measures, Austrian exports to the 
Comecon countries were up by 
only 2 per cent last year, well 
below the overall growth rate of 
exports, and Comecon’s share 
dropped from 17.1 per cent in 
1978 to 14.4 per cent in 1977 of 
Austria's aggregate exports. 

The value of transit, trade 
through Austria -last year was up 
by Schflbn. to Sch.37.5bru pro- 
ducing a surplus of SCtu25bn. 
which helped to reduce the coun- 
try’s visible trade deficit 
• Industrie Pirelli has received 
a $20m. contract from the Soviet 
Union to supply machinery for 
tyres production, while a group 
of three Japanese companies— 
Sumitomo Shoji, Kao Soap and 
JGC— has sighed. a YlObn. con- 
tract to export two detergent 
manufacturing plants to the 
Soviet Union. ... 


", TOKYO, -April 17. 
said it is studying possihilitiet 
of importing pressurised water 
reactors (FWRK-frpm West Gov 
many’s Kraftwerk-Union. - 
Power industry- -sdtircea said 
the company is showing interest 
in . Kraftwerk^Union’s - .- reactor 
because it Is . easy -to. overhaul: 
arid has developed fewer troubles 
than' reactors supplied w 
General Electric and Westing- 
house of] the UB. _ 

- They said the company pre. 
senti v uses boiling water reactors 
-(BWR) only, leaving the pos. 

fdbilaty that . once- a reactor 
develops ! trouble: all the other 
reactors of the -same type mi gh t 
have to-be shut down for 
ups.. ... i ‘ . 

Japan’s nine electric power 
companies use American-made 
reactors but their average opera- 
tional rate ' was-onIy~4L8 per 
cent, in fiscal 1977 because of 
crackings of -pipes; troubles in 
steam generators and some other 
difficulties. . - ’ . 

Adrian Dicks write* from Boom 
Kraftwerk-Union said to-day that 
no siles discussions or formal 
talks had been held between 
KWU and Tokyo Electric Power. 
Engineers from the Japanese 
utility had visited ' the Wat 
German company, however, and 
had expressed enthusiasm for 
KWTTs nuclear technology. 

Faced with the longstanding 
market dominance by US 1 , con- 
tractors in Japan, it is unhkeiy 
that KWU holds wit very high 
hopes of a sale. Nonetheless, the 
Japanese engineers are under- 
stood to have been' especially 
impressed by the higher autonti- 
tion, higher safety features and. 
lower average down-time o( 
KWTJ-designed reactors com- 
pared with possible alternatives. ; 
• Kraftwerk Union, a unit of 
Siemens, has received an order 
for three turbo-generator unfa; 
of 500 megawatts each from the 
Australian State Electricity Com- 
mission of Victoria, AP-DJ 
reports from Frankfurt. The eon- 
tract is believed to be worth 
about DM1 20m. - - 

Finns^mn $100m. 

Iranian ^foregfer deal 

Jaafcko^Pdyry Finnish 

coaknlting^nginep^^have won 
a design Contra Iran for 
a dustry pro- 

ject : iriic' 'Nordic^^rrespondrat 
reports. They wflfoe responsive 
for the planning of a sawmill s 
plywood mill and a particleboard! 
mill for Mazandaran Wood anil 
Paper Industries at Sari in a 
luge belt of . Caspian Forest 
along the northern slopes of the 
Albora Mountains. . The Poyrj 
company; which earlier prepared] 
master plans for exploitation ef 
the Caspian Forest, is also 
investigating the possibilities af 
building a pulp and- paper mill 
to- use surplus bagasse in' Irani 
Meanwhile, ’ -another . FinnWij 
company,. Lemminkainen Oy.hasj 
signed- a FM40m. _($9J5m.) con- 
tract to . supply ^ municipal 
engineering installations, elec- 
trification equipment and roads 
for a new 1,100-unit housing area 
in Monrovia, Liberia. 

$12m. Dubai loan t ' 

The Export Credits Guarantee' 
Department has guaranteed a J 
$12 sj. loan which Morgan Grea-j 
fell, acting on Its own "behalf and 
for Banque de lTndochine et de 
Suez, has made available to Saif 
and Abdulla bin Ahmed At 
Ghurair, a merchant family n 
Dubai. This is the first time 
ECGD has supported a loan to a 
private sector borrower in the 
UAE. The loan will "help finance ; 
a contract worth $ZS16m. awarded) 
by G hurair and Tarmac Con-. 
structioD to Crown .Hon». 
Engineering for the 1 supply d • 
electrical and mechanical goods; 
and services and other building 
services for a commercial centre ; 
at Dubai scheduled for comply 
tion in late 1979. 

Hotel complex order 

Ellis Gulf, formed recently to 
Ellis Mechanical Services h>- 
collaboration with " a' local trad- • 
tog organisation to Dubai, has 
been awarded a $26m- contract, 
to lnstal mechanical . ana 
electrical services in the 
Galadari/Cornlche hotel, apart* 
ments and shopping complex; 
with the Galadari ' business 
centre. . 


A market that cant only get harder 

displaying their wares at the 
Basle Fair, the world's largest 
exhibition of watches, with a 
cautious flourish. The flourish is 
because -they think they are over 
some of the worst of their 
troubles. The caution is because 
they know the world watch mar- 
ket can only get more difficult 

Their troubles were severe 
enough. The electronic watch, 
developed in the early I97(te in 
the U.S., and marketed wherever 
it could get outlets, horrified the 
Swiss. They had developed an 
electronic watch but never pro- 
duced them in any numbers, and 
were caught out by the sudden 
demand. Second, the early models 
were so unreliable and 

gimmicky M that the whole 
image of the watch, they believe, 

At the same time, from 1971 
to 1977, the Swiss franc rose 2} 
times against the dollar, and by 
lesser but still substantial 
amounts against other leading 
currencies. Since the dollar area 
(North and South America, the 
Middle East and South-East 
Asia) take* two-tMrda of the 
79m. watches Switzerland 
exports, the rise in the franc 
was disturbing. 


In a grim speech beFore the ASUAG has . factories in South 
fair's opening on Saturday, M. America and is exploring the 
Henri Schaeren, president of the possibility- of opening one with 
Swiss Exhibitors' Committee, an Indian . manufacturer - in 
said: “Our industry’s order Bombay. 

books immediately suffered the That mar ks a new dep artu re 
consequences of this further for \the industry, but its recent 
sudden bout of monetary fever, history .has been,, pmrfprce, . a 
Orders were cut, slowed or frag- .senes of new departures. First 
men ted, and the orderly market- they have invested heavuy 'in 
ing plans drawn np on the upturn research, the amount nstog-from 
experienced during the first eight ahont flOm. to the mid-1960s to. 
months of the year (1977) have- more than. £30m. to-day. .The 
been reduced to a shamble's; ; government has helped by spot*- 
insecurity is once again the soring the new Research Fonnda- 
dominant mood." tion for Microtechnology based 

Although the rise has slowed, inf Neuchatel- which co-ordinates 
there is a future difficulty, seen- academic and industrial research, 
by Swiss watchmakers as ’grow- . Secondly, they have, ss M.- 
ing rapidly. According to Dr. Schaeren 'put it, “avoids 
Peter Renggli, director of involvement with shoithyedtech- 
ASUAG, the largest group of nplogical fads. They. , have 
watchmakers, it is protectionism, ignored. LED watches, which 

More than 95 per cent of Swiss require a bhtton to be pressed 
watch . output is exported: pro- "before .the digital, fade lights np, 
tectionism is thus the dirtiest of and make only- a few models of 
words. Dr. Renggli sees its the LCD'digital watches. . . . 

beginnings in India and in South They -are tou?- betting heavily 
America, where local mannfac--tbat\ the so^relled “qiiarte 
ture is getting off the ground; •alialpgne. an electronic watch 
and fears its coming to the with \a. conventional face, ■■will 
Middle East, where there is become the most -valuable 1 part 
enough money to import -the of- the ^ quarto-watch market 
best technology. 1985. they recktm,. fhe 

In the short term, the Swiss watch markeV-npw about 270m., 
are prepared to counter protec- joriits, will- Jire .equally split 
Zionism by joint ventures, between mechanical and. -quarts. 

Of the quartz segment, digital 
watches will be, they tinnfc 
largely for children or will, 
incorporate, other functions, such 
as a calculator, radio, even tele- 

ASUAG executives wknit that 
much depends on toe W2 
American electronics companies-' 
Of the main. . companies, only 
Texas Instruments and Fairchild 
remain, National SemlcondflcCor 
haying quietly faded from toe 
.market place. The Swiss think 
TZ and Fairchild might puH out 
-too; but if they do not, dud rf 
they -Continue to market dictate, 
then toe “quartz analogue ” mar 
have a hard time. 

Taeve iiirtr greatest asset is torir 
quality insage. The three mam 
groups of companies that account 
for almost ell Swiss production— 
ASUAG, SSIH, . and Kolex— ar® 
co-operating in ^promoting Swfes 
watches rather than just toew 
Swiss watches, overseas. 

It will,, however, he foreign 
-competition., and protectionism 
that Will affect the structure or 
the -Swiss -watch-, industry more 
than Ite.owa preferences. 


i pHUtralAirNcv. 

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Skelmersdale gives anew twist 
to the old phrase 'factory . 
fresh' . Nearby you can enj py 

real ale in real country pubsx 

just a few miles from the 
factory gates. . 

For the privilege of turning 

back your biological clock, we 

pay handsome subsidies which 
go down well with dozens of 

industrialists who comeup 

here in doubt and settle down 
with conviction. Perhaps we 
could do the same again for 
you. , 

Skelmersdale New Town 

The experienced one 

Skelmersdale Development Corporation. 
Pennylands, Skelmersdale 
Lancashire WN8 8AR 
Telephone: Skelmersdale 24242 
STD Code (0695) Telex: 628259 



...... Stiaueiat : 19?S : ■ 







Fourth man resigns House Building upturn Sheffield 


from Leyland Board f nce ? 

may oe on 




SIR. GERRY' 'WRIGHT, British A new company secretary will director of personnel administra- 1 
Leyland director of finance, be appointed. tion. Mr. Park was the last , 

resigned yesterday, the latest in well as being the only main c hat n aan, 
a long line of departures since Board executive vice-chairman Managing director of SP, 

By Michael CasseUy 
Building Correspondent, 

By Ray Dafter. 

Energy Correspondent 

AX EARLY pointer to ad upturn - The institute’s figures showed •« 
in US. construction wnrfc taupe -ttat iu March. 6. per, cent, more- . 
yesterday, with evidence that the nrlsate practtcies wer-e t^porting . 
long-running decline intifewfc- in the value 'of. now ; a 

tload of ■ architects has ' -teen dmiinissitins than WereVjeptfrting "i 

' “r V ' ♦ 

a long line of departures since Board executive vice-chairman Managing director of SP, house PRirpe ; n i stopped. . i- "..j 

Mr. Michael Ed ward es took over so far appointed— eventual ^hich takes in Aveling/Barford, of Britain x fL, s ? me The Royal Institute of 'British-; 

as chairman fast autumn. there will K one of ?««««. Coventry chmax and 5® *W - ! Architects' MR Sumy"**- j 

Four of the eight main Board on j y two executive members of Alvis. Is Mr. David Abell. He is ; tion Qf ^ Instltu* • gested that the fell m new Q£n%V 

member* immediately before his tbe British Leyland main a colleague of Mr. Lowry on the,- 0 Chartered Surveyors. [missions had been stemmed art 
appointment have resigned. The Board. Mr Andrews was named Leyland Advisory Board, the :• Pnees are moving upwards, in j that the amount of work At tbH 

other three were Sir Richard vesterdav ’ as ■ non-executive tier ' immediately below main ( spite of the newly-introduced 1 design and woridng drawlttgii 
r- a inv P-.-L- \iv .esienisy as nou-eiecu e ijz »v_n ..mi m. . M^riotiAn. *« — ■ « ctm h«it imnmviui. .. n 

raehsCs. .At the , 1 time .Of . the . . 
d inquiry. last September, \13 
x.cenL more officds jvert indi- 
tiitg a ’lower levea-of orders ' 
ST were . reporting', ja /higher 

In public- design offices., the 

7 - . . h ■ m- ,A’ nan 

THE SHELL/ESSO oil group is ; ^ Wright joined the com- U5TeroaUOnai * 

seeking Government approval • ia ig6S ^ finance director He was chief executive of 

for a gas pipeline between the j ; hc jmek and btJs division. Leyland International before the 

Approaches are understood to 

architects’ offices; said that" the v>-The . improvement- in'- the -level 

yr - , 0 f ,nc trues ana dus aivtsion. ^ w Appnwcnes are unaersrooa io Mp » ohai _ v. nn rf»ivT.*i ft p arumtecis omccs, saia toi to ^-The uBProvetnenrin tne-ievci -sh«ffield T division on 

Cormorant and Brent fields The a 5ecame director of finance, Edwardes reorganisation, and have been made to British L«r m £w Picture was now brighter than it ’com missions- -was fairiy SevdSetobmSts^S^S 

scheme could signal the atari ot . Jannin3 and control in 1975. Mr.. Plant has been non-executive land about possible takeover of a«SL I' ** d hwn for 8 toaR'ttme. Iridwpread throughout’ the 

a wider gas collection system, . ^ e3Son was «j ven f 0r his cb airman tn the Intfliim. Ihe the troubled Speke production .vesterday 86 ^! nu»w t imtPn«Li However « Qew cotnntissions^ast^oantiy, although. » the South- 6e J^hi! a bisueer marifev sfiiit 

C0 Ik 2S Hnvneees'dep*^"- which « thought' to international division wffl co- plant on Merseyside, leyland is JJJ™ 3 wJfLJrfLfi "ESifw'W-W their lowest iiffereda decline against ■^r co Vffii?SR 

SheH and Emo. jo nt icencees , ha ^. e been mutually agreed. tinue to operate for some time at in process of transferring JronerH^S *** ^ recent recovery v«5 ihMBjsJiiatienal trends tn gewraL thi'GWdSSSr'vrtSSSfDS 

m the J or th Sea. plan to cany i H .,j b replaced bv Mr. a reduced level as other see- Triumph TR7 output from there b f J • from a low base. offices experienced a more JJi month to" defer a numS^* 

gas produced in association : Percv PJant. the companv 'secre tions of Leyland take res ponsibi- to Coventry. had agreed tenns for a proposed | In addition, nptimisa -h«l S, tfal improvement than ffi 0 r°JSLmet vtiU bSartinl 

oil from the ,r Coraorant Fjeld ltan .- whj) wiU bo , d bolb posts • Uty for their own overseas sales. None of the approaches is from T^base. been dampened. particoiail?^.'the smaller ones. ; -- - - * . -at S’: - Templ^lSugh 

to a shore terminal at St. ; • Ae time being Front-line A new non-executive chairman overseas, and none is for con- Many would-be buyers were the- private sector by the ejpw - Some '55 per ce&t of r-pnvaje wor i^'. RothSpbajtf- bfi'-tSS 

Fereus, near Peterhead, Scot- re5pons ihility for finance under of SP Industries, formerly Ley- tinuation of- vehicle production, suffering long delays in obtain- j tation tbaf fewer arcWtefet&Rjl «ctor'^ offices reported less tiian billet facilities to renlareaielnp 
,aJ ft ' miinr ,j no « hPini*ithe reorganised Leyland manage- land Special Products, was an- Leyland said last night that no mg mortgages, a situation which; staff were likely to be- reqmred.sfx months work artually in the pJant . ^tL balance it's mohm 

1 £iJ2lS Chin/ ment structure will continue to nounced yesterdaj 1 . . formal negotiations were under couldonly get worse because tf [ over the next six months, despite pipeline against BT per cent m rfectrfSsteel mritHtfcapicfty 

iSsos Brent Fiefd and "t 1 b8 held b >' ^ DavId Andrews. He is Mr. Pat Lowry, Leyland’s way. the cuts by building societies, i the positive, trend In workloads; September,- - - - - -> 'The^ pTah^lW^nd 

j. j‘ : - 

fC.%; j j 


F^?rcus. j 

Mr. Anthony Wedgwood Bean. 
Encr*7>- Secretary, told the Com- ' 
fnons yesterday that other fields 
to the w*t of Brent, might also 
he linked tn the trunk line | 
through a gas collection net- 

- ^nrt From Cormorant, the j 
finite that could be tapped this j 
v. ; ay are Chevron's Ninian Field. ! 
five on stream later this year. ; 
r nocal's Heather Field, and ; 
Amoco’s North Hutton Field. 

_ Cost of nipelines for this net- 
work could exceed £70m. al- 
thouch compression facilities 

Tractor engine men 

seek sit-if. after 


short-time move 


would raise the price consider- ; i^je 7.000 WORKERS at Perkins from the record levels of recent 
abiv. .Engines, Peterborough, are to years. 

The consultative Gas Gathering consider an indefinite sitrln for Perkins is making' only 850 
Pipelines company, which has a better pay deal, despite the to 900 engines a day. compared 
submitted a re'nort on collection company’s announcement yes- with a normal output of about 
■* vyfero? to Mr. Benn. is thought to terday that short-time working 1,100. 

estimated a cost of £250m.- 1 -would be introduced next month. The company said last night 

billet -casting ^'machine;- wnlt: re- 
■dace ;£tie 4,000-strong, TTmple- 

horot^h- Labour .Force 3tf'500 
over the" next few yearir * "The 


*n0nm. for gathering networks Pp . Hti _ which Bunnli -_ ahmi i that it would cut production by 
ba<ed n n the Brcni and Frigs ! four working days next month, 

tn-nk lines. . Some 1^00 Imployees. would be 

However." GGP's report .a Sertel and^otlTtio^^re 
that it believes there is In- ! “ P«»frress with the unions on 

snfipient gas In new fields to **“ sl ^ how to phase the lay offS. • 

■justify construction of anotherl 1 ^®^ iJJ d ® maJ:id * or Workers will hold a mass meet- 

major trunk system, costing oer-i a ^ ncultura macmnerj * ing on' Friday morning to decide 

han^ £5hn. Massey -Ferguson will hall whether to go ahead with occu* 

The 25-mile link is in the mo«t ! tractor production at its two patten of the plant, 
advanced planning stage. Shell. : Coventry plants fOr a fortnight The company has offered a 10 
F«sn. the Enemy- Ppnirtmenr 'toward the end of this month, per cent annual increase, but 
British Gas Co^n^tion and . and lay off nearly 4300 workers, shop stewards are pressing for 
British National Oti Cornoratinn Ford's tractor plant at Basil- parity of earnings with the 
ha-'n alrcadv bed talks. • don, Essex which supplies about Coventry plants of Massey* 

Shell and F«o h*»-*> *i«o!a third of Its world market, is Ferguson, 
started neeot'ation* with othm-iaLso resorting to occasional Average earnings at Peter- 
oprrators wh»**h rnicht be in- J short-time working. . ■ borough, which are on measured 

volved in the West Brent gather- i Component suppliers ■ have day work, are about £70 for a 
inn system. i expressed concern at the spread 40-hour week. la Coventry 

Mr P-nn C31 rf that he had ! of redundancies and short-time piecework earnings can be up 
a*kcd Shell and Esso to move as workln S as market drops to £10 a week higher. j 

A Lockheed TriStar, owned 
by Delta Air Lines, one of the 
biggest UJS. operators of this 
type of aircraft, at Gatwick 
Airport yesterday^ after a non- 
stop proving . flight from 
Atlanta, Georgia. Delt is due 
to start services between 
Atlanta and Gatwick on May 
L This will be the second new 
UJS. airline to serve the UJC. 
this spring. BranlfZ, of Texas, 
recently began... flights 
between Dallas/Forf Worth 
and Gatwick. using Boeing 
747 Jumbo jets. 

Shell Chemicals blames £5% 
losses on deteriorating trade 

over the" next few years: • "The L-s 

planned development bar' -been In- 

drawn ap.-. »however.- with-T; full 
uniozr consul tatiom- r jL. ; 

Tn.- another . development-. -the. 
BSC-TIs to spend . a :fttttlier.'Sin. 
at .its Stocksbridge works* ot ,'^T 

hew plant to produce-. stedL'jftrip ji- 

:tor razor \ blades. rTbjav razor- . 'rZ 
-blade- market is . one. whicH^is 
growing and . the BSC .clAinjs to • - 
have more ..than -half - of fetal " 5 £ 
world strip .sates, with the: mate 
oppo^i tion . coming-, from? ; pro- t-..! 
.dpcers ip. -Sweden and'Japan., ^ r - ; ^v 
.. The new -plant, wiucH-^viti^lSo - • s ^ 
produce' stainless steel/strip for :: c 
other precision euttiiig applies- ■?. 
rtipi»; high-grade kitchen ■ "i? T 
knives... is due' te ; he con^iteted . i-jk- 7 
by 1980 ancf will," according to - • 
the~- corporatitrai have -inter- 
nationally .comparable manning ■ I TV, 
levels.: ' New/cbia 1 'rolliag. -?hear . 1 rT 

treatinenf-ancT slitting plant-will M 
be installed under the scheme, ! . , 
And the layout of the works^wil] [ {jit 
be reorganlsedto achieve/^ more. 1111 
efficient production flcrw.. - Some 
older rolling equipment ■will be 
sapped- - . - ... f . j; r 

’fit# • ^ •’ 

& P m • - K 


i' 1 - 


j; ^ • 

t: ■- • 


kbncia: times • v. 

|E PSCrTTA- . 

15 :j 1’ : ' 

• :r 

expansion; - in . 

SHELL Chemicals UJK. was although higher prices pushed . Slack demand in most. markets $hftffield:. caafes on . top^-of .a 
running at a loss in the second' the value up by some 9 per. dent; mean t that - ♦ flSOm; expansion no*L steering 

halJFof last vear and the com- * The Shell figures confirm the .working for much Pt.tbe yw At completion: . at Tlnaley -J’ark/ 
pany sees tittle prospect of im- Pftterntliat has beenemff^g only • 60 : to _70 per^cenL- of Shepcote. Lane .and eSridebce 
proved sales in 1978. 

from all the big petrochemical Capacity. ' ~ : i-.r ' of the. good - gro.wtk'-psn^wcts 

manufacturers, who suffered./. Shell U..^ -W^factures; ;a wb icb the .corporation'' sees *r 

a-iirkl- as possible to make sure' 
that no eas is wasted in these- 
northerly fields. ! 

Mr. Benn hinted that a Brent- ; 
based gathering system might 1 
also he extended to more. 

nnrtherlv fields like Magnus,' 

Murchison and Thistle. ! 

This scheme was less urgent! 

Defence research pact 
signed with Australia 

£4m. aid 

This scheme was less urgent! FINANCIAL TIMES REPORTER f* A • ' m 1 

««nIwS ,BRITAW " ir,d Australia have submarine weapon used by the ftlfl * 

for?‘an-Donation untiI l^ b signed a formal Memorandum of Royal Navy and tbe Bara soni _ j \ 

ior Transportation until imd-. ; Understanding to continue co- buoy . underwater detection By Arthur Smith. . J 

It is understood that British . operation' on defence research, system which may now be pro- Midland* Correspondent i 

Petroleum 5 Magnus Field — the : . duced by Ptessey in Britain. 

most northerly commercial dis- ; This is the first time a o Be of the latest projects is THE GOVERNMENT is expected 
co very in the North Sea — i<; the ' memorandum has been signed j be j 0 j n t Tropical Research to announce details this week of 
key to this part of a gathering! between Britain and another unit at Innisfail. the first £4m. instalment of'a new 

network. • nation formalising existing >r.h e Ministry of Defence says aid scheme for the troubled foot- 

BP is already investing ! d efenc ® research arrangements, the new agreement should faciti* wear Industry. .* 

EIJSbn. on extracting oil from' Co-operation in defence science tate more joint research, trials, About 6.000 of the ; 75.000 
the field and is dubious about land technology has previously experiments and exchange visits workere in the industry are onj 
the economics of carrying gas; been op ~an . informal basis and by. scientists to discover new short-time in the face ef lowi 
From thp reservoir to Brent, i has included projects like the knowledge and incorporate it in home demand and cheap foreign 
Coironucntly. the group may j Australian designed Ikara anti- both nations' defence systems. imports. i 

evaluate some of the other: •- ' The Government s'cheiqe is a! 

tow^thr-d oTthe y^'afn Morae^de.-: . , ^ ■ tSSSSi?? S-SSt S- 

fSFJVS Mb to *1?* mater,a J ,se In. -spite of decreased profits more than. ; £400m. for the'rJlast 

DeSiber • months “*« drrfted OT «%st ySr. it is piSSng: ahead financial year .-but if:^nan?ing 

_ • •. lower. _ • _ .. ,.a with a IGOm.; capital expenditure of the new. Tinsley Park com*- ■ 

.For the year as a whole. Shell Mr. Derek Crofton. ;; ShW progremmein^^e’ UJ?. tins plexTs-excnidearit would have 
Chemicals LJL m . ade J Chrai cals’ finance director, saite ^ boosting pply-: been-profitable. . -. 

rfASteTm f0Urth qua ^ r -etiiylene-cifiimp.' «ad 'at modify- Steel works, opferdtirts ’ are • 

19i6 level of £l0.8m. on sales of tically worse than we had j its-aasting ethylene plants likely to show af profit f&r the 

expected. This was due mainly to allow ■greater flexibility of feed- year ended March 31 of.pround 

In stagnant trading conditions, pressure on pnees both at home stock use. -■?: v /. - £7.9m- • But .tB!s\was converted . 

• the volume of sales last year was and overseas and to the con- However the-'bl^gert .proj«;t intd a' loss by- the costs if . pay- - 

'marginally lower - than 1976, turning rise in operating costs. r . pi armed for the U.K„:-.a £200m. ing interest on the £l3Qna. in- 
ethylene' plant oh Mertwyslde*-' vestment arid of coraltiissidriing _ 

— — ; — -is- new hfifikeiy frig'fT. ahead 'this the - new WorkSa . ’• '£j ' 

year because of the 'sertens : . This plant . will;.- her/Opened ■ 
v j-* m • 11 European Overcapacity.'-. - officially . in July 

1 Ammiccmn O IIAWC • Capitar expenditure /• in ^tiie mately tayfi an output of : Momid 
X llvC vvlIIlilliJU’lUIl ttlllJ f T >J TI.K. fast- year was ISSttl. -part J220.000 tonnes a. year: oTjbulk 

of : Shell's worldwide. ‘^firiiicais stainless steel sheet -aryL 

T /\nr1/kn foro- inArDQCOC expenditure of £ra6nC- - . - ---- rouefily doubte the cdj^6ration:s 

I Idle tllLl CojCiJ 'Thddedline ip tJJK. profitswas existing capacity. - Bulk stainless 

I . mirtered by the resolts of other steelniakfag is curreriTTy ': con- 

I LONDON BUS and tube fares allow interim increases before an parts of-=-the . Royil 'Dtftch/Sbell centrated ‘ at the Stocksbridga 

i a- i i Tn fViic mm I li o i r " - ^plVTij-alir . nnbrsiHAnc U/rtrtc mhiAK* unth ^ - J 


cv-i: - 


U-ijr. -• 

ley C 
ric si 


Price Commission allows 
London fare increases 


SET . 

!«afr-- -- 
l Hi*- 


®Bi""v ■ 

fe: -:-- ' ' - 

the nhrOduc- 

trfn ; tiDairftv. i -T ' . ' 1 " *" 

method!? for *ns handiina: the | 
ennFprsnjn offshore of gas into 
linurfied natiiral gas or into! 
rhermcflls like methanol or' 1 
ammonia. I 

U.K. airline landing-aid 
decision in balance 

home demand and cheap foreign j ^ to go up before a Price Com- investigation. In this case, their gfrori^s rcheiflicais - operations works which: with the iritrtduc- ' U 
imports. . : j mission investigation announced inquiries are due to be completed rfviund' the ' wocUJi rind" raies'ln .tion ofnrew faz'or strip .dipacfly. . .! 

The Government scheme i$ a j ear ij en this month. by July 12. Europe declined marginally ' to Is expected to move over 1 * In- ' : , hi 

response to a tripartite: study . T« nCT ,rtrt « nmmi •London. Transport have £1. 049b n. ■ compared with -creasingly to 'more speclril&ed | % 

into tbe future of the industry | 9 *%??!£££ asked the Greater London Council n.lMbn. iri i976: ^stee> production^- -" J " 1 '• 

by the unions. managem®it and j a ’ e raee i^re^es or per cent. approve pIai)5 for a new £ 4-5ra . : — : — rirs — . . ■ ' ■ ■ ^ i '«■ 

the Department of Industb. The ™ J*"!?™* ' P* r nn u in Hackney. f -- r: V :*• 

the Department of Indusliy. The' ««* <«*« *«« garage In Hackney, 

report, piaced the empEs The garage, which includes 

. C lui/uuu T,™?,, jr-wran hv i UK KdifSSC, wiiivii liiuiUutTD 

self-help but recommented j>ro- J?^ es ^ to mi servicing and maintenance 

virion of n 13m of State, assist- “ e commissions decision to f. n :i!tiar tmif snam fnr Ufl hnwc 


vision of £113ra. of Sti 
ance on specific projec: 
three-year period. 

! assist-; 
over a i 

investigate the ri«s facilities and space for 140 buses 

investigate toe rises. indoors and 30 outdoors, would 

The commission said yesterday built on a 4.5-acre site in Ash 

i r". :* -t . .. 

! ■ - 

!s .... 

"Motv vpqi* Kfinb - i rfprfSENTVITVES af more have been divided in their views. I . The Government is thought to j that it allowed the full increases Grove, already purchased by 
new J-ear l>OOK 2e SE * ^Sl BSS-m e£mrlai Transport for £1.6m. 

analyses 362 
unit trusts 

i than 60 countries who are mem- with most European countries ,L, 

bers of the International Civil supporting the British system !£ b fhi pSfhfo? ndurtJ? 

sr?«s d s is^bTJt ws r* ssrfs.; 

! ss s? 1 future ^ U5 - sy — KS£ c»uw bTpvSrta! rjsn 

! The m«Ser« a ,es of tho Homepride ■ ** ■*“ ■ 

nrsanlsation have been meeting A iUlllcpiiUL , 

ur of a as an interim measure, after London Transport ' for £1.6ra.- 
on that -representations by London Tran-v -p be new garage would replace 
idustry, port executive. the Dalston and Well Street 

e avail- Th e commission regulations garages opened in 1908. 

ffesd. • • 

MiPii UU3I3 1 finer landing-aid. r wuw k prannv swiuu 

i ^ . ■ -f y • j the scheme prove SupceesfuL . 

THE NEW Pd ition of The Unit The m ember-States of the H011ieDna6 • I w*k . • •- 

Trust Year Book, published this organisation have been meeting r - , J ' . Wica in pnf UIGlirQU^A 

week, gives a detailed analvrislin Montreal since April .4, dis- n |nn OHll lfl RCCOITimendatlOnS XVloC lit LCU iliiyllX <Uivk/ 

of the 362 unit trusts available cussing the merits -df an VUIIAU- . 

for investment. I American system versus those of ______ • L_ Recommendations by[the tn- >1 LJ/v? 

,, , !a British system for world-wide S3-VC IODS Dartite study for prowsion of XHlC VAJlf^ inGVIl3lllG 

onri,nh l oommenary ad&pti0D as th e b^t- landing-aid come OF THE^ 3M tabs at Stok* !! risk "' Mpitar and An^cIaJ in- UUS J Crtl Hit Y II -flWit 

“™5 u 5i ec ? M .* work l n R fi I for ose'-at thousands of -airports SrAlrl S ducemente- to artraiJ senior} v 

regular savings n n 19S0s and beyond. They S marketing and m an aperient staff bv stuaRT ALEXANDER 

2!EL£ a i re e i change sc 5 era ^ were due to decide between them £ foum# litfJe Uvour Y i£fr ^ bt stuart Alexander ...... 

withdrawal schemes, and the this Friday. thc ? nd of 11x15 '* cek * raay b Dcnartment of Industry's - 

choice of a unit trust portfolio— But reports from Montreal sa r? a * « w -j However the scheme is likely FURTHER INCREASES in car prefer to stand aside rather than 

a new subject- refipetino the TT c Mr. Kooert Blonage. me »_ .u. Insnrnnra ' nrpmliimii this vear write business at rates that will 


Recommendations byfthe tri- 
partite study for prowsion of 
"risk"- capita? and financial in- 

Rise in car insurance 
this year ‘inevitable’ 

iS? Wake 


: uaj 

•s> -■ ' ? 

choice of a unit trust portfolio— But reports from Montreal sa “ _ . .. ... However the scheme is likely FURTHER INCREASES in car prefer to stand aside rather than 

a new subject reflecting tbe yesterdav suggested that the U.S. . ? lr - . KoSert , Eiondge- the to taJce un thfi M(1 0 ff« r q m p an v insurance premiums this year write business at rates that will, 

growing sophistication of unit had linked with Australia and bake ^T 5 geoeraJ manager, said total audit.” Unded'tbe pro were Inevitable said. Mr. Daniel in our judgment produce '.an 

trust investors. West Germany to offer a new y®sj en »ay that discussions were y^ons. companies wosU be able Meinertzhagen. chairman of underwriting loss." 

Publication comes two weeks iolnt. project based o B the U.S. ^ kl ‘° g fa p i a fl t !„!i se „55 l |545S to a °P° ,0 t indepenflent enn- Royal Insurance, yesterday in 0verall resultB fQr ^ 

after the Department of Trade Time Reference Scanning Beam « J 5j2?oin? If th£ ?u Hants to review all operations, his annual statement. in 1977 showed a turnrouod B fSlS 

turned down the industry's call M t f °-We S nTatioJrt7o pS «c!udlng manaaemerf structure Prlva te - .and commercial }3*. STSyfit toTS»-K 

for an increase in its annual This would effectively Drevent J v ® a “' marketing, financial fontrol and .motor business last year bad nrnfit of £i53ml ■ 

managemertt, and within a week ^ d^ates from - making^a ^ e ^ n b I®f d production. Grants* would be 'suffered a severe setback ■ in : pr T, -f"*. ' . 

of a Budget' in which Mr. Dente definite choice between the agreement with ^ Hovis made available for ipplementa-| profitability and produced the Tbfs w “ a l furth !S SQ £ e1n 

Healey, the Chancellor, made c*ri?'n^ u - s - proposal and -the “^?"Sal “d .^Urt Baken^. tion of the proposals, j. [worst underwriting result since 'recovery-ln underwrltms 

radical changes to the treatment Br,hsh Donpler system. v State finaTlce is alfc likely tn; 1971, he said. following the stringent remedial 

of trusts- aad unitholden, for the As a ^ result - it was suggested teto a factory and 1 have aeeo h e made available to promote j - action instituted several years 

purpose of caoita? -^a ins tan e jthat the meeting might - he planning officials about this. new investment in -the Indus- J. “Competition remains strong ago ■ and - pressed-- forward 

™ „ 1, . J* * adjourned for at least a .brief we have a job centre at the try's closing rooms where shoes I and we regard some of the rates unremittingly in the meantime," 

a 1 ^JL Trwt Y ® ar Book-' period -while the merits of the bakery, but only 4G people out are made nn. 1 now being charged in the market said Mr; Memertzbagen; 1 

AvamoLe from Money Manage ■ new U^S .-Australian-West Ger- of, the 300 to be made redundant The need for the Government 1 especially for motor fleet risks,' The Royal looked on last .year's 

ment, breyxtoke Place. Fetter man proposal were discussed.' have found jobs so fax. so we to cet apnrovaj from the- Euro-! as inadequate. - • results as a -springboard for 

L^ne. London EC4A 1ND; price It is understood that ■ so far will have to wait for the final naan F.conomic Commission for I “ In such circumstances we further future advance. 

- c,sa - 'the countries at the conference total. - the p*ck??e has delayed its an- : 

cS".:;:- -- V" 

... ■ ■■ 



■s . 


for - .- ‘ ^ . ■■ '■ Fo£ cady;-crdc*ijf. pfopfe, gpiqg. into a UKotne” . 
" . -^camslikc thc.cnad£the woridL - ' : ' . 

Ncvcrthrii^ opr headline- is a typical quotation 
;; 'j - jfeox oiie ttf.'ontr readtats’. letters. . : : ‘ • .. . 

r m . . Xhc piscrosed Geintldbik's Aid Assodation runs 

• * -a parijcuiar type.of Home for a particuiar trpc of persoii. 

' • iSdfr jnst witri: is r implied i^ tht -MSeiidefbrk.’ ic our title 
- :: * tdt'smyoipe, piari' or wotnao^ nrho'Tvifl. 'fit-ib’: viih our . 

..odier' r&deqts. ' - ^ •• 

. ■ rji z • ''We have t 3 Homes In flJ^ Spme RcsIdential, some 
. firfl-'Hur&irig HofoeS. Anyebeycib. nods a- Home b&l ivHo 

- - ^cb>- the necessary fihkidalyresottftas cari^apply - 
DGAAforheip.-' V ; - 

^79 *** short;'b^u^„mdae^.is. short^^5qa? 

sus. ^hariqa is 'urgently requited- And please, do remember 

Finniston attacks engineers 

CH?ao .im ports. 

Extra £5.4m. allocated 


* at ^,‘t rumbustious and controvert due?* 

The . L T JT. is not. tlie only i 

to aid small industries 

— - jY Hiuuwg cugmeera, ire wn oj« on nunuusaous ana coaixover- du,.* - aitiomntic - - 

iIr Mon 7 WbbI- there had bees loo much alien- sial. Is fact if this happens, so SSrt llenSBi for all fba£\ BY JAMES McDONALD - 

Sion for failing to produce con. tion to pay, status 'arid coodi- much the better” £mtez tete the «JmmuniS! - - • - ... 

struct ive proposals for improv- tions rather than to the under- The nest major meeting for f«ni the 17 mlin munlrtne ' AN ADDITIONAL £5.4m. has Rural Areas^proyides advice 

mg their profession. lying causes. - professional engineers, when co»ntries. • .. ' s j been allocated to the Develop- and loans to.smatl ftrms. 

Sir Monty, who is heading the “What we are lacking from they will have a chance to ttj C measure is intended to- menl Commission, bringing its The grant-in-aid for 197S-79 

inquiry into, the engineering pro- the inputs thus far are con- answer Sir Monty’s criticisms, gj V e a speedier an if fuller pie- ! grant-ln-aid for the current will, allow.the 

fession. says that engineers structive proposals to tackle will be in London next week at t ure 0 e market rtereloomenls ! financial year to £l5.5m., Mr. tain its expanding factory pro- 

have been nverlu m-iTifo in th«»ir of thou t ... . „ . ot, 

fession. says that engineers structive proposals to tackle will be in London next week at ture of market developments ! financial year to £l5.5m., Mr, tain its expanding factory pro- 

have been overly polite in their some of these weaknesses.” the Institution of Electrical before the commission takes any I Peter Shore. Environment Secre* gramme, aimed .at creating; about 

comments and have been “high The committee was well aware Engineers. other steps to h^lo the Euro- i tary. said yesterday. 1,500 ’ jobs ’ each year in rural 

on diagnosis and low on pro <»the. prcAlems affecting the The institution is holding a p ean footwear in durirty. I The extra grant comes after areas, while continuing to'^meet 

scriptioD. _ profession in relation to train- discussion on whether engineers The licensing move comes Mr. Denis Healey’s announce- demand for loan assistance 'and 

. *“ s Cri c- Cis ?^ L made 10 - a j 0 ®' 1 “ eploymen t and career should be subject to statutory after a warning from the com- ment in his Budget speech of an specialist advice from small rural 

teuer to, air John Atwell, chair- development registration and licensing, an mission to Hone Rons. South increase of £20m- in public ex* firmi' - 



.1 A. . *T_ ■ rr , I UMU-’IV IU none KOD^. J3VU1« **•»>* UI «WUL III HUUUt, UlUU. 

I Cl . tf Engineer- He was also keen to stimulate issue which has split the. pro- Korea and -Taiwan abont the penditure for environmental. 'In the last finaaeial year, the 

iriLo* .iSS 011 ^ wbl - dl ** or 8 an * fttrtner “bate on his inquiry fession. bfgh levels of imnorfs. The im- services. qommlrelon spent '£9m: - About 



a benos of regional confer- among engineering profes- Speakers will include repre- pact of sales from the Far East I The commission finances prp*.£4m. ; was - spent «on factory 
hrlhtlr iK« a «-^ e °P in ‘ oa . 00 , s ‘ on - The committee want to sentatives From-U.S., Canadian countries are compounded by (grammes of small factory coo- building -and £4m.- on the 'pro- 

Aithm k inn,st0 ° Tn( l uiry * wdat engineers really and Sonth African engineering restrictions placed upon Imports | struction in areas of rural vision ‘.of . and- advisory 

itiL I . 1 w . f "7 <UIU UVULU w^uiywi iu fi IV'HLI|UUJ pidLt-U 11PVU IIUIRIHO | UMyifUVU ail SUMO - UL I UrdJ YISUVH ,U[ /.UCUil- 

anviln^U v* c0 ™ mifl . ee was tbw*- * v ’® 7 \. ^ ttes means that professions as well as UJv. of footwear to the U^., Canada, : de-population and— although -the services for;- "small -eempantes 

anxjous to have the views of some of Ihfe meetings become a Ministers. Australia and Nigeria. Council for Small Industries in in rural areas. 

j_ ■ •- . { ■ ■ 


«HeT{)i tbemgrowold with 

^ To*. 


J.t - 




i (TV 

. Q 

\ r.. 

: - : 'Titties Tuesday. April 1S-J978 


Laker Air 

Swedish rival soon 

offers big 


0/ Michael Donne, 
Aerospace Correspondent 

BRITISH. TOUR operators are 
about to. face, .eopjpetitSon from 
another . ScqaiAifiavlan directs 
selling holiday organisation.' . 

Vingreeor. - the ■ largest tour 
operator in Sweden, Is to start 
selling in the^ILK. -market-next 
winter, - this Joining, its Banish 
riraj Tjaereborg- which- opened 
its" highly successfal British 
operation last year.. 

The -bulk- of British foreign 
holidays are - bought . through 
travel - agents -and the .interven- 
tion of/Ejaereborg has provoked 
considerable:. alarm already In 
tb ebusiness.:'-- - 

Vingresor’s- intervention . will 
onljr deepen that alarm for-ii has 
already declared that it has no 
intention -of using agents. 

In - Decembers the,; Swedes will 
: launch -a full Tattfce^of Mediter- 
ranean holidays -as well as trips 
to Scandinavia. - 'The .company 
own . hotels in Spain, -the Cana- 
ries; Greece and West Africa. 

■Last year it nairifid ,250,000 
Swedes on holiday, and brought 
around 40,000 Scandinavians to 
the .UJv. ., , : ... 

.The arrival : such a ltrge 
concern- on the. nartoet at this 
time, cannot bring- much joy to 
established British operators 
whose market, although healthier 
than a. year ag(V-i&$!7 no means 
buoyant- . i 

The Swedes clqarly feel that 
UK. operators Have;-b«Mt falling 
down -on the marketing- job and 

that Britain is a. travel market 
waiting for exploitation. 

For the past couple of years, 
the company has been research- 
ing the UK.. and. believes there 
is an u enormous growth poten- 
tial in a relatively wealthy 
country where only a little over 
10 per cent, of the public take 
foreign holidays.” 

There is also a hint that Vln- 
gresor will undercut local com- 
petition. It will the company 
said yesterday, offer “the most 
competitive prices.” 

Viugi^esor’s arrival will intro- 
duce considerable capacity into 
a market which some suggest is 
already overburdened with sup- 

British Airways to keep 


Heathrow bus service 

BBTTtSU. ' AIRWAYS will con- 
tmu& to prpvide' a jja&senger bus 
service between its West London 
■tepninaHn Cromwell Road; and 
Heathrow Airport, despite- Intro- 
duction of fbe underfire and rail 
link which- has eut "the number 
of bus passengers and is causing 
the airline losses of up to £30,000 

aj weefe -. 

. rThfc underground * rail link 
between 1 Heathrow Central and 
the reat of the London -Transport 
tube Tailway system -"was opened 
last December, At that time, 
London Transport forecast that; it 
would be used by _up to 11m. 
passengers’ a year, -4tnd results 
over the past three ^months indi- 
cate that this Target "will be 

The rail link has- reduced the 
number of passengers .using the 

bus service • from 1 West London 
to Heathrow, but Bripsh Airways 
still believes tbuTtcr: fief* useful 
supplementary meft^d-;«f reach- 
ing the airport aoftJirfH retain 
it ... 

■ But : to - save - money, jmd 
unproveutUisati ou^ rtis possible 
that instead' . of 'toxviBg* separate 
buses jegrving -Tarauhala. One and 
Two at - Heathrow^ frequencies 
wiTl. be reduced I” 18 , at 
a tixae serving' both. YRrounals. 

-.'The matter ; Is ; being 
considered .and ■ no' rira nges- are 
likely until thi* e^*. cra ? r 
trig summer-:’ • ' ’ 

Tjaereborg offered less than 
30.000 holidays in Britain this 
year but is so happy with the 
result that it is more than 
trippliog this for the summer of 
1979. An initial VingTesor 
launch of 25.000-50,000 would not 
be surprising. 

Major speculation will now 
surround the question of who 
will fly the new company's 

Air agreements mean that 
British charter tourists to the 
Mediterranean have to be car- 
ried on British airlines or those 
of the receiving country. 

Third-nation jets cannot be 
used for such holiday business. 
Tjaereborg -uses Dan Air. 

LAKER AIR Travel, part of the 
Laker Airways group, is offering 
some big discounts on a limited 
number of transatlantic charter 
Rights during May, to fill up seats 
at present left unsold. 

On six flights between Gatwick 
and Chicago, Detroit, New York. 
Montreal, Los Angeles and San 
Francisco, “bargain” rates will 
be offered to passengers who can 
meet the required Advance 
Booking Charter rule of pairing 
for flights 21 days ahead. 

The Chicago fare is offered at 
£99 return, with a departure set 
for May 22 and a return on 
June 6. This represents a cut of 
about £70 off the original quoted 
price. Bookings must be com- 
pleted by May 2. 

Fpr Detroit, the return fare is 
also £99, with departure on May 
26 and return on Jane 9, a cut of 
£60 on the brochure price. Book- 
ing must be made by May 5. 

For New York, a cut of £31 to 
£99 return is offered on a (light 
on May 14, with a return on 
May 21. Bookings must be com- 
pleted by April 22. 

For San Francisco, the fare 
offered js £199 return for a May 
21 departure, and a return on 
June 5. 

Mr. George Carroll, managing 
director of Laker Air Travel, 
said the reason for these dis- 
counts was that fewer U.S. 
citizens were coming to Europe 
so far this year, and some Laker 
seats were still left unsold. “ We 
like to fly full aircraft, and so 
we have devised this policy.” 

BBC hopes to start new 

24-hour radio service 


THE BBC wants to start 24-hour 
nationwide radio broadcasting, a 
practice, long blocked by .finan- 
ciai restraints. ■ ; ■ 

The proposal Involves Radio 2 
staying on the air between 2 
»:m and 5, a move which 
would cost about £lm. a year. 

The’ BBC's total revenue. may 
exceed £2Snu this year.- but the 
corporation seems likely to add 
the 24-bptxr broadcasting plan -to 
the list of projects dependent .on 
a rise ,ln television licence fees. 

Present fees — £9 for mono- 
chrome and £21 for colour televl- 
si on— were introduced last July 
and the BBC wants a sufficient 
rise to restore many cuts during 

the economy drive of the past 
four years. 

As far. as radio. Is. concerned, 
these have included a consider- 
able amount of merging of Radio 
1 and 2. and 3 and 4 transmis- 
sions. - 

Argument? In -favour -of 24- 
hour broadcasting are consider- 
able. At present only those living 
in major conurbations can heajr 
British- broadcasting, other than 
the World Service; Rural, small 
town listeners are being 

-.Night audiences are also quite 
large, - including many night 
workers in -industry, emergency 
services -and transport. It can 

be argued- that radio actually 
helps these people to stay alert. 
. . Some local stations have found 
the night hours a useful period 
to allow new talent to- cut its 
teeth on such programmes, be- 
fore. being let loose on large 
audience day . shows. 

The last BBC annual report 
showed that BBC Radio Two cost 
film, a year. Id November, it 
is to lose its Long Wave fre- 
quency, to Radio Four 1 and will 
instead be beard on - Medium 

Clqarly, this might be an apt 
time to change to longer hours, 
if the- administrative problems 
could; he overcome. 

Textile-finisher buys dyeworks 


the main independent finishers 
in the Lancashire textile trade, 
is to take over the dyeworks at 
Bury, of Croslaod and Fickstone. 

Walsden. which has its head- 
quarters at Todmorden. Lancs., 
accounts for about Sfl per cent 
of textile-printed fabric produc- 
tion a market dominated by the 
big groups Tootal Carrington 
Viyella; Courtaulds; and Van- will increase its labour 
force to about 460 as a result 
of the' takeover. 

Printing has remained a rela- 
tively -buoyant area of textile 

activity in recent years because 
of the growth of patterned 
sheets, shirts, underwear, furn- 
ishings and other fabrics. 

The acquisition is designed to 
enable Walsden to increase the 
range - and type of fabrics ' it 

raising plant to handle wider 

Wider fabrics 

Mr. Derek Nightingale, chair- 
man and managing director of 
Walsden, said yesterday that it 
would make fuller use of exist- 
ing equipment ■ at .Crosland on 
wider cloths and stitch-bonded 
fabrics. It was hoped to 'instal 

The link-up will enable the 
company to enter new finishing 
areas that include reactive cotton 
dyes, discharge styles and print- 
ing of polyester-cotton mixture 
fabrics. Its main activities at 
present are printing knitted 
cotton, winceyette. and duplex 
bonded, fabrics and shirtings. 

The deal;lthe . cost! of - Which 
has not been disclosed, will not 
involve the other Crosland sub- 
sidiaries, Wm. Mycock ofi Whit- 
worth; Neil McGowan- ofc BUn- 
tyre; and CHEF. - - 

film, in 

orders for 




ORDERS WORTH nearly film, 
have been placed with Ruston- 
Bucyrus, the UK. subsidiary of 
Bucyrus Erie of the U.S., for 
mining shovels and walking drag 

Conarem, the Algerian 
national mining agency, has 
placed orders worth more than 
£2 .6m. for mining shovels. The 
machines will be used in a 
variety of applications, including 
the digging of iron ore and 


The National Coal Board has 
ordered four large walking drag 
lines, valued at £8m. Draglines 
are used in the excavation of coal 
in open-cast mining. 

Ruston Bucyrus, one of the 
largest excavator manufacturers 
in Europe, has only recently 
acquired the capability to manu- 
facture draglines. 

The market in opencast min- 
ing equipment is growing at 
present, as operations in the 
UK. and elsewhere — notably 
Spain, Australia and the U.S.— 
are expanding. 

which eaten for ^J^lj-aistance 
passengers using Texamttal Three 
at Heathrow. . ' ' 

Profitability of plant 

hire sector falling 


UK., plant hire industry seems 
to have deteriorated oYer the 
past year according- to a survey 
by the Jordan Dataquest 'finan- 
cial analysis group. . 

. The survey, which covers 368 
British- plant hire .and -related 
companies fbund -that 17JJ per 
cent of the concerns’ : studied 
were sustaining losses., compared 
with only 12.9 per cent, inI976- 
1977. Companies profitability 
was- “often far from adequate” 
and -the survey suggests that un- 
less rates move - • significantly 

higher their -wiH "bejittle new 
investment in the sector. 

On the. other hand some indivi- 
dual companies had , shown 
“spectacular" increases in 'turn- 
over and profits. Among these 
were Rutters Cranes, whose sales 
increased by- 91.5 per . 'rent in 
-197%. T. Gallagher- and Son 
. (Plant' Hire), whose' sales; rose 
110.7 per cent' and ‘CL\ Gabriel 
whose sales went- up by 1B9.4 per 
cent ' ' .• . 

ram* Birti Jordon Patogaett, ■ ronton 
Bone, 49 ' Brmunokto Place, Umotm Kl 

see.- as.- ; . v • -V. - ;> - 

•- vL;--^rv- =• V- 1 ♦. 

Stanley Gibbons to* sell 



hold the. first British auction; of 
"worthless” bond .and - share 
■ certificates on November 24. 

J But " the possibility that "the 
bonds Will sell at more than 
face 'value is being; played do#n 
by Stanley Gibbons, : ■■ '■ i f‘ 

Its- advisor -to the venture, 
Mr. Robin Hendy, a stockbroker, 
said. that the curiosities and rari- 
ties. wUI receive the company’s 
.stamp of - approval. If. offered 
anything which might have a 
“real” value greater than its 
apparent “worthless ” value, .the 
company would probably' turn 
ft down, 

Stanley Gibbons is hot' in- 
terested in providing a; .market 
for bonds which might,'' ' with 
research, entitle their, holders to 
more than meets, the-eyh; ; Tt is 
hoping for bidders tffth an in- 
terest in collecting rather' than 

men-- on, the look out for 
a. bargain.. 

_Jems so : far assembled for- the 
saleroom include - share certifi 
Hates' -for the Stockton and 
Darlington . . Railway Company, 
dated 1858;- a Russian govern- 
ment bond dated 1824; an 18th 
century bond of the State of 
Massachusetts— -engraved by- the 
tengeudary Paul Revere; and two 
touting, from the early 19th cen- 

Appropriately — f or Stanley 
Gibbons also holds auctions of 
playing' cards — the ton tic- was a 
gamble on life. As the parties 
to" the contract' died, their 
securities- were cancelled, and 
'the interest reverted to the sur- 
rivo^s. ; 

• Encouraged by prices at a 
simUarTauction in Germany on 
Saturday,., the company hopes 
that many more curiosities wili 
come forward for the auction. .. 

Inro make £92,160 

CHRISTIE'S yesterday / disposed gave the; same sum for an inro 
of the seeonetpart of. a . collection decorated m gold .and colour with 
of -Inro carrel' boxes. -gent .-for the Chinese Katry 'Seiobo stand- 
sale - ^ from thfeFar East- - : Ing near a pine tree. 

- Among Japanese ivory carvings 
£92J60 tor; tiie ’W)llfeetion j»s a and netsuke, a . P- Chan, the 
whole. «. ;The;total- fof. tiie day, London dealer, paid £2500 for 
which . also -iucltoted Japanese g -- 3 ^ 0 f Chinese ivory carvings 
ivory;nairi^ and o^ y, e Eight Immortals. An 

£75;780.-' - v ■ -V : • anonymous bidder paid £1.000 for 

Rare? Art^rpm /New York- paid gg ivory, stagrimtler, Psuishu, 
£L500 - for ' 48 - til release inro- amber jade -malachite, cloisonne 
decorated in rich golff and silver 

Hiram aide L techpiquea with _• a 
feny boat -embaiilngrpaisengers 
near n willow tree. _ -■ - 

Tt waS signed 'Toiu ”Age 7 *> h 
and dated from the end of the 
last century. 

An anonymous purchaser paid 
£1,300 for a four-case- inro decor- 
ated la gold, silver and black. 



Another . anonymous purchaser enamel, and metal Ojime, carved 

"and decofatecL with various sub* 

Does your Board need in 






Write in confidence to an experi- 
enced director. ' ■ ■ . 

Write Box AA32S, 

■_ Financial T.Tmesi ; . . . 

10, Cannon Street. EC4P 4 BY.- 



Reliable and .Efficient 


Til: . DAMMAM M19» 

jects, : mostly from the I9£h| 
century- - 

At 'Christie's, South Kensington 
■silver "m'ade ; - £20,445, uith a top 
price : frf £950 for a Victorian four- 
piece tea and- coflfee service. _ 
Sotheby's glass sale totalled 
£38.778.' A set -of 36 18th-century 
wine-glasses realised £3.100. and 
de Lameris,. a Dutch dealer, paid 
£U500 for a Faqon de Venis e ice 
glass beaker made- in Antwerp 
in the late 16th century- 
'A set of three gilt decanters, 
c : ITBik-tnade-fiLfOO and an Amro 
Glass- inscribed with a’Jacototo 
hvrtm, slightly damaged; sold for 
£550. - ' 

Next week, on April 25. 
Sotheby’s is disposing of one of 
the 'best " ebneetions or Ola 
Master drawings to have 
formed in" recent years. I* J® toe 
property of David Daniels, jm 
Amerrcan. a(?tor, who started cot- 

-lertingfn 'the early 1950s- 

’ Sotheby's is expecting to ratse 
H OO.fW . from the sale. . Among 
the 79 -tira wines are eiRnr nv 
Bbucfrer, one of which, a cna« 
drawinJT- of Ariolln. isexyectM 
to make £T9.<M>o Mr. Daniels » 
now coliectlnglfith-ftentuiy draw* 



- The more natoal gas Bri^ 
uses, the less energy Britain wastes. 

Tlie explanation for this apparent 
paradox lies in the fact that natural 
gas is piped direct to the point of use, 
and burned directly as a primary fuel. 
It therefore achieves a very high 
overall efficiency. 

• And to the benefits to 
the nation, British Gas is working 
.hard to improve still further the 
efficiency with, which natural gas is 
used in both the domestic and non- 
domestic markets. 

Saving gas in the home. 

. ' Gas already supplies nearly half 
the energy we use. to heat our homes 
and cook our meals. And no wonder. . 
Gas is flexible, clean, controllable, 
and economical. What is more, we 
actively helping our customers 
to get the most out of gas-^ and save 
themselves money into the bargain. 

: We distribute leaflets and booklets 
: anhow to get the best from central.. 

heating equipment, fires> water, 
heaters and cookers whilst using as 
little gas as possible. We also 
encourage our customers to preserve 
• the efficiency of their appliances by 
means of regular servicing. We can 
help with advice about proper home 
insulation. And we are Already 
developing new gas appliances to 
provide the maximum benefits in ■ 
-the homes of the future. 

Helping industry to save energy. 

British Gas leads the world in 
industrial energy conservation. 

Our School of Fuel Management has 
already helped many British 
companies to cut costs and save fuel. 
And working closely with ■ 
manufacturers, we are developing 
new types of even more efficient gas 
burning equipment. In addition, 
we have instituted an annual Gas 
Energy Management award. ^ This is 1 
given to the organisation which, 
working-witktheTechnical ' 

Consultancy Service of the local Gas 
Region, has made the most 
outstanding contribution to the 
efficient use of gas over the year. 

(Last year, the combined savings 
made by the finalists in this 
. competition amounted to nearly 
seven million therms of gas— 
enough to supply a town the size of 
Dover for a- year!) And this year, 
we're extending these awards to 
cover commercial as well as 
industrial users of gas— offices, shops, 
hotels., schools, hospitals and so on— 
so even more fuel will be saved for 
Britain's future. 

That's what we mean when we 
say “Gas gets on with it 7 / And that's 
why we can honestly say “saving 
energy for Britain" 




<£* & 

JARU A^ IM and politics 

Financial -TIStneS' Tuesday April is. 1978 . ' ; ''s L 


Lever and Hattersley face critics on both sides of House 

Left uneasy over pledge 

to small businesses 


\ PROMISE of further help for the Government should intro- tested that exactly the same re- “The tax system and inflation 
small businessmen, in addition to duce a corresponding increase in suit could be achieved in terms have continually, since the end 
the measures announced in last indirect taxes. of jobs and investment by pump- of the war reduced the incentive 

row with 


Tuesday’s Budget. was given to The Conservatives, he recalled, ing more money into the public to start and build up businesses IGNORING SCEPTICAL com- yesterday. 

* ? , , y .... t J /qi-AMWArf cantfvr av tA 4Ai 4 Va -! n L * _ » m n • 

THE GOVERNMENT’S indus- thcae would be no significant g^vausic^- *?•'£. 

Tamaa trial strategy had progressed, at increase in manufacturing em- “I do not wish to give 'the 

] Ilf |P\ a disappointing rate and lacked ployraent over the next' few impression that it istinly-tbe- 

Vr A. . the “drive, . Enthusiasm - '. and years..-: . trade' unions who are in seep“mi 

energy it needs to succeed,”; , Indeed, in one sense, the the industrial strategy. The TUC^ . 

By Ivor Owen, Parliamentary Staff ^ David Basnett this yeartrinate successful we are in reviv- I . betievei never fully thought 

chairman of the TUC, srid-mginvestment, the less.. employ- out what, it rcanteit from the- 

the Commons last night by Mr. had already said they favoured sector. 

Harold Lever, Chancellor of the a single rate of ten per cent . Mr. Lever told Mr. Hooley; “it ness.” That had to he looked at. Hattersley, Prices Secretary, as^ritaTto ti^indiistriar'fuSp "anion movement accepted,. how aspects of planning. _ . 1 -'J. 

Duchy of Lancaster, on the last i 3 his opening speech. Mr. « ‘ Our present' tax svstem ^oked forward in the Commons ofthe coiuitrv hut acknowledaS «**. that th * bnUs of 3 obs "As * result, our influence has. 

~e Ci.Jrat H.h,), t m-or wfemn" rn lhp Rud«i»t encouragement we give to small . j" vpste.rrlav ,n a “ mmlprst# hml ^ D 1 a . efl p e 'r -in 'A® vnmiTin rinmilA wnnld have nnf-hpen as effective as It nuvht 

wto ^SL 1 i^ ri S kmo,w ^ fDr busi- ments from Tory MPs. Mr. Roy H stm regarded th 0 stratP37 _ tu anuf actu ring 
ness” That had tn ha lnnt-a* at HoHorcioc Vnuff regarpeu me siraiegy- , “ 

..ment we can expect to create in sector working parties ■, and •how 

trade they should 'fit in with other 

day of the Budget debate. Lever, n 

He told the House that the measures 
Government would be consider- businesse 

5SWSST “ d Mss * “ p* E5&r£&« SES'TSLSr -1 - were 511 £%&££:■ 

sfc-jwsc ns 

- o[ *■“ Kol ‘«s lA&aaet 

TiSr^fnrti??* w .& 1 ’ -Mr Basnett criticised the use with the industrial. strategy, Mr. 

Development c“ * “taSSS 1 ^SnSmShm. Basnett^will lead *■ TPgW 

Inly w bLt ^ -particularly in the early stages.- paign this summer for a Jfarther 

M ■ , • of .sector workinff . parties as an : phase of the social contract rn 

Mr. Basnett, general secretary i.kku nn rnisc. ml la bora t ion: with the Govern* 


But his undertakings received 7 ^' Chancellor's "statement menT W smalTbusinesesT^^ jj, ™ iUi<m or morc smaU {JSSlm^ter ftis yei ? 6 “** ° f Lite* 1 isa^Vdetiil -forfear oT5. -£* 3 “' target that moisten^ will 
a sceptical response from Mr. was not a brush-off to those who “We can't stand -still. bu £ eS ^ S ' inflation later this year. closing information to competi- shortly -he promoting, /.but. will 

Nigel Lawson, a Tory Treasury wou j,j jjj- e t 0 do more. It must especially not in the tax system,” The Government wanted to Backed by Labour cheers. Mr. financial position ana the snh: mean maximum support -lor the 

spokesman, who saw it as a last- be ta k en as a firm commitment he said. - ■ produce a situation where small Hattersley deplored the fact that stantial revival of wznpany There seemed to be ’very little Government, in Jhe run-up- to.the 

minute conversion on the pan of l0 continuing advances in tax There was also the possibility companies would act as a magnet it was impossible to gain common Profits, manufacturing industry link between the National Enter- -election- and full discusHQns on 

course of the next 12 months. attract investment and e 
“The Chancellor's statement meet to small businesses, 
was not a brush-off to those who “We can't stand 

meat to small businesses: ?° P 1 ® million or morc small i°rooasnng_a me in the rate or disappointingly dear that, m fn,- fear of disr-meV target that ministers : will . 

minute conversion on the pan of l0 continuing advances in tax There was also the possibility companies would act as a magnet it was impossible to gain common profits, manufacturing industry Utik' between the National Enter- -election and full discussHHu ou 
the Chancellor to the case of the adjustments favourable to small of getting better services and to investment. He wanted to acceptance throughout the House was sull not investing on ^ the. prise 'Board, the Manpower the' economy. " 

small businessman. firms which form such an impor- financial ■ management fpr small see concessions that would have that inflation was now under scal e env isaged at the start off- Services Commission, and work- - Mr r Basnett beUeyed thattxade 

Mr. Lawson w-arned that on the taut part of this country." companies; including the borrow-, this effect. control and would increasingly the strategy. . _ _ •” . - - winds went on under flie- indas-- tmton activ^tSy ar h is ^a n d oth er 

committee stage of the Finance But Mr. Lever's glowing praise ing of high-powered executives He was not ruling out the pro- be reduced to an acceptable was also obvious that, even- trial r .strategy. Nor -w^- .the deIegateeom 6;iflis .OTsna«r 
Bill, the Tories would be seeking for small businessmen and the to give .their services. Some big vision of Government finance for figure. if the strategy were to achieve National Economic Development wiu give- tjrix policy a-xott^i^pft' 

reductions to the basic rate of pan they played in creating companies were looking, at small businesses after the Britain’s future economic wel- ,ls on *™ ambipous targe^.; always.: .“ snffici.{^ tly;_senting B the. different ^ywi|re^of 

tax. to the tax on savings income employment and wealth im- schemes of that kind. iy iIso ,° Committee had reported. h e said, would not be 

and to the higher rates of taxes, mediately got him Intn trouble The Government' was also But he thought it would ulti- assisted bv suggestions that 
Inviting the minoritv parties with his own backbenchers. hoping to do. something to help raately be decided that this was inflation might get out of hand 
in the House to join "the Con- Mr. Frank Hooley (Lab., small companies by the pro- not the way. again. "It wont" declared Mr; 

servatives in voting for these He e ley l wanted to know what vision of.' cheap rents in inner There were shouts of approval Tr*n 0 v*\*y 
changes, he said there should be guarantee the Government had cities. , " ■ from the Tories as he added that • 

no increase in the public sector that small businesses would in- 'Mr. Lever claimed that the it was better to have hundreds J*® Sh J? - « C1 ^f 

borrowing requirement which vest and provide more jobs once measures in the -Finance Bill of thousands of- small investors on certainty tnat innanon is 
was already too high. they bad received the money. . would provide assistance worth providing money for small busi- now oeaten. ne aaaeo. 

UUUUniUo iciiuiicmcuL " lulu v**-- ^ ^ mivuwiu . „ 1/ .j 4 

was already too high. they bad received the money, would provide assistance worth providing money for small busi- now neat em ne aaaeo. 

If cuts in income tax were There was absolutely no sanction £2Q0m. to small companies. nesses, rather than have civil After repeating the Budget 

made during the committee requiring them to do so, be com- He maintained that small servants presiding over a fund, forecast that the T per cent rate 

stage, he said, it would be in- plained. businesses in Britain were lower But investors would only come is likely to he reached in the 

cum bent on the Government to A former chairman' of the in the league table than in any forward if the small business sec- spring or early summer, Mr. 
cut the public sector borrowing Left-win? Tribune Group. Mr. of our trading competitor tor had comparable appeal to Hattersley commented that in 

requirement. Or, at second best, Ron. Thomas (Bristol N.W.) pro- countries. other sectors of the economy. terms of annual rates of inflation. 

Rapid progress to 12-strong EEC 
urged by Lords committee 

terms of annual rates of inflation, 
Britain would be in the fortunate 
position of .passing some of her 
competitors going down while 
they were going up. 

Strike over sacked 
hit t^^dep^ 

BY. OUR LABOUR . CORRK^b|lb^(T V ! ' ' ' 

Jnessef?" We need an W0 ^ lKERS at Leyland’s service' AUEW • Midlands- - executive 
inflation^ lower thsu? 7iS parls depot at Horspath, member, and managemenL But 

Oxfordshire,, yesterday decRted these lasted all day. and were 

inflation rate lower than 7 per ““ uc ^ a J ■w’uumr. uui uiau-seuicuu «ui By Our Belfait Gamapondent 

, JhtT Oxfordshire, yesterday decided these lasted all day and were ; . , . ■ 

ntitted fo achievLoo^at improved t0 stop work froin tcwia y “bless stiH lb progress last night ALL 3,000 shop^oor^wnkers at 
mitted to actuevuio tnat impro ea the company agrees tD retattate' ■•' Mr Malcolm Young, Oxford Short Brothers Aircraft- factory. 

The Minister saw erounds for 3 dismissed^sfapp steward. -I .district secretary of Ihe AUEW, Belfast-, walked; out yesferday 
optimism S that ^Smm^din.- John Power. Amalgamated sa ld after the mass meeting chat only .h«m> '^beferc ; Mr. ,.Enc 
nficS viere not likelv to Increase Union of Ell B llieerm S Workers there would be a strike f win Varley; Industry .Secretary,: was 
St « had been i'redictSand c ° nTener ^ one of the leading to-day— supported by 650 Trans- dneto tour the prodactFon-Bnes. 
fn° ““J mredro? t d h C e ted t^de porkers' Union vlte. V^on^aone^r v^t 


THE Common Market should not flexible to take account of the Community, and thus more Turkey should be given greater unions now that . it bad been 

prevaricate over negotiations for greater difficulties facing Greece, acceptable to the Labour's anti- importance, and special care demonstrated that it was possible 

the entry of Greece, Spain and Spain and PortguaL compared Market Left taken with other Mediterranean t0 ^ ec P down prices and improve 

Portugal" even though enlarge- with Britain. Ireland and Den- Th e reDOrt makes several kev associates of the EEC, For its the standard of living, 

ment will require a host of mark, who were allowed a five- recommendations for the insti- part * the . Council of Europe Because of this, he believed 

ment will require a host of mark, who were allowed a five- recommendations 


Community’s year transition after the 

rational development 

an should be strengthened into a 

after an inquiry into tray eyjm^ union 1st in the Oxford area, is discussions with Mr. F^ip Fore- 
expenses. 1 " “-prospective Labour parliamen- ineb, tiie difef ""exeaitt'^e'. - ^ 

There were demands .--ftnytary candidate for Aylesbury. He said' {hat the Goverafient 

political, economic and institu- round of EEC enlargement in enlarged EEC. including more forui n for consultations between 

tionat make-up. 

This is the considered view of 

1973. • 

The 23 Peers on the committee 

that the next wise round’ would . ine i® aemanas .-Tpr. taiT candidate for Ayleshurj 

£ “Snd-^nd that ?h? G?vera- ,n,m « d » te action ..when tfhe HOrspatb spares d< 

mint? inflation would be 1 ' 100 . men at .* e Horspath Sepot; supplies parts to; 

pt would- giv^ .^positive ^.eoiudderar 
tion ” ' to 'Share’s -p.teiyf 'sutfeLitted: 

the House of Lords Select Com- underline that a Community of 

niitiee on the European 
raunities, which argues' th 

tn Com- Twelve will, necessarily a Commissioner in. Brussels to criticised Common Farm Policy. ‘ ‘ “ Th p UU fTr» action for 24 hours to allow for when the company'has succeeded GpvemtneiM^wned ^ fa&otv -for 

^TSL.S^JT^S! f- a I h - T! 2 lb r„».. h ?. w, I!I L“"n« Febrnlo-. 1974. infla- «•«» Duffy, Jp improving lu murto sh>re. h/wlF 

the Nine to stall, now that appli- Ntne, which wit 

fXSStSS are’under way-^t S?JSS|S" * 

least with Greece— could have the The OK, Government has It calls for a streamlining of Measures must intraduSd S famtiy e^mndirare. h?d doubled 
most serious consequences. been perhaps the most, ardent the procedures of the European take some of the strain ° - ° in price since Labour returned 

Not only could applicant advocate of enlargement of any court of Justice. Although the The committee wants the to office, 
nations face “ internal and ex- of the Nine members. And committee accepts that enlarge- impact of enlargement to be She told Mr. Hattersley: “That 

ternai political discontent ** but [he report strongly backs its ment will probably bring a rise borne in mind during the current is why the people of this country 

the Community itseif could be insistence that the successful in the number of judges who sit discussions on reform of the are not faintly impressed by 

paralysed. “The Commission conclusion of Greek negotiations jn Luxembourg from nine to 13. Common' Fisheries Policy. your claims of overcoming iafla- 

Xine. which with great difficulty, large, and a reduction in the Mediterranean products will that sintt February lag . isbj 
was forced into a framework number of working languages. ha 7 e t0 be restra metL-o r else JJJJ 

devised for Six. • currentlv six / enlargement could destroy the cent, and that nearly 200 items. 

. — currently six. t _ . rap. a# »ho com o tivfid I* c *1 1 which * featured . rcdil^rly ini 

Boeing purenasepians 
pernicious, says Gill 

r - “M — — ——— — — ... . . , W »*■*■■■ ■■■ ^ A IBUV*iW A VI 4 VV , J mr mmm — - “ * — “ U - — 

and member Governments should must ca ny *t a commit- it wants the quorum cut from New members, the report says, tion which they consider to be 

move as speedily as possible ment to the entry oF all three, seven to five for major cases will mean extra financial charges an insnlt to their intelligence.” 

so that the chances of negotia- cyen of Spain, which, as the and to three for routine ones. 0 n both the Community and the The Minister retorted that Mrs. 

tions being interrupted by biggest and agriculturally richest To operate with the full 13 U.K, and provide farther Oppenheim was continuing to 

domestic pressures or disagree- of them, will prqve most awls- would be excessive and turn the claimants on the Common misquote forecasts and surveys, 

ment among the Nine are mini- ward. institution “into a committee Market’s, regional fund, which none of which predicted an infla- 

mised." Moreover, with its remark that rather than a court." Only in should be increased. r tion -course fundamentally 

The basic argument of the the EEC's future course “must the most- important cases, and Although ho insuperable different from the one he had 


New members, ^the report, says, don wUch further criticism of British can be jeopardised without any 

tions between the company and 5 
maintenance workers • about 
wage differentials; _ - T o -; : -. -. 

A senior: shop steward saiff: = 
“TBe walk-out bad nothing- W 
do-with Mr. Varley's visit" . 

■ Mr. Variey also promised: that 1 
the State-owned Harfand.'.and- 
Wolff ^hipya^d would continue to 
receive assistance r 
After talks with "the shipyard 
management "and ^lop ste wards. 

Airways' plan to buy Boeing 737 attempt by these: three national- j nj r Variey idded; “The 'Govern-: 

provide further short-range jets came yesterday ised: corporations *0 collaborate." bas.tfone better over, the 

the Common misquote forecasts and surveys, from Mr. Ken Gill, general secre- British Airways claimed "a last two years in supportihg tbe^ 

nal fund, which none of which predicted an infla- tar y TASS, the wmte-cotiar marginal financial advantage In shipbuilding industry.;. 

eased. r tion -course fundamentally section m the Amalgamated buying American'rather than the We beyeve it essBntiaF tiiat 
ho insuperable different from the one he had union or Engineering workers. British-designed a Dd built Rolls- we -attain tain- the industry, An#' 

likely over social suggested. Descnbms the Briush Airways RoycMngined One-Eleven Series orders 'we can get Kf the 17iC.‘ 

commit top docs There was no excuse for Mrs. P' an •?* “pernicious and pum- goo. * and' Harland and WolfF^wfll- 

The basic argument of the the EEC's future course "must the most important cases, and Although no insuperable different from the one he had u, I* ua .. • ,£ 0 5 « v, j'",. Bn ash-designed ana ouiit kous- 

committee is that the newcomers be related not only to the aims where the panel is not unani- problems are likely over social suggested. uesenmns me tsriusn Airways Royc&engined One-Eleven Series 

should be brought in as soon as of those who signed the Treaty mous, should the court sit policy, the committee does There was no excuse for Mrs. p . .. ?! p ,, rnic . 1 , D V s J 1 . P un . 1- 600. .1 

possible and that the really D f Rome” the ail-party commit- in banc, possibly with nine expect difficulties over negQtia- Oppenheim going on making “ v e. ihp “ We do not accept their argu- 

tricky problems be handled in tee at least acknowledges the judges, but preferably seven. tions on the free movement of these errors. He ht 

the post-accession transitional reasoning implicit in the Govern- Enlargement will also require labour within the Community. A the services of stati 

phase. ment's stand: that a bigger shifts in the Community's particularly long period ofitran- Prices Departmen 

This period should be highly Community will be a diluted external policies. Relations with sition may have to be aildwed. the surveys to her. 

Manifesto MPs attack 
Tory immigration plans 

Bill decision 
this week 



BY RICHARD EVANS. LOBBY EDITOR By Richard Evans, Lobby Editor By |VQR OWfN 

A FIERCE attack on Conservative small effect on black immigra- rnvrrTiVMjrwT pmnpncAT r fnr 

immigration proposals was tion but a huge effect on white, Jtscnino" the Child PornoEraDhv <rHE MANNER in which 
launched yesterday by the Mam- the group adds. It is suggested g in Ki 0 ^2T in the Commote las't pu,Ied out of lhe bread ' 
festo Group of moderate Labour that this close examination of was described as “ wh 

MPs who argued that their major lhe statistics demonstrates that f ir }1 . iprf p . .u.... M p fn ; tolerable ’* by Mr. Roy Hai 
effect would be to restrict entry- Mr. Whitelaw's proposals' are a ^ower Hamlets are tn be made Prlces Secretary in th, 
of white rather than coloured im- transparent effort to buy the StS thu week mons yesterday. I 

migrants. racialist vote. known later week ‘ But he acknowledged 

“They are no more than a In putting such proposals into Many Ministers and Labour problems associated wita 
wholly unprincipled attempt to practice, it is argued that the MPs were appalled by - Mr. cess capacity in the j 
dupe uniformed people who fear Conservative Party would do im- Mikardo's tactic which was a were well known to the 
that there Is an endless queue nf raense damage to race relations protest against alleged Conserva- ment. j 

1 1 .. R.. r_ J I dal«.-;nn Rif. nu.n *• ura tiivo /Irsl 


coloured people waiting to by dividing families and by caus- tive delaying tactics on his own “What we have to dojnow is Monopolies Commission. 

• swamp ' Britain," tile group de- >ng uncertainty, 
dared in a statement on immigra- 
tion and race relations. 

In an analysis of the figures. hilOFC DOStnOFIPS 
tiie group points out that or the ^ 

69.313 people granted settlement rPnFIPrv nrnhn 
in 1977, 44,155 were from the *CXIUt;rj prUDC 

Private Member's Bill aimed at to try to make sure 
strengthening the rights of trade bread industry coot 
unions. improve its general 

Mr. Mikardo has obviously ^ n ?l c n ^! r i P S 
been taken aback by the immedl- rie e iarert aPPeT1 & second 
ate storm of protest Ws action' ae Mi" e c^TT r 
has raised irriide and outside JEr JS , ™ he H 

napt of tnese errors, ne naa onereu aer L v. ’ V. : z . r, ment& Which ere both pernicious 

mjty. A the services of statisticians in the through it would be a body blow merits ^mcn are ootn. pernicious 

ofitran- Prices Department to explain toBritish aerospace engineering, 

Idwed. the surveys to her. The direction of Bntish Air- “Pernicious because this 

■: ways’ procurement policy would mean-minded logic has already 

| be influenced by this decision, mortally wounded a number of 

* j J “Britain's capacity to supply British industries vital to pur 

Ilinil^TrV viable aircraft in the 1990s will economy. Punitive because 

IUUIIijU T be determined hy what happens Britain's economy cannot be 

j v in 197S." run like Wool worth’s; with each 

I Problems vital to_ the interests counter forced to make a profit.” 

An||. of British AifwayvBritish Aero- The 1 aerospace Industry was at 

ILiUl space and Rio 1 ls-Rqyce' should be stake. “-The Government and -the 

’ j decided coUectiveiy in the public Corporation Boards must com- 

„ interest. mit themselves to that industry 

[ “ it is farcical that the jobs of as completely as do the unions," 

Spillers March, the average retail price raao - v thousands df employees Mr. GjU said: 

idnstry of a'stin'dard loaf was 24.1 pence ■ « ■ ’ — 

Uy in- white the maximum price per- w TT • ' ■* 

[•as-srai ?S55r tfPn “- 0,d r Dulwich Hospital report 

Mr. Anthony Fell (C.. 

bat The Yarmouth) contended that the ^ i.- _ ^ J ^ LIL"! 

the ex- effect of the Spillers decision 2.1H1S tO 6D(l SQUSDDlCS " 
ldustry had been to create a monopoly. 

lovern- The ; Y*°l|: mat ^! -5f ea SL pr, SS THE REPORT of the committee should be. moved. 

«i!?n«n n iiM pfimmininn 6 ot int l uir >' int o ^ dispute at itg .main recommendation is 
o? W ihl M ° nopo ! ,es Tianirv DuIwich Hnspitiil, London, which the .setting up of - an opijratihg 

,at the Replying to Mr. Frank Hoolc. u a s R Ut .r„ 0Dera tine theatres noprs' mTnTnittaa ranra - 1 

Railway Union 

Dulwich Hospital report 
aims to end squabbles 

Midland" Wo l vprhamptonV- \ to 
Euston route are.expMtedJ» be 
operating normally frdm^ami- 
today. Yesterday, 50 InteitGtW 
services were cancelled because 
of a one?day unofficial stfikseifir 
nine- signalmen . ‘over,. '^-Tre- 
grading sUinV:- •- >>»?:: 

lat the 

Bank Charges 

port on 
to - be 

New Commonwealth and Pakistan MR. PE3TER SHORE, Environ- Parliament. He has" been eager 
#!lif! lly «i , *M e, i. cenL L. of these m ent Secretary, has postponed an t0 stre 5 s that be is a supporter j ob 

« ave , ^!5 e0 es * inquiry Into a planning appeal bv of the Pornography Bill. ho J maI 

eluded had Mr. Whitelaw's Occidental Refineries’^ i dfddion '.to 1 - yet »~ 

cuKiea naa Mr. Whitelaw’s Occidental Refineries' for 
* ast - ^ ear - _ refinery at Canvey Island. ■ 
of the romsumng 25.158 a report on the effects of 
people, given settlement from riovpinnmem fnr tho rraaifh 

P ”™ 5 Secretary, caustically matter," he said, 
asked how many more thousands 
oner j 0 ^ s needed to be lost and _ 

how many, more- -gompanies rPirDl 11 

been needed to be drive noiit of pro- x r 

miery at uanvey island. reached by Ministers on. how to dnetion as a direct -result of the 

A report on tbe effects of the sa*e the Bill. But the solution losses exacerhated bv Govern- 

Petrol profit 
claims denied 

g" <12.858) would have u,e inquiry oo7Bril 2sT It te Srtn* too 

r* S 2 ?T L . ■ „ likely that the report, to be precedent 

d te ^ ^ Conserva- studied by -all parties involved, 
eve plans would have a relatively .will W available in the summer. 



Mr. Hattersley .re; 

^Tnfln- CLAIMS THAT petrol is being ^ 
; bBin« sold at excessive profit ra rural . * 
' ** areas are not supported by evi- 

sd that dencc avatiaWe to ihe Govern- d 

Mrs. Jennifer Burke, a senior j;- ■; : . 

nursing officer who has been at ' . 1 — ; ' ' 1 ■■-"■■v ' 

the centre of the dispute. - - <• ^-O 

l &3sr£x£' ss!*ia Joumahsts sit m 

brought to a-Tiead'-this'-year by . 

a row over where a hospital EIGHTY evening newspaper owned by the. Thompson on»ni- 
porter should park lus bike members of the National Union satioh; which sell. 87,p<S^ copies 

the. only alteration hfh?d made S^Sr SfiTSd the theatTes - 

and porter Joe f)aly eventually Hoot ■ yesterd^r-- after bring rfdfrect 6 r, * said*raaK the 

Steel denies party ‘split’ 
over coloured candidate 

Plan for new 
rebate rules 

to the control over bifeafl prices, 
which Mrs. Oppenheifa had sup- 
ported whpn operatedlhy the last 
Conservative Govemnlent, was to 
relax it. 7.- 

sacked for refusing to end a journalists., wanted 

tfi prices, gmnew 53,0 The report says that Mr. Daly, wojkteJUle.ia support of_awr to bend-ttie-Govermn 

had sup- m tile Commo s yes y- . w&<> par ft e d uj S bike in the drink; , cent pay goidelines. 

Accoraing to reports arawrt up me dical students’ changing room Their, work was . not accepted . already received an 


rtVJO per 
T6e^ had 

tbe last According to reports arawn up mec jical students' changing room Their, work was not accepted already received an extra £E7 a 
t, was to for the Government, profit mar- nex t* ( 0 the operating theatres, and the Evening r Post-Echo. week. ■ 

gins in rural areas were quite 

He pointed out tat- in mid- small, he declared. 

By Our Parliamentary Staff 

Price Commission role Working week cut demanded# fl 

by bichard eyans " race LomHUSSlOn role ▼▼ tui uwiiaimtw; 

Tiro TTAtrTT, settlement of debts or the ROLE of the Price Cominis- gate productivity schemes. But by RAY PERMAN Scottish ronnKPONDENT 

MR. DAVID STEEL, the Liberal Mr. Steel pointed out that Sir. Mr- John Fraser, S j Q0 jjj enforcing the Governr in its investigation of proposed ' - V- v? 

leader, moved quickly yesterday Williams was born and bred in Minister of State for Prices and cent's pay poliev guidelines .was price • increases it did take A DEMAND for a cut in the prevail, -of the inequality and in heap;' birt'/pian' and^intnaduct 

to defuse a potentially dama ging Birmingham and had. been an consumer Protection, -told the gj ven R 0y Hattersley. account of anything which added working week to -30 or 35 hours, justices- that stem from sueb a ‘measures to -allow tbrim toiren 

squabble over the party's active Liberal for many years. He commons in a written answer. Prices Secretary in a Commons, unnecessarily to costs, including with no loss: of earnings, was scar on our society. To our dis- tinue.wOrit'^wth'jsoiQe dignity.’ 

coloured prospective candidate wasan ideal candidate. • said he exacted to. make written answer last night. tiie extent to which productivity made yesterday fay Mr. Arthur credfV.itfe. bribe trade .anion: vEarfr': retirement ..-Md-, the 

for Nuneaton, Mr. Gus Williams. Nevertheless, the. Burry has the regulations after consulting . schemes miaht not be self- Bell, president of the Scottish and Labour movement have yet ;sborter .worktoa weekf^v?erti two 


. • ■ ' • . '.■!:« Mi 1 :'* >- . ■ \ :t * 

A DEMAND for a cut in the prevail, -.of the inequality and 1 in heap, birt'/pten anj^introduce 

Nevertheless, the. Burry has the regulations after consulting p , . n schemes might not be self- Bell, president of the Scottish and Iriiour movement have yet ;$b«rtpr , working, weekh^ertt two 

caused grave embarrassment In a the credit industry and coMumer Ke ^h^ to Mr. Robin Hod^on financing - TUC. failed to eliminate it. in almost ■ measures, that- woritfr* hqki. 'to 

party that above all prides itself organisations. A consultation I A ). Mr.. Hattersley Mr. Bell said when opening B century Of industrial - and aUevUte'the.problrin.^-- ',-' 

on racial tolerance. Before Mr. document would be issued within said, wnen tne Secretary for t i._ annua i -conference in nnKrtml -effort ■ • ’ •' Mr.- BeD's 'caD for.'aT-35Sionr 

for Nuneaton. Mr. Gus Williams Nevertheless, the. Burry has the regulations after consulting 

Up dld sn hv t i, D timo - ' caused grave embarrassment in a the credit industry and consumer 

exDedientofA«^bi?l e t!!?* S party ^ above ril prides itself organisations. A consultation 
ter building uottie ifsJto S on toler ance. Before Mr. document would be issued witiiin 
ril nronSnTn hf Steel's statement a number of the next two or three months, 

all proportion to its importance, senior party officials and MPs h\d 

Mr. Steel said in a statement called for the protestors, led by 
that reports suggesting opposition Mrs. Florrie CarveU, branch F rPPfiniTI P5)SI 
to Mr. William b because he was secretary at Bedworth, to be 1 ivtumu 
black were a “ gross exaggera- repudiated. ALMOST ‘all pay policy motions 

tion.” In fact, opposition had Mrs. Carvell commented: “We on. the agenda for the annual 

the extent to which productivity made yesterday bv Mr. Arthur credit <-.> we. in - the trade .nmon: :-Eariy-V retirement ,--aga(L. the 

document would be issued witiiin saia. wnen tne secretary ror the annua | -conference i n politicri 1 effort- ’ Mr.- Bril's" fcaff for .a^^ionr 

the next two or three months. Ampioyment, certifies that a T Aberdeen that unemployment— “We are ina-sitnatiODwhere, week has ; the haekitSL.Of tbe 

settlement is in breach of the JL/aMOUr VlClUr. likely to feature largely in if W-wish'-tP retain- our place Transport ^and. : GenerA porkers-’ 

, n pay mints, set out in the wmns ... debates to-day-muSt be tickled ijr ihe; we tonifc. Union, ‘.whicb'.'-is ttf t propose a 

r rppfinm Pdll of Remuneration Ordpr, 1877. ,tne folrpc as the disease if, is."' plan our economy accordingly, resolution: on the subject^-;*. 

^ , Prwe Commission i is Prepared to laKca SLelt The Government must .take Ajx economy that has no import- ‘ Mr.^-SiwsVEvans.'. ti«v:ijlriph T ? 

AL2WOST all pay policy motions discount the whole of the settle- L arotjr'S VICTOR in last the initiative and make a-posi- tions or. legislative restriction : general. - sMretary, -grid that 

on. the agenda for the annuai ment for the purpose, of apply- rawtd^n hvX dv « deebration- on the right to placed on the trade union’s right 60&.000 jobs, cniild; ^-.created if 

- 7 ?.' 

Employment, certifies that a x i • 

settlement is in breach of the LiSDOlir VI 
pay limits, set out in the Limits . 

Of Remuneration Ordpr, 1877. the tolroc C aaI- 
Price Coramisslon isiWRtired to ■ laIVch otdl 

been declared by one member of are not prejudiced but we feel conference of the Union of Shop, Ing the profit margia'in the.prioe i«firsdays Garscadden. oy-eiec- wor j- • to coUectivA bargaining^-a '‘shorter week vW.ere jtrtpfijdced 

th e par ty who claimed a handful his colour would be a drawback Distributive and Allied Workers code." rion, Mr. Donald Dewar, took his We shaD never - make pro- We would be facing the need :i» industry. His-n mon wtmf d-ifi 

of sympathisers in one branch of la a constituency like. this. If he at Blackpool next month demand Mr. Hattersley told Mr. Tim seat in the Commons yesterday gress in this country unless we tn cot our workforce id many to- pressing the Gbverament to take 

the constituency. “That does not Is oux candidate, 1 am afraid we free collective bargaining and Salnsbury (C., Here) that the to cheetrs from the Government keep reminding ourselves of the dustries. We should not to pot -a. Tcadin cutting' -working hours 

constitute a split,” he insisted, will be annihilated.” oppose Government restrictions. Price Commission did not investi- benches, im<»ninimmi«nr that it allowed to them on the unemployed scrap in: the public sector, ./ .^- j 



Apra’ l? ;197S 

■ 9 









V.^-iS l 11 '- 


sii in 



^ ENERGY ’■ ‘ •/- •■' '-V- 

Reduces process beat 

Levitates Boost for icl small fry Laboratory unit worn 

n -a ■ FOLLOWING the announcement All model* can have up to 20 . eJ 

and drives 

RESIGNED 1 for a very high 

degree of heat recovery from 

scouripg •, and. distillation pro- 
cesses applied- to woollen and 
worsted textiles; a pilot plant lias 
just gone into operation. - - - 
Devejopmen t ' was' • .dictated by 
the .sharp... rises. ; in . the . cost of 
fuel, water and! effluent treat*' 
men f." V 

- The initial, step .’is Jo displace 
the water from the. processed 
textiles' . fiy . a solvent . which 
significantly ; cuts the amount of 
hreat needed* -to- dry the fabric, 
due; •fiftt : to :: the removal of 
surplus r 'water, and secondly to 
the fact thatfhe ntixtitre of water 
and : pprcWor present has a low 
specific ; heat . and; low latent heat 
compared with, pqre water. 

During distiUatjon of the 
mis hire, -the -vapours* from the 
still are used through beat ex- 
changers td evaporate a further 
Quantity of the mixture with its 
relatively lower boiling point 
than the parent liquid: This 

gives a further 26~ per. cent, of 
distillation without- further heat 
input. And the vapours are made 
to release their ;heat "(at 87degC.) 
to the Incoming Hquors and also 
for space and office -heating, as 
well as for . hot water storage 
for the dyehouse. - *•: 

Total heat recovery at the 
moment is of the o?der of 80 per 
cent, and this figure; will rise as 
lagging is applied..’ "Some 24 per 
cent of the perch Lor Used is 
distilled “for. free;?. * 

In scouring fabrics, the oils 
are removed. However,' the 
effluent from Ihe pilot-plant is 

an oil of .reasonably- high Quality 
and can. bc used as; a fuel or 
refined and applied:^ a. lubri- 
cant. There is no effluent, as such 
and even the soiling liquors are 
used to create -energy while 
simultaneously destroying dirt 
by combustion. ’ 

More from Johndjuistone and 
Co. (Engineering),^ •'Wellington 
Mills, Huddersfield, .\-.HB3 . 3HJ 
0484 53437. - ... _ 

WORK has been in progress at 
the Loughborough University of 
Technology in which a DC mag- 
netic levitator has been devised 
which can also cause the levi- 
tated item to rotate. 

'In the experimental device a 
fixed electromagnet is fed from 
a DC supply controlled by a pair 
of parallel transistors. - The 
height of levitated abject - is 
detected by a circular sensing 
coil so that the current to the 
electromagnet can be regulated 
lo maintain the height constant. 

In the Loughborough device the 
magnet pole piece, and sus- 
pended item are wedge-shaped, 
and normally the wedges tend to 
lie in the same plane. If the 
suspended item is displaced ? 
little, it returns to alignment in 
a series of decaying oscilations. 

However, if it is spun with 
sufficient initial angular -velo- 
city it assumes a steady rotation 
that is sustained indefinitely. 
Rotational power prospects are 
indicated by the fact that if the 
“ rotor ” is braked jt will restore 
to its original speed. 

The National Reearch Develop- 
ment Corporation is keen to 
assess industrial interest in the 
work. Inquiries to Jim Strutt; 
NRDC. on 01 S2S 3400. 

FOLLOWING the announcement All models can have up to 20 
of its- “supercomputer," it is Mbytes of ttisc store. . 
the turn of ICL’s smallest com- Other new items of hardware 
puters to receive a boost. Three are * S. 100 char/sec. matrix 
new models, and additional printer^ and. new communication 
hardware and software, have facilities * for interactive .opera- 
been added to the 1500 minis, lions. In addition. . the main 
These facilities boost the store cxpaalty of ail 1502 and 
1500’s performance as a ** stand- 1503 models has been doubled, 
alone” machine ' 3nd give it These additions and other 
interactive capabilities for the developments to follow are 
first time when linked to a maip- intended to extend the Life of 
frame computer in distributed the 1500 Series into the 1980’s 
and transaction processing net- and enable ICL to expand from 
works. the £25m. worth of sales achieved 

'The three nmv models are the in 1976/77. 
i*0l-41. 1501-43 and the 150341. the new software has 
Both the 150141 and 150341 been developed by Dalaskill. 

oft shoulder 

make use of new fixed disc stores Important , is ispo Mainframe 
s capacity.- Coramunirator which enables the 

of 2.5 and 5 Mbytes capacity. 

The 50143 makes use of a 2500 mini-computer to act as a 
2.5 x 25 Mbytes fixed and video or. teletype terminal and 
exchaigcable disc store which communicate with the ICL 2900. 
has only been available 2003 Series, System 4 and 1900 
previously with the larger 1503. Series computers. 

Offers more power 

LATEST digital multimeter to* 
be * offered by Sofartron is 
described by the company as 
being of laboratory standard but 
at .the same time weighs only 
2 kg and is carried easily io a 
case with shoulder strap. 

The price — £299— has to some 
exfen^ been -achieved by addi- 
tional' use of integrated circuits: 
for example, the whole pf the 
basic measuring. “ core " of the 
instrument, .the pulse, width con- 
version system, has been reduced 
to a- single JC designed by 
Solartron and jnade by Ptessey. 
The technique has only pre- 
viously been available in the 

company's more expensive 
Instruments. • . * 

Working from mains or inter- 
nal nickel cadmium batteries, 
the 7045 Is also able to measure 
temperature from minus* 20 to. 
plus 200 degrees Centigrade 
with an external thermocouple 

Use consists of no more- than 
connecting the meter, pressing 
tlie appropriate function button 
—voltage, current, resistance or 
temperature and observing the 
five digit display, which is up- 
dated four times each second.' 
Another button “ freezes " the 
last reading the instrument has 
taken. . 

The measurement ranges are 


for engineering 




West MkHands B69 4HE 
Tet 021 -552 1541 

impressive. Direct voltage can be 
measured from one microvolt to 
1000V. alternating voltage from 
20. microvolts Jo 750V. The DC 
current range is from a billionth 
of an amp- (one nanoampiio 2A. 
AC 10 nA Jo 2.4. Resistance 
values from 10 niillinhirts io 20 
megohms can he deal) with. 

Also available are radio fre- 
quency probes extending mea- 
surement to 750 Mil/ and a high 
voltage probe which takes the 
voiiage limit or measurement up 
to 40.000 volts. 

More from the company on 
Famborough (Hants) 44433. 

LATEST service from AD P Net- Ing interiiationa] teleprocessing 
work Services is aimed al large network and operate as part of jt- 
timesharing users spending more Users will see no apparent 
than £6,000 per month, at the difference in operating speed, con- 
“ custom- programmed ” applica- venlence or capability: however, 
tion market -X order entry, stock states ADP. the presence of 
control etc.) and at the in-house satellite, equipment on the user's 
data processing department need- Bite - will* “significantly improve 
ing to enhance its services with- cost-effectiveness and control.” 
out affecting its current opera- . The .site satellite will he able 
tions. . to handle 32 users at the same 

Known as “ Onsite,” it places time, local or remote, and the 
a satellite computer' on the user’s servicerwfll provide ready-to-use 
site which is completely com- coramerditi timesharing software: 
patible with ADP’s existing time- languages such as Fortran, 
sharing services. This will More from 179. Great Portland 
connect with the company's exist- Street, London, W.l (01-637 1355). 

Coping with colour 

Massey ^tgiKOB T s new 400C crawler loader.. 
The company says it has a unique, control, 
system which enables a machine of this type 
to he used more efficiently- The system in- 
volves the hydraulic control mechanism for 
the front bucket A single lever for- lift arm 
add bucket movement is mechanically lip kerf 
to an adjacent, lever (shown on right) con- 
trolling the multi-purpose backet When 

the 1 bucket is crowded or damped, the 
operator moves the level .to left and right : 
as be does so, the lever controlling the bucket 
moves With' it and the two layers retain the 
same' relationship with one another. The 
operator is able to choose cither lever for 
damp -and roil hack and is also able to cover 
both, controls with one hand and get a higher 
standard of finish with the multi-parpose 
backet in grading and scraping work. 


Speech down mine 


Water jet 

THERE are now some 16,000. A few years ago. ICI could 
vehicle body repair and refinish meet- 80* per cent, of all regular 
specialists in the U.K., consum- demand from refinishers by 
ing over. 20m. litres of paints making and stocking some 600 
and thinhers yearly to cope with ready-mixed colours in each type 
the third of 14m. vehicles on the of paint: now. with the range 
road involved in . accidents re- increased to more than 900 
suiting in paintwork damage. colours, it can meet less than 50 
A “ car colour explosion " has per cent of trade colour require- 
heen created by the enormous meats. 

increase in the .number • of A practical move is the offer 
vehicle colours on the road (and of a two-volume car colour pack 
the several thousand more vari- containing more than 2.500 
ants that actually reach car colours from *27 manufacturers 
showrooms) and the Refinish and backed by six separate fans 
Group of Id Paints Division is of around 600 common variant 
cuiTently spending about colours. •* • 

£300,000 a year attempting to New equipment recently intro-* 
meet the problem. duced by the company (referred 

■ The most emotive phrase on a to an this page on April 13) will 
repair estimate would appear to assist in the accurate mixing of 
be the Iasi line — refin i eh colours. The microfiche system 
repaired area in matching colour stores around S.5D0 formulae and 
— presenting a serions challenge should combat the storaee and 
to the repairer who has to retrieval, difficulties experienced 
identify and order a colour which with ptri-srrlp card files systems, 
may comprise three different TV Refinish Group is at Paints 
shades. ' Division. Slouch SL2 5DS. 

Bureau in Birmingham 

A more efficient and safer method of carry- 
ing out major overhauls on the company’s 
internal fleet of diesel locomotives is now 
being used by Stanton and Staveley (part. of 
the British Steel Corporation), through the 
installation of, a set of ftlatterson lifting Jacks 
in - conjunction with a .Wharton overhead 
travelling crane. The combination of (he four 
jacks — capable, of lifting up to 64 tons — and 
a 7.5 ton' Wharton crane has provided con- 
siderable capital savings in the cost of a 

•mrfhpnp/i unrkshnn bn lifting and 

specially strengthened workshop building and 
resulted in more efficient use of available 
manpower. Before installation of the jacks, 
locomotives had (n he packed on wooden 
blocks, but with the jacks, locomotives can 
be kept at a height or up to 5 feel for several 
weeks, raised or lowered almost inslnnlly and, 
with the specially extended span of the 
jacks, axles ran be simply rolled mil from 
underneath Ihe lococmotlvc transmission 
components readily accessible. 

IT IS a somewhat extraordinary designed to work In either trans- 
feature of most mining opera- mlt or receive modes, land when 
tions that there, is -no modem receiving feed a. loudspeaker, 
svstem of communication he- The system employs- •'.•.vmoe. 
tween the cage in the shaft tuid switching and so is only tric- 
the surface!- : - gered. from -either end, at ,tne 

According to Communication oqset 'of speech. * The units are 
and.. Control. Engineering . of battery operated, \i?(Sja.^Serv? 
Nottingham, * existing - methods battery. “ ' ' '■ r 

frequently- cohsst of ' pull-rope. - An additional- hand-held unit 
arrangements or ' even Jongs enables the. inspecting engineer 
struck at the top of Jhe shaft . to. contact the* surface. .* For 
- Following the inquiry into the additional, safety, a .short tone 
Markham Colliery disaster in ^ transmit^ every, five seconds 
which 18 men were killed when to confirrf that . thq complete 
a cage crashed to the shaft hot- system isffun (-Porting correctly, 
tonj. .electronic .*■ systems were * Moresabout Call cage, which »* 
recommended and. one outcome approved- by the Health ana 
has been* the* development of Safety Executive as a safe sys- 
Cattcage by CCE. ... ... . tem^ of . communication m 

This system "makes- use of the J9? le5 ' from the company *• 
steel guide ropes as audio .tranw- -Itoad. Calvert on. 
mission, lines. An amplifier is?? 13 ™ NG14. 6LL (060/44 ~n74). 
connected across the two top 
ends of the ropes, the bottdm 

ends of which are connected to r T A l.l p nrlinrA -. 
form a loop. -Aii identical aihi»U- ClIS Vrilcic * 
fier (both are intrinsically safe) 
is installed in (the cage and . u 

inductively coupled to. the rooe I ('(iflOfc 1% 
by means: oTacoildn close orox*- *■ * 

mity, thus enabling signals- AVAILABLE FROM Cass EJeo 
bc sent* from the" cage on th*. tronics is an ultrasonic system 
move. ’ 1 that allows individuals in trouble 

The amplifiers and associated 'in. say, a hospital to be located 
coupling transformers are aD d helped quickly. 

individual — security 


WORK -IS nearing completion 
on the first 500 hp water jetting 
pump to be built at Aqua- 
hydraulics’ factory at Partridge 
Green. Sussex. . 

J Po^eTed by a Detroit diesel 
‘engine, the pump will allow 
users to undertake heavy duty 
maintenance 1 jobs . including 

The first order for the equip- 
ment, • kobwn as the Aqua 
Monster, a for North West 
Descaling afcd the first job will 
beat ICI Mdnd’s Hillfaouse plant 
Fleetwood, Lines., where a Large 
vaporiser ha^to be descaled. 

• The new equipment will be 
used to de-scale the hard carbon 
in the 1.800 : lubes drastically 
cutting down! the 150 hours 
normally taken for this exercise. 
With an operating pressure of 
16,000 psl 3nd a llow rate of 38-40 
gallons, a minute, compared , to 
the 14.000 psi machine currently 
used for the work with a flow 
rate of only 15 io 16 gallons a 
minute, there will be more time, 
available to the operator for a 
really heavy job. says Aqua- 

THE ELEVENTH computer out- 
put on microfilm' bureau oper- 
ated by Eurocom Data has been 
opened by the company in Birm- 

Machine chosen for the new 
centre is the Bell and Howell 
COM recorder and there are also 

number of high speed copiers. 

The equipment will enable the 
centre to process up to IJm. 
frames per month— which could 
provide a considerable saving for 
local business in terms of paper 
storage space, production costs, 
access time and general hand- 
ling convenience- . 

The machines will print com- 
puter output m a number of 
tiny frames forming a mosaic on 
a - piece of postcard-sized film. 
This -microfiche contains the 
equivalent of 700 sheets of com- 
puter print-out standing over 
'three fqjpt talL -The frames are 
indexed and- easily retrieved and 
projected on a reader. 

Eueocom • Data, a National 
Westminster Bank company, nw 
has -.400 customers in the U.K. 
and another 1.000 in. the rest of 
Europe. . 

. More from the company at 3" 
-High Street. Riekminewnrth. 
TIerts (Rickmanswortb 74323). 


Handles high volume mail 

A METER franking and mailing speedily removed from t 
machine capable of dispensing assembly for refill at the posit 

10.000 letters an hour and hold- ofl ? ce * „ 

. m iMA _ - - , in one . minute, 166 envelopes 

In i V? £ ®:"° p 2 stage 15 Of, say 17 inches long by half 
offered by Pitney Bowqs, Harlow, an inch thick; can be fed. meter 
Essex. franked, post-marked, sealed and 

Of particular interest to com- stacked. Packets /parcels are 
■panies which have -high volume meter stamped by an integral 
Jetters/parcel maiJ, Model 4371 automatic tape device issuing 
uses the company's “R" series wet or dry labels from a five 
postage meter which can be inch diameter . roll. 


officers in a large building, for 
example— carries a lightweight 
ultrasonic transmitter that clips 
easily- on to a belt or coat pocket, 
in. the event of trouble, -a pin 
is pulled out of the unit causing 
a specific ultrasonic frequency 
to be. emitted. 

" The signal is picked tip by 
the - nearest of a number of 
.ultrasound receivers distributed 
throughout the building — thus 
giving location data — and is 
relayed by a line back to a 
central control point. The name, 
and approximate location of the. 
individual is quickly deduced, 
and if desired, could be shown 
on a map display. 

Although' the primary use of 

the alarm is - expected io be in 
situations where .staff are at risk 
of physical attack, it could also 
have, applications, in residential 
homes, schools", and . offices. 

Mare from the company at 
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Second SI 


National Hail, Olympia, London. 

Tuesday 18th April to Friday 21st April 1978 

A specialised exhibition for all buyers involved in warehousing, storage & distribution 
. Admission FREE — Tickets available at door. . . 

This announcement appears as a matter of record only 

Industrie A. Zanussi spa 


Floating rate medium term loan 

Managed by: 

Compagoia Privata dt Finanza c Investimenti spa 

Banco diSicifia 

lstituto Bancario San Paolo di Torino 
Banca Cattotica del Veneto 

Citibank, N.A. 

Banco Ambrosiano 
Monte dei Pascbi di Siena 

Provided by: 

Banco di Sicilia 

lstituto Bancario San Paolo di Torino 
Baflca Cattotica del Veneto 
Banca di Trento e Bolzano 
Banca Popolare di Asolo e Montebelluna 
Credito RomagnoJo .. 

Banca Popolare Comrnercio e Industria 
Banca Popolare di Codroipo 

Banca Coop. Popolare 

Ciiibanlc, N.A. r 
Banco Ambrosiano 
Monte dei Paschi di Siena 
Banca Popolare di Pordenone 
Banca Toscana 
Banca di LegDano 
Barjca Popolare di Lalisana 
Banca Popolare di Gemona 

di Tarcenio 


Banco di Sicilia 

March 1978 


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<T" A 



The Management Pa; 




Edited by Christopher lorenz 

complicate the current U.K. debate 

Relations between EEC governments and their public enterprises are or public entospru* in the u.k 
under scrutiny by the Commission. Its harmonisation plans will *1%" %^?SSuuon m ^ 

interwis on the poLicv-makin., 
boards . — significantly, the work 
peoplp themselves and, in many 
instances, industrial, customers. 

This months general White 
Paper hedged tlys '.issue and left 
it to the public corporations tn 
exercise their discretion, again 
because they must be seen to be 
acting like competitive private 
enterprises constrained only by 
financial targets appropriate to 
the circumstances of each 
industry. Again the continental 
experience would more strongly 

by proposing two directives receipt interventions by sector in France now has a car industry— *h e sponsoring representative 

which would produce rome the Select Committee on the dominant influence on - the departments -eserciee little, con- are not only more 

harmony in the way member Nationalised Industries in the supply of energy, transport by trol and le.ok to the earnings Kee P ia 8 Wl “ l mdusnal aemp^ 
States deal with their public ef British Steel and air. land and sea. postal com- of market-related returns on j-omrajlmeiit — sorar 

enterprises. British Waterways are evidence munications. telephones, radio investment as the appropriate ]hmg wmch has been notice* bl 

trol of Britain's nationalised 
industries is growing. Parha- 
mentary select committees have 
taken to public criticism of th«* 
industries' chairmen, and their 
relevant ministers. This month 
the Goverment has pub- 
lished two White Papers on the 
subject — one, in response to 
radical proposals from the 
National Economic Development 
Council, on the relationship °f 
all the nationalised industries 
with Government, the other on 
the future structure of the elec- 
tricity supply industry. 

The European Commission 
will shortly enter the discussion. 

Public sector control: why 
flexibility is the answer 



. lacking m major parts of the 
U.K. public sector — but also 

The Commission i* partum- 0 f an attempt to reinstate some and television, 
larly worried aonut " trens- criteria of public interest The Germans made their i n the case of central public w ‘.*> ac j :w ‘ — 

parency"— the extent to which against the power of the public significant' start on public utilities, such as railwavs tele- w - ™ fi for efficiency 

Government interventions in. corporations’ chairmen, both enterprise in the l*st quarter of communications and postal ser- anti re* 500 ™ 1 ® profitability, 
for instance, pricing decisions severally and jointly, as mem- the 13th century. 

for instance, pricing decisions severally ana jomuy. as mem- the isth century. vices, the institutions are run ' m 

affecting the profitability of here of the Nationalised By 1977. fetjerajly-ewned effectively ' as’ nan oF the Thp lPSSfin 

publie enterprises can be pm- industries' Chairmen’s Group, enterprises had built up the machinery of ’overument And ■ 

perly scrutinised and quantified, m also attacking the .arbitrary market shares as §bewn in the wftera the activities are state The lesson would sea 

It is also concerned about the intervention ef ministers, the second table, according to the mbnonolies desn-ee^ or mana- that we too should take 

"subsidy" effect of such mn- Select Committee was attempt- Gennan Ministry of Finance extremely MHi £ of 

ventionT. which indirectly affect ing M fill * control vacuum utilities and a l«ge number of orittT fo^s" o7*contooTC 

end-prices nf products traded wMch does not exist to the involvemeqts by the I*pd gov- S S teISS different teSds at nublto Ute-- 

between member States, and extent in the French and ernmente *re excluded. 0,recUy - aW onIy in 10 - 01 » ubl,c eale ‘' 

c „ v . ment but also ih wages and prise, rather than try to run 

S ?__ 04 T Cemipunlti. prices— the letter being the them on private sector lines. 

ris v 71115 ess ??. tlal difference may partners have very \W8e public substantive basis for the Com- Outright nationalisation is likelv 

- % sr^-ssssriSr s ^ 

member States, 

which therefore, in its view, German systems, 
distort competition. Tts pro- 
posals would he under the aegis 

of Article 90 of the Treaty of »» ... ^ 

Rome. French and Germans in the their economies rivalling or . In b°lb France and Germany ™ Ixed ‘^ no ™ y ent ®rpnscs. on 

This is likely to provoke eon- fie id of pifbfte enterprise. ' exceeding that of the UX We it « common practice for curt! the French and German 

siderable opposition, since Gov- -nterarise in Franca have' equated public. enten?rise servants to be placed by patterns. 

have regarded the « LX h«>S with nationalised industries Government on the top boards This applies particularly 

national policy * organised as public corpora- °f public enterprises. There where the motivation is either 

tions: wbereap they, wjth a are three, for instance, on the the defence of employment 

public opinion le$$ antagonistic board of Lufthansa and in through public rescue, or the 

to public intervention hate France it is customary for a more positive technology when 

forms of -public enterprise civil servant to take one of the the market system fails to pro- 

e Foments 
freedom of 

towards -public sector control as 
their inalienable right. 

In the prolonged debate 
which will inevitably ensue 
before either the White Paper's 
recommendations are iropler 
men ted- 07 the EEC member 
states reach any agreement on Agriculture 
the Commission's proposals, it C*al 
will be particularly important “■«"«** 
for British politicians, civjl ser- Q n 
rants and business leaders to Can and cycles 
dispense with many of their mis- Shipbuiltjln$/iin»rtft/ 
conceptions about the way arms 
public enterprise operates else- Cheoucaii/nibaer 

where in the Community. TX£muni«i.i« 


Contrary to * -*»l«pr«4 
assumption. U.K. nationalised 
industries have had a more 


Investment which - imperceptibly cross the top two posts ip the full-time ride. In these cases a laissez- 
Added Fixed boundaries between public and executive, in addition to the faire system of controls seems 
Value Grow private business, with the civil service' members of the justified-— given reasonable pro- 
ISA 1.9 widespread taking of equities conseil d’admini$traUon. Para- tection of the public share in 
97J 97-3 by national, regional or local doxically it cap be argued that the equity. 

. government in private sector, the presence of ministerial T . ' . . - nr 

,l ,l in 1.75. tl,n German Fedora, repreaenutiaea in the enter- °uUUtLVnd 

Govern njeqt, in addition to tts Pnse lessens .the prospect of ^ hflwPVI>r ih eFe 

direct participation in 87 public 
enterprises- owned at least 25 
per cent, of the equity in 885 
private law enterprises. This 
excludes significant holdings by 

Land governments. In the same 

makes Morrison and Attlee look in France the subsidiaries Product 
like voune upstarts in the of so-called public enterprises Hard Coal 

officially munWed at least 501) Brown Coal 


20.9 V.] 

39.9 at* 
iJk 7TJ 
)U SU 
100.0 100 j0 

GOVERNMENT involvement 

With the end of the Second «*. w' 1 ' ” 1 efudt Steel 

World War the nublic sector «▼**««*• to tal over UM. By n 
laissez-faire system of control m ded enormously partly by ™mpariwm. our National ST 0 " 
recent years than their French o^e^roSation* of plLts Enterprise Board is a very late Alum! 











and Gmnan counterparts. This ;hose‘prapfiaton''ware'heid to s, »J? r in .«!« ««"*• " P^ns'eT Car. 

element of independence was have collaborated with the 1718 degree? of government - tjw» doa not imdude th* r«ieraf 

the purpose of the post-war Germans (Renault. Gnome et nr civi l service eoutrol on the &V/!?" 1 }? ef 

Morrisonian concept of the Rhine) and partly to take some Continent are very much to do u „ — . 

public corporation: a legally in- “commanding heights" of the wi«t the competitive epvirnn- reached on it 

dependent entity established by economy (coal. gas. electricity ment of the public sector , 15 the Germans 

Pariiaraeot. hut not direetlv anrf m-inAl*nl ^nint.iitnnL- incMfiitinm _ Whari* mtfclrr- unfar. ter S oy giving a guarantee tH a lr«aflv nrai-fi 

state monopolies, however, there 
is a strong case for demanding 
more rather than less direct 
representation on their top 
boards — workers, consumers 
and, yes, even civil servants 
The greater “freedom” which 
the Chairman of the 
Nationalised industries deserve 
is freedom from short-term 
vagaries and changes in Govern- 
ment policy; the “ freedom ” 
they do not deserve, and can 
not be allowed to have, is less 
intervention in the public 
interest in the formation and 
implementation of their strate- 
gies. That conclusion should be 
its own merits, but 
and the French 

Parliament, but not directly an d the principal joint-stock institutions. Where public enter- ^ already practice it. 

s and insurance prise is in competition with S?™?" 

responsible to it. with unclear banks 

powers of Ministerial interred- companies'). Much has been private enterprise — as, for L n ^ u , e , n F c ' 8 ut .-th e European The authors, under the joint 


'• wmwrntsi. MUCH nas oeen privaie emerpnse -- as, ror ^uld Be a poor spousnrship of the Commission 

added ante, and the public instance, with Renault m the ", the European Economic Omi. 


and its business implications 

Public Conference: Greenwood Conference Centre, London 

May 18, 1&78 

In February of this year the Post 
Office announced that Viewdata is to 
be launched as a full nationwide 
service in early 1979. Viewdata is a 
new information service designed to 
serve the business community and 
the aeneral public. It links two 
familiar pieces of domestic 
equipment - the telephone and 
television - to provide a 
revolutionary new medium for 
selling services and providing 
information to the public. 

The Deutsche Buhdespost has 

This public conference, the fourth 

in the series arranged by Butler Cox 
itea in a 


bought the rights to use Viewdaia 
Idsi ' ' 

(Bildschirmtext) and other national 
telecommunications authorities are 
showing a lively interest in this 
British innovation. Viewdata may 
become an international standard. 

In Britain many of the most 
influential companies have become 
active information providers to the 
Viewdata service. Major.bariks are 
running experiments m payment by 
keying a credit card number into 

& Partners Limited in association 
with the Pdst Office, will be the first 
since the announcement of the public 

The conference will be addressed 
by speakers from the Post Office, 
representatives of the information 
suppliers and TV set suppliers, and 
by outside commentators, ft will 
describe the status of Viewdata, 
plans for its expansion, and the 
commercial considerations which 
have led major companies to invest 
in Viewdata. 

No manager concerned with the 
provision or use of information can 
afford to ignore Viewdata. 

Conference details and ag&nda are 
available from : 

Butler Cox & Partners Limited 
Morley House, 

26-30 Holbom Viaduct, 

London EC 1 A ZBP 
Telephone 01-353 1138 

Butler Cox & Partners Limited 

public, enterprise Should be 

free of ministerial, partiamen- tu>ve ***** ft* 

rary and civil Service 'interna- 

tion and “ allowed to get nn L, JK? 

with It a; m private induaiy. , t be puhU , M „, a s „ m 
The most noticeable.- diffFr- rolume study by Sijthoff Inter - 
ences in the control structures national in May. 

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WHY keep laying and selling cars? 


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and sire y 

For Broctfc 
Contact: W. 

A Member of 

iATHAMS Lessing and Contract Hire 

re and ALL MAKES quotation 
L Stevenson. General Fleet Manager 

telgrqve Gate, Leicester (0533) 56631 
•he INCHCAPE Group of Companies 

ETVERY TIME the pound moves in the journal Management 
up or doftn by just a few points, fteosion*, are baseti"; • oii 
British busitiessinen anl ecoao- ^sport unit values,” and refer 
mists instantly speculate alxmtito. 1971. j 

its effect on exports. ' : This' analysis reinforces-, the 

With even more monottmcms^eneral conclusions of 
regularity', exactly the. sanre study of innovation in textile 
happens in West Germany. Neiv . machinery, recently carried out 
vous industrialists constantly by Dr. Roy Rothwell, . of;.tbe 
claim that the inexorable rev^u- unit. Fart of his work was ' a 
ation of the Deutschmark vs stirvey of wbyJU-jK. textile .com- 

on the verge of luining. their ex- panies h* d bought /foreign 

port markets. This torrent ofLapadituery- in preference to 
complaint has been flowing for British-built models. - 

at least six years now; yet Gbr-V. Almost 90 per cent of the 107- 
man products, especially capital companies which replied to his 
goods, continue to be in. intense -inquiries (including ali; the 
demand throughout the world, major firms) had bought foreign 
The main explanation for machinery during, the period 
continued Gennan export sue-' covered (1970-76). Only 4 per 
cess has long seemed to be.ja -cent. attributed their “buy 
mixture of reliable delivery and - foreign" decision to relative 
good product design — as those -cheapness. •• 

same boardroom ” Jeremfehff The most widely quoted 
know full well. reason (32 per cent) -was -'the-' 

New evidence to support this' superior performance of formgn 
view has now come from: tire,' machines (more reliable, jnore 
Saence Policy Research Uirit productive, and offering 'greater 
at the University of Sussbx. Aq operational efficiency). ’ . -J : 

anaLvsis of mechanical englneeri - in those cases, where U.K. 
ing exports from Germany and machinery was available. 62 per 
the U.K. shows tiiat, in most cent of the reasons for buying 
cases. German products are both- foreign related to the perform- 
more expensive and more. com- ance or “quality" - of the 
petitive than their U.K. etfuiva-. maebiriery. If the category “no . 
lents. The calculations, reported suitable U-K. alternative’* was ; 

included, titis increased- to - 75 
.per jeeati ; .' v' 

Dr./Rdthweft rijasiders that 
these, findings have considerable 
implications; both for ihe ppliey 
? <jf government asfweft'aS fw.the 
. companies. He argues that it "is 
Essential for the UJK.V balance 
of. payments that it .should "“ ex- 
port dear "and^iraphn cheap." 
" Vetinthe OTimrtaiit''B3acmne- 
buiidingliiaustries.’it .seuBg' that 
the value/^weight ratio of British 

exports '.is consistently -lower 
than- that' of' irapwrt&T- V- - - 
" :One way':fer..tbi5-'.Kiib9i8Sce to 
be redressed, is for UJS. .mqdiiae 
'builders to .be mote hmevative. 
Dr. Rotbweli argues.- Disting uish , 
ing between- different ;types _ ef. 
innovation,, he says.-thkt- while 
the shorinterin prosperity of tax-, 
-tile - machinery companies can 
often he assured, through - pro- 
duct improvement ” innovation, 
iff most arbas a : more radical 
typer of innovation, has -been 
necessary to ensure firms' Isng. 
term viurvi vat. " l . 

rTManqaemeni Decision, Vo/. 
15 No. 6. 1977. Published Feb., 
1978. MCB Journals: . 2 00 
Keighley Hoad. Bradford. West 
Yorks BD9 4JQ. . Tpl 6274- 
492583. - ' f 

A KEY caveat in Dr. 
paper il that new 
per 5e is no guarantee of 
niercial success. Efficient jfftert 
sales, service, reliable delivery;. 



f The aim o f 'l he awa rd ;s to 
eftcoutage * individual^ small 
companies, teams or. ’partner- 
ships " who haVe.^&e ‘ necessary 
technical kmow-hchy^cefogiercial 
shifts and man^gemwfl.potefitial 
satisfaction of user needs, cm- when they start their wOrk tb build, a grow^bttaiiessl-Tl'Pst 
prebensive operator - iraini^g j^oitly. There is only a Tort-^rize of iJQ,(KK>'^ftT;ge to the 
courses, and speedy spates; ijjght^o go to the-Afay 3 closing /best' business plaO fo exploit a 
supply all play their crueiai^tirt -aate for this year’s £25,00ff.TDC Wrt^Tirle';tEefin.c>logrcal ihqo- 
in ensuring success. fjhnbvator competitiop, organ-; vation,^ ^ Whether pipers 

These are the sorts' of. ptos’.ised by Technical development 'ai-; setvice. : 4 ,r.f : 

that the judges of one of^ie- Capital*, the venture capital-arm. - *TDC; 9X s. Wtsterioo^. Bbad. 
best-known technological i&fll)-- of Industrial and Commercial Loutktni SE1 01*928 

TOtion awards will )iave in i^j .Knance Corporation (fCFC)V, '7822.': 

WITH THE crucial importance 
of product design and ipaffn- 
tinn at last being recognised fe 
previously blind com panics, ipuT ; 
government alike, the Bfitudli%: 
stitute of Management is to-TtoM 



seemiagiy.; pbviaus, . 

how many' : a 

foDow- it? . -.V . •' 

Sample points -frem . the list 
are: •. 

,. , . , In some companies there is ... .. . - , 

a major conference on ttufnfr - teadenev for new Droducts to .“&r«krtS---, has the designer 
ject next month (Maydf broadly established' by detailed. 

The BIM has qlso produced a , 

emerge rather than be planned,” 

new checklist (number 74);bq*- 

it says. G tying creative ^e marketing- functicui : that i- ?’■«_ » 

ii nTnglV key questions aij P e °P Ie ‘ their head ’ maS ^e there- is indeed tr .marketi or/ 
lems for management on product laudable, but not .if it means potential market/ ;for the 
design and developmenti- new products are designed and has- in raipd?**. . T - / \\ 

Many of the points It- slices developed without proper. prior. • "Finance — ■ ,4 dees the "do-’ 
are surprisingly obvious. Bat H consultation and evaluation by signer have available all the 
dearly recognises the. -extEa- all the major departments, con- necessary tofnrmation.aJbaut'thfi 
ordinary amount of education cemed.” - . •• company's production: TCsdnrc^s 

which is necessary if the.averr.. “Detailed discussions should in terms Qf;buildings,.jlant:and 
age quality of design manager take place beforehand, with the labour? *’ • . 

ment in industry is to’ %vmarketing. finance, purchasing '• liL'-'' -f ' *’• 

improved. . .-^%nd production functions." A .A-unStOpflcr LorCUZ. 

> Bnqcoa. 


The lease of a factory that youiiave 
outgrown can besoinething ofa rnfllstone. 

That’s one problem youwonYhave 
on your shoulders in Milton Keynes. ' 

If youipove from one factory of ours 
to another of our factories,:youcan hand 
the original lease back to us. ^ 

This means you can afford to'picka 
factory that s just big enough for your - 
immediate needs. ' : :v 

We can offer you a choice frajen 500 
to 25, 000 square feet, ready and wafting 
to move into. At very cornpetitrve rates. 

We're now building factories, up to 
50,00Q square feet.Or we have serviced 
leasehold sites available if you prefer to 
build your own- So if you need more 
room in the future; you can haveit 
We have a workforce all ready for 
work, too. And a wide range of housing 
;o rent or buy. \v : ; 

We also enjoy a perfect business 

position. Milton Keynesis.right ot the;./ 
Ml, the A5i and the main linefnonl ■: 
London^ Birmingham. (Weie ajmost ‘ ; / 
exaedy nndwayi>etween tfie two.) ■ i; : 

Our faetoryjeases leaveyou free . 
to move, -in f j 
every sense. >'( 

WZXP. CFCT.£SC£ MOSW^fie lD«MbXf«BrTE3 HC’SlXTaflW StiOa 

So that you can choo$e more easily 

Unde plan shops for the best all round 

For the complete variety of goods whether 
in a supermarket or specialist store with its 
own character. 

Unde ensures excellent display enabling you 
to make an informed decision quickly. 

But Unde does not only produce shopdisplay. 
The Unde group sre in the forefront of the 
Capital goods and services sectors, 
with a comprehensive and forward looking 
range of services for meeting high quality 
requirements. Leading the way in development 
and technology Unde have a turnover of 
DM, 2,100 million, with a workforce of 19,000. 

Unde AG, Wiesbaden 
Represented by: 

BOCHinde Refrigeration Limited 
Victoria Road, Rulslip, 

Middlesex HA4 QNT 

Telephone 01-841 5281/0, Telex 23705 







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?■ ' \ W’sSl*"* 




IT IS PROBABLY a misleading proposals for a graduated wealth 
impression based on a run of tax:, but It is not applied, alas, 
reasonable luck, but there do at toe operational level when it 
seem to have been fewer traffic comes to harassing the small 
wardens about recently in the taxpayer, 
parts of London I frequent. If The figures illustrate the 
this is an objective fact, the result- The U.S. Internal Revenue 
local authorities concerned Service has roughly the same 
deserve congratulations on sound manpower as the Inland Revenue 
business sense. Someone with here: this force collects approxi- 
an eve For economy may have mately ten times the revenue- 
noticed what I have long sus- and the IRS. unlike the Inland 
pected as a matter of highly Revenue, does not have the 
persuasive theory: that cash advantage of a vast unpaid work- 
income is in inverse proportion force collecting PAYE. Com- 
to the number of wardens who putensatiou has a little to do 
collect it with it — though nothing in 

Whitehall experience suggests 
i that a revenue computer would 

Sporting Chance cut the workforce by 90 per 

cent., or even by half. The 

This idea arises partly from process is at least five tiroes as 
the structure of parking charges: efficient as here, 
the marginal revenue from those One powerful reason for this is 
who overstay their allotted time the application of incentives. The 
is so much hieher than from u.S. citizen normally overpays 
those who obediently put their tax through the year, and his 
money in the slot that it must form-filling entitles him to a re- 
pay handsomely to encourage bate. This creates goodwill; it 
people to take a chance. Even probably also means that those 
if you only catch one in three v ho are only marginally aver- 
of the evaders, your gross re- charged may decide that the 
venue from parking charges goes rebate available is not worth the 
up: and provided you can be sure trouble of filing a claim. In 
of collecting this modest propor- Britain we have applied this 
tion, it pays to encourage the principle to the lump — the self- 
idea that there is a sporting employed building tradesman — 
chance of getting away with it. but to no-one else. It probably 

Tbe best way to do this is to does nor appeal to the British 
halve, say. the number of idea of fair. play, 
wardens. Since this halves col- Unfortunately the mind that 
lectlng expenses, net revenue thinks in terms of fair play can 
rises much more sharply than easily turn into a mind that 
gross, and the revenue collected thinks iegalistically; an Inland 
by each warden rises spectaru- Revenue inspector seems to 
larly. Where overstaying is a regard himself as a policeman 
sporting proposition, the few enforcing the law rather than as 
wardens who do go the rounds an efficient producer of revenue, 
can issue whole books of tickets. (It is this legalistic obsession 
Even if motorists pay rather which makes inspectors into such 
more on average, the sporting unblushingly efficient poachers in 
element will maintain good the tax avoidance industry-) 
humour. m m 

However, the real Benthamite {Not OffiClOUS 
joy of the situation is that net 

revenue for the local authority What is needed, if we cannot 
is likely to rise even if motorists convert our tax system to the 
pay the same or less on average. U.S. approach, which leaves 
because of the saving in policing judgements of cost-effectiveness 
costs; and if the local authorities to the taxpayer, is a new motiva- 
have been enlightened enough to tion: every tax office and every 
do this sum for themselves, they file in that office should be 
deserve some sort of gold medal regarded as a profit centre.- The 
for public administration. Not aim should be not to collect the 
only that, but they have estab- maximum revenue, but the 
lisfacd two principles which could maximum margin of revenue over 
be more widely adopted. collection cost. An unprofitable 

„ VAT raid on some unhappy small 

The first is simply the paucity trader who cannot even under- 
charge- or rather excess charge. AxDi the forms wou , d only be 
as an alternative to the full justified if the sum likelv to be 
terror and cost of criminal pro- recovered was substantially more 
codings This is effectively in than ^ cost of lookins f| j r it . A 
force with import duty over loss-making raid would merit a 
trivial matters, and the Customs.- carpeting 
like an enlightened local autho- - , ‘ T ... 

rity, combine this with a fairly 

light-handed approach to policing more Itnprove public relations, 
the ports of entry P 6 save manpower, and encourage 
V e small business than any amount 

A far more important prin- of hassling with the margins of 

ciple. though. _is that of cost- the EEC harmonisation laws, and 

Fectiveness. This is applied to would reduce the PSBR. The 
some extent at the policy-making Inland Revenue motto should be 
I»»vel — it is one of the arguments ** Efficient,' not officious;” and 
which destroyed Labour’s absurd profit Is the key. 

are so 

Financial Tintes Tuesday • April:>l8 . 


K r t £l! position in film- ponstble. concern for children's cribing his unusual -type 6f col- -to do it ” The line comes from the ultimate. Semonstratton of 
coming familiar in. this column mg a dialogue between two dietaiy habits. TXp to a point it luge art based on the printed the British Tourist Authority’s. the cinematic art Although re- 

- L ’ - - for Its Age, which viewed lU v tlus coluipn .rsome 

„ amiiul ws . Romney.Sythe 

„ -«r~ — — — — s? «ui uic »■ 'n,— .^r uaa uau uj DVmchurch light railway. Again the Fr iaport _Awarti, J 'must 

reflect a somewhat personal second person: the consequence subject which remain a yardsbek far-many 

view, support is reluctantly of this is that speaker A appears “ 1Ilteresm ^ J - — — 

spreading, as evidenced Jby the -on screen, say looking from • 

recent reports of other col-' left to right, and’ so does speaker -V- . - FILM nnrl 

leagues writing about entries ^ ^en fogically they ought' to . , . f: ;...y ^i^tSSSS ^ a.n*"of 

for this year’s British Sponsored be faapg^adh otter in the con- \. :-U . .; *Y JOHN OffTTOCK ... - f.w^-frrtntier town ‘buildiass, and in acompeUing-andfre. 

Film Festival, which takes place -.secutive shots. ■ ■ . ^ : ^ -L-g^a gg. . ^anSias Of tIS quently • beantifub -Way.\ The 

next month- in Birmingham. -The philosophy 0 f film Is oom- ‘ ~ .. “‘mofiinm. - - animation opens ..a. .new. dimen- 

* *“ ’ * other son of understanding in reveal- 

Some of -the recent releases . pies and. embKces* such subtle Me fcrwHt for' this goes to the “ererdse consideraMe better is- the BTA’s 

r ’ - *•— gf the ?lm. And Jthe use of' additional . mtetSB&rtrirflffiut aided by. potto? ing how the- Netlqn: process. of 

film- - miffhr 1 mm t i ■ * * - ' — 

of sponsored .films continue to effects as the cumulative' impact creat * Te style 

contrapuntal power __ . _ - _ 

ful and persuasive documentary, music, .sound effects, cutting VRr ^ doubtful. . 

extrusion worn. The 
excites and ex- 
experience: ^Rbe -pace 

Perhaps there ate times when Potteries. As an . historical of the film Is rutilated witi^the 
- it would be better if. the- fiUhftnraift' of the ' . man. who flair of a concert hah eoi 

z^.. - -7“-* — wwn«, — • ~ n miaul uk ucuu u. uie USK RCCOUUt (« 14,0 “**«*■ . ~ ^ T.TY"' Si 

The World oJNetUm. Hus year’s rhythm aad subject movement • The simpte camera TO»rfling msdeer just "didn’t try 'af 'aH dominated pottery jn the ISth That is what-; the. cifea \ 

winner of the Financial Times It has even embraced political technique can work if the sub- such as. in producing conunen- century it uses- some of the Should be all about: but4uttufe 

Export Award for the film best ideals as reflected in the sym- ject is so powerful as to' render tery lines like *Botiday places' noetic mwer 'of cinema to en- generations may have m tam- 

caiculated to promote British oology or pictures. ’ creative control an intrusion, abound^-and whatever you wairhance the story. mage in tbe -film archives to 


in the dying art of cineina. . .its current affairs' coverage, .is .have .recently, seen,. by Julius 

the culprit Thus in Ash and Hogben, takes as its title and 
Lacy’s new film The Single subject Mrs, Goodfelloio at the 
Team, we have a pastiche of the Age of S2. This South London 
The art orginally developed TV investigative unit exploring lady is a spinster who made her 
from a variety of disciplines and the -management communication living doing embroidery and 
philosophies, the former con- style of. a UJL industrial group! needlework. She just talks in 
corned with the grammar of Concepts, of leadership . and front of the camera — a corn- 
film. the latter with its deeper team sprit are offered, but via pelting raconteur with an 
unconscious influences. Few a disconnected and often archive of memories. A remark- 
film-makers to-day even lengthy series of snatched able lady wbo is nice to meet 
recognise the- existence of dialogue sequences. It doesn’t on film exactly as she is^ wlth- 
cinematic grammar, and even work because a real TV pro- out obvious mfmiphlation : £rqji] 
fewer care about the philosophi- ducer would reject the subject the film-makeri 
cal genius of early pioneers like as being inherently not interest- same is almost true of 

Sergei Eisenstein and Raymond ing enough anyway; to make it this year’s winner of tile Grier- 
Spottiswoode. interesting, greater manipula- son Award' for the best Short 

.The grammar had much to do .tion and control might be fihn of 1977. Sponsored by Jbe 
with making events on .the needed. - Arts Council and made by David 

screen occur naturally, with Likewise the National Dairy Rowan, the film is about the 
comfortable and logical coher- Council’s latest, Food — A Cause artist Tom P hilli ps (and titled 
ence. Its absence to-day can be for Concern. This is aimed at the same). The success of this 
witnessed almost nightly on TV adults involved in the educa- is almost, a g ain , due to the in- 
in such elementary faults as tion and welfare' of children; its herent power .of the subject 
“crossing the line'': this means purpose is to encourage a res- who speaks for' himself in des- 



COLISEUM Credit Card* 01-240 
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Aw. EC1. 857 1672. Comnt Ta 
May IX E vg: 730. Sat. 
Tomor. & Thors.: . Let Srlphldes. L 
manas. La BoMtdua FantnmM. Frf 



Good-looking Camden Town 
should win Craven Stakes 

THE CLASSIC trial- scene- Camden Town showed that he I feel reasonably confident 
switches to Newmarket this after- had thrived over the winter that ' he can outpace both 
noon, where It is hoped that the months when reappearing at Admiral’s Launch, the easy win 

Ladbroke Craven Stakes can shed Teesside Park on March 31. Stlk^ iSTveitTSS 

a little more light on the classics Tfipre^.’the good-looking bay tion Stakes, winner,''. Taunen- 
thau Sunday's Prix de Guiche in Derring-Do colt 'quickened im- berg 

was ' — ■ - • The one two-year-old event ob 


which Super. Concorde 
among' those eclipsed by 
Vaguely Noble colt Gay Mecene. 

Eleven are due to line up for" 
the £7,000 Craven and it will 

come as' something of a shock if 
the winner does not come' from 



Camden Town,- AdmiraLs Launch . - , . ' ' - •_ 

and Tannenberg pressively cl Dae: home in spite of 

Certain market leader for this ,Mkin S *•“ short .Apeak dtness. 
Group 3 event- over the Rowley to put- three lengths between 
Mile on which the 2.000 Guineas himself, and runner-up Roscoe . 
will be run is Camden Town, the Rlake in a matter of strides.- 
7-1 second favourite behind Try T «. 5l . 

Mv Ri>st in most vnno rtuinnns »* 18 doubtful the value cf 
antp nnsi liltJ 1 “ , °° 0 t,llInea:, that form amounts to much, but 
® P0S ! ' there is no getting away from 

The 1 i-lengths third- behind -the: faefr that CamflftJT Towh'w'ra 
the Irish colt ut last autumns in - the -manner- err ~i 'high-class 
William Hill Dewhurst Stakes colt in the making. 

the card, the Stuntney . Maiden 
Slakes, sees another well 
thougfat-of Michael Stonte juven 
iie. Twice Rich, tn action.' 

[ hope to see' tins, one hold 
two' oth'er- locally trained hopes, 
Beldale. Sweetness and Pessu. 


2.00 — Marshal McCloud 
2.30— Twice Rich«* 

3.00— Sex Boat 

3 JO — Camden Town** 
^4.00 — Peraepolis - • 
435— Acolyte* 

t Indicates programme 
in black and white 

BBC 1 

&40-7A5 a.m. Open University. 
9-38 For Schools, Colleges. 12.45 

B jn. News. 1.00 Pebble Mill. 1A5 
agtime. 2.00 You and Me. 2.14 
For Schools. Colleges. &20 Trem. 
3-53 Regional News for England 
(except London). 3A5 Play School 
las BBC2 11.00 a.m.). fiJSO 
Champion the Wonder Horse. 4A5 
Take Hart. 5.05 John Craven’s 
Newsround. 5J0 Stopwatch. 

5.40 News. All Regions as BBC1 except at I ONFiniV 5 wtut’a New. sjs Cnwsroads. . lob 

5.55 Nationwide (London and Uie following times: — .. Qtjnado Repom. mo Exmnezdjiie Pann. 

South-East only). Wales — 5^5-020 p.m. Wales To- 9^0 a.m. Schools Programmes. 7Jn ^ Bkmlc Wonu n. 

6JI0 Nationwide day - ®-®° Heddfw. 7.15 Telthi’r 11-55 B^any. and Cecil Cartoon. HTV 

6 sn The Feather and Father Jl r ^ 7 ’ 43 ' 8 : 10 TO-moriWs World. JZ-00 Paperplay.' 12-10 PUL Rain- iao pjh. Report west Headlines, us 
u f eame ana rau,er 12.05 amL News and Weather for bow. 1230 Parent s Day. 1.00 -Hepirt wales Headlines. 2J» Hdose- 

Wales. News plus FT index. 1 

Scotland— 5.55-0.15 p-m. Report- 1-30 Crown Court 2.00 Aft 
ing Scotiartd. S.15 .'The Scottish 2-*5 Raring from Newmar 
Trades Union Congress (report). Runaround. 4A5 Magpi 
6-30 Join BBC1 London for Sportscene. 

Nationwide. 7.40-8 JO The, Good .. 545 Newrs. I 

Life. 1140 History is my Witness. 


7.40 It Ain't Half Hot Mum. 
8.10 The Standard. 

9.00 News. 

9.25 Play for To-day. 

1 L 00 To-night. 



Wales Headlines. 230 
5-15 Popese. 5L2B Crossroads. 

TVnnn M0 Report West. US Report Wales, 
i --- *J0 Ennwrdale Pam. MB The Bionic 

1149 Parents and School. „ 

12^5-12.10 a.m. Wealher/Regional ]. 2 - 15 »■*«■ News and Weather for 



Bff — F — 1 — ir 



1 Blow having good poker hand 
still to come (S, 4) 

10 Father fe turned and quietly 
told a story that was made 
use of (7) 

11 Cast a divine newsman in the 
air (5. 2) 

6 Part of north London be- 
headed In this position (3, 2) 

7 Creature fated to croak 
eventually (7) 

8 Show jumper offering chal- 
lenge to gymnast (8j 5) 

9 Literary work of medium 
interest (6, 7) 

12 Two pounds a parent gives 14 Uneducated and not fit to 
for animal (5) repeat (10) 

12 Tribe go to ancient city with 17 American state put out of 
loud noise (8) countenance by tropical fruit 

15 Resentment driving one to (8) 

doctor (3. 7) 19 Save up for book (7) 

16 Was conscious of hat (4) 21 German prison adapted for pa 

18 Habit to boast about (4) and us (7) 

SO Criminal breeder of fervour 23 Siren could be a wash-out (5) 
(4, 6) 25 Won’t run though capable of 

28 Paper saying a few words (8) . doing so (4) 

34 Behind sailor with another Solution to Pnxxle No. 3,644 

paper (5) 

26 Shy heartless combine takes 
on a plant (7) 

37 An orchestra performing in 
ditch (7) 

28 Last moment of longest strike 
bar one (S, 4) 


2 Spinners take trouble with 
part of rigging (7) 

3 Lively article one married 
( 8 ) 

4 Objects of worship in the 
gallery (4) 

5 Leaves going to pot cultivator 
(3, 7) 

casaarang sasnea 
as ® a s m a 
'^ssacaca HisnaaE 
i a as □ 
gnggasga Ban hsb 
b 0.B H s n 0 n 
3 5 b n s s a u 

s-‘G m e h 

P4LEL as bd 
g Big • a m a n 


6.00 Thames at 6. 

6.35 'Crossroads. 

7.00 The Six Million Doj 

8.00 Rising Damp. 

8.30 Armchair Thriller, 

9.00 News. 

9J0 “ The Comedy ofj 

12.00 Man and Woman 

t- 420 Woman, 

540 HTV CyRjm /Wales — As pTV General 
Service except: L23-12S pjb. Pcnawdao 
Newyddlon y Dydd. 420 Mill Mawr. 
430^LC Seren Wfm. 401445 Y Dsdri, 
X2JHL12J0 aan. WffrM In Action. 

HTV West— Ax HTV General Service 


Northern Ireland— £53-3.55 .p.m. 

Northern Ireland News. 5.65-620 
Scene Around Six. 12.05 a.m. 

Fivc-a-side soccer. 12.S0 News 
and Weather from Northern Ire- 

England — 5.55-620 p.m. Look reads a prayer for the 
East (Norwich);. Look. North -An. IBA Regions, 
(tweeds. Manchester. Newcastle): except at the -following 
Midlands To^lay (Birmingham): ANfll TA 

its West (Bristol): South To- 
day (Southampton): 

Points West (Bristol): South To- XJS D.m. Anxiia Ncwir £sd Hmnepxrty. 7J ® Enunerdale Farm. 7J8 Gat Some Ini 

South West fPlymouth). 

BBC 2 

7JW Challeiwe nr (he sem* 
Some Tn: 12.00 Police Sofa 
XJn. Christians in Action. 

640-7.55 a.m. Open University. 
114)0 Play School. - 


Mj ti «ceot: J- 28-1-30 p.m. Renan: West Hexd- 
lines. 425-430 Report w«l 



U5 p.m. News and Road Report. 5J5 
Tent tme Tales. 5-20 Crossroads. 52W 
Scotland Today. 630 Whafa Your Prob- 

«3S ajn. Close: Rob*t Rietti S i" aST’S^cS™’ 7J ° “ 


times: — J-28 plm. Southern Raw. ZOO House- 

party: ‘ 535 Betty Boon 539 Crossroads. 
400 Day by Day Including Souttaporr. 

Spotlight 535 Emmordale Farm. 6.5)1 bout Anglia! Southern New Extra. 1230 

730 Get- Drive-In. 

eon. 1239 


035 x.m. The Good Word fallowed by 
North East News Headlines. 130 p-m. 
|J5 Laverne North East News and Uw* around. 535 
Today. 7JN Friends of ' Man. 630 Northern Lift. 


, 139 jL.m. A TV NewarfeAk. 

. sfKt Shtrley. 6.90 A TV 

2.15 p.m. Other Peoples Chii- Emrnerdaie Farm 7.w Click oo Waltz. 730 Etxunerdale Farm. 730 Get Some 

dren. BORDER/ In! I2JW Eplh5S1iie - 

? Ba £?- n2 ° ?- ra ‘ Bord?r Hew- / House- ULSTER 

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4.55 Onen University. , 7 -” Fal m Headlines. 5J5 Friends of Alan. 

7.00 News oil 2 Headlines with ££ 

7.05 o!i the^ocks. lm pm ctS^i^ 

17 < 9 A UaiawWAD P m- Cfiaimel Lui 

On When*. SJS 

8.10 The Schools Prom from the 4» Report at sfi. 730 
Roynl Albert Hall. London. cha l] t ^ 1 s Angel*. 1 
4 Ofl T?hnria News. 1230 a.m. Com 

I fs The Man Alive RenorL vlBl0 “ . 

16.15 Living on the Land. GRAMPIAN sure Hunt. 730 Charlie’s Amrels HJ7 

11.05 Late News on 2. O^aun. First Thing. 129 P-m- Gram- Westward News Headlines. 1230 u 

U.I5 Snooker: Embassy World Sj? 1 "2? W“2**- 

Professional Championship. Sm YORKSHIRE 

123)5-12.15 aJn. -Closedown: Teport. 63S Cartoon Time. 730 Emer- 130 pjrl Calendar News. 535 Chal- 

John Ryde reads from zency. 1230 a-m. Redecdhas. tenge of the Sexes. 649 Calendar fEmley 

”« the Cathedral." GRANADA ST ^ cImon, 7J ” Emner ' 

by T. S- Eliot. 130 p.m. This Is Yoar Right 530 Drive-In. 

______ aniuiun. am r nruw »> nan. 

^ eaa - Ulster Television News. 6415 Crossroads. 

630 Reports. 74)0 gmtnenialo Farm. 
730 Get Some In! 12-00 Gardening 
News ami Today. 1235 ajn. Bedtime. 


Oiaimel Late UJ# non. Looh and See. 1237 pan. 
at Pro- Gttt Honey bun's Birthdays. L2B west- 
ward News Headlines. 535 The Flhn 
stones. 64m Westward Diary. 7.00 Trea- 

730 Gel Some ini 124» 


( 5 } Stereophonic hninlcnt 

247m Salisbury Festival or the Arts 1977, part PU Reports. SM Serendipity. 535 

1 'S'. 1135 To Short '(taSri. 1135 Weather, programme news. 6.00 News. 

cm am o im Vf .,1 Salisbury Festival, part S (51. 1233 P-m. 638 Just a Minute <S>. 7.09 News. 74B 

-arSSrrutTc- UJ!- SS Midday Concert, nan L lJlb News. 14B The Archers. 739 Time for Verne. 730 

-N^aSS 1 - 7 * 8 - Worldwide. 130 Midday Con- Kaleidoscope. B.BB Live tram ibe Royal 

tOOTto^b^,u^ 5 rt -. ’ 2- 05 Summer Sdhool of Festival HaU ’ (as Radw 3) IS). 939 

HLSg y uB , TSSSLm? a wg^ Ml g redial, part 1 «). 236 Weather. 18.00 The World Tonight. 

YUrt^atfSl” Otto Raiu^a) 1002 KS”? 1 150 2. 1030 Not Now, I'm Listening Again. U.M 

S M ium hi “S ^ unu> us)n (S). 435 a Booh at Bedtime. U35 The Financial 

rX 1 «Jn. As Maebaot. roncen 1 S 1 . 535 Jaa Today World Tonight. 1130 Today In ParHa- 

VHF Radio loriUM =,.« Whh l?*v 3“ H0®f*ard Bound-. News, menu 12.00 News. 

Radio 3 Including 

Ra<uo L *- m - to Queatoa '(Si. from uie 206m and 94J VHF 

kjo Homeward z^jcaa****. BBC Radio London 

206m ani 

Hal), concert- part 1: 5.00 aan. As Radio 3. 639 Rush How. 

Witt Radio L. 1230402 a.m. ta auesr1oil , Sl from the 

*■ Royal Festival Hall, concert, part 1: 


L500m and VHF fttewby-Koroakov. SalnvS*5n* „(S). 830 9.00 News Extra (as Sunday). 931 

CM »rn -*« • Finding a voice with Barbara Pyra. 94)8 London Live. 1339 In Town. 12413 pja. 

uSS, Concert, part S: Bt-eonven (Si. 939 Can In. 24B 298 Showcase. MB Home 

b “ 1 'i“ u,W! The Ring and the book. ■ M30 Haydn Run. 630 Look. Stop, Listen. 730 In 
5b SEft and Beethoven, plane rvcital <S>. U-l* Town (as 114)3 am). S38 AD That 

Ss Hubert- Songs (S)lfldDd. Jar 1 IUB Late Night London. 12410 

345 Pause for Thought. UJ2 Jimmy tag 11 .Z News. As Radio 2 . 124E amL Qnestkui Time 

J*E*-2k n J&iS 3 “K3 from the House of Commons, LDfrCJwa 

SsL,™ l M5 ' 7J0 UntOwslty. — ■■■ --- As Radio 3. 

Hamilton (S) • Indodlng- id5 - -and 3.85 RADIO a >" Lwdon Broadcasting 

Swrtt Desk and Radng from NewmartteL , __ 26tm and 97J8 VHF 

«.» Waggoners' Walk. 845 Sport? Desk. 434m, 330m, 285m and VHF ^ Morning Mule. 640 A M.: 

415 ami. News. 637 Fanning Today, wkwhod o*m. travel, snort, reviews. 

S| !£XL* 5 n , * , 'l J?'®*- 6 -55 Dp to the Hour 740 News. 730 hitannation. -19.00 Brian Hayes. LOO p jo. 

* jn Hubert Today. 735 Up to the Hoar (continued). LBC Report* Including George Gale's 
5J2 ? 8 5L l LontSom Tnaffaraje. V4H 840 News. aiO Today. A3* Yesterday 3 O'Oock Call. 84M After 8 — with Ian 

J2S r ™l oave l r8 In Parliament, f.oovpws. V 4 S Tuesday Gilchrist- 949 Nlghtllne. -149340 man. 

Desk. ME Three . m a now. }&30 It's r.tiE 1949 - News. itur-On Location. Nicht-Extra with Adrian Scott. 

* “y 5 Card Pw Robinson. Dafly Service. 10 .® Morning Story, panifal Karlin 

'1 Erlan Matthew Introduces Round -EL00 News. 114S Thirty -tniunte theatre. '“iRpliai KaQlO 

httdnigbr lochidinp 1240 News. 240- 1US Profile. EU» New. ELM pan. You 154m and 35£ VHF 

2 .E aum. News Summary. • and Yours. 1230 Desert Island Dtocs. 1235 648) a_m. Graham Dene's Breakfast 

D A Din •» 454m. Stereo St VHF JPSJher «»i prowrimme dews. LBO The Show «S). 948) Michael AhjH from 

KAU1U J «***». oierew « vw World at One. 1 ^ The Archers. 145 Europe 1 In Paris (St. 1290 Dave Cash' 
1 Medium Wave only Woman's Hour including 24M-® News. (S'. 340 pan. Roger Scon (S>. 74» 

1635 ajn. Weather. 740 News. 74B 2^f Listen with Mother. 3.1# Newa 3.M Undon Today (Si. 730 Adrian Love's 

Overt urn <S». LOO News. 8.05 Mnnilns Qnestinns to the Prime MWW Dorn Line (5). 8.06 Your Mother wouMn't 

ronceri iS>. 9.00 Knn. 945 This Week's from the Units*; of i-runraons. W5 Money l,\ t . j, , 

. . . trlth Nlrky Hortv- iS». 1140 

Composer: Ra-p| iS». 9.80 Pialn^oog and Rnx 8.03 L'eivfl. 8,15 GardiWW’ Qtietf'nn Tony Mvan's Late Shw 'S'. 24» a.m. 
Uie Rise of European Music iS> 1835 Tune vims Avon. 8J5 S tori' time. 546 Duncan Johnson's Night Fluhl 1S1. 

ot 1976 

1977 and 19789 n 
. IRENE _ 

Sunday Petwe.-.- - 

AUKKY. 836 3878. Party 'Raw Crvdtt 
can! blcqm. B36.1 071-2 Oronr fr, 

E p.m.i- Mbita . Toe*.. Wed- ahd 
7A5 dm. Than, and Sat. 4 JO'mif 


with ROY HUDD and JC 

ALDWrCN. 836 6404. lute- 83^ $3 
reoertotre. TonWrt 7 Jo HEwnr r 
Part 2: “ MaonKuM.” Goan»“«^ 
HENRY VI Part 3 stair. Z-OOJ. 
rrmr Thurs. 7.30L RSC at 
PtcrodDlT The«tr» In 

ALMOST TREE. 465 *6224^ Uaflt^nstt 

Only! Wolf Maokawftz-s 3AMSW 4 

DELILAH. N.B. Nightly at 8 PJH- I 

Suns. No show Frf. “ Ramaria 
visual and emotional climax/- Times. 

Eras B.OO. Mats. Tuas -3.-00. 

k Rock Revue 



End* April , 22nd. 

01-836 V 

Opens April 25 for 2 
Cvemuuf at 8J). Mai 

KELLY. SLEEP rj. -• , . 

APOLLO. 01-437 2683. 

Mats. Thors. 3.00. Sat. 5.00 and- 


Actor- ot the Year.- L-Sttk 


ARTS' THEATRE. 'trt«»-J11 


HUariotm - see It." Sunday 

Monday to ,Tli»rs<lw__BJO. FfldBV 

Saturday at 7.00 and 9j15 


01-734 4291. 


Friday and Saturday „ 


Nearest 1 

Road.. MOArThwg^' 8.00 

our -fully-licensed ■ Restewant and 

Bar lurfehtime add 

before or after 

Hi advance. 


CAMBRIDGE. 836 6056. Moo. to Thu 

8 . 0 . n-U.Sftt at 5.45 and 8.30. 


Exiting Black African -Musical ‘ - 

packed irusicul.'^ News - 

Dinner and top-price ! 

COMEDY. • 01-930 Z57; 

Evening 8 . 0 . Thura. 341. .Sat. B30. 8.31 
Marpxret COURTENAY. Dermot WALS 

and murder." Tune*. . “ A poo 
■fun.” Evening New*. 





’ luipecaMe . . . a maste r.* Sun. Tin 
Ifl SEXTET — ■ 


DRURY LANE. 01-838 8108. 
iht 8410. Matinee Wed. and Sa 
\ rare davavtstlnu. Invos?- ■** 
atunnkf.” Sunder Times. 

DUCHESS. 836 8243. Mon. to 1 
EVM. B.o. Fri. Sat. 6.15 and 9.00. 

*. I. rtiindu — rialla 


Eva. 8.0. Mat. Wed. and Sat 
hi Julian Mitchell’s 

“ Brilliantly witty. - . no 

Hits* It." Harold Hobson TOrar 
credit card reservation. Dlnnr 
price feat £7.00. 

FORTUNE- 836 2238- Eras. 8 . Thors. 
Sat. 5.00 and 8 . 00 . 

Muriel Pa*k>w M MISS MARPLE In 


Third Great Year. 


Evss. 8 . 0 . Wed. Mat. 3.0. 



Hi the 


GO TWICE." S. M or Wry. Punch. 

“ GO THREE TIMES." C Berne*. NYT. 

GAR KICK. THEATRE. 01-836 4 601. 

Ooens May 1 st at 74). Sab. B.O. 

Set. 5.10. Bjb. Mat. Wed. 3.0. 

01-437 1592. 

Sat. 6 ._ 840. 


E*BS- 8.15. Wed- 34... 



"This must be the haUPiest Uunhter maker j 
In London." D. Tel- “ Irresieubly enluy- I 

able even I no.” S. Time*. - + 


7.30 Mat. Sat 2.30; ARMS AND THE 
MAN. A Comedy hr George Bernard- Shaw 

HAYMARKET. 01-9X0 9832 Em, o.QQ. 

Mats. Weds. 2.30. Sat*. 4.30 and 8 . 00 . 



**Tnprid Bergman mekes the stage radiate 
— unassailable charisma.” Daily Mall 
“Weody HlHer Is superb." Sun. Mirror. 

Men. IP -Thur. 9.0. _Frl . Set. 740. MO. 


HER -MAJESTY'S. CC. j 07-930 5606^ 
Evening* 84W^ Mat* W^*nd Set. 34 » 
hi LESLIE BHioysse end - - 

with D^efc: Griffiths 
“ It Is period to- buiwma point -tMtii ttd 
persaneUty and sheet , energy of Bruea 
Forsyth." Sun. ExtHws. "tM audience 
cheered. ’ Sunday Telegraph. . 

FROM MAY 25 to AUG. Ifl . . 



LONDON PALLADIUM. CC. 01-437 7573. 
For2 weeks only. Tonight & Thor, fl.oo. 

^ b t B rt -BL 3 * 1 


24, Man.. 

Sat. 6 . 1 S -9. 


Note additional 5.1 5 perl, each Wed. 

LYRIC THEATRE. CC. 01-437 3GM). t 
8-0- Mata. Thura. 3.0. Set. 5.Q and 8 Jo 


by Eduanfo • HHppo - , • - • 
Dlrwtet) t»v FRANCO ?EFFIB|ll» 

" TOTAL TRIUMPH." □. Mirror. 

HUMORED YEARS.'' Sunflev 'Tim**. •“ • 

' ■*-- in Fri AO. Sat. 5.30 and.8-4S- 

CN - ,B 


it “ a com paisioT-ato. tunny. htrcrtY 

*• ■ 

~ .Mudtna." Ob*. 

■ Mermaid 248-76o6. 

* , RflWMt 248 2835. 

Alec McGowan's 

ft : . . sr. MARK’S GOSPEL • ■ - - 

P " STmDlv not to .be . missed- „ by -anyone 
- -with ears 1 mind or a soul.' S. Times, 
it JSSSl aS'ii 23. Evss. hat April to 

; uTjOlMd UmajHarra^t nn0 j 

L. ■ • Returtis April' 24 



* Of ft . VIC- V23 7W6. 

s. btmw s&iw AMir * 20 -Miy 20 st vfM with 
. S^nm^dy Mi&T Th.^Vic 

i DMflM^rienL 31 Fjrt^SgM , Moni S S»rii t 24 

1 -'.Eileen AtirtJ w'sAlWJ JOAN 

return* May 3rd.-- 


I -Garden make ire lamh.' - 'D. Mall. In 
t A New Comedy by ROYCE RYTON. 

HAVE DIED." S. Time*. ■"WHAT A 
l •’ SHEER DELIGHT.? S»*d. - 

SAVOY- - • .*■ ■ . 01-836 8888 . 

- - ' " Mlghtly at 8.00. Mat: Wc 6 . 23o 

Sat- «.oa and s.aa. 

• .- • • Ih 
• — . SLEUTH 

The World bmoiu Thriller 
.-.I,.-, by ANTHONY SHAFFER ... 

— -SieON the Play main Is, -to fact, an 
. L ■attw and total Joy." Punch. . 

1 P It dWt.. run and_ run, again. ** Son. Tel. “ 
Ewpld&a- El to £4. Mats. £1 to £3. 

and. at 11 jun. 



Tueadav-Stmdav- 73a. •- - - 

Tuesaay-5undav-7^w. v- - j 
In BLEAK H0USET2 a S74^ 


'ny -.Charles Dkkena 
.On 4 parts, tn Repertoire). 


838 >9988. Cti.G». stTST 

EVILUC, 838 -9968. CC. 

S&3R hWiSi. 

. Dinah „ 


- a MURDER BAHH- -- . — -. 

"Ba-Wtir Aoatita .with another 
dun it hit.- Fuat ha cnrNtie^ is 

sr zr iu .... 

nvaaBrSea," FnBx Barfcar. Eye^np JHpj, 




annie; •■jffoij'r 

01-634 1*17, l( a|9?w- v: 

jtf'r’Es. ; 

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3*-.;., :r, 

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Paul Ravmomf u re aema fw l 
S& Revoe ot ttne3r "" 

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sensor nasTende^.^ 

rip. opi« .^ l v ►f.'.’Va 


■ MODERN^ERAB^* 2 ^— ^ 

Takas TO--nnpnecedentad»anhltS'* 
Irmfiilhle on Wr StatiNp- 'EY.' 

YoV may drink and 


YFYWDilAM^v_8S« 7 ^30Mr 
. btrxa. 63E -11)7 1-2 froov-B 

. . , ONCE A .CATHOLIC ■ : - ;U 

. .**■ Supreme Comedy ’ on m* end _r*l/nloa, rf 
Daily- Telegraph. - • - -. - 
.. “ MAXES YOU SHAKE WIXH - -at*. 

V-, - LAUGHTER.^. Guanllab. . • -7t J 

YOUNG - Vld'Ota^e. Old -Stt* 

E«ti< : 7y45^ . Mat. Thunfc . fltO!,>ri 

Sbakeioeara Co mp any' in .MACD 
•reek sold. out. a u y- P m iiw m -- 

;V* i-S4fAPTnukui(V'^^^^iii 

Sep. Peril. AD Seats - 

11 THE *1 D-TASKS OF" ASTER)* *«»c‘ 


- 2 : . 


I40..5,HVa.TOr r • • 



‘ PLAZA (C«FlLi-.<* 

Rechitanoe t^rtiter- THe-’I ... 

AW. -3.1A 

Tottenham Court- Rd.--Ti»to*). tS5B 

1 . BertofaiD'a TBOD- Pmt. T. OO 
2.13. 5.T S. ZIST^ '« ' ■ 

2.00. 5-OQ. 8 -DO. . _ ' ' 

1 -utt ' 2. dtodt/ tameBC 

Fomn, - FUN WrtH.WCKJ 

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raft : ^2 :ar 

BY P ^A TH (A). ; A2W. 70S. 

„Jutxi'i 1900 -part a (Xk. Prpgv. 
5.20. 8.15. 

)H. Curun Street, W.l.dftfl 3737. 

I MON' AFFAlr — " 

sub-twes^ "A -iparktlng New French 
fltti .n 

Comedy. * Directed with Bnste by Ywt 
Bobm." Sunday - Express. Prom. at. 
T.SO (not San.). 3 JS. 6.10 and B.30. / 

_ Herbert Ros*- - fngti 


Barvrtuitkny In 
1^)5. 4-30, B.10.. - 

Jana Fonda. Vursu Rederave Jit 

Zlnncmamt _fl Im. JULIA XAI. sen. * 

Dlv. 2.30. 5-45. 8-45. Fsatur* Dlv. . 
6 . 00 . 9,00.. All aaeta bkhle at Theatre. 

KIND tAL Seo. proa. Dty.. Doors opu 
IIOJH). not Sun.L 1.05. '4:15. 74B. 
Lete nerfs. Tucs-Sets. Doors usee. 
11.15pm. - All- -scaur : may- be booked 
except. 1 0 . 00 am prog. - 

f, Marble arch <7Z3 aan/a 
STAR WARS (U>. Doors open Oly- 1.39- 
4 J55. 7.5Cf. All seels bkble. except UO 
pert, wks.' 

. 437 8181. 


' no-)- 2 . — __ 

and Sat. 113S. 

£&. p ia *’ 0, 

Seeta BkblA Uc'dsBar. 

439 "4A70. ^S«s.<Wanj0dr.SO 
9 . VFoody Allen's HVEHYTHtNG MB 


(AA). 1 . 15 . 4 J 5 . . 7 A 0 - 
and 5 at.TOJ 5 . 

_ JKES'. 

(U>. Sun^-Thnr. TJSO; 5^35.T9J5^ftt A 
1Z.OO. 4 -45, BASrbl qxS: 

6.40. 10.40. 


3300. • - . . • - 


SSfcNoso*' 2 ‘ 5 ^' SJ0- 8 ' 10 ’ L3 **'? htm 

12A5. 2 AS. SJS, 8.03. Late Show -Sib 

3. A SPECIAL DAY (AA). 1-40. SJO, ' 

8-53. BEDROOM MAZURKA ot). 335. 

7.15. Late Show Sat. 10.50. -• ■- - 

4. Woody AllanfDUne Keeton Double BW 
SLEEPER- (fO. ZJSS. S.O. 9.03. LOVE 
AND DEATH IA). 1.00, 4.15. 7-30- 
La to Show Sat. 10.40. 

Are you a Stock Exchange Investor? 
Does your interest iie in the Far East 
or Europe? U gold your particular 
concern? Maybe you’re a . 
.commodities expert or a forex 
speculator? ; • 

Are you hungry forthe ft Index dr 
news headlines? 

Whatever your interest.. 
Wherever you are... - 
Ring London, Birmingham 
Liverpool or Manchester 

'' and 
Business News: Summary 






:;%SanSM';-lto^ : 'Tiiesda 7 April- 18 r iB78 

.>v : • • 

‘-V't \ ■ 

: ' C •- 




Tuesday April 18 1978 

<>, . - 

The homely atmosphere which surrounds politics in Luxembourg has its roots in the small 
population. Although this has been good for political stability, there are dangers that 
the country’s identity will be submerged as greater call is made for labour from outside. 

Lf2".‘ ■ 



by David Buchan 

a . personal affair. . The size of 
- the country — 356.000 inhabit- 
ants of .which the 25 per cent 
who we foreigners . do not have 
- the vote- — . makes it so. No 
■■ rj v* where else .in. Europe is such 
a laig# slice of the electorate 
' = 2 ? on first name terms with its 
U'- : Z Prime Minister. 'As in some 
; Ancient Greek city state, the 
' links between electors and 
' elected are intimate. Each fort- 
51 ■‘l j night, ./or instance, every 
Luxembourger voter, gets 
mailed a full report of Parlia- 
mentary debates free of charge 
. ■ ' — enabling him - '(provided he 

• dpes npt consign it straight: to 
, .i. the waste paper basket) to 
V-v check- up - On exactly what his 
’ • \ '■ MP or Ministers are saying' or 
••■'-'.doing. “Democracy by letter- 
j : v . ; 5 box,” . Luxemboorgers proudly 
" say. : 

■ ■ >, In this scaled-down ’society. 
- there is a wide consensus on at 
; least the ground rules. With 
-:jthe exception of the' Luxem- 
bourg Communist Party (which 
.."T' Includes „ some of. Western 
Europe’s last unreconstructed 
• Iv 1 *; jStaUnhrts but which npuethe- 
" :: i^less polled a decent 15 phi* cent 
r--'-- in the 1074 elections),, no 
— jaoEtical party wants to throw 
. “the EEC ;mstitutiphs. out. or 
""take over- title booming banking 
. .-—sector, or -question the ’ iree- 
"^market economy out of which 
" ’* the Grand Duchy has done very 
; nicely. Industrial peace has 
•reigned for the past 30 years. 

? Ii 

without a single major strike. 
Maybe, as ~ Prime Minister 
Gaston Thorn points' out, 
Luxembourg cannot afford the 
luxury of disputes that wreck 
its bigger neighbours.. 

There is of course' much 
sniping, and M. Thorn, who has 
elections to face in 1979; is a 
prime targe L Certainly, M. 
Thom and bis Liberal Demo- 
crat Party, in coalition With the 
Socialists, chose an unreward- 
ing time te break the 50 year 
hold of the Christian; Social 
Party up to 1074. . -Sectoral 
promises made then-' by the 
Liberals, and the Socialists, 
were blown. off course by the 
onslaught of the steel depres- 
sion and the real prospect that 
Luxembourg would fiaveLfor the 
first time since the 2590s people 
without any work, at ralLV 
It is not in the least certain 
that the Thorn 1 Coalition will be 
returned to power in itspresent 
form after - next yeaj?s . poll. 
There are no .‘formalised opinion 
polls — perhaps so -email -a 
country has ho need to~ take its 
temperature in this maimer — 
but the Christian SodST Party 
is still the largest party' at the 
national level, and in. the Octo- 
ber 1075 local , elections' ll . won 
back the power -at a loop! level 
that it" had lost nationally; M. 
Pierre Werner, the 66jear-old 
Christian Social leader and now 
something of the grand old man 
of Luxembourg politics, reads a 
lot into these results. But M. 
Thom’s advisers say they, give 
no -dean indicator to -1970, and 
that the electorate is now only 
“ going through that period of a 
year "before elections when dis- 
satisfaction is .at its highest” 
Given the. narrow ideological 
span between the three -qiain 
parties, there" are several - per- 
mutations for a post-1079 coali- 

tion. The two biggest parties, 
the Christ] ap Social Party and 
the Socialists, with .18 and 17 
seats respectively at present, 
have shared governmental har- 
ness before and could well do 
so again. M. Werner says for his 
party *• all doors are open.** The 
Liberals in the middle can turn 
either way, as lime. Colette 
Flesch. the Liberal Mayoress of 
Luxembourg, points out. She in 
fact runs Luxembourg city in 
coalition with the Christian 
Social Party. The Liberals, who 
have 14 Parliamentary seats, 
tend to find common anti-clerical 
ground with Socialists on social 
issues like -abortion, but often 
sympathise with the conserva- 
tive Christian Socialists on eco- 
nomic matters. 

To judge by the criticism 
levelled at the Thorn Govern- 
ment by the Christian Social 
opposition, any future changes 
would be more of detail than 
substance. For example, M. 
Thorn is criticised for gadding 
about too much abroad, speechi- 
fying about the state of Europe 
and even of the world, and de- 
voting too little time to local 
issues. But this is the price of 
being small and sovereign: such 
representational duties do not 
fall on, say, the Lord Mayor of 
a medium-size British city. 


Nor does it seem that M. 
Thorn has actually been 
neglecting Luxembourger inter- 
ests. There are few vital 
national interests— any possible 
marriage between the Grand 
Duke's eldest daughter Marie 
Astrtd and Prince Charles is 
not one of them.. .This natural 
lack of partiality in the EEC 
Council ofMinisters is incident- 

ally what makes Luxembourger 
ministers and officials valuable 
sources for journalists covering 
the Common -Market. But there 
is the question of EEC institu- 
tions in Luxembourg. Spending 
by several thousand well paid 
Eurocrats, whose salaries do 
not go up and down with the 
vagaries of the steel market or 
general economic conditions, 
provides a valuable counter- 
cyclical balance in such a small 
economy. And earlier this year 
M. Thorn was prepared to make 
himself look faintly ridiculous 
in foreign eyes by threatening 
to block direct elections to the 
European Parliament, if the 
parliamentary authorities ap- 
peared to be moving the bulk 
of their 1,500-strong secretariat 
from Luxembourg to Brussels. 
The threat seems to have 
worked, and Luxembourg -is 
now offering a brand new par- 
liament building, at consider- 
able expense, as additional 
Incentive to the parliament to 
stay put. But M. Thorn has 
shown himself willing to jeop- 
ardise Luxembourg's reputation 
as a good and docQe European 
to defend what he sees as a 
“vital national interest” and 
he seems to have had the sup- 
port of his electorate in so 

On the economic front. 
Luxembourg has done better' 
than most in weathering the 
current industrial depression. 
It now has the great advantage 
of an inflation rate which this 
spring was down to 3-3 per cent 
on an annual basis. Little of 
the Duchy's inflation was in 
any case domestically gener- 
ated, and it is now two years 
since the government attempted 
to control consumer and hous- 
ing credit Membership of the 
“ snake ” currency joint float 

through the tie with the 
Belgian franc, has drawn bene- 
fits: in a low rate of imported 
inflation from major trading 
partners, and currency stability 
in commerce. The “ snake ” is 
in- a sense a Luxembourger 
invention, being the only re- 
maining vestige of M. Werner’s 
otherwise discarded 1970 report 
which, called for European econ- 
omic and monetary union by 

Industrial output however,- 
has stagnated and the Luxem- 
bourger steel industry has been 
a major casualty, bumping up 
the number of unemployed. But 
Arbed, the predominant steel 
company, has been fighting back 
vigorously despite its financial 
losses and is now emerging as 
the pivot in a series of steel 
reorganisations stretching from 
the German Saar through to 
Belgium. The Government’s 
efforts here have concentrated 
on easing the unemployment 
problem,, by among other things 
paying for a compulsory retire- 
ment scheme at 57 for steel wor- 
kers (with some EEC money 
too), and trying to woo foreign 
investors in to diversify 
Luxembourg industry. 

Despite the fact that steel 
has been a drain on. rather than 
a contributor to. State finances, 
the Government has been able 
to keep its borrowing within 
very reasonable bounds. To its 
rescue has come the financial 
sector. Its invisible exports 
more than cover the deficit on 
trade an«T the taxes it pays fill 
the gap in the State coffers. Con- 
trols over the banking sector 
have been discreetly increased 
to preserve the good name of 
the Luxembourg market place, 
without" frightening off any of 
the 90-odd banks there, whose 
balance sheets last year totalled 

some Lux.Frs2,115bn. ($54bn.) 
— - a feat which even M. Werner 
who. ' himself, doubled up as 
president of Credit Suisse’s 
Luxembourger subsidiary, 

To the range of- financial ser- 
vices offered by Luxembourg is 
now added gold. The Govern- 
ment last December repealed 
VAT on physical transactions in 
the metal. The aim of the 
Government and the banking 
commission here is not to rival 
the major gold markets of 
London or Zurich, with their 
daily gold fixings and large net- 
works of vaults and transpor- 
tation. Bather, says M. Pierre 
Jaans, the Banking Commis- 
sioner, it is to put Luxembourg 
on a par with other lesser Euro- 
pean gold trading centres and 
to let banks offer a modest, 
additional service to their cus- 


The Thorn Government has. 
been criticised for taking too 
long to recognise the depth and 
durations of the present in- 
dustrial depression, and then, 
when it did, for going too far. 
But two institutions it has set 
up in the last year will prob- 
ably outlive it. One is the new 
Societe Nationale de Credit et 
dTnvestissement, which the 
local banks originally feared 
would take away much of their 
traditional export and Invest- 
ment credit business but which 
only pats the Grand Duchy on 
a par with all its neighbours' 
state aid to industry. Second 
and more important is the “tri- 
partite agreement” of last 
summer between government, 
unions and employers, designed 
to secure labour peace during 

a time of painful “shake-out” 
for Luxembourg industry. It 
has been strongly criticised for 
being “ corporatist ” and for by-, 
passing parliament (which is 
partly true). But though M. 
Werner claims that less drastic 
ways could have been found to 
secure union co-operation, 
government officials say the 
“tripartite” institution will be 
as useful to any future -Centre-. 
Bight Government as ft -clearly 
has been to the present Centre- 
Left one. 

Some issues almost, but not 
quite, transcend party dif- 
ferences. One such is the 
Duchy's future energy policy. 
With no indigenous resources, 
and faced with. the expiry of 
long-term gas and oil contracts 
in the next decade or so^ the 
Thorn Government has pro- 
posed building a nuclear power 
plant on the Moselle. But a 
start on the site by West Ger- 
man contractors has been held 
up by objections to the whole 
idea from within the Socialist 
Party's rank and file; and the 
government is now looking at 
possible alternatives. These in- 
clude buying power from a 
nuclear plant France proposes 
to build only six miles upstream 
from the Luxembourg site. It 
is also possible the West Ger- 
mans might build one in the 
area. The real snag for the 
Duchy is that both alternatives 
would mean relying on 
foreigners for a vital supply. 

The political parties make no 
pretence about their deep 
differences on abortion. The 
Government's plan to depenalise 
abortion, on certain conditions, 
has also run on to the rocks of 
strong opposition from the 
Catholic Church, no mean oppo- 
nent given the fact that the 
Bishopric of Luxembourg owns 

the country's widest selling 
(about . 80,000 . daily}, the 
Luxembourger Wort, which 
must be the only European 
national newspaper to have a 
priest as a working editor. 

Curiously for such a strong 
Catholic country. Luxembourg 
now has a declining birth rate 
which top -Government officials 
describe as “ catastrophic." F.or- 
the past - 10 years, the total 
number of Luxembourger* has 
fallen—" we have more coffins 
than prams” is the sick joke. 
Luxembourger women have an 
average of 1.3 children, com- 
pared to the statistical replace- 
ment' of 2.1 per woman. Though 
the reason Is not clear, it is 
generally associated with the 
exceptionally high average 
standard of living to the point 
where Luxembnurger parents 
are willing to trade off- having 
a second child with, say, a 
second car or skiing holiday. Up 
to last year, foreigners in 
Luxembourg, especially the 
Italians, ’ Portuguese . and 
Spanish. produced ' enough 
children to counterbalance this.. 
In 1977 they did not; and the 
whole population level dropped. 

It is hard to envisage a time 
when there might be no Luxem- 
bourg for the Financial Times 
to write about Nevertheless.' 
Luxemboorgers feel ■ 1 their 
national identity threatened if 
the trend continues. Foreigners 
make up 24 per cent, of the. 
population, and 35 per cent, of 
the industrial work force. The 
very real prospect is of an ever 
smaller number of native 
Luxemboorgers, -migrating to 
the better paid, white colter 
banking and sendee sector, 
leaving all the rest to outsiders. 
The Government is looking at 
long-term means of reversing 
the present trend. Tax allow-' 
ances and cash bonuses to - 
encourage breeding can prob- 
ably not be increased further. 
For one thing, the ageing 
population . means there are 
fewer taxpayers to finance this. • 
But bonuses and allowances 
might be rescheduled more 
effectively. If not. Luxem- 
bourgers may become an 
endangered species. 


.c . • 

in Europe? 

RTL or in other words, RadioTele- 
Luxembourg. . 

We have smdios in Luxembourg, Paris, 
London, Brusselsand Frankfurt. 

And we broadcast in French,- German, Dutch, 
Italian, Luxembourgish and English. 

All in all, about 40 millionpeople tune into us 

every week. 

\ And our TV services large audiences 
, inNorthem and Eastern France plus top 
; •'-" Ratings in Belgium and Luxembourg. 

So it’s riot surprising we’re No 1. 


Radio-Tele-Lusembourg, Villa Louvignj^Iusembourg, Grand Duchy 

Banqiie Generale du Luxembourg 

\ established since 1919 
is offering full domestic and 
international banking services. 

Banque Generale du Luxembourg 
is a member of the 
Luxembourg Stock Exchange. 

Banque Generale du Luxembourg 

is actively participating 
in the primary and secondary 
euro-bond markets and in 
the foreign exchange 
and euro-deposit markets. 

du Luxembourg 

Soci£t6-Anonyme Telex 3401 bgl iu ; 2783 bgltitJu; Telephone: 47997 

Head Office: Luxembourg Foreign exchange and Foreign exchange and 

avenue- Monterey 27 * euro-deposits : 2742 bglex lu euro-deposits : 21 555 - 



18, Avenue Maric-Thcrese. 

P.O. Box 570. Luxembourg -Villc, Luxembourg. 
Tel.: 4040 [.Foreign Exch.: 470521. 

Telex: 1665. Foreign Exch.: 1662. 


Deutsche Bank, a century of universal banking 

by the complicated' formali- 
ties of a takeover, or even by 
the first, tentative contacts. ; 
Perhaps you are planning a 
j oint venture in a developing 
country and are made un- f 
certain by the maze of tax 
laws and legislation that con- 
front you. Perhaps you are] 
looking for package fins 
ing,. a Euro-loan combinec . 
with, a bond issue - no pro b- 
lem for us, either, as a uni- 
versal bank. 

Don’t expect us to do 
just the possible. 

If you feel you have an 
insolvable problem, ask the 
Deutsche Bank: You can be 
sure of one thing: your search 
for an impossible answer is 
the kind of task we thrive on. 
In fact, as a universal bank. 
we think we can find- your . 

Our -experts in all partsbf 
the world have made it thpir 
job to see that the compli- 
cated transactions that ypu 
thought- might be too com- 
plicated actually do go 
through. - 

Perhaps you are consider- 
ing the acquisition of a com- 
pany abroad and are put off. 

. It is the accumulated Ex- 
perience in universal bank- 
ing which has taught our 
people to objectively ap-- ■ . ... 
praise the possible and-the 

Deutsche Bank 

Central Office; Frankfun<Mam)/DQsseld6if 

ixembourg: - „„ ... 

ipagnie Financiers de la 
tsche Bank AG, 23, Boulevard R, 
s Postale 586, Luxemburg, TeL: 

In the United-Kingdom: r 

sutsche Bank AG, London Branch 
tMoorgate, P. 0. Box 441 
.don EC2P ZAT, Teiefom 60644 22 

Financial Times Tuesday 

•: f::'* 



LITTlE LUXEMBOURG has so- the mighty 1>-Mark; -The Befitiaj^'hkrrow path between mafirtxin- - duiinjsf .this trtiLbied i^i^sioiL ft p;- 
ridden out' the recession national bank; vMA ,'liaimgei'iAR the informal system of eon- Wages.".- rises;:. too*. ;;h4ve 
with less apparent discomfoit the' ' < *- l j.-.?. ■ v N mw. navno s* m .. .»' 

, — . B^c^LuaKjnbourg; '"ciri^'frels that attracts banks tombfierated, 
than many of its bigger neigh* -rency, . seems - deremin&f toLujembo’urg, and making sure last year (12J : per;'c6&j in 
hours. That does not necessarily keep inside . the snake/' jesdhat- slipshod banking does not 1873). mid of-ftiqt .72 .pg^'ceat 
say much. Jtfore cars, bigger Lnxembotirg, which has three pondermine confidence in ^ the' was due. to rther automats link 
jouste, and still one., of the seats on the. .10-man ;fielg6^Lnxembourg maritet place. Ini- 

highest living standards- in larsembourg . Exchange : :ihss£ tial fears that Finance Minis- ' -dose ~Warfc£n<k : n»).- 

furope help .conceal stagnation rate, ha?' absolutely nq'quarael ter Jacques Poos, a former edi- E'onsUb wife the.- 
ui manufacturing output and a with this, taembmffg -l^s. tor of. Luxembourg’s Socialist it8 most sjStaculat r^mt in 

a the so-eatied. ."tripartite, agree. 

, , . , T — . . the m ent u - made between: eovem- 

perhaps Jess this year, armoury against .speculators, hanks have now dissipated. On meJtt> unions aha /employers 

> • •" 

. f; 


Prime M3nister .Gaston Thorn The powers, which fee' other hand, here were on- jast somteer: and now. to S 

in htc ranra ol/i TVoctaiMonf of ntcNto mho 4n Vwi - « -• - a4*>bI< _ ■ _ i ? ^ ™ 

in his more old Testament stresses are . to be: kipt-'nr weicome rumouis at. the start dism^uf the polMcai-raDosT- 

moods likes 
electorate of 

to remind his reserve to prevent imw^Cwhe of the year that ‘some of the passed into law. ITh^S'r 
the dangers of inflows into tte. ’B^glatt Jtod tsennan banks in Luxembourg premise thaTthe gmrermS 
whoring after false economic Luxembourg franc, indnde jtas-; :had made considerable foreign will continue:: to -use -pnbH c 
indicators and ignoring the pension, of interest \oif hhd ifischange losses with the abrupt money' - tn ' ^stimulate ind 
country’s basic structural blocking of account. But -the. fan 0 E the dollar. Official checks diversify the economy;"^ the 
pro b l em s. powers are double edged; ■ and ;and published bank results now p Wi nns- will not Strike^Or Mock 

But there are certain simple could equally be used, to ; dis L prove these rumours to be wife necessary plant closures, and 
equations operating in the' courage outflows. . j. out serious foundation. Qi&employers wiitde tbeirbest 

Ductay-E farour. Lmrm-ffllmg: „ . J . V . ' ^ifevertheless, It his * ^inv^ .Iti fa 

A + " " 

!SrJi ' 

-c- - •: 

fnflatlon in its main trading 
partner countries has brought 
Luxembourg’s own rate down. A __ 

inside the staying in the snake jirm^iSkct 

& .. -- 

strong currency. 

’-I* Lnxemlioiug 

tayme in Ae aiake isr-Sniitia solidity of theiTi -operations and - 

^e”Toi^rfloat keeps the. the ^[SSSSfealSr 



import bill .from soaring. A year. 71 per cent, of rts'in^orts 111 ^ 9 ^*. the , la ? JJ? 1 -- fmemploymepL 'For^UBtanre; 

booming banking sector has off- came from just two- Snakk ®25f ^bajaS^D^^and l®vel .- of i^OO jawm- - , v 

set its sick steel industry, both countries, .Germany -and -Bel- 16 P® r cent-, banks coital ana ^ passed then tha aov- 

in covering the balance of pay- gium, which also tooX.48.5 ; per ernmeht- is to intrqdgc& and 

ments and in taxes paid to the cent of Luxembourg’, exports, rare.- bm*s pay for a cOmpnlsorv early ’ ^ - 

borrowings by The Duidiy no. longer rtSr sdhfeme5^^u^w ' ss ‘ 

deficit seems '*** !TJh., 0 ”S USS.' '***&■■ of ! 0 

the staying at between bourg, so that their average 9mn . ^q. .Mifw; «,« .L- 

-SSJ* - iSKi rBS 2,500: jobless as -reached;- the 

rebo of paid up capital to third ir tn ft 

state. Moderate 
the "state "has “kept 
rates low. 

The main impulse to 

economy is- from private con- 8-9bh. both in. 1877 and ,1076 «®verement iy ■ to: fitfther > 

sumption these days, -not from (Luxembourg trade safeties i Q7 ^ creaie tax breaks for inv^tors, 

industrial production which last are frequently difficult to dis- ln and in the vaguely worded 

year only increased -0.43 per cent entangle from Belgium^rwith fast year C me l egar m i nimnm is jof a “manif^. erisfe," 

in volume while construction whom it forms a. anttplete ^ P er , the. government has fee. power 

fell L2 .per cent -This was customs and currency TttWB)-:5*° l5ee ° r higgle fee. BOdex to-kerp 

mainly due to companies ref us- The price performance •_ of the manager ot tnelr Ltixem- wa g e rises .down,- block-all 

ing to pat any more money into Luxembourg .exports is . hardly Prices and rents, and prevent 

fixed assets, because the resi- sensational (rising 0.8 per cent, ®* the ■ Ioca * h^ard, a m whicb ^ jyxther redundancies: < 

dential housing, sector is stiU in value last year to LtCtFra. ™ : 

doing quite welL In fact since 66.4bm, thongb 2 per «3*.rin JSSiSiSSirflS- Plait™ tiff 

1975/6 tbe government has vohunel. This refits very " JUlIllUg . _ : v ’, , v . 

taken off. the clamps which it slack- demand not only far-steel, & Most of this is happily hypo- 
had previously applied to hous- °4 pe r cent ottoy gpoCTMjut ^ thethil as yet, hut Th S 

idr and consumer credit The to a lesser degree for piastres, waunwroDi. ,, ... reaching kind of advance iflaa- 

latter has soared, Increasingby ®nd robber (1Q.7 per reptof Luxembourg finance ministers aipg^ perhaps onlypbiwibte'in 
24.5 per “ _ " 1 

fact that 

tlon rate . _ . .., a M „ 

per cent on an annual basis by Duchy imports nave df »aJse taxes brought In by the" finibCial been taken already, notably a 

February 1978 shows how little p sen faster, though feeble sector of the state. This wind- flexible ban on overtime 'aod a 

of Luxembourg’s inflation is internal demand and' the fall has come ip .Very handy temporairs)- bajL/jja ^ihy;^h6w 
domestically generated. : strengfe of the franc have kept to finance increased.' ^public, immigrant labour cotifii^'to tbe . 

“But for historical reasons, thei* volume and cost within works. LuxJ^2bn. in 1874 to duchy, and the- creation, of the 
there is no reason why with reasonable bounds. j an estimated LuitFra3.3bn. Societft Natiormle de predit et 

this level of inflation we conld More crucially,; iirvisible .Te- this year, .needed' to provide fl’havestiaaempnt .The -iSJCI, 
not be directly linked with West ceipts earned by the fihanfial employment and counteract lay- . formed in' January^ with a rtan; 
Germany.” says M. Pierre Jaans. sector, which no^v xhdudes sod« offis or short-time working in up capital- bf LuiFrs.ltai and 
the Commissaire Bancaire, and SO banks. are eirougfi to'’^ the priva^^sector. Unerfiploy- some private pamripatiou^&s 
Luxembourg’s nearest equiva- the trade and put the overaB 1 mehi ^r’about 1,000 workers' or three rotes^ Fira^ it , wj^. «t?te 
lent to a. central bank governor, balance Of paymente^tto^tinTless than 1 per cent- OF tb? patticipatians^ . in certain "ietta- 
The actual monetary link Is in- black (by LuxFrsi.Itfbn. ’ Ifisfi active ^workforce, -is nonethe-' panies. and already , has .dune 
direct but strong. The Luxem- year). Ibis sector is/now very Vices at’ an bistoric high- for" this so in the “^'case of 
bourg franc is tied at parity much tfce gOldffii eggbf the Lux- Duchy.tmd is bodnd to increase, the Rodange steel .company to. 
with the- Belgian franc, and embourg economy. Grand Ducal not ..only, because the steel the tune Of Luxj^^00m r .;'lt 
both are in the shake tied to governments have, to tread a industry has cOhSidOrabiy mar4 Raymond Kirech, T the : ‘top 

& r \. 

3- _ 

ZZ u!' - 


E r.vr' -- 

1st* - 

fzz:' . - 



:d«te will the: post-1966 plummet has no aims, nor ihdefed resmir- 
ih’. Luxembourg® r -birthrate ’ c ?Sv to take Over tbe r conUHaDd- 
contract the^ labonr market fini ing heights of the -Lnxerobdnrg 
despite this : couutef-cycdical economy, and is - already ttoo- 
spending, state finances are |hg away m ore " requests (or 
pretty healthy. . For tbis^year. ^n^rvention than if Is grantiitg. 
-some twu J thirds of the public^ ' Second, the^SNCT 7 wiff Imb 
capital - spending " programme rtieap - i n ve st ment •' crbdit^'by 
will be covered by the surplus financing part of new proj^ds 
. oir current account, . leaving at 4.5 per ^seni <&m0 ; four' 

IT MAY BE SOME TIME before cials regularly point out, is not 

Europe’s steel industry makes possible ^ven the disparity ^ **** *** 

the structural changes needed to between the size of. Arbed and 

would seem will be channelled "particular/ 

25?5jS!S! ? ves virtually that the Thorn the SNCI wUi be « sharing wine 

well ^ 1 “• 01 Luxem ' Government has let - state of the risk, by putting up'seme 

bSi ^ ajj to hell, though of :the' principal; asweiTas Si^ 

RpMn? * thJSSS °“ ^ ^ tenfl>ly bears out their boast sidising <bfe toterest” ' - So far 

southern Belgium, through ^ ^ that M: -Thorn took over in- some . 20 credits, j Df ^ thi^' type . 

1974 from in- excCptienally have been granted : to a .total 

value of Lux.Frs.80m. .- Last, 

L R a ifij!m 0115 ^ ^ ot terribly effective equally bears out their boast sidising tbfe interest” ' - So 

T ,,vp m hnnrrx B ^S^hP ® esture to a with that it Thorn took over in- some 20 credits, :Df this' tj 

Surldftionfhdd ? a 2 ets ’ Arbe<1 1974 t* 6 ™ -exce'ptimiaily have 7 been granted ' 

SJtS totteiMOs At CTUd€ v, Steel 5f 0d ^? 0n feU last «rtmd : b“e. . - value of LuxErs^Om. , la 

ror its future m ure ia«us. At year by another 6.5 per cent to though the SNCt has- not -yrt 

ffiJ h 2. B *vj22. k !2riJ! 3-rSm. tonnes, wifl, . n^tet -J&J&EST HI? -S taEMesS IhWfiS 

ZnT' SLK on the company’s “steel moun- S*, assuiratAU of S deseed 

cent, of the Gmnd Duehys ^ h». ew «****« 

etude steel production and also 

its biggest single *** »-• » ?“* SShl^hT 2L ! 

up in prices and orders since 
the start of this y«ar, which 


Some of the changes are ^ . 

already taking place. Arbed has ^*5- Pirt down to the EEC Conr- 
playcd tbe major part in saving mission’s oerw system of import 
Luxembourg's only other steel protection and mnnainti um prices 
company, Rodange A thus from oa .^ e internal market. But 
extinction, taking the biggest similar hopes of a sustained end 
single private shareholding in it 10 the post 1974 steel depression 
with the aim of integrating tne have been raised and dashed 
Rodange mills in with its own before, and' Arbed in any case 
jperations inside the Ducny. faces two special handicaps. ■ 
With the same aim in mind. Given the exiguity of its 
Arbed has also earlier this year homo market, Arbed depends 
increased its stake in the Saar, more 'than any European coni' 
In addition, the company is pany on exports. Markets oul- 
along with the Luxembourg side Europe are becoming 

Government now talking to the harder and ha frier to get into, 
Belgian companies and Govern- with for - instance the -new 
ment about long term co-opera- “ trigger price ** system of pro- 
tion in production and invest- teotion introduced in the U.S. 
ment between the two countries. by ^ Carter Adminastratioir 
Arbed is looking to the and- the general rise in the 
precisely because thepre- Third’ World's mm steel capa- 
sent is so Weak. The company ^ E^ en 4^5^- ^ 

15 t 550 * Luxembourg sted’s most 

—it has just reported a Lux. - 

Frs.4.5bn. loss for last year or 
sb’ghtly more than the com- 
bined lbsses of 1975 and 1976. 
For the third successive year it 
bas not paid a dividend. Arbed's 

important export market (72 per. 
cent ia 1976), the depression 
has brought oil a creeping, 
unofficial (because in ’ ’ strict 
terms illegal under the Kmo 

raUo of debt to own funds may MW 

not be >e starraine Is that of . s ?^ ...^ di<a P 

some French and Belgian com- ^ted “the £bLMr^ and social 
panies (quite apart from nat- ^powbHltar for the _ company 

ionaliSed companies like British of lajang off redurafefct steel 
Steel), but clearly it cannot con- workers to .matefa fee fall - in 
tinue to shoulder this scale of production, an the way feat a 
operating loss; coupled with an. smaller fish iii a bigger national 
ambitious investment pro- pond . could. . Arbed • .stafl 
gramme, indefinitely. ■ eraplpys . .nearly 20,000 * in • a 

A" state bail out, as both; national active' workforce of less 
government and company offi- than 150,000, Tbe fast that 

_ with file, 

leadership, are the other factors' 
mdfchig tor social peace even . 

fog wW* their foreigii.^b»iiter- 
TOlon parts. “ . I •; • .„• 




s Diekirch 

- , MahufoctuFjes 

£the plastic industry V. 



- rriir.: • 

w m 

•3- ' 






. Exports throughout the'World 
99% OFjfSPRQDUCtioN 


GfeDuchi de Luxembparg CaitfesiMapre Dic^cfrdi 


.. . i iAgenar- Iri Great-j^Jahv; . L: • - -S. 
7 Ftaafen HoasA, High Street, EWefl, Surrey? h- 

4 " ; ' ' 

: Sir sf c 

1 ^ 1 


h 'V;a.,. 



•f^anciai •Times' Tuesday April 18 1978 


Banks still the 

■ t 

" • Z m ' "t. 

■‘"1 "•* 

- .. '-4 

" • ; t . 1 • 

. ’■ • 


INT ERNATlO NAL banking has to crack the problem from the the requirement that 30 per 
grq.wp. into- a .major economic opposite end. of the -monetary cent of assets must be in liquid 
- -J? Luxembourg. ... The spectrum. ISiey needed to curb form — in instruments of one 
Grann Duchy, now boasts more capital inflows, and in irnple- month’s term or less — is rela- 
te 90 separate , ba^mg estab- mentiing a 25 per cent tax on lively steep, the .deployment of 
industry, non-resident holdings in DM such liquidity is left entirely 
after steel, the biggest single bonds - ■ they ,' effectively 10 the discretion, of the indi- 
emBioyCTfaccgpntl^r for. some encouraged a- capital market in vidual bkak - 
4 per -cdnf. . of- .the national foT-pf™ hnkK«es : -of the At toe last count Luxem- 

worhforce. In any one year the “ bour 8 had perhaps 30 per cent 

banking industry can expect to . of the total world activity in 

contribute.', something like a It is' in this latter market for Euro-DM business with many 
tenth of the national, taxes. - Euro-DM that toe Grand Duchy German banks making no bones 
Against this background it is has most specialised' in. To-day about the fact that they are 
becoming "increasingly obvious as a result there are something substantially involved In what, 
that-, the pressures on Luxem- like 20 separate West German over the years against a spir&l- 
bourg - .-to . keep' its . banking banking ‘ houses operating in ling DM currency value, has 
“freedoms*’ in', step .-with; the Luxembourg and it has been become a lucrative foreign 
more rigid- ^systems applied estimated that these account for exchange business. Some Ger- 
elsewhere ■in-the .-fl n anc lal world some 50 per cent, of .the bank- m an banks have developed 
are not'-wbolly external.. And' jag business In the oounfay. interests in other areas like 
that. as. a result the Luxem- Successive years- of high Portfolio management for 
bourg • authorities '-are- .Them- liquidity coupled wittfe a rigid clieot s outside Germany plus a 
selves- anxious to be seen steer- Bundesbank cotririrfs on toe sort cert *i n amount of bullion deal- 
ing a banking conxse as close as of lending that ^ cannot in S- But it is probably true to 
possible to a -.“compromise ^ maSe have fnroed the Ger- suggest. that most of the Ger^ 
within a framovork.that main- & r fc banks u operating in 

tains, our national sovereignty Luxembourg have taken lend- 

in this. respect.*- - in ® 85 * lBe >p* field of 

In recent months it has a< ?“ esa !; ar ^ as - activity. 

becoiAe clear, for example, that w . . ,ts - “°*® T7, e Em^pean domination of 

the Grand Duchy’s relationship pn)X1 ' mity aTuJ linguastan ties— the Luxembourg banking scene 
with West .Germany is far less no,t to mention banking free- a t the expense of the 
strained. : Bankers - are now ” — was an .obyaous choice, Americans became absolute in 

beginning' to describe the state Quite the .trend ha&.stari&d it 1975 when the Germans first 
of play between the. Commis- Quickly developed toto some- overtook the Americans in the 
sion Bancaire and the Bundes? thing of a headlong rush, and as number of banks in Luxem- 
bank in terms of a “ mutual * result Luxembourg . has be- bourg. To-day German and 
approach to a common dlffi- come the home of the Euro- Scandinavian banks between 
culty.” At the. same time a markets second most important them account for more than 
number of fiscal . measures in currency. double the number of U.S. 

the governmental-- pipeline— 1 -yj • banks operating in the Grand 

aimed mostly at easing the tax Kfi ffliTi fi. Duchy. 

burdens on the capital markets D , r This situation arises partly 

—should =soon remove some of Luxembourg’s liberal bank- from a noticeable retreat in 
the internal constraints upon log regime in terms of the. level recent -years by the American 
the banking system. • of. financial information re- community- — a retreat which 

On balance. The consensus Q“ired by the authorities is appears to be motivated on two 
view among bankers is that ebtaanceid-Mri the eyes of fronts: First, London would 
Luxembourg is not about to lose foreign bankers— by an fittrac- seem better placed to satisfy 
its place among the top handful Uv**7 hi «h debt to asset ruling U.S. needs for a real inter- 
of major international capital “A a favourable liquidity national banking operation in 
markets . The international requirement. The permitted Europe. Secondly, where U.S. 


■j (y Clervaux- 

* §&* 



\S LUXE m 0 U 


Esch-sur- i ^ r . 

FRANCE - t ibudelange l \_ J 

is more convenient far matters 
like tax and reserve require- 
ment avoidance than Luxem- 

: -T financial ' community probably debt-asset ratio in tor Grand needs for a so-called “brass 
has as miicb need, of the sort Duchy is 33 per cent.-, while if plate" operation arises. Nassau 

The most positive developr 
meat in American banking in 
Luxembourg seems . to be 
towards portfolio management. 
In the wake of the Credit Suisse 
debacle in Italy (at -the Swiss 
bank’s Chiasso branch), several 
U.S. banks are now claiming to 
have had a- number of enquiries 
in this field of service. The 
advantages of Luxembourg for 
this kind of operation could be 

substantial With its holding 
company and investment trust 
legislation the Grand Duchy 
has long been a port of entry 
for portfolio investment funds. 

This Is much more the case 
in Luxembourg than, say, in 
London and if the moves by the 
U.S. commercial banks into the 
securities business were to gain 
substantial ground, Luxem- 
bourg could prove the place 
for private client accounts to be 

Jeffrey Brown 

*■ Til'S 



of controlled offshore ** capital 
market, that Luxembourg has 
become -as; Luxembourg has of 
fbe international- financial - com* 
inanity. . ~ • - - . 

Business — especially jn- Euro-,. 

markets .which after all is rwHy '-Aibed** present workforce is the past 30 years; and Arbed 
what Lu x embourg is .all; about openly admitted to be at least would increase new steel ihvest- 
— is perhaps less orislr than it 4^000 too many therefore 'takes ment (creating very few new 
was during toe opening months en .the proportions of a national jobs admittedly), while at the 
of -1977 (last y ear as a whole problem, and the way" .that same time undertaking to do its 
saw toe global volume of out- government, ’unions ' and -the utmost pot to lay off any workers 
standing Enxoloans rise- by edanpany have sought -to tackle without another job to. go to, 
-some two-fifths) and': banking js .aka, 3nptrj«iiM''-of "the .and ip close cooperation with 
maisiJis 'a^wiworttii^eity- ldWi 'pe^le ' Ju a" anall hcohi- the government to diversify into 

But there » _ still tdenty^of can puh, together - to downstream steel activities and 

to* rir. /■ - y adficve somet^hg that would out of strel altogether into both 
• The rise of Luxembourg pp an t0 soc j^ warfare in a downstream and non-steel 
international banking- centre larger cwuaf«:y. * ■ activities.'! 

stems directly from; the iapid The stq§i problem was what • Arbed list pushed its steel 
development and esp&pskm of ^ government, unions and investments which never ex- 
toe market for Eurocurrencies employers all had in mind when ceeded Lu.vJrs.3bn. even in the 
that occurred in the, 1960s. It last summer they, reached their good years before 1974. up to 
was in 1963 that toe U.S. *, tripartite agreement” As it Lux.Frs.4bn. ’Jast year, and the 
authorities; imposed sieei. the bargain thereby same is forecast for this year. 

Equatisafidn Tax and -thus eff^v ^ruck was as follows; the The money is being mainly 
lively -Mopped many jQrejgners^.g^y A r7>p7 P^^ would finance a spent on a new 11-metre blast 
from- topping toe N«w Yorjs^c^puisgpy early retirement furnace, with the sums involved 
capital^ market for funds.. This gdxem® for steel workers over being raised .in public and 
led . to the invention of -toe 57, and use public money further private loans in Germany, 
Eurobond and., to a qtpiitaJ to try to diversify the economy Switzerland and Luxembourg 
. maiicet in the vast and growing 0 ut of steM; the unions would itself. Second Arbed fiis 
pool' of dollais held outsidfi not block the closing of out- created what it ! calls 'an “anti- 
America. • .dated steel plant by for instance crisis division ” inside the com- 

At toe same -time toe German breaking the Duchy’s proud pany. This followed a hard 
authorities were .doing their best record of having no strikes for look by toe company at all those 

“| jobs not considered essential — 

World, improbably large, though 
this sort of project might seem 
for a small country like Luxem- 
bourg to undertake. 

The Arbed group is still 
adding to its Interests outside 
Europe; which include Brazilian 
■iron ore and West Virginia coal, 
by announcing a wire rod joint 
venture in South Korea earlier 
this- year. But the real action 
Is much nearer home In 
the Saarland, Arbed has 
strengthened its financial stake 
by taking 100 per cent, in 
Roechling Burbach which in 
turn has a share in Neunkircher 
Eisenwerk. The deal had the 
blessing of the Bonn Govern- 
ment, pleased that Arbed 
reckons it can turn certain 
strengths of the otherwise 
relatively sick Saar steel sector 
to advantage by integrating 
them more closely with Atbed’s 
Grand Duchy operations. 

Directflights from London Heathrow to 


departure for your return! light to 



HtW £XT _ R 
rrr E<3<J ,r ' ,gf. 

./tubes 4 


U |N“ 

Daily returns; Monday to Friday 

:s Qt ;> f 

rci r 

for all inquiries contact your travel agency, 
or British Airways, Ptione (01) 3705411 


Luxembourg Airlines 
. in pool with British Airways 

some .3,000 at the present time. 
This reservoir of surplus labour 
has tip to know been variously 
used to perform certain public 
works for toe government and 
odd jobs for toe company itself. 
But the basic aim f$ to offer 
this labour, retrained if neces- 
sary by Arbed Itself, to potential 
foreign investors thinking oE 
setting up in Luxembourg — 
alpng with assistance from 
Arbed in the form of capital, 
industrial sites and technical 

■ -This was toe bait which 
Prime Minister Gaston Thorn 
and . toe Arbed president 
AL Emanuel Tescb put before 
a : number of companies on 
their trip to toe U.S. just before 
l-Easter. The pitch of Arbed 
and toe Government is timed 
not only at steel-related com- 
panies but almost any manu- 
facturing enterprise which 
could use Arbed’s facilities to 
make a start, in Luxembourg- 
The U.S. seems to be toe main 
hope chiefly because Luxem- 
bourg has had more experience 
with American investors than 
any. other foreign investors. 
ptyu that experience has been 
good. .- It must be added that 
Luxembourg seems to be fully 
aware that it is swimming 
a gainst the current trend, 
created by the falling dollar, 
fpr Europeans to invest in toe 
UB. instead. 

But Arbed is .not leaving 
diversification entirely to those 
elusive foreign investors. With 
the creation of its Mecanarbed 
division three years ago, its 
downstream steel activities have 
considerably increased. The 
biggest Luxembourg engineer- 
ing company. Paul W-UTtfi SA, 
how comes under this .division 
and is a specialist particularly 
in steel blast furnace, equip- 
ment and, among other things, 
metal bridges, with a respect- 
able turnover of some 
LuxFfs.L5-2hn. a year. Draw- 
alsQ on its German engineering 
companies,. Mecanarbed 1s 
begtouiiig to provide turn key 
steel plants for toe Third 

Though toe Rodange Atbus 
case was thrust upon Arbed last 
summer by toe Luxembourg 
Government, anxious to save 
these jobs, the rationale of 
Arbed with Rodange is exactly 
toe same as with toe Saar. The 
Rodange blast-furnaces 
closed down, and its future 
activity will be mainly that of 
rolling Arbed . crude steel Arbed 
believes' that, though .Rtxtange 
may prove a short-term financial 
drag, longer-term benefits will 
follow. . The new ungainly 
catchwords are “specialisation, 
restructuring, rationalisation ” 
and 50 on — in short, a tidier 

division of labour between 
Europe’s steel companies. 

This could easily smack of 
the steel cartels of the 1920s 
and 1930s and which the 
language of the Rome Treaty 
expressly /9 r i>ids. On the other 
hand, the present EEC steel 
plan iof EEC .Commissioner 
Etieghe Davignon-. is in many 
ways a producer 'Cartel, with 
voluntary productionvquotas and 
fixed prices, but with the 
crucial difference toat-^t is run 
by the Commission- onV Euro- 
pean scale, in addition, the EEC 
Commission .has for some; years 
sanctioned the grouping, of 
German steel producers Into 
two rationalisation groups (one 
for toe noith^ one for the 
south) to plan their future 
investments. Ari>ed is part of 
the southern group because of 
Its Saar interests. 

Arbed may soon be part of a 
similar arrangement with 
Belgium. It is already part of 
a study by tile U.S. consultants, 
McKinsey, on ' the future • of 
Belgo-Luxembourg steel. The 
logical conclusion from this 
report, expected in- its final 
form this month, might be a 
rationalisation group between 
Arbed and the Belgian steel 
companies to plan- future invest- 
ment and maybe production' so 
that their .interests, do not 
clash. ' Indeed talks to this end 
have already. started under, too, 
the aegis of EEC Commissioner 








a central location in the middle of 
the EEC with a potential market of 
260 million people 

.an unparalleled political and 
economic stability 

a hi-lingual and even largely 
tri-lingual population (French. 
German, English) and an important 
English speaking community 

a friendly Government and a 
helpful Administration 

a skilled and efficient labour force 

the wortdTs best industrial relations: 
no strike in the last 30 years 

a; financial centre of world, reputation 

a. fiili programme of incentives and 
generous aids for exports. 

Come to 

invest in the Green Heart of Europe 

For further information, please contact: 

Board for Economic Development 
Ministry of National Economy 
19-21, boulevard Royal 
Grand-Duchy of Luxembourg 
Tel. 010 (352) 219 21 or 478-359 

Embassy of Luxembourg; 
Ambassador Andre Philippe 
27 Wilton Crescent 
United Kingdom 
TeL 01-235 6961 


its steel product* 
its industrial equipment 

its chemical and chemical 
processed products- - 

its building materials 

its household equipment goods 

it* consumer goods. 

For further information, please contact : Office for Trade Promotion, 
Ministry of National Economy, 19-21 boulevard Royal, 

LUXEMBOURG, Grand-Dnchy of Loxemboorg. Tel: 010 (352) 219 21 


A powerful partner for investors in Luxembourg 

What can the ARBED-group, 3rd largest steel producer in Europe, 
do for the foreign investor? 

ARBED will assist the investor at the different stages of its plant de- 
velopment; planning, start-up, and operations. ARBED can supply 
services, manpower, materials, know-how, land and equipment, either 
by contract or through a joint venture with the investor. ARBED 
executives and employees will do their best to provide effective support 
to the investor and to solve all local problems he may encounter. 



(a) Planning 

Search and selection of sites. 

Negotiations with local 
authorities and other parties. 

Negotiation of investment aids 
and grants with the Govern- 

(a) Manpower 

As a consequence of the 
rationalization and moderniza- 
tion program now being 
carried out by ARBED, a few 

ssK.tSnrsr, «> 

within the next three yean. Apart from use of its powerful 

(c) Laboratories 
Chemical and 

Quality control departments. 
Research and Development 

Settlement of legal and 
administrative formalities. 

Engineering studies. 

(b) Start np 

This manpower, which is ex- 
perienced, productive, and 
adaptable, includes supporting 
staff, technicians, foremen, 
skilled workers and unskilled 

ARBED has four technical 
training centres with more 
than seventy-five instructors. 

Supervision and monitoring of 
the Installation. 

Recruitment and training of 
staff including former ARBED 

Assistance in marketing. 

(b) Equipment 

ARBED can make available to 
the investor a range 'of indus- 
trial equipment. This equip- 
ment indudes: dvil engineering 
equipment and trucks machine 
tools of all kinds and gauges 
specialized metal • working 
equipment. > 

For further information, please contact : 

R&D Department, Luxembourg, 

P.O. Box 1802. 

Tel.: 47 021 Telex: 3407 trade lu 

European computer network, 
ARBED can provide direct as- 
sistance in software design, 
programming and maintenance. 

(e) Marketing 

TradeARBED is an interna- 
tional trading company with 
almost 60 years of experience 
within the ARBED-Group. The 
company operates world-wide, 
including direct relations with 
the State Trading Organiza- 
tions of Eastern Bloc countries. 
The experience of Trade- 
ARBED in all questions oF 
international trade { finance, 
currency exchange and export 
Insurance, agents and commis. 
sions, customs, regulations, 
transport, freight, and charter- 
ing. etc.) can be put ax the 
disposal of the investor as and 
if desired. 




Euromarket specialists 
in Luxembourg 

' - r-' •< - ^ 

— => F* 


< fc 3 wholly-owned subsidiary cf Bayerischa 
Hypoth-^sn- und Wechsel-Banfc (Hypo-Bank) 

in Munich. V~5t Germany's oldest oubliclv-owned 
bank and cn= of its largest with total assets of 
more than D‘. ; 55 billion. 

Operating in Luxembourg since 1972, we are 
engaged in ail major Euro-currency activities. Our 
capabilities indude international financings through 
short and medium term loans, foreign exchange 
dealing, mcney market transactions, import-export 
financing, and securities trading. 

The Bank's diversified operations are facili- 
tated fcy its c’.vn internally developed, fully integrated 
data processing system - SEBIOS. 

Over tine past five years, we have consistently 
strengthened cur market position. Total assets 
in 1977 reached Lfrs. 41 billion as compared with 
Lfrs. 32 billion in 1976, Lfrs. 29 billion in 1975. 

Lfrs. 17.6 billion in '1974. and Lfrs. 15.6 billion in 1973. 
Capital and reserves exceed 
Lfrs. 1.5 billion. r&n 

37, bd du Prince Henri 
Case postals 453 
Telephone: 4775-1 
Telex 1505 hyoob lu, international s.a. 

2628 hypfx iu LUXE M BOURG 


Financial Times Tuesday April . 




ACROSS THE deep gorge spending into the Duchy’s small mittee meetings are generally January a plan for a 600 seat sewage schemes. Tfce$erate3ikd 

from Luxembourg citj - cluster a economy. held in Brussels, within .easy hemicyde and office complex to be of common interest ito 

number of EEC organisations on Therefore, the slightest threat reach of Commission and was sprang on an unsuspecting the EEC,' either to One or time 
the Rirsehberg Plateau, la the that any of these institutions is councii officials. Many Eero- public. Greeted as .* Me, than one of Its member. states, 

middle 1960s Luxembourg Inst about to depan has Luxembourg MPs * Particularly late arrivals- Thom’s ski-jump” and, the or to the Community in^jthat 
the “high authority” of the politicians aroused and stand- Br »tiah who feel they * Leaning Tower of Luxem* they reduce its dependeace^on 

Coal and Steel Community, when ins on their dignity and treaty WCTe not P*rty to the original- bourg,’’ this extraordinary outside forms ; of energy,, for 

it was decided to amalgamate all rights. The only immedate seI " u P’ complain about the waste edifice would be financed by the instance. The! European, steel 

the executive bodies under the threat concerns the Parliament of money time travelling, .banks. Mr. Thorn’s officials say Industry, in its painfuL'aitempts 
three treaties— the EEC. Eura- and its staff, who have increas- §° does the Secretariat, some they have had offers from 10 to modernise, got 1975m. EUA 

tom. and the ECSC— and put inglv found their nomadic 500 of ^'h^se staff uproot and different consortia to do this, last year. 

them ail in Brussels. In return, existence irksome and, some trav ® 1 down to the Strasbourg The Luxembourg state would The EIB lends .an increasing 
it was agreed that Luxembourg Euro-MPs would claim, down- ses5lons * with documents packed guarantee the rent for the amount of money oul^ide ^ie 

should keep or get any existing right ridiculous. Tbe problem int0 acc °mpanying pantechnt building which might cost as Community, in furtherance;, of 

or new Common Market institu- stems from the fact that a single c ° n5 —“ d * • lesser exodus takes much as LusJ'rs.dton. . the EEC’s aid policy, oiiffer far 

tlon of a legal or financial se at for the European Pari i a- place . for Brn ssels committee before work is started, instance the LOme Convention, 

nature. So. as well as keeping me nt has never been agreed- I ^5 en { ,gs - s ° me Parliamentary Government wants an or to the Community’s Mediter- 
that part of the old Coal and This decision can only be taken, officials spend as many as 100 a!!!amnrt > that the Parhament ranean" associates or tol.apjji- 

Steel authority that deals with according to the Rome Treaty, days outside their Luxembourg ^ ^ about t0 depart the cants, for EE C membership like 

finance and investment, it has by “Governments of member t>ase ’ *?5SL uea \. are "-the Luehy for good. That is the Greece., aod Portugal. 

the Court of Justice, the Euro- states." Until the governments ? ou ^ es 1 . poor sticking point Many MPs want loans are oft en a ccompanied by 
pean Investment Bank and the do so — and they show no sign Wlth , Strasbourg done Luxembourg interest J5 

EEC’s new external accounting 0 f wanting to add this prickly H^ernwHag (a complaint which would bind the hands of of the EEC aid budget. But 
body, the audit court. In addi- problem to their plate of woes L ^!L rt ^^S£S5!l!!5i: « their directly elected successors; inside the Community some <0 

tion, of course, Luxembourg —the Parliament is condemned r JSjr The interest of Luxembourg is 

houses the large secretariat for t0 cany on its triangular pere- °hvwus, and its financial gamble 

the European Parliament and urination. n^ ^egre? that right 2 in^the ** bIg ' But in the meantime - 1 5 e meipbej tstojw J«th 

SS^-Sl Mta Ss 

eventual intra- *&* most serious, regional prob- 

provides the home for about half w 

its full sessions eacb year. \!pcci A II C , . . . . s— kwciuiucuhu ucumuu vu a — -- - L — ■, . 

The EEC institutions arc im- ?* d £'**** iii» ^ site, the Parliament Is re^onal tab^nceeis J"*** 

portant for two reasons. First. The dozen or so full sessions ^iriSes sited^tiie^^rt^t forced 10 expand on 811 three ™ S? d 5£2L2.’ 

activities sited there. But at fronts. Not that tbe cost of 

Tbe EIB, as its - executives 

for the political kudos they con- a year are supposed to be held T *; L uu ». hul u . b ^ l^w . _ . . 

far- „nnn tVia n<w>v,. TKm- -.Ur, in RtnacKmiro riinnnv, nnin Hale that time, Luxembourg. was nQ t"this would be directly borne by often point out. Is not a philan- 

fer upon the Duchv. They also in Strasbourg, though up to half _,i ' S j flnt t L. t i. ui« »wi U u« u*i*wy «/ .. .- + _ 

form an important ancillary now take place in Luxembourg: ^ Parliament. Like Luxem- thropic orgamsa^on «4_feMP 

htitrirt oHnnfini, tha hn a IQfia trosS- T iivAmhniira fc Unaera ® Ve l°P C O service sector hnurp fhp pi tv 

=i — ssa - ^ MS 

v .-.^ « :r I?.?-*-*- 

Vieisalrri ' . frVith.'.’’- 

f&ari.'ia y (j&rh&ux 

; Ubangei ^ 

Jfrl fiem& 

For any major German bank -active in inter- 
national finance, an operating unit based in Luxem- 
bourg is a must That’s why our parent bank has 
been engaged here via a joint venture since 1972. 
Now, to strengthen this involvement substantially, 
DG BANK Deutsche Genossenschaftsbank of 
Frankfurt am Main has set up its own subsidiary, 
DG BANK INTERNATIONAL, as a "societe ano- 
nyme" in Luxembourg. 

Our activities include all aspects of corporate 

financing, the management and underwriting 
of international bond issues and private place- 
ments, and, of course, money market and foreign 
exchange dealings. 

DG BANK is both an internationally operating 
bank providing comprehensive commercial and 
investment banking services to prime corporate 
customers, public authorities and banks, and it 
serves as central bank for a system encompassing 
5,000 local banks, ten regional banks and a num- 

ber of specialized institutions in the Federal Re- 
public of Germany. At year-end.1977.DG BANK 
commanded consolidated assets of DM 43,590 
million (the- equivalent of US $20,708 million), 
and for the banking group it heads the total was 
DM 240,000 million (US $114,000 million). 

25 B, Boulevard Royal (Forum Royal), Borte Postale 
661. Luxembourg, Phone: Luxembourg 47 59711, 
Telex: Luxembourg 1 878. 


Societe Anonyme 

Bank reports * witfi ’ evident 

MPs feel they should have a „ . ... .. . . . _ 

single workplace, but also feel 0ne 3nstJt ? Uon *’ hjch gratification the level of its 

that that city should be f f V r5 y ! 5160 ex ^L? ia ® industrial loans increased; by 43 

Brussels, “where the .resjlflf, ,f^°T ci f!§. mdud- ^ cent _ i many 0 f them to 

the action is.” P 5 building iteelf a brand new sized businesses whose 

The catalyst, which has sharp- ^ me on the Kirschherg is the operations tend, to be / more 
-- ... — 5 - European Investment Bank. la *S, ur inten slVe and fhgfefore 

soak up un- 

ened the dilemma, is the immi-' , 4T , _ . . , .. 

nence of direct elections tp the **ith its quiet, unassuming ^ more to 
European Parliament — now. to manners ^ does not for employmeaL ‘ 

take place between June 7 and .** ance advertise for business In T^e Bank hw in the pa0 
10, 1979 — which will double or ^ er aot to be seen to be often found it hard to reach-th to 
tbe number of MPs from the stealing clients from rammer- smaller category of customer, 
present 198 nominated MPs to ?i®I banks — the EIB often goes The EIB mainlylends in foreign 
410 directly elected onesrr 1 ' unnoticed by the general public, currencies^ It would serve no 
more if and when Greece. Spaih -^ ot ?° EEC governments, useful purpose to lehd-steriing 
and Portugal join . the "Com- which are its political masters whirii a British bank could 
munity in the 1980s. This •l° n S with the EEC Comm is- provide- to a UJL company^nr 
quite literally creates a Space, s^ 00 - At this mootlTs Copen- Ura to- Jan ItaIian .company. lt 
problem in all three centres : hagen Summit, the heads, of S ees Its role as comptementfcig 
the Parliament. . government decided to. double' the European capital ."markets 

The squeeze is worst in Bras- the Bank's subscribed capital, by going outside the EEC for its 
sels. where in any case the to some 7bn. European ' Units borrowing. ' 

Parliament’s offices lease comes of Account This will allow the • ; J ■ 

to an end next spring. So flier ‘Bank to give loans. -And T^pmanci ' 
Parliament has been lookup at r ;g“ a *aBtees of up to .17bn; EUA 

\'arious sites in the Belgian (fll.39bn.) (250 per .emit of Pronrinentamong the xepiajtf 
capital — one of them so large subscribed capital Iff the rule), ing 'EEC institutions Iq 
th3t it gave the two other in- 1b recognition of the reputation Duchy in the August Cowtjpf 
terested parties, the Luxem- list the EIB has built up since Jus tire, handing down cms| 
bouger and French Govern- *?58 bf choosing projects which: mutiny law on tablets & 
ments, the idea that the Parlia- are. both- commercially sound to the-ireqaest^ 

judge " an intra-governinental 

decision on a single site, was Last' year the EIB granted yeaA-the new-; Andit 
intending to . shift- completely 1.57bn..!EQA in loans — a 23.5 designed to ti^iten up the ex* 
to Brussels. " per cent, increase over the .pre- ternall accounting of,- EEC 

vious year. Given the- political budget expenditure. Enlacing 
push from EEC governments, the part time Audit Board, the 
iTAUUCOi . to the Bank's operations; EIB Court has nine members; 

Within the last month, this executives expect the growth' nominated, by each -ssomber 
fear has been soothed by the be maintained. The Luxem- state, including Sir /Norman 
Parliament's derision to choose bourg based Bank has in addi- Price, a former head;bf htffl 
a more modest Brussels site, tion been given - ’ by ! EEC- Inland Revenue from tbe U^t 
But not before the Luxembourg ministers tiie job of disbursing “d M. Marcel Mart, tht formsp 
Government has pulled out all any new’’ money raised on the Luxembourg Finance Minister 
tbe stops. The most dramatic capital. - markets under tbe who resigned to take a seat oh 
was its threat, in conjunction Brussels Commission’s proposal the Court’s bench. With, room 
with the French Government, to borrow up to lbn. EUA, on greater scope In carry-, 

to block the setting of a new the Commission’s name. It Is ^g ont audits (induding spot 
date for direct elections at tbe the Bank’s estimate that dose member states)* 

recent EEC Copenhagen Sum- to 28.000 jobs were directly « . ls h0 P^ d “ at «*« 1Cott “ 
mil In the event the Parlia- created or safeguarded by the frnn g® new ngortmsness tp the 
ment gave way on the Brussels different investments made by f^ajmnanon or now EEC money 

the Bank-in 1977 alone. The “ “^ d ; ^ 
priorities of the Bank can be T *SS 

seen ftom a rough breakdown 
of its 1977 loans. Infrastructure 

projects ol aH kinds took 975m. ma S e us ^. of ser- 

EUA,^/ and this induded ISJSSJSSKi ?®' ^ omimssioa 
energy (nudear, oil and" untable. - - 

gas), electricity grids, down to. 

real estate issue, and the threat 
never materialised. But the 
Thorn Government has also pre- 
pared what it believes to be an 
additional incentive. Last year 
it called in the French archi- 
tect of the 1976 Montreal 
Olympic Stadium, and last 


money m 


BANKS ARE NOT the only Commission), and the capitals tions which the airline does botv 
Luxembourg institutions to have of the other five EEC member reach. -For instance, LuxaiisL 
world-wide impact The Duchy states^ By cajoling and twisting now sells tours in the Sey-=- 

is also the base of Luxair and a few arms, it got some bigger cbeiles to people flown there" 

Cargolux. What is more, both private companies to come in on by British Airways. -rr 

airlines make money, no mean the deal, so that to-day Luxair is rmj e successful ^ 

feat these days. Luxair. which owned ter Banque Internationale, £xri^ 

now runs both scheduled and Banque General fthe two big pn- ^ ich lost for ae mt ' 

chartered passenger flights and vale - local banks). Caisse ten years of Its ltfe has made:, 
js also involved in tour d’Epargne d’Etat (the statfr a steady profit since.’ It carried* 
operations, made some S2m. on owned savings bank), Arbed and g^g . 30 O.OOO nassensers last 7 
a 1976 turnover of LmcFrs.lbn., Radto-Tele^uxembourg - eacb yesr , -witha JaSrESw^S- 
and employs some 700 people, with 15 per cent and the *‘c! 0se to $o per -cenf ovar the 
Cargolux, started only seven Government taking the remain- ye ar. This compares well with-' 

years aso now employs 500 j ng quarter of- the equity. other airlines. Ml Stotsea say*' 

people in the Duchy, and already despite the fact that In winter/ 

Connections short flights are ^tea hs-ss': 

fo u s ^ profit- than half full The Luxair fleet* 

abjiity for the freight airline is Regular connections are. presently consists of two Boeing 
not yet as high, given the need then, the chief interest of the 7Q7s, two newly arrived Boeing- 
to finance this rapid expansion. Government which appoints a 737s, two CaraveHes. which are 5 ! 

Both ventures have proved r- rnnwis rfoner to the Luxair being phased out and thred“ 
commercial successes. But, as board. ' But they lose the airline F-27s. • .. 

the 45-year-old M. Roger Sietzen, money, which the Govermnent Luxair is not n member of 1* 
who as effective founder of both has been forced to stianp up- the International Air Travel* 
operations doubles up as man- i t was -therefore In both the Association (lATA).-the cartel, 
aging director of Luxair and Government's and private Which fixes scheduled flight, 
president of Cargolux, points shareholders’ ' interest that prices and market shares. But- 
out lucre was not the original Luxair branch out Into some- M- Sietzen claims that Luxair is ^ 
motive. The Luxembourg think more profitable. Ju 1967 an lATA member in all but-. 
Government in the early 1960s it went into the charter busi- name. -Hie only difference is 
w-anted to improve the travel ness, -a money spinner, and in that op ‘ Luxair the frir^e' 
Sainks between Luxembourg’s 1973-74 it started its own tour benefits are free, “We could 
EC institutions, notably the operation business. This last join ZATA to-morrow, and the 
arliament and also the Coal and has now been extended so that, only change to the customer 
teel Community (which until Luxair- tours now sell package would be that we would charge 
966 was seated in Luxembourg holidays even to those destina- him for his in-flight whisky," 
parately from the Brussels CONTINUED ON NEXT PAGE 





15 5 ? 
go 2 C 

5®Q C 
? 2 < 
<5 a 

1 j 


wsr s f“S' : 

■ - 

Ajpril' lS^S" 





FOR reasons of si». apart from 
any other considerations, the 
agricultural output . of -Luxem- 
bourg does not. hare Jnuch im- 
pact on EEC markets'- • The 
Grand Duchy's 2,600 . sq. km. do 
not include much gpod farm- 
land — many of them are taken 
up by the rolliig, 'forested hills 
of .the Ardennes and much -of 
the rest consists o£:hiH farms, 
requiring special aid from the 

Despite determined attempts 
Since the, second world war to 
increase the size of farms, hold- 
ings remain small— the average 
Luxembourg farm is. stiH less 
than. 25 hectares, and the Grand 
Duchy has a long way to go 
before . it achieves self 
sufficiency. It currently pro- 
duces around 9,600 . tonnes of 
beef a year, for example, £,400 
tonnes of butter, 8,400. tonnes of 
pork, 13,200 tonne* of milk 
powder, 24,000 tonhesr -of wheat 
hour and around 780^)00 hL of 

But the constraints, bn quan- 
tity do not affect quality and the 
country is noted jfor . the excel- 
lence of some of its products — 
its asparagus, for .example,- is 
eagerly awaited each year 
throughout the community and 
its wines are in a-dsss of iheir 

Luxembourg wines are not 
well known . internationally, 
mainly because they --are not 
widely exported. 0f tbe l30,000 
ht .or' so' produced " annually, 
about 55 per cent is; held for 
domestic consumption, the rest 
being exported mainly fp Bel- 
gium, and to aL-lesseriegtent to 
Hblland and Germany. - The 
very best wines rarely leave the 
country— they tend, -to be 
snapped up' at . auction by Lux- 
embourg restaurateurs who 
often buy up entire lots. of those 
wines receiving the ■. highest 
classification. . 

Such a ' small market . is, of 
course, easy - to corner. The 
area given over to Vineyards is 
only' about 3^200 hectares con- 

centrated in a belt about 26 km 
long and 300 to 400 metres 
wide, running along the Moselle 
River, mainly on the south- 
facing slopes. Moreover, the 
Luxembourg section of the 
Moselle Valley, being- at * the 
northernmost limit of Europe’s 
wine-growing regions, is highly 
vulnerable to late frosts which 
occcur two or three years out 
of each decade, and which have 
been known to wipe out the 
entire harvest The impact of 
weather an total output is 
reflected in- the fluctuations 
between 100,000 and 240.000 
hectolitres over the past 



ney 4 


Most of the L.600 or so hold- 
ings are small family-run 
estates — half of them are in- 
corporated in small mixed 
farms on which the vineyard 
is merely a sideline. The 
average vineyard is less than 
two hectares, and - about 12 per 
cent are smaller than 0.1 

The wines are, in general, 
light, dry and fruity, with a 
strong bouquet and an . alcohol 
content of 10 to 11.5 per cent. 
But each has a distinct charac- 
ter and, it seems, a distinct 
market Up until the . first 
world war, about 95 per cent 
of the winegrowing area was 
planted with the elbling grape 
variety which enjoyed great 
popularity on the German 
market However with the 
formation of the Belgo-Luxem- 
bourg economic union, wind 
exports to Germany dropped 
sharply and winegrowers were 
forced to adapt to Belgian 
tastes. These showed a marked 
preference for the rivaner 
variety, a .high-yielding cross 
between the riesling and syl- 
vaner grapes,, which now 
accounts for just . under half 
the planted area and slightly 
over half the volume of wine 

output. Elbling has dropped 
back to around 2a per cent 
followed by auxerrois, riesling, 
pinot blanc, pinot gris and 

Marketing is tightly organised 
by an association of co-operative 
societies, to whicb almost all 
Luxembourg winegrowers now 
belong, and is strictly super- 
vised by the government 
through its administration pf 
the national trademark. 

The government classifies all 
wines before they are released 
on to the market in order to 
encourage production of high 
quality wine. Only the very 
best receive the classification 
“ grand premier cru.” In 1976, 
it was awarded to 9.6 per cent 
nf the total output but this 
appears to have been exception- 
ally high— usually the figure is 
around 2 per cent, or less. Of 
the rest produced -in 1976, 2.7 
per cent were classified “ pre- 
mier cru," 2 per cent “ vin 
classe” and 42.2' per cent 
simply “ marque natiouale ” The 
remaining 43.5 per cent, it 
seems, was not up to scratch and 
had to be sold as tons de 
table ” without the national 
trademark' label. 

Each wine is allocated . a 
number which must appear both 
on the producer’s label and on 
the national trademark label, 
providing a check against pos- 
sible fraud. 

The system appears to have 
been successful in raising the 
general standard insofar as the 
number of wines awarded the 
national trademark has risen 
steadily since its inception in 
1935. It does have drawbacks, 
particularly for the smaller 
winegrower for whom a bad 
year and a failure to secure a 
high classification may spell 
fin ancial disaster. But in a 
small industry which puts an 
extremely high premium on 
quality this, it seems, is a 
necessary evil. • 

Margaret van Hattem 

“ The Leaning Tower of Luxembourg ” — the model of the new European Parlia- 
ment bwLdingm Luxembourg which could cost as much as LuzJFrsAbn. to build. 


he' says. For the rest, Luxair 
obeys IATA rules on fares, bag- 
gage (no extra weight allowed 
free on Luxair) and so on. This 
has -to be done, M. Sietzen says, 
because of . .Luxair's integral 
connections with all other Euro- 
pean. carriers. . He cla ims the 
proof that Luxair is not re- 
garded.; as “pirate " by its 
counterparts is that the airline 
is- accepted as part of the IATA 
clearing house on fares. 


Luxembourg, however, is cer- 
tainly a- haven for other non- 
IATA airlines with less scruple 
for the cartel’s rules, such as 
Loftledixv the Icelandic a i rl i n e. 
International Air Bahamas and 
International Caribbean Air- 
, ways. . The heyday for these 
{operations - was when IATA 
fares still ruled over the busy 
North Atlantic routes. This, as 
we all know -with Freddy ? « aker 
and -his Skytrain, is now no 
longer the case. As a result of 
•this new -competition the use of 
Luxembourg as a cheap way of 
getting to the U.S. and back 
has declined. Traffic through 
Luxembourg’s airport fell some 
lB-20;per cent in 1977, and this 
affects Luxair indirectly. It 
runs the iirpMt administration, 
duty free shops and so on. 

Luxair has proved it <&& 
stand on its own, . hut there 

would be considerable benefits in 
joining forces with Sabena and 
KLM, the Belgian and Dutch, 
carriers,- as was suggested in a 
detailed study made a couple of 
years ago by the U.S. consul- 
tants, JMcfcinsey. Commissioned 
by tile three governments of 
-the 'Benelux, largely for politi- 
cal . reasons -but also as a 
possible solution for the con- 
tinuing losses of Sabena, the 
study suggested a merger along 
the rlines . of SAS,. the joint 
Danish-Norwegian-Swedish air- 
line.; This, says Mr. Sietzen, 
“wotdd have been ideal,” hut 
the. political obstacles, such as 
deciding where the operational 
and personnel cuts would fall 
“ are. insurmountable.”. Luxair 
would benefit to a smaller 
extent — on its northern Europe- 
Mediterranean . routes — ton 
such- a. rationalisation. But M. 
Sietzen reckons Luxair would 
not -pose a problem if only the 
tiro -big carriers, Sabena and 
KOI, which stand -to gain sub- 
stantially from a complete pool- 
ing of their intercontinental 
flights, could agree among them- 

One : day, TIL Sietzen claims, 
the three airlines will have to 
eo-operaie between themselves 
or with 'others, if only to meet 
the— challenge of the new 
national carriers from the Third 
Woirid and the supersonic 'age. 
Concorde" flights would he - ri- 
diculous between Brussel and 


M. Sietzen says he founded 
Cargolux "on my own concept 
of moving into money making 
projects.” Mainly because of the 
lack of Luxembourg interest in 
the venture. Cargo lux’s structure 
is quite different from that of 
Luxair. Set up in 1971, it is 
owned by Luxair, Loftleidir, 
and a Swedish shipping and 
freight company, Salem a, in 
equal parts.. To Cargolux, M. 
Sietzen says, Salenla brought its 
freight handling and market ex- 
perience, Loftleidir its know- 
ledge of cargo aircraft, and 
Luxair the organisation. Early 
experience showed that there 
was no money in light freight on 
short hards, and thereafter Car- 
golux has come to specialise in 
heavy or special loads .to dis- 
tant destinations, particularly 
Africa, the Far East and Latin 
America. Its present fleet con- 
sists of five DC8-63S and three 
CL44s, and it has just decided 
to buy its first Boeing 747. 

With the logo “you "have it, 
we'll fly it,” Cargolux has made 
a speciality of difficult or one-off 
loads, such as 25-metre Christ 
mas tree to Hong Kong or 
Formula One racing cars and in 
addition to passengers such as 
dolphins and crocodiles, it has 
carried kangaroos from Sydney 
to Nigeria end elephants from 
Bangkok to Bremen. 



<(?' A 

- ■■ ■ . 1Z 

can help you put 


Bayerische Vereinsbank, 

one of Germany's major banks 
with group assets of DM65 billion, is 
an established force in the Euro- 
market with a wholly-owned 
subsidiary in Luxembourg, offices 
fo the main financial centres of the 
■world and participations in Europe 
' and overseas. ' 

BV specializes in foreign 
borrower's private D-Mark place- 
ments on the Euromarket. 

' Bayerische Vereinsbank 
International S.A., Luxembourg, 
specializes in self-liquidating short- 
term commercial credits in all major 
Eurocurrencies and its medium and 
long-term credits are carefully 
balanced against the Bank’s con- 
siderable refinancing capacity. 

Representative offices in London, 
Paris, Caracas, Johannesburg, 

Rio de Janeiro and Tehran, connect 
its international Headquarters in 
Munich with other financial capitals 
of the world. 

In NewYorkXInion Bank of Bavaria, 
— UBB—fBayerische Vereinsbank) 
New York Branch, is -at your service 
with a foil range of commercial 
banking services. Further UBB- 
offices are in Chicago^Los Angeles 
and Grand Cayman. At foe be-' 
ginning of 1978 a new BV-branch 
was opened in Tokyo. 

Bayerische Vereinsbank also 
benefits from its special status, 
dating back to foe nineteenth cen- 
tury, both as a commercial bank as 
well as a long-term finance house. 
This dual fijnetion gives the Bank 
added flexibility and financial back- 
bone which is- Of great value to its 
corporate clients, particularly in the 
field of capital investments in 
Germany, foreign trade and inter- 
national financing. 

You should getto know us better. 
We’ll put the advantages of foe 
Euromarket to work for you. 

Bayerische Vereinsbank 
International S.A. 

-17, me des Bains 
Borte Postaie 481 
Telephone: 42 86 1 1 
Telex: 26 52 bvi lu 

Bayerische Vereinsbank 

Representative Office 
for the United Kingdom 
40, Moorgate, LONDON EC2R 6AY 
Telephone: 6289066-70 
Tetex: 887876 bvlg 

Further information from: 

Bayerische Vereinsbank 
International Division 

Kdrdinal-Faulhaber-Strasse 1 
D-8000 M0NCHEN 2 
Telephone: (089) 2132-T - 

Telex: 523321 bvmd 




In addition to a complete banking service 
including special departments for 

* eurocurrency loans 

* eurobond issues 

* secondary market bond, trading 

* portfolio management 

* foreign -exchange and deposit dealing • 

* domiciliation of corporations and investment funds 
Banque Interna ti onale a Luxembourg, although befog 
the oldest private banking institution of the Grand- 
Duchy, has been issuing . 

■ its own-bank notes since 1856 ? But perhaps, 
more than this proof of stability, and trust, 
following figures jnay convince you : 

* capital and reserves : about 60 million US $ 

* balance sheet total: about 2 billion US $ (31 12. 76) 

Luxembourg 2,bcralevard Royal 
phone: 47. 9LL • 

Soci6t6 Anonyms 

telex: 3409/3439/3448/3460/ 
3496/2 740/2 Z60/28Z7 / 
associated member of ABECOR 



W. IB 


in million US$ 

Highlights as per 
September 30, 

Balance Sheet Total 


WestLB International S.A. 

47, Boulevard Royal 

P.O.Box 420 



Affiliate of. 





c- . Amounts due from banks 

- 630 

Loans end advances to customers > 


’ Advancesto non-banking finance establishments 

% 192 



. Amounts due to batiks 


Current deposits and other accounts 


Share capital fully paid 


Reserves after allocation of profit 







A bank established with the 
specific aim to assist in the development 
of the Middle East and Africa. 

Through our head office in 
Luxembourg and our office in London 
we can offer financial services 
to provide: 

Commercial Banking 
Investment Portfolio Management 
Project Finance and Resource Packaging 

international Resources and Finance Bank S A 

Head Office: 

1st Floor, 31 Grand Rue, Luxembourg 
Telex: 181 4-1 RFBK-LU 
Telephone: 470501 

London Office: 

18 Finsbury Circus, London EC2M 7 BP 
Telex: 8881 62 RESFIN-G 
Telephone: 01-638 3611 

$OCI€T€ €UROP€€m€ 

The affiliate in Luxembourg of 

Banca Commercialeltaliana Holding S«A. (Luxembourg) 
and Banca della Svizzera Italian a (Lugano) 

for Eurobanking Services and Transactions 


Telex j 1274 general 

1674 forex & deports 

1675 bonds 

Telephone: 464111 general 

2652V forex & deposits 
26835 bonds 


4S,bafevard FlcyaJ, Uwembourg-TfeL 47971 -Te®c34ta- RCUwacTtoxirg rf B6395. 


asol December 31, 1977 Ghousands of francs) 

sets Liabilities 





Cash arridepasitswRh banks 
at maximurriaa days:. 14352,833 
Term deposits with banks 1 5,557,884 
Non-bank finaToal 
institutions - - — 1,721^36 
SBs and notes' 7,899,074 

Sundry debtors- 10,652,347 

Securities 4&4J08 

Fiduoaryaocourts .j. 592,492 

Misceteneous 2.009,050 

Fixed assets 879,129 

banks . 26,094,311 

non-bankfinarc^ • 
institutions 1,613^83 

'-deposits . 23.252,933 

MferaBarieous * • 3,390,567 

Rcfocferyaccourts . .. - ■ 592,492 
Ownfandsand borrowed 

^capital .2,860,304 

Profit befo r e d sfatajHon 175.169 

. Interea and co mm is sion s 3,171,885 Iriwesi and commissions 4,096534 
26,094511 1 General expenses . • ■ 961.424 Other income 626,420 

Reserves, amorfe^n and 
mfeedsareaus 416,442 

Net profit of the year • 172,903 : 


57,878,853 j 



mthavabeenpubfehedhflie.M 6 ixxfa»te aciS ^ 6 eifll dB SSotiaBee 4 /fi 80 cM fl ni* 

of the Grand Duchy of Luxembourg _ ■■ 

1 \ ■ J \ 

Financial TMes Tiies^jr ^18. JS78; 



w 1 i i * > 1 , , .J^ u , , 1:1-41 1 1 * i i [ w< : CI 

( 1 JTTTiTiI lit t 111 

? rriTrrjjwjp i ]•. ri 1 1 , . , 



®®t-'from it all -are not mad& 

, t .. Esenins ..'for :‘."The,,. __ 

officials provoke? the occasional , for : ti» cuisine 

Stumble, ■ ■ '• --i ria-.flottrisbes^'in 

Mf >■ u-Im t ■ 9 1 rrz rr»TTtT7TTrT. 


n i 

— — — 

c i : 7} 

ivy rr 

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KI.i vS v viTuJr *I3hZ7' Ttolii La An 1 

RJ f ‘ ' ^ H * > .j • ' > j r> 4 ^ : *> * I* ^ Vv ■ »T 

[•jrrj • i' ^ n - 

^ 4 . -and 'Xoxavia wftli a: stetms aflmixtuire 1 

>es it want to. reasons best -knoynr to the 

With annual' visitors already increasing, numbers of -passert- 

This relaxed attitude derives 

dent population. It does nor 


,-y. ■'.. il hi> 


" Norw^irwith total balahcds exceeding 5 bUhqrt 7 
. ' Norwegian Krpii^v^:: ;,^ 

Represented in Zurich through particihatioh ifv 
Neue Bank A.G. 3 and FlnanceCompanyVHdm: . 

y-v; < 7 , jt. rfr-j J Vr.-; 

■ ■ its owSrepr^entotive office in Londwi. .. ; 

THOUSANDS OF Britons who Due to the lack of any West 
could never place Luxembourg German cultural capital, ful- 
on the map hove nonetheless filling the role of Pans for 
heard of the country through France for instance, it is pos- 
I tuning in to Radio Lax, the sible to produce the programmes 
8-12 pjn. evening service in Luxembourg itself. This is 
beamed to the UJK. by Radio- seen as an advantage to some 
Tele-Luxembourg. But many BTL executives who bemoan 
of those Britons introduced -to ibe decentralisation of the 
football pools by - Horace organisation, and in particular 
I Batchelor of k-e-y-n-s-h-am or the tendency for the national 
who listened to Radio Lux’s non- services to give their news pro- 
stop-hip-wiggling outpourings grammes too nationalist a bent 
maynoi realise that RTL also “J *" m tenden^ for 

Sis to have the Hugest Buro- 4 natl 0 ,ia L + advertging 

p^T radio audience, ra^ to concentrate on selling 

Ze r one in France and W. national products nabonalbMaot 
Germany and widely listened to J® * 

in c«rj t 7 p rlnnrl Rairi ntn Scan- ar ^ ue that RTL should use its 

Earo Pf n suture to provide * 
^ properly European service its 

Europe. . its listeners and customers: 

Set up with French money 

after the first . world • war, .By ^ British ser- 

diluted by Belgian capital after vice of RTL is now the poor 
the second world' war, in order relation since the advent of the 
to capitalise on restriction in ^dependent Lo^l Radio net- 
other European countries on w ° s * “ tbe ^• K * ^ a ^ io Uux 
commercial radio. RTL has began broadcasting to 

proved a great success. Em- J^ 934, well argue 

ploying some 400 people in ^at it is the only commercial 
LuxeurtJourg and 1.000 through- ra J° Sutton in toe U.K. with a 
out Europe, RTL’s turnover last na tionaI rather than a regional 
t ii? Pr«.shn with au djence In particular. It 

ti ■'shzz 

^£er b ^nWbS fw'r ha^bigTuS 

last year some LuxJi^.l.Sbn. jnfgnnaj party among British 
in ah to tbe state ( which 1 x 2 - youth. -Probably toe biggest 
eludes rent for its transmitters). Sntocap bthat it bnSESS 
D j .• only four hours a night, with 

KepllUlUOII its medium wave transmitter 

* sitting on the plateau above 

Its most comprehensive fer- Luxembourg city reserved dur- 
vice, including sews and ing the daytime lor the German 
current affairs and lonely heart service. Still, some 1.1m. British 
programmes, Is to France and listeners tune- into .Radio Lux 
75 per cent is produced in every night, and RTL reckons 
Paris, RTL executives claim that this is a good enough base 
that their French service news from which to recapture some 
gained during the Algerian war of its lost audiences, 
and toe events of Hay, 1968, a In addition, tbe French- 
reputation for • independence service is listened to in the 
and objectivity which French- French-speaking part of Switzer- 
men could hot find on French land and Belgium, the German 
services, and that in any one service throughout Eastern 
week 16m. Frenchmen and Europe, and the English service, 
women listen In. Not all agreed, in Scandinavian 
The French Union of tbe Left RTL’s television network 
sent a frisson through RTL embraces smaller audiences— 
executives with their announced the four departments of France 
plans, if elected to power, to which neighbour Luxembourg, 
increase state control and taxes and the southern and .. French- 
on commercial radio and tele- speaking part of Belgium— 
vision. The Lefts defeat last because it is only broadcast i n 
month at tog polls was warmly Freneh. What all this adds up 
welcomed at the Luxembourg to for toe ordinary Luxem- 

The grouping tides a whqlf jf-owned subsidiary in 
" ' Luxembourg' ■ 7 : 

. AmftPgpnftlflqK Igtematfonal SA, V-c- . 

whose ba(anGasliee|^sat 3GtfiSe^eff^er :$7|-reajci 

•i: r v. • fi- s^ts’Sr - -: i -hcY i ' ,i ' V -.''ij 

*: ■: ■ . •• ... s c:;v i-rU’ '.V.'-xr,-. - : * 

- ^Millidns<^i^emboaigiFraiTCs) s-y -■ :. r i 

labilities __ .. .. .. , . Assets.^. - 1= - . - c -.; 3 

’ Capital, . , 7.’ 7- *25ft' . Cash-a/^^Banks.'iz^i 

. .Reserves . ■- / Loansand Disc; i3542 • ; 

Undistributed .:- ^Securities' : 

. Pro fit • J- %34-v : ;RxedAssfets vr ^ 

; deposits ‘ ^ 7 V . . . : DtheF Assets i' v782.=i 

' .'-Banka - ' 3,775 * 

Cu8tomQrs_879 4.654.. i< 

>1^1 seel laneous -114 .. *-• . .. l*. . r. m $z 

^•-:- : -V7 7 -^ 5 . 120 . *£t20' 


[For business With^ Norway ~ cbntaci? 

“ HekdOffEca 
Andresens Bank A.S. 

- Inlartat/ongJ Div/aiOft 
•' Torvgaleit2 
-Oslo 1, Norway 
■ Telephone: TT 20 3d'’ L 
WBJC No .' 11540 ‘ - 
A8ANK-N - 

Andresens Bank i 
International S»A . 

5, rueAldringen ' 
Luxwnbourg-ville, . 
Ldxferabourg. . 

- Tefepfidnc 20591 . 
Tefefc Nb. 1268 ■ " 
-ABIMT-tU “- 

• r fttp. OWt» -77 "' ■ 

Stock Excbange. r-.-vst 

Building — " 

r Lonctofl EC2N / «£ 
---England • - 

-T«ietf»j-Sai74aw. -'.'h 
Telex- Naast2b95 .... . 

r - r : 

AU-you need to. know qboot Enrope 

con be foumtrit pie 17; 

' Publications Office 

- The literaiicce we publidi,; written ani' couo^efi;.by. ^iperj|; 
In', Qieir - covers Europe :_frpm;: A io Z. and, itjclua^fr 
"publications .that tooee .in budAess 

./afford to ba.witoout. ,. v -' t . r*.:^ «V \t.< r « 

Jinife /office is "fixe publisher: for a» -th«r Fr uLr. 

" T ^tiic : Parliament, toe. Council, ; the .Commission^' ■the sGourif" 
•r ot-’ Justice^ .fee-. EctmomiciVand-Sodal 'tJornmiKee '-ami. Uffi* 
fjBineC of Audi tors.- .Besides publishing, the 

-Economic, luoUetaxy and .Snahd^ kffaitu r-t- 
> External relations— forefen traife' *• * 'f*y 

.C omatnai ty- law- *• •- — ^ -'-i— 1-.' —— 

Social af£aiiP’ i< ,> : . .; . *;.r^ . .. .' 

Energjr ; y. .. . , . r ,:v r ; v. ■ 

headquarters of RTL. bourger is feat he or she gets, 

taUunmt than a Mmmunity of 

• Agriculto^e^f ; ~ . . *v 

i-: “ . . .Regtonal, policy.. • 

. Dei^lopiiiunt and .-co^q^srafem^r 
• *. JSaence r an4 ; T^&Qo!pgf ” .v" 

Envirotibsent ;aid. ~qna^ty ' 

ri . .. v - Edocatidn^;,' - f . \ l . & ; ) ■■ ■ 

• Statistics^-- * - j* 

Competition .a^ internal- markets. ^ ; . 

An enquiries mid- wdfers should : J^adi^esBed ^>-7 

■ -77, .Th&-<HBce for -Official : -PnWltations Tof i 

■ .... ; . . . • -. .. • - - ' -y-£. — -V-wS/ir. -| 

I German service does not reach 6X5)6 ^ „ 

Bavaria and Southern. Germany. 



U . 1 • s a 


\ One of the rdilef. pleasures 
afforded', by the' smaller mixed 
fhovr \fs that; of browsing one’s 

vay innocently towards whax ’ is 
often a [truly personal discovery. 
Imaginative' selection,- dever ■ or 
desperate hanging; perhaps sheer 
accident^ all •conspire to. surprise 
us,- and suddenly our visual taste 
bads get the mesager “Or coarse; 
viv bow very odd; why had. I never 
* . C f BOticed/thougbt . . of /expected* 
, v tirat : before?” . (*delete whicb- 
- 1 • / '.ever, etc. qtc.). For, when he 
"vi '- puts .on hl»„q?ecia3‘. show. the 
* deafer can -too rarely .command 
the' resource? available to the 
’larger,', irobho, .more respectably 
... scholarly exercise, and usually 
.'*• • must make do -with- .whatever 
; . ; • copie®- to hand; ' The- -result . U 
- * V that* . no • matter how- touch he 
* " * . might ■ dissimulate,. -he is often 
\ Uas surprised' and pleased as the 
-- . rest bf usl :^v,v;P';' : ‘- 

. On ’ ihdw at Michael Parkin 
('unfit - ' May; 14) . is ■* /most : attrac- 
7 tire assortment of late 19th- and, 
;. C for ithe most. part. -early; 25th 
:. s' ,; -century English -paintings, draw- 
>;ings and -prints;- called : rather 
v ': grandly- “'Ihe .“Whistler. In- 
. ' fluence,” a title lminediately re- 
stated as . a- sub-title. should we 
^ dare to. doiibt the poritt. ; But Wr. 

■ Parian - protests^ ;ton ^innch, and 
.*4 his is far: 'from being a heavy, 

"'didactic ottering. He .has long 
. • specialised in . .this . period ’. in 

- English art, and has. now. brought 
: c ■ for - us " some ■ excotlept examples 

of- Whittier’s .etching- and Hth^ 

- j graphy supported -by a strong 
-'.'..'■■group ; of wotks by. Walter 

^ Greaves- : : Foot - Walters' . case is 

■ welMmown, ■ however, and the 
: interest here' grows as we move 

-by degrees . away., from / the 
'■^v . Master; ,- 

There are a number of obvious 
. acolytes here T of course, artists 
“• spph as Mortimer Menpes; . Georg 
Sauter and Paul itaitland;' hiit 
we - -soon, come - upon! men- like' 
--..Robert Brough,. obscure though 
they are, who are. evidently -so 
tv. much closer- to that other notable 
i: . expatriate, ' SargepC 'or .to . the 
‘ far from .obscure', .figure of 
V Si ckert. A show that brought 
Whistler. -Sickert and Sargent 
together property really wooM 
^be important; ; and even, here 
some intriguing - possibilities 
occur to us. These men are after 
all .the three crucial., influences 
upon the development of English 
post-impressionism, and U. might 
well be that Whistler. , the. most 
elegant and particular bf.-thenv 
was also the least 'powerfnL / 
Me. Parkin brings in several 
a ll» 1ater Agones, indeed bringing. the 
A [\jj( line of his argument on to -the 
HI ^Button. Road . and the . modem 
Academy, to men likeGowing, 
; Dunstan and Greenhanu all good 
artists and. well worth showing; 
but Sickert is- their hero." - -He 
also shows -g lot of early Gerald 
: IT.; Kelly, -from the days before be 
I; - fixed himself in the:'. aspic of 

society portraiture, the surprise 
of this Show,- In -this 'connection 

there are .nods 1 towards -Wilson 
Steer and. La Very, h'ut nothing 

of Sargent himself,. tfbich Js . a 
pity, nor oi; Orpeo; John. Mun- 
nings or Shannon, who all come 
In mind. Emphatically the con- 
nection J6 variensly to S argent 
and Sickert, r ' Whistlers - con- 
freres certainly/ but Questionable 
disciples. This is a' .'stimulating 
if modest show; and fuU'of good 

..'Here. I .must, make passing 
reference to two other current 
exhibitions. - “Hie largest is at 
the British - Museum . . (until 
October I), * spectacular collec- 
tion of French '.master. - litho- 
graphs .'made "between: -i860 and 
1990; and the prints by! Whistler 
and - Sickert at Parkin, though 
by mo means so choice; dovinvite 
direct comparison with . those of 
their great french friends.’ from 
Manet to Degas and Dautrec. It 
» a . show that -I hope, we shall 
consider at .greater length later 
in its run. - 

;The other is at- Browse and 
Darby (until May IS), a small 
group. of paintings and drawings 
by Walter • Sickert that includes 
several- major items; 1 - The 
important . Arts Council exhibi- 
tion of big work that, has been 
touring the- country is now at 
Plymouth,- its final call, -where 
it was reviewed.' for us-by Denys 
Sutton a Week or two. ago. It has 
not visited London . at ail; . and 
while this tittle show can hardly 
repair so significant an .omission, 
it "does-give us at least a taste 
of -what we have missed; Sickert 
ft one -of our better- artists, -all 
of. whom we should. -learn to 
cherish rather more than, we do, 

"... ■/*: .i A.- 

'At. the freldbotOTe.' Gallery, 
in St. -John's Wood, another 
small show -takes ' opera itwslf a 
large .theme, perhaps -the largest 
of them aU, though' it is put a 
trifle Qddly as “ Art in Religion ” 
(until April 29).- We should' not 
suppose that .artists. today are 
less interested .necessarily in the 
great subjects, that occulted the 
past. ; bat; we can say .vdth some 
fairness that their 'circumstances 
have changed, their scope grown 
somewhat more restricted. There 
is; little religious .patronage of 
artists — much : of Wbat there 1 b 
is~ in doubtful . taste— and; public 
acceptance can no longer be 
assumed- \ 

Sucir .shortcomings' sap con- 
fidence, leaving our.- qrtists with 
little', stomach .for the- big com- 
mission, let' alone the public pro- 
testation -of faith. The bravest 
attempts fall short <the murals 
by- Norinan - Adams' at St. 
Anselm's.' 1 - Kenningtbn, .' for 
example);. : the. ; rest usually 
plunging headfirst into bathos 
and!- sentimentality.' And is 
good to. see 'someone grasping the 

Schiller-Theater, Berlin 

The Tempest 

;• iirrr- *•' "'•v 

, , 

. . . 

\ J- .’'Jr-' 1 


Once in every decade Shake- 
speare’s greatest plays pass 
across the German stages like 
birds in migration. Last season 
it was Hamlet; • this ■ year 4ft 
The Tempest and Midsummer 
Night’s Dream. In the provinces 
nearly anything and everything 
is tried, and no wonder — Shake- 
speare, thanks to the Romantic 
Movement, is Germany’s most 
popular playwright He always 
stands a good head-and-sboulders 
on the production • list above 
Schiller and Brecht, and only 
once in recent memory did he 
step down from his box-office 
throne — on -the occasion of 
Bertholt Brecht’s 75th birthday 
(when West German stages tried 
to make up in one sweep for the 
scandalous neglect during tbe 
Cold War years). 

There are, in general, two 
kinds of Sbakespeare produc- 
tions: the traditional style and 
the “new version.". The former 
adheres to the poetic, majestic 
breath of the plays as best that 
talent and inspiration allows; tbe 
latter strikes out on its own like 
a lone prospector in search of 
gold in virgin territory. Both 
are usually painfully hard, to 
stomacb. The traditional Shakes- 
peare relies on the sticky charm 
of the naive and the beginner 
struggling for recognition. The 
progressive Shakespeare substi- 
tutes tricks and gimmicks for a 
rich spoken text, an arrogance 
that sometimes goes beyond the 
limits of fair play or good man- 

Elizabeth Hall 

■ Why translators believe they 
can - slander Shakespeare with 
impunity is a riddle still to be 
solved. ! .1 have seen “ new 
versions ” of Julius Caesar, 
Richard III, and King Lear that 
were a disgrace (the culprits, 
often enough, the scions of the 
new era In German theatre), but 
these ErstavJfDArungen achieve 
their purpose: the criticas, by 
tradition, .are obliged to atttend 
the " original ” productions of 
tbe season. However, when the 
lmendanten who perpetrate, 
these criminal acts of banality 
are asked why they don’t 
similarly update Goethe or 
Schiller, they react as though in- 

Only one ensemble has 
attempted to treat Shakespeare 
fairly: the Schaubtihne Hal- 
leschen Ufer. This hardy troupe 
approached the Bard from a 
respectable distance, selecting 
tbe most fitting of the .early 
translations for As You Like It 
and studying tbe commentaries, 
past and present, for the root 
meaning of a “ fool." A seminar, 
regretfully, is far from a" play, 
and the Schaubtihne ended up 
discarding word for show. The 
entire contemporary world of 
Sbakespeare was dumped into a 
West Berlin movie studio like a 
space experiment an echo- 
chamber time-machine. 

At tbe risk of appearing snob- 
bish, what seems to be Tacking 
in German productions is an 
honest - to ? God Shakespearean 

actor. Few of the young names 
on the horizon take the time to 
wax into their roles, and the 
veterans refuse to let go of the 
tried-and-true wares they can 
peddle auf Tournee through the 
provinces. I once heard a 
renowned Griindgens actor in an 
Interview say bow much, he 
regrets not being able to play 
Hamlet any more — but no .word 
about the opportunity to look 
forward to Lear or Prospero. 

Only Bernhard Minettl can 
carry a Sbakespeare production 
on his own merits as an actor. 
In Alfred Kir rimer's production 
of The Tempest at the Schiller- 
Theater in West Berlin, the new 
translation by B. K. Tragelehn is 
not something to write home 
about, but it's not abnsive and 
that’s wbat counts most these 
days. Tbe storm is taken care 
of. immediately in grand style: 
Axel Manthey engineered a stage 
effect that turned the entire 
theatre Into a lightning rod. The 
rest is all Miaeit i. 

In have seen Minetti as Lear, 
Krapp, and a kind of disgruntled 
Jehovah in Thomas Bernhard's 
The Force of Habit — after which, 
the Austrian playwright penned 
a drama simply titled Minettl, 
Each time this gaunt; grizzled 
veteran assembled his past 
credits and applied them to the 
new role, until in The Tempest 
his Prospero Is a combination of 
aU of them. He is tbe Olivier 
of German theatre. 

Music Group of London 


Head of a Lady: Kathleen Forbes Crombie. Robert Brough 1872-1905 

nettle of embarrassment, and 
finding it does not sting. 
Admittedly some of tbe work is 
sub-standard, much of - it rather 
common-place, and the two 
largest works unsuccessful; a 
melodramatic Assumption of the 
Virgin by Carol Weight, and a 
mildly ludicrous “ Christ Ascend- 

ing” by Duncan Grant; but there 
are certainly enough good things 
to show that such subjects' can 
still be treated seriously- and 
successfully, for all that in bur 
time the demonstration is likely 
to be small in scale, and highly 
personal. Carel Weight's other 
picture, of Jesus and the 

Whitney Museum, N$w York 



v » 

I V 

Children, is the best painting in 
the show, a simple drawing of the 
Madonna and Child, by Rodney 
Burn, tbe only thing to match it; 
but Norman Adams is strongly 
represented, and also Gilbert 
Sjiencer. Jveith Critchlow’s re- 
workings of Islamic' tile motifs; 
Alfred Cohen's Cabalist and 
Ingrid Dumitrescu's ikons are 
notable among those things that 
point to the ecumenical spirit of 
tbe age.. , - . - _ 

Dvorak's Dumky Trio and 
Brahms’s Horn Trio in E fliU, the 
main works in tbe Music Group 
of London’s programme last 
Sunday,- each have unusual 
features. Dvorak’s Trio pays 
virtually do homage to sonata 
form at aU', being a six-fold suc- 
cession of shortish movements 
based on danee-song models 
and subtly varied. Brahms 
opens with a slow movement in 
ternary form, and follows (bis 
with an extended scherzo, a 
second’ slow movement and an 
uproarious hunting-finale. 

Both went well. About the 
Dvorak there was a certain aura 
bf manly English ’ self-control in 
both' the"$adnes5~and "tbe bursts 
of activity, yet tbe quality and 
quantity of the composer’s unfail- 
ing invention both in melody and 
scoring were continually 
apparent* notably in Eileen 

Croxford’s incisive cello line. 
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 well as this, tbe Horn 
Trio is one of Brahms’s most 
irresistible masterpieces. To go 
no further, both slow movements 
are of extraordinary beauty, 
especially the second. Few of tbe 
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 Pudd/s playing 
of the clarinet part was remark- 
able. Piano (David ParkhouSe) 
and violin (Ralph Holmes) were 
dapper, bur not quite pi thy. .or 

biting enough— they had two 
major works to come, while 
Contrasts was the clarinet’s only 

CCMG debut in 

The Canadian Creative Musi- 
cians Collective, a free mnsic 
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 

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 ICA membership. 


: _ The 29 piece? ' bf. - Duane 
. ' " Hanson’s sculpture at the Wblt- 
bey Museum in 'New- ¥6ik wbuid 
serve as 'the perfect rapresenta- 
tion of what America: can dish 
up in sabject and trOatment ip 
; answer to socialist realism. ’ Tbie 

T :r- : ’social realism bf Hanson’s wqtit 
’ ' - ; . is achieved with the most mriL- 

cable plastics, shaped over '-the 

bodies of ired-blooded real live 
Americans, the kind - of ' Ameri- 
cans .who suspend -Bermuda 
shorts over spindly legs, .wear 
work shirts with their names on 
them, and expose bulging thighs 
to the sun’ in reclining positions 
■"on plastic deck chair*. . > 

^ As. recently as ten ye«s ago, 
Hanson's social commentary took 
the form of bodies laid out. to 
depict war .horrors, as in ** War>” 

■ i, — the sheet-covered body of a 

■ ' '■ pregnant corpse, entitled u Abor- 

-r: : -■* tion ” to express Hanson's artirii-. 
■ lated opposition to ; the illegality 
: of abortion -in- America.. . Such 

commentary.- lacking hi subtlety 
and resonance. : attracted 'more 
controversy than^ appreciation. 

The burning' issues of_ the 
' 1960s, which Hanson addressed 
in those- works, mellowed con- 
siderably and the Whitney show; 
^0^0 consisting' entirely of Hanson’s 
work in the 70s, reveals his oVm 
— mellowing and. changing- focus, 
^ turning political - points -info 
: f-.’j'-;’ dramatic serial satire and. more 
recently. ■ into- bemused observe* 
tion. ' 

He finds his issnqs ut the 
people he - depicts. ■' Tbe props 
. Wj^ and scope of his work . are now 
• ■ 0 * ‘ ^ much more localised; People arc 

* 1 not so much representations .of 

dramatic seen es as figures Caught 
in. a relaxed* unguarded moment- 
' A worker cats, his lunch -pail- on 
' the floor- between iis legs. A 
man in a sweater and slacks, re- 
clines. against' the .wall just, as, 
- aronhd the corner’ a man stares 
sleepily while he -leans- hack ip 
• . an office desk chair. 4 

The change from strenuous 
. ■]? drama to slumped shoulders IS 
best noted ip Brufl: Addict, a 
1974 sculpture of a.yonng mah 
leaning against a. wall, nodding; 

off with ^a needle In his limp 
fingers, v Drags, have put this 
figure^ the position of tiiose 
around him, with no more com- 
ment on -his . condition or politi- 
cal issues than a blank expres- 
: 'sion on .ids face. . - 

This -marks u change from the 
Hanson of Supermarket Shopper, 
a work .-be did in 1970 that 
.appeared in London at tbe Ser- 
pentine- Gallery exhibit in 1974, 
HVperreaUsts' . Americhin— 
Realists -Evrppeens. That was a 
memorable piece of mockery as 
were other ones of that transi- 
tional-period, ljkeJftmnp. depict- 
ing. a -Playboy waitress leaning 
forward, or. Housewife, showing 
a- woman holding a cigarette in 
her mouth as she - relaxes with 
curlers, hr her hair, a hair dryer 
in her lap and trashy migwilnes 
on the -floor around her. 

There 4s still fun in Hanson’s 
work. A sculptured museum 
gu aid stands- in a spot where he 
is.- apparently, ’often asked ques- 
tions. A .very - recent piece por- 
teays a squatting photographer, 
and visitors, squat in tbe same 
position to take a picture of him. 
Rite, a waitress holding a food 
tray, is ndt with the rest of the 
show;, but has been placed in 
the basement cafeteria of the 
Whitney^ There -have been objec- 
tions to .this, miring of observer 
and observed,, as though it sub- 
tracts from the value of the work 
by turning it into a mere trompe 
d’oeiL Ifcefe can be. ho doubt, 
however, that at least with tbe 
museum ‘ guard,' Hanson would 
expect such mistakes to occur. 
These are • Hanson’s jokes; a 
museum can downplay them, but 
’there Is- no reason -to. 

■ .'After alt it flits Jn with Han- 
son’s .strong demand for a reac- 
tion' from his audience. It started 
with death ' and -atrocities and 
-moved on. to: evocative props, like 
buhnie dresses and full shopping 
carts: As- Hanson develops, his 
work provokes -reaction with 
fewer- . and - fewer, spectacular 
-effects: mere, ordinariness now 
does it - It ! i& an" ultimate, in the 
terms of social realism. 

Duane Hanson’s * Woman with Suitcases ' ( 1973). Lifesize in 
’. Polyester and fibreglass, . 

Odeon Hammersmith 


Starting May 1, Delta Air lines introduces the 
first daily non-stop service between London’s . 
convenient Gatwick Airport and Atlanta, Georgia, 
the “capital” of Amerioas Southeast . . .yourbest 
gateway to all the South. And Delta inaugurates the 
first throughjetservice between London andNew 
Orleans, with nochangeofplanes. 

Delta’s Flight 11 leaves London every day at 
12.10pzaand arrives in Atlanta at 4:25pm, in New 
-Orieans^i£6:45pm- Coming back^Detta’sFTight 10 - 
leaves New Orleans at2:45pm, Atlanta at 6:30pm 
and arrives in London at 7:20am. (All times are local.) 


Fo rh month during thi&yca^insddinflptp om ngplinpqiq. we 

fp^ning »«rJrfrinnnFtauSaniiiliiisiuxiTtxii'Fnfl^nd r Srndjas^ 

lidsndandWhlcs. - * ”, . , ' 

tmditioaal style. 

TheHonoiigXodgc, 16 tower RegentSa^, Labd^WlY -ffiH 

’. Television .was, .and I suppose 
ls,'a New York hand which repre- 
sented that city’s sophisticated 
response to the frenzied inco- 
herent British new wave music 
which filled the newspapers, if 
□Qt.the' airwaves, last year. While 
the British groups gloried in 
t h ei r -lack of musical competence 
as . a justifiable reaction to the 
contrived and precious music of 
,the . super-rich, super-groups. 
Televirion - obviously knew its 
way around its instruments: it 
was thinking man's punk. 

They were perhaps a. bit too 
thoughtful for the audience at 
Hammersmith on Sunday night. 
Since 'new wave music is short on 
melndy it’s. appeal is in its move- 
ment and drama. Television was 
ax passive as a string quartet and 
it& . - restrained approach en- 
couraged cries of “ move about a 
hit" and a steady trickle to the 
exits. ■ This was monstrously 
unfair because Television, domi- 
nated by its composer, singer and 
guitarist Tom Verlaine, seemed 
to he successfully synthesising 
the' best elements of traditional 
electronic rock with a fresher, 
more belligerent, individualism. 

It was Television’s misfortune 
to - emerge co-incidentally with 
the new wave. It is altogether 
a more pretentious outfit, as its 
latest album reveals. In per- 
fomanee the lean and langarous 
Verlaine mumbles his vaguely 
poetic lyrics; bis guitar was 
irritatingly scrappy; and the 
band might have looked more 
Involved.' But as Verlaine and 
fellow guitarist Richard Lloyd 

blended their creativity in the 
kind .of improvised soaring soul 
searchings not beard, at a rock 
concert for years the past 3nd 
the present merged. Television 
raaly be visually tame bat it has 
certainly breathed new inventive 
life into hard rock. 


Jazz week-end 
at the Portman 

The-Portman Hotel, W.L which 
since last year has been present- 
ing jazz sessions on Sundays 
under the title Neic Orleans 
Sunday Brunch, is celebrating 
the first birthday of this policy 
with a jazz week-end on April 2t 
22 and 23. 

. The event begins on Friday 
April 21 with the Salute to 
Saleh mo package featuring Alex 
Welsh and his band, Humphrey 
Lyttelton and Bruce Turner.: 

On Saturday there is a lunch- 
time jam session with Bud Free- 
man. Pat Halcox and the Sammy 
Rimington quintet • and JoJumv 
Barnes with Roy Williams. In 
the evening the mush; will’ be 
played by tenor-saxast Dick 
Morrissey with the Harry South 
trio and singer Annie Boss.. 

To round off the week-end the 
Sunday Brunch will feature 
singer Elaine Delmar from the 
show Bubbling Brotcn- Sugar. 
The Pat Smytha trio accom- 



4 a»va 

Check in at Victoria Station. 

You may check in at the Gatwick check-in terminal 
in Vicroria Station, selectyour seat and checkin 
your luggage:Then board an express train to 
GatwickandgodirectlytoDeltasFlight 11. There 
are fast trains every 15 minutesfrom Victoria to 
Gatwick and the fare is &1.70. 

Enjoy Delta Medallion Service. ' 

You fly the Atlantic on Delias Wide-Ride® I>101 1 
lYiStar with Delta Medallion Service. Superb dining. 
Just-released films and seven-channel stereo. 

Fly with the Delta professionals. 

your flight ere win the cockpit and cabins are all 

Deltaprofessionals with years of experience. They 

have logged millions of air miles, flown every jet in 
the DeltafleeL You can be sure they'll go all out to 
give you a memorable trip. 

You can’t purchase a lower scheduled, 
fare to Atlanta. 

For example, Delta*s Budget or Standby angle fare 
to Atlanta is oidy-&76. 

Tb-takeadvantage of the Budget Fare simply 
pick upyourtacketatleast2l days before the week 
you plan to leave. You'll receive confirmation of your 
travel time 7-14 days before the week of departure. 

Naturally thereare special restrictions on all 
discountfares, which you can get from Deltaoryour 
Travel Agent And the number of low-fare seats is 
limited, so we suggest you book early 

Excellent Delta connections in Atlanta. 

Delta flies to 76 cities from Atlanta, with more than 
260 daily flights around the clock. Youhave easy 
Delta-to-Delta connections to all the U.S. Southeast, 
. Southwest and Yfest Coast Delta has more . 
Wide-Ride supeqetsfrom Atlanta than other airline. 
And Delta has twice as many employees to serve you 
in Atlanta as any other airline. For reservations , see 
your fiieiidly Travel Agent, or call Deltain London 
at 01- 668 0935, in Crawley 517600. 


London-Atlanta, New Orleans Basic 

ToAtlanta ToXenrOrleans 

Basic APEX (Advance 
Purchase Excursion) Ebte a 
22-45 Day Basic ' • ~ 
Excursion Fhref 
Regular Basic 

Regular First Class Fare . 









* Effective until June 30, Higher in summer. 

t Effective until June 14. Higher in summer. 

F arcs and schedules subject to change without notice. 

' A 



Telegrams: Flnantlmo, London PS4, Teles 886341/3, 883897 
Telephone: 01*248 8000 

Tuesday April 18 1978 

Back from 

The making or the 

Financial Times ^Tuesday April . 


-U.S. taX treaty 

./ Jl - 

■V;* ‘ r 

the dead 


T HE fate of the Anglo as well as developed- countries ages in dividend payouts from entitled to the g»»*T is 

American doable taxation round the world. Such countries UJL subsidiaries of U.S. cor- to the country where "the 

treaty now hangs in the would be only too keen to use positions, while the UJL did themselves arise. Although 

balance as a result of U.S. the system as an opportunity well over changes in the treat- pgfrhn at»e of the value "-of- 

MR. ROY JENKINS, the there has not recently been domestic politics. of increasing their tax take ment of capital gains and the the change over hnt-be£ 

President of the European Ckun* niuch disposition on the part of Opposition to one of its from the giant— predominantly unitary tax system. released by either side, is" 

mission, rightly remarked in ? ai jjonal gawnunents to give clauses, which curtails the tax- u s - "T corporations operating Under the UJC imputation dear that the UJL willshotr*: ' 
his Jean Monoet Lecture some 1 v g ' , . ing rights of three individual l n tiieir economies. system, companies pay so-called substantial net gam oh-thls-mo*.' 

months ago that the concept of * et . “J 5 * 11 * or a .? cw . °°* . st ates, is growing in the Senate The treaty is an international advance corporation tax (ACT) vision* because U.S. investment ' 
monetary union had become ■ c ®*cpc ra “ 0n 1S Quite The British Government, trend-setter. It is the first on the dividends they pay out in. the UJL is much hi gh er than 

■jmmobilised in scepticism" fol- w«n it comes which regards the treaty as a double^ taxation treaty between me amount of this ACT can the other way round. 

lowing the demise of the Werner fr° m “JJ* Schmidt ratberthan balanced package, is extremely the U.S. and the UJC since the then be deducted from the com- The second UJ5-. concision- 

Plan and the 

m M ill ! r„„ .l -J. • — — . , _ — ■ MV UVUUI/LVU UVU4 UJC CUUT iUC ^CVUUU mfjm . 

currency Yl e . wnranm. the Prime uniikelj^-and probably politic- original 1945 agreement which, party’s mainstream, corporation, was to block states’ rights to taX' 
upheavals of the past few years. of . Luxembourg or even ally unable— to accept removal with numerous additions, is tax bill, and, at the same time, British rwn P »m»g 0 n a tmterv': 

To-day the scepticism remains f rom ^^ Sldent ._ 7 I | car ^ l :. of toe clause. still m force. Its provisions are the recipient of the dividend is basis. This had recently become'- - 

widespread, especially in If the Senate does go ahead ^^derable sig nifi c an ce assigned to have paid tax at the a big issue for foreign com-. 

ui uiuuettuv umuu, uicu ai icobl - " . . duduuuu luc wuuic ueaur— — _ . — — » - — - — * — 

of closer European currency eo- be ^ e co ^7 most involved in which t00k t^ree years to nego- countries except Canada and the 

operation. Apart from Mr. resource fransfer: there- tiate — with severe and far- u - s * 

Jenkins himself, who has intel- f° re ™ tur ° Herr Schmidts reaching repercussions. 

Iectual distinction but few «*« or . to *** toaj American corporations oper- 

troops, the running is being J e 18 1 “J* serious, would ^ Britan stand to lose 

made — rather surprisingly — 5® a ll f? ^f Tl i? ok ^ g . a ^ back taxes estimated at $365m. 

by Chancellor Helmut Schmidt fao ”® m *<: mouth. It is also by ^ u s Treasury. On the 

of West Germany. “22? irtSfli nE^iJSSihi! °^ er hand Britoto companies 

would pot up a plan designed to operating in the states of Cali- in 


lead to confrontation with the 

Verynme of what “/wittXt SK5ST1 

precisely Herr Schmitt said at be sad of France to the mone- ^ Capital, which was published per lent or more of voting and even US. ct 

the meeting of the European tary field, even under the rela- t« h. « v;«*. 

meeting of the European 
Council in Copenhagen earlier tiveiy Atlanticist President Gis- 
this month. But it is clear that card. Not least, it is striking 

[injurious tax system. 

The implications are 


The British tax authorities system that it had adopted ; In. 
were quite willing to allow the 1950s. Until this happened, 
this tax credit to be given the general level of local taaresr .. 
to U.S. portfolio investors, in the U.S. had been too low tor 
after deducting an effective 15 it to be worthwhile including'' 
per cent withholding tax. How- in double taxation treaties. • ; 
ever, the U.S. Internal Reve- Californian tax officials claiia' 
The treaty is also a pioneer one Service negotiators fought that the direct cost to California 
its close following of the fiercely to have the principle of this concession could be' as' 
Oregon OECD Model Doable Taxation applied also to trade investors— much as $30in. a year, and the 

other countries’: 

. corporations seek" 

last year. In some specific power in U.K. companies. In parity, as high as $200tn.: a 

Treaty’s broad 


articles, which depart from the return, British investors in the year. The direct cost to 
V "P- £ ut £ “ l tnK lf lg iwider uSTSTTi romnariK 0ECD modeI - treaty estab- the U.S.-which operates a Alaska, with the heavy British- 

b 4 n o m p^r to'boto ^ “cZSS »*- “to- P ^cwitbholdtogtax-^dtbe 

an enlarged currency snake in co-operation in Europe for so 
which the weaker currencies tong, should have changed his.| 
f such as the i) would be allowed mind. Plainly he now thinks 
wider bands of fluctuation than that something must be done, 
the stronger ones (such as the It is objected in London that 
D-mark), the idea of a certain however well-intentioned the 
pooling of reserves, and of the new German thinking may be, 
use of the European unit of the effect might be simply to 
account as a kind of reserve create a diversion from a more 
currency, not unlike the IMF’s important objective: namely a 
Special Drawing Rights. The commitment to a higher rate of 

would be faced with a further would tend to be widely tax reduced from the former estimated at $10-$15m. 

considerable period of fiscal an- ad °P ted ^ it is accepted. One level of 15 per cent to 5 per The treaty’s progress through 
certainty. Cross-Atlantic in- oE is the British con- cent. This compares with 30 the UJC Parliament was smooth.-! 

vestment could well suffer as a cession tax credits to per - cent for domestic U.S. After final agreement between! 

result foreigners in the dividend im- shareholders. ‘ officials at the end of 1975, it- 

Most important, the implied P*ri ation system adopted in The U.S. Treasury claims that was approved, along with-' a 


■•4 u v 



i> ■ . 

Vi 'J- 



Governor Jerry Brown of California — a late convert -to the ’- 
outlawing of unitary tax for foreign companies. ; ' 

acceptance of the “unitory” 1973 - Th e other is the U.S. Americans will be 585m. a year couple of minor amendments, by 

French reaction was encourag- growth at the economic summit . '» :* nf mnntripc;’ in. SSTOm. THp bulk of the nav- The Hoctkp rtf Reoiresentstlves non wouio oe me mreai not u> xu «u uupw-uu m. 

ing — indeed the subject seems meeting to be held in Bonn in tem “ ean * companies are consequence of countries in- SBimn. rue ouik or tne pay The House w Kepresentaitves extend ^ ^it concession referendum the result of whidi 

tax svstem onera ted hv the curbin g of states’ rights to tax better off as a result of the UJC last June without debate. Not M , . , . . , 

toe sSS roffreMouraae itS on a basis - wWch is tax credits, and that retrospe- so in the UA. where the cobs^ ^ J® 

eventual spread all ovef 6 the ^ 1116 trouble. rive payments to 1973, when the mtion lays down that all treaties vhole treaty, Ji£ l fttoi?£Sre e Sinn 0 i2£i’ 

eventual spread all over the ^ fw sy5tem ^egau, win with f <^gn powers need a Wo, SSS^SSSS^St 

Essentially, the unitary sys- taxation treaties ^natural bring in_a mMW. to 

to have been discussed with July. That might be deliberate not on the basis of their 

President Glscard d’Estalug or it might be otherwise, but reaI profits , in individual states 
beforehand, and so, of course, either way the result wouid be &ut on their world-wide per- 
was that of Mr. Jeakins. Where the same: the British objective tormance. In California, for 
it was not just sceptical, the would be side-stepped. Yet if esa “^ e ’ companies are taxed 
British reaction was downright the British Government wants according to an arithmetical 


(Hongkong Bank of California) 

Qa Tinta «™. as far back as 1973. • • : will colour the. outlook on the 

Th, Senatorial maftematies unitary system, i ■ 
against the treaty look forarid- ■ It is easy to see Tiow thfr 
aMe respite of the Adminlstra- unitary tax system has contri- 
te Oalifbrnia’s : bad . 

the Germans to give on growth. I formula involving three per- 

hostile. w 

It is true that such ideas it cannot really refuse to talk 
raise at least as many questions when the Germans come up with tur ^ 

as they answer. For example, some ideas of their own. Nor ^ orn J^ J££L£ 

who wouid be the central do a commitment to growth and ^rld ^sets, and CJUfexmaa 
authoritv behind what would a revival of monetary coopera- ^ i PayroU 

amount to the beginnings of a tion necessarily have to move on 
common monetary policy? It is the same time-scale. The 

also true that many of them second indeed could he part of ^ o ag ; n 0 i i th a e C 0 “PP y ^. 6 w jrid 
are old hat: some of them— such a continuing process, unlikely iac °m e which is then 

as the enlargement of the snake to be fully set In train by the subject to tax in California at 
—have been tried before, and summit this summer. ' tlle rate of 9 per cent - 



Before tax 


The Bank’s 

— based on Hs own accounts: 

. 707 


The Franchise Tax Board’s 

—based on formula apportionment: 



The Difference: 



volvement with each other, ments will go to trade investors. 

for it Already butod 

l 20 senators have registered their business image abroad. .The-v 
S? opposition. Those against Hongkong Bank of California,, 

Article 9 (4) would need a subsidiary of the Hongkong and , 
Simple majority of 51 votes to Shanghai Banking Corporation,;. 
pas ^ ed nem co ” ^, cut it from the treaty; However, -has been assessed fenMaxes on T 

defeated in such an attempt the unitary baas from 2959 to, ; 
35 votes would be sufficient— on 1976 totalling £L2ml • Yet the. ; 
TJJJJJ the two-thirds . rule-rto deny, bank says tills amount, exceeds 

Senate approval to the treaty aggregate profits in California - 
a! as a whole. ... v during the 21 years that Hong- 

fuftrre when it comes on to tiie ^ther way, it looks like bang kong Bank of California has 

- months before the Bill comes on been -in existence. In addition/ 

The big sticking point is not ^ floor . Th e highly controver- the entire capital and net worth -i 

The attraction of unitary When individuals and corpora- The UJK. gains from the change rnuen support ror tne unita ry sia[ Paiiaina Canal treaty takes of the subsidiaxy is pnt-at mdy 

S 4 . i- g.. *s +Ko TTC urittihnMino- +-.T- 9 n> tax System, 8 S gTOWlllg COUCetn .. 44 . ein«, •' 

tongas Week-end (taxation is that it is simple fo”r tions earn income in more than in the U.S. witiiholding tax are precedence. In addition, there $10m. 

. .. • ■*» — — j* * *• - - - — * harmonisation claimed to be 315 sl a year and a t me way a ieaerai rreaiy wiui , TO cotomT nftai- +r» Tnrii 

the economies of the member As It happens, Herr Schmidt the state to operate and gets one country some harmonisation claimed to be 515m. a year and at JJJ* J™* several other items to be Indeed, the Hongkong and 

countries move broadly in line, is coming to London for talks over difficulties of determining of taxation practice is essential, a retrospective payment of f- _ , T^ dealt with, regarded as mudi Shanghai Bank sayr this state 

but it comes apart when there this week-end. Mr. James Cal- what is a fair profit figure to Otherwise— at the margin— 560m. 

is a major divergence, esped- laghan should have a lot of tax in individual jurisdictions, there would be’ instances in The British Inland Revenue r°“ e treaty. -VV its dedskm to boy a majority- 

ally by one of the larger cur- questions to ask of him. but it The system was originally set which the claims of both says these figures are exag- ™ac ^^e r yet another complicating stake in Marine Midland Bank 

rencies. The logical alternative would be unfortunate if they up to cope with the U.S. inter- countries on one income gerated as far as the U-S. gain tax sno nia u e nwui iwm factor in the time-table is a in New Yoik. and close down— ^ 

rrV^nifftS^ “ore iti^rtant than the taxa- of affaire - was one element; in ' 

• . its dectok® to tidy a najortti:: 

re exag- hp dS? with Yet . another « complicating stake in Marine Midland Bank > 

iruuicd. me lUglCOI ailClUitUVG “V m-m -- | M 1 ’ w n*ui up V.w. Auror luuuuivu -WM VMM MJVV 4 MV MM — — — » in toe time-table is a in New York, and dose down-^ [ 

of maintaining the snake intact were put in an unduly hostile, [state railways. The system has brought total tax demands to is concerned. But it is unwill- Pre law revolving ^ries- of Bills -before the Cali- as required by U-S, federal law- 

bv a large-scale transfer oF or even sceptical tone. The particular attractions when it more than 100 per cent of the ing to give its own estimates, “JJJJJ fornlan . State ’ legislature, —in other states, in this ease 

. . _ . XL. ■ - I- .... ... V.,.. . Inf +n muo ■ hilt nnniAi- tx - - U..1C onssiMif foopinfl this wnnll) HOUSE OZ ACVrUCUldUVcS f^iooFTin. T. wmi Vwnim -- ...n O.K f mi. 

-- !•:; 


resources from the stronger Germans have a lot to give, but comes to multinationals, where Income itself, 
economies to the weaker has they must expect something in internal transfer pricing poll- The groundwork 


possibly fearing this would 
the undermine its bargaining posi- approval. 

- — ~ 

3>':=; • 

i-. * 

never been put into effect, and return. 

It all depends 



Governor Jerry Brown is sup- California, 
porting one measure to outlaw Whether - or not California 
Hmtary tax for. foreign com- eventually decides to revise its,'.- . !® Cj • •• 
pahies. He has become .a late unitary tax system because ni ; ' ' ~ ; : . 
convert to the caase in election such problems will be of little ; . 

year— after visits to Japan and help to the progress <kE tber 

on savmgs 

cies and widely differing inter- typical double tax treaty Is now tion in the event of a re-run of 

national accounting systems can well established. So it is only the treaty negotiations. Bow- 

make it very difficult to establish the new developments , and ever, it concedes that the 

what profit is earned in what anomolies which have cropped Americans did well in this area 

country. up in the meantime that- need while pointing out that the U.K. 

However, the multinationals to be bargained over. And the came off best in the trade-off If the Senate does decide that counter- 

fear that unless the application bargaining over this particular between capital gains and the issue would be better concern, at the poor business item, and.. once thrown irifo the 

of unitary principles to foreign treaty— which went on i from unitary tax. resolved by legislation— image which, his state -is build- long-seething .' cauldron a£v sT. 

companies is stopped, the 1972 to 1975 — was extrfemely The treaty transfers the right requiring the protracted partici- ing up internationally. However, states’ rights, it is f airiy random' ^ •* 

system will rapidly be tough. In essence, the ^^aeri- to tax capital gains from the pation of both . bouses of this limited measure is opposed whether such . items r sink 

adopted - by many developing, cans gained significant advant- country in which the individual Congress— the likely British by domestic business groups swim. 

the Ui(. — in an . attempt . 'to treaty. In terms of US. pa&_ . -F 1 -- : . 
ter- balance widespread tics it is seen as a peripheral*^ T-®~ .: 

it £: 

THE VOLUME of retail sales in imports of raw materials 'and 
March is provisionally estimated semi-manufactures, suggesting 

, , „ . , a temporary increase in the rate 

to have fallen back a little from ^kiiMing. But 


the February level but to have & finished raanufec- LabOUT rebels 

remained comfortably above the tures, which have been climb- - 
average for any quarter of last ing steadily through the reces- jf) trouble 
year. Sales during the first sion and are most likely to be 
quarter of 1978 as a whole were influenced by an increase in foto 

U per cent higher than in the consumer purchasing power, MP for South Ayr 

previous quarter-higher, in ^ " cent up 

fact than at any time since the 111 th e quarter. v 

last quarter of 1976. This corre- How far consumption and Im- towards obhvion. 
sponds reasonably well with Ports grow as a result of After the Garscadden by. 
what has been happening to real higher real disposable incomes election, when its candidate got 
personal disposable income, depends to a large extent on only 583 votes, tbe SLP is 
which fell sharply during the how of the increase Is heavily in debt Its executive 

first half of 1977 bat has re- saved. The traditional asstimp- will meet in Aberdeen at the 
cently been recovering strongly tion has been that consumers week-end to decide what to do 
because of a faster rise in earn- Prefer to maintain a certain next Fighting the next pariia- 
ings than in prices and because level 04 s P ending ’ bailing up mentary contest at Hamilton 
of the autumn tax cuts. their savings If real mcomes looks unlikely. 

The further cuts proposed in Two * 8 ° tfae ™*er of 

last week’s Budget will add to * bS defect T rs rallying around ex- 
tols recovery. The Treasury ex- sailor SUlars threatened to sptit 

hi rej“ d inflation has caused tins, the narfv ^ s co *. and _ 

pecto real net income to be up ™ 

by 7 per cent on the year up + _ ^ savings " 

to the middle of 1978 and then Sto 5 

test for various kinds of water be linked to toe 50-100 pay 
and air pollution in developing scale, with an Effectiveness and 
countries. But the pesticide Quality Factor geared to pay a 
equipment is also bought in tbe maximum bonus of 85 per cent 
U.S., especially by the Cyan amid of toe Winks Average Pay Per- 
Corporation, for regular blood formance of Production Wor- 
checks on farm workers using kers under Re-incentive Condi- 
spraying equipment “It has tions. 
become one of our big selling - The methods for deriding the 
lines,” says sales manager E and Q of BR’s gatemen and 
Gordon Smith. But down in watchmen are rather vaguely 
Salisbury. Joe Lovibond’s defined. But there is no un- 
successors turn their hands to certainty about toe ways toe 
anything: recently they supplied figures will be calculated, not 
equipment to the University of forgetting “an additional fac- 
Lagos for monitoring toe colour tor to compensate for the effect 
of spots on toe backs of Nigerian of tbe change in bonus slope.” 


Paris revisited 

Wbat really brings you to toe 
heart of the matter is toe Pay 
Performance formula: 

[((100— E and Q points) 
— + 

“TheyTl certainly have no 
difficulty providing human 
guinea pigs!” 

A fragile but alert passenger at 
Heathrow yesterday afternoon 
was toe 93-year-old artist 
Duncan Grant, last survivor of 

E and Q points— 50) X 0.43671 

My advice to any lad toinMog 

toe Bloomsbury Group. He was of the railways as a career is to 
off to Paris for a special pre- skip the watchman's job and go 

the official party In Scotland. 

Robertson, toe only 
join toe SLP, has 

to continue rising at a much evelv hleh* evM*when~real~in- already said he will not fight 
more moderate pace. The rise in ^ ^ . PaWey MnsataeBC ? 

incomes will lead to some rise ^ a precaution against an un- SUlars himself, who had a . . . _ _ . - 

in consumption expenditure, but certain future. 14,000 majority at the last there is a danger that water view of the momentous Cezanne straight for Peter Parker’s post 

toe precise amount is a matter . general election, will have a supplies can be fatally con- exhibition opening later this It will be easier working out 

of guesswork rather than fore- Uncertainty * hard battle- in South Ayrshire, la mi nated during flooding or week at the Grand Palais, the pay. 

casting. The Treasury puts the The latest increase in con* Neither Ms agent, nor toe earthquakes. So the WHO asked “ Cezanne was my painterly . 

rise at 4 per cent over toe year sumer -credit and personal bank strong local party organisation, the company called Tintometer, grandfather,” explains Grant, 

to mid-1979 and reckons that, advances suggested that toe deserted Labour to join him; founded by Lovibond in 1896, who will be staying for three Local COlOUT 

partly as a result of this, the savings ratio might be coining they are confident that he will *° r .lots to blood-test potential days with the British ambassa- 

volume of imports in the same down with the rate of inflation, be. . defeated.. He has burned victims. By the use reagents, dor. Sir Nicholas Henderson. A reader who owns a Buick was 

-- too many boats' to be accepted which turn blood specimens a He ■ first knevi\ Paris 

baric by Jim Callaghan— at somewhat disagreeable yellow, Edwardian days, as an 
least, not without a spell in tbe It can be discovered whether student 

period will rise twice as fast 

Small surplus 

This, according to the official 
forecast, would leave us with 

one reason for being 

cautious about overall tax 
reductions in the Budget was 

toe possibility that potential 

a small balance of payments fP ®?? 8 . P° wer 
1.1 TT:- 1-*-^ u.iTlrlzH boosted an tins way. The 


level of 

have lowered the 
too cholinesterase 

surplus in toe first half of next 
year, one so small that a larger 
rise in imports or a smaller rise 

reaction of the financial mar- 
kets. to the Budget and the 

Beer and blood 

enzyme in the body. If they pay ni|ZZl6 
have, organs such as the heart 3 K 

and liver stop working property. After reading toe latest issue 
Lovibond checked his beer of Transport Review, toe organ 

in driving in rural Hampshire last 
art week-end when he suddenly 
realised that be had lost his 
way. Spotting an old man lean- 
■""* ing over a farm gate, he stopped 
his car and shouted, “Preston 

“You’m gaart to’ bes* paart 
of a toidy foo moiles Vgoo, 

in exports titan those assumed hardtoconmveof with coloured glass, because the of the National Union of Rail- maister.” toe old man shouted 

could easily eliminate it. And h^^ theteniido that gi^ would not fade, bat the old waymen, my sympathy goes out **<*- “ Goo aaam paast ole 

the March trade figures pub- m *>reweiy has long 'since been to British Rail gatemen and Ernie’s, uppen till Jim’s Spinney, 

lished at the end of last week feerefore hmre India at the week-end and a absorbed by one of toe gianti : watchmen. I can visualise them “ Weekly by . . ” 

suggest that this is a possi- fflde ' IStlHsentury ^Wittshire brewer the family company is still now, standing by tooir gates or “ r ™ sorry" the reader said, 

bUity to be taken seriously. The ® SBCt To toe e xtent tha t con- named Joseph Lovibond. But ^ his hometown rf&lisbury. staring into the silent night, 8 e «tog out of his car, “but 

volume of imports in toe first sumers remain uncertain about Lovibond s invention to ensure jhe managing director, Peter and trying to figure out their couId I trouble you to show 

quarter/of this yem, exriuding toe ^<mric outiot^ they, are that his beer stayed the ri^it Fawcett> is ^^^-5 great new bonus payment system. Tbe me on the map? ” The old man 

grandson. He told me: “We have details of the scheme cover opened the gate and came to- 

items which tend to fluctuate likely to save a higher propor- colour is the forerunner of ^ ^ ^ - -- 

violently from one month to tton of their increased real equipment being used ircreas- Some*^ 7 rom “coloured "glass'! more thaT halTa SSely prtoted wards him. ~"Do forgive "me, 

another, was 12 per cent up on incomes. That couM reduce the ingly . by the World Health but our colorimetric testing page and toe nub of it Is a old b °y" ht said - thought 

the (admittedly rafter low) nsk of a very sharp increase Organisation after natural equipment, using chemicals, is formula that wuld tax a pro- you were one of those American 

figure for the last quarter of in co^mer demand and in the disasters. fo indirect linrif descent.” fessor of imthematics. Here" is tonri§^ 

J977. It Is true that the main bill for imports of manufac- With the widespread use of The bulk of the equipment a sentence to pnt you on your 
increase recently has been in tures, organic phosphorus insecticides, the firm mates is exported to mettle: *» Bonus Payment will 

m the 

riTEth oa sa ra i years ago, B ro n ze-Age fatmor a faniliflia ;. •_ 

* &s£ homes in PetetoOTongfcToday; the city is a New 
; Town-bunding ftonsanristif hqnses inaGovenangnt 
.. e xpansi on schmne. 

Eoissiiigisavaifa^fbranst^pfffi^nKjvnigtoiiew . : ! 
^jrarmsesin PeterixirougiL ’Hiere’s a largepool of labour 
. Qgnzmmicalicais are first-dass -London is only an hour 

Kx . 

V Ser 'ic e 

The huge btdldingjprogjamme ensupesnvride range oC • 
cum m ^ciBland indrotrialiaropertyand a ftew . 

.SfoST John Case ; 
Chief Estates Sur veyor 

POBqz3 . TTTJ 

■; >?:} .. *s 

• iV 5 ^ • 
1 ? • 1 *-, 



• '. 'r ; -- j. r?Vt 






Firigo^al -fSzoes Tuesday April 18 . .1978- 


The case for a bloodless revolution 

LABOUR is now as likely as the 
Conservatives to form the next 
Government. Those, who reject 
this assessment must at least 
consider the possibility that 
after the next election Mr. 
Callaghan, or his successor, will 
Be able to cobble together some 
jdndr .’of. Parliamentary- under- 
standing with the Scottish and 
Welsh nationalists and whatever 
is left of the Liberal Party. 

- It is a distressing outlook; but 
not for- party political reasons, 
asT^haU'explant bra moment 
First -Ee^-ziie; Indicate why, if I 
were a, . my' money 
would be on- a. close result with 
labour: plus, possible allies a 
nose-'ahead atthe -fin idling post 
Theiaxgjuodent starts with the 
opinion polls; These suggest that 
the-' Conservatives' seemingly 
extraordinary leads . of yester- 
year have been slowly ebbing 
awajp-to, a point at Which one 
of the -most , recedt gives them 
only a 2 pec edge. 

They do . have strong support, 
especially on __ immigration and 
law and "order. 'But these emo- 
» tive issues are wisely regarded 
by the majority' jof voters as 
; secondary when set against the 
central issues like unemploy- 
ii ment prices, mid general man- 
agement of the economy. 

On*; . those 'primary issues, 

! Labour . is widely -regarded as 
posseting 'the more desirable 
policies.-' It is no use expostu- 
lating -.that Mr. Staley’s work. 
ha& in feet been disastrous; that 
is beside the point. The polls, 
public and private," ten us that 
— , ■ - ^ most people believe that Labour 

■ - •* Ja f ATYifttlimn ** ehnivt 

1 iiriAi 

do something ” about 
unemployment, and that the 
Government is' achieving 
success in reducing inflation. 

Polls can, of course, be- mis- 
leading, especially when it 
comes to predicting the number 

of seats' likely to be won 
in first-past-the-post general 
elections is a country where 
the two-party system appears to 
be breaking down. 

Yet Labour did better than 
many had expected in last 
week’s by-election at Garscad- 
den, Glasgow, and * It will he 
able to test the message of the 
opinion polls at . a ’series of 
other elections, parliamentary 
and local, over tbs next month 
«r so. This kind of test is -ex- 
tremely valuable for a, govern- 
ment in office; Labour is even 
now studying in careful ‘ detail 
the tabid at ed reasoas.why Gars- 
cadden voters went the way 
they did, down to the interest- 
ing point that the increase in 
Child Benefit premia ed in the 
Budget may have counted for 
more among Catbofic women 
voters then did the association 
of Labour with a favourable 
attitude to abortion. 

The Government is, of coroe, 
pfenning to give the majority 
of voters an increase in real 
disposable income Wis year — 
while yet contrivtqg;ix> look 
“ responsible ’* as against an 
Opposition that would' be too 
intemperate in tax-cutting and 
“ moderate ” as an 

Opposition that would stir -up 
class and race antagonisms.' Be- 
cause of the IMF constraints, 
its lack of a majority in the 
Commons, and the character of 
the Prime Minister, it wiE go to 
the polls at the end of a lotigish 
stretch of precisely the kind of 
conservative nnddle-of -tiie-road 
administration most voters like 

All this could be upset' if the 
Government were forced into an 
early election, but if it can hold 
out until October it stands a 
fair chance of denying Mrs. 
Margaret Thatcher her chance 

Lord Hallsham (pictured when he was Lord Chancellor) 
need to be~protected from our representatives.” 


of becoming Britain’s first 
woman Prime Minister. It is a 
depressing prospect— as depres- 
sing as if the Conservatives did 
in fact win. 

The reason is that the last 
thing we need is a further spell 
of Government by an unrepre- 
sentative ideological minority, 
whether it be the Labour Party 
revitalised after an election vic- 
tory, or the Conservatives In the 
first flush of their own return. 

For if you cast party aside for 
a moment, it -is clear that 

Britain faces two possible 
futures: one, continued decay; 
two, revolution. Of fee two I 
would prefer the latter, but it 
is far more likely that we will 
have to endure the former. Some 
may postulate a third course — 
steady recovery led by a move- 
ment for reform, but this seems 
fee least likely outcome of them 

If this seems like too stark 
a choice, pick up fee latest work 
by Lord Hailshazn, published 
this week*. like several of his 

Conservative colleagues. Lord 
Boms, and Mr. Edward Heath 
among them, the former 
Quintan Hogg has become more 
radical in recent years. He is 
half way to seeing the light 

“It is only how.” he says on 
page 13, “ feat men and women 
are beginning to realise feat 
representative institutions are 
not necessarily guardians pf 
freedom, but can themselves 
become engines of tyranny. 
They <*?*i be manipulated by 
minorities, taken over by 
extremists, motivated by fee 
self-interest of organised mil- 

“We need to be protected 
from our representatives no less 
than from our former masters.” 

As a matter of fact, this 
realisation did dawn on some 
people a fair while before it 
came to Lord Hailsham, as he 
will doubtless recognise if he 
reminds himself of the history 
and .formation of the American 
constitution. Never mind; the 
important point is feat under- 
standing should be spread. 

Idiosyncratic though he may 
be. Lord Hailsham is contribut- 
ing to that understanding with 
his book He describes with 
great darily why the central 
flaw in onr present constitution 
is the absolute power available 
to fee- House of Commons — 
a power circumscribed in most 
other functioning democracies 
by the restraints of a written 
constitution, or the counter- 
balance of a second legislative 
chamber, or both. 

This flaw is magnified, he tells 
ns, by fee “ excellence ” of the 
administrative class of the Civil 
Service, which (page 158) be 
says is an institution derived 
from Imperial China. He says 
of our mandarins that “of all 
political administrators they 

are most like the class of 

guardians in Plato's republic, 
in all thing s save one. Unlike 
those guardians, they do not 
openly bear responsibility for 
what is done.” 

Yet because of their ability 
and integrity they fortify fee 
decisions imposed by fee “ elec- 
tive dictatorship " of an all- 
powerful Commons plus a 
highly centralised executive. 

Here again one would have 
liked the author to have probed 
deeper. Is it not possible that 
this class of “guardians” has 
become primarily concerned 
wife fee maintenance of its own 
privileges and status? Could it 
not be fee case feat many poli- 
cies are designed by fee 
“guardians” and put through 
fee Commons for its formal 
seal? It is plain feat fee 
answer to both these questions 
is “yes”: what we may never 
extract from the files short of a 
revolution is fee chapter and 
verse feat proves it. 


To Lord Hailsham fee way 
forward is a modicum oi reform. 
He is agnostic about propor- 
tional representation for fee 
Commons, but in favour of basic 
laws (that is, a form of written 
constitution) alterable essen- 
tially by referendum only. He 
would have a Senate, elected 
possibly by PR, and regional 
assemblies including ones for 
fee Celts, which might very well 
be returned by some other form 
of PR. All this may seem radi- 
cal, and. give or take an argu- 
ment about particular items, 
none of it is out of line with 
the general body of opinion in 
favour of constitutional reform. 

The problem lies in the ques- 

tion, “bow do we get there 
from here?” If the next election 
produces a hung Parliament 
wife every decision dependent 
upon Scottish Nationalists and 
Liberals, there may be a 
chance of gradual constitutional 
change. The Nationalists would 
presumably force fee regional 
assemblies upon us and fee 
liberals would try to force PB- 
But experience wife such a 
Parliamentary arrangement over 
fee past couple of years is only 
moderately encouraging. And if 
fee Scottish Nationalists faQ to 
improve on their present 27 per 
cent or so of fee Scottish vote 
there will be little point in bas- 
ing hopes on them for much 

It is for this reason that of all 
fee possible futures, a further 
period of steady decline, wife 
politicians falling even more out 
of favour, seems fee most likely 
one. If fee Commons is as power- 
ful as Lord Hailsham says it is, 
it will not relinquish its powers 
unless . it is forced to. 
As for fee civil servants — the 
“ guardians "—who ever heard 
of such a powerful and en- 
trenched elite giving up without 
a struggle? 

It is for this reason that one 
turns to fee idea of revolution- 
ary change. What is meant by 
this? To an incoming right-wing 
Conservative administration it 
might mean no more than an 
attempt to lower taxes and 
reduce the extent of public 
ownership— while sending Mr. 
James Prior to massage the 
hecks of the leading members 
of fee TUC. To a Marxist it no 
doubt means fee bloody over- 
throw of fee existing order. 

In fee context of this article 
it means something more dis- 
turbing than the first of the 

above two, bat without fee 
violence of the second. Consti- 
tutional reform must involve 
some kind of PR for fee Com- 
mons, an elected Senate, a 
written basic constitution, a 
BIB of Rights and possibly a 
federal structure. None of Ibis 
could be had in fee absence of 
a popular campaign in its 
favour, but if there were such 
a campaign and it was vic- 
torious the result would be 
little short of another bloodless 
English Revolution. 

Our would-be constitutional 
reformers apparently fail to 
appreciate the need for popular 
support; they prefer discreet 
club lunches with “fee right 
people.” Those in positions of 
inordinate power — top civil 
servants or unrepresentative 
trade union general secretaries 
— can swallow such reformers 
for breakfast; only a popular 
movement would have the 
necessary strength to defenes- 
trate them. But there is no such 
movement on the horizon. 

In short, Britain is unlikely 
to move from its present course 
of steady decline until there is 
widespread understanding of 
the central point: that there is 
a need for change sb funda- 
mental that while its methods 
need not be that of a bloody 
revolution its effects would be 
truly revolutionary. This may 
seem harsh, but what is more 
likely to happen — the return of 
a Conservative or Labour 
Government and the continua- 
tion of our sony deterioration 
— might in the end be even 
more harsh on more of us. 

• The Dilemma of Democmcu. Dioonosi* 
and Prescription, Lord Uaititum; Colons, 

Joe Rogaly 

Letters to the Editor 



elation, fee association's .spokes- week improvement in pension in monetary assets the Hyde 

man, Mr. Clive Derby.' in his my own right above feat which I gearing adjustment still takes 

letter on April 14 lists further shall receive from my husband’s account of the change in costs 

irrelevandes. contributions if 1 changed over that have affected the company 

-■“Referees" he calls the in- to full rate now. Furthermore, during the year. In these cir- 

quiry. as if fee matter of feeding because the company scheme to cumstances the gearing adjust- 

mill ions of motorists were a which I belong is contracting out ment is based on the changing 

game, in which I am trying to of the state_schenie, and using costs that have been experienced 

. Sir,— -A justified outcry has influence the “ref.” But to in- the state scheme as its base, I by the company and which have 

-• -“‘followed the Chancellor of the fluence is precisely my aim. shall experience a reduction in been charged in the profit and 

- • ^Exchequer's proposal to bring in indeed, the committee was anticipated pension of some £500 loss account 

. :\;;.retrospective legislation in the appointed after our 1977 -survey per annum. If inflation causes the value 

- coming Finance Bill. The fact az}( 2 the media's reactions. If only the Government would of a company's assets to increase 

that such behaviour is constitu- He is wary of accusing fee not persist in helping women to by 25 per cent., then that com- 

From the Director, 

' Aims lor Freedom and 
.. --'Enterprise. 

. ..tionaiiy wrong was thought to Transport and General Workers' be equal 
; /-.have been established in this Union (though hot me) cf (Mrs.) E. E. Tatham, 

—country nearly 30. years ago. • “jumping on the publicity band- 12 Moorside, 

— - Retrospection should be wagon " which published its find- Welwy n Garden City, Her ts 

- --fought even harder to-day than lags oh fee subject .sJmul- 
'■*: it was then. We must defend the taneously with my organisation’s. D pol fijnl 

- '...-principle feat we tive under fee The noises his letter makes -xYttfll few 

rule of law. It is offensive to about the difficulty of feeding 'nac 

-declare that a man has behaved masses is no consolation to Uillto 

. criminally when, at the time he. motorists. . : .“•* . From Mr-P. Bateman „„ 

7 "acted, his actions were perfectly. Last December fee committee . Sir.— In your item on the new Smolifieation to nretend 
. . /legal. But to^ay we also see. of; inquiry general^ inlriatio n g?ants (April 13) you fe? P eff ert of fee burte?to 

: ‘ ~ an increasing tendency for the evidence, and I responded by quote dj j 0 hn Cunningham as a liability is reduced because of 
---Government, to try to rule by submitting fee confidential fe at fne i costs could fee change in costTexperienced 

. decree— -as in fee attempts to reports on which® ur double in real terms by the end by othere, or else because of 

• .-.-pressurise employers not to was based. I? was only after of fe e cenpiry. and Professor increase in the cost of replan 
. ^ - breach incomes guidelines which our 1978 survey feat fee com- p osner states -that over the next feg fe e assets.. If sales prices 
have been given no foundation mlttee mvifea me to make sug- decade energy, prices could rise r j Se a j a lower rate than do 
1 by ^ reai ‘ terra5 /- replacement costs (as UK. 

paoy will find it “easier” by 
corresponding amount to repay 
its liabilities. But a balance 
sheet reflects neither the value 
of nor fee future earnings 
attributable to a company’s 
assets. Rather, the balance 
sheet comprises the historical 
cost of fee assets (or their 
current equivalent costs). It is 
misleading, and an over- 
- - - ■ - - ^ 

in law. 

. ~ The Chancellor- is entitled to 5S* .nSSSS'-’ %!LmIl5!Sr of fee 5** ^ comment for statist!- experience shows) the company 

loophole,, h -grsL'iiasr'srsffl **<“«<*» ^ 

■ : ^mA%SS!S!iiS3S^m mw> - * d - £*2«**S SSH*' ^'-S^iSirwta Si 

has to -pay for his fuel knows to fund those replacement costs) 

“ be does, no one should be guilty i3L^R 0nay to 
‘ -.of an offence for legally minimis- 
r . -ing the tax he pays. 

t But fee main reason for 
: Opposing Mr. Healey is that men ' 

G-reencoat House, 
Francis Street, S.W.l. 

-opposing Mr. Healey is feat men nn_ 

-must be free to act wife feci I OpplHg“Up 
.. ‘•guarantee that they will not be » 

;arbitraUy judged to have broken DGllGIlt 

that inflation is t. all too real a at the very moment it is claim 
part of his own calculations. in g that the repayment of its 

Recently fuel prices have risen liabilities is less of a harden. 
50 per cent, a year and if one The arguments in favour of 
accepts a compound rate of CPP are valid arguments, but 
inflation of 10 per cent a year only if balance sheets are one 
to-day's price will rise by 160 per day based on future earnings 

, . , ^ cent in ten years. Within seven rather than on costs. 

a law or a decree at some later Fmn , Mr » groan years fee current price will have Tony Shearer. 

date. Such uncertainties can ^ *^? t ' eful to Mr. doubled.- GasUm House, Gaston Street, 

.3S.SMS5S A E l^;nTw 


must be remembered however. “Jed are not tody to cause mflatlOH 
merely problems in the future and that 

Michael Zvens. 

5. PUnugh Place, 

Fetter Lime, B.C.4. 

Defending the 

that Mfetraards merely proojems in me ruxure ana taai — ^ 

ensure that a benefit in our enthusiasm for insulating From Professor D. Mydctetton. 

S^dhr MUi^tertTfeeTaS- »» "»fs we do not so block up Sir,-To allow for inflation i 
SSffiaS TSte pension is aU the ventilation to fee extent fee tax ^ system a general 
SSed thus reinforcing my feat severe condensation results, index ” adjustment is needed to 
eStr POiSfeattotSntract-in In the case of roof insulation it translate money amounts of dif- 
3 m amittable topSoE-up ^ particularly tree that a little ferent dates into , “-constant pur- 
pms a sunaoie top piug-up lM ^, a ...Jr ^ rhasint* nnwer." This has 

[From Mr. W. Otitis. SWement cStid weti preride learning ca^T be a dangerous chasing power, 

* Sir. — Mr. Derby (April 14) JHSTZJ&TSJE „ recently been recommended by 

appears to believe that motor- There is a vital distinction g- L.?_- Bateman, 
way service areas can't be between such a contracted-out H«mae. Garland Road. 

— =. ^ — — — -- — feast Gnnstead, west Sussex. 




g ritish Hotel &hd Caterers Asso- since Mr. Brown has stressed oiTlffoKrmC 
ation, Mr. Derby's views on fe e importance of the apparent gUAUCllUC9 

otorway service areas are no benefit safeguarsd of contract- From Mr. A. Shearer. -• 

:r jJonW J^zoOTe objective Own ingK)at,-I must emphasise feat , Sarnia your coSnns of April JJJeTtime 0 sensible comparisons 

the Meade Committee here, and 
by Professor Hofstra In Holland. 

The same kind of adjustment 
is heeded in company accounts, 
yet most companies still seem 
content to ignore inflation. The 
so-called “ Hide guidelines 
won’t work: fee? leave fee 
balance-sheet unchanged and 

r ythose of Mr. Ronay— of whom he it is largely fee employer (and 12 Professor 
r ■ 50 strongly disapproves — or, for sometimes also the employee) Bydencconn 

Baxter discusses the 

fee employee) Hyde accountancy guidelines and - ia theWp 

fee extra cost, he areues in favour of CPP “!SS “ ^ 

who has to meet 


on hence my previous reference to (fee current purchasing power n *?»I cb ^j I1B n n H^ we of 

flnanrdaJ folJv" Of metbnAt P»Afnecnr Tts-rtar- method, USWg an index Of 

feat matter, than my own. 

My opinions are based . r 

many thousands of miles of fee financial foUy" of method). Profwsor Baxter "bases 0 „„ ar ,, + n 

annual business motonng bn the bare4>ones schemes. Where it his argument on. fee fact that fS?™ «n,2 

roads in Britain and Europe. My seems likely that fee contracted- “owners should judge that their ffiSL* 1 rnM» r « n I^I£ 

view is that motorway , service out scheme benefits may end up capital is maintained ... if it suuptest CPP approach adjusts 

• areas are the quintessence of merely fee minimum will generate fee same future conventional histone cost 

everything that is shameful and safeguard level, for employees earnings." accounts, while a more complex 

' shaming about Britain: Thev »Mi;n o»w*n* on vmn nf retire- I molehMrtMnv ?>tn-eo with alternative (still based, on CPP) 

it is usually served- in a fashion sa me benefits at what is effec- not sufficient information for What sound arguments are 
which at best is indifferent but tivelv a known fixed cost. owners to determine whether or there against general index- 

ids usually hostile, in building's Sloan, not the future earnings htfve adjustments? (The Sandi lands 

which, through lack of mainten- (Director and Regional Actuary) been maintained. Furthermore Committee opposed them nearly 

ance, have degenerated into a Martin Paterson Associates, 
midden. ' ' ' ' 9 AVbvn .Ploce, Edinburgh. 

Mr. Derby would perhaps be _ . n - ftn 

better employed by getting his I .ncijig £5111) 
members to mend their ways than L/UMIlg WW 
in attempting to defend the in- 

Wally Olins. 

2, Dukes Food, W.CJ. 

a year 

From Mrs. B. TaQiam. 

there is little prospect of them three years ago, but gave un- 
doing eo. convincing reasons.) 

It is therefore misleading to Whether there might be suffi 
present -information on past cient advantages in also switeb- 
earnings in a way feat implies teg from historic cost to replace- 
thatif relates to fee maintenance ment cost accounting is a quite 
of future earnings. CPP was different question. As the 

rejected and CCA (current cost English Chartered Accountants 

Sir-^R&zardine Joiro L. Hardi- accounting) was advocated have dearly recognised, fee 

man's letter headed ** Unin- because the best practical way Sandi lands Committee was 

•. fnraned women " r Anril 11). He of estimating future earnings, wrong to assert that CCA feur- 

-W2LY service is quite wrong to assume women base d on published data, is by rent cost accounting) is “ a fully 

J choose to remain on the reduced extrapolating accurate past comprehensive method of 

rate National Health contribu- information. accounting for inflation." CCA 

turns because of feeir ignorance. .Sauce fee aim is to measure has nothing whatever to do wife 
- There are still two rales which the changes in costs as they inflation. 

Sir, — Some motorway caterers married women have to meet affect -companies (hence the Adjustments based on a 
; v are now trying . to influence before they can earn the full rate depreciation and cost of sales general index of constant pur- 

' public opinion in a roundabout basic pension in feeir own right, adjustmmts), an appropriate chasing power are both neces- 

m\ HOC, unfortunately by a. t& 0 first Is a mtaiminn cash sum. when monetary assets ex- sary and I sufficient to allow fully 

.-'-radical increase in. standards. fe B second is that they must ceedlmbilities *S one feat is for inflation. How much longer 
sj r Charles Forte has called the have made the fnU rate contribu- to fee changes in costs can company accounts and the 

Government inquiry, headed by tions for a period equalling feat affect fee company (for in- tax system go on ignoring the 

Mr Peter Prior, “ impudence * 9/iotfcs of feeir total working stance fee index for the cost of staggering fact feat in the past 

because “ we are fee best in fee lives. Unfortunately, fee contri- sal« adjustment, but possibly tm yen fee purchasing power 

world.” Then, perhaps under buttons to the graduated pension adjusted to take account of the of the pound has fallen by about 

fee influence of this very power- scheme (always compulsory and changing costs of feed assets two-thirds? 

. ful but (numerically) minority earnings related) are not and general overheads), rather D. R. Myddehon. 

'*• member of the British Hotels, included for this calculation. than a genial rndes. Cranfle d 3choolof Management 

Restaurants and Caterers’ Asso- I could achieve only 50? per Wfa* labilities exceed Cronfield, Bedford. 


_From Mr. Egon Bortov* 


Mr. Sfichael Foot, Lord Presid- 
ent of the Council, and Mrs. 
Barbara Castle ifP address public 
meeting in Central Lambeth 
by-election campaign, Lambeth 
Town Hall, S.W2, at S.15 pjn. 

To-day’s Events 


Mr. David Basnett, general 
secretary, General and. Municipal 
Workers' Union, speaks at 
Scottish TUC Conference, Aber- 

Law of fee Sea 
continues, Geneva. 

Combined meeting of European 
Nuclear Medicine Society and 
British Nuclear Medicine Society 
continues. Imperial College, 
S.W .7. 

Mr. Robert Cryer, Under- 
secretary, . Industry, addresses 
Small Firms Croup of London 
Chamber of Commerce on “The 
Government and Small Firms ” at 
69, Camion Street, E.C.4, 10.30 
am. - • 

International Civil Aviation 
Organisation meeting continues, 

British /Polish conference on 
coal mining »mt u tilis ation con- 
tinues, Mining Research and 
Development Establishment, 
Bretby, Derbyshire. 

Mr. Kingman Brewster, U.S. 
Ambassador to fee UJC, speaks 
at banquet following conclusion 
of World Conference of Retailers, 
Grosvenoc House, W1 
M. Pierre van Halteren, Burgo- 
master of Brussels Town Com- 
munal Administration, and 
Madame van Halteren arrive at 

Mansion House for three-day 
official stay as guests of City 

National Union of Journalists* 
conference opens, Whitley Bay 
(until ApriU 22). 

Autoquip 78 Exhibition opens, 
Wembley Conference Centre 
(until April 22). 

Bouse of Commons: Wales Bill, 

House of Lords: Scotland BIB, 
committee. Housing (Financial 
Provisions) Bill, report stage. 
EEC business on various defini- 
tions of treaties Orders. 

Select Committee: Expenditure 
(Genera) sub-committee). Subject: 
Response to White Paper on 
Civil Service (Cron: 7117). 

Witness: Lord Peart (Lord Privy 
Seal). 4' pjBU Room 6. 

BSG International (fuH year). 
National Westminster Bank, 
Winchester House, E.C., 12. 

Vantona Group, Midland Hotel, 
Manchester, 2.45. 


Royal Opera production of Der 
Freischutz, Covent Garden, W.C2, 
7.30 pm. 

English National Opera perform 
Carmen, Coliseum Theatre, W.CL2, 
7 p.m. 


Margaret Phillips gives organ 
recital of works by Andriessen, 
J. S. Bach, Buxtehude, and 
Dupre, St Lawrence Jewry next 
Guildhall, E.C-2, 1 pjn. 


Golf: Uniroyal tournament. 
West Mailing, Kent 

Why you should employ a security 
company with a 95% failure rate 

WfB proud of our failures.- 

They’re one pf the reasons why we’re so good at our Job. 

Group 4 standards are the highest Right from the start 

The material that goes into our uniforms is only the very best — as 
95 out of every 100 of the people we interview will testify. 

And the 5% who do make the grade are subjected to atotal security 
Training Programme which is second to none. 

We ! re every bit as particular about the equipment we install. From 
buzzers and alarms right through to master control systems. 

In fact our Quality Control, testing and checking procedures areso 
comprehensive 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 Europe and fhe world 
With over 70 yearn of experience behind us. 

We’ve ^reputation to protect 

And In a ftinny sort of way, rfs ourMures that keep us intact 


Giving the world a sense of security 

ew4TQHSecuri^Ud,7C^ 01^ 8^ oryourbcalt^ce through Yellow Pages. 



<r a 



INCLUDING A £571.000 surplus 
on sale of properties, compared 
with £208.000. Currys marginally 
Increased taxable profit by £0.29m. 
10 £10.32m. in the year to 
January 25. 1978. Sales were 
Better at £lG3.1m., against £144m. 
- Halfwav when the surplus was 
down at £3.23m. (£3.fi8ra.l. the 
directors said that trading condi- 
tions continued to put pressure 
on margins. Turnover in volume 
Terms was at a maintained level 
and there was very, little sign of 
an upsurge. 

C u rr en t of • 

_ , ■ payment payment 

Blackwood Hodge 2J> — 

Breofe Watson L56 Jtn»9 

Currys improves after second-half upturn *£■ 

.i en ann ii '« , . m L<»<Ion Utd. Investments 2.1 Jane 18 

B '® l5 P applies to future earnings Of NewartUU ................. 4S4 

ilGHLIGHTS pTc.n.p™ matle _ a ]MS m sas-ssLi—a 1 - i ssf. 

.... halt of 19n but as a Rugby Portland LSI July 3 

SHELL IS worried about the impact of the American accounting result, of measures taken wdl be Kagby Portland .....inu 154 . Oct. 29. 

standard FAS S and as such is giving shareholders an early ™ l™? L“ 197 ®r . * . ■ „ Utd. Ftiendly lns. 353 - 3Iay23 


ove ' 

a UH.VW sui (jiuj apiiuca iu luture earuum 

sale of properties, compared 11111 III IfllTTO Colvern. ' 

Eh £208.000. Currys marginally flUfflUClII .This company made a los 

.micaJ Tipitfit hv m 9Qm IliWIMHII IU- trip KPrnnrl «r in" Kni- 


Jane 16 

standard FAS S and as such is giving shareholders an early “““ "l Profit m I97& . 

warning to figures due in a month's time. The profits perform- the ^af fES 

ance at Rugby Portland is good while the company is proposing merit to a director of £31,000 on 
to reorganise its capital structure. Morgan Grenfell is making the termination of service contract, 
its second rights issue in four years while Lex also takes a look . Capital expenditure during 1077 
at the boom in America both on Wall Street and the Dollar. ta *££3li 

Following a sharp second half spurt the outcome from Black- cash^of 
wood Hodge is encouraging in light of the world recession, creased short term borrowings 

which .went up to £2.05m. 

Meeting Brown's Hotel, W, May 
21 ai noon. 

.June 2 
July 2 . 
July 2 
Oct. 29. 

May 23 


Corre- Total TotaR : 

spending for last ~ -- : ' - v ~ 

| ' | | 63.9% to £3.55m. 

1 LQa 1- “ F 1 ■ •••* 

2.6 m ; AS ANTICIPA'IBD the.' progress mixed concrete and -is in the 

L36 2JB lj» made in the first half of 1977, leisure and insurance industries. 

158' ' 451 : 3S7 ; '«*en profits rose from to 'F -V -J •- 

4.4 454 : 4.4 jvt:5gm., continued at Hovering- • COfnmenX 

LU* 2.75 li?*hajn Group and' for the full year Btoveringtiam’S pre-tax ‘ profits 

- 3JJ 6JB N 457. ' the' pretax figure 635 ^64per^ent fist yea* largdy 

X49 ' 3.48 -. 3J4 J?er : cent higher at f3*Sm,. This ^ result of improved 'tra4i% 
1-67 — 1 3.45R was achieved on a 152 per cent, profits ‘margin especially te'-i&Q 

• 3.12 458 increase in . turnover from -econd-^ half when it gained nearly 

Tha ,r*. It J fnendiy ins. 353 May 23 • 3.12 458 • 432. increase In . turnover from Second half when it gained uearte 

DlvidMids Shown pmice per share net except where otherwise stated. TSO-STm. to £3554®. .. 15 per.c^^SS 

a diiStnr n ?tti WhT£q / aflowb ^ I(M ‘- issue. tQn .cajutal -Stated earnings are SJ5p ,(fi.7p) the Weak trading .conditions in 

Capital expenditure d urine 1077 ' ' ' " . ■ . . w ■ „ dend total is stepped UP .from- volume . Showed no change fnto 

ionwl SSaSta fto fliim. - •- >?£;: 15©8p to 2.08p with- a final 

and the group absorbed additional Th a 1 'll i ^ AA n .'Si ^P- . SSS-SSHSiSS^-S^^iiS 

The net dividend for the year The second half at Curry’s however, failed to show the long 

is stepped up to a maximum per- 
mitted 4.53BMP 14.0$439p>. 

' Tax took 1531m. .(£533m.) 
leaving a net balance of £5.01m. 
(14.79 m.). 

awaited upturn in consumer spending. 

Revertex held to £2.8m;J 

by low margins 

- iW7' twa" vertical ’-integration;; : from, i sand 

* ■ *' JEbm and- grav^ tbroagfe -to- Teady 

-Ttnuover JWMSIWWW imvMf Ajp'nlmfte'. Tfa- «Tim» ' 


Interest received 
Properties sale surplus ... 
Amort, and depreciation 

Provision* — • • 

Pre-tax profit 


Net profit 

MTT-IS 19T8-T7 
£060 £W«) 

183,1-17 144.0.7 
339 1.135 

571 206 

1,338 I.«7 

1^73 15W 

10318 11WJH 
3.309 3^29 

3.W9 4.797 

Upsurge for 



to October 31, 1977; although 
severe action taken has reduced 
these to a much lower level the 
trading position, and the trading 
prospects, continue to worsen. 

The Board, therefore, believes 
it has no alternative but to ter- 
minate the operations of this 





J . TT Land depletion — . MJJM interest ‘ earned foHoWb^:‘- "Hie 

; dedine fa' Interest iatw la^ ^year 

THE SQUEEZE on margins seen and a net final, dividend q£-. 3 l 4 p ° etOT , . — i^ob £»i^ rather, . than ' any 5cfenifieant 
in the second half of the previous lifts the total to 3J8p (4565p> - • «« i.iw!ous increase In' loUg-tetm borrowings, 

year continued through 3977 for The group processes . Tmnral Exmoni. credits . — 38^44- - in ; Jine.Vwfth 'fbie;;."Industft's 

Revertex Chemicals, depressing rubber latex and manufactures : £2P able .v“ T. — ’ leadera ' HovermsbaHi is":' now 
tasable earnings by £0A9m. to synthetic rubber latexf~^theS • w^S tes jwssfanStfc about-. the : future 

tarahle earnings by aMflm. to pathetic rubber latex^ .eynthefife.oS^vwSdR^ 

£251 m. on sales up 33 per cent, resin emulsions, compounds and- :Pinai 

to £59.5tm. A one-for-two scrip noise control and corrosiniy tned — 

Issue is proposed. ent products. - - ~Table : 

With the strengthened pound • commAnf . : The group 

than u.-aa ala. k, c. • comraent - - as a auarry oper 

fiec ^iai i,6I8.tbo i.ii«.035 increase In" lotig-tetm bdtrowmga. r 

^t-’Bktnoni. credits . — "'f-SI In 1 line. .- s wfiJt 'fhei.-.lhdustiys • 

' Available 1,655,134. 1.11 5.672 'lmAMw ■ " floveriMiWHJ ’'.'it'"'iniw 

Preference dividends ... 85.750 85.750 ~ r „Pv»- 

«tiC- Interim dividend — WfiSi .V0JW less about tiie future 

Bud- Final — 3f8.Ui'- H33M and expects to sec ji rafflit-rolirae 

Rp*»tned — . 1.134.021 . 88X853 • growth this year.- The, shares rose.' 

v ~Table -lip jjp'to 75p yesterday -;wlilcih ' jflve 

The group carrier on business a p/e of 8.6 on a yield-, of- 45. 
as a quarry operator - producing 1 per cent, compared with ' Ready 

Recovery seen 
by Royal 

Uiiucu ss-dWr uuiruwmgs S • «mn.ent 'ZZZTvSSaz tZSAT&lSg- 

profit on ordit rradJtu. DOUBLED TAXABLE earnings A MOVE to resructure borrow- the year from changes in the ex- Major customers for Revertexfc -S^' 7 ' ? ‘ 6/per 

. for the second year running are T> roan ings has been made by Norfolk change rate. Sir Campbell Adam- specialist chemicals are ^he ;Stone ' . 11 ■ produces ready cent respectively, ^... j. 

# Comment reported by London United In- JCvcLUVclV filvCU Capital Gronp. the hotel and son. the chairman, points out At carpet, paper, paints and patie&e ■ ^ ■- 

The lons-a^-aited upsurge in con- vestinenrs. For U77 profiibas property company headedby Mr. haJfttme^profit tvas down at ing industries none of whidhTSli : • ' ' :YV 

sumer snendinz did not come advanced 0.i4m_ to a record KOVSl Maxwell Joseph. Yesterday it £l.aim. (£151m.). a. particularly excitiaz 3977 and' 1 Tk.T a 1 *11 ^ 4b-# ^ .. 

S'TffSb 'Si year to have a g«m. o^jrnover ahead from VJ MM9 JM In the current S« there has some of ' w£ch ... NeWaFnllfl H QSLT x12H1J 

significant impact on X9 Tu5 tha SStoro that WorCCStCr* 1 been some increase in the volume trouble. Therefore., it is hardly - MIAIIIU ■ 

sus %e^ p "a^-se s^s sass r/srits ^ . 

™ sa fS a s of mjxs-x — — - “1 iswisffigssss 

and margins have slipped a HtUe. ^^atiSe^urolus expanded to R«S»* Worcester reports that the -and hopefully the last-move nm jom of trover and the giStm®w£ a t IllUm. HwevS ^ credits of £250^03..;-^ .The . 

After setting aside £l4m. (19 u „ 5L nt benefits of the merger are now in a senes of man oeuvre# aimed badly affected by the rho^^r attributable balance. - exctadixig 

— n*ra.) to top up the provision (£^06m.rMth So per cent jn t be rea i iset | and at getting Norfolk fully back on wSdit^ eS U^bantaiiptcira M VSS minorlti « s fwhich W0 ™ a Jo®), - 

for unmatured profit on credit oTthe t ^ vib ^ ru ;.g i ^ r0 ^ n S. he foresees this part of the group its feetfollowingthe 1973 ac quisi- i^r^T .^*“.“3: sm S3 test for came throughat£5.72m:(£25Sin.E 

sales pre-tax profit is just 3 per skmi n^ e recovering strongly in 197S. tion of Associated Hotels .for Prw» profit zas jjta nsOOOO^nbad^deht Wr^SSi ' ^ Jf! ‘ '* . •' > V:.: 

extra Turnover^ from 1he P 'Lovds majority of this was earned over- Now that sound foundations ^ thout" a J shared istin? 1 ^ 6 Xcl ^ !S T* 1 ® synthetic rubber side -Was weTtor the 12 months declined • COllllTient . - 

thons acSSred !5 "uaiut 1B?6 seas. Other interests increased have been laid for RWS Us per- -n,° nret m^ S tl sell three ” ‘ i“ worst afferted with Doverstrand a £i74m!. to £148m. • . Moat ol NewarthfllV profits rise 

However^rurrvs says that trading profit from £194.000 to £546.000. .fomiance should improve pro- 0 f ft e Kon botefs “the ^?SS2i>l? SiS P«»r performer.:-. > At ^ mterxrn stage the excep- came in the first haM,^whw*uwir 

^ ta fiaS^ m £S l IriesTow BS^Ss' V hSL" 11- ^ ^2 fl m e hU Sr?teVo r n D ?aI°aD V id ®B3 S l&J2£dEi ^t^Sutebfe ^ 

S-JL JSi- t Apart from RWS the .group S?rS«I M ^ tSSST " ^ : 

year could be in the region of roum permitted 450a96p 

■jo particularly poor performer.:. > At Tbe interim stage the excep- came in the first haa^wharitsaar ? 

^ ^ better performance hi 1978te h nnaliise was reported" to bethe beriefif; of the . three ^ 

cs i r i84 going to depend to a great extent attributable not only to the Sea pIatforms“bulR o*-the' Atdyiw - -s, . 

of tXMo. upon levels of consumer spentfinfe. ^^tion of financial problems of Point jwtd, wMe at-: ^.,«aine :: r 

pamcaiariy overseas . -wMch N^ttr Sea platform contracts but time there were -^ubstanl^ r- 

i«,Uc D result was adversely affected by was to bring trading back into Earning n «r 9\ n ___ North Sea platform contracts but . 

450a96p the decline io earnings at Welwyn profit, an aim finally achieved in show^ 1 i^PT- Pe T t ^ p «f h n-* 7 n? TO iwramt ; also to receipt of vary substantial receipts from oHwr contou^ 

lR.i6o6Sp). Electric and Colvern In the latter the second half of last year when ^ ho * n »»»r at I356p (L>.67p) of turnover last yeax*.. But ?wos- sums on settlement of other But. while tins. left JuE year proffe 

• rnmment P aPt of l ^ c V e!,r - Roth are pre-tax profits for the year were pects for a m ajor recovery dp not contracts. 120. per cent', higher, the . secdtkE 

com men l expected to recover well in 1978 a record £451500. lMk encouraging, aftbong^- the ■ Expressing confidence -Sir half showed * 16 per-cent-dowi 

London United's profits have benefitting from the measures Tbe remaining outstanding |M RD1FF group may be poised to make Robert McAlpine, chairman, s^d turn,- no doubt_ reftecting ,fta 

doubled for the second succes- taken last year and increased priority was to - reduce or re- Br * “im.i some new acquisitions as borrow- at -the time that, while - results depressed conditions in tbe UK 

sive year and the shares jumped demand for telecommunication structure the bank loans and acorn securities— Xet ass<n vahw ,n ® were reduced last year; as a achieved in the first half- would construction market The/savta* 
8p to 14Sp. -The bulk or profits an d new and improved produnts. overdrafts which amounted to p* 1- Ca P ,taI * hare «s at Fehruary 28, result of tbe sale of part of 3te not be repeated,' the year as a winter conditions o£ the past few 

come from premiums and com- Th c h a irman says that trade f4 44m. last year Yesterday’s w - 26p Matey interests. The shares: at whole would show substantial months win' meanwhile, : ..have 

■£12m_ which puts the shares on a i.*-«ww»pi. Electric and Colvern In the latter tfic second half of last year when tower at wwp ua.e<pi 

prosnective multiple of 7. fully — comment P aPt of lhc y es,r - Bolh are pre-tax profits for the year were 

taxed. v w • expected to recover well in 1978 a record £451500. 

; i Loudon United's profits have benefitting from the measures Tbe remaining outstanding IM RPIFF 

y anj j-|i pYTlPpfc " tf° u bled for the second succes- taken last year and increased priority was to - reduce or re- 

‘XivIUtU CAJfCUlo sive year and the shares jumped demand for telecommunication structure the bank loans and acorn securities— xet as»« vahw 

• to 148p. -The bulk of profits an d new and improved produnts. overdrafts which amounted to 5?^ “ " Ffbnar ^ * 

>3iOWaOWn 111 from premiums and com- chainnan „„ that trade «.44m. last year. Yesterday’s ^ w - 2Sp ,80 - Mp '- 

« missions earned by the groups oenerally is not buoyant and as announcement goes some way *^"t. r , ? n v l!IS5 E,IT « 

^performance $SSS m JBEL S!fS!w utS# recovery along ** ^ mm. ? d has ;ra.a , u ! SS3r.SJC J BB 

* vrm ' _ specialise m excess loss business . „ « ee i_ ,u a , .{jr-r mu , t nrovnded Norfolk with £4m. or diridvml 8 .rr 4 S 4 p nukios urnso (L 00 n». 

•It is unlikely that Zenith Car- from the U.S. non-maruie sector. . j _ abnormal one medium term loans (one of three Net asset value oer SOp share SX73p 

tmrettor Corporation will repeat Being a non-tanff company. Lon- f Qr RWS and for the" rouP as a rears and one of seven years! <a.sp. 

the 1977 record taxable profit of don United s premiums are not whoJe \q™ sh0 uld see "a saiisfac- at rales averaging out at 11 per alliance trust company-r«bi 1 ui 

£1.32m. in the current year, mem- regulated and much of the 76 Uv rMovew Jn saustac above ^ London inter-bank ^ ”• 187g - w*** 

be rs are told. per cent, increase in insurance lor y recovery in prom. March 4. Quoted GB invesuneina ai pr 

-The first quarter of 1978 has profits Is due to big rates rises. The group pre-tax profit in 1077 T j.. Dac t aRe covers the ore- gb mSS \ 

spe n a continuation of the low Weavers, the underwriting com- showed a reduction from fl.ofim. vious s hSrt tem loans. In addition 

Outputs of the second half of last {Mny, c vnimnes to do w%l! while to £lm. T7I.S was struck after (here js a £15rn standby Uwwiry ap_ attjwo .dmo. 

level ui liie avail ui wn, uic aviu mi»/ wiiuugcu iu uwnu ine nwo Oiuauue bueev Ob uulcih- 4 u A l.i.i zz cLL. ^ ^ 

directors say. progress, especially overseas: The ber SI revealed cash down from numhpi noiLKe^ao ran Sier ^ 

Strong efforts are being made company has already sold off its £795.000 to £317,000 while over- 555). iKSLs £ don ^e£ 

to increase the application both stake in Premier Consolidated drafts had risen from £739,000 to ? f 5,° d niU^J ,3 -« T t>'- N« 5Sei®S»ii^perriSLe ia£ 
of existing and new products but Oilfields and .intends to run £2.04m. facilities tike the Real Ale pub II1Spi . 

the proving time for new applies- down its property interests in During the year Royal Ji° . ; K °„ British empire securities amd' 

NervouS trading 



Bank of England fl Bnf n mni 
Lending Rate 7| pec cent, 
(since AprU 11, lfl78) 

Conditions were extrem 

month Treasury bills.- increased, net sum of maturing Treasogy 
to 7^71 per cent, above the bills. • ' • 

trigger point for a rise-, in MLR Discount houses paid aroundS 

urflH,1978) . , trigger point for a rise . in MLR Discount houses paid aroumbSl 
were extremely 9 repeated at Friday's Treasury per -cent for secured:' call -loans 
. T.nn.4.™ biy tender.. . -.I - at the start and dosing -balances 

tions is long and. while some Brightstone. The shares are on Worcester Industrial Ceramics J®*® 1 -/ *» r J® r s t uni . “ e ®J* general trust— Total income fur nervous in the London nurney ® DaSroddv credit was in nbort ?! eretSS aavwhero’SetwnSfi 
success is expected from these a p/e of S while the yield is 4.4 continued to perform very satis- narked for development of build- half-year 10 March runjra mw.iMt. Net market yesterday, Iareelv as a 

'g?*£A ^ they e -expkdn ta *" «*■ * ' *&&& operating p^fits ip 'BE » °S - EFJSS'BX SSrffi SWKSfiftS 

' StoTSS 1 £ inortJd M Anrtl by 26 j per / en, u 2“ ,^.1 b ^i ; of whSh^iiT swell ti^rentro LI Met “■* »**« per the Immediate trend in Bank of amount of Treasury. bills and a opened at 6-6i per/cent.-and 

3 ' p n?n was ahe ^ d fr »® ««"• Flpptmnfp niff “of l578 r th£°«»mpany antiel- Yesterday Mr. David James, k co pso«, England Minimum Lending Rate. J®* 11 Jfi^Sn£4SSt wtaSnce a^? 3 ^ cS/^ore sSrtlhS 

•to £1 52m. on sales of £11.76m. XLlcCllUUlC nates further srowth managing director of Norfolk, ment and^ hmid^rs 1 materials^Pnifit fm- Interest rates for the longer „if’i 0 ^ nD ^TVv^r^ S2Sx- 

incre2Si ) 'to I39775P Srap) U lUn/iGinn At Welwyn Electric expense re- r J5T U HSf y tfutT sharply on specula^- The market with a uncertain Mnditlous 

increased to 4.3977ap (353<op). iVlSCuillC ductions coupled with investment the hotels were b^h and that Tnraover a.issjCT i£L»i*.748i. Board tion that a Minimum Lending substantial excess of revenue rates continued' to vary before 

MORRIS AQHRY 1 in cost reduction equipment made profit margjis bad unproved asa confident fSuh^gfSi W S of 7 i P®* 1 set as part payments over Government dis- closing In the region of Y par 

' ThP nffpV hv Bmiton fUJU) for ClOSUfC last year will Improve the compeu- rratit of tin s end of the ^ n62 ' m 01 of the Budget may not Tifov* bursemenflr and a very slight rise cent ' - 7- 

: w^« AAhvhWnSfndii unJwT » • ^ . tiveness of the company. In the montagu boston investment h«eh enough, while discount: in the note -circulation. On the . Rates In the table below. are 

, Morns Ashby became tula y unmn- Electronic Machine Company in- longer term Cor profits to be sus- common practice ov„r the last trust— Resniw tor year to January ax, bouses buying rates for three- other tiand there is a considerable nominal In some cases. 

•ditional on Apru 12 — 100 per cent tends to dose the metal pressing tained at an unacceptable level few years. iw*. reported March 21. investments \.f - 

acceptances were received in res- subsidiary Ellvin and Co. This under cost inflation, the chainnan It would take a further year ™ clndlT « — i , — : '• : : ^ .. 

Iarr.= : 





— — — - - — - — - UMM vv. AU1« uu«avi vvvii ‘“‘**1 mi — ww — ■ — — - • j f e. my—- % -f t iteKiTfrtfl 

oect of both tbe Ordinary and company continued to make sub- says that growth in home and ex- before rates were fully back to n.em." uajm.). MeetS*/ ut. om 

Preference Shares. 

stantial losses in the half year port sales will be essentiaL This normal, be said. 


The world's largest distributor of earthmoving equipment.. 

Silver Jubilee 

: Blackwood Hodge, which started business in 1941, became, a listed public d " 
company in 1953 and now celebrates 25 years of growth with record results' for. -,1977. 

n.62m. rejmo. Meeting. 117. OM Apr. 17 CeftMeRf 
Broad Street. EjO., on May 5. at noon. 197- 1 nf-iteiiorli- 


revenue for 1977 £953368 (nine montta— UvttuujIiI — 

£451.938*. Tax £485 j67 <£2®.S«l. Earn- g ,!»,» rwlu*_ - 
insa per share ILMp i44p). Pinal 4) 7daV>»r — 

rnaldns 8.5p Mpi. Company is a sob- 7. lay* mnlce-J — 

sidlary of Pearl Awirano?. Unr nrtwiih,™ 7A-6 -* 

RATOJFTFS fGREAT BRIDGE) .non- n wo 7^ 7^ ’ 

remoas strip manufacturer i — Results Far t-i ai.r-i. 

• <ferNii8 • 

Ortlflcsrr lnlert*nk 

uvl ", Antfa.. 

Aulhuricy. ncROtiabie I* J. hon-1- 1 

Pi nance 

ulnremlSR JJSKSiSTf 1 ‘■asftjs Thre* mooli^ 8^-7^ 'm 8^ 7^.8 1 8 71o 881, . 8fr: . 7 ' 7-71* 7^-7* ! 1.^ 1 ; 

lg‘L^ cp0 "* 1 T .f. < * na ^, Six nnmtht — 8i a -i« 7T a H3a 8i4-8i* : an 78s. -86a-9i« - ' - - - *B«i ' -8S»-: 

2-5“- iS-5 n, -. ) ' net current assets \ llM . Ini «nl,*- £T a 8* b^-9 - - 9U-8la 9 £b ■ — — . - - 

F6.43m. (BJTin.1. bank overdrafts nil ii„„ r q br, rj. gi_ oi_ rl qvnj, 91 . ■ _ <■ -•' . : m 

■ EO.ssm.i. Capital expenditure contracted 9868 iu'lrt' -- . * I -*> r £347. 700) and £*>.500 (£51JM> "■ - y ; ' ■' T ~ ■ "T-S 

not contracted for. UqMd fnnds ip- . .. , _ . . - -. • • 

creased by £837.700 (£30US0 decrease) Loral autnonucs and finance bouses seven days* notice other? seven dare*. Axed. Lone-term local authority moitgaaa #* 
ariflne from lower copper prices, par- nominally throe years 10J per rent.; four, yean Uk-nj- percent.: Bve years' □) per cent. ® Bank blD rates in' table are 
ticnlarly during last three months or baying rates for. prime paper. Buying rates For .foar-njonih bank. bins 73-7} per cent.: four-month trade' bills 9} per 4jsatr '• 
year. Meeting. Birmingham 15. April !5 Approximate sr-HIng rates for one-month Treaaory bills B15]( per ceoL: twoonontb Bl per cent: and three-month SlSn-S 0 )*" 
ai 3 D.ra. per cant. Approximate selling rate lor one-momb bank bUQs Sl-ensg per cent,; two-month per cent.: and three-piGd* 

RHODESIAR CORPORATION— Pre-uw 75»-73 Der com. One-momh trade blHs 71 per cenL:. two-month 74. per cent.: and also three-month 71 per' uant.' 
nroDt. year to September 30. 1977. KW.ODO Finance House Base Rues ipohllslwd by. the .Finance Rouses Assodationi _T per cent, from April l. 1978.- Clearins Cask: 
1(463 *10). Tax £280.800 ifSE.BOOi. Deposit Rates rfor small sums at seven dies' notice i 8 per cent. Ocarina Bank Base Rale for lcndins-6i per cent. Traasav 
ramtoRs per share 4.5p (3.6PL Dividend Bills: Average tender rates of discount 69091 per cetu. • .* - - - . V ■ 

’n.36p i0.55833pi. . . ■ • 


9l P -B7g 


. Depiaufc 








. BEUIs4l 

. BIPTO-. 



• 3 . 


• pna 

6 V 

. 7 



7 718 
7-7 lg 

T ti‘» 


' ' 

7«* V 

_ — 


■ ■ > 

i. .. 

r . ‘ ' ~T. '-a 

>'{ Increase on 1978 


.,7 ■ i3Si2fC®i2^nv7 

:• v„: 12.9% 

G roup Pre Tax Profit . 

- 3^ 3 : 7 


Group Wet AssetSs 



1977 j 






G roup Profit before Taxation 



Net Profit 



Ordinary Dividends (net) 

' 50 


Issued Ordinary Share Capital 



Issued Preference Share Capita! 





Reserves, Minority Interests, Deferred Taxation 





Loan Capital 



Total Net Assets 



l OP'Ordir.ary shares bough* t in. April 1353 for £63 .would have incress'ed’-.t6 d.,3l 7 (>fdirar^ : s5af^sras^ . 
result ofb'onus issues and have a listed value of £.1,050 approx..' - - . ■ 

■From 28th April, 1978 copies^or the 1977 Annua! Report, may be obtained' from the C' mrfp any. -S epr'ei Ft 
Blackwood Hodge Limited, 2t? Berkefey.Square, London W1 A 4AX. . ■ '•••• 7:92 7 pr p-Fipi- -3 

This announcement appears as a matter of record only. 

Interest on the Notes will be exempt from Federal ftewYoric State and New York City income taxes 

under existing statutes, regulations and court decisions. 

New Issue / April, 1978 

State of New York 

1978 Tax and Revenue Anticipation Notes 

Dated: April 17, 1978 / Due: September 29, 1978 through March 30, 1979 inclusive 

The Notes will be general obligations of the State, and the full faith and 
credit of the State will be pledged to their payment 

The Notes will be legal investments for State-chartered banks and trust companies and 
insurance companies and may be accepted byttieStatp Comptroller, the State Superintendent of 
Insurance and the State Superintendent of Banks when the deposit of obligations is 

requi red by existing provisions of State law. 

Copies of the Official Statementare available fromany of the undersigned. 

Salomon Brothers 

The Chase Manhattan Banfc NJV. 

Citibank, NA 

Morgan Guaranty Trust Company 

of Now York . ' V ; 

- :vrV fiankW/to^Sca NT 

Merrill Lynch, Pierce, Fenner & Sm'rth Bankers Trust Compaq Chemrcal Bank |y 

Incoqwratod * .* '8\'- F r-^: 

Manufacturers Hanover Trust Company v 7 ■ ' ‘ Corttinenfaf Bati t ; ; 

. witaestal iftt A; wot»«bb» •• - : 
'.-y. 8WTrastCw^f4KKy ' 

The First Boston Corporation ^ Goklman^Sachs^Car 

State Bank of Albany 

W. H. Morton & Co. 

; (pivhten of AWetfari Express Cd). 


/ . 

SSiSH^ 1078 

cKvvoou tioage jumps 
6 to peak £ 16 . 6 m. 

Koyai warns on 
rate levels 

n ^ar£i) 


* '■ /t, 

ON- TURNOVER up -from 
t '\’ i249J96m. to £2SSZ27m.- pre-tax 
- % ^profit - of Blackwood Hodge 
' v . -jinnee dJU jier cent from £l2.7lm. 
. r - :, to a record £16.SSm. fax 1977. At 
-.-. halftfana, profit was £L2fim.. ahead 
at £r£Sm.-. 

' 0 - - Directors say that in afi major 
.X areas 'except Europe, sales and 
. ’’ trading’-- profits -increased in 

; ~ stating values, with the UJC-and 
.African results outstandingly 
- .'epod. In Australia and North 
■/ "Aro erica, important .gains were 
~ made, and Xurther improvement 

•- r .'fc looked-tor. 

X7 ' In the first two months-of 1978 
> ■'^estimated trading profits -have 
jhown a small demine, but operat- 
' sbig Budgets indicate group.- sales 
. gpd 'trading. profits- for 3978 will 

■ Be ^4n excess of 1977 levels. 

Despite the threats of a decline 
• v jn world trade, the- problems of 
,r .correnc9 fluctuatioiis and political 
'unrest, . directors believe that by 
■ obtaining a larger- market share 
% and restricting overhead increases 

■ St will be'' possible to -show a 
. further improvement in trading 

profits. -V •> 

They point out that- in 1977 the 

7 pre-tax profit margin on sales 
K increased from 5JL per cent, to 
Mr 5.9 per cent One oft the major 
- causes was that interest barges, 
at aanU ''MuainM' - about the 
- same- - as last year's £9.17m.. 

: despite the increase in group 

X turnover. 

.;. 11 They say the comparison with 
-.1970 figures 1$. affected by high 
. rates of inflation fax - certain 
territories and by currency 
- fluctuations. The group, bow- 
• ever, showed, real, growth in 
profitability. and net worth. - 
Attributable profit came out at 
“V . £8 -28m. (Cfij56m.> • rafter tax of 
.£S£4m. _ (X7.49im.)', minority 
- ' Interests (gnaijdy in Nigeria) of 
£lS9ni (£058m.) and an extra- 
‘ ordinary loss of £3 -27m. - (£LSm. 
- surplus) on the conversion of net 
. . assets of overseas subsidiaries. A 
:* E5.04m. release was attso made 
.. ' from deferred tax. 

Ar year end current assets 
'• decreased £lA2m. to £168 58m. 
- (atidn&y- through a- Ml in 'stocks 
' and debtors), and current Uatnli- 
' tie« - declined by £20 5m. -to 
, £735j8Sm., ieavtnz net assets of 

- the group u© by £8-2m. to £74.9m. 
■■■ Also £2 8m. was added to 
- reserves foliowkig a revaluation of 
• •• properties, less exchange adjust- 

Earnings per ‘ 25o share are 
- ■ : o shown- at I558p (Jft.fito)- basic, and 
,->y 14jG9p (9 $p\. filHy dttUted. .. . 


■n>e ioaoinAc companies .ban notified 
dates at Board meetings ts the Stock 
Exchange. Suet) meetings ■ are - nnnR? 
Hew for the purpose of considering df«. 
ocnaa. Official Indications are ant avail- 
nble wfeeihtr 1 dividend* concerned are 
Interims -or-- finals - and U*r BC*xUrt«Um& 
rtwi below, an .based mainly on last 
yew «. timetable, . ’ • . 


I martins: — Beradin Bobber Estates. 
Peter Brotherhood. Dmnllng and Mills. 
Walker and Hnmer- 

PfaHU:^gjs.G. nuennOsml, •*. Comp- 
ton . amt Webb. Comte. -sEAUea and 
General Investments, Francis Industries. 
Uapfcer ■ SUddeley, HUene -of' London, 
Kbbs and- am,’ Some Qatrt’F. Miller 
(TextUest, DC. F. Norths Provident Life 
. Anaodatkm oi London. supnt-.tiraw. Tern- 
Consume, W&dUo. . . 


■ interims:— 

tries i Si — Apr. a 


Brad wall <F JdJS.) Robber Estates Apr. 19 

Cote i.R. H.) Apr- a 

Cor inthi an Holdings : Aar. 34 

■Fcttira Apr. 2S 

General Scottish .Trust ' . — Apr. 2D 

Gibbs (Antony) : Apr. 19 

-LeadenhaQ Sterling .. Apr. 20 

Rush «nd TompNaa- Ai or. 21 

Sears HoWinax — Hay 4 

Shaw (Frauds) ... Apt. 21 

SUentnight Apr. 21 

TTavts and Arnold . Apr. 25 

Whatman Reeve Angel Apr. 28 

Wilson (Connolly) Apr, 20 

A final dividend. <wf 2.904p 
against 2j6jp takes the total to 
450&p compared wWr4.<J33j) last 

A one -for- two scrip - issue is 
proposed and the share capital 
Is to be increased to £20m. by the 
-creation of 20m. shares -of 25p, to 
allow for -tixe- full conversion of 
the 9 pea: cent, loan- stock. ■" - 

'-■.JOT- 1376 

■ '... ami - mot 

Sales 382JM 2«.M2 

Dec red a Hon “A2S9 7.H4 

Interest ..j • A2W - 9.I88 

Pndjt betera tax XMa.lS.TH 

Tag 7.48F 

Kn profit KJ65 5,223 

To ntlrumaes ' UU 982 

DefttL uuc prov. released RB35 — 

'Extraordinary losnes ,.*£85 l.SM 

AOnbufaWe &263 . 5,5Si 

Preference dividends - ..... - A A 

Interim Ord. dividend - 'iSl ■ ' 4SP 

Final MS • 574 

Retained i..„ J.WS- 4.40 

. The group specialises in. the 
sate end swvicang of earthmoving 
and construction equjpxneqf, . 

•t comment 

Against an . unibspbrlng . world 
economic background the 1977 
results of Blackwood Hodge ere 
eneouraEing,' with-profits sowing 
■a -marked acc^eyatioii-iu-. the 

second half, which contributed 
almost £Sm. to the pre-tax total. 
The shares jumped 9p to S6p on 
the news. Good performances in 
the TJX. and Africa have swollen 
the group aggregate, while 
Canada has turned - round 
modestly Into the black after the 

1976 losses. Less satisfactorily. 
Continental Europe (apart from 
Spain) has been making a loss 
after financing charges. However, 
tiie group is optimistic about an 
improvement .In Europe .this year,, 
and forward projections show an 
overall uptrend foe. the group 
despite the forthcoming safe of 
a further 20 per cent, of Ihe 
Nigerian business which could 
reduce profits attributable to the 
parent company by £0.75m. or so, 
on the basis of 1977 profit levels. 
The j'ear has started quietly, how- 
ever, with group- trading profits 
slightly lower after two months, 
and the solid order books have 
yet to he converted into the ex- 
pected earnings. The shares louk 
good long term value on a p/e 
of a fully taxed p/e of under 6. 

26 . 6 % rise 
at Brooks 

AS FORECAST Brooks Watson 
Group improved pre-tax profits in 

1977 and finished with a figure 
26.6 per cent ahead at a record 
£1.51m. And the directors say 
they anticipate further progress 
in the current year. 

Some £220,000 of the 1977 profit 
increase came In the second half 
of the year, after .a £100,000 
advance to £569,000 at midway. 
The full year figure was achieved 
on sales 7.7 per cent, higher at 
£72. 16m. 

Tax for the year took £473,000 
(£156,000) and earnings per 2 Op 
share are stated at 6p (6.02p). The 
net final .dividend is 1.56p for a 
2.08p (l_82p) total. 

After extraordinary losses of 
£429,000 (£40,000) the attributable 
balance emerges at £601,000 

The group, based in Dublin, 
operates as builders* provider, 
house builder, food wholesaler 
and distributor off arm. machinery 
and pharmaceuticals, -etc. 

World Value of the Pound 

The table below gives the latest available - 
t rates of. exchange for. the pound against. various- . . 

curreneieg on ^ApTil "H, .. 1978T-' Tn- .-srfmfe «./ 
.-cases rates are. nominal. Market ’retes re . the. 
average of buying and selling rates- eyeftpt where - - i 
: they are shown to be otherwise. In some cases - 
market-rates have been calculated from ihose pf : 
'foreign currencies to whieh they are- tied. - 

Exchange In the UJL ’and -most" of tKe • • 
coon tries listed is officially controlled and -the 
rates shown should not be -taken as being 
applicable to any particular transactibn without, 
reference to an authorised dealer. .*■ . 1 

Abbreviations; (S) member' ttE the 'sterling ... 
area other than Scheduled Territories; (k) . 

Scheduled Territory; (o) official rate; (F) Free 
rate; (T)- toctrlst rate; (n.c.J non-commercial 
rater fma.) not available; (A) approximate rate, 
nb direct Quotation available; (sg) selling rate; 
(bg>. -buying rate; (nom.) nominal; (exC) 
exchange certificates rate; (P) based on 1J-S- 
dollar parities and going sterling dollar rate; 
(Bk) bankers’ rate; (Bas) basic rate; (cm) 

' cominerrial rate; (cn) convertible rate; (In) 
financial rate. 

' Sharp fluctuations have been seen lately 
In the foreign exchange market Hates in die 
table below . are not in ail cases clbsing rates 
•jan the dates- shown. 

THE TURNROUND on under- 
writing, from a loss of £X7Bm. to 
a profit of £l52m., achieved by 
the Royal Insurance Company in 
1977 represented a further stage 
in the recovery in underwriting 
following the stringent remedial 
action instituted several years ago, 
states Mr. Daniel Meinertzhagen, 
chairman. And he looks upon 
the results as the springboard for 
further advance in the future. 

Referring a past situation 
where competition had been 
carried to extremes leading to 
underwriting losses and restricted 
market capacity the chairman 
sounds a warning that in some 
areas of the group's business 
competition is again becoming 
unrealistic. However. Royal 
intends to maintain disciplines 
established in the last difficult 
few years, if necessary at the 
cost of temporary restraints on 
the growth of business. 

The group is very conscious of 
the need for a flexible approach 
to underwriting and for the 
ability to respond rapidly to 
change. It is against this back- 
ground that the group is working 
to improve underwriting perfor- 
mance in the current year. 

The 1977 underwriting result 
reflected <n particular a very -satis- 
factory profit in the U.KL. a turn- 
round in the U.S.. where a small 
profit was achieved compared 
with a substantial loss, and a pro- 
fit in Canada following a loss in 

The group’s Investment policy 
.for general funds has again aimed 
at striking a reasonable balance 
'between the protection of capital 
values and the continuing need to 
improve free resources. This is 
so that between retained profits 
and appreciation on investments a 
sufficient increase in the capital 
base can be provided to support 
future expansion as well as 
increased premium levels arising 
from the effects of inflation. 

The composition of the group's 
Investment portfolios has been 
arranged to give flexibility to 
invest in new money in the most 
advantageous way to achieve 
these objectives, and in particular 
to expand equity holdings. 

- Referring to - the motor business 
in the U.K. and the Republic of 
Ireland the directors report that 
this business suffered a severe 
setback and produced its worst 
result since 1971. And the direc- 
tors warn that further increases 
in premium levels wiH be inevit- 
[ able this year. 

1 Competition remains strong and 
they regard some of the rates now 
being charged in the market, 
especially for motor fleet risks, as 
inadequate. In such circumstances 
Royal prefers to stand aside 
rather than write business at 
rates that the directors consider 

will produce an underwriting toss. 

Referring to the substantially 
increased reamed .profits of 
compared with £28. Im. In 

3976, which had provided the bulk 

of the Increase in capital and free 
reserves, Mri MeinhertXhagen 
points out that the rise was vir- 
tually in proportion to the growth 
In premium income. The Royal 
has therefore " financed from 
Internal sources both the develop- 
ment of ' new business and the 
effect of Inflation on existing 

Progress at 



AT THE trading level. Change 
Wares almost broken even with 
a loss of £822 for the 26 weeks 
to the end of December, 1977, but 
after additional depreciation of 
£17,492 on revaluation of ffixed 
assets, and £59.582 interest there 
was a pre-tax deficit of £97,896. 
This compares with a £247,000 
loss for the similar period of 

Because of a change in the 
reporting period ou to a calendar 
year basis, the current year wiH 
be the 12 months to December 
31, 1978. 

Profitable trading began in the 
last three months of 1977 and 
the company has returned to 
profitability in the first quarter of 
1978. Mr. Geoffrey Rose, the 
chairman says. 

On the basis of the present 
order book and profitability he is 
confident that the group wfl] 
achieve full-year profit of not less 
than £450,000, as forecast at the 
time of the acquisition of H. 
Stockwell and Co. in January. 

Sales during the six months by 
the gronp, which makes wiremesh 
shelving for the retail trade and 
wire based components for 
domestic appliances, slumped 
from 16.47m, to £3.6lm. 

At the time of the acquisition 
of Stockwell and Co. in December 
1977, the directors said they pro- 
posed to pay a total dividend for 
1978 of 0.4 d. They now say the 
current trading position continues 
to justify this forecast 

For the year to July 2, 1977. 
there was no final dividend leav- 
ing the total payment at 0.4p 
following a loss of £579,178. 

As well as further developing 
the existing two main areas of 
business the group continues to 
pursue its policy of growth by 

you’ll be gad 

on the (pound. 

When you tly with Group 4, you • 
enjoy all the benefits private aviation has to 

. Plus a few others that the others 
can't provide. 

. - Because wherever you're going in 
Europe, we’re probably already there. 

With fifteen thousand pairs - : 

planted firmly on tfte ground .. . 

... not simply in airport facilities, 
but in an' international network of offices in 
major and minor cities all over. 

Ready to provide you with cars,, 
communications, security services, local 
knowledge and whatever else you need. 

When you need it: J 
We're better in the air because we.’re 
bigger on the ground. I 

In fact, we're the biggest total I 

security organisation in Europe. I 

And thanks to all those feet, we’re 
miles better in the air. I 





Group 4 Avialion Limited. * 

Head Office: Staverton Airport, Nr. Cheltenham, 
Tel: Cflurchdown (STD 0452) 855877 
Telex 43607. A 

I ^ 


; • J V&his of f.L ...-.I - Value at Value of 

FIaM and XooaT Unit j£8terflng p ' Plaoe and local fleu i£ Starling Place and Local Unit £ Starling 

■vn ( 

Bfg-h anln Afghani 
Ubania- — Luk 

Ugeria Dinar 

IPrem-b Pram- 

YO’tom \ SjnniUh paastfs 

lof^ik Kwanza 

lncigua ($/... g.CAirt'bmn 6 

Vrgenuna... Ac. Penol'ree Ha 

. luatralia (Si". Australian $ 

Vuntrta ... (Schilling . 

IxrweA. Pwtug. Hzcodo. 

* Unit Oman (6) B*. DoUat 
■ ters , » ,| tt'hfcS„Xftka . . . 
— 1 Bahrain l8)... Dinar 

feleari- la ... Spa. Peneta 
tertadonO) BarhadoaRft 

lelgitnn .... B. Franr 

A&ltee -B S_ 

Jenin C.P.A. Franc 

termuiia (3).. Bite. 5 
JhuLon... — „ Indian Rupee 
__ -- Jortvta Bolivian pewr 

*■* ^^Jonwaiui (SI. Pact 

Jntsif Cruzeiro II 

Jr Virgin MS) C.S4 - 

‘ ' initial cm Brunei 6 

Jnltfaria Lev 

Hanna.... Kyat 

l hmuvii flotnodi Fte im- 

Samaro'n Sp C.F.A. Fram.- 

Huuula.. Canadian 6 

luuuy Is.. Spanl&fa Peseta 

^.pe Verde I. Cape V Bwnrfo 
a >ymnD U.(S) Cay. 1. 6 

\ Jent. Af . Rp... C J. A. -Franr ■ 

i Jhsil ............ UJ -A- Franc 

^ 'bile — C.Petw 

!hloa Hanmlnbi Yuan 

'oiu^ntria.. — C- Pe»o 
tenuwoa Tda. U.F.A. Ram.- 
kansfilfflte).. CJ^. Fraik- _ 

’ tela Rlra Colon 




„ ...S8.70 - 

. B.71S 
148.18 . 










Gibraltar (Ki. Gibraltar £ 

Gilbert Is ^Aust. Dullar 

Greece Drachma 

Green bnvl ^ Don Lib Kroner 
Grenada fS)„; E, iterrJItaan S 
Guadeloupe.'.. jUx-ai Franc 


Guaitjmala.l. Quetzal . 
Qatnee B«p_. fitly 
Guinea Bimbo ; ■ . . 

Gdyana TS) — 'Goyaneae 8 

ffaiti — — flwmle 

HondaraaHep Lemptea 
HomjKqoR (6) HJC.S 
fiunga*y._..„ Forint 

loala&d <8J.~ L Krona 
India CS).:_™'lnd. Rupee 
tndonc*&,.._. Rupiah ' 

Iran Rial 

Iraq Iraq Dinar 

Insb Repfk).. Irish £ 

Israel ........... Israel £ 

Italy .......... Lira 

Ivory Oenzt_. U.FJL Franc 
Jamaica (4- JamatatDeltsr 
Japan ............ Yen 

Jmdan (S) Jtird&n Dinar 

Kampuchea- kid 
Kenya. IS).. Kenya Shilltna 
Korea Won 

Krfnee fiatliU. Won ' 

Kuwait (fiih). Kuwait Dinar 

Luis Kip Pol Pol 

Lebanon .... Lebanese £ 

Lesoi bo ..... S. Alncan Rand 

Liberia ......... Xoberlaa S 

Uiiya ........... Libyan Dinar 





/corn) 72.86 
;<T) (0-t 36.36 

(Ai 150 

0.657 tig) 
2221. IB 

B. 45858 

(P) 0:8481 

Panteusv Quurnni j 330.06 

Vpi*. D. Kp I 

of Yemen i **. Yemen Dinar. A 0.6621 

Peru™. .... So* 

Philippine- ... Ph.p&o 

•exi-iA 34BFB 

Pilau ml -..<£) Jx^S^Sindf: 1.8896 

• I it m,82.28 


Pbrtuaaf Ppse. Sseodo 

Port Ttmor._ Timor B*cndo 
PrJnelpe Isle. Pc-e. Kteudo 

Puerto Rlco... U^. fi- 

Qatar Qatar Evai 


lie da La_^.. French Franc 
kbodeste Rhodesian B 

You might not have realised it. but your 
local Hodge Finance office is your contact 
with one of the biggest financial 
organisations iri the world. ; 

Of course, when you’re just looking for 
straightforward oreditfacilities, our financial 
connections or the size of our assets may not\ 
interest you. 

But if your, business could benefit -from 
the advice that a group like ours can give, or 
if you’d like to know more about leasing, 
instalment credit, insurance or any of our 
investment schemes, then our financial 
standing becomes more important - - 

The Hodge Group itself has assets in 
excess of £300 million. But we’re also a 
member of the Standard Chartered Bank 
Group, Britain’s largest independent 
international Bank with 1500 offices in 
sixty countries. Their assets exceed 
£7*600 million. 

So whenever you walk into any of our 
5 }ne hundred Hodge Finance office^ and ; 
meet the local Manager and his staff, then 
yotf ve introduced yourself to the helping 
handof Hodge Finance; one of the most 
flexible, wide-ranging finandal services in 

Simply lookup our nearest office in your- 
local phone book. (In Hast Anglia, look 
under Gatfield.-Wilhams). 

Or get in touch with Roy Wright, 
Development Manager, Hodge Finance " 
Ltd., Cardiff. Phone: 0222 42577 (70 lines). 

Hodge Finance 

A member of 

Standard Chartered Bank Group 


Utk.’bt'nun ... ?>w1bk Franc 
taixembcHRc. Lux Franc 

^ \ . -om^Urite).. ** 

\ f ’/ ^ 

a »* * if j \ 'nfw_. ... Ci 

/ i l * JypnmlS) O; 

Cntmn Fe>v 
OyrtiB £ 

IcecboBlovak. Koruna 

lenmark Danish Krone 

JjUxjuil.. ...... Fr. 

, w ' JoroinkafS)-. B. Gartbboan 8 
temin. Rep... Dmoinlsuu Fwo 

^oadnr Sucre 

feyi* ^gyptteaJE . 

Silopks ....... Ethiopian Birr 

• iq't'l Guinea Peaea 

I ^ la3ld t*- ] Falkland 
- ■ "aro 1^...„_ iianlsb Krone 

Mjl I Fiji f 

'intend Mailtlra. . 

‘ pm tf ...... .m I" ,«ncb 

V. C.P^- PnuM 

Y. Catena—. Intel Frano 

>. P»i-. I.—. UJJ>. Franc 

jahoa - CJ A. Franc 

iauiliia IS)-.. Dated 

i OMmrk 

[Bill BD.B7 
iFi 7QA4 
43BJ . 

I [W'idj 10-50 
] (oc}20.60 
flT) 17.66 . 
500 - kv 

llTi L56 



Maisgas; Rp. 

Malawi (S) 

Manwate (SI- 
Maidive la. (S) 

Mall Rp 

Mana (S) 



Maori riusl-S). 

Mas Icy 

Miquelon — 


MG Franc 
Mai Hupee 
Mill Franc 
Maltese £ 
low' Franc 
U. Rupee 
Mexican Few 
I'.PA Franc 
Trench Franc 

Monjioite Tnprik 

Monlaeml ... RL Canibean 8 

Morocco — Dirham 

UiftHnbH]M . Hoc. Kacodo 

Hoorn Is-,.. Ante. Dollar 

Nepal Neialiie Rupee 

Neiberianda- Unllder 
NOTluAntleir.' Aiiliniaii UblM 

.TaSJL -D elter 
K. jSeatend <Bi 8.Z. Dollar 
NtcacBnua— -- Cordoba 

Niger K}> C.F_A. Pranv 

Ntgerta (8)— Naira 
Norway . Wrwg. Krone 

Oman Sultan- 1 
ateoltfii.... ) BWUn,,u 

PabiBlan Fan. Knt>ev 

P tuamf HiUwfl 

FfcpnaN.U.(Si Ktaa 



I. 5887 


II. 4998 





Romania — .... Lea 

Kmih Ruanda Franc 

SL Chtialo- . 

piier (81— B- Caribbean 5 
St. Bekesja__. Su He'ena £ 
SC fern (efl- K. Cariivean S 

St. Pierre. C J-4. Franc 

■it.Vlnecnt(S) E. Caribbean S 
Salvador K>— Colon 
Samite lAm).. Ujs. 8 
■ran Marino.- Italian Ure 

S*>» Tome Fg-e- Krtrudo 

Sand, Amiris. Rjial 
Senegal C JJte Franc 
’Kvcbeiiea — a. Rupee 
Sterr Le’nefS) Leone 
Singapore r). Singapore S 
Solomon IsO") Au-lralian S 
sunuui Rep—. Mm Shilling 
rth. Africa (S) Rand 
S.W. Airlcan 

Terri torier: u>) a. A. Band 

Spain Peseta 

■Span. 1*01-1 b in 
North Africa. Feaeu 
Sri laoka (K.) &.L Rupee 
dialah Rp-.-. eSinlan B 

Surinam S. Glu'er 

Stesatlaal cs.) Utenuenl 
SwftJaj S. Krona 

StelLzerlxnit - Swiss Irani: 
SitW.,— ..— i J. «>vna R 
Triwan. . — New Tfehran 
ranznnta jS.). Tan. bbliluui 

ThaltM't Uafat 

Togo RpL - C.F_4_ Fran- 

Tnoga Pa’amjs 

Trinidad (S.). Trin. A Tobano 
Tunlate— — .Tunisian Dinar 
Turkey — Tnrlriah Lira 
Turk* a O'*... tT.S. S Auatmiten £ 

Uganda iS.i. Vs. Shilling 
Uni. tiiuea — UJa. Do. ter 
Unusuai- — Uruguay Pew. 
Uid-AtiEmte. U-A.B. Dirham 
UjtS,K. Rouble 

Unpw Volta.. C.F.A. Pram. 

Vatican — . Italian Ure 
Veneraiela-— Holirar 

VietnamiKtht Dnng 1 

VtoimmfStbi Piastre 
VlrglaUUJS. UJS. DoUar 

Rkfflftg gj> Samoan TU& 

V email-. Kni 


| 7.2848 

li icm)B.48r 
'1 yxciT 92.79 
i 175.08 

• 6-0057 






I 1.8515 
I 1.588la 
I 78.66 
! 8-37 
423.9 • 

(Ail 1.656 



I/ 1 



















18.26 Yemen- Hyai 

1.8615 Yueoaiavia New ' 

Zaire Rp. — Zaire 
1.3252 Zambia Z. Kwc 

lew X Dinar 

146.18 ' 
r A 10.645 



iA)J 987 
14. K 
' t-3240 
I (hi) 10.19 

tO) 4.818 
A 4253 






Thai part of the French community in Africa formerly 
part (ri French West Africa or French Equatorial Africa. 
Rupees per pound. 

The Augntya h** replaced the CFA franc. The etc h mse 
was made at a rate of CFA FnA to one tmlt oT the 
new currency. 

S General ratea of oC and torn exports 77.763. 

U Based on cross rates' valnst Russian rouble. 

** Rate Is the Transfer market (controlled). ■ 
ft Rate is now based jen X'Baftados £ to the dollar. 
tt Now one official rata, ‘ " 

- H-* 

— — ■ 


COOK Bankers 

Thomas Cook Travellers Cheques 


atir j.*' 

I .• y 


•5L - ; .* • 

*as at 31st. March 1977 

^ A 


*m Bentalls 

progress well 


28th JANUARY 1978 £000 . .fOtt 

GROUP 5AUE5 excluding VAT 35 f 151 31/46 

GROUP PROFIT before taxation 2/691 2,1C 

Deduct: Taxation 1/310 1/1C 

GROUP PROFIT after taxation 1,381 1,0C 

Deduct: Dividends (including 

proposed ordinary stock dividend) 491 ' J - 44 


Add: Unappropriated profits 

brought forward 1/454 '1,46 

’ 2,344 2,05 

Deduct: Transfer to Capita! Reserve 800 60 

Unappropriated profits 

carried forward 1/544 1,45 

GROUP SALES -increased by £3,684,000 or 117% 

up by £582,000 or 27.6% 

up by 37.4% 

DIVIDEND proposed on Ordinary Stock Units 
11.8024% -1977 10.5669% 

Copies of the Annual Report and Accounts 
available on the 2nd May from 

The Secretary, Bentalls limited, Kingston upon Thames KTJ TTX 


Everything you look for 
inaoig store 



A good March quarto' 

• - -utilises “ • WITH. • NON-BANK 

p ~W "W sKttarte6;Mfting foeii: 

for Blyvoor Gold «<* ssr 

W ■ j., S5.48DB. iB. l9Th 

. 6 Hrly start - mt.* ^ 

BY KENNETH MARSTON. MINWG EDITC» . _ Australians '• • Government JSiST&W 

. . .._■■■ ... ... . hjppes . that dftVBlopmcitt of toe- jjj'aintais the^rretoid 

? “ me fetest pdce of SITS, some parade figure for was' Ln ^ 

batch quarterly reports $2 higher than m the prerions' BR5m. \ Terrttq^ ™i swt Jn ^xjlKisaally- 

frora the , South- African goW quarter, the veteran Durban Deep The- groan's tmartofer^ stances— the 

mines as- made r*y the Bariow. .and East Rand Proprietary gold profits, after, tax botv-l&Re S 7 

Rand group’s Blyvoor- Thanks to mines have increased their work- capital expenditure, ao'ooraKued - Sr _; r _ ■ PE.? Minister ■ In. the year r but the 

a modestly increased gold price.- mg tosses during the past quarter in the firttowtag-tabto-Y • - uartv 
of $173 per ounce coupled with and haw required State aid to ’ 'Js&Sffi&ErB SkboErne. growth ’-fo/i 

luster production and a uranium get out of die red. Both have Tlnallrraale : h^e firS business, ; .he says...:, 

profit of R2.7 hl (£X.7m.) compared incurred higher pumping costs. -L/C61KTR3I, - ago when the - As wellas^eqafly 

with a uranium loss of RO^i aiarch Dec. Sept: introduced to Parlfca- Knrohoiid '-aiid 

* a a 58-for-100 A\v:£SffSS£ES£2£ fflEffya* 

tas__nas_ risen- to R 6.93 m. from Bbrroor ....... emo mo sji» . Tetrislsrtion -to urovlde the lesral = jpmxBan i 

. _ . T ftrftmriSal Titnfrs JPn 

South Africa’s Coronation Syn- 
dicate has purchased item asso- 
ciated companies 313,500 shares 
far-DufheriS Joratk r' and -75306 
shares in Wltbank Consolidated 
Coil Mines for a total considetar 
torn of KI49m. (HJ52m-). DM- 
dcnds (not taxable) from these 
investments are expe cte d - to 
exceed the taxable interest 
formerly earned on the funds 





early start 

v STY* i: i <7 

< i r u’ I SB l (i^ r, 


* i PT w m t >;•< t - j (j 2 


l riVij 1 »T;T i 

V Jegisiatjon to provide the legal ■“ . 

v fiSlT work within. - 
uranium mining. might start; 

of $173 per ounce coupled with and have required State aid to in Mdbrairae. growth . hr 1 

lazier production and a uranium get out of die red. Both have TlnnllTTnal. ' h^e first buSlne?s 1 ;.he says...:, 

profit of R2.7m. (0.7m.) compared incurred higher pumping costs. J-/C6IKTR31* - ago v^n, the ^ As wel;las;equitT 

with a uranium loss of ROaiiri^ JUarch Dec. Sept: introdiMd to Pulfe- Enrobond '-and 

& ™ ™ 58-for-100 ,:-..v-5SffasS™S5pt 

._ Bas . B6.fl3m. from biftoot bmo 4.488 snoa . -:.V. Jegidatjon to provide the legal I 

R4.49m. m tbe-.TSecember quarter. .Durban Deep .. ._ . tsos ->m rs74 . of | 2fl ppnf c , ' ftlme work within. - which 

Otherwise, the trend has-been Ftr ' — rS AOU CcIllS ..f v ; uraniian mining. might start ^ 

■to ' tower profits in ihe past ? tSte naSSToi sxxulsa. 8 '^oa^ TERMS' ARE now ameunejgff^: ; The Ranger deposit, owned by ‘ 

quarter. Looking, ahead, however, ij^niian Deed suffeiwi flno/Hn® tte Proposed R475 ixl :,(I2rtab£) the Government itself in, n jqint 
Harmons^l&d U p a uranium ri ^ lts J»U^to he madhWSte venture with. Peko-WaUse^ and: 

sales .agreed-: during the Ske^SS7thS to^^ths FIrids gcgp s EZ Industries, w^l be ^he + first 

quarter under which the pur- with a -consequent lossof SSS new S°U Stte&ehew uranium devetomnent m — ”■ 

"chaser will make an interest-free ■sf iSS? 5SJS W5.' '** 

loan to YLnanee the erection of a about 20 000 tonn»«- arrono to he. offered at 130 ©St's- decided last year to nit a pan , • r™ ’^- - . 

new uranitmiplant at the wane's tonnes wei^USihf the m5 ^ 

Memespruh sectioD ; previoiisiy ,it quarter. The mine’s drawings sad ,9° was taken in the and~ oUiCT^cmmts "'dl 

he arwmdMOm. special State to an at December 31 SSSvLe .££ 75*. ffiry into thT^^SStel with hankers and .x 

Despite the receipt of an amounted to B2Aw. The com- As already repotted,'. Gold ^ &&& aspects of uranium mining >t ro«. Kto»e : £2S^n^ 

<r: fi7wL o saLMWtfasSsas, 

rJendix pays $87m. for, 

. _ company. Major shareholders^n °f a national par k, .fy the ;The directors haw 

fHA1*A A CGI*r»A tnOTDC DeeDtraal are: GFSA 58 J. nor consequence of this dectagn. ^ change the p ropor tio 

more /\S3i co sna.r es cent, m 23.4 pe^cS 1 j r ^^ ed 

and -pennafn NnmtiMM si': towards m in ing remain am Diva- reserves, -.of hankin 

BENDIX, THE U-S. technology be sucked into the Bendix empire “*“ a ™ «™*nws m per len ^ tfae Government obviously and this: has lifted 

group with diversified interests in have been forestalled, at least for jwiim.iv ■ j^^ now feels sure enongh of its profit,. The 1976 

the energy, motor, aerospace and a time, by the sales agreement TniSrfvSbn ^ position to place a tbnescale on adjusted, -j- - 

electronic industries, has built up for the shares. This specifies that Kac^ nr v>£ development, _ Thetotalgrossd 

a stake of 16.7 per cent, in the Bendix holding will not exceed S?? v ££ B ^j?S5 es «S?L iS,i^H Assuming the passage of for the year is up 

Asarco, the U5. metals group 21 per cent of Asarco’s ontstand- Government JegMation and an 7^04p per cent 

with substantial international ing shares until January 1, 1385. S eventual agreement between -ihe adjusted for ther 

"ngSSSSi^ However, groups tike Asarco JfcSl ' to ® ^ •'b- 

tw have become vulnerable to take- mine to the self -financing stage. 55Sii2 aI t wftnhavo Wn n ir ~ ; 

SS^fwsS5Se??D ( S, ) . gifts earj ^ in ^ch ougr m m- Moutfprt 

adding to its existing stake of S-S?? end of 1979. Bjmng: ^ pancontinental could .. ».•••• 

J 3m. shares. The total value of 1880 o™ production be to found other mining 'K'nitfltMT 

the transaction was thus S87.4 hl filS£f£r.wLwS?w!!S expanded from 60.000 to 120.000 aerations. IVIIluUlti 

Hitherto they have been attractive tonnes- milled per month; .: The London yesterday Peko- ^ ■- & ■ 

This amounts to a cash infusion 1 ^ t llSSAS!SSt ”*%.&■' ' 'TS aJHGB8 H>2,5 mSJTSl- wSSfip and' JSfrfTgBT-f 
for Asarco. which has been hit for a return on their profitable medium gnde&M EZ Industries were 210p. - . ' . 

by the depression in copper and «"*"**- . producer.; Renounceable -Mtot- . . 

zinc prices. The shares purchased Asarco’s plight is clear from ment letters and a cnxnlar .to •- ‘ ' • - TTTi , 

by Bendix are authorised but un- tbeir annual results. In -1977 shareholders will be posted on F«nItTT Tnohmo P™Z™5r„ 
guldl there was a net loss of 829.5m. April 28. - . HiflUliy U1C0I116 downturn. 

“The investment significantly (£13fim.) after a deficit of $4L27m. • r»-i i ■ j' ' 

strengthens Aswo’s financial in the fourth quarter ROUND-UP ’ • • ; J TrilSt ahead 

E2S22? Votantw A tfSuuTBJhre.. 

j iTvi rituvin 

Jscrqi I^ue. 

“ • . -- . 

i .. 

Mi H* 

"v- "n 


that Bendix had paid S23 (£12-39) wwe w xne seu-imancmg srages. royalties, a base vriti have been T - 

a share for 3.8m. shares in Asarco. jJT£n«! SSuse^f SwwS^S provided on which other com- JVlOUtfOlT 

adding to its existing stake of t 55? rds 1116 end of 1979. Bunns: ^ pancontfoental could .. f . • •• 

JJm. shares. The total value of reoi^f 1850 production be to found other mining XTiiifriilO' 

the transaction was thus 887.4m. £(IS£2r*.wLH?w!!S expanded from 60.000 to 320,600 aerations. JVHIICII1R 

Hitherto they have been attractive tonnes- milled per month; .: The London yesterday Peko- ^ & _ 

^Tl^' amounts to a cash infusion AgSlBt ”*%.&■' ' 'TS assess H>2,5 mSJTSS- wSSfip ■ ^end JSUfmBT-f 

for Asarco. which has been hit for a return on their profitable medium gradesfid EZ Industries were 210p. - . ' . 

by the depression in copper and ***>*«• . producer.” Renounceahla ^ot- . . 

zinc prices. The shares purchased Asarco’s plight is clear from ment letters and a aretdarto •- ‘ ' • - TTTi , 

by Bendix are authorised but un- their annual results. In -1977 shareholders will be posted on F«nIfTT Tnnhmn H“2, JJ - -4 

issued there was a net loss of 829.5m. April 28. - . HiflUliy 1I1C0I116 downturn. 

“The investment significantly (£15fim.) after a deficit of $4L27m. WW1 r»-i i ■ j' 

strengthens Asareo’s financial in the fourth quarter ROUND-UP ' ■ • :; TrUSt afaeR§ 

position and «n provide in- In recent months Asarco has voluntary tiquidationof'tfao . - rfMolti^FIhre • 

creased flexibility m dealing with been forred to curtail operations nStLiE rf Cntod to £ft illl •- . • miota?to &S?fow4M 

investment opportunities during m the U.S. and has redefined the Tin Ajeas ifTnow takhur -nbie *v«Jmr . v . , 

the current penod of depressed pattern of its loan payments for JJSjLJJ - Subject to tax b£ &t2^ <xmr- —5St 

earnings and heavy capital ex- a Peruvian venture. The group «£ed with t^2f£r«oE± oi 

peodfitores,” Mr. Charles Barber, was granted a London listfog last SSv SSme t££ VSeJitam - reg g^ S - 

Sfai 4 Jresterday theshares SiuSSSv SSa + £f***J£ ** 

Any thoughts that Asarco might were £13?. , owns 51 per cent of John : G. nwoflis to Febmary 2ft, 1978. mari savs m his i 

:••■'• .v- - TKfJsww — • • " i Rollins and intends to acquire Ad interim dividend of- &98p accounts. 

the whole of the capital when CZAp) net per SOp share lias been However, a highai 
funds become avaflable. Group declare d, and toe air eOTtM Wn* profitability 1 from 
second-half pai-ning s are expec- pate paying a lap. gross (lSp) divisibn now seems a 
ted to improve on the - first-half total dhridend for toe year, profit sonify a modes ‘ ” 

(pre-tax profit B&JBTO) xndr it » last year was a -peak £302^00. -- » the .knitwear 

expected to Twarfnt-ain the.3p.dtvi- Net asset vakiej per share .is 1978 to- . ensure; . a.-- 
dead rate, - ".- 1 - given at 233p comparedArofti 182^1. Improvement in 

* ■ — ^ - The: .three group -a 

Striking -members of toe'Jfcus? wrVTTTnJTinTTAMTCT are. ctmently well, 
tralian 'Wbrksezs Union: « the WINIBKDU11WIW X»l. gfyea gome, modest- 
Rlo Unto-Snc group’s Bittner*- On April .10, - Whiterbottom consumer spending 
ley Holdings’ Mount Tom Price Trust borrowed a farther Jim. on budget, prospect! 
iron ore mine in Western: AnS" a floating rate' basis,' .to finance operations -could 
tratia have voted to return to holding of TLS. equities previously . Taxable profit for 
work to-day. If the electricians, held through premium currency, from £323,512 to ' 
and tram, drivers 'foHow ' flm. of -premium currency, has accounts show: there 


Any thoughts that Asarco might were £13}. 

1st November 

21st Noveinber 

normal production should tie been sold and the proceeds placed! increase (XOiKkn. 
resmned. on deposit la the uJL . Ilkruid funds in til 

on deposit iu the 

■ liquid funds in toe . 

B ank of Scotland’s office opens in the mid-town financial and business Sank of Scotland’s office in Moscow bpens under a joint representation 

area of New York. agreement with Moscow Narodny Bank Ltd., and Morgan Grenfell 

&Co.Ltd. j 


r~ -^kV, 

«r«T ’• ; “Thi* 

; - n 

'<«;• * . 

The British Linen Bank, one of Scotland’s oldest financial institutions, 
becomes the largest merchant bank North of the border on the transfer 
to it of the business of the Bankof Scotland finance Co. Ltd. 

The 282nd Annual General Meeting of the Proprietors of 
the Bank of Scotland mill be held on 9th May within 
the Head Office, Edinburgh . The following is an extract 
from the statement by the Governor of the Bank, 

The Rt. Hon. Lord Clydesmuir, K.T., C.B. , Al.B.E. 

The British Linen Bank 

In my last statement, -I referred to the steps which we had 
taken to transfer the entire business of Bank, of Scotland 
Finance Company Limited to The British Linen Bank 
Limited. It is a source of satisfaction to everyone in the * 
Group that a new lease of life has been given to the 
British Linen so that it can, in the role of merchant 
hank, continue a tradition of service to the community 
which dates back to 1746. From every quarter we have, 
received the most favourable comment on this move. 
North West Securities 

Our other main subsidiary. North West Securities 
Limited, acquired, at thecloseof 1977, a 26% .stake in 
Henlys Limited, a well-established company in the motor 
trade with its base in London. This strategic investment, 1 
which cost £4.35 million, should substantially enhance 
the business of North West Securities.. 

New York and Moscow Offices 
In line with our strategy, the activities of our 
International Division continued to expand throughout 
the year and November 1977 marked the opening of 
Representative Offices in New York and Moscow - the 
latter in conjunction with the Russian-owned, London 
based, Moscow Narodny Bank Limited, and Morgan 
Grenfell & Company Limited. We beBeve that we shall . 
he able to provide valuable assistance, to the growing 
.number of our customers who have trading relationships 

with the two countries c o ncerned. Our reception in both 
cities has been most friendly and we regard ourselves as 
favourably poised to participate more fully in the 
financing of trade with both East and West. 

Bound up with the development of our International 
Division has been our involvement in oil financing. We 
achieved early prominence in this field pf activity and 
odr Representative Office in Houston, Texas, is now 
well established. 

The Year's Results 

Group Operating Profit for the year ended 28th February 
1978 at £26.327,000 represents an increase of £497,000 
over the previous year reflecting a decrease of £1.4 
million in the Clearing Bank result, offset by improved 
performance bv both major Subsidiaries.' The principal 
factor for the Bank has been, of course, the fall of 3.7% 
in average Base Kate from 11,55% last year to 7^5% in 
the year under review. 

North West Securities Limited once again had a highly ■ 
commendable performance. Their profit of £7-053,000, 
sets a new record for them and reflects the result o£a 
very satisfactory increase in tumoveriti^p^hly 
competitive conditions. _. : ,v-V? : . 

The merchant banking operatdonsofTb e British 
Linen Bank Limited have produced a profit of £3,189.000, 
which represents an improveraentof some 60% over the 
previous year. This is a very fine achievement indeed. 

Our share of Associated Company profits rose from 
£444.000 to £766,000; including an enhanced 
contribution from International Energy Bank. 

Group pre-tax profit emerges as £27,593,000- an 
increase of 3%. 

Balance Sheet 

The Bank's Balance Sheet shows a further expansion in 
resources. Deposits having reached £1,328 million and 
Advances. £963 million. Total resources employed in the 
Group’frbusmess have increased by some £305 million, 
or 18%, since last year. 


The Board recommend payment of a final dividend of 
5.44 9p per £. to bring the total in respect of 1977/78 up to 
10.S94p_per £, the maximum permissible under statutory 


Achievement of the results described-above under the 
conditions of lowered interest rates and in the free of 
intense competition has not been easy. Sustained effort 
lias been required from staff at all levels. The fact that 
they have risen to that need and given of their best in 
maintaining standards of efficiency and service deserves 
hisjhprtoSti* -.• . . 

I Record Group Results 

, H m • " ’ ■■ * ■ . ^ 


. yearendedSfsIttecenrtb^ . C 

1977 • : - ' V1976 Y : 

£000 ’s £000’s 'Y - 

16,718 > 9,224 ' 

Operating profit: . 





Y 1,864 w-V:^ 


• V ; 


-2^58 • .;-i 

Group overheads 


323 ; 

Profit before taxation and - 
extraordinary items := : 





Profit after taxation-ancf before, 
extraordinary items 

i^49 y; 

\',.-1^38 Y : ;y';Y 

Extraordinary items 

: . .198 

: -'185' -t 

Profit after taxation and 
extraordinary items ' 

; 1,351 

.^/853 :\.-y : Y; = 

Transfer to non-revenueteserves 

v 80 . • 


Profit available for distribution 



Dividends on shares V. J> 


Y-322 Y.Y.^ 

Profit retained ; ’ 

/ 660 .vy: 

Earnings per share: ‘ 

Basic- . 

Fully diluted . Y >. 

v >f8.13p ^ 

"l 12ll5p 

.Yviiaop--: y 

1977 Figures subject to audit ] 

Yearftnded 28th February 1978 1977 

~ £000*5 fOOO's 

Group operating profit 26,827 26,330 

Sharp of associated company profits 7B6 444 

Group-pre-tax profit 27,693 26.774 

Group op® 360 !? Profit 

Share of associated company profits 

Graup-pre-tex profit 
Profit attributable(aftBr tax and 
extra ordinary items) 


13,153 1-2.058 
3,537 ' 3,146 


1978, and may be obtained attar this. 
London EG4A 3ED. ■ ... V." 

tmFrfday, 2BfhA?srti. 
hZJJted: UtmCoqr^ 

• ^ii 

^ **<Ufe* ^ ^Efcandkl Tmi^. Tuesday April 18 .1978 

v ' -I' :ct3: 

• .1 •-», mj »_ 

■ S -.W$ 

- v., ! '- r w % 

V . 1 

■•■■.• .-;. ' “5 

; . 'i ;*> 



knitting \j| 

Less than a year since" Forward 
YtekBOlogy- Industries . came to 
the lharket through a reverse 
tsheoser’ of funeral parkrar* to 
jflu^car ^instruiijents group MPI, 
comas Jiewa of a major acquisi- 

fjM-PMkase-V, . 

V'ifjS Mityay FTI announced, that 

ft vras. lo Spend £ la 
bnylng wo companies Is the field 
<£V ; 3ug&. ": frequency technology. 
The ‘purchase price, will come 
from bank-loans, and' a DM loan. 

» ttMj“are Radyne, a "British 
^npany- which rprodmes equip- 
SenfTarJftart "treatment -via Ugh 
fr&pjesey 'elhctrTeal currents, amt 
raiN .Ultraschall, a German ultra- 

male.' group ‘.which manufactures 
equipment for -drilling and bond- 
ipg;plastiq^ and ste ri li sing . equips 
meat ?alsd '-.employing high 


-'-Both are subsidiaries of Sclents 
Hidings and together produced 
■pre-tax: profits of '£93^.000 for 
I97T.‘._;Bqok value- of . their net 
assets m December is said to be 
aRprpxfanatelv £3.1m. Radyne pro- 
duced L ^7Q,000 of the profits and 
fsam. of Gw assets, ; "• 
v Industrial '. ‘ and, - - Carpmercia] 
Finance Corporation, -w hich owns 
a 5 out -ll per cent , of FTC, also 
owns 19 per cent, of Radyne, and, 
together with Scienta which owns 
65' per Vcent of the 'capital, has 
Agreed to' the offer. 

'The , deal, whi ch, w fll sub- 
stantially increase FTTs gearing, 
was- announced yesterday" at the 
sazfce tfirie as- the Inte rim profit 
figures which show FTTs turnover 
fOv tbe'halNyear to December as 
£tpjZm,V- and pre-tax profits as 
£838,000. Attributable profits come 
after minorities .of 
£18,000 and earnings per share 
were said to be 5.35p. 

No comparison -is made with 
the first half of 1976 because this 
period predated the MPI deal in 
May last year; which the directors 
believe— -completely 'alters the 
group is structure. . 

_13ie .last published figures were 
foiL-lhe-iS. month period- to June 
1977. during/ which time turnover 

was £23m. and profits were £}3ra. 
By the end of this period .the 
Chappell nnder taknig bqsfoess was 
sold and since then -a number" of 
' the MPI properties haTO- also been 
sold. " Jr'“ 

Yestenjay, Mr. Gordon ' Allen, 
chairman of FT1, said: that h top 
priority- at present waSthe' disposal 
of the remaining superfluous 
properties which had a hook. value 
of flm. L 

HOTEL C3ttAJN/v:'j,;-- 

Reo Stahls; the Scottish based 
hotels, off licence- and . catering 
group is continuing to -extend Its 
hotel chain into Engftmd - .with 
the announcement yesterday of 
two new hotel deals worth, aim. 

The group has agreed- to pur- 
chase the 108-room' Five, Bridges 
Hotel at Gateshead taking the 
group’s number of EnglUh hotels 
to five. It is also to accHfird the 
130-room Coy him bridge Hotel in 
Avfemore. Reo StaJcfe Is acquir- 
ing both hotels from the Rank 
Organisation. Completion of the 
deal is due on May 1, 1978. ; 

29.8% OF MON " 

BQleshog the Swedish agneui- 
tural seeds jnrcwp . which." is 
poised to launch a .fall, scale' old 
for Mihx .Harriers has now .in- 
creased . its stake in ih«t-bom- 
pany to 29.8 per cent. 

•Hie group has already- agreed^ 1 - 
subject to" Exchange Controls— 
to purchase - a further 148- per 
cent, shareholding - £n allln 
Marsters which would take .its 
stake wOIl above the 39 per cent 
level "at which under (Sty ^Take- 
over rules it most make ".-a fall 
bid. "r-. 

Hillesbog has already "indicated 
that it wHl- pay 200p cash iftr the 
outstanding holdings — fte- . same 
[price as it bought - its 'recent 
batch of shares— subject to 
[exchange approval. 




McLeod-Sipef fails to 
get London Sumatra 


J-Samatra, Including" the 23 J per 

McLeod-SipeFs £24m .hid for the hidpossffiilitiesrie regarded 
London Sumatra has failed- The - as- being r“ in for nothing.’^ 

* ref ™ - appointment ] of' an 

independent director to the Board 
of Loudon Sumatra wfil be-.ccpi- 
:rr >^. ? '^ e ^’^' the a ^ od *^ e< sideted now that the IfcLeod- 
■» vrrtnrnMi • Slpcf bid has - lapsed; said Mr, 

S Harper,' chairman ^ of Loudon 

yesterday; A further 

: announcement- could he expected 

. *>»,“»?> - B *°- 
\'^«S8fi?a8tgat ; -: CARPET-DEAL OFF 

; ■ - London Sumatra, in the wake of The an-agaic off -a gain bid by 
"J.'ihe failed bid. - • . Mr. Graham Ferguson Lacey's 

V t The: shares have shown .greater Birmingham and jHhUand Counties 
- -drength' than most expected, Trust for the troubled. U5. Carpet 
ising f3p .on Friday ami another "grtup, Barwick Industries, is now 
-p vnyesteitlay ’ 10 lSTjp . amid finally oflr. ** . ', 

pmours of -a 'new bid from the • The bid hinged o h 'Mr.'lari ey 
— la rris &ng- ^nd— Gresfield •- groupr a ^hiring the S3 "per" centT stakeln 
r the Indonesian government, or ei owned by Mr. Eugene Barwick, 
^^°i5LSObie_3S_yet Jmknovni. -third- ^he- former xhairmanr -fate last 
,a ?F- . . . ... week a curious exchange of words 

borne observers consider that between the two .^involved Mr. 
larrisons and Crcrsfleld would Looey confirming that Mr. Bar- 
-e’ doing the decent thmg by wick bad signed.* letter of intent 
>uymg in London Sumatra and to sell his share* or 3L7m. and Mr. 
“5? up ^5 empire. Barwick dainung.that negotiations 

But outers consider that Ham- had not yet- fufiy begun. 

S5J : Naw Mfc'tacff JiM withdrawn 
hrpw away the strategic advan- •• irrevocably n jiroinA tbe offer. 

Sn°n °sS^fri 3 saying that Mr. Barwick’s “ uncon- 

££££«■ S ^S 1 \ a VS, -structnre approach * had made an 

al«s# complex deal unpalatable. 

' (Berwick Industries has aceiimu- 
by lated losses of .*55nuand the offer 
in M4 • - BinningtauB and Midlands 

% mSrf »S2 have involved a financial 

& ' 3 sop p^^SrffwaTitaH- of 

nrt'C stake into acceptance. A toelZ bznkerz to the groupL 
id from the Indonesian Govern- Mr. Laoey.^o nxplOTied that he 
ie« would be unprecedented, concerned that the publicity 

A spokesman for M and G Unit aunpuntog the share sale could 
Vyst group, which has "been a -®? 80 t<> Mr. William 

uyer of London Sumatra shares Re®d„the UK. carpet company of 
ecently. said yesterday that he which Mr. Lacey is chairman and 
ad no knowledge of 'any possible lu which Bmahigbain has a near 
id from H and C. A total of 4 <>P«f cent, stake. Reed has re- 
Oa.BOO shares have been bought g entl y- bought Barwick Industries’ 
y M and G at an arv e rag e price British 'carpet maki ng subsidiary, 
r I35p over the last fortnight.' Barwick. Carpets, which has re- 
Thfe managers justify the invest- ceived Government support for 
lent on fundamoital -values and expansion. 

Extracts from 

Ml Daniel Memertzhagetfs 


The Annual General Meeting of the Royal 
Insurance Company Limited will be held in 
Liverpool on 10th May, 1978. 

i 977 Resuks 

_ . I am pleased to report a substantial increase 
in profits for the year 1977— our total profits 
before tax were almost £134m. compared with • 

The salient features were a turn-round on 
underwriting from a loss of £17.8m, to .a profit 
of £15.2m. and a further substantial increase in 
investment income from £92.4m. to £112.0m. 

•' The improvement in 'underwriting profit- 
ability in 1977 reflected in particular a very 
satisfactory profit in the United Kingdom, a 
most welcome return to profit in the United 
States, and a useful profit in Canada. This result 
represents a further stage in the recovery in 
underwriting following the stringent remedial 
action instituted several years ago and pressed 
forward unremittingly in the meantime. 

The long-term business has also produced 
a significant increase in profit at £4.3m. 

After taxation and returns to be made 
under the Canadian Anti-Inflation Regulations 
and for minority interests there remains a net . 
profitof -£74.7m. attributable to the company, 
compared withs£50.2m. in 1976. ( ' 

d UK a Reo- of Ireland 
Oversea r 

■ 45^131 

, .V‘ 

172 " 


>?-. Vo.N 
CfXx*-' %<'■*<■ 



BHG flJm. share sales 

Two sizeable sharebol din gs have 
cep sold off for a total of around. 
l.7ni. by Barrow Hepbnrh Group, 
hich has recently deferred the 
ayment of any final dividend fol- 
■wing the discovery of costly and 
?rlous irregularities ' at a sub- 
diary being closed <ft>Wh. . 
Barrow Hepbunr has sold, at 
•Op: each, 1,392,456 shares, repre- 
•ntitig a stake of 2 per cent, 
i Weston-Evans Group, the 
igipeering concern; whose shares 
st . night dosed at-^the lesser 
rice, of 91p. up 2p. Tt has also 
SDqsed of 1,141.615 shares — a 
!.5 iper cent, bolding; — In York- 
llre and Lancashire Investment 
rust for an undisclosed amount, 
i Hamllbome. .. Control of 
amllborne was .. recently 
rqufred by Ferguscm Securities, 
private ‘ company in ! turn con- 
oiled by Mr. Cedi McBride and 
r. Graham Ferguson- Lacey.. 

The bulk of - the holding in 
orkshlre and Lancashire and the 
hole of that in TVeston-Evans 
ere acquired by Barrow Hep- 
irn last November when it 
lupbt a £2m. portfolio of listed 
veshnent«! from f Arbuthnot 
atham Holdings; the merchant 
inking group, against an issue 
shares. Barrow’s recent 
muat report • showed, .that 
rbuthnot Lbtham had a st ake of 
.- me : 10* per cent -in Barrow 
: * enbnm. 

Mr Richard Qdey. chief ■'execu- 
... ‘e pf Barrcnv Hepburn— whose 
- ; rmer loss-making tanning *n* 
rests it now owns jointly with 
. e National;. Enterprise - Boam 
rough British Tanners Products 
-i said the proceeds of the sales 
the two shareholdings would 
used to further the group t 
...• -n-leather interests in the UJL 
te intention was not to .employ 
c cash to repay debt but to 
, nrorc profitability |n Britain. 

- He added ihat -toeroup had 
v> ceived offers it could not rad® 
r the two holdings disposed of: 
" profit of some £300.000 had 
en made on the Weston-Evans 
.« terest and they were very satis- 
-• d with the profit on the Y-ork- 
ire and Lancashire stake. 

Hr Odey ssfd be did not knerer 
• io ‘ had bought the Weston- 
ans holding but that he thought 

St : -was-one single party. Last 
night the shares of Barrow Hep- 
burn closed 3p up at 34p, while 
those of Yorkshire and Lanca- 
shire were unchanged at 30p. 


After a great deal of bid. specu- 
lation which has seen United City 
Merchants’ share price up from 
the year’s low of 41p to 62 p yes- 
terday, a company statement did 
not entirely clarify the situation. 

U.CJff. - announced: “The com- 
pany wishes to inform share; 
holders that it does receive 
approaches from time to time, and 
has recently been so approached.’’ 

But this encouraging start . ft>f 
the speculators was spoiled at 
the. end by the further statement. 
“ it is tiie Board's, policy dxr • sU 
such approaches to advise share- 
holders if discussions are 
actively pursued, and either have 
reached or seem likely to reach a 
successful conclusion.” 

And the middle of the state- 
ment indicated that the kind of 
approaches UCM is talking about 
Include ones- relating to matters 
other than take-over bids any- 
way, such as investment projects 
or international joint ventures. 



Industrial —’ ." and 'Commercial 
Finance Corporation is to inject. 
£350,000 into Radley Fashions and 
Textiles^whiclL'Win'aBow Radley 
to reduce its short-term borrow- 
ings. ' = 

The money is to he provided by 
a £300,000 ten-year lean at 14 -per 
cent “ with " a ‘ further " £50.000 
provided by way of a hire 
purchase . -facility. .. to enable 
Radley ’ to acquire, .a . mini- 
computer System* ICFC — share- 
holders approval . granted— will 
have the option during, the life 
of the loan to takers 10.07 per 
cent stake is Radley for £75,000. 


Sotnercd's offer for Etairiok has 
heedmo-’ UDCondlticmal following 
Approval at The EGM of Hahiok 
to reorganise the eapitaL The offer 
will remain open. 

Growth— PREMIUM INCOME-Sources 

Retained Profits 

After payment of the maximum permissible • 
dividend of 16.448p per unit of stock, retained . . 
profits are £49.8m. compared with £28.1m. in 1 
1976.This substantial retention has provided _ _ 
the hulk'-of the increase in our capital and free 
reserves, which have risen virtually in proportion 
to the "rise in premium income, thus financing 
from internal sources both the development of 
new business and the effect of inflation on 
our existing business. 

Overseas Earnings 

- *. -Our overseas operations account for nearly 
8Q%~of our total worldwide business and the 
improvement in our earnings overseas illustrates 
ina. clear and practical way just how much we, 
as a company, contribute to the invisible export: 
earnings of the United Kingdom. 

It is vital to the long term well-being of the 
country that companies such as ours should 
have the opportunity to operate in an environ- 
ment which enables us to develop our business 
successfully. I am glad to say that successive 
UK governments have consistently taken the 
view that our business should be able to oper- . 
ate bran atmosphere of maximum freedom 
subject only to the very necessary safeguards 
relating to security of policyholders. 

finance forU.K. Industry 

What is most important for our business, 
and indeed for the economic well-being of the 
country, in the light of our contribution in 
particular to overseas earnings, is that constr- 
aints unrelated to the security of policyholders* 
such as the direction of investment in the UK, 
should not be imposed upon us. 

The available evidence on the subject of 
capital investment— and a great deal of such 
evidence has been submitted to theWilson 
Commirtee —makes it quite clear that the- 
problems of manufacturing industry in this 
country are not due to any lack of supply of 
finance; ample finance is available for poten- . 
tially successful projects! It is only too likely 
that iftthe wide spread of decision-making by 
individual financial institutions were re- 
placed — even in part — by centralised 
decision-making, the effectiveness of the 
investment of the available funds would be 
reduced; there might well bejess finance • - 
flov^Qg to the most potentially successful 
prefects becau^q finance has: been directed to . 
industries whose’cconomic prospects were 
declining,^ \ i. ■ 

The Future . 

We believe that thhfreemarket ’ 

system provides the be^t back- 
ground in which to conduct an /q llOSiliw 
international business such 
ours . We recognise, how- • lS|P^ 

ever, that, sometimes in ■ ' 

the past competition 

Summary of Consolidated Results 


General Insurance Underwriting Result 
Investment Income on StndHuAdex^and 
General Insurance Funds 
Stockholders' Long-term Insurance Profits 
Share ofAssodated Companies? Profit^ 

Profit before taxation 
lessUK and Overseas^ Taxation. 

Adjustment under Canadian Anti- 
Inflation Regulations 
. Minority Interests ■ 

Net Profit attributable to the Company 
(per unit of slock) 


Supplementary Interim / 

Interim • ■ 

Proposal Final 

Total . 

(per unit.of stock) 

Transfer to Retained Profits 





i 1^5 






( 4^ 

















. &8 









. 49^ 


has been carried to extremes and this has 
inevitably led to underwriting losses and £g 

thereafter to.r&tricted market capacity. There? 
are signs in some areas of our business that ; , ^ 
competition is again becoming unrealistic : ^ 
but it is our firm intention to maintain the 
disciplines that we have established during S3 
the past difficult few years —if necessary 
at the cost of temporary restraints on 
growth of business. 

It is particularly important that it 
should be recognised that we need to ^ 
cam underwriting profits; the returns on? 
investments are not of themselves sufficient- 
to provide us with the operating profits which w 
we must have if we are to be able to generate S: 
the increasing capacity which will be needed ££ 
to meet the increasing demands for our ^ 

services. Thus we look upon our results in :?? 

1977 as the springboard for further advance ~f: 

in the future. 

Please send me a copy of the Report and Accounts for the year ending 
December 31st, 1977. 

To Registrars Dept, Royal Insurance Company Ltd. New Hail Place, 
Old Hall Street, Liverpool L69 3EN. 




4 ? A 

Henry Sykes Limited 

• Financial .Times • Tuesday : M>m 18 T97ST 

• ' y • • * * V'x* • * . ** ; .• •* *_?•*, V *«*-•“« + • fi ' •** jr** *f. 

Financial Results 

for the year ended 25th December 1977 







Profit before taxation 



Profit after taxation 

before deducting extraordinary items 
of £137,000 0976, £65,000* 



Earnings per Ordinary share 

before extraordinary items 

1 1.6p 


Dividend paid and proposed per Ordinary share 

Chairman Anthony Hepper, In his Annual Report, drew attention to the following points: - 
— The pre-ia\ profit of £ 2 . 081.000 is a.17 c o increase on the previous year. 

— Pre-tax profits have increased (enfold since 3971. 

— Overseas business now accounts for 47°o of Group Sales compared to 32% in 1976. 

— A new range of purips incorporating significant technical developments 
will be launched in the home market this autumn. 

— With its wide range of activities both at home and overseas, the Group should 
continue to maintain a satisfactory growth rale. 

Copies of the 1977 Accounts are available on request from the Secretary, 

Hen/v Sykes Limited, Sykes House, 445 Woolwich Road, Chariton. London SE7 7AP. 

CtYDESMUIB, Governor ^ For the year tiers was a Again there is no dividend, TSk'AFEER AN additional pension holders after -the reorgati&atioa. ■ 
Of tne Bank of Scotland, warns m So&lm. (£l427m.)' rise in working took £20,600 (£852^00) leasing- nrovision of £849,000 this time, - The- ; Board , j»y. a 
ms statement with the accounts capital . a net' balance of £492,000 Ihudjv Portland. Cement Company finaLdi^dend fpr X9fZof^2jd82p> 

that competitive forces continue Meeting. Edinburgh; May 9, at (£I,t!01,OOQ). After estraondmary reports pre-tax .profit fdrJ.9r7 ; making: a! total of"8Jp_. . 

to mount in Scotland. . 12-15 pjn. losses of £U23,000 (£203*000) ahead 10.7 per cent from £12.49m.- Tax- for tbo' year wa^ ^u82m. 

umces nave been opened m Barclays Bank owns 35 per and minorities, there 1 ' was ' an to a record £23£2ol on sales up (£5.33m.) for. a net profit of 

main i centres by the, English cent, of capital and the Kuwait attributable loss. Of .£828,000 at £87-34 xd- s ; £7.g9m. 

clearing banks and major Inter* Investment Office 5-81 per cent, 
national banks,- and there has . ■ 

been in the same period a con- • Comment 
siderable increase in the rep re- _ _ . „ „ , 

sentation of U.K. merchant • “hk of Scotland’s report and 
banks. accounts highlight the dilemma 

"The pressure upon these in- of- a bank operating in a stagnant 
comers to acquire business is economy. The bank has a third 
such that in. many instances im-‘ of the Scottish banking market 
realistic terms are quoted: tbis and in common with the other 
narrows the normal profit margin clearing banks is finding it difiT- 
whieh the indigenous banks can cult to stimulate its sterling 

(profit £349,000): 

con- v com men X x\ ■ 1 n-d . which. existing Ordmary. axmnon- a 5 

& • >«k Of ScotlMd's report »d RCCOrd Xlll£ 

accounts highlight the dilemma ' 0 r gamry capital carrying foil the 

in- of a bank operating in a stagnant * vottng rights. .-Ste 

» is economy. The bank has a third lllr tVwCti They say they feel' .that the le • 

un- of the Scottish banking market ' wisent capital structure is 'not regi 

this and in common with the other "*• in the best interest of the future furl. ... . . ^ _ _ .. . 

rgin clearing banks is finding it diffi- fl .YPiMlTl VP.: development of the company. The tancyworiS: overseas, the, directors 

can cult to stimulate its sterling -*~****'*' t proposed structure, on the' other- say. . * 

VThe directors also announce i £838,000 (fZttZtOOO). i : ; ; 

■ capital reorganisation' under " Hie 'company has esnered into 
. which Ordinary, and! non- a 50:50 .partnership.^ 

voting participating shares would des Gbnents Transal^Ja."-leaffing 
• be combined into a single class Erencfet cement mairafictttre** in 
of equity capital carrying foil the ownership of ^GompagEje 
voting rights. ffhaandfere pour .fiuRedNSCbe et 

They say they feel - .that the le • DSvelopperaent; a - j cojppan^ 
present capital, structure is not registered . ,m Luxenmjtr^. to 
in the best interest of the future further, investment, and «nsur 

V- - ; ‘ . 

•ij - 

> t.- 1 ■ 

which the indigenous banks can cult to stimulate its sterling ^ . • proposed structure, on the' other- say. % 

obtain from domestic business lending. Consequently, the bank AFTER RISING from £55,000 to - band, would-be more - advan- Dunng tins year the grito ffld 
and is one of the reasons why we has been aggressively developing £331,000 at halfway pre-tax profit tageous to all present members, well in: the -U-K.&> a- ?aaSca It 
must expand our international its international business in of Reed Executive recovered: from - and would remove any 'possible market situation. - Tfae^^ohSfrtje- 
business even more vigorously.” he onler to keep its profits moving £436,80010 ? peak in HTr/ mnflt et of interest between the turn' Industry- is stffi de^ea^ed tint 

says. ahead. From virtually nil a few on turnover ahead from £UJSm. two classes of holders and there are, a few o f recpre iy. 

Currency loans have now years ago, foreign currency lend- to £l5A3m. - v ^facilitate further issues of shuee -The company . has. proce^od 

grown to 23 per cent, of the inR now accounts for around! a The group’s self-service tifng either for cash or as consideration, with ^ major .. irnrestmep^tt its 

bank’s total portfolio. Accounts quarter of the bank's loan store operations .: contributed' ^ acquisitions. ■_ ' Rochester- ssd. Sogtham. Wom 

show advances to customers and portfolio. Last year its foreign £264,000 pre-tax loss, for the ’fear '-At halfway, when profit was not onlyto. mereasepapaedymr 
other accounts at ILOfibn. currency lending rose by 37 per and Mr. A. E. Reed chairman, says -ahead at S3£6m. C£5.58m.), the when demand uicrea ses , out ateo 
(£882.03 no at the February 28, cent, while sterling lending rose that current trading otficas'emera- directors said- that in the -second to. achieve ;eiyrgy sa yings .- 
I97S balance date. hy less than 8 per cent. Against tion is showing a , rfgnifiai^- ■ ^bener^resiUte «H^«pected > - 

..Lori CMesmwrsays !h,t in 

S ra up^ ra l? STS SMWSS SSS 

There was some acceleration of ^ambitions m the International in_ the development of -(7.7p) on » ^^di^^ 

growth in the sterling area to- 
wards the end of the year. 

On the deposit side, sterling 

sphere, which range as far as retail company but the final sap, -gy 1 ^■ lp _i°S ,p 7 v 

Hong Kong, it Seems likely that cess of the btriness must be. con- The _ respective ^figures, itn: _ 5p o£ J225m. (£6^A>efore 
the_ group Nvnibolstm: its capital sidered a long term project *«r ' ***- -^ P * 

kept pace with the growth in position at some stage by raising 


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lending, while the foreign 
currency customer deposits more 
than doubled, enabling a reduc- 
tion in the . bank's dependence on 
the currency market. 

Accounts also show growth in 
instalment credit etc. advances 
up from £S2.73m. to £103^3m.. 
assets leased to customers £19m. 
higher at £73. 7 and money at 
short cal) and at notice up from 
£ 196.97m. to £21 6.1m. 

a tranche of foreign currency 

The respective, -ngunse, mu- - vjj oi — 

participating . shares . are 5JLp, minority' inlerestsj. -wtu^. has 
(4.7p) and 3Ap (3.6p). " .. been 'deducted "from "the- J^lafice £" ..... ■ 

The net total dividend on the brought foiward in the prp&t 

British Sidac 
loss in 

First Quarter- tradlnp-' nt tW. -The net total tuviaeup. vu diuuhul 
aSSvn ^ .Ordinary is raised to a maximum. loss 
S saSS^Ud5fr -permitted S.48p (S44lp)^a the year 

R^hSevKftera^l^W S'- Inal or 1.809p absorbing £3.4Sm> Under the . capital . reatTOttn^g 

ssk gsga& , agg» 

and fte ^SoroS^ 000 l<S'°Tf L^? d aenp^ahTOrb^ con^any, 

£64y000 (£1^000) -^o nsSstmg , Sf Mm. (nABim). • ’ , 

the write off of goSfto . For the pamclpatrogj^e- ^ 

co Pnn( ] half £6 £qqo M m. (£LJBnb). , . Jg .-owiedW xmcoa 

OtLUIiU fldll the write off of goSChS For the participating, slwe- May. 

JW1 from a pre-tax ^ius WPTO investoM aales SSSS*,” Sfective^be converted mtoordin- 


£ 196.97m. to £21 6.1m. of £402,000 to a pre-tax loss of profits — attributable profit:- was if -, ra ^cVfw> ^ronn n£j army shares on the bams of jevat-vTirT 

Current accounts and deposits £302.000, in tbe second half at -£*37.000 (£170,000). . . uew^onlinary sharBs'.fbr- evwy. io 

climbed in the year from ilAobn. British Sidac, a subsidiary of Earnings per 5p share are given partidpating'^^orNafflm; "A i " . 

to £1.62bn, while notes in circu- UCB (Investments), cut fulltime at 755p (2Jlp) and a final Ahd- current year mthte^dass isU78p . ffCUR c 

lation rose £fl.4m. to £128.48m^ profit for 1977 by £841,000 to dend of L«p takes the total pay- costing E3BI&M The NibtoD shares hkvethe same - 

and other accounts were up from £1,012,000. Sales adranced To ont to 2.75p compared wtth-xeJlL t«46^5Bi- ( dividend entitlemenras-tbe parti-' 

£47.era. to- £39A4m.. against £34^m. adjusted for a foiiryfte-flro scrip u S 1 * -ctpatSg shanes. *• . 1 'r' 

A current cost statement shows In October the directors said issue.: ' '• V ®? prov ^ 1 - ^ o SwESS^iiv’' ' Thenew shares Wil£ thik^^r. • 

the pre-tax profit of £27.6m.- that demand in the first half bad A current -cost statement- with speml -p^id^d^wul^ be .-ggy ^ ^ jespects'wth .v: 

(£26-Sm.) reduced to £2 0.9m. been enhanced by customers’ accounts shows.-a reduction'ln a °. existing ordinary shared 'save: 

CWrN *-> 

Rand Mines Limited 

Baco in strongpositioii 
to expand further : v 

A Member of the B&rlow Rand Group 

•I ' • 

- sKx £ 

Gold Mining and Colliery Company Reports 
for the Quarter ended 31st March 1978 

HAVING SUBSTATmALLf re- "At the year end 'the '■ 

duced its borrowings the British had short: term' deposits and'^ali - : n - . . 

Aluminium Company is now irt a of £6J4nh (£5v06tn,):agaipstTKa|cfe ts:: re- 
position to undertake’ a : large there were loans ovwgrafts ^bjul ^«=.; : . 
programme of znodenxisation. and acceptance credits, etc* ,-pa/ Trv_:“ 

to consider new investment opiior-' from £23 .05m. tor ^ ^ - 

tunities as they arise. - : ' r - Against, 3 .backgromttl' qf CTW- ; v v~ 

Stating this In his annual! 'ally low . demand, eroW-feih* - J7LL-. 

(AH Companies incorporated in the Republic of South Africa) ; .K,r>' 

Office of the Secretaries of the undermentioned companies in the : United Kingdom : 40/ Holborn Viaduct," London EC1 P lA'Ji : : r 



Ore rallied •!*: ' 

_ lid produced <kg>: 



•£ul» uwttd ic>: 

<0«ide produced • • 

Wlelci ileflTi: 


'Cxjncentrate recovered (t)r 

'PSulohuric acid oroduced rt»: 

.Tour Rsvem a tRIt milledi: 

:^oai Costs iR.-t milled'; 

.Total Profit iR.'t rallied I: . . • . . . 

-Retenue— Gc'd. Silver and Osmiridium 
■' — Uranium. Pvnle and SulpHuric Add 

1 597 OQO 
7 232 
- 4.68 

MARCH. 197a 
• 31 . 12.1977 
1 585 000 
7 578 


OPERATING results Quarter ■ Quartn 


! I ■ r^vi hx 


.1 244 OOO 
133 028 

1 145 000 
129 679 

Ore milled «•: 

Gold produced ifcgi: 

Yield ig ti: : 

Revenue tRt miliedi: 

Cost fRt milledi; 

Pndlt iR.'t milled'; 

Revenue 'ROOO-ji 

Cost (ROOD'S' 

Profit fROOO'S* 

Uranium-' Oxide 




423 OOO 
4 844 J} 
23 396 
■ 14 932 

' ”405 OOO 

4 351.3 
. 10.74 

20 850 
13 503 
7 347 


PtHp treated »t«: 

Oxide produced (kg': 

Yield ikfikW; 


Workin? profit: Gold 

Working profit i loss'- Uranium oxide 
Sundry revenue tneu 

R3S 129 
6 504 

R36 1 53 
R9 500 

Tcul revenue 

43 633 
R36 837 

R45 653 
R36 909 

457 058 
77 231 

41 1 856 
66 3J9 


Ore milled > 

Gold produced «k9« 

Yield ig'ti: 

Revenue iR.t mHtodi: 

Cost 'R:t mlllede 

Profit. Mo &5 1 iR.-t milledi: 

Revenue fROOD'sc 

Cost I ROOD'S >: 

Profit.'Uossi (ROOO'sj: 


Working profit (loss': Gold 

Sundry revenue (net): 

State Assistance claimed 

•' . Qiarter 


445 000 
2 8084! 
13 559 
12 724) 

MARCH. .197 '*• 
pi. 12.1 977.. 

.448 000 
2 834.9 
13 563 
IS D54 

HQ 724 ■ 

R'l 491' 
R3 391 

Profit before taxation and State's snare of 

orofit • 

Taxation and State's share of profit 

Working profit 

Sundry revenue 'net) 

"Profit del we taxation and State’s share of profit 
Taxation and State's share of profit .... 

Profit before taxation and State's share of 


Taxation and State’s share of profit .... 

RlT 913 
R4 983 

Profit after taxation and State’s share of 

Profit afur taxation and State's share of profit 

.Profit alter taxation ane State's share of profit 

' Capital expenditure 

■ Dividends •' 

Loan levy : 

Loan Levy refbnd (1971* 


t?er riespru It No. 2A Upcas: Ventilation Stiatr 

. Advanced— metres : . . • 

.. Depth to date— metres DEVELOPMENT. 

Capital expenditure 

□Ivloend declared ... 

Loan levies 

Loan Levy refund (7971 1 

Capital expenditure 


Quarter ended Jtl 3.1 978 
~2 405 metres . • 

Quarter ended 31.12.1977 
2 583 metre* 


Quartet ended 31.3.1978 
7 489 metres 

7 489 metres 

on Reef 

Reel* Horreon 

'Jfcsdl ^ 

■ Leader . 877 

Total; and Averages: 
quarter ended 

31.31 97E 1 2S9 

Quarter ended 

11.12.1977 2 013 

Quarter ended 31.12.1977 
7 3S7 metres 

Quarter ended 31 Jl. 1978 
4 66B metres 


Quarter ended 31.l4.1977 
4 694 metres 





Gold . 



. 0 H j?79 






cm -S t 

1 160 





1 7&A 






on Reef ■ 
Horizon V 















T# t 

Mam . Reef . . 

. 63 


14 4 

0 525 



Carbon Leader 






3 777 


Quarter ended 

Main Reef . . 






• - 77 

T .78 

Carbon Leader 






2 332 


on Reel 












cm. git 






- 25 





1 68 




















'These values rec resent actual results of sampling, no allowance havine been made 
fur »nv aaiustments which may be necessary when the ore reserve estimates arc made 
at the enu of the financial year. 


Dividend No. 4 3 or 3D cent* per shore was- declared on 16th March. 1973 pay- 
able on or about Bih May. 1978 to shareholders registered on 31st March. 1978. 


There are commitments for capital expenditure amounting to R2 906 O00. The 
estimated total capital expenditure tor the remainder of the Current financial year is 
R7.0 mHOon. 


A uranium sales agreement was concluded during the quarter m terms of which 
the purchaser win make an interest free loan to the Company to finance the erection 
cl a now uranium plant at M-rriesoruit. Site preparation has commenced and the 
erection of the new plant will befirin In the near future. 

For and on behalf of the board. 
D. T. WATT (Chairman! ) 

N. A. HONNET ) Directors 

tool April. 1978. 

These values represent actual results of sampling, no aiiov-ance having been made 
’Or any ad lust meets which may be necessary when the ore reserve estimates are made 
at the end of the financial year. 


There are commitments lor capital expenditure araoumng to Rl OG6 ODD. The 
estimated total capital expenditure lor the remainder oi the current ftnoectai year I* 
R2J5 million. 


The cost increases were due mainly to higher electricity charges which became 
effective In January. I97S and to increased black labour costs. 

10th April. 1978 

For and on behalf of the board. 
D. T. WATT ' Cn airman) * 

D. D. WATERMAN j Directors 

* 0lJU, ' . 25 21 ib!b 50 845 

Mam Reef Leader S3 57 13,1 M A2 ‘ 

Totals and Averages: 

Quarter endad Si. 3.1 978 366 340 10.7 S9 633 

Quarter ended 31.12.1977 350 297 8.1 »6 776 

These values represent actual results of sampling, no allowance having been made 
for any adjustments which may be nAwtsorv when Die ere reserve estimates are made 
at the end ot the financial year. 


There are commitments for capital expenditure amounting to R673 000. Tbe 
estimated total capital expenditure lor the remainder of the current financial year IS 
2.5 ndfllon. 


10 The cumulative drawings plus Interest to date aealnn the special State Loan 
facility In respect of operation* dp to the end of December 1977. amounted ®o 
R3.5 million. 

till There was a heavy mno« of water Into the mine over the past 3 months doe 
to the exceptionally high rainfall. This led to l osses hi produe&wi and Wflh 
easts In pumping and maintenance of pumping equipment. 

For and on behalf of the board- 
D. T. WATT 'Chairman! I 

D. D. WATERMAN I D're«« 

10th AorO. 1978. 

. and • > 

are pleased to announce • ", j\ 
the formation, of a faintly owned company 
serving international money market clients. 





Ore milled 'll 

Gold produced negr . . . , 

Revenue «R't mHled'; . , 

Cost 'Rfl milled,: 

ProfituLossi IR.'t milledi: 
Revenue (Roao'si; 

Cost ' ROOO'Si: 

Profifflossi i ROOD’S!: . 

OF R1.00 EACH 
... 4T7 OOO 

1 869.2 

. . 18.94 

■ 22.71 


... 9 038 

10 834 
d 798} 




Manigfcg fljfEefor A.Wwd fiunan 

. -512 000 
1 849.3 
17 JO 
8 855 
10 444 
<1 5891 








Ton* sold— metric 

Working profit— cents per ton 

Pyrite concentrate sold «!• 


Working oreflt'ffossi — Gold 

— Ryrfte 

Sundry revenue <net>: 

State Assistance claimed 

Hit 7981 
R2 278 

R(1 589) 
R2 235 


World ng profit .... 

Net railway revenue 

Net sundry revenue 

Profit before taxation and State’s ahare of 


Taxation and State’s share at profit . * 



Profit after taxation and State’s 

Capitol expenditure 

Drilling and Exploration (Included 
in sundry revenue! 



31 21.1978 
505 108 

491 047 

R2 241 



Rl 101 

R2 2B1 

Rl 349 

Rl 592 

RSI 3* 





6 Months 

31 -5-1978 
996 155 

Tons sold— metric 

Working profit cents per ton . - . .• 

Working profit ■■■ . ■ 

Net sundry revenue.'texpenditurei 


1 745 9GO 

RI1 525 


Taxation — . • 

R11 570 
3 623 


Capital expenditure 

Exploration expend I turo— included 
In net sundry revenut'tfixpendi- 


Dividend declared 

Iff 947 




1 713 617 

6 Months 
31 JL 1978 
3 459 477 

RB 97f 

R20 496 


R20 513 
3 623 

R0 943 

R16 890 

K5 Oiz 



R — 

R2 830. 

■ - ;- . London Offltecc Y-;~ j 

SO Gresham Street, London EC2V 7ftY Tetephon«pL606473V Taieoc 88148&7 : 

Capital expenoiture 



ture, RS7 RB8 Rl 85 

Dividend declared 830 R — R2 830, 


Dividend No. 143 of 45 cents Ber share was declared. on 15th February. 
1978 payable o<t or about 17th March. 1978 to share* alders registered on 
3rd March. 1978. 


Then are commitments for capital expenditure, net of Escom funding In 
respect of Duvna, os follow*: 

Quarter ended 313.1978 
4 596 motres 

Quarter ended 31 .12.1977 
5 537 mere* 

Kimberley . . 


Main .... 
ratals and A 

on Reef 










1 063 

1 227 











1 513 

1 590 



1 716 

1 365 



There are commitments tor capital expenditure amounting to Rt 844 000. 
The estimated total capital expenditure for the remainder of the current 
financial year is R 2 970 dOO. 

Contracted - 

Authorised but not contracted ■---■■ 

Other proposed expenditure on Duvha Colliery 

Q$U«^erdtsd*5^Li97S 1 513 1 590 6.1 94 5» A 

Quarter ended 31.12.1977 1 718 1 365 SJl 9« 

These values represent actual results of sampling, no -allowance, having been .mast. . 
for any adl’istments whicn may be necessaiY the ore reserve estimates are nwne - 
at tbe end oi the financial year. 


Tnere arc commitments for capital awrefltur* amounting to fit'5 000. The 
estimated total capital expenditure for the remainder ot the current financial year is 

R75200 °- GENERAL 


The increase In working profit arises mahily from:— 

1. The increase in tha Inland coal, price granted with -effect -from 1st 
February. 1978. 

1 . 2. The pale of coaf produced- but not disposed of. in the previous Quarter. 

3. Adjustments to tonnages and prices in respect of grevloiH . ereori stup- 
’ meets. Similar adjustments will not -necessarily continue to oe maae in 

the future. 

4. The higher tonnage sold. 

For am? on behalf «*« b »«l. 
N. Z0LE2Z1 (Managing Olretfort* ) oirw.«« 
R. D. BARLOW f Directors 

10th April, 1978. 

The estimated net capital expenditure for the remainder of the current 
financial year Is Rl 2 473 000. GENERAL 

The increase in the working profit fertho vauter la dip 
The Increased Inland coil price which come into e«*« on 1st February. 

ib?a‘ prwnlum payment from an expert pool adjustment which Is unlikely to 

At iist March. 1978 holder* of Si 7 417 -of the C9nmny*s 13>r% 
Unsecured Convertible Not** exeitSsed their rtoht* 

number of share* will be allotted to them shortly. The Issued share capital 
wm he increased according. - ^ and cm behalf of the board. 

10th April. 1978. 

R. 8. MaeGlLLIVRAY (Managing Director) > oireetora 

(i) The cumulative, drawings plus- IntereK to dele against the soecisl State Loan 
facility. In resgest of operations up to the end of December. 1977 amounted to 
R2.4 million. ... ... 

(»» Fof lowing toe hooding qf .certain perewa of the mute In January. 1979. 

emergency pumping ktStaHations ham pw commissioned and sddtticnal pumps 
have neen Instafied 1" the main oufrwng Staton at No 5 shaft. Q e-watcring 
operations arc proceeding sadsfatoortjf end it is estimated that the flooded, 
section* ot the mm* will be oe-warered wioim 3 tn 4 months. 

It is estimated that the lou In production during this quarter, due to the 

General notes 

' Gold development values quoted harNn repraseni art sal resjrttsof sampling, no allowance having been made far nrv adjustments whleb may bo 
when aso mating ore rawtw at the end ot the respecthc financial sun. 

flooding. Is of the order of 20 000 tons. No further orMuctton losses are 
anticipated on this account. 

All financial figures are subject to audit. 

10 th April. 1978. 

For and on behalf of the board. 

n: a. W^ biiTTaan ' \ mntton 

Copies of these Quarterly reports are obtainable from the United, Kingdom Registrars and Transfer Agents 
Charter Consolidated Limited, P.O. Box No. 103, Charter House, Park Street, Ashford, Kent TN24 8EQ. 


South African profile 


!’:* ft GE^J^S^SION tO-iiQl, half jfe 

systems' and engines for the Key 
mining sector and traction units 
for liie fatate-run Sootil African 
„ Railways. So . it ft .heavily in* 

Board ^control, is an solved with the state sector, 

especially ESCOICfhe electricity 

commission, the Post' Office and 

:^ a ^ - African subsidiary to 
X Vi .Rand, tire .biggest local 

. corporation, and thus 

t '■ -^aHvitrawh Tlnint juntml ■ r '.M 

’ • L -lfiiBKStibn:0£ tfie;varying ways 

i.-m sr ^hiphr f-oreJ gn-ctmtrolled 

> ■•» - the-. ReptAUn are 

u . rj» A.raspondTng-. -. t6_ domestic pres- 
-^T s*>!rrsiff«s- : Tlrese -come from two dir- 
.•* i Vi? 1 jafftan.-SQurces. - 'The Sotrtb 
. ' ; ’ ^A£3can> Government,- on the one 

‘ - •-<; ^ r 3i*piE- j^becontihg increasingly 
- t V c ;Jce^ir"ffiat - 'important ; sectors of 

requires” Of GEG SA's local 
business, with annual turnover 
of about R200m. ($229. 6m . ) , 

about 40 per cent is power dis- 
tribution — transformers, switch- 
gear and cables, ■ the . latter 
through the partly owned, listed 

per cent in the combined group, 
its effect -was broadly similar in 
tbat STC lowered its profile and 
acquired a local partner, while 
the South African group obtained 
access to STCs advanced tech- 
nology — an important considera- 
tion for Barlow Rand as well. 

Japan curb 
on $ loans 

By Yoke Shibata 

Beonamy are subject, to some 

~Tdnd“6f local participation, if not 

As pressure from /finr "Government; shareholders and local 
anti-apartheid groups builds up. foreign companies doing 
business in South', Africa, are trying to adopt a less obvious 
pro file. GECs deal *4th Barlow Band, In which ‘the major 
Sooth African concern is buying half of GEC Sooth Africa, 
Is fire latest example, of the flexibility with which foreign cor- 
porations are; responding to the altered climate- .. 

Interestingly, though, GEC 
retains its direct stake in Tele- 
phone Manufacturers of South 
Africa, a joint venture with 
Plessey which has been excluded 
from the Barlow Rand deal and 
is a major competitor of the 
STC- Allied Technologies com- 

- V aim- anfrapartheld 

at horn? has led 

=-vanous- 'jrftKit»s -with imrmrtant 

' >-3 •’ r tben^-the tan^e of commercial 
•"-"i ■; -i r^nd political motives is usually 
'*• .• i“ diffi<Silt to; unrayet -For GEC, 

• ^ rrcrpetating hj a tiumfcw Q<f poten- 
‘>7?- tially sensitive areas, future 

*' 7 '-'.A'^-^riticwmc. cah -no * doubt be 
.*;*i.v.^f>^afgel3f- deflect ed T by: * ceding 
- ? : • board ' cctttrol ftf Bariow Rand 

X' - •fire sale : of fiO'per cent. 

-> - -;'-v!of GEC South. AfSiha for R27-5m. 

v"i*' ' Afrtii&jsame time, there .is no 
.• “'reason :to- .dtidft flie commercial 

‘ attractions of the "deal. GEC SA 

-j; already.firmJy entrenched in a 

-V : . -growth areas,, includ- 

:? V.^.rrlng power generation, winding 

1SCOR, the state itedl group, in 
addition to the SAB-.* 

Apart' from gaming a • com- 
petitive edge through its. partial 
“South Afriranisatioii,” • reduc- 
tion of foreign control from 100 
per cent, to 50 -per cent' also 
eases, for example, local ■borrow- 
ings should they be -necessary, 
though. GEC SA says SrinJy that 
all its anticipated needs . axe 
internally funded *at present 
In addition, t he JBaiiow Rand 
dead, does not presage any 
particular expansion “'of GEC 
SA's local manufacturibg bass. 
GEC SA’s ra imag in g ■ director, 
Frank Lester, says: “There is a' 
constant process of : manufactur- 
ing locally, as tie'. -market 

group African Cables— white 
electric motors account for 
another 21 per cent- What 
Lester calls' “ composite project 
activity "— for example package 
deals for the gold mines — 
accounts for 22 per cent- of local 
turnover, and is a mix of im- 
ports from GEC! .products locally 
manufactured by GEC SA -and 
components bought in from 
other local manufacturers. 

The Barlow Rand-GEC SA deal 
has some similarities with Stan- 
dard Telephone and Cables' sale 
of its local manufacturing sub- 
sidiaries to the much smaller 
Allied Technologies last year. 
Though this . was a reverse take- 
over, which left OTC with a 36, 

For Barlow Rand, the GEC SA 
acquisition has generally been 
hailed as an important coup. 
While GEC BA's earnings, at 
R9m. (510.3m.) on R200m. turn- 
over. are relatively lower than 
Barlow Rand's they are regarded 
as high quality, and growth 
prospects for the GEC SA pro- 
duct . tine are dearly above 

The deal is Barlow Rand's 
biggest since its 1971 takeover 
of Rand Mines, which has been 
instrumental In its growth over 
the past seven years. Its man- 
agement should mesh in well 
with GECs, since apart from the 
references to improving condi- 
tions for employees of ail races, 
both groups share the philosophy 
of decentralizing management 
responsibility while retaining 
tight financial and budgetary 
controls from a small head office. 

TOKYO. April 17. 
THE MINISTRY or Finance has 
relaxed the control on so-called 
impact loans i foreign currency 
! borrowings by Japanese com- 
Ipanies). . to enable Japanese 
J export-related corporations to 
: hedge exchange risks. 

A number of such companies 
1 have suffered exchange losses as 
' a result of the upsurge in the yen 
exchange rate on their dollar- 
based credits. This began last 
year and is causing concern to 
the Ministry of Finance. Up to 
now impact loan borrowing has 
been permitted only to increase 
corporations’ capital investment 
funds- Under the new guidelines, 
the purpose of such borrowing is 

Japan’s leading fishing eouip- 
! ment- company, Datwa Seiko 
j obtained permission from the 
i authorities to-day to borrow 
{$X.5bu^ as the first purpose- 
unspecified impact loan. 

Impact loans usually carry an 
interest rate premium of 1 per 
cent, over the interbank borrow- 
ing rate is the Eurodollar mar- 
ket. The volume of outstand- 
ing loans reached a record 
SLSbn. iri 1974. and fell to 
$I.63bn. in 1977. 

According to financial sources, 
fshikawajima Hariraa (IHI). 
Sumitomo Heavy industries end 
Honda are planniog to increase 
[impact loans this year. 


ft ft is gratifying to report that the Company has continued 
the improvement which I reported last year. Profit is up by 
£2.25m and turnover up by £22.56m on 1 976. These results, ; 
produced in a year of great difficulty for the retail industry, with ; 
which we are closely linked, reflect the efforts of everyone in 
the Company. ^ * 

We shall continue vigorously to develop the Group both : 
in its traditional activities and in the new ones. So far this year, ■ 
the Group is performing well.” Chelmer, Chairman 



Group Profit 
Ordinary Dividend 

per share 

per share 


£1 74,804,000 


Principal operating companies: 

Provident Personal Credit Ltd. Practical Credit Services Ltd 
The People’s Bank Ltd Provident Management Services Ltd 
Unicredit Finance Ltd H. I Greenwood Ltd 
Tyne & Clyde Warehouses Ltd Whitegates Estate Agency Ltd 
Provident Financial Group Limited 
Head Office: 

Colonnade, Bradford, West Yorkshire BD1 2LQ. 

3? ||::^iiiisition . talks hold up 
• ^£ PriUirose share relisting 

s’e.r.. ?T. ffl* CORRSSFON DtKnr OHANNESBURG, April 17 . 

- '^'FOLLOWING 'THE - weekend its clay production,- is V major 
•* .. -Jp..-:. ajiqouncemenf tftat -Tuqgaat, the consumer of coal for its Joins 
- . -.^JLriffivbr^ed '! sugar: group, bad and has some background in 
acquired, control ; of -the brink coal mining through it* previous 
’ ' /jnandfaBturer Frimrose, "snares ownership of the Spifrkop col- 

>..i i„ In Primrose remained suspended iiery sold two years .ago. - 

to-day in Johannesburg, and the; Tongaat announced T£te on 
group's managing director, Mri Friday that it bad acquired 33 

R it ««.!<' David Gevissfer, who has been per cent of Primrose, and bad 

b. UUS UAH confirmed in bis pQstby TOngaat, obtained "support? .from* btber 

x viyj] S3 j ( ] that- 1 he expected -'it would shareholders which took iTs vot- 

take up weik before -a: lug- control ‘of tit® group over 

relisting was obtained. . 56 per cent There is some feel- 

The shares were .suspended 

last Friday ahead of -the. new. ■ 22SS 


_ „ . 'Guardian-liberty . Lift’s - acqnisi- 

..Witb tfie tacit appfpyaii 'of .tioo. Of a controlling interest in 
~ :TciHgaatr = talks are- appafentiy First Union General-Investment 
— over’ the' acquisition Trust (FUGlTv last year may 

• j -l;- continuing o’._. — — — — . 

r: : oL Aloe .Minerals, though it -isVhxve some bearing. In litis .rase 

-e.. not' cJear wliether-any deal would ft was beld that the tvrtL key 
: jete^for rash, or Primnlsq -sfiares.: aspects of the deal were that no 
The thinking on the part of previous control' situation-, exis- 
- -"^' J'rimroSe Js Aha.t ^Dthr&dte or ted.' amf tbat control hart twen 

-- " oth&r coal interests WotflU pW : acquired 'in the market Heoof.- 
; -' ;i - Vide a -Secure - source of income, it "Was claimed that ' all share- 
‘ r - : immune from the. cyclical swings holders tbeoreticativ had . Xhe 

7T7 of the brickmaking business. In ooportuoity to ; sell, and bad 

addition. Primrose is involved in therefore, aemn in theory, been 

: the extractive industry through treated equ|fry. 

. .1 .5%*# * 

Dutch bid for Ozapaper 

~- * RATH - • SYDNEY. April I* 

= THE LiUTPi group Gee-Van der . .- The merger /ail! ^ i acco i 1 !?' 

- - : tn iaraanise its i^hed by the issue of One Ofie- 

: Li; Grinten ia to reorgaiuM . share -for- ^ ea cb Ozapaper 

a — ti 

1!- L INv 

Australian- operations. Kepro- Directors ol both com- 

granhics and -b u ilding materials pa n j P ^ recommend the offer -and 
group, '6«Urosby is making a are supported by an independ- 
takeover jjffeT for jfee. rivaJ o®cg_ ent adviser jnerriiant bank Capel 
equipment group. Ozapaper. The Court Corporation investors, 
Dutch company has held a 58^ however, misjudged the bid as 
per cent, interest in Oce-Ctosby Ozapaper shares were priced at 
for several years. Early lakt year 71 cents ahead of the terms com- 
mit acquired a 55fi per cent, pared with 62 cents for Dee- 
interest in Ozapaper .through the.^Crosby- Ozapaper shareholders 
■acquisition of iti' U.K. parent will also be 
JOzalld. At the time it was an interim dividend .of I-s5 cents 
’announced that the Australian a share for the half year to 
-- 'companies’ ' 1 relationship would May-^.Becaiise the 
< r.^CS.*j3 .-continue as usual, without any merger Is based on an exchange 
.special arrangements being made, of shares, the overall effect win 
-Early this month however the be. that the 42.3 per cent 
‘directors of both companies said Australian ownership of the 
that talks, wdre underway- which combined companies will remain 
-could lead to a merger: unchanged. 

*.% ■ pi\V 

Boral offers share swap 


SYDNEY, April 17. 

RORAL, which has about 4S per 
jeent of ■ the . capital- of . fellow 
. building' 'materials' *group7 Aus- 
s 'itTalian Gypsum Industries, after 

an intensive buying exercise, and 
-.which last week made a' cash- bid 
■'of SA2^2 a share for the com- 
-pany, has announced a share 
"swap alternative to the cash offer. 
•\ Earal is offering nine of Its 
own shares for every ten shares 
in AuSftalian.rGypsujnft which on. - 
s .today’s price of $A2.3u for Bprai 

puts a value of 8A2.07 on Aus- 
tralian Gypsum, shares. 

This compares with Australian 
Gypsum’s market price to-day of 
up from SA2-15 yester- 

Offer documents are expected 
to be posted in mid-May, and the 
bid is conditional upon accept- 
ance bv 75 per cent, of remaining 
shareholders for 90 per cent of 
the outstanding shares. 

European paper trade “brighter 

financial times reporter 

fabrieken <.KNP> expecU the 

L^i*rtpg ^n-TiaPe r^and_-;.cardPoarg 

* industry to begin to recover. 
.Prices of the industry's most 
important raw materials have 
I. fallen and “there - are iiffW oT 
‘increasing demand for printing 

’ J KNP is in 

; r, good PMitiop to 

! profit from this improvement *u 
■view of its strong position . on 

■ mternationA- markets.' the com- 

■ pany said in annual report. 
Two- thirds of its paper product 

’ one third of its cardboard 

. and 

products are sold outside 
Holland. KNP made a net profit 
in 1977 

after Fls.Lm. the year before on 
sales that rose to FIs .78 6m. from 

Production of printing papers 
fell marginally to 345,000 tonnes 
from 347,000: while paper and 
board for packing rose sharply 
tb 124.000 tonnes from 69.000- 
following, the .acquisition of 
Kappa, ~a -board -and paper pro- 
duced, last year. Kappa’s results 
have been consolidated from 
August . onwards. 


As Of March 31st* 1978, the ^consolidated net asset 
value was US|79,^33,643:10 f 'Le. US?H4.05 per share 

l^ljspttpar^ae- 1 r 

The consolidated net asset value per share amounted, 

as of March 31st, 1978, to US$124.30. 


A lot of companies have gone into partnership with Irvine 

NewTown. And the list is growing all the time. 

So there must be some powerful attractions. 

Maybe it’s accessibility. With two major airports close by. 

And unrivalled shipping facilities. 

Maybe it’s the financial and administrative assistance you 
getwhenyou move to Irvine. Like possible rent free periods and 
maximum government grants. 

Or the availability of factory space. With plenty of room for 
expansion when you need it. 

But one of the main attractions is the place itself. 

With golf courses a few minutes away and three miles of 

lovely sandy beaches right on your doorstep, Irvine is a beautiful 
place to make money. 

As Beecham, Volvo and others all discovered when they went 
into partnership with the highly professional staff of Irvine 
Development Corporation. 

The team which has helped overa hundred and twentyfirms 
base their business in Irvine on something more substantial than 
faith alone. 

If you’re interested in the kind of deal we can put together for 
you, get in touch with our Commercial Director, Mike Thomson. 

He’ll send you the nuts and bolts. IRVINE NEW TOWN c? 



,. 1 


)*«•« •.•*»*>*»• 

US $ 100,000,000 

Seven Year loan 

Managed by 

Credit Lyonnais Commerzbank 

' Action gesellschaft 

Amsterdam-Rotterdam Bank N.V. Fuji International Finance Limited 

Lloyds Bank International (France) Limited The Long-Term Credit Bank of Japan, Ltd. 

and provided by 

Commerzbank AkUengesellschaft Amsterdam-Rotterdam Bank N.V. 

Soccureafc de Pans ' 

Credit Lyonnais Commerzbank Aktiengi 

Snccursalc dB Pans 

Lloyds Bank International (France) Limited 

LTCB Asia Limited 

Landesbank Rheinland-Pfalz und Saar International S.A. 

Banque Bruxelles Lambert S.A. Credit Industrie! et Commercial 

Daiwa Europe N.V. The Sumitomo Bank of California 

Fuji Kwong on Financial Limited Hamburgische Landesbank-Girozentrale- 

Fuji Bank (Schweiz) A G The Fuji Bank and Trust Company 

London Interstate Bank Ltd Yamaichi International (Nederland) N.V. 

Banque Commerciaie pour FEurope du Nord (Eurobank) Credit Chlmique 

Exclusive dealer lor Commercial Paper 

Salomon Brothers 




March, 1S7B 




SAUDI RIYAL 25,000,000 

Arranged By 


Provided By 

Saudi Investment Banking 

The Chase Manhattan Bank, 

A1 Bank Ai Saudi A1 Fransi 
(The Saudi-French Bank). 

BAM. (Middle East) Inc. 

Union de Banques Arabes 
et Fran caises-U . B A. F. 

Banque de l’indochine et 

Agent Bank 

Saudi Investment Banking Corporation. 

^financial Times Tuesday 'April IS 1978 - 

al a'! 1 


NOTICE IS HEREBY GIVEN that the Annual General Meeting of Shaieholdere ofTtde. 
Development Bank Holding SA, (TDB Holding) will be held at the registered omce cfc mere . ■ 
company, 34, Avenue dela PorteNenve,Imembo^ at 230 p jn. , on 9th Mayv 1978:for the ;- v J. 
purpose of considering and voting on the following matters. . "■ ... _ : . . o • . ■ 

1. Approval of the repot of the Board of Directors and of the Statutory Auditor tor the pehdd - . ; 

ended 31st December, 1977, and approval ofTDB Holdings bidance sheet as at 31st December^- . y:. 
1977 and profit and loss account Jot the year ended 31st December, 1977. _ ' 

2. Discharge of die Directors and of the Stattrtx^ Auditor for the proper perfotrnance of thdr -; vV 

duties for the period ended 31st December J977- • w!.- : 'p- 

3. Ratification of he agreementofNovemberg,^ aNotesissuance by the Company^ y 

4. Appro priatio n of US$ 440,000 to the kgal'reserve* distribution of a dividend of US$9, 021^15 . y 
(US$ 0.55 per share) and the carrying forwacdof the balance of the profit. 

5. Election of the Board of Directors and bfihe Statutory Auditor for 1978. All the Directors^ y- 

are eligible and stand for re-election. .r-X'---: ■ ■ i - 


are eugipJe and stand tor re-election. • • - O' 

6. Approval of the consolidated balance died! as at 31st December, 197T and profit and • 
account for the year ended 31st December, 1977-fbr TDB Holding and its subsidiaries. 

- : : Rv Order of the BeanL. ' 

Edmond ji Safe, 


Subject to tbs relevant resolution being ap pr o ved, the dm- i 
dead will be payable on3Ist May, 1978: (j) in respect ofm-v 
dwi w on the zegister at tbcdoSc' 

ofbusiness on 1st May, 197S and (a) in zespect ofbearer shares . 
^n'ntf surrender of Coupon No. 6 to any of the E fykg 
Agents listed belosr. 

Any shareholder whose shares aze in bearer form and who 
wishes to the Armnal Ge neral in pexson most 
produce a depositary receipt or present his share certificates 
to gain admission. If he wishes to be represented at- 1& = 
meeting, he must lodge a proxy duly completed togetherwith • 
a depositary receipt at the registered office ofTDB Haidfog- 
at 54, avenne de k PorteNeuve; Lusembotug, not later San 
Stfa May, 1978 at 6.00 pjn. The shareholder may obtun-the ' 
depositary receipt and, if requited, the form ofproxy from.' 
any of the banks fisted below bytodging his share certificates, 
at thdr office or by arranging for the bank by whom his , 
certificates ate held to notify any of the banks fistedbdow' 
that the shares ate so held. 

Any shareholder whose shares are registered will receive a. 
notice of the Annual General-Meeting at his address.on the 

' twister tocedierwiA 4 form of prwfOT use at the meeting - 

: should be lodged at TDB Hokiing’sofficeia- 

accoidance with the above mstxwrions.-, . - _ i 

The remi***™* of tfae fonn o£ proxy will not jaeoude * 

; shareholder ftom -attending in person and 
TT^yring if he so desires. The Resolutions may be passed by a 
simple majority provided that no Single shareholder or prosy, 
may cast votes in respect offnore than onefifth o f the issu ed - - 
opital or mote than twcHfifths of ail shares -represented in 

due^crounts of TDB. Holding fear, the year ended 31st . 
December, 1977, may be obtained at its registered office, *®! 
from any of the banks at the fbBcwmg addresses 

*Jrbnu6dnnas Hanover limited,' 3, Princes Street, London EC2P 2ENT. - v - : - - 

*Banque Internationale a Ltooembpa^ SA, 2, boulevard Rqp4 Tuxembonig. 

* Manufacturers Hanover Baids Belgium, 13, me de Tigne? 1^00 Bm^Efs, „ . . 

*iIanufacturcT5 Hanover Banqne Nordique, 20, me de la Ville-UEvfiqne, Rtiis 8^ • 

* Manufacturers Hanover Trust Company, 14, Wall Street, New York, N.Y. 1D015. 
^Manufacturers Hanover Trust Company, BodcenheunecXaiidste. 51/53i.FrankfiirL 
• ^Republic National Bank ofNew Yoik, 452, Fifth Avenue, New YoA, NX-10018. . 
*]TWU» Devdopment Bank, 25, Cccso S. Gottardo. 6830 Chiasso; 1, Switmdandr 
*Trade Development Bank, 2V AUdermanbuty, London EC 2P 2BY. 

Trade Development Bank (Ranee) S A 20, Place Vend flm e, 75001 Paris. 

*Trade Development Bank (Luxembotaig) SA, 34, avenue de laPorteNenve, Lresembouig. 
Tradp Deydo pmentBatd^ 2, place dn Lac, 1211 Geneva. 

fc Paying. Agent of TDB Holding 

Where trade blossoms 

Flowers identify the ships of Japan line’s 
modem tanker fleet. Japan' Daisy, Japan Cosmos, 
Japan Violet . . . and a dozen other floral names 
signify speed and safety in ocean transportation. 
Shippers around the world have come to recognize 
Japan line for its swift and efficient handling of 
any type of cargo. 

Just as flowers are 

the symbols of 1 % 

our tankers, f __ 

experience is the hallmark of the crews ttat srnl 
them and the personnel who careJnr fhe customerS. 
Japan line operates a total fleet of 251 vessels. ; V 
v induding speedy and sure containerships and ; . 

- 'a variety of other specialized vessels. . ■ 
w Wherever trade blossoms one of Jaupan’s bigsst 

^ fleets is ready to assist the shipper . 
g| whatever his product, wherever hK inaikdV 

& m 


m zp 

« -r* • i 

" \ . 

Tapcrn J)ne 

Head Office: Kokuwi Bldg., 1*1,Marunouchi 3^home, 

_ . M o*T 7 Ct«< Mm York Td 2l^466>3900 Dallas Taf. 2M-741 -4946 Hiwttin Tal. 7I842S3030 HwOiiw ntTA 

Overseas Officas London id. 01-483-375T~4 New Yoricra. zi ^ Dtf ParttewdOiw. Tah E032ZM621 

ClvicafloT^. 312-298-1850^2 UsAngel«TeL213620-K51 San VancoovBT 8,0,1^. 604-683-7S8S S«ln*yTi27J871 

Adams Tel. 404S888958 Mantraal Tal. 514642-2281 Toronto Td. 4 1&3684S26 T«l r B 4 && 96 -lC U wdtTet: 441481 TohuranTaL 3I435&~SI " 

WUInsn.T^VMlingioiSl^.Hcng KSn,Td. 5230191/6 CmwTO. 520733 Mofco OWW-MS^PB 

^8 - f liUiiTirf -•— 

.Apitt IS T97S 

• ' 'AS *“ ^ 


jGM and- - T 1 
1 note issues n] 

U.K. lists debt repayment ^^ e ul int0 

"~'’ r tbr*L» 

y By. Our Ovm Correspondent JL v 

to A r.JfSlSdenc^'tte^o « OUR OWN CORRESPONDENT 

* *» js-%* -.s? re- «*w» 

m bond prospectus Lynch buy 

NEW YORK. April IT. 

By Oar Own Correspondent 
NEW YORK. April 17. 

Charter puts merger plan 
to Commonwealth Oil 


NEW YORK. April 17. 

^ 0i \. 

i Apart from pinjMtintxnn tbs market a « inrMnn/iM) i» Chan f»n a B -^ e “ *2.'° proviae a aeos in tne coming decade. In a uovenun its potential following its filing last month Coreo can continue its opera- company, plus cash payments, 

SS^SgSggSS* SSSS *“fS‘ ”^r*5S“ £«££&** £S£3£te 

ISrt&SiBsa agSKSKStte SSSEKSS aM/UP* sTsfS;^ SBAttM* sKrSSWS S5aSS»* 

| jotkey ' f6r portion in the ffiSSOTSTffitSOTB will peak at some SS^bn. in 1881. some part of the 1880s. " 

- market. been nubliahpd and as expected an<i renuun <Ndto high for the A table supplied by the Depart- 

ue«n puousDea, ana as expeciea next ihre® „»ni- a h»fnn> tain™ «tr „r 

aw ar-rys: rssss 

t -- Qb 

■ •*: 

subordinated notes with an external funded debt outstanding: Interest repayments show a since it is both the largest bond would probaoty rail to the Other courses of action under SUbn. out of Sl-5bn. in 1877— The company is also seeking to 
underwriting group beaded by at the end of last year was similar curve though they peak of its kind- ever issued, and also Justice Department to decide consideration are a sahs of cer- from petroleum refining, market- cancel certain “ disadvantageous 
. Morgan .Stanley.-- The notes S12.7bn. plus an indirect debt of earlier, in 1980. marks Britain's first appearance wbeiner the deal involving the tain assets, selling stock to out- ing and production. marine charter contracts.*’ 

•• T* truer A k«. a Qi Ji Ck« ac AexY%* * u ah a n cSmaa fko Uet COUHtTV $ Ur&PSI SPNlriliM 

have beeh' rate?T double A by - $10.5bh_ Of the direct debt. The maturity schedule on here as a borrower since the last country 8 JfTJj** 1 ?*-o ul 
;■ Moody s and single A by Stand-, nearly twththirds ; was 'accounted Britain's indirect external debt, war. There is .still no indication "P? *?* c n „V^~ np t tlt '' e 
*i ard and -Poorey Jhe two key for. by long-term intergovem- that is. loans by British public of the expected yield of the two )?, *“*“ non 7 Df 

i rating agetides,;- - mental loans and funds from the corporations. . reaches a peak of sets of bonds — S200m. and SiSOm. Clayton Act. 

itive and 
of (he 

ford, by rentrestJws just heen IMF. 

upgraded by . Moodys. . from 
:: double A to triple - A, thoqeh 
li it is stilt double A minus with 
' Standard and Poors. Although 
'■ the fiercer retail’ competition 
1 for the bonds is likely to give 
r* some special -results., market 
f observers expect Gif’s notes 
;• tn yield about 8.5 per cent with 

The Bank of England also pro- S200ra. by 1987. 

S*-.4bn. in 1981 declining to below — but they are expected to be 

marketed on May 3. 

Profits slide at Curtiss- Wright 

This comes as no surprise to 
Wall • Sfcreel. where Merrill 
Lynch’s '.acquisition .is the 
second topic of conversation 

Kaiser Cement in Medusa bid 

OAKLAND. April 17. 

BOSTON, April 17. 

* AP-DJ repi 
| American: 

He also declined to project full Board. 

company was which is Utah's largest employer. 

3 continue pi 
jin termed late 
’ii model -after 

j ,n „_jk e a ^, SCDC <* of any kaTSER CEMENT and Gypsum also produces aggregates and 1978 produced the sharply higher 

rici ailed explanation from Corporation had agreed in bricks. In 1977 Medusa reported loss this year. 

MemD "Tn™ securities in- principle to a tax-free merger record profits of 813.9m. or S5.07 Manufacturing costs were 
■ , rvr Ji have co "" w iih Medusa Corporation of a share on sales of 8241.5m. increased by the weather and to 

eluded tnat ihp counm's Cleveland for about 8150m. - Earlier. Medusa reported a first a lesser extent by the coal strike 
”“™ Vttrart/d i£°w3£ Terms of the agreement call quarter loss of S4.7m. compared the company said. Maintenance 

»-as atiwclcd lo While >Ve|d for Me{Iusa shareholders to wlth a ioss °f S2-5m. in the yeac r costa were also higher. 

fi°r^i-a 1 s th? /mt?if-'r S ' rnm receive cither 847 a share cash, earlier period. Sales were sai.lm. Medusa said that it is opti- 

of imS rn tank' or 2-5 shares of Kaiser Cement against 525Bm. . mistic that earnings for the fu 1 

pairtte list oi imeniment bank- A loss m the cement industry year will exceed last year s 

lS5lSdT£uoi» Others UweU Medusa has 2.84m. outstanding is n t ot u ?, c ? n l? on ln J' econi dcS P ile lhe **« f » uartpr 

and &e^ ^ss Mu^I^fe! shares of commoo and mOOO ftL 

American Cynamld, Illinois shares reserved for exercise of 1116 severe weather in Agencies 

Tool Worts and TWA. stock options and conversions of 

The . secon {(attraction, and ot ii£_ r securities. , . . .. ... . 

fSLTL'Z&JrSlSnZS do^ erger ag ice“=nr ’Ld Occidental earnings maintained 

,;year and * concentrate on opr share, compared with $19Jjn. or ing is 9.9 per eenL of i 
jRnaiier car entries thereafter $2^1, on sales of S®)9J9m, against Kennecolt shares outstanding. 

Jin line witii our corporate Amjc 7 m _■ After thp luppiinc Mr Uptt _ _ 

, n „e SS^miME sajst-i- sryrti 5^r ' « 

;J1979 model year, it wUl intro- concen&ic Curtjss-WrigWfti’ bid pany committee concerned with Agencies : Credit Snisse-W hite Weld. Atlantic and Southeast areas and years first quarter when it re APDJ 

j4duce two new models “as add r-. : • - - . — — - - 


to'RM,' Rendix exnectins record year • *>*««»* a»D ^ lo^y 1 ™™ *,™* * ™ * * _ 

ilwaukee which. JET • O %/ — — — — Pimqtwwp ivn wn. i nwamw wra ivn J Fim Quarter ins v 

Boding shares. failed in two Utah courts. • cent. iovoiTementfn Credit JPPJJw LOS ANGELES. April 37. 

in « ff bold. ta J. WUJJJJ, SSSBtt p-invSLr wSXU OCCIDENTAL PETROLEUM pnr^ne, «»o. nr « cent, 

jnnecolt shares outstanding. cott Copper said it will suspend banking, Merrill Lynch is a n( fSJ?h! l-Jffn n fl u!JiS 0 Corp<,rat, °° ejf P ec,s to report ' ehemiral ooera 

After the meeting, Mr. Berner copper refining operations for very much smaller factor In tinn and be based m Oakland. that net income for the first .^^ fr °^ ^ he ?' cal ” pera 
iH in enmn ihmn ami a half months the Eurobond market and Mcdun operates seven cement , u - tl . Dns were ah0 ? t same ai 

Ttional entries in the smaller 1 
-car segment” of the auto. 
,1 market. 

Itj intends to continue operation 
jpf a plant in Milwaukee which, 
ais currently producing bodies 
nor the Matador. 






First Quarter 

1472 1477 First Q manor 1971 1477 . t . First Quarter 1971 

i S S S : S 

850.501. 564.5m. Revenue 482.5m* 405.4m. (Revenue 95 jra. 

First Quarnr 

SOUTHFIELD. April 17. it p venue 

wi]I . *?.°P MOTOR industry and -aerospace predicted that 1978 win - be eventual takeover of Asarco. 
^producing Matador bodies ... ^ rmr /.vnisinM that the s* 

producing Matador bodies “^^^ co^ration re- inolher record year. He gained that the severo 

.I?, 1 ? Df Ju ? tr .^ 3Ut • Pnr «ip Mr. William M. Agee, the winter weather and the lengthy 

Net profils 364m. 31.6m. Net profits 79.0m. 643m. Net profits 4.0m. 

Net per share... 0.76 0.66 Net per share... 1.12 0.91 Net per share. .. 0.61 

19 T 7 : First Quarter 1972 1917 

s s s 

90.6m. I Revenue 3.9ra. 3.4m, 

2.4m. I Net profits 322.000 267.000 

0.35 1 Net per share. .. 0-18 0.15 

?:ir““v u i c “ <“'. ,,s . out TZIm Mr. WiUiam M. Agee, the winter weather and the lengthy ARCHER-DA ME US-MIDLAND I FIRST CHARTER FINANCIAL [HERCULES _ _ , 

ajSjL porte * net earnings ^for.. tite chairman ^ chief execut jv e coal strike “didn't impinge on — — — ; — I First Warier ~~wi mtt Rm Quarter 197» ivn ! 

-other components for- AMC second quarter of 51.43 a share disclosed that Bendix is our operations as much as u-e , thm Quart* iws 3977 s s s s > 

, ui1 i - 4 against SL34 previously. Total ‘‘negotiating to sell" another thought." Profits of three of th^ ' q 5 - 154 Revenue 25.1m. 22.1m. Revenue 439.0m. 398.0m, i 

rose "to 83fcflTni; part or its largest foreiso sub- company’s -four- produet -groiws 'qtq' a4 g Net profits 29.7iu. 29.6m. Net profits 18.2m. 12.9m 

^being lyd off SL Increased to Sdiary - Paritbased DBA - were up in the second quarter, Per share- 0-30_ _ q,49 . Wet ^ 8hare ... . 0 .85 • 0.75 Net-per shar e- - 0.42 030 

^P^n.lK^'taSSK'W '"“if*- 3 - , Sn« X^^dl^or 'S Sfc l ^V. l ? , rS.SS!S CONTWENTAL .LL.NOK, >VT. mAerHs £ CnjjSST 

corporate operating econo- For the first half-year, net „ ar results. First Qairter 147* wn 1 Fim Qnrtnr pn 1977 [ imn Qnrur un itt? < 

"lies." earnings of 52.71 a share com- ul reiterated that Beodix’s The automotive operations , _ . * _. s _ s s ■ * ! 

— r- pare with 52.54 a share. Total insf^imBmincrd proposal to “were down slightly" in the £ et Profits 40 ; Z ?1- 34 ®° 1 „ i Net profits* 3l.lm. 25.7m. [Revenue 3 St m ' 

A/fY^T" tuinr net of S60^8m. compare- with acr , u j re UD t 0 a 21 per cent quarter partly because of the Net per share... 1.1- O.B8| Net per share 4 '. 0- y 8 0.65 1 Net profits -''“S;! 

1V1U1 Wins. 356.7m. Sales of $1.7bn. compare JgSS ff .isarco “i S P a long- severe weather and continuing (ppr mmj*TtaEX ’ ’ ' Net per share- 1.63 1-52 ] 

AA ,iVr ~ th ^l^bnr-- — ^ "TeruTin vestment' that’ will allow problems with DBA which sup- _ — , — — — - — FLORIDA POWER GORP. • MORTON-NORWICH PRODUCTS 

LUUri. appeal Bendix sees continued strength Bendix to participate in energy plies electrical and mechanical rim-d Q.rar ito mit ;■■■ ■■■ — 

WASHINGTON, April 17. for the rest of the year in the related fields ' and is not parts for automotive and aero- Bpvpnu „ 30 3m 755m ™ ^ 1 ? 

1 FEDERAL Appeals Court has Principal markets it series and necessarily a prelude to an space markets overseas. Agencies y ef prftflt . <{5^nt. *U.Sm Revenue 178.3m. 17I.Snt. j Revenue 272.Sm. 162.9m. 

uled that American Telephone : — Net per .share... — — ; Net profits 19.4m. 23.9ra. Net profits 10.0m. 8.7m. 

nd Telegraph cannot vdthhoid • ' “bos'* ■ Net per share... 1.11 1.44! Net per share... O.n 0.69 

First Quarter 

First Quarter 

, against S1.34 previously-' Trial *• negotiating to sell" another thought." Profits of three of th^ v ■ q 5 7 Revenue 25.1m. 22.1m. Revenue 439.0m. 398.0m, j Revenue 546.9m. 482.6m, 

^U ^U -m-a b D u t-pgt^earnrngTr rose -to 83L8Tm: part or its largest foreign sub- company's -four- produet-grenw ^ . 'qJJ' q 49 Net profits 29.7m. 29.6m. Net profits 18.2m. 12.9m Net profits 50.1m. 40.4m, 

ees „ b ii^ Jjid off from S29.93m. Sales increased to sidiary — Paris-based DBA — were up in the second quarter. -Net Per snare ... 0-30. . jer share... -0.85. 0-75 Net per share- . -- 0.42 030 Net per share- 0-71 0-58 

money S'n’ce Te^dl,* of \Z ^WhS.'STBtapSSS CONTINENTAL ILLINOIS . I We^dokuAWaii: jLVT. MNEEALS ^ CHEM ICAL S i^NlTcO— 

! Firs Qnrtnr 

< Third Qnrur 


! First Quarter 

FIrnt Quarter 

34.9m. • Net profits* 3l.lm. 25.7m. | Revenue 343.4m. 331.7m. j Revenue 849.0m. 717.0m, 

0.98 1 Net per share*. 0.78 0.65 1 Net profits 29.8m. 27.2m. (Net profits 30.9m. 

—— ! • BeforwRccorincR transactions. [ Net per share... 1.63 1252 J Net per share... 1.60 




First Quarter 

Third Quarter 1978 VfJ] . First Quarter 1918 

ruled that American Telephone 
ind Telegraph cannot withhold 
:ertaia local telephone conner- 
dons from specialised carriers 
dial compete with AT and Ts 
long-distance services. 

The decision hy the Appeals 

Canada boosts Champion EURO30NDS 

•v* NEW YORK. Aprti 17. $25m. Nordic 

Net per .share... — 
* tost 

23.9m. Net profits 10.0m. 

1 .44 ! Net per share. . . 0.77 

.977 • First Quarter 197* 1977 

s s S f* 

12.9m. ■ Revenue 136.7m. 113.1m, 

8.7m. , Net profits — - 5.8m. 4.4ril. 
0.69 Net per share... 0.67 0.^4 

This announcement appears as a matter of record onij. 

tJourt here opens the way for "CHAMWOJf International, ply- packing — building materials 
VfCI Communications to expand - wbotT and' paper manufacturer, had the largest quarterly gains 
he Execunet service it currently announced operating net profit in sales and mcqme from opera- 
iffers among IS cities. It also the first quarter of SS cents tions. Champion Building Pro- 
ipparentfy dears the .wav for a share, against 57 cents pre- ducts achieved near record sales 

new issue 

By Francis Ghilfc 
The dollar sector. bed a good, 
day yesterday with much heavier . 

expansion T»y Southern Pacific viously. Total - operating net in the quarter despite severe , p i rtfn* ih*t i* ii R nai on a 

communications of its similar huaSsed ' to ^.28m. from weather in January and Feb- '? JJ??! ™ b f- 

: nnnt semce offered by its ggg 0 n sk'les of SSOSJim. ruars’. Overall strength was also J al ? a y DO mr on iv?raee the 

,-.. t J southern Pkdfic nnit-.tB Jboat l^gainst 3617d>. The 1977 net shown by the 74 per cent, owned P®“ r f? 0 m Wall Street 

• '« i---‘ Je same number _ or cit;«>s. ^i d fTQm niscon- subsidiary Weldwood of Canada, ^eered the Jar^t col'idiSbly 

:. g.'^rr S“3*-52-?“ f «*"• « UMrtn th, P sper , " 

« '5'. 12SJ3 For the niiie months ended suarK. unit? demand for coated papers divided arnnng dealers as to 

ast December^ MCI -reported The company said of its three continued extremely strong dur how much retail demand there 

:r derail sales of comxnuni cations business segment — buiUtihg ing the quarter was. 

. . . t iervices of " . AP-DJ. " materials, papers and paper Agencies. The Nordic Investment Bank 

- "• _ .T -'. r '. . i - . . is floating a 82Sni. ten year bond. 

•' -Jri7.2«r : : : ' T Indicated coupon is SJ percent. 

• , • •.:-/?«. ^SCA^iMNAyiAN.NEWS. - 

Brostrom again omits dividend «sr~!S.*SZ: 

denominated certificate of 

BY WILLIAM DUUFORCE 1 . STOCKHOLM. Apnl It. deposit to be issued in the 

. „ •__* .. _ Arab money markets was 

3ROSTROM, THE Swedish ship- parent company shows a zero KrJ53^m., wnles Fay Gjcster launPh£ , d during the week-end 

ilng group, proposes to- pass fts result. A significant f rom Oslo. by Merrill Lynch International 

lividend for the fourth vear run- tile preliminary figures is the net The upturn mainly reflects . Bahr . in> 

Iiviaend for the fourm finariciai costs of KrJOSm-. un ship sales, and profits aFter tax T . gj.,. . r th B, hpa i n 

ling after reporting an increased Kr2 5 m _ orec tbe year due to the and allocations actually fell to . JJe Rflui. : J“ r ^ 

oss for 1977. The preliminary increase in group borrowings. Er. 11.3m. from Kr.19.Tm. The ° f r 

igures show a loss of Kr.l54m. Trading income was Kr-131m. Boart! proposes to pay an un- ?™5nf ” » ram of ’' ner cent 

S338ra.) after financial charges but depredation came to changed dividend of Kr^O. „ver thc six-month P dollar 

I igainst a loss of Kr.ll2m.' m Kr.lTBm. The bulk and tanker The company's industrial sub- _ n . JO??,. nu L, , . 

ast December *31 . MCI' re ported 


i ffii 

Brostrom again omits dividend 

US $100,000,000 

Istituto Mobiliare Italiano 

Eight-Year Credit Facility 


STOCKHOLM. Apnl 17. 

Co-ordinated by 

First Boston (Europe) 


IBJ International Limited 

. ms jJLcutuuMu/ increase m group do rro wmgs- irom me ; ~.-- p Tt 

a loss of Krl54m. Trading income was Kr-131m. Board' proposes to pay an un- ra “ 0 f*j pe^rent 

ir financial charges but depredation came to changed dividend of Kr30. „ver thc six-month P dollar 
is of Kr.ll2in.' in Kr.lTBm. The bulk and tanker The company's industrial suh- n “L|«. d0 lar 

The Industrial Bank of Japan - 

iLnxcmboarKl SA. 

f Managed by 'I 

Marine Midland Bank 

n ut ivr.Li \jui. me uuir> auu m. u«-wuiupoui ? rmunuidi -»“ir Rf. rni n 

976. Turnover was mirginaliy division, which 'Brostrom has sidiary. Jahres Fabrikker. in- “ 

ligber at a stated Kf^bn.: . been striving to reduce turned creased turnover last year i„ . . _ . 

The result was in^ Une. with K v!15“‘ L n > 9 3 that UB.AF has issued Certifi- 

inierbank rale. It 
maturity of three 

National Westminster Bank Limited 

Bank of Montreal 

he management’s forecast : at 1976. Returns from the liner Jafares makes hardened fats, 7j ' 0 5 t 

be eight-month stage but belied trade are described .as “unsatis- vegetable oils, and fatty acids. **** \ Depo. • 

lopes 8 expressed earlier-' in the factory” - owing to the two-month .1977, Kosnios increased its The sterling sector fell sharply 

■ear that 1978 would.' mark a .strike which closed II-S- East shareholding in Jahres by 10 per ^? ain yesterday monung, 

urning point in the group’s for- Coast ports. The group’s other cg n t. to 60 per cent. bounced back during 1 he after. 

unes. After including currency operations improved profits. Shipping operations also but ^’ as easier at the close. 

osses and sales of assets Bros-’ showed a profit last year, gticorp .to 

rom tables a pre-tax loss of- Tf rtsmns chin qaleq though lower than in 1976. and recovered to SOi bat 

Cr.l90m. for .1977 "against -tVOSmOSSuip Sales “there is hope "that results this 

Cr.l09m. for the previous' year- kOSMOS. of Norway, which has year will not he much worse than “, u 5? L,.lf thar l 

Ev including KrAI4m.. (romtodastrial and nil. IntMesis us in IOT. Over tie longer term. 

. 1 . a: - uroll -ac nnnral np tnnkpTS. firV- however the cnmnnnv foresees Qe aiera leei pnres couiu wen 

Banque Beige Limited 

obs of th* Socwtc GMr>l* da Bannna Group) 

Kvaerner sees downturn J5°p?, sal °. n 

BY FAY Gi ESTER OSLO, April 17. OlfttOll OptlOIl 


BY FAY GjESTER OSLO, Aprti 37. ^[juvii 

- ^ „ - ■- OSLO, April 17- 

CVAERNER, shipbuilding . and mg subsidiary, Moss Rosenberg staTOIL, the Norwegian state 

ease in the next few days. 

The Deu fcschenzarfc sector was 
easier yesterday with turnover 
average- Westdeutsche Landes- 
bank is arranging a DM4Qm. 
private placement for Spar- 
bankemas. Maturity is 12 years, 
the average* fife 7.5 years, the 
coupon 6 per cent, and the issue 
has been priced at 99 to yield 
6.12 per cent. 

In the Yen sector, the Govern- 

Ca-Managedby -- 

Bunk of Scotland The Bank of Yokohama Limited 

Banque Europecnne de Tokyo S.A. Canadian American Bank S.A. 

Ituliaa lnteimitionai Bank Limited Japan International Bank Limited 

The Mitsubishi Trust and Banking Corporation 
The Mitsui Trust and Banking Company Limited The Nippon Credit Bank, Ltd. 

” Republic National Bank of New York/ Trade Development Bank, 

The Saitama Bank, Ltd. Wells Fargo Bank N.A. 

neineering group, of ■•‘Norway, Verft and a mechanical en ^”‘ oil company, should take up its ment of Thailand has signed a 
meets to achieve a good finan- 5*- option to participate as a 50 per contract for a YUNm. bond with 

vear thoueh it ^ partner in developing Nomura Securities. The 10-year 

Bank of Montreal 

Funds provided by 

Banque Beige Limited 

(M HDbw of Um Sodcte Gtmtnle da BnoosGroop) 

The Industrial Bank of Japan 

I Lvx cm boors! S.A. 

ial result this year though it f, n in tn ri^irii .Wnrr ' n nrnfrrH ceilL partner in developing Nomura Securities. The 10-year 
re . „ hplow' that ° n “ erai Norway’s part of the Murchison bond carries an interest rate or 

wiia ” the annual ^rvi^iL n f , r 4 n c- snih- in the North Sea. the 7-4 per cent, and will be priced 

chieved in 1977, tne annua*.- Only on<r m a n u f actunng sun- rs n ~. rnmpt .t believes at 991. 

& ta swsa 

S£ in Other^tems ^^UtoilSSlTbeen jjgg-* company's par- clearing 

p.-2s:si t Isss? mi Mf 

itr:L““JS I '^KSgrs.*.~- SSssayS riwsSjS^Sa 

Lr.200,000, and extraordinary course of the year its working ®noc «o Gulf, and on _ the volliITlc 

ems yielded net earnings of capital increased by Kr.lI5ni. Norw^aa side the Staroil/ SJn£ . e then Deurschcmark 
1 a Unwind for these New long-term loans totalling _ fP^P- Norway s snare or u aB overtaken the dollar ae ihc 

International Westminster Bank Limited 
The Bank of Yokohama Limited 
Canadian American Bank S.A. 

Jiipan InternatioitalBank Limited 

The Mitsui Trust and Banking Company Limited 

Marine Midland Bank Bank of Scotland 

Banque Europeeune de Tokyo S.A. 
Italian International Bank Limited 
The Mitsubishi Trust and Banking Corporation 
The Nippon Credit Bank. Ltd. 

The Saitama Bank. Ltd. 

Wells Fargo Bank N’.A. 

Republic National Bank of New York 

:r!l.5iD. Allowing for these New long-term loans totalling IVo U ,<ra> i iil j Sha , re iR 0 I has overtaken" the dollar as the 

emk the result, - year* Kr^7m. were "floated and old Mnretnson is eso mated at 16 b most favoured currencies for new 

"Trade Development Bank. 

Larisa llianrli 

nd appropriatinp. was'Tvr.l’BSia. Joans amounting to Kr.34ni. were per cen,L. apd Staioil puts the issues, h accounted for 45^. per 
■’am9 , f'"Kftf27fit; in 1976:"^ -' paid off. Liquid assets at end- uelas total oil reserves at about VC nt r of the issues in the first 1 
The result-^ftie : best ’ ; in the 1977 jo Tailed Kr.336m. ™ add, . ln:i f 10 ? n ! aU Thr ? c ntomhs of- this year as 

r, inn's ^Snh^-mainlv reflects An ' unchanged dividend f - r -’mounts uT gas and nature. B a* «nin>; 44.9 per c(wt. for the 
-,-h V carmass-Tri : "titc shipbuild- Kr.12 per share is reconiniended- Uquid. • U S. dollar. 

Marine Midland Bank 




V-; •: : ’v v " 

Financial ThMs'lSjes^ '^ril i97$};" ; • • ! . f i S ;s* f!3! 

ENI cuts loss to $121m. 
as sales increase by 17% 


ROME, April 17. 

ENTE Nazionaie Tdracarbun 
(ENI) Italy's giant Stale hydro- 
■carbon agency, has reported a 
loss of L102bn. <S121m.i last year 
compared to a loss of LlITbn. 
for 1976. Sales rose by around 
17 per cent. 

Last year s losses, however, do 
not take into account the positive 
performance of a number of- the 
agencys principal subsidiaries 
which will be incorporated in 
EM’S 1978 balance sheet. 

The subsidiaries include ih«? 
Agip oil group, which reported 
a profit of L56bn. last year, the 
engineering companies Saipem. 
Snam. Snarn-Prozetti and Nuovo 
Pignone. and ENI's nuclear sub- 
sidiary Agip-Nucleare. All these 
companies reported profits last 

Saipetn last year reported 
profits of LIPbn.. while Snam. 
Snam-Progretti. Nuovo Piznone 
and Agin Nuclear* showed 
profits of L7.6bn.. L2bo.. Ll.Sbn , 
and Ll.Sbn. respectively in 19m 

ENTs continuing losses in 
lari* measure derive from the 
im'irs troubled textile and 
chmucals subsidiaries. EM has 
no-* announced a capital write- 
down and subsequent capital in- 
crease operation to cover the 
accumulated losses of its 
chemicals and fibre* subsidiary. 
Atuc. which reported losse* of 
I.lSObn. last year rs against 
LihShn. in 1978. 

ENTs consolidated group sales 
iaej year -increased from some 
LJO.onobn. in 1976 to LllJOObn.. 
while the hydrocarbon agency, 
currently employing more than 
ino.OW people, made new invest- 
ments last year totalling more 
than LLOOObn. 

Id *be course of last year. ENI. 
hk* tbp giant State bolding com- 
pany Iriituto per la Ricostruz- 
icne Industrial? flKI» has had 
to absorb a number of the 
former subsidiaries of lb* now 
dismantled State minerals 
agency. Egara. 

Like TRT. it has also faced a i 
protracted internal revolt of top 1 
managers who are now seeking a i 
greater say in the decision tnak- j 
rag process of the State oil group. 
* ★ •* 

Banco di Roma reported a 
1977 net income of L5.5bn 

Deposit* on hand were 16 per 
cent higher at U,558bn. on 
December 31. while loans .out- i 
standing totalled -L946bn,, up 13.7 
per cent. 

The Board of directors, an- 
nouncing these results, said the 
annual shareholders meeting on 
Friday would be asked to 
aoprove an increase in registered 
capital to L70bn. from L40bn. 

Of tbe new issue. L20bn. would 
he distributed free to share- 
holders and tbe rest sold to them \ 
at par. 

The bank is 89.2 per cent, 
owned by Istituto per la 
Ricostruzione Industrial*? (IRD. 
the State holding company. 

Bosch to 
control of 


BHF satisfied 

. . 5 mi r nrl 


FRANKFURT, A^rilTt. ; ; 

Preference issue by HBG 


AMSTERDAM, April 17- 

A SECOND Dutch construction 
company, Hollandsche Betcn 
Group (HBG). plans to issue 
preference shares to protect 
itself against outside interfer- 
ence. News of HBG s intention* 
comes within a week of a 
similar move by the Ballast* 
Nedam Group 

HBG - a sbares were among the 
most heavily traded on the 
Amsterdam stock exchange last 
week rising Fls.7.50 to FIs 120 
over the five trading days. The 
company, which is the largest 
contractor in Holland, paid it 
will give detailed reasons for 

the share issue at the share- 
holders* meeting on May 11. 

It is clear, however, that HBG 
fears that a predator company 
for person) might try to build 
up a controlling interest in the 
company. Mr. Pieter Heerema. a 
Dutch businessman with exten- 
sive engineering and off-shore 
,nt«»rests, recently announced 
that he had acquired about 50 
per cent. /»f BaIla*t-N T edam and 
40 per cent, of a third construc- 
tion company. Stevin. 

HBG will issue 1.07m. nominal 
F!« 20 Preference shares at par 
on May 1. The new shares, of 
which 10 per ceot will be paid 

Swiss insurers earn more 

NET PROFITS of Switzerland 
General Insurance Company, of 
Zurich, rose to Sw.Frs.4.03m. 
(S2.16tn.) from Sw.Frs.3.01m. 
last year despite a decline of 
3.1 per cent in gross premium 
income to Sw.Frs.313.lm, writes 
John Wicks from Zurich. The 
fall in premiums was due to the 
strengthening of the Swiss franc, 
business in terms of local cur- 
rencies having developed satis- 

The company, a subsidiary of 
the Swiss Reinsurance Group, 
recommends transfer of an in- 
creased sum of Sw.Frs.3m. 
(Sw.Frs.lm.) to special reserves 
in order to raise equity, while 
the dividend payment is to be 
reduced to Sw.Frs.30 (65) per 
share- - 

The Geneva-based insurance 

company Genevoise Gie Gen era le 
d’Assuracces is to pay an un- 
changed dividend of Sw.Frs.S0 
per share for the past year, with 
an additional Sw.Frs.2n per 
twinned dividend certificate of 
the life-assurance affiliate La 
Genevoise Cle d ’Assurances sur 
la Vie. • 

The non-life parent booked a 
rise of 5.3 ner cent, to SwJFrs. 
40.5m. in premiums for last year 
and acquired a 10 per cent, stake 
in the legal protection insurance 
specialist Orion Rechteschutz- 
Versicherungsgesellschaft, of 

Overall profits rose slightly 
from SwJrs.459,000 to SwJrs. 
462.000. Profits of tbe life 
assurance company were of 
Sw.FreJ2.86m. (Sw.Trs.3.12m.) 
after transfer of Sw.Frs_23.S5m. 
to the insured's profits fund. 

up, will be placed at par with 
the “ HBG Foundation.” They 
-wiil acquire immediate voting 
right? and rank for two-thirds 
of the 1978 dividend. The new 
shares are equivalent to half of 
the existing ordinary capital 

HBG is active in housing con* 
strurtlnn civil engineering, 
dredging and off-shore work. ItJ 
reported net profit of Fl5.48.6m | 
on sale* of Fls.2.44bn. in 1977. 

Hoogovens and Hoesch. the 
Dutch and German operating 
units of the Estel steelmaking 
concptn. propose rassing th»n* 
dividends for 1977. The two 
companies, which, unlike tbe 
holding company, are quoted on 
Bourees in Holland and Ger- 
many, paid Ffs.2.05 and DM2 
respectively in 1976 from 

The -decision to pay no divi- 
dend— it will be put to share- 
holders on May 28 — comes as no 
surprise following the record 
loss of FK416m. reported by 
Estel in 1977. 

Hambros Bank 
in Euro venture 

THE CANADIAN Imperial Bank 
of Commerce has joined with 
Hambros Bank as partners in a 
new issuing house In the Euro- 
market. our financial staff 
writes. The venture is to bo 
called CTBC Ltd. It will have an 
initial capital of £lm. of which 
the Canadian bank will subscribe 
51 per cent -and Hambros the 
remainder. The new operation 
will be based Initially at the 
Hambros City office. 

Bjr Robert Graham 

MADRID, April 17. 
finalised ftp Robert Bosch 
International to acquire a 51 
per cent, controlling stake in 
Fabric* Espanola de Magnetos 
(Femsa), the leading Spanish 
owned electrical concern. This 
means that three German com- 
panies, AEG, Siemens and 
Bosch, now have a major con- 
trolling stake in thif sector of 
Spanish Industry. 

No formal announcement has 
ben made about.the deal here, 
apparently because the Govern- 
ment has not yet announced Us 
approval. But it is understood 
that the Bosch purchase was 
discussed by the Cabinet last 
Friday-, and aproved- 

Femsa has over the past few 
months been cany-in s on* nego- 
tiations with Spanish hanks 
.for an injection of cash, In 
particular to service debt con- 
tracted abroad. When these 
negotiations proved fruitless, 
Femsa turned to Bosch. Accord- 
ing to one- unconfirmed report. 
Bosch has offered a credit of 
Pts.l94m. (8242m.). However, 
the purchase is expected to 
take place through a capital 

Femsa with 12 plants is 
Spain - and four abroad pro- 
duces mainly batteries, distri- 
buters, switch gear and 
starters, alternator? and rolls. 
According to one calculation it 
has a 14 per rent, share of the 
Spanish electrical equipment 
market and in the case of 
haterles about 50 per cent In 
1976, the last year of published 
accounts, the company bad 
total sales «r f*ts.7.7bn. 
(SlHMhn.) in Spain and a further 
FtsJ^hn. of exports mostly to 
the EEC. 

BERLINER Handels- and Frank- to DMRSGb".. wtele the balance machinery subsidiary, Triumph- 
f furter Bank (BHF) has declared sheet total grew from D5f6.42fra. Adler, announced today a series 
itself satisfied with 1977, despite .to DM?.02bn. However, the growth of agreement* with the Diehl 
tbe costs involved in sorting out of total assets provides very litUe Group which will give Diehl * 
the problems of Neckenuann, the insight into its progress during J25 per cent in . ' Triumph 
fiuancaally-troubled store and tbe year as BHF is a merchant Werker Nuernberg, with an 
mail order group, which was bank, and mud* of its business .option to acquire over 25 per 
taken over by Karetadl last year, is not reflected in balance sheet. cent within three sears, writes: 
'Even allowing for these extra- totals. Adrian Dicks from Bon n. - - 

j ordinary costs, pre-tax profits According to the partners; the jjj return for shares ii* Triumph 
I were &e best since 1970. bank's international operationa werke valued atDM5.9m,Tafcotit 

1 BHF, which is a partnership generated more than 30 oer dent, Diehl will transfer Ur 

■with pubtically issued shares, saw of lest year's earnings. Not un~ -Triumph- Adler ■ its computer 
operating profits, excluding trad* naturally, it is planned to nirther subsidiary, - Defal Datpusysteat 
tag on its own account, increased strengthen its international pres- Trhnnph-AcUer acquires sales 
I by 7 per cent, sarld Herr H. G. cnee '■ in the coming, years, -rights for the products -of 
| Gottfteiner, one of the partners. Securities and foreign exchange another Diehl subsidiary, /Com- 
The result was achieved in the operations did very -well. vdule putertechnik Mueller,, hi tbe 
face of a 14 per cent decline in 1977 saw a new peak on the gey field. It-, will also be able 

learnings on the commercial side, issues side. . ' To market office clocks made: by 

| winch in 1976 bad shown an ex- Herr Gotthemer said that pro- Diehl's Eurosil company, in. joint 
: traordinarily steep increase as a gross during the first couple of-dectronic development -work 

! — .-..’x _r i- - mnrrihr nf Hut rtnTTBTYt fM »* hi, .... J : ■*- 



C-.-. • 
v. *•' . - 


i result of particularly high profits months of the current year ns ..At the same time; a.- ■reshuffle 
bond business. been “very satisfactory”: utifr/fa shareholdings 

J in the bond business. . • oem “ very Mosracrory ” : waijti jjj shareholdings ■ has ■ been 

Pre-tax profits rose to DM52m. £*° fits markedly Petw rean^r carried out -that . increases 
($25i»aL) which was a 20 per cent "f comparable penoa of l^^LTriomph Werke-- - Nuernberg's 
advance on the previous year's “moank. nesaxo,was reasonably ■ AdleT from 82 to B2 

;DM40.4m Net profits, as a resnlt ah9ttt prospects Itor-.^. cen t Litton :hwiw'orer 98 

; of West Gerinan corporation tax .Vi::., per cent of 'Triumph Werke, a 

Tnnm^I. A that will he diluted to jnst 

1 numpn-Aater a€3j®^r* ; . over 555 per cent- by the. capital 
LITTON INDUSTRIES' vsfest increase being 'eeirried^out' to 
German typewnter and. ' office: bring in . Diehl -- 

A PLEA for better protection of Community's proposed hdrino-good year. Herr Marx added that 
banks against bad risks in their msation of accounting practices it was “ one of the best years in 
international business was made for banks. Herr Mars described the bank’s 189 years of existence, 
here by Herr Will M arx. partner as “ unacceptable ” the sugges- and expressed confidence that 
in tiie private banking house of tiou that strict limits should be 1978 would also turn out well on 
SaL Oppenheim Jr. et Gie. placed on the construction and- the basis of the first quarter’s 
Speaking in conjunction with disposal of hidden xeserves- He results. 

Oopenheitn’s presentation of its said that in view of the- -special The bank's balance sheet total 

^ very satisfactory"’ results for risks inherent in -the banking rose 78 per cent to DM2.64bn. 
1977. Herr Marx pointed to the business, and of the need-te pre. Particular growth areas were -in 
very much greater risks, attendant vent any damage to confides- foreign exchange, though Herr 
on all forms of foreign business tiality. tbe creation of; sucb Marx said Oppenheim regarded 
In times of currency fluctuation, reserves was “ indispensable.” ' this as a “ service 'area for 
Banks m Germany, he pointed As in past years. Oppenheim customers,’’ rather than 
out, were not fully covered by declines to reveal its. profits business in which to trade 
the Hermes export credit system, beyond describing 197? as ajnsry itself, 
yet the risk factor had increased . • • . 

Yhif lv the first important 
inriante in the current reces- 
sion of a Spanish cempanv 
seeking to resolve cash flow 
problems by resorting (o an in- 
ternational controlling partner. 
Bosch is already Involved in 
Spain through Robert Bosch 
Espanoia of which the German 
holding Is 87 per cent, with the 
remainder being owned by 
Spanish banks. 

Reuter reports from Dussel- 
dorf that Robert Bosch has 
raised worldwide group turn- 
over by around 10 per rent to 
BM9Jbn. for 1977 and expects 
a further six to seven per cent 
increase this year. 

No profit figures were given 
but the company said that H 
would invest about DM625m. 
this year, up from DMaOOm. in 
1977. The company did not 
exclude the possibility of 
changing its status from a com- 
pany in GMBH form, similar to 
a private Smiled company, to 
an AG (Aktiergesellschaft), a 
Joint stock company. 

i reform, declined, however, from 
DM27 Taj. to DM24 3m • 

'The parent bank’s business 
volume rose from 1976 s DMS-Tbn. 

Currency guard for banks call 


COLOGNE, April 17. 

. a 

even in transactions with foreign 
governments or state-guaranteed 

Herr Marx said be had no 
precise scheme in mind, and 
appealed to other bankers and 
to the West German bank super- 

Swiss investment to rise 


ZURICH. April- 17. 

INVESTMENT ac tivity te likely some 43 per cent.- of the under? 
visory authorities to respond to to increase in 1978-80 on the part takings questioned . said : that 
what he called "a small stone pf Swiss trading companies^ they reckoned with unchanged 
cast into the water.” He told tbe service industries and. -.under- investments, 38 per centi .antici- 
Financial Times that he believed takings in the country's haphal pated a rise in capital expendi- 
it would be relatively simple to goods sector. At the name time, .ture. and 20 per. cent: expected 
arrange a system whereby a small there will probably be a. befoW: investments to faH- . 

average increase in investments . The resultant overall* rise m 
of bnildine firms and die con- investment activity -would'— fW- 
sn trier goods industry. . low a marked decline over the 

These estimates are made' by past few years. Since the peak 
of Switzerland on of ths investment wave in 1972, 
a survey of . some, the Swiss investment- rate. 

proportion of the sum lent, say 
1 per cent., should be transferred 
to a special reserve. 

It would be better still, h6 
suggested, if some such practice' Union Bank 
could be standardised among all the basis of 

the members of large inter- 400 companies with regard to measured' as the share of gross 

national consortia making loans their capital expenditure plans, fixed-assets investinent in gross 

to governments. In comparison with investments national product, dropped from 

On the subject of the European in the three years 1975 to 1977, 28-6 per cent, to only 202 

J 1 . 

By Dvrid WhR? • ' “ ; ; 

•' v .v PARIS, ^ April 17. 

THE- • ROTHSCHILD : . family^ 

French holding compzB^ , Qom- 

pas^ie maieV loss 


agatast a 197B profit of . 

: Th* company said ihe loss did 
not "reflect: on . ititrinsie.- 
jJriffifeWBty/’ df its hp^o^ &hd 
announced an pnchapge£ . divi- 
dend: of Fib^^ 5_ pef'sbar¥L T ' ; 

'- Compagnie ■■ du - ^ Nt^=d. *. the 
majority of whit* jrheta by -tile 
French branch, of the Roftwchilfl. 
family, . has . itk toaln. Intemfs .hi 
banking, metals and tottrism. The 
1977 figures’ included _“ except v J ' ■ 
tionai . losses ”■ .suffered in' prp. 
party and constructjuti’aB.welJ as ., 1 ] :-. A 
provisions, for depreciation and,; 7 ; 

“ various rifiks.?- : -•/.-/ ;y k . 

' The company,‘ orifi&^-fo^^^ ^ - 
ded hs a railway operator,^ - 

it& operating-iprofit „«as : close; la. ^ -* ‘ 

tiie previous year's resulfe. -. ;:i; -- ^ _ 

-The family's depoait'" • 

Banqpe Rothii^ld,"earlisr .*,; 

noipiced a 60 -per cent drop "la" • - 

1977 earnings. and had;' to dig 
into reserves .in oritpr to iD^i> “ ■- 

tain, the dividend. : i Ijj: 

• T&re were other' sethacks.lo V ^ ' 

Trnetoi; tbe R bthschHd-ccBitc^tBt 

mining "anrl" • Omni' ", Uftii- - - 

mining "and "metals.- group 
included a ^markSEd ‘ 
Nickel-SLN. . .in : which - haep 
holds, a "half share. alongside 

State-controlled Elf-Aquxtaine pH 

group, reflecting the. depresses 
in the- world nickel " market. . - ; ,, ^ 

•<’ " r -j- ' 

lifts dividend 


, J --sor 

eS : ... 

• . ■* - — -- ••• ■?: ■- • 

■ PARIS, .AprillY - Jtr.-j- - 

NET. PROFITS 'FreJIBjfi'V ^ ' r . 
($2L2m.) are announced jy RS& p 7r- 
Gervais-Danone. -Thtf -.'-Ao^"* . 

returned net profits nf Frs.®An t* r -.. 
in 1976. ; . ■' . -ry.tsr- 

The company is stepping .Vp Wt- r * : : ‘ 

dividend to ! FrsdOB- froff- 
Frs.37.8. . - It state*: that! VflS" P 1 : " ' , 
profits for the year are riu ‘ 
after write-offs amounting. 

Fts£l.?m. compared - . ; "to. 

Frsd8.6m. in 18T8. '. 

: Gervais-Danone is, one" t£_ 
largest companies fn the . 
food . and drink 
controls almost half the sat 

beer market through, its ; 

bourg and . Kantetagaa’* 

and .is also the country*? ': 

group in the glass pad 
field. .. • ’. r :. 

* * 



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Alcan Australia $iy. 1989 



A3!EV Spc 1997 



AMD-all* 84 pc 1993 



Australian 5L4S. 9*pc '93 



Barclays Ban* S4 pc 1992... 



Bwar^r fjpc irer . 



Can. y. Rail raj* s\pr tm 



Credit National 8rrc 1889 - 



D-nroari» SI PC 1984 

ire . 


ECS'Ppo 1993 • 



ECS Sfpc 1997 



EIB 8Jpc T9P3 



on «pc 19® 



Ericsson 84pc 1988 



Eem Spc 19SS Not 



CL Lakes Paper 8«Pc 1B84 



Ham^rsley 94pc 1993 



Hydro Ouebec Spc 1993 ... 



FCT »pc 1??7 



ISE Canada »4pc 1888 ... . 



MacnrillaD Blosdel 9 pc 1932 



Masw F-rBuson 94 'K VI 



MlrbaUn Pipe 1388 

191 1 


RUdlind Irrt. Fin. S|pc V3 



National Coal Bd. Spc 1BS7 



Natinnul WstmosTr. 9pr •» 



Newfoundland 9pc 1989 . 


Nonres Kom. Bk «4pc 19B2 



Norpiw S»pc lWV 



Norak Hydro S4pc 1W2 ... 



Oslo 9pc 19S8 



Ports Atmmomea fine 1891 



Prar. Quebec Spc 1P9S 



Prov. Sariratch. 8Jpc ires 



Reed Internarioual flpc V7 



RHM 9 Pc 1992 



Selection Tst. SJpc 1999 ... 



Skand. Enskflda 9pc UM .. 



SKF Spc 1987 


Sweden ^K*dmni Sipc 1987 



t'lmed Btamits 9pc irefl .- 



Volvo Spc 1987 March 




Australia 74po ires 



BoD Canada 74pc 1997 



Br. Columbia Hid. ripe ‘M 



Can. Pac. aw 198* 



Dow Chemical Spc 1966 -. 



ECS nvc 1W2 


" 97 * 

ECS a PC 1959 — 



EKC TVoc 1W2 — 



EEC 7Jpc 19SA 



Enao Gutnelt »pc 1984 ... 



Gotaverten Tlpc 1BS2 



Kariomu gpc 19S3 — 



Mtabetln »pc 1983 



Montreal Urban Sipc I8S1 





1 New Bruns. Prov. Sine ‘83 





Nordic lirr. Bk. rjpc 1F34 



Norak Hydro Tftic 1983 



Norway 7lpc 19S5 



Ontario Hydro Spc 1987 


smarr Sfpc 1982 



S. oT Scot Elec. »pc 1931 



Sweden iK'domi 74pc 1K3 



Swedish State Co. 73pe ‘82 



Tebne* 9*pc 1994 

Teoueco Tjpc 1987 May ... 





VoDrswaawi 7}pc 1967 




Allied Breweries lOtoe 'W 



QtlcOTP l&pc 1993 

. 86* 


Cnortaulds Ptec 1989 



ECS «pe IPtv 


EIB «t>c ires ... 



EIB Hpc 1993 ... 



Finance for Ind. Mpc 1987 



Finance for Tnd. 10pc 1969 



Fisons 104 pc 1967 *_ 



Gestetner Upc 1968 



ina iopc ires . . ... 



Rownnee lWpr W8 " .. . 



Saara IWpc 19S8 



Total Oil Hpc IBS* 


■ 904 


BFCE -’IPC I!*m 


BNDE ftjpt* 1935 — 



CFE Wp r. 70S?.- . , ... 



Dfmnerfc Spc IPS* . .. 



-ECS «pc IWO 



Eto 19W ... 



Blectrobrus- 6»pc 1BS5 



Euratotn 5ip<; IPS? 



Eurofima 5?pc 19» ... 



Ptojaud ■ S»pc lfi?6 



Fmwnarfe* ^pc 19M 



Mexico spc 1955 



New Zealand- Wpe lBSS . . 



Norton! »|pq 1SS9 



Norway *;oc 1333 



Philippines fiipo 19S5 


Ramar UufcM s»pc 13SS ... 



Sweden Spc 19&9 



Tauernawobahn Spc .1993 



Trondheim Spc 1886 



■nro power Co. SBC MSS ... 



Veneruela Spc 1966 

1! • 


World Bank Mpe 1B99 




Bank of Tokyo 1994 TtSiepe 



BFCE 19S4 Sipc 






ccf ires spc 



CGMF 1934 71 pc . . . 


99 * 

1 raditanrtalt im Tip r 


100 * , 

Crsdit Lsonnais 1S62 Spc... 


100 * | 

PG Bank 1983 7 15* pc ... im 

GZB MSI 61 is pc _ IW* 

ittt Wtamwir. 'Bf 71*16 pc / P8£ 

Haris 1BS3 73 pc' : .lmi 

LTCB 1833 8pc m 

Midland 1982 8pc ....; 181 4 

M Ml and 1887 7U«pc PH 

OKB 1853 71 pc 188 

5XCF 1983 «pc 9» 

Srd. and Cbtrd. *84 7P16PC H| 
ffms. and Gtfrw *84 F»i6DC 987 

Source: WWre Wald SscurlUcs. 

' 991 




American Kxptph^ 4$pc *87 

Ashland Spc 1988 

Babcock & WUcox fctoc *97 
Beatrice Food* 4»pe 1*92 
Beatrice Foods 4iPC 1992 

Eeecham 62pc 1992. 

Borden 5pc 1983 

Broadway Hale 4*pc 1987 

Carnation 4pc 1987 

CberroB ipc 1MB — 

Dart 4tpr 1987 

Eastman Kodak 44PC 1988 
Economic Labs. 41pc 1987 

Plrtstoat 1 5iic 1988 — . .. 

Ford fipc 1988 

General Electric 4*pc 1M7 




























"Gillette «pc 1987 

Gould Spc 1987 

Gulf and Western Sue 1883 

Harris Spc 1995 

Honeywell Spc 1986 _ 

la ®pc 1992 — .. .. 

INA ft*c 1997 "... 

Indhcap* - 64pc l992 

rrr 4iw msv 

Jusco tec -1992 

Komatsu %pc 1990 

J. Rsr McDermott 4#pc *87 
Matnubita fiipc 4999 — - 

Mitsui 7ipc 19W 

3~. P. Vomi] 41 pc .1987 
Nabbco 5»pc 088 i.: 
Owens UUnota 44pc 1937 ... 
J. C. Penowy «PC 1*87 ... 

R«lim 4lpc 1997 .. ; 

Reynolds Metals Spc 1988... 
Sandrik gpc.iwa ■- : — . 

Sperry Rand 4»oc 1987. 

Squftb 44pc 1997 .. 

Texaco 44pc 1989 .u-.T 

Todlfb* SJpc 1993 

Union Carbide 4ipc 1982 
Wariier Laatieri 4)pc.l987. 
Warner Lambert «pc 1988 
Xamx fipc 1998 


TO . 
87 • 
•153 - 
.88 - 
’ «7i ’ 


1S44 . 
in • 
974 - 
I«4 ;. 
1124 , 

1054 - 

84 ‘ 
804 ■' 





















: 1W 

- 804 -. 

■■ 964 



Source: Kidder, Peabody Securities. 

away pens and Lighter BIC 

national reports net conso&i 

profits of Frs-133-SziL 
Frs.I34Bm. ln l9T6. ' Net" 
of. (he .parent company" 
were Frs.41.10m> : (Fn4i 
Net dividend" : is ■ ' 
share- against FPS3-50 on- 
increased in 1977 through'a 
for-thr$e scrip issue. -' 

Borregaard setback 




NET LOSSES for 1977 
Kr.18.5m. (g3.4m.) . are 

by the Swedish indost ir , 

BorTegaard which is to jaw 
dividend, ; having paid 
shareholders in 1976, writes 
financial staff. : • . .. ^ s _ ^ 

Group losses last year totzHc$ j 
KrJESm. after tax- compan# } 
with Kr33.4m. Gross extern* l 
sales; .were. Kr^96brU agalnw-f ^ , 

Kr^-66bn^ of which &-li48b£' <* -* 1 • 
compared with KrJ34hu. rgmK Ar..‘ * : '* 
exports. Capital-expenditure ^ . 

year came -.*'. «. to ;Er>21Sp2 [? -•"-.• .. 

fKr^44m.). - " r * - ' . 

- r 

n r\ 


Chemco Equipment Finance Ltd, 
announces the opening of its 


Michael Barker Tel: 031 a 226 2987 


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Jjih. . 

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* r iF&? ««•«.. r 

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tmS5*S 7 JeTO7oStre^Ub^S\Vi Y«gaTefc^»nepl*43?S45t. 

^ Loo&nAIanjl^odc^^fil^lfoQrie^Paiii"^ ■■ 



1 •■•■■■.. ! 

... III Jill |> ^1 -Vv- " . 

»• y-;^ ►: f K? r > * 0 1 1 

: % 



^ Complex issues for the authorities 

, . .’1" . ‘ . 


?®S^)S^-«cnaisitioa-by Bisk's corporate . diadefiar? m ak «? .w hbl ly -ow n ed subsidiaries of. domestic -reverie artets mean* 

policy to shareholders. Already r<f the 'British Bank of ; the Middle there is no need for a lender »*i'-the U.5. behind CJ^. banks- La this respect. East. Mercantile Bank ajld Hang last resort in the conveafianaf 
■ . ' ’ l * ’Sfceai^vdMttoe^ to create _ ah ' Ae' HonMtoh^ 5 Bqiik;; 1 aj^drS to Seng ‘Bank, biggest • i af the sense. ' . 

-Sjcejifiodai _ iniemaSOiial ■* bank* be znargmally' jegressing 'rather '‘Chinese” banks in Hong Kong. As a senior Hong Kong 
' J k -.idSTgKit^.ta terms xif sizer and than progressing. ' Yet- the A bhn or moratorium on the moneiarv official points out. the 
- . ',' .-.. - gB9grap^i«M^d. T^--c^^ Americans -are BkeJy;Vtb. en- opening .af new branches ■ t»y Hongkong and Shanghai Banking 
■ -'3 -4*1®*®:°*-™* two- banks of £29 bn. counter' ; considerable, dim cully foreign banks was introduced in Corporation can. and does, create 

;;!VojiSa. oiiag tM group In&o. the &houW They seek, to -perMiadB the Hong Kong in' I966.- dsain a» a clearing balances bv lending m 
.. '■■ -;.Tap' twp^<Wren -in. Gie warld. Iji Hongkong Bank' TO Hft the veil precautionary dr- preemptive the interbank' market, in a 'way 
Addition "wieirestilt. “would be m on. Sts inner' rcservesv It Is not measure fallowing a noinuer'o'f similar to that which might- h* 
• .. thi steguter position- of having inconceivable that the; deal could bank failures Including that of employed by a central hank else- 

in both P«* restructured to •« avoid SEC the Canton Trust. This meads where. 'Bnf there are llmiialions 
•••.gSc 3fsS-.^apd the- -Far .-East,: as involvement .. tout the number of full banks to this process which mean that 

; ..VqiJ.asa sghstamial Middle East - ubc* acquisition by tire: Hong- operating in the Colony has stuck it fails shorr Dr a conventional 
r r h ^usiaess through « subsidiary of fcon S Bank ■ of. Marine kSdland at 74 s'ince then though ' the .last-resort' facilitv. 

: the Hbngkong jBaaft, Biitaih Bank •' 

Midpe East-' - 

' > " ' -Marine "Midland is . the -13th i— '3 #^-''* 

'- tergest -bank in-vthe U.S. and *32 

r. jw^U*;rb?iT*fee. largest- ever S-" r £-'fe^r 

> acquired from abroad.- A^- a ft' .j::.' ;■ /tejj 
. ' i result of Ibe acquisition, the l'* : 

- /.Hongkong Bar* wouid-beeptne ^ 

: -. r €be fir§fc ■ foreign ■ bait ft; to. be 
'• represented orE the- New York 
clearing, -batiks-- . Caarauttee, 

" 1 , altheugh indirectly. .... . 

. .-.BefgFe ^e Hongkon^ B^nk can 

• •••/§& mpfete .tbe acquisition .‘of ffl * \ 

• - ceBt. of Marine •JEtllqnfi's Rp. 

•“ slock it fdtist gain approval from 
various’ " regulator?- - authorities. 

'■-That is a hurdle -wMcb has p re- WmMm.vJm? 

- ■" • Michael Saiidb 

"■ Faj>kaa5...acquafiiUaB;in. -fte U,5. Rantrin- Como 
=f. .the- -proposal in 1873 that 

. _■ IBiirdaiyy ; Kalb take ovtr . Lui g - 


There is no central bank a* 
such in* Hong Kong, for as' Peter 
Kaywnrd. Deputy Secretary for 
Monetary Affairs, pointed out at 
a recent foreign exchange' emt- 
ferentre. there are *no foreign ex- 
change controls and no ■Govern- 
ment debi so that ■'much nf the 
raison d'etre -of a central- bank 
is lacking. ■ ■ ' 

Foreign exchange 

The rnatn cenual hanking 
functions' are provided in Hong 
Kong by the Exchange Fund 

“ sfeck it idust gain "iftpproral from Kong by the Exchange Fund 

«4o'us" rc^ulktory -authorities. Mm!F '■JB'', 'BP ' M IBEBMI This 3 Government aecoitm 

’ -That is-a. burdle whhft bas.pre- managed by thp. monetary affairs 

:: : ?&&gjGSisi£g'4s$§ "jsirii ^ »sfy^ sss&sf'.^- ss 

tb^ l prtposql iit “1973 ' that OQPpor^tfea ant * Edward Duffy, chairman of of t h e Financial Secretary. Its 

. ‘ IBljrdaiyff -^n^ take ovter Ldng ~ Marine tHidJand Banks, Inc. primary function now Ls to 

: is jeompleted. the HonglfwigBanb moraterium was waived t.enb Su^of the Hoim g Kong^ d'ontf. 

5Ule hanfcin S be ; unpervised -te the port ly j h IB74 when Barclays ? n terid e d w trtrisfer the 

• . ahtfaont^.: ■ .- Hongkong ha Q kin & autboriries, Bank slipped in.- ' , {snlrnSvHona Konc dollar 

' • -aad-MarinfeMidliujd : Hong Kong -has JUH' Ufied this ^^5(0- Wdt*nn^ fund. 

'• '. AflVaBtages «.-s- . ... authorities.- There already. is taik moratonum and iv is significant w hlch will then become the sole 

~ fhf thp fnr mstov pfwirntna- ihoi il> u .u A Tiwk- AnM .« M j rh nAn u n i .. . . .. . .. _ __ . ^ . 

j:..:, complex #nq 5orae muque- issues smgtuar joint tntMauooai liberalisation- of Hong Kong's ment The Hnnekoirc - ' atm 

ni\mpNf07 t^agenetes thqt have ta gpread.qf ; the two banks., and -to i^ing laws earlier litis year stomfehai Bank ■ will continue hi 

vl sapprOTe jt . .- They, toc/ude the try .fo ensifre thfl .the jnf«ba- l0 a // ow foreign- banks in again, nnerate the' clearing system how- 

rir-.Federal Heserye Board, the New tional.- operations of The. two A t the same. as ? it- now ever- • • • • 

" York State banking department, groups do noi.-iall between two transpires, he was carefully lay- Mr. Sandherg disclosed at the 

■ ... Thb Securities, .and&reiiange regulalp^ ptoois... ., -• ><-■'•- mg- -plans for ; a -major ace/urn- Rank's: -annual meeting ‘on April 
r fSEC)r_‘ The Hbng The' Hong Kong [fianSking lion by his ownireiib in America. 14— when some 300 slrareboldm 
• Tnuat be gyeatly ordinance lays down powers «f and morally could hardly' have raised hot 'so'.murtrXsflneques- 

/ ^nrturaged^flrwever. MirhaaricS pDntrei over bbriks and tKe duties - continued Mipporting a semi tiorr on the propipsed Marine 

ra«e ©y tits Feaenf .jtwerrei^f banks on matters such as the closed-door policy. Midland aeqnjsition— that- -the'- 

- - ...... chairman. Mr. william mintraiim bolding: ol s^qcifletl f. an k r ee i s some of the -listinn 

:...ast week »re^ing..U» aflirvi- -.igaetg. . raa ijrteHqBew Af-t ■ p ■■ ■*• runutreihents on the London 

-.-I- kff? of ' proposal ; and reserves, thq nialatenaace ef i»tlC iWICtfOn Stock Exchange to he “inapprn- 

,®*ieatiqg pail»lnary auppdrt,: adeqyaie provisibh against biid Apar! from u, e general hank- priate to a'ha'nk in Hong Kong“ 
- - *• 35he deal promises to. become and doubtful debts,,. ml qlflNJm i ng - ordinance- : the iiiihgk'oiii The Hongkong" Bank- is nhus 

the -first large -ac^jisitiDn- -ipr paitf-4P-cqpitai/limitations.-«i the B$tk- fllso has its owh; speak \ likelv ’lo opt for' de-listing rn 

- rolving a^fereign bank which the holding, of shares.- and laatj by ordinance the .Hongkong and liondbn ah.d fo hhVeHts-' Sharts 

. . securities and ..Exehatige -Gonv- banks ind litn Stations,,^, of Shanghai Banking Corporation traded 'there like^ other ipbrlifra 

' -wssiqn could be;. , iiwelvefl, -in. adranpqs. atP«ng other ^btasi • Ordinance, which is in effect the Hong Kong companies- under 
- - ' -- •» -. - -- ' • •• bank's articles aHd memorandum Buie 163 ' fl)*(el. 

. . '. W”** hq^B and Shanghai makufg. of association. ' - ' The ; Bank appears tr> be 

: 7, v^ nde]r M 6 /, f6 I, 2 - P*Z~- atnngency . . . .. ^ - TWs governs ^ lch • t^gs as upUappy about certain diKTnsure 

'• One of the moat stringefft' df the Hdngkong Bank's nole- requirement^ ■ in. the 

- •• Thffae “rdgiflations is that every issuing function' on- behalf of Stock Exchange 

. ' . .It ^ mast-SUbntifmoHthlyst^te- the Hong Kong Govmjinenl^- Sr^vemy per cent. 'of the Banks 

• - menu to^the ceihmisstonetr of Cliarlered Bank is the olher shares are now' held.. to Hnng 

^T C ^ V bhhking sbbwifigr Ihf assets abd bank of issne-^-and its activities Kong and shareholders ; fn the 
' * t0 . Uw L, ‘ S ' ll*bnittes '*df 1 rti' offices >hd as banker to ihc. Government. Colony generally. .t^nd • to worTv 

)&nl£ autnoritles. rnlann Ynri If Mnoi nut hnuBfor linl-B IlfD l<il« nhltllf •' rttmOfatC uisdBSUFe 

..; /-T^s m.»ttMs/bertTta ' .Ib^last- r^me^v' Statement 
; . SEC dns^up disclosure ] oa ns knd id^nces rii 

...;?»]£ for ^tender offers: wwiriag effiees and branches. 
• “ M^+l^Jfation-. , : 8f financial data “ * . - "' . e . 

-vbew u- is »* materiaV." / The c 0 , 1 ?® " *>***1 

— ..In Hong Koag there js a virluaJ Bank can turn back. the 

.. M^j|ation-‘ ar finaneial • d^ta ' ■ . ' Kan ^, a hspnee of Government debt aqd greater disclosure by opting out 

• v*«w .:« ^ is t* material. / The ™ » n^t arn uire or hebf-^S so ^ banking system, holds Hs of a full London listing it may 

— MHgy-h« ^ 5e-devw ^ of the sSe cimtai Tf preserves In the. form of foreign .vet find the SEC more persistent 
; tewstf.mlff for . a^aaKiWatong 5S! r ®LSJA“J “J r ' c fJ^ 1 a 5 ps s ’".^r^ey.^rtwsionslTh^'abseffee in their demands- 
: (endag differ. Ejfrly - resfetions 5 -' • ‘ • - . 

. , .. h ranitHl of an^re^nes »n .inn. ronn ,ui larciKn jri nuu me 001. uiuie f/ 

J 55 r«S 5 ^ d ! raan ‘ ,fi - 

uggest. tS -iven-- tbp: terse: a? *SS r ^ ste , » J lue M W > t °{ ^ — T~~ : . ■ - ■ ^ ' 

Tad Heavv loss at C6al India ■ 

despite record turnover ; 

, i-Ti iwwvr-i, VMb TT-v. 

!» »rr, 2 .urn the H«Pg' Kdng- m - as 'ari- «° a 

igftong Bank's pur- 

portunil? to. set precedent*- - ea^e ox p name Midland. 

'" ^ The TJ.S. Authorities ~<mu I d be 'This ^iipensatipn has also. 
•' T In happy about the Hongkong allowed .Hongkong Bank to 

-.••AY P. C. MAHAN Tl' CALCUTTA April. 17 

COAL- TNPIA. the Smifeowned tute Sn per cent, of its- capital 
companv which., runs •- the If 'depreciation and imenesf'.n'ere 


["'ll “ ■'■'.['■'■'■ -TUBNI 7 V£R : '..L-p BYV 34 %" 

• - gs-.- The - TtwnUi/rietJWR.A^urt General: Moetinff ejf T. f reaching} a peak -M F^-Sbit.- Si^imji2S , - Pe cennS* *^hp lhh a 
•• ■ J.' ff. rprofme fpoldw^s)' L«- t«w held irf Leeds yesterdoj/. (S7I5m.).- and. consumption: ‘ j-.-tJ. 

-•• 'The CftofTTnbn. Mr. *.«■«.■■ Broime, r^esUM and tiie 9USm, rpnnes. being- aSeait of- s Jn DOr | ■ hai to h! 

, fOUd«:m»«-/mshafe7nen^- ' • the':^ ^yearis production .nf 1 lTVtS? P ?5U w SbkT' 

I -am Pleased to report a record Group turnover of- tonhes. itsett marginally hichor;$. ' r - , r , Ai . {A * 1 . ..*T 

f2.633.040. reptesenaagt an ' increase of ' 34% on . 1976 I than the' year’s target of 8S.15m. 

--estimate- that amrarnttely. halX'UlU. inJEOTemem couJd be_ itumas- '. __ _ — ---. . - r , rod uction 3 t ar-et - of" ton 5m- 

— — HR fesirit of 'mflaUori'But the remainder arises from increased coal India aitrihuied the loss Lnnes feir the current financial' 
•production and reflects great credit on those concerned at t0 - unrealistic ” prices fixed by vp arw hj ch toother 'wiih- ihoi. 

: every level. the -New Delhi authurilies for - of ^ hpr n]a ^- K a , Eo , a i' 

1 The Group Trading Profit was £305.GR3 m which must he coaL A price increase or ks s-iii of ij3 m ; tnnneS-'Tn rfew oT tbe 
added the Investment Income -of £18,456, making a total of per tonne n as been dem and en in pj^up ( n ridnies!;v'-xlem?rid. 

: £321.039 (1976— {267.T09). o ff ? e J nsi"S costs, but *his has therc is nfl aeflnito plan forccal! 


n ing of to 
/e office at 
rlotteSqu 31 ’ 

ntativ e 

1 * 22629 ® 

Last yeqr I. advised you that the Director had taken note 
of the published .proposals for Inflation -Acooun -.tag. They are 
.now eon sintering' the revised .proposals with their professional 
advisers-:- ' ' -'-' 

Shortly after ^he close of the Annual- General Meeting it 
Is my intention 46 resign my pobjtiim at Ex'ertitive Chairman 
and propose thp election of my cousin. James Letgh Braline. 
currently Managing Director, to succeed nip. I shall therchy 
'terminato a. Jiappy aasociati'Dn extending- over 33 y«rj and I 
am most -grateful toi-my fellow Directors and a mo'tf Iny^l 
staff ahd work-force for the puppprt ihey have given ni£ 
t throughout- - . • r , : 

\ - Tbe^BUsInesi'ii' nbw- “in its ninetieth vear of <uccessful 

operation and I have every confidence in it* future. . 

A final dividend on the Ordinary ^ and- -V A “ Ordinary 
Share*, as increased by the bonus issue, of 9.319?. (2 3276p per 
’share) malting 13.31% (3^275p per sbare) for the year was 
approved. (1976-^-11^1% or. W70 2p per share after adjusting 
for bonus issue.) 

Mr. A. H. Tfcmi'nte and Mr. O. N. A. Braijne^tbe Directors 
•'retiring bjyat atoL>e^^»flleeted- - • - - - 




Se/lent points from the SUlemtnt hjt the CtetrmMp. Mr. M. I. Mtekin. 
tear (rornUie report vtd ptaounbtfarthe jrew end#} 31 Decmbtr 1S77. 

m Group turnoyer show ad a further increase of 
over 18% compared with the previous year. 

B Overseas sales wore 86% up and exports now 
account tor over 15)4 of. Group. turnoyer. 
m ^ffl^ssTis^hiniade in irilpravihs- perform- ■'■ 
anc« of. . /ess -profStaWe., ona, A moat 

Branded Sales Dlvlaidn to Show a useful profit 
for'1977. . - -* - 

1 Socks taptories remained busy throughout, 
making their full agntr ibutfon, and a higher profit 
from this DMalon seefrisraasured far 1978. 

, provided there is no general downturn in trade, 
we are optimistic that the Group can maintain 
steady progress ip the future. 

Group BdBtiJtS - ^1977 1976 

Group turnover - £9^tT0,722 E7, 801,414 

Exports ... JC1j434,703 5TJ ,095,749 

ProTitiaefOre taicatjon ' ; gtt%l W -j ‘ .C3S.$12 
Pribfit after taxWoh. £184,059 £156,088 

Dividends per share v . ; 3.1 2§p . 

Earnmgs par’s hare 7.989p . 6 J52p 

iT*.-- ••••'••••- 

All tiieie seevrtees kai e her >; ss>4. T his aKxoufsce&etJjsppcjrs or *t matter of recar-d only. 

April 28, Z?7& 

$ 75 , 000,000 

Norgcs Kommutialbaak 

9Vs% Guaranteed Bonds Due 1998 

? <: -Smith Bamejy Harris Uj^hata & Coy ; ; • ' ; - 

“ Incorporated ' 

‘ 1 V . Goldman, Sachs & Co. 

.. _ Merrill Lynch, Pierce, Fenner & Smith 

5 Bitorpvnxed . 

Salomon Brothers 

• Atlantic: Capital ■ The First Boston Corporation Baehe Halsey Smart Shields Blyth Eastman Dillon &Co ; i 

'CW^ftratien * ' ' •' •- ^ , . • ■ Iswpouui • ■ • " IncOrpOtated " ' ' - ' 1 ] 

v Dillrin,' ltcad Sc Qq. Inn ... . Drexel Brirnham Lambeic . E.F^Huttohj& Companyiticr.' 

.... • , Jacorporatcd . . . . ........ _ , . . , “ 

■ JCicifer, Peabodj^ Sc Co: ; \\ ' La^ard & Co.- ' - • - X^hman Brothers Kuhn Loeh^ 

• •: Jnca/pncj»d : • V ' ' ’ . ‘ ' " - ' Incorporated , . * 

'. ‘ Ioeb’jRhoades, HorabJoxi-er & Co. - Paine, Webber, Jackson- 8r Curds ^ ■ Warburg Paribas Beckers ■ 

. . ^ n •...-. • Jncorroraied ■ ■. " • IiKotpotaicd ‘JIT 

• Wefthfeim. & Co., Inc, - ' - -White/Weld & Co. . : V . "Dean Witter Keynoids Int^: J 

■ - Inmponted . <>. . .... - . . i ■ 

ABD Seeuri ties Corf oration Bank Gutzwiller, Kurz, Bungeher (Overseas) Bariquc Nation ale de Parisn^ 

v ■ j . , ■ j * m .•*• + ' ■ * " ‘ 5 ' ' v> - ■ f j ’ ; m 

...Basle Securities Corporation •. Berliner Plandels- und Exankfuiter Bank. • \ Caisse des Depots et Consignations-;, 
' Deutsche Girozentraie . * . . . BuroPartners. Securities Corporation. Robert FleinSig ^ 

' Deutsche Girozentraie . . . EuroParmers- Securities Corporation Robert Flein&g 

— pBUUthe Kommunalbifik— . Incorponud 

- Hambros Bank ' Hill Samuel Sediritieji Corporadon Kleinwort, Benson 

. . ■ ' • > - IncDipouud * 

• Kredietbank S,A:Luxembourgeoise . ......' New Court Securities Corporation ’• Orion Bank' 

Privatbapken 'Sc. 


ScandiiUviaa Sioirities Corporation 

limited; • 

Vereins- Und "^cstbank 

-. -. AktUngese ihebaft 

Westdeutsche Landesbank Girozcntrale* 

' , Andfescfis Bank A/S.. Bergen Bank Christiania Bank og Kredxtkasse : Den norske Creditbank -a 

* /-. v;.« -.'•■• • - .■ ■ ■ " • ■ * ' 

■ I”..*]} ... . •. ..... Union Bank of Norway ltd. . . * .• -• ~H 

nism *** ciS iLL. 9 * 

JteL?* Jeart ,aTg€t of 8S - lom - rbal India hafi fixed, n bisrhtr 
janun^,. -r--- rrr - production target, ' of" UM-Sm-. 

Coal India aiirihuiwJ the loss tonnes fbr ihe current financial 
to unrealistic Prices fixed by which higelfier. w-«h- lbo«*-. 
the New Delhi authorities for of ^hrr collierie? nVa^e's a»bl 

coaL A price increase of Rs.J-JO nf U3m: ionneS/Tii riew t^’tlie 
per tonne ha* been demanded lo pic 4 . up in ridniestic' - Jem?rid. 
offset rfsins * ,u * * his has there is nb dfflnito plan tor ccal 

not been gremed— pending mvt-s. exffhm ,hls year . ./ • T s '. 

tigation of Coal India s costs and financial resuit apart, 

prices. . ... . . a f eaIure 0 f coal India's opera* 

- Coal- Jnriid enm plains that she nwis in-; 1A77-7S:” was .. .that 
present prices do not include any productivity .repr^sfti'itfff' by 
jvrovuion for depreclstion, ir output per minSsalft ^idecliited 
ipferest on loans which const j- sente 13- per ceor. .«/ 

Swire Pacific move ahead 


StVtKE PACIFIC. tji«» dixersificd. Properties: pan :of-. whose share 
trading. marrjfactunnj and capital was floated. to the ; pubOc] . 
services group, has announced a lasl- .'ear. Swire -PitcUta . -is ■ 
48 jibr" cent, increase m .aftertax believed to have, benefited b> 
profit for '1977, u» SHKlSSiu. good results from its airline sub- 
73US4tei .). si diary- Cathay Pacific, - 

"The’, 'increase- described a i ■ • : 
■‘sigmficanr by the Swire Board. "rOp^Tiy pDrcfiaSe _ . .... . 
was aSead o'[ analysts* -forecast. IVah.Kwoirg Properties ts To buy- : 
ind'SKrife is proptreing'a aDe-for- a ' resideBtial-commercter com- : 
ten scrip issue. pies. Tonnochy - 'TowerS^. ibr.- 

Flnal dividends of 2*J cents per fsHKSBm. (SL‘Sl2^m.) from Swire 
A share, against 25 cents, and Properties,., the . Swire. sroa&> 

4.4 cents per B share, against property . arm. "writer Danldl - 
5 cents, are being recommended. Nelson from Hong -Kong, 
making * total distribution for j - tx i." ■- 

the year of 32 cents per A shape '.vr.UlGSOr JrlOUSC ' 

Mid &4 cents per B share. A '?iHKlfiOm. Vi SETS2 1.6m 3 tSom-l ' 

The' directors say that “pros- iraci has been signed-by Hopg- : 
peels for 1S7S are encouraging.* koag- Land Company .and- 
and ihey i>elf eve that dividends Gammon ; Build ing ..Cqiistruction : 
can he at least maintained on the for ' toe . superSmictiire.. ' 'of. 
capital increased by the scnp .Wmdsor -House, the 44>Storey 
issue. commercial building which Keng- . 

In additien to good results kong- Laud is devftlppip^ .ib . 
earlidr from its subsidiary, Swire Causeway - Bay. Hoog’-Koog.- 

Pan. Electric reconstruction plan V; 

. rr WpNG SULONG KUALA. LUMP UK, April 5" - 

■PA Sr- ELECTRIC and General cent." holding in the Singapore- 
Industrie*, the Malaysian-based incorporated Fan Electric Indus- 
investment company, ha* an- trtes, 

□QUQced a reconstruction scheme The net effect of ‘toevreeda-. 
to separate its Malaysian and struction is that FEGL share- - * 
Singapore assets, to conform to bofobrs- will •- continue to. 
the Government's new economic have an indirect investment in - 
po^cy amj to lake advantage of Pan Electric, while PEGr-wiU tise ‘ 
thcL-oll supply services avaHable the proceeds of the sale to expand 
fQrMft&ysi&B firms." it? oil supply services. .... 

FEGI will acquire from Pan 

.^rari-TSSnH 1 Etectrie 74 per cent Q r the equity . 
m *i^ihShSriL« 0 ?rh f0 InrtJp in Selco Malaysia; which .Is in- - 

vp,w>d in : Pro^dln? lugs -»nd ; 

jr j£ 5 ! * 'irtr c n Tsir rS r^harwc- “P vjl ^ A.MMay firiii; >e -• 
f A r? fi form Serply. which win proridp 
for ever>- five PEG1 ?mi»a - Ifniw ^ices to tbe offshore 

LIHs main asset ls its 45 per oil industry. 

TRW ReporlsRecord 1977 Results. 

Expects Contmued GroWife in 1978 : 

FinAna al highuqhts 

(tifi. dollar amounts in millions pci- shdie daia> 


• 197*5 


’ - (Restated; . 

Salts ' 

• 5 32639 

$ 2.929.0 

Pre-T** Profit ; 

' ■ 2^.3 

240 3 - 

M«i Earnings 



Larnlngs P?r Share 

F ully Diluted 

, " -42 1 

. 3 fid 1 - 

PrimflP 1 / ^ 



Dr- idend^ Per Common; iharr . . . .1:.-. 

1 55 


Cmlstanding Common Stock 


27.628.000 . 

■Shares CIsed m Computing 

Fer Share Amounts 

Futlv Diluted 

- 39#89.00O 

36 701.000 - 



•• 26.513.000 

Pestdted r& rcflrrt adoption of tiS. f-irtdncial Accounring SEandards Board 
Statement *13-Accciufttfng far Ledsev. 

Earnings pCr fe Vimbir Shire 

'- Cub Dividends per Conuarm 5*«re. 

1973 ?4 ' 75 ' 76 “77 
Fulh dituted earnings per share:' 
Primary earnings per share. 

..J 9 73“ 74 75— 76 -77 

Tfew Inc. an international supplier 
of hjgh-technology products and . . . 
services, reports record sales^.V , - 
- earnings and earnings per share '■ 

Sales reached US. $3j2& 
11 .4% increase compared with UiS. 
_$Z93 billion in 1976. Net earnings 
'totaled U S. 5154.2 million; 16.7% - 
higher than, the US. 5132^ million 
(restated) reported in 1976- FuJly; 
diluted earnings per share totaled 
(JS.-$4£2 versus US. $3.60 (restated) 
'•in 1976 while primary earnings per 
share were US. $4.77 compared with 
US. $4.02 (restated) last year. These 
arejnereases of 16.9% and 16.7% 

Total cash dividends paid to 
Common shareholders in 1977 
amounted to US. $1.55 per share, 
an increase of ] 4.8% over the US. 
$135 per-share paid in 1976. 

Return on . shareholder^ invest- 
ment improved to 17.-6% in 1977 
from 16.7% in 1976. Return on assets 
employed increased to 12.9% in 
1977 from 11.9% in 1976. The com- 
pany has among its goals a 20% 
return on shareholders’ equity and 
a 15% return on assets employed. 

Each af TRWs major business 
segments —car and truck, elec- . . . 
ti*onics and space systems, and 
industrial and energy -contributed r 
to 1977^ record results' arid are* * . 
expected- id show continued growth 
in 1978.- . ; j \ * ; 

IE you wbuid like further informa? 
tion on TRW, please write for a copy 
of o ur 1977 annual report; 

TRW Europe Jnc. -i 

25 St James's Street * " ■ ' ■ -1 - 

London SW 1 A- 1 HA 








Public Company Clients 



within 20 miles London 
Turnover £5m. p.a. 

QcMil: -A ffilwlMiC la: 

Tins cash jOuc wr 
entitles vrour corroany 

to an immediate 

75.^ CASH 

Cash ftowprobieins?Then cash this! 

Need Cash Now? You've got it right there on your 
books? Confidential Invoice Disrountihg Ltd gives you 
75% cash against invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential* Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
phone us direct. 

Confidential invoice Discounting Ltd. 

Circus House. New England Roari. Pnchlon- Sussex RN 1 4 CiX 
Telephone: Brighton 10273 * •WOO. Telex; 87382 
Also Birmingham)- Cardiff. Leeds. London. Manchester. 

A subsfdldry ol Intemrinonal F-jovrs Limned 



Tclcphene: Al Kiiabir 44252 

«_•» 4 •Mil I Htibl.fhid Sitidi Arabim '.Mn,wv niiD'li; » '••ir s»iin-n 

in ^oniCriKtion. prodiuu j r.i jcrvrri- indun"- 1 * "ith ihr ioinr ;g-oP'.**l> 3 n o? 
U.K. coitipini-i wiihing to rnier the Ssudi -v-irket, A: ;jn offer yz j th* 

5 *! m fits of a m ana J Tm ?nt team wUhn; to tuiii rou 

1.' pay i's mao.-cuod n jonin; up *irh an cu't. «0-ah«ad compini -o-IIac: 
M-. J. M. Paul, salss manajf.-. .it :(■■■ abo‘» iddrou a- 
Mr. W. Mocaal!. mana;in; director c? aar London offi:s a: 

7 OLD PARK LAME. LONOON. W I. T?.:?hor?: (01 ) 490 S 8 " 4 /T 


Swiss Management Consul unts can help you . . 

1. Mitigate taxation on Foreign earnings. 

2. Establish foreign trading concerns. 

3. Provide sales and marketing assistance wo rid wide 
Applications for advice should ind'ente your particular interest 

• .Hanibuhl 8. 6300 Zug. Switzerland 


A -rapecMd progrrsvre company specialising in rhr luted i»»;» fjrihc.- 

(ub-coneraet work, with ureiglir up (o 6 tonnes. 

w * *ia»e excel Itnr facilities and labour and wish to lin't with a sales-onentued 
company who need our manufacturing skills and capabilities. We would consider 
manufacturing individual items to customers' tpecified drawings. 

We also hive complete electronic wiring capabilrty. We ha** lull aujhr* 
control facilities. 



Midlands based Electronic Components Manufacturer 

with sain approaching £2 million. Principals cnb 
Write Sor G.I756. Financial Times. W. Cannon Street. EC*P 4BY. 


Major l.S. Barler Company Prwideni vifiuni- l. h .md 
Europe month of Mas. Trade ymir surplus insvnlurs. close- 
outs, redundant goods for adverti«inu. Hofei Crediti! travel. 
No limit on type of goods or size of transact I on. Con tan M.)\V 
. to arrange persunjl Fred B. Tarter. President. Deer- 

.field Communication*. Corp.. 444 Madison .\v-nuc. \eu \oric 
:t:ity. I.&.A. 

Strutt s Parker # 


HanHOQiri ■•swi:>< Salisbury southing 


• *it* «- rh cUnn'^." consmt .'or IS-’w'? go"* .fl* *' 

an th: rd(c of HalEoy. South To.-k»hi-'- (M18 2 mile*. Rai!-* ■•**“■ • "' 
Doncast-.* ~ ™»iiss I 

To Si lei en long ground- L^as-. «E an '"»>:> li SiPpcxOfn r.-n:. :,-Ll»<liiP 

Wiibur r C'rfitr. (.cuu’c BancnW'l Dep!.. 41 M« lfc.-d i m rre: 

Tel. 0722 28741 

London Office o Sf f W -*.5' 

.'el 05-6 jb* 3. 


With e*Wit»i*>- domuCK and overseas 
business capenenc; avanaol? ro under, 
eake; contracu. Pnc assign, 
hienu include succcssiullv creating an 
Africa n Q 4 -»ho-e Bank Cerporat.on fa- 
£li«nt‘« tax benefit and being appointed 
an additional member ol a team 
engaged in sensiuve iq-eipn nego- 
{lanciu. If you af concern'd to 
eneu-e that your interest ,i fully 
reo'-ssented in of-*-seM business I 
itould be of service to you. Vibsnnrial 
b-cpoeiaioiu only plras-. Absolute dis- 
cretion and highest references v-iured. 

V/r-Ce Ba> G.f 772 . finonricl rimes, 
10. Cannon Street. EC4P 4&? 


Menem / Canaume" Magazine, n-sc puo> 
tified m d -1976 io<d through ail najor 
:iu ' oudea. tr.eihr growth oaten, 
tiai. :a*crs e.p.ndmj I: %r: fi?:d 
cb.OGO. P.-inctaa's oniy in. 

Sor £.1766. l :naniial Iimri. 

- 10 . Car, yon Strut, EC<F aji 


fitter ■t-conditiomd and gj» -».■*! red 
a/ ISM. 3-i/. si«-. up ra 40 p 
Leaie 3 rears from £3.70 • rsluy. 
P*n !-om £2^ per mom*' 

Phone: 01-641 2365 


■ ►Ob' I >*qgr 5 rtPiirr* •r&ni i6i(. i >-uTr> 
f».rc?r». >10 -jiiit Cpnp-n" f *>' ifiC 

1r Z •? Overseas 6 Eeilicomr-d 
"ill. 1'ir'HMd including o'h'.'er. swim- 
ming pool tennis court A SU'.BOal in 
one acr - ol mature gardens lull o> 
eiolic nlants ano Imil 3 mins wai* 
to beats, immediately a.aiiabie 
14 000 000 Peseta » Or an. othe. 
fur-nne*. Tel: 06 D-j 3 44 10. 

E L Moore Church Farm Horning 
Paafl Horeto" Nr. Npr«ru.n Norloi!.. 


E-usinaSSman -seeks inepWjnten-. >n 
reining operation. Capital a/adaaie. 
Experienced in props -^7. iinance. con- 
sufunc/. c'lvr). marketing, agencies, 
milled adnrmsmo-. Full office 
facil.tms >n Ncctinghan> 

Writ? Bor < 3 . 1747 . f manual Times. 
10. Cannon Street. £Cap ajr. 


L4m required towards d-:rdop- 
rnr.nt cost of Urge Central 
London Office Black Ample 
-.eenrity trailabl' 1 Writ- &o" 
fil736. Financial Time-.. 10 
Cannon 5sr»?i. EC^P ^BT 


.-•* ere ' 'e- c'V’'r-.i;-jo-' >.id 
irdui:-i«l “i-tns in:?-n«t*4 n -jin: 
sonvacu t’d retting up industrial 
p-0]»:u n Arab Countries Jr io*nt 
vtnwro bu>; Prtfao lynem- a.-: of 
ntertst. AH facrltbit are available. 
Also ginui.n* suppliers of ou.ldmg 
maxtnals and -mathine.-y. 

Write Bo* C.I 777 . frnoncal Times, 
Iff. Cannon Street. £C 4 P 4 EY. 

BtSPARATlLY RE.QD L.'aOniu wms'ie,' 
Cifla nl« far E*aa>*. ¥/-1:e Ho* C 1764. 
F.naicial r:nie> 10 Cannon Si.ev'. 
6 C 4 P BJV. 

ts A WEEK *0'- e«;a araic,i 3. uno-r 
itt«.iA9 ,, i. ComS.ncj r„x- - V.r* unce f 
£5 j «i?e;- Presti^'' dn:c. i'0j. sto:* 
1 r.n'me w.i-er ■ mr 

n^fion*' O'-bZS CiJdf f'le- i Si'"3r 
«»•? -n «rr t. 01 tf K -• il-n . 

£lm- Available 

For purchase oF sound business 
with good management and a 
product range capable of being 
exported. Please forward details 
in strictest confidence to: Ref. 
1150. Business Sales Ltd.. Laynes 
House. 523. Watford Way. 
London. N.W7 Tel: 01-906 


with ~ £60,000 net profits 

If you •nish to sell you* -:amp«n«. 
write re us Wo can ?'*:e yeur 
sha-ci d.s'.t :it!r. profitably and in a 
proFraians- m3nne-. Almost c*sry 
catrgor. of comuin/ 'tqui-ed 
mg in ths Ha n«f alluring. Oistnpution. 
Pact agin;. bt-yiCi and Leisu'7 r .cI4i. 
Ss. Ma-cin-ie-G-and Stcu.-itici. 

71. b»Vt- St-ea". London. W.l. 
T:f: 01-925 JI48. 


•y • t-l 1 5*1" vor. trims .ni<>-m»ij 
W- r-j;?s-. di^ri'CJt and aualg: 
f.-ov i Our UKWt I any horn-:- faio dc- 
'■»' ibi or en' iiudii artieiionili 
• 1: -:;o-o -T any 1 ';m;: 

'•'•d-d: Jshn Mor-is. 0i-j?0 »E0 


L -ip'cdii/ ■?i- 

-"vi* j n > r 


ISLE OF MAN £98.44 



SEl’-TT “on pah t f'i«ii»tph 
7 - 1 . Dbugfat |P* 24 | 23 ’lp 
1 itrjl Street. D;-jgiu 1 3 rt 
Tci-tx: 62353 * 


seek:. expansion, 1 diversification 
via acquisition, joinr venture or 
other cloic relationship in plas- 
tics. engineering and 'eisure 

'An:« fl.j. C.tllO. Financ mi .'imri. 
'0. Conner Strcil. £C*P *?' 


"it! s-.ibsLaiiiia ■•■pc'icn:. rfi. and lylgi. industry • 1 k.-i id; 
iuv3"-:mj/ii .n a i.mi-s: *:••!»', Pa-- 
W'fmx -rirti * combany d.ih-- n 
O- ' :.*» i 1: laluh.-n :nu sas-rd •" Ho-ih 
of England vould c - *v 1..- : •.:: 
In«* 5 tnrrnr capiral ■« arailaon- ■! 
r-.d 1 -d 

Wr.’:- 3«, .7«:M r iMV..oi •■m-.. 

M. trine' '.i-r-t, C'.ap 


ro muiijiact'iriti; 

companies i" infection moulding 
and polythene extrusion Reten- 
tion of minority interests by 
present owners acceptable. Pre- 
ferred locations within 50 miles 
of London, north of the Thames. 

Write Bo* GI7BI. Financial 
Timej. 1 0 Cannon St- EC4P 4BY 

pROPSimr company wanted —-ft 

.ad* i.. ij'iiw A-*. umoii-: Pnoi-.r 

ai-aar iira — O'-Sva aa 7 r 

P.ooerl.e: S^dOOO ub»4id' P-c" Bidi; 
Vli Goad ft-a*. 'm a* •> p^st ucuoer 
•y !-:*»! 71 ij 


~ e. 1'1 3 Si>'- '••’• 3 b. 

ill- 1 »- v,.'V— D v • • • • 1 

international Consultants hv*c completed research *ntc ■Jc-dcpn’ent 
and investment programmes of Captive insurance Com Dimes. Their 
findings produce opportunities for grearnr profitibil't* 4nd 
exploitation of Investment potential Minimum capital or 
premium S2 mitlion. 

Prmcipcli only shou/tf write to: 

Curator AG 

Frcigutstrgssc 27, 8039 Zurich. Switzerland 


4 rrot'C'li'l. <»btndirtg 5t'- l Ftbricicor »rr.» fjrt*--- --t'M ■* 

*»iirfc. uni: vy»irht up re fi*j iornsi. Wj Hjv-: go«d facilirrt ;nJ iirsu- 
4 id wth ta link with > 54lry o-icnwi^d Compmy «h3 need oi.- "ii’i | i'' 1 '- 
i"g ca^ioihty a- would eomder min'iliCVJr: indi- l'C.-n:c Fj:i ims .n-jd'- 
3l*ir -oil ng , in.. C02 w?:ding. l!ir bUsting 4«d Sbrxying. 

Write Bo* G. 17 Q 7 . ftiwuicl T-r-ev. ! 0 . Connon Slieit, £C* ’ *?' 


Ladies and Childrens Fashionable outerwear manuftct'irt'' 
Mtuaccd in South Leicestershire. Work force of approximately 
10.000 squire fcei leasehold property 
15.000 square feci outside parking/storag- 
Comprehensive ran;e of machinery 
Turnover approximately £350.000 
For further details please apply Box G173 r 
Financial Times. 10 Cannon Street. EC4P 4BY 



We are interested in investing in companies 
which require extra capital for growth purposes. 

Write Box C15/9. Financial Time:. 10 Cnnnan 5ireet, EC*~ J Sf* 


Dynj.xit *ith -:»tcr -re n 

dcc:h in tli-i ixpori njld oHvn you 
a ion I expo-t icrvic*: 

— Hmdting o'- all e <porl 4 xi»nH' 
tation and LC pap:r-«3rk 

— Celle:oon ct goads by ai»n a>t»n» 
oi trantpo-t 

— - Comprehensive th'Ppitg »• ■n:-i 
th-oughou' the “arid. Customs 
dearan:'. err.. 

— Translation and typing frinch, 
G-rman. Outr.h 


V/- *ii-- IP.-' *0' rax n oil- fc — .-firs 
offii*. Medr-n pr-yj-j ft?j- 1 -port 
»ith : .-lephon • . -,;i;r a: rritynabl-; 

Rinr 07 Q *- 4 -* 3 ^ " . liinr .‘-Ijisn Ltd 
f.O box 44. Potters Ca-. H;-t; 



Corrxnf— Ponr.lls arc :he in.*i|nie»l 
of :iw ProhU *- C««i-:r3ral1^ 
.■ilnh In la.allon> surh al innnoino 
cnniire. sirpor-.-,. too-. in.,;'n'V 
part* ntsor; areas CK oro*. >» *m«j 
can e»ccea US . 000 n?r ac-jv Cash ■ 
Out Comoultr-Pprva’-. oi.-k»ni> »m- 
piete and read* lor omtlon 1, pri-eri 
a: £12 S 00 and available lor i-i.-n-.-. 
rtlitn rt'.li.rry Contact us imm." sic'* 
to :»v« a.iran-joc of :nt i>cv -ui v« 
ODcertunitv vou mil nnd -ft •• veai 
KIM* Lid.. Sv'IC B6. Kent House. 
a 7 Rcoenl Street. London V/1R VHP 


Phanriav' '"i-i is/icith i'i nJjji 

r’renet •* lomptii.-i ird dsai-,-. ;iri 
::i'J as fos soeii and :•* ot •.■.rz’i'i 
Ut your lostomi-s :o‘ 'rss il 

itlf>l' Discribuio-i -tcuircd ik-o-jgr- 
out U *C. 1st tSu 1: : ->4 

profit* oil 3 -c 4 ii:- Ccrior:. P-.c-.".*-'. . 
St. ilbans iioutr. Mi-rS-it L*'.. 
L.-d. ■>. Tel 1 5532 » « 3 I 6 ej 


8'ii.nssnin v-i-.h .*p- f 
gomoamts "O' « 4 h:i to : ■ * 1 

-tapisai bifind ftit onn •. •d'i*C"-s . -n 
hrr:s !.*:ks -» OS -.jrtun.', -5 to-, 
tha*-- - t'.-d ng .smpanr -hi. 1- • 1 1 <:i 

n:* lariag'. - . n: ant s>i:v>7 

vp nr- Be* fi i'ii. f.-o-fn.’ "• — 
f n . Co'"or i>r*:i, iC‘° a?' 


Spini'*' f >i n»»i ‘Loni iltant % ft gl-. 

lc*:i tentit! ' Pibii: and ? - 
hur —Ow’d 11K' io !»•»• ‘sir Lft~- 
aanif- s:*lin; r;p •-s-t.'t' • tV 

bpm'iii n«-kcr ru- 1 o*ftt? 1 iflititi 
avaiiiv'.-. Pjin.i:- and .-*a{ri ; ;*».» 
on'y F-: Puis lor P :ie*-:h 

and lo- Pruihil ry acud-ti 

Write CNI. Gen-teal Ms.l ' : , 
Kad.-.d Qi. 


Fist ;- 5 » ug -.nitly :or-c' -d r.— . 
o*m*i offi-;ia"v ipansorod 
n- 3 garm:s me ahI! estlofiift-;<t Tca- 
BccL Ij-.i: surdo*'- i’.SC f.r r j «-i 
c'Pinting i-a.ino'y Tl-- -«•«{« s 
off ."red 10- al.- ;c map.- 
i«M' 13 :m:,nirr('; : -. etfi-.r 
at: *>t :i 

'/ Tfr* So- u.K 1 .. : nr.. 

1*7 Ca ~nor S:-cet. £C*^ aft 


na-i«i- ' • •■*■■■! 

r*]-"- . - - - ■- fj— 1 • ■ - 

mi x »• #•'» = ■.: Lir- 
.Vi-i.-ir- 7 -,- .->..1. ,-h - : ! 
T-‘ 0 t‘a sj-iyi j 


of offs sr printing, book pnr.nne-’ 
typsSbitin^:' publishing biisin^tt-ei 
SOUfht by fasi-lrowir; ;rtjjp 
Emir* or m^orig, cq-jiiy aid- 
ing required ran oi.Tcri--.ej 


•iV'if de- a.l. : ' 2 . f-.13-1.-1j. r 
I j, Can'iBn U:*e*r. ;■;<* 43 ■ 


LQiftcnw t-a* 


^ "“QATAR L ' 

■.niinanr 1.* 


Cnr>nan« t u- • '. I *» 

P'-' I'amBierr cvuosition'. .C ti “in a - 1 

6 u*.'nyi' Cnnimercial T>. O.- r.,- 11; 
A Companv l*i»*. EOu--* h\ M a. 
Nafa Lan-.-r Harot.i;*— .•D.-rpn- 
e>W'< i 40 w-*» r*;n prn-.:i n* 

O-for.-i Uni cr-.-. Pr.r.i £35 ca;B 

ah:» n .mi r . O-'ai— ?n. - 


1A. Cnnismorr G*rdi>ni M-m 
Id.. DT -589 4295 . Telcii *> 16303 


W. ii tense -1 ln*:it.r.-n.' Pa-- e-S 

p-opcupc re Pi»*:i>*a: 50 1 !- Q' a 

quoitd compji/ S:riO'ii pri.a** >n. 
vesto-s with nnmvdiate caih «*He «ejid 
consuftr pa-ricpating ,i £ 10.000 'iniu 
or mj-t, should -rrir.. Igr a p.>-iO"*J 
appt ntment to d-.tmi th-s nmBfimem. 
givmg private in Mar h-iiinatt add’-ss 
*• th Kl'phaiil H'lmj;-* “tjdrt noio- 
piper orrfr-r-.d fl.'f*r-nci>S *v • 1 1 !>c All l'”.v» ans-v<rad 

•ft rK- 6*1* ‘a Fi-Yincdl r.-1-i. 

10. Connell l-r--:. ZC 4 P 42 ?. 

ALTON Hampshire 

?e*:rtirn*nr iha- and jfliee n-rs:- 

.T.:nt It: o-< 1 “*?.yn- fw»«! iras^ 
' r era i ?48 p-ol itiij -I 2 .” 6 C oa 

'Ji-dt'irttmgs • i:'ude litrrr.a: 0">! 
're-ti Kitin' .Valorem- Alton 
Carat md Co: P- t-r £ 140.000 

F-ttftoi! P.-ll iir; jili; Sutton » Ccm- 

er.y. Sj:"an ->oijK. 4 f.-'inj*-,;! 

P:«£. Iluilur }';1 lcl. ( 07 G 3 > 



»3gistra;icn 3 *rc 
?o. j,„j. £ c 1 

'-:-d3i j*. 1 t '7joi. «<- ! P 


Cb-er.iili;* ; in •:-. ,j».jt c-- 'in'”-: -'t 
fin*-..:m r'vir* ?incnft cr ll’''•.•• 
rneiir • u b I “ en t 

2 Berkeley Squ.irc. London, w.l 
Tel: 01-499 5123 


1 ~' m \ T ,n * t%m lor i' . 

mm j.-. . >1 B ■ . . Ig d rijfM'; did 

-■ Jl "n^Scrpi r? 4 nc in'! <gn ?Ticni: 

i 4 :::as*ji -v.-?-. 

■Vf'S? £:» (j " C ^ . Ft"jr.<idl ’'Tir., 
‘Q. Cj-to- ft, lC 4 ? i 3? 


in.' -- ;v yf.ddi-- £*«*•' 
re . i -J-;, . v,\ 1:.. 14;: . 

‘- f: z 3o"ta-f». - £ - :->-g 

j ; gon(«.->. . ; 

trad: .5 • ;r:i- a >d 

-j — Wo .-if ju. 

Vi "l - I:- f,- - j. - .... 



WfinchuT-L. Hants 2162 


Car company special ••.in* 

ir. utetf Car ' requires u d-1i- 
tioral nock vVjil rent you* ; ,-, r 
C J" — Or J'c*.-;- minimum i.t. ;;i- 
r~ mt if inf- 00 High --.-ri-'r. 
effer-c pivi _ iirantc-.d -i- f 


For privale com panics with high liquidity and 
risk nf forced distributions at high tax rates. Fully 
approved and totally secure method. No risk. - 
Just write your name nn company Jeltorheadiiig and 
post lo us today for details. The-Tacility is limitecT. . 
OVc regret no telephone enquiries can be accepted.) 

Managing; Director, 

Ackrill, Carr & Partners Limited. 

Alp House, Westhill Road, Birmingham B.‘5S STL. 

- Financial Times- Tuesday April 1 S -19TS 


Rolls-Royce post 
for R. W. Perry 

Mr. Richard W. Perry has joined tinie basis .start in? Slav 1.” H« 

th e Board of ROLJL£-ROYCE will represent ITCA at meetinc 1 * 
MOTORS Car Division and .has in Europe with special reference 
been appointed managing director to EEC legislation as ir affects 
of .Muiliner Park Ward, the marketing and advertising on 
London coachbuijclin^: cocnpany television. . - 

which Is part of the Rolls-Royce - 

Motors group. Mr. Perry was, Mr. I. P. Cameron Black, of 
until recently, director of manu- Standard Chartered Bank, has 
[act unn g at Ley] and Cars. . been aonolnied honorary secre- 


Holiday Village and Hotel Site, Isle ol Wight 

I 2 j acre* with dcui'ed planning canuni fo* 91 heMiday ho-j»c* 
plu> 50 -bed room hotel. 

I 10 a>.r«i of adfomiflg farm and woodland with Buttin'- consent tor leisure ore. 

I mile from Cowes. Ideal for multi -ownership development. 
loini Agon tsr Humberts Lana plan. 6 Lincoln’s Inn Fields. London V.'dfl JOB. 
7 ef: 01-342 3 IJJ. end Strutt 8 Parker. Lelitrre management Oepl.. 

4 f Millard Street. Salisbury . Tel. 0722 28741. 

London OfliCe lj Hill Street sL'. lei Ul-629 7Z&L 



Outfighr sale ' including Patent Rights, manufacturing know-how., 
patterns, tools, jigs, fixtures, fittings. 'etc., also stock of components. 
Company disposing of. due to rationalisation. Design permits of 
fitting to scandard sink outlet. A very reasonable price is asked 
far the complete project. For further particulars write to the 
Managing Director. Box G 177-4, Financial -Times. 10 Cannon Street, 
EC4P 4BY. 


investments cun liuctuate - our expert advice could help. 
For fully descriptive brochure, write to Dept. FT5 

Fine Stamp Investment Service 

'• O ■.•t fra*, Sorr. frrcji 8.~ SSSliearonL' Or^-20442 4 




COLEBROOK. EVANS & MelvENZlE are instnicted by the 
OWNERS, following their move lo new premises, to SELL 
BY AUCTION' the plant and equipment oF NORTHAMPTON 
WEDNESDAY. 5th JULY. I97S. Ihc valuable 

o.x . ifff.r for s\hF. ny private treaty prior to 
a v /.< n - c.rabtree six unit single width 

July I97R. 

Hmn the Pr»>'« will be sold by auction as slated above to- 
gt 1 her with: 

An«‘CiOH* KF.YHnARDS: Nine M'irtr-1 C4. a C44SM. and..*. 
G4-4SM " Interiypr " Composing Machines:' a Model Tfl. two 
Mndnl 7S and seven Model 4K ■* Linotype " Uomposing 
Marhinp-: T«*o “ SAM “ Slue Casiing M.mhlnt'a: Model K 
"Elrod" Strip Cystitis Machine; Two •’Funditor’* Electric 
Forme Storage Uabiju-N: Model RM2 V Funditor" 7 Cwt. nr Metal Pol: Composing Room Equipment: Two 
" S a mu aver " Aulo Cord Tying Machines; Tyvo Model K150 
" Mischograph " Electronic Engraving Machines; Office 
Furniture. Fixtures. Fittings, etc. 

1 /j j*/ fen I ion *c for appointment to inspect the Pres* and rn- 
(iur«ft fur further mfnnniitiou should be or Idrenscd 10 the 

•». Quo lily Cuuri, Chancery Lane. I*ondou WC2A 1HP 
Tel: 111-242 1302/9 

[acturing at Leyiand Cars. . been appointed honorary secre- 

„ tary . and treasurer oi the 
Mr. I>. B. Retd, a director of BRJTLSH OVERSEAS AND CO'I- 
William i> and Glyn's Bank, has MONAVGLALTH. BANKS ASSOC I - 
been appointed a director of the ATlON in place of Sir. : R. T»- 
YORKSHIRE BANK following the Mason. v>ho has relinquished that 
retirement of Sir. K. G. Holden, position because oF a change in 
*■ his duties. 

Mr. J- K- Brannlsan. Mr. J.-N. ■ ■ *■ 

Dow Ian and Mr. G. F. HoUaway Mr. Leif Forsberg has* been 
have been appointed directors of appointed the first director of the 


* • • + . .. 

• Mr. Clive Kidd has be come S. WERNICK GROUP has .made 
chairman of the SUSPENDED three appointment sin its Board: 
CEILINGS ASSOCIATION and Mr. Mr. Raymond F. Hunt, as group 
Terry Harris is . the new deputy sales director. Southern: - Mr. 
chairman. Harry T. Peacock,- croup cxnorr 

•* ‘ sales director: and Mr. Donald G. 

Mr. K. G. .WUton has joined the. Richards, group bales director. 
CHOMTE GROUP as financial Midlands, 
director designate. lie will he * 

pased at the group : s Solihull Mr. Vincenco’ Cmnhoni has 

offices. been appointed deputy managin'? 

* .. . . directnr nf CHEMICAL BANK 

Mr. Richard M: Trim has been INTERNATIONAL in London. He 

appointed managing director of has been succeeded by Mr. Martin 
McKETTRICK-AGNEW AND Asstarita in Milan as generd! 
a subsidiary of SdentiBc-Atlanta. manager of Chemical Bank in 
Inc. -Italy. 

* - - + 

Mr. D. Smith, technical director Mr. R. Wickenden retire^ from 
of Gougli Cooper and Ca„ has Board of R0TH1I.\NS INTER- 
been appointed to tise Board of NATIONAL on April 30. 

. Lhe BCB GROUP. * 

*. Mr. Ronald Cicmpson has hepn 

Mr. J. 3L Paul, general manager appnmted a director and elected 
East Anglia, and Mr. G. W. Dmui, chairman of CROUCH GROUT, 
milling services manager, have The retiring chairman. Mr. W. F. 
joined the Board of PAULS AND - Lyons, will become vice-chainnan 
WHITES POODS, a member of 3/1(5 continue as senior le=»l 
the Pauls and Whites-Group. advisor to the group. Mr. David 

* J. Cakebread has been appointed 
Mr. D. H. Joues, Mr. TL A. financial director. Ust month 

McSwincy and Mr. M. S. Rosen- Teapc WTuIe Property Holdings, 
here have been appointed esecu- a P c,v * te company controlled by 
live directors on the Board of Mr - Clempson. acquired a suh- 
UNITED aifSDICAL ENTER- stantial shareholding in urourti 
PRISES- the company owned G .roiip- Mr Clempson was pre- 
jointiy by National- Enterprise viously a director of Buckley In- 
Board, Commercial Union -Assur- vestments, 
ance. Orion Bank and London „ • • * • ' . 

TtusL and which recently made a -Mf* Norman H. Davis, 3Ir. 
.successful bid for Allied Invest- David Stark and Mr. Charles 
rae ots. . Wyatt have been appointed 

* directors of D7XOR following the 
The Welsh Dirlsion of the acquisition of 37.3 per cent of its 

BRITISH STEEL CORPORATION equity, by a consortium or in- 
has appointed Mr. Bob Avis as vestors, from Matthews Holdings, 
manager, personnel, at Shottim „„ , . „ * . 

Works. North Waies. He- has been Mr - John E. Colman has bt*»n 

succeeded by Mr. Phffip Westwood ■gPoj“SS„ JS& 

as group manager, personnel, in JOINT COM- 

the division’s Associated Products MiTfEE. .jybich organises the 
Group. Mr. Avis replaces air. Don J* 0 * 3 . ^bow^for the 

Avon, who has become director, ^°,J 35 Smithfield Club, the Agri- 
personnel and social policy, in the ^Engineers Association 

Corporation's Scottish Divtision. an “ *be Society of Motor Manu- 
if ... . facturers and Traders. Mr. 

Mr. D. A Mason has become dolman is ebaitman of the 
a director and assistant general Colman Group, - 
manager of BARCLAYS BANK OF • 

ZAMBL1. He was formerly Mr David J. Hot imi has been 
deputy managing director of 

Barclays Bank of Trinidad and ® n Ara * bflcked 

Tobago- international trading company.,. 

Mr. R. Goodyer and Mr. W. J. j 

Old have, been appointed directors 

or lhe marine^ division of J. H. SFRSSSi- tv urine 


^ succeeding. Mr. .Michael Holroyd. 

Mr:' -Douglas ML Fergus has been l.' 

elected' chairman o f tbe Scottish 

branch or the ■ INSimiTE OF chairman nf J. AND A. SClu j»- 
BUnJWNG aSSl? Mr. GEOUR, stockholders, retires on 
S i uJSSgr »y 12 and he will be super- 

*. seded by Mr. H. G. A. Ross. 

Mr. Alan Daniel and Mr.' John -. . .... 

E. Glbbins have joined the Board ' an ^L,^ lIr vI n ZSi re 

of FARNELL ELECTRONIC COM* r^tn^J?n?iylrn\T 

PON ENTS. Hr. KenqeUi Gledhfll BuPTOlorGEajSN T^OADSTONL 

has become deputy managing HOLDINGS and wjU 
director. • ” = si We for the overall profitability 

" oF Forticrete- in the UX. and Van 


For immediate Sale 

introduction price 60% less than market prices ! 
Our price £78 each FOB Gothenburg, Sweden 

Technical details. 

© Opacity 3.000 lbs © Overall width 20lm. 

• ■ Forlien^th 45 m © Weight 135 lbs. 

Container and quantify prices negotiable. Contact in London 
-iip-.iI iamrdsy. 22 April 

Ring Mr. Manson 

Tel: 01-935 9601 Ext. 113 

or writr to The Swedish Trade Commissioner's Office 

73 Welbeck Street 


I re 1 HPO K-'-i 1-n Irom manutacturf r «rr(W?l» r*jdy ror pa*h-h>jtton 

ar*-: ii,d iro'jni-.-d/trailf- tult control panrl auto ul«ty laauirn illencars 
'.onunooui rated at Q.flpf SOhr t tundby rating 10 per rent, creite- 
R -.-4 »ai'.r ] 

Examples X 


250 K 7 A 20 DKW CUMMINS NTABS 5 G £11500 

SOOKVA 400 KW CUMMINS VTA 2300 G £25466 

ns*** 572 KW CUMMINS KTA 2300 G £36622 

eSOKVA 760 KW CUMMINS KTA 3067 G £38478 

T;-f.,._P J/ mcnr be>er- deliver/ no middle men end users only 
V> 'mart. Race* Ltd.. Circle House South. 65 / 67 . Womblev Hiir Rojo 
//, ns>:r. Mrediescx 8 DP. Telephone: QI -403 6455 . Telex 423421 

SYSTEMJS. - takcs-up. his new post oa a fi»Hr 

ir ■ time basis tn Junt*. ' 

Sr. Robert R. Edgar has- been ' . * . . . ■?, 

appointed chairman aud ' Mr- *Mr. Lcon^nf Raed has become 
Ronald ColUniEweud. ".’depoiy security advaser to the NATIONAL 
chairman, of il SAM UElT and MUSEUMS AND . GALLERIES 
both remain joint managing succeeding Mr. Trevor wniiams 
directors. Mr. S. R- Gentllli and w “° bas retired. 

Mr. C. G. Lcmen continue as 

merchandise director and estates Mr. B. Hulks worth has been 
director, respectively, and Hr, J. appointed a director <rf GREEN'S 
N. Lindop as a non-executive ECONOMISER GROUP and Mr. 
director. F - M. Cop bam has resigned from 

+ • the Board. • . 

Mr. James O'Connor.- formerly ' * - • 

director of the Institute of Mr. Peter Bourne, formerly. 
Practitioners in Advertising.- has .divisional secretary nf the Enfield 
been appointed to act as Euro- Rolling Mills. Division .of Della, 
pean adviser to the' INDE- MetaL has been appointed finan- 


GEC order for winders 


Machine, gear and 
plant construction 

• 'li- ■ mi i i r«i|'. >i * iir-|. t , 

- -• l| !ia-i . i i*l -i'ii-' -..-i In 

.li • • III -■ •*-. •» I' "i*l 

-•j m .’in,.' ir| nfli, - iliri I,-,!!, 
i n. • i - i;ii m-kl-m -•i|t--ii. 1-. 

•<> • V: • imiii-i. <u-i -n -r.-'ii.i. 
. In,"- -m- 'ir- ..,rl 

-h.rft r.|,— - .,-rh I-.. I . .i|i.«i'- I? 

I •■•>-■ I, -1 ••.i-X-r- I* J-i-.l 

li j 'i-f L-jr-.hii-r -ir a-niar: , 
'i- . r-j 1 i-u > •*! ,'ijl: 

i i-i- p-<v-i ;>i on: j*' Ni-iri-'fi 


• r : -i :m 

V .» In, : W • ■■ ri|. 


Over 400 ««ts in stock 

Et/ l* from ilv manuli^turcri 
Ivj" »lt?r 4 ,<c> ITmii- 

01-985 7581/0019 
Telex 897784 

!.fobk lift trucks — U'M M K .|, e „. 

i-ii-n* -hont «>• mar in 0 trac-%- 

flnish<M ip minulaci.iro-s colour, 
Oi-,-l. rl^-lrj' - or 04 S We 
>1*0 bit* a '.efeetien of electrre PatlM 
Tr*iek,. ei-etri- Reach Truct-j j-d B l«- 
ir« Toning Trucfcj. alfco a 30 tent 
i capacity Container Handler capable ol 
hanolmq an« stack l<ta 20 ft. 30 ft I 
i and 40 tt. containers two ninh. u,t wni| 
I upon inunl. Trade and report emnina 
; welcomed. Ure* reduction on hulk pur. 
< 114505 . Del. Tor, os anranoM anywher# 1 

QirmingiMm Fork Lit; Truck Haina' 
Road Saltier. Birmingham Bfl lOU Tel ' 
021 - 3=7 S 944 o* OZI- 32 S 1705 . Tet™ 

GENERATORS 2 3 030 KVA „ew a.m u .„ 
"nmc 3 i*LBl» a>a'MDI* Keen :omo*U',t 2 

S a C a e s n 3 r ?“ L,fl - 5035 fl 

WANT EO-Wnrr ms j,,., r-a , -« r.. ^ ^ 

■ JCR- MF r El Mu'iii 

r..r„ Wp-s,- Ta , 

w.-i es«<2. 241 . - k.i»ahv 

has an order, valued al £4.7fl»-, t 
Tor electrical drives, associated' 
equipment and services -as part 
of the NCB second phase mine 
winder replacement- programme.. 
The company is responsible for 
the design, manufacture, erection 
and- Commissioning of winder 
drives, including the mechanical 
parts, 'for five. . inslallaLions at 
three collieries in tho Doncaster 
area. The winders are of single, 
and double design* ground 
mounted,- rated from 2^00 hp to 
3.700 hp. The equipment -will be 
manufactured at GEC factories in 
Rugby. Stafford,' Broadstairs, 
Kidsgrove. Manchester and Liver-, 
pool, and will be installed" during 
1979 and 19S0. : _ . 


Fifty kilometres of pipe worth" 
I4.3m. are to be supplied by tiie 
of the British Steel Corporation 
for water supply schemes' In York- 
shire and Lancashire. -Four con- 
tracts are involved, of which the 
uirgiest rs for concrete lined Stan- 
tyte ductile spun iron pipes worth 
Hm-. required by the Yorkshire 
Water Authority For -the construe- . 
Mon oF a 30 km. 900 nun. diameter, 
twin main f rom Chelker Reservoir ■ 
to augment, the existing supply 
to Bradford.. . 


ROCLA PIPES has won an order 
valued at £300.000 to supply L350 _• 
and 2.-400 nun. . diameter pre- 
stressed concrete pressure pipes, 
for use in the Southern Water 
Authority Peel Common sewage 
treatment, works scheme. -Tbe 
order was placed by John Laing 
Construction — main contractors 
for the scheme..' : ' 

' - * •*■ 
Enrope. through the French sub- ' 

sidiary company. . Sperry Marine 
Systems France, has ari-ordef'fbr 1 
navigation .equipment • valued . at.. - 
nearly Sim Tor live ve^eJb- Klnc 
built fur Mk* Malaysian fruer- 
nntmnal ShljipFns 'jViirporatlon. 
The - are. LNt> carriers ; 

being built at CN1M. Ld Seyne 
and Chantiers de France. 
* Dunkerque, imd « in be completed 
- over the next three years. 

Seven Bedford 32-ton T>T Tractor 
Units, valued at £135:000. have 
been purchased by the contract 
hire and leasing company, Ryder 
Truck Rental, Ferivale, Middlcse*. 

Tbe Royal Aircraft Establishment 
at Fambo roug h is to install a 
pass. 9000 SSR (Secondary Sur- 
veillance Radar) processing and 
.display system, under a contract 
worth almost £2504)00. Six dis- 
' plays will automatically show- the 
identity and. height of aircraft 
vritfui- a WLmile radius of the 
-RSET Fambbroughr-dne -of the 
busiest areas of airspace in the 
U.TC. - Fare bo rough Air’ Traffic 
.Control. provides radar service tn 

and - from Blackhusbc. RAH rtdi- 

ham and’ Duns fold ' aerodremes 
.and- has delegated control of n 
section iof- lfte . London Terminal 
Control area up to an altitude of 
between 3.000 and 6,000 feet. 

■■ . 

. Otders worth a record £705,nnn 
were received during March by the 
f: ! ii U coster -based QLVR3HLLFS 
UJU— destined " for the tT.K. 
rrrarkei.: A totaF nf IX high- 
.teehnology spark erosion mao time? 

■ have been-, sold tn . engineering 
companies - and . specialist tool- 
makers serving the plastics, auto- 
mobile and aerospace industries. 
.Those machines wall be delrvered 
over the next stx months to cus- 
tomers-. dll around tin* - cou ntr y. 
The company wa's "established in 
in .-1973 as -part of the 'Swiss-based 
Charoulles Croup... 

. * . 

contract ■‘ivortij n St. TOO to design 
and build a computer centre Far. 
GEC Midland Compuier Servirr*: 
in Newport Road. Stafford. Work 
has begun,, and tiimhietimi ii. ex- 
pected by, September. . 


J Ce Tuesday April. 18 jjt8 ... 

, p T '*o:Dfll M Til C M T < 




D/n*mIc £uropein/ln:e matronal Consulting Group Js looking for 
. ■- -? \ Innrnacional oriented professionals as representatives/ partners, ' . 

'W .^VWe/VpdW Kk* to gee associated, with outstanding, multj-hnjuai 
r ' individuals With proven international track record in any of the 
awing areas:-" 

'-’. r y geRaral business consulting 

■ ;,^4aw, patents, licensing. Joint ventures 
. v "V — finance. taxation, tax shelters '• - 
' -^public relation' 

■ —marketing, market research, sales promorion, product development 
J— import/ export. . * " 

" . * 'Sepiarate geographical . areas to be covered: Benelux — France . 
Germany — Great Britain.. — 'Italy — Scandinavia — Spain- — 
" -- ." r •' Switzerland. . (Special aid for: Middle Eajt/U.S.A. /South America/ 

• lh ; - Australia, etc.) ■ 

V Wenfuirenjents: Above average career record, multi-lingual, S-M> years 
■ professional experience in consulting or any other related 

-■ "' V ‘business activity- ’’ ’ 

"Qualified parties who are interested in an international consulting 
, ^affiliation are invited to submit detailed information in confidence to: 

Prinsengracht 373 NL-Amsterdam-C . 

• - 1 Interviews scheduled in Europe starting Summer 1978 

A new approach to 
your career 

IT' you are an able, experienced executive or pro- 
fessional person, yet somehow you are not ' 
making the most of your potential, perhaps you 
need a new approach to your career. 

We specialise in assessing and developing senior 
people towards personal career satisfaction, to 
take charge of their own futures and to make the 
most of their talents and experience to achieve 

f fcimtun personal and financial rewards. 

you're not entirely happy with the way yoor 
career Is going, why not come and meet one ofonr 
professional Career Advisers, without cost or 
obligation. For your personal, confidential 
appointment phone or write to us now. 

.11 lift COSLPMY LTD. 


roWiillunltiuEwn II vrEwJualuui and Career Ad vaucemmL 
.London : 33 Fltzroy Street, W.l.Phone 01-637 2296 
Paris: 6 Rue de Bern 7&UQS. J'fionfl 
We ore not an Employment Agency. 

K • SuiuHayAnsiccring Service. . / 

business; manager. 


Our clients! a medium-sized firm, require a Business Manager Tor 
their -highly, successful practice. A sound commercial- background, 
entrepreneurial . flair, coupled - with xhe ability to organise and 
administer . the offices, jof a busy professional.' practice, are the 
qualities required. The successful applicant will have the imagmaiipn 
to propose changes in. procedure and- the organisational -tbility 
to. implement these changes, - • •_ 

For further details apply in writing tp: 

Miss P. HoIRs .. f. |U 

■ 30-32 Feet Street. London. E.C4 


l§ the feveakyou’ve been promising yourself 

Scottish Development Agency 

Strategic Planning Unit 

Labour Economist 

up to £7,714 per annum 

The Agency's role is the regeneration and devel- 
opment of Scotland’s industry and economy. It has 
substantial resources and wide powers to invest 
directly in industry; to provide management and 
other advisory services; to build modern factories 
at attractive rents; to clear derelict land and im- 
prove the environment generally. 

There is a vacancy for a Labour Economist in' 
the Agency’s Strategic Planning Unit which is 
responsible for forward planning and for monitor- 
ing the effects of che Agency's work. 

The successful applicant will be a member of the 
unit's Policy Development Team and will be con- 
cerned with- making policy recommendations on 
the employment and labour aspects of the Agency's 
activities. The successful applicant will have specific 
responsibilities for developing measures of labour 
productivity; reviewing labour trends and schemes 
related to employment and training; balancing the 
need to expand employment with the : requirement 
to promote industrial efficiency and international 

Applicants should have a degree in Economics- 
combined with relevant University, Government 
or Industrial experience. 

Applications should be made in writing giving 
career and personal details to David Swift, Staff 
Executive, 120 Bothwell Street, Glasgow, G2 7JP 
to arrive not later than Monday, 1st May, 1978. 

Scottish Development Agency | 



1 required lor expending monejrbixiking 

1 company. 

: A II replies will be treated 

j In strictest confidence. 

1 Please "phone Miss Dobson on 
01-248 5685 



lor ^ 



Negotiable Foating Rate U.S. Dollar 
Certificates of Deposit. , 

. " * Maturity Date 20th October 1980 

In accordance with the provisions of the Certi- 
cates of Deposit notice is hereby given that for 

• the initial sis month interest period from 18th 

• - April 1978 to 18th October 1978. the Certifi- 

• cates will carry an Interest Rate of eight and 
. "one-sixteenth per cent. (8 £.%) per a nnum. 

v '.Agent Bank : - 
Manufacturers Hanover Limited 

Society Anonvme 
Registered Office Luxembourg 

ai. Awmlio ! 

• - R.C. Luxcmbours « 7-3* 2 
annual general- MEETING 

root srajasrs."”— ~ 
rtrsa 1 rrs 

■ irposes. namely: 

-la receive ana adopt tfte- r e®«j2 
W Se diracmrf.- saDitory Mdltor 
nd' auditoi*: 

■-to' adopt- the balance sJiertafldOie 
profit and toss account as at Decern 
Per 31. 19771 

-tg appropriate- the -earoings: 

approve the transfer t o the fund 
o, results ot tue repurchase 

^mpMv's.trani^arw ontiM sale* 
and- redemptions el ahares*. 

-tg dlstharee.' the ■ directors and 
-statutory auditor! 

' is .jaft w su/SS & jb ’ 
: r^ w ss:s-9n w S 

■neral ntcn*ins : 

•Banoue d* " rerls EL Be • Pays-BqS- 
tSur Lb Grond-Duche de Luxem- 
bourg in LiisttMlbOurB- 
-Sxnaue de Paris Et Des Peys-Bas 
m* Parrs. Geneva. London 

and Amsterdsm. 

-Bant* Co iri me relate Italian* : Heed 

Office and Branches. 


-Total relaxation — Superb Food - AA 
-/rosette for cuisine & service — the Highest 
- _,,r Standards of Accommodation. 

>T^r- ^HOur own 9— hole golf course. Horseriding, 
v" tennis and fishing are all available close by, 
gjfc jifef And we are only 500 yards from the beach. 

Pro-am golf events. Backgammon tourna- 
4 In fWff ments. And more. 

In short, everything for a memorable 
rrajr holiday. You will always be welcome — but 
-LiiXawhy not take, advantage of our special 
UHl/jLSpring/Eariy Summer arrangements — 3 
rgfcxiybX nights/ 4 days for £45, 7 nights/8 days for 

IBUlAsk your secretary to phone Rod Edwards 
i^^SJbn West Runton (STD 0263 75) 691. or 
write to The Links Country Park Hotel . dept 
FT, West Runton, Norfolk. . 


I No. OHIO®* of 19P* 

Chancery Division Comparrtvs Court. In 
LIMITED and lu the Maricr of Tbc 
Companies Act. lius. 

Pciilion for the Winding nn o< the above- 
named Company b>- the BUfli Conn of 
Justice wu on the <;b dar of April 
IP7S. presented M> flic said Coon by 
PANY LIMITED whose Repisiered Office 
Is situate at Rothschild House. Whiuifi 
Ccnire. Croydon CR9 1NP. and lluj The 
said Petition IF direcU-tl to be heard 
before the Conn <lnfnq at rhe Royal 
roam of Jnsrice. Sirand. London WC2.\ 
2LL. on the sib day of May 19TS. and 
any credlior or coniribmnrr ot Oto said 
I Company desirous 10 sopport or oppose 
ihe toakfoc of an Order on flic said 
Petition muy appear at the rime of 
hearing, [q person or by his counsel. 
Tor that" purpose: and a copy of the 
Petition wQ| he furnished by the under- 
si fined to. any . creditor or confrfbarory 
of rhe said Company rcumnns such copy 
on payment of the reanlaied charee fur 
the same. 


4 Bedford Row. 

London TVC1R 4DF. 

- Ref: R7J5 Pel: 01-242 7SSS. 

Aaents for: 


! W Croydon. 

Sdicliors for the Peritioner. 
i NOTE.— Any person who intends to 
i appea r on -the bearing .of the said Petition 
must serve on or send bv post to. the 
above-named notice ip wrtttac of his 
intention so to do. The notice mosi slate 
the name and address of the person, or. 
:tf a firm the oamc and address of the 
I firm, and must be sinned by rhe person 
I or firm, or his or their solicitor lit any! 

I and must be served, or. If posted, must 
! be sent by post In suffic ient nmo to 
| reach the above-named not later than 
i four o'clock to the afternoon of the 
! 5th dar of , «w ton. 

I nternational Recruttmeat specialists lor 
the Community Markets. Tel. Graham 
Stewart. 01-439 1701. 


EVE, 109. Regent Street. 734 0357. A la 
Carte or All-In Menu. Three Spectacular 
l Floor Show* 10.48, 12.45 and T AS ana 
i music of Johnny Hawkeeworth A Friends. 


I I.8.M. Selectnc 83 (current models). 
, Single ana dual pitch. Sensible prices. 
Fully reconditioned- Guaranteed. 
Concept 01-729 1500. 


no. 00108T or i»ra 

; Chancery Division Companies Coon, to (he i 
and In ifac Matter or The Companies 
Ad. 1948. 

Petition for the Winding up or the above- 
named Company by the High Court of ] 
Justice was on the 7th day of April i 
197b. presented lo the said Court by 1 
mastered office Is sliume al Leslie House, 
244 Illftb Street. Poole In I be County of 
Dorset, and who are sheet metal workers, 
and that the said Petition in directed I 
to be heard before ibe Court anting at , 
the Royal Courts or Justice. Strand. I 
London WC2A 2LL. on ihe nih day of j 
May 1978. and any creditor or contributory 
of the said Company desirous to support 
or oppose ike making of an Order on 
the said Petition may appear at the 
rime ef hcarinjL in poison or by his 
counsel, for that purpose: and a copy 
of the Petition will be fomJsheo by the ; 
undersigned to any creditor or contribu- : 
Lory OT the said Company requiring such 
copy on .payment of Me regular «J chaise 
for the same. 


M/tt Ely Place. 

London EClJf STY. 

Ref: SfJMC.'JMF. Tel: 81-343 0W1. 

Agents for ALLTN ft WATTS. 

1 Richmond am. The Saaare, 

Bournemouth Bfl! 6HB. 

Ref: RDW.'PS/F. 

Tel: Bourncmoith 21748. 

Solicitors for tbe Petitioner. 

NOTE .—Any person who inlands to 
appear on the bearing of the said Petition 
must serve on or send by post to. the 
above-named notice in wriUnfe of Us 
intention so to do. Tbe notice most stare 
flw name and address nf the person, or. 
rf a firm. Lbc name and address of' tbe 
firm, and must be aimed by the person 
or firm, or his or their Solicitor ftf any), 
and must be served, or, if posted, most 
be sent by post in sufficient time la 
reach the above-named not Ruter than 
four o'clock In the afternoon of the 
5th day of Mar ibts. - 

■ROWSE & DARBY, 19. Cork St.. W-1. 
SICKERT. ‘ Mon.-Fri. 10.00-530. Sm- 

COLNAGHI. . ' 14. Old Bond St-. W.l 
01 -49V 7408. INDIAN PAINTINGS--- 
WuBhal . and Ralput 1500-1850. UmM 
8 May. Mon.-Fri. 9-SO-SJO. Sat. 10-1. 

grave, N-W4. ART IN RELIGION- 

POX GALLERIES. Exhlbltton Of the paint- 
ings bv British and European Artists 

from', 1700-1965.- - 5-6. Cork Street.. 
' London.' W.l. Tel: 01-734.2626. Week- 
days 10-6- SaL.' 10-1. 

Recent Paintings by ROBERT HILL and 
RICHARD WALKER. 10-1. Until April 
22 . 



Street. Piccadilly. W.l. BflnbUlon ol OW 
marine, military and » sorting serf toijo- 
graphKOl prints and paintings and ships 

Commercial and Industrial Properly 4-50 14J 

Residential Property 2.00 . S.< 

Appointments 4-50 14.1 

Business & In vestment Opportunities, 

Corporation. Loans. Production Capacity, . 

Businesses for Sale/"'' anted 5.25 16.1 

| Education. Motors, Contracts Jt' Tenders, 

!• Personal, Gardening 4 j25 13.1 

Hotels and Travel 2.75 10.( 

Book Publishers — 7.1 

Premium positions available 
{Minimum size 40 column cms.) 

flJSO per 'single column cm. extra 
For fmrther details write to: 

Classified Advertisement Manager, 
Financial Times, 10. Cannon Street EC4P 4BY. 




















' 7.00 



ask'**. : rwa* 

Energy Development . . . 


Transportation. . . 

We are the 'Ideas Bank! The 
Canadian Imperial Bank of Commerce. 

Our branches and representative 
offices put you in touch with the largest 
network of banking branches in Canada. 
Over 1,700, as well as offices in London, 
Los Angeles, Frankfurt, New York, 
Chicago, Dallas, Singapore, Hong Kong, 
Bahrain, Mexico, Milan, Paris, Amsterdam, 
San Francisco, Sao Paulo, Sydney, Tokyo, 
Tehran, Zurich, and the Caribbean. 

• It also puts you in touch with over a 
century of experience in international 
financing. Experience financing ideas in 
areas as diverse as oil and natural gas 
extraction, mining for elusive metals and 

Our assets exceed 32 billion 
Canadian Dollars and we are a member 
of several leading .international- groups 
including the International Energy Bank 
and Banque Arabe et Internationale 

Were also experienced in Euro- 
currency transactions, investments, lending, 
deposits, foreign exchange and .transmission 
of funds. 

Experience that can turn your ideas 
into realities. 




'The Ideas Bank’ 

Head Office - Commerce Court, Toronto M5L 1A2, Canada. 
European Operations Office - 42 Moorgate, London EC2R 6BP. 

The Queen s Awards 
for Export and 

to be announced on 
April 21 1 978 

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 





Early fresh upsurge in record volume 


1 ; 

sharply in extremely hea\y : rad- 
in:; on Wall Street this raominp. 
v.itli the Dow Jones Industrial 
Average surging back through the 
sol) level to record a fresh 
advance of 1S-97 at SJ-5JO at 
l p.m. 

The NYSE .Ml Common Index 
moved ahead 97 cents further to 

Closing prices and market 
reports were not available 
for this edition. 

So 2 .ni, while pains outnumbered 
Iowe& by nearly a four-io-one 
marpin. Turnover reached 43.64m. 
shares, substantially above last 
.Friday's heavy l p.m. volume of 
.14 30m. and well on the way to 
<urpassinp last Friday's record 
laial day's trade of 32 JSm. 

Analysis said part of the large 
hoard of cash that institutions 



S'wT* Closros nn 

Traded pnre day 

S'-dtt Paprr . i.xri.Mn I.;; 

Reirui** Inf . AiS.OnO lTn I 

In: I. Tel Tel Co. . ®37.n«l .:n» ■■ i 

In: I. Tel Tel Co. . 437 .non 

Scars Roebuck ... SjO.IHHI 
Eastman Kodak . . -.Tajpn 
i.. rural Motors . 4IH.:I00 
Plsital Equlpnu. r.TT.niX) 
Otirrop .. 3C.IW 

.< Kay M.; Dorm «t rja.IW 
Morrill Lynch . .. n 14.100 

430. 9*10 54: 

4U4.:!00 64 j 

f.77.100 4«; 

3C.IWO 22j 

had been accumulating was sud- 
denly and simultaneously flowing 

back into equities. 

Buying was encouraged by an 
improved fundamental picture, 
analysts added, citing indications 
tiiar the Administration is begin- 
ning to concentrate on the infla- 
tion problem. 

Texas Instruments advanced $4 
;o S?4i, while among other top 
quality' issues. General Motors 

ro c e 12 to $63;. Du Pont 2J to 
S112J. NCR 2i to S49i. and 
Burroughs 3 to SS6i. 

Oils had Mobil up 2 at S64;, 
Standard Oil of Obfo 2 £ better at 
$64! and Getty 4 higher at S167. 
Among big Board actives. 

Merrill Lynch gained 1 2 to SIS;-, 
flow Chemical 1* to S26i, General 
Electric 22 to S50£ and Geoigla- 
PaclGc V- to S28. 

Republic Steel jumped 32 to 

Value Index strengthened 123 
more to 13552 at 1 p.m. on 
volume of 359m. shares (3 Jim.). 


Canada also strong 

Canadian Stock Markets also 
strengthened noticeably in active 
early trading yesterday, the 
Toronto Composite Index rising 
7D more to 1.0915 at raid-day. 
Metals and Minerals added 105' at 
9105. Oils and Gas S-} at 1.466.5. 
Banks 2.72 at 238.66, and Utilities 



i 1573 Mnce crtropi lit'o 

Apr. Apr. ; Apr. ' Apr. Ai>r. Apr. : ■ ■ *- 

14 ' 13 ,12 ' ll 10 ”i , High 1 Low High . Low 

la-lktlnal.. 7S5.1i 775.21 756.28 TTB.tS 778.63 7E15S: 8 7.74 . 742.12 . 1051.70 <1.22 

: (5.1 1 ! .(1111.151 .*2,7 52. 

H'meB'n-is* £9.54 89.21 88.20 83.50 89.55 89.58 SOJfi ; 88:01 — — 

. >4/l| I 02)4i . 

Tmo»pr rt. 215.77 208 jB 207.44 207.78 203.80 208.07 215.77 1 10951 572-B8 15.25 

■ 'o.’lj (9.1; ii.2,tf)i i8,7;iii 

1. n.iTkU .. . 105.08 105 .S3 105.82 105.95 103.82 105.85 110.90 ' 102.84 185.82 10.88 

(51) ' 1 23/21 a>,-4;69> -28/4.43) 

Tmrf'f-2 ; 

. W- i 52'O0 51.580 26.210 24.508 25.740 25.160 — . — - - 

1.33 at 167.29. Golds, however, 
contrasted sharply with a fall of 
34.3 to 1,223.5. 

PARIS— Widespread gains were 
recorded in relatively active 
trading. bolstered by Wall 
Street's sharp advance fast 
Friday, the patching-up of 
i differences between the two poli- 
; tical groups -forming the French 
i ruling coalition, and also the 
Bank of France's report of higher 
industrial output in March. The 
profit-taking that was such a 
feature of last week's trading 
appears to have petered out, 
dealers added. 

Foods, Constructions, Stores, 
Electricals and Chemicals pro- 
! Tided the most substantia! rises, 
with BSN, Bony gees, Printemps. 
CK-AleateL DBA. Thomson 
Brandt. LMT and. Rhone-Poulene 
all cnrtfn" notably hisher. 

BRUSSELS— Local issues made 
fresh headway in a good busi- 

Petrofina were 73 higher at 
B.Frs.4^273, while Vi effle Mon- 
rn*ne strengthened 40 to 
B.Frs.1.540. Uni on M iniere 16 to 
BJVs.782. and CBR Cement 42 
to B.Frs.1.400. but Solray came 
back 15 to B.Frs.2.485. 

AMSTERDAM — Mostlv firmer 
after fairly active trading. 

Royal Dutch were outstanding 
in Dutch Internationals with an 
advance of F1&2.6 at Fls.131.0. 
while Hoogoveas added Fls.OD at 

Elsewhere, Burtuueister Tct- 
terode gained Fls.lD and Heine- 


, ‘ 1873 

Apr. . A dc. | Apr- | Apr. ; 

14 1 13 ! 12 ; 11 ! Qigb 5 Low 

81.94 88.91' 60 M- 60.47 8134 | 48.57 
. i14,4i |6 3> 

■ ken FIS.L2. The Transportation 
: sector remained generally weak, 

but KLM rose FlsJ.4 to FTS-151?. 

■ GERMANY — Market lacked 
| buying Interest and stocks dosed 
1 generally easier. 

\ Leading -Banks, Electricals and 
r ‘ Mechanicals had losses extending 

■ to DM3. Elsewhere, Conti -Gumrai 
| shed 80 pfennigs to DM76.70 des- 

■ P*te a rise in - operating profits for 
t9d. Bayerische Hypotheken and 

! Wechselbank ‘ .receded DM2 to 
[ DM283. failing to be helped by an 
: 8.4 per cent, increase in 1977 

- operating profits. 

Public Authority Bonds sus- 

■ tained further losses ranging to 
' 35 pfennigs. The Regulating 

- Authorities bought DM27.7m. 

- nominal of paper. Mark Foreign 
[ Loans were also lower. 

SWTTZEKLAKD — Closed yesier- 
, day for a public holiday. 

HILAN — Stock prices were m 
easier vein, chiefly due to 
technical operations on yester- 
! day’s ‘Settlement Day. However, 

, the market decline was moderated 
, by late defence interventions ib 
> a number of Blue Chip issues. 

Bastogi retreated 19.5 to L3S8 
and Fiat 19 to L1.SS1. but Finsider 
put on S.5 to L76.5 and Pirelli 
15 to L2.013. 

HONG KONG— Market lost 
further ground in quiet trading. 

, with selling mainly in Blue Cbips. 

Hong Kong Bank receded 20 
cents - to 3HK14.60, Janline 
Matheson 10 cents to SHK 12.70, 
IVbeelock Harden 7.50 cents to 

Rises and Falls 

- ’ 'Apr. 14« Apr. 13 Apr. 12 

looea creWl-J L913 . 1.866 1.850 

R*s«i 1.232 1.041 735 

Fail*. 336 401 6 36 

Un.-hangert 325 424 479 

New I _ 109 85 

New Lows X — l 14 22 


ll>r. ■ Apr. 1 Apr. Apr. i 

14 : 13 { 12 I 11 ; filga 

in-luatrai ■ 180^1' 179.88| 175J3. I79.4sj 180^1 <1<'4, 

Cfim/ttne* ' IBS. 54 788.10 1BSJ5 JBSJ2R MJ4 114,4 , 

TORONTO ComwwcteJ 1084.6! 1083.8, 1078.4 108D.0 1 10843 414/4." 

______ . • i 

fioirt . 195J' 197.8 I VMJ 158.4 911.7 fl/2. 

ln.tu«rn»v i 299.0 288.0 > 206.6 285.8; 214.4 (4 /!» 

162.99 <1*.2> 
m£2 ijO h 

185.0 i2l o. 

SEW YORK, April 17. 

SHK2.125. Swire Pacific 10 cents 
to SHKfl.45 and Hutdusou 
AVhantpoa 2^0 cents to SHK4J5, 
but Hong Kong Land were steady 
at SHK755. . 

Elsewherq. Hong Kong IVharf 
lost- 20 cents to SHK17.10 and 
East Asia. Navigation 5 cents to 

TOKYO — Market made farther 
good progress on active buying 
with the N'ikkei-Dow -Jones Aver- 
age rising 41.06 to a postwar 
record high of 5,544.63- Volmne 
380m. shares (430m.). ' 

Blue -Chips mostly advanced as, 
investors drew encouragement 
from Press reports regarding New 
York’s share price upsurge last 
Friday and also from the steady, 
movement of the dollar on the; 
Tokyo Foreign Exchange market 
yeaerday. " 1 

The Finance Ministry announced 
early in the afternoon, that Japan 
had a record current account sur- 
plus for a March month, but the 
news did not make any strong 
impact on the afternoon stock and 
foreign exchange markets. 

Sony rose Y100 to YL300, Toyota 
Motor Y38 to Y 959 and Nissan 
Motor Y23 to Y827. 

JOHANNESBURG— The Gold sec- 
tor continued to decline following 
sharply lower Bullion indications. 

Other Metals and Minerals were 
narrowly mixed in light trading, 
while Financial . Minings also 
move d ir regularly. 

AUSTRALIA — Stock prices 
moved further ahead across a 
broad . front, investors being 
heartened by Wall Street's 
marked rally towards the end of 
last week, while Mining issues 
also received a boost from firm 
commodity prices in London last 

BEEP advanced 12 cents more 
to &A6.40, still drawing strength 
from the increased dividend. 

BN'S Wales rose 10 cents to 
4A5J4 in strong Banks, while 
Myer added 4 cents at $A3_72 in 

Among Minings, Pancontinental 
put on 20 cents to $A20.70. 
Renison Tin the same amount to 
3A6.40, and Hamersley 14 cents to 
SA2.10. ' 


n I 

mov db: jam kb- waa- 


— ■S53 

. , «s;r • :• - 

“rr tMW* 


» Tt7; 

9 in Torocni UJi. U4.5&-6Q Oftnndtoii cental. 
<4B»«<iiia afBA'«fr.XtKfcs8U83ar«ani. (US. 8 la Milan 66726-76. 
Bt*rifngittAHkolBa61004fi6a£a *R«e» for AptH.14. . 

: ' ' ’ r ’ " . ' . • - ■ . , 


* Ba -.11 til iit'icx duoiced tmtn August 24. 

Slar. ol il«r . 24 1 Year a»o >pprox.i 
6.16 6.16 ! 4.61 

Apnl . Prei - i LSia ; W7d 
17 l-iaa , Bif-h j Low 

Ini!. rtiT. rieM \ 


i Unis anuwCn.mpual'n 

Apr. I Anr. \ Apr. • Apr. Apr. .Apr. 

14 : 15 ■ 13 ; II . 10 7 I High ! Low ! High 1 Lon- 

1 fnrfusu^h 182.55 180.03 98AB ”9127 93.54 89J7 185J2 i 35 iT" > 124.84 3^2 

>5, li 1 (6.’3i (llirta, ; <3Cn?^j2> 

('..impo-atr 32.92 98 38 90.11 80.25 90.49 90,17' 95-B2 I 88.90 . 125.05 4.40 

fAflj 1 Iggj VI 1H >73) tlfi/3'ii 

, April 12 1 Apr. o 

InH. riiv. ynpln a _ 

Ind. P/E Hatut 
■•ns tjovt. B..nd yield 

Mar. 29 | Year ago 'appro*. i 

3.46 ! 4^21 

Anatr »H»r* l. 469.29 

Belgium « jl • 

(Denmark** 9*.96 : 
Prance itn' 64.0; 
Germany 1 77 ), 7££ J*i 1 

HnUawd l{fj ; 60.1? 

Hong Koa^j 434^9. 

Italy 69.44 

Japan iai'414.55 

Singapore .299^4 

464.88 , 479.43 
: fo/Ii | 
98 J7 : 99. ill i 
tl7.*4i , 

85JJ6 aa.LS- 

ffl/l/i j 
65.4 . c4.6 : 

. l7-4| I 
793.6 £12.7 ■ 
.10/2) i 
TS25-. LK.I 
(10.7) , 
436.96 4U1.67 
i '4/4) ; 
69.61 1 6A(>6 , 
<6/51 1 
411216 J414.5S 
' .17—. 
29? ^8 239/24 
i <W.4i 

-Ami Pie- IV id UlO 
17 eiiMi* , Hied : 1*"* 

Spain urt: — I - 94.05 : ve^nJ > e/.sd 

•16.1. : ill A) 

Sweden ivr 371 A5 . 36i.:7 oit^O 1 iic.l* 

! iU*. (0.1 1 

Switcerl'di'- W) . 231.6 236.56 : 2WL4 

!~ ; i-4 ' itoai 

Indices and bise dates (all base values 
109 except NYSE All Caromaa — 30 
Sundards and Poore — 10 and Toronto 
the Last named uased on 1973 ■. 

* Excluding bands. : 40*) Industrials. 

1400 Inds.. 40 UUUUes. 4ii Finance and 
90 Transport. (f> Sydney All Ord. 

• ill Belsian SE 3t'12/K. » — ■ CooenbaBcn 

SE 1.-1/JS. (tti Paris Bourse I96L 

<r., commerebank Dec., 193". «;ii Amster- 
dam. loduotrtal 1970. i" > Hans Sens 
Bank 31/7 34. ffl.DUDan 5.1 -73. -di Tokyo 
New SE i/im. 4 b i Straits Times 1966. 
*c. Closed. (rfi Aladrid SR 30 /’./n. 
«ci Stockholm Indnstna) l‘i -<S. if • Swisa 
Bank Carp, fui Unavailable. 

Bate aamn-fOr AmaUna j* 





Abbots Labs- 57 <a 

Addressr-jreph...: 19 J» 
AetnaLiicAC««c : 374s 

4t- Produet** ' 265 b 

4 in.f 494 

AlcanAtuminliim. 26 <3 

A /on* | 415a 

Vliechray Lwll.. 18*4 
Mlecbenv Power 18^4 
allied Chemical.., 42 >4 

Allred Won* • 225a 

41111 i/halmen...: 271 h 

A2|AX m ; 35 »e 

Amerada Um....l 26 

lav. S Prem. at $2.60 to £—1161^ (108i %) 
Effective rale (1-8815) (485%) . 

• April I April 1 April April 

: 14 15 I Aork 14 13 

13 Corning Glaab — j 50 
UPC Inf nttomu I 441* 

655. 1 20 

* CruokerSat- I 274 

36 , Crovn2euerbaHi| 32 u. 
261 . UiuninunKnalnei 366a 
agi z Cai- 1 -Wricin....I..j 195a 

2 Bia liana 243, 

Dart Indnatnea.. 39 <a 
' l>eere 27* 

ti ij i Uekoo* 97 3 

1 Ueniaply Inter... 19 1 , 

?f?4 ' Dc trou bdboo.. . 163 b 

[ DiamooddhamrS 25 

Amer. Airline.....' 105 b 
A' mer. Brands 465« 
Amer. Broadoui. ■- 427® 

Amer. Can 38/a I 383a 

Amer. Cyanamid 1 261® 255g 

Amer. Eltu. Poor.’ 237g 23)g 

4/nw. Rximns .... 35 jg 335g 
Araer.HomeProd, 285g , S8dp 
Amer. Medico i— 23i c 235g 
Amer. Mnuns. .. 4ij ! 4«a 

Amer. Nat. (.>■«.. 425a j 42in 

Ainw. Siandaid.. 39 375 b 

Amer. Bioroe 52ta | 325a 

Amer. lei. A Tel.; 62 { 6l«a 

\melek 3l5a - 311 b 

AMF 171® ; 164b 

AMP 277® ! 27 

Ampes.. 135s I 131 b 

.Vnebur H.iekins.. 37 ] 27 

Anheusor l^?sch..' 207 b : 203, 

Armcobieei .- 36>* • 26 ?b 197 b , 203® 

Ana mem (jil 11U ; 115® 

Avuixi > 16i a 1 1834 

Ashland Oil ! 295, 287g 

All. Kichlield 487s ! 40U 

l ** I Dictaphone 147g 

105a 9 Tb 1 i OtffitaJ tqarp^. 403, 
465, | 46t® 1 Disney <Walu_.. 365, 

427® I 40s® : Dover Cnrpn 41 

38/a I 381a , l>cm Chemical-,.. 241] 

26 la I 255a • Drawn. 283, 

23T a 23i« j Dresser. 381® 

335® ! Dn Pbnu 110 

283® I Uymo Industries. 17)® 

235® j Kapie Rctor 193® 

43 b I hast Airlines. — 8 U 
421] i Eastman kodak. 455®. 
375a | Lston. — .. — 365, ■ 

61 j 2 ] 23 .'e 

at,? Ki Paao Nat. Ga» 153a 

164^ 'Wtre 287® 

2 7 4 I Bmereon JWeotrtel 34 1, 
1 * 1 - i KraeTT-AirFr*lpbt 421® 
97 i Embart..— 337 ® 

20, 23, 

2fi?a J ^ D£silard. 1 24)2 

an^ K*™**— , 263® 

Auto Data Pro....- 271® ■ 265® 

A Vc B3® - 9 

Ami 23la ! 23 

A con Ptoduits....' 49 7 B : 47, tiei'i... 253®. 25 
Bank Ainerr-*.. .. 23t® ■ 22 
Bankors *lr .N.Y. 353, 1 35 

Barter! Ill 38^, » 29 

Muter Irate no).. 39la 38 
Beatrice Fnort.. .. 24 I 23: 
BectonD token wm! 37(4 . 37 

Belli Hfweu 19 I 18 

Hendrs 375, J 36 

Benguel Cons'B,' 2t® 2 

Bethlehem fleet. ' 2 Ua . 20- 
Blaok A Decker...! 16 * a - 16 

Boeing 37i® j 36 

Boi*e Leteeiie.. .J 27 1 ® - 26 
Borden 28 .'28 

07 ■ Kmbart-.- .1 33lg 

20 , lh.M.1- j 23, 

2fi?a J kngfllhanL.—..— | 2412 
203® K»»nar»— . 263® 

iK«on — ,. > 4634 

583, 1 Fal rob lid Camera 1 32 
287s j Fed. Dept. Stores; 37ia 
48U I Firestone Tire. ...I 143g 
265® • Ftu Net. Boston. 283® 
91, : Fiejrt Vea—M—... 217® 

233® j Flintkote ! 237} 

473® . Florida Power... 291a 
25*8 I Fluor 34,t a 

F.ll.C \ 22s® 

Fool Motor. 483a 

Foremost Mck... ; 191® 

Pus boro. 333® 

1 t-rantlin Mint....' 7?® 

Freepon M-tner®.. 21 
Kmehiul- 263, 

Faqti* inds 1 101 ® 

Borg Wamer ) 29 T® I 29 

hrantS Int 117* ; n, 

Biescan 'A' 15 /g 13 

Bristol Myers 321a : 3l 

Bit. Pet. A OK... | I« ' 14 
Hrodmevbuua..: 30ta 1 29. 

Brunswick ; 15 15 

Hui.-vrus Kne 18>, ! 17 

Budd | 33t 2 33 

Muiot* Watch. ../ 61, : 6 

Burlington Mbn 383® : 37: 

161* i [jJJ — 517® 

364, I eanuett--— 40 

26U ' Hen. Anver. Ini...; g? a 

2S1* U. A.XJ.- I £S5a 

29 Den. Cable. 15S® 

1 15® Gen. Dynamics. 503® 

13 7 ® ' (ieo.Kiectrloi ! 48t* 

3ls® General Foods... ; 288® 

Genera) Mill*..... 267 b 

lii 5 Genera) Motor*.. [ 641® 

Gen. Pub. GUI..... igj 4 

Geu.Gignal 27t B 

Uenl Tel.- Elect.. ' 293, 

3 f Gen. Tyie- 1 243® 

Genweo 7s® 

ouriinjtt.jn .-sttm otj3® 573® 1 11 -,^, p*c)Hl- i 36 

BurnaORbs ! 63?a 60t a iSgo n 1 ifi 

i.amphell-Boup... 317® | 31®* ! 1 

•^nadian Pauflc. l&l* j 15i, 
renal Uafldolph..; 113, 1 1 13, 

Carnation ; 2filf ; 257® 

AArner& General! 115, ; 113® 
‘■•iter Uaaiey...i 173s ; 17)® 
Caterpillar Tract, I 515* 491 > 

MK 491] i 465, 

rjeianene corpn...i 387a ; Asia 
Central A S. W.,.J 157 fl j 135, 

OnainteH 22 < 203, 

Cessna AircmR.J 331® I 32 
CbaseMuhatun! 31ig I 291 ® 
Cbeinu/al Bk.NYj 40 I 397 * 
CbeMhrgU Pond .. 241® I 237* 
cnente Scsiem..; 305, j 30 ig 
ChiraRO Bridge. ' 51 i SOI, 

L'hxptnal ley. ........ 195, ! lg 

Uuveter : lgi* 1 21 *, 

Cinerama ; 23® ■ 2^ 

Cine. Milacrnn.... 257* ) 25>e 

(iticorp 227* ' 215, 

Cities Siemce.... 50 s, ' 48 
Cue Inrestinc...' 141; 127s 

i^ocn Cola. „i 405a ; 391] 

Col^t Palm - 203, SOU 

Colin* Aikmaj]... 11 7® j 11 >3 

t/nimobia G«a : 281® ; 28 

f-dlumbta Put. J 165® I 1&*, 
Corrt.ln*C-j.o[.k_mj 183® ' 175, 
Combostioo Kns^ 36'a ! 35?® 
CcnPbustKinEq...{ 16U I 16>® 

151, Gillette.— - 27U 

113* [ Goodrich F-F i 21 

257® UordveerTire 176® 

113® I Gould 273® 

171® i Grace WJL j 37 

49 tj Gt. Allan Pkeleai 83® 
465, liriAonb Iron...: 233® 

5812 (ireyhouud i 151, 

*55* Gulf # ‘Western... 1*6® 

203, Gull Oiu- ! 25 

32 Uultburton ...; 6712 

3 gi- Unona Mining.../ 36 la 
397* Hernlschteger....) 166s 

237® Uarrla Corpn ; 473 , 

301* Heins HJ | 557® 

50 U Heubleln— 271, 

if,. Hetrteo Phckanj; 689®. 

*** Hoir4*y an* ; i6r B 

BSto HameMake. ■ 321® 

if,* Honevwell 477* 

Hoover 124, 

1 ?. Hoep Carp Amer.! 285® 
Houston XsUGi. 26 
hou HuntfPhjAi Cbm | llsg 

Hution (E-F.i : 143 , 

2 IX. Industries... 22 1 ® 

ISA. 395, 

Inemol Hand.... I 537 ® 

| inland Steel j 385® 

1 loal loo- _ 13r® 

Johns Mann lie... j 
Johnson Johnson 1 
Johnson Control - 1 
J or Mannfadiir 1 ® j 

KJlart Corp 

hauer Industrie* 
Kai-er J-leel 1 


■ heir McGee 

Kl.tde Walter ! 

Kimberly Clark.. 

Aupper* : 


Kiorm- Co. I 

Levi SrrauM 


LiRRCtt Group....; 

Lilly (Elij 

Liuou Indust— ■ 
Lockheed Abur'n 
Lone aMrlnri*.... 
Lur Island Ltd. 
Louisiana Land... 


Lacky Stores 

(•'I/O V'uogst'wn 


Maey K. H..- 

SI ti> Hanover— . 

Ala poo 

Marathon Oili... 
Marine Midland .i 
Marshall VieJd...| 

May Dept. More* 1 

MCA ; 

McDermott, ; 

McDonnell Douat 

McGraiv H.III , 



Merrill Lynch....; 
Mesa Petro'eum.i 



Slvbu Carp. ■ 

Monsanto | 

MqojaoJ. P. 


Murphy Oil. 

SaLtaco_.„ I 

S'alco Chemical 
•Vauonal Can , 

.Vat. DufOLers.... 
Sat. fianrbra led- 
.Vatkmai Sieti — I 
Aalomaa — -■( 

MCE. | 

•\eptune imp 1 

Sew England El.. 
Arew England Tell 
X iagara Mohawk { 
Niagara Share —.1 
S. L. I nd us tries . 
SortolkA Western 
North Nat.Gaa-. 
Xtbn States Pwr 
.Vchwesi Airiiner 
X tbwest Bancorp 
Xtirton Simon 
Oa-ideatsj Petrol] 
D*i lyy Sis! her ...1 

Ohio Edison 

Olio 1 

Overseas Ship [ 23 1 ® 

Orrens Corning... | 60 
Owens Illinois .... 1 20 s® 

Paul 5 c Gas 24 

Pacific lAghtlng-^ 20 
ftuiPwrTAU-J 2D, 
PknAmWorlri Airj Si® 
Parker Uanmbn. 24 

Peabody Ini 1 231® 

Pen. Fir.* U~...] 217® 

PennyJ.C. 384® 

Pennzoil 29 1 , 

PeopItoDrag...,,.! 7 b® 
Ptople® Ga® 36i, 

PepsiCo.. ............ 1 28L, 

Burton.. j 

Reynold* MetaU. 

Keyuulds K. J. I 

Elch’wo Meneil ‘ 
Bnckwell Inter... 
Bohn) A HsAs j 

Royal Dutch. 


Kuu Logs 

Jtjtier System—. | 
Safeway Stores... I 
Si. Joe Minerals/ 
St. EegUPktw...' 
Santa r® Inds...... 

Saul Invest: 1 

haxonlnds. J 

Schlite Brewings 


Scott Paper- ! 

Soovil Mrg 

Scudr' Duot Vest} 

IVooiwonu _‘ 



deoith Kail iu 

UALrreasAC ldat- 


ll.S.BO Day bill«.| 

18 . I8is 

4»j 41® 

46t, . 441® 
161® 16 
151, 143® 

94*4 1 t94i® 
7813* ! 7813® 
6U3i. 6M7X 

Sea Containers....’ 272, 26S® 

Seagram I 23 lg 23 

SearlelGJJ.i 13 lg 131® 

Sears Roebuck 24J, 235, 

SfiDCO „l 327® 314® 

Shell Oil.. ‘ 317 t 3 1 

Shell Xratuporl...; 385, 375, 

Signal ; 375, 35 a g 

Signude Guru 1 35lg 351® 

Simplicity rat.... 123 , ! 12J® 

Singer.— .21 1 SOL, 

Smluilfline 60s® ; 57 

Solitrcm 21 ® 21 ® 

Sutahdowa ....... 275, 28 

Southern CaL Ed ; 251® 251® 

Southern Co | 167® 16»® 

SUxu. Aw. lies. 321j 318® 

SoaLham Pad Ik -. 1 315, 31 

South eraliall way- 467, 46 7® 

Southland 25ij : 247® 

S'w’t Banaharek.. 255, 1 25 
Sperry Hutch... I 18 ! 171® 

Spesvy Hand ] 375® ' 35a* 

Squib....- i 231, 1 227® 

Standard Brand, J 234® • 231, 
SLi.OUCaUfomiaj 40 i 391 , 

SBd. Oil Indiana . j 49 1 ® 477® 

Std. UU Ohio 1 62 13 ! 618® 

Stauif 0 hem tea 1 J 40 Sa [ 381, 
Sterling Drug....; 143® | 133® 

Srudebaber. 54 . 541, 

SimLV) _... 4H® 1 401, 

b'uudstnud ! 397® > 393® 

Syntax ( 253® ■ 251® 

Technicolor. -I 10 Jg | — 

Tektronix • 373® 36 1® 

Teletyne _.| 79i* ; 77*, 

Telax- I 41® ■ 41« 

Teaeco. | 315, > 3 11, 

TewroPeiroleuni) 91® • 9U 

Texaco- ! 26 lg ■ 256® 

Texaacuir. [ 183® IBs, 

Texas In ra_m 701® 67 

Tern Oil & Gaa .. Sir® 301® 
Texas Uribtlra ... 201, I 201® 

Time Inc... 41 1® ! 40lt 

limes Mirror .....J 271® | 27<g 
Timken J 487g 475, 

Trancmeric* I 141® 137® 

Tramcw 187 ® 185, 

Traits Laion. | 3d, 3S3e 

Tran-wav Inir'n} 253® 23 lg 

Trans W.irld Alr.f 17 103® 

T reveller* 1 331, I 313® 

Tri CoDUnental -j 16i® 1 18*, 

TJLW | 364, 1 36 lg 

90th Denture Fox] 276, ■ 28 

b'AJ* : J 24 23 

CARGO 237® I 235, 

CXr.l 21 . 203, 

C.OT 1 2U1® . 20i® 

C'nllfrver 38 og ; 37 i, 

Lin [lever XV Sfiig [ 647 ® 

Onion Bencorp... 143# 143# 

OnJwj CwWdft, — 40 J 387® 
Onion Commerce! 81 ® i Big 
Union Oil Calif.. 1 47*2 ■ 47 1® 
Union Pacific..—; 46>a i 45 lg 

Untrcyai j 7k® ; 73, 

United Brands.... 7sg : 7i® 

US Bancorp....... 305a ‘ 297® 

UStiypaura.- 24 lg I 2 dl; 

USSoe..- ! 26 i 26 

US Steei ' 26%g | 253® 

U, Tecfarwl-Jgie*..: 581® . 367, 
CV I ad Ut trie*, ..I 207® ; 207® 
Virginia Blew,...' 13ig 141# 

IW#na n I 203# 201® 

Warner- CommnJ 58 ig • 374# 
Warner- bunbert. 28ig ! 276® 
Was e-Man 1 meat 23 U ] 24 

Welto-fcreo 27 i 3 ■ 27t« 

Western Bsacorpl 351® 543, 

Western S. Amer 22 1 ® 203, 

Weatcsn Unkm—I 16*4 161, 

Weetlnghsefilectj 19 1 * i 187 ® 

WesvRflo I 243, : 241® 

Waverbasuer....! 243® 23 la 

Whirlpool — ; 233g 1 25 

: White Can. ind... 2lU fill® 

! William 1/0 171® 17 

j wUuonfchi Kletc.; 271® 1 27* 

CuVtb fidunoi 275, I 273® 
r»ii u-i 01 - i m. 

Com’wthOil Kel 212 
Comm. Satellite.) 411® 
CompaterScn-nccj 101, 
Caant. Lite Ins...: 3H, 

Coarac 217, 

Con. Edaoa S.X. 22 -a 

Consol Foods 237® 

Consol Nat. Gas . 38U 
Consumer rower 23s® 
Continental Grp. 31 
Continental Gil.. 1 ' 263® 
Comuienial Tele.- IB*, 

217, 1 Sit, 
22-a [ 227® 

273® lutetwot Snagj ' 84, 

2>z HUL-. 2431® 

377b intL Plavonr*-... SLl® 

10 1 , Inti. Harvester-. 277® 

46 ' inti. MB* AChem 40 1® 

Eli, LulL Multi foods.. 21 

227® men-- IS 

23 tg loll. Paper. J 39 

365, IPG... ...j 29 >a 

231, lot IfeoDfler.... ■ UJ® 

3012 int. 1 «L A Tel.... 303# 

255, [Invent it, 

laie tow* b«« 1 aai. 

Control Data I 27 fe j 261® ' IU International.] 115, 

Cooper Indus, -..j 478# f 48 1 Jiv' Walter SQa, 

Parkin Elmer,— ... 

to- ; 

hirer....'. ) 

Pheipe Dodge—... 
Pluladelphla Hie. 

Pbillp Morns ] 

Ph(li)is Hetmi'm- 
Pusbury — ; 

Pitnev Bowes — - 

PlttMra 1 

Plessey Ud-ADK] 



I’HU Induatnes.. 
Ptoeur Gamble.. 
Pub Serve Bled ■- 

Pullman — .... 


khtaher Oats. 

Bxpid American . ) 

Kirthev ; 

KCA ; 

Republic bleeL...I 

isa# I7i® 
34s® 357® 

28 87«# 

238, 227g 

183# I 8 I 2 
623® 60 2e 
30s# 297® 

35i, 335® 

21 is 1 20 Tg 
213# I 205, 
175, j . 18 

308# I MOI, 
163# 151® 

261® .254, 

7S«® 77 

286# 221® 

29 281, 

18 - 17t® 

205, SOI® 

8 8 
38E® 376, 

266# ! 256, 
241, j 341# 

S.K.U | 

90th Century Fox)' 
b'Aj. : j 




AbiUM Paper-,..} 

Apncu taii.e 1 

Alcan Alum' mum 
Aisoma Med—.! 

Asbevto : 

Uankot Momrea-J 
Hank 5w, 'entin- 
Baaic l{ewn,tWi..| 
Bell Teiepiione-.i 
Bow V«uev lnd>.| 

BP Canada ; 

Btasoin 1 

Bnnuo | 

Cavan Power—.- 

wo#" M roe- j 

Cana. la Cwnem_i 
Canada MVLanni 
Can InipUnkCorol 
Cans. la Indust...! 
Can. Pfc-m.---._- 
Can. IV-iir inv.j 
Can. Super On _■ 
Cariiii® ' I'Keele.j 
Casawr A*beaU»J 

Cfaienam j 

Uotnm-.K ; 

Coup Ha 1 hum— J 
Con*-ume> >ias._! 
Coieka KeHiurcetj' 

(.tewl * in H i.-h_ 

Daon Devlmt ! 

tfeniw.n Mlnea— 
Dome Mmea— ...I 
Dorn* Petruleumi 
Dominion Brid#«[ 

Domlai j 

Duprim ; .-. 7 

Kawrai’se AiekeJ.] 

7 aid Motor Can.. I 

G«n*tai 1 

Gmm lel.wkniiej 
Guu On i.airada. j 
Hawker aid. Can., 
UomiaM- . -j 
Home On ’A'— _) 
Uudron Hav Mn^j 
Uudhai Bay..—.; 

Hudann Oil A Gar 

LAX - ■ 

I masco - I 
Imperial Oil— — 

loco...-. — — I 

Inda. ] 

1 ulan , 1 > HU Gaa..' 
Ifts'pt ’.rl’ipeLtoej 
Kaiser Keaoutue*. 
Liurm'i FinCorp 
L#+na« L'ofla. ’B.'i 
Mv'niiu'n Bioedi.! 
Uaapev KernuBOfl) 

Jltlnti re — 1 

Moure Corpn— — -I - 
Auranda Mines— | 
Aon*o Enegf...'- 
,MUn. lujMum-..; 
>uma>; Oil A Ga*. 
Uakwcvd Petr'm.l 
Pseiho copper 3C.j 

Pan. Can Pet’JBJ 

Pal 1 nr- _...| 

Peopm Dept. S.. 
PiaeeCa* 6- Oic, 
Placer Dereiofant) 

ijuebei; Stortt*®! 
K*n#et on— 

Kead Shaw.,.— . I 
Kip A mom.-,—--: 

H-valDk. ol -Cati-J 
Koval 1 nut— --I 

waKranu-..— -. 
’hen Canada...-..} 
Sbemu G. Mincsj 
-siebens u. G_-.. 
steei or Canada.. 
dteep Kv* lr». 
[«acp Canada... 
Iran iCa a Plpetn 
Tran, Mopnt Oiw| 

rti*&- I 

Union Gm - 

Ltd -Slocoe Mina- 
Wgiker Hiram.... 
Wert Crmt ‘P*’ • 
Wtrfon If^o. 1 

t BuL - Asked.' ? Traded. 
JScw atock. 

$ Co M> 

arming and raw materials 



copper price rise 

,- J, iVa£ X^EvY .paid by— sheep 
C ' 1 ‘ -the "British - Wool 

-- _ vjjy Srfcp£B£ Board is 50. j^main 
fgfaaag*d at-1455p a' Kilo of 
. * SoF-efl# jreayC Tjie standstill 

* • . « . ^ICtiilLSQyernmMlt'S recent 

-it. 'Cision that the guaranteed 
'■ »i*ySee for. wool for 197S should 
: - M^at'thC 1977 level:--- 110 a 

'1 Si - A A-. . t • - . 

.. new- "season’s 

" '-'^TficB'sehedule, Mr, Walter- ElBot, 
u ^Ei&v » of the: Board, said: the 

y^gbiiiBesil^i--freeze. ■■■ ha- the 
- ^jaranteed price was disapnolnt- 
V ' tg in vrewijf farmers 1 increased 

- - - ■^r'JSbSfcCCTs-- m the parts of the 
untry "womraffected- hy recent 

- - v i .KV/jw woulfl'-feel ' “ doubly dts- 
. /' • * •/^pointed " as many would have 

•• woof and almost berte inly a F 

- • i^fsofer .qpallty to cell in the 
t • -;««# season-.-. • ^ - < 

- Y^'-The Foard estimates U.K, wOol 

, . .;.^dvrctioir-:tlfis year could .be 
i^ifc.'rKikw. less than m. 1977. -At 
" i Resent prices'this represents a 
• J 4 * to producers of J32a»- 
• :-£?lAad to -Otis the higher .costs 
- --• i^fshepberdlng; dipping, shearing 
. ■ ^SM-'rent, to raentiori sora^ of the 
• - '/sitin'- Items^ahd we. felt thal at 

' v,i gat ,a . tsodest increase in - the 
0T H*»n jfc iarahtee could* have been justi- 
Ad,” Mr. JEJJiot commented. 


COPPER T^gT> a" generalise in 
prices " on' the London "Metal 
Exchange yesterday, with cash 
wi rebars ending the day £7.75 
higher at £701.5 .a tonne. The 
marn- factor behind the rise ‘in 
-copper values was the announce- 
ment* by the -Kenneeott Refining 
Corporation and Anaconda of 
plant closures from May l-.v , 

The Reunecott closure, at the 
Baltimore plant, is scheduled to 

I last aboutthree-and-a-half months 

vand. Anaconda’s, at its Montana 
smelter, about two months. 

Lost production at the two 
smelters Is expected to amount 
ttLabouL .80,000 tonnes, -but the 
moves should not interrupt sup- 
plies to customers.- London" trade 
sources said the net result should 
simply* be a reduction in the 
, ** burdensome ” oversapply situa- 

Stocks held in London Metal 
Exchange warehouses fell -by 
9,625 tonnes last week— -steaYly 
twice tbe forecast level— ito 

563,725 tonnes. This encouraged 
Lhe rise in prices, which was also 
influenced by the weakness of 

A continuing background 
Factor in . the copper market 
is the strike at the Southern 
Peru Copper Corporation's Ilo 
smelter which has led to rumours 
of an impending force majeu-re 
on shipments. 

The weakness of sterling also 
encouraged the rise m tlD prices 
wbicb lifted cash standard, metal 
by £25 to .£5,965 a tonne yester- 
day. Tb'e advance was also partly 
due to a SMfi.per picul prise in 
tne Malaysian price over the 
week-end and a further 295 
tonnes fall to 3,060 tonnes in 
LME stocks. 

- A further “ bullish "■ factor 
quoted on the market yesterday 
was news that U.S. stockpile 
disposal legislation has been put 
aside until more pressing matters 
befor the Senate armed services 
sub-committee have been dealt 

Unctad pact talks begin 

■ ; : :#^parts; -rise sfil. 

-■ ci^ Our- Own Correspondent \ 

’ * ‘ :: 1 J £ 26* " . TEL/ AVn:,' April 7 17. ; 

. 7- ; ^ir'^JREXCO, -an Israeli company 
. ‘ ; : ‘i? 'aid] ing -^f - exports : of unpro- 
Z::l : -&.'&6d agricultural produce other 
' -» Van" daps, .reports . that its sales 

^srt* .month -TOse by 60 per cent 
; '-r r Mdrcfi; 1976 to reach S23m. 
* - . J .- 'ift ■ toaftG increase ;was in sbip- 
~-ento of . ■ cut -Sowers- and 
F^ovfcsa« ijefobles. 1 *...- 

" "^JUnsThe aggregate value of shlp- 
. ...^snts of autumn and winter 
- -_^^nduce _ (whipb -started --on 
‘ • • • -::7~^.riQber_l, j97_7l w?A S95m.— a 
: :: - -i'. -se- of 42 per cent on the same 
- J -~rtod of 1976/77- ■ 

.• 1* V ; TIW cotatpany; has now' started 

' •“ spring and summer 

’aps.- which should- do wen in 
• ! I?w . of the -hard' winter" afid 

ring- experiimeed in many 
ets. of Europe. . • ■. : 


zSe^ brand 

tOOKE BOND 6X0 yesterday 
inched a new low-priced packet 
-^Vrcaited LOrange Label. U b~a 
j^jge-leafed -biend described as 
Ki.-.-qpality family tea fft.a 4owh- 
x estrth price" 0 and is ejected 
Z. .retaifc for about 20p a nuarter 

copper exporting and importing 
countries began ' discussing . the 
scape, structure and financial 
requirements -of a pLanned-fatei- 
Goveramenta] body of producers 
and consumers to monitor the 
copper market, reports Reufcr. 
-..Th.e five-day - meeting, '-con- 
vened -as- a working group by.. <he 
D.N. Conference- on Tradfe.and 
Development fUnctad). has 
before it proposals for the pro- 
jected new . body submitted, by 
Governments at earlier Unctad 

GENEVA, April 17. 


One of the basic issues is 
whether the new grouping will be 
Independent or part .of Unctad. 
Tbe meeting, attended by 45 
countries, will also discuss its 
name and location. 

An Unctad meeting of the 
world’s leading copper mining 
and consuming countries decided 
last February to set up the inter- 
Governmental body-as tbe first of 
two major stages in tackling the 
copper market's serious problems 
of over-supply and low prices. 

Fears of substantial U.S. stock- 
pile sales have had a depressing 
effect on the world tin market lh 
recent weeks, but it now appears 
that surplus U.S. stocks are un- 
likely 10 reach the world market 
before the final quarter -of this 

The International Tin Council’s 
decision, announced after hours 
last Friday, not to Increase the 
buffer stock operating range bad 
been widely forecast and there- 
fore had little effect on market 

But delegate sources at the 
meeting' said tbe consumers 
appeared anxious to avoid con- 
frontation with the producers and 
that an increase in the price 
range was virtually certain to be 
agreed at the next council meet- 
ing in July- 

Lead and zinc prices moved 
higher in sympathy with copper 
but zinc was additionally boosted 
by news that the Electrolytic 
Zinc Company of Australia bad 
raised its base price by S50 to 
S86 a tonne to U.K. and European 
markets with immediate effect 

The LME easht price rose £5 
at one stage but after profit- 
taking during the afternoon 
closed only £1.5 higher at £300.5 
a tonne. Cash lead closed £1.25 
up at £314.5 3 tonne. 

The International Lead and 
Zinc Study Group's standing and 
statistical committee is meeting 
in London at the moment to make 
a special review of' Lhe crisis in 
the world zinc industry caused 
by over-production and depressed 
prices. Normally the group meets 
only once a year in Geneva. 

U.K. sugar 


nears end 

By Our Commodities Staff 
! PLANTING Of the British sugar I 
: beet crop, delayed by bad ■ 
I weather recently, is gathering ! 
| pace. TTie British Sugar Corpora- ! 
tion said yesterday that if the! 
j present fine weather held out 
I drilling might he completed by. 

: the end of the week. J 

! Just over SO per cent, of drill- j 
' ings have ’ been completed. 

: compared with S3 per cent, at 
this time last year, 
j The Conwration commented 
' that in spite of the snow and 
1 frosts last week there were no 
signs of any damage to those | 

! fields already planted. Seedbed ; 
conditions, helped hy sunshine : 
and drying winds, remain j 
** good.” 1 

On the London futures market { 
yesterday world prices for| 
sugar fluctuated within a narrow | 
| range for most of the day before I 
closing up trt £1.60 a tonne lower 1 
: — a fall attributed mainly to the ' 

I early decline in New York. I 
I During the morning most price I 
| movements appeared linked tol 
ups and downs in the currency I 
! market. The London daily pricel 
1 for raws was unchanged at £102 
| a tonne. 

9 Mr. Peter Ware, managing 
I director of a Bribsh starch and 
I glucose manufacturing company 
I whose request for price increases 
I is being . investigated by tbe 
i Price Commission, says he wants 1 
j to recover cori increases 
I brought about by the U.K.'s, 
i transition to full membership ot 
. the EEC. 



London Tte Auction* 


iL ' 

Market moves will 

potato supplies 

More interest 
at tea sales 

DEMAND PICKED up again at 
the London lea auctions yester- 
day after the traumas of recent 
weeks brought about hv the 
Prices Department's activities. 

Prices were steadv bn! 

■ hnwn were described ns 
rant lone and selective by 
market observers. 

Averaep prices of qual'**'- 
and medinm ersrte teis wrv* 
pwchang*»d nt 135." and 1?<" h 
kiln resnerfivpiv. Pln*n inm'Srv, 
how-.-er, lost 3p a kilo, falling 
to SSp. 


The foreign trade department 
of the Bank of Brazil (CACEX) 
will hold a further meeting of 
Its soyabean subcommittee here 
on April 25 reports Reuter. 

The meeting, described as 
“ routine.” will discuss croo 


THE POTATO Marketing Board 
is to boost dwindling supplies of 
potatoes by releasing back on (n 
the market some of the crocks 
lit bought from farmers earlier 
in the season. 

Then a glut had caused a 
slump In prices, but wholesale 
rates for potatoes have risen 
tbarply in the past few weeks 
as tbe season draws to an end 
and good quality t.ubers grow 

I Shoo prices have also heeun 
to climb. At the end . or last 
I month the Average wholesale 
price for potatoes in tbe U.K. 
was £48.22 a tonne. At the end 
oF the first week Wi April the 
rate had risen to £5fi.Sl. Last 
| Friday's check showed an aver- 
age price of £59.57 a tonne. 

1 The Board has contracted with 
' growers to buy in more than 
500.000 tonnes under the market 
support programme. These 
growers arc now being offered 
an opportunity to opt out oF their 

For a nominal fee they, can 
regain their full ownership 
rights over the potatoes and sell 
them on the open market. 

However, the Board stressed 
[that releases will be “very 
limited " and will be granted 
only where the potatoes are re- 
quired by the trade for special 

purposes or in exceptional cir- 

An official pointed out that the 
Board will he acting only as a 
“ post office ” for fanners. Re- 
quests from growers who want 
to dissolve their support buying 
contracts will have their applica- 
tions scanned in the Ministry of 

Great care is. clearly being 
taken not to upset the present 
balance of the market which is 
providing farmers with their best 
returns so far this season. The 
Minisiry is also keen that retail 
prices should nni climb too high. 

The Potato Marketing Board 
also reports that farmers who 
have offered their potatoes for 
support buy«ng have been with- 
drawing their offers in recent 

In lhe week ending March 31, 
producers withdrew offers total- 
ling 19.000 tonnes. A week later 
withdrawals were 23,000 tonnes, 
and last week the figure soared 
to 48.000 tonnes. 

I And in spite of farmers' doubts 
about how their crops will be 
marketed ne^t year and about 
tbe future of the Board itself, 
plantings of potatoes so far this 
spring arc running at a fairly 
high level. • . - 


New role for commodity support fund 

EEC beef stockpile shrinking 


” mountain " is shrinking rapidly. 1 
Although abattoirs have sold j 
almost 37,000 'tonnes of meat 1 
into -the - official intervention:-] 
stockpile since the" turn of the -i 
year., traders bave bought. out I 
more than 56,000 tonnes for. sale I 
inside the Community and pa 
export marlcets. , 

But there are still 337,000 . 
tonnes -of- beef he Id in cold store ' 
around the Nine, and the stocks 
- In -Ireland, -and- West Germany I 
are embarrassingly high.' The 1 
Federal Republic, for example, 1 
Bolds'nT.DOO tonilfes: and Ireland i 
85.000 tonnes. 

• Irish intervention stores have " 
jaften -in 17.000 tonnes so -far < 
"this year, and sold 10,000 tonnes ! 
of their: holding. ’ ■ "' f i 

Although selling out of inter- 
vention in tbe Community has 
generally exceeded buying-in in 
the past three months .in Britain 
public purchases of- almost &000 
■Tonnes exceed ' the amount of 
beef sold out of tbe H mountain ” 
by 4,000 tonnes. 

Still, Britain’s share of the 
overall beef surplus remains a 
modest 15,000 tonnes. 

So far this year, intervention 
buying ot butter off the British 
market has been running at un- 
usually high levels. However, 
intake into the official cold 
stores does not appear to tally 
■with Milk Marketing Board 
claims that “every drop” of 
butter being made is going to 
support buying. 

Sates into the Community sur- 
plus stores in Britain have been 
running at about double last 
year's level. In the first quarter 
of tbe year almost 6,000 tonnes 
of British butter were taken into 
store, compared with 2.554 tonnes 
in the same part of 1977. 

But at the same time almost 
6,000 tonnes have been sold out 
of store. Intervention Board 
officials say that this appears to 
have been eaten in Britain rather 
than exported — an odd pheno- 
menon considering the present 
oversupply in tbe U-K. butter 

Total U.K. stock of butter in 
intervention is 6.562 tonnes. The 
amount of skimmed milk powder 
in store at the end of March was 
almost 5S.OOO tonnes. 


modity stablisation funds, whose 
levels have soared uver the past 
IS months to reach £60m., bave 
recently undertime a major 
change in emphasis. 

The basic concept of levy col- 
lections and bounty payments 
for tbe coffee, cocoa and. to a 
lesser extent, copra funds has 
changed from one of income 
support to price stabilisation. 

As a result, stabilisation levies 
on coffee and cocoa exports 
have been reduced and for the 
first time since the funds were 
Introduced, a firm policy for the 
payment of future bounties has 
been established. 

Coffee and cocoa accounted for 
36 per cent, of total export re- 
ceipts in 1977— hence the need 
for a firm policy for tbe stabili- 
sation funds. Added to this is 
the sheer magnitude of the funds 
themselves, xyhich now account 

for 22 per cent, of total bank 
deposits included in the money 

The decision to alter the basic 
concept from income support to 
price stabilisation arose from a 
belief that tbe industries, and 
the economy, could be more 
effectively insulated from fluc- 
tuations in world prices if levy 
and bounty payments were based 
on a long-term moving average 
price, rather than the consider- 
ably lower cost of production 
price equivalent. 

In the case of the cocoa in- 
dustry, growers will be paid a 
bounfy when the prevailing ex- 
port price falls below the ten- 
year moving average of past 
cocoa prices, all expressed in 
present values. Bounties paW 
will be equal to 50 per cent, of 
the difference between the pre- 
vailing export Rrice and the ten- 
year moving average price. 

In reverse, levies are collected 

when export prices are above tbe 
ten-year moving average. The 
levies, like bounties, are roughly 
equal to 50 per cent, of the 
difference between tbe two 

The cocoa fund presently 
amounts to about Kina35m. 
(£26m.t. Assuming World Bank 
projected prices for cocoa, it will 
be 1981 before the first bounties 
are paid from the fund. 

In the case of coffee, a similar 
system of levy collection and 
bounty payment has been estab- 
lished. However, the coffee fund 
is complicated by tbe need to 
set a certain amount aside to 
finance stockpiling when, and if, 
quotas are introduced by the 
International Coffee Organisa- 

The Coffee Industry Board has 
declared that no bounty can be 
paid from the fund until after 
K65m. has been set aside for 

future stockpiling. The fund is 
now K47m.. but is expected to 
reaeb K65m. by the end of this 

Under World Dank projected 
prices, bounties will not be paid 
from the coffee stabilisation fund 
until 1983 and lbe projected 
balance in the fund at that time 
will be K102m., expressed in 1977 

The country also has a copra 
industry stabilisation fund which 
has undergone a similar change 
in concept from income support 
to price stabilisation. In the ail- 
ing copra industry, however, the 
cost of production is lower than 
the long term average price. 

As part of a move to expand 
its network of stabilisation funds 
the Department of Primary 
Industry is also considering the 
possibility of establishing stabi- 
lisation funds in the oil palm 
and rubber industries. 


jiCE META I c ' . Kerb ot ET21. TvrcMnr. *23.323 tonnes. - advance in Uu- Ea» over me' week-c 

. — »Ai3Ju. IYLHA ALO Amalgamated Wet&J - Trading reported and on lie fall' ot surttna and 1 

■=*.•“ : ~ V. •- _TL" . _ that tar the morning ihree month* vrfre.- mlttaT rliw of copper. But there vas 

-.aSpon* | A.m.-Sporj |*,m. ■ f+o barr traded at £718. 17." IS. 17.S. 17. 18.5, jack of foUowthrough and hedge sell 

OtflcnU -I - — ! UwrtWal • — ■ ; 38. MRS. 17.- 18.5. CattodHr three months emerged. The hadm-ajdatlon wider 

; — « IW7. Kerb: IVfnebaa. Ihiec months i71?. VJra the emergence ol a icchnfraJ « 

f -£ - 1 £ I £ • It J3A IS. 'Afternoon: Wirebars. don on nearby date* which led to ptoi 

. : -rtlfcrs. C-r ! - ■'•- - three months U-5. 16. 16.5. live borrowing. In the afternoon 1 

Ju.i„„7l»J5-US-i-6A TOJ-g:. U-7.7S 1". 1T.5. 38. 18A' ITJ Kerb: Wt rebars, price edged tower to close on the K< 
/ - 717-SJk'ltB three months £718.-3flrJA5. Sfc SI. 211.5. 20, at IS.WU. Turnover. M10 tonnes. 

' jr'nCnt 701.5 ‘+6 A — j 21. ? Mortrinjt: Standard, caxh £8.010. 

' -hodns-l - ':!•- . M" - ." j- "ii-forl three month* J3J«8. 70. 75.- M. S3. 

TIN - ; ^»OrfMa! L— ^CikHTI-w j ~ — 

Sigh firade c i e i . . v . »• 

■OTi..-:...r 601595 Us.W 5960-70 +!8 
4 roootW.1 600p-10Ttr85 ! ABS5-55 * 5 
•aefliem'r. . 8d2B 'f*98 1 — . 

■ ■ J&I-. 681-a 6B1--2 . -i-7.6 

• ■ .jwtt*-.. 706.6.-7 ,405. 703.5-5 j+I.S 

• • ,:l?in'ntr 692 *1+3.5 - . J--. ' ■ 

— t ....... 

~ ~ df^»ER-4«a^ on tbe London Metal 

- — dialtee supported by d reduction cpt- 

*s in the U.S. and rumours of a£- 
j- themntag force tmjeure declaration .by 1 
' " n. Warehouse .stocks declined more 
n expected and this helped . forward 
tsi lo efirab from £717 to 4722 fffiOtre' 

- . . >1ng emerged to depress . tbe "jpri a. (o 
- . 5. In the afternoon Cornu .advanced 
. J London moved up to a dose on toe 

yeeh.. ■ 60 15- 89. 44.25. 5960-70 t 25 

4 m>wth* : '.600040 kB5_, 6935 55+5 
.Settlent't J '6096' |+S6^ — 

.Strwir- S..J .;lo26 1 + 6' i — 

Be* Vorki\. 

TlN--S*B»iibf _ with" " forward metal 
marked; op to C5.8M-EG,9l(i after a small 

L Index Limited 01-351 3466.‘ Three mouth Copper 717J-723.2 
- -Lam on t Boad^Londoh.-'SWlO OHS, 

' J. Tax-free trading oO eommoduy futures 

", 1 2. The commodity futures market for the smaller investor 


Daily High/Lbw/Ctase charts posted every Friday 
night 20, ID -and 5 day "Moving Averages. 

. Please send me details 

TV Name 

J Address 

- 1 enclose cheque- for £85 . ' I' | ' 

rforll months subscription - '.j' I 

28,* Pinftn 5 treee,£anib ridge CB2 1DH ( 0223 > 56251 


: • ESCX)M 

y 1971/1986 UA 20,000,000 

Notice ig. hereby given' to bondholdarj of tbe above loan that 
the amount , redeemable oa June li, 1978,- i.e. . UA 1^30.0<M) t - 
g-as bought in lhe market ; 

-• Amount outstanding: UA 10,800,000. " _ 

.Luxejnbtgirg^'Aprn 18, 1978. ■ ' _■ ' 

. ■ The Trustee, 

fiNtmtrust s^\. 


j- - , . - julv 

rj.Qprinn _"! Pnde | 





' BM 


.■'hi dp* 


'L D. shell 
' L D. 3heU 
.1 ti. -bWi 

V utlevei 

f __ 

-- S4Q . . W* v 10- 
S43 3 l S 5 . 

S5D -i l . IB 
'• S24Q 107*. 30 

-• S260 51*' 39 

- S880- • -■ 

S60 — : - — 

• S60 a- Bit -T6 
S7D ■- BO 

IF28.SO J - 5 • - 

ires.oo . a.40 h zfr . 
IW.BO .50 ..«■ 

- | F130 11.90 

j F130 3.90 i 133- 

- • F140 ■ .40 i B4 

■ FI 10 18.50 ! 3 

. : ri2Q a.40 i 22 - 
:. } F130 -30 i: . n 

f. Mar* 

' 700pl 65 r . — • 

750pi 98 j -• 

BOOv -13 y-r. 
AOOp 40 
- 3 25p 22 

360 p ■ XS-"-l - - 
-• 576p 18 ■ 

2 200 p 46 j.-TT- 
' 226p .. 86 .U - 

2 60p -- 

- i 875p 10., I- J T 

t; Ocr, Jan. 

i Ok3« VoK s— Cion . Vo>. 

F 8 '-H- 

a — zt — 

37, 8 — 

61g 3 — 

17b- -8 

43* 35 

6 40' 

its' 4- — . 

.30 5 — 

lIO 45 J - 
.90 .34 ! ~. 

-80 18 1 — 

i liruit.r 


f 18.80 '18 - 

[ 4.10 139 " — 
1 L30 102 j — 

i IS. ' 5 : — 

■J- J.BO 11 J — 

r .l.ip 14 . ; — 

-i '. I — . >.119.90. 

- AiuA*t ' l -XnwBnhBr 
75 r - . „100; — 

3S . - ■ -53 - 

15. — 36 - 

67 - 62 - 

.34 — ; 1 - 42 -• 

15 -- l . 80' - 

13- - - 1 17 - 

56 — 1 - .76 - 

J7 _ r j • 46/ — 
i» . — ■- T . 96 • ! — 
19 L— i. 1. .171 - 

'75*P • 


i - 

advance in th* East over the' week-end 
and dr the fall - of Merit nn and the 
inlriaT rliw of copoer. Bnt there uraa a 
lack of foUowthrough and hedpe scUlna 
emerged. The backwardation widened 
wlra the emergence of a technical posi- 
tion on nearby date* which led to proiec- 
live borrowing. In ihe afternoon the 
price edged tower to close on the Kerb 
at n.WO. Turnover. 5310 tonne*. 

Monrinjt'. Standard, cash £ :0: 
three month* TO. To. M. 65. M. 

1 *00*. ifi.ooik Kerb; Siandard. three 
months £6.000. £5 9K. £53110. Afternoon: 
Standard, three months £5.9711. «9. SB. 5j. 
5fl. 45 Kerb: Standard, three months 
£5.865, 60. : . 

t-EAEt—SUghtiy higher helped by the 
performance .of the copper market with 
some covering against tbe , fall of the 
pound'. Forward metal started at £321 
and reached ! Ugh of the day of £323 
before taHng ' sitebtfr m clove on the 
Kerb . at EQQ.5 alter trading through 
the dw to a relatively narrow range. 
Turnover. 6350 tonnes. 

" } .*jn." '-f"or i jKm. i-f or 

. LEAD 4 tluiu. • — iUmdtiel*:j — 

j tf 1 £14" it 

t'**h~ «... 3I6-.25- + 1.5' 314-5 i+Jtt 
t moolbs-l . -S21..5 ♦ 1.5 SttS-J -2.1S 

'eH'im’nfh -+W- - ' 

^ 56 _ 

"M run Log: Caab“ SSlr^T 35: three mouths 
Ml. 31.5. St, Zg.5. 31. 20. 2t. 20. 1ILJ. 2L 
Kerb: Three jaomhs EOT.- 21.5, !L Aftef- 
nooh:. Cash- £315.5: three months £321. 
.'-a. 20. Kerb: Three months £331. 20.3. 
2 « • 

ZINC — C«hj*d seme ground, influenced 
by the tIm in the producer price of EteC- 
trotytlc Zfnc of Australasia amt the more- 
memsrin. copper and lead. Forward metal 
rose from £mr-£S10 to 1313 ton later 
profit-taking -eroded the -price to £307 Ji 
bdore * dose, on the Kerb of S30&5. 
ntrwrer 4-M wnues. • 

.! ».ui. . ■+"«! H.m. '+ or 

ZlXC Offict* ‘ — ‘ UtinBctiiti — - 

* 1303L5-4.S 1-3.5: 300-1. *1.5 
MiwnttoJ 310-1 307 3-a ^2.75 

miHiLii. .304.5 ;+3.5 - 

i"* . — !i9 . L .... 

Merntot: Three months' £310.5. 11." 11.5. 
IS. IIA . U. Kerb: Three months £318. 
9. 9-5. : .Afternoon: Cash £300. three 
months £309. - 3. 7. 7.5. 8. Kerb: Three 
months £300; Sj. " 

’ Cents Per . pound. * On previous 
uupffldal dose. rSM per picul. 


Silver was fixed 3. Op an ounce lm>vr 
for - swn- dditverr m the London bullion 
marker- "reUtenlay at. 277.Dp. U.S. ccm 
eduivalents of the axing levels were: 
spot 514.1c. down r jltr: tbree-'aiomli 522- Sc. 
down 8.3c: . six-month 532-Dc. down S.5c: 
and 12- mouth 554.4c, * don-n s.4c Tbe 
metal opened at 27g.4-3T9.4o i5i5-5is*ci 
and eased to 277 .t-278.7d (313-51440 at 
the eh»e. 

merer Wheau *S.72. 0.16. 0.16. IMS < ST-85. O.-X’. 

Cl/rrltt 0.112. 0 64.: Durum: 130.32. nil. nil. 0J3 

Despite weaker «frbng. London opened ^ > ^'eirtov-' 

Mighth- lower in thin volume, report* Dj 1 - 

Dreiel Burnham Lambert, The aftcnuion IJ-S.- °!l IS f J?,V SSSl 

wav *adir lacking fa Intense and fa (he trei nd.. 

smallwi vnlomc ror Rome weeks prices , ^ ,b f« rt t a?T t?v' s%u- 

tended to harden fractionalTjr. Valne. at ™t?' ^ 3 7± 

Sfba^ce^ "* * 0W * l ° **'* W ffSM Greh.^rerehum 4 ?' 7S^ 

pn Balance. ltt. 129. 0.« I77.4M. l.wi. t.6t. 0.W-; 

itoaeciav* Pour levies: Wheat or mixed wheat and 

IOFFKE j L'o-c ; + or ■ rye: 13X34 il34.Mi: Rye; IM-M il24.Wl. 

^ >nnne ' ! / SOYABEAN 'MEAL 

M*y 1615 SIS i4.1S.5i 1616 1487 The market opened higher, reflecting 

Ju«v 1 08 tB7 4-21.0 1688 1> 68 steadier ovenUato Chidaso and rumours 

ccpfemb©r...[ 1510 .312 -^28.6 1516 1280 about Brazil s interest buying lli. beans. 

November...! IU6 itfiS T8.0; 1240 
Jamiarr..— ! 1120 IIMO '+4.D1 — 

Mmcii 1 iaw vai -7.3 i law 

May [ 11BG SM 4-7.5 j _ ' 

Sales: S43 ri^72) lots or 3 tonnes. 

ARAB I CAS— One- again a laeK lustre 
performance but steadying toward* the 
close, reports Dresel. Burnham Lambm. 

Prices 'In order buyer, sellar, change, 
business): April 204^0-03-00,. -1.50. 205.00; 
June 185.70-80.00. 4-0.80. lS5.73-84tt; AUg. 
172.30-74.00. -*-0.73. — ; Oct. 157.0M0.00, 
-3.50. — r Dec. l«.«Mfitt. +4.80. 146.00: 
Feb. LT7.00-sa.00. +3.50. — : April ] 32.80- 
37.09. +2.30, — . Sales: 13 fiat lots of 
17:230 Won. 

ICO Indicator prices for April 14 txi.S. 
cents per pound): Colombian Udd 
AratHcas 184.00 '195-001; unwashed 

Arablcase 170.00 'aamei: other mild 
Arahlcaa IBS-24 >154.75); Robueus 146.00 
1 146.50 1. Dafiy average 164.62 (165.63;. 


SLIGHTLY STEADIER opening on the 
London physical market. Utile interest 
throughout the day. dostog dnJL Levi* 
and Peat report that the Malaysia godown 
price was 205 <204) cents a kflo (buyer. 
May 1. 

I I .1 

No, 1 ;Ye»(eniavi i | frevtou- boiuneiw 

P 4 £ ,'lriMi ■ rrlna# i4nitP 

ft soon traded limir-m Further buy tne 
interest drew price* to the hlahs of the 
day where profit-tahiag trimmed some of 
lhe gains and market rinsed £4.30-£1.00 
higher, reports SSW Camroodities. 

lc l*rt»l |+ nr I.bmlic*r 

lime j. — Done 

; £i<f itnime. ^ - 1 

April 154.00 D8.0+11JOO 156.00 

June 150 6+M.7 +3-76 

Augun 150.00 +6.20 lfil.lo-VS 60 

Urtober .l*S.80-i7.1 +7.7B i27tt-£5->0 

Decemhor ...-.120.60-24.0+2210 WL4tt-21tt 
Kubnisry 1. 1.0+ 25.6 +1.76 — 

Ann- .... 122.03-26.0, *&tt - 

Sales;' 278 <102 /lots of 100 tonnes. 


LONDON DAILY PRICE tor raw sugar 
002 isamei a tonne df tor April- May. 
June shipment. White mar dally price 
was fixed at £T05 <£UKL30). 

Openlng prices were around pre- 
week-end levels but then Improved some- 
what to aulet conditions. Later, however. 
Hew Yorfc qnaiariona faffed 10 match up. 
prices fell back and the -maritei dosed 
around the low Mints, reports C. 

Prej. Ywtentoi'sj 


[ Busmen, 

Cwno. j L'lnsP J 

Conn. ! i 



Mir 48.76 «9 BN 49.1 6-48 — 

J une «9 Dj S0.:0' A9_*-&-4i9^a; - 

J-v-Sep- 61.6 hf^S fiOtt-SO.BN filtt^t.40 
U-trUe-: <.2SS-.SG0i 2 2b- 2 30, 52. 66- 62. SO 
■lan-Mr.| 14 0 j- *.1. 65.70- 3.7b 1 64.10 
\iv-J OB' tbtt ib.65, 65.10-.6.16I 65.60 
Jiv-*ep.: sh fffi-67.fi5; 6.56 r6.W — ■ 
tl-t-De- rl 40 :8.* 0.> 68-35-58 SO 
Jan-Slar' 9.83 -6.70: 9.40tt.46j 59J0-3Btt 
Sales: 131 1382) lots of 16 tonnes and 
8 •-)> lots of 5 tonnes. 

. Physical closing Prices fbusers) were: 
spot 4S.73P '43.3 1 : ' May 504p (50451; 
June 50.73p 1 50.5'. 


. JlMiertUy'-J + nr ;Xeaierd*}' j >• 
M'othr i-*i>fci ! — • 1 i'e>e — 

dtLVEB bnttion 
per fixing 
ot."' pruanjs 

or| L.JJ.H 
- I- close 

.B. r+Oi 
*e ' — 

01»>t .u: — > &77-9» — BJI Z77 95 t -5.75 

- moiuha.. ’ 8t2 JJ5. -2 86. ibS-95. -3.70 

uixDUM^i ai8 J! —Z.B — ..... 

i ruimth*.' J 3.8 - 2.6. --. _ 

- LME— Turnover 223 <23S) lots oT 10.000 

ounces Miimfng- Three months 2SL3. 
XL 3JL - U 1 IS. 5^. 2.7: Kerb: Three 
manih* 383, SIS. £S. 2.7. 2J. 2.6. AJter- 
00 on: Three months -283.3. 2.3." 3. 3.1. . 3 J. 
3-2, “J. 3. Kerb: 'Three taoathB 2Sii 
34; X*. M. s. S24. , - 

c6cqa 7 

Quiet condiuons prevailed throughout 
the day until prices eased sharply C 
the clow with speculative and Jobber 
-reports -Gt3. and Dnffus. 

MObiar'w 4- or Hu-I7ie»- 
Oo «e Uooe • 


; -iihit. 188 1. O' 93.3 

! 'Iarcl>~— .~ I7®a.^65j 
1 dov 

lui.v -i^aa.o 

+51.0 SBffiiJI 70 
-25 J CB15.0* UK. 
—414 1147 .*■ 1880 
-42tt li 75.0. IS.0 
—48.0 MO U- 1768 

w38jj I723U) 

'-ia.0 — 

Iiitenwtlomal .Cnea* Orsanirettob tL'JS. 
cents per amsui)— tlafly nn«.. April U: 
164.03 ihgjsj. Indicator prices April 17; 
ISflML OCJSJr - SS-day 

arerue J&7» tia.4U. 

May . 94.05 1+ 1.56; 82.00 +140 

dept- -8-20 i+ 1.20' ~ 80 2o * +1.05 

Sot. 80.(0 (+ LH 1 62.75 +1.10 

Jan. W1.B6 ]+l,20l 84.86 +CLBD 

Mat-. 93. 60 l+ltti 87^3 +0.75 

Business dooe— Wheat: May ftttt-93.05.' 
Sept 88J8-S5"#, -Vov., Jan. 
M.BO-Mtt. March M.20-BBJM. Sales: 1400. 
Barley: May 83.10-81^0, Sept SQtt-TS.33. 
Xov. 82.7S4fl.0O. Jan. SLSSSIjJO. March 
S7.3SS7 10. Sales: 170. 

IMPORTKO— Wheat: CWRS Wo. J. Uj 
per cent.. April- May £85.50 Tllbary. U4. 
Dark Kortbern -Spring No. 2. 14 -per cent.. 
April -May £S5tt. May-June £53.80 
transhipment East Coast sellers. Rest 
unquoted. * • 

Marie— L'-S- Trench April £104.00. May 
£104.75 transhipmeni East Cant sellers. 
S. African Yellow late May- early June 
£77.00 quolrif. 

Barley. Sorohom and Oats: All 

HC CAr— Location ex -t arm spot prices: 
Feed wheat: E. Suffolk £88.50. Peed 
bariey: E. Suffott ISO JO. . . 

■Rta U.K. monetary cocfflcienr for the 
week beginning April 24 Is expected to 
remain unchanged. 

HCCA— Average ei-farm spot prices 
for week ending April IS. Other milting 
whaas— East 94.30. E. Midland* 93.80. 
N^E. 03.10. U.K. 9SJM. Change +340. 
Tonnage 1-310. Feed barley— S.E. 77,60. 
S.W. 7«tt. East rs’o. E. Mldlaffifs ISJO, 
w. MhDands JSid. K.E.-77tt. n.w. tbjo, 
Scotland 78-40- U.K. 77 JO. Change -‘-230. 
Toimncc — -507. 

J’artfward prices- for ■ delivery -during 
June— M. Wheat (other! £95.98. Feed 
wheat— E9U0. Feed barley— SBOtt. July 
Feed wheat— S2. 70. Feed barter— £76-50- 

premium* cflecdse for April IS In order 
current- levy plus May. June and July 
premimna with previoaa m brackets, an 
Ui unlig of accanst per lOBhe; Camimn 

L' i<w iKtint 

May, .^1105.50-05.55' 1 04 J.0-' 4.60 
Aug.... ,1 1.7-n 07 .B j 108.20- 8.2t» 108 25^7-tB 

O.t ,110.75 .» 80 )12.»0-I2tt!|i] 75 10.75 

114.00 14 Orl 15-55- ib.4* 116JB-15.7B 
Man-h .1 120.7 v.D 85,122.0 -i fctt 122. Ju 20,75 
Uav, ... 134 .00 .4.75 lk5.2S.V&.7»»b 80-24.75 
Au t..:Jlr7ja -8 / 2 ' 12S.20-i8.26 '128./: -28.50 

Sales: IttS <2^2e> lots «f 50 tonnes. 
Tate and Lyle er-reflnerr price tor 
granulated bail* white sugar was £243.40 
/samei a tonne lor home trade and £uc 
(same) for export. 

I named on at supar A gr a omont t in- 
dicator prices 'U.S. cents per pound, fob 
and stowed Caribbean porti: Prices for 
April 14: Daily 7.71. 15-day average 7.87. 


LOUDON— The martsa wag ' dull and 
featureless, reports Hache. 

1 Pence per fclloi 

A'lmnUian |Ye«enJ'>’»+ cri ■ Uu*lne*> 
Greasy Woml Ci-we i — • Done 

May ; 

•luly^ J 


Owemoer— | 
Mareb J 

(27.0-26.0 +1J1 

152.U-2S.A ; 


I41.u f 

„Zb42!tl-B8.0 ! — 

Ju'V : — 

Ootctoir J2*7.I>-4S.0 1 1 — ' 

Sales: 0 MU lots of 1.3W- kilos. 

SYDNEY GREASY— Close ito order 
buyer, seller, business, sales it Micron 
Caatract— May -J42.5-343.0. 34X&ML8. 2d: 
Only 348.6-348.5. I IT >348.5. tt; Oct. 350.0- 
351.D. 352.0-3E.O. 4: Dec- 3o7AJ53J. 358.1- 
353-0. IS: March 386.0-38&5. 368.0-3885. 
30: May 3W.5-3T0.5. 371.M78P. 19: July 
3734-3734, 37*J>-3734. 6: OcL 374. 8-375 J, 
3RL3-37S.1. 12. Total sales: 1L 

BRADFORD WOOL—imoled prices 
tended higher last week, with sterling 
making soav conrrlbuion in the toner 
staao. dealers **fd. Wlto'sanHag dawn 
again yesterday com pared- with tbo U.S. 
dollar, the move to higher quotations was 
resumed. This was desm»--sn extremely 
qWer marker tn relauon to machinery 
needs and ihe eut of ddlireri es. 


. MEAT COMMISSION— Avwage tatstodt 
prices at renreMOUro'e martets tor week 
ending April . 15. CB cattle 6 T.ssp per. 
kcJ.w- fno change), O-JJ- ttaep U&gp. 
per cst. tLc.w. c * Bvto *f 8P per. 

kaJ.v. 1+6 7>. E»sla»d - and Wales- 
Cattle numbers dtwn AJ pct cent., a \> er- 
ase price JTTttP f +-n.ttSi; sheep down 
1541 per cent., I39.up '-i.O': pigs down 
8J per cent. 62, 6P Scotland — ' 

Cattle dawn 1-6 per cent.. SB.Osp f-BJSi; 
sheep down 17.5 per rent- i33Jp f+Xflv. 
PlBP down t6.2 per' wnf- 644IP 1 +0-4). 

MEAT COMMISSION— Average fatal ock 

price* *4 re»re5rntative market* on 
APrif 17: CB— Cattle 87J3p per ke.i w. 
(+fl.39i: U.K.— Sbeap l«-2p Per 

kgjsn^.c.w. 1+U1: CB-Pigs 63.0p per 
kg.I.w, 1 + 1.I). England and Wales: 
Cattle numbers down 3.4 per cent,, 
average price 68. Up t+fl.78i: Stolen 
down 2.9 per cent., 14S.Tp i+3Jt: Pgs 
down 0.3 per rent- ‘+U1- Scotland: 
canto down 99 per cenL, 87ttp 
sheep down 17.2 per cent.. UoJp (—3-01: 
Piss down 17.3 per cenu BLJto f-0.9'. 

SMITH FIELD 1 pence per pound)— Baaf: 
Scotdt killed sides 53.5 to 56J. Ulster 
hmdouarrers 88.0 to 70.0, forequarters 
5S.Q to 40.0; Eire hindquarters B9J to 70.9. 
forequarters 38 0 to 40.0. Head; Eng lish 
fat* 70.0 to 78.0: Dutch hinds and ends 

94.0 to B8-0- Lamb: Imported frtren: 
NZ PL 4841 TO 4741. PU <3-0 to 4i6. 
Hagseta: English 38.0 to 80.0; Scotch 

38.0 to tfO.O. Fork: English, under DM lb 
MO to 44.0. 100-120 0) 38.0 to 42.0; 120- 
)80 to 38.0 to 41.0. 

COVENT GARDEN fprlces to sterling 
per package except where otherwise 
Stated): Imported Pradaco: Orange*— 
Scania: Bloods &S0-&.40: Cyprus: Valeo- 
cia Laces 15 kilos S.G0-S.B0: Jogs: 
Sbamoml 3-73-4 JJ3; Egyptian: Valeoria 
Laws 2.00; Moroccan: 3.45-2-3B: Texas; 
3.10. LanwRS— ltahan: 108/130* 4.06-4-20; 
Cyprus: 2JM.30: Spanto; Small trays 
35/506 1.60: CalltoraUh: •3.50-LM. Grape- 
fruit— Cyprus: 15 kilos Sttfl.SfiK 29 'kilos 
3.10-3.60: Jaffa: 30 kilos 3494.73: U^.: 
Ruby Red IS fcflos itt. Ortanhmes— 
JamaJcaa: 543-940. Apples— French: 

Golden Delicious 30-H> S4s Ltt-2.78. 72s 
2.70-3. DO; 40.1b 5.40-0-00, Golden Delicious. 
Jumble pack, per pound 0.12-0.13; Italian: 
Rome Beauty, per pound 9.14, Golden 
Delicious 901-0.13; U.S.:' Red DcUcious 
L.M-8.S0 s. ^African: Dunn's 8.60-7.00: 
Jonathan 8.90-7-8. Starting DeUdous 
7. 90-8 JO: Chilean: Granny Smith 7-00-7 JO; 
.Vew Zealand: Cox's O cause Pippin* 183/ 
234 7.00-8-00: Danish: Cox's per pound 
0.1& Spartans D.lB-OJJ. Pears— S. African: 
Cartons. Pacxham's Triumph 8 JO-7.40, 
Benrre Hardy 6.50-7.M: Dutch: Con- 
ference per pound 9.14; Belgian: Con- 
ference 0JM.1S. Grapes— S. African; 
New Cross 5-S0. Baiitoka 3tt. Salba 3.80; 
CbUean: Thompson Seedless 5 kilos 430. 
Bananas— Jamaican: Par POimd 0.1a. 
Melons— Chilean: White 4.50, Green 5.50: 
Colombian: Green 3.00. Avocados— 
Kenya; Punt 14/34s A8D-5.D0: S. African: 
Fuerte 4tt. Strawberrie*— Israeli: 0.45: 
Spanish: 0.40-0.45; Californian: L06. 

Lettuce— Dutch: 34s 3-80. Haeapple*— 
Ivory Coast: 0.-1IHI.B8 each. Onions— 
Dutch: Large 3.00-3.40. medimn 1. 08-1.30; 
Chilean.- Bags approx. 50-Ib 3/5 * 4-30: 
t i aiian: Capsicum*— Kenya: Per 

pound 0.40; Canary: Ott. Celery— 
Spanish: 15*rt6s Stt-8.00. Potatoes— 
Canary: $-50-3.50; Egyptian: S.40^S0: 
Cyprus; 4.00. CaulWowcrt— Jersey.- sso- 
5JM. Cucumber*— Dutch; 14-168 L60-1A0. 
Tomatoes— Canary. AiS-s.OO: Jersey; Per 
pound fl.4IM)A5: Dutch: 0.4041.45. 

English Pradoce: Pota t oes- Per 86-lb. 
Whites 'Reds 3.0O-S.4O. Lettscs— Per Us 
1.50. Beetroots— Per 29-lb ltt. Sprouts— 
Per pound 0.12. Turnip*— Per SS-lb 930. 
Carrots— Per bag B.BS-LOO. Parsnips— 
Per 394b OJV-LOO. Onto**— Per 58-lb 
1.40-2.00. Swedes— Per 28-lb 0.50. Rhubarb 
—Per pound, outdoor 0.07-8.06. Cucumbers 
—Per trey 15.24S- 1.4hi2fl. Mushrooms— 
Per pound D.4ML58. Apple*— Per pound 
Bramley'B s.lMJO, Cox’s Orange Pippins 
8.18-0 JX, Laxions 0-6MJ3. Pears— Per 
pound Conference 8-11-8.13. Tomatoes— 
Per pound English 0.40-0.45. Greeit*-^ 
Per criie. Kent L00. Caul fflawers— Per 


Prirey per tonno unless otherwise | 

April 17’ 4* »r llm«h 
l9Tr. I — 

Metals i„. K ; ’ „ 

AlumiDinm— ffidfcQ I— 4.680 

'FreamarkN tm-1 5-8 jtt;... .^,.|S9:O.80 
t>P4)er>.-a»h W.Bar- £701.5 j +7.76 £656.76 
3 month* «lo. db. £717.75. +9.0 ;£671.25 

Cash Cathode E691.5 1+7.5 |£t47.6 

5 mnoib* rievdo. £707.76>8^ 'tefeB.d 

Oold..„ Trtrr ilc. » 1/4-575' — OJ> ;?778-585 

Lead Ceob 5 i + ltt:C 30 Ztt 

i mnnUi^ (£520 ^7B +2.'126.£307 

Xo'kel ., - '■ I ' *. 

Free Market fclf lb), 5 1-83 ; Si.B 

| -a.03i -2.04 

Platinum troy or. 

Free Market 

Qul :kiliv«r r76ib. 
silver wov os--m~ 

j montha 

Tin Cub 

o month* 

W01 Irnm2L0* Rui 
Ztor cash 
£ months 



L'«codui rPbil)— 
Groumhn— — . 
Linseed Crudefrl. 
Palm Malayan — 

1.. jai7.4oL:...^IB114.f> 

„ i:l 11-951-4-1 )£l 14.8 

.1 dlsu 5» !>ISfB-aJ 

..277 9 i— 3.Q lZ7B.S, 

_ 2t>8-95: [— 2.8&Ky3-5 
_l£5.965 + 25.01 £6.755 
..(£0.948 (+5.0 icS,7S5 
if 5.1 40-46 -2^ U 149-55 
^caooj 4lJS|E266.5 
£307.75!+ 2tt;E267.26 
5560*800 1- 1 5550 

I 1 1 

-.81.50* _|S68S 

...18 728 +6^jL£t61 

-.8859 ShlS 

_ h&OSa +SBJjls580 

Copra Philip.... ._. S43CM 
bojxlean IU Js.V..- 8306; 

8420f — 

8306c +6.5 ^301.9 

Grain* ^ • 

Barley EEC 1 

Hmne Future* ..J£S2 

+ 1^ (£74.55 

M+i» ( 1 

Prawn No. 5 Aml£104 — Z41 -£101.5 

Wheac. I : 

No. I Ken Sprtna.l£95.6y + 1 J5 kga.S 

Nod HardWtotei : I 

Enulub Ml I linn.. £100= ',£100 

Cocos. ■-’hipmeni.„.f£it. 070, — 45.0^1.836 

Future July El -668 .5 — 23.5 1 £ 1,756 i> 

Coffee Future.... | 

„ July £1.6883 +21^J i £1 < 366.5 

Cotutu *A index... I 69.6.-’ +< ^4|68^ 

itobber kite 48.75< +0-26 48.85p 

thHpwfRavr) £102 ...£97 

WooltopiSfa Wlo—I 27S|> +1J i27Q p 

* Nominal. X Unquoted. » MayJuni- 
tMav-Aug. u June, r April-Jgne. uADrti- 
May. c Way. x Per urn. 


cotton— L iverpool. Spot and sblwaeni 
sates amounted tn 279 tonnes, reports 
F. W. TattersaU. Spinners continued to 
make moderate purchases of raw cotton 
malbtr- of Middle Eastern descriptions. 
South American styles also received bur- 
ins support. 

Brazil may see 
early soya crop 

RIO DE JANEIRO, April 17. 
TRADERS saAi that Riven con- 
tinuing dry weather. Brad's 
soyabean harvest could be 
virtually over by the end of this 
month, which is about two weeks 
earlier than usual, .reports Reuter. 

Porto Alegre traders noted that 
farmers were making rapid pro- 
gress in tbe Rio Grande Do Sul 
harvest which to now more than 
GO per cent, eom&tete. 

In Parana, the harvest to around 
Bo per cent, over in the State as 
a whole, with the northern part 


Apr. 14i "A i * 1 mionLh Mjoi Your acu" 

241.B9 j 838,0 1 j 877.80 
(BUM; July 1. 1S52K1M) 


April 17 April l4 llouui 4ge[ TSr*5T 

1461 J 1442.9’ 140 9 J J 178B.6 
(Base: September te. 1331=108) ’ 


bow | Apni ] Awl. Nambt You- ' 
Jnoe» , 14 I 13 +b.o I *eo 

a Pol 566 9 lUcB. 171364.1 1432. 65 
Future*to55 48lJS3.8654Sa s l421.5a 

CAveragn l?J4-Z5-J8=Hwj ' 


r pri: JAyn. 'UoutbjYear 
14 13 *gio |4au 

-pip UomiTi tv 1904.1 899.9 905.1^48.6 
(December SI. 1531=100) ~ 

GRIMSBY FISH— Supply Mr. demand 
goad. Prices at ship's side (unprocessed) 
per none: Shelf cod £3tt-£4.3<L codlings 
£3.00-£3.7D: large haddock £3.70-£42S 

medimn small SS-NKtSM; tore* 
plaice £3-5M4.&fl. medium £3-50.14.69, best 
smalt £2.90-13. 7B. large skinned dosflsh 
U.oo. medium £?.M; lemon aides fBtt- 

£6.00; saitiie fl.40-2,00. 

LONDON PALM OIL-Ctosillg: April 
320.06- STO. 00. May. June, July and August 
300.04-530-00. Sept 2tKWW.3M.B0; Oct MOJls. 
326.00, NOV. and Dec. moo-315- 00. Sales: 

j Vietnam to 
i spend more; 
j on farming 

j WASHINGTON. April 17. 

I THE U.S. Agriculture Depart- 
, meat said that Vietnam plans to 
[ increase spending this year in 
! an effort to rebuild the country's 
! agriculture which suffered dur- 
! ing the war, reports Reuter. • 

In its Foreign Agriculture 
! magazine, the Department said 
[ tbe country plans to product 
' 21m. tonnea of grain hy 1980 
and lm. tonnes of meat prcF 
! ducts. 

I By 1980 sugar production is 
planned to reach 220,000 to 
225.000 tonnes. 

The target for rice production^ 
the most important crop in Viet- 
nam, is 13.5m. tonnes (paddyY 
this year compared with 11.3m^ 
tonnes produced in 1977. which 
! was 2m. tonnes below planned 
J output. 

As a result of the rice shortage 
[ the Vietnamese Government has 
[ been promoting the cultivation of 
, subsidiary crops — manioc, pota- 1 
'• toes, maize, beans, sorghum and 
, sweet potatoes. 

I Ouiput of these crops is ear- 
; peeled to be 3m. tonnes this 
1 year compared with LSm. in ■ 

The Department said the 
Government plans to increase 
! soyabean plantings to about 
/ 84,000 hectares this year, about- 
;2t times the 1977 area. 

Output target for coffee^ 

! which is primarily grown for 
I export, is 10.000 tonnes this 
I year, but the USDA Depart- 
I mentis Foreign Agriculture Ser- 
I vice has estimated coffee ouiput 
; at only 3.600 tonnes for both the 
; 1976-77 and 1977-78 growing 

: Vietnam is projecting sugar 
output at 160,000 tonnes this 
! year, but again the Foreign 
, Agriculture Service has placed 
j production much lower at only 
i 40,000 tonnes. 


: Oilseed group 
i to be formed 
in Africa 

NAIROBI, April 17. - 
I THE African Oilseed Producers* 
Organisation fAOPO), which was 
; backed by representatives of 
! 19 African countries at a four- : 

I day meeting in Lagos last week, 

( will work to co-ordinate prices 
and production levels, according ; 
‘to Mr. George Mwicigi, Kenya's 
i' assistant Minister for Agri-. 
i culture, reports Reuter, 
j He said the Governments of- 
the countries concerned will 
I have to give their official bles% 
ling before the organisation can' 
tbe formally established, but: 
jonly tbe signature of eight 
i countries is required and this- 
1 is almost certain. 

; Mr. Mwicigi said there have 1 
been no decisions yet on whether! 
to establish a special export 
group or export quotas. Air 
j oilseed-producing members of- 
ithe Organisation of African' 
j Unity are eligible to join AOPO. 

^ A 


arkets steadier after initial bout of nervousness 

Index 0.7 off at 446.7, after 442.7— RaUy in Gilts 

Account Dealing Dates final]? a full 8 points up on trading and Gussies "A” and Miscellaneous Industrial leaders Among quietly firm Paper/ accompanied by a sharp improve- 

Ootion Friday’s close at the day's best Motherare both dosed 4 to the gave ground lor the fourth con- Printings, anils and Allen rose 8 ment in the investment currency 

•First Dpciara- Last Account of I16 i per cent The final up- good at 272p and 154p respec- secutive trading day. Week-end to 165p foDowing a resurgence premium. 

Tinaiinpe linnc n«iiinec Dav thrust reflected yesterday’s early lively. W. H. Smith “A" hardened Press comment on the Budget and of speculative interest and Ogftvy Remarks . by Mr. Douglas 

further rise on Wall Street The 2 to 142p and Woolworth edged on -Friday’s disappointing March and Mather, on investment Anthony. Australia's Deputy 

\prl7 lpr*7 Apr 28 May Irt -^version” factor was 0.C55S fonvard ‘ a penny to Mp. t raje remrns made for a dull and currency influences, rose 2} to Prime^ilfnisteri^that" he r hSpes 

rise on Wall Street The 2 to 142p and Woolworth edged on -Friday's disappointing March and 

penny „ r . ' ' ‘ * 

„ - ,, „ „„ I0.U742). Debenhams, however, softened a nervous start to the account £39*. work on the Ranger uranium 

“VS* Loadan United Investments penny to 07p in .reaction to Bear dosing helped some pnew . Inmrily easier on renewed mine wiD start iiTthe next dry 

i-«in 9 jo tm 5 mw fi bMfafim a d«« k Bariier h. -blighted Insurances with a adverse comment. Elsewhere. P 1 ^ up late but losses still interest rate uncertainties. Prop- season prompted a demand for 

Thiffirst dav of a new^Accmmi c--a of S to »Sp :n response to -econdary issues plotted an ™J«?ed to 8. Metal Boa were Jtat “f £ d ^ c fi ™ er the partners in the venture,- with 

in rtocfc markets ended on a ;he doubled annual profits and irregular course. Standing around Ej2 M J 0Wr at _-^P. while gr c&mc* Land Peko-Waliscnd 23 hieher at a 1978 

much steadier note. British en ±*?H?l* SU ?; 4 _ e “ ier in „ from arniuaj T0 SLl^EL^ tlS^SLlL of 47 °o _and IS Lidurtries 5 

Funds, t-hich had lend the 
ward slide since the Bud; 

shook off an early bout oi « « »»« — •> — •- me uuu;viiic muiG ««wig »«- - «-m ______ _ _ 

W«W mnm.iMi tat S22. as-i, J.° .-■i-i 73 -,"; changed on th^ day at i78p. jwi G £S „Sgg; BP advance S“li«fc < SA- m toS"iSS 

Australia gained another 5 at 

initial losses extending to 4. prompted respective 
prices crariiially recovered to 2 nd - - points in Combined 
clo«e w ith sains ranging to 1. The Insurance nf America. £1 o’, and 
Government Securities ' index, tin Travelers Corporation. £2. .. 

U.23 at 71.73. recorded its fir*: Av.-aitmg their decisions, 
rise for seven trading day-:. f*P«ted this week on base 
Weakness in sterling on foreign .end®*? . ra * c ® an ®>. 1! ? * ront °* tl J* 
cvchanse markets contributed Pf]ce Commission report on 
towards the Uneasy conditions at charges, the major ciear- 

vesterdav'< start :nsr Banks mcred narrow ly in thin 

' Equjiffes acain took their cue foi ?N^ 

the Funds and. after ;n »_ to but the other three 

«arlv mark ri«wn of a few nen~? ciosed unchansed at last Fridays 
or so, leadinc issues gradually cosing levels. Foreign Banks 
rallied on bear closing. Final ntovec higher throughout the list 
quotations were only a shade off r - ri investment currency and 
on balance. Down 4.7 at '!* dimestic market adnees. Bank 

of the day at 10 a.m.. the FT 30 «f New South Wales. 495p. and 

jonnson. Group ueaners pp 

tor "ambro Ufe edged forward 2) g^nid Vte W SSSL^S?MtSSfSS tafeTob ^benefited ftwn * 

March and week-end Press talk rrnre to 390p xd on further con- e0 mment but Home Charm eased FridSfldvaiSa SSw Al 

of a further hike in short-term Oration of the preliminary much to llSp in front of the raducJd Toss to andS ^ tSoS S £5£ 31 - 

interest rates. After showing resu-ts, . Wall ^t^uence, tray’s preliminary figures. ^he chiiSiaSs BittbhPefflin ^4to^ *££2* to —t*^ 

^ groiqj attracted further^" n»tm ^ strong rises included Bnuiraimtne^ 

added 24 to 300p for a twiwiay | H® ?_ ”jj 4525®“*! 
nse of 36 fonowing press com- ® nf fht 

ment on future prospects and the ? easur .? 01 ™* ? Ten « tl i i , 0{ *** 
cmnpany's North Sea farm-out AustraHan^jmarket _was the vfact 
deal. Tricentrol firmed 4 to I58p, 


had the cci'-e over falls in FT- 3 ! noints tn £133 and WelLs Fargo 
quoted Industrials. Overseas a^ded 15 to £22i. Brown Ship/ev 
issues provided some noteworthy were unaltered at 20Sp followm." 
gains in sympathy with the the decision to increase its base 
Btror.zth of the dollar premium, lending rale 1 per cenL to t- 

v fiile week-cn«l Press mention per cent. 

and the nccasmnal burst of bid Breweries cased sightly in a 

an small fade .-Vilied. S2!p, and A. 





150 L!2ZZ 


Government Sevi 

Fixed lnteiwt..— .— 
Indostrial Ordinary^ 

GoU Minti 

Ord. Div.T^WLi^^. 

Earn lugs 

PlB KaUotnetJCt).— - 

Denting* mukfld 

Bqnlty tan»Ter£»„ 
Bqirity twfflin* batoL 


Tli !%: j 

j 71.53j-' 2235j- '7X60j:-TJJz| 68^ 

71.73 71^0 
74.84 75.13 
44617 447.4< 

T*m 77^5}.re»^ 

470.4! .463: 

463-3 '403,1 

: 1^3.7 
, 5 -8a v tta7 
iww xijjs 


4.662 5£9g 
Vwjs! 4em, 
ittWlSjOT 1 

10 a.m. 4C.7. 11 ua.:«KA .»«»' -4MA,. ,■ ■ 

. 2 JUU. 446.0. 3 -pJO. ' - 

Latest (edex ®M* 8806.;. ' 

•Baaed on. 63 per cent, corporation tax. ■ t NtLsT.Jt 
Basis 100 Govt. Sees. Z3/1M2& Fixed lot. 1828. In* OnL-l^as, Goff 
ia/9/55. . SE Activity JiUy-Dec. 1#«. *. . - ; -i V. 

highs and lows : - s.^ Adttyrr^ 

^ that BH South hardened 2. to a 

also orr a pi^ hiEh of Respite tbe aunounce- 

put on 3 to 4«p ahead of results l Tient °”r ^5 w ^ k 'f a i 01 311 
due on Wednesday. Weeks “creased loss for the half-year. 
Natural Resources reflected 0f the mor e apeculative .issues 
a firm Australian market and Tasminex continued to attract 
rose 7 to 142p, while Royal Dutch suP°ort closed 5- to the good 


Since CoaipUettan 




Low ' 

Govt. Secs— 







49.18 ' 


Fixed Int — 









(ad- Old..... 









Gold Mines. 




. <6 



43 J5 . . 



•i X5j& 




investment dollar premium influ- 


• w u i mcm a uciicu ucmi . v. • ... 1 — i [Hmuerci^ uuiaa 

demand for United Qty m l ine wltii the buBiort price GEC 

Merchants which hardened 2 to vhidi drooped 34 to S17A375 per Beech am 

62p for a two-day gain of A ounce in the ’wake of the improve- Grand Met 
Investment Trusts contributed menr in the dollar. utd City Merch’ts 

some good gains with foreign Shares opened sharply lower & whites... 

.and overseas-orientated com- and tnereafter drifted on Cape sell- mj. orll Elect ...... 

panies well to the fore. City and m* until modest XJS. support m AnUever . 

Foreign rose Si to 66p. while the h ® l “ s business was g 00ts 

Argo Investment improved 7 to re E? rte £- , , - V. • CourtauidsT.. . ~ ... 

12Sp and Edinburgh American The Gold Mines index gave up Marks &Sd - encer 
- 4.7 more to 1423— a f5» of- TO.O ^ 

cnees. Sony rose 20 further to returned to profitability daring Investment 10 to 109p. Montagu .. - , 

695p and ’Philips’ Lamp 3o to the first-quarter nf the current J* 0 ®™ 11 Yf® re wanted. the over the past four .trading .days. 
«ir,3p. Other Electricais were year. Change Wares added 2 to ^dinary rising 5 to 59 Jp and Against t ne g eaerai trend, how- 









price (pj 

. on day 




332- • 

. ■+ 2 

> 365.- 



515 - 

. + -7 

■\ 533‘ - 

, £1' 


335 : 

350 ’ 

. n - 


-' 755 v 

•■ :-rPi4,:; 

*, 864 *.* 

l 25 p 

9 ' 


-+ 2 : 

. 156 



236 . 

.+ 3 





■TT 2 

678 - 


' 8 ' 




lOp - ' 

• S 

62 ‘ 

' •+ 2 : 



-• 7 - 

121 • 

■ — " -- V 

; 133 




- — 



■'7 - 

492xd - 



25 p 



, _ i .• 

231 ’ 



109 ; 

'. f — ■ • ■ 

125 \ 

- 25 p 



— 1 ' 


5*? ^rul ni ion h^ined enliven , w ^ ^ i _ w 

otherwise rather quiet dav. quiSly finJ 1 wifiTSl^Sosing 1 ? S^ffiTHe Cbnv^rtlwrPrefer" Va ’™ ts l" 4 to- ‘MpT ‘Second ^r. 

Off.-ssl markings amounted to aiiKrr. Elsewhere. Amalgamated 
44fjo Distilled Products revived with a 

.. A sham -setback in the nrire of ri®" °f 3 to - , 3Sp. 
bullion prnmotpfl ’ ti-mmihpiif \c*-‘s iLems nrovided intero^t 

Particinating Ordinarv shares im- -Elsewhere, 

up at I50p and GEC 3 better a“t ence 1* dearer at 20ip. .Ahead of ^? ance ' dosed 3 better at J® 11 "**"* the ahnouncemimt "of 

23*p. to-morrow's preliminary results. as did Alliance Trust, at the terms of the proposed rights 

Tho Entrineerins ma.iors dis- Bestobell earned 2 to 150u. while 20' P- while Atlantic Assets iss™*- ’ 


DEALING DATES Brown, Lonrho. Wilttam 

First Last Last - For Bryant, Mills and Allen, 
Deal- Deal- Declare- Settle- Darren t, .Queens Mint, 

s. don ment Property, . L . and ^ 

24 July 6 July 18 Bridgend, Suits,: Frendi 
__ . 9 July 20 Ang. 1 Britannia Arrbw, *Cn« 
May 22 Aug. 3 Aug. 17 Consolidated;.- Plantations 

Gilts better 

_ .. . - - 4 ^ For rate indications see end a] rants, Camford EhgtaeeiSiwa 

continued' to' attract buyers on currency premium and in their r®* 1 Share I”famudio^ Service Blackwood Hodge. PuS^" 

' P-it ! .-i Funds tonk a modert h»«! I6O0 in rcsimSc bid hopes and rose 4 afresh to own domestic mark? to Australian SnLlJ 78 ^ Stocks favoured for the call taken, out.-in J. B. Eastw 

» e B s^^jzsi EbCgTaSUnS^i isS jut* "yma 1 ® ^Tn^^e^.g to “ o^dSSopS^s; 

-ho o OTni „ 5 ™ SrrSE® sue £srb&*J 8 B& s&.'zsr^ spssrz ~ 

moved forward 2 more to 9 Ip ^uation lifted MBn Markers 3 to gj» r 
Fne rate in the near future. How- fleet Inst week’s good trodints following news that Butow ^H ep- 203p. after -Wp. LelreMt, after L ^ ndon 

ever, after being lowered bv nev s and optimistic statement to bum had sold its entire 2o.9 per ^ en t strength on - mu n nopes. in P]antatioria> rising 4 to 

around l a point initially, long- close 3 better ?t 14«v while cent, shareholdingjt a price of StooSiKhS *» ?™Veon " 137p for a two-day gain of 17 

disturbed bv week-end Press com - - - - , , 

ment on the poor March trade Ordinary dosed 3 higher at 75p scrip-issue and property revalua 
figures, while yesterday's further and ihe Rertricled Voting shares tion, while Wcston-Evans, a receni 

setb?**k in sterling revived talk of a similar amount dearer at (57p. lirm counter in a thin markeL ' 0 n i i f 1 'mII n' Manirers 3"*to Greatcrmaus A 10 to the good at to 3S3p on a strong "Cape’and U S 
• a fresh increase in minimum lend- F'anlcy Mfller continued to re- moved forward 2 more to J Ip ,2,1? I20n. rie^Tn rt 6 ' 

Sumatra continued 

dated sto-ks encountered a gond aggressive burin" lifted Hey wood loop per share; BH improved 3 reunquisneo. - JOUp - on hooes that a new bidder may 

demand at the lower levels and Williams 71 to SSJp. French Kier to 34i. Acrow shed 4 to 104p as Motors and Distributors rarely emerEe following the withdrawal 

prices gradually pushed ahead to recovered U to 27!p after the did Wolf Electric Tools, to 13Sp. strayed far from Friday's closing o[ McLeod-Sipef ■ 

finish the dav with gains of ! on announcement that contracts j m Bibbv continued firmlv in levels. Bluemel Bros, hardened 

balance. Short-dated issues worth some I4m. was made FoodS- nslng 6 to 219p for a 2 to 6Sp, while similar rises were AflStraliailS fanOVant 

followed a similar trend, earlier known. two-day gain 0/ 18 on the opti - seen In Lucas Industries, 274p, J 

losses ranging to i and some- After easing to 328p, ICI rallied m!sm expressed in the annual and Turner Manufacturing. I03p. The continuing strength of 


Army rescues . 
sailing- ship - 

ChurcWll. with, a crew of. 40 

remrprv in the shorts was largely Press comment, improved 6 to ren cy Influences lifted Kraft 2} the company’s 

technical. 333p. Revertex touched 88p in no j n t s to £3(54. Robertson Foods, plans, while Lyon 

-Fnltn-ving W-H Street's burnt of front of the annual results but however, eased 3 to I34p Follow- forward 21 to 7t u 

ctrrngth on Friday end yester- slipped back following the - mK adverse Press comment. Other front of the annual report, 

-day's renewed weakness in announcement to dose margin- dull spots included Batleys of 

■cterl'ng. institutional buying of aHv up at 8'p. Albright and Yorkshire. 2 off at 48p. and 

-investment currency increased prison firmed 2 to 109p aod Joseph Slocks, 5 cheaper at 145p. 

‘yesterdav. The demand impinged Cr>Tstalate 1? more to 27p. but j n Supermarkets, Press comment 

on an already short market and 'Voisteubolme Bronze and Mam created fair amount of interest 

the premium wu* pushed higher Ransom shed 5 to 1/op and l«0p j n Lenuous which closed another 

throughout the session. After respectively. 2 harder at 40p. K«rfk Save, at 

opening at ton; per cent., and Leading Stores began the new 7Gp. gave up 2 of Friday’s rise 

rising to 114; per cent, in the Account on a brighter note. Prices of 3 which followed the interim 

afternoon, the premium was generally moved higher in thin statemenL 

Britlsb Funds 

Conns.. Dam. and 

Foreign Bonds 




Flnanda! and Prop. _. 








Recent Issues 


5 ' 

u bank off Cowes afte? gaie 
w wrenched Jher jfrom-Aer anciiOp-| 
8i3 age in the' Solent ■ •-■ v ~ 

Two lifeboats stood by while 
a the Army hindihg craft Audemer 

London demand, which Was Totals 

730 4u 1210 back to. deeper water. 

Perkins wor 
to be laid off 

Perkins of . Peteihorougfi^i 
d ieset-.engin e manufact 
to be laid off for fotir 
month because o£ a faff in,i 
’Mr. Mike Hoffman, 
announced the lay-offs 
as 7,000 production workers/ 
threatening to halt prodS 
from Friday with, a :Bt-m] 
a pay .claim, . 

• - Holec’js an acronym- for .'HoliandV.:.': 
and Electricity ‘ but the international 
group stands. for perfection in ; .,W" 
electrotechnical projects worldwide - 

' Hoiec was established m 1963 'with 
the merger oi several Dutch firms 7 -, r . 
which had been active in the broad . ,-;/ 
electro-technical field for more than-/ • 
70 years. The products of these 
firms - Hazemeyer. Coq.'Heemaf •. > 
Smit Slikkerveerand Sm»t Nijmegen - 
■have been at home around the world---.: 

■for decades. ’ •; 

/ • . ■— ■-.■; - 

- The Holec Group s growth V 
internationally has been strong in 
recent years, for Hoiec - with its' ; 
.worldwide.7 000.’- strong work force: 
is the perlect partner for eject ro? 
technical projects around the world. 

The perfect 

Its policy is directed to selective 
growth in areas where its know-how 
and experience ‘are strongest . 

The Hoiec Group is small enough to 
work well with Focal firms on all sorts 
of ventures, yet large enough to have 
the resources to handle the largest 
projects single-handedly 

Hoiec has five 

main working groups: 

• Hoiec Machines & Systems 

• Hoiec- Switchgear 

. • Hoiec, Transformers 

• Hoiec Diverse Products 

• Hoiec Projects 

Hoiec Projects combines the basic 
knowledge, know-how and flexibility 
within the product groups It 
designs, supervises and executes 
complete electrification, utility and 
industrial projects to widely differing 
specifications worldwide.' 

Hoiec s broad international base is 
secured by a solid financial 
operational background 

partner for electro-technical 
projects — -4$^ 

Z- .< - 

Full details are given in the 
1977 annual report, which will be 
sent to you,upon request. 




Hoiec N V. P.O. Box 2631 
3500 GP Utrecht Holland. 


The following securities Quoted in the CINEMAS HI 

Stare Information Service vesterdry Anglia TV 


Owen Owen 


attained new Highs and Lows for 1978. 

NEW HIGHS (199) 

LOANS 111 - 
BANKS fill 

hotels ran 

MOTORS 12) l 
Paper a printing >i2) 


TRUSTS 1231 ■ 



MINES (15) 

NEW LOWS (78) 


Birmingham gi 4 pc LCC SljOC ’85-87 

'79-81 Do. SI«BC '88-90 

GLC 12>-nc 1982 Do. 3nc ’20 aft. 

L‘ pool 9** pc -80-84 
Lon. Cpn. gi^pc 

LOANS (4) 

Alan TO>;pe '89-94 ICFC ruoc A Ob. 

Met. Wtx. 3 pc B '91-94 

Do. 9oc A -91-94 

Turin 9% 1991 

BANKS 121. 

Lloyds ft Scott l«h Gdnalavs 

nL _ . _ BUILDINGS tl) 

Phoenix Timber 
, , ^ CHEMICALS <S) 

Carless Cnpel Crada Int- 

Coates Bros. La ports Inds. 

Do. A' N.V. 

A.B. Election 1 - Ew Ready 

Acrow Sykes (H.) 

Capoer-Nelll Tube Invests. 



Batleys of Yorlohlre Stocks ■'J.) 

Anglo- Am.. Asphalt Lcp Grp. 

Boot »H.) Metal Closures 

B-ittains . ■ - Petrocon 

Dunbea-Cbax-Manc Scotcros 

Duple Inti. • Sparrow (G. W.i 

French <T.i Stag Furniture 

Lawtex c tor k late 


Brent nail Beard , 


C. G.5.B. 

Marshall Cavendish 

. PAPER 121. 

D. R.G. U« her- Walker 


Centro viitcia I Cap. Mclnemey 

City OfBces Reolona. Props. A 

Hammerson A. ■ Samuel Props. 
Lynton Hides. 




Furness Withy Ocean Transport 



Sripray S.E.E.T. 

Kicking Pentecost Spencer fG.> 
•TRUSTS (41 

Ersklne House Sent ft Merc. A 

Martin IR. P4 S.E. £4Upc Ann. 

TEAS (11 


MINES (8) 

Durban Deep F. S. Saalpiaas 

Poo m fonteln ' Harmony 

Stiifbneeln Loral ne 

Vcnterspost Tanjong 








r- | Hlgb 


26:4 127 




!+ oi- 

Saga Holidays. 

— 127 





-C 1 

2.2 la.i 




i5 ! IN. 

N ““ j ^ ^ | 

“ Hlpbj Law 


tem , 


o — 

i p.p.: - 

5100 f P.P. 1 _ 
lOQpi F.P. 2Q/5 


F.I*. - 
•MS» ! - 
F.K [83(4 
F.P. j 9/6 
F.P. ,28/7 
F.P. I 9/5 
, PO*. 14/4 

tsea Lt26 I 8/6 



94tc Sip, . \. null- Inda. 10.4% Scad. PtL | 98 p - 

! 9®5» Aruer, Express lot Fin. Variable 8^ iS9S)i ( ; 

IlOp | 109p lArmitage (G.) 10ij“ End Com. Prst llOp] 

Iflltap WOli pHilBaiiiji 9ft Com. Cum. Med. 2nd PraL....|10O£P, 

371? » [Gadek MaJayy. lOSJat Mort. -85-83 

lOipJ 99p)Ureen*l( Whitley 6% Ptf. 

105pll01Up;4enk» £ Cattail 10^ Com, Pref 

iOfip'IOStsplHennes (J.l S% Cum, Ptf, 

KBU 1 w-»— o»o«a 



2b lg 

102 1MM-Sa»es Water ?*; Rod. Prf. lflhi 

97 jTalbex IDi^Cnr. Una. Lx, 794)3.. 

L18NW. Bromwich dptine lLtft Prt_ 

Etigtfork Water US Deb. 1366 

27 1 2 , 


103p + 1 
103p + lg 

102 j 

101 i 

116p- — 2 











• I ** 




Closing (-J- or 
Price — 

p; j 

High | Low 







3/51 31/5 

B9/3J 10/® 

66pm 1 62pm 

26pml 23pm 
8b 1 78 

63 pm!-;- 1 


RemnciatioQ data naoaHy last dav (or dealing free of cramp duty, b Figures 
based on cm? pectus ecUnuue- o Assumed dividend and yield, u Forecast dividend: 
cover based on previous- year's earnings, p Dividend and yield based on prospectus 
or otber official estimates for 1879. q Cross, r Figures assumed,' X Cover allows 
for conversion of Anns nor now ranking for dividend or ranking only for restricted 
dividends, j pi*etns price to public, Pt Pence unless otherwise indicated- 7 lamed 
by tender, p Offered to holders of Ordinary shares as » " rights/ 1 ** Rights 
by way «f capitalisation. +t Minimum tender price. 19 Reintroduced, J*! temed 
In connection with- reorganisation merger or take-over, lip uuredacUon. Q issued 
to fanner Preference WMera. ■ ADotmeu letters tor folly-paid). fl> Pcorislwul 
or partly-paid allotment tetters. * With warrant*. 


These indices are the joint compilation of the Financial Times, the Institute of i 

and the Faculty of Actuaries 


Figures in parentheses show number Oi 
stocks per section 

Moil, April 17, 1978 

Index - 


Build! ne Materials (27). 

Contracting. Construction i26)__. 

Kl ru tTi ral^ t!5i 

Engineering Contractors (I4i_ 
Mechanical Engineering (7J). 
Metals and Metal Forming i27) 

LL Electronics, Radio TV 05/ 

Household Goods ( 12 1 
Motors sud Distributors^ 

Breweries (14) 

Wines and Spirits ffi) 

Enter! ai moral. Catering (17l 

Food Manufacturings 

Food Retailing (16). 

Newspapers, Publish ing{ 13) 
Packaging and Paper (15) 

Stores (39) 

Textiles (25). 

Tobaccos (3). 

T ors a nd Games (61 


Chemicals (19) 

Pharmaceutical Products (7). 

Office Equipment <B. 

Shipping (10). 

Miscellaneous (5ol 

















Hr ?2’M 


















Hire Purchase <5) _ 















' 329.73-. 






12162 " 














Merchant Ran ksi 14) ..... 

• 73.47 


74.17 . 



Property (3 1) _ 
















»i JZi 









9 PTa 



■ 7.78 







+0 5 











' — .' 


‘ — " 







'Biitiata Government | 






% • : 



xd adj. 

to dale- 





‘ 022 



5-J5 years. 





Over 15 years 







' +0JW.; 



All stocks^ 



; 031 


- FIX ED M ritMI . 

YIELDS ’ . . - _ 
Br. Gort Ar.. Gross. Red. ■ 


Low , - - 5. years 

Coupons ; . -.15 years- 

■ . . - - 35.y§an.....:..„.l 




lSjears.. ...i 

25 y^ar8_i:„..:.. 

High.. -- 5 yearR— 
Coopws ' . :".J5 years. 

23 years._'.._..'.. 



■Apr. ■ 









: 1172- 


14 . 


;i0 77 
. 2127. 








2 2«.r' : ; 

JMJ J'h ' . 

Htmday, April' 17 






12 ' 



Handsyl Fridagr' 
A^U-.j A^il.- 


•Y ! ; 

_ . • . 

. No. 

f T- 


„ j 

is |20-yr. Bed. Deb & Loans- (15) 

! 59/56 

1 35.47. 






_ 6b.4l 

• 6057'j 


Investment Trust Prefs. (IB) 








; 56:57 ! 

17 1 

ComL and Indl. Profs. (30); 









^7535 j 


A ■ 

ft e ir- • 

v »v>. 

K. is. 

t Redfungtloa rW d. Htate and Iowa *** *■? 

Issues. A new list «f the caasdtoeAtf is av^^e b«" the. Ptd»Ilst«r% the Fbunfil«» .Tbno». «r*«^ Wm **' 

Street, Louden. EC4P 4BY, price 13p. by f«* 22 P- ‘ ' — ; ti • 




'•:*W iife-Aranranec Ca Lid. 

-fSI.pBUl's Churchyard, ECi 01-3*9011] 

■; -• ^ 
:s. ' 4 lfc 


: /SJ&fS's®'- *— ia<5 

. ■J5iL'RCSer.4._- v 129.6 
tiSSjwpasir.4. S22 

'ijtauy Fd.ifer.4., Z084 
6R»ot April «. Vatartio, 

ibaay Life ‘Assurance Col Ltd. 

‘ 01-437 SB82 

General Tortlotlo Life Ins. C. LtA? 

^U2 » Bartholomew Ct. Waltham Cross. WX3lsm 

— . Portfolio Fund ) JM0‘ J — ■} -' 

— .* Portfolio Capital _..)4X£ ' 4SJ| — r — 

“ . Gresham Life Ass. Soc. Ltd. 

— 2 .Prince of Wales Rd,, B’ssMith.' data WMS5 

i • iSJ-j-E 

— Sfci&SSfcE 7 ilEl - 

— Growth & Sec. Life Ass- Soe. LtA? 

— WesrBsnk. Bray-on-Thonex Berks. ‘ TcL 3*384 

~ SS£lsr^ c l:J 3S? J~|- 

TueS. "Landbank Sc* ACCJ117.7 12001 — 

G.iS. Soper FdL_) £8.0715 I 1 — 

7fiB82 Guardian Royal Exchange. ' 

— 'Bovel&Ktunse. E.CA 01-388 7M7 

— Property Beads — JUD l9 2780J. . — 1 — 

Sambro life Assurance Limited y 

k Hm. Atom Rd* Iterate RrfgsterfUOL 
V Managed— fl26.7 ms _ 

• st «KKs s 

■J I MVP* 

r tfanejrFd-- IflU 


nSS&enJd. 9B0 
f iSsd-Hes.'B' W.7 
stall i-j 97* 

Life. Assurance 




unlays Life Ass or. Co. Ltd. 

2 Romford Rd-. £.7. - 01-334 »M 

■ jfS-d = 

■Sss=ffl' = 

5S g b ± = 85* 1£S :™: = 

m.PenxAccum. _ 9*6 lfiLl — 

i, Initial ... 95. S MO D — 

lfEdgPenaAcc._ 96J WU 

mwPenS Act— 98-9 1042 — 

•Current nntt value March 29 l 
jehive Life Assor. Co- Ltd.? 

■ Lombard SL.BCSL 01-0381288 

; LUorse Apr.74 _] 127.40 hUp) — 

-tnadx Life Assurance Co: 
i High St, Potters Bar, Herts. PJBar SUB 

Uy.GrtlLFdMar.l | 57.7 I J — 

.JSoLFed.Apr.fL_l 1090 1 j — 

uun Assurance Ltd.? . - 

1A90NB 01002 8878 

Hearts of Oak Benefit Society 
15-r7. Tavistock PlaeevVClHSSlf. 01-3873030 
Hearts oE Oak |36* . 332) | — 

Hill Samuel life Assiur. Ud,V . 
NLA.Twr_ AddIeeou*«Hd,Croy. 01-0884335 

“SEil M:4; 


Managed Serlas A- 920 97*1 +10 — 

Managed Series C- 99* 9M +00 — 
Money Caiu~ U9* IBS — — 

sP&'&'t-sh = 

St GlAcJjTSIl !».7 utf — 

Pns. Gtd. Arc. ]169.7 1153] '— 

Imperial life Ass. Co. at Canada 

Imperial House. GaOdiord. 71235 

_ M~~ ■= 

Unit LfokSd Portfolio • 

Menaced Fund pl.9 9BA — ; — 

Flxedlnt. Ftf. (957 IOOLIJ -— 

Secure Cap. Fd. KJ 10Q_5 _i_ — 

Equity Fund.. (95 4 100.4 +.._| •.— 

Irish LUe Assorance Co.. Ltd. ., 

11. Finsbury Square, EC2. OMBM® 

Bine CU b A pr. 14._|67.9 71*3— 1.W 44# 

Managed Fund BU.7 ZHA-ZJI — 

FMfTilod.Apc. J_P»* lmd — 

Prop. Mod. Gth. PL87.1 19*9) | — 

King A Shuan Ltd. 

HComhOLECS. 01-805*33 

Bond Fd. Exam* _ 119AM 1BJ.7A .—J — 
Next deal& riato April 19. ' 
Govt See. Bd.J_Tp3*70 mS»| ... A — - 

Tjngti'am Life Assurance Co. Ltd. 
ImisfaamHfcrHalmbroakBbJffOt umBEU 
Langham'A'Pian-IMl JMA -,-J — 

SyjSrtsngi 4 ^:d = 

NPI Pensions Management Lid. 

-M.Gnwechun-hSL.CCapaHK. 01 0=34200 

Managed Fund fJ«59 152.BI .. .} - 

Pnee* April 3. Ncrt dealing Ma>- 1 

New Zealand Ins. Co. tU.K.1 LltLV 
MaitJand House. Southend SSI 2JS tTO2628S 

S rinKcylni.Flan. 1134.6 138.* — 

mall m & FM 108.1 105.3 — 

lecbnofowFu...... 103 Z 108.6 .... — 

tjclralncT’H 97 4 3 02 5 .... — 

American Fd. 974 102 5 .... — 

Far East Fd 1003 IDS* — 

Gill Edged Fd. 102 6 108 0 — 

Con. Deposit FU.._ .[95* 1006).... — 

Norwich 1‘nlon losorancc Group 
PO Bo\ 4. Norwich KM 3NG. Offia 22200 

Managed Fund 000.1 210*1+01 — 

Equity Food . 313 7 3382 . . — 

Empritj Fuad 1Z3J 133 J +01 — 

Fixed lob Fund ... 109.1 156.9+03 — 

Deport Fund 104.7 1102 .. — 

-Vor. Unit Apr. 15 .. 1912 I -OJ — | 

Phoenix Assurance Co. Ltd. 

4-5. King WUliamSb. EC4P4HH- 01-8889018 

Eb'r. Pfl.Eq E ... . PO.S 74 ij | — 

Prop. Equity A Life Ass. Co.¥ 

11*. Crawford Street, W1H 2AS. 01-486 OffiT 

m i ei e 

Property Growth As&ac. Co. Ltd.y 
Leon House. Cragrdan, CH9 ILU 01-880 0600 

177.0 .. . _ 

5SS z 

731.0 - 

1513 — 1 

65 4 — 

, | j£ * -oa — 

1383 ' 

137.6 .. „ — 

110.7 — 

1213 ... — 

121J .... — 

177.2 — 

1315 - 

Prap. Growth Penofoa* 1 Annul ties Lid. 
AWW-Ikw Ac. fTj 1299 1M.M . .. — 

JA11 Weal t»er Cap. . 1237 1302 - 

Wn' Fd UU_ 133* _ 

Pension Pd Uts _ . 128 0 — 

Conv Pen*; Fd .. . 1A3.8 — 

Cur. Pus Cap. Ut 130.9 „.... — 

Man. Pens. Fd 1412 — 

Abbey Unit Tst Mgrs. Lid. /a) |z) 

72-80, Gatehouse Ed,, Aylesbury. Q2H9941 

Abhercaplfol 1302 32.11 —0 II 4JL7 

Abbey Income Oh 5 30* -02! 5 7B 

Abbey Iln.Trt. RLffil - 34fl +03 430 ■ 

Abbey Gen. Ttt (42.0 447] -0 l] 412 

Allied Hambro Group (aKglV 

liarabrm Hse- H un n n Brentwood. Emx 
ai-508 2851 or Brentwood (term =1149 

Bolaaced Funds 

Allied 1st 160 0 64*^001 592 

Bril. inds. Fund — 590 63.1-0.2 5*8 

Grth.*Inc 33.4 35.7 -03 560 

Elect. & led. Dev. 301 3i2u . 528 

Allied Capital-- 649 . - A9-5U -0.1 ,4.66 

Hambro Fund 97 0 1M* +01 .5.49 

Hambro Arc. Fd-.‘. 109* 1173.... 404 

lacowr Fuads 

High Yield Fd. : .(63.4 *7.91 -0 2f 839 

Hleh Zpcoaui . (62.7 67Jnl -o3 6.70 

A.6 Eq.Inc _QJ8 sO -Oil 71* 

Gartmor* Fund Managers » fal/g) PerpctaaJ Unit Trust MngmL* fa) 

S.Bt.MasyA«.K : 3ABBK OI-3835331 48 HartSt^BenJeyonTh&BMS <M812888S 

inAmerleum - B4 27 * +o.ffi 0 68 P*tmW«IGp.C5lh__pa3 «-0) .._.J 358 

CotSSditSSiT §55 »1 7 :S 5 3^ Piccadilly Unit T. Mgro. Iid-¥ («W») 
iriFBrEa-4 Tnid-. W* ?2Bsj +0 4 0.70 Ward g’le Hsc.. 58a UoodML Wall ECS 6380801 

High Income Tri.— g-J S9J 907 Estreineome-^.aOJ SL81-02J 9 AO 

liicniiieFhui ?, 2, ♦O J 72B Small CD's Fd. 39* 423 -fl.S 3A6 

lnt. Aeeneles-- — JJ** IS Capital Fund 492 516 -0.4 3*8 

Gibbs iAnton^ii Ts., Mg s . Ltd. g;| mje ^5 1Z 

S3. BIcmtlcldSt-.EQM ...L 01-588 41 U »„ . m 275 110 

(Ml AG. Income'—- *2 £4 1 36 0 American Fund, — |2U 25.]|+414 2.40 

ISlA&FS&SJ-feb 242 S3 Practical Invest Co. Ltd.? &Xc> 

Deallo* Tud. HWed «. Bloomsbury Sq.WClAZRA 01-038883 

„_„ESME2=BH *5H=i S# 


27 91 +0.* 
531 +-0J 
M5 7 +1J 
72 Bo +0 4 


7ZC +03 

E7ic -0.4 
31* +1* 

High Yield Fd. :.M3.4 

HljthZnctJiHO. [627 

Afi. Eq.Inc ^t»a 

imenmlloaal Fttada 
International. . . ..125 0 
Secs of America.— 190.8 

hdlicPinl.. 137.8 

Specialist Ponds 

Smaller Co.'cFd. (31.6 

2nd Smlr. Co's Fd. _B93 
Recovery Sirs. - — _ &L9 
Met- Mfo. bCdty. ...B6* 
Overseas Earnlnfia. eO J 
EopL Smir. CD's — 9P96 J 

m Hi 

! +0.7] 2.47 

da 5*7 

::::1 1^ 

-111 5*1 

77. 1+mdoo Wail, ECi M.38I 

iSS -J 

Xe*t dealing day April SI. 
Gricveson Management Co. Ltd. 

5BGreahamSt_ECZF2pS. 01-001 

M -388 SCO Dnlla 1+97* 2DU| 4 428 

. ..j 229 Provincial life Inv. Co- Ud.f 

z - a 322, Biahopesatcb B.C2. 01-3670988 

‘‘ Prolif ic Unit* 1744 797ri+aa W 

Ltd. Hlfiblacome- JAB EUlfl-4Jj 7*6 

Prop.Pen^Cap.CU. 1319 I I — 

Bdgg. Soc Pv® Ut 129.0 ... — 

Bdg.Soc.Cap.UL_i 2191 i I — 

Provincial Life Assurance Co. Ltd. 

222. BlG&cpfgate. ECi 01-2478533 

Prov. Managed Fd.. 11123 n«4 I — 

Prov.Cash Fd U04J 1OT*I .. . _ 

Prov. Cash Fd 004 J 109.H .. . - 

GUI Fund 20 jll4.7 IZO.Sj +0.4] . 

Prudential Pensions 

Holbam Ban. EC IN SNB. D 1-405 1 

EqbIl Fd. Mar. 1S_.K22.9B 23*91 ......1 - 

Fxd. lot Mar L5 p944 19.7m - 

Prop. F. Mar. 15 ^459 25 | - 

Reliance Mntnal 

Tunbridge Walls, Keat 080=23271 

ReL Prop Bds.. J 195.6 I . '4 — 

Anderson Unit' Trust Managers Ltd. 

ISBFeachurch &.EC3U6AA 839331 

BOffiT Anderson V.T .(462 49*4 4 *70 

— Ansbacher Unit Mgmt. Co. Ltd. 

— 1 Noble SC-EC3Y7IA. - ' JU-ffi303?8. 

Ly Inc. Monthly Fund . [160 . X7B*( ,.._4 .ft 

0O6W Arbnthnot Secnrlties Ltd. faKci' 

— 37. ^oeen SV London EC4R1BY ' 01-238(501 

~ Extra Income F«L . .110*9 115.61-0*110.74 

— HlZh Inc. Fund -v—. 30* 42.0 -03 9*6 

— WAcnun. DnitsJ — . 523 56.6-0.4 9 66 

“ W;% WdrwLUta.! 52* ' 5*6 -0.4 9*6 

“ Pnrforex.ce Fund-. ZS3 273 -0.1 1230 

(Accum. Units) S7.9 403 -0.1 12.10 

— Capital Fund 172 18* -0.7 - 

— Commodity Fund ... 532 56J *00 

I Accum. Unttal 73.6 79A 6 00 

*“ n0% WdrvvLl] i_ . 47.1 SO* £.00 

— FinAProp-Vd. 16.7 ' U3 3.10 

“ Giants Fund — 5S4 ,332-03 334 

— i Accum. Coital ** 44 C -Q.e 334 

— Growth Fund 30J 32.7 -0.5 336 

— (Accum. Union 35.7 333 -0 7 336 

— Smaller Co's Fd 24* 26.9 -0* 496 

Eastern fctnd.Fd.. 223 233 +0.4 367 

— Ifi* W-draiCto./— 27*. 1*5 +03 1*7 

— Foreign Fd.—. 853 1.95 

— N.Amer.&UiLFd..p*2 30*) +Lll 2*0 

3 Archway Unit Tat Mgs. Ltd.* (aXc) 
31 3174HgJi Hoi born, WC1V7NL. 01-8810233. 

— .4rchw*rFUwf /7E.5 835] — J *12 

— Prices at April 12. Next sub. day April 20. 

— Barclays Unicorn Ltd. (aHgWct 
Unicoro Ho. 2S2 Romford Rd-E7.- 01634SM4 

ilH UnJccn America- 1 JL9 343j +10) 1.95 

Do A ust. Acc S4.9 70 2 +2H 1.90 

7«B3 Do. AusLlnc 515 ' E.7 +1M J-90 

— Do. Capital 60* 6*7 +0.2 4*6 

— Do. Exempt TsL 102* 10*9 j 651 

— Da Extra Income _ 263 2*3s -0.21 8.91 

Do. Financial- — , 5*1 . 66* ..T^J 53L 

Do. 500 ».9 65* — 0.4j 5.98 

. Do. General 28 4 30.7«I -*2 659 

B022S Do. Growth Acc... _ J7.4 40« ..7J 439 

— Do. In come Ttt 163 8*3 -0.4 654 

— ‘Do. Prf A'ng-TW... 1342 140.71 .... J 454 

— Prices at March 3 ■ -Next sub. day April 2* 

Do. Recovery- M3 4L4f -02J 5*2 

Do. Trustee Fund.. 1052 112*1 -0J1 537 

____ Do Wldwide Trust 465 503 +L0j 1M 

23271 B-tsUtLFdfoC S3 6 61- « -0.3 5.7V 

— Do. Accum. ... 65* 6*5l -02J *71 

Bor'Etn. April 12. 


( Accum. I'rutsl 
EodetvApr. 1L 
(Accum. EnltSI- 
Grnchsa Apr. 14 
('Accum. Lmtsi— 
lAccina Umtsi— - 

oi-«os4« Pm®, Portfolio Mngrs. Ltd.V (aXb)fc) 
SS““ 4I7 Holbarn Bara.EClN2KH OL4O50C3 

3773 7.65 Prudential. — —J114B lZLftd — — I 471 

M i ^ Z lM Qnlltcr Managemcne Co. Ltd-V 

187 3 122 TheStk Bw.tpinffli. EC2N 1RF. 01-0004177 

® II SsSSSaKJM IHtid ta 

7?3 2*6 Reliance Unit Mgrs. Ltif 

Guardian Reyal Ex. Unit IWgrs. Ltd. Reiunro H*a.Tunte^o Wells. ra. «*®*=27i 

SSSSSS3 S° B » =1 STS Sfgfels JS H S 

"Henderson Administration fai (cl(g) ¥ aidoeReld Management Ltd. 

SS^iJ^BSo^2l7^ RO * d, " BB,,,i PO Box 419.38-40. Kennedy St, Manrbriter 

gSfcg sa » SSSksm =i is 

inrome&Aaeeis— 31*1 *52 RothsehQd Asset M a n ag em ent (g) 

p “ d K57 - n « nut 72-80. GstehooseRtL. Aylesbury. OZM9B43 

SgStSSterB* 3*w! :°y 1.5 -V CEeuItylW..I15*0 Z65.9CI + L3| MO 

Arbnthnot Securities (CL) Limited 

P.O. Box 2&L SL Heller, Jersey. . oSHT» 77 
Cap. TaLUeiw) +-I214D U*0| 1 4*4 

East ° ^..4 325 

Next sub. April 27. 

Anstrallan Sdectian Fund MV 
Market Opportunities, cio (nah Yount Si- 
Outbwaite, 187, Kent St, ^duey. 

USSlShiOT 1 SUSL52 ..._.] — 

Not asset value April u 

Bank of America International SA- 
SS Boulevard Royal. Luxembourg CJJ. 
WlctinmstlDCoaM-Bimn25 lllffl] ...-.] *48 
Price* aL April li Next rob. day April 10 

Bnfc. of In do. & S. America Ltd. 

41F0B, QuOen Victoria St, EC4. 01-0302313 

Alt-Xfmdrr^F^bd^pr^i” jL'”"*' 

Banqne BnixeUes Lambert 

2. Rue Da la Reeenro B 1000 Brussels . 

Rents Fund LF 1*961 2*22] +5] BO 

Barclays Unlcurn InL (Ch. 1&3 Ltd. 
1. Oaring Cross, St Heller, Jw. 0S3473741 

Ouecwos Income -. <48.7 5121 A UA 

XJnJdcHar Trust — mgam 1IJM .....1 4J0* 

Unibond Trust --—.r — 1 SOtiBB U0 

-Subject to fo* and wUhholdfng taxes 

Barclays Unicom Int. <L O. Man) Ltd. 



Beyaelex Mngt. Jersey Ltd. * 

PO Box 98, St. HoUer. Jersey. (Enq 01-006 70T0> 

Fonaelex — IFriSB 1519] +301 JB 

Keywlcx Inf] k*l9 TM 4M 

Kcyselex Europe— g**4 flra 3*2 

Japan Gth. Fund — BUSXU 2fcM — 

Keyselex Japan __ (£32.99 1*181 — 

Cent Assets Cap..—! 032*91+00^ -J— 

King * Shazsoi) Mgr*. 

mu. Goat. Seen. 

First Sterling 

First Inti. 

.92 19* 

BJI 1*7.9 

Brentwood. &nmx. u?77 

IUL Fund* ' . 

Cap. Growth XBO++. g9? 

Cap. Growth Ace — wA 

Income A Aseeu— [29* 

High lnewue Fund*-- 

High Income g® 7 

Cabot Extra Inc — 153-2 

09* 42.4rf -0.1] 

k 4a 

4Z*J".’Zj *40 


lity Ser. Ltd. 


Cabot Extra Inc. — 2 

Sector Pand a 
Financial * ITG^ eJ-9 

on AN at Ret. (249 

1 uterus drool _ „ 

Cabot — -E-S 


Wrld Wide Apr. J4B** 
Overseas Funds M _ 
Australian..— — &2 
EaropcBn. — K* 


fi&sssKsw ^ 

2J-S -i-J ig N2T. InlL Fd. One. 

265J+02J 23S N.C. Inti. Fd- CAcc.’ 

sail ,7i •>«* N.C. Smllr Coys F»! 

i iJ +o*| *72 Rothschild h Lowndes Mgmt. (a) 

73 *1 I 4*9 SLSwttKinsLane.Ldn.EG4. 0I-OS4M 

4^ *8w»»SShlf , S2t droS?g'ApcU 3 i? 
7b2| +u 158 Rowan Unit Trust MngL Ltd. 
Ha +W CityGataEfaL.Flnsbury5q.BC2. <0-0001008 

RowanAm. Apr. 13.1623 65*1 .... J 11B 

VIgrs.t <al RowanSect AprOl.^JS 163LS 4^ 


Fart^u* 1 ' ' ''^ I|7i: 7h2| +i_lt 158 Rowan Unit Trust MngL Ltd. 

SSSaSi°a-^“l M+» 

Hill Samnel Unit Tsl. Mgrs.f (at AowonScct AprjJ.Ess I6l3 — 

45 Beech SL.ECZP2L-Y 0J«a80Jl fts ' — 

wSa&R , H3l»a!SEffidR M-4 

(Pi Capital Trust— 

«bi Fin+Dc ui Trust 
(bj Income Trust— 
i b) Security Trust — 
ib) High.YieULTVL- 

InteLV fa Hg> - • rr,ar> “ npr ' ** < 

io. Christopher street e.C 2. 012477243 Save ft Prospv Group 

Intel lav Fuad 10.7 8*51 -J*f 7.20 4. Croat SL Relens. London K3P 3KP 

Key Fund Managers Lid. (aKg) S3STE ob^WO^Somi- 

«-» Royal Tst. Can. Fd. Mgrs. Ltd. 

273 to ll 7 92 54. Jetmyn Street S.W.1 . 01-8a»8S2 

5l| +0. 3 5.49 Capital Fd |6L| U.Tj — 1 3.0 

29.71 8*4 Income Fd. [6*8 72*] 4 7.76 

1 M Prices at Apr. 14. Naact dealing Ago: 38 

. n.« S.V. a, Proapfr Secoito UAV 

Key^S^AGen._6L7 65* -D2j 539 lnteruat»»«Ul Hmda • 

®s»5Kc « --4 ^ ^ 

Fixed lot Fd.. 595 633 . J 1*24 Umv. Growth J £5 673M+L2) L24 

Key Small Ca'iFd-i8S 6 910] -0.2] 7.01 iBoe^hig laeume Iburt 

Klein wort Benson Unit Managers* hi Rb- Yield pu Bid -0A tX 

20. Fencburcb SL. BC.l 01-033 8000 High Iscuu Funds 

R.B. Dili* Ftt-lnc. .252 ,S1I 1 5.J5 RlgbReturo WL.4 6*4 -031 854 

*fCB VottFd-Ae — (W.3 30*3 ...J S38 Jncozae- J*0J> 43*J-a6( 8*9 

K.B.Fd.lnv.'CSs-— H9* 54l| .._.J 422 ^ IJEi F|mds 

L & C Unit Trust Management Ltd* VK Equity H02 . 4*4 -03] 5*8 

The Stock EcbaaBu, TEC2N IMP. 01588 2800 Fundsoi er^^no* nu, 

^-.1 ^ i^EEEls MM i 

Lawson Secs. Ltd. 9iaiici sectnrFunds 

63 Gvonte a, Edinburgh EU2SIG 031-2203011 Commodity IG6* 71.61 +0*1 4.62 

I Do Trustee Fund.. 1052 
Do Wndwida Trust 465 

BTaLTiLFdlnc 06 

Do. Accum. ... 18* 

4 1017] 3U — 

.0 1B2.U — 


April 14. ‘ 

ipital life. Assurance^ 

Iston House, Chapel Ash Wtna 090228611 
y Invest Fd.---] 9872 I ..—J — 

» > I , EcmikulArfd. .1 10572 | ... — | — 

I tTk ilN ffiihrterhooM Magna Gjxf 

'Che«uersSq,Cx»jridge UB8lNB “ 52181 
. I > , , rthse a»ergy — te.4 37^ ....:. ■— 

*11 hfi l.iiJ rtbae. Honey EM 302 „... — 

<i» J.Jl ill fl rtbse WonagedlSrfi 39 £ ~ 

“ l ilia Flp irt y M ? 3f, t - . _ 

...^5BlZS«.Zrr U4* “... ~ 

- • - - ~gna Managed 153.7 — 

' ~‘ty of Westminster About. Co. lid. 
' -trusteed Rouse. 0 Whiubcsw Road, 

Legal & General (Unit Assor.) lid. 



. .vdon CBQZ7A. - 

: — . illy Fund _t 

— itxland Fund f 

Finer Fuad — - r 

• - LA* Fund— — I7L7 17531 — 

is Mngd.Cap_ U14 MS.,.. — 

" is MnKd.AeC— 1173 1Z3^ — 

- lis. MoneyCap.— J63 ^4 — 

■0- Money Aec-_ 47* 5M ---- — . 

IS. Equity Cap 4*8 413+1.7 — 

■■■ M .SuItyAcc.^ 4*3_ 31+Ljl — 

4 nr !vt\t 

• a K t- l.MJilb?' v ^S^ rAmueBoemWL 

Bp hone 01-084 9604 

...... ,W=i = 

-iomercial Union Group 
Jeleo'6 L Underahoft. BC3. 01-3887908 

•* “ v AnAcUL.Apr.13l 51.41 I .1 — 

Annuity Ufa — | 17.42 J I r- . 

afedcratiOD Life Insurance Co. 

Hum eery Lane, WC2A1RE. 01-3430282 

.» (uity Fuorf D413 148E . — -— 

inngcdFund.., 1765 REJ _.... - 

SSall-co F^.. 70J 7L7 . 

H|ty Pen. Fund.-. 209.0 — 

f-d InL Pen. Fd. M.0 .. — — 

lsgedPen-Fi^ 1782 ..... ' — 

perQrFen.F<t~ W . 

Uteeted in-PnEl 355.9 — — 

mhiU Insurance Co. Ltd. 

kirohlD,E.CL3. 014C854M 

1. Feb. Mar. U— .{1135 — J -, l — 

Legal ft. General Prop. Fd. Mgrs. Lid 
11. Queen VlctoriaSt;EtJ<N4TP' 01-MSS678 Apr. 1|993 103.7] | — 

™ NSl sub. day May L 

LUe Attar. Co. at Veansytrauia- ’ 
SMS New Bond SL, W370RQ. 01-4888385 

LACOP Units. fUBJ UH] ..„..| — 

llsyds Bk. Unit TbL Mngrs. Ltd. 

Tl, Lombard SL. ECS, . (U49J2S8 

Sxeuwt-^- 1*72 iaz*d -j-4 . im 

Lloyd* Life Assurance . 

Rothschild Asset Management 

SLSwithins Lone. London, EXT4. 01-«2B4396 

N.C. Prop. Mar.3L..| — ]2LM .. J — 

Royal Insurance Group 

New Hall Place. Liverpool 001 2274422 

Royal Shield Fd. —1132.1 139*1 I — 

Save & Prosper GronpV 

4. GLSL Helen S. LarfB- EX+P3EP 01-354 8880 

Bol.1nr.Fd 1122* 138.M +0J| - 

Property Fd • 1492 157.9 ..TJ — • 

Oil! Fd 118 4 1242 -0^ — 

-Deposit Fd* 122.0 1285 ...7 

Camp.Pens.Fdf 19*0 20S5 .] — 

Equity PeusFd .1689 1783 +Lil — 

Prop Pear Fd.- .3)97 2214 ....1 — 

Gilt Pens FU . ..90* 95* -02J - 

DeposFcns.Fd.t_. 197.1 lOT-H-.J — 
Prices an 'April 1L 
t Weekly dealings. 

Schroder Life Group? 

Enterprise House. Portsmouth. <778527732 

— L 214* - 

208.9 219.1 . .. — 

113* 1195 — 

ll_. 1381 1455 — 

m 2 mzrz 

1 .. .. 147 7 150.8 — 

124 8 1315 ...... — 

11. 1275 13*3 — 

240.1 147.4 ..._ — 

_ 10*3 112.0 — 

11*3 1224 — 

__ 1127 11*7 — 

1.. . 1511 1592 ..... — 

11 _ 24*9 15*7 ...... — 

3- 1195 — 

11. 128* — 

11. 1913 2015 — 

11. 225* 237* — 

Baring Brothers A Co. Ltd* UXxi 

88 Leadunhall SL. E.C3. 010683830 

stratum Til [1*3. a- 170* ,_ £ l 3*9 

Do. Accum. .12032 21l3 1 3,69 

Next suhday ApriTM. 

Bisfaopsgate Progressive Mgmt. Ce.y *Raw Msiarials_' 

no and “SLOOl 

Bridge Management Ltd. 

P.CK Box 908 Grand. Cayman. Cayman Is. 
NTWhiMarL 1 Y3**9* ] - 

J “ 

Britannia Tst. Mngmt. (CD Ltd. 

30BathSL,SLUctler.Jcra^. QS34 73114 

Growth Invest 1297 3211 4*0 

Intni. Fd. (695 7531 U00 

Jerxoy EnerjwTsL.fey* M8R 3-58 

li nivjL Dh-. ™ — - p ’MB6 Sl» — 

UniraLSTid.SU— [E257 218) L00 

Value April it Next dealing April 24. . 

Butterfield Management Co. Ltd. 

P.O. Box IBS, Hamilton, Bermuda. 

IS d IS 

Prices at April 18 Next sub. day B fay 8 

Capital International 5-A. 

37 rue Notro-Dame; Luxembourg. 

Capful InL Fund— [ 5US1627 [ — 

Chstrterboose Japhct 

3LM1-01BI 5*6 

0. BfahopsgBte. E.C.2. .11768 13*5 4 355 

oopo ArtUts. -*Apr. ll-gcs.* J 355 

8880 B*aMlnLApr4_K57J UTM. i L72 

— iAMum.iApr.4 — |l73.7 104^ ....] 1.72 

— Nest sob. day 'April 1* "April 25. 

_ Bridge Fund ManagersV(aXc) 

— Xing William SC ET4R9AR 01-0234851 

— Bridge lne* 148* S2A .. ,.J 680 

— BridgeCap.Inc.t__ 321 342n 359 

— Bridge Cap. ACC.T.. 35 4 37.7 359 

Bridge Exemptr... 131* 140* ...... 573 

Bridge imLlntt... 145 155a 3 91 

Bridge lnU.Acc.t ~ 13.9- - 17.0 391 

Bridge Amer.Gena 250 .... -- 

Prices April llTS Dealing- *Tucs~ tWed. 

” Britannia Trust ManagemenUaKg) 

— 3 London Wall Buildings, London Fa* 

£Raw Material*— 23 3 JnJI 702 Energy 1 

*1ACCBTTL UnJui — 3*1 413 7.12 Financial Secs.. „ 

•Growth Fund -2-2 397 HinWamimmn Fm 

H5 is'i ”" 4 ,5 Select internal. — | 

±£SrtSS?F“So7 a!* ::::: Ho sricCTlQCQim - -— 

bArotun Units) a* 23 3 8 ._. 158 SCOtbitS SCCUlil 

"High Yield'. — — P8 SOC -02 10.60 - 

"lAocum. UnitBl — 6S.9 717 -13 10*0 SfiHBs 1 

Deal- tMon- Tue*. tfWed. tTbur* -Fti. , 

7J2 Eneryy ___p3A 60 

712 Financial Secs.— |M.4 74. 

3 £7 Rigb-lSiniaram Fends 
fg Select Internal. —12384 2SL7 
jJJ selcctlncame (498 52.6 

,1*8 Scotbits Securities Ltd-V 

into SratteU. W2 « 

28 CHflon St_ EC2A4MX 

BcitfilK Widows’ Group 

. PO Bax 80S. Edinburgh EH16 SBC. 0810556000 


. London Indemnity & GnL lira Co. lid. 

The-London & Manchester Ass. Gp-¥ 
The Lees, Folkaotone, Sent OB03S7333 

ChlGiricO Fund- - ZU.7 — 

♦Eionpt FlcxJl ■ . 1285 — 

Z&teimX Prop.FU IJJ — 

*Er3“W TSt Ki VGA - 

Ftanble Foad 3M* — — 

Ins. Tnut Fund -1^.4 — — 

Prope rty Fund. — ~ 015 — 

— Inv. Ply. Series 2 — (92.0 ,96.91 1 — 

— Ins. Cash tor. M — (97 J 1 . Ig fl ■— .1 — 

-- “ Ex. ULTr. Aprils -13*3 U ... — 

™ H Mgd. Pen. April 12_|2415 25871 .. | — 

~ “ Solar life Assurance Limited 

' .ejNerr. 01 2422905 

-*-051 - 

London EC2H5QL 

Assets. 1685 

Capital Art 465 

Comm *lnd 490 

Commodity—. — .... 663 

Domestic 340 

Exempt 970 

Extra Income 37.7 

Far East 19.4 

Fbianei*] Secs. 602 

Gold* General — _ 798 

Growth-. _____ 723 

Inc.* Growth 678 

1 InCl Growth— 56* 

1 tiiwisL TsLShaies— 48.9 

Minerals. SLB 

Nat High Inc. 72.1 

New Issue 323 

North American 285 

Prof es sio n a l . J492 

Property Shares _ 120 

Shield 410 

Status Change—. 17.7 

Uni v Energy — 138.1 

01-038 OCWOCT 

-200 +0.4 3.48 

64.7 -03 4,77 

EJ -20 335 

77.7 4.0 

72.9B -0.4 756 
ills -+33. . JL5B 

44X +0.4 401 

342s -0.7 3*0 
775a —03 8*5 

34.7 -0J 532 

• 30* +0* 1.92 

4633 -L9 4*6 

12.9a 191 

44.9 —02 Ifi 
- 890 -03 532 

32.4 +0.4 2.73 

Legal A General Tyndall Fund* scot Ex. Gth 1219.5 zxjn ,._.j 209 

i* Caaynge Road. Briitol. 077283241 ScoLEx.YW-**..-- JlM.1 178*) — \ 7.10 

DUt April IS —552 58 41 .... I 327 Pnce. 01 April 12. Next sab. day April 27. 

^ibl J 537 gcUesiager Trust Mngrs. Lid. (aXt> 

Leonine Admlnistrsiion Ltd. ‘!Si c ^EIrt? n ^J T^wnc mst,> maosi 88441 

2.Dn»wSL.too<fonWLMdJP. 01+005982 Am E 

LooDist 171.7 763 0.6I 535 Am G 

Leo Accum. p6.4 80.^+031 4.93 Exempt High Yld. 1 

Lloyds Bk. 0nit Tst. Mngrs. Ltd-V (at 

Ragistrar*s Dept, Gorir.g by-Sea. Income DteL-. 

Worthing, Sostsoroax. 0HB3138B Inc. 10% Wdrwi___ 

rtntiHalnmn... .046.7 5021 +0.11 4*2 IntaLGrowti 

' 63.6 +02 4.72 In*. TW,TJntta— 

5L7 +0* 353 Market Leader* 

643 +0 7 333 ‘Nil Yield* 

80. Bd -0.6 6.73 Fret & Gilt Trust— 

9 110.6 —0.8 6.73 Propertyamres 

600 -01 814 Special SB. T 

67.4 -0.2 814 CVE Grtlv A 
.. ... „ .... VK.Grth.Dlst. 


a +231 155 
4-1.0 2.28 
..... ID 30 
—03 9.74 

Da lAccum.) 
Second (Cbpe)^ 
Da tAccam.' 
Third (Incan 
Do. 1 Accum 1. 
Fourth 1 ExIdc. 1 

487 +2.4 ’285 
250 +03 4.89 
280 -03 *53 

283 +0.1 003. 

2SJ ...... 1104 

25 4 251 

2S0B 2.91 

ZL7 6.06 

19* 6.06 

4Sjd L98 

Clive Investments (Jersey) Ltd. 

F.O Bax 328 St Roller. Jersey. 05843738L 

Chre Gill Kd-fCJ.).».W 9.93) 1 2100 

Clive GUt ^tt. 0V.).|9.9O 9.92 1 — _| 2200 

Com hill Ins. (Guernsey) Ltd. 

P.O. Bax 157, SL Peter Port. Guernscar 
Intni Man. Fd. p£45 179.0) 4 

Delta Group ' 

P.O. Box 2012. Nassau. Bahamax. 

Della Inr. Apr. 11 _(S147 154] | — 

Den tec her Investment-Trnst 

Poatfach 2685 Biebergasae 810 8000 PtankBirt. 


Dreyfus Intercontinental Inv. Fd. .- 

P.d Box N3718 Nassau. Ha ha mas 

NAV April 13 PTSUJI B621 — 

Emm to Dudley TsLMgtJrsy.lld. 

P.O. Box 73, SL Heller. Jertey. 053420502 

E. DJjCT. 11140 1215x0 ....J — 

F. & C. Mgmt. Ltd. Inv. Advisers 

1-2. Laurence Pounlney Hill. EC4R OBA. 

01-623 4880 

Coil Fd. April 12_.| SU5489 1+0341 — 

Fidelity Mgmt. ft Res. (Bda.) Ltd 

P.O. Bax ffiO, Hamilton. Bermuda. 

Fldehty Am. Asm_| 5VS2236 1 — J — 

FldofiSfotFund- 511519.41 | 1 — 

FlduiiS-Pac. fU-.J SUS4433 ..J — 

Fidelity Wrld Fd_i SUS12.97 [+0JM — 

Klein wort Benson i+nittgd 

20. Fen church SL. EC3 O1-0S3088O 

BarinvesL Lux. F. _ 1032 -1 3142 

Guerooeylnc. 58.5 620 4 64 

Do, Accum. 7U 750 4*4 

KB Far Soar Fd. SVSiajlh LW 

KRInti. Fnnd SUStp Av 1*7 

KBJauan Food STJS3L19 051 

K-B.C5TGwm.Fd.. 310.76 — 

Slpwt Bermuda. — SUS862 +030 133 
•liutfofldsiDMj. — 1815 19301-020) 890 

■KB act as London paying agents only- . 

Lloyds Bk. (CX3 U/T Mgrs. 

P.O.Box 185- St. Bella. Jcnrsey- 053437381 

^^SSSSsWdafaWA 10 ' “• 

Lloyds International Mgnrnt SLA. - 
7 Rue da Rhone: P O. Boa 178 7211 Gaoen 31 

881 ::d IZ 

M ft G Group 

Three Quays, Towr HOI ECZ8 6BQ. 01028 4588 
Atloohc Apr. 11 — tSCSH 279) . — I — 

Aust.Ex.Apr. 13 (SLSLS8 200 J — . 

Gold Ex. Apr. IS — fcSS37 93M _..J — 

IfJartd [1117 5 114 Arf -0.2 *3*1 

(Accum UnHsi [152 0 16U) -0*) J3.SI 

Samuel Montagu Ldn. Agts. 

2I4.01dBioad&L,E.C2. 01-5688464 

5^ :::::: 

ir7JrsyO%Unr.29..)ab.9S 1L561 — 

Murray, Johnstone (Inv. Adviser) 

183, Sope St. Glasgow, CL 041-2215321 

•Hope St. Fd. [ n;S3240 i J — 

^SbavM^J.jDM 1 ...mJ — 

■NAV March 3L 

Ne git SJL 

10a Bmiievard Royal, Luxembourg 
NAV April 7 1 SU51003 [ -....! 

Negit Ltd. 

Bank of Bermuda Bltfgx, Hamilton. Bnada. 
NAV April 7 [£535 - [ 4 — 

Phoenix International 
PO Box 77, SL Peter Port. Go eraser. 

Inter- Dollar Fund_|5TS23J 248) ) — 

property Growth Overseas Ltd- 
28 Irish Town. Gibraltar {GiblfilM 

VS- Dollar Fund..-! StTS8ff27 f J — 

Sterling Fund I * 1M« j ( — 

Rothschild Asset Management (CXI 

P.O.Box SB, SL Julians CL Guernsey . 0481 38331 
O.fLEqJ'r. Mar. 31 .. B8.0 S30B( — J 307 

O.CJa£Fd.Aje.3- 1520 16U — 1 7*7 

O.CJntIFcLApr.6._ 85 935 J - 

O.C.SraCoFdMnril. 137.9 146.7 .( 144 

O. C.Conunodlty*— 1298 | 4.97 

OC.Dlr.Comdty.t- 52539 2701) . — 1 — 

■Price on April IBNext dealing April 28 
tPriee on April 7. Next dealing April 2L 

Royal Trust (Cl) Fd. MgL Ltd. 

P. O. Box 194. Royal Tsl Hse., Jersey. 8334 27441 

R.T. Intl.Fd. tsysti* *551 1 300 

RLlnlXOwlFd-.W . W 3*1 

Prices at April 14. Next dealing May 15. ‘ 

Save ft Prosper International 

TV>Aling to: 

3TBni(uLSL.SL Holier. Jersey 893420891 

U« DaUar-denaadBaCad Fuads 

JnternoL Gr.'i— — 

Far Eastern ■! B7.99 41. Ml +0071 — 

North American rtPS6 3^+ftIflf — j 

Sepro*n -113.46 I4.7l| 1 — ! 

Sicrllttfrdeiml noted Funds 
ChanxS Capltai0"_l2l49 22*31+0*1 1.7 T. 

Channel lslandse_W7 146 0 -L5j 552 

Coounod. Apr. 13— B173 123*1 ' 

Rl Fsd. Apr. 13 — 020.4 127.4) ...J J0.«. 

Pnces on •April 1*7 *+ April 12- "*Mirch 13+ 
i Weekly Dealings- 

Scfalesiager Internationa] Mngt. Ltd. 
41. La M0U0 St. &L Heller. Jersey. 0KH 73588 

SAIL 177 B2I B04. 

«*l»t 7 S8JD O03+O0C ,455 

GihFd. : 230 243 X1.BS; 

Inti. Fd. Jersey— 101 106 +t 347 

Intni JaXanfirg- 08 M 10.60 +BU - 

'Far East Fund 1%0 101* .31 2.97 

•Neat sub. day April 

Schroder life Group 

Enterprise House, Portsmouth. 070537733 


4LOU+007) — ,i 

Lloyd s Life Cnii Tst. Mngrs. Lid. Aprt iT - 

ssssr -TS.£ sss-^^» 2 £se 

40M r 

sert«^aSli!!.“ — 

SeriesBlPlicaicl.. • — ““ 

Series D iAm_Afc«.t| £34.98 .... J — 

First Viking Commodity Trusts 

8. SL George's SL. Douglas. LOLL 


002 4-SB‘ 

— u»; 

+2 i«; 

mIgg^&d • ■jawawiei 

Throe Quays. Tower HU1 EC3R 8BQ. 01638 4588 1 Accum.) U 

See also Stock Exchange Dealipra. “F: ” £ 

American- _L 49.21 +13] LOO lAccina. Units] ___ 25 

CSSnCDiiai — ^1 5o|+l.d Loo U 

Austral anan W73 50 4 +1*1 231 lAccran-Ujdfa) J95 

(Accum. Unlu' 


The British LBe OIHce Ltd,* (a) 
Reliance Hso_ Tunhridga Wells, EL 08B2 22271 
BL British Uia.._ — |4S* 43*4 -0-1] 5.97 

BL Balanced* fa* 463SJ ( 543 

BLDHiriend* koi ~ 1 933 

•Prices April H Next dealing*? April is. 

si z 

21 = 

Brown Shipley, ft Co. 

Mngrs; Founders tX. EC2 
BSthittsApr. II— 12079' 
Do-CACCJ Apr. 11—12593. 

Xft GGroapP 

‘- t 3dft ft Comnerce Insurance 
T . - BegentSL, London W1HSFB: ' 01-4807081 

-f. r34ngd.Fd..— J1220 132*1 1 ~ 

Y- >wn Life Assurance Co. Ltd-V 

GUknXW 04883 6083 

1 5“ 

0 1000 

3 X 

0 1000 

l9 122. 
‘7 . 134 
L7 — 
3 — 


kprfl 13. ■"April 14. 

Merchant Investors Assurance* 

. 01-0869171 

Sun Alliance Fnnd MangtuL Ltd. 
Sun Alliance Hante. Her* bam. 0403 0U41 

ExpJ'dJnL Apr 32 . 105354 168.40) I — 

lnt Bn.AprUU— _| f£*7 I | - 

Snn Alliance Linked life Ins. Ltd. 

ib am 040384141 

1070) -02} — 
105.91 —03 — 

U0.6] -3 1 — 

107*j +0.4 — 

100-3 — 

1070) .... — 

Son Life at Canada (V.K.1 14d. 

2-3.4.CoekspurSt.SWlYSBn 01-8305400 

Maple XX Grth 1 13*1 j I — 

DUpleLLMangd. J 1285 -A3l - 

Maple LlEgty. 119.6 I -3 21 — 

PerxnlPn.Fi 1 1994 I .) — 


33.41 -D01 ’4.41 

103a 4*1 

443 —03 521 

35 Jj -03 521 

303a -02 9*6 

19Ja +03 3.96 
24* -03 4*6 
1*6 +0* 354 
56.0a +0* 435 

213 533 

631 4*0 

•;f - isader Insunuice Co. Ltd 

.cute Boose, Tower PL-, EC* -. QL0288OS1 
j; ;.P!rop. .April 4-|71.7 7*0( — 4 — 

. ' :fte Star lusai/ M BdBa ad Ass. 

.-.■1 ■ hreadneedle SL EC2. ‘ . 0I-58B1212 

• j - ie/lffli Units __t47J . 49^+00) 629 
’.*+ a tty ft Law life Ass. Soc. U4V 

Graham Rnad. HI gh Wycomba 840(38877 
- ,-itrFd 0047 33021+0.7} — 

0 «£SaK:H Sf-"d = 
BHa3' = - 

MEL Pensions Ltd. 

MIRoc Court, Darkiug. Sarrer 
NaJex Ski, fop pun 80 J 

NdcxEa. AeeujnTaflJB 1092 
N>J ex Money Cap. - .633 

Nriex Moo. AccJ»2 16* 

Nelex Gth Inc ACC-K70 49* 

NelexGth luc Ckp_M6* «8 

Nrat aufYday April 2 
NrtMxd.FVLCap_.l47X 1 
NeIMxd.Fd.ACc— 147* ' 500 

“ Target . life Assurance Co. Ltd. 

— Target Houae, Galrtioase Rd_ .4rle^bury. 

— Buck* Aylesbury GE96»S8i 

— Man. Fond Inc M5* 10001 . .. — 

— Man. Fnnd Ace. 1093 Ufi .... — 

— Prop.Fd.Itc. -.105* 1ZL7 . — 

— Prop. Fd. Aic. z. 135.0 — 

— Prop, FVLIni'. 106.0 1040—.. — 

— Fixed InL Fd. Inc. IM* UD3 — 

Den. Kd.Acc.lec_ 970 103 J .. — 

ReL Plan Ac. Pen.. 644 7*7 -12 — 

« n ReU’tenCapJHi— 56 6 6L9 -0 9 — 

RoLPtenfisaAce- U9* 126* — 

— ReCPIanMan-Cap - WLS U72 .... — 

— li lit Pec. Acc. ___ 1323 1403 — 

— CiUPNLCap.- |126* 133 q . .. — 

Growth Accum. 

Growth Income 
Wnh Income 

ItectA'+ry-— _ 

Bxmpt April 10 

Canada Life Unit Tst. Mngrs. Ltd.? 

20 High St, Pollen Bar. Herio. P. Bar 3 1 1 2 2 

Can. Geo Dirt. B52 3731 +D3J . 470 

Do. Gen. Accum 142* 4501+1121 4JB 

Do. Inc. Dirt.— B25 342rf 7.94 

Do. Inc. Accum fa* 44.7| -03] 7.W 

Capel (Jamea) Mngt. Ltd.? * ‘ 

100 Old Broad St . GC2N 1BQ 01-8080010 

aasfc=ja M :rd ?s 

Meet oa April i Next dealing April 10. 

Cartial Unit FA Mgrs. LtA? faKc) 
Mil bum House, Ncweartlempon- Tyne 31185 

Cxrltol _-..fe2 3 65.7rt __J 475 

Do. Accum. Units _. 1750 78 JH — J 4.73 

Do. IH^h Yield Ba.0 41*3 J 891 

Do. Accum Units ._»* ’»! -- J 0*1 

Next dealing date April 18. 

Charterhouse Japhet? 

I. Paternoster Row, EC4. 01-2483809 

C J. lntenul'l ... I2L2 gilt J 202 

Accum. Units -gj* I 2*2 

Cj. Income gSA S5*rt 735- 

CJ.Bnro. Fin — L- B6.4 28*J . ...J 333 

(Accum.' 48* 513 +1.4 139 

,Wlte '-gf :?.i S| 1 

Srn +04 3§ J |“ 

SRgSSr!53&i: M3Z 5U 

. Accum. U nito. — gu a7* -0.9 030 Scoltish Equitable FnA Mgrs. LtA? 

ttSS^&ZZ. 960 5.1 : IS asLAp^.aiiniwsb on««M 

Extra Yield 77 7 ■ B28u -05 B JS Income Dolts — wad .1 535 

lAccornDniui 1039 11 117 -D.T 8 75 Accum Uruts p4A 57.9W 4 5.15 

Far Eanern 95* 4a* +03 255 Dealing day Wodaosday. 

FLuriSiwfTjislI S* u.i -03 Sebag Unit Tst. Managers LtA? la) 

■Accum. Unlu) — 67* 727 -03 Ag PO Bon 511. BcUbry. Hot, E.C.A 01-2386000 

wSse. B ii $ ‘I BaeasM* jwai h 

(Accum. u-aitsi — 155* 1615 —os 0.99 Security Selection LtA 

®SJTSSE,~ - S8 ■ |3 ^4£SS2? n SS a '"iiJ ,1 - ,, } , ?Sf 

War Si-, S3 5 IS iSSSSSiErSi 23 :d 5S 

— HJ* ' '®- 1 731 Stewart Unit Tsl. Managers Lid. la) 

- 727 ' 774 -03 504 43. ChartoOuSq. Edinburgh- 021-3263=71 

lAccam. Urulsi — 73* 7*3 -02 5.04 Stewart American Fond 

- Mg H SS£«iSSK=B| * s|.-d ^ 

Speclallaed Fonda . _ ^teadani Q25* 13631 — J 3.61 

Tniae* 1J|S • MO0a 0* 607 Accum. Unite P«5 2511 3.61 

1 Accum. Unite) 255.7.. . 269^ -08 607 .... — . .. T +a 

chaxxbond Apr 1 1 - 134.7 — ioj0 Sub Alliance Fund Mngt. IaiL 

S 7« Sun Alliance Hite_ Horsham. OM3641-U 

MatasTffJw mdi&nnaeKW''m*ix 

ManuLife Managenieot LtA Target Tsl. Mngrs., LtA? (aKg) 

go- 1AO.T Frt.Vlk.Cm-T* Q6.1 3801 — | 2*0 

01-240304 Frt.Vk.DbLOp.T«_BuOO 850$ 1 13» 

2jo Fleming Japan Fund SJL 

5-2 tv® Notre- Dame. Loxembour* 

FTmC-Apr-12. 1 SUS4707 | | — 

:::::: 3** Free World Fnnd LtA 

lio ButtarSeid Bid*. Hamiltoa. Bormuda. 

NAV March 31 1 SUS172.64 { | — 

J 3 fit G -T. Management LtA Ldn. Agts. 
5 !i* Pal* Hse_ 10 Flnsbmy Circus. London EC2. 
Tel: 01-828 0131. TLX: 080100 

_ G.T. Pacific FA._.. | 5USI307 | 1 310 

** "**•" Htoraunrirat htcrnrikail Mrf 
01-8569101 c/oBk. or Btfmada Front St, Hmltn. B®da 

§M ftffl ra»SB -0=1 S 


34X3 — 

nos — 

134.9 — ■ 

118.1 — 

J. Henry Schroder Wagg ft Ca Ltd. 

120, Cheapeide. E.C2. 01*084000 

Cheap J Apr 1« 1 10.94 I +03 91 2*5 

TSStor Mar. SI -I tLiOOfl-B ... - 

AoionFil Apr. 1 1__prsi42 15*1 -Cff7 3*2. 

Darling FnaT KAJ.77 l.M 5.00 ■ 

Janas Fd. Apr. 0 — BU5657 7M ...... 01* 

at. Bermuda Ltd. „ _ „ „ 

Bk. erf Bermuda, FrontSL Hamlin _ Bi 

_ Bin da. 
...-J 091 
—.1 «J4 

TA7 -7 -03 
2503 -01 
153* -0‘ 
1922 -0! 

Charrbcmd Apr 11 - ,13*7 

Chartfi .A pro JI _.D40* .. JC. 

(Accum. Unite)... . -1170.9 173S ,.__J 
Teu»Gx_April 1 . _-1l23.7 130^ -3.7) 

ManuLife Management LtA 

:d = 

Far New Csurt Pra pgty am nad cr 

BathschUd A®rt Mauafr i neu t 


; A.B.N. Bank 
Allied Irish Banks LtA 
■' American Express Bk. 

Amro Bank 

^ A' P Bank Ltd .i-i.. 

■ Henry Ansbacher 

. Banco de Bribao 

' Bank of Credit ft Cmce. 

Bank of Cyprus 

Bank of N.S.W. 

. Banque Beige Ltd— 

Banque du Rhone 

Barclays Bank ■ 

''Barnett Christie Ltd.... 
Bremar Holdings Ltd. 
Brit. -Bank of SEd. East 

Brown Shipley 

Canada permanent AFf 
Capitol C ft C Fin. Ltd- 

' Cayzer LtA 

Cedar" Holdings 
Charterhouse Japhet... 

. Chouiartons .. — 

: C. E. Coates 

Consolidated Credits...^ 
Co-operative Bank -— -r_ 
Corinthian Seoiritaes... 
Credit Lyonnais 
The Cyprus, Popular BK. 

’'"Duncan Lawrie « 

Eagii Trust 

English TransconL 

First London Secs 

First Nat. Fin. COTprr. ■ 
First NaL Secs- Ltd. ~ 

Antony .Gibbs 

' Greyhound Guaranty— 

Grindlays Banfe — * 

Guinness Mahon 
Ssmbros Bank *• 

■ Hill Samuel I 6i% 

C. Hoare.ft Co f 6J% 

Julian S. Hodge 

-Hongkong ft Shanghai 61% 
Industrial Bk. of Scot 6}% 

■ Keyser dim aim 61% 

Knowsiey & Co. Ltd. ... 9 % 

. " Uoyds Bank 6f% 

London Mercantile 6}% 

E. Manson & Go. LtA 8 % 
'Midland Bank 6i% 

■ Samuel Montagu 6i% 

■ Morgan Grenfell 6i% 

. National -Westminster 61% 

Norwich General Trust 6?% 
P. S. .Ref^oju ft. Co. ... 61% 
Rossminster . Accept’ cs 61% 

■ Royal Bk. Canada Trust 6^% 
SeMesloger Limited ... . 61% 

E. S. Schwab 

Security Trust Co. LtA 7{ % 

Shenley Trust... 9$ % 

Standard Chartered ... 8*% 

. Trade Dev.- Bank 6|% 

Trustee- -Sayings Bank 61% 
Twentieth. Century’ Bk. 71% 
United Bank of Kuwait 64% 

■ WlHtearwar Laldhnr -..-. 7 % 

. Williams & Glyn’s...... B}% 

Yorkshire Bank 6J% 

ft Members or the 'Accepting Booses 
fit/ fcBif ■ 

• T-day .daposhs K r l-month depasiS' 


t 7niaj denosMa - on sums of £10000 
and under .8%^ up w £25*83 Sift 
and over MS*W «%. 
t CaH deposits over £1090 3%. 
t Drawd deposits 4%. 
f .Rate dM mSu to sterling ZnA 

Transtoiemational Life Ess. Co. LtA 

gH:l3 z 

U5|-(0 — 

m-n z 

Trident Life Assurance Co. LtAV 
BuaM tHanrt OoBceger 045236541 

Mauaxod- [1193 1261) — 

Gld jJgd.____ 146* 1553 . — 

property 1460 155* — 

EcmUy/American _ 794 842 — 

UJCEqalU Fund_ 99 1 1050 -0* — 

High Vic] 1370 1451 . ... — 

mfiatpat m? 12*3 .... — 

Mousy-- 171.5' 127.! .... — 

International 94* . 99.! — 

Fiscal ■ 125* 132.7 — 

Growth Cap-. 1257 133.1 — 

(I ro wtbAcc 128.9 1363 . — — 

Fena.MnW.Cas.__ 113.B 329.7 — 

Fen* SfaW Arc. __ 126 7 123J .... — 

&£3gSg£:S3 W — z 

FSiJ^Acc m:2 iag — 

TTdLBOim J4.9 3551 — 

•rntt-aiBoDd—] 3004 I. — 

Mil vohre lor COO premium. 

Tyndall Assurancc/Pensions? 

18. CanyofaBoad, BnrtoL 0ZT233S41 

3-wayMar. 1B____ in a .. ..J — 

Equity liar. IS . 1S1.0 — 

Bond Mar, 18 mg — 

FropertrJtoniJfi— 1030 — 

DeporttW. lfi 1260 ..... — 

3-way Pen. Ji»r. 16_ 143.4 — 

O'aoubr^Mor. UL. 64.6 — 

MnJo*:WApc,3__ 1660 — 

Do. Equity Apr, 3__ 246.8 — 

Do. Ecrai Apr. 1 1770 — 

Do. Prop.ajr.3 — w* ...._ — 

ynbrogh life Assurance - | 

41-iaiCaddaxSL.l4te.WlBn*. 01-4904823 
Managed Fd. {M0.4 1470) 40*1 — 

mx* z 

Fixed W«vtFa_ DLJ2 17Lffl +0.4 — 

FTOPCTtrFd- 1 1580 1463 — 

Cash Fnnd __pl70 — 

Vanbrugh Pensions limited - 

41-43 Maddox 5b, Ldn. W1K9LA 01*894923 

■ i|Ej ='- 

Property. )955 180*1 .._4 — 

Go iuaiite u tf aee Tno. Base Bore*' tabic. 

Welfare Insurance Co. LtA? - 

The Lera Falkertoee, Bern. - 0303ST333- 
MotjesTnaka-Fd.—) 9»*“_J —J — 

Fhr other icadn. please refer to The London* 
Manchester Group. 

Windsor life Assor. Co. Ltd. 

1 High SaeraWnitior. Windsor 6814* 

Life Inv. Flam 165* 713) — 

FnmreAsstLfflteai 2D.0 — - 

FntareAteAGUrfb). 430 .71 — 

Bef.AM0.Pen* — £2638 ..... r- 
Flex-lnr. Growth- 1053 ml 1 — 

Accum. Unite ta.4 n*rt _... 3*3 

CJFd.lnv.Trt §50 2663--.. 3.74 

Aceum. Unite f2&2 3O0rt -L.i 3.74 

Price April 12. Next dealing April IP. 

Chieftain Trust Managers- LtAVUXg) 
3001 Queen St. EC4R1BR. 01O«2832 

American ^-.|irfjl50 25^1+070 1.74 

S££S-Kg&7 ^3 | m 3| 

Boole Beene. Tst]23.4 25230 +03) 4.96 

Confederation Funds Mgt. LtA? <a) 

50 Chancery Lane. WC2A1 HE 01 -M2 9282' 

Growth Fund. 1391 4L1) ..—1 4*4 

Cosmopolitan Fund Managers. ' 

3* Pont Street London SW10PEJ. .01-2398525. 
Cosmopol11.Gth.Fd. (16* 170) ( 538 

Crescent Unit Tst. Mgrs. LlA lakg) 

4 MelrilleCrox. Edinburgh 3. 031-2204031 

Crescent Growth ~gS* 2731 -Oil 4.« 

Crea-lnternan. — K0 390) +L4 030 

Q«.Hiah.Dlrt.__fa.4 «3 -01 9.29 

Cro* Reserves. _._.|37.9 40.7) 4*1 

DiscretlonarY Unit Fund Managers 
22. Blomtiold St_ EC2M 7A1_ O1-080448S 

Disc Income {1500 1604 __..4 54* 

E. F. Winchester Fond Mngt LtA 

Old Jewry. -DCS 010002107 


Smson ft Dudley Tst. Mngmnt. LttL 
20, Arlington Sl_ S.W.1. 01-4807351 

6m*on Dudley Trt.,164.7 «*sf —l 3L80 

Eqnitas Sees. LtA?(aUg) " * 

41Biahopsgaie.BC2 014S8828S1 

Proffrasive —-— \OS 059( +0*[_ 432 

Equity ft Law Vn. Tr. M.? CaKbXe) 
Anrnmhwm Rd, High Wycombe. 04P433377 
Equity fc low |U0 6304-MI01 4*1 

FTOmfington Unit MgL LtA (a) 

3-7. Ireland Yard. EC4R5DH. - 07-2ffiB97I 

CapWolTrt— _ - — B S % 0 TV9hd I ta 

It>c«aeTrt._--_i_gj0 622 

im_ Growth Fa. __g7.4 usa — H im 
Do. Accum. 1990 1*60) — 4 208 

Wends' ProvdL Unit Tc. Mgrs.? - - 
PfarhamEpfl-Dortiiig. 0900909 

Sl George's Way. Stercnape. 0<38MUri ?| kts 

Growth Dnlfa. .■ 1M2 50J) . .1 4.01 SSsSSdlwr 

Mayflower Management Co. LtA Target Finandai 
14/1 8 Gresham SL. EC2V7AU. 01-006 BOW 

Income April 11- ft»6 W»*l | Ag oSSASrjSfc” 

General a pri Ml. I 61 * 713J J 5*6 Target GiU Fieri. 

Mercury Fund Managers LlA 

3ft Gresham SU EC2P 2ER 01-5004566 S^SSJ^USts 

■Merc. Oea. Apr. 12 1170!* TarveUnv 

Aec. Ufa Apr. 12 .2230 2 »2 4^ TorjetPr. Apr.KL- 

Mere. InL Apr. 12 619 . — J-g Tgtlnc. 

Aron. Dts. Apr. 12 06 4 70.M lm TgLPrsrf. .,, 

MertEsLMorai-. »C2 2ras 4.n c^»e Growth Fd. 

Accum. Ufa MarJO pa.D 245R 4.71 —----I I"-* M e 

SS^nJB£S3S-uft» <»> - EiSZSESSi 

Couitwood Hoooe. Silver Street. U«id 7*r^Thi*teZL.. 

SbefDelcLS; 3RD TeL 0742^ 7BBC &Siac»ra Fit-. 

Sheffield, SI 3RD 
Commodity & Gen. [595 

Do. Accum. |57* 

Growth p5.ft 

Do. Accum. — JHB 

Capita] 1»3 

Do. ACcum. __-J2B2 

Income hj 3 

Do. Accum p-’S 

,K6 7 

Do. Accum. KV4 

High Yield —(573 

Do. Accum. (60 4 

Equity Exempt" 302 0 

Do.Aecmn.-_. UKLO 

Dealings 00808041 
3301 -0^ 437 

61_S -I.C 4*7 

-02 635 

■ 210.9f ._... 607 

279*| 607 

1203 3.00 

283 -07 4.99 

* T3& +0.7 YK1 

0 29.* +fli 101 

30-3+0* 3*9 

158L2 4.47 

2903 .-02 8.93 

- 1529 11*5 

J't? HVmunniioni..m+ 18^-00) AVI 

••••• ■ Target Tst. Mgrs. (Scotland) (aXb) 

10, Atbol Crescent. Ecttn-R O81-290863ia 
,a ’ " Target Amer£agle^* 27*| +0.91 1*8 

lead lwSThi*te__J37J 40i -03( 604 

; 07427BBC BrtralBC^Fd. - ^7.4 «.7| -0^ 10*2 

72b| ^0*1 t"7» Trades Union Unit Tst Managers* 

39 2+07 3 00 100. Wood street. HCS. 014288011 

+£7 3 44 TCUTAprU3 H8.4 5UU| J 5*2 

300 +0 7 3 43 Transatlantic and Gen. Secs. Co.? 

SO* -03 6*6 Sl-ee New London Hd. Ch«lmstonlOM5S16Bl 

AU +a- 

'2B.0 +0J 
300 +0' 
SO* -0: 
57* -0.: 
50* +U 

f ai +1.' 

613a -a: 
. 64* -0; 

rfS Barbican April] 

1 Accum. Units.]. 

f-S Puto^Gnua 
I" lAccum. Umtsi _ 
(Accum- Uhltirt 

•Prices st Mar. aL Nert dealing April 28. cumld.Apr.12 
linster Fund Manaaers Ltd. c Accum Dm w 

Minster Fund Managers Ltd. !- , lSSrT l 

KtasterHse^ Arthur SL.E.C6 010331050 

SSattSFr ::^o 9 U ^ US gsfflffii' 

MLA Unit Trust Mgemnt. LtA 

Old Queen BtreetSWIH WG. 01-830 73J3. von’HyAW. U_ — 

KLADnto J3S3 373} ... ..| 438 Vaiy;. Tec Apr. 

Mutual Unit Trust Managers? (aMg) 

lfi.COpthsl1 Are .EC2R7BU. 01-0064803 » Acema. UnUs) 

Mutual Sec. Plus.... (47.0 JQU -0.31 7.M Wick Dir. Apr. 

Mutual Inc. Trt— _fa.° 67 4td -0*1 792 Do Accum. — — _|/x-» 1 

aavflrffi us Ty«un ^ 

ia.Canyn» Road. Bristol. _ 

723 6*3 

n- » 


680 531 

49* 3-02 

56* 302 

48.9 3*0 

60* 3*8 

723 0.76 

a — ts 

6oT[ 5 JS 

72J& 505 

6T3 +.... 935 
74.71 ..... 935 

SSmWM -3333 

National and Commercial 
31. St. Andrew Souarc. Edinburgh 081-856 8151 (Accum. 

Income Apr 5. IM6B iaa .1 604 Capital j 

CAccum. Unite) (199. B 207a J 6.04 (AecnmUnh*) 

Capt Anc 5 11012 324*1 .. ;.J 3*1 Exempt March 3 

(Accum. Unite! (14b 2 351*} .) 331 » Arcurn. Units) 

National Frovident inv. Mngrs. LtA? SSSfugtf 
48.GreeecfaarrhSL.ECaP3RR 01«34ano InL Horn. Apr. 
NJ»iGth.DB.Ttt_..|44.7 47*1 .... 300 l Accum. UnUs). 

tAeciim. Uititxi* _.B7 57 3 3*8 ScQ C Ca p. Ayg. 12 

NPTtrseas.Tn1st._S4* 321*3 3.05 (Accmn. Unitei_-. 

(Acc*mLnnlfal". r U«4 ___3223 .-..-4 .3^ Scot Inc. Apr. 12_ 
"Wriw® op tiarefi W Vrat define AwtIW. Lndm WaE Q 
•Prices on -April 3. Next dealing April IB. Capitol Growth 


103.4 7*4 

IBM 7.64 

84 23 JS 

73.4U - 3.92 

yiv? 7*7 

155* 7*7 

99.4 ...... 3*3 

1220 5*3 

2410 5*7 

268* 5*7 

137* 5*9 

1600 5*9 

1611 8.91 

G.T. Mgt (Asia) LtA.'. 

Hutchison Hie, Horcoiut Bd, Hong Kane 

CT B^fd F FVnd 498 
G.T. Management (Jersey) Ltd 
Royal Tst. Hse, CaJamb*rte,£LHallnr, Jersey 
G.T. A3to Sterling K3?fc» 13*4 - .1 l.«S 

Bank of Bcnwda ijAwaaaeti U i. 

31-33. U- PoUaL Goemsey. H81JSZ8B. 

Berry P*c Strig 1260.00 272.0d | 1*0 

Anchor GUt Edge ._E r 7S 902d( 1 33.44 

Anchor InJsyTat- 124* 263{ 1 2.97 

Gartmore Invest. LtA Ldn. Agts. 

£ St Mary Axe, London. EC3: . 03-2833631 

Gortmera Food MngJ. iFJu Es«8 Lid. 

1?03 Hutchison Hsa. 10 Harconrt ltd. HtoC 

HKA.PSC.V- MS ) 27f 

Japan Fd WOT23I. J4J19 .3..J 0*0 

N. AmaricBDTrt.__to514E M J Z20 

Inti Band Fund — (931138 M3*5}_.71 6*0 
Gsrtmsrn D wHtMtet BtugLIXd. ■ ■ 

P.O Bra 32, DouglaxIoM. ‘ 082428811 
International Inc. -121.4 2ZS — J 1L3 
Do. Growth — _jSM . 629f ...„4 401 

Hambro Pacific Fnnd MgmL Ltd. 
2110. Cop naught Centre. Hong'Bhng 

Hambro* (Guernsey) Ltd/ 

Hambro Fund Mgrs. (CX) LtA 
P.O. Box 86. Guernsey 04B1-26S21 

CJ. Fond 1470/ — F 190 

I null- Rood Sns{lD493 lOSjS J 8 40 

InL Equity SUS1IU3 10 Art ._J 250 

InL Si'gs. 'A’ suai02 Ins ....J 8.50 

fat SvRB. - B- 105) 4 Z5B 

Prices on April 12. Next deaUng April 18. 
Henderson Raring Fund Mgrs. LtA 
P.O. Bax N4723, Nassa u . Bahamas 

I3?nra^n April 13- N^t SwillnsriLiiTAjJrtVia 

HiU-Samnel ft Co. (Guernsey) IiA 
8 heFchvTo Sl. Peter Fort Gnrnuey. CJ. 

Gpernsey Tsl ffM.4 35U) -03J 3*9 

Hill Samuel Overseas Fund S_A_ 

37, Rne Notre- Dame, Lnxemboun{. 

IWSJ73* 82^+8*91 - 
International Pacific Inv. Mngt. LtA 
PO Box R337. 56, Pitt St. Sydney, Aust 
Javelin Equity Trt.. |S1. 91 28) _._) — 

JJE.T. Managers (Jersey) LtA 
PO Bax 194, Royal Ttt. Hsu. JereeyOSM 27441 

Jersey Exmil.Tst_.tM30 . 1520} 1 — 

As at Nor. 3L Next sob. day Ape SB. 

Jardine Fleming & Co. lid. . 

4ah Floor. Cttanang bt Cen tre, Hong Koog 

Jardlno Esin- Trt. _ SHK229.68 I X10 

JardineJ^-W.** JHK17^ 000 

JonffnefLEA. SUS32.92 1 2.40 

JardtneFlemJiiLt. SHK936 — 

NAV Mar. 3L -Equivalent SUSffiSa 
Next sub. April Z& . 

Kemp- Gee Management Jersey LtA 
1, Charing Cross, SL Helier, Jersey. «B4 73741 
KomivGee Capital J84J raj — .1 — 
Kemp. Gee Income. (661 68*) — | 827 

Asian Fd. Apr. n__prSKN 1SJB-O07I 3 jz 

DarUncFniT I5A3.77 3.M | 5.00 

Japan Fd. Apr. 0 — |SUS6*7 7 Ofj _....) 03* 

Sentry Assurance International Ltd. 

PO. Box *36, Hanuluw 5. Bermuda . 7l 

Managed Fond — iR'SLUN US,^'. I — ", 

Singer ft Friedlander Ldn. Agenta..* 1 

20. Cannon 5t_ EC-4 01-2489040 

Dckafonds — lIHOin *30-0*51 60* 

Tokyo TW- Apr. 17—i SUS350S |+20O| X7^ 

Stronghold Management limited *• 

P.Q. Bov 315. SLHeUcr. Jersey. 0534-71400 

Commodity Trust .„|94*0 ^-58) | —■£ 

Snrinveat (Jersey) LtA (x) ^ 

PO Ben saSL Halier. Jersey. 053473070 
American Znd-Trt-.lC7.97 _83S+fl*6( 129 
Copper Trtiat__._i_|C10.9l 11341+031)1 — . 

Jap. index Trt. 10171 lJ95|-HX43l — r 

Surinveat Trust Managers LtA (*) - 

LclM 0024 3014'* 
10841 —2.01 — 
191-3 -0 3 107# 

lO5j-O0f -> 

Saul I am. 

TSB Unit Trust Manager* (CL) Ltd. 

Bagatelle Ri,fiLSarioox, Jersey. 0SM734H 

ilSSSfe-Ei %% :r::l 18 

Prices on April li Next sub. day April luT 

Tokyo Pacific Holdings N.T. . • 1 

Intlmit Management Co. N.V.. Curacao. 

NAV per share April 10. SUS51.78. -• 

Tokyo Pacific Hldge. (Seaboard) N.T. 

Intimts Management Co. N.v_ Cnracan- 
NAV per share April 10 SUS37.73 
Tyndall Group - 

P.O. Bex 1254 HamRtrn 5. Benands, 2*M» . 
Overseas April Z2^.(SI I 53J7 110.-4 6 M 

iAccwn.Umte»__ ? _BCSI*4 1711 J — 

3-Way lot Mar. 2Jaq — -I — 


Vtettty Bow, Osoglra Wcot Una. OttttStta 
Managed Mar. 16 -027* 134 A] — | — ~ 

UtA IntaL Mngmnt (CJ.) LtA 
14. Mulearter Street SL Helier. Jersey. 

V I. R Fund — i&SMJI UL4D -....J 0J> 

United States Tst. Inti. Adv. Co. 

14. Rue Aldringer. Loxcmbonrg. 
L'S.TsLtev.Pnd.-.l SDS9.97 1*034) UBf m 

Net asset value April H. 

S. G. Warburg ft Co. IKL 

30, Gresham Street, ECS. O1-0OO4M5 

CavBdJUApr.14^1 SOM l+OM - 

E0)V. lot Auril 14_| SL'S163* +030] — 

ffi.agtt.ayR ,, ' j tli ^^* J5 Tsr| j 3'- 

Warburg Invest. Mngt. Jrsy. LtA ~ 
1, Charing Cross. St HcBer.Jny.C3 053477743 

CS1F Ud- March 3Q.BTSIZ36 Dig I — ’• 

CWbdllHUt.&fl 13^ — - -• 
jlUjsTsURar.16 ElAB 1J76I — . 

TMT April 13 _______ [SUM*5 9JB+4M — 

TMT Ltd. April 13^|E9.74 9.99) +0.471 — 

World Wide Growth Management? 
10a. Boulevard Royal. Luxembotus. 
Worldwide Gth Fd) SOSU24 1+008) — - 


'Prices do net include S pre mium , except where indicated*, and am in pence unless oLberwtea 
Indicated. Yields % (shown In las ccOumni allow tor all buying expenaca a Offered prices 

National Westminster?!*) 

1SL Cbeonsjde. ECSV 6EU. 01808 0000. 
Capital < Accum. t — 161* te* 40* J 

Extra tec. fa* -0* ; 

Financial B4 0 36* +03 S 

Growth Jnv. [M.4 -03 - 

T tiPn mm . B14 »9fl +0.9 f 

PWtolioInr.Fd g-2 \ 

Universal Yd4d 1 [56 6 6d.9]+**| t 

NEL Trust Manager* LtA? (a)(g» 
MlltenCmm.IXrtine. Surt«ff- - 

Do. Accmn — _ 

Extra lac. Growtb- 

Do- Accum. 

4*7 financial Prtty 


IS'SSMei pui 3oi 

ify TSB Unit Trusts <y) 

1 Sl. Chantry Way J’mdow. Haste. 

, DeoHnes. to 0384 63« 

78*1-1.0 6*7 
803 -13 6*7 

57* -0* 10*7 
42* -0* 10*7, 
16* —03 4.94 

19.7 -03 4.94 

6X7 -07 063 

32.7 +1* 2.7D 

301 -03 5.10 

i 9 Net of (ax no realised, cap! Ml gains unless indierted Bj ♦ ' 1 
| 4 Yield before Jersey tax t Sx-subi 

ernsey gross. * 

G.T. Uiut Managers LtA? . 
lePtasbrnrCtreorBcarTEO- 01-0288201 

G.T. Cap. lac [75.4 BOB — 4*0 

Oojkge- - - 980 - - 963 400 

GT3nc.Fd.Uti—: 147* 356.7 8*0 

G.T. D^.lcGen— i_ 34* M3* . 2*0 

G T. Japan * Gen_ 28L0 2M7a — XQ0 

OGtPenalJLFd ISO 1396 — . 4*0 

G-T-lntlTF^ 1090 Jlf9 ■ 130 

AT. Four YdoFd— fa* 56*1714- 70S 

?G. ft A. Trust («) (g) • 

, XBaytelfibBABreptwood OT27D2Z730O 
ICAJL —PH 323]-0*J 403 

-42} S-90 
-001 3.90 I 
-53 702 
-53 702 : 
TO 2.91 i 
+l3 251 

S7J] | 547 

Klltqn Coort.P<Bking. Surrey. 9»n fbrrSB General 4431-02} 1.90 

'Nelsar : B6-7 ffSJ-M *■« CbiSi A^^ §23 S3-O0{ 3.90 

Nrimar High I*. - fa.8 . (trt TSBIncomn__&| K3-fl3 702 

For New Court Fund aywgers IiA ihi P o. Accum g7-9 *13 *5 

tee Rothschild Asset Management T3BScottLab g50 

Norwich Union Insurance Group (b) 

Pegrl- Trust ManBgc^UA («(g)«. . ^SPSStSsSL-m S^L LtA 
-3a^J 1“ PrSsH«.F^_g3M 4« 

,bqj 31a -02 7*3 WlelerGrth. Fnd— g0 29*rt — 4 4g 

: Peert U att Tit . — S.9 350 -DJ .5*5' Do. Ajaaun- ... . ]C J ^ -—4 

(AnuLUnttei — fa-9 . “HJJ ...7| 5*5 Wieler Growth Fond 

Pelican Units Admin- lti. fgXx) KiagTOiUamSt.E04R8AB w 02s 4851 

SlTooaUlnSt.Nanchcrter ■ Incmn* Units W3 29*^ -ON art 

Pelican units— _ [73.0 tOi*^ 502 Aceuaj. Units.— ..|KJ 3S0j -0J] 4-62 

1 Royal Exchange Ave.. Lotidon EC3V.3LU,. Tel.: 01-283 1101. r - 
Index Guide as at lltfa April, I97S (Base 100 .at 14.1.77.) 

Clive Fixed Interest Capita! - 132.70 

Clive Fixed Interest Income 119.86 ; 

CORAL INDEX: Close 444449 


t Property Growth 8 % 

t Vanbrugh Guaranteed 7.75% 

t Address ifaowh muter Insurance and Property Bund Table. 

<C Fl A 


-- v , . i 

:; Ttrestfa* April 18 1978 

* '!:■ INSURANCE — Confinned PROPERTY-UontinHed 

to. -•* UMB UBS* *11.1 - UMBUISUi 

‘5 )i 


- « — . .1U* - 6.0 - 

to ^ ^ _ 

®SaMp '<7--_.IU2 ZS 5211.6 »> . 

SfSfS.— ,S! -1 *21- .2.9 IB J <3.9 

jhlnts/5p_ 134 ; tA63 2.2 40 16* 

«•£&»*■ 3£ -^rWMowl 5.712J 
<%%-■ 240 -3 +3ft 8.9 2.0 62 TUttVt 
Myrrodtsp -g +1 fd2.« .« 6.4 4.9 WI 

feffiwrol . «% rifti 22 3ft MB 29 120 

JgggSre— B5 9.0 2 . 0 102 7.0 257 IK 

tNUm.Q fI > „ 2fc ...... 42ft .24 11.7 53 53 37 

eHmhfr.lQp. % . — L44 5 6 62 33 7 5h 

WT&*.- . 55 . — M3.46 3.7 9.7 32 84 wg 

n ...... 4.63 _ 2J 9ft 5.6 £14 76? 

534 .. . 2015 _ 5.8 - 547 300 PrtmifldS 4iw. 300 ...... K6.S< 131 33(38.9 

SDnLrf*5jx._- 94 -1 311 - 5B - 109 77 FTO-Idt AFlatl- 208 +M.0 0.8 5A(35.8t 

AjjMar.EOT 957 +57 guM*. — 05 ~ 72 64 Prop.Partt*ip _ 71 tU59 20 24 228 

1 HI,, -i,,- 8 47 - 7.8 - 315 293 Pnjp.AHef.W.- 293 04.69 1.5 2 4 4L8 

— ffc*** 888 - ££P» +*%«a*8 — 35—136 127 Prop Set &>*«*- 134 tL88 — I 2.2 — 

tntoP^btf 270 fS 90 q2.4| SftlU:! 6% 3 Hagljn 

15 8 Refiplisn 

134 +L68 — 2.2 - 

15 8 JWj»li«n 9>j — — 

' - 87 75 ResiwtflPWp... 80 RlO- 15 L9tl94> 

- ". 77 59 Oft.’.V 59 -1 *1.0 1.5 26 iSL2i 

lffVFAVC ITDrDArrr irn*nvci 115 89 Ra«h & Twupkini 100 .. .. TUI 21 4 013.9 

MOTORS, AIKLJKAFr TRADES 96 72 sawfirmps.. 72 -2 wji oa ± «s. 

j „ j ~ , 118 97 teal Mrirop 3Qp 99 +1 ll 94 1.2 3.6 44 2 

Motors and Cycles « 36 Second City JOp 36 tj.73 1.9 7.310.9 

9 I 20 Iwrif 25 I I • j I f 329 102 SiuiOIiM^. — 102 ...... 227 6 3 4 6 

7 IlK ta®l!£lWtsl 257 1+121 18 I ill Til 47 *V4 £140 Do Krtfonv.+IO £140 Q 1 D% * 17 4 - 

3 1 37 ESttPfrfS--, 46 . _ 1 1 7 ! in _ 270 216 SirekCooiersn.. 222 +4 H2.0 2.4 14 46.4 

!\rt t ... £ 8 £ % rrSfir a 11 1 

>TPr. » *8 tSSFS!** M#" 1 +a * US- 89 t 9:8 I 

*s*mhbkk*i m 

••• • § rn IS MBS: a :^Si 9 S 8 £ 
' ii 'sl-K'ScaSafe 3P3-H5 fed? i 

.- C Vli7 196 EtppCSSl 217 ._... 1556 UfiJlDJ 

v -58- iffiueTBs-ds^j; 
•4 ■ y«- 73 Ma*noUaGn»Su 

5 Sgr ft. 

I a| 

■ ?'■'!?« i i- 

S $ 

■ | ;.A J. 

[ii ••’■S ? 

._u ;• ho.. 
‘S *i ^.Si £jbo 

• • «iW&. 

* ? t 

M 12 

s*ar- s- 


"- ;[» «■- 


:-: -26 22V 

. -f: Ml- EH' 

■T: -i •: » » 

. ;s!7 » 

■■tt; 2Wi 

. V; 18 

' hr. i a.- ua. 

Ktt&Ata. 17 . — dh0.92 22 82 i, 
40 -1 t2B6 33 H.6 5. 

152 ...... £? 4B 63 t 

— -jffl 0.7 14.7 MJ 

W»B7%pc, £95 Q7J 4 % 23 £85 — 

^ +I = ¥“ « 57 6.1 

22 ....... +152 15 12.5 8J 

?j t. 

fctajgp. 2ga) +5 ^68 4J 4.2 11 

JS& Js ! 

1 120 82 . EBf.tlMfiU— 102 

63 49 FMbmCOW-—- 53 

12*2 . 9 . PnJt locals. lDp 9 

77 57U Ptarton* 74 

73 » (YoATOjilerinp. 61 

■' "Components 

58 46 

78 63 

64 55 

125 109 
120 . 88 
70 56 


184 152 

90 78 

“ I 

£ ft 

41 3? 

teadix kid d S f SSE, 

Commercial Vehicle . - zl i” 2 ulfp^^v 

"if |:r|gSUS^S 8 SSSK 

PwdtbrteStlDp 9 -»» ^.'5 III bJI « ^ 

ItartoTO ^ 74 M.25 3J 6.7 78 ,2 

W«A-Trtihip ID d. M Ul 411 I *1 El i 19 16 

172 .395 - 3.5 - 

47 +1 OlBjc 4 5B « 

SS 0.82 12 2? 58.0 

12 . — 0.01 - — - 

89 73.65 14 6.4 168 

19S 2 — - - - 

246 5.17 1 2 12 «3.B 

121 266 15 3J 30.7 

270 74.86 16 2.7 344 

15 btHMB 25 45 12.7 

16 - - - - 

32 127 9 6.2 9 


Hi# LOW 

66 56 

132 12« 
480 455 
55 46 

294, 26ij 

109 76 

66 m 2 
IDO 85 

63 62 

82 76ij 
12 6ij 

67 5&i 

64 57 

245 212 

202 160 
112 94 

162 116 

INV, TRUSTS— Continued 

JW I : Stack | Wee | + J*| JS |rw|S 

, 44 3ffli 
4 3J, 

65 56 

216 200 

S ::::::! St?l lH V& It 


10»J -i',' - IIS 4 to \\ fc'fl 75 w IHamhomLSOp. 70 

S ? 2 -t 1m V SI S" m >s es 

at aHfia bb rb*=i» r- u r«".Li^i?i« 

£20\t +li 4 01124c 3.fl 3Bta3 











M 4 w& $ 7.6 T’m u 
bl 2 \ — U I? mv i 

373 -2 t4Bl 3.7 3.7 nil 

■£ +53 3.6 9.8 43 

104 .... I 59 4.1; 3.8 10.1 

®2 ..... 0.25 10 4.5 

50»a +»a 35 21163 

274 +J +832 43 45 7.8 
,39 +1 htt 77 b3.B 3.013.4 
M3, +2 3.9? 58 5.9 3.9 

6412 3 08 « 75 * 


S-I^malrl 2 

[ Distributors ^o 

| 321 9 -3J 51 jfg 

SSfefes- 2 Bf 4 24 lol 5.2 - < 

ftEftfiaE.-Jt -—I® «M-DW 95 63 Uj 

82 -2 3ja 26 6 J 8.8 * 2 , do ft 

SeSJ =« BiJBa.lJ 

84 -1 4.02 25 73 63 2 ? w ® 

rth*mKne 95 +1 bS .6 — 89 — 111 Ra Q 

ttekSn-L^ 182 +2 W3.8 2.9 3B168 45 35 O 

^«.10p. n 22- 4 15.9 6 87lj 74 - Dl 

23 ...... 157 i 103 0 78 68 0 

eFInaicfiCc- £% ....» Q9% — f?.7 - 3 ? ft 

kefcHecL- '96 ..... jUm 3.6 6.4 71 1 q 

E^lOp - ■ — 104col +ZV 355 6 58 * 38 30* Q 

BtttopclSje. 24 . — QBe 25 19.9 20 32 S B 

LA.(Eol£nni_ 39+1 — — — 231 jn tn a 

rterKMOW- 105 -1 t314 65 4.7 ' 58 89 72 a 

Garages and Distributors 

watt*- +1 435 32 93 51 13 a 

an*tr»5[i— 15ia +h - — - 18.9 itS 

tettrfGip^ 79 M6J25 * 120 * iin 

istojawr. 113 L7.75 2 JJ 10.4 69 

fiLTOp-— 39 -V +t21 29 0.2 55 715 T 97 

dCronpSp- 37 138 48 58 55 ^ 1 

CtefiBtl ft> 41>aJBl ..... t!98 23 73 93 

iilfti .19 -2 1.42 L7U.4 8.0 

msJOp 208 +3 584 21 82 8.9 Ol 

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43 3< h«1s J 43 ...... 182 { + ! 6-7 + | 

| 2 ft] 10 ft 7ft 75 . fi3 Ansou Hldfia -- 75 +2X2 0.9 4.9 34.H „ 41 k-i^Te*^. 42 I 3ftS I 2ftllL7 6.0 

n-fl 16 M 242- 205 ApO. props. IOp. 205 ...... 35 Z .6 2.6 36.^ 43 34 Kate Fine ff.29pJ 43 ...... L® { +J 6-3 + 

HtS ?4 SSSB&s 60 % ^ % KM» 1 36 ^ — ‘ 41 1+1 lwa761 “• * M 

Z4 ill ^ 79 sab 13 7J 17.9J 

6 i 6 ft H 47 Better (C.J->4 54 ..Utd4ft 14UJ 94 TOR ACC OS 

120 7.2 a 7?t 

6 i 6.0 58 47 

M Aft 69V 47V 

T* D J 52 lwuren(3as.ia-) A5 J 1 

1«V 40-9 2.W 9ft <1117 Lai 

, M . +V Z61 - 6.6 

9ft 4ft 117 81 BnkeiCTHambw- || +1 2A5^ 0.7 4.B46ftj} Q 1367 gATIuds 294 +3 13.01 J3.^ A7I 5ft 

— — 186 158 BUtoniPereyl— . g 8 --v- ^3 19.4 ^ 253 +2 - — — 4.4 

4ft + 234 200 Bndtodm®.- 205 +2 +6ft0 3.9 4.6 8.7 ^ 330 DmihflliA.ilflp- 342 -3 +7 92 6 ft 3ft Aft 

2 ft 17.0 15V rev Brit Ananias-- 1%# r_- — — — — si 71V imperial 74 5.66 2ft lift. S3 

Aft 9ft 39 2B British « +1 .r- — — — SQh RuttenanB ISflk. 4B +V «2J)4 9.4 6.4 2 ft 

S.2 5J 145 118 DoEpeCnr fflC- 120 .—. 612% - Ml - g? g 2 SiemsieaHaMpI] 55 -... £2.75 3ft| 7 ft] R4 

8ft 83 316 90 Bristol Estate— 91 +1 *1.91 1ft 32 09: 

”7 13ft 53 rev dR* Counties.- «V ...... tlo -3^- 

I" “ t #• da£fc ^ = V H H id trusts, finance, land 

33 4 ft W 62 ( ®S?ato aflp 62 -i : “ r I I Investment Trusts . 

LB 18ft 320 273 ChesteSekT __ 273 363 ' L9 20 40.7 52 J 50 (Aberdeen I iwjl. -I 52 l.™_| gftf] 13j 63(23.9 

lift 6.9 1*V 10 Chown Secs. 11V . . — — — — 138 [118 lAOeitisenTmaJ 125 [+2 I t5D5 J Ll| 6.324.0 

0-4 — 270 235 Omjrbb'jyEH.- 235 1X2 13 23 333 110 I 95V jAitaalW- 1 1 ®? J I-9??- 8 


•'i ( « 

- 57 

•5.1 -Sz 

it % 

0 176 
- 6 43 

5 45 

• ^ ig 

ii a 

— — 186 

SoSI- 50 -1 W2U5 2X 6ft 9ft 39 

nwxl„ 197 -1 « M 3-9 M 5ft 145 

l Board lto 60 ...... Jd335 22 8ft 8J 216 

\s£$s&. & 2 w u an % A 

?wS^fcX 78 y."Z 1^4 27 5.6 5ft 91 M 

Fteteera&50D_. 177 +1 *132 24 lift 4ft 90 62 

nriMvaiiA:- 44 — ... to. « lb iaft 320 273 

THkesa.) .49 3.75 L9 lift 6.9 MV 10 

tnteahffitftelL 36 ---. tdOft r, JJ r, 270 235 

?ak’sn3Ptaiii3. 171 -2 JflftF -23 7.4 BJl 64 49 

DqWpcCjk.— £93 +1- 132 fil8 — 93 52 

ffiu- 39 -1 Q-75 33 10.7 29V 22V 

?nb(Gecn»)— ft7 ML41 b 6 J 3.B Aft 373 354 

Saitp. 64 — +3ft3 23 7.7 7.4 27 21 

9amlndt20p- 44 2J0 2A10.0 5.4 91 75 

lfitter(Tbonmk)- 42 — 334 L3 113 9.9 88 60 

s. tpsiaaaw s, 

55 1 — | t2-7S | 


Investment Trusts . 

71* 36V WiiniIndLa0P r : 

•■r 4 •. 34 Witter ffbnnms)- 

rOfRca 49 -1 L72 15 531®.® 91 77 

iteNicknDs.. JW -1 L9B 6 3.8 ♦ 220 193 

itrol Seca IOp 261 2 — . — — — — 124 115 

n£diang»lCrp 171 3J0 28 L8 303 170 129 

95 77 

.100 76 

110‘ SB 

103 +1 295 5J 4.4 Aft 9V -7 GOfitelfo • — 

3 g -2 L28 3.4 53 8 J Mfi 260 GlanfietdStou- Zg --- 

55 A : 9JB - 9ft — 332 255 GtP(Btland50p- 256 +1 

Ssu +litaajOO — 3.7— ■ 45 - 30 Gaen(R.JlOp— 42 ...... 

M2 +* 7$5 - &2 - 10 4V Gre«icoal5p 6 ..... 

4.13. - Aft - 5» 530 Uumerm 'A SO -2 

M* I!™ Z0.66 - 4J — -30 22 Hari*ybATar»p » 

E rl a = ii - n ^ . aa- f * 

64 to... t3ft3 27 7.7 7,4 27 21 Cto.Vpr7V10|k. 21 _... +0.66 - 4ft - 6P 2 S3 

44 2J0 2ft 10.0 5.4 91 75 CV»*Difl-10p- 77, ..--3079 2ft lftlMA 63V + 7 

■ t . . rr . 42 ...... 334 1-2 88 » ItaeWfffldfB!.- +V fZ96 2ft 5.9 8.4 37V 

- ' o in IWoodASoosSp- 35 +Oft -6J 2ft .6.4 15V 11V DsnsEStmesWp. +1 J—. — — — 96 36 

1 ■ a 8* a $s ll li £3 tL s Etggtz % 5 * jgf 8 Sb 

■'s 441 .&I 5 P 47 -Juft “IwlftglgJ aftgfcjS-Safi^gBZ ^ » 

2 k I? a H83 s. S 

W 77 toftwlK-- 85 -1 tun 3.4 LB 233 128 106 

TTATCTTR iiynp 100 76 EnuaHe* 76 ...— IfcdLK 2X 2ftZ7fti3l 106 

UioUKAilVu no' 88 FairrieuEtuIOp. Iffl i +1 - tSfi® Z4 7.9 (57 1 61V 49 

SIS aMga aJ SS-facai Is t; ai M ffi, 

iS ' ?S i « - a W SSnd50p- 256 +1 3.96 13 2ft 34.6 81 73 

+jktCSL00 — 3.7—' 45 - 30 Green(R.jUp— *? WL36 24 4.910.9 ^V « 

M2 +* 7$5 - 82 ^ 10 «V Groencuatfip -. 6 -v- - - - 56 4S 2 

I j! — 6 ft— 590 53© {tanmMrms “.V- 530 -2 535 12 13 89.4 74 6 

1 2M Z0ft6 - 4J — 'K> 2 Bbl^rate » . .. DftA L.7 3.8ffl4 167 140 

cttS +T OV6, — 17ft — 260 211 Hastemere JOp- 213 +1 12.97 2ft 21(252.297 238 

14M +2V 6fi9 6ft — 127V 87 HKLand.HS»- gJV +|V Q38c ft 3.6 * £9?* £9V 

Kg* If 8 IS _ 4 xP iso SSfftnpS^: m +3 u um 022 sor 

1037 — 75 — 39 25 . InttremupemlOp. g — Jft -- 26 22 

AjTin 20.0 — 1Cl4 — p 39 ■» 37' J**npgp Invest 57 ■■•*■* x.61 U 6.6 23-3 7^2 6 

S# :Z+t«8 2T A9 8ft flSO (OftS teJWfigfcW £^6 3.7 02 - 156 140 

03 . — 2.49 LO 4ft 334 

207 +5 7 JO Ml 5ft 28J 

24 ixia lAraronninc. uup.i 115 +7.31 10 ,9ft 15ft 

70 129 (Do CnphalSOpL-l 142 ...». +036 — _ — 

53 +406 12 XU 122. 

54 - — — — 

41 +1 L35 Ll 5.0 28.9 

afar * a * a hp tacat oa-o 

9J9 * 7ft p 93.( 77 LopP|wap“* g 3~ lino I 

-TwjbI I.?? ig ] 1 S| 

5.6132 D06 (L.uton 
-134 flSS. 3IEFC. 

5s +1 -33 f50 - 100 88 

326 +1 ©10% 3.7 fflj — 156 140 
38 TO 03 4.0 1221 146 122 
!g +9 C^% Zfl 3 J 15ft 97 79 

82 .-- 074 2.o L4 4Zft 76 66 

58 -Z ,+LOO BJ 7.8(289) 66' 56 

DA -2 +238 2ft 3J 18ft 255 214 

ftA +1 L7 X9 2.4 33 J 71V 

51 ...<H ?-v£ 3.11X HID umuium— r. i-. 5ji 

222 +2 1259 ~ 8ft - 134 105 SEPC— *9| +1 17 19 HV ^ 

244 ...... 1035 — — 22 14 Mirier States— ” -i- — • — - 23.9 69 56 

120 ,7.42 - 9.4 - 50 36 SfclnerMjrlU- || “* — — T-smb'-iS ioS 

170 7 42 — 9.4 — 208 145 McKay Secs. SOp- "g, — ,— +141 W3 L2 30fti2S 194 

U7»l ir W5 - 7ft ^ ShmiWLlBlL. ^2-h - ~ - r 1M 90 

ui 07 ._ i-rr- tt v«mrii«r5lk~ *5 L22 6.8 3ft o.B‘123 102 

vk 81 — 9.7 — 64V 55 Unotitt 

3 W +2 16.45 - 7ft — 125 103 Mnckkw 

JW +tt 9.59. 3ft 3.912ft 46 .45 Nofton- 

P 9S +i 4.05 2.7 6ft 7ft -BJ 68 Peach*'. 

SSriwito 55 122 t8 3ft M'S 102 

SSfSrJj.1 108 — :tWft2 l.a 3J 26ft [ 119 ICO 
nSuL J.— 51 ■■ jyj M 472.9 105 87 

.72 +2 199., - 2Jltou3 M 

40+1 — — — - 

88V +V 31» U SJ 26ft 

43V 3.2 L8XU1SJ! 

116 -1 - _ - _ 

39S 2 +1 Iftl LO 63 243 

■70 535 1ft 1U 135 

■m t7 QU% Ll 5317ft 

113 +1 4.04 LO 5.4 283 

61V +3V 03 U 12 69.0 

84 44V 0.41 ^ 0.7 47ft 

54 L6Z LI 4.630.7 

SI +1V +2.7 lft 5.0 28.7 

51x1 .. ... 233 LO 6ft 211 

54 +1* t0.87 i.i 2.5 59.9 


144 -3 t5J3 Lffl 5.6 273 
254 +2 75 13 43 302 

S9V . — MOW 5.9 45 3J 
$119 . — (»S.Z1 Li 4.7 20.9 
25 .,... tfl 5 L5 3.0 33.9 

7 032 13 6.9 203 

37 . — lftS LO 6ft ZL7 

69 42 2 2 L2 4.9 29.4 

ID 1+2 toft 13 9JM.4 

94 +r 3.4 11 5524.7' 

147 +2 4+437 LO 4ft 33ft 

128 535 L® 63253 

82 ...... 355 1ft 6ft 22.9 

£6 2.24 Lft 4.9 2L&: 

58 +1 L9 13 5.0 24ft' 
220 -3 77MT lft 53233: 
68V +2V +LM *13 3ft 393 
66+2 — — — — 
76 -1 35- Ll 7.0 20.41 

200 23 fi 1-5 i i 

98 +3 0.35 13 5ft 27.7: 
U3 +1 4.0 Ll 5.fcai' 

108+1 — - - — 
98 +3 '3.9 LO 6J2CS-: 

102 +2 3.85 - 13 -5.7 23.6 1 

165 155 
68 48V 

122 90 

172 145 

92 76 

93 80 

93 81V 

26 22V 
96 86 

73 64 

EU5V £105 
75 71 

115 95 

167 142 
63V 56 
66 61 
157 ILL 
106 91 

23B 120 

loa 9* 

60 53 

128 106V 
19 18 

94 80V 
188 163 
790 600 

99V 74 

70 59V 

307 Z78 
1B3 171 
83 69V 

77 65 

170 148 
30' 26 
7 5 

(Wir liir 



rnytGtra lnr._ 
Da Cap <£»-. 
OtpAFbr fnv„ 
CUyofOsterri. . 

Da“P— * 

CdulaiSccc Did.. 

Continent I £ hid 
ranUEentl Umua . 

CjumiiMlnv- _ 

Da'Cap-ilOp .. 
Defceniure L'orp 
DecbyTlLtac £1 

ru.Cip.50p . 
Doncnioo tirtai 
Dnyloa Cum d 

D 0 .O 0 K 

Do Fir Haw rm 
Da Premier. . 
Dnalrrtt Inc Sip 
Do. Capital Ll . 
Dundee 6 Lou 
BdintmitkAm Tti 
Edia.tav Of £1.. 
Etadralnr Ts . 
Elect-4 Gen-.- . 


Equity lM.50p,> 

Estate Dnti«0. 

F. AC. Enrol rust 
Ffem&Int Tft . 
FtnetanACm .. 

Gen-Cnnsoldtn . 
GeottaJ Funds.. 
Gen. Scottish- - 
Gtenderoa Inr-.. 



Globe Inv. 

Gorttt Europe.-. 
Grsisfc Trust — 
GL NurA'is far — 
Greikinilin — 
Sitnip Itncslars . 


Humus Inv IOp 


HttacHlds. “A". 



Da ID 

ladaitriaH G&a. 
IoLfte.Se. H&S;_ 
Lnteaatl [xr. 
hd.tav.Td.J«£J . 
Inv, m Success . 
Inv uxors’ Cop . 

te»«mit.TvLin> . 
Janttne Japan. . 
Iodine See. HEOo. 
Jersey Gen. £l_ 
Jove Inv Inc. IOp 

Do C»a-p 

KcyCoaelin.aup . 


Lake View Inv ... 
Law Debenture . 
LxurdSH?.R« ip . 
Late Inv. IncJOp 


LeVtfJoiiet lot . 
taeft Abdn P«5p 
Lou. Atlantic ,. 


Ladn-AHolyrood . 



Lon.Alano&d . 

Lou.AKna trust 



LoD.AS , clvde_ 







Mau-ALon. 50p_ 
MddnuBlnv— _ 

Monks Invest 

Mont Boston IOp 
.VoolmaiCD— _ 








IKS Invest 

Nth. Atlanta Sec 
Mho. American. 
Nanhen Secs__ 
Oil A Arsoe. Inv- 


Penttend Inv. — 
Prog. So Inv, BO* 
Provincia] Ctties 

Raeburn — 

Reabruck Inv. 

RlghuAtas Cap 

River t Mm — 

River Plate DeL. 
Do SubiSh'sFlS 
F.oUnco XV F15Q. 
Do fioteSTsFB^ 
Romney Trust — 

Do Cap 

Sra-Aa lnv.SOp^ 
Scot EnsL lnv__ 
Scot European... 
Scottish Inv — _ 
Scot North ern_ 
Scot. Ontario — 
Scot. L'ld. lav. — 

Scot Western — 

5M. W«ic. V— 


Securities T.Scl. 
Wed tbs Ih-.SjSB. 
Shires I d» S0p_ 

Sizuneli IOp 

Sphere Inv.— 
SSlTInc. IOp— 





Temple Rar 

Throe, Crow h_ 
Do. Cap D — 
Tbroaxrron — - 
Do. Cap.— — ~ 
Tribune Inrest.. 

Trod. Union 


Tyneside Inr 

Gpdmrn In'.' 

Utd. Capitals — . 
CS. 6 Genera Jst- 
CS That FkndSL 
VtkisS Kefources- 
Wmterbouom — 
Whanlni-. — 


Yeoman inv . — 
Yorks A Lancs— 



■*2V 25 

4'iV 215 
...... LB2 

-2 — 
tBJj - 
t 2 t4.07 


+ V 3.8 

rlV +167 
+2 — 
■^3 ai 
+ 3 +5.84 

+2 tZB9 
t4 - 


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: 6 si 

-1 4ft 

- 1KB 

i| P/E mgh law 

#28.® 62 38 

4 74 08 

,- 02 920 
f ZL8 is 14 

1 143 330 ZOO 

= f 

1 20.4 204 167 
1223 E70V £43V 
120 n* 10 

- 131 90 

423 £51 £48 

- 61 51 

23ft 8V 7k 

I 28ft £49 £27V 

i 27.0 950 OQO 
2714 28 24 

J 19.8 53 36V 

)3Sft 87 70 


FINANCE, ‘LANIX—Con tinned 

p ta | su* toMswau 

Uaj'nSe Inw 14p- 

Martin (RP.iSip. 
Y.MCInif 13 vp 

Nippon Fa FteW 

ParMnOe top 

Park Place Inv _ 
Pearson IS) A Soa _ 
PietabW Fh3- 
St Georoe (Op 

S.H€4kpc Ann. 
SmilhRros .— 
Stbn. F»- HK50c 
SneiFm NF100. 
Tras» MKTri Ip 
Wstn-Selm 3)p 
Vestol Enfiland . 
Vole Cano Up— 

59 0.68 2ft 3.7 40.4 

48 -1 +5-98 13 i 7J 

- n? +i, 05136 — 6.0 — 

jft .'A 1.3 0.713316.1 

12 — 

25 tlO 

176 6.19 

£70V +5 Q9.4% 

10 «« 

90 -1 3.02 

£50 at +2 Q4.25 

52 14.93 

sv — 

£49 +2V Q22V 


3.6 6.1 5ft) 

3.7 5.3 7ft 

- 43 - 
0.9 6.6 26ft 

1.7 5.117ft 

- 8.5 - 
Z114.3 5ft 

- - 4.0 

L2 12.J ife 


->10 Ll 
+ 2 6 75 


.. .. bL45 
+1 1.55 
+V 26 
+1 2.45 
..... +5.94 



-3 f7.61 
+V 0-65 
.... 3.85 
+2V 2.85 
+1 3.77 



+2 ' liftl 
tl SJ2 

3 75 


-1 — 
+V 4.0 
+lv t3.05 

+!' 2> 
+3 +1.66 
+1 - 
+1 L7 
+1 - 
+V u4.1 
>-2V 18 

. . : 23 

+1V 3.87 
-V gL82 
...... +1.72 






.::::: qSc 



+5 QlHc 
+1 262 


+1 2.90 

+2i 2 lift 
+2 +6.0 
*■2 0.85 
+1V (Q47c 

13 6.2 222 
0.9 9.7JB.1 

li ua B 

13 5.7 23.4 
13 5ft 24.6 
13 4J31.2 

13 5.9 23.8 
LO 103 153 

10 1X24.3 

14 L5 71ft 
« 5.0 * 
13 6.8 20.9 
lft 3ft 39.6 
LO 6.7 29.9 

* 5.8 ft 
ft 5.7 ft 
13 8.516.8 
lft 53 24ft 
lft 8ft 16.6 
lft 4.4Z95 
13 2842ft 
LO 7.818.9 
LO 5ft 28ft 
LO 4ft 37.6 
lft 6.9 112 
LO 10.0 15D 

23 13 56ft 

♦ 6ft * 

11 7.319.8 
1.0 5.3 28.2 

*” 66 * 
tol.6 6016.8 
10 2.0 1U7 
Ll 4.2 32ft 
L3 33 39.7 

148 66 

156 134 
864 720 ' 
76V 73V 
57 42 

£6? £54*, 
£UV 875 
56 49 

30 21 

£21 £ 12 % 
450 382 
144 116 

* S 

190 134 I 

1109% £1M ! 
415 28« 1 
24 13 

306 178 | 
19 12V ! 

£22% £14%i 
IV 1% 
£49 £35% 
600 455 
533 484 
69 62 

300 226 
W3 £55 
178 130 
234 194 j 
139 120 ! 
142 86 

142 86 I 

76 57 


Attack SOP— 68 — ~ — — 

BmL Boned Up- 138 +2 +633 L6 67 14.6 

Brri! Petrol-mU 7OT +14 2220 4ft 4 4 8ft 

ro.8%Ff.£l 71V ...... 5ft% SIM el57 ~ 

Brnmah 61 . 46 +3 — -»■ — — ■ 

DoBSjLa91'96- £55J a . — Q8V% ~ eUB — 

HCCTNUlSwU- 886 +11 - ~ 

Canary IOp 56 ...— t2.43 3.8 6 6 4.4 

CfaarterhaUSp.— 22V +V — — — 57.8 

foFHSra- £21 +< UM-I&- 2-9 8.4 9.2 

ttCInflOiIU _ 388 ..... — — — ' 

lU'We Parol U 128 - ~ - 5.9 

Endeavour 30c „ 13 ...... — ~ — — 

KCA 26 . — 204 ' - 0.6 — 

LkSMO — 142 — — — — 

(JUBfO 14%198L83 £101V — V Q14% — el4 9 — 
UBJ»“Ot*' , »n. 315 -3 ______ 

UmBlIdililK- 20+1 — — — — ■ 

Oil dpi. Up 396nt +2 2.U 4 16 6 

Prenaa ConS. 5p 13 — ■ — — — 

Hanger Oil £22% +% — — — — 1% ...... ■— — — — 

Rjl. Dnich FlftO. £49 +2 «51 + 5.5 p 

ScePtreRM 600 +31 , — 

ShdTTiw. Reg. 515 +7 15 J - £ 4.6 p 

Da7%PI £1 62 4.9% U« 12.2 - 

ttSiebeuslUJLin 300 +24 — ■ — — — 

TexMQ4\%Cov. £M%J +2% Qtt% - 1&0 - 

Tricentrol _, — 158 +4 L32 * L3 * 

intnunar 222 +2 s— — 7.5 

DoTpcCnv— 128 +1 7% 13.0 7 9 - 

Weeks Nat. lOcts. 142 +7 — — r- — 

DaRd.Ord.lflc- 142 +7 QI5%C - 6-4 - 
ft'oodsldeASOt- 76+1 _____ 

mR .'awn's lexicr in m 

intemgtianal securities and 
investment tanking ■ 


Tha Nomura Seeuriria* Co./ thl. 

Barter Surgeons Half, Monkwell Square. London W*H, 
London ECjYS BL Phone: {Oil 606-3411.6263 

. MINES — Continued 


if» + «i 

Hia Low Sock Price — I 

210 155 Prison RL50c 175 

24 17 HhotfuCorp IPjp. 19rf 

73 52 Rain Coca, h* _68 +3 , 

137 122 Tanganyika 50p — 128 : 

80 78 DaPrctSOp 80 

41 32 WonkleCoJ Rh.l_ 37ai +V 

12V 10 ZamCprASDOftfl— 1XV +*V 

+ erj Mr. JYTd 
ice - Net Cvr|Gita 

175 Q50e 13(24.4 

19x4 056 4 I 45 

68+3 — — j — 

128 QUO Ifti 85 

80 09% 16.M 9ft 

37* +V (Q7VC 1>«175 
Ul 2 +V _ -to 



+V 3.50 

.V" bft 


T i 2 +2.13 
...:.. 18 




Tim 6.219ft »t 
L5 4.1 25.4 
1.1 4.8 28J na 
Lfl 6ft 23.4 
lft 3.139 7 Jf. 
2ft 4.6 16.4 
tLO 52 JO 

10 5.0 30.4 gS 
LO 6.124.7 j|| 
Ll 3ft 45 J ’fj 

11 6.5 23.1 ago 
L3 7.7 15.7 ’jg 

- r, “ 19 

- H ~ 78 

- 16 40 

12 4 8295 m 

13 1.2 60.4 ^ 
Ll 5.8 22.6 j?? 
2ft 2.419ft 

12 3.7 38.4 ^ 
U 3ft 39ft 2? 
lft 4.9 30ft 

* LO 4 is 
1.1 5.218.4 ^ 

lft 49 1L7 £ S 
LO 7319.9 
« 11.9 * 62 

Ll 12 189 
LO 6 ft 23.8 • 

10 4.0 36.4 . 

♦ 6.6 ♦ 

11 7 J 19.4 U 


1.0 12.4 ll.B 

can lake* 

60 (Anri. Agnc 30a_ 
96 BeririordiSAW. 
64 Bod brick <Tb«. , p3p 
25V Booriead.lOpi.- 
250 Finlay i JtelSOp. 
190 GiflADnfbs 
£49 GL.Slhn.U0 
325 H’rU'ns.Cros.U. 

66 HofirangiSJ 
350 iwhrapeU 

21 Jacks Wm 
9 Izmaica Sugar 

67 LtmrtK) 

40V Uitchdl Cottk 
220 Vigen an Dec. 

68 Ocean WVna20p 
175 PataonTwh % 
165 Do.'A’N-VlOp- 
27 Sanger (J.EJJOp* 
5V Sena Sugar SOp . 
88 &Sime Darby 10 
350 SteelBrot ®p 

40 TazcrKisn&.2Qp. 
£87 Da^cCnv.m 

41 U Cib'Hnt.IBp. 
41 Da IDpcLa 1^) 


77 +2 
108 +2 



304 +6 

212 +2 
£63 +2 

70 ...... 

397 ' 



71 +1 
43(j gl +V 

78 -l' 



27 .... 

6 +V 



46 ' 


62 +2 
62 +2 

h4.13 4ft 
62 lft 
L52 lft 
g6ft4 7S 
68 71 3.2 

4.26 2ft 
05.0 3ft 
ZD -66 6ft 

6.55 2ft 
3.4 17: 


h2ft9 3ft 

s a 
h? y 

+Q3.5 331 
TUZ5 4.4 
3.09 2ft 
f9.2 10ft 
th0.75 n.Oi 
D.4 31ft 

2ft « | 
2,0 32.3 
5ft 3.6 
14ft (691 
S3 ilifli 
33 5ft 
62 6.9 

4ft lft 
9.2 63 
5.7 9.7 
- 3.8 

14ft (40t 
11.9 (&0i 
82 d> 

12 10 
107 64 

78 63 

210 148 

17 10 

187 125 
24 10 

2V IV 
111 79 

UV 8V 
156 137 
40 30 

£10% 750 
1 S<2 12 
470 310 
122 84 

50 35 

30 24 
290 240 
55 45 
240 2&0 
128 111 

10 8V 
270 220 
150 130 

93 78 

11 10 
73 68 

450 150 
320 280 
50 40 
58 50 
190 165 
61 49 
61 47 
1E0 140 
280 230 
170 134 
68 55 
100 87 
90 74 
1B0 148 

(Af wv gc---— - 


Hamatn Areas ap_ 
Menus Ek 50c. __ 
JLUL Hides. S0c_ 
Mount Sal.Sc — 

Newueinl Idc 


Nth. Krigurli 

uakiirtdceSAI. — 
Pacific Clipper. _ 

Pan con 1125c 

PBring3 MAEt5f».- 
Feko-U'albend 50c. 
Wesm. Mining 30c.. 
Whun Creek 20c 

107 +3 Q8e 14 4L7 

78+2 - — - 

210 +3 QlOc 2ft 3JJ 

63+7 — — — 

99 +3 L45 4ft L2 

16 +2 _ — — 

187+9 Q9e L7 35 

24+1 - - — 

111 tV Qlc U 45 

10i 2 ..._. — — — 

156 +3 +Q11C L9 4.4 

40+2 — — — 

£10% +% — — — 

15 -V — — — 

470 +23 Q15c 4.D 2.0 
122+6 Q6C L4 3.0 
45 +5 — - — 


25 +1 


240 +2 


220x3 — li- 


7881 -V 
11 ...... 



2 m +s 


177 +2 

52 +1 

51 ...... 



170 +2 


87 al +1 



ZQISftc 0.7 4.9 
0125 (A 27 5 
lQ95c 0.8 7.0 
+Q2J5 Oft 5ft 
6ft 13 19.7 

a m 15 

4ft 5ft 
15 123’ 
1077 ftc L41L9 
IQ1313C lft 123 

ZQlOc — 33 
4ft f 7.8 
«LSn 1614.4 
ZQBBc 0 10ft 

2.4 17.5 
I 5ft 5ft 
10ft 5.8 
f9ft - 
I lft 7ft 
£2.9 _ 


96 | 70 (Messina RO J 86 (+4 |«30c| L9 ( t 



I I |4 <rr( Drv. { JrW 

nv I Stock j Price | - 1 Net (CVrlGr’a 

-1 +2.03 
+2 233 


+3 ^ 


+1 1245 


+V 2.4 


+1 +3.05 


-1 0.0 
_.... 21 
+1 1135 
+2 — 


1.85 ' 

+1 L25 
+1 26 
+1 +1.42 
+5 0-88 
+4 - 





-1 - 

+2 " 0.40 
+v t7.67 
+V 2.7 
+V 285 



...... UL2B 

+2V 4.05 

II 7.0 25.6 
1.0 4.9 20.1 
LO 0.9 IM3 

III 4.8 3L7 
13 5.6 24.9 
L4 29 374 
Ll 5J 24.9 
1.0 4.8 312 
LO 4.7 320 
18 5.6 27.6 
LO 5.6Z7.2 
lft 6.9 218 
U 6.7 20ft 
LO 93163 

lft 91193 

L6 7ft 133 
LO 6ft 2L« 
lft 5.3Z3.1 
LO 6124.4 
lft 4.9 30 J 
1 ft 2354ft 

(ITS ( 

High Low | Slock | 

95 ( 75 .laglo-liuhinas'iL- 
77 | 65 Ben am Cons ]Qp_. 
11V Bird 'Africa! 

31 BradvainOp 
165 Casllefield 1 

Grand Ceniral IOp 

94 254 

76 -1 35 

34 - 

38% hL27 

212 +2 s2.8 

60 .. . 275 
132 +4 125 

57 tQ5c 

10 0.55 

240 +10.15 

76V +V 3.05 
88 +2 Q20.8c 
- 54> 2 -IV Q12VC 
45J 2 +1V QU* 
137 44 9(4.0 
87 +2 tQllc 

35 9U5 

41 +V h0.43 
66 to. 4218 

£26% +3 75ft 

9 9 

300 220 
325 245 
202 164 
.46% 30 
950 750 
45 43 

156 120 

250 +18 Q30c 26 7ft 
315+5 - - - 

196 +4 9ft 9 7.6 

31 - - - 

85fl +32 - — — J 

43 121 23 43 

156 +2 Q7c ft 21 


Incfia and Bangladesh 

Ll 5.8 24.7 
1.0 8ft 17.6 
0.4 08 1421 
1.012ft 122 

+U 2 3.70 



± 12 


+ZV x— 

+20 Jr— 

+1V 265 
_ ... 418 

+l” 5ftB 


+2 4.15 
+2V 25 
+h 1 ft 


+4V 4.05 
+V Flft 
*4 . 256 
+5 3.05 
+5 3.45 
+3% 2.64 
+5 t4.0 
+5i 2 hL60 
+5 2 20 
+5V - 
+5 +5.67 
■^5 tl.79 
+ \ — 

-6 +5.48 
+25 Q25c 

0.9 lft 1163 
LO 6.0 25ft 
U 5.0 28.4 
L0 5JD29.8 
1.4 4 8 226 
LO 5.8 25ft 
L4 4.127.4 
lft 5ft 26.7 
Ll 53 265 
Ll 8ft 16.0 
Ll 5.0 266 
Ll 3.9 34ft 

U 7ft 177 
Ll 73191 
LO 51169 
1.0 51 19 

1200 175 
385 280 
115 104 
23 20V 

283 3? 

263 222 
245 ICO 
1420 390 
23V 22 
1 202 181 
166 138 

Assam Dooart£l_ 
Assam Fnroti er£L 
Empiro Plants 10p_ 


MdLeod Russel £1 _ 

Moran El -~_ 

SingJoHldgs. IOp _ 
WarTen PtanU 
WlUjanrson £1 

198 *9 51 5.9 73 

290 U625 4ft 8 ft 

105 ...... 7.0 3.7101 

23 9L98 lft 13ft 

263 ...... 91200 3ft 69 

263 . — 910.00 6ft 5.8 

193 10.0 27 7.8 

390 15.08 4.9 5.9 

22% -V *F1 72 3ft 121 
198 -1 P13.0 3ft 9.9 
16L -1 9.0 4.7 85 

Sri Lanka 

185 (123 (imnuroEl ( 123 (-2 [ 5.5 { L5( 61 


500 390 ‘ iBJani.vretl- 
160 130 |Ruo Estates - 

435xfl|-5 '50.0 ) * 17.4 
145 ( 13.0 I * 13.6 

+2 15 

+1 +294 

.. _ 192-78 
+1 53 

+1 205 
+1V 2.28 






hL3 | 

-1 439 
+1 - ! 
+V +2841 




+1V h4.03 


+H 2 352 


+30 QlOc 
+1 0.91 
+2% 0.75 
+9 10.81 
._... 4ft 
+1 11.93 


-U 2 739 | 

13 4.9 283 
! lft 120 127 

lft 53264 
Ll 64173 
LO 6.0 24ft 
LO 4.7 313 
13 2D423 
Ll 8.317.0 
Ll 4.8 29.7 
13 6.1275 

1.0 4ft 34.7 

1.1 4.4 30ft 

13 4.0 343 
U 45 322 

1.0 4.8 34ft 
3US 36 420 
0.9 3.9 4LX 

LO 4ft 303 
U 35 40ft 

LO 49 30ft 

— 3.9 - 
6. 1 03 * 
lft 3.3 367 
lft 4.6 27ft 
10 9 .419ft 

14 35 311 
LO 5.2 27ft 
10 3ft 4L4 
LO 4.0 367 
lft 85167 
Oft 127 12.7 

10 6715ft 
2flft (75 — 
lft 10-6 1L7 

— Oft - 

1.1 5ft 28.0 
1.3 33 34.7 
4 10.9 » 

L2 Tft 27ft 
Ll 5ft 28.7 
lft 55 23.7 
* 4.6 * 

LO 5.4 27.9 
Oft 7.7 24.9 
LO 6ft 24..8| 
lft 5.4 25.0 

— 0.7 - 

13 L8 655 
L5 1.6 63.9 
4 5.6 <t> 

LO ? 9 37.6 
Ll 5.9 365 

LO 7ft 123 
LO 68 2L9 


93 57V 

33 18 

351 235 
152 78 

391 275 
52V 35 
104 67 

73V 37 
60 -37 

7 BO 517 
63 31 

156 -23 - 

275 -23 iQ5c 
£34% -% Q3S0c 
107 -4 Q13c 


63 -V +Q25c 
28 +f TQ2Dc 
3«1 -5 N25e 

78 Olfc 

304 -16 +Q34c 

38- -1 tQ3e 

79 Q46c 

39*2 -V - 
41 025c 

640 -19 TQ86c 
44t 2 -41^1 - 



153 92 

502 408 
562 (440 

£29% (£16% {W. Drie 
241 154 (Western Area* Rl 
7B3 (539 Western Deep R2 
201 (163 IZandpanRl 


95 75 Free Stale Der 5k 

121 64 PftSaaipteasRl 

413 3 DO Harmony 50c 
134 70 LormneRl... 

£10% 750 ftrei Erand5flc. 
789 582 PrciStejmSOc 
883 703 a Helena Rl 
199 146 Y nisei 
302 190 WeftwiSDr 
HVa a3V|WMDldin8&jk 


I'nlMH Mkenriie iKBcated. prices sad net dhridendi am la 
pence nnd dcnoodaiiicni are SSp. Estimrieil price/ m ring s 
rat ten and envers are lined on latest annnel ropww and seceuttH 
end. where pmnible. are updated am kali-yearly Bfares. PfBM arm 
calculated on the baais mf net dtatrlbotinu brocbletl flim 
Indicate It per cent, or mace dUterence If calm fated an “riT* 
rflstribnthw. Corers bn baaed on “warinaton" dlaialhnttna. 
VleUaaxe baaed on ndddle prieea, on gnea. taBaaled to ACTaf 
34 per cent- Bad allow tar table at declared (BatirllmWanB and 
rights. Securities with r kn an do a ri en a other than aterttng an 
quoted InctuBive ef the tevestnant dallar pcoaim. 

A Sterling denominated neearittaa which include tu i erimeii t 
dollar premium. 

* map* stock. 

* B 1 gbs and Lows marked Uran havn bean adjusted to aDiw 
tor rights issoce tor cash. 

t Interim since increased or resumed. 
t Interim since reduced, passed or dcAnted. 
tt Tax-tree to non-residents oa application. 

+ Figure! or report awaited. 

+T Unlisted aeeurity. 
t Price at time of suspemian. 

9 Incficaxed dimdecd after pemfingacrfpatiil/orxigMi tenon: 

cover relates to pmiou dividend or tonocasL 
** Free of Stamp Defy.. 

* Merger bid or reorganisation in proggenk 

* Not comparable 

* Same interim; reduced final and/or reduced m nfa ta 

{ Forecast dividend; cow on earning* updated by latent 
interim stotofnent 

J Ctn er allows for cooveralDn of shares not now ranking for 
dividends nr ranking only for restricted dividend. 

A Cover dm not allow lor shares which may also rank tor 
dividend at a future dale. No PIE ratio uanaliy provided. 
T Excluding a finnl dividend declaration. 

+ Regional price. 

K No par value 

a Tax tree, b Fignm based cm prospeetuB or other oCfldri 
estinuic. c Cents, d Dividend rate paid or payable oa part 
at capital, rover- based on dividend on toll capital, 
e Redemption yield. I Flat yield. K Aasartwd dividend and 
yield, b Assumed dividend and yield after acxip issue. 
I Payment from capital sources, k Kenya, m Interim higher 
Hum previous total a Rights lane pending q Earring* 
based on preliminary figures, r Australian currency, 
s Dividend and yield exclude a special payment, t Indicated 
dividend cover relares to previous dividend. PIE ratio based 
on latest annual earnings, n F ore cas t dividend: Co v er based 
an previous year's earnings. » Tax free np to 30p In the £_ 
w Yield allcm, (or currency danse, y Dividend and yield 
based on merger tonus, i Dividend and yield include a 
special payment: Cover does. Ml apply to special payment 
A Net dividend and yield B Preference dividend passed or 
deferred. C Canadian. D Cover nod P/E ratio exclude profits 
of UJv aeiwpaec subsidiaries E Irene price. F Dividend 
and yield based on prospectus or olber official e a ti m ates for 
I877-7& G Assumed dividend and yield after pending scrip 
and/or rights issue. H Dividend and yield based on 
prospectus or other official estimates for 1976-77. K Figure* 
bcacd oc mu? perms or other official e sti ma tes for U7& 
M Dividend and yield based on prospectus or other official 
estimates (or 197a N Dividend and yield based on prospectus 
or other official estimates for 1979. P Dividend and yield 
based on pro-p«ro* ov «»ber official estimates tor 1977. 
4 Gross- T Figures nraumed. V No signi fi ca nt Corporation 
Tax payable Z Dividend total to dale, Yield based on 
assumption Treasury Bill Rate stays unchanged until maturity 
Of stock 

Abbreviations dex dividend:*: ex scrip Issue; ■■ ex rights; no* 
all; x* e* capital distribution. 

“ Recent Issues ” and “ Rights " Page 36 

This service is available lo every Company dealt in oa 
Stock Es changes throughout the United Kingdom for a 

fee of £400 per annum for each security 


The following i»a selection of London quotations of shares 
previously li Jed only in regional markets. Prices of Irish 
isspes. most of which arc not officially listed in London, 
are as quoted on the Irish exchange. 

Albany Inv 3)p 23 Shett Rctahnt. f 52 l I 

Ash Spinning . 45 ... - Sindall (Wm. i.-.-l 85 | 1 

Ber tim 24 , * 

Bdg’wtr Est 59p 266 —4 

Clover Crofl — .22 . ... I*ISB 

Creiff* R<ptc£r 410 

Uyson (R. A- • A - Conv. 9%*S(VB2 I £93% { I 

EHtatMcHdy. g AUiMGiito 65 

Evans FVtlOp. 57 Arnott 2W 1 

Evered 25% CarwUfPJ.l.— 90 _...! 

Fite Forge . 47 

Fln)qrPkg.5p 20 


1 O.W.SUn. €1 145 

HofliJoa-iSSp 250 
Vtlist Goidscu I fc S3 
Pearce iC. H > 129 

Peel Mills Mi? 

Sheffield Brick 46 

Con v. 9% *8IV82. £93% 

Alliance Gas 65 

Arnott v® ...... 

Carroll (PJ.) — 9® _... 

Clondrikin 91 

Concrete Prods. 128 ...... 

Heitou IHldgs.1 43 

Ins. Carp 190*1 +2% 

Irish Ropes.. — . 132 

Jacob.. 65ri +2 i 2 

Sunbeam.. 29 

T.M.G 175 

t'nidare 9S 

|. — I f3-35 ! L0| 7.0(210) 

Finance, Land, etc. 


242 216 

12 5 i 

39 26% I 

25 19 

17 14 I 

126 103 , 

66 56 

Oft £10% 
247 221 i 
37% 27% 
20 13% | 

58 50 

48 40 1 

15 12 i 

26 22 
180 100 

19 16 

13 9% 

30 17 

34 35 

11 7l> 

31 a 

20 17 
120 80 

74 44 

22- U 

» S 2 

18 13 

95 73 

‘214 104 

AnnourTiL Wp- 
gritannia Arrow. 

Common Mkl. Ip. 


trriin to (ft IS &. 
Er.-kine Burn .. 
Es Lands 10p.— 
JttpJuniWB Chap. 

Finance* tad iflp 
Fimoytew t. — 
WK-nhr OTVUSt — 

Haw P3f. S, SI — 


Sitcb'n TstforlflP 
KniiolOt 1 -, --- 

I jimw t HItL Ijpv 

Lamps S«s.aOP 
Lon.Euro.uri 1 - 
Loo.Merohsflt- - 

218 -2 
lg% +% 


20 +% 
15 +% 
126 +3 

Vt ::::: 




40 -% 

m 2 z:: 

r, ::::: 


. 9J 2 

31 +1 







15 .._. 




3ft 5.6 6.0 
L4 '8.9 10.6 
Ll 2.0 9 

2.0 7.5 (7.8i 
3.7 5.D 5.9 
- _ 22.0 

6.0 3.0 9.4 
2J 6510.9 
L7U.4 7.8 
53 3ft 30J1 

13 6.8 iao 
1.9 8.9 83 

An*. Am. Coal 30c 
.Anglo .Amer. 10c . 
Aug. Abl Gold Rl 

Gold Fields 
East Rand Con, IOp 
UmiagRS — 
Middle Wit Sac... 
3 GddtcdSBT<L« 
,e«.lfiiS0c — 
RondLrnidon 13c 
Selection Trust 
trust 10c. 
nr. Invest Rl_ 

Q60r 3.4 7.0 
♦fl»3c 21 6.4 
Q165c 1.2 6ft 
105c 3.4 95 
1.8 9.4 
Z6 &4 
« 91 

* a* 


3-month Call Rates 


220 . 

282 42,. 

46 hi w 


13123 9 4 £37% (£33 - (.Anglo- .\jhlnvi0c- £35% *1 Q600o 9 10.21 

- 0.9 — 90 64 8tsnoptfdcJ9t.l0e- 71 +2 Q7.1c « fi.0: 

- _ ~ 354 285 be Beers D£5t 333 +8 Q52-5C 9.4: 

- - - £1112 925 PtMOpcPf Ra £11%+% Q200e. 1SU0.4 

4ft 2ft 1L0 +4 54 kdenbnrcTZljc.-- 59 +1 +QL7C 1.0. J 

2.6 5ft 1L1I 98 -71 RmPtaLlOc 74 +1 iOZijC L4 t 


A. Brew... 


Barclays Bank 


Soota Dnjo'^.. 
Bo waters 

b-a.t. .. 

British Cftygco 

Brown (Jl 

burton -.V 




Distill era 


‘>n. Aecidml 
Gen. Electric.. 


G.U S ■ V 
Guardian “I! Z 


Hawker Sidd . 

House of Ffaser 

! C.l 

fi: ; "Imps'' 


9 Jnvcre+k 

10 KCA .... 

25 Udbreke 

38 Legal & Gen... 
15 Le.-. Service.... 
U Liovds Bank — 

24 -IjoTs- 

6 I ondon Brick 
20 Lonrho 

12 Lucan Inds — 

5 l.ionSiJ.l 

Iff -Slams" 

10 Mrks.&Spner 

13 Midland Bank 

8>i N E.1. — 

U Nat Vlesl Rank. 
18 Do Warrants 

17 P A ODfd. 

18 Plesscy 

40 fi-Hftl - -. 
9 Bank Ow. 'A 
18 Rc«l Inti 

18 SpiUcte — 

22 Ti-sco... - - 

20 Timm - 

12 TruM Houses.. 

23 Tube lnvesL_ 30 

7 Unilever 40 

20 t?id. Drapery. 7te 

7 Vickers 15 

5 Wool worth*.-. & 

17 _ 

14 Property 

~ Bni.Land — J3 4 
|* Cap. Counties. 5 

2 Imreuropcan 4 

S_ Land Sues 18 

i| MEPC 12J 2 

±3 Peachey — __ 10 
Samuel Prone.. H 
g Town & Ci&_ 2 

» oil. 

In Ent. Petroleum. 35 

in BurmahOil 7 

o Chart erhall... Sh 

5 Sheika 28 

18 Ultramar 22 

J 4 Mines 

4 Charter Cons.,) 12 [ 
22 Cons Gold | 29 t 

15 RioT Zinc. . .1 16 f 

A Detection of 'Union* traded is aiven on the 
London hioefc Hxcbanfie Report page 

<f A 




Watlaid Eirjin** 1 i Ltd 

PO Box No. 5. 

Yeovil, Somerset, 

13A20 2YA 

Tel Yeovil (033?! B2CO 


Tuesday. April 18 1978 


_ Mk*oPak- 


Japan has record surplus 

as import growth slows 


TOKYO, April 17. 

account surplus of SHJfibn. 
during its 1977 fiscal year, ended 
last month, the Government 
announced to-day. 

The surplus was by far Japan's 
largest ever, and made nonsense 
of a series of earlier forecasts. 

The official Japanese Govern- 
ment projection for fiscal 1977, 
issued in December 1976. foresaw 
a $700m. deficit on current 
account for the fiscal year. 

Last September, this estimate 
was revised to a surplus of 
$6.5bn. and subsequently to one 
of SlObn. 

The unusual performance of 
Japan's balance of payments dur- 
ing fiscal 1977 arose mainly from 
the failure of imports to rise at 
.anything like the rate originally 

Imports for the year came to 
$62.6bn„ up 8 per cent on the 
previous year (whereas in 1976 
imports had risen by 16 per 

Exports, by contrast, rose fay 
20 per cent, to reach S832bn. 
Japan’s visible trade surplus thus 

amounted to $2Q.57bn. A deficit 
on invisibles of S6:4bn. brought 
the current account surplus down 
to S14bn. 

Japan increased its long-term 
capital exports in fiscal 1977 to 
$2.4bn., up from Sl.Bbn. in fiscal 

Allowing for a small inward 
movement of short-term capital, 
this resulted in an overall 
balance-of-payments surplus of 
Sl2.1bn.. again by far the largest 
in Japanese history. 

Figures for March, also re- 
leased to-day, show exports in 
dollar terms up 22 per cent, on 
the same mouth of last year at 


Imports were unchanged from 
the level of a year ago at S5-5bn. 
The resulting $3.1 bn. visible 
trade surplus was a record for 
any month to date. 

On a seasonally-adjusted basis, 
exports in March grew marginally 
from the previous month (by OJ 
per rent.), while imports fell AS 
per cent 

In yen terms (regarded by the 
Finance Ministry as a more 
realistic basis for calculation 
after the decline of the dollar) 
exports were up 1 per cent, in 
March compared with a year ago, 
while imports were down 17 per 

Japan’s foreign exchange re- 
serves grew by almost Sfibm, 
during March to reach $29.2 bn. 

This increase reflects large 
dollar purchases by the Bank of 
Japan during the raomh :■ • the 
bank intervened in the Tokyo 
foreign exchange market in an 
attempt to slow appreciation of 
yen exchange rate. 

The 1977 balance of payments 
figures were calmly .received by 
traders on the Tokyo foreign 
exchange market. They had evi- 
dently discounted them well in 

The size of the surplus pro- 
vides a background for the latest 
round of official attempts to 
restore balance in the new fiscal 
year by restraining Japanese ex- 

Under the proposed pro- 
gramme. tbe Ministry of Inter- 

national Trade and Industry is 
to issue guidance to exporters 
of cars, TV sets, steel and ships 
to hold overseas sales volumes to 
below 1976 levels. 

to former 
CU chief 


The trouble with this pro- 
posal, is that exports of all four 
items except cars' are, anyway, 
expected to fall somewhat in 
1978. The Ministry has appar- 
ently not yet decided what to do 
about fast-growing export items. 
Reuter adds: The Japanese steel 
industry is studying possible 
purchases of colting coal and 
iron ore mining rights abroad, 
with loans from Japan's foreign 
exchange reserves, Nippon Steel 
Corporation said. 

The plan was originally 
suggested by the Ministry of 
International Trade and Industry 
to the steel industry to help trim 
Japan's current account surplus. 

The economic daily Nihon 
Keizai Shimbun said that the 
industry will shortly start talks 
with Australia, Canada, Brazil 
and other countries. 

by Jenkins 

By David Freud 

MR. ROY JENKINS, president 
of the EEC Commission, last 
night put his support behind 
the West German initiative 
toward greater European cur- 
rency stability, launched at the 
Copenhagen summit a week 

He told a European League 
for Economic Co-operation 
dinner in London that he hoped 
the July EEC summit In 
Bremen would agree on a com- 
mon programme. 

This would he. a step towards 
the goal of economic and mone- 
tary union (EMU) which he 
has h»en advocating since the 

lie supported three snerific 
policy engeestions made by 
Ffe rr " Helmut Schmidt, the 
Wert German Chancellor. 

The first was to extend the 
Community exchange rate 
svstem beyond the snake: the 
Recond to use the European 
Unit of Account for internal 
EEC exchange rate credit and 
settlement; and the third to 
increase the functions and 
resources of the European 
Monetary Co-operation Fund. 

These were necessary “ in 
the judgment of tbe Com- 
mission” to achieve greater 
exchange rate stability among 
EEC currencies, Mr. Jenkins 

Economic and monetary 
union was essential. “ Given 
the existing interdependence 
of the European economy, a 
break-out from tin* strait jarket 
of nationalist monetary policy 
could ... set and maintain a 
common high standard of price 
stability, provided it were 
based on a well-prepared 
currency reform.” 

Adoption of EMU would pro- 
vide stronger internal 
monetary disciplines tied ' to 
more relaxed external con- 

. “There is still, in Britain, 
too great a tendency to concen- 
trate attention on the minor 
issues and to dodge political 
debate on the major ones. 

“ The Community is, in part, 
a recognition that the econo- 
mic conditions of co-existence 
In the late twentieth century 
are such that the scope and 
effect or decisions cannot be 
limited to a narrow national 

Editorial comment Page 20 

EEC puts off trade talks 
after Australian threats 


BRUSSELS. April 17. 

NETTLED BY what it sees as 
Prime Minister Malcolm Fraser’s 
use of threat and bluster, the 
EEC Commission has postponed 
bilateral trade talks with Aus- 
tralia until early June, 

Foreign Ministers of the Nine 
meeting on June 6 would be 
asked to consider “the new 
situation ” in the increasingly 
bad tempered relations between 
Brussels and Canberra, EEC 
officials said to-day. 

The talks, originally due next 
mouth, have been postponed 
because of Australian threats to 
'.take reprisals against EEC ex- 
1 ports and potential contracts if 
bilateral negotiations do not 
produce results. 

The threat, made on April 6, 
hinted that action might be 
taken on brandy .and cheese Im- 
ports from Europe and also that 
EEC companies might he 
excluded from Australian trans- 
port and defence equipment cow- 

The EEC was further irritated 

by Mr. Fraser’s speech last 
Friday in which he referred to 
the Community as a “narrow 
self-interested trade group try- 
ing to make the world dance tn 
its tuna” 

Sir Roy Denman, the EEC ex- 
ternal affairs director, called in 
the Australian Ambassador to 
the EEC later the same day to 
express bis “surprise and con- 
cern ” at the Premier’s remarks. 

EEC officials to-day rejected 
the nub of Mr. Fraser's com- 
plaint that the Commission was 
delaying the bilateral talks so 
as to envelope them in the pre- 
sent Tokyo round of the multi- 
lateral trade talks. 

It had been formally recog- 
nised by the Commission, and 
by Mr. Fraser when he came to 
Brussels In June 1977. that there 
were limits within which posi- 
tive results in the trade field 
could be achieved bilaterally 
and that neither wished to give 
rise to unreasonable expecta- 

In particular. Community 

barriers to Australian commodi- 
ties and EEC-subsidised agricul- 
tural exports to traditional 
Australian markets in third 
countries were cited as examples 
of issues that .could be settled 
only in the forum of the General 
Agreement on Tariffs and Trade 

EEC officials to-day urged 
Australia to await the first 
results of the GATT negotiations, 
planned for July. 

The Canberra Government 
however, is said to be doubtful 
that an outline GATT agreement 
in July will speedily remedy a 
situation in which its food 
exports to the Community have 
fallen by SO per cent, in four 

Its impatience with the Com- 
mission was already evident last 
year, when it tied the issue of 
better access for Australian 
beef with possible EEC access 
to Australian uranium. 

Fraser to Japan, Page 4 

Accounting method may distort 
Shell first quarter results 


Continued from Page 1 


sumers adjust their pattern of 
spending to the expected higher 
level of real Income. On this 
basis, the Treasury has forecast 
a 5 per cent, rise iu the level 
of consumer spending this year. 

But a fall of. say. one point in 
the savings ratio would make a 
big difference, resulting in even 
more buoyant spending and 
drawing in even more imports 
of manufactured goods, so re- 
ducing the current account 

The projected upturn in spend- 
ing is expected to result in a 
particularly sharp rise in sales 
of durable goods shops and of 
mail order businesses. 

However, the concentration of 
tax cuts on the low paid may 
mean that spending on food and 
drink and clothing will rise by 
more than previously assumed. 

Reports from the trade suggest 
sales of durable goods may have 
fallen slightly in March after 
the sharp . rise during the 
extended special sales periods of 
th«* winter. • 

Between December and Feb- 
ruary, sales of durables were 
6.5 per cent ' higher in real 
terras than in the previous three 
months. . 

This trend, coupled with' the 
steady rise in new instalment 
credit and in car sales in recent 
months, suggests that tbe under- 
Iving level of consumer confi- 
dence has already recovered. 

warned shareholders that cur- 
rency movements could have 
cost the company between 1200m. 
and £300 m. in the first quarter, 
due to a quirk of accounting pro- 

This notional loss compares 
sharply with tbe £46m- currency 
gain in the fourth quarter of last 
year and the £37m. loss for the 
year as a whole in 1977. . 

Shell is. not due to report the 
first quarter's figures until next 
month but it said yesterday that 
it was forewarning shareholders 
to be “ especially cautious " about 
interpreting results which in- 
cluded currency translation 


Much of the problem stemmed 
from the movement of sterling 
against other currencies and the 
way that this was interpreted for 
the purpose of U.S. accounting 
standard FAS 8. “Compliance 
by the group with this standard, 
which is . a consequence of the 
listing of its parent company's 
shares in the U.S., constitutes a 
major obstacle to tbe understand- 
ing of underlying . business 

trends,” Shell commented. 

The policy resulted in major 
distortions on a shortterm basis 
that were “totally inappropriate” 
to an international group which 
had borrowings, revenues and 
assets in a variety of currencies. 


Shell, which reported a net 
income of £L3bn. on a revenue 
of £23.96bn. last year, said it 
hoped that the FAS 8 accounting 
method would be amended " in 
the light of experience and of 
widespread dissatisfaction.” 

It added that -the haphazard 
impact of the method could be 
illustrated by tbe fact that had 
the calculations for the first 
quarter's results been made one 
week earlier, the currency trans- 
lation losses would have been 
some £100m. lower. 

- Under FAS 8 rules Shell's 
stocks and fixed assets must be 
translated Into sterling at the 
exchange rate applying when 
they were acquired while mone- 
tary assets and liabilities are 
translated at the end of each 
accounting period. 

For instance, if sterling falls 
towards the end 6f a quarter, 
the translation of the long-term 
debt will reflect tbe full , effect 
of the drop while' the oil stocks 
will reflect only small part of 
the fall. Up to now. the effects 
on stocks sold and on monetary 
items have to some extent offset 
each other in Shell’s case. 

Shell said, however, .that the 
rates used for the translation of 
stocks and monetary items in 
the first quarter of this year 
moved sharply in opposite 

Because of the strengthening 
of sterling towards the end of 
1977. the average value of ster- 
ling during the first quarter of 
this year was higher than the 
average during the fourth quar- 
ter or 1977. 

But due to the sharp decline 
in the value of sterling at the 
very end of tbe first quarter, 
sterling finished at a much lower 
level than on December 31. 
Shell/Esso pipeline plan Page 6 
Shell Chemicals running at loss 
Page 6 


Bjr John Moore 

made by the Commercial 
Union Staff Association, yester- 
day on Commercial Union 
Board’s proposed £100,000 pay- 
ment to Mr. Gordon Dunlop, 
the group’s chief executive who 
resigned last year because of 
policy differences. 

The packed annual meeting 
went smoothly until Sir Francis 
Sandilands, chairman of Com- 
mercial Union, moved a resolu- 
tion that the sum of £100,000 he 
paid to Mr. N. G. E. Dunlop 
“ an ex gratia payment for his 
loss of office as chief general 
manager and director.” 

This prompted on outspoken 
attack from Mr. John Smith, 
general secretary of the 5,000- 
strong Commercial Union Staff 
Association, who said that in 
1976 Mr. Dunlop’s earnings 
were almost £55,000. 

"He has already been paid 
more than his due, for the 
company’s history will surely 
label him as a major disaster 
on whleb there is no reinsur- 
ance cover. The very fact that 
he was kept on the payroll for 
almost a year after his resigna- 
tion is more than generous 

"Old boys’ 

Mr. Smith concluded - that 
the payment was “quite pre- 
posterous. It smacks of the 
Old Boys act in the Board- 
room. It can do nothing hut 
damage good industrial rela- 
tions in the company and the 
recommendation that he 
should receive another penny 
of the shareholders’ funds is 
quite unacceptable and 
immoral. We shall vote against 
the resolution and ask that 
all those who share our sense 
of outrage will do the same.” 

Sir Francis then said that 
Mr. Dunlop had lost a well- 
paid job and stressed that it 
would not be easy for him 
to find a similar one. 

“The recommendation has 
been made in good conscience. 
Although there had been no 
clearly defined legal obliga- 
tion because there Is no 
service agreement, we felt we 
had an obligation to him. He 
had served five years as 
general manager.” 

After Sir Francis indicated 
that he had received over 88m. 
proxy votes in favour or the 
resolution, and 4.4m. against ft, 
the resolution was put to the 

However, a show of bauds 
did not produce a clear result 
and the resolution was put to 
a ballot which was expected to 
be a formality. 

£8.2m. rights 


By Michael Blanden 

Germans may buy steel plant 


THE WEST GERMAN steel and have been asked by Mr. Bob 
tool manufacturer, Korf-StahL Cant, Labour MP for Stoke 
was said by union and other Central, if they would permit the 
sources yesterday to .be plant’s sale to a private buyer 
interested in making an offer -for' if - tbe unions fail to persuade 
the British Steel Corporations’ the" Corporation .to testa i an 
Glengarnock works in Scotland, electric arc furnace, 
fine for closure under the new If that investment were with- 
BSC strategy. held, as recommended by the 

The company, a pioneer In recent steel White Paper, and 
development of “ mini ” steel steelmakmg ends then about 

mills, is ins talling the direct re- 1,500 jobs would be lost The 
atBSCs Hunters- Shelton rolling mills are to stay 

ductioq plant 

ton works, nine miles from open. 

Glengarnock. Hunterston, offi- Sir Charles Villiers, chairman 
cialiy sard* to- -be na min g on -of- BSC, -said in. Germany atjthe 
stream later this year,- will pro- week-end that the Corporation 
duce iron pellets for use in would be ready to sell old plant 
electric are furnaces. provided it was used for new 

Union officials leading the purposes and not for continued 
fight to prevent closure 'of iron cteel production, since this would 
and steel-making • at Shelton, be prejudicial to BSC Interests. 
Stoke-on-Trent, said yesterday Earlier last week, in a . letter 
they knew of a number of British to Mr. Patrick McNair-Wilson, 
and foreign companies interested Conservative MP for the New 
in buying the plant. Forest, Sir Charles said that the 

They would give no names, but Corporation would be ready to 
said one foreign company was discuss sales in principle, adding 
West German. Another had only that the age of the plant 
assets of SSSbn. At least two made them a difficult prospect 
British private steelmakers bad for modern, profitable steel- 
shown interest. making. 

Both BSC and the Government He did not say then that they 

must not bp used to make steel. 

Mr. Ted Smith, a member of 
the Sbelton action committee, 
said yesterday that despite BSC's 
official denial the sale of Shelton 
would be contemplated, they 

would wail for Sir Charles 
Villiers' own reply to Mr. Cant. 

He pointed out that Mr. Bill 
Sirs, TUC Steel Committee chair- 
man. had pledged national union 
support yesterday. f° r the 
workers’ figbt against closure. 
They had already had support 
from Mr. Bob Harrison, a 
national secretary of the Trans- 
port and General ‘Workers’ 

Shelton's detailed reply to the 
White Paper will be studied 
to-morrow, when a Labour Party 
Steel Subcommittee is due to 
meet Sir Charles and Mr. Bob 
Scholey, BSC chief executive. 

Tbe Government and BSC are 
being pressed by Mr. Teddy 
Taylor, the Shadow- Scottish 
Secretary, to clarify their posi- 
tion on the sale of redundant 
mills in a Parliamentary que*- 
tion for. answer to-day by Mr. 
Eric Varley, Industry Secretary. 
£30m. Sheffield plant, Page 6 

the leading London merchant 
banks, is raising some £8-2m. 
from its shareholders to support 
its continued expansion. 

The greater part of the money 
involved in the rights issue will 
be provided by the group’s two 
major shareholders, J. P. -Morgan 
Overseas Capital Corporation and 
Willis Faber. 

J. P. Morgan, the New York 
banking group which owns a 
third of the Morgan Grenfell 
capital, and Willis Faber, the 
insurance broking group with 
22 per cent., have indicated their 
support for the issue. 

Other shareholders have 
indicated that they win apply for 
about 24 per cent, so that the 
issue is nearly 80 per cent 

The issue will bring the Pru- 
dential Assurance in as a 
significant shareholder in the 
merchant bank. The Pru is one 
of three investment institutions 
which have recently become 
shareholders and have agreed to 
apply for enough shares to take 
up any balance of the issue. 

As a result the Pru will hold 
about 3} per cent of the group’s 
shares. The bank said that since 
its last issue in 1974 its balance 
sheet footings hud grown from 
£447m. to £S83m. 


A buying panic 

Wall Street has seen odd 
bursts of. trading —volume 
associated with, a rising' index 
over the past tw$'mouto£ but 
nothing on the scale pE the past 
two days. Yesterday, a slack 
day’s trading was completed ih 
the first hour— -a record 17,5m. 
shares transacted —-while- -the 
Dow put on. 18 points hy ; mid- 

The institutional enthusiasm 
that fuelled tbe 20-point rise 
on Friday has now infected 
investors abroad. ‘ The price of 
gold feft $4 yesterday to £L74|. 
Our own dollar premium shot 
up from an effective 48| per 
cent, tn 54 per cent— roughly 
twice its January low.. 

• Meanwhile, the dollar and the 
price - of IXS. securities have 
mutually reinforced one another. 
The yen was as low yesterday 
as 221 J to the dollar; after 2l»J 
on Friday — . an e xtraordinary 
development after Japan’s an- 
nouncement daring the week- 
end' of another record; trade 
surplus in March. - 

Block traders on. Wall Street 
attribute this ups urg e tn no 
particular change in the news 
background. They teH pf highly 
liquid institutions nervously 
queuing to get back hito blue 
chip, securities. So great was 
the order of imbalance fbrfBM, 
for instance, that this share had 
not' opened for trading at mid- 

One piece of news that may 
have triggered this sej&fuehing 
upsurge was last Thursday’s 
money-supply figures.:. Not for 
the first time in recent weeks, 
well-respected economists - had 
been predicting an increase in 
Ml of several billions -of dollars. 
The actual rise was just $400 ul, 
and the scale of this error may 
have suggested that - profes- 
sional pessimism was bbnlering 
on the absurd. 

Index fell 0.7 to 446.7 

L (Effective 


£ 300 m. while analysts are r not 
expecting underlying net income 
to be Burch- morp thap'£35ttm. 
or ■ so, and iit -could be - less. 
Hence Shell's; decisipnto'rush- 
out an early- warning yesterday. 

Accounting buffs may read on. 
FAS 8 sets out a monetary/non- 
monetary translation method, 
all differences to appear in the 
income account Monetary liabi- 
lities are converted at end- 
period rates, leading to a sharp 
rise in Shell’s case in March, 
but stocks, (among; other 
physical assets) are converted 
at the historical, costs of acqui- 
sition, which bn average reflect 
exchange rotes early in a 
quarter. A&harp fall in sterling 
near the-end of a quarter there- 
fore squeezes reported net 

paring holders with an inr 
shortfall, even; after' a Trea . - 
approved increase ©£• 12 
cent an the ordinary dMi 
which is. forecast for tins t 
So-they are to get a spet^aT 
ment of 2p per abjure, 
covers roughly three, yi. - : 
worth of the income gap. . re - 
package may. have a modi 
adverse impact on earning - 
the ordinary, .-j- .. 

seemsrwell wbr&.payiiig. V 

. Meanwhile, prritmcpxofiti • 
up ; .from £12.5ns,. to - £gj ,. - 
■after an ektra peisimipKrti:, 
of £848,000- Profits in the/’ : - ' 
(two- thirds of toe total > f : 
stabilised' dir the sebentid.. -- 
while - toe Australian Jbusj ; 

■hps more than its - 

tribtition. Its -jan^pectB #- 
been, underpinned; by a,n»t 
year contract With - Alcoa,- ' ' 
which an -extra 350'000 to* 

-of timp capacity is Under! 
structibn. Ahead 1 of what^ ' ' 
be a ; reasonably gooff year]. . , 
shares’ at- 70p are on a . 

and yield &} per-cent- 
the .basis of the 1978 forecaf 

Morgan Grenfell 

Morgan Grenfell’s 
rights issue. — its 
four years ■— shows 
topsy turvy world we Iba 
Since it" is an unquoted 1 
pany owned mainly by a 
or so institutions it Sir- 
better placed than its pi 
quoted rivals to raise' 

No wonder the merchant 
cannot find any custo 

sHv- n 
](l * r-\ - 

Royal Dutch /Shell 

Royal Dutch/Shell .is once 
again being acutely embarrassed 
by the behaviour of sterling, the 
dive in the rate in the latter 
part of March having peculiar 
effects on earnings as measured 
by the erratic FAS 8 currency 
translation method. The last 
time this happened on a big 
scale was in the third quarter 
of 1976, when underlying net 
income of £3 63m. was heavily 
eaten into by tbe FAS deduc- 
tion of £178m. There could be 
an even worse impact on the 
figures for January-March, 1978, 
for the FAS '8 charge is likely 
to be between £ 200 m. and 

Rugby Portland ; 

Rugby Portland is proposing 
to reorganise its archaic capital 
structure, to eliminate two 
main conflicts of interest These 
arise from the fact that in the 
present equity base participat- 
ing non-voting shares account 
for. nearly a quarter of tie 
market capitalisation and are 
entitled to an eighth of pre-tax 

The first is that the pay-out 
ratio on the participating has 
nearly ' always been much 
higher than on the ordinary. 
The second is that if Rugby 
were to use its ordinary shares 
in a takeover bid,- the partici- 
pating would still be entitled to 
the- same proportion of the 
larger pool of earnings. . 1 
. So they are to be swapped for 
hew ordinary shares, on a 
formula based on recent market 
prices. That leaves the parti ci- 

Quoted accepting houses 
capitalised in toe markets 
below their publishe' 
worth (let alone the 
shareholders’ funds ihc 
hidden reserves). Schrodt 
instance, is worth £29m.' 
market against net 
£45m. A further discount : 
apply if such hanks undeifc • 
rights issues. Yet here isff 
unquoted Morgan raising mff: 
at no discount to disclose®; 1 
worth. Moreover the yiekr 

the Ordinary shares is 

per cent. When Hill.Cfi®. 
brought in two new '<Hn| 
shareholders in January th® 
least were offered, a yfekP 
over 6 per cent-.on theiriav 
ment 1 . . V .-/ ...Z 

The' moral of this tale, 
to be that quoted met 
banks should arrange; 
taken over by a-'handful 
sritutions. Then they i 
longer have to irony al 
verdict of the market pi 

rt • 


Morgan Grenfell announced 
that its profits rose sharply last 
year from £2. 85m. to £5.45m. 
after tax and transfers to inner 
reserves in exceptionally favour- 
able circumstances. 

The bank fa as changed its 
accounting policies to raise- the 
proportion of its real pro6ts. 
which are disclosed, and bas also 
revealed its true profit figures tn 
its small number of shareholders. 

Tbe new issue is made on the 
basis of .one new share for ever}’ 
four already held. . The share- 
holders are being offered a choice 
of subscribing in Ordinary shares 
at 275p each, or in “A” shares, 
which carry certain dividend 
advantages, at 300p each. 

The issue will raise the com- 
pany's total disclosed share- 
holders’ funds to about £40m. 

Company reports Page 24 



CLOUD AND RAIN over central 
and western districts will spread 
to eastern areas. ‘ 

London, Southern. SJ5L, N.W. and 
North England, 'toe Midlands, 
Lakes, S-W. Scotland, the High- 
. lands 

Cloudy with occasional rain. 
Max. 12C (54F). 

E. Anglia, East and NJS. Eng- 
land, Borders, E. Scotland - 
Cloudy with occasional rain. 
Wind moderate. Max. 12C (54F), 
S.W. England, Channel Isles, 
Wales. Isle of Man, Ulster . 
Cloudy occasional .rain, sunny 
intervals Later. Wind light or 
moderate. Max. 12C (54F). 

North Scotland, Orkney, Shetland 
Mostly cloudy, occasional rain. 
Max. IOC C50F). 

Outlook: Unsettled. 




M ( 0 -day 































Mod aS c. 








Milan ' 







4S 1 
































New York 























Perth ' 








. .8 












Rio do J*o 























































Tel Aviv 








K O 




Toronto - 



































Ajaccio C 13 K 
Algiers C 28 68 
Biarritz F 13 59 
Blackpool P 14 57 
Bordeans S 13 So 
Casablanca S W 
Caw TomlS Jffi . 0* 
Corfu F 14 ST 
Dubrovnik S 12 54 
Faro -C !D *s 
Pnuchal P 
Olbralwr p 
Oa rra«e v~F 
Inmlirm*. c 
InwiHNs C 
i of van F 
Minimi K 


Take the 09.00 from Victoria to .Brighton orheai. 

South on the M23 towards Europe's premie^ 
exhibition concerned with persuasion, motivatioi 
inventiveness arid incentives . . and where-^ 

. increasing market share, turnover, perfomfanice: 
V and productivity are top of the agenda. : -Y5 
On any day between May 7-10 (yes we open om - 
. Sunday from 2-6 p.m.) visit the 14th INCENTIVE 
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CONFERENCE TRAVEL .1978 jand pump some nS. . 
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fe the number to rail for advance corhpllmentan 
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limfteff, •' 

69/77 Hjgft Street Croydc^ 



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